JPMorgan SMID Cap Equity Fund Class I NCSRS 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, 2016 through December 31, 2016

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, 2016 (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

LOGO

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			62

Notes to Financial Statements			74

Schedule of Shareholder Expenses			83

Board Approval of Investment Advisory Agreement			86

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

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

Prospective investors should refer to the Funds’ 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 25, 2017 (Unaudited)

Dear Shareholder,

The continued expansion of the U.S. economy through the second half of 2016 helped support U.S. equity prices and spurred the U.S. Federal Reserve (the “Fed”) to raise interest rates in December. During the period, corporate earnings overall showed positive growth and by the end of the year the unemployment rate had reached it lowest levels since 2007.

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

Gross domestic product in the U.S. rose by an estimated 3.5% in the third quarter of 2016, surpassing other developed markets. Global oil prices also continued to rise for most of the reporting period and the price of West Texas Intermediate crude reached a 15-month high in November. The Standard & Poor’s 500 Index reached fresh closing highs in July and August and remained buoyant through October.

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours

global share prices had largely recovered. U.S. equity prices rallied through the end of the year, reaching new highs in December.

Against this backdrop, the Fed raised interest rates by a quarter of a percentage point on December 14th. “Economic growth has picked up since the middle of the year,” said Fed Chairwoman Janet Yellen. “We expect the economy will continue to perform well.”

While the prospect of further interest rate increases put pressure on U.S. bond prices, equities provided investors with positive returns. We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.

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

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

U.S. equity investments generally continued to outperform both other developed markets and emerging markets during the second half of 2016. Rebounding in the wake of the U.K.’s vote to exit from the European Union, the Standard & Poor’s 500 (the “S&P 500”) reached new closing highs in July and August. Global oil prices also continued to rise during the reporting period and reached 15-month highs in advance of the November 30th meeting of the Organization of Petroleum Exporting Countries.

Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks. The S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of 2016. The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.

During the reporting period, value stocks generally outperformed growth stocks and small-cap and mid-cap stocks outperformed large cap stocks. By sector, the energy and financials sectors were top performers, while the health care and real estate sectors underperformed other sectors. For the six months ended December 31, 2016, the Russell 2000 Index returned 18.68%.



2	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		12.32%
Russell 2000 Growth Index		13.12%

Net Assets as of 12/31/16 (In Thousands)	$	148,716

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, 2016. The Fund’s security selection in both the materials & processing and technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acadia Healthcare Co., Novadaq Technologies and TherapeuticsMD Inc. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers that was not held in the Benchmark, fell after the company forecast lower-than-expected earnings and revenue. Novadaq Technologies, a manufacturer of surgical imaging products not held in the benchmark, fell amid negative investor sentiment for high growth companies. Shares of TherapeuticsMD, a drug maker, fell early in the reporting period after the company reported lower-than-expected sales and earnings.

Leading individual contributors to relative performance included the Fund’s overweight positions in Texas Capital Bancshares Inc., Evercore Partners Inc. and Cavium Inc. Shares of Texas Capital Bancshares, a U.S. regional bank, rose amid a recovery in oil prices and better-than-expected earnings. Shares of Evercore Partners, an investment management company, rose on better-than-expected earnings. Shares of Cavium, a maker of semiconductors for the telecommunications industry, rose on better-than-expected earnings.

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.	Cavium, Inc.	1.7	%
	2.	Evercore Partners, Inc., Class A	1.7
	3.	John Bean Technologies Corp.	1.5
	4.	Boyd Gaming Corp.	1.5
	5.	Take-Two Interactive Software, Inc.	1.5
	6.	RE/MAX Holdings, Inc., Class A	1.5
	7.	Littelfuse, Inc.	1.5
	8.	Texas Capital Bancshares, Inc.	1.5
	9.	Masonite International Corp.	1.4
	10.	Monolithic Power Systems, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.7	%
Health Care	21.2
Industrials	17.4
Consumer Discretionary	14.2
Financials	6.6
Consumer Staples	4.4
Real Estate	2.7
Materials	2.4
Energy	2.0
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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	3

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 19, 1997
With Sales Charge**				6.42	%		2.22	%		10.38	%		5.48	%
Without Sales Charge				12.32			7.86			11.57			6.05
CLASS C SHARES		January 7, 1998
With CDSC***				11.05			6.30			11.02			5.48
Without CDSC				12.05			7.30			11.02			5.48
SELECT CLASS SHARES		April 5, 1999		12.46			8.12			11.89			6.40

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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, 2006 to December 31, 2016. 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, 2016

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class R5 Shares)* ⁽¹⁾		20.97%
Russell 2000 Index		18.68%

Net Assets as of 12/31/2016 (In Thousands)	$	190,528

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class R5 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the consumer cyclical and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy and real estate investment trusts sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nutanix Inc., Unisys Corp. and Barrett Business Services Inc. Shares of Nutanix, a provider of so-called cloud computing technology, rose following its September 2016 initial public offering. Shares of Unisys, an information technology company, rose on better-than-expected earnings. Barrett Business Services, a provider of business management services, rose after the company announced it would maintain its quarterly dividend payment rate.

Leading individual detractors from relative performance included the Fund’s overweight positions in Firstcash Inc., First Solar Inc. and Vectrus Inc. Shares of FirstCash, an operator of pawn shops, fell after the company reported a third-quarter loss. Shares of First Solar, a provider of solar energy systems, fell after the company reported that lower prices for solar panels would hurt revenue. Shares of Vectrus, a logistics provider to the U.S. military, fell after the U.S. government declined to renew a large contract with the company.

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.	Sanmina Corp.	1.2	%
	2.	TCF Financial Corp.	1.0
	3.	Trinseo SA	1.0
	4.	East West Bancorp, Inc.	1.0
	5.	Barrett Business Services, Inc.	1.0
	6.	SkyWest, Inc.	1.0
	7.	General Cable Corp.	1.0
	8.	Huntington Bancshares, Inc.	1.0
	9.	Global Brass & Copper Holdings, Inc.	1.0
	10.	Insight Enterprises, Inc.	1.0


PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.8	%
Industrials	18.8
Information Technology	17.2
Health Care	12.4
Consumer Discretionary	9.4
Real Estate	7.5
Materials	4.1
Energy	3.6
Utilities	3.2
Consumer Staples	2.8
Telecommunication Services	0.8
Short-Term Investment	1.4

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.

⁽¹⁾

On September 15, 2016, the Fund’s Select Class Shares were re-designated and renamed as Class R5 Shares.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2016
With Sales Charge**			14.36	%		13.72	%		15.06	%		6.89	%
Without Sales Charge			20.69			20.04			16.30			7.47
CLASS C SHARES	May 31, 2016
With CDSC***			19.40			18.70			16.24			7.44
Without CDSC			20.40			19.70			16.24			7.44
CLASS R5 SHARES (FORMERLY SELECT CLASS SHARES)	January 1, 1997		20.97			20.37			16.37			7.50
CLASS R6 SHARES	May 31, 2016		21.02			20.42			16.38			7.50

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class A, Class C and Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares, formerly named the 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 Class R5 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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.

Class R5 Shares have a $1,000,000 minimum initial investment.



6	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			12.80%
Russell 2000 Index			18.68%

Net Assets as of 12/31/2015 (In Thousands)			$5,858,356

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, underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection and underweight position in the technology sector and its security selection in the financials sector were leading detractors from relative performance. The Fund’s security selection in the health care and producer durables sectors was a leading contributor to performance relative to the Benchmark.

Leading individual detractors from relative performance included the Fund’s overweight positions in Crocs Inc., Aptargroup Inc. and National Retail Properties Inc. Shares of Crocs, a footwear maker, fell on weaker-than-expected earnings. Shares of Aptargroup, a packaging products maker that was not held in the Benchmark, fell on lower-than-expected earnings. Shares of National Retail Properties, a real estate investment trust, fell after the company’s chief executive announced his retirement.

Leading individual contributors to relative performance included the Fund’s overweight positions in NetSuite Inc., Associated Banc-Corp. and First Horizon National Co. Shares of NetSuite, a software maker not held in the Benchmark, rose ahead of the company’s $9.3 billion acquisition by Oracle Corp. Shares of Associated Banc, a financial services company not held in the Benchmark, rose amid investor expectations of an improved business environment for the financials sector. Shares of First Horizon National, a Tennessee-based regional bank that was not held in the Benchmark, rose along with other regional banks on investor expectations that rising interest rates in the U.S. would lift banking revenues.

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.	Toro Co. (The)	2.8	%
	2.	AptarGroup, Inc.	2.0
	3.	Spectrum Brands Holdings, Inc.	1.8
	4.	Pool Corp.	1.8
	5.	West Pharmaceutical Services, Inc.	1.7
	6.	Patterson-UTI Energy, Inc.	1.6
	7.	Landstar System, Inc.	1.5
	8.	HealthSouth Corp.	1.5
	9.	Allison Transmission Holdings, Inc.	1.5
	10.	Brinker International, Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	19.2	%
Financials	17.2
Consumer Discretionary	14.9
Health Care	12.1
Information Technology	9.1
Real Estate	6.2
Materials	5.5
Energy	4.2
Consumer Staples	3.9
Utilities	2.6
Mutual Funds	1.1
Short-Term Investment	4.0

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			6.88	%		15.38	%		14.14	%		9.53	%
Without Sales Charge			12.80			21.77			15.38			10.12
CLASS C SHARES	February 19, 2005
With CDSC***			11.50			20.20			14.81			9.58
Without CDSC			12.50			21.20			14.81			9.58
CLASS R2 SHARES	November 3, 2008		12.66			21.50			15.09			9.90
CLASS R3 SHARES	September 9, 2016		12.82			21.79			15.38			10.13
CLASS R4 SHARES	September 9, 2016		12.97			22.15			15.72			10.45
CLASS R5 SHARES	May 15, 2006		13.09			22.40			15.96			10.68
CLASS R6 SHARES	May 31, 2016		13.12			22.43			15.96			10.68
SELECT CLASS SHARES	May 7, 1996		12.97			22.15			15.72			10.45

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 and Class R3 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 actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Select Class Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Select Class Shares.

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

The graph illustrates comparative performance for $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, 2006 to December 31,

2016. 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.



8	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			12.14%
Russell 2000 Growth Index			13.12%

Net Assets as of 12/31/2016 (In Thousands)			$1,084,059

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, 2016. The Fund’s security selection in the materials & processing sector and the technology sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acadia Healthcare Co., Evolent Health Inc. and TherapeuticsMD Inc. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers that was not held in the Benchmark, fell after the company forecast lower-than-expected earnings and revenue. Shares of Evolent Health, a health care data systems provider not held in the Benchmark, fell amid investor expectations that federal health care policy would be less supportive of the company’s business model. Shares of TherapeuticsMD, a drug maker, fell early in the reporting period after the company reported lower-than-expected sales and earnings.

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.	Cavium, Inc.	1.7	%
	2.	Evercore Partners, Inc., Class A	1.6
	3.	John Bean Technologies Corp.	1.5
	4.	Boyd Gaming Corp.	1.5
	5.	Take-Two Interactive Software, Inc.	1.5
	6.	RE/MAX Holdings, Inc., Class A	1.5
	7.	Littelfuse, Inc.	1.5
	8.	Texas Capital Bancshares, Inc.	1.5
	9.	Masonite International Corp.	1.4
	10.	Monolithic Power Systems, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.7	%
Health Care	21.0
Industrials	17.4
Consumer Discretionary	14.2
Financials	6.5
Consumer Staples	4.3
Real Estate	2.7
Materials	2.4
Energy	1.9
Short-Term Investment	1.9

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			6.28	%		2.13	%		10.61	%		6.56	%
Without Sales Charge			12.14			7.80			11.80			7.14
CLASS C SHARES	November 4, 1997
With CDSC***			10.88			6.26			11.25			6.56
Without CDSC			11.88			7.26			11.25			6.56
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	February 19, 2005		12.33			8.16			12.23			7.56
CLASS R2 SHARES	November 3, 2008		11.90			7.47			11.53			6.87
CLASS R5 SHARES	September 9, 2016		12.33			8.16			12.23			7.56
CLASS R6 SHARES	November 30, 2010		12.40			8.34			12.36			7.62
SELECT CLASS SHARES	March 26, 1996		12.21			8.04			12.08			7.40

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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 expense between classes.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class L 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, 2006 to December 31, 2016. 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.



10	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			22.32%
Russell 2000 Value Index			24.19%

Net Assets as of 12/31/2016 (In Thousands)			$2,103,134

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, 2016. The Fund’s security selection in the utilities and insurance sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the consumer cyclical and software & services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Abercrombie & Fitch Co., USA Truck Inc. and Cypress Semiconductor Corp. Shares of Abercrombie & Fitch, a specialty apparel retailer, declined following weak earnings results due to poor performance at flagship stores. Shares of USA Truck, a transport carrier company, fell on continued quarterly losses and low sales growth. Shares of Cypress Semiconductor, a maker of computer chips that was not held in the Benchmark, fell on investor concerns about elevated debt levels and low operating margins.

Leading individual contributors to relative performance included the Fund’s overweight positions in Unisys Corp., Rex American Resources Corp. and Pier 1 Imports Inc. Shares of Unisys, an information technology provider, rose on better-than-expected earnings. Shares of Rex American Resources, an ethanol producer, rose on expectations that it will benefit from the policies of the incoming U.S. Congress. Shares of Pier 1 Imports, a home décor retailer, rose on better-than-expected sales and signs of a turnaround in its business.

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.	Westamerica Bancorp	1.1	%
	2.	EMCOR Group, Inc.	1.1
	3.	Benchmark Electronics, Inc.	1.1
	4.	DigitalGlobe, Inc.	1.0
	5.	ACCO Brands Corp.	1.0
	6.	REX American Resources Corp.	1.0
	7.	FTI Consulting, Inc.	0.9
	8.	Primerica, Inc.	0.9
	9.	FCB Financial Holdings, Inc., Class A	0.9
	10.	Cooper Tire & Rubber Co.	0.9


PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.4	%
Industrials	15.2
Information Technology	10.7
Real Estate	9.4
Consumer Discretionary	8.3
Utilities	5.7
Energy	5.1
Health Care	4.6
Materials	4.1
Consumer Staples	2.2
Telecommunication Services	0.5
Short-Term Investment	3.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
With Sales Charge**			15.76	%		23.03	%		14.06	%		6.52	%
Without Sales Charge			22.20			29.86			15.30			7.10
CLASS C SHARES	March 22, 1999
With CDSC***			20.84			28.09			14.59			6.45
Without CDSC			21.84			29.09			14.59			6.45
CLASS R2 SHARES	November 3, 2008		22.04			29.50			15.01			6.83
CLASS R3 SHARES	September 9, 2016		22.19			29.85			15.29			7.08
CLASS R4 SHARES	September 9, 2016		22.32			30.14			15.57			7.35
CLASS R5 SHARES	May 15, 2006		22.41			30.30			15.69			7.47
CLASS R6 SHARES	February 22, 2005		22.51			30.48			15.79			7.53
SELECT CLASS SHARES	January 27, 1995		22.32			30.14			15.58			7.36

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 and Class R4 Shares prior to their inception date are based on the performance of the Select Class Shares. Returns for the Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. Prior performance for Class R2, Class R3 and Class R4 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 Small Cap Value Fund, the Russell 2000 Value Index and the Lipper Small-Cap Value Funds Index from December 31, 2006 to December 31, 2016. 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.



12	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)* ⁽¹⁾			19.46%
Russell 2000 Index			18.68%

Net Assets as of 12/31/2016 (In Thousands)			$1,700,886

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 L Class Shares outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the software & services sector and the semiconductor sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health services & systems sector and the financial services sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Rex American Resources Corp., InvenSense Inc. and Nutanix Inc. Shares of Rex American Resources, an ethanol producer, rose on expectations that it will benefit from the policies of the incoming U.S. Congress. Shares of InvenSense, a maker of motion tracking systems and gyroscopes for consumer electronics, rose after the company agreed to a $1.3 billion takeover by TDK Corp. Shares of Nutanix, a provider of so-called cloud computing technology, rose following its September 2016 initial public offering of stock.

Leading individual detractors from relative performance included the Fund’s underweight positions in Community Health Systems Inc. and its overweight positions in Huron Consulting Group Inc. and GNC Holdings Inc. Shares of Community Health Systems, a hospitals operator, rose on the company’s divestiture of some of its businesses. Shares of Huron Consulting Group, a provider of management consulting, fell following declining revenue from its health care business. Shares of GNC Holdings, a retailer of health supplements, fell after the company reported a larger-than-expected decline in 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 lev-

els. 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.	FCB Financial Holdings, Inc., Class A	1.3	%
	2.	Take-Two Interactive Software, Inc.	1.2
	3.	REX American Resources Corp.	1.2
	4.	Children’s Place, Inc. (The)	1.2
	5.	DigitalGlobe, Inc.	1.2
	6.	ACCO Brands Corp.	1.1
	7.	InvenSense, Inc.	1.1
	8.	Aspen Technology, Inc.	1.1
	9.	Cooper Tire & Rubber Co.	1.1
	10.	InterDigital, Inc.	1.0


PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.4	%
Information Technology	17.9
Industrials	16.0
Health Care	12.7
Consumer Discretionary	10.9
Real Estate	6.8
Energy	3.8
Materials	3.7
Utilities	3.2
Consumer Staples	2.7
Telecommunication Services	0.7
Short-Term Investment	3.2

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.

⁽¹⁾

On December 1, 2016, the Fund’s Institutional Class Shares were re-designated and renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			12.96	%		13.96	%		15.03	%		7.23	%
Without Sales Charge			19.24			20.28			16.28			7.80
CLASS C SHARES	November 1, 2007
With CDSC***			17.95			18.61			15.69			7.32
Without CDSC			18.95			19.61			15.69			7.32
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 4, 1993		19.46			20.71			16.78			8.27
CLASS R2 SHARES	November 1, 2011		19.09			19.90			15.99			7.67
CLASS R3 SHARES	September 9, 2016		19.24			20.28			16.28			7.80
CLASS R4 SHARES	September 9, 2016		19.39			20.56			16.58			8.07
CLASS R5 SHARES	September 9, 2016		19.47			20.72			16.78			8.27
CLASS R6 SHARES	November 1, 2011		19.53			20.87			16.86			8.31
SELECT CLASS SHARES	September 10, 2001		19.37			20.55			16.58			8.07

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class A, Class C and Class R4 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. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Select Class Shares.

Returns for Class R2 and R3 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. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have similar expenses to Class A Shares and higher expenses than Select Class Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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.

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



14	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 14.3%
		Distributors — 1.1%
	15	Pool Corp.		1,614

		Hotels, Restaurants & Leisure — 3.8%
	113	Boyd Gaming Corp. (a)		2,288
	36	Texas Roadhouse, Inc.		1,742
	10	Vail Resorts, Inc.		1,649

				5,679

		Household Durables — 0.6%
	81	TRI Pointe Group, Inc. (a)		932

		Internet & Direct Marketing Retail — 0.9%
	36	Wayfair, Inc., Class A (a)		1,269

		Multiline Retail — 1.0%
	52	Ollie’s Bargain Outlet Holdings, Inc. (a)		1,474

		Specialty Retail — 5.1%
	19	Burlington Stores, Inc. (a)		1,642
	20	Lithia Motors, Inc., Class A		1,971
	18	Monro Muffler Brake, Inc.		1,004
	17	Penske Automotive Group, Inc.		903
	37	Tailored Brands, Inc.		940
	56	Tile Shop Holdings, Inc. (a)		1,091

				7,551

		Textiles, Apparel & Luxury Goods — 1.8%
	25	G-III Apparel Group Ltd. (a)		729
	37	Kate Spade & Co. (a)		688
	61	Wolverine World Wide, Inc.		1,333

				2,750

		Total Consumer Discretionary		21,269

		Consumer Staples — 4.4%
		Food & Staples Retailing — 2.4%
	12	Casey’s General Stores, Inc.		1,428
	48	Performance Food Group Co. (a)		1,148
	49	Sprouts Farmers Market, Inc. (a)		924

				3,500

		Food Products — 1.2%
	96	Freshpet, Inc. (a)		976
	23	Snyder’s-Lance, Inc.		866

				1,842

		Personal Products — 0.8%
	39	elf Beauty, Inc. (a)		1,139

		Total Consumer Staples		6,481


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 1.9%
		Oil, Gas & Consumable Fuels — 1.9%
	30	Delek US Holdings, Inc.		724
	10	Diamondback Energy, Inc. (a)		1,038
	25	RSP Permian, Inc. (a)		1,122

		Total Energy		2,884

		Financials — 6.6%
		Banks — 2.2%
	7	Signature Bank (a)		1,061
	28	Texas Capital Bancshares, Inc. (a)		2,188

				3,249

		Capital Markets — 3.7%
	36	Evercore Partners, Inc., Class A		2,466
	46	Financial Engines, Inc.		1,707
	125	PennantPark Investment Corp.		960
	40	WisdomTree Investments, Inc.		445

				5,578

		Thrifts & Mortgage Finance — 0.7%
	34	BofI Holding, Inc. (a)		969

		Total Financials		9,796

		Health Care — 21.3%
		Biotechnology — 9.2%
	23	ACADIA Pharmaceuticals, Inc. (a)		676
	26	Acceleron Pharma, Inc. (a)		655
	33	Axovant Sciences Ltd. (a)		415
	55	Bellicum Pharmaceuticals, Inc. (a)		746
	41	Coherus Biosciences, Inc. (a)		1,141
	68	Exact Sciences Corp. (a)		912
	29	FibroGen, Inc. (a)		620
	96	Halozyme Therapeutics, Inc. (a)		950
	64	Ignyta, Inc. (a)		337
	53	Insmed, Inc. (a)		701
	24	Kite Pharma, Inc. (a)		1,081
	18	Neurocrine Biosciences, Inc. (a)		684
	37	Portola Pharmaceuticals, Inc. (a)		838
	33	REGENXBIO, Inc. (a)		605
	25	Sage Therapeutics, Inc. (a)		1,260
	17	Spark Therapeutics, Inc. (a)		871
	9	Ultragenyx Pharmaceutical, Inc. (a)		598
	38	Versartis, Inc. (a)		568

				13,658

		Health Care Equipment & Supplies — 4.6%
	140	GenMark Diagnostics, Inc. (a)		1,710
	29	Insulet Corp. (a)		1,089

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	15

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	64	K2M Group Holdings, Inc. (a)		1,284
	19	Nevro Corp. (a)		1,365
	170	Novadaq Technologies, Inc., (Canada) (a)		1,205
	58	Unilife Corp. (a)		133

				6,786

		Health Care Providers & Services — 3.2%
	42	Acadia Healthcare Co., Inc. (a)		1,405
	36	Surgical Care Affiliates, Inc. (a)		1,661
	13	WellCare Health Plans, Inc. (a)		1,755

				4,821

		Health Care Technology — 1.6%
	84	Evolent Health, Inc., Class A (a)		1,250
	30	Veeva Systems, Inc., Class A (a)		1,204

				2,454

		Pharmaceuticals — 2.7%
	89	Horizon Pharma plc (a)		1,443
	49	Nektar Therapeutics (a)		597
	43	Revance Therapeutics, Inc. (a)		894
	185	TherapeuticsMD, Inc. (a)		1,068

				4,002

		Total Health Care		31,721

		Industrials — 17.5%
		Aerospace & Defense — 2.2%
	26	HEICO Corp.		1,973
	27	Hexcel Corp.		1,368

				3,341

		Air Freight & Logistics — 0.7%
	25	XPO Logistics, Inc. (a)		1,084

		Building Products — 5.4%
	52	Advanced Drainage Systems, Inc.		1,077
	21	Fortune Brands Home & Security, Inc.		1,112
	11	Lennox International, Inc.		1,725
	32	Masonite International Corp. (a)		2,075
	31	Trex Co., Inc. (a)		2,000

				7,989

		Commercial Services & Supplies — 0.8%
	55	Advanced Disposal Services, Inc. (a)		1,224

		Industrial Conglomerates — 0.7%
	10	Carlisle Cos., Inc.		1,069

		Machinery — 4.2%
	20	Graco, Inc.		1,637
	27	John Bean Technologies Corp.		2,293


SHARES		SECURITY DESCRIPTION	VALUE($)

		Machinery — continued
	12	Middleby Corp. (The) (a)		1,515
	12	Oshkosh Corp.		754

				6,199

		Road & Rail — 1.1%
	19	Old Dominion Freight Line, Inc. (a)		1,598

		Trading Companies & Distributors — 2.4%
	28	H&E Equipment Services, Inc.		660
	48	Rush Enterprises, Inc., Class A (a)		1,522
	9	Watsco, Inc.		1,347

				3,529

		Total Industrials		26,033

		Information Technology — 27.9%
		Communications Equipment — 1.0%
	37	Ciena Corp. (a)		901
	35	Quantenna Communications, Inc. (a)		628

				1,529

		Electronic Equipment, Instruments & Components — 1.5%
	15	Littelfuse, Inc.		2,229

		Internet Software & Services — 9.4%
	46	2U, Inc. (a)		1,373
	34	Benefitfocus, Inc. (a)		997
	33	Cornerstone OnDemand, Inc. (a)		1,416
	7	CoStar Group, Inc. (a)		1,346
	51	Envestnet, Inc. (a)		1,791
	52	GoDaddy, Inc., Class A (a)		1,832
	45	GrubHub, Inc. (a)		1,674
	38	Instructure, Inc. (a)		751
	21	Nutanix, Inc., Class A (a)		567
	35	Shopify, Inc., (Canada), Class A (a)		1,516
	24	Trade Desk, Inc. (The), Class A (a)		670

				13,933

		Semiconductors & Semiconductor Equipment — 7.3%
	67	Advanced Micro Devices, Inc. (a)		758
	41	Cavium, Inc. (a)		2,548
	39	Inphi Corp. (a)		1,727
	40	MACOM Technology Solutions Holdings, Inc. (a)		1,832
	31	MKS Instruments, Inc.		1,856
	25	Monolithic Power Systems, Inc.		2,057

				10,778

		Software — 8.4%
	45	Atlassian Corp. plc, (Australia), Class A (a)		1,089
	26	Guidewire Software, Inc. (a)		1,275

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	23	HubSpot, Inc. (a)		1,102
	22	Imperva, Inc. (a)		831
	21	Paycom Software, Inc. (a)		944
	20	Proofpoint, Inc. (a)		1,393
	79	RingCentral, Inc., Class A (a)		1,618
	46	Take-Two Interactive Software, Inc. (a)		2,269
	5	Tyler Technologies, Inc. (a)		724
	60	Zendesk, Inc. (a)		1,266

				12,511

		Technology Hardware, Storage & Peripherals — 0.3%
	59	Nimble Storage, Inc. (a)		469

		Total Information Technology		41,449

		Materials — 2.4%
		Construction Materials — 2.4%
	21	Eagle Materials, Inc.		2,034
	66	Summit Materials, Inc., Class A (a)		1,577

		Total Materials		3,611

		Real Estate — 2.7%
		Equity Real Estate Investment Trusts (REITs) — 1.2%
	31	CubeSmart		827
	20	Highwoods Properties, Inc.		1,002

				1,829


SHARES		SECURITY DESCRIPTION	VALUE($)

		Real Estate Management & Development — 1.5%
	40	RE/MAX Holdings, Inc., Class A		2,246

		Total Real Estate		4,075

		Total Common Stocks (Cost $101,763)		147,319

	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	2,158	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $2,158)		2,158

		Total Investments — 100.5% (Cost $103,921)		149,477
		Liabilities in Excess of Other Assets — (0.5)%		(761	)

		NET ASSETS — 100.0%	$	148,716

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	17

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.4%
		Consumer Discretionary — 9.4%
		Auto Components — 2.7%
	57	American Axle & Manufacturing Holdings, Inc. (a)		1,103
	41	Cooper Tire & Rubber Co.		1,574
	17	Cooper-Standard Holdings, Inc. (a)		1,742
	9	Dana, Inc.		167
	16	Horizon Global Corp. (a)		388
	2	Stoneridge, Inc. (a)		35
	5	Tower International, Inc.		143

				5,152

		Diversified Consumer Services — 0.3%
	2	Capella Education Co.		160
	21	K12, Inc. (a)		358

				518

		Hotels, Restaurants & Leisure — 1.4%
	94	Bloomin’ Brands, Inc.		1,701
	7	DineEquity, Inc.		547
	1	Jack in the Box, Inc.		56
	16	Ruth’s Hospitality Group, Inc.		289

				2,593

		Household Durables — 0.9%
	14	Helen of Troy Ltd. (a)		1,164
	3	Libbey, Inc.		50
	19	Lifetime Brands, Inc.		342
	2	NACCO Industries, Inc., Class A		165

				1,721

		Internet & Direct Marketing Retail — 0.1%
	20	Liberty TripAdvisor Holdings, Inc., Class A (a)		296

		Leisure Products — 0.1%
	8	Acushnet Holdings Corp. (a)		166

		Media — 0.5%
	7	Gray Television, Inc. (a)		79
	3	Nexstar Broadcasting Group, Inc., Class A		204
	22	Sinclair Broadcast Group, Inc., Class A		747

				1,030

		Specialty Retail — 3.1%
	27	Caleres, Inc.		886
	18	Cato Corp. (The), Class A		535
	18	Children’s Place, Inc. (The)		1,767
	18	Express, Inc. (a)		195
	339	Office Depot, Inc.		1,532
	64	Rent-A-Center, Inc.		716
	2	Tailored Brands, Inc.		51


SHARES		SECURITY DESCRIPTION	VALUE($)

		Specialty Retail — continued
	13	Tilly’s, Inc., Class A (a)		178

				5,860

		Textiles, Apparel & Luxury Goods — 0.3%
	13	Movado Group, Inc.		385
	9	Perry Ellis International, Inc. (a)		227

				612

		Total Consumer Discretionary		17,948

		Consumer Staples — 2.8%
		Food & Staples Retailing — 1.0%
	37	SpartanNash Co.		1,478
	38	SUPERVALU, Inc. (a)		178
	11	US Foods Holding Corp. (a)		291
	1	Village Super Market, Inc., Class A		27

				1,974

		Food Products — 1.3%
	34	Dean Foods Co.		741
	27	Pilgrim’s Pride Corp.		522
	4	Pinnacle Foods, Inc.		199
	6	Post Holdings, Inc. (a)		474
	3	Sanderson Farms, Inc.		302
	2	TreeHouse Foods, Inc. (a)		166

				2,404

		Household Products — 0.4%
	24	Central Garden & Pet Co., Class A (a)		738

		Personal Products — 0.1%
	3	elf Beauty, Inc. (a)		98
	2	USANA Health Sciences, Inc. (a)		97

				195

		Total Consumer Staples		5,311

		Energy — 3.7%
		Energy Equipment & Services — 1.5%
	31	Archrock, Inc.		404
	60	Atwood Oceanics, Inc. (a)		782
	2	Helix Energy Solutions Group, Inc. (a)		21
	13	Matrix Service Co. (a)		304
	6	PHI, Inc. (Non-Voting) (a)		116
	3	Pioneer Energy Services Corp. (a)		20
	35	RigNet, Inc. (a)		815
	48	Seadrill Ltd., (United Kingdom) (a)		163
	13	Superior Energy Services, Inc. (a)		216

				2,841

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.2%
	135	Abraxas Petroleum Corp. (a)		348
	29	Bill Barrett Corp. (a)		201
	8	Callon Petroleum Co. (a)		116
	6	Carrizo Oil & Gas, Inc. (a)		224
	3	Clayton Williams Energy, Inc. (a)		358
	35	Delek US Holdings, Inc.		853
	110	Denbury Resources, Inc. (a)		406
	43	Eclipse Resources Corp. (a)		115
	70	EP Energy Corp., Class A (a)		457
	8	Green Plains, Inc.		219
	27	Renewable Energy Group, Inc. (a)		262
	1	REX American Resources Corp. (a)		60
	1	SemGroup Corp., Class A		58
	20	Westmoreland Coal Co. (a)		350
	3	World Fuel Services Corp.		131

				4,158

		Total Energy		6,999

		Financials — 18.9%
		Banks — 11.2%
	15	Banc of California, Inc.		261
	8	Cathay General Bancorp		297
	2	Community Trust Bancorp, Inc.		85
	3	CU Bancorp (a)		115
	4	Customers Bancorp, Inc. (a)		134
	39	East West Bancorp, Inc.		1,986
	31	Fidelity Southern Corp.		744
	5	Financial Institutions, Inc.		167
	159	First BanCorp, (Puerto Rico) (a)		1,052
	5	First Business Financial Services, Inc.		114
	23	First Commonwealth Financial Corp.		319
	6	First Community Bancshares, Inc.		171
	5	First Financial Bancorp		141
	7	First Hawaiian, Inc.		258
	4	First Merchants Corp.		169
	5	Franklin Financial Network, Inc. (a)		218
	50	Fulton Financial Corp.		938
	12	Hancock Holding Co.		517
	33	Hanmi Financial Corp.		1,148
	13	Hilltop Holdings, Inc.		400
	59	Hope Bancorp, Inc.		1,291
	146	Huntington Bancshares, Inc.		1,925
	1	IBERIABANK Corp.		111
	4	MainSource Financial Group, Inc.		142
	3	NBT Bancorp, Inc.		124
	24	PacWest Bancorp		1,319


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	42	Popular, Inc., (Puerto Rico)		1,827
	10	Preferred Bank		543
	2	Premier Financial Bancorp, Inc.		42
	5	PrivateBancorp, Inc.		280
	3	Sierra Bancorp		73
	4	Southern National Bancorp of Virginia, Inc.		65
	2	Stonegate Bank		83
	2	SVB Financial Group (a)		276
	102	TCF Financial Corp.		2,002
	2	Towne Bank		70
	15	TriCo Bancshares		525
	15	TriState Capital Holdings, Inc. (a)		327
	6	Triumph Bancorp, Inc. (a)		156
	21	Zions Bancorp		904

				21,319

		Capital Markets — 1.1%
	65	BGC Partners, Inc., Class A		667
	3	Evercore Partners, Inc., Class A		209
	5	Houlihan Lokey, Inc.		153
	14	INTL. FCStone, Inc. (a)		558
	1	MarketAxess Holdings, Inc.		176
	4	Piper Jaffray Cos. (a)		291
	1	Stifel Financial Corp. (a)		72

				2,126

		Consumer Finance — 1.2%
	70	EZCORP, Inc., Class A (a)		741
	34	FirstCash, Inc.		1,594

				2,335

		Diversified Financial Services — 0.1%
	12	FNFV Group (a)		160
	3	Marlin Business Services Corp.		57

				217

		Insurance — 2.7%
	38	American Equity Investment Life Holding Co.		848
	7	Aspen Insurance Holdings Ltd., (Bermuda)		400
	50	CNO Financial Group, Inc.		960
	11	First American Financial Corp.		403
	6	HCI Group, Inc.		239
	2	Horace Mann Educators Corp.		74
	8	Kinsale Capital Group, Inc.		262
	5	Maiden Holdings Ltd.		86
	3	National General Holdings Corp.		84
	4	Selective Insurance Group, Inc.		152

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	20	Stewart Information Services Corp.		935
	4	United Fire Group, Inc.		196
	14	Universal Insurance Holdings, Inc.		408

				5,047

		Mortgage Real Estate Investment Trusts (REITs) — 0.6%
	33	Capstead Mortgage Corp.		336
	59	Redwood Trust, Inc.		899

				1,235

		Thrifts & Mortgage Finance — 2.0%
	7	Dime Community Bancshares, Inc.		139
	36	Flagstar Bancorp, Inc. (a)		965
	47	HomeStreet, Inc. (a)		1,473
	7	Meta Financial Group, Inc.		741
	9	PennyMac Financial Services, Inc., Class A (a)		142
	9	Walker & Dunlop, Inc. (a)		267
	2	Washington Federal, Inc.		61

				3,788

		Total Financials		36,067

		Health Care — 12.6%
		Biotechnology — 4.7%
	8	Acceleron Pharma, Inc. (a)		194
	13	Achillion Pharmaceuticals, Inc. (a)		55
	10	Acorda Therapeutics, Inc. (a)		192
	5	Adamas Pharmaceuticals, Inc. (a)		86
	10	Aduro Biotech, Inc. (a)		108
	1	Adverum Biotechnologies, Inc. (a)		3
	2	Agios Pharmaceuticals, Inc. (a)		67
	18	AMAG Pharmaceuticals, Inc. (a)		619
	74	Amicus Therapeutics, Inc. (a)		365
	10	Audentes Therapeutics, Inc. (a)		177
	7	Bellicum Pharmaceuticals, Inc. (a)		94
	7	Bluebird Bio, Inc. (a)		432
	12	Blueprint Medicines Corp. (a)		345
	18	Cara Therapeutics, Inc. (a)		168
	39	Celldex Therapeutics, Inc. (a)		138
	8	Clovis Oncology, Inc. (a)		342
	7	Coherus Biosciences, Inc. (a)		191
	9	Corvus Pharmaceuticals, Inc. (a)		129
	3	Dimension Therapeutics, Inc. (a)		15
	14	Dynavax Technologies Corp. (a)		54
	21	Epizyme, Inc. (a)		248
	8	Esperion Therapeutics, Inc. (a)		96
	27	Exelixis, Inc. (a)		401
	7	FibroGen, Inc. (a)		152


SHARES		SECURITY DESCRIPTION	VALUE($)

		Biotechnology — continued
	1	Five Prime Therapeutics, Inc. (a)		30
	7	Global Blood Therapeutics, Inc. (a)		104
	5	Immune Design Corp. (a)		28
	18	Insmed, Inc. (a)		239
	19	Karyopharm Therapeutics, Inc. (a)		181
	1	Loxo Oncology, Inc. (a)		29
	8	MacroGenics, Inc. (a)		166
	9	Neurocrine Biosciences, Inc. (a)		329
	7	Ophthotech Corp. (a)		34
	5	Puma Biotechnology, Inc. (a)		157
	13	Ra Pharmaceuticals, Inc. (a)		194
	3	Radius Health, Inc. (a)		110
	7	Sage Therapeutics, Inc. (a)		347
	7	Sarepta Therapeutics, Inc. (a)		189
	15	Selecta Biosciences, Inc. (a)		259
	3	Seres Therapeutics, Inc. (a)		29
	5	Spark Therapeutics, Inc. (a)		235
	53	Synergy Pharmaceuticals, Inc. (a)		325
	13	Syros Pharmaceuticals, Inc. (a)		163
	2	TESARO, Inc. (a)		242
	5	Ultragenyx Pharmaceutical, Inc. (a)		366
	10	Vanda Pharmaceuticals, Inc. (a)		158
	10	Voyager Therapeutics, Inc. (a)		125
	12	Xencor, Inc. (a)		311

				9,021

		Health Care Equipment & Supplies — 3.4%
	20	AngioDynamics, Inc. (a)		332
	13	Cardiovascular Systems, Inc. (a)		322
	9	Cutera, Inc. (a)		156
	3	Glaukos Corp. (a)		96
	3	ICU Medical, Inc. (a)		464
	15	Inogen, Inc. (a)		1,011
	6	iRhythm Technologies, Inc. (a)		192
	25	Masimo Corp. (a)		1,678
	12	NuVasive, Inc. (a)		788
	65	OraSure Technologies, Inc. (a)		569
	9	Orthofix International NV (a)		308
	5	West Pharmaceutical Services, Inc.		450

				6,366

		Health Care Providers & Services — 3.1%
	2	BioTelemetry, Inc. (a)		51
	93	Cross Country Healthcare, Inc. (a)		1,447
	2	Envision Healthcare Corp. (a)		136
	48	Healthways, Inc. (a)		1,085

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	27	Kindred Healthcare, Inc.		214
	21	Molina Healthcare, Inc. (a)		1,124
	10	Owens & Minor, Inc.		354
	14	PharMerica Corp. (a)		346
	13	RadNet, Inc. (a)		83
	27	Surgery Partners, Inc. (a)		425
	2	Surgical Care Affiliates, Inc. (a)		101
	3	WellCare Health Plans, Inc. (a)		475

				5,841

		Health Care Technology — 0.3%
	33	HMS Holdings Corp. (a)		598

		Life Sciences Tools & Services — 0.2%
	3	Cambrex Corp. (a)		173
	5	Medpace Holdings, Inc. (a)		191

				364

		Pharmaceuticals — 0.9%
	8	Amphastar Pharmaceuticals, Inc. (a)		153
	6	Cempra, Inc. (a)		18
	6	Flex Pharma, Inc. (a)		31
	28	Horizon Pharma plc (a)		447
	22	Lipocine, Inc. (a)		82
	6	Medicines Co. (The) (a)		217
	7	Pacira Pharmaceuticals, Inc. (a)		239
	7	Reata Pharmaceuticals, Inc., Class A (a)		155
	9	Revance Therapeutics, Inc. (a)		186
	5	Theravance Biopharma, Inc., (Cayman Islands) (a)		159

				1,687

		Total Health Care		23,877

		Industrials — 18.9%
		Aerospace & Defense — 1.5%
	16	AAR Corp.		527
	13	Engility Holdings, Inc. (a)		426
	6	HEICO Corp., Class A		387
	3	Moog, Inc., Class A (a)		204
	51	Vectrus, Inc. (a)		1,228

				2,772

		Air Freight & Logistics — 0.3%
	7	Atlas Air Worldwide Holdings, Inc. (a)		353
	4	Park-Ohio Holdings Corp.		155

				508


SHARES		SECURITY DESCRIPTION	VALUE($)

		Airlines — 1.3%
	10	Hawaiian Holdings, Inc. (a)		564
	54	SkyWest, Inc.		1,964

				2,528

		Building Products — 0.9%
	2	American Woodmark Corp. (a)		187
	23	NCI Building Systems, Inc. (a)		361
	12	Universal Forest Products, Inc.		1,216

				1,764

		Commercial Services & Supplies — 3.4%
	14	ABM Industries, Inc.		563
	142	ACCO Brands Corp. (a)		1,853
	18	CECO Environmental Corp.		244
	26	Essendant, Inc.		537
	2	Herman Miller, Inc.		85
	16	Interface, Inc.		297
	12	Kimball International, Inc., Class B		206
	58	Quad/Graphics, Inc.		1,569
	29	Steelcase, Inc., Class A		526
	4	Viad Corp.		164
	2	VSE Corp.		63
	15	West Corp.		377

				6,484

		Construction & Engineering — 1.5%
	14	EMCOR Group, Inc.		1,018
	33	HC2 Holdings, Inc. (a)		193
	32	MasTec, Inc. (a)		1,213
	5	Orion Group Holdings, Inc. (a)		53
	13	Tutor Perini Corp. (a)		356

				2,833

		Electrical Equipment — 1.3%
	102	General Cable Corp.		1,942
	8	Powell Industries, Inc.		293
	3	Regal Beloit Corp.		224

				2,459

		Machinery — 3.7%
	6	Barnes Group, Inc.		268
	17	Columbus McKinnon Corp.		452
	15	Federal Signal Corp.		241
	54	Global Brass & Copper Holdings, Inc.		1,867
	5	Greenbrier Cos., Inc. (The)		214
	2	Hurco Cos., Inc.		63
	4	Hyster-Yale Materials Handling, Inc.		242
	9	Joy Global, Inc.		258

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	7	Kadant, Inc.		445
	3	Kennametal, Inc.		97
	103	Meritor, Inc. (a)		1,281
	1	Standex International Corp.		109
	9	TriMas Corp. (a)		223
	82	Wabash National Corp. (a)		1,292

				7,052

		Professional Services — 3.2%
	61	Acacia Research Corp. (a)		393
	31	Barrett Business Services, Inc.		1,981
	5	CRA International, Inc.		171
	18	Insperity, Inc.		1,248
	2	Kelly Services, Inc., Class A		43
	38	TriNet Group, Inc. (a)		966
	31	TrueBlue, Inc. (a)		765
	7	WageWorks, Inc. (a)		529

				6,096

		Road & Rail — 1.2%
	66	ArcBest Corp.		1,816
	2	Universal Logistics Holdings, Inc.		40
	37	YRC Worldwide, Inc. (a)		487

				2,343

		Trading Companies & Distributors — 0.6%
	8	Applied Industrial Technologies, Inc.		493
	34	MRC Global, Inc. (a)		694

				1,187

		Total Industrials		36,026

		Information Technology — 17.3%
		Communications Equipment — 1.4%
	7	Bel Fuse, Inc., Class B		223
	40	EMCORE Corp.		345
	269	Extreme Networks, Inc. (a)		1,352
	35	Oclaro, Inc. (a)		316
	21	Quantenna Communications, Inc. (a)		388

				2,624

		Electronic Equipment, Instruments & Components — 3.6%
	33	Benchmark Electronics, Inc. (a)		1,017
	46	Insight Enterprises, Inc. (a)		1,862
	28	Kimball Electronics, Inc. (a)		511
	2	Littelfuse, Inc.		361
	8	Methode Electronics, Inc.		342
	64	Sanmina Corp. (a)		2,327
	5	Tech Data Corp. (a)		416

				6,836


SHARES		SECURITY DESCRIPTION	VALUE($)

		Internet Software & Services — 2.1%
	23	Bankrate, Inc. (a)		250
	9	Carbonite, Inc. (a)		149
	9	Cornerstone OnDemand, Inc. (a)		370
	11	Coupa Software, Inc. (a)		263
	31	Five9, Inc. (a)		438
	13	Intralinks Holdings, Inc. (a)		178
	18	Nutanix, Inc., Class A (a)		486
	3	Q2 Holdings, Inc. (a)		85
	151	RetailMeNot, Inc. (a)		1,401
	6	Web.com Group, Inc. (a)		132
	30	Xactly Corp. (a)		326

				4,078

		IT Services — 2.6%
	2	Blackhawk Network Holdings, Inc. (a)		70
	11	Euronet Worldwide, Inc. (a)		786
	2	EVERTEC, Inc., (Puerto Rico)		40
	9	ExlService Holdings, Inc. (a)		436
	21	Planet Payment, Inc. (a)		84
	5	Science Applications International Corp.		464
	14	Sykes Enterprises, Inc. (a)		399
	109	Travelport Worldwide Ltd.		1,537
	83	Unisys Corp. (a)		1,244

				5,060

		Semiconductors & Semiconductor Equipment — 4.4%
	2	Acacia Communications, Inc. (a)		105
	12	Advanced Energy Industries, Inc. (a)		648
	79	Advanced Micro Devices, Inc. (a)		896
	29	Alpha & Omega Semiconductor Ltd. (a)		609
	29	Amkor Technology, Inc. (a)		302
	17	Cirrus Logic, Inc. (a)		961
	29	Cohu, Inc.		407
	97	Cypress Semiconductor Corp.		1,105
	14	First Solar, Inc. (a)		458
	65	IXYS Corp.		768
	5	Nanometrics, Inc. (a)		114
	14	NeoPhotonics Corp. (a)		152
	5	PDF Solutions, Inc. (a)		106
	7	Rudolph Technologies, Inc. (a)		157
	55	Sigma Designs, Inc. (a)		329
	79	Ultra Clean Holdings, Inc. (a)		764
	55	Xcerra Corp. (a)		424

				8,305

		Software — 3.2%
	6	8x8, Inc. (a)		89

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	93	A10 Networks, Inc. (a)		773
	2	Blackline, Inc. (a)		52
	15	CommVault Systems, Inc. (a)		766
	4	Manhattan Associates, Inc. (a)		228
	9	PTC, Inc. (a)		405
	3	QAD, Inc., Class A		76
	3	Qualys, Inc. (a)		95
	42	RingCentral, Inc., Class A (a)		857
	38	Take-Two Interactive Software, Inc. (a)		1,850
	31	TiVo Corp. (a)		641
	4	VASCO Data Security International, Inc. (a)		60
	8	Zendesk, Inc. (a)		172

				6,064

		Total Information Technology		32,967

		Materials — 4.1%
		Chemicals — 2.3%
	18	FutureFuel Corp.		248
	18	Innophos Holdings, Inc.		915
	1	Innospec, Inc.		86
	12	Minerals Technologies, Inc.		959
	14	OMNOVA Solutions, Inc. (a)		140
	34	Trinseo SA		1,987

				4,335

		Construction Materials — 0.1%
	6	Forterra, Inc. (a)		136

		Containers & Packaging — 0.6%
	3	AEP Industries, Inc.		360
	9	Berry Plastics Group, Inc. (a)		453
	35	Graphic Packaging Holding Co.		435

				1,248

		Metals & Mining — 0.5%
	55	AK Steel Holding Corp. (a)		557
	6	Commercial Metals Co.		126
	4	Ryerson Holding Corp. (a)		57
	4	Worthington Industries, Inc.		202

				942

		Paper & Forest Products — 0.6%
	13	Boise Cascade Co. (a)		297
	19	Schweitzer-Mauduit International, Inc.		876

				1,173

		Total Materials		7,834


SHARES		SECURITY DESCRIPTION	VALUE($)

		Real Estate — 7.6%
		Equity Real Estate Investment Trusts (REITs) — 7.6%
	1	Agree Realty Corp.		60
	12	American Assets Trust, Inc.		505
	4	American Campus Communities, Inc.		223
	9	Armada Hoffler Properties, Inc.		138
	121	Ashford Hospitality Trust, Inc.		941
	29	Bluerock Residential Growth REIT, Inc.		396
	9	Chatham Lodging Trust		184
	8	Chesapeake Lodging Trust		203
	9	CoreSite Realty Corp.		680
	28	Cousins Properties, Inc.		236
	10	CubeSmart		254
	2	CyrusOne, Inc.		107
	8	DCT Industrial Trust, Inc.		397
	9	DDR Corp.		145
	16	DiamondRock Hospitality Co.		185
	9	DuPont Fabros Technology, Inc.		391
	6	Easterly Government Properties, Inc.		110
	8	Education Realty Trust, Inc.		332
	4	EPR Properties		280
	3	Equity One, Inc.		77
	42	First Industrial Realty Trust, Inc.		1,191
	3	Franklin Street Properties Corp.		40
	5	Government Properties Income Trust		101
	28	Gramercy Property Trust		261
	7	Highwoods Properties, Inc.		362
	6	Hudson Pacific Properties, Inc.		199
	8	InfraREIT, Inc.		147
	1	Life Storage, Inc.		51
	13	LTC Properties, Inc.		615
	29	New Senior Investment Group, Inc.		284
	20	NexPoint Residential Trust, Inc.		456
	3	Parkway, Inc. (a)		77
	2	PS Business Parks, Inc.		210
	9	RAIT Financial Trust		30
	3	Ramco-Gershenson Properties Trust		46
	54	Retail Opportunity Investments Corp.		1,134
	22	Rexford Industrial Realty, Inc.		508
	21	RLJ Lodging Trust		512
	23	Silver Bay Realty Trust Corp.		389
	48	Summit Hotel Properties, Inc.		765
	3	Sun Communities, Inc.		192
	37	Sunstone Hotel Investors, Inc.		567
	22	Xenia Hotels & Resorts, Inc.		433

		Total Real Estate		14,414

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	7	IDT Corp., Class B		132
	63	Inteliquent, Inc.		1,448

		Total Telecommunication Services		1,580

		Utilities — 3.3%
		Electric Utilities — 1.9%
	2	El Paso Electric Co.		74
	6	IDACORP, Inc.		518
	3	MGE Energy, Inc.		213
	37	Portland General Electric Co.		1,584
	39	Spark Energy, Inc., Class A		1,196
	2	Westar Energy, Inc.		122

				3,707

		Gas Utilities — 0.8%
	13	New Jersey Resources Corp.		474
	9	Southwest Gas Corp.		727
	5	WGL Holdings, Inc.		351

				1,552

		Independent Power & Renewable Electricity Producers — 0.5%
	14	Atlantic Power Corp. (a)		34
	11	Ormat Technologies, Inc.		574
	64	TerraForm Global, Inc., Class A (a)		254

				862

		Water Utilities — 0.1%
	2	American States Water Co.		89


SHARES		SECURITY DESCRIPTION	VALUE($)

		Water Utilities — continued
	2	Consolidated Water Co. Ltd., (Cayman Islands)		25

				114

		Total Utilities		6,235

		Total Common Stocks (Cost $132,495)		189,258


NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	2	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—


SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	2,737	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $2,737)		2,737

		Total Investments — 100.8% (Cost $135,232)		191,995
		Liabilities in Excess of Other Assets — (0.8)%		(1,467	)

		NET ASSETS — 100.0%	$	190,528

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

Mini Russell 2000

03/17/17

USD

1,900

(42

)

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.4%
		Consumer Discretionary — 14.6%
		Auto Components — 0.9%
	474	Drew Industries, Inc.		51,022

		Distributors — 1.7%
	980	Pool Corp.		102,249

		Diversified Consumer Services — 1.0%
	1,577	ServiceMaster Global Holdings, Inc. (a)		59,419

		Hotels, Restaurants & Leisure — 3.5%
	1,696	Brinker International, Inc.		83,997
	611	Monarch Casino & Resort, Inc. (a)		15,742
	804	Papa John’s International, Inc.		68,798
	1,423	Zoe’s Kitchen, Inc. (a)		34,148

				202,685

		Leisure Products — 2.2%
	1,637	Acushnet Holdings Corp. (a)		32,274
	1,455	Brunswick Corp.		79,362
	1,013	Malibu Boats, Inc., Class A (a)		19,322

				130,958

		Media — 2.4%
	1,885	Cinemark Holdings, Inc.		72,306
	3,664	EW Scripps Co. (The), Class A (a)		70,823

				143,129

		Specialty Retail — 1.9%
	2,968	American Eagle Outfitters, Inc.		45,018
	4,453	Chico’s FAS, Inc.		64,073

				109,091

		Textiles, Apparel & Luxury Goods — 1.0%
	361	Carter’s, Inc.		31,199
	4,103	Crocs, Inc. (a)		28,145

				59,344

		Total Consumer Discretionary		857,897

		Consumer Staples — 3.9%
		Food & Staples Retailing — 1.0%
	2,520	Performance Food Group Co. (a)		60,489

		Food Products — 1.1%
	1,103	AdvancePierre Foods Holdings, Inc.		32,846
	213	J&J Snack Foods Corp.		28,359

				61,205

		Household Products — 1.8%
	848	Spectrum Brands Holdings, Inc.		103,708

		Total Consumer Staples		225,402


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 4.1%
		Energy Equipment & Services — 2.7%
	269	Core Laboratories NV		32,340
	642	Dril-Quip, Inc. (a)		38,570
	3,351	Patterson-UTI Energy, Inc.		90,202

				161,112

		Oil, Gas & Consumable Fuels — 1.4%
	174	Cimarex Energy Co.		23,591
	6,474	Synergy Resources Corp. (a)		57,680

				81,271

		Total Energy		242,383

		Financials — 16.9%
		Banks — 11.4%
	3,209	Associated Banc-Corp.		79,267
	2,120	BankUnited, Inc.		79,889
	789	Commerce Bancshares, Inc.		45,613
	1,294	First Financial Bancorp		36,827
	1,098	First Hawaiian, Inc.		38,218
	3,615	First Horizon National Corp.		72,344
	388	First Republic Bank		35,765
	1,234	Glacier Bancorp, Inc.		44,718
	1,284	Great Western Bancorp, Inc.		55,978
	866	IBERIABANK Corp.		72,523
	1,898	Umpqua Holdings Corp.		35,645
	1,202	Western Alliance Bancorp (a)		58,556
	136	Wintrust Financial Corp.		9,880

				665,223

		Capital Markets — 4.2%
	1,089	Eaton Vance Corp.		45,610
	281	FactSet Research Systems, Inc.		45,855
	1,344	Janus Capital Group, Inc.		17,833
	1,300	Lazard Ltd., Class A		53,420
	761	Moelis & Co., Class A		25,785
	812	Morningstar, Inc.		59,702

				248,205

		Insurance — 1.3%
	416	Kinsale Capital Group, Inc.		14,138
	1,109	ProAssurance Corp.		62,308

				76,446

		Total Financials		989,874

		Health Care — 11.9%
		Health Care Equipment & Supplies — 3.5%
	244	ICU Medical, Inc. (a)		35,960

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	25

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	589	IDEXX Laboratories, Inc. (a)		69,091
	1,171	West Pharmaceutical Services, Inc.		99,361

				204,412

		Health Care Providers & Services — 4.2%
	592	Centene Corp. (a)		33,481
	744	HealthEquity, Inc. (a)		30,158
	2,081	HealthSouth Corp.		85,814
	461	Magellan Health, Inc. (a)		34,714
	460	WellCare Health Plans, Inc. (a)		62,999

				247,166

		Health Care Technology — 1.5%
	1,063	Cotiviti Holdings, Inc. (a)		36,568
	1,042	Medidata Solutions, Inc. (a)		51,732

				88,300

		Life Sciences Tools & Services — 1.3%
	1,241	Patheon NV (a)		35,628
	1,678	VWR Corp. (a)		42,007

				77,635

		Pharmaceuticals — 1.4%
	3,002	Catalent, Inc. (a)		80,926

		Total Health Care		698,439

		Industrials — 18.9%
		Commercial Services & Supplies — 5.0%
	1,887	Brady Corp., Class A		70,841
	327	G&K Services, Inc., Class A		31,527
	1,423	Herman Miller, Inc.		48,656
	1,391	KAR Auction Services, Inc.		59,294
	660	US Ecology, Inc.		32,429
	611	Waste Connections, Inc., (Canada)		47,988

				290,735

		Electrical Equipment — 0.7%
	1,077	Generac Holdings, Inc. (a)		43,886

		Machinery — 8.5%
	2,511	Allison Transmission Holdings, Inc.		84,599
	1,077	Altra Industrial Motion Corp.		39,742
	996	Douglas Dynamics, Inc.		33,511
	746	Lincoln Electric Holdings, Inc.		57,195
	769	Proto Labs, Inc. (a)		39,478
	894	RBC Bearings, Inc. (a)		82,948
	2,843	Toro Co. (The)		159,057

				496,530


SHARES		SECURITY DESCRIPTION	VALUE($)

		Road & Rail — 2.6%
	2,048	Knight Transportation, Inc.		67,670
	1,007	Landstar System, Inc.		85,901

				153,571

		Trading Companies & Distributors — 2.1%
	1,029	Applied Industrial Technologies, Inc.		61,098
	399	Watsco, Inc.		59,070

				120,168

		Total Industrials		1,104,890

		Information Technology — 8.9%
		Internet Software & Services — 1.9%
	1,298	GrubHub, Inc. (a)		48,830
	961	Instructure, Inc. (a)		18,779
	1,620	Q2 Holdings, Inc. (a)		46,739

				114,348

		IT Services — 0.8%
	1,248	CoreLogic, Inc. (a)		45,957

		Semiconductors & Semiconductor Equipment — 1.1%
	1,026	Cabot Microelectronics Corp.		64,839

		Software — 5.1%
	876	Aspen Technology, Inc. (a)		47,926
	539	Blackbaud, Inc.		34,506
	954	Guidewire Software, Inc. (a)		47,038
	763	Imperva, Inc. (a)		29,282
	213	Manhattan Associates, Inc. (a)		11,295
	176	MicroStrategy, Inc., Class A (a)		34,823
	720	Monotype Imaging Holdings, Inc.		14,301
	587	Splunk, Inc. (a)		30,044
	341	Tyler Technologies, Inc. (a)		48,684

				297,899

		Total Information Technology		523,043

		Materials — 5.4%
		Chemicals — 1.8%
	1,493	GCP Applied Technologies, Inc. (a)		39,929
	309	Quaker Chemical Corp.		39,575
	1,177	Valvoline, Inc.		25,295

				104,799

		Containers & Packaging — 3.6%
	1,603	AptarGroup, Inc.		117,734
	1,190	Crown Holdings, Inc. (a)		62,572
	592	Silgan Holdings, Inc.		30,284

				210,590

		Total Materials		315,389

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 6.2%
		Equity Real Estate Investment Trusts (REITs) — 4.5%
	794	EastGroup Properties, Inc.		58,633
	455	Mid-America Apartment Communities, Inc.		44,581
	1,448	National Retail Properties, Inc.		63,980
	1,542	Outfront Media, Inc.		38,359
	2,347	RLJ Lodging Trust		57,486

				263,039

		Real Estate Management & Development — 1.7%
	1,636	HFF, Inc., Class A		49,482
	1,898	Realogy Holdings Corp.		48,834

				98,316

		Total Real Estate		361,355

		Utilities — 2.6%
		Electric Utilities — 1.3%
	1,785	Portland General Electric Co.		77,325

		Multi-Utilities — 1.3%
	1,275	NorthWestern Corp.		72,505

		Total Utilities		149,830

		Total Common Stocks (Cost $4,111,324)		5,468,502


SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 1.1%
		U.S. Equity — 1.1%
	490	iShares Russell 2000 Fund (Cost $62,319)		66,085

	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	228,747	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $228,747)		228,747

		Total Investments — 98.4% (Cost $4,402,390)		5,763,334
		Other Assets in Excess of Liabilities — 1.6%		95,022

		NET ASSETS — 100.0%	$	5,858,356

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	27

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Consumer Discretionary — 14.3%
		Distributors — 1.1%
	112	Pool Corp.		11,734

		Hotels, Restaurants & Leisure — 3.8%
	824	Boyd Gaming Corp. (a)		16,624
	262	Texas Roadhouse, Inc.		12,660
	74	Vail Resorts, Inc.		11,983

				41,267

		Household Durables — 0.6%
	591	TRI Pointe Group, Inc. (a)		6,784

		Internet & Direct Marketing Retail — 0.9%
	263	Wayfair, Inc., Class A (a)		9,229

		Multiline Retail — 1.0%
	377	Ollie’s Bargain Outlet Holdings, Inc. (a)		10,718

		Specialty Retail — 5.1%
	141	Burlington Stores, Inc. (a)		11,935
	148	Lithia Motors, Inc., Class A		14,326
	128	Monro Muffler Brake, Inc.		7,305
	127	Penske Automotive Group, Inc.		6,570
	268	Tailored Brands, Inc.		6,840
	406	Tile Shop Holdings, Inc. (a)		7,938

				54,914

		Textiles, Apparel & Luxury Goods — 1.8%
	180	G-III Apparel Group Ltd. (a)		5,307
	269	Kate Spade & Co. (a)		5,020
	441	Wolverine World Wide, Inc.		9,690

				20,017

		Total Consumer Discretionary		154,663

		Consumer Staples — 4.4%
		Food & Staples Retailing — 2.4%
	87	Casey’s General Stores, Inc.		10,380
	348	Performance Food Group Co. (a)		8,355
	355	Sprouts Farmers Market, Inc. (a)		6,725

				25,460

		Food Products — 1.2%
	700	Freshpet, Inc. (a)		7,108
	164	Snyder’s-Lance, Inc.		6,304

				13,412

		Personal Products — 0.8%
	286	elf Beauty, Inc. (a)		8,284

		Total Consumer Staples		47,156


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 1.9%
		Oil, Gas & Consumable Fuels — 1.9%
	219	Delek US Holdings, Inc.		5,277
	75	Diamondback Energy, Inc. (a)		7,551
	183	RSP Permian, Inc. (a)		8,168

		Total Energy		20,996

		Financials — 6.5%
		Banks — 2.1%
	48	Signature Bank (a)		7,242
	203	Texas Capital Bancshares, Inc. (a)		15,900

				23,142

		Capital Markets — 3.7%
	261	Evercore Partners, Inc., Class A		17,913
	338	Financial Engines, Inc.		12,408
	913	PennantPark Investment Corp.		6,990
	292	WisdomTree Investments, Inc.		3,252

				40,563

		Thrifts & Mortgage Finance — 0.7%
	247	BofI Holding, Inc. (a)		7,051

		Total Financials		70,756

		Health Care — 21.1%
		Biotechnology — 9.2%
	171	ACADIA Pharmaceuticals, Inc. (a)		4,932
	187	Acceleron Pharma, Inc. (a)		4,771
	244	Axovant Sciences Ltd. (a)		3,032
	399	Bellicum Pharmaceuticals, Inc. (a)		5,429
	295	Coherus Biosciences, Inc. (a)		8,303
	497	Exact Sciences Corp. (a)		6,642
	211	FibroGen, Inc. (a)		4,524
	694	Halozyme Therapeutics, Inc. (a)		6,859
	465	Ignyta, Inc. (a)		2,463
	386	Insmed, Inc. (a)		5,111
	175	Kite Pharma, Inc. (a)		7,867
	129	Neurocrine Biosciences, Inc. (a)		4,981
	272	Portola Pharmaceuticals, Inc. (a)		6,109
	238	REGENXBIO, Inc. (a)		4,409
	178	Sage Therapeutics, Inc. (a)		9,098
	127	Spark Therapeutics, Inc. (a)		6,341
	62	Ultragenyx Pharmaceutical, Inc. (a)		4,360
	278	Versartis, Inc. (a)		4,144

				99,375

		Health Care Equipment & Supplies — 4.4%
	1,016	GenMark Diagnostics, Inc. (a)		12,434
	210	Insulet Corp. (a)		7,923

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	466	K2M Group Holdings, Inc. (a)		9,340
	137	Nevro Corp. (a)		9,926
	981	Novadaq Technologies, Inc., (Canada) (a)		6,956
	395	Unilife Corp. (a)		909

				47,488

		Health Care Providers & Services — 3.2%
	309	Acadia Healthcare Co., Inc. (a)		10,218
	261	Surgical Care Affiliates, Inc. (a)		12,074
	93	WellCare Health Plans, Inc. (a)		12,753

				35,045

		Health Care Technology — 1.6%
	614	Evolent Health, Inc., Class A (a)		9,088
	215	Veeva Systems, Inc., Class A (a)		8,763

				17,851

		Pharmaceuticals — 2.7%
	648	Horizon Pharma plc (a)		10,491
	355	Nektar Therapeutics (a)		4,355
	312	Revance Therapeutics, Inc. (a)		6,454
	1,347	TherapeuticsMD, Inc. (a)		7,773

				29,073

		Total Health Care		228,832

		Industrials — 17.5%
		Aerospace & Defense — 2.2%
	186	HEICO Corp.		14,337
	193	Hexcel Corp.		9,950

				24,287

		Air Freight & Logistics — 0.7%
	183	XPO Logistics, Inc. (a)		7,885

		Building Products — 5.4%
	380	Advanced Drainage Systems, Inc.		7,836
	151	Fortune Brands Home & Security, Inc.		8,088
	82	Lennox International, Inc.		12,537
	229	Masonite International Corp. (a)		15,082
	226	Trex Co., Inc. (a)		14,531

				58,074

		Commercial Services & Supplies — 0.8%
	401	Advanced Disposal Services, Inc. (a)		8,905

		Industrial Conglomerates — 0.7%
	70	Carlisle Cos., Inc.		7,775

		Machinery — 4.2%
	143	Graco, Inc.		11,900
	194	John Bean Technologies Corp.		16,660


SHARES		SECURITY DESCRIPTION	VALUE($)

		Machinery — continued
	85	Middleby Corp. (The) (a)		11,011
	85	Oshkosh Corp.		5,489

				45,060

		Road & Rail — 1.1%
	135	Old Dominion Freight Line, Inc. (a)		11,619

		Trading Companies & Distributors — 2.4%
	207	H&E Equipment Services, Inc.		4,804
	347	Rush Enterprises, Inc., Class A (a)		11,064
	66	Watsco, Inc.		9,793

				25,661

		Total Industrials		189,266

		Information Technology — 27.8%
		Communications Equipment — 1.0%
	269	Ciena Corp. (a)		6,559
	252	Quantenna Communications, Inc. (a)		4,576

				11,135

		Electronic Equipment, Instruments & Components — 1.5%
	107	Littelfuse, Inc.		16,196

		Internet Software & Services — 9.4%
	330	2U, Inc. (a)		9,935
	244	Benefitfocus, Inc. (a)		7,257
	243	Cornerstone OnDemand, Inc. (a)		10,294
	52	CoStar Group, Inc. (a)		9,787
	369	Envestnet, Inc. (a)		13,015
	381	GoDaddy, Inc., Class A (a)		13,316
	324	GrubHub, Inc. (a)		12,172
	280	Instructure, Inc. (a)		5,475
	156	Nutanix, Inc., Class A (a)		4,135
	257	Shopify, Inc., (Canada), Class A (a)		11,023
	176	Trade Desk, Inc. (The), Class A (a)		4,881

				101,290

		Semiconductors & Semiconductor Equipment — 7.2%
	483	Advanced Micro Devices, Inc. (a)		5,473
	296	Cavium, Inc. (a)		18,510
	281	Inphi Corp. (a)		12,556
	288	MACOM Technology Solutions Holdings, Inc. (a)		13,312
	227	MKS Instruments, Inc.		13,487
	182	Monolithic Power Systems, Inc.		14,952

				78,290

		Software — 8.4%
	329	Atlassian Corp. plc, (Australia), Class A (a)		7,922
	188	Guidewire Software, Inc. (a)		9,272

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	171	HubSpot, Inc. (a)		8,021
	158	Imperva, Inc. (a)		6,049
	151	Paycom Software, Inc. (a)		6,874
	143	Proofpoint, Inc. (a)		10,127
	571	RingCentral, Inc., Class A (a)		11,758
	335	Take-Two Interactive Software, Inc. (a)		16,488
	37	Tyler Technologies, Inc. (a)		5,272
	434	Zendesk, Inc. (a)		9,209

				90,992

		Technology Hardware, Storage & Peripherals — 0.3%
	432	Nimble Storage, Inc. (a)		3,422

		Total Information Technology		301,325

		Materials — 2.4%
		Construction Materials — 2.4%
	150	Eagle Materials, Inc.		14,782
	482	Summit Materials, Inc., Class A (a)		11,462

		Total Materials		26,244

		Real Estate — 2.7%
		Equity Real Estate Investment Trusts (REITs) — 1.2%
	225	CubeSmart		6,026
	143	Highwoods Properties, Inc.		7,288

				13,314


SHARES		SECURITY DESCRIPTION	VALUE($)

		Real Estate Management & Development — 1.5%
	291	RE/MAX Holdings, Inc., Class A		16,318

		Total Real Estate		29,632

		Total Common Stocks (Cost $807,763)		1,068,870

	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	20,862	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $20,862)		20,862

		Total Investments — 100.5% (Cost $828,625)		1,089,732
		Liabilities in Excess of Other Assets — (0.5)%		(5,673	)

		NET ASSETS — 100.0%	$	1,084,059

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 8.3%
		Auto Components — 1.6%
	491	Cooper Tire & Rubber Co.		19,087
	638	Dana, Inc.		12,107
	170	Stoneridge, Inc. (a)		2,999

				34,193

		Diversified Consumer Services — 1.1%
	75	American Public Education, Inc. (a)		1,844
	310	Ascent Capital Group, Inc., Class A (a)		5,036
	32	DeVry Education Group, Inc.		989
	305	K12, Inc. (a)		5,235
	607	Regis Corp. (a)		8,811

				21,915

		Hotels, Restaurants & Leisure — 1.2%
	81	Bob Evans Farms, Inc.		4,283
	44	Intrawest Resorts Holdings, Inc. (a)		782
	886	La Quinta Holdings, Inc. (a)		12,586
	85	Pinnacle Entertainment, Inc. (a)		1,234
	70	Ruby Tuesday, Inc. (a)		226
	299	Ruth’s Hospitality Group, Inc.		5,476
	45	Speedway Motorsports, Inc.		969

				25,556

		Household Durables — 0.3%
	46	CSS Industries, Inc.		1,245
	268	Hovnanian Enterprises, Inc., Class A (a)		730
	38	NACCO Industries, Inc., Class A		3,423
	35	UCP, Inc., Class A (a)		418

				5,816

		Internet & Direct Marketing Retail — 0.2%
	332	Liberty TripAdvisor Holdings, Inc., Class A (a)		4,995

		Leisure Products — 0.1%
	59	Acushnet Holdings Corp. (a)		1,155
	236	JAKKS Pacific, Inc. (a)		1,218

				2,373

		Media — 0.3%
	165	Central European Media Enterprises Ltd., (Bermuda), Class A (a)		421
	246	Entercom Communications Corp., Class A		3,765
	290	Radio One, Inc., Class D (a)		840

				5,026

		Multiline Retail — 0.2%
	73	Dillard’s, Inc., Class A		4,589


SHARES		SECURITY DESCRIPTION	VALUE($)

		Specialty Retail — 2.7%
	278	Aaron’s, Inc.		8,883
	885	Abercrombie & Fitch Co., Class A		10,620
	183	Children’s Place, Inc. (The)		18,514
	1,078	Office Depot, Inc.		4,871
	1,164	Pier 1 Imports, Inc.		9,944
	398	Rent-A-Center, Inc.		4,480

				57,312

		Textiles, Apparel & Luxury Goods — 0.6%
	537	Iconix Brand Group, Inc. (a)		5,015
	248	Movado Group, Inc.		7,116

				12,131

		Total Consumer Discretionary		173,906

		Consumer Staples — 2.2%
		Food & Staples Retailing — 0.2%
	100	SpartanNash Co.		3,970
	17	Village Super Market, Inc., Class A		522

				4,492

		Food Products — 0.5%
	577	Darling Ingredients, Inc. (a)		7,453
	64	Dean Foods Co.		1,403
	47	Fresh Del Monte Produce, Inc.		2,849

				11,705

		Household Products — 0.6%
	405	Central Garden & Pet Co., Class A (a)		12,505

		Tobacco — 0.9%
	50	Alliance One International, Inc. (a)		956
	270	Universal Corp.		17,181

				18,137

		Total Consumer Staples		46,839

		Energy — 5.1%
		Energy Equipment & Services — 2.0%
	44	Archrock, Inc.		578
	134	Atwood Oceanics, Inc. (a)		1,757
	37	Geospace Technologies Corp. (a)		745
	339	Parker Drilling Co. (a)		882
	1,436	Pioneer Energy Services Corp. (a)		9,833
	82	SEACOR Holdings, Inc. (a)		5,838
	4,117	Seadrill Ltd., (United Kingdom) (a)		14,038
	292	Unit Corp. (a)		7,835

				41,506

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 3.1%
	3	Adams Resources & Energy, Inc.		135
	101	Alon USA Energy, Inc.		1,145
	1,654	Bill Barrett Corp. (a)		11,559
	371	Delek US Holdings, Inc.		8,920
	2,070	Denbury Resources, Inc. (a)		7,616
	1,870	EP Energy Corp., Class A (a)		12,248
	229	Jones Energy, Inc., Class A (a)		1,147
	202	REX American Resources Corp. (a)		19,987
	428	Sanchez Energy Corp. (a)		3,864

				66,621

		Total Energy		108,127

		Financials — 30.5%
		Banks — 19.6%
	119	1st Source Corp.		5,297
	7	American National Bankshares, Inc.		240
	71	BancFirst Corp.		6,560
	411	BancorpSouth, Inc.		12,749
	180	Bank of Hawaii Corp.		15,938
	82	Brookline Bancorp, Inc.		1,351
	34	Bryn Mawr Bank Corp.		1,429
	201	Capital Bank Financial Corp., Class A		7,881
	91	Cascade Bancorp (a)		741
	227	Cathay General Bancorp		8,618
	532	Central Pacific Financial Corp.		16,715
	27	Central Valley Community Bancorp		531
	9	Century Bancorp, Inc., Class A		540
	21	Citizens & Northern Corp.		553
	159	City Holding Co.		10,748
	60	Columbia Banking System, Inc.		2,673
	149	Community Bank System, Inc.		9,213
	134	Community Trust Bancorp, Inc.		6,669
	114	Customers Bancorp, Inc. (a)		4,091
	14	East West Bancorp, Inc.		688
	404	FCB Financial Holdings, Inc., Class A (a)		19,271
	76	Financial Institutions, Inc.		2,613
	33	First Bancorp		901
	1,331	First BanCorp, (Puerto Rico) (a)		8,797
	83	First Busey Corp.		2,558
	9	First Citizens BancShares, Inc., Class A		3,230
	1,335	First Commonwealth Financial Corp.		18,923
	66	First Community Bancshares, Inc.		1,995
	119	First Financial Bancorp		3,383
	83	First Financial Bankshares, Inc.		3,761
	23	First Financial Corp.		1,204
	106	First Hawaiian, Inc.		3,691


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	97	First Interstate BancSystem, Inc., Class A		4,136
	161	Flushing Financial Corp.		4,717
	388	Fulton Financial Corp.		7,302
	233	Glacier Bancorp, Inc.		8,445
	40	Great Southern Bancorp, Inc.		2,208
	163	Great Western Bancorp, Inc.		7,092
	50	Guaranty Bancorp		1,208
	366	Hancock Holding Co.		15,754
	27	Heritage Financial Corp.		689
	867	Hope Bancorp, Inc.		18,986
	23	Independent Bank Corp.		495
	1,070	Investors Bancorp, Inc.		14,919
	46	Lakeland Financial Corp.		2,174
	184	MainSource Financial Group, Inc.		6,322
	21	Mercantile Bank Corp.		788
	619	OFG Bancorp, (Puerto Rico)		8,105
	86	Pacific Continental Corp.		1,879
	171	PacWest Bancorp		9,309
	58	Park Sterling Corp.		625
	19	Preferred Bank		1,017
	22	Republic Bancorp, Inc., Class A		850
	24	S&T Bancorp, Inc.		941
	29	Sandy Spring Bancorp, Inc.		1,172
	19	Sierra Bancorp		497
	83	Southside Bancshares, Inc.		3,133
	134	Southwest Bancorp, Inc.		3,874
	63	State Bank Financial Corp.		1,695
	21	Stock Yards Bancorp, Inc.		981
	19	Suffolk Bancorp		818
	24	Tompkins Financial Corp.		2,297
	28	TriState Capital Holdings, Inc. (a)		621
	389	Trustmark Corp.		13,882
	245	UMB Financial Corp.		18,863
	648	Umpqua Holdings Corp.		12,175
	442	Union Bankshares Corp.		15,782
	13	Univest Corp. of Pennsylvania		407
	83	Valley National Bancorp		968
	42	Washington Trust Bancorp, Inc.		2,343
	123	Webster Financial Corp.		6,660
	25	West Bancorporation, Inc.		625
	378	Westamerica Bancorp		23,775
	17	Western Alliance Bancorp (a)		834

				412,915

		Capital Markets — 1.3%
	48	Arlington Asset Investment Corp., Class A		708

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	53	Cowen Group, Inc., Class A (a)		826
	55	Investment Technology Group, Inc.		1,092
	809	KCG Holdings, Inc., Class A (a)		10,719
	50	Oppenheimer Holdings, Inc., Class A		934
	152	Stifel Financial Corp. (a)		7,572
	30	Virtus Investment Partners, Inc.		3,553
	50	Waddell & Reed Financial, Inc., Class A		970

				26,374

		Consumer Finance — 0.8%
	371	EZCORP, Inc., Class A (a)		3,948
	123	FirstCash, Inc.		5,804
	99	Nelnet, Inc., Class A		5,044
	62	Regional Management Corp. (a)		1,635

				16,431

		Diversified Financial Services — 0.1%
	73	FNFV Group (a)		1,003
	36	Marlin Business Services Corp.		744

				1,747

		Insurance — 4.1%
	37	Arch Capital Group Ltd. (a)		3,231
	72	Argo Group International Holdings Ltd.		4,718
	767	CNO Financial Group, Inc.		14,688
	13	Global Indemnity Ltd., (Cayman Islands) (a)		482
	80	Hallmark Financial Services, Inc. (a)		934
	257	Horace Mann Educators Corp.		11,012
	1,520	MBIA, Inc. (a)		16,266
	39	Navigators Group, Inc. (The)		4,604
	280	Primerica, Inc.		19,383
	193	ProAssurance Corp.		10,824
	16	Universal Insurance Holdings, Inc.		460

				86,602

		Mortgage Real Estate Investment Trusts (REITs) — 1.7%
	103	AG Mortgage Investment Trust, Inc.		1,761
	244	ARMOUR Residential REIT, Inc.		5,286
	1,123	Capstead Mortgage Corp.		11,438
	2,202	CYS Investments, Inc.		17,024

				35,509

		Thrifts & Mortgage Finance — 2.9%
	26	BankFinancial Corp.		391
	985	Beneficial Bancorp, Inc.		18,119
	287	Charter Financial Corp.		4,783
	38	First Defiance Financial Corp.		1,913
	22	Kearny Financial Corp.		336


SHARES		SECURITY DESCRIPTION	VALUE($)

		Thrifts & Mortgage Finance — continued
	361	Meridian Bancorp, Inc.		6,819
	648	Northfield Bancorp, Inc.		12,938
	30	Oritani Financial Corp.		570
	17	Territorial Bancorp, Inc.		568
	106	United Financial Bancorp, Inc.		1,929
	255	Walker & Dunlop, Inc. (a)		7,968
	97	Waterstone Financial, Inc.		1,787
	84	WSFS Financial Corp.		3,875

				61,996

		Total Financials		641,574

		Health Care — 4.6%
		Biotechnology — 1.5%
	37	ACADIA Pharmaceuticals, Inc. (a)		1,073
	64	Acorda Therapeutics, Inc. (a)		1,194
	8	Adverum Biotechnologies, Inc. (a)		24
	72	AMAG Pharmaceuticals, Inc. (a)		2,495
	229	Ardelyx, Inc. (a)		3,256
	43	Cara Therapeutics, Inc. (a)		398
	328	Chimerix, Inc. (a)		1,509
	91	Enanta Pharmaceuticals, Inc. (a)		3,062
	14	Epizyme, Inc. (a)		165
	49	Five Prime Therapeutics, Inc. (a)		2,440
	1,828	Idera Pharmaceuticals, Inc. (a)		2,741
	15	Immune Design Corp. (a)		84
	46	Insmed, Inc. (a)		611
	6	Karyopharm Therapeutics, Inc. (a)		58
	16	MacroGenics, Inc. (a)		321
	81	NantKwest, Inc. (a)		462
	172	PTC Therapeutics, Inc. (a)		1,873
	69	Radius Health, Inc. (a)		2,609
	666	Rigel Pharmaceuticals, Inc. (a)		1,584
	6	Sage Therapeutics, Inc. (a)		281
	82	Seres Therapeutics, Inc. (a)		813
	13	Ultragenyx Pharmaceutical, Inc. (a)		886
	146	Versartis, Inc. (a)		2,172
	66	Voyager Therapeutics, Inc. (a)		845
	15	Zafgen, Inc. (a)		49

				31,005

		Health Care Equipment & Supplies — 0.9%
	250	Halyard Health, Inc. (a)		9,227
	44	Inogen, Inc. (a)		2,962
	188	Quidel Corp. (a)		4,027
	102	Surmodics, Inc. (a)		2,588

				18,804

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 1.7%
	34	Addus HomeCare Corp. (a)		1,185
	542	Cross Country Healthcare, Inc. (a)		8,457
	596	Healthways, Inc. (a)		13,554
	60	Molina Healthcare, Inc. (a)		3,256
	59	Owens & Minor, Inc.		2,079
	312	Triple-S Management Corp., (Puerto Rico), Class B (a)		6,450
	17	WellCare Health Plans, Inc. (a)		2,317

				37,298

		Pharmaceuticals — 0.5%
	88	Amphastar Pharmaceuticals, Inc. (a)		1,621
	474	Endocyte, Inc. (a)		1,210
	155	Medicines Co. (The) (a)		5,274
	113	MyoKardia, Inc. (a)		1,467
	27	Revance Therapeutics, Inc. (a)		553

				10,125

		Total Health Care		97,232

		Industrials — 15.2%
		Aerospace & Defense — 2.1%
	246	AAR Corp.		8,120
	89	Curtiss-Wright Corp.		8,705
	732	DigitalGlobe, Inc. (a)		20,966
	95	Moog, Inc., Class A (a)		6,207

				43,998

		Air Freight & Logistics — 0.2%
	80	Atlas Air Worldwide Holdings, Inc. (a)		4,193

		Airlines — 0.4%
	92	Alaska Air Group, Inc.		8,137

		Building Products — 0.1%
	26	Gibraltar Industries, Inc. (a)		1,100

		Commercial Services & Supplies — 2.7%
	1,596	ACCO Brands Corp. (a)		20,824
	815	ARC Document Solutions, Inc. (a)		4,142
	137	CECO Environmental Corp.		1,915
	92	Ennis, Inc.		1,591
	132	Essendant, Inc.		2,763
	377	Quad/Graphics, Inc.		10,136
	143	VSE Corp.		5,542
	367	West Corp.		9,080

				55,993

		Construction & Engineering — 1.4%
	39	Argan, Inc.		2,772
	335	EMCOR Group, Inc.		23,733


SHARES		SECURITY DESCRIPTION	VALUE($)

		Construction & Engineering — continued
	96	MYR Group, Inc. (a)		3,624

				30,129

		Electrical Equipment — 0.3%
	205	General Cable Corp.		3,911
	66	Powell Industries, Inc.		2,562

				6,473

		Machinery — 3.0%
	104	AGCO Corp.		6,040
	295	Briggs & Stratton Corp.		6,560
	390	Douglas Dynamics, Inc.		13,120
	28	Graham Corp.		625
	81	Greenbrier Cos., Inc. (The)		3,357
	58	Hurco Cos., Inc.		1,920
	17	Hyster-Yale Materials Handling, Inc.		1,081
	403	Joy Global, Inc.		11,295
	111	Kadant, Inc.		6,793
	21	Kennametal, Inc.		663
	794	Wabash National Corp. (a)		12,558

				64,012

		Marine — 0.2%
	144	Matson, Inc.		5,086

		Professional Services — 2.8%
	1,044	Acacia Research Corp. (a)		6,788
	134	Barrett Business Services, Inc.		8,565
	54	Franklin Covey Co. (a)		1,084
	431	FTI Consulting, Inc. (a)		19,434
	326	Huron Consulting Group, Inc. (a)		16,487
	163	RPX Corp. (a)		1,758
	198	TriNet Group, Inc. (a)		5,083

				59,199

		Road & Rail — 0.9%
	5	AMERCO		1,811
	350	ArcBest Corp.		9,675
	345	USA Truck, Inc. (a)		3,000
	368	YRC Worldwide, Inc. (a)		4,882

				19,368

		Trading Companies & Distributors — 1.1%
	160	DXP Enterprises, Inc. (a)		5,562
	584	MRC Global, Inc. (a)		11,830
	335	Titan Machinery, Inc. (a)		4,876

				22,268

		Total Industrials		319,956

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Information Technology — 10.8%
		Communications Equipment — 1.5%
	242	Bel Fuse, Inc., Class B		7,462
	416	Black Box Corp.		6,349
	165	Comtech Telecommunications Corp.		1,954
	74	InterDigital, Inc.		6,742
	175	NETGEAR, Inc. (a)		9,533

				32,040

		Electronic Equipment, Instruments & Components — 3.5%
	733	Benchmark Electronics, Inc. (a)		22,353
	224	Insight Enterprises, Inc. (a)		9,055
	741	InvenSense, Inc. (a)		9,481
	67	Sanmina Corp. (a)		2,448
	61	SYNNEX Corp.		7,406
	134	Tech Data Corp. (a)		11,330
	710	Vishay Intertechnology, Inc.		11,509

				73,582

		Internet Software & Services — 0.4%
	183	Bazaarvoice, Inc. (a)		888
	338	EarthLink Holdings Corp.		1,906
	87	Intralinks Holdings, Inc. (a)		1,180
	60	Liquidity Services, Inc. (a)		587
	387	RetailMeNot, Inc. (a)		3,596

				8,157

		IT Services — 1.0%
	21	Convergys Corp.		514
	224	Datalink Corp. (a)		2,522
	38	EVERTEC, Inc., (Puerto Rico)		671
	1,100	Unisys Corp. (a)		16,439

				20,146

		Semiconductors & Semiconductor Equipment — 2.5%
	289	Advanced Energy Industries, Inc. (a)		15,817
	318	Alpha & Omega Semiconductor Ltd. (a)		6,762
	820	Amkor Technology, Inc. (a)		8,653
	915	Cypress Semiconductor Corp.		10,465
	224	IXYS Corp.		2,669
	1,043	Xcerra Corp. (a)		7,966

				52,332

		Software — 1.9%
	31	Aspen Technology, Inc. (a)		1,712
	70	Fair Isaac Corp.		8,357
	223	Mentor Graphics Corp.		8,219
	91	Progress Software Corp.		2,896


SHARES		SECURITY DESCRIPTION	VALUE($)

		Software — continued
	297	Rubicon Project, Inc. (The) (a)		2,203
	293	Take-Two Interactive Software, Inc. (a)		14,457
	105	TiVo Corp. (a)		2,188

				40,032

		Total Information Technology		226,289

		Materials — 4.2%
		Chemicals — 1.5%
	103	American Vanguard Corp.		1,968
	23	Innophos Holdings, Inc.		1,223
	49	Innospec, Inc.		3,377
	115	Minerals Technologies, Inc.		8,876
	970	Rayonier Advanced Materials, Inc.		15,001

				30,445

		Construction Materials — 0.1%
	81	Forterra, Inc. (a)		1,755

		Containers & Packaging — 0.3%
	402	Graphic Packaging Holding Co.		5,021
	60	Myers Industries, Inc.		859

				5,880

		Metals & Mining — 1.8%
	780	AK Steel Holding Corp. (a)		7,968
	273	Carpenter Technology Corp.		9,885
	125	Cliffs Natural Resources, Inc. (a)		1,050
	61	Olympic Steel, Inc.		1,471
	24	Ryerson Holding Corp. (a)		319
	219	Schnitzer Steel Industries, Inc., Class A		5,628
	256	Worthington Industries, Inc.		12,154

				38,475

		Paper & Forest Products — 0.5%
	109	Domtar Corp.		4,239
	145	Schweitzer-Mauduit International, Inc.		6,579

				10,818

		Total Materials		87,373

		Real Estate — 9.4%
		Equity Real Estate Investment Trusts (REITs) — 8.5%
	25	American Assets Trust, Inc.		1,090
	216	Apartment Investment & Management Co., Class A		9,800
	980	Ashford Hospitality Trust, Inc.		7,603
	396	CBL & Associates Properties, Inc.		4,559
	301	Cedar Realty Trust, Inc.		1,964
	91	CoreSite Realty Corp.		7,231

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	345	DCT Industrial Trust, Inc.		16,539
	349	DiamondRock Hospitality Co.		4,025
	76	DuPont Fabros Technology, Inc.		3,339
	72	EPR Properties		5,182
	778	FelCor Lodging Trust, Inc.		6,234
	138	First Industrial Realty Trust, Inc.		3,871
	535	First Potomac Realty Trust		5,866
	53	Franklin Street Properties Corp.		691
	160	Getty Realty Corp.		4,079
	80	Gladstone Commercial Corp.		1,608
	500	Government Properties Income Trust		9,523
	216	Gramercy Property Trust		1,986
	33	Highwoods Properties, Inc.		1,658
	174	Hospitality Properties Trust		5,535
	233	InfraREIT, Inc.		4,168
	133	Kite Realty Group Trust		3,125
	87	LaSalle Hotel Properties		2,648
	108	LTC Properties, Inc.		5,083
	139	Mack-Cali Realty Corp.		4,042
	16	Mid-America Apartment Communities, Inc.		1,544
	256	Monogram Residential Trust, Inc.		2,766
	141	Pebblebrook Hotel Trust		4,186
	329	Pennsylvania REIT		6,228
	201	Potlatch Corp.		8,367
	92	PS Business Parks, Inc.		10,731
	505	RAIT Financial Trust		1,696
	347	RLJ Lodging Trust		8,508
	13	Saul Centers, Inc.		866
	71	Silver Bay Realty Trust Corp.		1,215
	493	Sunstone Hotel Investors, Inc.		7,525
	15	Taubman Centers, Inc.		1,109
	85	Urstadt Biddle Properties, Inc., Class A		2,054
	7	Washington Prime Group, Inc.		69
	10	Washington REIT		330

				178,643

		Real Estate Management & Development — 0.9%
	151	Alexander & Baldwin, Inc.		6,789
	497	Forestar Group, Inc. (a)		6,612
	358	St Joe Co. (The) (a)		6,794

				20,195

		Total Real Estate		198,838

		Telecommunication Services — 0.5%
		Diversified Telecommunication Services — 0.5%
	230	Intelsat SA (a)		615


SHARES		SECURITY DESCRIPTION	VALUE($)

		Diversified Telecommunication Services — continued
	1,372	Windstream Holdings, Inc.		10,055

		Total Telecommunication Services		10,670

		Utilities — 5.7%
		Electric Utilities — 1.5%
	326	El Paso Electric Co.		15,164
	362	Portland General Electric Co.		15,685
	24	Spark Energy, Inc., Class A		721

				31,570

		Gas Utilities — 1.9%
	245	Northwest Natural Gas Co.		14,651
	165	Southwest Gas Corp.		12,635
	195	Spire, Inc.		12,600

				39,886

		Independent Power & Renewable Electricity Producers — 0.7%
	2,285	Atlantic Power Corp. (a)		5,712
	746	Dynegy, Inc. (a)		6,312
	49	Ormat Technologies, Inc.		2,633

				14,657

		Multi-Utilities — 1.0%
	272	Avista Corp.		10,877
	144	NorthWestern Corp.		8,184
	57	Unitil Corp.		2,566

				21,627

		Water Utilities — 0.6%
	177	American States Water Co.		8,060
	122	California Water Service Group		4,136
				12,196

		Total Utilities		119,936

		Total Common Stocks (Cost $1,502,795)		2,030,740


NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	3	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.8%
		Investment Company — 3.8%
	79,623	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $79,623)		79,623

		Total Investments — 100.3% (Cost $1,582,418)		2,110,363
		Liabilities in Excess of Other Assets — (0.3)%		(7,229	)

		NET ASSETS — 100.0%	$	2,103,134

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

1,103

Mini Russell 2000

03/17/17

USD

74,833

(1,495

)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	37

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 11.0%
		Auto Components — 2.5%
	42	American Axle & Manufacturing Holdings, Inc. (a)		801
	474	Cooper Tire & Rubber Co.		18,426
	281	Dana, Inc.		5,341
	372	Stoneridge, Inc. (a)		6,588
	188	Tenneco, Inc. (a)		11,726

				42,882

		Diversified Consumer Services — 1.0%
	187	Ascent Capital Group, Inc., Class A (a)		3,039
	282	Houghton Mifflin Harcourt Co. (a)		3,062
	9	K12, Inc. (a)		153
	437	Regis Corp. (a)		6,351
	60	Strayer Education, Inc. (a)		4,862

				17,467

		Hotels, Restaurants & Leisure — 1.9%
	580	Bloomin’ Brands, Inc.		10,454
	42	Boyd Gaming Corp. (a)		841
	11	DineEquity, Inc.		808
	25	Intrawest Resorts Holdings, Inc. (a)		451
	326	La Quinta Holdings, Inc. (a)		4,637
	313	Ruby Tuesday, Inc. (a)		1,012
	69	Scientific Games Corp., Class A (a)		970
	429	Sonic Corp.		11,381
	95	Speedway Motorsports, Inc.		2,050

				32,604

		Household Durables — 0.7%
	96	Leggett & Platt, Inc.		4,698
	68	NACCO Industries, Inc., Class A		6,130
	43	UCP, Inc., Class A (a)		512

				11,340

		Internet & Direct Marketing Retail — 0.2%
	158	Liberty TripAdvisor Holdings, Inc., Class A (a)		2,376

		Leisure Products — 0.2%
	51	Acushnet Holdings Corp. (a)		1,003
	409	JAKKS Pacific, Inc. (a)		2,106

				3,109

		Media — 0.9%
	84	Nexstar Broadcasting Group, Inc., Class A		5,298
	315	Sinclair Broadcast Group, Inc., Class A		10,519

				15,817


SHARES		SECURITY DESCRIPTION	VALUE($)

		Multiline Retail — 0.5%
	153	Big Lots, Inc.		7,672
	18	Dillard’s, Inc., Class A		1,147

				8,819

		Specialty Retail — 2.8%
	57	Aaron’s, Inc.		1,823
	112	Abercrombie & Fitch Co., Class A		1,339
	207	Children’s Place, Inc. (The)		20,877
	523	GNC Holdings, Inc., Class A		5,768
	393	Office Depot, Inc.		1,778
	1,101	Pier 1 Imports, Inc.		9,401
	242	Select Comfort Corp. (a)		5,483

				46,469

		Textiles, Apparel & Luxury Goods — 0.3%
	244	Iconix Brand Group, Inc. (a)		2,281
	107	Movado Group, Inc.		3,062

				5,343

		Total Consumer Discretionary		186,226

		Consumer Staples — 2.7%
		Food & Staples Retailing — 0.3%
	102	Ingles Markets, Inc., Class A		4,925

		Food Products — 1.8%
	1,021	Darling Ingredients, Inc. (a)		13,185
	293	Dean Foods Co.		6,371
	187	Pilgrim’s Pride Corp.		3,553
	56	Post Holdings, Inc. (a)		4,494
	24	Sanderson Farms, Inc.		2,243
	23	Seneca Foods Corp., Class A (a)		909

				30,755

		Personal Products — 0.1%
	35	elf Beauty, Inc. (a)		998
	20	Herbalife Ltd. (a)		963
	15	Medifast, Inc.		629

				2,590

		Tobacco — 0.5%
	44	Alliance One International, Inc. (a)		837
	117	Universal Corp.		7,484

				8,321

		Total Consumer Staples		46,591

		Energy — 3.8%
		Energy Equipment & Services — 1.0%
	71	Archrock, Inc.		941
	354	Parker Drilling Co. (a)		921

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	297	Pioneer Energy Services Corp. (a)		2,037
	121	SEACOR Holdings, Inc. (a)		8,646
	321	Seadrill Ltd., (United Kingdom) (a)		1,095
	137	Unit Corp. (a)		3,671

				17,311

		Oil, Gas & Consumable Fuels — 2.8%
	16	Adams Resources & Energy, Inc.		642
	1,196	Bill Barrett Corp. (a)		8,362
	1,495	Denbury Resources, Inc. (a)		5,501
	781	EP Energy Corp., Class A (a)		5,118
	251	Renewable Energy Group, Inc. (a)		2,434
	212	REX American Resources Corp. (a)		20,965
	367	Sanchez Energy Corp. (a)		3,313
	44	Western Refining, Inc.		1,669

				48,004

		Total Energy		65,315

		Financials — 18.5%
		Banks — 10.4%
	60	1st Source Corp.		2,679
	93	BancFirst Corp.		8,607
	246	BancorpSouth, Inc.		7,626
	192	Capital Bank Financial Corp., Class A		7,540
	96	Cathay General Bancorp		3,655
	337	Central Pacific Financial Corp.		10,576
	23	Central Valley Community Bancorp		449
	38	Chemical Financial Corp.		2,042
	25	Citizens & Northern Corp.		655
	61	City Holding Co.		4,130
	396	CVB Financial Corp.		9,087
	4	East West Bancorp, Inc.		205
	478	FCB Financial Holdings, Inc., Class A (a)		22,791
	421	First Commonwealth Financial Corp.		5,964
	27	First Community Bancshares, Inc.		808
	66	First Financial Bancorp		1,881
	89	First Hawaiian, Inc.		3,085
	67	First Interstate BancSystem, Inc., Class A		2,864
	82	Flushing Financial Corp.		2,395
	103	Fulton Financial Corp.		1,938
	33	Great Western Bancorp, Inc.		1,438
	41	Guaranty Bancorp		980
	196	Hope Bancorp, Inc.		4,295
	59	IBERIABANK Corp.		4,929
	95	Independent Bank Corp.		2,666
	270	Investors Bancorp, Inc.		3,759


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	29	MainSource Financial Group, Inc.		1,008
	22	National Bank Holdings Corp., Class A		716
	232	OFG Bancorp, (Puerto Rico)		3,039
	66	PacWest Bancorp		3,577
	28	Sierra Bancorp		737
	39	Simmons First National Corp., Class A		2,436
	19	Southside Bancshares, Inc.		709
	20	Southwest Bancorp, Inc.		592
	82	Suffolk Bancorp		3,498
	247	TCF Financial Corp.		4,839
	85	Trustmark Corp.		3,020
	59	UMB Financial Corp.		4,581
	318	Union Bankshares Corp.		11,358
	56	Webster Financial Corp.		3,040
	69	West Bancorporation, Inc.		1,707
	255	Westamerica Bancorp		16,022

				177,923

		Capital Markets — 1.0%
	24	Cowen Group, Inc., Class A (a)		374
	35	Federated Investors, Inc., Class B		995
	13	Houlihan Lokey, Inc.		392
	193	KCG Holdings, Inc., Class A (a)		2,563
	52	MarketAxess Holdings, Inc.		7,625
	54	Stifel Financial Corp. (a)		2,702
	20	Virtus Investment Partners, Inc.		2,385
	33	Waddell & Reed Financial, Inc., Class A		644

				17,680

		Consumer Finance — 0.9%
	11	Credit Acceptance Corp. (a)		2,327
	504	EZCORP, Inc., Class A (a)		5,370
	52	FirstCash, Inc.		2,440
	81	Nelnet, Inc., Class A		4,090
	19	Regional Management Corp. (a)		510

				14,737

		Insurance — 2.5%
	18	Ambac Financial Group, Inc. (a)		403
	74	American Equity Investment Life Holding Co.		1,659
	28	Aspen Insurance Holdings Ltd., (Bermuda)		1,523
	339	CNO Financial Group, Inc.		6,498
	62	First American Financial Corp.		2,278
	23	Global Indemnity Ltd., (Cayman Islands) (a)		867
	79	Kemper Corp.		3,513
	581	MBIA, Inc. (a)		6,217
	53	Navigators Group, Inc. (The)		6,241

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	98	Primerica, Inc.		6,790
	78	ProAssurance Corp.		4,400
	15	Stewart Information Services Corp.		696
	28	Universal Insurance Holdings, Inc.		787

				41,872

		Mortgage Real Estate Investment Trusts (REITs) — 1.2%
	675	Capstead Mortgage Corp.		6,874
	1,666	CYS Investments, Inc.		12,876

				19,750

		Thrifts & Mortgage Finance — 2.5%
	21	BankFinancial Corp.		307
	432	Beneficial Bancorp, Inc.		7,941
	22	Capitol Federal Financial, Inc.		367
	72	Charter Financial Corp.		1,195
	22	First Defiance Financial Corp.		1,116
	612	Meridian Bancorp, Inc.		11,565
	252	MGIC Investment Corp. (a)		2,566
	117	NMI Holdings, Inc., Class A (a)		1,246
	584	Northfield Bancorp, Inc.		11,665
	148	Walker & Dunlop, Inc. (a)		4,602

				42,570

		Total Financials		314,532

		Health Care — 12.7%
		Biotechnology — 5.1%
	99	ACADIA Pharmaceuticals, Inc. (a)		2,867
	97	Adamas Pharmaceuticals, Inc. (a)		1,636
	16	Aduro Biotech, Inc. (a)		185
	157	Aimmune Therapeutics, Inc. (a)		3,217
	104	AMAG Pharmaceuticals, Inc. (a)		3,616
	616	Amicus Therapeutics, Inc. (a)		3,064
	33	Ardelyx, Inc. (a)		473
	359	Arrowhead Pharmaceuticals, Inc. (a)		556
	24	Audentes Therapeutics, Inc. (a)		431
	30	Avexis, Inc. (a)		1,422
	128	Bellicum Pharmaceuticals, Inc. (a)		1,739
	38	Blueprint Medicines Corp. (a)		1,055
	93	Cara Therapeutics, Inc. (a)		862
	40	Chimerix, Inc. (a)		184
	85	Clovis Oncology, Inc. (a)		3,758
	77	Coherus Biosciences, Inc. (a)		2,176
	46	Dimension Therapeutics, Inc. (a)		201
	108	Edge Therapeutics, Inc. (a)		1,351
	158	Exelixis, Inc. (a)		2,356
	89	FibroGen, Inc. (a)		1,913


SHARES		SECURITY DESCRIPTION	VALUE($)

		Biotechnology — continued
	43	Five Prime Therapeutics, Inc. (a)		2,150
	102	Flexion Therapeutics, Inc. (a)		1,948
	96	Global Blood Therapeutics, Inc. (a)		1,390
	132	Halozyme Therapeutics, Inc. (a)		1,302
	55	Heron Therapeutics, Inc. (a)		724
	195	Idera Pharmaceuticals, Inc. (a)		293
	143	Immune Design Corp. (a)		788
	202	Infinity Pharmaceuticals, Inc. (a)		273
	157	Karyopharm Therapeutics, Inc. (a)		1,477
	39	Kite Pharma, Inc. (a)		1,762
	156	Lexicon Pharmaceuticals, Inc. (a)		2,160
	106	Neurocrine Biosciences, Inc. (a)		4,110
	44	Ophthotech Corp. (a)		211
	52	Portola Pharmaceuticals, Inc. (a)		1,165
	149	Proteostasis Therapeutics, Inc. (a)		1,822
	81	Prothena Corp. plc, (Ireland) (a)		3,965
	319	PTC Therapeutics, Inc. (a)		3,481
	36	Puma Biotechnology, Inc. (a)		1,108
	34	Ra Pharmaceuticals, Inc. (a)		513
	56	Radius Health, Inc. (a)		2,134
	59	Sage Therapeutics, Inc. (a)		3,018
	101	Selecta Biosciences, Inc. (a)		1,729
	45	Seres Therapeutics, Inc. (a)		449
	21	Spark Therapeutics, Inc. (a)		1,023
	684	Synergy Pharmaceuticals, Inc. (a)		4,163
	17	TESARO, Inc. (a)		2,313
	89	Tokai Pharmaceuticals, Inc. (a)		87
	48	Ultragenyx Pharmaceutical, Inc. (a)		3,389
	56	Versartis, Inc. (a)		834
	157	Xencor, Inc. (a)		4,122
	12	Zafgen, Inc. (a)		38

				87,003

		Health Care Equipment & Supplies — 2.4%
	175	Halyard Health, Inc. (a)		6,475
	120	Inogen, Inc. (a)		8,047
	196	Orthofix International NV (a)		7,088
	284	Quidel Corp. (a)		6,087
	205	Surmodics, Inc. (a)		5,202
	22	Utah Medical Products, Inc.		1,586
	271	Wright Medical Group NV (a)		6,223

				40,708

		Health Care Providers & Services — 4.0%
	266	Civitas Solutions, Inc. (a)		5,286
	560	Cross Country Healthcare, Inc. (a)		8,734
	101	Genesis Healthcare, Inc. (a)		429

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	717	Healthways, Inc. (a)		16,300
	73	Landauer, Inc.		3,521
	72	Molina Healthcare, Inc. (a)		3,923
	234	Owens & Minor, Inc.		8,272
	817	Quorum Health Corp. (a)		5,937
	94	Surgical Care Affiliates, Inc. (a)		4,359
	281	Triple-S Management Corp., (Puerto Rico), Class B (a)		5,825
	37	WellCare Health Plans, Inc. (a)		5,099

				67,685

		Health Care Technology — 0.2%
	249	HMS Holdings Corp. (a)		4,524

		Life Sciences Tools & Services — 0.3%
	28	Cambrex Corp. (a)		1,527
	70	INC Research Holdings, Inc., Class A (a)		3,692

				5,219

		Pharmaceuticals — 0.7%
	107	Amphastar Pharmaceuticals, Inc. (a)		1,965
	138	Axsome Therapeutics, Inc. (a)		933
	75	Horizon Pharma plc (a)		1,218
	82	Pacira Pharmaceuticals, Inc. (a)		2,633
	34	Prestige Brands Holdings, Inc. (a)		1,756
	63	Reata Pharmaceuticals, Inc., Class A (a)		1,375
	80	Revance Therapeutics, Inc. (a)		1,664

				11,544

		Total Health Care		216,683

		Industrials — 16.1%
		Aerospace & Defense — 2.0%
	92	AAR Corp.		3,047
	76	Curtiss-Wright Corp.		7,466
	688	DigitalGlobe, Inc. (a)		19,723
	70	Moog, Inc., Class A (a)		4,571

				34,807

		Air Freight & Logistics — 0.1%
	32	Atlas Air Worldwide Holdings, Inc. (a)		1,643

		Airlines — 0.7%
	128	Alaska Air Group, Inc.		11,313

		Building Products — 0.8%
	232	Continental Building Products, Inc. (a)		5,368
	141	Gibraltar Industries, Inc. (a)		5,885
	176	Ply Gem Holdings, Inc. (a)		2,857

				14,110


SHARES		SECURITY DESCRIPTION	VALUE($)

		Commercial Services & Supplies — 2.8%
	1,433	ACCO Brands Corp. (a)		18,704
	151	CECO Environmental Corp.		2,109
	119	Deluxe Corp.		8,507
	336	Ennis, Inc.		5,828
	68	Essendant, Inc.		1,413
	73	Interface, Inc.		1,352
	115	VSE Corp.		4,467
	222	West Corp.		5,502

				47,882

		Construction & Engineering — 1.5%
	247	EMCOR Group, Inc.		17,485
	122	MasTec, Inc. (a)		4,674
	93	MYR Group, Inc. (a)		3,510

				25,669

		Electrical Equipment — 0.2%
	84	Powell Industries, Inc.		3,288

		Machinery — 2.1%
	287	Actuant Corp., Class A		7,448
	364	Briggs & Stratton Corp.		8,091
	314	Douglas Dynamics, Inc.		10,576
	41	Graham Corp.		901
	19	Hurco Cos., Inc.		626
	10	Hyster-Yale Materials Handling, Inc.		607
	20	Joy Global, Inc.		566
	80	Kadant, Inc.		4,890
	29	Kennametal, Inc.		913
	57	Wabash National Corp. (a)		906

				35,524

		Marine — 0.6%
	304	Matson, Inc.		10,751

		Professional Services — 3.0%
	719	Acacia Research Corp. (a)		4,674
	217	Barrett Business Services, Inc.		13,937
	119	Franklin Covey Co. (a)		2,402
	338	Huron Consulting Group, Inc. (a)		17,125
	39	Insperity, Inc.		2,760
	32	TriNet Group, Inc. (a)		830
	118	WageWorks, Inc. (a)		8,526

				50,254

		Road & Rail — 0.7%
	129	ArcBest Corp.		3,556
	248	Swift Transportation Co. (a)		6,029
	307	USA Truck, Inc. (a)		2,670

				12,255

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Trading Companies & Distributors — 1.6%
	84	Applied Industrial Technologies, Inc.		4,972
	163	DXP Enterprises, Inc. (a)		5,662
	426	MRC Global, Inc. (a)		8,625
	133	NOW, Inc. (a)		2,729
	323	Titan Machinery, Inc. (a)		4,712

				26,700

		Total Industrials		274,196

		Information Technology — 18.0%
		Communications Equipment — 3.0%
	108	Bel Fuse, Inc., Class B		3,340
	145	Black Box Corp.		2,210
	192	InterDigital, Inc.		17,521
	129	NETGEAR, Inc. (a)		7,022
	206	Plantronics, Inc.		11,275
	195	Quantenna Communications, Inc. (a)		3,526
	105	Ubiquiti Networks, Inc. (a)		6,058

				50,952

		Electronic Equipment, Instruments & Components — 2.5%
	246	Benchmark Electronics, Inc. (a)		7,503
	21	Coherent, Inc. (a)		2,858
	1,459	InvenSense, Inc. (a)		18,654
	151	Sanmina Corp. (a)		5,516
	25	Tech Data Corp. (a)		2,125
	369	Vishay Intertechnology, Inc.		5,984

				42,640

		Internet Software & Services — 2.2%
	1,805	Bazaarvoice, Inc. (a)		8,754
	90	Coupa Software, Inc. (a)		2,246
	195	DHI Group, Inc. (a)		1,218
	818	EarthLink Holdings Corp.		4,616
	116	Intralinks Holdings, Inc. (a)		1,566
	99	Liquidity Services, Inc. (a)		965
	177	MINDBODY, Inc., Class A (a)		3,774
	146	Nutanix, Inc., Class A (a)		3,888
	316	RetailMeNot, Inc. (a)		2,939
	324	Web.com Group, Inc. (a)		6,855
	60	Xactly Corp. (a)		657

				37,478

		IT Services — 1.9%
	191	Convergys Corp.		4,679
	199	CSG Systems International, Inc.		9,622
	29	Euronet Worldwide, Inc. (a)		2,108
	38	EVERTEC, Inc., (Puerto Rico)		669


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — continued
	48	Science Applications International Corp.		4,036
	713	Unisys Corp. (a)		10,664

				31,778

		Semiconductors & Semiconductor Equipment — 3.5%
	208	Advanced Energy Industries, Inc. (a)		11,410
	356	Alpha & Omega Semiconductor Ltd. (a)		7,568
	351	Cohu, Inc.		4,880
	337	Integrated Device Technology, Inc. (a)		7,930
	205	Intersil Corp., Class A		4,576
	131	MaxLinear, Inc., Class A (a)		2,849
	21	Silicon Laboratories, Inc. (a)		1,346
	199	Synaptics, Inc. (a)		10,679
	64	Tessera Holding Corp.		2,824
	621	Xcerra Corp. (a)		4,743

				58,805

		Software — 4.9%
	261	ACI Worldwide, Inc. (a)		4,730
	338	Aspen Technology, Inc. (a)		18,460
	149	Barracuda Networks, Inc. (a)		3,191
	18	Blackline, Inc. (a)		483
	88	Fair Isaac Corp.		10,539
	49	Manhattan Associates, Inc. (a)		2,593
	293	Mentor Graphics Corp.		10,809
	226	Progress Software Corp.		7,206
	50	Qualys, Inc. (a)		1,586
	433	Take-Two Interactive Software, Inc. (a)		21,357
	129	VASCO Data Security International, Inc. (a)		1,754
	246	Zix Corp. (a)		1,215

				83,923

		Total Information Technology		305,576

		Materials — 3.7%
		Chemicals — 1.9%
	75	Koppers Holdings, Inc. (a)		3,019
	124	Minerals Technologies, Inc.		9,602
	287	OMNOVA Solutions, Inc. (a)		2,868
	501	Rayonier Advanced Materials, Inc.		7,738
	148	Trinseo SA		8,800

				32,027

		Construction Materials — 0.0% (g)
	58	Forterra, Inc. (a)		1,258

		Containers & Packaging — 0.6%
	754	Graphic Packaging Holding Co.		9,404

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Containers & Packaging — continued
	35	Myers Industries, Inc.		500

				9,904

		Metals & Mining — 1.1%
	365	AK Steel Holding Corp. (a)		3,730
	58	Carpenter Technology Corp.		2,109
	56	Commercial Metals Co.		1,220
	82	Olympic Steel, Inc.		1,994
	23	Ryerson Holding Corp. (a)		312
	193	Worthington Industries, Inc.		9,165

				18,530

		Paper & Forest Products — 0.1%
	45	Domtar Corp.		1,768

		Total Materials		63,487

		Real Estate — 6.9%
		Equity Real Estate Investment Trusts (REITs) — 6.4%
	106	American Assets Trust, Inc.		4,566
	15	Armada Hoffler Properties, Inc.		219
	365	Ashford Hospitality Trust, Inc.		2,834
	116	CBL & Associates Properties, Inc.		1,333
	210	CoreSite Realty Corp.		16,684
	76	CubeSmart		2,045
	23	CyrusOne, Inc.		1,033
	92	DCT Industrial Trust, Inc.		4,388
	113	DiamondRock Hospitality Co.		1,303
	50	EastGroup Properties, Inc.		3,685
	5	EPR Properties		380
	29	Equity LifeStyle Properties, Inc.		2,098
	24	Equity One, Inc.		749
	57	First Industrial Realty Trust, Inc.		1,593
	98	Franklin Street Properties Corp.		1,271
	22	Gladstone Commercial Corp.		450
	107	Government Properties Income Trust		2,042
	142	Gramercy Property Trust		1,304
	199	Hersha Hospitality Trust		4,270
	43	Highwoods Properties, Inc.		2,168
	116	Hospitality Properties Trust		3,679
	182	LTC Properties, Inc.		8,550
	102	Mack-Cali Realty Corp.		2,972
	33	Mid-America Apartment Communities, Inc.		3,249
	101	Monogram Residential Trust, Inc.		1,087
	14	National Retail Properties, Inc.		636
	60	Pennsylvania REIT		1,139
	159	Potlatch Corp.		6,631
	20	PS Business Parks, Inc.		2,354


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	209	Ramco-Gershenson Properties Trust		3,472
	545	RLJ Lodging Trust		13,345
	56	Saul Centers, Inc.		3,710
	25	Silver Bay Realty Trust Corp.		434
	36	Summit Hotel Properties, Inc.		582
	38	Taubman Centers, Inc.		2,787

				109,042

		Real Estate Management & Development — 0.5%
	34	Alexander & Baldwin, Inc.		1,544
	458	Forestar Group, Inc. (a)		6,087
	22	St Joe Co. (The) (a)		426

				8,057

		Total Real Estate		117,099

		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.7%
	128	Cincinnati Bell, Inc. (a)		2,871
	27	General Communication, Inc., Class A (a)		529
	1,067	Windstream Holdings, Inc.		7,818

		Total Telecommunication Services		11,218

		Utilities — 3.2%
		Electric Utilities — 1.2%
	116	El Paso Electric Co.		5,394
	86	PNM Resources, Inc.		2,943
	204	Portland General Electric Co.		8,843
	89	Spark Energy, Inc., Class A		2,694

				19,874

		Gas Utilities — 0.5%
	58	Southwest Gas Corp.		4,436
	68	Spire, Inc.		4,390

				8,826

		Independent Power & Renewable Electricity Producers — 0.7%
	1,181	Atlantic Power Corp. (a)		2,953
	583	Dynegy, Inc. (a)		4,931
	65	Ormat Technologies, Inc.		3,485

				11,369

		Multi-Utilities — 0.2%
	29	Avista Corp.		1,156
	32	NorthWestern Corp.		1,797

				2,953

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Water Utilities — 0.6%
	246		American States Water Co.		11,198

			Total Utilities		54,220

			Total Common Stocks (Cost $1,356,146)		1,655,143


NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Health Care — 0.0% (g)
			Biotechnology — 0.0% (g)
	63		Trius Therapeutics LLC (Cost $—) (a)		—	(h)


NUMBER OF WARRANTS
	Warrant — 0.0% (g)
			Financials — 0.0% (g)
			Consumer Finance — 0.0% (g)
	—	(h)	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	54,028	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $54,028)		54,028

		Total Investments — 100.5% (Cost $1,410,174)		1,709,171
		Liabilities in Excess of Other Assets — (0.5)%		(8,285	)

		NET ASSETS — 100.0%	$	1,700,886

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

732

Mini Russell 2000

03/17/17

USD

49,663

(987

)

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

J.P. Morgan Small Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)


REIT		— Real Estate Investment Trust
USD		— United States Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.


(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500.
(l)		— The rate shown is the current yield as of December 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	147,319		$	189,258		$	5,534,587
Investments in affiliates, at value		2,158			2,737			228,747

Total investment securities, at value		149,477			191,995			5,763,334
Cash		—	(a)		4			—	(a)
Deposits at broker for futures contracts		—			295			—
Receivables:
Investment securities sold		19			206			392
Fund shares sold		562			293			190,175
Dividends from non-affiliates		89			251			11,221
Dividends from affiliates		1			1			89

Total Assets		150,148			193,045			5,965,211


LIABILITIES:
Payables:
Investment securities purchased		295			923			58,330
Fund shares redeemed		813			1,419			43,596
Variation margin on futures contracts		—			10			—
Accrued liabilities:
Investment advisory fees		73			65			2,992
Administration fees		3			—			380
Distribution fees		34			—	(a)		358
Shareholder servicing fees		25			8			546
Custodian and accounting fees		10			14			27
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1			10
Printing and mailing cost		92			21			340
Other		87			56			276

Total Liabilities		1,432			2,517			106,855

Net Assets	$	148,716		$	190,528		$	5,858,356

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	107,119		$	132,054		$	4,489,748
Accumulated undistributed (distributions in excess of) net investment income		(1,259	)		(109	)		(75	)
Accumulated net realized gains (losses)		(2,700	)		1,862			7,739
Net unrealized appreciation (depreciation)		45,556			56,721			1,360,944

Total Net Assets	$	148,716		$	190,528		$	5,858,356


Net Assets:
Class A	$	57,647		$	93		$	1,272,775
Class C		33,786			53			167,427
Class R2		—			—			10,617
Class R3		—			—			22
Class R4		—			—			22
Class R5		—			190,358			1,171,021
Class R6		—			24			772,378
Select Class		57,283			—			2,464,094

Total	$	148,716		$	190,528		$	5,858,356


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		3,145			2			27,871
Class C		2,366			1			4,798
Class R2		—			—			236
Class R3		—			—			1
Class R4		—			—			—	(a)
Class R5		—			3,792			22,389
Class R6		—			1			14,773
Select Class		2,776			—			47,193

Net Asset Value (b):
Class A — Redemption price per share	$	18.33		$	50.01		$	45.67
Class C — Offering price per share (c)		14.28			49.96			34.90
Class R2 — Offering and redemption price per share		—			—			44.94
Class R3 — Offering and redemption price per share		—			—			45.56
Class R4 — Offering and redemption price per share		—			—			52.17
Class R5 — Offering and redemption price per share		—			50.19			52.30
Class R6 — Offering and redemption price per share		—			50.12			52.28
Select Class — Offering and redemption price per share		20.63			—			52.21
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)]	$	19.35		$	52.78		$	48.20


Cost of investments in non-affiliates	$	101,763		$	132,495		$	4,173,643
Cost of investments in affiliates		2,158			2,737			228,747

(a)	Amount rounds to less than 500.

(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, 2016	J.P. MORGAN SMALL CAP FUNDS	47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	1,068,870		$	2,030,740		$	1,655,143
Investments in affiliates, at value		20,862			79,623			54,028

Total investment securities, at value		1,089,732			2,110,363			1,709,171
Cash		—			—	(a)		—
Deposits at broker for futures contracts		—			3,843			2,842
Receivables:
Investment securities sold		142			682			686
Fund shares sold		5,779			13,783			25,478
Dividends from non-affiliates		648			3,806			1,934
Dividends from affiliates		5			23			21

Total Assets		1,096,306			2,132,500			1,740,132


LIABILITIES:
Payables:
Due to custodian		—	(a)		—			—
Investment securities purchased		2,147			3,690			6,227
Fund shares redeemed		8,979			23,103			31,337
Variation margin on futures contracts		—			314			209
Accrued liabilities:
Investment advisory fees		601			1,149			852
Administration fees		72			145			117
Distribution fees		59			183			107
Shareholder servicing fees		35			58			89
Custodian and accounting fees		11			14			10
Trustees’ and Chief Compliance Officer’s fees		—	(a)		5			2
Printing and mailing cost		46			105			24
Other		297			600			272

Total Liabilities		12,247			29,366			39,246

Net Assets	$	1,084,059		$	2,103,134		$	1,700,886

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital		$	842,609		$	1,556,043		$	1,414,768
Accumulated undistributed (distributions in excess of) net investment income			(4,169	)		(856	)		(581	)
Accumulated net realized gains (losses)			(15,488	)		21,497			(11,311	)
Net unrealized appreciation (depreciation)			261,107			526,450			298,010

Total Net Assets		$	1,084,059		$	2,103,134		$	1,700,886


Net Assets:
Class A		$	174,807		$	608,179		$	260,469
Class C			18,570			47,039			50,807
Class L (formerly Institutional Class)			280,206			—			784,140
Class R2	��		21,002			57,880			42,500
Class R3			—			23			22
Class R4			—			23			22
Class R5			878			112,141			23
Class R6			487,982			928,746			237,692
Select Class			100,614			349,103			325,211

Total		$	1,084,059		$	2,103,134		$	1,700,886


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A			14,145			20,301			14,489
Class C			1,976			1,861			2,932
Class L (formerly Institutional Class)			20,272			—			42,845
Class R2			1,747			1,945			2,399
Class R3			—			1			1
Class R4			—			1			1
Class R5			63			3,550			1
Class R6			35,041			29,374			12,981
Select Class			7,463			11,053			17,744

Net Asset Value (a):
Class A — Redemption price per share		$	12.36		$	29.96		$	17.98
Class C — Offering price per share (b)			9.40			25.28			17.33
Class L (formerly Institutional Class) — Offering and redemption price per share			13.82			—			18.30
Class R2 — Offering and redemption price per share			12.02			29.76			17.72
Class R3 — Offering and redemption price per share			—			29.93			17.92
Class R4 — Offering and redemption price per share			—			31.57			18.30
Class R5 — Offering and redemption price per share			13.82			31.59			18.29
Class R6 — Offering and redemption price per share			13.93			31.62			18.31
Select Class — Offering and redemption price per share			13.48			31.58			18.33
Class A maximum sales charge			5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]		$	13.04		$	31.62		$	18.98


Cost of investments in non-affiliates		$	807,763		$	1,502,795		$	1,356,146
Cost of investments in affiliates			20,862			79,623			54,028

(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, 2016	J.P. MORGAN SMALL CAP FUNDS	49

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	393		$	1,217		$	35,626
Dividend income from affiliates		3			7			380
Interest income from affiliates		—	(a)		—	(a)		14

Total investment income		396			1,224			36,020


EXPENSES:
Investment advisory fees		517			575			14,364
Administration fees		65			72			1,809
Distribution fees:
Class A		74			—	(a)		1,209
Class C		129			—	(a)		406
Class R2		—			—			19
Class R3 (b)		—			—			—	(a)
Shareholder servicing fees:
Class A		74			—	(a)		1,208
Class C		43			—	(a)		135
Class R2		—			—			10
Class R3 (b)		—			—			—	(a)
Class R4 (b)		—			—			—	(a)
Class R5 (c)		—			115			325
Select Class		82			—			2,248
Custodian and accounting fees		20			28			71
Professional fees		21			37			49
Trustees’ and Chief Compliance Officer’s fees		13			13			24
Printing and mailing costs		49			52			180
Registration and filing fees		14			63			99
Transfer agency fees (See Note 2.D.)		15			4			53
Sub-transfer agency fees (See Note 2.D.)		122			106			1,320
Other		4			4			42

Total expenses		1,242			1,069			23,571

Less fees waived		(245	)		(335	)		(1,325	)
Less earnings credits		—			—			—	(a)
Less expense reimbursements		—			(31	)		(6	)

Net expenses		997			703			22,240

Net investment income (loss)		(601	)		521			13,780


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		12,860			8,585			25,109
Futures		—			655			—

Net realized gain (loss)		12,860			9,240			25,109

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,202			23,901			494,356
Futures		—			(127	)		—

Change in net unrealized appreciation/depreciation		6,202			23,774			494,356

Net realized/unrealized gains (losses)		19,062			33,014			519,465

Change in net assets resulting from operations	$	18,461		$	33,535		$	533,245

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(c)	Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
INVESTMENT INCOME:
Dividend income from non-affiliates		$	2,727		$	16,765		$	10,051
Dividend income from affiliates			26			86			90
Interest income from affiliates			—	(a)		1			2

Total investment income			2,753			16,852			10,143


EXPENSES:
Investment advisory fees			3,566			6,180			4,540
Administration fees			449			778			619
Distribution fees:
Class A			227			706			309
Class C			71			163			182
Class R2			54			129			95
Class R3 (b)			—			—	(a)		—	(a)
Shareholder servicing fees:
Class A			227			706			309
Class C			24			55			61
Class L (formerly Institutional Class)	��		146			—			349
Class R2			27			64			47
Class R3 (b)			—			—	(a)		—	(a)
Class R4 (b)			—			—	(a)		—	(a)
Class R5 (c)			—	(a)		26			—	(a)
Select Class			133			388			394
Custodian and accounting fees			27			49			33
Professional fees			30			37			32
Trustees’ and Chief Compliance Officer’s fees			13			20			16
Printing and mailing costs			41			108			70
Registration and filing fees			38			48			54
Transfer agency fees (See Note 2.D.)			39			197			34
Sub-transfer agency fees (See Note 2.D.)			420			816			661
Other			17			30			17

Total expenses			5,549			10,500			7,822

Less fees waived			(532	)		(1,016	)		(505	)
Less expense reimbursements			(7	)		(17	)		(1	)

Net expenses			5,010			9,467			7,316

Net investment income (loss)			(2,257	)		7,385			2,827


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			38,584			44,950			25,649
Futures			—			11,241			10,424

Net realized gain (loss)			38,584			56,191			36,073

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates			87,992			324,318			228,360
Futures			—			(2,051	)		(1,508	)

Change in net unrealized appreciation/depreciation			87,992			322,267			226,852

Net realized/unrealized gains (losses)			126,576			378,458			262,925

Change in net assets resulting from operations		$	124,319		$	385,843		$	265,752

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Value Fund and U.S. Small Company Fund.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund and U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(601	)	$	(2,182	)	$	521		$	1,397
Net realized gain (loss)		12,860			28,187			9,240			67,374
Change in net unrealized appreciation/depreciation		6,202			(117,590	)		23,774			(151,923	)

Change in net assets resulting from operations		18,461			(91,585	)		33,535			(83,152	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)
From net investment income		—			—			—	(b)		—
From net realized gains		(8,616	)		(8,870	)		(7	)		—
Class C (a)
From net investment income		—			—			—	(b)		—
From net realized gains		(6,161	)		(6,681	)		(5	)		—
Class R5 (c)
From net investment income		—			—			(599	)		(4,787	)
From net realized gains		—			—			(17,764	)		(69,898	)
Class R6 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(2	)		—
Select Class
From net investment income		—			—			—			—
From net realized gains		(8,471	)		(40,293	)		—			—

Total distributions to shareholders		(23,248	)		(55,844	)		(18,377	)		(74,685	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		597			(209,461	)		10,734			(493,179	)


NET ASSETS:
Change in net assets		(4,190	)		(356,890	)		25,892			(651,016	)
Beginning of period		152,906			509,796			164,636			815,652

End of period	$	148,716		$	152,906		$	190,528		$	164,636

Accumulated undistributed (distributions in excess of) net investment income	$	(1,259	)	$	(658	)	$	(109	)	$	(31	)

(a)	Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b)	Amount rounds to less than 500.

(c)	Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,780		$	17,832		$	(2,257	)	$	(4,817	)
Net realized gain (loss)		25,109			399,193			38,584			3,683
Change in net unrealized appreciation/depreciation		494,356			(343,741	)		87,992			(172,393	)

Change in net assets resulting from operations		533,245			73,284			124,319			(173,527	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,188	)		(2,634	)		—			—
From net realized gains		(32,659	)		(51,657	)		(6,279	)		(17,982	)
Class C
From net investment income		(479	)		—			—			—
From net realized gains		(5,074	)		(2,993	)		(877	)		(2,222	)
Class L (formerly Institutional Class)
From net realized gains		—			—			(9,811	)		(19,628	)
Class R2
From net investment income		(23	)		—			—			—
From net realized gains		(276	)		(211	)		(772	)		(1,956	)
Class R3 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		(1	)		—			—			—
Class R4 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		—	(b)		—			—			—
Class R5 (c)
From net investment income		(5,428	)		(7,998	)		—			—
From net realized gains		(25,600	)		(77,242	)		(28	)		—
Class R6 (d)
From net investment income		(3,830	)		—			—			—
From net realized gains		(15,853	)		—			(15,304	)		(34,132	)
Select Class
From net investment income		(9,633	)		(3,556	)		—			—
From net realized gains		(53,162	)		(59,055	)		(3,529	)		(8,776	)

Total distributions to shareholders		(155,206	)		(205,346	)		(36,600	)		(84,696	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,031,387			187,154			(40,798	)		50,292


NET ASSETS:
Change in net assets		2,409,426			55,092			46,921			(207,931	)
Beginning of period		3,448,930			3,393,838			1,037,138			1,245,069

End of period	$	5,858,356		$	3,448,930		$	1,084,059		$	1,037,138

Accumulated undistributed (distributions in excess of) net investment income	$	(75	)	$	8,726		$	(4,169	)	$	(1,912	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,385		$	16,276		$	2,827		$	4,777
Net realized gain (loss)		56,191			(11,621	)		36,073			(25,653	)
Change in net unrealized appreciation/depreciation		322,267			(52,243	)		226,852			(37,299	)

Change in net assets resulting from operations		385,843			(47,588	)		265,752			(58,175	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,556	)		(3,316	)		(192	)		(375	)
From net realized gains		(390	)		(24,024	)		(15	)		(9,859	)
Class C
From net investment income		(124	)		(138	)		—			—
From net realized gains		(36	)		(2,266	)		(3	)		(1,985	)
Class L (formerly Institutional Class)
From net investment income		—			—			(3,751	)		(2,157	)
From net realized gains		—			—			(45	)		(16,302	)
Class R2
From net investment income		(182	)		(176	)		—			(36	)
From net realized gains		(37	)		(2,034	)		(2	)		(1,197	)
Class R3 (a)
From net investment income		—	(b)		—			—	(b)		—
From net realized gains		—	(b)		—			—	(b)		—
Class R4 (a)
From net investment income		—	(b)		—			—	(b)		—
From net realized gains		—	(b)		—			—	(b)		—
Class R5 (c)
From net investment income		(643	)		(877	)		—	(b)		—
From net realized gains		(73	)		(4,226	)		—	(b)		—
Class R6
From net investment income		(5,587	)		(7,344	)		(1,045	)		(620	)
From net realized gains		(552	)		(33,390	)		(11	)		(4,031	)
Select Class
From net investment income		(1,792	)		(2,589	)		(967	)		(1,045	)
From net realized gains		(217	)		(11,883	)		(19	)		(11,139	)

Total distributions to shareholders		(12,189	)		(92,263	)		(6,050	)		(48,746	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(23,852	)		22,440			117,872			458,685


NET ASSETS:
Change in net assets		349,802			(117,411	)		377,574			351,764
Beginning of period		1,753,332			1,870,743			1,323,312			971,548

End of period	$	2,103,134		$	1,753,332		$	1,700,886		$	1,323,312

Accumulated undistributed (distributions in excess of) net investment income	$	(856	)	$	2,643		$	(581	)	$	2,547

(a)	Commencement of offering of class of shares effective September 9, 2016.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A (a)
Proceeds from shares issued	$	5,567		$	10,070		$	66		$	23
Distributions reinvested		6,122			6,411			7			—
Cost of shares redeemed		(7,725	)		(14,402	)		(5	)		—

Change in net assets resulting from Class A capital transactions	$	3,964		$	2,079		$	68		$	23

Class C (a)
Proceeds from shares issued	$	8,079		$	13,161		$	30		$	20
Distributions reinvested		888			856			5			—
Cost of shares redeemed		(5,636	)		(17,151	)		(3	)		—

Change in net assets resulting from Class C capital transactions	$	3,331		$	(3,134	)	$	32		$	20

Class R5 (b)
Proceeds from shares issued	$	—		$	—		$	22,673		$	82,011
Distributions reinvested		—			—			15,728			71,593
Cost of shares redeemed		—			—			(27,769	)		(116,062	)
Redemptions in-kind (See Note 7)		—			—			—			(530,784	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	10,632		$	(493,242	)

Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	—		$	20
Distributions reinvested		—			—			2			—

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	2		$	20

Select Class
Proceeds from shares issued	$	5,881		$	68,912		$	—		$	—
Distributions reinvested		8,203			39,841			—			—
Cost of shares redeemed		(20,782	)		(317,159	)		—			—

Change in net assets resulting from Select Class capital transactions	$	(6,698	)	$	(208,406	)	$	10,632		$	(493,242	)

Total change in net assets resulting from capital transactions	$	597		$	(209,461	)	$	10,734		$	(493,179	)

(a)	Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b)	Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A (a)
Issued		284			478			1			1
Reinvested		331			327			—	(b)		—
Redeemed		(374	)		(712	)		—	(b)		—

Change in Class A Shares		241			93			1			1

Class C (a)
Issued		535			780			—	(b)		1
Reinvested		62			54			—	(b)		—
Redeemed		(333	)		(1,015	)		—	(b)		—

Change in Class C Shares		264			(181	)		—	(b)		1

Class R5 (c)
Issued		—			—			452			1,600
Reinvested		—			—			315			1,578
Redeemed		—			—			(560	)		(2,421	)
Redemptions in-kind (See Note 7)		—			—			—			(11,691	)

Change in Class R5 Shares		—			—			207			(10,934	)

Class R6 (a)
Issued		—			—			—			1
Reinvested		—			—			—	(b)		—

Change in Class R6 Shares		—			—			—	(b)		1

Select Class
Issued		258			3,027			—			—
Reinvested		395			1,842			—			—
Redeemed		(928	)		(15,456	)		—			—

Change in Select Class Shares		(275	)		(10,587	)		—			(10,934	)

(a)	Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b)	Amount rounds to less than 500.

(c)	Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	568,894		$	797,670		$	14,591		$	34,331
Distributions reinvested		33,701			49,673			5,928			17,120
Cost of shares redeemed		(145,303	)		(225,187	)		(39,415	)		(82,368	)
Redemptions in-kind (See Note 7)		—			(545,339	)		—			—

Change in net assets resulting from Class A capital transactions	$	457,292		$	76,817		$	(18,896	)	$	(30,917	)

Class C
Proceeds from shares issued	$	92,817		$	39,875		$	1,087		$	1,342
Distributions reinvested		5,234			2,583			747			1,891
Cost of shares redeemed		(7,847	)		(7,079	)		(2,692	)		(5,168	)

Change in net assets resulting from Class C capital transactions	$	90,204		$	35,379		$	(858	)	$	(1,935	)

Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	45,916		$	114,481
Distributions reinvested		—			—			8,911			18,231
Cost of shares redeemed		—			—			(69,483	)		(81,578	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(14,656	)	$	51,134

Class R2
Proceeds from shares issued	$	6,063		$	3,684		$	1,287		$	3,627
Distributions reinvested		156			147			749			1,908
Cost of shares redeemed		(1,562	)		(1,850	)		(3,993	)		(6,699	)

Change in net assets resulting from Class R2 capital transactions	$	4,657		$	1,981		$	(1,957	)	$	(1,164	)

Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		1			—			—			—
Cost of shares redeemed		—	(b)		—			—			—

Change in net assets resulting from Class R3 capital transactions	$	21		$	—		$	—		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		—	(b)		—			—			—

Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	—		$	—

Class R5 (c)
Proceeds from shares issued	$	306,702		$	327,668		$	1,208		$	—
Distributions reinvested		28,546			80,413			28			—
Cost of shares redeemed		(610,243	)		(243,746	)		(353	)		—

Change in net assets resulting from Class R5 capital transactions	$	(274,995	)	$	164,335		$	883		$	—

Class R6 (d)
Proceeds from shares issued	$	701,731		$	25,790		$	30,949		$	130,485
Distributions reinvested		19,663			—			15,304			34,132
Cost of shares redeemed		(16,038	)		(173	)		(41,625	)		(105,409	)

Change in net assets resulting from Class R6 capital transactions	$	705,356		$	25,617		$	4,628		$	59,208

Select Class
Proceeds from shares issued	$	1,245,493		$	643,933		$	15,723		$	29,505
Distributions reinvested		56,261			55,589			3,133			7,984
Cost of shares redeemed		(252,922	)		(816,497	)		(28,798	)		(63,523	)

Change in net assets resulting from Select Class capital transactions	$	1,048,832		$	(116,975	)	$	(9,942	)	$	(26,034	)

Total change in net assets resulting from capital transactions	$	2,031,387		$	187,154		$	(40,798	)	$	50,292

(a)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d)	Commencement of offering of class of shares effective May 31, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Small Cap Equity Fund						Small Cap Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		12,764			20,677			1,161			2,821
Reinvested		733			1,292			476			1,466
Redeemed		(3,299	)		(5,663	)		(3,154	)		(7,028	)
Redemptions in-kind (See Note 7)		—			(13,733	)		—			—

Change in Class A Shares		10,198			2,573			(1,517	)		(2,741	)

Class C
Issued		2,700			1,307			112			143
Reinvested		149			87			79			210
Redeemed		(230	)		(228	)		(282	)		(572	)

Change in Class C Shares		2,619			1,166			(91	)		(219	)

Class L (formerly Institutional Class)
Issued		—			—			3,281			8,718
Reinvested		—			—			640			1,407
Redeemed		—			—			(4,991	)		(6,315	)

Change in Class L Shares		—			—			(1,070	)		3,810

Class R2
Issued		140			93			105			309
Reinvested		3			4			62			167
Redeemed		(36	)		(46	)		(328	)		(566	)

Change in Class R2 Shares		107			51			(161	)		(90	)

Class R3 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—			—			—

Change in Class R3 Shares		1			—			—			—

Class R4 (a)
Issued		—	(b)		—			—			—
Reinvested		—	(b)		—			—			—

Change in Class R4 Shares		—	(b)		—			—			—

Class R5 (c)
Issued		5,978			7,138			85			—
Reinvested		541			1,832			2			—
Redeemed		(12,491	)		(5,295	)		(24	)		—

Change in Class R5 Shares		(5,972	)		3,675			63			—

Class R6 (d)
Issued		14,173			549			2,174			10,137
Reinvested		372			—			1,091			2,617
Redeemed		(317	)		(4	)		(2,987	)		(8,387	)

Change in Class R6 Shares		14,228			545			278			4,367

Select Class
Issued		24,518			14,082			1,144			2,235
Reinvested		1,069			1,270			231			630
Redeemed		(4,960	)		(17,314	)		(2,138	)		(4,737	)

Change in Select Class Shares		20,627			(1,962	)		(763	)		(1,872	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d)	Commencement of offering of class of shares effective May 31, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	77,818		$	138,661		$	48,913		$	112,560
Distributions reinvested		2,757			25,666			184			9,251
Cost of shares redeemed		(135,168	)		(186,013	)		(57,409	)		(108,488	)

Change in net assets resulting from Class A capital transactions	$	(54,593	)	$	(21,686	)	$	(8,312	)	$	13,323

Class C
Proceeds from shares issued	$	2,911		$	3,797		$	4,169		$	17,408
Distributions reinvested		144			2,160			3			1,817
Cost of shares redeemed		(5,594	)		(10,313	)		(7,673	)		(12,981	)

Change in net assets resulting from Class C capital transactions	$	(2,539	)	$	(4,356	)	$	(3,501	)	$	6,244

Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	199,697		$	366,693
Distributions reinvested		—			—			3,378			17,359
Cost of shares redeemed		—			—			(125,976	)		(113,529	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	77,099		$	270,523

Class R2
Proceeds from shares issued	$	10,031		$	16,117		$	8,027		$	25,767
Distributions reinvested		203			2,028			2			944
Cost of shares redeemed		(9,691	)		(15,854	)		(6,483	)		(7,774	)

Change in net assets resulting from Class R2 capital transactions	$	543		$	2,291		$	1,546		$	18,937

Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	20		$	—
Distributions reinvested		—	(b)		—			—	(b)		—

Change in net assets resulting from Class R3 capital transactions	$	20		$	—		$	20		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	20		$	—
Distributions reinvested		—	(b)		—			—	(b)		—

Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	20		$	—

Class R5 (c)
Proceeds from shares issued	$	23,272		$	31,169		$	20		$	—
Distributions reinvested		655			4,681			—	(b)		—
Cost of shares redeemed		(29,038	)		(34,423	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(5,111	)	$	1,427		$	20		$	—

Class R6
Proceeds from shares issued	$	110,556		$	383,830		$	85,747		$	100,275
Distributions reinvested		6,139			40,732			1,023			4,436
Cost of shares redeemed		(104,129	)		(173,847	)		(16,783	)		(26,418	)

Change in net assets resulting from Class R6 capital transactions	$	12,566		$	250,715		$	69,987		$	78,293

Select Class
Proceeds from shares issued	$	81,372		$	106,814		$	38,925		$	166,060
Distributions reinvested		1,881			12,987			921			11,293
Cost of shares redeemed		(58,011	)		(325,752	)		(58,853	)		(105,988	)

Change in net assets resulting from Select Class capital transactions	$	25,242		$	(205,951	)	$	(19,007	)	$	71,365

Total change in net assets resulting from capital transactions	$	(23,852	)	$	22,440		$	117,872		$	458,685

(a)	Commencement of offering of class of shares effective September 9, 2016.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Small Cap Value Fund						U.S. Small Company Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		2,853			5,761			2,953			7,413
Reinvested		95			1,114			10			626
Redeemed		(5,021	)		(7,728	)		(3,470	)		(7,196	)

Change in Class A Shares		(2,073	)		(853	)		(507	)		843

Class C
Issued		125			184			258			1,176
Reinvested		6			111			—	(a)		127
Redeemed		(247	)		(506	)		(478	)		(897	)

Change in Class C Shares		(116	)		(211	)		(220	)		406

Class L (formerly Institutional Class)
Issued		—			—			11,777			24,199
Reinvested		—			—			181			1,150
Redeemed		—			—			(7,274	)		(7,566	)

Change in Class L Shares		—			—			4,684			17,783

Class R2
Issued		369			675			487			1,706
Reinvested		7			89			—	(a)		65
Redeemed		(363	)		(669	)		(395	)		(528	)

Change in Class R2 Shares		13			95			92			1,243

Class R3 (b)
Issued		1			—			1			—
Reinvested		—	(a)		—			—	(a)		—

Change in Class R3 Shares		1			—			1			—

Class R4 (b)
Issued		1			—			1			—
Reinvested		—	(a)		—			—	(a)		—

Change in Class R4 Shares		1			—			1			—

Class R5 (c)
Issued		795			1,223			1			—
Reinvested		21			193			—	(a)		—
Redeemed		(989	)		(1,376	)		—			—

Change in Class R5 Shares		(173	)		40			1			—

Class R6
Issued		3,771			14,544			4,837			6,414
Reinvested		201			1,675			55			294
Redeemed		(3,584	)		(7,015	)		(991	)		(1,663	)

Change in Class R6 Shares		388			9,204			3,901			5,045

Select Class
Issued		2,841			4,250			2,288			10,694
Reinvested		62			535			50			748
Redeemed		(1,994	)		(12,338	)		(3,403	)		(6,898	)

Change in Select Class Shares		909			(7,553	)		(1,065	)		4,544

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016.

(c)	Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			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, 2016 (Unaudited)	$	19.14	$	(0.08	)	$	2.46		$	2.38		$	(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		(3.22	)
Year Ended June 30, 2015		25.11		(0.20	)		3.17			2.97			(2.04	)
Year Ended June 30, 2014		23.10		(0.24	)		4.44			4.20			(2.19	)
Year Ended June 30, 2013		18.83		(0.14	)(g)		5.17			5.03			(0.76	)
Year Ended June 30, 2012		20.20		(0.13	)(h)		(1.24	)		(1.37	)		—

Class C
Six Months Ended December 31, 2016 (Unaudited)		15.58		(0.11	)		2.00			1.89			(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		(3.22	)
Year Ended June 30, 2015		21.61		(0.28	)		2.68			2.40			(2.04	)
Year Ended June 30, 2014		20.25		(0.32	)		3.87			3.55			(2.19	)
Year Ended June 30, 2013		16.68		(0.22	)(g)		4.55			4.33			(0.76	)
Year Ended June 30, 2012		17.98		(0.20	)(h)		(1.10	)		(1.30	)		—

Select Class
Six Months Ended December 31, 2016 (Unaudited)		21.17		(0.06	)		2.71			2.65			(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		(3.22	)
Year Ended June 30, 2015		27.08		(0.15	)		3.45			3.30			(2.04	)
Year Ended June 30, 2014		24.70		(0.19	)		4.76			4.57			(2.19	)
Year Ended June 30, 2013		20.02		(0.07	)(g)		5.51			5.44			(0.76	)
Year Ended June 30, 2012		21.39		(0.06	)(h)		(1.31	)		(1.37	)		—

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(f)

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)

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.



62	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	18.33		12.32	%	$	57,647		1.25	%		(0.75	)%		1.55	%		23	%
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56
	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


	14.28		11.98			33,786		1.74			(1.24	)		2.17			23
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56
	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


	20.63		14.29			57,283		1.00			(0.50	)		1.24			23
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Core Fund
Class A
Six Months Ended December 31, 2016 (Unaudited)	$	45.88	$	0.07	(g)	$	9.39		$	9.46		$	(0.20	)	$	(5.13	)	$	(5.33	)
May 31, 2016 (f) through June 30, 2016		45.81		0.02	(g)(h)		0.05			0.07			—			—			—

Class C
Six Months Ended December 31, 2016 (Unaudited)		45.86		(0.07	)(g)		9.39			9.32			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (f) through June 30, 2016		45.81		—	(g)(h)(i)		0.05			0.05			—			—			—

Class R5 (formerly Select Class)
Six Months Ended December 31, 2016 (Unaudited)		45.90		0.15	(g)		9.43			9.58			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(g)(h)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Year Ended June 30, 2015		58.70		0.37	(g)		3.20			3.57			(0.10	)		(5.99	)		(6.09	)
Year Ended June 30, 2014		48.11		0.15	(j)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Year Ended June 30, 2013		37.54		0.37	(k)		10.63			11.00			(0.43	)		—			(0.43	)
Year Ended June 30, 2012		39.44		0.27	(l)		(1.98	)		(1.71	)		(0.19	)		—			(0.19	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		45.90		0.16	(g)		9.44			9.60			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (f) through June 30, 2016		45.81		0.04	(g)(h)		0.05			0.09			—			—			—

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

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

(c)

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

(e)

(f)	Commencement of offering of class of shares.

(g)	Calculated based upon average shares outstanding.

(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)	Amount rounds to less than $0.005.

(j)	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 Class R5 Shares.

(k)	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 Class R5 Shares.

(l)	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 Class R5 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		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)


$	50.01		20.71	%	$	93		1.24	%		0.27	%		1.60	%		22	%
	45.88		0.15			23		1.25			0.56	(h)		1.39			58


	49.96		20.43			53		1.74			(0.28	)		2.03			22
	45.86		0.11			20		1.74			0.06	(h)		1.89			58


	50.19		20.97			190,358		0.79			0.59			1.21			22
	45.90		(8.97	)		164,573		0.80			0.30	(h)		1.16			58
	56.18		7.01			815,652		0.80			0.66			1.13			56
	58.70		28.95			703,307		0.79			0.28	(j)		1.12			51
	48.11		29.50			522,295		0.79			0.84	(k)		1.19			55
	37.54		(4.29	)		406,590		0.80			0.64	(l)		1.02			45


	50.12		21.02			24		0.74			0.64			1.03			22
	45.90		0.20			20		0.74			1.06	(h)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	41.68	$	0.08	(g)	$	5.28	$	5.36		$	(0.12	)	$	(1.25	)	$	(1.37	)
Year Ended June 30, 2016		44.68		0.13	(g)		0.08		0.21			(0.14	)		(3.07	)		(3.21	)
Year Ended June 30, 2015		46.56		0.08			2.98		3.06			(0.08	)		(4.86	)		(4.94	)
Year Ended June 30, 2014		39.94		0.10	(h)		8.97		9.07			(0.07	)		(2.38	)		(2.45	)
Year Ended June 30, 2013		36.02		0.29	(i)		7.39		7.68			(0.36	)		(3.40	)		(3.76	)
Year Ended June 30, 2012		36.72		0.07			1.09		1.16			(0.10	)		(1.76	)		(1.86	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		32.21		(0.02	)(g)		4.07		4.05			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(g)		0.02		(0.04	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		37.96		(0.12	)		2.34		2.22			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(h)		7.38		7.28			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.46		0.09	(i)		6.15		6.24			(0.24	)		(3.40	)		(3.64	)
Year Ended June 30, 2012		31.41		(0.08	)		0.89		0.81			—			(1.76	)		(1.76	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		41.08		0.03	(g)		5.18		5.21			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(g)		0.10		0.11			—			(3.07	)		(3.07	)
Year Ended June 30, 2015		45.99		(0.04	)		2.95		2.91			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(h)		8.86		8.85			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		35.67		0.20	(i)		7.31		7.51			(0.26	)		(3.40	)		(3.66	)
Year Ended June 30, 2012		36.41		(0.01	)		1.07		1.06			(0.04	)		(1.76	)		(1.80	)

Class R3
September 9, 2016 (j) through December 31, 2016 (Unaudited)		43.22		0.08	(g)		3.74		3.82			(0.23	)		(1.25	)		(1.48	)

Class R4
September 9, 2016 (j) through December 31, 2016 (Unaudited)		49.28		0.13	(g)		4.26		4.39			(0.25	)		(1.25	)		(1.50	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		47.57		0.18	(g)		6.06		6.24			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(g)		0.15		0.51			(0.30	)		(3.07	)		(3.37	)
Year Ended June 30, 2015		51.88		0.34			3.37		3.71			(0.30	)		(4.86	)		(5.16	)
Year Ended June 30, 2014		44.21		0.36	(h)		9.96		10.32			(0.27	)		(2.38	)		(2.65	)
Year Ended June 30, 2013		39.47		0.52	(i)		8.16		8.68			(0.54	)		(3.40	)		(3.94	)
Year Ended June 30, 2012		40.04		0.28			1.19		1.47			(0.28	)		(1.76	)		(2.04	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		47.57		0.36	(g)		5.89		6.25			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (j) through June 30, 2016		47.04		0.06	(g)		0.47		0.53			—			—			—

Select Class
Six Months Ended December 31, 2016 (Unaudited)		47.50		0.17	(g)		6.00		6.17			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(g)		0.17		0.42			(0.16	)		(3.07	)		(3.23	)
Year Ended June 30, 2015		51.78		0.24			3.36		3.60			(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(h)		9.94		10.20			(0.18	)		(2.38	)		(2.56	)
Year Ended June 30, 2013		39.41		0.44	(i)		8.15		8.59			(0.46	)		(3.40	)		(3.86	)
Year Ended June 30, 2012		39.98		0.19			1.20		1.39			(0.20	)		(1.76	)		(1.96	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

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

(h)

Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(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.

(i)

Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.05, $(0.11), $(0.04), $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.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	45.67		12.83	%	$	1,272,775		1.29	%		0.34	%(g)		1.36	%		7	%
	41.68		1.10			736,629		1.29			0.31	(g)		1.38			32
	44.68		7.49			674,619		1.29			0.17			1.39			20
	46.56		23.27			738,967		1.29			0.23	(h)		1.37			30
	39.94		23.11			696,784		1.29			0.78	(i)		1.39			25
	36.02		3.79			618,705		1.30			0.21			1.41			27


	34.90		12.54			167,427		1.79			(0.10	)(g)		1.83			7
	32.21		0.63			70,176		1.79			(0.20	)(g)		1.85			32
	35.32		6.92			35,783		1.79			(0.33	)		1.87			20
	37.96		22.67			39,824		1.79			(0.26	)(h)		1.87			30
	33.06		22.50			37,039		1.79			0.28	(i)		1.88			25
	30.46		3.26			34,994		1.80			(0.29	)		1.91			27


	44.94		12.66			10,617		1.54			0.12	(g)		1.66			7
	41.08		0.85			5,313		1.54			0.03	(g)		1.72			32
	44.04		7.23			3,446		1.54			(0.08	)		1.73			20
	45.99		22.95			3,883		1.54			(0.02	)(h)		1.62			30
	39.52		22.80			4,909		1.54			0.53	(i)		1.64			25
	35.67		3.51			5,587		1.55			(0.03	)		1.66			27


	45.56		8.80			22		1.24			0.61	(g)		1.25			7


	52.17		8.89			22		0.99			0.86	(g)		1.00			7


	52.30		13.09			1,171,021		0.79			0.70	(g)		0.85			7
	47.57		1.62			1,349,107		0.79			0.78	(g)		0.86			32
	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	(h)		0.92			30
	44.21		23.71			814,942		0.79			1.25	(i)		0.94			25
	39.47		4.31			696,200		0.79			0.73			0.96			27


	52.28		13.12			772,378		0.74			1.37	(g)		0.75			7
	47.57		1.13			25,933		0.73			1.60	(g)		0.75			32


	52.21		12.97			2,464,094		0.99			0.66	(g)		1.05			7
	47.50		1.41			1,261,772		0.99			0.54	(g)		1.14			32
	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	(h)		1.12			30
	44.14		23.48			1,134,887		0.99			1.07	(i)		1.14			25
	39.41		4.09			1,076,509		1.00			0.51			1.16			27

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	11.43	$	(0.05	)(g)	$	1.44		$	1.39		$	(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		(1.04	)
Year Ended June 30, 2015		13.96		(0.11	)(g)		1.77			1.66			(1.12	)
Year Ended June 30, 2014		13.00		(0.12	)		2.52			2.40			(1.44	)
Year Ended June 30, 2013		11.13		(0.06	)(h)		2.94			2.88			(1.01	)
Year Ended June 30, 2012		12.17		(0.05	)(i)		(0.77	)		(0.82	)		(0.22	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		8.82		(0.06	)(g)		1.10			1.04			(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		(1.04	)
Year Ended June 30, 2015		11.36		(0.14	)(g)		1.40			1.26			(1.12	)
Year Ended June 30, 2014		10.87		(0.16	)		2.09			1.93			(1.44	)
Year Ended June 30, 2013		9.51		(0.10	)(h)		2.47			2.37			(1.01	)
Year Ended June 30, 2012		10.48		(0.09	)(i)		(0.66	)		(0.75	)		(0.22	)

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		12.72		(0.02	)(g)		1.58			1.56			(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.17		(0.06	)(g)		1.94			1.88			(1.12	)
Year Ended June 30, 2014		13.96		(0.07	)		2.72			2.65			(1.44	)
Year Ended June 30, 2013		11.84		(0.01	)(h)		3.14			3.13			(1.01	)
Year Ended June 30, 2012		12.87		(0.01	)(i)		(0.80	)		(0.81	)		(0.22	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		11.15		(0.06	)(g)		1.39			1.33			(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		(1.04	)
Year Ended June 30, 2015		13.73		(0.14	)(g)		1.73			1.59			(1.12	)
Year Ended June 30, 2014		12.84		(0.16	)		2.49			2.33			(1.44	)
Year Ended June 30, 2013		11.03		(0.09	)(h)		2.91			2.82			(1.01	)
Year Ended June 30, 2012		12.09		(0.08	)(i)		(0.76	)		(0.84	)		(0.22	)

Class R5
September 9, 2016 (j) through December 31, 2016 (Unaudited)		13.75		(0.01	)(g)		0.54			0.53			(0.46	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		12.80		(0.02	)(g)		1.61			1.59			(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.23		(0.05	)(g)		1.95			1.90			(1.12	)
Year Ended June 30, 2014		14.00		(0.06	)		2.73			2.67			(1.44	)
Year Ended June 30, 2013		11.85		—	(h)(k)		3.16			3.16			(1.01	)
Year Ended June 30, 2012		12.88		—	(i)(k)		(0.81	)		(0.81	)		(0.22	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		12.42		(0.03	)(g)		1.55			1.52			(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		(1.04	)
Year Ended June 30, 2015		14.91		(0.08	)(g)		1.90			1.82			(1.12	)
Year Ended June 30, 2014		13.77		(0.09	)		2.67			2.58			(1.44	)
Year Ended June 30, 2013		11.70		(0.03	)(h)		3.11			3.08			(1.01	)
Year Ended June 30, 2012		12.74		(0.02	)(i)		(0.80	)		(0.82	)		(0.22	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(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), $(0.05), $(0.12), $(0.04) and $(0.07) for Class A, Class C, Class L, Class R2, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.80)%, (1.30)%, (0.40)%, (1.04)%, (0.29)% and (0.54)% for Class A, Class C, Class L, Class R2, Class R6 and Select Class Shares, respectively.

(i)

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

(j)	Commencement of offering of class of shares.

(k)	Amount rounds to less than $0.005.

(l)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	12.36		12.14	%	$	174,807		1.24	%		(0.75	)%(g)		1.49	%		17	%
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47
	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


	9.40		11.76			18,570		1.74			(1.24	)(g)		1.89			17
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47
	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


	13.82		12.24			280,206		0.85			(0.35	)(g)		0.94			17
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47
	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


	12.02		11.90			21,002		1.49			(1.00	)(g)		1.75			17
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47
	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


	13.82		3.83			878		0.80			(0.22	)(g)		0.81			17


	13.93		12.40			487,982		0.75			(0.24	)(g)		0.76			17
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47
	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)(l)		0.92			60
	11.85		(6.14	)		200,960		0.75			0.02	(i)		0.94			58


	13.48		12.21			100,614		0.99			(0.49	)(g)		1.18			17
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	24.64	$	0.07	(g)	$	5.40		$	5.47		$	(0.13	)	$	(0.02	)	$	(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)
Year Ended June 30, 2015		27.98		0.22			(0.01	)		0.21			(0.20	)		(1.34	)		(1.54	)
Year Ended June 30, 2014		23.77		0.12	(h)		4.87			4.99			(0.11	)		(0.67	)		(0.78	)
Year Ended June 30, 2013		18.75		0.21	(i)		5.04			5.25			(0.23	)		—			(0.23	)
Year Ended June 30, 2012		18.99		0.14			(0.22	)		(0.08	)		(0.16	)		—			(0.16	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		20.82		(0.01	)(g)		4.56			4.55			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)
Year Ended June 30, 2015		24.19		0.05			(0.01	)		0.04			(0.11	)		(1.34	)		(1.45	)
Year Ended June 30, 2014		20.73		(0.03	)(h)		4.22			4.19			(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2013		16.40		0.06	(i)		4.41			4.47			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		16.64		0.03			(0.19	)		(0.16	)		(0.08	)		—			(0.08	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		24.48		0.04	(g)		5.35			5.39			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)
Year Ended June 30, 2015		27.83		0.16			(0.02	)		0.14			(0.14	)		(1.34	)		(1.48	)
Year Ended June 30, 2014		23.67		0.07	(h)		4.83			4.90			(0.07	)		(0.67	)		(0.74	)
Year Ended June 30, 2013		18.68		0.15	(i)		5.03			5.18			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		18.93		0.10			(0.23	)		(0.13	)		(0.12	)		—			(0.12	)

Class R3
September 9, 2016 (i) through December 31, 2016 (Unaudited)		25.89		0.07	(g)		4.14			4.21			(0.15	)		(0.02	)		(0.17	)

Class R4
September 9, 2016 (i) through December 31, 2016 (Unaudited)		27.30		0.10			4.36			4.46			(0.17	)		(0.02	)		(0.19	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		25.97		0.13	(g)		5.68			5.81			(0.17	)		(0.02	)		(0.19	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)
Year Ended June 30, 2015		29.31		0.34			(0.02	)		0.32			(0.28	)		(1.34	)		(1.62	)
Year Ended June 30, 2014		24.85		0.23	(h)		5.09			5.32			(0.19	)		(0.67	)		(0.86	)
Year Ended June 30, 2013		19.58		0.29	(i)		5.27			5.56			(0.29	)		—			(0.29	)
Year Ended June 30, 2012		19.82		0.20			(0.22	)		(0.02	)		(0.22	)		—			(0.22	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		25.99		0.14	(g)		5.70			5.84			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)
Year Ended June 30, 2015		29.33		0.37			(0.02	)		0.35			(0.31	)		(1.34	)		(1.65	)
Year Ended June 30, 2014		24.87		0.24	(h)		5.09			5.33			(0.20	)		(0.67	)		(0.87	)
Year Ended June 30, 2013		19.59		0.29	(i)		5.29			5.58			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		19.83		0.22			(0.23	)		(0.01	)		(0.23	)		—			(0.23	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		25.97		0.11	(g)		5.68			5.79			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)
Year Ended June 30, 2015		29.31		0.31			(0.02	)		0.29			(0.26	)		(1.34	)		(1.60	)
Year Ended June 30, 2014		24.86		0.2	(h)		5.09			5.29			(0.17	)		(0.67	)		(0.84	)
Year Ended June 30, 2013		19.58		0.26	(i)		5.29			5.55			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		19.82		0.19			(0.23	)		(0.04	)		(0.20	)		—			(0.20	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

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 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)	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 $0.11, $(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.

(i)

Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.12, $(0.01), $0.06, $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.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	29.96		22.20	%	$	608,179		1.24	%		0.51	%(g)		1.49	%		11	%
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46
	26.65		1.04			618,977		1.24			0.84			1.44			38
	27.98		21.24			516,950		1.24			0.46	(h)		1.40			40
	23.77		28.08			332,177		1.24			0.98	(i)		1.39			38
	18.75		(0.36	)		184,920		1.25			0.79			1.41			38


	25.28		21.84			47,039		1.85			(0.09	)(g)		1.90			11
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46
	22.77		0.42			49,815		1.85			0.23			1.89			38
	24.19		20.45			52,909		1.84			(0.15	)(h)		1.89			40
	20.73		27.35			41,108		1.85			0.34	(i)		1.89			38
	16.40		(0.96	)		28,834		1.86			0.18			1.91			38


	29.76		22.04			57,880		1.49			0.28	(g)		1.81			11
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46
	26.49		0.77			48,675		1.49			0.59			1.76			38
	27.83		20.95			47,939		1.49			0.25	(h)		1.66			40
	23.67		27.79			15,500		1.49			0.69	(i)		1.64			38
	18.68		(0.64	)		6,758		1.50			0.55			1.66			38


	29.93		16.29			23		1.26			0.85	(g)		1.26			11


	31.57		16.37			23		1.01			1.10	(g)		1.01			11


	31.59		22.41			112,141		0.89			0.88	(g)		0.90			11
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46
	28.01		1.39			103,149		0.91			1.19			0.93			38
	29.31		21.67			79,792		0.90			0.85	(h)		0.95			40
	24.85		28.53			32,304		0.90			1.28	(i)		0.94			38
	19.58		(0.03	)		15,668		0.91			1.09			0.95			38


	31.62		22.51			928,746		0.76			1.01	(g)		0.76			11
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46
	28.03		1.49			554,522		0.79			1.32			0.81			38
	29.33		21.71			453,645		0.85			0.87	(h)		0.90			40
	24.87		28.62			207,613		0.85			1.32	(i)		0.89			38
	19.59		0.02			180,853		0.86			1.21			0.91			38


	31.58		22.32			349,103		0.99			0.79	(g)		1.14			11
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46
	28.00		1.27			495,605		0.99			1.10			1.14			38
	29.31		21.52			404,848		0.99			0.71	(h)		1.15			40
	24.86		28.47			266,018		0.99			1.19	(i)		1.14			38
	19.58		(0.11	)		196,102		1.00			1.04			1.16			38

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			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, 2016 (Unaudited)	$	15.09	$	0.01	(g)	$	2.89		$	2.90		$	(0.01	)	$	—	(k)	$	(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.25		0.03			1.22			1.25			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(h)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.31		0.04	(i)		2.89			2.93			(0.07	)		—			(0.07	)
Year Ended June 30, 2012		10.62		0.02			(0.33	)(j)		(0.31	)		—			—			—

Class C
Six Months Ended December 31, 2016 (Unaudited)		14.57		(0.03	)(g)		2.79			2.76			—			—	(k)		—	(k)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)
Year Ended June 30, 2015		15.86		(0.05	)		1.19			1.14			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(h)		3.32			3.24			—			(0.29	)		(0.29	)
Year Ended June 30, 2013		10.14		(0.02	)(i)		2.83			2.81			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		10.50		(0.02	)		(0.34	)(j)		(0.36	)		—			—			—

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		15.39		0.04	(g)		2.96			3.00			(0.09	)		—	(k)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)
Year Ended June 30, 2015		16.51		0.11			1.24			1.35			(0.04	)		(0.54	)		(0.58	)
Year Ended June 30, 2014		13.35		0.06	(h)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Year Ended June 30, 2013		10.43		0.10	(i)		2.92			3.02			(0.10	)		—			(0.10	)
Year Ended June 30, 2012		10.75		0.06			(0.34	)(j)		(0.28	)		(0.04	)		—			(0.04	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		14.88		(0.01	)(g)		2.85			2.84			—			—	(k)		—	(k)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.12		(0.01	)		1.20			1.19			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(h)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.25		(0.02	)(i)		2.90			2.88			(0.04	)		—			(0.04	)
November 1, 2011 (l) through June 30, 2012		9.02		—	(k)		1.27	(j)		1.27			(0.04	)		—			(0.04	)

Class R3
September 9, 2016 (l) through December 31, 2016 (Unaudited)		16.02		0.02	(g)		1.95			1.97			(0.07	)		—	(k)		(0.07	)

Class R4
September 9, 2016 through December 31, 2016 (Unaudited)		16.36		0.03	(g)		2.00			2.03			(0.09	)		—	(k)		(0.09	)

Class R5
September 9, 2016 (l) through December 31, 2016 (Unaudited)		16.35		0.04			2.00			2.04			(0.10	)		—			(0.10	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		15.40		0.06	(g)		2.95			3.01			(0.10	)		—	(k)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)
Year Ended June 30, 2015		16.52		0.12			1.24			1.36			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(h)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2013		10.43		0.11	(i)		2.91			3.02			(0.10	)		—			(0.10	)
November 1, 2011 (l) through June 30, 2012		9.13		0.05			1.29	(j)		1.34			(0.04	)		—			(0.04	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		15.40		0.03	(g)		2.95			2.98			(0.05	)		—	(k)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2015		16.53		0.08			1.24			1.32			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(h)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Year Ended June 30, 2013		10.45		0.08	(i)		2.92			3.00			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		10.76		0.05			(0.33	)(j)		(0.28	)		(0.03	)		—			(0.03	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(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 $(0.02), $(0.09), $0.05, $(0.05), $0.06 and $0.02 for Class A, Class C, Class L, Class R2, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, 0.34%, (0.36)%, 0.38% and 0.13% for Class A, Class C, Class L, Class R2, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	17.98		19.24	%	$	260,469		1.25	%		0.08	%(g)		1.39	%		20	%
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49
	16.96		7.98			240,064		1.25			0.21			1.40			56
	16.25		25.86			126,858		1.25			(0.08	)(h)		1.34			51
	13.17		28.54			49,607		1.25			0.31	(i)		1.43			54
	10.31		(2.92	)(j)		8,411		1.26			0.17			1.59			74


	17.33		18.95			50,807		1.75			(0.42	)(g)		1.87			20
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49
	16.46		7.47			45,202		1.75			(0.28	)		1.88			56
	15.86		25.27			22,539		1.75			(0.57	)(h)		1.84			51
	12.91		27.83			6,972		1.75			(0.18	)(i)		1.93			54
	10.14		(3.43	)(j)		1,247		1.76			(0.26	)		2.10			74


	18.30		19.46			784,140		0.82			0.52	(g)		0.87			20
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49
	17.28		8.49			352,036		0.82			0.64			0.94			56
	16.51		26.42			216,698		0.82			0.39	(h)		0.94			51
	13.35		29.08			30,226		0.82			0.79	(i)		1.05			54
	10.43		(2.59	)(j)		9,350		0.83			0.62			1.19			74


	17.72		19.09			42,500		1.50			(0.17	)(g)		1.71			20
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49
	16.77		7.66			17,846		1.50			(0.04	)		1.66			56
	16.12		25.66			9,785		1.50			(0.32	)(h)		1.59			51
	13.09		28.19			1,744		1.50			(0.20	)(i)		1.65			54
	10.25		14.17	(j)		57		1.51			0.02			1.91			74


	17.92		12.32			22		1.23			0.32	(g)		1.24			20


	18.30		12.38			22		0.98			0.57	(g)		0.99			20


	18.29		12.45			23		0.78			0.77	(g)		0.79			20


	18.31		19.53			237,692		0.71			0.65	(g)		0.71			20
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49
	17.29		8.54			69,755		0.73			0.73			0.76			56
	16.52		26.54			45,604		0.75			0.42	(h)		0.84			51
	13.35		29.17			17,232		0.75			0.95	(i)		0.97			54
	10.43		14.77	(i)		12,959		0.75			0.70			1.08			74


	18.33		19.37			325,211		1.00			0.32	(g)		1.07			20
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49
	17.29		8.25			246,645		1.00			0.45			1.11			56
	16.53		26.21			160,279		1.00			0.17	(h)		1.09			51
	13.37		28.81			66,928		1.00			0.64	(i)		1.21			54
	10.45		(2.60	)(i)		37,935		1.01			0.49			1.35			74

(i)

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

(j)

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

(k)	Amount rounds to less than $0.005.

(l)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (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	Class A, Class C, Class R5*, Class R6, and Select Class***	JPM I	Diversified
Small Cap Equity Fund	Class A, Class C, Class R2, Class R3**, Class R4**, Class R5, Class R6^ and Select Class	JPM I	Diversified
Small Cap Growth Fund	Class A, Class C, Class L^^, Class R2, Class R5^^^, Class R6 and Select Class	JPM II	Diversified
Small Cap Value Fund	Class A, Class C, Class R2, Class R3**, Class R4**, Class R5, Class R6 and Select Class	JPM II	Diversified
U.S. Small Company Fund	Class A, Class C, Class L^^, Class R2, Class R3**, Class R4**, Class R5^^^, Class R6 and Select Class	JPM I	Diversified

*	Class A, Class C and Class R6 Shares commenced operations on May 31, 2016 for Small Cap Core Fund.

**	Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

***	Select Class commenced operations on January 3, 2017 for Small Cap Core Fund.

****	Class R3 and Class R4 commenced operations on September 9, 2016 for Small Cap Equity Fund, Small Cap Value Fund and U.S. Small Company Fund.

^	Class R6 Shares commenced operations on May 31, 2016 for Small Cap Equity Fund.

^^	Effective December 1, 2016, Institutional Class was renamed Class L.

^^^	Class R5 Shares commenced operations on September 9, 2016 for Small Cap Growth Fund and U.S. Small Company Fund.

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 are publicly offered only on a limited basis. Effective December 1, 2016 Class L Shares for the Small Cap Growth Fund and U.S. Small Company Fund were publicly offered 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. Effective as of the close of business on August 12, 2016 through September 14, 2016, Class R5 Shares of the Small Cap Core Fund were publicly offered only on a limited basis. Effective August 25, 2016, all share classes of the Small Cap Growth Fund were publicly offered.

Prior to November 16, 2015, and subsequent to December 30, 2016, all share classes of the Small Cap Equity Fund were publicly offered only on a limited basis. During the period November 16, 2015 through December 29, 2016, Small Cap Equity Fund was publicly offered.

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 L, Class R2, Class R3, Class R4, 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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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



74	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. 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)	$	149,477		$	—	$	—		$	149,477


Small Cap Core Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	191,995		$	—	$	—	(c)	$	191,995

Depreciation in Other Financial Instruments
Futures Contracts	$	(42	)	$	—	$	—		$	(42	)



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (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)	$	5,763,334		$	—	$	—		$	5,763,334


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)	$	1,089,732		$	—	$	—		$	1,089,732


Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	2,110,363		$	—	$	—	(c)	$	2,110,363

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,495	)	$	—	$	—		$	(1,495	)


U.S. Small Company Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (d)	$	1,709,171		$	—	$	—		$	1,709,171

Depreciation in Other Financial Instruments
Futures Contracts	$	(987	)	$	—	$	—		$	(987	)

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

(b)	Portfolio holdings designated in level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of warrants. Please refer to the SOIs for industry specifics of portfolio holdings.

(c)	Value is Zero

(d)	Portfolio holdings designated in level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of a right and warrant. 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, 2016.

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.



76	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

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, 2016 (amounts in thousands):


	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts:
Average Notional Balance Long	$	3,931	$	53,341	$	49,667
Ending Notional Balance Long		1,900		74,833		49,663

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 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 agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended December 31, 2016 are as follows (amounts in thousands):


	Class A			Class C			Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Select Class		Total
Dynamic Small Cap Growth Fund
Transfer agency fees	$	11		$	2			n/a		n/a		n/a			n/a			n/a			n/a		$	2	$	15
Sub-transfer agency fees		39			49			n/a		n/a		n/a			n/a			n/a			n/a			34		122
Small Cap Core Fund
Transfer agency fees		—	(a)		—	(a)		n/a		n/a		n/a			n/a		$	4		$	—	(a)		n/a		4
Sub-transfer agency fees		—			—	(a)		n/a		n/a		n/a			n/a			106			—			n/a		106
Small Cap Equity Fund
Transfer agency fees		26			2			n/a	$	1	$	—	(a)	$	—	(a)		9			—	(a)		15		53
Sub-transfer agency fees		524			41			n/a		6		—			—			287			—			462		1,320
Small Cap Growth Fund
Transfer agency fees		27			2		$	3		1		n/a			n/a			—			2			4		39
Sub-transfer agency fees		182			11			117		26		n/a			n/a			—			—			84		420
Small Cap Value Fund
Transfer agency fees		159			3			n/a		19		—	(a)		—	(a)		3			7			6		197
Sub-transfer agency fees		486			29			n/a		59		—			—			44			—			198		816
U.S. Small Company Fund
Transfer agency fees		11			4			5		4		—	(a)		—	(a)		—	(a)		3			7		34
Sub-transfer agency fees		214			35			202		45		—			—			—			—			165		661

(a)	Amount rounds to less than 500.

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, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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 divi-dend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

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


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

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2016, 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’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class L, Class R4, Class R5, Class R6 and Select Class Shares do not charge a distribution fee. 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			Class R3
Dynamic Small Cap Growth Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			n/a			n/a
Small Cap Equity Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Growth Fund		0.25			0.75			0.50			n/a
Small Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25



78	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

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, 2016, the Distributor retained the following (amounts in thousands):


	Front-End Sales Charge			CDSC
Dynamic Small Cap Growth Fund	$	—	(a)	$	—
Small Cap Equity Fund		162			—
Small Cap Growth Fund		13			—
Small Cap Value Fund		13			—	(a)
U.S. Small Company Fund		7			—	(a)

(a)	Amount rounds to less than 500.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. 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 L			Class R2			Class R3			Class R4			Class R5			Select Class
Dynamic Small Cap Growth Fund		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a			0.25	%
Small Cap Core Fund*		0.25			0.25			n/a			n/a			n/a			n/a			0.05	%		n/a
Small Cap Equity Fund		0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.05			0.25
Small Cap Growth Fund		0.25			0.25			0.10	%		0.25			n/a			n/a			0.05			0.25
Small Cap Value Fund		0.25			0.25			n/a			0.25			0.25			0.25			0.05			0.25
U.S. Small Company Fund		0.25			0.25			0.10			0.25			0.25			0.25			0.05			0.25

* Prior to September 15, 2016 the shareholder servicing fee charged for Small Cap Core was 0.25% for Class R5 Shares.

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 performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. 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 L			Class R2			Class R3			Class R4			Class R5			Class R6			Select Class
Dynamic Small Cap Growth Fund		1.25	%		1.75	%		n/a			n/a			n/a			n/a			n/a			n/a			1.00	%
Small Cap Core Fund		1.25			1.75			n/a			n/a			n/a			n/a			0.80	%		0.75	%		n/a
Small Cap Equity Fund		1.30			1.80			n/a			1.55	%		1.25	%		1.00	%		0.80			0.75			1.00
Small Cap Growth Fund		1.25			1.75			0.85	%		1.50			n/a			n/a			0.85			0.75			1.00
Small Cap Value Fund		1.25			1.86			n/a			1.61	*		1.36			1.11			0.91			0.86			1.00
U.S. Small Company Fund		1.26			1.76			0.83			1.51			1.26			1.01			0.86			0.76			1.01

The expense limitation agreement is in place until October 31, 2018. For Small Cap Value Fund Class R2 Shares, the Adviser, Administrator and/or Distributor contractually waived fees and/or reimbursed the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.50% of the Fund’s average daily net assets during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016 through December 31, 2016 the Adviser, Administrator and/or Distributor voluntarily waived fees and/or reimbursed the Fund to the extent that total annual operating expenses exceeded 1.50%. The Fund’s service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2016. The contractual expense limitation percentages in the table above are in place until at least October 31, 2018 for Class R5 Shares of Small Cap Core Fund. For all other classes, the contractual expense limitation percentages in the table above are in place until at least October 31, 2017.

For the six months ended December 31, 2016, 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	$	133	$	62	$	49	$	244	$	—
Small Cap Core Fund		158		72		102		332		31
Small Cap Equity Fund		57		38		1,069		1,164		6
Small Cap Growth Fund		43		28		449		520		7
Small Cap Value Fund		2		—		968		970		17
U.S. Small Company Fund		—		—		466		466		1


	Voluntary Waivers
	Shareholder Servicing
Small Cap Value Fund	$	10

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or 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.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2016 was as follows (amounts in thousands):


Dynamic Small Cap Growth Fund	$	1
Small Cap Core Fund		3
Small Cap Equity Fund		161
Small Cap Growth Fund		12
Small Cap Value Fund		36
U.S. Small Company Fund		39

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, 2016, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):


Small Cap Equity Fund	$	—	(a)
Small Cap Growth Fund		—	(a)

(a)	Amount rounds to less than 500.

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.



80	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	34,861	$	57,060
Small Cap Core Fund		38,050		38,539
Small Cap Equity Fund		1,997,729		277,175
Small Cap Growth Fund		179,347		255,095
Small Cap Value Fund		208,470		276,558
U.S. Small Company Fund		405,924		290,359

During the six months ended December 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	103,921	$	50,753	$	5,197	$	45,556
Small Cap Core Fund		135,089		61,756		4,850		56,906
Small Cap Equity Fund		4,402,559		1,425,184		64,409		1,360,775
Small Cap Growth Fund		828,631		317,524		56,423		261,101
Small Cap Value Fund		1,583,618		592,769		66,024		526,745
U.S. Small Company Fund		1,410,611		354,649		56,089		298,560

At June 30, 2016, 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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective annualized rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds had no borrowings outstanding from Credit Facility at December 31, 2016. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2016, were as follows (amounts in thousands):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Small Cap Equity Fund	$	500		1.53	%		1	$	—	(a)

(a)	Amount rounds to less than 500.

7. Redemptions In-Kind

During the year ended June 30, 2016, certain shareholders sold their shares of Small Cap Core Fund and Small Cap 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 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

Small Cap Core Fund — Class R5*

530,784

35,980

Redemption in-kind

March 18, 2016

Value

Realized Gains (Losses)

Type

Small Cap Equity Fund — Class A

545,339

***

235,174

Redemption in-kind

Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

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

***

This amount includes cash of approximately $26,463,000 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, 2016, Dynamic Small Cap Growth Fund, Small Cap Core Fund and U.S. Small Company Fund had omnibus accounts, which collectively represented the following percentage of each Fund’s net assets:


	Number of Non-affiliated Omnibus Accounts		% of the fund
Dynamic Small Cap Growth Fund		3		59.7	%
Small Cap Core Fund		2		31.1
U.S. Small Company Fund		3		41.2

As of December 31, 2016, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:


	JPMorgan SmartRetirement Funds
Small Cap Growth Fund		32.7	%
Small Cap Value Fund		18.2

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.



82	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

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, 2016, and continued to hold your shares at the end of the reporting period, December 31, 2016.

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, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Dynamic Small Cap Growth Fund
Class A
Actual*	$	1,000.00	$	1,123.20	$	6.69		1.25	%
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class C
Actual*		1,000.00		1,119.80		9.30		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Select Class
Actual*		1,000.00		1,142.90		5.40		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00

Small Cap Core Fund
Class A
Actual*		1,000.00		1,207.10		6.90		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,204.30		9.67		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class R5 (formerly Select Class)
Actual*		1,000.00		1,209.70		4.40		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		1,210.20		4.12		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74

Small Cap Equity Fund
Class A
Actual*		1,000.00		1,128.30		6.92		1.29
Hypothetical*		1,000.00		1,018.70		6.56		1.29



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	83

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Small Cap Equity Fund (continued)
Class C
Actual*	$	1,000.00	$	1,125.40	$	9.59		1.79	%
Hypothetical*		1,000.00		1,016.18		9.10		1.79
Class R2
Actual*		1,000.00		1,126.60		8.25		1.54
Hypothetical*		1,000.00		1,017.44		7.83		1.54
Class R3
Actual**		1,000.00		1,088.00		3.94		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class R4
Actual**		1,000.00		1,088.90		3.14		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R5
Actual*		1,000.00		1,130.90		4.24		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		1,131.20		3.98		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		1,129.70		5.31		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99

Small Cap Growth Fund
Class A
Actual*		1,000.00		1,121.40		6.63		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,117.60		9.29		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class L (formerly Institutional Class)
Actual*		1,000.00		1,122.40		4.55		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class R2
Actual*		1,000.00		1,119.00		7.96		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R5
Actual**		1,000.00		1,038.30		2.48		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class R6
Actual*		1,000.00		1,124.00		4.02		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Select Class
Actual*		1,000.00		1,122.10		5.30		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99

Small Cap Value Fund
Class A
Actual*		1,000.00		1,222.00		6.94		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,218.40		10.34		1.85
Hypothetical*		1,000.00		1,015.88		9.40		1.85
Class R2
Actual*		1,000.00		1,220.40		8.34		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49



84	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Small Cap Value Fund (continued)
Class R3
Actual**	$	1,000.00	$	1,162.90	$	4.14		1.26	%
Hypothetical*		1,000.00		1,018.85		6.41		1.26
Class R4
Actual**		1,000.00		1,163.70		3.32		1.01
Hypothetical*		1,000.00		1,020.11		5.14		1.01
Class R5
Actual*		1,000.00		1,224.10		4.99		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89
Class R6
Actual*		1,000.00		1,225.10		4.26		0.76
Hypothetical*		1,000.00		1,021.37		3.87		0.76
Select Class
Actual*		1,000.00		1,223.20		5.55		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99

U.S. Small Company Fund
Class A
Actual*		1,000.00		1,192.40		6.91		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class C
Actual*		1,000.00		1,189.50		9.66		1.75
Hypothetical*		1,000.00		1,016.38		8.89		1.75
Class L (formerly Institutional Class)
Actual*		1,000.00		1,194.60		4.54		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class R2
Actual*		1,000.00		1,190.90		8.28		1.50
Hypothetical*		1,000.00		1,017.64		7.63		1.50
Class R3
Actual**		1,000.00		1,123.20		3.97		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class R4
Actual**		1,000.00		1,123.80		3.16		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R5
Actual**		1,000.00		1,124.50		2.52		0.78
Hypothetical*		1,000.00		1,021.27		3.97		0.78
Class R6
Actual*		1,000.00		1,195.30		3.93		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71
Select Class
Actual*		1,000.00		1,193.70		5.53		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00

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

Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 111/365 (to reflect the actual period). Commencement of operations was September 9, 2016.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	85

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 2016, 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 17, 2016.

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 Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds 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 J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

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



86	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

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

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



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	87

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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.

Investment Performance

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

The Trustees noted that the Dynamic Small Cap Growth Fund’s performance for Class A shares was in the third, third, and fourth quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the second, third and fifth quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2015, respectively, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based

upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was 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 for Select Class shares was in the fourth, first and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively . The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Small Cap Equity Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2015, and in the first, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class Shares was in the first, second and first quintiles based upon the Peer Group, for the one-, three- and five-year periods ended December 31, 2015, respectively, and in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Small Cap Growth Fund’s performance for Class A shares was in the fourth, second, and fourth quintiles based upon the Peer Group, for the one-, three-, and five-year periods ended December 31, 2015, respectively, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2015. The Trustees noted that the performance for Select Class Shares was in the third, second and fourth quintiles based upon the Peer Group, and in the third, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was 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.



88	J.P. MORGAN SMALL CAP FUNDS	DECEMBER 31, 2016

The Trustees noted that the Small Cap Value Fund’s performance for Class A shares was in the fourth, fourth and third quintiles based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fifth, fifth and second quintiles based upon the Peer Group, and in the fourth, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the U.S. Small Company Fund’s performance for both Class A and Select Class shares was in second, first and first quintiles for the one-, three-, and five-year periods ended December 31, 2015, respectively, based upon both the Peer Group and Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was 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 Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee 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 and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were 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 based upon both the Peer Group and Universe. The Trustees also noted that effective September 15, 2016, the Select Class shares were renamed Class R5 shares, at which time the shareholder servicing fees were reduced from 0.25% to 0.05%. 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 for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Select Class shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

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

The Trustees noted that the Small Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that both the net advisory fee and actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the U.S. Small Company Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Select Class shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.



DECEMBER 31, 2016	J.P. MORGAN SMALL CAP FUNDS	89

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.

LOGO

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-SC-1216

Semi-Annual Report

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

December 31, 2016 (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

LOGO

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			12

JPMorgan Value Advantage Fund			15

Schedules of Portfolio Investments			18

Financial Statements			42

Financial Highlights			58

Notes to Financial Statements			70

Schedule of Shareholder Expenses			80

Board Approval of Investment Advisory Agreement			83

CEO’S LETTER

January 25, 2017 (Unaudited)

Dear Shareholder,

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours

global share prices had largely recovered. U.S. equity prices rallied through the end of the year, reaching new highs in December.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

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

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks the S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of 2016. The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.

During the reporting period, value stocks generally outperformed growth stocks and small-cap and mid-cap stocks outperformed large-cap stocks. By sector, the energy and financials sectors were top performers, while the health care and real estate sectors underperformed other sectors. For the six months ended December 31, 2016, the Russell MidCap Index returned 7.87% and the Russell 3000 Index returned 8.79%.



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		5.20%
Russell 3000 Growth Index		6.18%

Net Assets as of 12/31/2016 (In Thousands)	$	6,101,660

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’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2016. 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 financials sector and its underweight position in the consumer staples sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Acadia Healthcare Co., its underweight position in Apple Inc. and its allocation to Bristol-Myers Squibb Co. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers, fell after the company forecast lower-than-expected earnings and revenue. Shares of Apple, a maker of computers and mobile devices, rose amid the broader trend of increased investment in U.S. equities during the reporting period. Shares of Bristol Myers Squibb, a drug maker, fell amid investor concerns about the company’s ability to compete in the market for lung cancer treatments.

Leading individual contributors to relative performance included the Fund’s overweight positions in Charles Schwab Co., East West Bancorp Inc. and Arista Networks Inc.

Shares of Charles Schwab, a discount securities brokerage, and East West Bancorp, a California regional bank, rose amid an increase in U.S. interest rates. Shares of Arista Networks, a maker of data network equipment, rose after the company reported earnings growth and raised its earnings forecast.

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	6.3	%
	2.	Facebook, Inc., Class A	4.3
	3.	Amazon.com, Inc.	3.9
	4.	UnitedHealth Group, Inc.	3.0
	5.	Waste Connections, Inc., (Canada)	2.6
	6.	Microsoft Corp.	2.6
	7.	Apple, Inc.	2.4
	8.	Mohawk Industries, Inc.	2.3
	9.	Electronic Arts, Inc.	1.9
	10.	Visa, Inc., Class A	1.8


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	38.1	%
Consumer Discretionary	16.6
Industrials	14.2
Health Care	14.1
Financials	8.0
Consumer Staples	2.2
Energy	2.2
Materials	1.8
Real Estate	1.0
Short-Term Investment	1.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**			(0.33	)%		(4.23	)%		13.76	%		8.44	%
Without Sales Charge			5.20			1.07			14.99			9.02
CLASS C SHARES	May 1, 2006
With CDSC***			3.96			(0.41	)		14.42			8.46
Without CDSC			4.96			0.59			14.42			8.46
CLASS R5 SHARES	January 8, 2009		5.41			1.41			15.43			9.44
CLASS R6 SHARES	December 23, 2013		5.47			1.54			15.50			9.47
SELECT CLASS SHARES	May 1, 2006		5.36			1.30			15.20			9.26

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R5 Shares prior to their inception date are based on the performance of 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 R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 23, 2013 and Select Class Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares and Select Class Shares.

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, 2006 to December 31, 2016. 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.



4	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		5.56%
Russell Midcap Index		7.87%

Net Assets as of 12/31/2016 (In Thousands)	$	2,608,317

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’s Select Class Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s overweight position and security selection in the health care sector and its underweight position and security selection in the energy sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the financial sector and its underweight position in the utilities sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acadia Healthcare Co., EQT Corp. and Dollar General Corp. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers, fell after the company forecast lower-than-expected earnings and revenue. Shares of EQT, a natural gas producer, fell after the company forecast higher-than-expected capital expenditures and lower product volumes for 2017. Shares of Dollar General, a discount retail chain, fell after the company reported lower-than-expected sales.

Leading individual contributors to relative performance included the Fund’s overweight positions in TD Ameritrade Holdings Co., Hilton Worldwide Holdings Inc. and Fifth Third Bancorp. Shares of both TD Ameritrade, a discount securities brokerage, and Fifth Third Bancorp, an Ohio regional bank, rose amid an increase in U.S. interest rates. Shares of Hilton Worldwide, a hotels and resorts operator, rose after management reaffirmed its forecast for revenue growth and on better-than-expected revenue per available room.

HOW WAS THE FUND POSITIONED?

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.	2.2	%
	2.	Hilton Worldwide Holdings, Inc.	1.8
	3.	Amphenol Corp., Class A	1.5
	4.	Waste Connections, Inc., (Canada)	1.3
	5.	Electronic Arts, Inc.	1.3
	6.	NVIDIA Corp.	1.2
	7.	Energen Corp.	1.1
	8.	Humana, Inc.	1.1
	9.	Carlisle Cos., Inc.	1.1
	10.	Fortune Brands Home & Security, Inc.	1.1


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	18.2	%
Consumer Discretionary	17.9
Financials	15.7
Industrials	13.2
Health Care	9.5
Real Estate	5.6
Consumer Staples	4.7
Utilities	4.5
Energy	4.0
Materials	3.3
Short-Term Investment	3.4

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			(0.17	)%		1.38	%		12.77	%		7.17	%
Without Sales Charge			5.36			6.98			14.00			7.75
CLASS C SHARES	November 2, 2009
With CDSC***			4.11			5.46			13.43			7.36
Without CDSC			5.11			6.46			13.43			7.36
CLASS R2 SHARES	March 14, 2014		5.25			6.72			13.84			7.67
CLASS R5 SHARES	March 14, 2014		5.63			7.48			14.47			8.05
CLASS R6 SHARES	March 14, 2014		5.63			7.54			14.50			8.06
SELECT CLASS SHARES	January 1, 1997		5.56			7.36			14.40			8.02

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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, and the Lipper Multi-Cap Growth Funds Index from December 31, 2006 to December 31, 2016. 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 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 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 Multi-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.



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.70%
Russell Midcap Growth Index .		5.07%

Net Assets as of 12/31/2016 (In Thousands) .	$	2,717,536

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’s Select Class Shares underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2016. 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 financials sector and its overweight position in the technology sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acadia Healthcare Co., Dollar General Corp. and Inovalon Holdings Inc. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers, fell after the company forecast lower-than-expected earnings and revenue. Shares of Dollar General, a discount retail chain, fell following weaker-than-expected sales. Shares of Inovalon Holdings, a cloud computing technology provider, fell after the company reduced its forecast for earnings and sales.

Leading individual contributors to relative performance included the Fund’s overweight positions in TD Ameritrade Holdings Co., East West Bancorp Inc. and Cavium Inc.

Shares of both TD Ameritrade, a discount securities brokerage, and East West Bancorp, a California regional bank, rose amid an increase in U.S. interest rates. Shares of Cavium, a semiconductor manufacturer, rose after the company posted better-than-expected earnings.

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.	Mohawk Industries, Inc.	2.8	%
	2.	Electronic Arts, Inc.	2.7
	3.	Waste Connections, Inc., (Canada)	2.7
	4.	NVIDIA Corp.	2.4
	5.	Hilton Worldwide Holdings, Inc.	2.3
	6.	Vantiv, Inc., Class A	2.2
	7.	Ross Stores, Inc.	1.9
	8.	O’Reilly Automotive, Inc.	1.9
	9.	Amphenol Corp., Class A	1.8
	10.	Acuity Brands, Inc.	1.8


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.0	%
Consumer Discretionary	19.0
Industrials	18.0
Health Care	14.8
Financials	9.5
Consumer Staples	3.0
Materials	2.6
Energy	2.4
Real Estate	1.4
Short-Term Investment	2.3

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(1.89	)%		(5.37	)%		11.98	%		6.83	%
Without Sales Charge			3.55			(0.12	)		13.19			7.41
CLASS C SHARES	November 4, 1997
With CDSC***			2.27			(1.60	)		12.63			6.83
Without CDSC			3.27			(0.60	)		12.63			6.83
CLASS R2 SHARES	June 19, 2009		3.47			(0.26	)		13.02			7.24
CLASS R3 SHARES	September 9, 2016		3.57			(0.10	)		13.20			7.41
CLASS R4 SHARES	September 9, 2016		3.69			0.15			13.48			7.68
CLASS R5 SHARES	November 1, 2011		3.75			0.33			13.70			7.80
CLASS R6 SHARES	November 1, 2011		3.77			0.37			13.76			7.83
SELECT CLASS SHARES	March 2, 1989		3.70			0.19			13.54			7.72

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for the Class R2, Class R3, Class R4, 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, Class R3 and Class R4 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, the Lipper Mid-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2006 to December 31, 2016. 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 and 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 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 and the Lipper Multi-Cap Growth Funds Index are indices 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.



8	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)* ⁽¹⁾		7.59%
Russell Midcap Value Index		10.22%

Net Assets as of 12/31/2016 (In Thousands) .	$	17,139,226

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’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the industrials sector and its overweight position and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s underweight positions in both the real estate and utilities sectors were a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Marsh & McLennan Cos. and Newell Brands Inc. (formerly named Newell Rubbermaid Inc.) Shares of EQT, a natural gas producer, fell after the company forecast higher-than-expected capital expenditures and lower product volumes for 2017. Shares of Marsh & McLennan, an insurance and risk consulting company that was not held in the Benchmark, underperformed the broader financials sector during the reporting period. Shares of Newell Rubbermaid, a household products maker that was not held in the Benchmark, fell following mixed quarterly financial results and investor concerns about the company’s divestiture of assets.

Leading individual contributors to relative performance included the Fund’s overweight positions in Kohl’s Corp., Citizens Financial Group Inc. and Fifth Third Bancorp. Shares of Kohl’s, a discount apparel retailer, rose on better-than-expected earnings and strong revenue from back-to-school sales. Shares of both Fifth Third Bancorp, a regional bank based in Ohio, and Citizens Financial, a regional bank based in Rhode Island, rose amid an increase in U.S. interest rates.

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.	Energen Corp.	2.2	%
	2.	EQT Corp.	2.0
	3.	Loews Corp.	1.9
	4.	M&T Bank Corp.	1.7
	5.	Mohawk Industries, Inc.	1.7
	6.	Fifth Third Bancorp	1.5
	7.	SunTrust Banks, Inc.	1.4
	8.	Arrow Electronics, Inc.	1.4
	9.	WestRock Co.	1.4
	10.	Xcel Energy, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.2	%
Consumer Discretionary	16.9
Information Technology	9.7
Real Estate	9.5
Utilities	8.8
Industrials	8.5
Consumer Staples	6.4
Energy	5.2
Health Care	4.3
Materials	4.0
Short-Term Investment	4.5

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, 2016. The Fund’s portfolio composition is subject to change.

⁽¹⁾

On December 1, 2016, the Fund’s Institutional Class Shares were redesignated and renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			1.70	%		8.06	%		13.63	%		7.40	%
Without Sales Charge			7.33			14.06			14.87			7.99
CLASS C SHARES	April 30, 2001
With CDSC***			6.04			12.48			14.28			7.44
Without CDSC			7.04			13.48			14.28			7.44
CLASS L SHARES (FORMERLY INSTITUTIONAL SHARES)	November 13, 1997		7.59			14.62			15.43			8.52
CLASS R2 SHARES	November 3, 2008		7.15			13.75			14.57			7.75
CLASS R3 SHARES	September 9, 2016		7.32			14.05			14.86			7.98
CLASS R4 SHARES	September 9, 2016		7.45			14.35			15.15			8.25
CLASS R5 SHARES	September 9, 2016		7.57			14.60			15.43			8.51
CLASS R6 SHARES	September 9, 2016		7.58			14.61			15.43			8.51
SELECT CLASS SHARES	October 31, 2001		7.47			14.37			15.15			8.25

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 and Class R3 Shares would have been lower than those shown because Class R2 and Class R3 Shares have higher expenses than Class A Shares.

Returns for the Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns of Class R4 Shares would have been different because Class R4 Shares have different expenses than Select Class Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan 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, 2006 to December 31, 2016. 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.



10	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

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



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.68%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.18%

Net Assets as of 12/31/16 (In Thousands)	$	168,681

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’s Select Class Shares outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the six months ended December 31, 2016. U.S. equity securities, which were not included in the Benchmark, generally outperformed U.S. Treasury bonds during the reporting period. The Fund’s security selection in the industrials and information technology sectors helped the Fund’s performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and telecom services sectors detracted from relative performance.

Leading individual contributors to Fund returns included its long positions in Steel Dynamics Inc. and NCR Corp., and its short position in Acadia Healthcare Co. Shares of Steel Dynamics, a steel making and metal recycling company, rose amid investor expectations that the domestic steel sector would benefit from the policies of the incoming Trump administration. Shares of NCR, a maker of automatic teller machines and other transaction technology, rose on an improved business environment for its financial services clients. Shares of Acadia Healthcare, an operator of inpatient psychiatric and substance abuse treatment centers, fell after the company forecast lower-than-expected earnings and revenue.

Leading individual detractors from Fund returns included its short positions in Micron Technology, NetSuite, and Cavium Inc. Shares of Micron Technology, a semiconductor manufacturer, rose after the company posted better-than-expected earnings and raised its forecast for 2017 results. Shares of NetSuite, a provider of cloud-computing services, rose following news of a $9.3 billion acquisition offer from Oracle Corp. Shares of Cavium, a maker of semiconductors for the telecommunications sector, rose on better-than-expected 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.	NCR Corp.	1.2	%
	2.	QUALCOMM, Inc.	1.0
	3.	Lam Research Corp.	1.0
	4.	Hologic, Inc.	1.0
	5.	eBay, Inc.	1.0
	6.	Microsoft Corp.	1.0
	7.	Western Union Co. (The)	1.0
	8.	Humana, Inc.	1.0
	9.	Steel Dynamics, Inc.	1.0
	10.	Allison Transmission Holdings, Inc.	1.0


TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Chevron Corp.	1.6	%
	2.	People’s United Financial, Inc.	1.6
	3.	National Instruments Corp.	1.3
	4.	CDW Corp.	1.3
	5.	Microsemi Corp.	1.3
	6.	Tesla Motors, Inc.	1.2
	7.	Zoetis, Inc.	1.2
	8.	Dominion Resources, Inc.	1.2
	9.	AMERCO	1.2
	10.	Amphenol Corp., Class A	1.2



12	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.0	%
Consumer Discretionary	14.5
Industrials	13.3
Health Care	11.5
Consumer Staples	5.7
Materials	4.3
Energy	3.7
Utilities	3.6
Financials	2.8
Real Estate	2.0
Telecommunication Services	0.9
Short-Term Investment	13.7


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	28.9	%
Consumer Discretionary	18.5
Industrials	17.2
Health Care	11.3
Materials	5.7
Consumer Staples	5.3
Financials	3.5
Energy	3.3
Utilities	2.7
Real Estate	2.1
Telecommunication Services	1.5

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, 2016. The Fund’s portfolio composition is subject to change.

****

Percentages indicated are based on total short investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 23, 2003
With Sales Charge**			(3.83	)%		(6.51	)%		(0.04	)%		(0.87	)%
Without Sales Charge			1.52			(1.37	)		1.05			(0.33	)
CLASS C SHARES	May 23, 2003
With CDSC***			0.29			(2.98	)		0.47			(0.99	)
Without CDSC			1.29			(1.98	)		0.47			(0.99	)
SELECT CLASS SHARES	May 23, 2003		1.68			(1.15	)		1.29			(0.08	)

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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, 2006 to December 31, 2016. 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.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)* ⁽¹⁾		13.25%
Russell 3000 Value Index		11.40%

Net Assets as of 12/31/2016 (In Thousands) .	$	10,667,718

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’s Class L Shares outperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s overweight position and security selection in the financials sector and its security selection and underweight position in the health care sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the utilities sector and its security selection and underweight position in the industrials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Berkshire Hathaway Inc. and its overweight positions in Citizens Financial Group Inc. and Delta Air Lines Inc. Shares of Berkshire Hathaway, a diversified holding company that was not held in the Fund, underperformed the broader financials sector during the reporting period. Shares of Citizens Financial, a regional bank based in Rhode Island, rose on investor expectations for increased earnings. Shares of Delta Air Lines rose on better-than-expected earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in Loews Corp. and Treehouse Foods Inc. and its underweight position in J.P.Morgan Chase & Co. Shares of Loews, a diversified holding company, underperformed the broader financials sector during the reporting period. Shares of Treehouse Foods, a packaged foods company, fell amid management changes and after the company reported lower-than-expected earnings and reduced its earnings forecast. Shares of J.P.Morgan Chase, a banking and financial services company that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on investor expectations of an improved operating environment for large banks.

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. During the reporting period, the Fund’s largest average 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 average underweight position was in the energy sector.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.0	%
	2.	Bank of America Corp.	2.6
	3.	Pfizer, Inc.	2.4
	4.	Exxon Mobil Corp.	2.3
	5.	Capital One Financial Corp.	2.3
	6.	Loews Corp.	2.1
	7.	American International Group, Inc.	1.7
	8.	Delta Air Lines, Inc.	1.6
	9.	Johnson & Johnson	1.6
	10.	PNC Financial Services Group, Inc. (The)	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.4	%
Consumer Discretionary	15.1
Health Care	9.0
Energy	7.2
Information Technology	7.0
Industrials	6.2
Consumer Staples	5.9
Utilities	5.8
Real Estate	4.5
Materials	3.8
Telecommunication Services	1.4
Short-Term Investment	1.7

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, 2016. The Fund’s portfolio composition is subject to change.

⁽¹⁾

On December 1, 2016, the Fund’s Institutional Class Shares were redesignated and renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			7.05	%		10.38	%		13.15	%		7.25	%
Without Sales Charge			12.98			16.49			14.38			7.82
CLASS C SHARES	February 28, 2005
With CDSC***			11.68			14.86			13.80			7.28
Without CDSC			12.68			15.86			13.80			7.28
CLASS L SHARES (FORMERLY INSTITUTIONAL SHARES)	February 28, 2005		13.25			17.03			14.95			8.37
CLASS R3 SHARES	September 9, 2016		12.95			16.46			14.37			7.82
CLASS R4 SHARES	September 9, 2016		13.12			16.73			14.66			8.10
CLASS R5 SHARES	September 9, 2016		13.25			17.03			14.95			8.37
CLASS R6 SHARES	September 9, 2016		13.27			17.05			14.96			8.37
SELECT CLASS SHARES	February 28, 2005		13.12			16.73			14.66			8.10

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from December 31, 2006 to December 31, 2016. 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.

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

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



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

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.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 98.0%
		Consumer Discretionary — 16.6%
		Automobiles — 0.6%
	167	Tesla Motors, Inc. (a)		35,750

		Distributors — 0.9%
	1,753	LKQ Corp. (a)		53,714

		Hotels, Restaurants & Leisure — 3.5%
	3,354	Hilton Worldwide Holdings, Inc.		91,215
	1,245	Norwegian Cruise Line Holdings Ltd. (a)		52,958
	1,297	Starbucks Corp.		72,010

				216,183

		Household Durables — 2.3%
	687	Mohawk Industries, Inc. (a)		137,240

		Internet & Direct Marketing Retail — 7.0%
	318	Amazon.com, Inc. (a)		238,309
	481	Netflix, Inc. (a)		59,572
	67	Priceline Group, Inc. (The) (a)		98,666
	865	Wayfair, Inc., Class A (a)		30,308

				426,855

		Multiline Retail — 1.7%
	881	Dollar General Corp.		65,234
	821	Nordstrom, Inc.		39,331

				104,565

		Specialty Retail — 0.6%
	146	Ulta Salon Cosmetics & Fragrance, Inc. (a)		37,119

		Total Consumer Discretionary		1,011,426

		Consumer Staples — 2.2%
		Beverages — 0.6%
	843	Monster Beverage Corp. (a)		37,374

		Food & Staples Retailing — 1.0%
	318	Casey’s General Stores, Inc.		37,745
	1,157	Sprouts Farmers Market, Inc. (a)		21,894

				59,639

		Food Products — 0.6%
	634	Tyson Foods, Inc., Class A		39,105

		Total Consumer Staples		136,118

		Energy — 2.2%
		Oil, Gas & Consumable Fuels — 2.2%
	653	Concho Resources, Inc. (a)		86,548
	488	EOG Resources, Inc.		49,317

		Total Energy		135,865


SHARES		SECURITY DESCRIPTION	VALUE($)


		Financials — 8.0%
		Banks — 2.2%
	1,204	East West Bancorp, Inc.		61,184
	494	Signature Bank (a)		74,199

				135,383

		Capital Markets — 5.8%
	408	Affiliated Managers Group, Inc. (a)		59,224
	152	BlackRock, Inc.		57,652
	2,353	Charles Schwab Corp. (The)		92,861
	849	Lazard Ltd., Class A		34,898
	640	Nasdaq, Inc.		42,923
	592	S&P Global, Inc.		63,664

				351,222

		Total Financials		486,605

		Health Care — 14.0%
		Biotechnology — 5.4%
	151	Biogen, Inc. (a)		42,679
	591	Celgene Corp. (a)		68,431
	1,318	Gilead Sciences, Inc.		94,375
	224	Intercept Pharmaceuticals, Inc. (a)		24,348
	782	Kite Pharma, Inc. (a)		35,047
	454	Spark Therapeutics, Inc. (a)		22,635
	586	Vertex Pharmaceuticals, Inc. (a)		43,163

				330,678

		Health Care Equipment & Supplies — 0.2%
	1,507	Novadaq Technologies, Inc., (Canada) (a)		10,686

		Health Care Providers & Services — 5.7%
	2,140	Acadia Healthcare Co., Inc. (a)		70,837
	413	Aetna, Inc.		51,241
	225	Humana, Inc.		45,825
	1,144	UnitedHealth Group, Inc.		183,070

				350,973

		Health Care Technology — 0.5%
	717	Veeva Systems, Inc., Class A (a)		29,174

		Life Sciences Tools & Services — 0.7%
	347	Illumina, Inc. (a)		44,481

		Pharmaceuticals — 1.5%
	671	Eli Lilly & Co.		49,315
	1,016	Revance Therapeutics, Inc. (a)		21,036
	3,524	TherapeuticsMD, Inc. (a)		20,335

				90,686

		Total Health Care		856,678

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Industrials — 14.2%
		Airlines — 1.4%
	1,640	Southwest Airlines Co.		81,733

		Building Products — 2.4%
	1,134	Fortune Brands Home & Security, Inc.		60,613
	573	Lennox International, Inc.		87,766

				148,379

		Commercial Services & Supplies — 2.6%
	2,013	Waste Connections, Inc., (Canada)		158,170

		Electrical Equipment — 1.4%
	378	Acuity Brands, Inc.		87,288

		Industrial Conglomerates — 0.9%
	487	Carlisle Cos., Inc.		53,678

		Machinery — 2.8%
	297	Middleby Corp. (The) (a)		38,256
	664	Stanley Black & Decker, Inc.		76,154
	542	WABCO Holdings, Inc. (a)		57,576

				171,986

		Professional Services — 0.8%
	398	Equifax, Inc.		47,032

		Road & Rail — 0.8%
	576	Old Dominion Freight Line, Inc. (a)		49,394

		Trading Companies & Distributors — 1.1%
	1,598	HD Supply Holdings, Inc. (a)		67,910

		Total Industrials		865,570

		Information Technology — 38.0%
		Communications Equipment — 2.3%
	441	Arista Networks, Inc. (a)		42,671
	585	Harris Corp.		59,955
	294	Palo Alto Networks, Inc. (a)		36,802

				139,428

		Electronic Equipment, Instruments & Components — 2.3%
	1,146	Amphenol Corp., Class A		76,998
	2,615	Corning, Inc.		63,466

				140,464

		Internet Software & Services — 12.3%
	500	Alphabet, Inc., Class C (a)		385,836
	184	CoStar Group, Inc. (a)		34,757
	2,282	Facebook, Inc., Class A (a)		262,498
	1,983	GoDaddy, Inc., Class A (a)		69,313

				752,404


SHARES		SECURITY DESCRIPTION	VALUE($)


		IT Services — 6.0%
	1,011	Mastercard, Inc., Class A		104,407
	1,769	PayPal Holdings, Inc. (a)		69,826
	1,426	Vantiv, Inc., Class A (a)		85,000
	1,388	Visa, Inc., Class A		108,268

				367,501

		Semiconductors & Semiconductor Equipment — 4.4%
	1,431	Applied Materials, Inc.		46,169
	470	Broadcom Ltd., (Singapore)		83,047
	409	Lam Research Corp.		43,275
	483	NVIDIA Corp.		51,598
	464	NXP Semiconductors NV, (Netherlands) (a)		45,496

				269,585

		Software — 8.3%
	595	Adobe Systems, Inc. (a)		61,266
	1,463	Electronic Arts, Inc. (a)		115,210
	583	Guidewire Software, Inc. (a)		28,764
	2,515	Microsoft Corp.		156,276
	684	salesforce.com, Inc. (a)		46,799
	696	ServiceNow, Inc. (a)		51,704
	864	Splunk, Inc. (a)		44,173

				504,192

		Technology Hardware, Storage & Peripherals — 2.4%
	1,271	Apple, Inc.		147,190

		Total Information Technology		2,320,764

		Materials — 1.8%
		Construction Materials — 1.8%
	638	Eagle Materials, Inc.		62,853
	352	Vulcan Materials Co.		44,015

		Total Materials		106,868

		Real Estate — 1.0%
		Real Estate Management & Development — 1.0%
	1,999	CBRE Group, Inc., Class A (a)		62,958

		Total Common Stocks (Cost $4,527,223)		5,982,852

	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	108,763	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $108,763)		108,763
		Total Investments — 99.8% (Cost $4,635,986)		6,091,615
		Other Assets in Excess of Liabilities — 0.2%		10,045

		NET ASSETS — 100.0%	$	6,101,660

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 96.1%
		Consumer Discretionary — 17.9%
		Auto Components — 0.4%
	291	BorgWarner, Inc.		11,467

		Automobiles — 0.2%
	30	Tesla Motors, Inc. (a)		6,304

		Distributors — 1.0%
	121	Genuine Parts Co.		11,592
	507	LKQ Corp. (a)		15,527

				27,119

		Hotels, Restaurants & Leisure — 2.9%
	341	Aramark		12,195
	1,710	Hilton Worldwide Holdings, Inc.		46,522
	49	Marriott International, Inc., Class A		4,054
	272	Norwegian Cruise Line Holdings Ltd. (a)		11,572

				74,343

		Household Durables — 3.2%
	156	Lennar Corp., Class A		6,706
	293	Mohawk Industries, Inc. (a)		58,529
	377	Newell Brands, Inc.		16,847

				82,082

		Internet & Direct Marketing Retail — 1.2%
	152	Expedia, Inc.		17,179
	57	Netflix, Inc. (a)		7,007
	186	Wayfair, Inc., Class A (a)		6,506

				30,692

		Media — 1.1%
	166	CBS Corp. (Non-Voting), Class B		10,534
	241	DISH Network Corp., Class A (a)		13,938
	232	TEGNA, Inc.		4,967

				29,439

		Multiline Retail — 2.2%
	297	Dollar General Corp.		21,962
	271	Kohl’s Corp.		13,374
	439	Nordstrom, Inc.		21,032

				56,368

		Specialty Retail — 4.4%
	16	AutoZone, Inc. (a)		12,638
	231	Bed Bath & Beyond, Inc.		9,368
	204	Best Buy Co., Inc.		8,692
	400	Gap, Inc. (The)		8,979
	87	O’Reilly Automotive, Inc. (a)		24,277
	372	Ross Stores, Inc.		24,377
	168	Tiffany & Co.		12,991


SHARES		SECURITY DESCRIPTION	VALUE($)


		Specialty Retail — continued
	54	Ulta Salon Cosmetics & Fragrance, Inc. (a)		13,741

				115,063

		Textiles, Apparel & Luxury Goods — 1.3%
	466	Gildan Activewear, Inc., (Canada)		11,814
	121	PVH Corp.		10,953
	56	Ralph Lauren Corp.		5,099
	118	VF Corp.		6,301

				34,167

		Total Consumer Discretionary		467,044

		Consumer Staples — 4.7%
		Beverages — 1.3%
	75	Constellation Brands, Inc., Class A		11,451
	173	Dr Pepper Snapple Group, Inc.		15,725
	146	Monster Beverage Corp. (a)		6,487

				33,663

		Food & Staples Retailing — 1.6%
	115	Casey’s General Stores, Inc.		13,671
	497	Kroger Co. (The)		17,140
	475	Rite Aid Corp. (a)		3,913
	329	Sprouts Farmers Market, Inc. (a)		6,225

				40,949

		Food Products — 0.8%
	116	TreeHouse Foods, Inc. (a)		8,346
	194	Tyson Foods, Inc., Class A		11,947

				20,293

		Household Products — 0.2%
	122	Energizer Holdings, Inc.		5,456

		Personal Products — 0.8%
	598	Coty, Inc., Class A		10,941
	144	Edgewell Personal Care Co. (a)		10,519

				21,460

		Total Consumer Staples		121,821

		Energy — 3.9%
		Oil, Gas & Consumable Fuels — 3.9%
	160	Concho Resources, Inc. (a)		21,242
	503	Energen Corp. (a)		29,025
	405	EQT Corp.		26,499
	434	PBF Energy, Inc., Class A		12,103
	282	Range Resources Corp.		9,686
	380	Southwestern Energy Co. (a)		4,109

		Total Energy		102,664

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Financials — 15.3%
		Banks — 5.4%
	420	Citizens Financial Group, Inc.		14,975
	310	East West Bancorp, Inc.		15,747
	725	Fifth Third Bancorp		19,564
	141	First Republic Bank		13,034
	752	Huntington Bancshares, Inc.		9,939
	312	Investors Bancorp, Inc.		4,353
	146	M&T Bank Corp.		22,834
	117	Signature Bank (a)		17,558
	345	SunTrust Banks, Inc.		18,917
	128	Zions Bancorp		5,513

				142,434

		Capital Markets — 5.4%
	125	Affiliated Managers Group, Inc. (a)		18,133
	75	Ameriprise Financial, Inc.		8,284
	414	Invesco Ltd.		12,554
	257	Lazard Ltd., Class A		10,540
	191	Nasdaq, Inc.		12,840
	160	Northern Trust Corp.		14,230
	179	Raymond James Financial, Inc.		12,387
	144	S&P Global, Inc.		15,496
	186	T Rowe Price Group, Inc.		14,021
	501	TD Ameritrade Holding Corp.		21,848

				140,333

		Consumer Finance — 0.4%
	501	Ally Financial, Inc.		9,528

		Insurance — 4.1%
	13	Alleghany Corp. (a)		7,769
	51	Chubb Ltd.		6,680
	352	Hartford Financial Services Group, Inc. (The)		16,789
	531	Loews Corp.		24,861
	216	Marsh & McLennan Cos., Inc.		14,587
	184	Progressive Corp. (The)		6,545
	225	Unum Group		9,905
	87	WR Berkley Corp.		5,808
	400	XL Group Ltd., (Ireland)		14,894

				107,838

		Total Financials		400,133

		Health Care — 9.5%
		Biotechnology — 1.9%
	184	ACADIA Pharmaceuticals, Inc. (a)		5,304
	174	BioMarin Pharmaceutical, Inc. (a)		14,389


SHARES		SECURITY DESCRIPTION	VALUE($)


		Biotechnology — continued
	74	Incyte Corp. (a)		7,460
	64	Intercept Pharmaceuticals, Inc. (a)		6,921
	168	Kite Pharma, Inc. (a)		7,551
	100	Vertex Pharmaceuticals, Inc. (a)		7,367

				48,992

		Health Care Equipment & Supplies — 1.1%
	255	DENTSPLY SIRONA, Inc.		14,729
	73	Edwards Lifesciences Corp. (a)		6,807
	13	Intuitive Surgical, Inc. (a)		7,991

				29,527

		Health Care Providers & Services — 4.5%
	458	Acadia Healthcare Co., Inc. (a)		15,173
	142	AmerisourceBergen Corp.		11,091
	173	Centene Corp. (a)		9,776
	79	Cigna Corp.		10,514
	178	Envision Healthcare Corp. (a)		11,284
	74	Henry Schein, Inc. (a)		11,295
	140	Humana, Inc.		28,537
	337	Premier, Inc., Class A (a)		10,231
	83	Universal Health Services, Inc., Class B		8,808

				116,709

		Health Care Technology — 0.3%
	193	Veeva Systems, Inc., Class A (a)		7,839

		Life Sciences Tools & Services — 1.0%
	131	Illumina, Inc. (a)		16,796
	332	Patheon NV (a)		9,535

				26,331

		Pharmaceuticals — 0.7%
	480	Horizon Pharma plc (a)		7,761
	86	Jazz Pharmaceuticals plc (a)		9,366

				17,127

		Total Health Care		246,525

		Industrials — 13.2%
		Aerospace & Defense — 0.3%
	116	HEICO Corp., Class A		7,890

		Airlines — 0.7%
	373	Southwest Airlines Co.		18,590

		Building Products — 1.9%
	526	Fortune Brands Home & Security, Inc.		28,142
	138	Lennox International, Inc.		21,122

				49,264

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Commercial Services & Supplies — 1.3%
	439	Waste Connections, Inc., (Canada)		34,517

		Electrical Equipment — 2.2%
	99	Acuity Brands, Inc.		22,878
	290	AMETEK, Inc.		14,081
	120	Hubbell, Inc.		14,004
	94	Regal Beloit Corp.		6,477

				57,440

		Industrial Conglomerates — 1.1%
	256	Carlisle Cos., Inc.		28,207

		Machinery — 3.4%
	157	IDEX Corp.		14,155
	103	Middleby Corp. (The) (a)		13,242
	107	Oshkosh Corp.		6,933
	381	Rexnord Corp. (a)		7,472
	93	Snap-on, Inc.		15,896
	149	Stanley Black & Decker, Inc.		17,043
	137	WABCO Holdings, Inc. (a)		14,521

				89,262

		Professional Services — 0.6%
	140	Equifax, Inc.		16,529

		Road & Rail — 0.5%
	140	Old Dominion Freight Line, Inc. (a)		11,993

		Trading Companies & Distributors — 1.2%
	417	HD Supply Holdings, Inc. (a)		17,735
	145	MSC Industrial Direct Co., Inc., Class A		13,420

				31,155

		Total Industrials		344,847

		Information Technology — 18.2%
		Communications Equipment — 1.8%
	104	Arista Networks, Inc. (a)		10,112
	309	CommScope Holding Co., Inc. (a)		11,485
	126	Harris Corp.		12,880
	99	Palo Alto Networks, Inc. (a)		12,375

				46,852

		Electronic Equipment, Instruments & Components — 3.7%
	584	Amphenol Corp., Class A		39,241
	258	Arrow Electronics, Inc. (a)		18,427
	240	CDW Corp.		12,511
	556	Corning, Inc.		13,492
	342	Keysight Technologies, Inc. (a)		12,521

				96,192


SHARES		SECURITY DESCRIPTION	VALUE($)


		Internet Software & Services — 1.2%
	52	CoStar Group, Inc. (a)		9,783
	474	GoDaddy, Inc., Class A (a)		16,577
	260	Match Group, Inc. (a)		4,450

				30,810

		IT Services — 2.9%
	187	Gartner, Inc. (a)		18,900
	170	Global Payments, Inc.		11,800
	185	Jack Henry & Associates, Inc.		16,403
	465	Vantiv, Inc., Class A (a)		27,741

				74,844

		Semiconductors & Semiconductor Equipment — 4.2%
	125	Analog Devices, Inc.		9,080
	437	Applied Materials, Inc.		14,092
	50	Broadcom Ltd., (Singapore)		8,891
	204	Cavium, Inc. (a)		12,731
	120	KLA-Tencor Corp.		9,422
	145	Lam Research Corp.		15,363
	292	NVIDIA Corp.		31,179
	100	NXP Semiconductors NV, (Netherlands) (a)		9,775

				110,533

		Software — 4.4%
	271	Atlassian Corp. plc, (Australia), Class A (a)		6,519
	437	Electronic Arts, Inc. (a)		34,450
	164	Guidewire Software, Inc. (a)		8,105
	135	Mobileye NV (a)		5,161
	209	ServiceNow, Inc. (a)		15,537
	230	Splunk, Inc. (a)		11,759
	301	Synopsys, Inc. (a)		17,715
	175	Take-Two Interactive Software, Inc. (a)		8,606
	116	Workday, Inc., Class A (a)		7,693

				115,545

		Total Information Technology		474,776

		Materials — 3.3%
		Chemicals — 0.3%
	30	Sherwin-Williams Co. (The)		8,037

		Construction Materials — 1.3%
	177	Eagle Materials, Inc.		17,390
	131	Vulcan Materials Co.		16,357

				33,747

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Containers & Packaging — 1.7%
	208	Ball Corp.		15,614
	209	Silgan Holdings, Inc.		10,687
	361	WestRock Co.		18,334

				44,635

		Total Materials		86,419

		Real Estate — 5.6%
		Equity Real Estate Investment Trusts (REITs) — 4.7%
	130	American Campus Communities, Inc.		6,458
	249	American Homes 4 Rent, Class A		5,224
	68	AvalonBay Communities, Inc.		12,101
	89	Boston Properties, Inc.		11,236
	433	Brixmor Property Group, Inc.		10,576
	29	Essex Property Trust, Inc.		6,817
	228	General Growth Properties, Inc.		5,689
	79	HCP, Inc.		2,351
	473	Kimco Realty Corp.		11,899
	338	Outfront Media, Inc.		8,405
	299	Rayonier, Inc.		7,943
	117	Regency Centers Corp.		8,062
	133	Vornado Realty Trust		13,930
	268	Weyerhaeuser Co.		8,053
	76	WP Carey, Inc.		4,515

				123,259

		Real Estate Management & Development — 0.9%
	743	CBRE Group, Inc., Class A (a)		23,393

		Total Real Estate		146,652

		Utilities — 4.5%
		Electric Utilities — 1.6%
	224	Edison International		16,138
	143	Westar Energy, Inc.		8,037
	437	Xcel Energy, Inc.		17,786

				41,961


SHARES		SECURITY DESCRIPTION	VALUE($)

		Gas Utilities — 0.5%
	224	National Fuel Gas Co.		12,665

		Multi-Utilities — 2.4%
	539	CenterPoint Energy, Inc.		13,291
	390	CMS Energy Corp.		16,244
	156	Sempra Energy		15,704
	272	WEC Energy Group, Inc.		15,967

				61,206

		Total Utilities		115,832

		Total Common Stocks (Cost $1,869,305)		2,506,713

	Master Limited Partnership — 0.4%
		Financials — 0.4%
		Capital Markets— 0.4%
	261	Oaktree Capital Group LLC (Cost $12,198)		9,799

	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	89,081	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $89,081)		89,081

		Total Investments — 99.9% (Cost $1,970,584)		2,605,593
		Other Assets in Excess of Liabilities — 0.1%		2,724

		NET ASSETS — 100.0%	$	2,608,317

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Consumer Discretionary — 19.0%
		Automobiles — 0.5%
	63	Tesla Motors, Inc. (a)		13,366

		Distributors — 1.2%
	1,071	LKQ Corp. (a)		32,811

		Hotels, Restaurants & Leisure — 4.2%
	721	Aramark		25,747
	2,326	Hilton Worldwide Holdings, Inc.		63,260
	574	Norwegian Cruise Line Holdings Ltd. (a)		24,423

				113,430

		Household Durables — 3.3%
	329	Lennar Corp., Class A		14,111
	379	Mohawk Industries, Inc. (a)		75,753

				89,864

		Internet & Direct Marketing Retail — 1.0%
	119	Netflix, Inc. (a)		14,760
	391	Wayfair, Inc., Class A (a)		13,688

				28,448

		Multiline Retail — 2.5%
	627	Dollar General Corp.		46,452
	473	Nordstrom, Inc.		22,647

				69,099

		Specialty Retail — 4.9%
	184	O’Reilly Automotive, Inc. (a)		51,329
	786	Ross Stores, Inc.		51,574
	114	Ulta Salon Cosmetics & Fragrance, Inc. (a)		29,003

				131,906

		Textiles, Apparel & Luxury Goods — 1.4%
	983	Gildan Activewear, Inc., (Canada)		24,947
	248	VF Corp.		13,247

				38,194

		Total Consumer Discretionary		517,118

		Consumer Staples — 3.0%
		Beverages — 0.5%
	308	Monster Beverage Corp. (a)		13,647

		Food & Staples Retailing — 1.6%
	243	Casey’s General Stores, Inc.		28,888
	692	Sprouts Farmers Market, Inc. (a)		13,099

				41,987

		Food Products — 0.9%
	409	Tyson Foods, Inc., Class A		25,215

		Total Consumer Staples		80,849


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 2.4%
		Oil, Gas & Consumable Fuels — 2.4%
	339	Concho Resources, Inc. (a)		44,915
	594	Range Resources Corp.		20,424

		Total Energy		65,339

		Financials — 8.8%
		Banks — 2.6%
	667	East West Bancorp, Inc.		33,911
	247	Signature Bank (a)		37,092

				71,003

		Capital Markets — 6.2%
	264	Affiliated Managers Group, Inc. (a)		38,346
	541	Lazard Ltd., Class A		22,233
	404	Nasdaq, Inc.		27,110
	306	S&P Global, Inc.		32,878
	1,060	TD Ameritrade Holding Corp.		46,209

				166,776

		Total Financials		237,779

		Health Care — 14.8%
		Biotechnology — 3.8%
	386	ACADIA Pharmaceuticals, Inc. (a)		11,124
	367	BioMarin Pharmaceutical, Inc. (a)		30,403
	157	Incyte Corp. (a)		15,702
	134	Intercept Pharmaceuticals, Inc. (a)		14,567
	355	Kite Pharma, Inc. (a)		15,909
	211	Vertex Pharmaceuticals, Inc. (a)		15,514

				103,219

		Health Care Equipment & Supplies — 2.3%
	539	DENTSPLY SIRONA, Inc.		31,116
	153	Edwards Lifesciences Corp. (a)		14,327
	27	Intuitive Surgical, Inc. (a)		16,869

				62,312

		Health Care Providers & Services — 4.7%
	969	Acadia Healthcare Co., Inc. (a)		32,062
	367	Centene Corp. (a)		20,745
	376	Envision Healthcare Corp. (a)		23,816
	148	Humana, Inc.		30,296
	711	Premier, Inc., Class A (a)		21,586

				128,505

		Health Care Technology — 0.6%
	406	Veeva Systems, Inc., Class A (a)		16,518

		Life Sciences Tools & Services — 2.1%
	277	Illumina, Inc. (a)		35,489
	700	Patheon NV (a)		20,103

				55,592

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — 1.3%
	1,010	Horizon Pharma plc (a)		16,347
	181	Jazz Pharmaceuticals plc (a)		19,731

				36,078

		Total Health Care		402,224

		Industrials — 18.1%
		Aerospace & Defense — 0.6%
	245	HEICO Corp., Class A		16,615

		Airlines — 1.4%
	789	Southwest Airlines Co.		39,299

		Building Products — 3.0%
	673	Fortune Brands Home & Security, Inc.		35,957
	292	Lennox International, Inc.		44,669

				80,626

		Commercial Services & Supplies — 2.7%
	922	Waste Connections, Inc., (Canada)		72,457

		Electrical Equipment — 1.8%
	210	Acuity Brands, Inc.		48,372

		Industrial Conglomerates — 1.0%
	244	Carlisle Cos., Inc.		26,881

		Machinery — 4.0%
	217	Middleby Corp. (The) (a)		27,971
	226	Oshkosh Corp.		14,589
	312	Stanley Black & Decker, Inc.		35,829
	287	WABCO Holdings, Inc. (a)		30,497

				108,886

		Professional Services — 1.3%
	296	Equifax, Inc.		34,937

		Road & Rail — 0.9%
	295	Old Dominion Freight Line, Inc. (a)		25,325

		Trading Companies & Distributors — 1.4%
	882	HD Supply Holdings, Inc. (a)		37,480

		Total Industrials		490,878

		Information Technology — 27.0%
		Communications Equipment — 2.7%
	220	Arista Networks, Inc. (a)		21,321
	265	Harris Corp.		27,192
	209	Palo Alto Networks, Inc. (a)		26,125

				74,638

		Electronic Equipment, Instruments & Components — 2.9%
	747	Amphenol Corp., Class A		50,221
	1,174	Corning, Inc.		28,491

				78,712


SHARES		SECURITY DESCRIPTION	VALUE($)

		Internet Software & Services — 2.1%
	109	CoStar Group, Inc. (a)		20,635
	1,002	GoDaddy, Inc., Class A (a)		35,034

				55,669

		IT Services — 4.5%
	395	Gartner, Inc. (a)		39,951
	359	Global Payments, Inc.		24,911
	985	Vantiv, Inc., Class A (a)		58,698

				123,560

		Semiconductors & Semiconductor Equipment — 7.2%
	922	Applied Materials, Inc.		29,766
	106	Broadcom Ltd., (Singapore)		18,743
	431	Cavium, Inc. (a)		26,887
	307	Lam Research Corp.		32,447
	618	NVIDIA Corp.		65,976
	210	NXP Semiconductors NV, (Netherlands) (a)		20,609

				194,428

		Software — 7.6%
	570	Atlassian Corp. plc, (Australia), Class A (a)		13,714
	926	Electronic Arts, Inc. (a)		72,916
	346	Guidewire Software, Inc. (a)		17,079
	284	Mobileye NV (a)		10,827
	442	ServiceNow, Inc. (a)		32,827
	485	Splunk, Inc. (a)		24,830
	368	Take-Two Interactive Software, Inc. (a)		18,134
	245	Workday, Inc., Class A (a)		16,199

				206,526

		Total Information Technology		733,533

		Materials — 2.6%
		Construction Materials — 2.6%
	373	Eagle Materials, Inc.		36,754
	276	Vulcan Materials Co.		34,562

		Total Materials		71,316

		Real Estate — 1.4%
		Real Estate Management & Development — 1.4%
	1,228	CBRE Group, Inc., Class A (a)		38,658

		Total Common Stocks (Cost $2,214,698)		2,637,694

	Master Limited Partnership — 0.8%
		Financials — 0.8%
		Capital Markets — 0.8%
	557	Oaktree Capital Group LLC (Cost $26,473)		20,891

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	63,672	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $63,672)		63,672

		Total Investments — 100.2% (Cost $2,304,843)		2,722,257
		Liabilities in Excess of Other Assets — (0.2)%		(4,721	)

		NET ASSETS — 100.0%	$	2,717,536

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.7%
		Consumer Discretionary — 17.0%
		Auto Components — 0.9%
	3,815	BorgWarner, Inc.		150,466

		Distributors — 0.9%
	1,591	Genuine Parts Co.		151,978

		Hotels, Restaurants & Leisure — 1.6%
	8,003	Hilton Worldwide Holdings, Inc.		217,674
	636	Marriott International, Inc., Class A		52,621

				270,295

		Household Durables — 3.0%
	1,489	Mohawk Industries, Inc. (a)		297,328
	4,936	Newell Brands, Inc.		220,403

				517,731

		Internet & Direct Marketing Retail — 1.3%
	1,984	Expedia, Inc.		224,699

		Media — 2.3%
	2,173	CBS Corp. (Non-Voting), Class B		138,252
	3,152	DISH Network Corp., Class A (a)		182,598
	3,030	TEGNA, Inc.		64,818

				385,668

		Multiline Retail — 1.8%
	3,524	Kohl’s Corp.		174,014
	2,817	Nordstrom, Inc.		135,006

				309,020

		Specialty Retail — 4.0%
	210	AutoZone, Inc. (a)		165,594
	3,025	Bed Bath & Beyond, Inc.		122,949
	2,674	Best Buy Co., Inc.		114,117
	5,251	Gap, Inc. (The)		117,831
	2,187	Tiffany & Co.		169,306

				689,797

		Textiles, Apparel & Luxury Goods — 1.2%
	1,590	PVH Corp.		143,507
	732	Ralph Lauren Corp.		66,125

				209,632

		Total Consumer Discretionary		2,909,286

		Consumer Staples — 6.4%
		Beverages — 2.1%
	979	Constellation Brands, Inc., Class A		150,142
	2,271	Dr Pepper Snapple Group, Inc.		205,879

				356,021


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — 1.6%
	6,500	Kroger Co. (The)		224,299
	6,308	Rite Aid Corp. (a)		51,977

				276,276

		Food Products — 0.6%
	1,520	TreeHouse Foods, Inc. (a)		109,732

		Household Products — 0.4%
	1,616	Energizer Holdings, Inc.		72,083

		Personal Products — 1.7%
	7,834	Coty, Inc., Class A		143,439
	1,890	Edgewell Personal Care Co. (a)		137,925

				281,364

		Total Consumer Staples		1,095,476

		Energy — 5.2%
		Oil, Gas & Consumable Fuels — 5.2%
	6,575	Energen Corp. (a)		379,165
	5,317	EQT Corp.		347,738
	5,694	PBF Energy, Inc., Class A		158,755

		Total Energy		885,658

		Financials — 22.2%
		Banks — 8.3%
	5,305	Citizens Financial Group, Inc.		189,034
	9,466	Fifth Third Bancorp		255,303
	1,855	First Republic Bank		170,905
	9,871	Huntington Bancshares, Inc.		130,498
	4,137	Investors Bancorp, Inc.		57,713
	1,905	M&T Bank Corp.		297,967
	4,501	SunTrust Banks, Inc.		246,861
	1,681	Zions Bancorp		72,352

				1,420,633

		Capital Markets — 4.7%
	981	Ameriprise Financial, Inc.		108,865
	5,422	Invesco Ltd.		164,494
	2,088	Northern Trust Corp.		185,924
	2,343	Raymond James Financial, Inc.		162,314
	2,411	T Rowe Price Group, Inc.		181,485

				803,082

		Consumer Finance — 0.7%
	6,515	Ally Financial, Inc.		123,913

		Insurance — 8.2%
	168	Alleghany Corp. (a)		102,239
	666	Chubb Ltd.		88,020
	4,611	Hartford Financial Services Group, Inc. (The)		219,711

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	6,939	Loews Corp.		324,956
	2,798	Marsh & McLennan Cos., Inc.		189,137
	2,431	Progressive Corp. (The)		86,286
	2,960	Unum Group		130,032
	1,153	WR Berkley Corp.		76,696
	5,234	XL Group Ltd., (Ireland)		195,025

				1,412,102

		Mortgage Real Estate Investment Trusts (REITs) — 0.3%
	2,099	Starwood Property Trust, Inc.		46,073

		Total Financials		3,805,803

		Health Care — 4.2%
		Health Care Providers & Services — 4.2%
	1,821	AmerisourceBergen Corp.		142,406
	1,034	Cigna Corp.		137,916
	976	Henry Schein, Inc. (a)		148,137
	911	Humana, Inc.		185,822
	1,087	Universal Health Services, Inc., Class B		115,591

		Total Health Care		729,872

		Industrials — 8.6%
		Building Products — 0.9%
	2,729	Fortune Brands Home & Security, Inc.		145,876

		Electrical Equipment — 2.6%
	3,795	AMETEK, Inc.		184,454
	1,572	Hubbell, Inc.		183,460
	1,215	Regal Beloit Corp.		84,112

				452,026

		Industrial Conglomerates — 1.2%
	1,837	Carlisle Cos., Inc.		202,580

		Machinery — 2.9%
	2,058	IDEX Corp.		185,353
	4,992	Rexnord Corp. (a)		97,786
	1,215	Snap-on, Inc.		208,072

				491,211

		Trading Companies & Distributors — 1.0%
	1,897	MSC Industrial Direct Co., Inc., Class A		175,262

		Total Industrials		1,466,955

		Information Technology — 9.7%
		Communications Equipment — 0.9%
	4,049	CommScope Holding Co., Inc. (a)		150,626

		Electronic Equipment, Instruments & Components — 4.5%
	3,019	Amphenol Corp., Class A		202,844
	3,378	Arrow Electronics, Inc. (a)		240,882


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	3,148	CDW Corp.		163,977
	4,486	Keysight Technologies, Inc. (a)		164,062

				771,765

		Internet Software & Services — 0.3%
	3,445	Match Group, Inc. (a)		58,907

		IT Services — 1.3%
	2,418	Jack Henry & Associates, Inc.		214,684

		Semiconductors & Semiconductor Equipment — 1.4%
	1,642	Analog Devices, Inc.		119,235
	1,572	KLA-Tencor Corp.		123,677

				242,912

		Software — 1.3%
	3,937	Synopsys, Inc. (a)		231,750

		Total Information Technology		1,670,644

		Materials — 4.0%
		Chemicals — 0.6%
	393	Sherwin-Williams Co. (The)		105,649

		Containers & Packaging — 3.4%
	2,729	Ball Corp.		204,876
	2,740	Silgan Holdings, Inc.		140,219
	4,718	WestRock Co.		239,548

				584,643

		Total Materials		690,292

		Real Estate — 9.5%
		Equity Real Estate Investment Trusts (REITs) — 9.1%
	1,711	American Campus Communities, Inc.		85,157
	3,289	American Homes 4 Rent, Class A		69,002
	896	AvalonBay Communities, Inc.		158,734
	1,172	Boston Properties, Inc.		147,378
	5,682	Brixmor Property Group, Inc.		138,749
	386	Essex Property Trust, Inc.		89,848
	3,005	General Growth Properties, Inc.		75,058
	1,063	HCP, Inc.		31,589
	6,198	Kimco Realty Corp.		155,950
	4,442	Outfront Media, Inc.		110,463
	3,926	Rayonier, Inc.		104,425
	1,538	Regency Centers Corp.		106,035
	1,743	Vornado Realty Trust		181,892
	3,517	Weyerhaeuser Co.		105,821

				1,560,101

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Management & Development — 0.4%
	2,145	CBRE Group, Inc., Class A (a)		67,543

		Total Real Estate		1,627,644

		Utilities — 8.9%
		Electric Utilities — 3.2%
	2,935	Edison International		211,259
	1,875	Westar Energy, Inc.		105,656
	5,740	Xcel Energy, Inc.		233,624

				550,539

		Gas Utilities — 1.0%
	2,930	National Fuel Gas Co.		165,976

		Multi-Utilities — 4.7%
	7,086	CenterPoint Energy, Inc.		174,590
	5,099	CMS Energy Corp.		212,215
	2,043	Sempra Energy		205,587
	3,576	WEC Energy Group, Inc.		209,740

				802,132

		Total Utilities		1,518,647

		Total Common Stocks (Cost $10,956,028)		16,400,277


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	766,568	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $766,568)		766,568

		Total Investments — 100.2% (Cost $11,722,596)		17,166,845
		Liabilities in Excess of Other Assets — (0.2)%		(27,619	)

		NET ASSETS — 100.0%	$	17,139,226

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 102.6%
	Common Stocks — 88.5%
		Consumer Discretionary — 14.8%
		Automobiles — 0.4%
	21	General Motors Co.		734

		Hotels, Restaurants & Leisure — 5.0%
	12	Darden Restaurants, Inc.		876
	29	Hyatt Hotels Corp., Class A (a)		1,612
	58	International Game Technology plc		1,490
	10	Las Vegas Sands Corp.		537
	34	Restaurant Brands International, Inc., (Canada)		1,620
	9	Vail Resorts, Inc. (j)		1,492
	65	Wendy’s Co. (The)		880

				8,507

		Household Durables — 2.3%
	48	DR Horton, Inc.		1,317
	1	NVR, Inc. (a) (j)		1,085
	28	Tupperware Brands Corp.		1,467

				3,869

		Internet & Direct Marketing Retail — 0.1%
	39	Groupon, Inc. (a)		131

		Media — 1.5%
	5	CBS Corp. (Non-Voting), Class B		337
	20	Sinclair Broadcast Group, Inc., Class A		674
	330	Sirius XM Holdings, Inc.		1,467

				2,478

		Multiline Retail — 1.6%
	12	Dillard’s, Inc., Class A		758
	31	Kohl’s Corp.		1,522
	14	Macy’s, Inc.		491

				2,771

		Specialty Retail — 2.7%
	12	Bed Bath & Beyond, Inc.		506
	35	Best Buy Co., Inc. (j)		1,493
	7	Dick’s Sporting Goods, Inc.		357
	158	Staples, Inc. (j)		1,427
	27	Urban Outfitters, Inc. (a)		756

				4,539

		Textiles, Apparel & Luxury Goods — 1.2%
	13	Michael Kors Holdings Ltd. (a)		554
	16	PVH Corp.		1,455

				2,009

		Total Consumer Discretionary		25,038


SHARES			SECURITY DESCRIPTION	VALUE($)


			Consumer Staples — 5.8%
			Food & Staples Retailing — 1.4%
	20		Sysco Corp.		1,132
	19		Wal-Mart Stores, Inc.		1,296

					2,428

			Food Products — 3.0%
	8		JM Smucker Co. (The)		1,047
	71		Pilgrim’s Pride Corp. (j)		1,356
	6		Post Holdings, Inc. (a)		472
	—	(h)	Seaboard Corp. (a)		692
	25		Tyson Foods, Inc., Class A		1,559

					5,126

			Household Products — 0.8%
	29		Energizer Holdings, Inc.		1,314

			Personal Products — 0.6%
	20		Nu Skin Enterprises, Inc., Class A		978

			Total Consumer Staples		9,846

			Energy — 3.8%
			Energy Equipment & Services — 1.1%
	7		Baker Hughes, Inc.		460
	47		Ensco plc, Class A		453
	11		FMC Technologies, Inc. (a)		400
	40		Seadrill Ltd., (United Kingdom) (a) (j)		135
	23		Superior Energy Services, Inc. (a)		388

					1,836

			Oil, Gas & Consumable Fuels — 2.7%
	76		Denbury Resources, Inc. (a)		279
	28		Devon Energy Corp.		1,301
	25		Marathon Oil Corp.		425
	5		Tesoro Corp.		414
	13		Valero Energy Corp.		909
	12		World Fuel Services Corp. (j)		553
	46		WPX Energy, Inc. (a) (j)		676

					4,557

			Total Energy		6,393

			Financials — 2.9%
			Banks — 1.1%
	9		BOK Financial Corp.		782
	28		Synovus Financial Corp.		1,132

					1,914

			Capital Markets — 1.3%
	4		Morgan Stanley		164

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	20	MSCI, Inc.		1,560
	28	NorthStar Asset Management Group, Inc.		411

				2,135

		Consumer Finance — 0.4%
	36	Navient Corp.		590

		Thrifts & Mortgage Finance — 0.1%
	18	MGIC Investment Corp. (a)		182

		Total Financials		4,821

		Health Care — 11.8%
		Biotechnology — 3.3%
	11	Amgen, Inc. (j)		1,577
	2	Biogen, Inc. (a)		631
	21	Gilead Sciences, Inc. (j)		1,539
	11	United Therapeutics Corp. (a)		1,622
	3	Vertex Pharmaceuticals, Inc. (a) (j)		231

				5,600

		Health Care Equipment & Supplies — 1.9%
	27	Hill-Rom Holdings, Inc.		1,523
	43	Hologic, Inc. (a) (j)		1,722

				3,245

		Health Care Providers & Services — 5.1%
	7	Aetna, Inc.		850
	5	Anthem, Inc. (j)		715
	21	Express Scripts Holding Co. (a) (j)		1,470
	8	Humana, Inc.		1,668
	4	Laboratory Corp. of America Holdings (a)		543
	3	McKesson Corp.		393
	4	Molina Healthcare, Inc. (a)		237
	7	Quest Diagnostics, Inc.		632
	3	UnitedHealth Group, Inc.		520
	12	WellCare Health Plans, Inc. (a)		1,601

				8,629

		Pharmaceuticals — 1.5%
	26	Horizon Pharma plc (a)		427
	22	Mallinckrodt plc (a)		1,120
	28	Pfizer, Inc. (j)		918

				2,465

		Total Health Care		19,939

		Industrials — 13.6%
		Aerospace & Defense — 1.4%
	16	Curtiss-Wright Corp.		1,564


SHARES		SECURITY DESCRIPTION	VALUE($)


		Aerospace & Defense — continued
	5	L-3 Communications Holdings, Inc.		726

				2,290

		Airlines — 1.3%
	6	Copa Holdings SA, (Panama), Class A		502
	20	Delta Air Lines, Inc. (j)		1,001
	10	United Continental Holdings, Inc. (a)		714

				2,217

		Commercial Services & Supplies — 0.8%
	88	Pitney Bowes, Inc.		1,340

		Construction & Engineering — 2.3%
	28	Chicago Bridge & Iron Co. NV		903
	27	Jacobs Engineering Group, Inc. (a)		1,562
	43	Quanta Services, Inc. (a)		1,489

				3,954

		Electrical Equipment — 1.9%
	21	EnerSys		1,607
	23	Regal Beloit Corp.		1,608

				3,215

		Machinery — 1.9%
	49	Allison Transmission Holdings, Inc. (j)		1,652
	11	Parker-Hannifin Corp.		1,540

				3,192

		Professional Services — 0.9%
	6	Dun & Bradstreet Corp. (The)		749
	9	ManpowerGroup, Inc.		842

				1,591

		Road & Rail — 1.2%
	19	Landstar System, Inc.		1,610
	17	Swift Transportation Co. (a)		420

				2,030

		Trading Companies & Distributors — 1.9%
	15	United Rentals, Inc. (a) (j)		1,623
	23	WESCO International, Inc. (a)		1,503

				3,126

		Total Industrials		22,955

		Information Technology — 24.6%
		Communications Equipment — 1.2%
	33	Cisco Systems, Inc. (j)		986
	7	F5 Networks, Inc. (a)		1,067

				2,053

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Electronic Equipment, Instruments & Components — 0.7%
	50		Corning, Inc. (j)		1,221

			Internet Software & Services — 2.3%
	58		eBay, Inc. (a) (j)		1,715
	14		InterActiveCorp (a)		915
	5		j2 Global, Inc.		368
	11		VeriSign, Inc. (a) (j)		829

					3,827

			IT Services — 5.0%
	16		Computer Sciences Corp. (j)		940
	4		DST Systems, Inc.		466
	91		First Data Corp., Class A (a)		1,298
	9		International Business Machines Corp.		1,531
	5		Science Applications International Corp.		413
	60		Teradata Corp. (a)		1,630
	9		Vantiv, Inc., Class A (a)		543
	77		Western Union Co. (The)		1,680

					8,501

			Semiconductors & Semiconductor Equipment — 3.9%
	18		Applied Materials, Inc.		593
	16		Lam Research Corp.		1,737
	38		Marvell Technology Group Ltd., (Bermuda)		530
	28		ON Semiconductor Corp. (a)		356
	27		QUALCOMM, Inc.		1,764
	61		Teradyne, Inc.		1,552

					6,532

			Software — 8.0%
	26		Activision Blizzard, Inc.		927
	52		CA, Inc.		1,643
	60		Cadence Design Systems, Inc. (a)		1,516
	18		Citrix Systems, Inc. (a) (j)		1,619
	27		Microsoft Corp. (j)		1,693
	107		Nuance Communications, Inc. (a) (j)		1,589
	64		Symantec Corp.		1,529
	11		Synopsys, Inc. (a)		648
	16		Take-Two Interactive Software, Inc. (a)		775
	20	��	VMware, Inc., Class A (a)		1,606

					13,545

			Technology Hardware, Storage & Peripherals — 3.5%
	7		Apple, Inc. (j)		782
	101		HP, Inc.		1,500
	51		NCR Corp. (a)		2,078


SHARES		SECURITY DESCRIPTION	VALUE($)


		Technology Hardware, Storage & Peripherals — continued
	44	NetApp, Inc.		1,547

				5,907

		Total Information Technology		41,586

		Materials — 4.4%
		Chemicals — 1.6%
	30	Cabot Corp. (j)		1,526
	42	Huntsman Corp.		798
	4	LyondellBasell Industries NV, Class A		371

				2,695

		Containers & Packaging — 1.2%
	7	Berry Plastics Group, Inc. (a)		319
	8	International Paper Co.		415
	5	Packaging Corp. of America		386
	17	WestRock Co.		839

				1,959

		Metals & Mining — 1.6%
	12	Reliance Steel & Aluminum Co.		974
	47	Steel Dynamics, Inc.		1,655
	4	United States Steel Corp.		146

				2,775

		Total Materials		7,429

		Real Estate — 2.1%
		Equity Real Estate Investment Trusts (REITs) — 2.1%
	38	American Homes 4 Rent, Class A		790
	22	DuPont Fabros Technology, Inc.		973
	18	Equity Commonwealth (a)		547
	141	VEREIT, Inc.		1,191

		Total Real Estate		3,501

		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.8%
	15	CenturyLink, Inc.		363
	18	Verizon Communications, Inc.		963

				1,326

		Wireless Telecommunication Services — 0.2%
	34	Sprint Corp. (a)		290

		Total Telecommunication Services		1,616

		Utilities — 3.7%
		Gas Utilities — 0.7%
	25	UGI Corp. (j)		1,172

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Independent Power & Renewable Electricity Producers — 1.7%
	134	AES Corp.		1,553
	103	NRG Energy, Inc.		1,260

				2,813

		Multi-Utilities — 1.3%
	31	CenterPoint Energy, Inc.		760
	51	MDU Resources Group, Inc.		1,479

				2,239

		Total Utilities		6,224

		Total Common Stocks (Cost $131,393)		149,348

	Short-Term Investment — 14.1%
		Investment Company — 14.1%
	23,704	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $23,704)		23,704

		Total Investments, Before Short Positions — 102.6% (Cost $155,097)		173,052
		Liabilities in Excess of Other Assets — (2.6)%		(4,371	)

		NET ASSETS — 100.0%	$	168,681

	Short Positions — 88.2%
	Common Stocks — 88.2%
		Consumer Discretionary — 16.3%
		Automobiles — 1.1%
	9	Tesla Motors, Inc. (a)		1,816

		Diversified Consumer Services — 1.6%
	69	H&R Block, Inc.		1,586
	32	ServiceMaster Global Holdings, Inc. (a)		1,204

				2,790

		Hotels, Restaurants & Leisure — 3.9%
	4	Chipotle Mexican Grill, Inc. (a)		1,500
	11	Marriott International, Inc., Class A		901
	39	Norwegian Cruise Line Holdings Ltd. (a)		1,655
	13	Royal Caribbean Cruises Ltd.		1,095
	13	Texas Roadhouse, Inc.		630
	9	Wynn Resorts Ltd.		746

				6,527

		Household Durables — 0.7%
	27	Newell Brands, Inc.		1,207


SHARES		SECURITY DESCRIPTION	VALUE($)


		Internet & Direct Marketing Retail — 2.1%
	54	Liberty Interactive Corp. QVC Group, Class A (a)		1,078
	8	Netflix, Inc. (a)		969
	7	TripAdvisor, Inc. (a)		336
	33	Wayfair, Inc., Class A (a)		1,157

				3,540

		Leisure Products — 0.2%
	5	Polaris Industries, Inc.		373

		Media — 2.0%
	8	AMC Entertainment Holdings, Inc., Class A		282
	5	Charter Communications, Inc., Class A (a)		1,472
	31	Lions Gate Entertainment Corp., Class A		845
	31	Lions Gate Entertainment Corp., Class B (a)		771

				3,370

		Specialty Retail — 2.6%
	16	CarMax, Inc. (a)		1,013
	20	L Brands, Inc.		1,292
	4	Signet Jewelers Ltd.		386
	8	TJX Cos., Inc. (The)		603
	14	Tractor Supply Co.		1,051

				4,345

		Textiles, Apparel & Luxury Goods — 2.1%
	32	NIKE, Inc., Class B		1,633
	45	Under Armour, Inc., Class A (a)		1,316
	11	VF Corp.		581

				3,530

		Total Consumer Discretionary		27,498

		Consumer Staples — 4.7%
		Beverages — 1.6%
	22	Brown-Forman Corp., Class B		1,010
	11	Constellation Brands, Inc., Class A		1,690

				2,700

		Food & Staples Retailing — 0.9%
	10	Costco Wholesale Corp.		1,577

		Food Products — 1.3%
	6	Kraft Heinz Co. (The)		539
	41	Snyder’s-Lance, Inc.		1,565

				2,104

		Personal Products — 0.9%
	66	Coty, Inc., Class A		1,209

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Personal Products — continued
	5	Estee Lauder Cos., Inc. (The), Class A		360

				1,569

		Total Consumer Staples		7,950

		Energy — 2.9%
		Oil, Gas & Consumable Fuels — 2.9%
	20	Chevron Corp.		2,378
	22	EQT Corp.		1,411
	52	Kosmos Energy Ltd. (a)		366
	9	Phillips 66		747

		Total Energy		4,902

		Financials — 3.1%
		Banks — 1.4%
	122	People’s United Financial, Inc.		2,354

		Capital Markets — 0.9%
	15	Artisan Partners Asset Management, Inc., Class A		451
	7	Franklin Resources, Inc.		279
	21	Interactive Brokers Group, Inc., Class A		748

				1,478

		Consumer Finance — 0.2%
	16	OneMain Holdings, Inc. (a)		345

		Insurance — 0.6%
	1	Markel Corp. (a)		995

		Total Financials		5,172

		Health Care — 10.0%
		Biotechnology — 1.8%
	13	ACADIA Pharmaceuticals, Inc. (a)		362
	5	Alnylam Pharmaceuticals, Inc. (a)		199
	4	BioMarin Pharmaceutical, Inc. (a)		307
	5	Bluebird Bio, Inc. (a)		327
	2	Intercept Pharmaceuticals, Inc. (a)		217
	12	Juno Therapeutics, Inc. (a)		229
	39	OPKO Health, Inc. (a)		360
	5	Puma Biotechnology, Inc. (a)		146
	1	Regeneron Pharmaceuticals, Inc. (a)		532
	6	Seattle Genetics, Inc. (a)		336

				3,015

		Health Care Equipment & Supplies — 1.6%
	27	DENTSPLY SIRONA, Inc.		1,530
	20	DexCom, Inc. (a)		1,212

				2,742


SHARES		SECURITY DESCRIPTION	VALUE($)


		Health Care Providers & Services — 3.9%
	45	Acadia Healthcare Co., Inc. (a)		1,475
	10	Centene Corp. (a)		541
	26	Envision Healthcare Corp. (a)		1,642
	7	Henry Schein, Inc. (a)		1,009
	6	LifePoint Health, Inc. (a)		352
	34	Team Health Holdings, Inc. (a)		1,491

				6,510

		Health Care Technology — 0.1%
	19	Inovalon Holdings, Inc., Class A (a)		197

		Pharmaceuticals — 2.6%
	11	Bristol-Myers Squibb Co.		643
	58	Catalent, Inc. (a)		1,571
	4	Perrigo Co. plc		364
	34	Zoetis, Inc.		1,808

				4,386

		Total Health Care		16,850

		Industrials — 15.1%
		Aerospace & Defense — 2.7%
	13	Arconic, Inc.		246
	33	Hexcel Corp.		1,692
	19	Orbital ATK, Inc.		1,674
	4	TransDigm Group, Inc.		965

				4,577

		Airlines — 1.0%
	30	Spirit Airlines, Inc. (a)		1,717

		Building Products — 1.3%
	39	Armstrong World Industries, Inc. (a)		1,630
	11	Fortune Brands Home & Security, Inc.		612

				2,242

		Commercial Services & Supplies — 1.9%
	108	Covanta Holding Corp.		1,679
	31	Rollins, Inc.		1,052
	6	Stericycle, Inc. (a)		458

				3,189

		Electrical Equipment — 0.9%
	6	Acuity Brands, Inc.		1,426

		Industrial Conglomerates — 0.5%
	26	General Electric Co.		811

		Machinery — 3.0%
	42	ITT, Inc.		1,611
	7	Middleby Corp. (The) (a)		921

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Machinery — continued
	10	Snap-on, Inc.		1,648
	33	Trinity Industries, Inc.		911

				5,091

		Marine — 0.2%
	5	Kirby Corp. (a)		359

		Road & Rail — 2.1%
	5	AMERCO		1,802
	12	Genesee & Wyoming, Inc., Class A (a)		819
	6	Old Dominion Freight Line, Inc. (a)		532
	5	Ryder System, Inc.		409

				3,562

		Trading Companies & Distributors — 1.5%
	35	Fastenal Co.		1,647
	4	WW Grainger, Inc.		912

				2,559

		Total Industrials		25,533

		Information Technology — 25.5%
		Communications Equipment — 1.1%
	6	EchoStar Corp., Class A (a)		313
	23	ViaSat, Inc. (a)		1,520

				1,833

		Electronic Equipment, Instruments & Components — 5.0%
	26	Amphenol Corp., Class A		1,774
	37	CDW Corp.		1,922
	60	Fitbit, Inc., Class A (a)		437
	22	Keysight Technologies, Inc. (a)		796
	6	Littelfuse, Inc.		915
	63	National Instruments Corp.		1,929
	36	VeriFone Systems, Inc. (a)		641

				8,414

		Internet Software & Services — 1.7%
	2	CoStar Group, Inc. (a)		306
	5	Facebook, Inc., Class A (a)		564
	134	Pandora Media, Inc. (a)		1,744
	8	Zillow Group, Inc., Class C (a)		284

				2,898

		IT Services — 6.3%
	18	Broadridge Financial Solutions, Inc.		1,172
	26	EPAM Systems, Inc. (a)		1,698
	21	Fidelity National Information Services, Inc.		1,622
	22	Genpact Ltd. (a)		527


SHARES			SECURITY DESCRIPTION	VALUE($)


			IT Services — continued
	11		Global Payments, Inc.		772
	9		Jack Henry & Associates, Inc.		806
	30		MAXIMUS, Inc.		1,656
	13		Paychex, Inc.		764
	65		Sabre Corp.		1,611

					10,628

			Semiconductors & Semiconductor Equipment — 4.8%
	76		Advanced Micro Devices, Inc. (a)		858
	28		Cavium, Inc. (a)		1,769
	50		First Solar, Inc. (a)		1,620
	38		Micron Technology, Inc. (a)		838
	35		Microsemi Corp. (a)		1,908
	11		Monolithic Power Systems, Inc.		930
	4		Versum Materials, Inc. (a)		98

					8,021

			Software — 6.6%
	5		Autodesk, Inc. (a)		346
	15		Blackbaud, Inc.		960
	15		Ellie Mae, Inc. (a)		1,261
	80		FireEye, Inc. (a)		949
	30		Guidewire Software, Inc. (a)		1,474
	16		salesforce.com, Inc. (a)		1,082
	44		SS&C Technologies Holdings, Inc.		1,263
	10		Tyler Technologies, Inc. (a)		1,481
	8		Ultimate Software Group, Inc. (The) (a)		1,445
	14		Workday, Inc., Class A (a)		907

					11,168

			Total Information Technology		42,962

			Materials — 5.0%
			Chemicals — 2.0%
	5		Air Products & Chemicals, Inc.		750
	52		CF Industries Holdings, Inc.		1,634
	8		Praxair, Inc.		957

					3,341

			Containers & Packaging — 0.9%
	21		Ball Corp.		1,586

			Metals & Mining — 2.1%
	–	(h)	Alcoa Corp.		—	(h)
	19		Compass Minerals International, Inc.		1,492
	48		Southern Copper Corp., (Peru)		1,537

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	35

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Metals & Mining — continued
	52	Tahoe Resources, Inc.		491

				3,520

		Total Materials		8,447

		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
	17	Life Storage, Inc.		1,426

		Real Estate Management & Development — 1.0%
	38	CBRE Group, Inc., Class A (a)		1,193
	5	Jones Lang LaSalle, Inc.		553

				1,746

		Total Real Estate		3,172

		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 0.9%
	438	Frontier Communications Corp.		1,482


SHARES		SECURITY DESCRIPTION	VALUE($)


		Wireless Telecommunication Services — 0.4%
	25	Telephone & Data Systems, Inc.		716

		Total Telecommunication Services		2,198

		Utilities — 2.4%
		Gas Utilities — 0.4%
	9	Atmos Energy Corp.		642

		Multi-Utilities — 2.0%
	24	Dominion Resources, Inc.		1,803
	15	Sempra Energy		1,550

				3,353

		Total Utilities		3,995

		Total Securities Sold Short (Proceeds $146,326)		$148,679

Percentages indicated are based on net assets.


Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(2	)	E-mini S&P 500		03/17/17		USD	$	(223	)	$	—	(h)
	(3	)	S&P Mid Cap 400		03/17/17		USD		(498	)		11

											$	11

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 15.1%
		Distributors — 1.0%
	1,144	Genuine Parts Co.		109,259

		Hotels, Restaurants & Leisure — 1.9%
	880	Brinker International, Inc.		43,576
	3,486	Hilton Worldwide Holdings, Inc.		94,819
	2,933	La Quinta Holdings, Inc. (a)		41,678
	890	Red Rock Resorts, Inc., Class A		20,637

				200,710

		Household Durables — 0.4%
	1,045	Newell Brands, Inc.		46,681

		Internet & Direct Marketing Retail — 0.7%
	681	Expedia, Inc.		77,166

		Media — 5.3%
	1,293	CBS Corp. (Non-Voting), Class B		82,254
	316	Charter Communications, Inc., Class A (a)		91,094
	3,835	Clear Channel Outdoor Holdings, Inc., Class A		19,369
	2,466	DISH Network Corp., Class A (a)		142,862
	2,648	Entercom Communications Corp., Class A		40,511
	2,982	Media General, Inc. (a)		56,147
	598	Nexstar Broadcasting Group, Inc., Class A		37,854
	1,127	Sinclair Broadcast Group, Inc., Class A		37,592
	605	Time Warner, Inc.		58,382

				566,065

		Multiline Retail — 0.8%
	1,722	Kohl’s Corp.		85,008

		Specialty Retail — 4.0%
	96	AutoZone, Inc. (a)		76,072
	1,426	Bed Bath & Beyond, Inc.		57,965
	1,632	Best Buy Co., Inc.		69,617
	2,038	Gap, Inc. (The)		45,735
	612	Home Depot, Inc. (The)		82,005
	1,239	Tiffany & Co.		95,928

				427,322

		Textiles, Apparel & Luxury Goods — 1.0%
	940	Columbia Sportswear Co.		54,796
	2,230	Hanesbrands, Inc.		48,106

				102,902

		Total Consumer Discretionary		1,615,113

		Consumer Staples — 6.0%
		Beverages — 1.0%
	798	Dr Pepper Snapple Group, Inc.		72,325
	396	Molson Coors Brewing Co., Class B		38,505

				110,830


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — 1.6%
	1,291	CVS Health Corp.		101,834
	2,047	Kroger Co. (The)		70,642

				172,476

		Food Products — 1.5%
	639	Amplify Snack Brands, Inc. (a)		5,628
	958	Post Holdings, Inc. (a)		77,031
	1,057	TreeHouse Foods, Inc. (a)		76,339

				158,998

		Household Products — 1.4%
	829	Energizer Holdings, Inc.		36,997
	1,285	Procter & Gamble Co. (The)		108,044

				145,041

		Personal Products — 0.5%
	2,616	Coty, Inc., Class A		47,899

		Total Consumer Staples		635,244

		Energy — 7.2%
		Oil, Gas & Consumable Fuels — 7.2%
	1,813	ConocoPhillips		90,899
	1,227	EQT Corp.		80,254
	2,771	Exxon Mobil Corp.		250,146
	4,403	Kinder Morgan, Inc.		91,188
	1,952	Marathon Petroleum Corp.		98,283
	2,118	PBF Energy, Inc., Class A		59,052
	1,114	Phillips 66		96,295

		Total Energy		766,117

		Financials — 32.4%
		Banks — 15.7%
	12,722	Bank of America Corp.		281,154
	2,188	Citigroup, Inc.		130,017
	3,393	Citizens Financial Group, Inc.		120,900
	2,690	Fifth Third Bancorp		72,539
	773	First Republic Bank		71,259
	1,003	M&T Bank Corp.		156,891
	1,360	PNC Financial Services Group, Inc. (The)		159,019
	2,425	SunTrust Banks, Inc.		133,017
	2,276	US Bancorp		116,923
	7,827	Wells Fargo & Co.		431,335

				1,673,054

		Capital Markets — 3.8%
	1,920	Charles Schwab Corp. (The)		75,763
	1,679	Invesco Ltd.		50,950
	1,983	Morgan Stanley		83,765

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	37

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	855	Northern Trust Corp.		76,166
	1,551	T Rowe Price Group, Inc.		116,761

				403,405

		Consumer Finance — 3.0%
	3,982	Ally Financial, Inc.		75,734
	2,841	Capital One Financial Corp.		247,831

				323,565

		Insurance — 9.9%
	44	Alleghany Corp. (a)		26,541
	1,470	Allied World Assurance Co. Holdings AG		78,975
	2,770	American International Group, Inc.		180,895
	748	Chubb Ltd.		98,840
	2,229	CNO Financial Group, Inc.		42,683
	2,632	Hartford Financial Services Group, Inc. (The)		125,434
	4,847	Loews Corp.		226,977
	448	Marsh & McLennan Cos., Inc.		30,267
	526	Prudential Financial, Inc.		54,746
	921	Travelers Cos., Inc. (The)		112,798
	1,858	Unum Group		81,609

				1,059,765

		Total Financials		3,459,789

		Health Care — 9.0%
		Health Care Providers & Services — 3.1%
	919	Aetna, Inc.		113,907
	275	Cigna Corp.		36,656
	1,059	HCA Holdings, Inc. (a)		78,372
	676	UnitedHealth Group, Inc.		108,139

				337,074

		Pharmaceuticals — 5.9%
	250	Allergan plc (a)		52,586
	1,468	Johnson & Johnson		169,117
	2,577	Merck & Co., Inc.		151,726
	7,793	Pfizer, Inc.		253,107

				626,536

		Total Health Care		963,610

		Industrials — 6.3%
		Aerospace & Defense — 1.2%
	1,101	United Technologies Corp.		120,681

		Airlines — 1.6%
	3,509	Delta Air Lines, Inc.		172,613

		Industrial Conglomerates — 2.0%
	964	Carlisle Cos., Inc.		106,311


SHARES		SECURITY DESCRIPTION	VALUE($)

		Industrial Conglomerates — continued
	936	Honeywell International, Inc.		108,482

				214,793

		Machinery — 1.5%
	1,030	Dover Corp.		77,170
	670	Illinois Tool Works, Inc.		82,097

				159,267

		Total Industrials		667,354

		Information Technology — 7.0%
		Communications Equipment — 1.1%
	3,800	Cisco Systems, Inc.		114,836

		Electronic Equipment, Instruments & Components — 0.7%
	1,025	Arrow Electronics, Inc. (a)		73,112

		IT Services — 0.5%
	1,477	PayPal Holdings, Inc. (a)		58,313

		Semiconductors & Semiconductor Equipment — 2.7%
	832	KLA-Tencor Corp.		65,454
	1,247	QUALCOMM, Inc.		81,301
	1,941	Texas Instruments, Inc.		141,642

				288,397

		Software — 1.3%
	2,180	Microsoft Corp.		135,440

		Technology Hardware, Storage & Peripherals — 0.7%
	3,134	Hewlett Packard Enterprise Co.		72,514

		Total Information Technology		742,612

		Materials — 3.8%
		Chemicals — 0.2%
	1,124	AdvanSix, Inc. (a)		24,896

		Construction Materials — 0.8%
	369	Martin Marietta Materials, Inc.		81,780

		Containers & Packaging — 2.3%
	1,400	Ball Corp.		105,068
	3,462	Graphic Packaging Holding Co.		43,206
	2,022	WestRock Co.		102,667

				250,941

		Paper & Forest Products — 0.5%
	2,334	KapStone Paper and Packaging Corp.		51,467

		Total Materials		409,084

		Real Estate — 4.5%
		Equity Real Estate Investment Trusts (REITs) — 4.1%
	3,446	American Homes 4 Rent, Class A		72,306
	2,676	Brixmor Property Group, Inc.		65,343

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	678	EastGroup Properties, Inc.		50,086
	2,340	Kimco Realty Corp.		58,872
	2,325	Outfront Media, Inc.		57,823
	3,257	Rayonier, Inc.		86,624
	1,414	Weyerhaeuser Co.		42,532

				433,586

		Real Estate Management & Development — 0.4%
	1,337	CBRE Group, Inc., Class A (a)		42,102

		Total Real Estate		475,688

		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 0.9%
	1,778	Verizon Communications, Inc.		94,905

		Wireless Telecommunication Services — 0.5%
	918	T-Mobile US, Inc. (a)		52,771

		Total Telecommunication Services		147,676

		Utilities — 5.8%
		Electric Utilities — 5.2%
	1,684	American Electric Power Co., Inc.		105,993
	1,146	Duke Energy Corp.		88,945
	1,083	Edison International		77,997
	1,262	Eversource Energy		69,678


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electric Utilities — continued
	937	NextEra Energy, Inc.		111,910
	2,658	Xcel Energy, Inc.		108,184

				562,707

		Multi-Utilities — 0.6%
	611	Sempra Energy		61,451

		Total Utilities		624,158

		Total Common Stocks (Cost $7,965,649)		10,506,445

	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	184,644	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $184,644)		184,644

		Total Investments — 100.2% (Cost $8,150,293)		10,691,089
		Liabilities in Excess of Other Assets — (0.2)%		(23,371	)

		NET ASSETS — 100.0%	$	10,667,718

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	39

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

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)


USD		— United States Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)		— Amount rounds to less than 500.
(j)		— All or a portion of the security is segregated for short sales. The total value of securities and cash segregated as collateral is approximately $26,810,000 and $150,134,000, respectively.
(l)		— The rate shown is the current yield as of December 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	5,982,852	$	2,516,512		$	2,658,585
Investments in affiliates, at value		108,763		89,081			63,672

Total investment securities, at value		6,091,615		2,605,593			2,722,257
Cash		—		—			—	(a)
Receivables:
Investment securities sold		—		932			1,984
Fund shares sold		26,991		3,738			5,887
Dividends from non-affiliates		1,062		2,372			720
Dividends from affiliates		40		27			17

Total Assets		6,119,708		2,612,662			2,730,865


LIABILITIES:
Payables:
Due to custodian		48		—			—
Fund shares redeemed		12,242		1,850			10,471
Accrued liabilities:
Investment advisory fees		3,381		1,435			1,481
Administration fees		423		182			177
Distribution fees		698		94			259
Shareholder servicing fees		395		73			138
Custodian and accounting fees		39		22			17
Trustees’ and Chief Compliance Officer’s fees		23		—	(a)		1
Printing and mailing cost		164		302			132
Sub-transfer agency fees		460		368			555
Other		175		19			98

Total Liabilities		18,048		4,345			13,329

Net Assets	$	6,101,660	$	2,608,317		$	2,717,536

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	4,766,757		$	2,002,213		$	2,352,244
Accumulated undistributed (distributions in excess of) net investment income		(20,692	)		(582	)		(10,014	)
Accumulated net realized gains (losses)		(100,034	)		(28,323	)		(42,108	)
Net unrealized appreciation (depreciation)		1,455,629			635,009			417,414

Total Net Assets	$	6,101,660		$	2,608,317		$	2,717,536


Net Assets:
Class A	$	1,549,154		$	342,456		$	871,922
Class C		556,435			30,577			87,166
Class R2		—			612			31,668
Class R3		—			—			20
Class R4		—			—			20
Class R5		79,977			2,788			220,600
Class R6		2,839,301			1,550,055			627,006
Select Class		1,076,793			681,829			879,134

Total	$	6,101,660		$	2,608,317		$	2,717,536


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		102,096			7,808			35,957
Class C		41,070			717			4,434
Class R2		—			14			1,205
Class R3		—			—			1
Class R4		—			—			1
Class R5		5,073			63			7,953
Class R6		179,468			34,933			22,534
Select Class		69,309			15,376			31,975

Net Asset Value (a):
Class A — Redemption price per share	$	15.17		$	43.86		$	24.25
Class C — Offering price per share (b)		13.55			42.63			19.66
Class R2 — Offering and redemption price per share		—			43.62			26.28
Class R3 — Offering and redemption price per share		—			—			27.47
Class R4 — Offering and redemption price per share		—			—			27.49
Class R5 — Offering and redemption price per share		15.77			44.37			27.74
Class R6 — Offering and redemption price per share		15.82			44.37			27.82
Select Class — Offering and redemption price per share		15.54			44.34			27.49
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.01		$	46.29		$	25.59


Cost of investments in non-affiliates	$	4,527,223		$	1,881,503		$	2,241,171
Cost of investments in affiliates		108,763			89,081			63,672

(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.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	43

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	16,400,277	$	149,348	$	10,506,445
Investments in affiliates, at value		766,568		23,704		184,644

Total investment securities, at value		17,166,845		173,052		10,691,089
Restricted cash		—		20		—
Cash		—		116		205
Deposits at broker for futures contracts		—		170		—
Deposits at broker for securities sold short		—		150,134		—
Receivables:
Investment securities sold		—		4,707		—
Fund shares sold		49,870		111		21,275
Dividends from non-affiliates		26,677		157		9,845
Dividends from affiliates		221		7		60
Variation margin on futures contracts		—		3		—

Total Assets		17,243,613		328,477		10,722,474


LIABILITIES:
Payables:
Due to custodian		3		—		—
Securities sold short, at value		—		148,679		—
Dividend expense to non-affiliates on securities sold short		—		97		—
Investment securities purchased		—		5,572		8,040
Interest expense to non-affiliates on securities sold short		—		7		—
Fund shares redeemed		88,922		5,258		37,115
Accrued liabilities:
Investment advisory fees		8,550		95		5,772
Administration fees		1,195		—		738
Distribution fees		862		5		888
Shareholder servicing fees		582		37		488
Custodian and accounting fees		27		7		43
Trustees’ and Chief Compliance Officer’s fees		92		—		52
Printing and mailing cost		369		6		205
Sub-transfer agency fees		3,402		7		1,283
Other		383		26		132

Total Liabilities		104,387		159,796		54,756

Net Assets	$	17,139,226	$	168,681	$	10,667,718

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	11,684,022		$	162,075		$	8,286,153
Accumulated undistributed (distributions in excess of) net investment income		(3,386	)		(1,306	)		92
Accumulated net realized gains (losses)		14,341			(7,701	)		(159,323	)
Net unrealized appreciation (depreciation)		5,444,249			15,613			2,540,796

Total Net Assets	$	17,139,226		$	168,681		$	10,667,718


Net Assets:
Class A	$	2,251,296		$	5,411		$	1,854,162
Class C		531,177			5,220			771,589
Class L (formerly Institutional Class)		11,574,107			—			3,666,117
Class R2		66,949			—			—
Class R3		21			—			22
Class R4		21			—			22
Class R5		21			—			22
Class R6		51,221			—			2,937,216
Select Class		2,664,413			158,050			1,438,568

Total	$	17,139,226		$	168,681		$	10,667,718


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		63,169			538			57,784
Class C		15,463			555			24,131
Class L (formerly Institutional Class)		317,972			—			113,733
Class R2		1,952			—			—
Class R3		1			—			1
Class R4		1			—			1
Class R5		—	(a)		—			1
Class R6		1,408			—			91,192
Select Class		74,010			15,351			44,593

Net Asset Value (b):
Class A — Redemption price per share	$	35.64		$	10.05		$	32.09
Class C — Offering price per share (c)		34.35			9.41			31.97
Class L (formerly Institutional Class) — Offering and redemption price per share		36.40			—			32.23
Class R2 — Offering and redemption price per share		34.30			—			—
Class R3 — Offering and redemption price per share		35.50			—			31.94
Class R4 — Offering and redemption price per share		35.93			—			32.20
Class R5 — Offering and redemption price per share		36.38			—			32.21
Class R6 — Offering and redemption price per share		36.38			—			32.21
Select Class — Offering and redemption price per share		36.00			10.30			32.26
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)]	$	37.61		$	10.61		$	33.87


Cost of investments in non-affiliates	$	10,956,028		$	131,393		$	7,965,649
Cost of investments in affiliates		766,568			23,704			184,644
Proceeds from securities sold short		—			146,326			—

(a)	Amount rounds to less than 500.

(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.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	19,013		$	14,188		$	8,513
Dividend income from affiliates		224			149			75
Interest income from affiliates		4			2			1

Total investment income		19,241			14,339			8,589


EXPENSES:
Investment advisory fees		20,035			8,184			9,286
Administration fees		2,524			1,031			1,170
Distribution fees:
Class A		2,051			435			1,177
Class C		2,243			121			356
Class R2		—			2			67
Class R3 (a)		—			—			—	(b)
Shareholder servicing fees:
Class A		2,051			435			1,177
Class C		748			40			119
Class R2		—			1			33
Class R3 (a)		—			—			—	(b)
Class R4 (a)		—			—			—	(b)
Class R5		21			1			56
Select Class		1,254			817			1,159
Custodian and accounting fees		93			42			46
Interest expense to affiliates		—	(b)		—			—
Professional fees		57			32			36
Trustees’ and Chief Compliance Officer’s fees		34			16			16
Printing and mailing costs		142			181			111
Registration and filing fees		118			25			57
Transfer agency fees (See Note 2.E.)		103			24			229
Sub-transfer agency fees (See Note 2.E.)		1,244			695			1,129
Other		93			25			33

Total expenses		32,811			12,107			16,257

Less fees waived		(1,290	)		(1,193	)		(1,811	)
Less expense reimbursements		(2	)		(16	)		(63	)

Net expenses		31,519			10,898			14,383

Net investment income (loss)		(12,278	)		3,441			(5,794	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from Investments in non-affiliates		121,384			28,273			2,613
Change in net unrealized appreciation/depreciation on Investments in non-affiliates		206,479			103,262			107,428

Net realized/unrealized gains (losses)		327,863			131,535			110,041

Change in net assets resulting from operations	$	315,585		$	134,976		$	104,247

(a)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	136,448		$	1,208		$	109,051
Dividend income from affiliates		1,159			28			314
Interest income from affiliates		11			—	(a)		7

Total investment income		137,618			1,236			109,372


EXPENSES:
Investment advisory fees		53,416			728			33,576
Administration fees		6,728			74			4,229
Distribution fees:
Class A		2,856			8			2,423
Class C		2,054			21			2,795
Class R2		165			—			—
Class R3 (b)		—	(a)		—			—	(a)
Shareholder servicing fees:
Class A		2,856			8			2,423
Class C		685			7			931
Class L (formerly Institutional Class)		5,486			—			2,620
Class R2		82			—			—
Class R3 (b)		—	(a)		—			—	(a)
Class R4 (b)		—	(a)		—			—	(a)
Class R5 (b)		—	(a)		—			—	(a)
Select Class		3,176			213			1,705
Custodian and accounting fees		179			17			129
Interest expense to affiliates		—	(a)		—			—
Professional fees		250			28			173
Trustees’ and Chief Compliance Officer’s fees		91			13			57
Printing and mailing costs		476			5			336
Registration and filing fees		70			20			146
Transfer agency fees (See Note 2.E.)		510			3			128
Sub-transfer agency fees (See Note 2.E.)		7,066			13			2,608
Other		265			5			104
Dividend expense to non-affiliates on securities sold short		—			1,032			—
Interest expense to non-affiliates on securities sold short		—			10			—

Total expenses		86,411			2,205			54,383

Less fees waived		(10,894	)		(246	)		(5,313	)
Less expense reimbursements		(2,674	)		—			(183	)

Net expenses		72,843			1,959			48,887

Net investment income (loss)		64,775			(723	)		60,485


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		231,604			12,295			69,076
Futures		—			(180	)		—
Securities sold short		—			(8,721	)		—

Net realized gain (loss)		231,604			3,394			69,076

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		892,882			4,021			1,138,209
Futures		—			41			—
Securities sold short		—			(3,811	)		—

Change in net unrealized appreciation/depreciation		892,882			251			1,138,209

Net realized/unrealized gains (losses)		1,124,486			3,645			1,207,285

Change in net assets resulting from operations	$	1,189,261		$	2,922		$	1,267,770

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund and Value Advantage Fund.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	47

SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)		$	(12,278	)	$	(20,440	)	$	3,441		$	8,836
Net realized gain (loss)			121,384			(145,387	)		28,273			58,144
Change in net unrealized appreciation/depreciation			206,479			(181,585	)		103,262			(300,510	)

Change in net assets resulting from operations			315,585			(347,412	)		134,976			(233,530	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income			—			—			(356	)		(182	)
From net realized gains			—			(57,173	)		(10,459	)		(12,309	)
Class C
From net realized gains	��		—			(20,218	)		(964	)		(1,246	)
Class R2
From net investment income			—			—			—	(a)		—
From net realized gains			—			—			(19	)		(39	)
Class R5
From net investment income			—			—			(9	)		(7	)
From net realized gains			—			(2,457	)		(84	)		(147	)
Class R6
From net investment income			—			—			(5,206	)		(3,761	)
From net realized gains			—			(86,200	)		(46,392	)		(61,528	)
Select Class
From net investment income			—			—			(1,827	)		(2,603	)
From net realized gains			—			(48,267	)		(20,374	)		(75,744	)

Total distributions to shareholders			—			(214,315	)		(85,690	)		(157,566	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions			(177,525	)		1,337,047			194,682			(547,848	)


NET ASSETS:
Change in net assets			138,060			775,320			243,968			(938,944	)
Beginning of period			5,963,600			5,188,280			2,364,349			3,303,293

End of period		$	6,101,660		$	5,963,600		$	2,608,317		$	2,364,349

Accumulated undistributed (distributions in excess of) net investment income		$	(20,692	)	$	(8,414	)	$	(582	)	$	3,375

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(5,794	)	$	(11,080	)	$	64,775		$	133,064
Net realized gain (loss)		2,613			181,344			231,604			921,071
Change in net unrealized appreciation/depreciation		107,428			(478,421	)		892,882			(753,064	)

Change in net assets resulting from operations		104,247			(308,157	)		1,189,261			301,071


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(9,018	)		(9,590	)
From net realized gains		(449	)		(56,339	)		(135,546	)		(130,210	)
Class C
From net realized gains		(55	)		(6,714	)		(33,147	)		(31,402	)
Class L (formerly Institutional Class)
From net investment income		—			—			(100,129	)		(89,774	)
From net realized gains		—			—			(669,173	)		(526,794	)
Class R2
From net investment income		—			—			(133	)		(113	)
From net realized gains		(11	)		(1,533	)		(4,114	)		(3,769	)
Class R3 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—	(b)		—			(1	)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—	(b)		—			(1	)		—
Class R5 (c)
From net investment income		—			—			—	(b)		—
From net realized gains		(96	)		(8,974	)		(1	)		—
Class R6 (c)
From net investment income		—			—			(437	)		—
From net realized gains		(275	)		(23,518	)		(2,480	)		—
Select Class
From net investment income		—			—			(17,549	)		(14,584	)
From net realized gains		(390	)		(50,435	)		(155,821	)		(117,229	)

Total distributions to shareholders		(1,276	)		(147,513	)		(1,127,550	)		(923,465	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(236,918	)		244,627			1,513,373			227,463


NET ASSETS:
Change in net assets		(133,947	)		(211,043	)		1,575,084			(394,931	)
Beginning of period		2,851,483			3,062,526			15,564,142			15,959,073

End of period	$	2,717,536		$	2,851,483		$	17,139,226		$	15,564,142

Accumulated undistributed (distributions in excess of) net investment income	$	(10,014	)	$	(4,220	)	$	(3,386	)	$	59,105

(a)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(723	)	$	(1,875	)	$	60,485		$	137,198
Net realized gain (loss)		3,394			30,953			69,076			(206,123	)
Change in net unrealized appreciation/depreciation		251			(24,115	)		1,138,209			(248,822	)

Change in net assets resulting from operations		2,922			4,963			1,267,770			(317,747	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(17,004	)		(13,377	)
From net realized gains		—			—			—			(22,474	)
Class C
From net investment income		—			—			(4,071	)		(1,450	)
From net realized gains		—			—			—			(7,412	)
Class L (formerly Institutional Class)
From net investment income		—			—			(51,645	)		(77,515	)
From net realized gains		—			—			—			(69,917	)
Class R3 (a)
From net investment income		—			—			—	(b)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
Class R5 (a)
From net investment income		—			—			—	(b)		—
Class R6 (a)
From net investment income		—			—			(44,017	)		—
Select Class
From net investment income		—			—			(17,338	)		(9,572	)
From net realized gains		—			—			—			(14,779	)

Total distributions to shareholders		—			—			(134,075	)		(216,496	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(22,344	)		(107,540	)		(556,928	)		(669,313	)


NET ASSETS:
Change in net assets		(19,422	)		(102,577	)		576,767			(1,203,556	)
Beginning of period		188,103			290,680			10,090,951			11,294,507

End of period	$	168,681		$	188,103		$	10,667,718		$	10,090,951

Accumulated undistributed (distributions in excess of) net investment income	$	(1,306	)	$	(583	)	$	92		$	73,682

(a)	Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Growth Advantage Fund						Mid Cap Equity Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	188,879		$	1,090,924		$	61,012		$	174,026
Distributions reinvested		—			56,255			10,790			12,454
Cost of shares redeemed		(368,058	)		(535,940	)		(71,804	)		(64,301	)

Change in net assets resulting from Class A capital transactions	$	(179,179	)	$	611,239		$	(2	)	$	122,179

Class C
Proceeds from shares issued	$	46,807		$	406,222		$	3,978		$	12,272
Distributions reinvested		—			18,351			964			1,246
Cost of shares redeemed		(113,829	)		(105,053	)		(7,018	)		(4,843	)

Change in net assets resulting from Class C capital transactions	$	(67,022	)	$	319,520		$	(2,076	)	$	8,675

Class R2
Proceeds from shares issued	$	—		$	—		$	58		$	235
Distributions reinvested		—			—			13			27
Cost of shares redeemed		—			—			(163	)		(320	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(92	)	$	(58	)

Class R5
Proceeds from shares issued	$	6,213		$	41,933		$	200		$	2,174
Distributions reinvested		—			2,457			93			154
Cost of shares redeemed		(12,969	)		(15,257	)		(400	)		(861	)

Change in net assets resulting from Class R5 capital transactions	$	(6,756	)	$	29,133		$	(107	)	$	1,467

Class R6
Proceeds from shares issued	$	86,020		$	708,587		$	115,360		$	260,148
Distributions reinvested		—			83,297			51,255			65,041
Cost of shares redeemed		(116,347	)		(290,712	)		(16,215	)		(112,907	)

Change in net assets resulting from Class R6 capital transactions	$	(30,327	)	$	501,172		$	150,400		$	212,282

Select Class
Proceeds from shares issued	$	345,180		$	709,570		$	146,597		$	250,507
Distributions reinvested		—			31,907			19,260			64,677
Cost of shares redeemed		(239,421	)		(865,494	)		(119,298	)		(1,207,577	)

Change in net assets resulting from Select Class capital transactions	$	105,759		$	(124,017	)	$	46,559		$	(892,393	)

Total change in net assets resulting from capital transactions	$	(177,525	)	$	1,337,047		$	194,682		$	(547,848	)



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		12,479			73,064			1,376			4,101
Reinvested		—			3,824			244			299
Redeemed		(24,307	)		(37,546	)		(1,621	)		(1,522	)

Change in Class A Shares		(11,828	)		39,342			(1	)		2,878

Class C
Issued		3,456			30,118			92			297
Reinvested		—			1,389			22			30
Redeemed		(8,409	)		(8,092	)		(163	)		(116	)

Change in Class C Shares		(4,953	)		23,415			(49	)		211

Class R2
Issued		—			—			2			6
Reinvested		—			—			—	(a)		1
Redeemed		—			—			(4	)		(8	)

Change in Class R2 Shares		—			—			(2	)		(1	)

Class R5
Issued		396			2,743			5			47
Reinvested		—			161			2			4
Redeemed		(829	)		(1,010	)		(9	)		(20	)

Change in Class R5 Shares		(433	)		1,894			(2	)		31

Class R6
Issued		5,472			47,326			2,591			6,062
Reinvested		—			5,459			1,142			1,544
Redeemed		(7,391	)		(19,751	)		(361	)		(2,766	)

Change in Class R6 Shares		(1,919	)		33,034			3,372			4,840

Select Class
Issued		22,236			46,757			3,272			5,728
Reinvested		—			2,122			430			1,536
Redeemed		(15,495	)		(62,228	)		(2,664	)		(30,292	)

Change in Select Class Shares		6,741			(13,349	)		1,038			(23,028	)

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Mid Cap Growth Fund						Mid Cap Value Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	51,650		$	297,295		$	221,785		$	358,763
Distributions reinvested		434			54,215			131,660			127,887
Cost of shares redeemed		(162,932	)		(221,243	)		(421,765	)		(694,701	)

Change in net assets resulting from Class A capital transactions	$	(110,848	)	$	130,267		$	(68,320	)	$	(208,051	)

Class C
Proceeds from shares issued	$	5,972		$	56,492		$	15,892		$	28,896
Distributions reinvested		49			5,744			26,948			25,199
Cost of shares redeemed		(18,693	)		(23,954	)		(65,004	)		(73,557	)

Change in net assets resulting from Class C capital transactions	$	(12,672	)	$	38,282		$	(22,164	)	$	(19,462	)

Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	1,871,498		$	2,148,891
Distributions reinvested		—			—			668,444			515,077
Cost of shares redeemed		—			—			(1,312,613	)		(2,275,447	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	1,227,329		$	388,521

Class R2
Proceeds from shares issued	$	11,937		$	31,035		$	7,937		$	14,006
Distributions reinvested		10			1,494			3,909			3,715
Cost of shares redeemed		(13,431	)		(6,825	)		(11,362	)		(20,042	)

Change in net assets resulting from Class R2 capital transactions	$	(1,484	)	$	25,704		$	484		$	(2,321	)

Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	20		$	—
Distributions reinvested		—	(b)		—			1			—

Change in net assets resulting from Class R3 capital transactions	$	20		$	—		$	21		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	20		$	—
Distributions reinvested		—	(b)		—			1			—

Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	21		$	—

Class R5 (c)
Proceeds from shares issued	$	15,729		$	120,489		$	20		$	—
Distributions reinvested		91			8,974			1			—
Cost of shares redeemed		(28,098	)		(42,206	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(12,278	)	$	87,257		$	21		$	—

Class R6 (c)
Proceeds from shares issued	$	85,459		$	509,276		$	49,833		$	—
Distributions reinvested		274			23,176			2,917			—
Cost of shares redeemed		(101,162	)		(120,874	)		(864	)		—

Change in net assets resulting from Class R6 capital transactions	$	(15,429	)	$	411,578		$	51,886		$	—

Select Class
Proceeds from shares issued	$	140,441		$	596,426		$	471,695		$	575,208
Distributions reinvested		339			41,535			157,140			119,621
Cost of shares redeemed		(225,027	)		(484,304	)		(304,740	)		(626,053	)
Redemptions in-kind (See Note 7)		—			(602,118	)		—			—

Change in net assets resulting from Select Class capital transactions	$	(84,247	)	$	(448,461	)	$	324,095		$	68,776

Total change in net assets resulting from capital transactions	$	(236,918	)	$	244,627		$	1,513,373		$	227,463

(a)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		2,134			11,900			6,105			10,465
Reinvested		18			2,266			3,648			3,881
Redeemed		(6,702	)		(9,178	)		(11,605	)		(20,274	)

Change in Class A Shares		(4,550	)		4,988			(1,852	)		(5,928	)

Class C
Issued		302			2,722			455			877
Reinvested		3			295			778			794
Redeemed		(950	)		(1,230	)		(1,855	)		(2,221	)

Change in Class C Shares		(645	)		1,787			(622	)		(550	)

Class L (formerly Institutional Class)
Issued		—			—			50,236			61,500
Reinvested		—			—			18,060			15,274
Redeemed		—			—			(35,291	)		(65,137	)

Change in Class L Shares		—			—			33,005			11,637

Class R2
Issued		450			1,143			226			421
Reinvested		—	(a)		57			113			117
Redeemed		(508	)		(266	)		(325	)		(606	)

Change in Class R2 Shares		(58	)		934			14			(68	)

Class R3 (b)
Issued		1			—			1			—
Reinvested		—	(a)		—			—	(a)		—

Change in Class R3 Shares		1			—			1			—

Class R4 (b)
Issued		1			—			1			—
Reinvested		—	(a)		—			—	(a)		—

Change in Class R4 Shares		1			—			1			—

Class R5 (c)
Issued		565			4,352			—	(a)		—
Reinvested		3			329			—	(a)		—
Redeemed		(1,011	)		(1,554	)		—			—

Change in Class R5 Shares		(443	)		3,127			—	(a)		—

Class R6 (c)
Issued		3,074			18,275			1,351			—
Reinvested		10			849			79			—
Redeemed		(3,652	)		(4,509	)		(22	)		—

Change in Class R6 Shares		(568	)		14,615			1,408			—

Select Class
Issued		5,108			21,225			12,833			16,809
Reinvested		12			1,536			4,300			3,589
Redeemed		(8,188	)		(17,722	)		(8,277	)		(18,078	)
Redemptions in-kind (See Note 7)		—			(20,287	)		—			—

Change in Select Class Shares		(3,068	)		(15,248	)		8,856			2,320

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(c)	Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	358		$	3,218		$	249,524		$	696,311
Distributions reinvested		—			—			16,190			34,339
Cost of shares redeemed		(1,641	)		(2,889	)		(667,420	)		(1,032,013	)

Change in net assets resulting from Class A capital transactions	$	(1,283	)	$	329		$	(401,706	)	$	(301,363	)

Class C
Proceeds from shares issued	$	43		$	1,852		$	55,004		$	188,939
Distributions reinvested		—			—			3,544			7,489
Cost of shares redeemed		(1,039	)		(2,446	)		(100,080	)		(140,118	)

Change in net assets resulting from Class C capital transactions	$	(996	)	$	(594	)	$	(41,532	)	$	56,310

Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	751,803		$	3,435,571
Distributions reinvested		—			—			45,687			138,955
Cost of shares redeemed		—			—			(3,455,528	)		(2,438,224	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(2,658,038	)	$	1,136,302

Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—			—
Cost of shares redeemed		—			—			—	(b)		—

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	20		$	—

Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—	(b)		—

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	20		$	—

Class R5 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—	(b)		—

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	20		$	—

Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	2,868,862		$	—
Distributions reinvested		—			—			44,017			—
Cost of shares redeemed		—			—			(239,419	)		—

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	2,673,460		$	—

Select Class
Proceeds from shares issued	$	1,146		$	4,346		$	271,022		$	675,086
Distributions reinvested		—			—			12,528			17,378
Cost of shares redeemed		(21,211	)		(111,621	)		(412,722	)		(2,253,026	)

Change in net assets resulting from Select Class capital transactions	$	(20,065	)	$	(107,275	)	$	(129,172	)	$	(1,560,562	)

Total change in net assets resulting from capital transactions	$	(22,344	)	$	(107,540	)	$	(556,928	)	$	(669,313	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b)	Amount rounds to less than 500.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

SEE NOTES TO FINANCIAL STATEMENTS.

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued			35			316			8,253			24,694
Reinvested			—			—			497			1,244
Redeemed			(165	)		(284	)		(22,341	)		(36,328	)

Change in Class A Shares			(130	)		32			(13,591	)		(10,390	)

Class C
Issued			5			194			1,798			6,724
Reinvested			—			—			109			273
Redeemed			(112	)		(258	)		(3,328	)		(5,029	)

Change in Class C Shares			(107	)		(64	)		(1,421	)		1,968

Class L (formerly Institutional Class)
Issued			—			—			24,782			120,136
Reinvested			—			—			1,397			5,004
Redeemed			—			—			(116,928	)		(88,948	)

Change in Class L Shares			—			—			(90,749	)		36,192

Class R3 (a)
Issued			—			—			1			—
Reinvested			—			—			—	(b)		—

Change in Class R3 Shares			—			—			1			—

Class R4 (a)
Issued			—			—			1			—
Reinvested			—			—			—	(b)		—

Change in Class R4 Shares			—			—			1			—

Class R5 (a)
Issued			—			—			1			—
Reinvested			—			—			—	(b)		—

Change in Class R5 Shares			—			—			1			—

Class R6 (a)
Issued			—			—			97,357			—
Reinvested			—			—			1,347			—
Redeemed			—			—			(7,512	)		—

Change in Class R6 Shares			—			—			91,192			—

Select Class
Issued			112			416			8,876			24,052
Reinvested			—			—			383			626
Redeemed			(2,073	)		(10,669	)		(13,678	)		(78,871	)
	��
Change in Select Class Shares			(1,961	)		(10,253	)		(4,419	)		(54,193	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

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
Growth Advantage Fund
Class A
Six Months Ended December 31, 2016 (Unaudited)	$	14.42	$	(0.05	)	$	0.80		$	0.75		$	—		$	—		$	—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)		2.17			2.07			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)		3.52			3.45			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.49		0.01	(g)		1.97			1.98			(0.01	)		(0.03	)		(0.04	)
Year Ended June 30, 2012		9.28		(0.03	)(h)		0.24			0.21			—			—			—

Class C
Six Months Ended December 31, 2016 (Unaudited)		12.91		(0.08	)		0.72			0.64			—			—			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)		1.96			1.81			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)		3.23			3.11			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.77		(0.04	)(g)		1.81			1.77			—			(0.03	)		(0.03	)
Year Ended June 30, 2012		8.61		(0.07	)(h)		0.23			0.16			—			—			—

Class R5
Six Months Ended December 31, 2016 (Unaudited)		14.96		(0.02	)		0.83			0.81			—			—			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)		2.23			2.19			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)		3.61			3.59			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.69		0.06	(g)		2.01			2.07			(0.05	)		(0.03	)		(0.08	)
Year Ended June 30, 2012		9.44		0.01	(h)		0.24			0.25			—			—			—

Class R6
Six Months Ended December 31, 2016 (Unaudited)		15.00		(0.01	)		0.83			0.82			—			—			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)		2.23			2.20			—			(0.57	)		(0.57	)
December 23, 2013 (i) through June 30, 2014		13.86		(0.01	)		0.79			0.78			—			—			—

Select Class
Six Months Ended December 31, 2016 (Unaudited)		14.75		(0.03	)		0.82			0.79			—			—			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)		2.20			2.13			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)		3.58			3.54			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.63		0.04	(g)		1.98			2.02			(0.02	)		(0.03	)		(0.05	)
Year Ended June 30, 2012		9.39		(0.02	)(h)		0.26			0.24			—			—			—

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)

(h)

Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $(0.05), $(0.09), $(0.01) 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)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	15.17		5.20	%	$	1,549,154		1.24	%		(0.62	)%		1.34	%		17	%
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	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


	13.55		4.96			556,435		1.74			(1.12	)		1.84			17
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	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


	15.77		5.41			79,977		0.87			(0.25	)		0.89			17
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	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


	15.82		5.47			2,839,301		0.74			(0.12	)		0.75			17
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46
	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


	15.54		5.36			1,076,793		1.02			(0.40	)		1.05			17
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	42.95	$	(0.02	)	$	2.35		$	2.33		$	(0.05	)	$	(1.37	)	$	(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Year Ended June 30, 2015		44.91		(0.03	)		4.32			4.29			(0.02	)		(2.06	)		(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(h)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Year Ended June 30, 2012		31.29		0.10	(i)		(0.34	)		(0.24	)		(0.08	)		—			(0.08	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		41.85		(0.13	)		2.28			2.15			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.21		(0.25	)		4.23			3.98			—			(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(h)		7.29			7.22			—	(g)		(0.26	)		(0.26	)
Year Ended June 30, 2012		31.16		(0.05	)(i)		(0.35	)		(0.40	)		(0.01	)		—			(0.01	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		42.75		(0.08	)		2.33			2.25			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.87		(0.14	)		4.30			4.16			—			(2.05	)		(2.05	)
March 14, 2014 (j) through June 30, 2014		42.92		(0.05	)		2.01			1.96			(0.01	)		—			(0.01	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		43.43		0.08			2.37			2.45			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Year Ended June 30, 2015		45.15		0.20			4.33			4.53			(0.13	)		(2.06	)		(2.19	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)		—			(0.05	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		43.44		0.09			2.37			2.46			(0.16	)		(1.37	)		(1.53	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)
Year Ended June 30, 2015		45.15		0.20			4.34			4.54			(0.14	)		(2.06	)		(2.20	)
March 14, 2014 (j) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)		—			(0.05	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		43.41		0.05			2.37			2.42			(0.12	)		(1.37	)		(1.49	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Year Ended June 30, 2015		45.15		0.13			4.34			4.47			(0.09	)		(2.06	)		(2.15	)
Year Ended June 30, 2014		38.22		0.11			10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(h)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Year Ended June 30, 2012		31.36		0.19	(i)		(0.33	)		(0.14	)		(0.17	)		—			(0.17	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Amount rounds to less than $0.005.

(h)

(i)

Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend the net investment income (loss) per share would have been $0.05, $(0.10) and $0.14 for Class A, Class C and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.18%, (0.33)% and 0.48% for Class A, Class C and Select Class Shares, respectively.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	43.86		5.39	%	$	342,456		1.24	%		(0.11	)%		1.40	%		18	%
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	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	(h)		1.49			67
	30.97		(0.76	)		6,965		1.24			0.34	(i)		1.54			55


	42.63		5.11			30,577		1.74			(0.61	)		1.96			18
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	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	)(h)		2.00			67
	30.75		(1.29	)		1,244		1.75			(0.18	)(i)		2.03			55


	43.62		5.23			612		1.49			(0.37	)		1.79			18
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	46.98		9.71			823		1.49			(0.31	)		1.69			41
	44.87		4.56			688		1.47			(0.41	)		1.60			47


	44.37		5.63			2,788		0.79			0.34			0.89			18
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	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


	44.37		5.63			1,550,055		0.74			0.40			0.76			18
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39
	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


	44.34		5.56			681,829		0.89			0.24			1.13			18
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	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	(h)		1.23			67
	31.05		(0.42	)		813,125		0.89			0.64	(i)		1.30			55

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	23.43	$	(0.08	)	$	0.91		$	0.83		$	(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(g)		7.42			7.29			(2.79	)
Year Ended June 30, 2013		19.52		(0.04	)(h)		4.50			4.46			(0.99	)
Year Ended June 30, 2012		23.30		(0.05	)(i)		(1.72	)		(1.77	)		(2.01	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		19.05		(0.11	)		0.73			0.62			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(g)		6.39			6.17			(2.79	)
Year Ended June 30, 2013		17.17		(0.12	)(h)		3.91			3.79			(0.99	)
Year Ended June 30, 2012		20.88		(0.13	)(i)		(1.57	)		(1.70	)		(2.01	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		25.41		(0.11	)		0.99			0.88			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(g)		7.97			7.77			(2.79	)
Year Ended June 30, 2013		20.83		(0.07	)(h)		4.79			4.72			(0.99	)
Year Ended June 30, 2012		24.73		(0.07	)(i)		(1.82	)		(1.89	)		(2.01	)

Class R3
September 9, 2016(j) through December 31, 2016 (Unaudited)		27.06		(0.05	)		0.47			0.42			(0.01	)

Class R4
September 9, 2016(j) through December 31, 2016 (Unaudited)		27.06		(0.03	)		0.47			0.44			(0.01	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		26.74		(0.03	)		1.04			1.01			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(g)		8.18			8.16			(2.79	)
Year Ended June 30, 2013		21.18		0.06	(h)		4.90			4.96			(0.99	)
November 1, 2011(j) through June 30, 2012		21.75		0.04	(i)		1.40			1.44			(2.01	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		26.82		(0.02	)		1.03			1.01			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(g)(k)		8.19			8.19			(2.79	)
Year Ended June 30, 2013		21.19		0.08	(h)		4.89			4.97			(0.99	)
November 1, 2011(j) through June 30, 2012		21.75		0.08	(i)		1.37			1.45			(2.01	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		26.52		(0.05	)		1.03			0.98			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(g)		8.16			8.10			(2.79	)
Year Ended June 30, 2013		21.15		0.03	(h)		4.89			4.92			(0.99	)
Year Ended June 30, 2012		24.97		0.02	(i)		(1.83	)		(1.81	)		(2.01	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(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.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	24.25		3.55	%	$	871,922		1.23	%		(0.63	)%		1.39	%		16	%
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	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


	19.66		3.27			87,166		1.73			(1.13	)		1.88			16
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	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


	26.28		3.47			31,668		1.39			(0.82	)		1.74			16
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	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


	27.47		1.56			20		1.23			(0.63	)		1.25			16


	27.49		1.63			20		0.98			(0.38	)		1.00			16


	27.74		3.78			220,600		0.78			(0.19	)		0.89			16
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	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


	27.82		3.77			627,006		0.73			(0.13	)		0.75			16
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56
	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


	27.49		3.70			879,134		0.92			(0.32	)		1.11			16
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	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

(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 $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			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, 2016 (Unaudited)	$	35.41	$	0.08		$	2.53	$	2.61	$	(0.14	)	$	(2.24	)	$	(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33		0.52		(0.14	)		(1.95	)		(2.09	)
Year Ended June 30, 2015		37.25		0.20			2.52		2.72		(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(g)		7.02		7.17		(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(h)		6.20		6.39		(0.29	)		(0.22	)		(0.51	)
Year Ended June 30, 2012		24.76		0.20			1.00		1.20		(0.16	)		—			(0.16	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		34.17		(0.01	)		2.43		2.42		—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32		0.33		—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01			2.44		2.45		(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(g)		6.83		6.80		—	(i)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(h)		6.03		6.08		(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2012		24.13		0.07			0.98		1.05		(0.04	)		—			(0.04	)

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		36.19		0.17			2.60		2.77		(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33		0.70		(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40			2.56		2.96		(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(g)		7.17		7.49		(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(h)		6.31		6.65		(0.41	)		(0.22	)		(0.63	)
Year Ended June 30, 2012		25.19		0.32			1.01		1.33		(0.28	)		—			(0.28	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		34.14		0.03			2.44		2.47		(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32		0.42		(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10			2.43		2.53		(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(g)		6.82		6.88		(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(h)		6.03		6.15		(0.30	)		(0.22	)		(0.52	)
Year Ended June 30, 2012		24.27		0.14			0.97		1.11		(0.20	)		—			(0.20	)

Class R3
September 9, 2016(j) through December 31, 2016 (Unaudited)		35.78		0.06			2.18		2.24		(0.28	)		(2.24	)		(2.52	)

Class R4
September 9, 2016(j) through December 31, 2016 (Unaudited)		36.18		0.09			2.21		2.30		(0.31	)		(2.24	)		(2.55	)

Class R5
September 9, 2016(j) through December 31, 2016 (Unaudited)		36.60		0.11			2.24		2.35		(0.33	)		(2.24	)		(2.57	)

Class R6
September 9, 2016(j) through December 31, 2016 (Unaudited)		36.60		0.12			2.23		2.35		(0.33	)		(2.24	)		(2.57	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		35.79		0.13			2.56		2.69		(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33		0.61		(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28			2.55		2.83		(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(g)		7.10		7.33		(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(h)		6.24		6.51		(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2012		24.97		0.26			1.01		1.27		(0.23	)		—			(0.23	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	35.64		7.33	%	$	2,251,296		1.23	%		0.43	%		1.40	%		14	%
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	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


	34.35		7.04			531,177		1.74			(0.08	)		1.82			14
	34.17		1.35			549,619		1.75			0.03			1.83			20
	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


	36.40		7.59			11,574,107		0.74			0.93			0.93			14
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	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


	34.30		7.18			66,949		1.49			0.17			1.72			14
	34.14		1.61			66,167		1.50			0.29			1.75			20
	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


	35.50		6.21			21		1.24			0.54			1.25			14


	35.93		6.29			21		0.99			0.79			1.00			14


	36.38		6.36			21		0.79			0.99			0.80			14


	36.38		6.38			51,221		0.74			1.03			0.75			14


	36.00		7.47			2,664,413		0.98			0.69			1.08			14
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	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

(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), $0.32, $0.05 and $0.23 for Class A, Class C, Class L, Class R2 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.90%, 0.16% and 0.66% for Class A, Class C, Class L, 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 $0.16, $0.01, $0.31, $0.09 and $0.23 for Class A, Class C, Class L, Class R2 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.55%, 0.04%, 1.04%, 0.31% and 0.80% for Class A, Class C, Class L, Class R2 and Select Class Shares, respectively.

(i)	Amount rounds to less than $0.005.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations

	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations
Multi-Cap Market Neutral Fund
Class A
Six Months Ended December 31, 2016 (Unaudited)	$	9.90	$	(0.05	)	$	0.20	$	0.15
Year Ended June 30, 2016		9.87		(0.10	)		0.13		0.03
Year Ended June 30, 2015		9.91		(0.11	)		0.07		(0.04	)
Year Ended June 30, 2014		9.79		(0.13	)		0.25		0.12
Year Ended June 30, 2013		9.69		(0.11	)(h)		0.21		0.10
Year Ended June 30, 2012		9.81		(0.14	)		0.02		(0.12	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		9.29		(0.07	)		0.19		0.12
Year Ended June 30, 2016		9.31		(0.14	)		0.12		(0.02	)
Year Ended June 30, 2015		9.40		(0.15	)		0.06		(0.09	)
Year Ended June 30, 2014		9.33		(0.17	)		0.24		0.07
Year Ended June 30, 2013		9.30		(0.17	)(h)		0.20		0.03
Year Ended June 30, 2012		9.48		(0.20	)		0.02		(0.18	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		10.13		(0.04	)		0.21		0.17
Year Ended June 30, 2016		10.07		(0.08	)		0.14		0.06
Year Ended June 30, 2015		10.09		(0.09	)		0.07		(0.02	)
Year Ended June 30, 2014		9.94		(0.11	)		0.26		0.15
Year Ended June 30, 2013		9.82		(0.09	)(h)		0.21		0.12
Year Ended June 30, 2012		9.91		(0.12	)		0.03		(0.09	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.23% and 1.63% for the six months ended December 31, 2016, 1.27% and 1.69% for the year ended June 30, 2016, 1.48% and 1.95% for 2015, 1.49% and 1.91% for 2014, 1.48% and 1.88% for 2013, 1.48% and 1.94% for 2012; for Class C are 1.73% and 2.13% for the six months ended December 31, 2016, 1.77% and 2.20% for the year ended June 30, 2016, 1.98% and 2.45% for 2015, 1.99% and 2.40% for 2014, 2.15% and 2.38% for 2013, 2.23% and 2.44% for 2012; for Select Class are 0.98% and 1.23% for the six months ended December 31, 2016, 1.03% and 1.30% for the year ended June 30, 2016, 1.23% and 1.64% for 2015, 1.23% and 1.65% for 2014, 1.23% and 1.63% for 2013, 1.23% and 1.69% for 2012, respectively.

(g)

(h)

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


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


	$10.05		1.52	%	$	5,411		2.37	%		(1.04	)%		2.76	%		42	%		117	%
	9.90		0.30			6,608		2.52			(0.97	)		2.94			111			258
	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


	9.41		1.29			5,220		2.87			(1.53	)		3.26			42			117
	9.29		(0.21	)		6,147		3.02			(1.47	)		3.45			111			258
	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


	10.30		1.68			158,050		2.12			(0.75	)		2.38			42			117
	10.13		0.60			175,348		2.28			(0.74	)		2.55			111			258
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-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) (b)		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, 2016 (Unaudited)	$	28.66	$	0.13	$	3.60		$	3.73		$	(0.30	)	$	—		$	(0.30	)
Year Ended June 30, 2016		29.84		0.27		(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Year Ended June 30, 2015		29.15		0.19		1.47			1.66			(0.26	)		(0.71	)		(0.97	)
Year Ended June 30, 2014		24.64		0.34		5.03			5.37			(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2013		19.96		0.22		4.75			4.97			(0.20	)		(0.09	)		(0.29	)
Year Ended June 30, 2012		19.07		0.25		0.84			1.09			(0.20	)		—			(0.20	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		28.52		0.06		3.56			3.62			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14		(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04		1.47			1.51			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20		5.02			5.22			(0.05	)		(0.70	)		(0.75	)
Year Ended June 30, 2013		19.91		0.11		4.74			4.85			(0.06	)		(0.09	)		(0.15	)
Year Ended June 30, 2012		19.01		0.16		0.84			1.00			(0.10	)		—			(0.10	)

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		28.86		0.20		3.63			3.83			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43		(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34		1.50			1.84			(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48		5.04			5.52			(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2013		19.99		0.34		4.75			5.09			(0.25	)		(0.09	)		(0.34	)
Year Ended June 30, 2012		19.11		0.35		0.83			1.18			(0.30	)		—			(0.30	)

Class R3
September 9, 2016 (g) through December 31, 2016 (Unaudited)		29.33		0.08		2.97			3.05			(0.44	)		—			(0.44	)

Class R4
September 9, 2016 (g) through December 31, 2016 (Unaudited)		29.56		0.10		3.00			3.10			(0.46	)		—			(0.46	)

Class R5
September 9, 2016 (g) through December 31, 2016 (Unaudited)		29.57		0.12		3.00			3.12			(0.48	)		—			(0.48	)

Class R6
September 9, 2016 (g) through December 31, 2016 (Unaudited)		29.57		0.15		2.98			3.13			(0.49	)		—			(0.49	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		28.86		0.17		3.62			3.79			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33		(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27		1.48			1.75			(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42		5.03			5.45			(0.20	)		(0.70	)		(0.90	)
Year Ended June 30, 2013		20.00		0.28		4.75			5.03			(0.22	)		(0.09	)		(0.31	)
Year Ended June 30, 2012		19.12		0.30		0.83			1.13			(0.25	)		—			(0.25	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)

Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	32.09		12.98	%	$	1,854,162		1.24	%		0.87	%		1.39	%		9	%
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	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


	31.97		12.68			771,589		1.74			0.37			1.83			9
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	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


	32.23		13.25			3,666,117		0.75			1.32			0.87			9
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	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


	31.94		10.37			22		1.24			0.81			1.25			9


	32.20		10.44			22		0.99			1.06			1.00			9


	32.21		10.53			22		0.79			1.26			0.80			9


	32.21		10.55			2,937,216		0.74			1.61			0.75			9


	32.26		13.12			1,438,568		0.99			1.11			1.06			9
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (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 R3, Class R4, Class R5, Class R6 and Select Class	JPM II	Diversified
Mid Cap Value Fund	Class A, Class C, Class L*, Class R2, Class R3, Class R4, Class R5, Class R6* 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, Class L*, Class R3, Class R4, Class R5, Class R6* and Select Class	JPM I	Diversified

*	Class R3 and Class R4 Shares commenced operations on September 9, 2016 for Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund.

**	Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

***	Class R5 and Class R6 Shares commenced operations on September 9, 2016 for Mid Cap Value Fund and Value Advantage Fund.

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.

2. Significant Accounting Policies



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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

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

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

•

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

•

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

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,091,615	$	—	$	—	$	6,091,615


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)	$	2,605,593	$	—	$	—	$	2,605,593


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)	$	2,722,257	$	—	$	—	$	2,722,257


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)	$	17,166,845	$	—	$	—	$	17,166,845



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)


Multi-Cap Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	173,052		$	—	$	—	$	173,052

Total Liabilities for Securities Sold Short (a)	$	(148,679	)	$	—	$	—	$	(148,679	)

Appreciation in Other Financial Instruments
Futures Contracts	$	11		$	—	$	—	$	11


Value Advantage Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	10,691,089		$	—	$	—	$	10,691,089

(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, 2016.

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 Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted Cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as Interest income or Interest expense on securities sold short on the Statements of Operations.

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

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

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

As of December 31, 2016, the Fund had outstanding short sales as listed on the SOI.

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



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade.

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2016 (amounts in thousands):


	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance Short	$	1,448
Ending Notional Balance Short		721

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.

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.


	Class A		Class C		Class L (formerly Institutional Class)		Class R2		Class R3			Class R4			Class R5			Class R6			Select Class		Total
Growth Advantage Fund
Transfer agency fees	$	51	$	21		n/a		n/a		n/a			n/a		$	3		$	10		$	18	$	103
Sub-transfer agency fees		716		257		n/a		n/a		n/a			n/a			37			—			234		1,244
Mid Cap Equity Fund
Transfer agency fees		7		1		n/a	$	1		n/a			n/a			—	(a)		5			10		24
Sub-transfer agency fees		251		33		n/a		1		n/a			n/a			1			—			409		695
Mid Cap Growth Fund
Transfer agency fees		187		7		n/a		3	$	—	(a)	$	—	(a)		2			13			17		229
Sub-transfer agency fees		455		54		n/a		29		—			—			104			—			487		1,129
Mid Cap Value Fund
Transfer agency fees		79		13	$	394		4		—	(a)		—	(a)		—	(a)		—	(a)		20		510
Sub-transfer agency fees		1,727		190		4,000		69		—			—			—			—			1,080		7,066
Multi-Cap Market Neutral Fund
Transfer agency fees		1		1		n/a		n/a		n/a			n/a			n/a			n/a			1		3
Sub-transfer agency fees		3		4		n/a		n/a		n/a			n/a			n/a			n/a			6		13
Value Advantage Fund
Transfer agency fees		49		26		31		n/a		—	(a)		—	(a)		—	(a)		5			17		128
Sub-transfer agency fees		1,381		303		533		n/a		—			—			—			—			391		2,608

(a)	Amount rounds to less than 500.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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, 2016, 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 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 Investment Advisory Agreements, J.P. Morgan Investment Management Inc. the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


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

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2016, 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.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class L, Class R4, Class R5, Class R6 and Select Class Shares do not charge a distribution fee. 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			Class R3
Growth Advantage Fund		0.25	%		0.75	%		n/a			n/a
Mid Cap Equity Fund		0.25			0.75			0.50	%		n/a
Mid Cap Growth Fund		0.25			0.75			0.50			0.25	%
Mid Cap Value Fund		0.25			0.75			0.50			0.25
Multi-Cap Market Neutral Fund		0.25			0.75			n/a			n/a
Value Advantage Fund		0.25			0.75			n/a			0.25



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Front-End Sales Charge			CDSC
Growth Advantage Fund	$	234		$	3
Mid Cap Equity Fund		122			1
Mid Cap Growth Fund		44			—	(a)
Mid Cap Value Fund		21			1
Multi-Cap Market Neutral Fund		—	(a)		—
Value Advantage Fund		147			2

(a)	Amount rounds to less than 500.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. 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 L			Class R2			Class R3			Class R4			Class R5			Select Class
Growth Advantage Fund		0.25	%		0.25	%		n/a			n/a			n/a			n/a			0.05	%		0.25	%
Mid Cap Equity Fund		0.25			0.25			n/a			0.25	%		n/a			n/a			0.05			0.25
Mid Cap Growth Fund		0.25			0.25			n/a			0.25			0.25	%		0.25	%		0.05			0.25
Mid Cap Value Fund		0.25			0.25			0.10	%		0.25			0.25			0.25			0.05			0.25
Multi-Cap Market Neutral Fund		0.25			0.25			n/a			n/a			n/a			n/a			n/a			0.25
Value Advantage Fund		0.25			0.25			0.10			n/a			0.25			0.25			0.05			0.25

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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


	Class A			Class C			Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Select Class
Growth Advantage Fund*		1.24	%		1.74	%		n/a			n/a			n/a			n/a			0.85	%		0.75	%		0.99	%
Mid Cap Equity Fund		1.25			1.75			n/a			1.50	%		n/a			n/a			0.80			0.75			0.90
Mid Cap Growth Fund		1.24			1.74			n/a			1.49	**		1.24	%		0.99	%		0.79			0.74			0.93
Mid Cap Value Fund		1.24			1.75			0.75	%		1.50			1.25			1.00			0.85			0.75			0.99
Multi-Cap Market Neutral Fund		1.25			1.75			n/a			n/a			n/a			n/a			n/a			n/a			0.99
Value Advantage Fund		1.24	***		1.74	***		0.75			n/a			1.25			1.00			0.85			0.75			0.99	***

The contractual expense percentages in the table above are in place until at least October 31, 2018. Prior to November 1, 2016, the contractual expense limitation for Growth Advantage Fund was 1.25%, 1.75%, 0.90%, 0.85% and 1.10%, for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively.

The contractual expense percentage in the table above is in place until at least October 31, 2018. For Mid Cap Growth Fund Class R2 Shares, the Adviser, Administrator and/or Distributor contractually waived fees and/or reimbursed the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.40% of the Fund’s average daily net assets during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

through December 31, 2016 the Adviser, Administrator and/or Distributor voluntarily waived fees and/or reimbursed the Fund to the extent that total annual operating expenses for Class R2 Shares exceeded 1.40%. The Fund’s service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

***	The contractual expense percentages in the table above are in place until at least October 31, 2018. Prior to November 1, 2016, the contractual expense limitation for Value Advantage Fund was 1.25%, 1.75%, and 1.00%, 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, 2016 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2017.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Growth Advantage Fund	$	6	$	4	$	1,187	$	1,197	$	2
Mid Cap Equity Fund		68		45		1,016		1,129		16
Mid Cap Growth Fund		133		87		1,544		1,764		63
Mid Cap Value Fund		1,400		920		8,043		10,363		2,674
Multi-Cap Market Neutral Fund		150		74		8		232		—
Value Advantage Fund		699		466		4,015		5,180		183


	Voluntary Waivers
	Shareholder Servicing
Mid Cap Growth Fund	$	4

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2016 was as follows (amounts in thousands):


Growth Advantage Fund	$	93
Mid Cap Equity Fund		64
Mid Cap Growth Fund		43
Mid Cap Value Fund		531
Multi-Cap Market Neutral Fund		14
Value Advantage Fund		133

During the six months ended December 31, 2016, Mid Cap Equity Fund and Mid Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.



76	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


Growth Advantage Fund	$	—	(a)
Mid Cap Equity Fund		—	(a)
Mid Cap Growth Fund		—	(a)
Mid Cap Value Fund		—
Multi-Cap Market Neutral Fund		—
Value Advantage Fund		2

(a)	Amount rounds to less than 500.

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	1,007,381	$	1,165,228	$	—	$	—
Mid Cap Equity Fund		519,724		437,535		—		—
Mid Cap Growth Fund		438,335		663,504		—		—
Mid Cap Value Fund		2,563,299		2,249,214		—		—
Multi-Cap Market Neutral Fund		68,408		111,382		81,812		120,709
Value Advantage Fund		949,240		1,706,245		—		—

During the six months ended December 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	4,635,986	$	1,615,703	$	160,074		1,455,629
Mid Cap Equity Fund		1,971,028		699,682		65,117		634,565
Mid Cap Growth Fund		2,304,843		542,753		125,339		417,414
Mid Cap Value Fund		11,728,335		5,621,106		182,596		5,438,510
Multi-Cap Market Neutral		155,101		21,304		3,353		17,951
Value Advantage Fund		8,149,420		2,643,635		101,966		2,541,669

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, 2016, 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):


	2018
Mid Cap Value Fund	$	14,734	*

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



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

At June 30, 2016, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Multi-Cap Market Neutral Fund	$	2,351	$	—
Value Advantage Fund		36,131		13,093

6. Borrowings

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2016.

7. Risks, Concentrations and Indemnifications

As of December 31, 2016, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		n/a			39.9	%
Mid Cap Equity Fund		n/a			52.0
Multi-Cap Market Neutral Fund		89.3	%		n/a
Value Advantage Fund		n/a			23.3



78	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

As of December 31, 2016, the Funds had omnibus accounts which represented the percentage of each Fund’s net assets as follows:


	Number of Non-affiliated Omnibus Accounts		% of the Fund
Mid Cap Equity Fund		1		16.9	%
Mid Cap Value Fund		1		18.6
Value Advantage Fund		1		12.6

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

As of December 31, 2016, 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.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	79

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual*	$	1,000.00	$	1,052.00	$	6.41		1.24	%
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,049.60		8.99		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class R5
Actual*		1,000.00		1,054.10		4.50		0.87
Hypothetical*		1,000.00		1,020.82		4.43		0.87
Class R6
Actual*		1,000.00		1,054.70		3.83		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		1,053.60		5.28		1.02
Hypothetical*		1,000.00		1,020.06		5.19		1.02

Mid Cap Equity Fund
Class A
Actual*		1,000.00		1,053.90		6.42		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,051.10		9.00		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class R2
Actual*		1,000.00		1,052.30		7.71		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49



80	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,056.30	$	4.09		0.79	%
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		1,056.30		3.84		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		1,055.60		4.61		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89

Mid Cap Growth Fund
Class A
Actual*		1,000.00		1,035.50		6.31		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class C
Actual*		1,000.00		1,032.70		8.86		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class R2
Actual*		1,000.00		1,034.70		7.13		1.39
Hypothetical*		1,000.00		1,018.20		7.07		1.39
Class R3
Actual**		1,000.00		1,015.60		3.77		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class R4
Actual**		1,000.00		1,016.30		3.00		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R5
Actual*		1,000.00		1,037.80		4.01		0.78
Hypothetical*		1,000.00		1,021.27		3.97		0.78
Class R6
Actual*		1,000.00		1,037.70		3.75		0.73
Hypothetical*		1,000.00		1,021.53		3.72		0.73
Select Class
Actual*		1,000.00		1,037.00		4.72		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92

Mid Cap Value Fund
Class A
Actual*		1,000.00		1,073.30		6.43		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class C
Actual*		1,000.00		1,070.40		9.08		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class L (formerly Institutional Class)
Actual*		1,000.00		1,075.90		3.87		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class R2
Actual*		1,000.00		1,071.80		7.78		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R3
Actual**		1,000.00		1,062.10		3.89		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class R4
Actual**		1,000.00		1,062.90		3.11		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	81

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Mid Cap Value Fund (continued)
Class R5
Actual**	$	1,000.00	$	1,063.60	$	2.48		0.79	%
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual**		1,000.00		1,063.80		2.32		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		1,074.70		5.12		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98

Multi-Cap Market Neutral Fund
Class A
Actual*		1,000.00		1,015.20		12.04		2.37
Hypothetical*		1,000.00		1,013.26		12.03		2.37
Class C
Actual*		1,000.00		1,012.90		14.56		2.87
Hypothetical*		1,000.00		1,010.74		14.55		2.87
Select Class
Actual*		1,000.00		1,016.80		10.78		2.12
Hypothetical*		1,000.00		1,014.52		10.76		2.12

Value Advantage Fund
Class A
Actual*		1,000.00		1,129.80		6.66		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		1,126.80		9.33		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class L (formerly Institutional Class)
Actual*		1,000.00		1,132.50		4.03		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class R3
Actual**		1,000.00		1,103.70		3.97		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class R4
Actual**		1,000.00		1,104.40		3.17		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R5
Actual**		1,000.00		1,105.30		2.53		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual**		1,000.00		1,105.50		2.37		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Select Class
Actual*		1,000.00		1,131.20		5.32		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 111/365 (to reflect the actual period.) Commencement of operations was September 9, 2016.



82	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

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



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	83

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (Continued)

designed to improve investment results and the services provided to each Fund.

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

Fall-Out Benefits

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



84	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

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 noted that the Growth Advantage Fund’s performance for Class A shares was in first quintile for each of the one-, three- and five year periods ended December 31, 2015, based upon both the Peer Group and Universe. The Trustees noted that the performance for Select Class shares was in the first, first and second quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2015, respectively, and in the first quintile for each of the one-, three- and five year periods ended December 31, 2015 based upon the Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the fourth, third and second quintiles

for the one-, three-, and five-year periods ended December 31, 2015, respectively, based upon both the Peer Group and Universe. The Trustees noted that the performance for Select Class shares was in the fourth, third and third quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the fourth, second and third quintiles based upon the Peer Group, and in the third, first and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the third, first and third quintiles based upon the Peer Group, and in the third, first and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the fourth, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the second, second and first quintiles based upon the Peer Group, and in the fourth, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s performance for both Class A and Select Class Shares was in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	85

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (Continued)

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2015, and in the third, third and second quintiles based upon the Universe, for one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2015, and in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees noted that the Growth Advantage Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Select Class shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that the expense caps for certain share classes were reduced effective November 1, 2016. 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 shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third

quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the third quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class Shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee for Class A shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares was in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Select Class shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Multi-Cap Market Neutral Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Select Class shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Value Advantage Fund’s net advisory fee Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted



86	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	DECEMBER 31, 2016

that the expense caps for certain share classes were reduced effective November 1, 2016. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.



DECEMBER 31, 2016	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	87

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

LOGO


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-MC-1216

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2016 (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

LOGO

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

CEO’S LETTER

January 25, 2017 (Unaudited)

Dear Shareholder,

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours

global share prices had largely recovered. U.S. equity prices rallied through the end of the year, reaching new highs in December.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks the S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of 2016. The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.



2	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Class L Shares)*¹			8.91%
S&P 500 Index			7.82%

Net Assets as of 12/31/2016 (In Thousands)			$7,773,634

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 & Poor’s 500 Index (the “Benchmark”).

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

The Fund’s Class L Shares outperformed the Benchmark for the six months ended December 31, 2016. The Fund’s security selection in the financials and telecommunication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and energy sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in United Continental Holdings Inc. and Morgan Stanley Inc. and its underweight position in Oracle Corp. Shares of United Continental Holdings, an airline operator, rose on improved traffic and capacity. Shares of Morgan Stanley, a financial services company, rose on investor expectations of an improved business environment for the financials sector. Shares of Oracle, a software maker, fell after the company reported a decline in profit and lower-than-expected revenue.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co. and Accenture PLC and its underweight position in Nvidia Corp. Shares of Bristol-Myers Squibb, a drug maker, fell amid investor concerns about the company’s ability to compete in the market for lung cancer treatments. Shares of Accenture, a provider of management consulting and outsourcing, fell on lower-than-expected revenue and a weak outlook for earnings. Shares of Nvidia, a semiconductor manufacturer, rose after the company posted better-than-expected revenue.

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.	3.2	%
	2.	Microsoft Corp.	3.1
	3.	Exxon Mobil Corp.	1.9
	4.	Wells Fargo & Co.	1.8
	5.	Facebook, Inc., Class A	1.8
	6.	Bank of America Corp.	1.7
	7.	Amazon.com, Inc.	1.6
	8.	Pfizer, Inc.	1.6
	9.	Citigroup, Inc.	1.6
	10.	General Electric Co.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.7	%
Financials	14.7
Health Care	13.5
Consumer Discretionary	12.5
Industrials	9.8
Consumer Staples	8.9
Energy	7.3
Utilities	3.1
Materials	2.8
Real Estate	2.4
Telecommunication Services	1.7
Short-Term Investments	2.6

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.

On December 1, 2016, the Fund’s Institutional Class Shares were redesignated as and renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	3

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			3.05	%		3.61	%		12.62	%		6.13	%
Without Sales Charge			8.73			9.33			13.85			6.71
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS)	January 3, 1997		8.91			9.68			14.30	��		7.14
CLASS R6 SHARES	March 24, 2003		8.97			9.84			14.41			7.25
SELECT CLASS SHARES	September 10, 2001		8.89			9.57			14.13			6.98

Not annualized.

Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Disciplined Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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.

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



4	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		7.73%
Russell 1000 Growth Index		5.64%

Net Assets as of 12/31/2016 (In Thousands)	$	341,079

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’s Select Class Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the financials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology sector and its underweight position in the producer durables sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Charles Schwab & Co., ARM Holdings PLC and MasterCard Inc. Shares of Charles Schwab, a discount securities brokerage, rose on better-than-expected earnings and investor expectations of rising U.S. interest rates. Shares of ARM Holdings, a semiconductor manufacturer, rose ahead of the company’s $32 billion acquisition by Softbank Group Corp. Shares of MasterCard, a credit card provider, rose on better-than-expected earnings and revenue growth as well as investor expectations for an improved business climate for the broader financial services sector.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and Microsoft Corp. and its overweight position in Vertex Pharmaceuticals Inc. Shares of both Apple, a maker of computers and mobile devices, and Microsoft, a provider of software and services, rose amid the broader trend of increased investment in U.S. equities. Shares of Microsoft also rose after the company reported better-than-expected earnings. Shares of Vertex Pharmaceuticals, a drug maker, fell amid investor expectations of increased regulatory scrutiny over industry drug pricing.

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	7.1	%
	2.	Amazon.com, Inc.	6.4
	3.	Facebook, Inc., Class A	6.2
	4.	Mastercard, Inc., Class A	5.8
	5.	Charles Schwab Corp. (The)	5.0
	6.	UnitedHealth Group, Inc.	4.0
	7.	Intercontinental Exchange, Inc.	3.9
	8.	Ulta Salon Cosmetics & Fragrance, Inc.	3.7
	9.	Broadcom Ltd., (Singapore)	3.6
	10.	Priceline Group, Inc. (The)	3.6


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	39.1	%
Consumer Discretionary	21.7
Health Care	11.9
Financials	8.9
Industrials	7.9
Real Estate	3.3
Materials	2.2
Consumer Staples	2.1
Energy	2.1
Short-Term Investment	0.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	5

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)



AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*		1 YEAR		5 YEAR		SINCE INCEPTION
CLASS A SHARES	November 30, 2007
With Sales Charge**		1.95	%	(5.13	)%	12.38	%	5.91	%
Without Sales Charge		7.61		0.14		13.60		6.54
CLASS C SHARES	November 30, 2007
With CDSC***		6.34		(1.34	)	13.03		6.00
Without CDSC		7.34		(0.34	)	13.03		6.00
CLASS R5 SHARES	November 30, 2007	7.88		0.62		14.11		7.02
SELECT CLASS SHARES	November 30, 2007	7.73		0.36		13.87		6.80

Not annualized

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (11/30/07 TO 12/31/16)

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, 2016. 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.



6	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		12.04%
S&P 500 Index		7.82%

Net Assets as of 12/31/2016 (In Thousands)	$	146,503

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, 2016. The Fund’s security selection in the consumer discretionary sector and its overweight position in the financials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the technology and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Capital One Financial Corp., Delta Air Lines Inc. and American International Group Inc. Shares of Capital One Financial, a financial services company, rose on investor expectations for an improved business climate for the financial services sector. Shares of Delta Air Lines, an airline operator, rose on investor expectations for improvements in industry capacity and pricing. Shares of American International Group, a re-insurance company, rose on investor expectations for an improved business climate for the broader financial services sector.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc. and Vertex Pharmaceuticals Inc. and its underweight position in Bank of America Corp. Shares of Gilead Sciences, a drug maker, fell amid a general decline in health care sector stocks. Shares of Vertex Pharmaceuticals, a drug maker, fell amid investor expectations of increased regulatory scrutiny over industry drug pricing. Shares of Bank of America, a banking and financial services company, rose on investor expectations that the bank will benefit from rising U.S. interest rates.

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.	Amazon.com, Inc.	5.4	%
	2.	Facebook, Inc., Class A	5.1
	3.	American International Group, Inc.	5.1
	4.	Mastercard, Inc.	5.0
	5.	Alphabet, Inc., Class C	4.7
	6.	Loews Corp.	3.9
	7.	Capital One Financial Corp.	3.6
	8.	Priceline Group, Inc. (The)	3.5
	9.	Wells Fargo & Co.	3.2
	10.	DISH Network Corp., Class A	3.0


PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	21.6	%
Financials	19.9
Information Technology	19.3
Health Care	9.2
Energy	6.2
Industrials	5.8
Materials	3.5
Real Estate	2.0
Utilities	2.0
Consumer Staples	1.7
Short-Term Investment	8.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	7

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge**			6.03	%		2.43	%		13.61	%		11.16	%
Without Sales Charge			11.89			8.10			14.85			12.27
CLASS C SHARES	July 29, 2011
With CDSC***			10.57			6.53			14.26			11.70
Without CDSC			11.57			7.53			14.26			11.70
SELECT CLASS SHARES	July 29, 2011		12.04			8.37			15.14			12.55

Not annualized

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/16)

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, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from July 29, 2011 to December 31, 2016. 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 Core Funds Index and 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 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 and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain groups of 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.

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.



8	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		8.45%
Russell 1000 Value Index		10.39%

Net Assets as of 12/31/2016 (In Thousands)	$	13,787,284

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’s Select Class Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the financials and materials sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the information technology sector and its underweight position in the telecommunication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Travelers Cos. and Simon Property Group Inc. and its underweight position in J.P. Morgan Chase & Co. Shares of Travelers, an insurance company, underperformed the broader financials sector during the reporting period. Shares of Simon Property Group, a real estate insurance trust, fell amid investor concerns about the impact of rising U.S. interest rates. Shares of J.P Morgan Chase, a banking and financial services company that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on investor expectations of an improved operating environment for large banks.

Leading individual contributors to relative performance included the Fund’s underweight positions in Berkshire Hathaway Inc. and its overweight position in PNC Financial Services Group Corp. and Time Warner Inc. Shares of Berkshire Hathaway, a diversified holding company that was not held in the Fund, underperformed the broader financials sector during the reporting period. Shares of PNC Financial Services, a banking and financial services company, rose on investor expectations of an improved operating environment for the financials sector. Shares of Time Warner, an entertainment provider and distributor, rose on news of an acquisition offer from AT&T Corp.

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.	3.3	%
	2.	Bank of America Corp.	2.9
	3.	Exxon Mobil Corp.	2.6
	4.	Chevron Corp.	2.5
	5.	PNC Financial Services Group, Inc. (The)	2.5
	6.	Johnson & Johnson	2.4
	7.	ConocoPhillips	2.2
	8.	BlackRock, Inc.	2.1
	9.	Apple, Inc.	2.0
	10.	Occidental Petroleum Corp.	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.8	%
Energy	11.3
Industrials	10.4
Health Care	10.1
Information Technology	9.9
Consumer Discretionary	8.1
Consumer Staples	7.6
Utilities	3.9
Materials	3.1
Real Estate	2.9
Telecommunication Services	1.6
Short-Term Investment	1.3

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	9

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR				10 YEAR
CLASS A SHARES		February 18, 1992
With Sales Charge**				2.69	%		8.61	%		12.27	%			6.56	%
Without Sales Charge				8.40			14.62			13.48				7.13
CLASS C SHARES		November 4, 1997
With CDSC***				7.09			13.04			12.92		��		6.59
Without CDSC				8.09			14.04			12.92				6.59
CLASS R2 SHARES		February 28, 2011		8.25			14.29			13.19				6.93
CLASS R3 SHARES		September 9, 2016		8.35			14.56			13.47				7.13
CLASS R4 SHARES		September 9, 2016		8.47			14.86			13.76				7.43
CLASS R5 SHARES		February 28, 2011		8.63			15.06			13.99				7.55
CLASS R6 SHARES		January 31, 2012		8.69			15.17			14.05				7.58
SELECT CLASS SHARES		July 2, 1987		8.45			14.84			13.76				7.43

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 Class R4, 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 R4 and Class R5 Shares would have been different than those shown because Class R4 and Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar than those shown because Class R3 currently have the same expenses as Class A 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,

2006 to December 31, 2016. 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.



10	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Class A Shares, without a sales charge)*		11.67%
Russell 1000 Value Index		10.39%

Net Assets as of 12/31/2016 (In Thousands)	$	530,859

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, 2016. The Fund’s security selection and overweight position in the financials sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the industrials and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Bank of America Corp., Harman International Industries Inc. and Best Buy Inc. Shares of Bank of America, a banking and financial services company, rose on investor expectations of an improved operating environment for large banks. Shares of Harman International Industries, a maker of audio systems for the consumer and commercial markets, rose on news of Samsung Electronics Co.’s $8 billion acquisition of the company. Shares of Best Buy, a consumer electronics chain, rose on better-than-expected earnings and sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co. and T. Rowe Price Group Inc. and its underweight position in J.P. Morgan Chase & Co. Shares of Bristol-Myers Squibb, a drug maker not held in the Benchmark, fell amid investor concerns about the company’s ability to compete in the market for lung cancer treatments. Shares of T. Rowe Price Group, a mutual fund investments provider, rose during the reporting period but underperformed the broader financials sector. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on investor expectations of an improved operating environment for large banks.

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 consumer staples sector.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	4.0	%
	2.	Microsoft Corp.	2.9
	3.	Wells Fargo & Co.	2.9
	4.	Chevron Corp.	2.6
	5.	Exxon Mobil Corp.	2.4
	6.	Apple, Inc.	2.4
	7.	Berkshire Hathaway, Inc., Class B	2.2
	8.	Verizon Communications, Inc.	2.1
	9.	Honeywell International, Inc.	1.9
	10.	Occidental Petroleum Corp.	1.9


PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.7	%
Energy	12.8
Information Technology	11.8
Consumer Discretionary	11.4
Health Care	9.3
Industrials	8.1
Consumer Staples	4.9
Telecommunication Services	2.8
Utilities	2.1
Real Estate	1.9
Materials	0.9
Short-Term Investment	1.3

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	11

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**			5.81	%		8.75	%		14.13	%		5.56	%
Without Sales Charge			11.67			14.78			15.37			6.13
CLASS C SHARES	January 2, 1998
With CDSC***			10.42			13.23			14.79			5.60
Without CDSC			11.42			14.23			14.79			5.60
CLASS R2 SHARES	November 2, 2015		11.54			14.48			15.30			6.10
CLASS R5 SHARES	November 2, 2015		11.94			15.29			15.70			6.45
CLASS R6 SHARES	November 2, 2015		11.97			15.35			15.72			6.46
SELECT CLASS SHARES	January 25, 1996		11.83			15.06			15.65			6.43

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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 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 Value Funds Index and the Lipper Large-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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 Value Funds Index and 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 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 and the Lipper Large-Cap Core Funds Index are indexes 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.



12	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		7.31%
S&P 500 Index		7.82%

Net Assets as of 12/31/2016 (In Thousands)	$	326,938

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’s Select Class Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2016.

The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund provided a downside buffer throughout the particularly volatile market environment, exhibiting markedly less volatility than the Benchmark while capturing 93% of the market returns during the six month reporting period.

The Fund’s security selection in the pharmaceutical/medical technology and energy sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials and telecommunication services sectors made a positive contribution to relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in United Continental Holdings Inc., Charter Communications Inc. and Morgan Stanley. Shares of United Continental Holdings, an airline operator, rose on improved traffic and capacity. Shares of Charter Communications, a provider of broadband communications services, rose after it was added to the S&P 500 Index and amid positive investor expectations for its merger with Time Warner Cable. Shares of Morgan Stanley, a financial services company, rose on investor expectations of an improved business environment for the financials sector.

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.	3.1	%
	2.	Microsoft Corp.	3.0
	3.	Exxon Mobil Corp.	1.9
	4.	Wells Fargo & Co.	1.8
	5.	Facebook, Inc., Class A	1.8
	6.	Bank of America Corp.	1.7
	7.	Amazon.com, Inc.	1.6
	8.	Pfizer, Inc.	1.6
	9.	Citigroup, Inc.	1.6
	10.	General Electric Co.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.4	%
Financials	14.5
Health Care	13.3
Consumer Discretionary	12.4
Industrials	9.6
Consumer Staples	8.8
Energy	7.2
Utilities	3.0
Materials	2.8
Real Estate	2.3
Telecommunication Services	1.7
Put Options	1.3
Short-Term Investments	2.7

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge**			1.51	%		3.50	%		3.65	%		4.16	%
Without Sales Charge			7.13			9.26			5.52			6.02
CLASS C SHARES	December 13, 2013
With CDSC***			5.90			7.73			4.99			5.49
Without CDSC			6.90			8.73			4.99			5.49
CLASS R5 SHARES	December 13, 2013		7.40			9.78			6.00			6.50
CLASS R6 SHARES	December 13, 2013		7.43			9.83			6.05			6.55
SELECT CLASS SHARES	December 13, 2013		7.31			9.58			5.79			6.29

Not annualized

Sales Charge for Class A Shares is 5.25%.

***

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/16)

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, 2016. 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.



14	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		5.42%
Russell 1000 Growth Index		5.64%

Net Assets as of 12/31/2016 (In Thousands)	$	11,948,776

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’s Select Class Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the health care and materials & processing sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the financials sector and its underweight position in the consumer staples sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and Microsoft Corp. and its overweight position in Monster Beverage Corp. Shares of Apple, a maker of computers and mobile devices, rose amid the broader trend of increased investment in U.S. equities during the reporting period. Shares of Microsoft, a provider of software and services, rose on better-than-expected earnings and the broader trend of increased investment in U.S. equities during the reporting period. Shares of Monster Beverage, a maker of energy drinks, fell after the company reported lower-than-expected earnings and revenue.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nvidia Corp., Delta Air Lines Inc. and Charles Schwab Co. Shares of Nvidia, a semiconductor manufacturer, rose after the company posted better-than-expected revenue, driven by demand from computer game and data center markets. Shares of Delta Air Lines, an airline operator, rose on investor expectations for improvements in industry capacity and pricing. Shares of Charles Schwab, a discount securities brokerage, rose on better-than-expected earnings and investor expectations for an improved operating environment for the broader financial 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.	Alphabet, Inc., Class C	6.0	%
	2.	Amazon.com, Inc.	5.1
	3.	Home Depot, Inc. (The)	3.7
	4.	NVIDIA Corp.	3.7
	5.	Apple, Inc.	3.4
	6.	Mastercard, Inc., Class A	3.4
	7.	Facebook, Inc., Class A	3.0
	8.	Comcast Corp., Class A	3.0
	9.	Microsoft Corp.	2.8
	10.	Delta Air Lines, Inc.	2.7


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	41.0	%
Consumer Discretionary	21.2
Health Care	12.6
Industrials	8.2
Financials	6.1
Materials	4.2
Consumer Staples	4.0
Energy	1.0
Real Estate	0.7
Short-Term Investment	1.0

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**			(0.13	)%		(7.31	)%		10.32	%		7.46	%
Without Sales Charge			5.38			(2.16	)		11.51			8.04
CLASS C SHARES	November 4, 1997
With CDSC***			4.09			(3.66	)		10.95			7.49
Without CDSC			5.09			(2.66	)		10.95			7.49
CLASS R2 SHARES	November 3, 2008		5.24			(2.43	)		11.23			7.78
CLASS R3 SHARES	September 9, 2016		5.32			(2.24	)		11.48			8.08
CLASS R4 SHARES	September 9, 2016		5.42			(2.04	)		11.69			8.26
CLASS R5 SHARES	April 14, 2009		5.54			(1.85	)		11.92			8.42
CLASS R6 SHARES	November 30, 2010		5.58			(1.74	)		12.00			8.47
SELECT CLASS SHARES	February 28, 1992		5.42			(2.04	)		11.69			8.26

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 to 12/31/16)

Returns for Class R2, Class R3, Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Select Class Shares. With respect to Class R2 and Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 and Class R5 Shares would have been different than those shown because Class R3, Class R4 and 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, 2006 to December 31, 2016. 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.



16	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Select Class Shares)*		21.17%
Russell 1000 Value Index		10.39%

Net Assets as of 12/31/2016 (In Thousands)	$	813,684

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’s Select Class Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s overweight positions and security selection in both the big banks & brokers sector and the auto & transportation sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection and overweight position in the health services & systems sector were the only sector detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Harman International Industries Inc., KeyCorp and T-Mobile US Inc. Shares of Harman International Industries, a maker of audio systems for the consumer and commercial markets, rose on news of Samsung Electronics Co.’s $8 billion acquisition of the company. Shares of KeyCorp, a banking company, rose amid an increase in U.S. interest rates and investor expectations for an improved business climate for large banks. Shares of T-Mobile US, a mobile telecommunications provider, rose amid better-than-expected earnings and investor expectations of a potential merger with Sprint increased mergers and acquisitions activity within the telecommunications sector.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wells Fargo & Co. and Morgan Stanley, and its underweight position in J.P. Morgan Chase & Co. Shares of Wells Fargo, a banking and financial services company, fell amid falling mortgage revenue and higher expenses in the wake of the bank’s $185 million settlement for opening fictitious or unauthorized bank accounts. Shares of Morgan Stanley, a financial services company, underperformed the broader financials sector during the reporting period. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on investor expectations of an improved operating environment for large banks.

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.	Citigroup, Inc.	4.6	%
	2.	Wells Fargo & Co.	4.0
	3.	General Motors Co.	3.8
	4.	Royal Caribbean Cruises Ltd.	2.9
	5.	Pfizer, Inc.	2.6
	6.	Bank of America Corp.	2.6
	7.	DISH Network Corp., Class A	2.4
	8.	Southwest Airlines Co.	2.4
	9.	AT&T, Inc.	2.3
	10.	Broadcom Ltd., (Singapore)	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.6	%
Consumer Discretionary	22.1
Energy	12.4
Health Care	8.5
Industrials	7.3
Information Technology	6.1
Consumer Staples	3.3
Materials	3.2
Telecommunication Services	2.8
Real Estate	1.0
Short-Term Investment	2.7

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			14.78	%		15.52	%		15.30	%		5.61	%
Without Sales Charge			21.10			21.88			16.56			6.18
CLASS C SHARES	March 22, 1999
With CDSC***			19.72			20.23			15.97			5.63
Without CDSC			20.72			21.23			15.97			5.63
CLASS R2 SHARES	November 3, 2008		20.90			21.53			16.26			5.89
CLASS R5 SHARES	May 15, 2006		21.26			22.24			16.96			6.59
CLASS R6 SHARES	November 30, 2010		21.34			22.39			17.02			6.62
SELECT CLASS SHARES	March 1, 1991		21.17			22.05			16.74			6.37

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 Shares prior to their inception date are based on the performance of Select Class Shares. Prior class performance 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 Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in 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, 2006 to December 31, 2016. 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.



18	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Reporting Period Return:
Fund (Class L Shares)*¹		10.32%
S&P 500 Index		7.82%

Net Assets as of 12/31/2016 (In Thousands)	$	12,344,822

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’s L Class Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s overweight position in the big banks & brokers sector and its security selection in the telecommunications sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology sector and the financials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in UnitedHealth Group Inc. and United Continental Holdings Inc. and its underweight position in Exxon Mobil Corp. Shares of UnitedHealth, a health insurer, rose after the company issued a better-than-expected earnings forecast. Shares of United Continental Holdings, an airline operator, rose on improved traffic and capacity. Shares of Exxon Mobil, an integrated oil and gas company not held by the Fund, underperformed amid investors’ preference for energy sector companies with higher potential for growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wells Fargo & Co., Chubb Ltd. and Bristol-Myers Squibb Co. Shares of Wells Fargo, a banking and financial services company, fell amid falling mortgage revenue and higher expenses in the wake of the bank’s $185 million settlement for opening fictitious or unauthorized bank accounts. Shares of Chubb, a property and casualty insurer, rose slightly during the reporting but underperformed the broader financials sector. Shares of Bristol-Myers Squibb, a drug maker, fell amid investor concerns about the company’s ability to compete in the market for lung cancer treatments.

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 average

overweight positions relative to the Benchmark for the six months ended December 31, 2016 were in the insurance and media sectors, while the Fund’s largest underweight positions were in the consumer staples and real estate investment trust sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.2	%
	2.	Apple, Inc.	3.0
	3.	UnitedHealth Group, Inc.	2.7
	4.	General Electric Co.	2.2
	5.	Pfizer, Inc.	2.2
	6.	Alphabet, Inc., Class A	2.2
	7.	Alphabet, Inc., Class C	2.0
	8.	Broadcom Ltd., (Singapore)	1.9
	9.	PepsiCo, Inc.	1.9
	10.	Citigroup, Inc.	1.8


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.3	%
Financials	16.8
Health Care	14.0
Consumer Discretionary	13.6
Industrials	11.0
Energy	7.8
Consumer Staples	6.9
Utilities	2.5
Materials	2.5
Telecommunication Services	1.1
Real Estate	0.7
Short-Term Investment	0.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.

On December 1, 2016, the Fund’s Institutional Class Shares were redesignated as and renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			4.34	%		4.71	%		13.59	%		7.25	%
Without Sales Charge			10.10			10.49			14.82			7.84
CLASS C SHARES	September 10, 2001
With CDSC***			8.89			8.94			14.26			7.29
Without CDSC			9.89			9.94			14.26			7.29
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS)	September 17, 1993		10.32			10.88			15.22			8.23
CLASS R2 SHARES	November 3, 2008		10.05			10.23			14.56			7.62
CLASS R3 SHARES	September 9, 2016		10.10			10.49			14.82			7.84
CLASS R4 SHARES	September 9, 2016		10.23			10.72			15.04			8.06
CLASS R5 SHARES	May 15, 2006		10.35			10.86			15.27			8.26
CLASS R6 SHARES	November 30, 2010		10.37			10.91			15.33			8.31
SELECT CLASS SHARES	September 10, 2001		10.18			10.67			15.03			8.06

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 Shares and Class R3 prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Select 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, 2006 to December 31, 2016. 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.

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



20	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 12.6%
		Auto Components — 0.4%
	318	Delphi Automotive plc		21,431
	59	Lear Corp.		7,815

				29,246

		Automobiles — 0.5%
	356	Ford Motor Co.		4,320
	987	General Motors Co.		34,397

				38,717

		Hotels, Restaurants & Leisure — 1.1%
	292	Royal Caribbean Cruises Ltd.		23,984
	911	Starbucks Corp.		50,598
	227	Yum! Brands, Inc.		14,357

				88,939

		Household Durables — 0.4%
	396	DR Horton, Inc.		10,817
	88	Newell Brands, Inc.		3,938
	591	PulteGroup, Inc.		10,866
	126	Toll Brothers, Inc. (a)		3,916

				29,537

		Internet & Direct Marketing Retail — 1.6%
	170	Amazon.com, Inc. (a)		127,794

		Media — 4.4%
	67	CBS Corp. (Non-Voting), Class B		4,256
	225	Charter Communications, Inc., Class A (a)		64,867
	1,329	Comcast Corp., Class A		91,799
	323	DISH Network Corp., Class A (a)		18,718
	1,776	Sirius XM Holdings, Inc.		7,904
	492	Time Warner, Inc.		47,531
	2,804	Twenty-First Century Fox, Inc., Class A		78,624
	287	Walt Disney Co. (The)		29,960

				343,659

		Multiline Retail — 0.3%
	318	Dollar General Corp.		23,571

		Specialty Retail — 3.7%
	3	AutoZone, Inc. (a)		2,370
	309	Best Buy Co., Inc.		13,204
	697	Home Depot, Inc. (The)		93,429
	892	Lowe’s Cos., Inc.		63,463
	124	O’Reilly Automotive, Inc. (a)		34,643
	161	Ross Stores, Inc.		10,531
	19	Signet Jewelers Ltd.		1,800
	890	TJX Cos., Inc. (The)		66,876

				286,316


SHARES			SECURITY DESCRIPTION	VALUE($)

			Textiles, Apparel & Luxury Goods — 0.2%
	130		NIKE, Inc., Class B		6,618
	31		PVH Corp.		2,770
	42		Ralph Lauren Corp.		3,750

					13,138

			Total Consumer Discretionary		980,917

			Consumer Staples — 9.0%
			Beverages — 3.2%
	1,013		Coca-Cola Co. (The)		41,990
	277		Constellation Brands, Inc., Class A		42,501
	72		Dr Pepper Snapple Group, Inc.		6,527
	487		Molson Coors Brewing Co., Class B		47,404
	1,038		PepsiCo, Inc.		108,583

					247,005

			Food & Staples Retailing — 1.7%
	289		Costco Wholesale Corp.		46,305
	937		Kroger Co. (The)		32,342
	578		Walgreens Boots Alliance, Inc.		47,849
	98		Wal-Mart Stores, Inc.		6,804

					133,300

			Food Products — 1.2%
	137		Archer-Daniels-Midland Co.		6,260
	23		JM Smucker Co. (The)		3,001
	244		Kraft Heinz Co. (The)		21,264
	1,396		Mondelez International, Inc., Class A		61,863

					92,388

			Household Products — 1.6%
	441		Kimberly-Clark Corp.		50,328
	900		Procter & Gamble Co. (The)		75,660

					125,988

			Tobacco — 1.3%
	339		Altria Group, Inc.		22,923
	420		Philip Morris International, Inc.		38,398
	663	��	Reynolds American, Inc.		37,138

					98,459

			Total Consumer Staples		697,140

			Energy — 7.3%
			Energy Equipment & Services — 0.9%
	310		Halliburton Co.		16,774
	641		Schlumberger Ltd.		53,819

					70,593

			Oil, Gas & Consumable Fuels — 6.4%
	496		Anadarko Petroleum Corp.		34,551
	84		Apache Corp.		5,321

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	21

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	545	Cabot Oil & Gas Corp.		12,728
	186	Cheniere Energy, Inc. (a)		7,702
	524	Chevron Corp.		61,651
	125	Concho Resources, Inc. (a)		16,549
	318	Diamondback Energy, Inc. (a)		32,122
	495	EOG Resources, Inc.		50,037
	319	EQT Corp.		20,841
	1,635	Exxon Mobil Corp.		147,575
	603	Kinder Morgan, Inc.		12,493
	214	Marathon Petroleum Corp.		10,753
	306	Occidental Petroleum Corp.		21,825
	299	Pioneer Natural Resources Co.		53,792
	180	Valero Energy Corp.		12,289

				500,229

		Total Energy		570,822

		Financials — 14.8%
		Banks — 6.1%
	5,989	Bank of America Corp.		132,366
	222	BB&T Corp.		10,419
	2,113	Citigroup, Inc.		125,559
	308	Huntington Bancshares, Inc.		4,073
	1,715	KeyCorp		31,339
	726	Regions Financial Corp.		10,421
	71	SunTrust Banks, Inc.		3,867
	59	SVB Financial Group (a)		10,078
	2,606	Wells Fargo & Co.		143,589
	145	Zions Bancorp		6,237

				477,948

		Capital Markets — 3.5%
	64	Ameriprise Financial, Inc.		7,111
	761	Bank of New York Mellon Corp. (The)		36,049
	70	BlackRock, Inc.		26,487
	1,588	Charles Schwab Corp. (The)		62,682
	26	Goldman Sachs Group, Inc. (The)		6,181
	556	Intercontinental Exchange, Inc.		31,360
	1,788	Morgan Stanley		75,530
	378	State Street Corp.		29,409

				274,809

		Consumer Finance — 1.0%
	486	Capital One Financial Corp.		42,440
	492	Discover Financial Services		35,474

				77,914


SHARES		SECURITY DESCRIPTION	VALUE($)

		Diversified Financial Services — 1.5%
	691	Berkshire Hathaway, Inc., Class B (a)		112,590
	2	Voya Financial, Inc.		67

				112,657

		Insurance — 2.7%
	441	American International Group, Inc.		28,769
	471	Arthur J Gallagher & Co.		24,481
	362	Chubb Ltd.		47,858
	60	Everest Re Group Ltd.		13,027
	157	Hartford Financial Services Group, Inc. (The)		7,464
	1,383	MetLife, Inc.		74,537
	346	XL Group Ltd., (Ireland)		12,875

				209,011

		Total Financials		1,152,339

		Health Care — 13.6%
		Biotechnology — 2.8%
	87	Alexion Pharmaceuticals, Inc. (a)		10,681
	197	Biogen, Inc. (a)		55,838
	39	BioMarin Pharmaceutical, Inc. (a)		3,189
	525	Celgene Corp. (a)		60,792
	907	Gilead Sciences, Inc.		64,934
	256	Vertex Pharmaceuticals, Inc. (a)		18,860

				214,294

		Health Care Equipment & Supplies — 1.6%
	1,373	Abbott Laboratories		52,718
	44	Becton Dickinson and Co.		7,277
	2,123	Boston Scientific Corp. (a)		45,927
	20	Cooper Cos., Inc. (The)		3,583
	161	Danaher Corp.		12,540
	64	Zimmer Biomet Holdings, Inc.		6,595

				128,640

		Health Care Providers & Services — 2.9%
	371	Aetna, Inc.		46,038
	100	Cigna Corp.		13,381
	50	HCA Holdings, Inc. (a)		3,671
	150	Humana, Inc.		30,583
	37	Laboratory Corp. of America Holdings (a)		4,718
	85	McKesson Corp.		11,929
	71	Quest Diagnostics, Inc.		6,488
	659	UnitedHealth Group, Inc.		105,544

				222,352

		Life Sciences Tools & Services — 0.6%
	290	Agilent Technologies, Inc.		13,200
	122	Illumina, Inc. (a)		15,647

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	150	Thermo Fisher Scientific, Inc.		21,109

				49,956

		Pharmaceuticals — 5.7%
	289	Allergan plc (a)		60,688
	1,397	Bristol-Myers Squibb Co.		81,641
	819	Eli Lilly & Co.		60,202
	584	Johnson & Johnson		67,260
	717	Merck & Co., Inc.		42,181
	144	Mylan NV (a)		5,505
	3,878	Pfizer, Inc.		125,963

				443,440

		Total Health Care		1,058,682

		Industrials — 9.8%
		Aerospace & Defense — 1.5%
	245	General Dynamics Corp.		42,310
	93	L-3 Communications Holdings, Inc.		14,137
	102	Northrop Grumman Corp.		23,630
	97	Textron, Inc.		4,700
	306	United Technologies Corp.		33,598

				118,375

		Air Freight & Logistics — 0.1%
	68	United Parcel Service, Inc., Class B		7,761

		Airlines — 0.8%
	470	Delta Air Lines, Inc.		23,142
	521	United Continental Holdings, Inc. (a)		37,998

				61,140

		Building Products — 0.6%
	269	Allegion plc		17,196
	172	Johnson Controls International plc		7,094
	643	Masco Corp.		20,344

				44,634

		Construction & Engineering — 0.2%
	263	Fluor Corp.		13,802

		Electrical Equipment — 0.5%
	639	Eaton Corp. plc		42,851

		Industrial Conglomerates — 2.6%
	3,840	General Electric Co.		121,329
	734	Honeywell International, Inc.		85,068

				206,397

		Machinery — 2.0%
	125	Cummins, Inc.		17,032
	69	Deere & Co.		7,075


SHARES			SECURITY DESCRIPTION	VALUE($)

			Machinery — continued
	57		Fortive Corp.		3,030
	210		Ingersoll-Rand plc		15,725
	580		PACCAR, Inc.		37,053
	55		Parker-Hannifin Corp.		7,652
	70		Pentair plc, (United Kingdom)		3,925
	142		Snap-on, Inc.		24,337
	339		Stanley Black & Decker, Inc.		38,935

					154,764

			Road & Rail — 1.5%
	204		Canadian Pacific Railway Ltd., (Canada)		29,099
	833		Union Pacific Corp.		86,333

					115,432

			Total Industrials		765,156

			Information Technology — 20.9%
			Communications Equipment — 0.4%
	933		Cisco Systems, Inc.		28,203

			Electronic Equipment, Instruments & Components — 0.6%
	681		TE Connectivity Ltd.		47,206

			Internet Software & Services — 4.7%
	144		Alphabet, Inc., Class A (a)		113,956
	145		Alphabet, Inc., Class C (a)		111,905
	1,223		Facebook, Inc., Class A (a)		140,715

					366,576

			IT Services — 3.6%
	858		Accenture plc, Class A		100,474
	188		Cognizant Technology Solutions Corp., Class A (a)		10,556
	485		Fidelity National Information Services, Inc.		36,678
	74		International Business Machines Corp.		12,200
	110		Mastercard, Inc., Class A		11,347
	444	��	PayPal Holdings, Inc. (a)		17,540
	102		Vantiv, Inc., Class A (a)		6,077
	890		Visa, Inc., Class A		69,399
	139		WEX, Inc. (a)		15,541

					279,812

			Semiconductors & Semiconductor Equipment — 3.5%
	743		Analog Devices, Inc.		53,943
	224		Applied Materials, Inc.		7,234
	498		Broadcom Ltd., (Singapore)		87,982
	61		KLA-Tencor Corp.		4,799
	325		Lam Research Corp.		34,404
	77		NVIDIA Corp.		8,240
	107		NXP Semiconductors NV, (Netherlands) (a)		10,486
	643		ON Semiconductor Corp. (a)		8,200

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	23

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	787	Texas Instruments, Inc.		57,447

				272,735

		Software — 4.3%
	727	Adobe Systems, Inc. (a)		74,847
	3,860	Microsoft Corp.		239,858
	272	Oracle Corp.		10,447
	132	Workday, Inc., Class A (a)		8,723

				333,875

		Technology Hardware, Storage & Peripherals — 3.8%
	2,155	Apple, Inc.		249,541
	688	Hewlett Packard Enterprise Co.		15,913
	2,041	HP, Inc.		30,288

				295,742

		Total Information Technology		1,624,149

		Materials — 2.8%
		Chemicals — 2.1%
	446	Dow Chemical Co. (The)		25,545
	548	Eastman Chemical Co.		41,230
	781	EI du Pont de Nemours & Co.		57,350
	53	Monsanto Co.		5,534
	1,019	Mosaic Co. (The)		29,900

				159,559

		Construction Materials — 0.1%
	47	Martin Marietta Materials, Inc.		10,355

		Containers & Packaging — 0.5%
	290	Crown Holdings, Inc. (a)		15,221
	243	Sealed Air Corp.		11,029
	297	WestRock Co.		15,059

				41,309

		Metals & Mining — 0.1%
	193	Newmont Mining Corp.		6,591
	81	United States Steel Corp.		2,681

				9,272

		Total Materials		220,495

		Real Estate — 2.4%
		Equity Real Estate Investment Trusts (REITs) — 2.4%
	35	American Tower Corp.		3,699
	180	AvalonBay Communities, Inc.		31,900
	177	Brixmor Property Group, Inc.		4,317
	28	Camden Property Trust		2,371
	52	Equinix, Inc.		18,676
	32	Essex Property Trust, Inc.		7,347


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	395	HCP, Inc.		11,730
	598	Kimco Realty Corp.		15,050
	200	Liberty Property Trust		7,913
	22	Macerich Co. (The)		1,578
	392	Prologis, Inc.		20,686
	34	Public Storage		7,522
	84	Regency Centers Corp.		5,792
	137	Simon Property Group, Inc.		24,365
	103	SL Green Realty Corp.		11,056
	313	Spirit Realty Capital, Inc.		3,404
	325	STORE Capital Corp.		8,023

		Total Real Estate		185,429

		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.7%
	2,025	AT&T, Inc.		86,109
	206	CenturyLink, Inc.		4,903
	765	Verizon Communications, Inc.		40,846

				131,858

		Wireless Telecommunication Services — 0.1%
	80	T-Mobile US, Inc. (a)		4,590

		Total Telecommunication Services		136,448

		Utilities — 3.1%
		Electric Utilities — 2.4%
	513	Edison International		36,910
	168	FirstEnergy Corp.		5,200
	489	NextEra Energy, Inc.		58,400
	703	PG&E Corp.		42,732
	173	Pinnacle West Capital Corp.		13,468
	662	Xcel Energy, Inc.		26,936

				183,646

		Multi-Utilities — 0.7%
	582	Ameren Corp.		30,511
	589	CMS Energy Corp.		24,513

				55,024

		Total Utilities		238,670

		Total Common Stocks (Cost $6,406,878)		7,630,247

PRINCIPAL AMOUNT($)
	Short-Term Investments — 2.6%
		U.S. Treasury Obligation — 0.1%
	9,422	U.S. Treasury Bill, 0.492%, 03/30/17 (k) (n)		9,410

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Investment Company — 2.5%
	191,979	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l)		191,979

		Total Short-Term Investments (Cost $201,389)		201,389

		Total Investments — 100.7% (Cost $6,608,267)		7,831,636
		Liabilities in Excess of Other Assets — (0.7)%		(58,002	)

		NET ASSETS — 100.0%	$	7,773,634

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

1,282

E-mini S&P 500

03/17/17

USD

143,340

(670

)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	25

JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 98.2%
		Consumer Discretionary — 21.5%
		Hotels, Restaurants & Leisure — 2.4%
	155	Las Vegas Sands Corp.		8,281

		Internet & Direct Marketing Retail — 9.9%
	29	Amazon.com, Inc. (a)		21,776
	8	Priceline Group, Inc. (The) (a)		12,081

				33,857

		Specialty Retail — 9.2%
	67	Home Depot, Inc. (The)		8,980
	151	Ross Stores, Inc.		9,897
	49	Ulta Salon Cosmetics & Fragrance, Inc. (a)		12,365

				31,242

		Total Consumer Discretionary		73,380

		Consumer Staples — 2.1%
		Beverages — 2.1%
	164	Monster Beverage Corp. (a)		7,250

		Energy — 2.0%
		Oil, Gas & Consumable Fuels — 2.0%
	39	Pioneer Natural Resources Co.		6,964

		Financials — 8.8%
		Capital Markets — 8.8%
	429	Charles Schwab Corp. (The)		16,916
	232	Intercontinental Exchange, Inc.		13,068

		Total Financials		29,984

		Health Care — 11.8%
		Biotechnology — 4.1%
	110	Gilead Sciences, Inc.		7,906
	79	Vertex Pharmaceuticals, Inc. (a)		5,848

				13,754

		Health Care Equipment & Supplies — 2.0%
	11	Intuitive Surgical, Inc. (a)		6,912

		Health Care Providers & Services — 3.9%
	84	UnitedHealth Group, Inc.		13,363

		Life Sciences Tools & Services — 1.8%
	48	Illumina, Inc. (a)		6,098

		Total Health Care		40,127

		Industrials — 7.9%
		Aerospace & Defense — 2.3%
	31	TransDigm Group, Inc.		7,770

		Electrical Equipment — 1.9%
	28	Acuity Brands, Inc.		6,534

		Machinery — 2.3%
	84	Caterpillar, Inc.		7,790


SHARES		SECURITY DESCRIPTION	VALUE($)

		Road & Rail — 1.4%
	56	Kansas City Southern		4,709

		Total Industrials		26,803

		Information Technology — 38.7%
		Internet Software & Services — 13.2%
	30	Alphabet, Inc., Class A (a)		24,138
	181	Facebook, Inc., Class A (a)		20,870

				45,008

		IT Services — 8.6%
	189	Mastercard, Inc., Class A		19,542
	245	PayPal Holdings, Inc. (a)		9,687

				29,229

		Semiconductors & Semiconductor Equipment — 6.4%
	298	Applied Materials, Inc.		9,607
	69	Broadcom Ltd., (Singapore)		12,144

				21,751

		Software — 8.4%
	103	Adobe Systems, Inc. (a)		10,635
	110	Electronic Arts, Inc. (a)		8,640
	128	ServiceNow, Inc. (a)		9,491

				28,766

		Technology Hardware, Storage & Peripherals — 2.1%
	63	Apple, Inc.		7,320

		Total Information Technology		132,074

		Materials — 2.1%
		Chemicals — 2.1%
	51	Air Products & Chemicals, Inc.		7,310

		Real Estate — 3.3%
		Equity Real Estate Investment Trusts (REITs) — 3.3%
	31	Equinix, Inc.		11,249

		Total Common Stocks (Cost $256,998)		335,141

	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	2,597	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $2,597)		2,597

		Total Investments — 99.0% (Cost $259,595)		337,738
		Other Assets in Excess of Liabilities — 1.0%		3,341

		NET ASSETS — 100.0%	$	341,079

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.4%
		Consumer Discretionary — 21.9%
		Distributors — 1.9%
	29	Genuine Parts Co.		2,763

		Internet & Direct Marketing Retail — 8.9%
	11	Amazon.com, Inc. (a)		7,986
	4	Priceline Group, Inc. (The) (a)		5,153

				13,139

		Media — 3.0%
	76	DISH Network Corp., Class A (a)		4,427

		Multiline Retail — 2.3%
	68	Kohl’s Corp.		3,350

		Specialty Retail — 5.8%
	56	Bed Bath & Beyond, Inc.		2,256
	52	Best Buy Co., Inc.		2,219
	16	Ulta Salon Cosmetics & Fragrance, Inc. (a)		4,000

				8,475

		Total Consumer Discretionary		32,154

		Consumer Staples — 1.7%
		Beverages — 1.7%
	56	Monster Beverage Corp. (a)		2,494

		Energy — 6.3%
		Oil, Gas & Consumable Fuels — 6.3%
	116	Kinder Morgan, Inc.		2,403
	69	Marathon Petroleum Corp.		3,462
	19	Pioneer Natural Resources Co.		3,342

		Total Energy		9,207

		Financials — 20.1%
		Banks — 3.2%
	87	Wells Fargo & Co.		4,775

		Capital Markets — 2.7%
	52	T Rowe Price Group, Inc.		3,938

		Consumer Finance — 5.1%
	114	Ally Financial, Inc.		2,159
	62	Capital One Financial Corp.		5,369

				7,528

		Insurance — 9.1%
	115	American International Group, Inc.		7,540
	123	Loews Corp.		5,745

				13,285

		Total Financials		29,526


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care — 9.4%
		Biotechnology — 4.7%
	60	Gilead Sciences, Inc.		4,296
	35	Vertex Pharmaceuticals, Inc. (a)		2,606

				6,902

		Health Care Equipment & Supplies — 2.4%
	5	Intuitive Surgical, Inc. (a)		3,423

		Health Care Providers & Services — 2.3%
	21	UnitedHealth Group, Inc.		3,381

		Total Health Care		13,706

		Industrials — 5.9%
		Airlines — 2.3%
	69	Delta Air Lines, Inc.		3,389

		Machinery — 2.0%
	32	Caterpillar, Inc.		2,935

		Road & Rail — 1.6%
	27	Kansas City Southern		2,290

		Total Industrials		8,614

		Information Technology — 19.5%
		Electronic Equipment, Instruments & Components — 1.5%
	30	Arrow Electronics, Inc. (a)		2,159

		Internet Software & Services — 9.9%
	9	Alphabet, Inc., Class C (a)		6,939
	66	Facebook, Inc., Class A (a)		7,628

				14,567

		IT Services — 6.8%
	72	Mastercard, Inc.		7,462
	62	PayPal Holdings, Inc. (a)		2,433

				9,895

		Software — 1.3%
	27	ServiceNow, Inc. (a)		1,977

		Total Information Technology		28,598

		Materials — 3.5%
		Construction Materials — 1.5%
	10	Martin Marietta Materials, Inc.		2,207

		Containers & Packaging — 2.0%
	58	WestRock Co.		2,925

		Total Materials		5,132

		Real Estate — 2.1%
		Equity Real Estate Investment Trusts (REITs) — 2.1%
	113	Rayonier, Inc.		3,018

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	27

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 2.0%
		Electric Utilities — 2.0%
	74	Xcel Energy, Inc.		3,011

		Total Common Stocks (Cost $112,217)		135,460

	Short-Term Investment — 8.8%
		Investment Company — 8.8%
	12,832	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $12,832)		12,832

		Total Investments — 101.2% (Cost $125,049)		148,292
		Liabilities in Excess of Other Assets — (1.2)%		(1,789	)

		NET ASSETS — 100.0%	$	146,503

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 8.0%
		Distributors — 1.1%
	1,638	Genuine Parts Co.		156,524

		Hotels, Restaurants & Leisure — 0.5%
	981	Wyndham Worldwide Corp.		74,914


		Media — 2.0%
	1,261	Cinemark Holdings, Inc.		48,383
	1,489	Comcast Corp., Class A		102,845
	1,252	Time Warner, Inc.		120,900

				272,128

		Specialty Retail — 3.6%
	1,846	Best Buy Co., Inc.		78,776
	1,700	Home Depot, Inc. (The)		227,957
	1,873	L Brands, Inc.		123,312
	818	Tiffany & Co.		63,373

				493,418

		Textiles, Apparel & Luxury Goods — 0.8%
	2,079	VF Corp.		110,921

		Total Consumer Discretionary		1,107,905

		Consumer Staples — 7.6%
		Beverages — 2.5%
	1,696	Coca-Cola Co. (The)		70,306
	1,271	Dr Pepper Snapple Group, Inc.		115,269
	899	Molson Coors Brewing Co., Class B		87,449
	715	PepsiCo, Inc.		74,766

				347,790

		Food Products — 1.4%
	652	Kraft Heinz Co. (The)		56,970
	2,914	Mondelez International, Inc., Class A		129,181

				186,151

		Household Products — 1.1%
	1,073	Kimberly-Clark Corp.		122,493
	407	Procter & Gamble Co. (The)		34,234

				156,727

		Tobacco — 2.6%
	2,849	Altria Group, Inc.		192,634
	767	Philip Morris International, Inc.		70,188
	1,711	Reynolds American, Inc.		95,898

				358,720

		Total Consumer Staples		1,049,388


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 11.3%
		Energy Equipment & Services — 1.2%
	2,005	Schlumberger Ltd.		168,346

		Oil, Gas & Consumable Fuels — 10.1%
	2,908	Chevron Corp.		342,220
	6,144	ConocoPhillips		308,036
	4,021	Exxon Mobil Corp.		362,940
	3,805	Occidental Petroleum Corp.		271,017
	1,507	Valero Energy Corp.		102,938

				1,387,151

		Total Energy		1,555,497

		Financials — 29.8%
		Banks — 12.4%
	18,068	Bank of America Corp.		399,303
	4,169	BB&T Corp.		196,032
	876	Cullen/Frost Bankers, Inc.		77,269
	431	M&T Bank Corp.		67,467
	2,893	PNC Financial Services Group, Inc. (The)		338,347
	3,265	US Bancorp		167,717
	8,284	Wells Fargo & Co.		456,540

				1,702,675

		Capital Markets — 6.6%
	479	Ameriprise Financial, Inc.		53,154
	750	BlackRock, Inc.		285,293
	2,305	CME Group, Inc.		265,906
	1,613	Northern Trust Corp.		143,660
	295	S&P Global, Inc.		31,735
	1,696	T Rowe Price Group, Inc.		127,605

				907,353

		Consumer Finance — 1.9%
	1,671	Capital One Financial Corp.		145,755
	1,569	Discover Financial Services		113,079

				258,834

		Insurance — 8.9%
	1,424	Arthur J Gallagher & Co.		73,987
	874	Chubb Ltd.		115,512
	851	Cincinnati Financial Corp.		64,439
	4,480	Hartford Financial Services Group, Inc. (The)		213,491
	4,833	MetLife, Inc.		260,472
	1,500	Progressive Corp. (The)		53,261
	1,438	Prudential Financial, Inc.		149,635
	2,194	Travelers Cos., Inc. (The)		268,648
	618	Validus Holdings Ltd.		33,999

				1,233,444

		Total Financials		4,102,306

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	29

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 10.1%
		Biotechnology — 0.6%
	383	AbbVie, Inc.		23,994
	819	Gilead Sciences, Inc.		58,656

				82,650

		Health Care Equipment & Supplies — 1.6%
	2,493	Abbott Laboratories		95,740
	741	Becton Dickinson and Co.		122,604

				218,344

		Pharmaceuticals — 7.9%
	2,301	Bristol-Myers Squibb Co.		134,495
	1,397	Eli Lilly & Co.		102,743
	2,916	Johnson & Johnson		335,963
	4,337	Merck & Co., Inc.		255,314
	7,895	Pfizer, Inc.		256,414

				1,084,929

		Total Health Care		1,385,923

		Industrials — 10.4%
		Aerospace & Defense — 1.3%
	1,065	General Dynamics Corp.		183,936

		Air Freight & Logistics — 0.5%
	597	United Parcel Service, Inc., Class B		68,439

		Commercial Services & Supplies — 1.3%
	3,150	Republic Services, Inc.		179,725

		Industrial Conglomerates — 2.7%
	663	3M Co.		118,330
	2,169	Honeywell International, Inc.		251,247

				369,577

		Machinery — 3.0%
	1,151	Dover Corp.		86,244
	1,779	Illinois Tool Works, Inc.		217,912
	185	Snap-on, Inc.		31,623
	671	Stanley Black & Decker, Inc.		76,964

				412,743

		Road & Rail — 1.6%
	909	Norfolk Southern Corp.		98,248
	1,181	Union Pacific Corp.		122,492

				220,740

		Total Industrials		1,435,160

		Information Technology — 9.9%
		IT Services — 2.1%
	606	Accenture plc, Class A		70,949


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — continued
	1,067	Automatic Data Processing, Inc.		109,625
	1,417	Fidelity National Information Services, Inc.		107,155

				287,729

		Semiconductors & Semiconductor Equipment — 3.9%
	1,830	Analog Devices, Inc.		132,878
	1,405	KLA-Tencor Corp.		110,515
	1,468	QUALCOMM, Inc.		95,744
	2,818	Texas Instruments, Inc.		205,664

				544,801

		Software — 1.9%
	4,230	Microsoft Corp.		262,837

		Technology Hardware, Storage & Peripherals — 2.0%
	2,347	Apple, Inc.		271,819

		Total Information Technology		1,367,186

		Materials — 3.1%
		Chemicals — 2.9%
	1,208	EI du Pont de Nemours & Co.		88,695
	314	International Flavors & Fragrances, Inc.		37,012
	1,173	PPG Industries, Inc.		111,179
	771	Praxair, Inc.		90,314
	1,262	RPM International, Inc.		67,943

				395,143

		Containers & Packaging — 0.2%
	657	WestRock Co.		33,375

		Total Materials		428,518

		Real Estate — 2.9%
		Equity Real Estate Investment Trusts (REITs) — 2.9%
	358	Alexandria Real Estate Equities, Inc.		39,759
	635	AvalonBay Communities, Inc.		112,539
	433	Boston Properties, Inc.		54,520
	1,610	HCP, Inc.		47,860
	784	Simon Property Group, Inc.		139,283

		Total Real Estate		393,961

		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	4,048	Verizon Communications, Inc.		216,090

		Utilities — 3.8%
		Electric Utilities — 2.4%
	1,623	Edison International		116,838
	823	NextEra Energy, Inc.		98,263
	2,987	Xcel Energy, Inc.		121,554

				336,655

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 1.4%
	2,471	CMS Energy Corp.		102,851
	219	DTE Energy Co.		21,591
	3,123	NiSource, Inc.		69,143

				193,585

		Total Utilities		530,240

		Total Common Stocks (Cost $10,716,238)		13,572,174


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	183,286	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $183,286)		183,286

		Total Investments — 99.8% (Cost $10,899,524)		13,755,460
		Other Assets in Excess of Liabilities — 0.2%		31,824

		NET ASSETS — 100.0%	$	13,787,284

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	31

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 98.1%
		Consumer Discretionary — 11.4%
		Distributors — 0.5%
	29	Genuine Parts Co.		2,723

		Hotels, Restaurants & Leisure — 1.5%
	52	Carnival Corp.		2,707
	64	Royal Caribbean Cruises Ltd.		5,218

				7,925

		Household Durables — 1.0%
	48	Harman International Industries, Inc.		5,336

		Media — 2.2%
	71	DISH Network Corp., Class A (a)		4,119
	47	Time Warner, Inc.		4,517
	27	Walt Disney Co. (The)		2,856

				11,492

		Multiline Retail — 0.8%
	87	Nordstrom, Inc.		4,160

		Specialty Retail — 4.5%
	6	AutoZone, Inc. (a)		4,983
	117	Best Buy Co., Inc.		4,971
	57	Home Depot, Inc. (The)		7,683
	94	L Brands, Inc.		6,176

				23,813

		Textiles, Apparel & Luxury Goods — 0.9%
	91	VF Corp.		4,828

		Total Consumer Discretionary		60,277

		Consumer Staples — 4.9%
		Beverages — 2.3%
	81	Coca-Cola Co. (The)		3,342
	30	Dr Pepper Snapple Group, Inc.		2,693
	40	Molson Coors Brewing Co., Class B		3,921
	24	PepsiCo, Inc.		2,501

				12,457

		Food & Staples Retailing — 1.5%
	26	Costco Wholesale Corp.		4,131
	45	Walgreens Boots Alliance, Inc.		3,741

				7,872

		Food Products — 0.4%
	22	Kraft Heinz Co. (The)		1,956

		Household Products — 0.7%
	31	Kimberly-Clark Corp.		3,492

		Total Consumer Staples		25,777


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy — 12.7%
		Energy Equipment & Services — 1.3%
	83	Schlumberger Ltd.		6,976

		Oil, Gas & Consumable Fuels — 11.4%
	118	Chevron Corp.		13,842
	184	ConocoPhillips		9,250
	57	EOG Resources, Inc.		5,732
	143	Exxon Mobil Corp.		12,879
	141	Occidental Petroleum Corp.		10,072
	41	Phillips 66		3,577
	76	Valero Energy Corp.		5,199

				60,551

		Total Energy		67,527

		Financials — 32.5%
		Banks — 14.6%
	957	Bank of America Corp.		21,143
	139	BB&T Corp.		6,526
	102	Citigroup, Inc.		6,059
	57	Cullen/Frost Bankers, Inc.		5,011
	37	M&T Bank Corp.		5,741
	60	PNC Financial Services Group, Inc. (The)		6,959
	85	SunTrust Banks, Inc.		4,679
	120	US Bancorp		6,144
	275	Wells Fargo & Co.		15,139

				77,401

		Capital Markets — 8.7%
	16	Ameriprise Financial, Inc.		1,797
	24	BlackRock, Inc.		9,019
	144	Charles Schwab Corp. (The)		5,676
	30	Goldman Sachs Group, Inc. (The)		7,160
	37	Intercontinental Exchange, Inc.		2,065
	187	Invesco Ltd.		5,664
	192	Morgan Stanley		8,095
	88	T Rowe Price Group, Inc.		6,585

				46,061

		Consumer Finance — 2.5%
	76	Capital One Financial Corp.		6,656
	96	Discover Financial Services		6,885

				13,541

		Diversified Financial Services — 2.2%
	72	Berkshire Hathaway, Inc., Class B (a)		11,800

		Insurance — 4.5%
	22	Chubb Ltd.		2,902
	187	Hartford Financial Services Group, Inc. (The)		8,901

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	54	Loews Corp.		2,515
	79	MetLife, Inc.		4,241
	51	Prudential Financial, Inc.		5,297

				23,856

		Total Financials		172,659

		Health Care — 9.2%
		Biotechnology — 0.7%
	54	Gilead Sciences, Inc.		3,896

		Health Care Equipment & Supplies — 0.9%
	27	Becton Dickinson and Co.		4,437

		Health Care Providers & Services — 1.9%
	26	Aetna, Inc.		3,237
	14	Humana, Inc.		2,917
	25	UnitedHealth Group, Inc.		4,065

				10,219

		Pharmaceuticals — 5.7%
	139	Bristol-Myers Squibb Co.		8,117
	42	Eli Lilly & Co.		3,067
	41	Johnson & Johnson		4,758
	105	Merck & Co., Inc.		6,174
	253	Pfizer, Inc.		8,227

				30,343

		Total Health Care		48,895

		Industrials — 8.0%
		Aerospace & Defense — 0.7%
	35	United Technologies Corp.		3,793

		Industrial Conglomerates — 5.2%
	44	3M Co.		7,821
	299	General Electric Co.		9,439
	88	Honeywell International, Inc.		10,218

				27,478

		Machinery — 0.3%
	18	Dover Corp.		1,341

		Road & Rail — 0.9%
	138	CSX Corp.		4,941

		Trading Companies & Distributors — 0.9%
	34	Watsco, Inc.		5,036

		Total Industrials		42,589

		Information Technology — 11.8%
		Communications Equipment — 0.6%
	101	Cisco Systems, Inc.		3,055


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electronic Equipment, Instruments & Components — 0.4%
	31	TE Connectivity Ltd.		2,113

		Internet Software & Services — 0.8%
	5	Alphabet, Inc., Class C (a)		4,028

		IT Services — 0.7%
	49	Fidelity National Information Services, Inc.		3,683

		Semiconductors & Semiconductor Equipment — 3.5%
	170	Applied Materials, Inc.		5,499
	54	KLA-Tencor Corp.		4,280
	52	QUALCOMM, Inc.		3,384
	72	Texas Instruments, Inc.		5,283

				18,446

		Software — 2.8%
	244	Microsoft Corp.		15,150

		Technology Hardware, Storage & Peripherals — 3.0%
	109	Apple, Inc.		12,636
	230	HP, Inc.		3,409

				16,045

		Total Information Technology		62,520

		Materials — 0.8%
		Chemicals — 0.8%
	61	EI du Pont de Nemours & Co.		4,492

		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	16	AvalonBay Communities, Inc.		2,764
	54	Macerich Co. (The)		3,825
	21	Simon Property Group, Inc.		3,678

		Total Real Estate		10,267

		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.1%
	206	Verizon Communications, Inc.		10,976

		Wireless Telecommunication Services — 0.7%
	67	T-Mobile US, Inc. (a)		3,865

		Total Telecommunication Services		14,841

		Utilities — 2.1%
		Electric Utilities — 1.6%
	36	Edison International		2,620
	23	NextEra Energy, Inc.		2,700
	74	Xcel Energy, Inc.		3,000

				8,320

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	33

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 0.5%
	64	CMS Energy Corp.		2,651

		Total Utilities		10,971

		Total Common Stocks (Cost $354,876)		520,815

	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	7,022	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $7,022)		7,022

		Total Investments — 99.4% (Cost $361,898)		527,837
		Other Assets in Excess of Liabilities — 0.6%		3,022

		NET ASSETS — 100.0%	$	530,859

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
			Consumer Discretionary — 12.5%
			Auto Components — 0.4%
	13		Delphi Automotive plc		892
	2		Lear Corp.		325

					1,217

			Automobiles — 0.5%
	15		Ford Motor Co.		180
	41		General Motors Co. (o)		1,431

					1,611

			Hotels, Restaurants & Leisure — 1.1%
	12		Royal Caribbean Cruises Ltd.		998
	38		Starbucks Corp.		2,105
	9		Yum! Brands, Inc.		597

					3,700

			Household Durables — 0.4%
	16		DR Horton, Inc.		450
	4		Newell Brands, Inc.		164
	25		PulteGroup, Inc.		452
	5		Toll Brothers, Inc. (a)		160

					1,226

			Internet & Direct Marketing Retail — 1.6%
	7		Amazon.com, Inc. (a) (o)		5,316

			Media — 4.4%
	3		CBS Corp. (Non-Voting), Class B		178
	9		Charter Communications, Inc., Class A (a) (o)		2,699
	55		Comcast Corp., Class A (o)		3,819
	13		DISH Network Corp., Class A (a)		779
	74		Sirius XM Holdings, Inc.		329
	20		Time Warner, Inc.		1,977
	117		Twenty-First Century Fox, Inc., Class A (o)		3,271
	12		Walt Disney Co. (The)		1,246

					14,298

			Multiline Retail — 0.3%
	13		Dollar General Corp.		981

			Specialty Retail — 3.6%
	—	(h)	AutoZone, Inc. (a)		97
	13		Best Buy Co., Inc.		549
	29		Home Depot, Inc. (The) (o)		3,887
	37		Lowe’s Cos., Inc.		2,641
	5		O’Reilly Automotive, Inc. (a)		1,441
	7		Ross Stores, Inc.		438
	1		Signet Jewelers Ltd. (o)		77
	37		TJX Cos., Inc. (The) (o)		2,782

					11,912


SHARES		SECURITY DESCRIPTION	VALUE($)

		Textiles, Apparel & Luxury Goods — 0.2%
	5	NIKE, Inc., Class B		276
	1	PVH Corp.		115
	2	Ralph Lauren Corp.		156

				547

		Total Consumer Discretionary		40,808

		Consumer Staples — 8.9%
		Beverages — 3.1%
	42	Coca-Cola Co. (The)		1,747
	12	Constellation Brands, Inc., Class A		1,768
	3	Dr Pepper Snapple Group, Inc.		272
	20	Molson Coors Brewing Co., Class B		1,972
	43	PepsiCo, Inc. (o)		4,517

				10,276

		Food & Staples Retailing — 1.7%
	12	Costco Wholesale Corp. (o)		1,926
	39	Kroger Co. (The)		1,346
	24	Walgreens Boots Alliance, Inc.		1,991
	4	Wal-Mart Stores, Inc.		283

				5,546

		Food Products — 1.2%
	6	Archer-Daniels-Midland Co. (o)		260
	1	JM Smucker Co. (The)		125
	10	Kraft Heinz Co. (The)		880
	58	Mondelez International, Inc., Class A		2,574

				3,839

		Household Products — 1.6%
	19	Kimberly-Clark Corp. (o)		2,114
	37	Procter & Gamble Co. (The)		3,148

				5,262

		Tobacco — 1.3%
	14	Altria Group, Inc.		951
	17	Philip Morris International, Inc.		1,600
	28	Reynolds American, Inc. (o)		1,553

				4,104

		Total Consumer Staples		29,027

		Energy — 7.3%
		Energy Equipment & Services — 0.9%
	13	Halliburton Co.		698
	27	Schlumberger Ltd. (o)		2,239

				2,937

		Oil, Gas & Consumable Fuels — 6.4%
	21	Anadarko Petroleum Corp.		1,437
	3	Apache Corp.		221

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	23	Cabot Oil & Gas Corp.		530
	8	Cheniere Energy, Inc. (a)		322
	22	Chevron Corp.		2,561
	5	Concho Resources, Inc. (a)		689
	13	Diamondback Energy, Inc. (a)		1,341
	21	EOG Resources, Inc.		2,082
	13	EQT Corp.		867
	68	Exxon Mobil Corp. (o)		6,137
	25	Kinder Morgan, Inc.		520
	9	Marathon Petroleum Corp.		447
	13	Occidental Petroleum Corp.		900
	12	Pioneer Natural Resources Co.		2,238
	7	Valero Energy Corp.		511

				20,803

		Total Energy		23,740

		Financials — 14.7%
		Banks — 6.1%
	249	Bank of America Corp. (o)		5,507
	9	BB&T Corp.		433
	88	Citigroup, Inc.		5,224
	13	Huntington Bancshares, Inc.		169
	71	KeyCorp		1,304
	30	Regions Financial Corp. (o)		433
	3	SunTrust Banks, Inc.		161
	2	SVB Financial Group (a)		419
	108	Wells Fargo & Co. (o)		5,977
	6	Zions Bancorp		260

				19,887

		Capital Markets — 3.5%
	3	Ameriprise Financial, Inc.		296
	32	Bank of New York Mellon Corp. (The)		1,500
	3	BlackRock, Inc.		1,084
	66	Charles Schwab Corp. (The) (o)		2,609
	1	Goldman Sachs Group, Inc. (The) (o)		257
	23	Intercontinental Exchange, Inc.		1,305
	74	Morgan Stanley (o)		3,137
	16	State Street Corp. (o)		1,214

				11,402

		Consumer Finance — 1.0%
	20	Capital One Financial Corp.		1,765
	20	Discover Financial Services		1,476

				3,241


SHARES			SECURITY DESCRIPTION	VALUE($)

			Diversified Financial Services — 1.4%
	29		Berkshire Hathaway, Inc., Class B (a) (o)		4,684
	—	(h)	Voya Financial, Inc.		15

					4,699

			Insurance — 2.7%
	18		American International Group, Inc. (o)		1,192
	20		Arthur J Gallagher & Co.		1,018
	15		Chubb Ltd.		1,991
	3		Everest Re Group Ltd.		542
	7		Hartford Financial Services Group, Inc. (The)		311
	58		MetLife, Inc. (o)		3,101
	14		XL Group Ltd., (Ireland)		536

					8,691

			Total Financials		47,920

			Health Care — 13.5%
			Biotechnology — 2.7%
	4		Alexion Pharmaceuticals, Inc. (a)		442
	8		Biogen, Inc. (a)		2,323
	2		BioMarin Pharmaceutical, Inc. (a)		134
	22		Celgene Corp. (a)		2,527
	38		Gilead Sciences, Inc.		2,701
	11		Vertex Pharmaceuticals, Inc. (a)		789

					8,916

			Health Care Equipment & Supplies — 1.7%
	57		Abbott Laboratories		2,193
	2		Becton Dickinson and Co.		303
	88		Boston Scientific Corp. (a) (o)		1,911
	1		Cooper Cos., Inc. (The)		149
	7		Danaher Corp.		523
	3		Zimmer Biomet Holdings, Inc.		274

					5,353

			Health Care Providers & Services — 2.8%
	15		Aetna, Inc. (o)		1,915
	4		Cigna Corp.		557
	2		HCA Holdings, Inc. (a)		158
	6		Humana, Inc.		1,272
	2		Laboratory Corp. of America Holdings (a)		196
	4		McKesson Corp. (o)		496
	3		Quest Diagnostics, Inc.		266
	27		UnitedHealth Group, Inc.		4,391

					9,251

			Life Sciences Tools & Services — 0.6%
	12		Agilent Technologies, Inc.		550
	5		Illumina, Inc. (a)		646

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — continued
	6	Thermo Fisher Scientific, Inc.		883

				2,079

		Pharmaceuticals — 5.7%
	12	Allergan plc (a) (o)		2,524
	58	Bristol-Myers Squibb Co.		3,396
	34	Eli Lilly & Co.		2,505
	24	Johnson & Johnson		2,794
	30	Merck & Co., Inc. (o)		1,755
	6	Mylan NV (a)		222
	161	Pfizer, Inc. (o)		5,240

				18,436

		Total Health Care		44,035

		Industrials — 9.7%
		Aerospace & Defense — 1.5%
	10	General Dynamics Corp. (o)		1,760
	4	L-3 Communications Holdings, Inc.		588
	4	Northrop Grumman Corp.		985
	4	Textron, Inc.		196
	13	United Technologies Corp.		1,398

				4,927

		Air Freight & Logistics — 0.1%
	3	United Parcel Service, Inc., Class B		321

		Airlines — 0.8%
	20	Delta Air Lines, Inc.		963
	22	United Continental Holdings, Inc. (a)		1,581

				2,544

		Building Products — 0.5%
	11	Allegion plc		715
	7	Johnson Controls International plc		295
	27	Masco Corp.		847

				1,857

		Construction & Engineering — 0.2%
	11	Fluor Corp. (o)		574

		Electrical Equipment — 0.5%
	27	Eaton Corp. plc		1,783

		Industrial Conglomerates — 2.6%
	160	General Electric Co. (o)		5,048
	31	Honeywell International, Inc. (o)		3,539

				8,587

		Machinery — 2.0%
	5	Cummins, Inc. (o)		709
	3	Deere & Co.		294


SHARES		SECURITY DESCRIPTION	VALUE($)

		Machinery — continued
	2	Fortive Corp. (o)		133
	9	Ingersoll-Rand plc		654
	24	PACCAR, Inc. (o)		1,542
	2	Parker-Hannifin Corp. (o)		318
	3	Pentair plc, (United Kingdom)		163
	6	Snap-on, Inc.		1,013
	14	Stanley Black & Decker, Inc.		1,620

				6,446

		Road & Rail — 1.5%
	8	Canadian Pacific Railway Ltd., (Canada)		1,210
	35	Union Pacific Corp. (o)		3,592

				4,802

		Total Industrials		31,841

		Information Technology — 20.7%
		Communications Equipment — 0.4%
	39	Cisco Systems, Inc.		1,174

		Electronic Equipment, Instruments & Components — 0.6%
	28	TE Connectivity Ltd.		1,964

		Internet Software & Services — 4.7%
	6	Alphabet, Inc., Class A (a) (o)		4,741
	6	Alphabet, Inc., Class C (a) (o)		4,655
	51	Facebook, Inc., Class A (a) (o)		5,856

				15,252

		IT Services — 3.5%
	36	Accenture plc, Class A		4,180
	8	Cognizant Technology Solutions Corp., Class A (a) (o)		439
	20	Fidelity National Information Services, Inc.		1,526
	3	International Business Machines Corp.		510
	5	Mastercard, Inc., Class A		465
	18	PayPal Holdings, Inc. (a)		728
	4	Vantiv, Inc., Class A (a)		253
	37	Visa, Inc., Class A		2,880
	6	WEX, Inc. (a)		646

				11,627

		Semiconductors & Semiconductor Equipment — 3.5%
	31	Analog Devices, Inc.		2,244
	9	Applied Materials, Inc.		301
	21	Broadcom Ltd., (Singapore)		3,660
	3	KLA-Tencor Corp.		200
	14	Lam Research Corp.		1,431
	3	NVIDIA Corp.		343
	4	NXP Semiconductors NV, (Netherlands) (a)		436
	27	ON Semiconductor Corp. (a)		341

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures and Options contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	33	Texas Instruments, Inc.		2,390

				11,346

		Software — 4.2%
	30	Adobe Systems, Inc. (a)		3,114
	161	Microsoft Corp. (o)		9,979
	11	Oracle Corp. (o)		431
	5	Workday, Inc., Class A (a)		363

				13,887

		Technology Hardware, Storage & Peripherals — 3.8%
	90	Apple, Inc. (o)		10,382
	29	Hewlett Packard Enterprise Co.		662
	85	HP, Inc.		1,260

				12,304

		Total Information Technology		67,554

		Materials — 2.8%
		Chemicals — 2.0%
	19	Dow Chemical Co. (The)		1,063
	23	Eastman Chemical Co.		1,715
	33	EI du Pont de Nemours & Co.		2,386
	2	Monsanto Co.		226
	42	Mosaic Co. (The) (o)		1,244

				6,634

		Construction Materials — 0.2%
	2	Martin Marietta Materials, Inc. (o)		431

		Containers & Packaging — 0.5%
	12	Crown Holdings, Inc. (a)		623
	10	Sealed Air Corp.		458
	12	WestRock Co.		627

				1,708

		Metals & Mining — 0.1%
	8	Newmont Mining Corp.		274
	3	United States Steel Corp.		99

				373

		Total Materials		9,146

		Real Estate — 2.3%
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	1	American Tower Corp.		147
	7	AvalonBay Communities, Inc.		1,327
	7	Brixmor Property Group, Inc.		180
	1	Camden Property Trust		99
	2	Equinix, Inc.		777
	1	Essex Property Trust, Inc.		306


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	16	HCP, Inc.		488
	25	Kimco Realty Corp.		626
	8	Liberty Property Trust		329
	1	Macerich Co. (The)		65
	16	Prologis, Inc.		860
	1	Public Storage		313
	4	Regency Centers Corp.		246
	6	Simon Property Group, Inc. (o)		1,014
	4	SL Green Realty Corp.		454
	13	Spirit Realty Capital, Inc.		142
	14	STORE Capital Corp.		334

		Total Real Estate		7,707

		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.7%
	84	AT&T, Inc.		3,582
	9	CenturyLink, Inc.		204
	32	Verizon Communications, Inc.		1,695

				5,481

		Wireless Telecommunication Services — 0.0% (g)
	3	T-Mobile US, Inc. (a)		185

		Total Telecommunication Services		5,666

		Utilities — 3.0%
		Electric Utilities — 2.3%
	21	Edison International		1,534
	7	FirstEnergy Corp.		208
	20	NextEra Energy, Inc.		2,429
	29	PG&E Corp.		1,778
	7	Pinnacle West Capital Corp.		561
	28	Xcel Energy, Inc.		1,121

				7,631

		Multi-Utilities — 0.7%
	24	Ameren Corp.		1,270
	25	CMS Energy Corp.		1,020

				2,290

		Total Utilities		9,921

		Total Common Stocks (Cost $274,484)		317,365


NUMBER OF CONTRACTS
	Option Purchased — 1.3%
		Put Option Purchased — 1.3%
	1,452	S&P 500 Index, expiring 03/31/17 at $2,115.00, European Style (Cost $4,360)		4,320

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 2.7%
		U.S. Treasury Obligation — 0.0% (g)
	80	U.S. Treasury Bill, 0.456%, 03/30/17 (k) (n)		80

		Investment Company — 2.7%
	8,687	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l)		8,687

		Total Short-Term Investments (Cost $8,768)		8,767

		Total Investments — 101.1% (Cost $287,612)		330,452
		Liabilities in Excess of Other Assets — (1.1)%		(3,514	)

		NET ASSETS — 100.0%	$	326,938

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

E-mini S&P 500

03/17/17

USD

9,057

(65

)

OPTIONS WRITTEN


Call Option Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $3,597)	$	2,305.000		3/31/17		1,452	$	(3,565	)


Put Option Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $678)	$	1,775.000		3/31/17		1,452	$	(646	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	39

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Consumer Discretionary — 21.2%
		Automobiles — 0.6%
	361	Tesla Motors, Inc. (a)		77,206

		Hotels, Restaurants & Leisure — 1.3%
	1,272	Las Vegas Sands Corp.		67,959
	1,547	Starbucks Corp.		85,872

				153,831

		Household Durables — 0.8%
	2,157	Newell Brands, Inc.		96,328

		Internet & Direct Marketing Retail — 8.1%
	819	Amazon.com, Inc. (a)		614,248
	1,483	Netflix, Inc. (a)		183,633
	113	Priceline Group, Inc. (The) (a)		165,518

				963,399

		Media — 3.0%
	5,189	Comcast Corp., Class A		358,293

		Specialty Retail — 7.4%
	3,332	Home Depot, Inc. (The)		446,795
	2,301	Ross Stores, Inc.		150,926
	1,148	Ulta Salon Cosmetics & Fragrance, Inc. (a)		292,671

				890,392

		Total Consumer Discretionary		2,539,449

		Consumer Staples — 4.1%
		Beverages — 2.1%
	668	Constellation Brands, Inc., Class A		102,426
	3,299	Monster Beverage Corp. (a)		146,291

				248,717

		Food & Staples Retailing — 0.9%
	1,507	Wal-Mart Stores, Inc.		104,192

		Tobacco — 1.1%
	2,365	Reynolds American, Inc.		132,529

		Total Consumer Staples		485,438

		Energy — 1.0%
		Oil, Gas & Consumable Fuels — 1.0%
	655	Pioneer Natural Resources Co.		117,946

		Financials — 6.1%
		Capital Markets — 6.1%
	7,595	Charles Schwab Corp. (The)		299,782
	2,743	Intercontinental Exchange, Inc.		154,771
	896	Moody’s Corp.		84,438
	1,424	Morgan Stanley		60,181
	1,222	S&P Global, Inc.		131,414

		Total Financials		730,586


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care — 12.7%
		Biotechnology — 3.4%
	474	Celgene Corp. (a)		54,877
	2,648	Gilead Sciences, Inc.		189,638
	328	Incyte Corp. (a)		32,889
	210	Regeneron Pharmaceuticals, Inc. (a)		76,979
	686	Vertex Pharmaceuticals, Inc. (a)		50,515

				404,898

		Health Care Equipment & Supplies — 5.4%
	1,053	Becton Dickinson and Co.		174,258
	8,543	Boston Scientific Corp. (a)		184,789
	453	Intuitive Surgical, Inc. (a)		287,279

				646,326

		Health Care Providers & Services — 1.4%
	244	Humana, Inc.		49,783
	710	UnitedHealth Group, Inc.		113,645

				163,428

		Life Sciences Tools & Services — 1.9%
	698	Illumina, Inc. (a)		89,346
	997	Thermo Fisher Scientific, Inc.		140,671

				230,017

		Pharmaceuticals — 0.6%
	598	Johnson & Johnson		68,861

		Total Health Care		1,513,530

		Industrials — 8.2%
		Aerospace & Defense — 1.2%
	601	Northrop Grumman Corp.		139,850

		Air Freight & Logistics — 0.0% (g)
	5	FedEx Corp.		931

		Airlines — 3.6%
	6,691	Delta Air Lines, Inc.		329,140
	1,989	Southwest Airlines Co.		99,142

				428,282

		Electrical Equipment — 1.0%
	545	Acuity Brands, Inc.		125,772

		Industrial Conglomerates — 2.4%
	1,371	Honeywell International, Inc.		158,842
	700	Roper Technologies, Inc.		128,138

				286,980

		Total Industrials		981,815

		Information Technology — 41.1%
		Electronic Equipment, Instruments & Components — 0.4%
	672	Amphenol Corp., Class A		45,138

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — 10.2%
	924	Alphabet, Inc., Class C (a)		713,441
	3,156	Facebook, Inc., Class A (a)		363,052
	525	MercadoLibre, Inc., (Argentina)		82,020
	777	VeriSign, Inc. (a)		59,122

				1,217,635

		IT Services — 8.9%
	1,025	Accenture plc, Class A		120,000
	470	Cognizant Technology Solutions Corp., Class A (a)		26,323
	3,904	Mastercard, Inc., Class A		403,129
	2,760	PayPal Holdings, Inc. (a)		108,925
	3,168	Vantiv, Inc., Class A (a)		188,882
	2,817	Visa, Inc., Class A		219,759

				1,067,018

		Semiconductors & Semiconductor Equipment — 7.9%
	5,007	Applied Materials, Inc.		161,563
	1,464	Broadcom Ltd., (Singapore)		258,703
	4,140	NVIDIA Corp.		441,904
	851	NXP Semiconductors NV, (Netherlands) (a)		83,377

				945,547

		Software — 10.3%
	5,374	Activision Blizzard, Inc.		194,059
	2,238	Adobe Systems, Inc. (a)		230,402
	2,051	Electronic Arts, Inc. (a)		161,552
	5,434	Microsoft Corp.		337,656
	1,256	salesforce.com, Inc. (a)		85,958
	2,447	ServiceNow, Inc. (a)		181,903
	769	Splunk, Inc. (a)		39,314

				1,230,844


SHARES		SECURITY DESCRIPTION	VALUE($)

		Technology Hardware, Storage & Peripherals — 3.4%
	3,481	Apple, Inc.		403,215

		Total Information Technology		4,909,397

		Materials — 4.3%
		Chemicals — 2.7%
	1,193	Ecolab, Inc.		139,809
	476	LyondellBasell Industries NV, Class A		40,857
	509	Sherwin-Williams Co. (The)		136,681

				317,347

		Construction Materials — 1.6%
	1,540	Vulcan Materials Co.		192,681

		Total Materials		510,028

		Real Estate — 0.6%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
	221	Equinix, Inc.		78,988

		Total Common Stocks (Cost $8,222,354)		11,867,177

	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	119,519	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $119,519)		119,519

		Total Investments — 100.3% (Cost $8,341,873)		11,986,696
		Liabilities in Excess of Other Assets — (0.3)%		(37,920	)

		NET ASSETS — 100.0%	$	11,948,776

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	41

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.5%
		Consumer Discretionary — 22.2%
		Auto Components — 2.7%
	127	BorgWarner, Inc.		5,021
	90	Delphi Automotive plc		6,061
	90	Goodyear Tire & Rubber Co. (The)		2,763
	118	Magna International, Inc., (Canada)		5,104
	53	Tenneco, Inc. (a)		3,298

				22,247

		Automobiles — 3.8%
	899	General Motors Co.		31,322

		Hotels, Restaurants & Leisure — 5.1%
	329	Arcos Dorados Holdings, Inc., (Uruguay), Class A (a)		1,777
	147	Bloomin’ Brands, Inc.		2,645
	200	Carnival Corp.		10,417
	47	DineEquity, Inc.		3,604
	284	Royal Caribbean Cruises Ltd.		23,299

				41,742

		Household Durables — 4.6%
	114	CalAtlantic Group, Inc.		3,877
	217	DR Horton, Inc.		5,939
	57	MDC Holdings, Inc.		1,472
	41	Mohawk Industries, Inc. (a)		8,207
	99	PulteGroup, Inc.		1,827
	406	Toll Brothers, Inc. (a)		12,577
	18	Whirlpool Corp.		3,290

				37,189

		Leisure Products — 1.4%
	203	Brunswick Corp.		11,055

		Media — 4.1%
	14	Charter Communications, Inc., Class A (a)		3,890
	56	Comcast Corp., Class A		3,860
	342	DISH Network Corp., Class A (a)		19,801
	103	Twenty-First Century Fox, Inc., Class A		2,899
	27	Walt Disney Co. (The)		2,772

				33,222

		Specialty Retail — 0.5%
	54	Lowe’s Cos., Inc.		3,819

		Total Consumer Discretionary		180,596

		Consumer Staples — 3.3%
		Beverages — 0.9%
	75	Molson Coors Brewing Co., Class B		7,328

		Food & Staples Retailing — 2.4%
	333	Kroger Co. (The)		11,488


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — continued
	94	Walgreens Boots Alliance, Inc.		7,763

				19,251

		Total Consumer Staples		26,579

		Energy — 12.4%
		Energy Equipment & Services — 1.0%
	95	Schlumberger Ltd.		7,942

		Oil, Gas & Consumable Fuels — 11.4%
	208	Cabot Oil & Gas Corp.		4,866
	81	Chevron Corp.		9,569
	150	ConocoPhillips		7,531
	69	Diamondback Energy, Inc. (a)		6,963
	88	EOG Resources, Inc.		8,937
	84	EQT Corp.		5,500
	86	Marathon Petroleum Corp.		4,310
	128	Occidental Petroleum Corp.		9,132
	71	Pioneer Natural Resources Co.		12,713
	251	Suncor Energy, Inc., (Canada)		8,199
	37	Tesoro Corp.		3,227
	176	Valero Energy Corp.		12,017

				92,964

		Total Energy		100,906

		Financials — 30.7%
		Banks — 16.8%
	965	Bank of America Corp.		21,329
	85	BB&T Corp.		4,015
	626	Citigroup, Inc.		37,199
	114	East West Bancorp, Inc.		5,805
	302	Huntington Bancshares, Inc.		3,998
	542	ING Groep NV, (Netherlands), ADR		7,642
	879	KeyCorp		16,055
	336	Regions Financial Corp.		4,826
	19	SVB Financial Group (a)		3,176
	588	Wells Fargo & Co.		32,425

				136,470

		Capital Markets — 3.7%
	34	Ameriprise Financial, Inc.		3,717
	237	Charles Schwab Corp. (The)		9,358
	40	Goldman Sachs Group, Inc. (The)		9,506
	188	Morgan Stanley		7,926

				30,507

		Consumer Finance — 3.0%
	154	Ally Financial, Inc.		2,927
	97	Capital One Financial Corp.		8,488

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Consumer Finance — continued
	73	LendingClub Corp. (a)		384
	337	Synchrony Financial		12,227

				24,026

		Diversified Financial Services — 1.4%
	68	Berkshire Hathaway, Inc., Class B (a)		11,148

		Insurance — 5.2%
	120	American International Group, Inc.		7,824
	68	Arthur J Gallagher & Co.		3,528
	134	Hartford Financial Services Group, Inc. (The)		6,395
	84	Lincoln National Corp.		5,573
	211	MetLife, Inc.		11,383
	76	Prudential Financial, Inc.		7,940

				42,643

		Thrifts & Mortgage Finance — 0.6%
	100	BofI Holding, Inc. (a)		2,852
	198	MGIC Investment Corp. (a)		2,020

				4,872

		Total Financials		249,666

		Health Care — 8.5%
		Biotechnology — 1.6%
	25	Alexion Pharmaceuticals, Inc. (a)		3,071
	105	Gilead Sciences, Inc.		7,526
	33	Vertex Pharmaceuticals, Inc. (a)		2,402

				12,999

		Health Care Equipment & Supplies — 0.5%
	41	Zimmer Biomet Holdings, Inc.		4,210

		Health Care Providers & Services — 3.0%
	101	Aetna, Inc.		12,525
	49	Anthem, Inc.		6,973
	24	Humana, Inc.		4,815

				24,313

		Pharmaceuticals — 3.4%
	30	Allergan plc (a)		6,321
	660	Pfizer, Inc.		21,434

				27,755

		Total Health Care		69,277

		Industrials — 7.3%
		Aerospace & Defense — 2.0%
	47	General Dynamics Corp.		8,063
	168	Textron, Inc.		8,163

				16,226


SHARES		SECURITY DESCRIPTION	VALUE($)

		Airlines — 4.7%
	123	Delta Air Lines, Inc.		6,045
	388	Southwest Airlines Co.		19,313
	157	Spirit Airlines, Inc. (a)		9,090
	55	United Continental Holdings, Inc. (a)		3,972

				38,420

		Building Products — 0.3%
	79	USG Corp. (a)		2,270

		Machinery — 0.3%
	32	Ingersoll-Rand plc		2,402

		Total Industrials		59,318

		Information Technology — 6.1%
		Electronic Equipment, Instruments & Components — 0.5%
	54	TE Connectivity Ltd.		3,707

		Internet Software & Services — 0.3%
	93	eBay, Inc. (a)		2,758

		IT Services — 1.1%
	54	International Business Machines Corp.		8,963

		Semiconductors & Semiconductor Equipment — 2.8%
	32	Analog Devices, Inc.		2,353
	94	Broadcom Ltd., (Singapore)		16,555
	39	Lam Research Corp.		4,102

				23,010

		Software — 0.5%
	62	Microsoft Corp.		3,853

		Technology Hardware, Storage & Peripherals — 0.9%
	107	Western Digital Corp.		7,291

		Total Information Technology		49,582

		Materials — 3.2%
		Chemicals — 2.4%
	72	Dow Chemical Co. (The)		4,108
	101	Eastman Chemical Co.		7,619
	97	Methanex Corp., (Canada)		4,236
	60	Westlake Chemical Corp.		3,348

				19,311

		Metals & Mining — 0.8%
	55	Reliance Steel & Aluminum Co.		4,335
	68	United States Steel Corp.		2,235

				6,570

		Total Materials		25,881

		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
	21	AvalonBay Communities, Inc.		3,791

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	43

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	175	Brixmor Property Group, Inc.		4,278

		Total Real Estate		8,069

		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.3%
	438	AT&T, Inc.		18,632

		Wireless Telecommunication Services — 0.5%
	71	T-Mobile US, Inc. (a)		4,074

		Total Telecommunication Services		22,706

		Total Common Stocks (Cost $645,699)		792,580


NUMBER OF WARRANTS
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	36	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—	(h)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	22,367	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $22,367)		22,367

		Total Investments — 100.2% (Cost $668,066)		814,947
		Liabilities in Excess of Other Assets — (0.2)%		(1,263	)

		NET ASSETS — 100.0%	$	813,684

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		Consumer Discretionary — 13.6%
		Auto Components — 0.5%
	862	Delphi Automotive plc		58,070

		Automobiles — 0.9%
	3,078	General Motors Co.		107,241

		Hotels, Restaurants & Leisure — 1.2%
	194	Carnival Corp.		10,098
	534	Royal Caribbean Cruises Ltd.		43,846
	1,620	Starbucks Corp.		89,953
	47	Yum! Brands, Inc.		2,986

				146,883

		Household Durables — 0.6%
	526	DR Horton, Inc.		14,362
	44	Harman International Industries, Inc.		4,943
	99	Mohawk Industries, Inc. (a)		19,751
	601	PulteGroup, Inc.		11,049
	653	Toll Brothers, Inc. (a)		20,255
	64	Whirlpool Corp.		11,586

				81,946

		Internet & Direct Marketing Retail — 1.7%
	288	Amazon.com, Inc. (a)		216,303

		Media — 5.0%
	336	Charter Communications, Inc., Class A (a)		96,827
	1,834	Comcast Corp., Class A		126,669
	1,480	DISH Network Corp., Class A (a)		85,759
	527	Time Warner, Inc.		50,832
	175	Time, Inc.		3,132
	1,186	Twenty-First Century Fox, Inc., Class A		33,244
	469	Twenty-First Century Fox, Inc., Class B		12,792
	1,982	Walt Disney Co. (The)		206,524

				615,779

		Specialty Retail — 3.7%
	1,401	Home Depot, Inc. (The)		187,795
	1,494	Lowe’s Cos., Inc.		106,251
	96	O’Reilly Automotive, Inc. (a)		26,651
	1,839	TJX Cos., Inc. (The)		138,186

				458,883

		Total Consumer Discretionary		1,685,105

		Consumer Staples — 6.9%
		Beverages — 3.1%
	291	Constellation Brands, Inc., Class A		44,636
	1,122	Molson Coors Brewing Co., Class B		109,134
	2,199	PepsiCo, Inc.		230,046

				383,816


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food & Staples Retailing — 1.7%
	296	Costco Wholesale Corp.		47,466
	2,885	Kroger Co. (The)		99,545
	696	Walgreens Boots Alliance, Inc.		57,581

				204,592

		Food Products — 1.4%
	373	Kraft Heinz Co. (The)		32,567
	3,179	Mondelez International, Inc., Class A		140,931

				173,498

		Household Products — 0.4%
	177	Kimberly-Clark Corp.		20,194
	375	Procter & Gamble Co. (The)		31,545

				51,739

		Tobacco — 0.3%
	103	Philip Morris International, Inc.		9,414
	441	Reynolds American, Inc.		24,707

				34,121

		Total Consumer Staples		847,766

		Energy — 7.9%
		Energy Equipment & Services — 0.6%
	876	Schlumberger Ltd.		73,556

		Oil, Gas & Consumable Fuels — 7.3%
	960	Anadarko Petroleum Corp.		66,908
	404	Apache Corp.		25,617
	276	Cabot Oil & Gas Corp.		6,441
	819	Cheniere Energy, Inc. (a)		33,918
	183	Chevron Corp.		21,587
	506	Concho Resources, Inc. (a)		67,075
	661	Diamondback Energy, Inc. (a)		66,805
	142	Energen Corp. (a)		8,195
	2,014	EOG Resources, Inc.		203,656
	1,128	EQT Corp.		73,791
	1,142	Occidental Petroleum Corp.		81,348
	951	Pioneer Natural Resources Co.		171,334
	62	Range Resources Corp.		2,144
	222	RSP Permian, Inc. (a)		9,906
	208	Southwestern Energy Co. (a)		2,254
	1,246	TransCanada Corp., (Canada)		56,279

				897,258

		Total Energy		970,814

		Financials — 16.9%
		Banks — 7.1%
	7,265	Bank of America Corp.		160,567
	783	BB&T Corp.		36,813

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	3,710	Citigroup, Inc.		220,510
	173	East West Bancorp, Inc.		8,798
	1,437	Huntington Bancshares, Inc.		19,002
	5,722	KeyCorp		104,546
	1,598	Regions Financial Corp.		22,951
	1,369	SunTrust Banks, Inc.		75,102
	173	SVB Financial Group (a)		29,722
	3,234	Wells Fargo & Co.		178,205
	307	Zions Bancorp		13,201

				869,417

		Capital Markets — 4.0%
	80	Ameriprise Financial, Inc.		8,850
	826	Bank of New York Mellon Corp. (The)		39,139
	37	BlackRock, Inc.		13,955
	2,017	Charles Schwab Corp. (The)		79,612
	389	Goldman Sachs Group, Inc. (The)		93,208
	1,877	Intercontinental Exchange, Inc.		105,922
	3,642	Morgan Stanley		153,888

				494,574

		Consumer Finance — 1.0%
	676	Capital One Financial Corp.		59,004
	928	Discover Financial Services		66,927
	60	Synchrony Financial		2,158

				128,089

		Insurance — 4.8%
	288	American International Group, Inc.		18,808
	1,463	Arthur J Gallagher & Co.		76,010
	1,456	Chubb Ltd.		192,322
	41	Everest Re Group Ltd.		8,839
	2,017	Hartford Financial Services Group, Inc. (The)		96,102
	317	Marsh & McLennan Cos., Inc.		21,405
	2,764	MetLife, Inc.		148,964
	263	Prudential Financial, Inc.		27,336
	119	XL Group Ltd., (Ireland)		4,452

				594,238

		Total Financials		2,086,318

		Health Care — 14.0%
		Biotechnology — 2.3%
	88	Alexion Pharmaceuticals, Inc. (a)		10,724
	300	Biogen, Inc. (a)		85,089
	372	BioMarin Pharmaceutical, Inc. (a)		30,809
	605	Celgene Corp. (a)		70,082
	343	Gilead Sciences, Inc.		24,563


SHARES		SECURITY DESCRIPTION	VALUE($)

		Biotechnology — continued
	12	Incyte Corp. (a)		1,251
	951	Vertex Pharmaceuticals, Inc. (a)		70,058

				292,576

		Health Care Equipment & Supplies — 1.4%
	968	Abbott Laboratories		37,167
	6,167	Boston Scientific Corp. (a)		133,402

				170,569

		Health Care Providers & Services — 3.6%
	656	Aetna, Inc.		81,389
	163	Humana, Inc.		33,222
	2,056	UnitedHealth Group, Inc.		329,108

				443,719

		Life Sciences Tools & Services — 0.6%
	1,064	Agilent Technologies, Inc.		48,477
	188	Illumina, Inc. (a)		24,116

				72,593

		Pharmaceuticals — 6.1%
	570	Allergan plc (a)		119,678
	2,202	Bristol-Myers Squibb Co.		128,672
	1,783	Eli Lilly & Co.		131,165
	1,730	Merck & Co., Inc.		101,835
	8,470	Pfizer, Inc.		275,103

				756,453

		Total Health Care		1,735,910

		Industrials — 11.1%
		Aerospace & Defense — 1.7%
	337	General Dynamics Corp.		58,239
	188	L-3 Communications Holdings, Inc.		28,648
	539	Northrop Grumman Corp.		125,268

				212,155

		Airlines — 1.3%
	1,413	Delta Air Lines, Inc.		69,498
	58	Spirit Airlines, Inc. (a)		3,379
	1,229	United Continental Holdings, Inc. (a)		89,583

				162,460

		Building Products — 1.0%
	712	Allegion plc		45,575
	119	Johnson Controls International plc		4,905
	47	Lennox International, Inc.		7,138
	1,962	Masco Corp.		62,052

				119,670

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — 0.1%
	98	Waste Connections, Inc., (Canada)		7,717

		Electrical Equipment — 0.2%
	333	Eaton Corp. plc		22,337

		Industrial Conglomerates — 3.7%
	8,787	General Electric Co.		277,682
	1,514	Honeywell International, Inc.		175,449

				453,131

		Machinery — 1.9%
	490	Ingersoll-Rand plc		36,755
	539	PACCAR, Inc.		34,457
	132	Snap-on, Inc.		22,686
	1,277	Stanley Black & Decker, Inc.		146,496

				240,394

		Road & Rail — 1.2%
	383	Canadian Pacific Railway Ltd., (Canada)		54,695
	125	Norfolk Southern Corp.		13,499
	776	Union Pacific Corp.		80,440

				148,634

		Total Industrials		1,366,498

		Information Technology — 22.4%
		Electronic Equipment, Instruments & Components — 0.2%
	422	TE Connectivity Ltd.		29,259

		Internet Software & Services — 5.7%
	342	Alphabet, Inc., Class A (a)		271,297
	325	Alphabet, Inc., Class C (a)		251,001
	1,526	Facebook, Inc., Class A (a)		175,604

				697,902

		IT Services — 3.8%
	1,181	Accenture plc, Class A		138,383
	926	Fidelity National Information Services, Inc.		70,043
	211	International Business Machines Corp.		35,024
	320	Mastercard, Inc., Class A		33,015
	165	PayPal Holdings, Inc. (a)		6,502
	2,242	Visa, Inc., Class A		174,883
	83	WEX, Inc. (a)		9,294

				467,144

		Semiconductors & Semiconductor Equipment — 5.2%
	1,544	Analog Devices, Inc.		112,137
	1,003	Applied Materials, Inc.		32,362
	1,325	Broadcom Ltd., (Singapore)		234,134
	193	Lam Research Corp.		20,413
	236	NVIDIA Corp.		25,197


SHARES		SECURITY DESCRIPTION	VALUE($)

		Semiconductors & Semiconductor Equipment — continued
	86	NXP Semiconductors NV, (Netherlands) (a)		8,425
	1,582	ON Semiconductor Corp. (a)		20,185
	204	QUALCOMM, Inc.		13,325
	2,376	Texas Instruments, Inc.		173,375

				639,553

		Software — 4.2%
	942	Adobe Systems, Inc. (a)		96,929
	6,307	Microsoft Corp.		391,940
	465	Workday, Inc., Class A (a)		30,754

				519,623

		Technology Hardware, Storage & Peripherals — 3.3%
	3,219	Apple, Inc.		372,788
	2,515	HP, Inc.		37,326

				410,114

		Total Information Technology		2,763,595

		Materials — 2.5%
		Chemicals — 1.5%
	329	CF Industries Holdings, Inc.		10,343
	94	Dow Chemical Co. (The)		5,397
	838	Eastman Chemical Co.		63,001
	1,022	EI du Pont de Nemours & Co.		74,980
	1,000	Mosaic Co. (The)		29,324
	28	PPG Industries, Inc.		2,686

				185,731

		Construction Materials — 0.3%
	59	Martin Marietta Materials, Inc.		13,166
	158	Vulcan Materials Co.		19,776

				32,942

		Containers & Packaging — 0.6%
	705	Crown Holdings, Inc. (a)		37,051
	812	WestRock Co.		41,214

				78,265

		Metals & Mining — 0.1%
	112	Alcoa Corp.		3,159
	41	Nucor Corp.		2,422
	138	United States Steel Corp.		4,556

				10,137

		Total Materials		307,075

		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
	202	AvalonBay Communities, Inc.		35,783
	745	Kimco Realty Corp.		18,745

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	47

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	580	Prologis, Inc.		30,606

		Total Real Estate		85,134

		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.9%
	2,634	AT&T, Inc.		112,034

		Wireless Telecommunication Services — 0.2%
	466	T-Mobile US, Inc. (a)		26,778

		Total Telecommunication Services		138,812

		Utilities — 2.5%
		Electric Utilities — 2.2%
	1,015	Edison International		73,086
	668	NextEra Energy, Inc.		79,778
	1,179	PG&E Corp.		71,629
	99	Pinnacle West Capital Corp.		7,703
	1,009	Xcel Energy, Inc.		41,083

				273,279

		Multi-Utilities — 0.3%
	386	Ameren Corp.		20,259
	487	CMS Energy Corp.		20,273

				40,532

		Total Utilities		313,811

		Total Common Stocks (Cost $8,897,252)		12,300,838


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


SHARES
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	96,084	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $96,084)		96,084

		Total Investments — 100.4% (Cost $8,993,336)		12,396,922
		Liabilities in Excess of Other Assets — (0.4)%		(52,253	)

		NET ASSETS — 100.0%	$	12,344,669

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

310

E-mini S&P 500

03/17/17

USD

34,661

(214

)

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

J.P. Morgan Large Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)


ADR		— American Depositary Receipt
USD		— United States Dollar
(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		— Amount rounds to less than 0.05%.


(h)		— Amount rounds to less than 500.
(k)		— All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)		— The rate shown is the current yield as of December 31, 2016.
(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.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)


	Disciplined Equity Fund		Dynamic Growth Fund		Equity Focus Fund
ASSETS:
Investments in non-affiliates, at value	$	7,639,657	$	335,141	$	135,460
Investments in affiliates, at value		191,979		2,597		12,832

Total investment securities, at value		7,831,636		337,738		148,292
Receivables:
Investment securities sold		1,362		2,971		964
Fund shares sold		6,924		931		909
Dividends from non-affiliates		9,116		62		53
Dividends from affiliates		57		1		3

Total Assets		7,849,095		341,703		150,221

Liabilities:
Payables:
Investment securities purchased		1,040		—		3,611
Fund shares redeemed		71,198		353		16
Variation margin on futures contracts		805		—		—
Accrued liabilities:
Investment advisory fees		1,212		158		35
Administration fees		275		13		—
Distribution fees		98		18		2
Shareholder servicing fees		69		21		30
Custodian and accounting fees		41		4		6
Trustees’ and chief compliance officer’s fees		42		1		—	(a)
Transfer agency fees		30		7		2
Sub-transfer agency fees		513		32		1
Other		138		17		15

Total Liabilities		75,461		624		3,718

Net Assets	$	7,773,634	$	341,079	$	146,503

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
NET ASSETS:
Paid-in-Capital	$	7,037,880		$	263,810		$	123,826
Accumulated undistributed (distributions in excess of) net investment income		8,024			421			(44	)
Accumulated net realized gains (losses)		(494,969	)		(1,295	)		(522	)
Net unrealized appreciation (depreciation)		1,222,699			78,143			23,243

Total Net Assets	$	7,773,634		$	341,079		$	146,503


Net Assets:
Class A	$	446,765		$	48,570		$	2,306
Class C		—			11,912			2,169
Class L (formerly Institutional Class)		808,633			—			—
Class R5		—			225,834			—
Class R6		6,271,906			—			—
Select Class		246,330			54,763			142,028

Total	$	7,773,634		$	341,079		$	146,503


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		19,043			1,893			88
Class C		—			486			85
Class L (formerly Institutional Class)		34,230			—			—
Class R5		—			8,444			—
Class R6		265,430			—			—
Select Class		10,412			2,086			5,376

Net Asset Value (a):
Class A — Redemption price per share	$	23.46		$	25.65		$	26.23
Class C — Offering price per share (b)		—			24.48			25.56
Class L (formerly Institutional Class) — Offering and redemption price per share		23.62			—			—
Class R5 — Offering and redemption price per share		—			26.75			—
Class R6 — Offering and redemption price per share		23.63			—			—
Select Class — Offering and redemption price per share		23.66			26.26			26.42
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	24.76		$	27.07		$	27.68

Cost of investments in non-affiliates	$	6,416,288		$	256,998		$	112,217
Cost of investments in affiliates		191,979			2,597			12,832

(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, 2016	J.P. MORGAN LARGE CAP FUNDS	51

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	13,572,174		$	520,815	$	321,765
Investments in affiliates, at value		183,286			7,022		8,687

Total investment securities, at value		13,755,460			527,837		330,452
Cash		226			—		19
Deposits at broker for futures contracts		—			—		335
Receivables:
Investment securities sold		—			—		4,320
Fund shares sold		39,542			3,373		1,097
Dividends from non-affiliates		31,264			582		378
Dividends from affiliates		68			3		2

Total Assets		13,826,560			531,795		336,603


LIABILITIES:
Payables:
Investment securities purchased		—			—		4,962
Fund shares redeemed		28,203			343		172
Variation margin on futures contracts		—			—		37
Outstanding options written, at fair value		—			—		4,211
Accrued liabilities:
Investment advisory fees		4,631			177		49
Administration fees		949			36		10
Distribution fees		1,689			114		23
Shareholder servicing fees		1,898			83		49
Custodian and accounting fees		28			7		16
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		2
Transfer agency fees		67			64		3
Sub-transfer agency fees		1,609			63		53
Other		202			49		78

Total Liabilities		39,276			936		9,665

Net Assets	$	13,787,284		$	530,859	$	326,938

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	10,945,795		$	361,741		$	304,854
Accumulated undistributed (distributions in excess of) net investment income		(11,489	)		(134	)		231
Accumulated net realized gains (losses)		(2,958	)		3,313			(20,986	)
Net unrealized appreciation (depreciation)		2,855,936			165,939			42,839

Total Net Assets	$	13,787,284		$	530,859		$	326,938


Net Assets:
Class A	$	3,575,103		$	454,501		$	73,655
Class C		1,404,284			27,931			12,011
Class R2		84,069			22			—
Class R3		21			—			—
Class R4		22			—			—
Class R5		936,578			30			29
Class R6		2,386,869			1,833			91
Select Class		5,400,338			46,542			241,152

Total	$	13,787,284		$	530,859		$	326,938


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		239,007			10,048			4,259
Class C		95,417			680			697
Class R2		5,639			1			—
Class R3		1			—			—
Class R4		1			—			—
Class R5		61,614			—	(a)		2
Class R6		157,116			38			5
Select Class		355,407			980			13,916

Net Asset Value (b):
Class A — Redemption price per share	$	14.96		$	45.23		$	17.29
Class C — Offering price per share (c)		14.72			41.10			17.23
Class R2 — Offering and redemption price per share		14.91			45.44			—
Class R3 — Offering and redemption price per share		14.96			—			—
Class R4 — Offering and redemption price per share		15.20			—			—
Class R5 — Offering and redemption price per share		15.20			47.77			17.35
Class R6 — Offering and redemption price per share		15.19			47.77			17.35
Select Class — Offering and redemption price per share		15.19			47.49			17.33
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)]	$	15.79		$	47.74		$	18.25

Cost of investments in non-affiliates	$	10,716,238		$	354,876		$	278,925
Cost of investments in affiliates		183,286			7,022			8,687
Premiums received from options written		—			—			4,275

(a)	Amount rounds to less than 500.

(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, 2016	J.P. MORGAN LARGE CAP FUNDS	53

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	11,867,177	$	792,580	$	12,300,838
Investments in affiliates, at value		119,519		22,367		96,084

Total investment securities, at value		11,986,696		814,947		12,396,922
Cash		15		21		54
Deposits at broker for futures contracts		—		—		2,595
Receivables:
Investment securities sold		25,553		913		24,183
Fund shares sold		15,906		2,881		14,913
Dividends from non-affiliates		4,687		689		15,037
Dividends from affiliates		25		4		28

Total Assets		12,032,882		819,455		12,453,732


LIABILITIES:
Payables:
Investment securities purchased		11,382		—		26,577
Fund shares redeemed		60,834		5,286		73,940
Variation margin on futures contracts		—		—		179
Accrued liabilities:
Investment advisory fees		5,183		275		4,203
Administration fees		848		56		862
Distribution fees		1,156		44		604
Shareholder servicing fees		746		18		311
Custodian and accounting fees		67		13		53
Trustees’ and Chief Compliance Officer’s fees		—		2		66
Transfer agency fees		135		25		100
Sub-transfer agency fees		2,989		19		1,616
Other		766		33		399

Total Liabilities		84,106		5,771		108,910

Net Assets	$	11,948,776	$	813,684	$	12,344,822

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	7,667,293		$	651,568		$	9,036,601
Accumulated undistributed (distributions in excess of) net investment income		1,609			(128	)		448
Accumulated net realized gains (losses)		635,051			15,363			(95,599	)
Net unrealized appreciation (depreciation)		3,644,823			146,881			3,403,372

Total Net Assets	$	11,948,776		$	813,684		$	12,344,822


Net Assets:
Class A	$	3,504,003		$	136,975		$	1,413,179
Class C		485,570			24,972			319,680
Class L (formerly Institutional Class)		—			—			3,240,103
Class R2		167,692			4,594			217,214
Class R3		20			—			26
Class R4		21			—			21
Class R5		1,066,458			6,787			841,718
Class R6		3,215,917			592,044			5,218,689
Select Class		3,509,095			48,312			1,094,192

Total	$	11,948,776		$	813,684		$	12,344,822


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		110,894			9,348			97,097
Class C		18,338			1,766			22,565
Class L (formerly Institutional Class)		—			—			221,949
Class R2		5,426			316			15,035
Class R3		1			—			2
Class R4		1			—			2
Class R5		33,108			466			57,633
Class R6		99,396			40,923			356,840
Select Class		110,432			3,347			75,018

Net Asset Value (a):
Class A — Redemption price per share	$	31.60		$	14.65		$	14.55
Class C — Offering price per share (b)		26.48			14.14			14.17
Class L (formerly Institutional Class) — Offering and redemption price per share		—			—			14.60
Class R2 — Offering and redemption price per share		30.90			14.57			14.45
Class R3 — Offering and redemption price per share		31.75			—			14.54
Class R4 — Offering and redemption price per share		31.78			—			14.58
Class R5 — Offering and redemption price per share		32.21			14.55			14.60
Class R6 — Offering and redemption price per share		32.35			14.47			14.62
Select Class — Offering and redemption price per share		31.78			14.43			14.59
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)]	$	33.35		$	15.46		$	15.36

Cost of investments in non-affiliates	$	8,222,354		$	645,699		$	8,897,252
Cost of investments in affiliates		119,519			22,367			96,084

(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, 2016	J.P. MORGAN LARGE CAP FUNDS	55

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	20		$	—		$	—
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		82,958			2,028			807
Dividend income from affiliates		155			11			9

Total investment income		83,133			2,039			816


EXPENSES:
Investment advisory fees		9,766			1,030			438
Administration fees		3,199			141			57
Distribution fees:
Class A		604			66			3
Class C		—			46			5
Shareholder servicing fees:
Class A		604			66			3
Class C		—			16			2
Class L (formerly Institutional Class)		406			—			—
Class R5		—			58			—
Select Class		320			58			168
Custodian and accounting fees		117			15			12
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		58			27			21
Trustees’ and Chief Compliance Officer’s fees		43			14			13
Printing and mailing costs		85			12			3
Registration and filing fees		57			31			39
Transfer agency fees (See Note 2.E.)		54			6			2
Sub-transfer agency fees (See Note 2.E.)		769			70			16
Other		67			6			5

Total expenses		16,149			1,662			787

Less fees waived		(2,081	)		(191	)		(113	)
Less expense reimbursements		(75	)		—			—

Net expenses		13,993			1,471			674

Net investment income (loss)		69,140			568			142


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		143,840			16,574			2,284
Futures		9,527			—			—

Net realized gain (loss)		153,367			16,574			2,284

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		456,442			8,425			13,051
Futures		(2,122	)		—			—

Change in net unrealized appreciation/depreciation		454,320			8,425			13,051

Net realized/unrealized gains (losses)		607,687			24,999			15,335

Change in net assets resulting from operations	$	676,827		$	25,567		$	15,477

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates		$	—		$	—		$	—	(b)
Interest income from affiliates			11			—	(b)		1
Dividend income from non-affiliates			170,705			5,819			2,909
Dividend income from affiliates			448			13			9

Total investment income			171,164			5,832			2,919


EXPENSES:
Investment advisory fees			25,808			1,007			344
Administration fees			5,282			206			113
Distribution fees:
Class A			4,353			543			92
Class C			5,078			99			40
Class R2			202			—	(b)		—
Class R3 (a)			—	(b)		—			—
Shareholder servicing fees:
Class A			4,353			543			92
Class C			1,693			33	(b)		13
Class R2			101			—			—
Class R3 (a)			—	(b)		—			—
Class R4 (a)			—	(b)		—			—
Class R5			213			—	(b)		—	(b)
Select Class			6,260			53			239
Custodian and accounting fees			161			19			33
Professional fees			112			24			39
Trustees’ and Chief Compliance Officer’s fees			16			13			14
Printing and mailing costs			321			26			12
Registration and filing fees			161			33			76
Transfer agency fees (See Note 2.E.)			180			114			7
Sub-transfer agency fees (See Note 2.E.)			3,668			108			113
Other			121			9			6

Total expenses			58,083			2,830			1,233

Less fees waived			(1,697	)		(205	)		(278	)
Less expense reimbursements			—			—	(b)		—	(b)

Net expenses			56,386			2,625			955
	��
Net investment income (loss)			114,778			3,207			1,964


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			96,649			16,436			(6,691	)
Futures			—			—			283
Options written			—			—			4,542

Net realized gain (loss)			96,649			16,436			(1,866	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates			846,105			35,994			20,443
Futures			—			—			(87	)
Options written			—			—			100

Change in net unrealized appreciation/depreciation			846,105			35,994			20,456

Net realized/unrealized gains (losses)			942,754			52,430			18,590

Change in net assets resulting from operations		$	1,057,532		$	55,637		$	20,554

(a)	Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	57

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	4		$	—	(b)	$	3
Dividend income from non-affiliates		60,062			7,627			108,960
Dividend income from affiliates		204			16			194

Total investment income		60,270			7,643			109,157


EXPENSES:
Investment advisory fees		33,152			1,533			24,817
Administration fees		5,429			314			5,080
Distribution fees:
Class A		4,975			129			1,826
Class C		2,049			72			1,161
Class R2		466			10			531
Class R3 (a)		—	(b)		—			—	(b)
Shareholder servicing fees:
Class A		4,975			129			1,826
Class C		683			24			387
Class L (formerly Institutional Class)		—			—			1,695
Class R2		233			5			265
Class R3 (a)		—	(b)		—			—	(b)
Class R4 (a)		—	(b)		—			—	(b)
Class R5		296			1			224
Select Class		4,960			34			1,378
Custodian and accounting fees		159			27			186
Interest expense to affiliates		1			—	(b)		—
Professional fees		190			26			213
Interest expense to non-affiliates		—			—			70
Trustees’ and Chief Compliance Officer’s fees		14			16			69
Printing and mailing costs		488			9			368
Registration and filing fees		199			36			62
Transfer agency fees (See Note 2.E.)		336			34			181
Sub-transfer agency fees (See Note 2.E.)		5,750			39			3,411
Other		152			8			90

Total expenses		64,507			2,446			43,840

Less fees waived		(5,993	)		(128	)		(3,848	)
Less expense reimbursements		(12	)		(1	)		(57	)

Net expenses		58,502			2,317			39,935

Net investment income (loss)		1,768			5,326			69,222


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,215,091			40,419			658,326
Futures		—			—			5,672

Net realized gain (loss)		1,215,091			40,419			663,998

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(474,172	)		103,246			481,475
Futures		—			—			(1,322	)

Change in net unrealized appreciation/depreciation		(474,172	)		103,246			480,153

Net realized/unrealized gains (losses)		740,919			143,665			1,144,151

Change in net assets resulting from operations	$	742,687		$	148,991		$	1,213,373

(a)	Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund & U.S. Equity Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	69,140		$	131,676		$	568		$	(821	)
Net realized gain (loss)		153,367			(592,021	)		16,574			(9,188	)
Change in net unrealized appreciation/depreciation		454,320			151,690			8,425			(1,272	)

Change in net assets resulting from operations		676,827			(308,655	)		25,567			(11,281	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,593	)		(5,440	)		—			—
From net realized gains		—			(25,328	)		(609	)		(551	)
Class C		—			—			—			—
From net realized gains		—			—			(157	)		(123	)
Class L (formerly Institutional Class)
From net investment income		(7,528	)		(11,148	)		—			—
From net realized gains		—			(34,112	)		—			—
Class R5
From net realized gains		—			—			(2,695	)		(2,408	)
Class R6
From net investment income		(61,797	)		(97,120	)		—			—
From net realized gains		—			(271,746	)		—			—
Select Class
From net investment income		(2,215	)		(3,481	)		—			—
From net realized gains		—			(12,537	)		(644	)		(615	)

Total distributions to shareholders		(75,133	)		(460,912	)		(4,105	)		(3,697	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,049,638	)		1,244,730			(9,790	)		7,189


NET ASSETS:
Change in net assets		(447,944	)		475,163			11,672			(7,789	)
Beginning of period		8,221,578			7,746,415			329,407			337,196

End of period	$	7,773,634		$	8,221,578		$	341,079		$	329,407

Accumulated undistributed (distributions in excess of) net investment income	$	8,024		$	14,017		$	421		$	(147	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	142		$	242		$	114,778		$	209,897
Net realized gain (loss)		2,284			(650	)		96,649			15,204
Change in net unrealized appreciation/depreciation		13,051			2,777			846,105			316,575

Change in net assets resulting from operations		15,477			2,369			1,057,532			541,676


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		—	(a)		(32,043	)		(56,754	)
From net realized gains		(25	)		(47	)		(21,407	)		(23,970	)
Class C
From net investment income		—			—			(9,868	)		(17,909	)
From net realized gains		(19	)		(26	)		(8,532	)		(9,204	)
Class R2
From net investment income		—			—			(665	)		(1,091	)
From net realized gains		—			—			(512	)		(494	)
Class R3 (b)
From net investment income		—			—			—	(a)		—
From net realized gains		—			—			—	(a)		—
Class R4 (b)
From net investment income		—			—			—	(a)		—
From net realized gains		—			—			—	(a)		—
Class R5
From net investment income		—			—			(9,854	)		(12,835	)
From net realized gains		—			—			(5,543	)		(4,311	)
Class R6
From net investment income		—			—			(24,849	)		(31,307	)
From net realized gains		—			—			(13,934	)		(9,593	)
Select Class
From net investment income		(370	)		(122	)		(50,918	)		(89,550	)
From net realized gains		(1,646	)		(2,128	)		(31,653	)		(33,863	)

Total distributions to shareholders		(2,061	)		(2,323	)		(209,778	)		(290,881	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(6,402	)		55,939			873,209			1,562,346


NET ASSETS:
Change in net assets		7,014			55,985			1,720,963			1,813,141
Beginning of period		139,489			83,504			12,066,321			10,253,180

End of period	$	146,503		$	139,489		$	13,787,284		$	12,066,321

Accumulated undistributed (distributions in excess of) net investment income	$	(44	)	$	185		$	(11,489	)	$	1,930

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,207		$	6,656		$	1,964		$	3,505
Net realized gain (loss)		16,436			20,039			(1,866	)		(16,722	)
Change in net unrealized appreciation/depreciation		35,994			(21,834	)		20,456			14,782

Change in net assets resulting from operations		55,637			4,861			20,554			1,565


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,084	)		(5,532	)		(518	)		(801	)
From net realized gains		(21,085	)		(23,586	)		—			—
Class C
From net investment income		(151	)		(248	)		(50	)		(53	)
From net realized gains		(1,409	)		(1,528	)		—			—
Class R2
From net investment income		—	(a)		—	(a)		—			—
From net realized gains		(1	)		(1	)		—			—
Class R5
From net investment income		—	(a)		—	(a)		—	(a)		—	(a)
From net realized gains		(1	)		(1	)		—			—
Class R6
From net investment income		(8	)		—	(a)		(1	)		(1	)
From net realized gains		(1	)		(1	)		—			—
Select Class
From net investment income		(349	)		(547	)		(1,640	)		(2,096	)
From net realized gains		(2,037	)		(1,738	)		—			—

Total distributions to shareholders		(28,126	)		(33,182	)		(2,209	)		(2,951	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,528			20,822			68,390			38,895


NET ASSETS:
Change in net assets		43,039			(7,499	)		86,735			37,509
Beginning of period		487,820			495,319			240,203			202,694

End of period	$	530,859		$	487,820		$	326,938		$	240,203

Accumulated undistributed (distributions in excess of) net investment income	$	(134	)	$	251		$	231		$	476

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,768		$	(2,568	)	$	5,326		$	11,011
Net realized gain (loss)		1,215,091			607,808			40,419			38,905
Change in net unrealized appreciation/depreciation		(474,172	)		(1,558,068	)		103,246			(67,018	)

Change in net assets resulting from operations		742,687			(952,828	)		148,991			(17,102	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(673	)		(1,101	)
From net realized gains		(325,496	)		(204,092	)		(5,231	)		(10,979	)
Class C
From net investment income		—			—			(79	)		(116	)
From net realized gains		(53,436	)		(31,708	)		(1,032	)		(1,856	)
Class R2
From net investment income		—			—			(19	)		(29	)
From net realized gains		(15,873	)		(9,889	)		(201	)		(358	)
Class R3 (a)
From net realized gains		(2	)		—			—			—
Class R4 (a)
From net realized gains		(2	)		—			—			—
Class R5
From net investment income		—			—			(47	)		(36	)
From net realized gains		(98,724	)		(55,775	)		(290	)		(267	)
Class R6
From net investment income		—			—			(4,660	)		(7,550	)
From net realized gains		(289,943	)		(163,685	)		(26,620	)		(71,699	)
Select Class
From net investment income		—			—			(234	)		(1,784	)
From net realized gains		(328,427	)		(220,849	)		(1,643	)		(2,301	)

Total distributions to shareholders		(1,111,903	)		(685,998	)		(40,729	)		(98,076	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,386,144	)		(300,688	)		(4,524	)		73,776


NET ASSETS:
Change in net assets		(1,755,360	)		(1,939,514	)		103,738			(41,402	)
Beginning of period		13,704,136			15,643,650			709,946			751,348

End of period	$	11,948,776		$	13,704,136		$	813,684		$	709,946

Accumulated undistributed (distributions in excess of) net investment income	$	1,609		$	(159	)	$	(128	)	$	258

(a)	Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	U.S. Equity Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	69,222		$	143,232
Net realized gain (loss)		663,998			83,639
Change in net unrealized appreciation/depreciation		480,153			(349,454	)

Change in net assets resulting from operations		1,213,373			(122,583	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,885	)		(10,975	)
From net realized gains		(51,421	)		(69,017	)
Class C
From net investment income		(788	)		(885	)
From net realized gains		(11,601	)		(13,589	)
Class L (formerly Institutional Class)
From net investment income		(20,625	)		(46,200	)
From net realized gains		(116,356	)		(229,612	)
Class R2
From net investment income		(771	)		(1,056	)
From net realized gains		(7,793	)		(9,319	)
Class R3 (a)
From net investment income		—	(b)		—
From net realized gains		(1	)		—
Class R4 (a)
From net investment income		—	(b)		—
From net realized gains		(1	)		—
Class R5
From net investment income		(5,859	)		(9,323	)
From net realized gains		(30,659	)		(44,668	)
Class R6
From net investment income		(35,169	)		(50,265	)
From net realized gains		(182,725	)		(215,169	)
Select Class
From net investment income		(6,182	)		(12,647	)
From net realized gains		(39,119	)		(52,720	)

Total distributions to shareholders		(515,955	)		(765,445	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(735,083	)		658,512


NET ASSETS:
Change in net assets		(37,665	)		(229,516	)
Beginning of period		12,382,487			12,612,003

End of period	$	12,344,822		$	12,382,487

Accumulated undistributed (distributions in excess of) net investment income	$	448		$	7,505

(a)	Commencement of offering of class of shares effective September 9, 2016.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	45,218		$	313,069		$	4,762		$	28,692
Distributions reinvested		3,585			30,719			604			538
Cost of shares redeemed		(136,783	)		(274,502	)		(13,591	)		(12,209	)

Change in net assets resulting from Class A capital transactions	$	(87,980	)	$	69,286		$	(8,225	)	$	17,021

Class C
Proceeds from shares issued	$	—		$	—		$	1,564		$	7,392
Distributions reinvested		—			—			140			101
Cost of shares redeemed		—			—			(2,601	)		(3,617	)

Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(897	)	$	3,876

Class L (formerly Institutional Class)
Proceeds from shares issued	$	62,897		$	276,620		$	—		$	—
Distributions reinvested		5,852			34,689			—			—
Cost of shares redeemed		(146,831	)		(208,445	)		—			—

Change in net assets resulting from Class L capital transactions	$	(78,082	)	$	102,864		$	—		$	—

Class R5
Proceeds from shares issued	$	—		$	—		$	—	(a)	$	258,080
Distributions reinvested		—			—			2,694			2,408
Cost of shares redeemed		—			—			(18,690	)		(12,547	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(15,996	)	$	247,941

Class R6
Proceeds from shares issued	$	536,077		$	2,058,427		$	—		$	—
Distributions reinvested		61,796			368,866			—			—
Cost of shares redeemed		(1,447,762	)		(1,381,896	)		—			—

Change in net assets resulting from Class R6 capital transactions	$	(849,889	)	$	1,045,397		$	—		$	—

Select Class
Proceeds from shares issued	$	16,482		$	117,175		$	23,497		$	41,622
Distributions reinvested		2,056			15,046			450			177
Cost of shares redeemed		(52,225	)		(105,038	)		(8,619	)		(303,448	)

Change in net assets resulting from Select Class capital transactions	$	(33,687	)	$	27,183		$	15,328		$	(261,649	)

Total change in net assets resulting from capital transactions	$	(1,049,638	)	$	1,244,730		$	(9,790	)	$	7,189

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Disciplined Equity Fund						Dynamic Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		1,999			13,968			182			1,144
Reinvested		155			1,433			23			21
Redeemed		(6,013	)		(12,641	)		(522	)		(500	)

Change in Class A Shares		(3,859	)		2,760			(317	)		665

Class C
Issued		—			—			62			309
Reinvested		—			—			5			4
Redeemed		—			—			(104	)		(155	)

Change in Class C Shares		—			—			(37	)		158

Class L (formerly Institutional Class)
Issued		2,760			12,447			—			—
Reinvested		251			1,607			—			—
Redeemed		(6,444	)		(9,387	)		—			—

Change in Class L Shares		(3,433	)		4,667			—			—

Class R5
Issued		—			—			—			9,397
Reinvested		—			—			99			91
Redeemed		—			—			(685	)		(460	)

Change in Class R5 Shares		—			—			(586	)		9,028

Class R6
Issued		23,111			92,272			—			—
Reinvested		2,653			17,086			—			—
Redeemed		(63,495	)		(63,085	)		—			—

Change in Class R6 Shares		(37,731	)		46,273			—			—

Select Class
Issued		720			5,191			877			1,705
Reinvested		88			696			17			7
Redeemed		(2,278	)		(4,782	)		(324	)		(11,388	)

Change in Select Class Shares		(1,470	)		1,105			570			(9,676	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	698		$	1,283		$	548,436		$	1,145,689
Distributions reinvested		26			47			50,565			76,806
Cost of shares redeemed		(553	)		(756	)		(618,896	)		(929,480	)

Change in net assets resulting from Class A capital transactions	$	171		$	574		$	(19,895	)	$	293,015

Class C
Proceeds from shares issued	$	1,002		$	770		$	155,062		$	342,449
Distributions reinvested		19			26			15,553			22,526
Cost of shares redeemed		(235	)		(358	)		(157,156	)		(243,691	)

Change in net assets resulting from Class C capital transactions	$	786		$	438		$	13,459		$	121,284

Class R2
Proceeds from shares issued	$	—		$	—		$	12,853		$	33,036
Distributions reinvested		—			—			1,011			1,417
Cost of shares redeemed		—			—			(12,292	)		(15,534	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,572		$	18,919

Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	20		$	—

Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	20		$	—

Class R5
Proceeds from shares issued	$	—		$	—		$	230,423		$	412,223
Distributions reinvested		—			—			13,106			13,452
Cost of shares redeemed		—			—			(85,235	)		(240,758	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	158,294		$	184,917

Class R6
Proceeds from shares issued	$	—		$	—		$	436,967		$	1,204,396
Distributions reinvested		—			—			35,945			37,570
Cost of shares redeemed		—			—			(141,747	)		(245,859	)

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	331,165		$	996,107

Select Class
Proceeds from shares issued	$	30,316		$	84,242		$	1,120,190		$	1,604,186
Distributions reinvested		500			118			56,061			80,801
Cost of shares redeemed		(38,175	)		(29,433	)		(787,677	)		(1,736,883	)

Change in net assets resulting from Select Class capital transactions	$	(7,359	)	$	54,927		$	388,574		$	(51,896	)

Total change in net assets resulting from capital transactions	$	(6,402	)	$	55,939		$	873,209		$	1,562,346

(a)	Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Equity Focus Fund						Equity Income Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		27			53			38,033			85,185
Reinvested		1			2			3,425			5,747
Redeemed		(22	)		(32	)		(42,990	)		(69,349	)

Change in Class A Shares		6			23			(1,532	)		21,583

Class C
Issued		38			33			10,907			25,820
Reinvested		1			1			1,068			1,712
Redeemed		(9	)		(15	)		(11,078	)		(18,409	)

Change in Class C Shares		30			19			897			9,123

Class R2
Issued		—			—			896			2,472
Reinvested		—			—			69			106
Redeemed		—			—			(854	)		(1,164	)

Change in Class R2 Shares		—			—			111			1,414

Class R3 (a)
Issued		—			—			1			—
Reinvested		—			—			—	(b)		—

Change in Class R3 Shares		—			—			1			—

Class R4 (a)
Issued		—			—			1			—
Reinvested		—			—			—	(b)		—

Change in Class R4 Shares		—			—			1			—

Class R5
Issued		—			—			15,777			30,176
Reinvested		—			—			875			990
Redeemed		—			—			(5,799	)		(17,661	)

Change in Class R5 Shares		—			—			10,853			13,505

Class R6
Issued		—			—			29,879			88,149
Reinvested		—			—			2,401			2,760
Redeemed		—			—			(9,662	)		(18,113	)

Change in Class R6 Shares		—			—			22,618			72,796

Select Class
Issued		1,155			3,648			76,454			117,769
Reinvested		18			5			3,739			5,955
Redeemed		(1,494	)		(1,210	)		(53,684	)		(126,901	)

Change in Select Class Shares		(321	)		2,443			26,509			(3,177	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,141		$	60,769		$	18,799		$	53,101
Distributions reinvested		23,390			28,009			517			801
Cost of shares redeemed		(30,090	)		(76,067	)		(21,709	)		(74,383	)

Change in net assets resulting from Class A capital transactions	$	8,441		$	12,711		$	(2,393	)	$	(20,481	)

Class C
Proceeds from shares issued	$	3,530		$	6,659		$	2,531		$	7,643
Distributions reinvested		1,387			1,582			49			52
Cost of shares redeemed		(3,794	)		(5,693	)		(1,130	)		(1,302	)

Change in net assets resulting from Class C capital transactions	$	1,123		$	2,548		$	1,450		$	6,393

Class R2
Proceeds from shares issued	$	—	(a)	$	20		$	—		$	—
Distributions reinvested		1			1			—			—

Change in net assets resulting from Class R2 capital transactions	$	1		$	21		$	—		$	—

Class R5
Proceeds from shares issued	$	8		$	20		$	3		$	7
Distributions reinvested		1			1			—	(a)		—	(a)
Cost of shares redeemed		—	(a)		—			(1	)		(426	)

Change in net assets resulting from Class R5 capital transactions	$	9		$	21		$	2		$	(419	)

Class R6
Proceeds from shares issued	$	1,834		$	20		$	12		$	53
Distributions reinvested		9			1			1			1
Cost of shares redeemed		(9	)		—			(2	)		(424	)

Change in net assets resulting from Class R6 capital transactions	$	1,834		$	21		$	11		$	(370	)

Select Class
Proceeds from shares issued	$	7,639		$	15,091		$	95,853		$	166,370
Distributions reinvested		2,098			1,957			1,600			2,047
Cost of shares redeemed		(5,617	)		(11,548	)		(28,133	)		(114,645	)

Change in net assets resulting from Select Class capital transactions	$	4,120		$	5,500		$	69,320		$	53,772

Total change in net assets resulting from capital transactions	$	15,528		$	20,822		$	68,390		$	38,895

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Growth and Income Fund						Hedged Equity Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		336			1,429			1,111			3,349
Reinvested		512			676			31			51
Redeemed		(675	)		(1,790	)		(1,284	)		(4,647	)

Change in Class A Shares		173			315			(142	)		(1,247	)

Class C
Issued		86			170			152			482
Reinvested		34			42			3			3
Redeemed		(94	)		(147	)		(68	)		(82	)

Change in Class C Shares		26			65			87			403

Class R2
Issued		—			1			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			—			—			—

Change in Class R2 Shares		—	(a)		1			—			—

Class R5
Issued		—	(a)		—	(a)		1			—	(a)
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		—			—	(a)		(26	)

Change in Class R5 Shares		—	(a)		—	(a)		1			(26	)

Class R6
Issued		38			—	(a)		—	(a)		4
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		—			—	(a)		(26	)

Change in Class R6 Shares		38			—	(a)		—	(a)		(22	)

Select Class
Issued		162			345			5,741			10,436
Reinvested		44			45			94			130
Redeemed		(121	)		(256	)		(1,686	)		(7,186	)

Change in Select Class Shares		85			134			4,149			3,380

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	349,014		$	1,281,024		$	37,466		$	24,457
Distributions reinvested		303,623			190,608			5,650			11,625
Cost of shares redeemed		(1,298,165	)		(1,392,513	)		(15,869	)		(17,824	)

Change in net assets resulting from Class A capital transactions	$	(645,528	)	$	79,119		$	27,247		$	18,258

Class C
Proceeds from shares issued	$	26,976		$	142,471		$	7,200		$	7,145
Distributions reinvested		38,865			22,387			948			1,705
Cost of shares redeemed		(114,513	)		(130,104	)		(2,656	)		(3,753	)

Change in net assets resulting from Class C capital transactions	$	(48,672	)	$	34,754		$	5,492		$	5,097

Class R2
Proceeds from shares issued	$	19,318		$	67,268		$	1,024		$	3,183
Distributions reinvested		11,527			7,704			130			237
Cost of shares redeemed		(49,715	)		(100,569	)		(582	)		(608	)

Change in net assets resulting from Class R2 capital transactions	$	(18,870	)	$	(25,597	)	$	572		$	2,812

Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		2			—			—			—

Change in net assets resulting from Class R3 capital transactions	$	22		$	—		$	—		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		2			—			—			—

Change in net assets resulting from Class R4 capital transactions	$	22		$	—		$	—		$	—

Class R5
Proceeds from shares issued	$	62,722		$	514,798		$	2,114		$	3,673
Distributions reinvested		94,629			52,449			326			160
Cost of shares redeemed		(268,304	)		(607,179	)		(600	)		(3,493	)

Change in net assets resulting from Class R5 capital transactions	$	(110,953	)	$	(39,932	)	$	1,840		$	340

Class R6
Proceeds from shares issued	$	301,825		$	1,387,654		$	10,696		$	617,794
Distributions reinvested		283,753			156,166			31,278			79,246
Cost of shares redeemed		(597,672	)		(1,046,538	)		(103,576	)		(41,590	)

Change in net assets resulting from Class R6 capital transactions	$	(12,094	)	$	497,282		$	(61,602	)	$	655,450

Select Class
Proceeds from shares issued	$	385,483		$	1,153,454		$	23,923		$	24,717
Distributions reinvested		250,389			160,552			1,574			3,536
Cost of shares redeemed		(1,185,943	)		(2,160,320	)		(3,570	)		(636,434	)

Change in net assets resulting from Select Class capital transactions	$	(550,071	)	$	(846,314	)	$	21,927		$	(608,181	)

Total change in net assets resulting from capital transactions	$	(1,386,144	)	$	(300,688	)	$	(4,524	)	$	73,776

(a)	Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Large Cap Growth Fund						Large Cap Value Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		10,228			37,172			2,544			1,832
Reinvested		9,494			5,482			383			924
Redeemed		(37,914	)		(40,416	)		(1,160	)		(1,372	)

Change in Class A Shares		(18,192	)		2,238			1,767			1,384

Class C
Issued		963			4,722			512			563
Reinvested		1,450			751			67			140
Redeemed		(3,945	)		(4,450	)		(199	)		(297	)

Change in Class C Shares		(1,532	)		1,023			380			406

Class R2
Issued		586			1,959			76			228
Reinvested		368			226			9			19
Redeemed		(1,487	)		(2,918	)		(43	)		(45	)

Change in Class R2 Shares		(533	)		(733	)		42			202

Class R3 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—			—			—

Change in Class R3 Shares		1			—			—			—

Class R4 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—			—			—

Change in Class R4 Shares		1			—			—			—

Class R5
Issued		1,809			14,389			158			285
Reinvested		2,903			1,488			22			13
Redeemed		(7,756	)		(17,156	)		(43	)		(267	)

Change in Class R5 Shares		(3,044	)		(1,279	)		137			31

Class R6
Issued		8,691			38,341			846			41,745
Reinvested		8,667			4,416			2,152			6,381
Redeemed		(17,156	)		(29,799	)		(7,115	)		(3,365	)

Change in Class R6 Shares		202			12,958			(4,117	)		44,761

Select Class
Issued		11,314			33,270			1,642			1,852
Reinvested		7,786			4,602			108			277
Redeemed		(34,463	)		(61,477	)		(268	)		(43,139	)

Change in Select Class Shares		(15,363	)		(23,605	)		1,482			(41,010	)

(a)	Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	143,616		$	469,469
Distributions reinvested		52,170			70,720
Cost of shares redeemed		(310,046	)		(397,193	)

Change in net assets resulting from Class A capital transactions	$	(114,260	)	$	142,996

Class C
Proceeds from shares issued	$	36,068		$	102,150
Distributions reinvested		11,631			13,355
Cost of shares redeemed		(39,114	)		(56,529	)

Change in net assets resulting from Class C capital transactions	$	8,585		$	58,976

Class L (formerly Institutional Class)
Proceeds from shares issued	$	275,969		$	985,884
Distributions reinvested		116,632			243,871
Cost of shares redeemed		(1,056,434	)		(2,103,943	)

Change in net assets resulting from Class L capital transactions	$	(663,833	)	$	(874,188	)

Class R2
Proceeds from shares issued	$	22,244		$	72,587
Distributions reinvested		7,843			9,669
Cost of shares redeemed		(29,658	)		(42,951	)

Change in net assets resulting from Class R2 capital transactions	$	429		$	39,305

Class R3 (a)
Proceeds from shares issued	$	25		$	—
Distributions reinvested		1			—

Change in net assets resulting from Class R3 capital transactions	$	26		$	—

Class R4 (a)
Proceeds from shares issued	$	20		$	—
Distributions reinvested		1			—

Change in net assets resulting from Class R4 capital transactions	$	21		$	—

Class R5
Proceeds from shares issued	$	63,351		$	610,125
Distributions reinvested		32,773			48,938
Cost of shares redeemed		(215,228	)		(195,954	)

Change in net assets resulting from Class R5 capital transactions	$	(119,104	)	$	463,109

Class R6
Proceeds from shares issued	$	271,732		$	2,370,357
Distributions reinvested		216,433			263,145
Cost of shares redeemed		(302,307	)		(553,912	)

Change in net assets resulting from Class R6 capital transactions	$	185,858		$	2,079,590

Select Class
Proceeds from shares issued	$	99,561		$	368,200
Distributions reinvested		40,147			57,766
Cost of shares redeemed		(172,513	)		(1,677,242	)

Change in net assets resulting from Select Class capital transactions	$	(32,805	)	$	(1,251,276	)

Total change in net assets resulting from capital transactions	$	(735,083	)	$	658,512

(a)	Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	U.S. Equity Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		9,921			33,923
Reinvested		3,550			5,214
Redeemed		(21,525	)		(28,824	)

Change in Class A Shares		(8,054	)		10,313

Class C
Issued		2,552			7,574
Reinvested		814			1,010
Redeemed		(2,778	)		(4,215	)

Change in Class C Shares		588			4,369

Class L (formerly Institutional Class)
Issued		18,971			71,431
Reinvested		7,911			17,924
Redeemed		(73,357	)		(154,416	)

Change in Class L Shares		(46,475	)		(65,061	)

Class R2
Issued		1,554			5,242
Reinvested		538			718
Redeemed		(2,076	)		(3,104	)

Change in Class R2 Shares		16			2,856

Class R3 (a)
Issued		2			—
Reinvested		—	(b)		—

Change in Class R3 Shares		2			—

Class R4 (a)
Issued		2			—
Reinvested		—	(b)		—

Change in Class R4 Shares		2			—

Class R5
Issued		4,363			42,836
Reinvested		2,222			3,593
Redeemed		(14,873	)		(14,029	)

Change in Class R5 Shares		(8,288	)		32,400

Class R6
Issued		18,823			164,015
Reinvested		14,654			19,299
Redeemed		(20,654	)		(40,193	)

Change in Class R6 Shares		12,823			143,121

Select Class
Issued		6,848			26,575
Reinvested		2,726			4,256
Redeemed		(11,879	)		(114,285	)

Change in Select Class Shares		(2,305	)		(83,454	)

(a)	Commencement of offering of class of shares effective September 9, 2016.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)		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, 2016 (Unaudited)	$	21.74	$	0.16	$	1.74		$	1.90		$	(0.18	)	$	—		$	(0.18	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		(1.19	)
Year Ended June 30, 2015		23.73		0.20		1.85			2.05			(0.19	)		(1.60	)		(1.79	)
Year Ended June 30, 2014		20.27		0.23		4.79			5.02			(0.21	)		(1.35	)		(1.56	)
Year Ended June 30, 2013		17.42		0.20		3.56			3.76			(0.23	)		(0.68	)		(0.91	)
Year Ended June 30, 2012		16.80		0.21		0.61			0.82			(0.20	)		—			(0.20	)

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		21.89		0.19		1.76			1.95			(0.22	)		—			(0.22	)
Year Ended June 30, 2016		24.15		0.35		(1.33	)		(0.98	)		(0.31	)		(0.97	)		(1.28	)
Year Ended June 30, 2015		23.85		0.29		1.89			2.18			(0.28	)		(1.60	)		(1.88	)
Year Ended June 30, 2014		20.36		0.32		4.81			5.13			(0.29	)		(1.35	)		(1.64	)
Year Ended June 30, 2013		17.48		0.30		3.55			3.85			(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2012		16.83		0.27		0.63			0.90			(0.25	)		—			(0.25	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		21.90		0.21		1.75			1.96			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		(1.30	)
Year Ended June 30, 2015		23.85		0.32		1.89			2.21			(0.30	)		(1.60	)		(1.90	)
Year Ended June 30, 2014		20.36		0.34		4.81			5.15			(0.31	)		(1.35	)		(1.66	)
Year Ended June 30, 2013		17.48		0.32		3.55			3.87			(0.31	)		(0.68	)		(0.99	)
Year Ended June 30, 2012		16.83		0.29		0.63			0.92			(0.27	)		—			(0.27	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		21.92		0.19		1.76			1.95			(0.21	)		—			(0.21	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		(1.24	)
Year Ended June 30, 2015		23.88		0.26		1.87			2.13			(0.23	)		(1.60	)		(1.83	)
Year Ended June 30, 2014		20.39		0.28		4.82			5.10			(0.26	)		(1.35	)		(1.61	)
Year Ended June 30, 2013		17.51		0.27		3.56			3.83			(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2012		16.86		0.25		0.63			0.88			(0.23	)		—			(0.23	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	23.46		8.73	%	$	446,765		0.77	%		1.36	%		1.01	%		24	%
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	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


	23.62		8.91			808,633		0.43			1.69			0.50			24
	21.89		(3.94	)		824,559		0.45			1.59			0.50			122
	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


	23.63		8.97			6,271,906		0.31			1.81			0.34			24
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122
	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


	23.66		8.89			246,330		0.52			1.61			0.72			24
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)	$	24.13	$	—	(f)(j)	$	1.84		$	1.84		$	(0.32	)
Year Ended June 30, 2016		25.34		(0.12	)(f)		(0.82	)		(0.94	)		(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			—

Class C
Six Months Ended December 31, 2016 (Unaudited)		23.10		(0.06	)(f)		1.76			1.70			(0.32	)
Year Ended June 30, 2016		24.39		(0.24	)(f)		(0.78	)		(1.02	)		(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			—

Class R5
Six Months Ended December 31, 2016 (Unaudited)		25.09		0.06	(f)		1.92			1.98			(0.32	)
Year Ended June 30, 2016		26.22		0.01	(f)		(0.87	)		(0.86	)		(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			—

Select Class
Six Months Ended December 31, 2016 (Unaudited)		24.66		0.04	(f)		1.88			1.92			(0.32	)
Year Ended June 30, 2016		25.83		(0.10	)(f)		(0.80	)		(0.90	)		(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			—

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

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

(c)

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

(e)

(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)

(j)	Amount rounds to less than $0.005.

(k)	Amount rounds to less than 0.005%

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		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)


$	25.65		7.61	%	$	48,570		1.17	%		0.00	%(k)		1.43	%		29	%
	24.13		(3.77	)		53,334		1.19			(0.50	)		1.43			61
	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


	24.48		7.34			11,912		1.67			(0.50	)		1.86			29
	23.10		(4.24	)		12,077		1.69			(0.99	)		1.86			61
	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


	26.75		7.88			225,834		0.72			0.46			0.79			29
	25.09		(3.33	)		226,600		0.74			0.03			0.79			61
	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


	26.26		7.77			54,763		0.92			0.31			1.06			29
	24.66		(3.54	)		37,396		0.94			(0.37	)		1.00			61
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)	$	23.73	$	(0.01	)(f)	$	2.84		$	2.83		$	(0.01	)	$	(0.32	)	$	(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)(f)		(0.38	)(h)		(0.39	)		—	(g)		(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 (j) through June 30, 2012		15.00		0.01			0.79			0.80			(0.01	)		—			(0.01	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		23.18		(0.07	)(f)		2.77			2.70			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)(f)		(0.37	)(h)		(0.50	)		—			(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 (j) through June 30, 2012		15.00		(0.06	)		0.79			0.73			—	(g)		—			—

Select Class
Six Months Ended December 31, 2016 (Unaudited)		23.92		0.03	(f)		2.86			2.89			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06	(f)		(0.39	)(h)		(0.33	)		(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			—	(g)		(0.46	)		(0.46	)
Year Ended June 30, 2013		15.81		0.02			3.42			3.44			(0.03	)		—			(0.03	)
July 29, 2011 (j) 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)

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

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Amount rounds to less than $0.005.

(h)

Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Changes in Net Assets due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(i)	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.

(j)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		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) (e)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)


$	26.23		11.89	%	$	2,306		1.21	%		(0.04	)%		1.46	%		26	%
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	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	(i)		(0.13	)		3.75	(i)		61
	15.79		5.37			53		1.25	(i)		0.04			5.09	(i)		71


	25.56		11.61			2,169		1.70			(0.55	)		1.96			26
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	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	(i)		(0.63	)		4.25	(i)		61
	15.73		4.87			52		1.75	(i)		(0.46	)		5.58	(i)		71


	26.42		12.04			142,028		0.96			0.22			1.12			26
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	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	(i)		0.12			3.51	(i)		61
	15.81		5.61			3,063		1.00	(i)		0.29			4.84	(i)		71

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)	$	14.01	$	0.12	(f)	$	1.05	$	1.17	$	(0.13	)	$	(0.09	)	$	(0.22	)
Year Ended June 30, 2016		13.77		0.25	(f)		0.35		0.60		(0.25	)		(0.11	)		(0.36	)
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	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		13.80		0.08	(f)		1.03		1.11		(0.10	)		(0.09	)		(0.19	)
Year Ended June 30, 2016		13.58		0.18	(f)		0.35		0.53		(0.20	)		(0.11	)		(0.31	)
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	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		13.97		0.10	(f)		1.05		1.15		(0.12	)		(0.09	)		(0.21	)
Year Ended June 30, 2016		13.74		0.21	(f)		0.35		0.56		(0.22	)		(0.11	)		(0.33	)
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	)

Class R3
September 9, 2016 (h) through December 31, 2016 (Unaudited)		14.06		0.08	(f)		1.01		1.09		(0.10	)		(0.09	)		(0.19	)

Class R4
September 9, 2016 (h) through December 31, 2016 (Unaudited)		14.28		0.09	(f)		1.03		1.12		(0.11	)		(0.09	)		(0.20	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		14.23		0.15	(f)		1.07		1.22		(0.16	)		(0.09	)		(0.25	)
Year Ended June 30, 2016		13.98		0.31	(f)		0.35		0.66		(0.30	)		(0.11	)		(0.41	)
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	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		14.22		0.16	(f)		1.07		1.23		(0.17	)		(0.09	)		(0.26	)
Year Ended June 30, 2016		13.97		0.33	(f)		0.34		0.67		(0.31	)		(0.11	)		(0.42	)
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, 2016 (Unaudited)		14.23		0.14	(f)		1.06		1.20		(0.15	)		(0.09	)		(0.24	)
Year Ended June 30, 2016		13.97		0.28	(f)		0.37		0.65		(0.28	)		(0.11	)		(0.39	)
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	)

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

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

(c)

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

(e)

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		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)


$	14.96		8.40	%	$	3,575,103		1.03	%		1.60	%		1.09	%		9	%
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	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


	14.72		8.09			1,404,284		1.53			1.10			1.56			9
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	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


	14.91		8.25			84,069		1.28			1.36			1.41			9
	13.97		4.20			77,230		1.29			1.59			1.45			20
	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


	14.96		7.68			21		1.02			1.75			1.02			9


	15.20		7.76			22		0.77			2.00			0.77			9


	15.20		8.63			936,578		0.58			2.08			0.61			9
	14.23		4.89			722,424		0.59			2.28			0.64			20
	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


	15.19		8.69			2,386,869		0.49			2.16			0.50			9
	14.22		4.98			1,913,077		0.50			2.43			0.50			20
	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


	15.19		8.45			5,400,338		0.78			1.86			0.80			9
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	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

(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 $0.21, $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, 2016	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) (b)		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, 2016 (Unaudited)	$	42.75	$	0.29	$	4.72		$	5.01		$	(0.32	)	$	(2.21	)	$	(2.53	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Year Ended June 30, 2015		44.70		0.59		1.72			2.31			(0.56	)		(0.99	)		(1.55	)
Year Ended June 30, 2014		36.53		0.47		8.17			8.64			(0.47	)		—			(0.47	)
Year Ended June 30, 2013		29.43		0.40		7.11			7.51			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		28.26		0.35		1.16			1.51			(0.34	)		—			(0.34	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		39.07		0.16		4.31			4.47			(0.23	)		(2.21	)		(2.44	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Year Ended June 30, 2015		41.31		0.32		1.59			1.91			(0.40	)		(0.99	)		(1.39	)
Year Ended June 30, 2014		33.83		0.25		7.55			7.80			(0.32	)		—			(0.32	)
Year Ended June 30, 2013		27.32		0.22		6.59			6.81			(0.30	)		—			(0.30	)
Year Ended June 30, 2012		26.27		0.20		1.08			1.28			(0.23	)		—			(0.23	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		42.94		0.23		4.74			4.97			(0.26	)		(2.21	)		(2.47	)
November 2, 2015 (g) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		45.01		0.41		4.98			5.39			(0.42	)		(2.21	)		(2.63	)
November 2, 2015 (g) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		45.01		0.12		5.28			5.40			(0.43	)		(2.21	)		(2.64	)
November 2, 2015 (g) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		44.77		0.36		4.94			5.30			(0.37	)		(2.21	)		(2.58	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Year Ended June 30, 2015		46.58		0.73		1.79			2.52			(0.66	)		(0.99	)		(1.65	)
Year Ended June 30, 2014		38.03		0.58		8.52			9.10			(0.55	)		—			(0.55	)
Year Ended June 30, 2013		30.63		0.51		7.40			7.91			(0.51	)		—			(0.51	)
Year Ended June 30, 2012		29.39		0.45		1.21			1.66			(0.42	)		—			(0.42	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate��(c)(f)


$	45.23		11.70	%	$	454,501		1.03	%		1.28	%		1.12	%		19	%
	42.75		1.02			422,151		1.06			1.38			1.13			39
	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


	41.10		11.42			27,931		1.53			0.77			1.61			19
	39.07		0.54			25,541		1.56			0.89			1.62			39
	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


	45.44		11.57			22		1.28			1.03			2.88			19
	42.94		(0.40	)		20		1.28			1.44			3.72			39


	47.77		11.97			30		0.59			1.73			2.09			19
	45.01		0.05			20		0.59			2.14			3.02			39


	47.77		12.00			1,833		0.52			0.49			0.70			19
	45.01		0.08			20		0.53			2.19			2.96			39


	47.49		11.83			46,542		0.79			1.52			0.84			19
	44.77		1.28			40,068		0.81			1.64			0.86			39
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)	$	16.23	$	0.11	(g)		$	1.07		$	1.18		$	(0.12	)	$	—		$	(0.12	)
Year Ended June 30, 2016		16.47		0.20	(g)			(0.28	)		(0.08	)		(0.16	)		—			(0.16	)
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, 2016 (Unaudited)		16.17		0.06	(g)			1.08			1.14			(0.08	)		—			(0.08	)
Year Ended June 30, 2016		16.43		0.13	(g)			(0.29	)		(0.16	)		(0.10	)		—			(0.10	)
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, 2016 (Unaudited)		16.28		0.14	(g)			1.08			1.22			(0.15	)		—			(0.15	)
Year Ended June 30, 2016		16.51		0.24	(g)			(0.24	)		—	(i)		(0.23	)		—			(0.23	)
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, 2016 (Unaudited)		16.28		0.15	(g)			1.08			1.23			(0.16	)		—			(0.16	)
Year Ended June 30, 2016		16.52		0.27	(g)			(0.27	)		—	(i)		(0.24	)		—			(0.24	)
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, 2016 (Unaudited)		16.26		0.13	(g)			1.08			1.21			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		16.50		0.25	(g)			(0.28	)		(0.03	)		(0.21	)		—			(0.21	)
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)

(d)	Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% 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)

(g)	Calculated based upon average shares outstanding.

(h)	Commencement of operations.

(i)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		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)


$	17.29		7.26	%	$	73,655		0.84	%		1.25	%		1.16	%		17	%
	16.23		(0.43	)		71,417		0.85			1.27			1.11			57
	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


	17.23		7.03			12,011		1.34			0.77			1.52			17
	16.17		(0.95	)		9,867		1.35			0.80			1.52			57
	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


	17.35		7.53			29		0.40			1.71			1.79			17
	16.28		0.07			25		0.40			1.49			2.16			57
	16.51		5.86			442		0.40			1.58			0.82			42
	15.76		6.37			53		0.40			1.51			9.10			36


	17.35		7.56			91		0.35			1.75			0.86			17
	16.28		0.07			74		0.35			1.66			1.40			57
	16.52		5.96			443		0.35			1.63			0.77			42
	15.76		6.39			53		0.35			1.56			9.05			36


	17.33		7.45			241,152		0.60			1.53			0.75			17
	16.26		(0.17	)		158,820		0.60			1.54			0.74			57
	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, 2016	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) (b)			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, 2016 (Unaudited)	$	32.93	$	(0.03	)	$	1.84		$	1.81		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.49		(0.10	)		5.05			4.95			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.01		(0.10	)		6.58			6.48			—			—			—
Year Ended June 30, 2013		23.64		0.08	(g)		2.37			2.45			(0.08	)		—			(0.08	)
Year Ended June 30, 2012		22.38		(0.06	)		1.32			1.26			—			—			—

Class C
Six Months Ended December 31, 2016 (Unaudited)		28.15		(0.09	)		1.56			1.47			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		28.33		(0.24	)		4.39			4.15			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		22.79		(0.22	)		5.76			5.54			—			—			—
Year Ended June 30, 2013		20.79		(0.04	)(g)		2.07			2.03			(0.03	)		—			(0.03	)
Year Ended June 30, 2012		19.77		(0.15	)		1.17			1.02			—			—			—

Class R2
Six Months Ended December 31, 2016 (Unaudited)		32.31		(0.07	)		1.80			1.73			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.07		(0.18	)		4.97			4.79			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.74		(0.18	)		6.51			6.33			—			—			—
Year Ended June 30, 2013		23.44		0.01	(g)		2.36			2.37			(0.07	)		—			(0.07	)
Year Ended June 30, 2012		22.24		(0.12	)		1.32			1.20			—	(h)		—			—	(h)

Class R3
September 9, 2016 (i) through December 31, 2016 (Unaudited)		33.97		(0.02	)		0.94			0.92			—			(3.14	)		(3.14	)

Class R4
September 9, 2016 (i) through December 31, 2016 (Unaudited)		33.97		—	(h)		0.95			0.95			—			(3.14	)		(3.14	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		33.46		0.04			1.85			1.89			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.75		0.03			5.09			5.12			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.12		0.01			6.62			6.63			—			—			—
Year Ended June 30, 2013		23.74		0.17	(g)		2.38			2.55			(0.17	)		—			(0.17	)
Year Ended June 30, 2012		22.39		0.04			1.32			1.36			(0.01	)		—			(0.01	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		33.58		0.06			1.85			1.91			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.80		0.06			5.10			5.16			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.15		0.02			6.63			6.65			—			—			—
Year Ended June 30, 2013		23.76		0.18	(g)		2.39			2.57			(0.18	)		—			(0.18	)
Year Ended June 30, 2012		22.40		0.05			1.33			1.38			(0.02	)		—			(0.02	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		33.08		—	(h)		1.84			1.84			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.52		(0.04	)		5.06			5.02			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.99		(0.05	)		6.58			6.53			—			—			—
Year Ended June 30, 2013		23.61		0.12	(g)		2.37			2.49			(0.11	)		—			(0.11	)
Year Ended June 30, 2012		22.31		(0.01	)		1.31			1.30			—	(h)		—			—	(h)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	31.60		5.38	%	$	3,504,003		1.05	%		(0.15	)%		1.28	%		16	%
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	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


	26.48		5.09			485,570		1.55			(0.64	)		1.69			16
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	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


	30.90		5.24			167,692		1.30			(0.39	)		1.51			16
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	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


	31.75		2.60			20		1.10			(0.21	)		1.10			16


	31.78		2.66			21		0.85			0.03			0.85			16


	32.21		5.54			1,066,458		0.70			0.21			0.74			16
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	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


	32.35		5.58			3,215,917		0.60			0.31			0.60			16
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43
	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


	31.78		5.45			3,509,095		0.90			0.01			0.93			16
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	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

(f)

(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 $0.005.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)		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, 2016 (Unaudited)	$	12.71	$	0.07	$	2.61		$	2.68		$	(0.08	)	$	(0.66	)	$	(0.74	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Year Ended June 30, 2015		16.63		0.17		0.94			1.11			(0.17	)		(2.55	)		(2.72	)
Year Ended June 30, 2014		13.99		0.17		3.16			3.33			(0.18	)		(0.51	)		(0.69	)
Year Ended June 30, 2013		11.02		0.14		2.97			3.11			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		11.45		0.11		(0.43	)		(0.32	)		(0.11	)		—			(0.11	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		12.30		0.04		2.51			2.55			(0.05	)		(0.66	)		(0.71	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Year Ended June 30, 2015		16.25		0.08		0.92			1.00			(0.10	)		(2.55	)		(2.65	)
Year Ended June 30, 2014		13.70		0.09		3.08			3.17			(0.11	)		(0.51	)		(0.62	)
Year Ended June 30, 2013		10.80		0.08		2.91			2.99			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		11.22		0.05		(0.41	)		(0.36	)		(0.06	)		—			(0.06	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		12.64		0.06		2.59			2.65			(0.06	)		(0.66	)		(0.72	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Year Ended June 30, 2015		16.58		0.13		0.94			1.07			(0.14	)		(2.55	)		(2.69	)
Year Ended June 30, 2014		13.95		0.13		3.14			3.27			(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2013		10.99		0.11		2.96			3.07			(0.11	)		—			(0.11	)
Year Ended June 30, 2012		11.42		0.08		(0.42	)		(0.34	)		(0.09	)		—			(0.09	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		12.63		0.10		2.58			2.68			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Year Ended June 30, 2015		16.54		0.22		0.94			1.16			(0.22	)		(2.55	)		(2.77	)
Year Ended June 30, 2014		13.92		0.19		3.16			3.35			(0.22	)		(0.51	)		(0.73	)
Year Ended June 30, 2013		10.92		0.17		2.98			3.15			(0.15	)		—			(0.15	)
Year Ended June 30, 2012		11.34		0.14		(0.41	)		(0.27	)		(0.15	)		—			(0.15	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		12.56		0.10		2.58			2.68			(0.11	)		(0.66	)		(0.77	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)
Year Ended June 30, 2015		16.48		0.25		0.91			1.16			(0.23	)		(2.55	)		(2.78	)
Year Ended June 30, 2014		13.87		0.22		3.13			3.35			(0.23	)		(0.51	)		(0.74	)
Year Ended June 30, 2013		10.92		0.20		2.94			3.14			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		11.34		0.15		(0.42	)		(0.27	)		(0.15	)		—			(0.15	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		12.53		0.08		2.57			2.65			(0.09	)		(0.66	)		(0.75	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Year Ended June 30, 2015		16.42		0.19		0.92			1.11			(0.19	)		(2.55	)		(2.74	)
Year Ended June 30, 2014		13.82		0.19		3.11			3.30			(0.19	)		(0.51	)		(0.70	)
Year Ended June 30, 2013		10.88		0.16		2.94			3.10			(0.16	)		—			(0.16	)
Year Ended June 30, 2012		11.30		0.12		(0.41	)		(0.29	)		(0.13	)		—			(0.13	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	14.65		21.10	%	$	136,975		0.92	%		1.04	%		1.11	%		72	%
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	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


	14.14		20.72			24,972		1.44			0.54			1.60			72
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	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


	14.57		20.99			4,594		1.19			0.80			1.48			72
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	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


	14.55		21.26			6,787		0.58			1.42			0.60			72
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	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


	14.47		21.34			592,044		0.51			1.48			0.51			72
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219
	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


	14.43		21.17			48,312		0.79			1.15			0.82			72
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)	$	13.76	$	0.06	(f)	$	1.33		$	1.39		$	(0.07	)	$	(0.53	)	$	(0.60	)
Year Ended June 30, 2016		14.75		0.12	(f)		(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
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	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		13.41		0.02	(f)		1.31			1.33			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05	(f)		(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
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	)

Class L (formerly Institutional Class)
Six Months Ended December 31, 2016 (Unaudited)		13.80		0.08	(f)		1.34			1.42			(0.09	)		(0.53	)		(0.62	)
Year Ended June 30, 2016		14.79		0.16	(f)		(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
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	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		13.66		0.04	(f)		1.33			1.37			(0.05	)		(0.53	)		(0.58	)
Year Ended June 30, 2016		14.66		0.08	(f)		(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
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	)

Class R3
September 9, 2016 (g) through December 31, 2016 (Unaudited)		14.11		0.04	(f)		1.00			1.04			(0.08	)		(0.53	)		(0.61	)

Class R4
September 9, 2016 (g) through December 31, 2016 (Unaudited)		14.15		0.05	(f)		1.00			1.05			(0.09	)		(0.53	)		(0.62	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		13.81		0.09	(f)		1.33			1.42			(0.10	)		(0.53	)		(0.63	)
Year Ended June 30, 2016		14.80		0.18	(f)		(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
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	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		13.82		0.09	(f)		1.34			1.43			(0.10	)		(0.53	)		(0.63	)
Year Ended June 30, 2016		14.82		0.18	(f)		(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)
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	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		13.79		0.07	(f)		1.34			1.41			(0.08	)		(0.53	)		(0.61	)
Year Ended June 30, 2016		14.78		0.13	(f)		(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
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	)

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

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

(c)

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

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


		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)


$	14.55		10.10	%	$	1,413,179		0.94	%		0.81	%		1.12	%		39	%
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	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


	14.17		9.89			319,680		1.44			0.32			1.57			39
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	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


	14.60		10.32			3,240,103		0.61			1.14			0.69			39
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	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


	14.45		10.05			217,214		1.19			0.57			1.44			39
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	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


	14.54		7.37			26		1.01			0.80			1.01			39


	14.58		7.43			21		0.76			1.06			0.76			39


	14.60		10.27			841,718		0.56			1.19			0.62			39
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	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


	14.62		10.37			5,218,689		0.50			1.26			0.50			39
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83
	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


	14.59		10.25			1,094,192		0.76			1.00			0.83			39
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	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

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

1. Organization

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 L^, Class R6 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 R3, Class R4, 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 R3, Class R4, 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 L^, Class R2, Class R3, Class R4, Class R5, Class R6 and Select Class	JPM I	Diversified

*	Class R3 and Class R4 commenced operations on September 9, 2016 for Equity Income Fund, Large Cap Growth Fund and U.S. Equity Fund.

^	Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

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.

2. Significant Accounting Policies



92	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

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.

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

•

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

•

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

Disciplined Equity Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,822,226		$	9,410	$	—	$	7,831,636

Depreciation in Other Financial Instruments
Futures Contracts	$	(670	)	$	—	$	—	$	(670	)


Dynamic Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	337,738		$	—	$	—	$	337,738



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)



Equity Focus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	148,292		$	—	$	—		$	148,292


Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	13,755,460		$	—	$	—		$	13,755,460


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)	$	527,837		$	—	$	—		$	527,837


Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	330,372		$	80	$	—		$	330,452

Depreciation in Other Financial Instruments
Futures Contracts	$	(65	)	$	—	$	—		$	(65	)
Options Written
Call Option Written		(3,565	)		—		—			(3,565	)
Put Option Written		(646	)		—		—			(646	)

Total Depreciation in Other Financial Instruments	$	(4,276	)	$	—	$	—		$	(4,276	)


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)	$	11,986,696		$	—	$	—		$	11,986,696


Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	814,947		$	—	$	—	(d)	$	814,947


U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	12,396,922		$	—	$	—	(d)	$	12,396,922

Depreciation in Other Financial Instruments
Futures Contracts	$	(214	)	$	—	$	—		$	(214	)

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



94	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

(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)	All portfolio holdings designated as Level 1 and Level 3 are disclosed individually on the SOIs. Level 3 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings.

(d)	Amount rounds to less than 500.

There were no transfers among any levels during the six months ended December 31, 2016.

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.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2016 (amounts in thousands):


	Disciplined Equity Fund		Hedged Equity Fund		U.S. Equity Fund
Futures Contracts:
Average Notional Balance Long	$	101,278	$	4,844	$	66,531
Ending Notional Balance Long		143,340		9,057		34,661

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.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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, 2016 were as follows (amounts in thousands except for number of contracts):


	Options
Hedged Equity Fund	Number of Contracts			Premiums Received
Options outstanding at June 30, 2016		2,282		$	3,838
Options written		6,134			7,993
Options expired		(2,668	)		(1,358	)
Options closed		(2,844	)		(6,198	)

Options outstanding at December 31, 2016		2,904		$	4,275

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, 2016:


	Hedged Equity Fund
Exchange-Traded Options:
Average Number of Contracts Purchased	$	1,264
Average Number of Contracts Written		2,527
Ending Number of Contracts Purchased		1,452
Ending Number of Contracts Written		2,904

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.



96	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Class A			Class C			Class L (formerly Institutional Class)		Class R2			Class R3			Class R4			Class R5			Class R6			Select Class		Total
Disciplined Equity Fund
Transfer agency fees	$	15			n/a		$	7		n/a			n/a			n/a			n/a		$	27		$	5	$	54
Sub-transfer agency fees		390			n/a			224		n/a			n/a			n/a			n/a			—			155		769
Dynamic Growth Fund
Transfer agency fees		2		$	1			n/a		n/a			n/a			n/a		$	—			n/a			3		6
Sub-transfer agency fees		49			7			n/a		n/a			n/a			n/a			—			n/a			14		70
Equity Focus Fund
Transfer agency fees		—	(a)		—	(a)		n/a		n/a			n/a			n/a			n/a			n/a			2		2
Sub-transfer agency fees		1			—	(a)		n/a		n/a			n/a			n/a			n/a			n/a			15		16
Equity Income Fund
Transfer agency fees		91			34			n/a	$	6		$	—	(a)	$	—	(a)		6			12			31		180
Sub-transfer agency fees		1,617			436			n/a		61			—			—			283			—			1,271		3,668
Growth and Income Fund
Transfer agency fees		109			2			n/a		—	(a)		n/a			n/a			—	(a)		—	(a)		3		114
Sub-transfer agency fees		89			8			n/a		—			n/a			n/a			—			—			11		108
Hedged Equity Fund
Transfer agency fees		1			1			n/a		n/a			n/a			n/a			—	(a)		—	(a)		5		7
Sub-transfer agency fees		73			3			n/a		n/a			n/a			n/a			—	(a)		—			37		113
Large Cap Growth Fund
Transfer agency fees		245			16			n/a		7			—	(a)		—	(a)		11			23			34		336
Sub-transfer agency fees		3,347			238			n/a		145			—			—			512			—			1,508		5,750
Large Cap Value Fund
Transfer agency fees		28			3			n/a		1			n/a			n/a			—	(a)		—			2		34
Sub-transfer agency fees		23			6			n/a		4			n/a			n/a			—	(a)		—			6		39
U.S. Equity Fund
Transfer agency fees		61			8			67		3			—	(a)		—	(a)		6			18			18		181
Sub-transfer agency fees		884			105			1,453		208			—			—			327			—			434		3,411

(a)	Amount rounds to less than 500.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2016, 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.

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.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s 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	0.60	*
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

*	Prior to November 1, 2016, the investment advisory fee was 0.65% for the Equity Focus Fund.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration 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, 2016, 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.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class L, Class R4, Class R5, Class R6 and Select Class do not charge a distribution fee. 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			Class R3
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a
Dynamic Growth Fund		0.25			0.75	%		n/a			n/a
Equity Focus Fund		0.25			0.75			n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Growth and Income Fund		0.25			0.75			0.50			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			n/a
U.S. Equity Fund		0.25			0.75			0.50			0.25


	Front-End Sales Charge		CDSC
Disciplined Equity Fund	$	5	$	—
Dynamic Growth Fund		11		—	(a)
Equity Focus Fund		1		—
Equity Income Fund		411		2
Growth and Income Fund		17		—	(a)
Hedged Equity Fund		3		—
Large Cap Growth Fund		74		2
Large Cap Value Fund		9		—	(a)
U.S. Equity Fund		69		—	(a)

(a)	Amount rounds to less than 500.



98	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

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 charge a shareholder servicing fee. 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 L (formerly Institutional Class)			Class R2			Class R3			Class R4			Class R5			Select Class
Disciplined Equity Fund		0.25	%		n/a			0.10	%		n/a			n/a			n/a			n/a			0.25	%
Dynamic Growth Fund		0.25			0.25	%		n/a			n/a			n/a			n/a			0.05	%		0.25
Equity Focus Fund		0.25			0.25			n/a			n/a			n/a			n/a			n/a			0.25
Equity Income Fund		0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.05			0.25
Growth and Income Fund		0.25			0.25			n/a			0.25			n/a			n/a			0.05			0.25
Hedged Equity Fund		0.25			0.25			n/a			n/a			n/a			n/a			0.05			0.25
Large Cap Growth Fund		0.25			0.25			n/a			0.25			0.25			0.25			0.05			0.25
Large Cap Value Fund		0.25			0.25			n/a			0.25			n/a			n/a			0.05			0.25
U.S. Equity Fund		0.25			0.25			0.10			0.25			0.25			0.25			0.05			0.25

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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


	Class A			Class C			Class L (formerly Institutional Class)			Class R2			Class R3			Class R4			Class R5			Class R6			Select Class
Disciplined Equity Fund*		0.60	%		n/a			0.45	%		n/a			n/a			n/a			n/a			0.25	%		0.35	%
Dynamic Growth Fund**		1.15			1.65	%		n/a			n/a			n/a			n/a			0.70	%		n/a			0.90
Equity Focus Fund***		1.15			1.65			n/a			n/a			n/a			n/a			n/a			n/a			0.90
Equity Income Fund		1.04			1.54			n/a			1.29	%		1.04	%		0.79	%		0.59			0.54			0.79
Growth and Income Fund		1.04			1.54			n/a			1.29			n/a			n/a			0.59			0.54			0.79
Hedged Equity Fund		0.85			1.35			n/a			n/a			n/a			n/a			0.40			0.35			0.60
Large Cap Growth Fund		1.05			1.55			n/a			1.40	****		1.15			0.90			0.70			0.65			0.90
Large Cap Value Fund		0.93			1.45			n/a			1.30	****		n/a			n/a			0.60			0.55			0.80
U.S. Equity Fund		0.94			1.44			0.61			1.26	****		1.01			0.76			0.56			0.51			0.76

Prior to November 1, 2016, the contractual expense limitation for Disciplined Equity Fund was 0.85%, 0.45%, 0.35% and 0.60% for Class A, Class L, Class R6 and Select Class Shares respectively, The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

Prior to November 1, 2016, the contractual expense limitation for Dynamic Growth Fund was 1.19%, 1.69%, 0.74% and 0.94% for Class A, Class C, Class R5 and Select Class Shares respectively, The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

***	Prior to November 1, 2016, the contractual expense limitation for Equity Focus Fund was 1.25%, 1.75% and 1.00% for Class A, Class C and Select Class Shares respectively, The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

****

The contractual expense percentages in the table above are in place until at least October 31, 2018. For Class R2 Shares of Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund, the Adviser, Administrator and/or Distributor contractually waived fees and/or reimbursed the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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) exceeded 1.30%, 1.20% and 1.19% of the Fund’s average daily net assets, respectively during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016 through December 31, 2016, the Adviser, Administrator and/or Distributor voluntarily waived fees and/or reimbursed the Funds to the extent that total annual operating expenses for Class R2 Shares of these Funds exceeded 1.30%, 1.20% and 1.19%, respectively. The Funds’ service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Disciplined Equity Fund	$	739	$	492	$	782	$	2,013	$	75
Dynamic Growth Fund		68		45		76		189		—
Equity Focus Fund		74		34		1		109		—
Equity Income Fund		14		—		1,436		1,450		—
Growth and Income Fund		56		37		106		199		—	(a)
Hedged Equity Fund		124		83		68		275		—	(a)
Large Cap Growth Fund		17		—		5,819		5,836		12
Large Cap Value Fund		1		—		116		117		1
U.S. Equity Fund		15		—		3,712		3,727		57

(a)	Amount rounds to less than 500.


	Voluntary Waivers
	Shareholder Servicing
Large Cap Growth Fund	$	29
Large Cap Value Fund		1
U.S. Equity Fund		25

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2016 were as follows (amounts in thousands):


Disciplined Equity Fund	$	68
Dynamic Growth Fund		2
Equity Focus Fund		4
Equity Income Fund		247
Growth and Income Fund		6
Hedged Equity Fund		3
Large Cap Growth Fund		128
Large Cap Value Fund		10
U.S. Equity Fund		96



100	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

During the six months ended December 31, 2016, Disciplined Equity Fund, Hedged Equity Fund, Large Cap Growth Fund and U.S. Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2016, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):


Disciplined Equity Fund			$—(a)
Dynamic Growth Fund			—(a)
Equity Focus Fund			—(a)
Hedged Equity Fund			—(a)
Large Cap Growth Fund			—(a)
Large Cap Value Fund			—(a)
U.S. Equity Fund			1

(a)	Amount rounds to less than 500.

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	1,860,988	$	2,944,005
Dynamic Growth Fund		97,476		105,196
Equity Focus Fund		33,781		48,301
Equity Income Fund		2,213,751		1,088,878
Growth and Income Fund		95,215		105,426
Hedged Equity Fund		104,648		46,568
Large Cap Growth Fund		2,015,151		4,391,351
Large Cap Value Fund		537,625		579,393
U.S. Equity Fund		4,803,007		5,853,323

During the six months ended December 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	6,608,267	$	1,325,016	$	101,647	$	1,223,369
Dynamic Growth Fund		259,595		82,681		4,538		78,143
Equity Focus Fund		125,049		24,717		1,474		23,243
Equity Income Fund		10,899,524		2,946,385		90,449		2,855,936
Growth and Income Fund		361,898		171,142		5,203		165,939
Hedged Equity Fund		287,612		46,125		3,285		42,840
Large Cap Growth Fund		8,341,873		3,754,268		109,445		3,644,823
Large Cap Value Fund		668,066		150,551		3,670		146,881
U.S. Equity Fund		8,993,336		3,463,184		59,598		3,403,586

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.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	101

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

At June 30, 2016, 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
Large Cap Value Fund	$	1,637

At June 30, 2016, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Disciplined Equity Fund	$	130,031	$	—
Hedged Equity Fund		5,312		7,993

6. Borrowings

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016. Average borrowings from the Facility for the six months ended December 31, 2016, were as follows (amounts in thousands).

Average

Borrowings

Average
Interest

Rate Paid

Number of
Days Outstanding

Interest

Paid

Large Cap Growth Fund

19,026

0.49

(a)	Amount rounds to less than 500.

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.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2016. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2016, were as follows (amounts in thousands):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Focus Fund	$	500		1.53	%		1	$	—	(a)

(a)	Amount rounds to less than 500.



102	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

7. Risks, Concentrations and Indemnifications

As of December 31, 2016, J.P. Morgan Access Funds, 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 following Funds:

J.P. Morgan

Access Funds

J.P. Morgan

Investor Funds

JPMorgan

SmartRetirement

Funds

Disciplined Equity Fund

n/a

67.0

Dynamic Growth Fund

n/a

66.3

n/a

Equity Focus Fund

26.3

n/a

Large Cap Value Fund

n/a

72.2

n/a

U.S. Equity Fund

n/a

10.4

18.2

As of December 31, 2016, the Funds had omnibus accounts which represented the following percentage of each Fund’s net assets:


	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Disciplined Equity Fund		1		11.0	%		—		n/a
Dynamic Growth Fund		3		58.0			1		13.5	%
Equity Focus Fund		4		95.1			—		n/a
Growth and Income Fund		1		23.5			—		n/a
Hedged Equity Fund		—		n/a			4		70.1
Large Cap Value Fund		3		67.0			—		n/a
U.S. Equity Fund		1		14.1			—		n/a

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



DECEMBER 31, 2016	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, 2016 and continued to hold your shares at the end of the reporting period, December 31, 2016.

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, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Disciplined Equity Fund
Class A
Actual*	$	1,000.00	$	1,087.30	$	4.05		0.77	%
Hypothetical*		1,000.00		1,021.32		3.92		0.77
Class L (formerly Institutional Class)
Actual*		1,000.00		1,089.10		2.26		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
Class R6
Actual*		1,000.00		1,089.70		1.63		0.31
Hypothetical*		1,000.00		1,023.64		1.58		0.31
Select Class
Actual*		1,000.00		1,088.90		2.74		0.52
Hypothetical*		1,000.00		1,022.58		2.65		0.52

Dynamic Growth Fund
Class A
Actual*		1,000.00		1,076.10		6.12		1.17
Hypothetical*		1,000.00		1,019.31		5.96		1.17
Class C
Actual*		1,000.00		1,073.40		8.73		1.67
Hypothetical*		1,000.00		1,016.79		8.49		1.67
Class R5
Actual*		1,000.00		1,078.80		3.77		0.72
Hypothetical*		1,000.00		1,021.58		3.67		0.72
Select Class
Actual*		1,000.00		1,077.70		4.82		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92



104	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Equity Focus Fund
Class A
Actual*	$	1,000.00	$	1,118.90	$	6.46		1.21	%
Hypothetical*		1,000.00		1,019.11		6.16		1.21
Class C
Actual*		1,000.00		1,116.10		9.07		1.70
Hypothetical*		1,000.00		1,016.64		8.64		1.70
Select Class
Actual*		1,000.00		1,120.40		5.13		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96

Equity Income Fund
Class A
Actual*		1,000.00		1,084.00		5.41		1.03
Hypothetical*		1,000.00		1,020.01		5.24		1.03
Class C
Actual*		1,000.00		1,080.90		8.02		1.53
Hypothetical*		1,000.00		1,017.49		7.78		1.53
Class R2
Actual*		1,000.00		1,082.50		6.72		1.28
Hypothetical*		1,000.00		1,018.75		6.51		1.28
Class R3
Actual**		1,000.00		1,076.80		3.22		1.02
Hypothetical*		1,000.00		1,020.06		5.19		1.02
Class R4
Actual**		1,000.00		1,077.60		2.43		0.77
Hypothetical*		1,000.00		1,021.32		3.92		0.77
Class R5
Actual*		1,000.00		1,086.30		3.05		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R6
Actual*		1,000.00		1,086.90		2.58		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49
Select Class
Actual*		1,000.00		1,084.50		4.10		0.78
Hypothetical*		1,000.00		1,021.27		3.97		0.78

Growth and Income Fund
Class A
Actual*		1,000.00		1,117.00		5.50		1.03
Hypothetical*		1,000.00		1,020.01		5.24		1.03
Class C
Actual*		1,000.00		1,114.20		8.15		1.53
Hypothetical*		1,000.00		1,017.49		7.78		1.53
Class R2
Actual*		1,000.00		1,115.70		6.83		1.28
Hypothetical*		1,000.00		1,018.75		6.51		1.28
Class R5
Actual*		1,000.00		1,119.70		3.15		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R6
Actual*		1,000.00		1,120.00		2.78		0.52
Hypothetical*		1,000.00		1,022.58		2.65		0.52
Select Class
Actual*		1,000.00		1,118.30		4.22		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	105

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Hedged Equity Fund
Class A
Actual*	$	1,000.00	$	1,072.60	$	4.39		0.84	%
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class C
Actual*		1,000.00		1,070.30		6.99		1.34
Hypothetical*		1,000.00		1,018.45		6.82		1.34
Class R5
Actual*		1,000.00		1,075.30		2.09		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40
Class R6
Actual*		1,000.00		1,075.60		1.83		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Select Class
Actual*		1,000.00		1,074.50		3.14		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60

Large Cap Growth Fund
Class A
Actual*		1,000.00		1,053.80		5.44		1.05
Hypothetical*		1,000.00		1,019.91		5.35		1.05
Class C
Actual*		1,000.00		1,050.90		8.01		1.55
Hypothetical*		1,000.00		1,017.39		7.88		1.55
Class R2
Actual*		1,000.00		1,052.40		6.73		1.30
Hypothetical*		1,000.00		1,018.65		6.61		1.30
Class R3
Actual**		1,000.00		1,026.00		3.39		1.10
Hypothetical*		1,000.00		1,019.66		5.60		1.10
Class R4
Actual**		1,000.00		1,026.60		2.62		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class R5
Actual*		1,000.00		1,055.40		3.63		0.70
Hypothetical*		1,000.00		1,021.68		3.57		0.70
Class R6
Actual*		1,000.00		1,055.80		3.11		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Select Class
Actual*		1,000.00		1,054.50		4.66		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90

Large Cap Value Fund
Class A
Actual*		1,000.00		1,211.00		5.13		0.92
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,207.20		8.01		1.44
Hypothetical*		1,000.00		1,017.95		7.32		1.44
Class R2
Actual*		1,000.00		1,209.90		6.63		1.19
Hypothetical*		1,000.00		1,019.21		6.06		1.19
Class R5
Actual*		1,000.00		1,212.60		3.23		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58



106	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Large Cap Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,213.40	$	2.85		0.51	%
Hypothetical*		1,000.00		1,022.63		2.60		0.51
Select Class
Actual*		1,000.00		1,211.70		4.40		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79

U.S. Equity Fund
Class A
Actual*		1,000.00		1,101.00		4.98		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		1,098.90		7.62		1.44
Hypothetical*		1,000.00		1,017.95		7.32		1.44
Class L (formerly Institutional Class)
Actual*		1,000.00		1,103.20		3.23		0.61
Hypothetical*		1,000.00		1,022.13		3.11		0.61
Class R2
Actual*		1,000.00		1,100.50		6.30		1.19
Hypothetical*		1,000.00		1,019.21		6.06		1.19
Class R3
Actual**		1,000.00		1,073.70		3.22		1.02
Hypothetical*		1,000.00		1,020.06		5.19		1.02
Class R4
Actual**		1,000.00		1,074.30		2.43		0.77
Hypothetical*		1,000.00		1,021.32		3.92		0.77
Class R5
Actual*		1,000.00		1,102.70		2.97		0.56
Hypothetical*		1,000.00		1,022.38		2.85		0.56
Class R6
Actual*		1,000.00		1,103.70		2.65		0.50
Hypothetical*		1,000.00		1,022.68		2.55		0.50
Select Class
Actual*		1,000.00		1,102.50		4.03		0.76
Hypothetical*		1,000.00		1,021.37		3.87		0.76

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 111/365 (to reflect the actual period). Commencement of operations was September 9, 2016.



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	107

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. 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 Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed

the proposed Advisory Agreements in executive 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 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 J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).



108	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

designed to improve investment results and the services provided to each Fund.

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

Fall-Out Benefits

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



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees noted that the Disciplined Equity Fund’s performance for Class A shares was in the fifth, first and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fourth, second and second quintiles for the one-, three-, and five-year periods ended December 31, 2015, respectively, based upon both the Peer Group and Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other

factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Dynamic Growth Fund’s performance for Class A shares was in the first, second and third quintiles for the one-, three-, and five-year periods ended December 31, 2015, respectively, based upon both the Peer Group and Universe. The Trustees noted that the performance for Select Class shares was in the first, first, and second quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Equity Focus Fund’s performance for Class A shares was in the second quintile for both the one- and three-year periods ended December 31, 2015 based upon both the Peer Group and Universe. The Trustees noted that the performance for Select Class shares was in the third and second quintiles for the one- and three-year periods ended December 31, 2015, respectively, based upon the Peer Group, and in the second quintile for both the one- and three-year periods ended December 31, 2015 based upon the Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the third, first and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Growth and Income Fund’s performance for Class A shares was in the fourth, fourth and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015,



110	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

respectively. The Trustees noted that the performance for Select Class shares was in the fourth, second and first quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2015. The Trustees noted that the performance for Select Class shares was in the fifth and third quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A shares was in the first, third and third quintiles based upon the Peer Group, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fourth, fifth and fifth quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Large Cap Value Fund’s performance for Class A and Select Class shares was in the first, first, and second quintiles based upon both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the U.S. Equity Fund’s performance for Class A shares was in the third, first, and first quintiles based upon the Peer Group, and in the second, first, and second quintiles based upon the Universe, for the one-, three- and five-year

periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fourth, first and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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 based upon both the Peer Groups and Universe. The Trustees also noted that the expense caps for certain share classes were reduced effective November 1, 2016. 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 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expense for Class A shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that the expense caps for certain share classes were reduced effective November 1, 2016. After considering the factors identified above, in light of this



DECEMBER 31, 2016	J.P. MORGAN LARGE CAP FUNDS	111

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Select Class shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including a reduction in the contractual advisory fee from 0.65% to 0.60% and a reduction in the expense caps for certain share classes effective November 1, 2016, 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 Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that both the net advisory fee and actual total expenses for Select Class shares were in the first and second quintiles, based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Growth and Income Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Select Class shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in

light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for Class A and Select Class shares were in the first quintile based upon both the Peer Groups and Universe. 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 based upon both the Peer Group and Universe. The Trustees noted that the actual total expenses for Class A shares were in the third and first quintiles based upon the Peer Group and Universe, respectively, and in the third quintile for Select Class shares based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that both the net advisory fee and actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

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



112	J.P. MORGAN LARGE CAP FUNDS	DECEMBER 31, 2016

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

LOGO


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-LCE-1216

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2016 (Unaudited)

JPMorgan Equity Index Fund

JPMorgan Market Expansion Enhanced Index Fund

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Equity Index Fund			3

JPMorgan Market Expansion Enhanced Index Fund			5

Schedules of Portfolio Investments			8

Financial Statements			26

Financial Highlights			32

Notes to Financial Statements			36

Schedule of Shareholder Expenses			43

Board Approval of Investment Advisory Agreement			44

CEO’S LETTER

January 25, 2017 (Unaudited)

Dear Shareholder,

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours global share prices had largely recovered. U.S. equity prices

rallied through the end of the year, reaching new highs in December.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	1

J.P. Morgan Index Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks the S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of 2016. The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.

During the reporting period, value stocks generally outperformed growth stocks and small-capitalization and mid-cap stocks outperformed large-cap stocks. By sector, the energy and financials sectors were top performers, while the health care and real estate sectors underperformed other sectors. For the six months ended December 31, 2016, the S&P 500 returned 7.82%.



2	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		7.70%
S&P 500 Index**		7.82%

Net Assets as of 12/31/2016 (In Thousands)	$	1,685,833

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 Index (S&P 500) (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, 2016, 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 those of the Benchmark.

Overall, U.S. equity investments continued to outperform both other developed markets and emerging markets during the second half of 2016. The S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs between the U.S. presidential election and the end of 2016. The financials and information technology sectors were the largest contributors to the performance of the Fund and the Benchmark, while the consumer staples and health care sectors were the largest detractors from performance.

HOW WAS THE FUND POSITIONED?

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	3.2	%
	2.	Microsoft Corp.	2.5
	3.	Exxon Mobil Corp.	1.9
	4.	Johnson & Johnson	1.6
	5.	Berkshire Hathaway, Inc., Class B	1.6
	6.	JPMorgan Chase & Co.	1.6
	7.	Amazon.com, Inc.	1.5
	8.	General Electric Co.	1.4
	9.	Facebook, Inc., Class A	1.4
	10.	AT&T, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	20.7	%
Financials	14.8
Health Care	13.6
Consumer Discretionary	12.0
Industrials	10.2
Consumer Staples	9.4
Energy	7.5
Utilities	3.2
Real Estate	2.9
Materials	2.8
Telecommunication Services	2.7
Short-Term Investment	0.2

“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.

***

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	3

JPMorgan Equity Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			1.92	%		5.59	%		12.91	%		5.92	%
Without Sales Charge			7.57			11.46			14.13			6.49
CLASS C SHARES	November 4, 1997
With CDSC***			6.16			9.61			13.28			5.69
Without CDSC			7.16			10.61			13.28			5.69
CLASS R6 SHARES	September 1, 2016		7.76			11.78			14.42			6.76
SELECT CLASS SHARES	July 2, 1991		7.70			11.71			14.41			6.76

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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 Equity Index Fund, the S&P 500 Index and the Lipper S&P 500 Funds Index from December 31, 2006 to December 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

included in the benchmark, if applicable. The performance of the Lipper S&P 500 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper S&P 500 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



4	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		14.90%
S&P 1000 Index**		14.02%

Net Assets as of 12/31/2016 (In Thousands)	$	991,926

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 (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the software & services sector and the consumer cyclical sector was a leading contributor to relative performance during the reporting period. The Fund’s security selection in the insurance sector and the health services & systems sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Dana Inc., Momenta Pharmaceuticals Inc. and ArcBest Corp. Shares of Dana Holding, an automotive parts supplier, rose amid continued strength in U.S. auto sales. Shares of Momenta Pharmaceuticals, a maker of generic drugs, rose on positive results from clinical trials of its bio-similar drug for psoriasis. Shares of ArcBest, a freight transportation company, rose after reporting better-than-expected revenue.

Leading individual detractors from relative performance included the Fund’s position in Geo Group Inc., its overweight position in Essendant Inc. and its underweight position in U.S. Steel Corp. Shares of Geo Group, an operator of private prisons, fell after the U.S. Federal Bureau of Prisons unveiled plans to

phase out the use of private prisons. Shares of Essendant, an office supply wholesaler, fell after U.S. regulators halted the company’s planned acquisition of Staples Inc.’s wholesale business. Shares of U.S. Steel, a steelmaker, rose amid investor expectations that the administration of President-elect Donald Trump would enact policies benefitting the domestic steel industry.

HOW WAS THE FUND POSITIONED?

The Fund seeks to 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.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Computer Sciences Corp.	0.8	%
	2.	Synopsys, Inc.	0.7
	3.	Ingredion, Inc.	0.7
	4.	UGI Corp.	0.7
	5.	Arrow Electronics, Inc.	0.7
	6.	Huntington Ingalls Industries, Inc.	0.7
	7.	Raymond James Financial, Inc.	0.6
	8.	East West Bancorp, Inc.	0.6
	9.	Reinsurance Group of America, Inc.	0.6
	10.	Atmos Energy Corp.	0.6



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	5

JPMorgan Market Expansion Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	17.8	%
Financials	16.0
Industrials	15.3
Consumer Discretionary	10.8
Health Care	9.3
Real Estate	9.0
Materials	7.0
Utilities	4.4
Energy	3.5
Consumer Staples	3.4
Telecommunication Services	0.6
Short-Term Investment	2.9

“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.

***

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, 2016. The Fund’s portfolio composition is subject to change.



6	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 1998
With Sales Charge**			8.79	%		15.00	%		14.58	%		7.93	%
Without Sales Charge			14.82			21.37			15.82			8.52
CLASS C SHARES	March 22, 1999
With CDSC***			13.37			19.58			15.01			7.75
Without CDSC			14.37			20.58			15.01			7.75
CLASS R2 SHARES	November 3, 2008		14.69			21.19			15.52			8.19
SELECT CLASS SHARES	July 31, 1998		14.90			21.76			16.11			8.79

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R2 Shares prior to their 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, 2006 to December 31, 2016. 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.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	7

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.8%
		Consumer Discretionary — 12.0%
		Auto Components — 0.2%
	17	BorgWarner, Inc.		689
	24	Delphi Automotive plc		1,593
	23	Goodyear Tire & Rubber Co. (The)		704

				2,986

		Automobiles — 0.5%
	341	Ford Motor Co.		4,134
	121	General Motors Co.		4,220
	15	Harley-Davidson, Inc.		901

				9,255

		Distributors — 0.1%
	13	Genuine Parts Co.		1,241
	27	LKQ Corp. (a)		823

				2,064

		Diversified Consumer Services — 0.0% (g)
	18	H&R Block, Inc.		416

		Hotels, Restaurants & Leisure — 1.6%
	37	Carnival Corp.		1,906
	3	Chipotle Mexican Grill, Inc. (a)		954
	11	Darden Restaurants, Inc.		781
	28	Marriott International, Inc., Class A		2,312
	73	McDonald’s Corp.		8,827
	15	Royal Caribbean Cruises Ltd.		1,199
	127	Starbucks Corp.		7,056
	9	Wyndham Worldwide Corp.		719
	7	Wynn Resorts Ltd.		599
	30	Yum! Brands, Inc.		1,928

				26,281

		Household Durables — 0.5%
	30	DR Horton, Inc.		810
	10	Garmin Ltd.		487
	6	Harman International Industries, Inc.		677
	12	Leggett & Platt, Inc.		570
	17	Lennar Corp., Class A		736
	6	Mohawk Industries, Inc. (a)		1,099
	42	Newell Brands, Inc.		1,881
	26	PulteGroup, Inc.		478
	7	Whirlpool Corp.		1,192

				7,930

		Internet & Direct Marketing Retail — 2.3%
	34	Amazon.com, Inc. (a)		25,823
	11	Expedia, Inc.		1,195
	37	Netflix, Inc. (a)		4,639


SHARES		SECURITY DESCRIPTION	VALUE($)

		Internet & Direct Marketing Retail — continued
	4	Priceline Group, Inc. (The) (a)		6,319
	10	TripAdvisor, Inc. (a)		463

				38,439

		Leisure Products — 0.1%
	10	Hasbro, Inc.		763
	30	Mattel, Inc.		823

				1,586

		Media — 3.1%
	34	CBS Corp. (Non-Voting), Class B		2,177
	19	Charter Communications, Inc., Class A (a)		5,444
	208	Comcast Corp., Class A		14,371
	13	Discovery Communications, Inc., Class A (a)		364
	19	Discovery Communications, Inc., Class C (a)		516
	35	Interpublic Group of Cos., Inc. (The)		812
	33	News Corp., Class A		382
	10	News Corp., Class B		123
	21	Omnicom Group, Inc.		1,753
	8	Scripps Networks Interactive, Inc., Class A		594
	19	TEGNA, Inc.		400
	67	Time Warner, Inc.		6,500
	92	Twenty-First Century Fox, Inc., Class A		2,592
	43	Twenty-First Century Fox, Inc., Class B		1,159
	30	Viacom, Inc., Class B		1,065
	128	Walt Disney Co. (The)		13,324

				51,576

		Multiline Retail — 0.5%
	22	Dollar General Corp.		1,644
	21	Dollar Tree, Inc. (a)		1,591
	15	Kohl’s Corp.		761
	27	Macy’s, Inc.		956
	10	Nordstrom, Inc.		486
	49	Target Corp.		3,542

				8,980

		Specialty Retail — 2.4%
	6	Advance Auto Parts, Inc.		1,088
	6	AutoNation, Inc. (a)		279
	3	AutoZone, Inc. (a)		1,989
	13	Bed Bath & Beyond, Inc.		540
	24	Best Buy Co., Inc.		1,017
	17	CarMax, Inc. (a)		1,070
	12	Foot Locker, Inc.		838
	19	Gap, Inc. (The)		430
	106	Home Depot, Inc. (The)		14,262
	21	L Brands, Inc.		1,381

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	76	Lowe’s Cos., Inc.		5,402
	8	O’Reilly Automotive, Inc. (a)		2,297
	35	Ross Stores, Inc.		2,272
	6	Signet Jewelers Ltd.		573
	57	Staples, Inc.		514
	9	Tiffany & Co.		723
	57	TJX Cos., Inc. (The)		4,276
	11	Tractor Supply Co.		869
	5	Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,305
	8	Urban Outfitters, Inc. (a)		220

				41,345

		Textiles, Apparel & Luxury Goods — 0.7%
	24	Coach, Inc.		857
	33	Hanesbrands, Inc.		712
	14	Michael Kors Holdings Ltd. (a)		616
	117	NIKE, Inc., Class B		5,931
	7	PVH Corp.		625
	5	Ralph Lauren Corp.		444
	16	Under Armour, Inc., Class A (a)		466
	16	Under Armour, Inc., Class C (a)		406
	29	VF Corp.		1,542

				11,599

		Total Consumer Discretionary		202,457

		Consumer Staples — 9.4%
		Beverages — 2.1%
	16	Brown-Forman Corp., Class B		715
	339	Coca-Cola Co. (The)		14,053
	16	Constellation Brands, Inc., Class A		2,379
	16	Dr Pepper Snapple Group, Inc.		1,455
	16	Molson Coors Brewing Co., Class B		1,566
	35	Monster Beverage Corp. (a)		1,570
	125	PepsiCo, Inc.		13,103

				34,841

		Food & Staples Retailing — 2.1%
	38	Costco Wholesale Corp.		6,111
	93	CVS Health Corp.		7,348
	82	Kroger Co. (The)		2,845
	44	Sysco Corp.		2,433
	75	Walgreens Boots Alliance, Inc.		6,185
	131	Wal-Mart Stores, Inc.		9,089
	28	Whole Foods Market, Inc.		855

				34,866


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — 1.6%
	50	Archer-Daniels-Midland Co.		2,294
	17	Campbell Soup Co.		1,023
	36	Conagra Brands, Inc.		1,436
	52	General Mills, Inc.		3,190
	12	Hershey Co. (The)		1,260
	24	Hormel Foods Corp.		820
	10	JM Smucker Co. (The)		1,302
	22	Kellogg Co.		1,626
	52	Kraft Heinz Co. (The)		4,548
	10	McCormick & Co., Inc.		934
	16	Mead Johnson Nutrition Co.		1,141
	135	Mondelez International, Inc., Class A		5,978
	25	Tyson Foods, Inc., Class A		1,565

				27,117

		Household Products — 1.8%
	23	Church & Dwight Co., Inc.		998
	11	Clorox Co. (The)		1,349
	78	Colgate-Palmolive Co.		5,079
	31	Kimberly-Clark Corp.		3,569
	234	Procter & Gamble Co. (The)		19,647

				30,642

		Personal Products — 0.1%
	41	Coty, Inc., Class A		752
	19	Estee Lauder Cos., Inc. (The), Class A		1,484

				2,236

		Tobacco — 1.7%
	170	Altria Group, Inc.		11,516
	135	Philip Morris International, Inc.		12,394
	72	Reynolds American, Inc.		4,046

				27,956

		Total Consumer Staples		157,658

		Energy — 7.5%
		Energy Equipment & Services — 1.2%
	37	Baker Hughes, Inc.		2,399
	20	FMC Technologies, Inc. (a)		700
	75	Halliburton Co.		4,083
	9	Helmerich & Payne, Inc.		731
	33	National Oilwell Varco, Inc.		1,235
	121	Schlumberger Ltd.		10,199
	34	Transocean Ltd. (a)		501

				19,848

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	9

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 6.3%
	49	Anadarko Petroleum Corp.		3,403
	33	Apache Corp.		2,103
	41	Cabot Oil & Gas Corp.		949
	65	Chesapeake Energy Corp. (a)		457
	165	Chevron Corp.		19,402
	8	Cimarex Energy Co.		1,127
	13	Concho Resources, Inc. (a)		1,691
	108	ConocoPhillips		5,425
	46	Devon Energy Corp.		2,088
	50	EOG Resources, Inc.		5,089
	15	EQT Corp.		986
	362	Exxon Mobil Corp.		32,682
	23	Hess Corp.		1,450
	168	Kinder Morgan, Inc.		3,472
	74	Marathon Oil Corp.		1,281
	46	Marathon Petroleum Corp.		2,320
	14	Murphy Oil Corp.		440
	17	Newfield Exploration Co. (a)		698
	37	Noble Energy, Inc.		1,425
	67	Occidental Petroleum Corp.		4,753
	18	ONEOK, Inc.		1,055
	39	Phillips 66		3,341
	15	Pioneer Natural Resources Co.		2,669
	16	Range Resources Corp.		563
	43	Southwestern Energy Co. (a)		464
	61	Spectra Energy Corp.		2,517
	10	Tesoro Corp.		892
	40	Valero Energy Corp.		2,700
	60	Williams Cos., Inc. (The)		1,858

				107,300

		Total Energy		127,148

		Financials — 14.8%
		Banks — 6.7%
	882	Bank of America Corp.		19,500
	71	BB&T Corp.		3,332
	249	Citigroup, Inc.		14,789
	45	Citizens Financial Group, Inc.		1,593
	15	Comerica, Inc.		1,025
	66	Fifth Third Bancorp		1,779
	95	Huntington Bancshares, Inc.		1,252
	312	JPMorgan Chase & Co. (q)		26,962
	94	KeyCorp		1,724
	14	M&T Bank Corp.		2,118
	27	People’s United Financial, Inc.		526
	42	PNC Financial Services Group, Inc. (The)		4,969
	107	Regions Financial Corp.		1,543


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	43	SunTrust Banks, Inc.		2,351
	140	U.S. Bancorp		7,167
	395	Wells Fargo & Co.		21,752
	18	Zions Bancorporation		765

				113,147

		Capital Markets — 2.8%
	5	Affiliated Managers Group, Inc. (a)		695
	14	Ameriprise Financial, Inc.		1,531
	92	Bank of New York Mellon Corp. (The)		4,375
	11	BlackRock, Inc.		4,040
	105	Charles Schwab Corp. (The)		4,158
	30	CME Group, Inc.		3,418
	24	E*TRADE Financial Corp. (a)		828
	30	Franklin Resources, Inc.		1,199
	32	Goldman Sachs Group, Inc. (The)		7,732
	52	Intercontinental Exchange, Inc.		2,935
	36	Invesco Ltd.		1,082
	15	Moody’s Corp.		1,369
	126	Morgan Stanley		5,320
	10	Nasdaq, Inc.		668
	19	Northern Trust Corp.		1,655
	23	S&P Global, Inc.		2,433
	32	State Street Corp.		2,461
	21	T Rowe Price Group, Inc.		1,600

				47,499

		Consumer Finance — 0.8%
	67	American Express Co.		4,973
	42	Capital One Financial Corp.		3,674
	34	Discover Financial Services		2,483
	26	Navient Corp.		435
	68	Synchrony Financial		2,483

				14,048

		Diversified Financial Services — 1.7%
	166	Berkshire Hathaway, Inc., Class B (a)		27,023
	28	Leucadia National Corp.		658

				27,681

		Insurance — 2.8%
	36	Aflac, Inc.		2,480
	32	Allstate Corp. (The)		2,383
	85	American International Group, Inc.		5,565
	23	Aon plc		2,562
	16	Arthur J Gallagher & Co.		808
	5	Assurant, Inc.		462
	41	Chubb Ltd.		5,369

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	13	Cincinnati Financial Corp.		992
	33	Hartford Financial Services Group, Inc. (The)		1,572
	20	Lincoln National Corp.		1,323
	24	Loews Corp.		1,130
	45	Marsh & McLennan Cos., Inc.		3,043
	96	MetLife, Inc.		5,172
	23	Principal Financial Group, Inc.		1,352
	51	Progressive Corp. (The)		1,799
	38	Prudential Financial, Inc.		3,907
	10	Torchmark Corp.		711
	25	Travelers Cos., Inc. (The)		3,036
	20	Unum Group		890
	11	Willis Towers Watson plc		1,372
	23	XL Group Ltd., (Ireland)		875

				46,803

		Total Financials		249,178

		Health Care — 13.6%
		Biotechnology — 2.8%
	142	AbbVie, Inc.		8,886
	20	Alexion Pharmaceuticals, Inc. (a)		2,396
	65	Amgen, Inc.		9,498
	19	Biogen, Inc. (a)		5,387
	68	Celgene Corp. (a)		7,835
	115	Gilead Sciences, Inc.		8,238
	7	Regeneron Pharmaceuticals, Inc. (a)		2,423
	22	Vertex Pharmaceuticals, Inc. (a)		1,595

				46,258

		Health Care Equipment & Supplies — 2.4%
	129	Abbott Laboratories		4,938
	43	Baxter International, Inc.		1,895
	19	Becton Dickinson and Co.		3,069
	119	Boston Scientific Corp. (a)		2,572
	4	Cooper Cos., Inc. (The)		745
	6	CR Bard, Inc.		1,442
	53	Danaher Corp.		4,137
	20	DENTSPLY SIRONA, Inc.		1,164
	19	Edwards Lifesciences Corp. (a)		1,749
	24	Hologic, Inc. (a)		975
	3	Intuitive Surgical, Inc. (a)		2,145
	120	Medtronic plc		8,540
	25	St Jude Medical, Inc.		2,001
	27	Stryker Corp.		3,252
	8	Varian Medical Systems, Inc. (a)		732
	17	Zimmer Biomet Holdings, Inc.		1,805

				41,161


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Providers & Services — 2.6%
	31	Aetna, Inc.		3,800
	15	AmerisourceBergen Corp.		1,142
	23	Anthem, Inc.		3,307
	28	Cardinal Health, Inc.		2,011
	15	Centene Corp. (a)		843
	22	Cigna Corp.		2,991
	14	DaVita, Inc. (a)		885
	10	Envision Healthcare Corp. (a)		648
	54	Express Scripts Holding Co. (a)		3,704
	26	HCA Holdings, Inc. (a)		1,889
	7	Henry Schein, Inc. (a)		1,066
	13	Humana, Inc.		2,657
	9	Laboratory Corp. of America Holdings (a)		1,155
	20	McKesson Corp.		2,773
	7	Patterson Cos., Inc.		299
	12	Quest Diagnostics, Inc.		1,112
	83	UnitedHealth Group, Inc.		13,301
	8	Universal Health Services, Inc., Class B		833

				44,416

		Health Care Technology — 0.1%
	26	Cerner Corp. (a)		1,250

		Life Sciences Tools & Services — 0.6%
	28	Agilent Technologies, Inc.		1,290
	13	Illumina, Inc. (a)		1,642
	2	Mettler-Toledo International, Inc. (a)		959
	10	PerkinElmer, Inc.		499
	34	Thermo Fisher Scientific, Inc.		4,867
	7	Waters Corp. (a)		946

				10,203

		Pharmaceuticals — 5.1%
	33	Allergan plc (a)		6,878
	146	Bristol-Myers Squibb Co.		8,528
	85	Eli Lilly & Co.		6,239
	17	Endo International plc (a)		286
	238	Johnson & Johnson		27,369
	9	Mallinckrodt plc (a)		461
	241	Merck & Co., Inc.		14,173
	40	Mylan NV (a)		1,533
	13	Perrigo Co. plc		1,042
	530	Pfizer, Inc.		17,211
	43	Zoetis, Inc.		2,308

				86,028

		Total Health Care		229,316

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	11

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrials — 10.2%
		Aerospace & Defense — 2.2%
	38	Arconic, Inc.		710
	50	Boeing Co. (The)		7,802
	25	General Dynamics Corp.		4,316
	7	L-3 Communications Holdings, Inc.		1,027
	22	Lockheed Martin Corp.		5,499
	15	Northrop Grumman Corp.		3,580
	26	Raytheon Co.		3,641
	11	Rockwell Collins, Inc.		1,055
	24	Textron, Inc.		1,146
	4	TransDigm Group, Inc.		1,090
	67	United Technologies Corp.		7,330

				37,196

		Air Freight & Logistics — 0.7%
	12	CH Robinson Worldwide, Inc.		906
	16	Expeditors International of Washington, Inc.		834
	21	FedEx Corp.		3,975
	60	United Parcel Service, Inc., Class B		6,901

				12,616

		Airlines — 0.6%
	11	Alaska Air Group, Inc.		955
	45	American Airlines Group, Inc.		2,112
	64	Delta Air Lines, Inc.		3,163
	54	Southwest Airlines Co.		2,679
	25	United Continental Holdings, Inc. (a)		1,838

				10,747

		Building Products — 0.3%
	8	Allegion plc		536
	13	Fortune Brands Home & Security, Inc.		720
	82	Johnson Controls International plc		3,369
	29	Masco Corp.		907

				5,532

		Commercial Services & Supplies — 0.3%
	8	Cintas Corp.		868
	16	Pitney Bowes, Inc.		246
	20	Republic Services, Inc.		1,152
	7	Stericycle, Inc. (a)		572
	36	Waste Management, Inc.		2,518

				5,356

		Construction & Engineering — 0.1%
	12	Fluor Corp.		639
	11	Jacobs Engineering Group, Inc. (a)		601
	13	Quanta Services, Inc. (a)		460

				1,700


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electrical Equipment — 0.5%
	4	Acuity Brands, Inc.		889
	20	AMETEK, Inc.		982
	39	Eaton Corp. plc		2,646
	56	Emerson Electric Co.		3,129
	11	Rockwell Automation, Inc.		1,505

				9,151

		Industrial Conglomerates — 2.6%
	53	3M Co.		9,378
	772	General Electric Co. (k)		24,410
	67	Honeywell International, Inc.		7,710
	9	Roper Technologies, Inc.		1,622

				43,120

		Machinery — 1.5%
	51	Caterpillar, Inc.		4,738
	13	Cummins, Inc.		1,840
	25	Deere & Co.		2,603
	14	Dover Corp.		1,016
	11	Flowserve Corp.		547
	26	Fortive Corp.		1,409
	28	Illinois Tool Works, Inc.		3,378
	23	Ingersoll-Rand plc		1,693
	31	PACCAR, Inc.		1,956
	12	Parker-Hannifin Corp.		1,631
	15	Pentair plc, (United Kingdom)		818
	5	Snap-on, Inc.		867
	13	Stanley Black & Decker, Inc.		1,509
	16	Xylem, Inc.		776

				24,781

		Professional Services — 0.3%
	3	Dun & Bradstreet Corp. (The)		389
	10	Equifax, Inc.		1,236
	29	Nielsen Holdings plc		1,231
	11	Robert Half International, Inc.		549
	14	Verisk Analytics, Inc. (a)		1,104

				4,509

		Road & Rail — 0.9%
	82	CSX Corp.		2,939
	8	JB Hunt Transport Services, Inc.		742
	9	Kansas City Southern		797
	25	Norfolk Southern Corp.		2,755
	5	Ryder System, Inc.		347
	72	Union Pacific Corp.		7,461

				15,041

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Trading Companies & Distributors — 0.2%
	25	Fastenal Co.		1,186
	7	United Rentals, Inc. (a)		777
	5	WW Grainger, Inc.		1,111

				3,074

		Total Industrials		172,823

		Information Technology — 20.7%
		Communications Equipment — 1.0%
	438	Cisco Systems, Inc.		13,246
	6	F5 Networks, Inc. (a)		825
	11	Harris Corp.		1,112
	33	Juniper Networks, Inc.		939
	14	Motorola Solutions, Inc.		1,201

				17,323

		Electronic Equipment, Instruments & Components — 0.4%
	27	Amphenol Corp., Class A		1,810
	83	Corning, Inc.		2,016
	12	FLIR Systems, Inc.		430
	31	TE Connectivity Ltd.		2,150

				6,406

		Internet Software & Services — 4.2%
	15	Akamai Technologies, Inc. (a)		1,009
	26	Alphabet, Inc., Class A (a)		20,487
	26	Alphabet, Inc., Class C (a)		20,001
	91	eBay, Inc. (a)		2,695
	204	Facebook, Inc., Class A (a)		23,517
	8	VeriSign, Inc. (a)		605
	77	Yahoo!, Inc. (a)		2,964

				71,278

		IT Services — 3.7%
	54	Accenture plc, Class A		6,344
	5	Alliance Data Systems Corp.		1,153
	39	Automatic Data Processing, Inc.		4,049
	53	Cognizant Technology Solutions Corp., Class A (a)		2,968
	13	CSRA, Inc.		404
	29	Fidelity National Information Services, Inc.		2,168
	19	Fiserv, Inc. (a)		2,014
	13	Global Payments, Inc.		932
	76	International Business Machines Corp.		12,542
	83	Mastercard, Inc., Class A		8,582
	28	Paychex, Inc.		1,711
	98	PayPal Holdings, Inc. (a)		3,868
	11	Teradata Corp. (a)		308
	14	Total System Services, Inc.		708
	163	Visa, Inc., Class A		12,723


SHARES		SECURITY DESCRIPTION	VALUE($)

		IT Services — continued
	42	Western Union Co. (The)		920
	74	Xerox Corp.		649

				62,043

		Semiconductors & Semiconductor Equipment — 3.4%
	27	Analog Devices, Inc.		1,954
	94	Applied Materials, Inc.		3,046
	35	Broadcom Ltd., (Singapore)		6,133
	7	First Solar, Inc. (a)		218
	414	Intel Corp.		15,009
	14	KLA-Tencor Corp.		1,074
	14	Lam Research Corp.		1,503
	21	Linear Technology Corp.		1,309
	19	Microchip Technology, Inc.		1,210
	91	Micron Technology, Inc. (a)		1,994
	47	NVIDIA Corp.		5,024
	11	Qorvo, Inc. (a)		588
	129	QUALCOMM, Inc.		8,408
	16	Skyworks Solutions, Inc.		1,211
	87	Texas Instruments, Inc.		6,369
	22	Xilinx, Inc.		1,331

				56,381

		Software — 4.3%
	60	Activision Blizzard, Inc.		2,156
	43	Adobe Systems, Inc. (a)		4,470
	17	Autodesk, Inc. (a)		1,266
	27	CA, Inc.		869
	14	Citrix Systems, Inc. (a)		1,216
	26	Electronic Arts, Inc. (a)		2,075
	21	Intuit, Inc.		2,440
	679	Microsoft Corp.		42,190
	262	Oracle Corp.		10,063
	16	Red Hat, Inc. (a)		1,093
	56	salesforce.com, Inc. (a)		3,816
	54	Symantec Corp.		1,301

				72,955

		Technology Hardware, Storage & Peripherals — 3.7%
	466	Apple, Inc.		53,928
	145	Hewlett Packard Enterprise Co.		3,366
	149	HP, Inc.		2,217
	24	NetApp, Inc.		848
	26	Seagate Technology plc		982
	25	Western Digital Corp.		1,694

				63,035

		Total Information Technology		349,421

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	13

JPMorgan Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts )


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 2.8%
		Chemicals — 2.1%
	19	Air Products & Chemicals, Inc.		2,730
	10	Albemarle Corp.		845
	20	CF Industries Holdings, Inc.		641
	98	Dow Chemical Co. (The)		5,603
	13	Eastman Chemical Co.		964
	23	Ecolab, Inc.		2,686
	76	EI du Pont de Nemours & Co.		5,572
	12	FMC Corp.		661
	7	International Flavors & Fragrances, Inc.		817
	29	LyondellBasell Industries NV, Class A		2,503
	38	Monsanto Co.		4,024
	31	Mosaic Co. (The)		897
	23	PPG Industries, Inc.		2,184
	25	Praxair, Inc.		2,920
	7	Sherwin-Williams Co. (The)		1,897

				34,944

		Construction Materials — 0.1%
	6	Martin Marietta Materials, Inc.		1,228
	12	Vulcan Materials Co.		1,446

				2,674

		Containers & Packaging — 0.3%
	8	Avery Dennison Corp.		546
	15	Ball Corp.		1,146
	36	International Paper Co.		1,905
	17	Sealed Air Corp.		765
	22	WestRock Co.		1,113

				5,475

		Metals & Mining — 0.3%
	109	Freeport-McMoRan, Inc. (a)		1,443
	46	Newmont Mining Corp.		1,579
	28	Nucor Corp.		1,655

				4,677

		Total Materials		47,770

		Real Estate — 2.9%
		Equity Real Estate Investment Trusts (REITs) — 2.8%
	37	American Tower Corp.		3,928
	14	Apartment Investment & Management Co., Class A		623
	12	AvalonBay Communities, Inc.		2,124
	13	Boston Properties, Inc.		1,689
	31	Crown Castle International Corp.		2,732
	14	Digital Realty Trust, Inc.		1,364
	6	Equinix, Inc.		2,228


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	32	Equity Residential		2,055
	6	Essex Property Trust, Inc.		1,330
	11	Extra Space Storage, Inc.		849
	6	Federal Realty Investment Trust		891
	51	General Growth Properties, Inc.		1,274
	41	HCP, Inc.		1,213
	65	Host Hotels & Resorts, Inc.		1,217
	21	Iron Mountain, Inc.		695
	37	Kimco Realty Corp.		934
	11	Macerich Co. (The)		747
	10	Mid-America Apartment Communities, Inc.		971
	46	Prologis, Inc.		2,437
	13	Public Storage		2,911
	23	Realty Income Corp.		1,298
	27	Simon Property Group, Inc.		4,875
	9	SL Green Realty Corp.		952
	23	UDR, Inc.		851
	31	Ventas, Inc.		1,933
	15	Vornado Realty Trust		1,567
	32	Welltower, Inc.		2,119
	65	Weyerhaeuser Co.		1,965

				47,772

		Real Estate Management & Development — 0.1%
	26	CBRE Group, Inc., Class A (a)		825

		Total Real Estate		48,597

		Telecommunication Services — 2.7%
		Diversified Telecommunication Services — 2.7%
	536	AT&T, Inc.		22,806
	48	CenturyLink, Inc.		1,135
	102	Frontier Communications Corp.		346
	25	Level 3 Communications, Inc. (a)		1,435
	356	Verizon Communications, Inc.		19,002

		Total Telecommunication Services		44,724

		Utilities — 3.2%
		Electric Utilities — 2.0%
	20	Alliant Energy Corp.		753
	43	American Electric Power Co., Inc.		2,703
	60	Duke Energy Corp.		4,670
	28	Edison International		2,048
	16	Entergy Corp.		1,149
	28	Eversource Energy		1,530
	81	Exelon Corp.		2,861
	37	FirstEnergy Corp.		1,151
	41	NextEra Energy, Inc.		4,874

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	44	PG&E Corp.		2,683
	10	Pinnacle West Capital Corp.		758
	59	PPL Corp.		2,021
	86	Southern Co. (The)		4,210
	44	Xcel Energy, Inc.		1,805

				33,216

		Independent Power & Renewable Electricity Producers — 0.0% (g)
	58	AES Corp.		669
	28	NRG Energy, Inc.		338

				1,007

		Multi-Utilities — 1.1%
	21	Ameren Corp.		1,111
	38	CenterPoint Energy, Inc.		927
	24	CMS Energy Corp.		1,014
	27	Consolidated Edison, Inc.		1,961
	55	Dominion Resources, Inc.		4,192
	16	DTE Energy Co.		1,544
	28	NiSource, Inc.		624
	44	Public Service Enterprise Group, Inc.		1,938
	12	SCANA Corp.		914
	22	Sempra Energy		2,198
	28	WEC Energy Group, Inc.		1,616

				18,039

		Water Utilities — 0.1%
	16	American Water Works Co., Inc.		1,125

		Total Utilities		53,387

		Total Common Stocks (Cost $599,578)		1,682,479


NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	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. Casa Ley CVR, expiring 01/30/18 (a)		2

		Total Rights (Cost $—)		3


SHARES
	Short-Term Investment — 0.2%
		Investment Company — 0.2%
	3,908	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $3,908)		3,908

		Total Investments — 100.0% (Cost $603,486)		1,686,390
		Liabilities in Excess of Other Assets — 0.0% (g)		(557	)

		NET ASSETS — 100.0%	$	1,685,833

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL

VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

E-mini S&P 500

03/17/17

USD

6,820

(23

)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	15

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 10.8%
		Auto Components — 1.2%
	33	American Axle & Manufacturing Holdings, Inc. (a)		627
	32	Cooper-Standard Holdings, Inc. (a)		3,256
	200	Dana, Inc.		3,787
	34	Drew Industries, Inc.		3,663
	11	Standard Motor Products, Inc.		591
	9	Superior Industries International, Inc.		240

				12,164

		Automobiles — 0.3%
	27	Thor Industries, Inc.		2,685
	12	Winnebago Industries, Inc.		393

				3,078

		Distributors — 0.0% (g)
	7	Core-Mark Holding Co., Inc.		280

		Diversified Consumer Services — 0.4%
	6	Capella Education Co.		524
	24	Career Education Corp. (a)		243
	24	DeVry Education Group, Inc.		736
	2	Graham Holdings Co., Class B		973
	19	Sotheby’s (a)		737
	5	Strayer Education, Inc. (a)		363

				3,576

		Hotels, Restaurants & Leisure — 2.2%
	9	BJ’s Restaurants, Inc. (a)		346
	7	Bob Evans Farms, Inc.		388
	34	Boyd Gaming Corp. (a)		692
	63	Brinker International, Inc.		3,129
	8	Buffalo Wild Wings, Inc. (a)		1,220
	34	Cheesecake Factory, Inc. (The)		2,054
	12	Cracker Barrel Old Country Store, Inc.		1,991
	18	DineEquity, Inc.		1,386
	20	Domino’s Pizza, Inc.		3,137
	118	ILG, Inc.		2,149
	14	Jack in the Box, Inc.		1,608
	9	Panera Bread Co., Class A (a)		1,846
	10	Papa John’s International, Inc.		822
	12	Ruth’s Hospitality Group, Inc.		212
	24	Texas Roadhouse, Inc.		1,160

				22,140

		Household Durables — 1.2%
	15	Helen of Troy Ltd. (a)		1,232
	32	KB Home		500
	94	La-Z-Boy, Inc.		2,931


SHARES		SECURITY DESCRIPTION	VALUE($)

		Household Durables — continued
	2	NVR, Inc. (a)		2,652
	5	Tempur Sealy International, Inc. (a)		307
	52	Toll Brothers, Inc. (a)		1,615
	37	TopBuild Corp. (a)		1,331
	21	Tupperware Brands Corp.		1,082

				11,650

		Internet & Direct Marketing Retail — 0.1%
	8	FTD Cos., Inc. (a)		188
	12	HSN, Inc.		422
	10	Nutrisystem, Inc.		329

				939

		Leisure Products — 0.6%
	37	Brunswick Corp.		2,024
	237	Callaway Golf Co.		2,601
	8	Polaris Industries, Inc.		690
	24	Vista Outdoor, Inc. (a)		901

				6,216

		Media — 0.9%
	34	AMC Networks, Inc., Class A (a)		1,790
	2	Cable One, Inc.		1,212
	43	Cinemark Holdings, Inc.		1,630
	15	John Wiley & Sons, Inc., Class A		834
	57	Live Nation Entertainment, Inc. (a)		1,521
	14	Meredith Corp.		849
	42	Time, Inc.		753

				8,589

		Multiline Retail — 0.2%
	23	Big Lots, Inc.		1,156
	126	JC Penney Co., Inc. (a)		1,046

				2,202

		Specialty Retail — 2.7%
	112	Aaron’s, Inc.		3,591
	67	American Eagle Outfitters, Inc.		1,015
	48	Caleres, Inc.		1,579
	30	Cato Corp. (The), Class A		895
	86	Chico’s FAS, Inc.		1,244
	31	Children’s Place, Inc. (The)		3,123
	28	CST Brands, Inc.		1,334
	42	Dick’s Sporting Goods, Inc.		2,220
	30	Express, Inc. (a)		318
	20	Finish Line, Inc. (The), Class A		380
	14	Francesca’s Holdings Corp. (a)		245
	42	GameStop Corp., Class A		1,063

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	9	Group 1 Automotive, Inc.		729
	7	Haverty Furniture Cos., Inc.		162
	23	Lithia Motors, Inc., Class A		2,229
	28	Murphy USA, Inc. (a)		1,697
	329	Office Depot, Inc.		1,486
	138	Rent-A-Center, Inc.		1,555
	20	Select Comfort Corp. (a)		459
	44	Tailored Brands, Inc.		1,111
	12	Zumiez, Inc. (a)		256

				26,691

		Textiles, Apparel & Luxury Goods — 1.0%
	28	Carter’s, Inc.		2,454
	11	Deckers Outdoor Corp. (a)		609
	15	Fossil Group, Inc. (a)		388
	20	Iconix Brand Group, Inc. (a)		185
	38	Kate Spade & Co. (a)		715
	34	Movado Group, Inc.		963
	6	Oxford Industries, Inc.		331
	40	Perry Ellis International, Inc. (a)		1,006
	56	Skechers USA, Inc., Class A (a)		1,380
	23	Steven Madden Ltd. (a)		813
	35	Wolverine World Wide, Inc.		777

				9,621

		Total Consumer Discretionary		107,146

		Consumer Staples — 3.4%
		Food & Staples Retailing — 0.7%
	16	Casey’s General Stores, Inc.		1,874
	68	SpartanNash Co.		2,699
	8	Sprouts Farmers Market, Inc. (a)		157
	184	SUPERVALU, Inc. (a)		859
	22	United Natural Foods, Inc. (a)		1,026

				6,615

		Food Products — 2.2%
	27	B&G Foods, Inc.		1,181
	65	Darling Ingredients, Inc. (a)		835
	141	Dean Foods Co.		3,060
	74	Flowers Foods, Inc.		1,468
	28	Hain Celestial Group, Inc. (The) (a)		1,096
	57	Ingredion, Inc.		7,093
	6	J&J Snack Foods Corp.		747
	46	Post Holdings, Inc. (a)		3,714
	8	Sanderson Farms, Inc.		747
	12	Seneca Foods Corp., Class A (a)		495


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — continued
	17	WhiteWave Foods Co. (The) (a)		967

				21,403

		Household Products — 0.4%
	16	Central Garden & Pet Co. (a)		543
	83	Central Garden & Pet Co., Class A (a)		2,558
	25	Energizer Holdings, Inc.		1,126

				4,227

		Personal Products — 0.1%
	191	Avon Products, Inc. (a)		963
	5	Medifast, Inc.		226

				1,189

		Tobacco — 0.0% (g)
	9	Universal Corp.		561

		Total Consumer Staples		33,995

		Energy — 3.5%
		Energy Equipment & Services — 1.5%
	164	Archrock, Inc.		2,159
	22	Atwood Oceanics, Inc. (a)		283
	9	Bristow Group, Inc.		176
	8	Dril-Quip, Inc. (a)		505
	112	Ensco plc, Class A		1,093
	13	Exterran Corp. (a)		300
	45	Gulf Island Fabrication, Inc.		533
	47	Helix Energy Solutions Group, Inc. (a)		416
	110	Nabors Industries Ltd.		1,804
	38	Newpark Resources, Inc. (a)		284
	96	Noble Corp. plc		568
	19	Oil States International, Inc. (a)		724
	60	Patterson-UTI Energy, Inc.		1,608
	49	Rowan Cos. plc, Class A (a)		926
	123	Superior Energy Services, Inc. (a)		2,083
	14	US Silica Holdings, Inc.		799
	23	Unit Corp. (a)		618

				14,879

		Oil, Gas & Consumable Fuels — 2.0%
	18	Bill Barrett Corp. (a)		123
	5	Contango Oil & Gas Co. (a)		49
	149	Denbury Resources, Inc. (a)		547
	39	Energen Corp. (a)		2,226
	15	Green Plains, Inc.		418
	49	Gulfport Energy Corp. (a)		1,054
	127	HollyFrontier Corp.		4,172
	23	PDC Energy, Inc. (a)		1,691

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	17

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	98	QEP Resources, Inc. (a)		1,810
	3	REX American Resources Corp. (a)		277
	41	SM Energy Co.		1,396
	71	Synergy Resources Corp. (a)		635
	26	Western Refining, Inc.		995
	34	World Fuel Services Corp.		1,560
	215	WPX Energy, Inc. (a)		3,125

				20,078

		Total Energy		34,957

		Financials — 16.0%
		Banks — 8.2%
	13	Ameris Bancorp		576
	130	Associated Banc-Corp.		3,215
	17	Banc of California, Inc.		298
	44	BancorpSouth, Inc.		1,361
	26	Bank of Hawaii Corp.		2,345
	22	Bank of the Ozarks, Inc.		1,169
	7	Banner Corp.		376
	31	Boston Private Financial Holdings, Inc.		516
	29	Brookline Bancorp, Inc.		482
	32	Cathay General Bancorp		1,230
	25	Columbia Banking System, Inc.		1,137
	2	Commerce Bancshares, Inc.		116
	17	Community Bank System, Inc.		1,042
	126	East West Bancorp, Inc.		6,427
	308	First BanCorp, (Puerto Rico) (a)		2,034
	21	First Financial Bancorp		587
	50	First Horizon National Corp.		1,008
	150	First Midwest Bancorp, Inc.		3,782
	84	Fulton Financial Corp.		1,570
	32	Hancock Holding Co.		1,379
	57	Hanmi Financial Corp.		1,985
	34	Home BancShares, Inc.		942
	46	Hope Bancorp, Inc.		1,015
	12	Independent Bank Corp.		837
	15	LegacyTexas Financial Group, Inc.		650
	22	MB Financial, Inc.		1,037
	14	NBT Bancorp, Inc.		583
	94	PacWest Bancorp		5,129
	14	Pinnacle Financial Partners, Inc.		945
	26	PrivateBancorp, Inc.		1,392
	18	Signature Bank (a)		2,689
	15	Simmons First National Corp., Class A		914
	171	Sterling Bancorp		4,004
	24	SVB Financial Group (a)		4,103


SHARES		SECURITY DESCRIPTION	VALUE($)

		Banks — continued
	125	Synovus Financial Corp.		5,119
	240	TCF Financial Corp.		4,709
	53	Texas Capital Bancshares, Inc. (a)		4,116
	32	Trustmark Corp.		1,137
	15	UMB Financial Corp.		1,157
	121	Umpqua Holdings Corp.		2,278
	139	United Community Banks, Inc.		4,117
	22	Wintrust Financial Corp.		1,569

				81,077

		Capital Markets — 2.6%
	2	CBOE Holdings, Inc.		174
	29	Donnelley Financial Solutions, Inc. (a)		673
	20	Eaton Vance Corp.		850
	56	Evercore Partners, Inc., Class A		3,847
	16	FactSet Research Systems, Inc.		2,680
	19	Federated Investors, Inc., Class B		543
	7	INTL. FCStone, Inc. (a)		269
	54	Janus Capital Group, Inc.		721
	14	MarketAxess Holdings, Inc.		2,086
	38	MSCI, Inc.		3,010
	6	Piper Jaffray Cos. (a)		421
	93	Raymond James Financial, Inc.		6,440
	63	SEI Investments Co.		3,112
	23	Stifel Financial Corp. (a)		1,170

				25,996

		Consumer Finance — 0.4%
	19	EZCORP, Inc., Class A (a)		201
	45	FirstCash, Inc.		2,129
	29	Green Dot Corp., Class A (a)		678
	98	SLM Corp. (a)		1,077

				4,085

		Insurance — 4.4%
	6	Alleghany Corp. (a)		3,748
	57	American Financial Group, Inc.		5,046
	5	AMERISAFE, Inc.		319
	64	Aspen Insurance Holdings Ltd., (Bermuda)		3,538
	36	Brown & Brown, Inc.		1,598
	26	Everest Re Group Ltd.		5,619
	104	First American Financial Corp.		3,802
	54	Hanover Insurance Group, Inc. (The)		4,890
	12	Maiden Holdings Ltd.		208
	3	Navigators Group, Inc. (The)		335
	206	Old Republic International Corp.		3,906
	51	Reinsurance Group of America, Inc.		6,367

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	22	Selective Insurance Group, Inc.		938
	7	Stewart Information Services Corp.		306
	9	United Fire Group, Inc.		443
	12	Universal Insurance Holdings, Inc.		338
	36	WR Berkley Corp.		2,386

				43,787

		Thrifts & Mortgage Finance — 0.4%
	17	BofI Holding, Inc. (a)		497
	30	Dime Community Bancshares, Inc.		607
	34	New York Community Bancorp, Inc.		534
	21	Provident Financial Services, Inc.		596
	175	TrustCo Bank Corp.		1,527
	12	Walker & Dunlop, Inc. (a)		368

				4,129

		Total Financials		159,074

		Health Care — 9.4%
		Biotechnology — 1.1%
	57	Acorda Therapeutics, Inc. (a)		1,062
	46	AMAG Pharmaceuticals, Inc. (a)		1,601
	7	Emergent BioSolutions, Inc. (a)		233
	222	Momenta Pharmaceuticals, Inc. (a)		3,341
	34	United Therapeutics Corp. (a)		4,816

				11,053

		Health Care Equipment & Supplies — 3.9%
	15	ABIOMED, Inc. (a)		1,679
	31	Align Technology, Inc. (a)		2,990
	43	AngioDynamics, Inc. (a)		731
	57	CryoLife, Inc. (a)		1,099
	8	Cynosure, Inc., Class A (a)		360
	22	Haemonetics Corp. (a)		884
	65	Halyard Health, Inc. (a)		2,411
	66	Hill-Rom Holdings, Inc.		3,677
	6	ICU Medical, Inc. (a)		855
	37	IDEXX Laboratories, Inc. (a)		4,280
	65	LivaNova plc (a)		2,910
	61	Masimo Corp. (a)		4,091
	56	Natus Medical, Inc. (a)		1,949
	20	NuVasive, Inc. (a)		1,341
	56	ResMed, Inc.		3,493
	36	STERIS plc		2,406
	6	Surmodics, Inc. (a)		155
	17	Teleflex, Inc.		2,804
	3	West Pharmaceutical Services, Inc.		271

				38,386


SHARES		SECURITY DESCRIPTION	VALUE($)

		Health Care Providers & Services — 2.9%
	15	AMN Healthcare Services, Inc. (a)		591
	13	BioTelemetry, Inc. (a)		282
	31	Cross Country Healthcare, Inc. (a)		476
	21	Envision Healthcare Corp. (a)		1,351
	37	HealthSouth Corp.		1,509
	16	Healthways, Inc. (a)		364
	56	Kindred Healthcare, Inc.		438
	17	LifePoint Health, Inc. (a)		977
	40	Magellan Health, Inc. (a)		3,000
	37	MEDNAX, Inc. (a)		2,458
	37	Molina Healthcare, Inc. (a)		2,002
	77	Owens & Minor, Inc.		2,717
	61	PharMerica Corp. (a)		1,542
	39	Tenet Healthcare Corp. (a)		573
	65	VCA, Inc. (a)		4,487
	40	WellCare Health Plans, Inc. (a)		5,483

				28,250

		Health Care Technology — 0.3%
	170	Allscripts Healthcare Solutions, Inc. (a)		1,732
	37	HMS Holdings Corp. (a)		663
	13	Omnicell, Inc. (a)		444

				2,839

		Life Sciences Tools & Services — 0.4%
	11	Albany Molecular Research, Inc. (a)		210
	13	Cambrex Corp. (a)		690
	22	Charles River Laboratories International, Inc. (a)		1,707
	23	PAREXEL International Corp. (a)		1,494

				4,101

		Pharmaceuticals — 0.8%
	74	Akorn, Inc. (a)		1,622
	38	Catalent, Inc. (a)		1,025
	19	Depomed, Inc. (a)		346
	138	Impax Laboratories, Inc. (a)		1,822
	59	Medicines Co. (The) (a)		2,009
	20	Prestige Brands Holdings, Inc. (a)		1,030
	15	Supernus Pharmaceuticals, Inc. (a)		379

				8,233

		Total Health Care		92,862

		Industrials — 15.4%
		Aerospace & Defense — 1.3%
	11	AAR Corp.		379
	25	Aerojet Rocketdyne Holdings, Inc. (a)		450
	3	B/E Aerospace, Inc.		165

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	19

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Aerospace & Defense — continued
	18	Curtiss-Wright Corp.		1,741
	8	Engility Holdings, Inc. (a)		261
	36	Huntington Ingalls Industries, Inc.		6,697
	23	Moog, Inc., Class A (a)		1,542
	14	Orbital ATK, Inc.		1,194

				12,429

		Air Freight & Logistics — 0.3%
	78	Hub Group, Inc., Class A (a)		3,393

		Airlines — 0.7%
	5	Allegiant Travel Co.		882
	22	Hawaiian Holdings, Inc. (a)		1,254
	173	JetBlue Airways Corp. (a)		3,881
	36	SkyWest, Inc.		1,327

				7,344

		Building Products — 1.2%
	6	American Woodmark Corp. (a)		437
	102	AO Smith Corp.		4,811
	13	Gibraltar Industries, Inc. (a)		537
	21	Lennox International, Inc.		3,225
	27	Universal Forest Products, Inc.		2,778

				11,788

		Commercial Services & Supplies — 1.9%
	23	ABM Industries, Inc.		922
	74	Brink’s Co. (The)		3,044
	40	Copart, Inc. (a)		2,211
	83	Essendant, Inc.		1,738
	24	Herman Miller, Inc.		806
	17	HNI Corp.		938
	26	Interface, Inc.		490
	29	LSC Communications, Inc.		869
	78	RR Donnelley & Sons Co.		1,280
	106	Tetra Tech, Inc.		4,564
	50	Viad Corp.		2,198

				19,060

		Construction & Engineering — 1.8%
	123	AECOM (a)		4,468
	90	Aegion Corp. (a)		2,136
	14	Comfort Systems USA, Inc.		474
	56	EMCOR Group, Inc.		3,939
	161	KBR, Inc.		2,687
	69	MYR Group, Inc. (a)		2,588
	10	Orion Group Holdings, Inc. (a)		100
	9	Valmont Industries, Inc.		1,254

				17,646


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electrical Equipment — 1.3%
	58	EnerSys		4,501
	120	General Cable Corp.		2,286
	21	Hubbell, Inc.		2,472
	5	Powell Industries, Inc.		183
	54	Regal Beloit Corp.		3,770

				13,212

		Industrial Conglomerates — 0.5%
	48	Carlisle Cos., Inc.		5,308

		Machinery — 3.4%
	33	AGCO Corp.		1,893
	73	Barnes Group, Inc.		3,476
	17	Briggs & Stratton Corp.		372
	63	Crane Co.		4,523
	24	Federal Signal Corp.		375
	58	Greenbrier Cos., Inc. (The)		2,422
	35	Harsco Corp. (a)		475
	25	IDEX Corp.		2,269
	83	ITT, Inc.		3,186
	41	Joy Global, Inc.		1,134
	31	Kennametal, Inc.		957
	11	Lincoln Electric Holdings, Inc.		851
	6	Lydall, Inc. (a)		384
	23	Mueller Industries, Inc.		911
	30	Oshkosh Corp.		1,945
	15	SPX Corp. (a)		358
	16	SPX FLOW, Inc. (a)		506
	5	Standex International Corp.		457
	74	Terex Corp.		2,336
	31	Timken Co. (The)		1,249
	14	Toro Co. (The)		761
	61	Trinity Industries, Inc.		1,693
	8	Wabtec Corp.		675
	4	Watts Water Technologies, Inc., Class A		287

				33,495

		Marine — 0.1%
	18	Matson, Inc.		644

		Professional Services — 1.4%
	12	CEB, Inc.		750
	18	FTI Consulting, Inc. (a)		828
	44	Heidrick & Struggles International, Inc.		1,070
	39	Insperity, Inc.		2,767
	13	Kelly Services, Inc., Class A		296
	56	ManpowerGroup, Inc.		5,020
	16	On Assignment, Inc. (a)		724

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	48	Resources Connection, Inc.		932
	44	TrueBlue, Inc. (a)		1,081
	6	WageWorks, Inc. (a)		428

				13,896

		Road & Rail — 0.6%
	85	ArcBest Corp.		2,350
	33	Landstar System, Inc.		2,821
	9	Saia, Inc. (a)		397

				5,568

		Trading Companies & Distributors — 0.9%
	16	Applied Industrial Technologies, Inc.		974
	5	DXP Enterprises, Inc. (a)		184
	19	MSC Industrial Direct Co., Inc., Class A		1,756
	149	NOW, Inc. (a)		3,042
	28	Veritiv Corp. (a)		1,521
	10	Watsco, Inc.		1,511

				8,988

		Total Industrials		152,771

		Information Technology — 17.8%
		Communications Equipment — 1.1%
	70	ARRIS International plc (a)		2,106
	49	Bel Fuse, Inc., Class B		1,499
	13	Black Box Corp.		201
	47	Ciena Corp. (a)		1,142
	5	Comtech Telecommunications Corp.		64
	56	Digi International, Inc. (a)		770
	13	InterDigital, Inc.		1,215
	19	Ixia (a)		303
	17	Lumentum Holdings, Inc. (a)		661
	14	NETGEAR, Inc. (a)		742
	17	Plantronics, Inc.		947
	99	Viavi Solutions, Inc. (a)		809

				10,459

		Electronic Equipment, Instruments & Components — 4.9%
	11	Anixter International, Inc. (a)		867
	94	Arrow Electronics, Inc. (a)		6,727
	117	Avnet, Inc.		5,587
	16	Belden, Inc.		1,205
	21	Benchmark Electronics, Inc. (a)		641
	9	Coherent, Inc. (a)		1,304
	96	Electro Scientific Industries, Inc. (a)		567
	56	Fabrinet, (Thailand) (a)		2,237
	7	FARO Technologies, Inc. (a)		266


SHARES		SECURITY DESCRIPTION	VALUE($)

		Electronic Equipment, Instruments & Components — continued
	18	Gerber Scientific, Inc. (a)		—
	6	II-VI, Inc. (a)		170
	79	Insight Enterprises, Inc. (a)		3,211
	16	Itron, Inc. (a)		980
	76	Jabil Circuit, Inc.		1,797
	112	Keysight Technologies, Inc. (a)		4,081
	9	Littelfuse, Inc.		1,306
	68	Methode Electronics, Inc.		2,793
	8	Park Electrochemical Corp.		153
	56	Plexus Corp. (a)		3,037
	6	Rogers Corp. (a)		484
	62	Sanmina Corp. (a)		2,258
	17	SYNNEX Corp.		2,082
	33	Tech Data Corp. (a)		2,811
	83	Trimble, Inc. (a)		2,492
	86	TTM Technologies, Inc. (a)		1,172
	55	Vishay Intertechnology, Inc.		899

				49,127

		Internet Software & Services — 0.6%
	17	Blucora, Inc. (a)		246
	17	comScore, Inc. (a)		550
	11	j2 Global, Inc.		883
	35	Liquidity Services, Inc. (a)		341
	126	LivePerson, Inc. (a)		953
	10	LogMeIn, Inc.		946
	23	NIC, Inc.		538
	8	Shutterstock, Inc. (a)		380
	6	Stamps.com, Inc. (a)		699
	15	WebMD Health Corp. (a)		749

				6,285

		IT Services — 3.8%
	90	Broadridge Financial Solutions, Inc.		5,994
	13	CACI International, Inc., Class A (a)		1,642
	18	Cardtronics plc, Class A (a)		1,008
	127	Computer Sciences Corp.		7,558
	38	Convergys Corp.		936
	89	CoreLogic, Inc. (a)		3,289
	12	DST Systems, Inc.		1,318
	38	ExlService Holdings, Inc. (a)		1,935
	13	Gartner, Inc. (a)		1,354
	65	Leidos Holdings, Inc.		3,319
	10	ManTech International Corp., Class A		406
	21	NeuStar, Inc., Class A (a)		712
	12	Perficient, Inc. (a)		215

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	21

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	52	Science Applications International Corp.		4,401
	83	Sykes Enterprises, Inc. (a)		2,400
	15	WEX, Inc. (a)		1,685

				38,172

		Semiconductors & Semiconductor Equipment — 2.7%
	17	Advanced Energy Industries, Inc. (a)		947
	246	Advanced Micro Devices, Inc. (a)		2,788
	9	Cabot Microelectronics Corp.		584
	25	Cirrus Logic, Inc. (a)		1,427
	68	Cohu, Inc.		948
	56	Integrated Device Technology, Inc. (a)		1,312
	28	Intersil Corp., Class A		633
	201	Kulicke & Soffa Industries, Inc., (Singapore) (a)		3,205
	54	Microsemi Corp. (a)		2,893
	25	MKS Instruments, Inc.		1,460
	45	Nanometrics, Inc. (a)		1,133
	99	Rudolph Technologies, Inc. (a)		2,319
	38	Semtech Corp. (a)		1,212
	14	Synaptics, Inc. (a)		766
	180	Teradyne, Inc.		4,580
	10	Ultratech, Inc. (a)		251

				26,458

		Software — 4.1%
	33	8x8, Inc. (a)		476
	49	ACI Worldwide, Inc. (a)		893
	12	ANSYS, Inc. (a)		1,128
	133	Cadence Design Systems, Inc. (a)		3,355
	94	CDK Global, Inc.		5,611
	16	CommVault Systems, Inc. (a)		843
	14	Fair Isaac Corp.		1,699
	68	Fortinet, Inc. (a)		2,048
	77	Mentor Graphics Corp.		2,848
	4	MicroStrategy, Inc., Class A (a)		761
	82	Progress Software Corp.		2,631
	45	PTC, Inc. (a)		2,069
	10	Qualys, Inc. (a)		301
	27	Synchronoss Technologies, Inc. (a)		1,019
	123	Synopsys, Inc. (a)		7,229
	91	Take-Two Interactive Software, Inc. (a)		4,508
	80	TiVo Corp. (a)		1,668
	8	Tyler Technologies, Inc. (a)		1,099
	10	VASCO Data Security International, Inc. (a)		134

				40,320


SHARES		SECURITY DESCRIPTION	VALUE($)

		Technology Hardware, Storage & Peripherals — 0.6%
	44	3D Systems Corp. (a)		590
	136	NCR Corp. (a)		5,496

				6,086

		Total Information Technology		176,907

		Materials — 7.0%
		Chemicals — 3.3%
	12	American Vanguard Corp.		230
	25	Ashland Global Holdings, Inc.		2,730
	51	Cabot Corp.		2,580
	100	Chemours Co. (The)		2,207
	44	FutureFuel Corp.		607
	21	HB Fuller Co.		990
	24	Ingevity Corp. (a)		1,339
	60	Innophos Holdings, Inc.		3,125
	50	Innospec, Inc.		3,425
	46	Koppers Holdings, Inc. (a)		1,846
	15	Minerals Technologies, Inc.		1,193
	8	Olin Corp.		196
	34	PolyOne Corp.		1,102
	5	Quaker Chemical Corp.		654
	16	Rayonier Advanced Materials, Inc.		250
	79	RPM International, Inc.		4,241
	18	Scotts Miracle-Gro Co. (The), Class A		1,672
	36	Stepan Co.		2,915
	14	Valspar Corp. (The)		1,405

				32,707

		Construction Materials — 0.3%
	19	Eagle Materials, Inc.		1,911
	29	Headwaters, Inc. (a)		677
	5	US Concrete, Inc. (a)		341

				2,929

		Containers & Packaging — 1.1%
	7	AptarGroup, Inc.		529
	21	Bemis Co., Inc.		1,000
	47	Greif, Inc., Class A		2,391
	66	Packaging Corp. of America		5,577
	25	Sonoco Products Co.		1,296

				10,793

		Metals & Mining — 1.6%
	185	AK Steel Holding Corp. (a)		1,888
	20	Carpenter Technology Corp.		712
	97	Commercial Metals Co.		2,123
	7	Kaiser Aluminum Corp.		572

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — continued
	4	Olympic Steel, Inc.		97
	43	Reliance Steel & Aluminum Co.		3,419
	21	Royal Gold, Inc.		1,337
	126	Steel Dynamics, Inc.		4,481
	27	SunCoke Energy, Inc. (a)		311
	19	Worthington Industries, Inc.		903

				15,843

		Paper & Forest Products — 0.7%
	16	Boise Cascade Co. (a)		360
	7	Clearwater Paper Corp. (a)		433
	25	Domtar Corp.		978
	18	KapStone Paper and Packaging Corp.		402
	61	Louisiana-Pacific Corp. (a)		1,145
	7	Neenah Paper, Inc.		622
	17	PH Glatfelter Co.		404
	63	Schweitzer-Mauduit International, Inc.		2,847

				7,191

		Total Materials		69,463

		Real Estate — 9.1%
		Equity Real Estate Investment Trusts (REITs) — 8.4%
	17	Acadia Realty Trust		570
	25	Alexandria Real Estate Equities, Inc.		2,739
	14	American Assets Trust, Inc.		607
	85	American Campus Communities, Inc.		4,238
	36	Camden Property Trust		2,998
	58	Care Capital Properties, Inc.		1,457
	28	Cedar Realty Trust, Inc.		182
	21	Chesapeake Lodging Trust		538
	99	Communications Sales & Leasing, Inc.		2,518
	14	CoreSite Realty Corp.		1,127
	111	Corporate Office Properties Trust		3,451
	111	Cousins Properties, Inc.		946
	27	DCT Industrial Trust, Inc.		1,293
	174	DiamondRock Hospitality Co.		2,002
	73	Douglas Emmett, Inc.		2,673
	124	Duke Realty Corp.		3,304
	4	EastGroup Properties, Inc.		270
	19	EPR Properties		1,329
	10	Equity One, Inc.		300
	47	First Industrial Realty Trust, Inc.		1,304
	28	Franklin Street Properties Corp.		369
	10	Getty Realty Corp.		267
	15	Government Properties Income Trust		289
	23	Healthcare Realty Trust, Inc.		694
	74	Highwoods Properties, Inc.		3,755


SHARES		SECURITY DESCRIPTION	VALUE($)

		Equity Real Estate Investment Trusts (REITs) — continued
	141	Hospitality Properties Trust		4,480
	37	Kilroy Realty Corp.		2,735
	119	Kite Realty Group Trust		2,783
	45	Liberty Property Trust		1,781
	12	Life Storage, Inc.		1,038
	105	Mack-Cali Realty Corp.		3,061
	96	Medical Properties Trust, Inc.		1,175
	14	Parkway, Inc. (a)		308
	30	PS Business Parks, Inc.		3,479
	130	Rayonier, Inc.		3,463
	35	Regency Centers Corp.		2,444
	39	Retail Opportunity Investments Corp.		818
	5	Saul Centers, Inc.		312
	177	Senior Housing Properties Trust		3,351
	227	Summit Hotel Properties, Inc.		3,637
	37	Tanger Factory Outlet Centers, Inc.		1,320
	53	Taubman Centers, Inc.		3,895
	9	Urstadt Biddle Properties, Inc., Class A		222
	198	Washington Prime Group, Inc.		2,064
	48	Weingarten Realty Investors		1,717

				83,303

		Real Estate Management & Development — 0.7%
	19	Alexander & Baldwin, Inc.		841
	13	Forestar Group, Inc. (a)		168
	45	HFF, Inc., Class A		1,351
	37	Jones Lang LaSalle, Inc.		3,712
	7	RE/MAX Holdings, Inc., Class A		386

				6,458

		Total Real Estate		89,761

		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.2%
	4	ATN International, Inc.		345
	62	Inteliquent, Inc.		1,416

				1,761

		Wireless Telecommunication Services — 0.4%
	36	Spok Holdings, Inc.		749
	107	Telephone & Data Systems, Inc.		3,095

				3,844

		Total Telecommunication Services		5,605

		Utilities — 4.4%
		Electric Utilities — 1.8%
	31	ALLETE, Inc.		1,964
	33	El Paso Electric Co.		1,557

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	23

JPMorgan Market Expansion Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	119	Great Plains Energy, Inc.		3,252
	78	Hawaiian Electric Industries, Inc.		2,576
	35	IDACORP, Inc.		2,833
	153	OGE Energy Corp.		5,112
	11	Westar Energy, Inc.		603

				17,897

		Gas Utilities — 1.6%
	82	Atmos Energy Corp.		6,070
	17	National Fuel Gas Co.		987
	5	New Jersey Resources Corp.		171
	20	Southwest Gas Corp.		1,552
	2	Spire, Inc.		155
	149	UGI Corp.		6,888
	4	WGL Holdings, Inc.		267

				16,090

		Multi-Utilities — 0.9%
	36	Avista Corp.		1,428
	92	MDU Resources Group, Inc.		2,635
	18	NorthWestern Corp.		1,015
	75	Vectren Corp.		3,937

				9,015


SHARES		SECURITY DESCRIPTION	VALUE($)

		Water Utilities — 0.1%
	15	American States Water Co.		694

		Total Utilities		43,696

		Total Common Stocks (Cost $645,473)		966,237

	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	28,730	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $28,730)		28,730

		Total Investments — 100.3% (Cost $674,203)		994,967
		Liabilities in Excess of Other Assets — (0.3)%		(3,041	)

		NET ASSETS — 100.0%	$	991,926

Percentages indicated are based on net assets.


Futures Contracts
	NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT DECEMBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
		82	E-mini Russell 2000		03/17/17		USD	$	5,563	$	(61	)
		101	E-mini S&P MidCap 400		03/17/17		USD		16,757		(166	)

										$	(227	)

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

J.P. Morgan Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)


USD		— United States Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		— Amount rounds to less than 0.05%.


(h)		— Amount rounds to less than 500.
(k)		— All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)		— The rate shown is the current yield as of December 31, 2016.
(q)		— Investment in affiliate which is a security in the Fund’s index.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)


	Equity Index Fund		Market Expansion Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,655,520	$	966,237
Investments in affiliates, at value		30,870		28,730

Total investment securities, at value		1,686,390		994,967
Cash		35		2
Deposits at broker for futures contracts		—		1,242
Receivables:
Investment securities sold		—		2,405
Fund shares sold		4,713		2,588
Dividends from non-affiliates		2,172		1,171
Dividends from affiliates		2		7
Due from Adviser		4		—

Total Assets		1,693,316		1,002,382


LIABILITIES:
Payables:
Investment securities purchased		—		938
Fund shares redeemed		6,754		8,925
Variation margin on futures contracts		16		121
Accrued liabilities:
Investment advisory fees		—		49
Administration fees		33		—
Distribution fees		183		49
Shareholder servicing fees		121		202
Custodian and accounting fees		10		44
Trustees’ and Chief Compliance Officer’s fees		2		1
Other		364		127

Total Liabilities		7,483		10,456

Net Assets	$	1,685,833	$	991,926

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


	Equity Index Fund			Market Expansion Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	632,955		$	657,343
Accumulated undistributed (distributions in excess of) net investment income		(8	)		(517	)
Accumulated net realized gains (losses)		(29,995	)		14,563
Net unrealized appreciation (depreciation)		1,082,881			320,537

Total Net Assets	$	1,685,833		$	991,926


Net Assets:
Class A	$	586,573		$	112,941
Class C		88,538			32,116
Class R2		—			13,326
Class R6		240,808			—
Select Class		769,914			833,543

Total	$	1,685,833		$	991,926


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,989			10,179
Class C		2,587			3,379
Class R2		—			1,217
Class R6		6,967			—
Select Class		22,277			74,323

Net Asset Value (a):
Class A — Redemption price per share	$	34.53		$	11.10
Class C — Offering price per share (b)		34.23			9.50
Class R2 — Offering and redemption price per share		—			10.95
Class R6 — Offering and redemption price per share		34.56			—
Select Class — Offering and redemption price per share		34.56			11.22
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)]	$	36.44		$	11.72


Cost of investments in non-affiliates	$	591,699		$	645,473
Cost of investments in affiliates		11,787			28,730

(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, 2016	J.P. MORGAN EQUITY FUNDS	27

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Equity Index Fund			Market Expansion Enhanced Index Fund
INVESTMENT INCOME:
Interest income from affiliates	$	1		$	—	(a)
Dividend income from non-affiliates		17,369			8,105
Dividend income from affiliates		305			30

Total investment income		17,675			8,135


EXPENSES:
Investment advisory fees		867			1,218
Administration fees		654			399
Distribution fees:
Class A		750			125
Class C		340			101
Class R2		—			31
Shareholder servicing fees:
Class A		750			125
Class C		113			34
Class R2		—			15
Select Class		1,032			1,044
Custodian and accounting fees		31			34
Interest expense to affiliates		—	(a)		—
Professional fees		29			31
Trustees’ and Chief Compliance Officer’s fees		17			15
Printing and mailing costs		52			24
Registration and filing fees		32			29
Transfer agency fees (See Note 2.E.)		153			27
Sub-transfer agency fees (See Note 2.E.)		372			113
Other		16			16

Total expenses		5,208			3,381

Less fees waived		(2,478	)		(1,126	)
Less expense reimbursements		(23	)		(2	)

Net expenses		2,707			2,253

Net investment income (loss)		14,968			5,882


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		40,419			32,930
Investments in affiliates		764			—
Futures		700			3,219

Net realized gain (loss)		41,883			36,149

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		61,487			94,347
Investments in affiliates		6,940			—
Futures		(122	)		(436	)

Change in net unrealized appreciation/depreciation		68,305			93,911

Net realized/unrealized gains (losses)		110,188			130,060

Change in net assets resulting from operations	$	125,156		$	135,942

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,968		$	32,669		$	5,882		$	11,007
Net realized gain (loss)		41,883			264,487			36,149			98,721
Change in net unrealized appreciation/depreciation		68,305			(252,514	)		93,911			(139,614	)

Change in net assets resulting from operations		125,156			44,642			135,942			(29,886	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,594	)		(11,254	)		(622	)		(779	)
From net realized gains		(50,124	)		(93,301	)		(9,476	)		(17,264	)
Class C
From net investment income		(544	)		(998	)		(129	)		(66	)
From net realized gains		(7,682	)		(13,966	)		(3,120	)		(4,521	)
Class R2
From net investment income		—			—			(65	)		(62	)
From net realized gains		—			—			(1,167	)		(1,808	)
Class R6 (a)
From net investment income		(1,469	)		—			—			—
From net realized gains		(20,272	)		—			—			—
Select Class
From net investment income		(8,477	)		(18,999	)		(6,045	)		(9,512	)
From net realized gains		(65,912	)		(137,624	)		(74,429	)		(180,035	)

Total distributions to shareholders		(160,074	)		(276,142	)		(95,053	)		(214,047	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		213,369			(154,024	)		15,679			(168,034	)


NET ASSETS:
Change in net assets		178,451			(385,524	)		56,568			(411,967	)
Beginning of period		1,507,382			1,892,906			935,358			1,347,325

End of period	$	1,685,833		$	1,507,382		$	991,926		$	935,358

Accumulated undistributed (distributions in excess of) net investment income	$	(8	)	$	1,108		$	(517	)	$	462

(a)	Commencement of offering of class of shares effective September 1, 2016, for Equity Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	42,299		$	104,909		$	23,782		$	22,263
Distributions reinvested		55,210			103,545			8,992			14,941
Cost of shares redeemed		(97,440	)		(214,499	)		(22,944	)		(29,714	)

Change in net assets resulting from Class A capital transactions	$	69		$	(6,045	)	$	9,830		$	7,490

Class C
Proceeds from shares issued	$	9,785		$	29,257		$	7,407		$	7,199
Distributions reinvested		6,369			11,459			2,957			3,945
Cost of shares redeemed		(14,764	)		(28,073	)		(3,014	)		(5,823	)

Change in net assets resulting from Class C capital transactions	$	1,390		$	12,643		$	7,350		$	5,321

Class R2
Proceeds from shares issued	$	—		$	—		$	1,722		$	5,044
Distributions reinvested		—			—			1,020			1,499
Cost of shares redeemed		—			—			(1,405	)		(3,100	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,337		$	3,443

Class R6 (a)
Proceeds from shares issued	$	232,974		$	—		$	—		$	—
Distributions reinvested		20,081			—			—			—
Cost of shares redeemed		(4,619	)		—			—			—

Change in net assets resulting from Class R6 capital transactions	$	248,436		$	—		$	—		$	—

Select Class
Proceeds from shares issued	$	108,526		$	185,825		$	55,552		$	104,489
Distributions reinvested		62,486			127,967			71,175			122,247
Cost of shares redeemed		(207,538	)		(474,414	)		(129,565	)		(411,024	)

Change in net assets resulting from Select Class capital transactions	$	(36,526	)	$	(160,622	)	$	(2,838	)	$	(184,288	)

Total change in net assets resulting from capital transactions	$	213,369		$	(154,024	)	$	15,679		$	(168,034	)

(a)	Commencement of offering of class of shares effective September 1, 2016, for Equity Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


	Equity Index Fund						Market Expansion Enhanced Index Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		1,162			2,869			2,078			2,064
Reinvested		1,578			3,030			806			1,486
Redeemed		(2,686	)		(5,724	)		(2,043	)		(2,695	)

Change in Class A Shares		54			175			841			855

Class C
Issued		273			809			750			746
Reinvested		184			339			310			451
Redeemed		(410	)		(782	)		(308	)		(610	)

Change in Class C Shares		47			366			752			587

Class R2
Issued		—			—			156			457
Reinvested		—			—			92			151
Redeemed		—			—			(127	)		(285	)

Change in Class R2 Shares		—			—			121			323

Class R6 (a)
Issued		6,520			—			—			—
Reinvested		575			—			—			—
Redeemed		(128	)		—			—			—

Change in Class R6 Shares		6,967			—			—			—

Select Class
Issued		2,989			5,129			4,874			9,599
Reinvested		1,783			3,737			6,312			12,030
Redeemed		(5,651	)		(12,808	)		(11,300	)		(39,168	)

Change in Select Class Shares		(879	)		(3,942	)		(114	)		(17,539	)

(a)	Commencement of offering of class of shares effective September 1, 2016, for Equity Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)		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, 2016 (Unaudited)	$	35.36	$	0.33	$	2.37	$	2.70	$	(0.34	)	$	(3.19	)	$	(3.53	)
Year Ended June 30, 2016		41.12		0.71		0.38		1.09		(0.67	)		(6.18	)		(6.85	)
Year Ended June 30, 2015		41.94		0.68		2.11		2.79		(0.66	)		(2.95	)		(3.61	)
Year Ended June 30, 2014		36.43		0.64		7.78		8.42		(0.63	)		(2.28	)		(2.91	)
Year Ended June 30, 2013		30.92		0.63		5.52		6.15		(0.64	)		—			(0.64	)
Year Ended June 30, 2012		29.96		0.51		0.96		1.47		(0.51	)		—			(0.51	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		35.09		0.20		2.34		2.54		(0.21	)		(3.19	)		(3.40	)
Year Ended June 30, 2016		40.86		0.43		0.38		0.81		(0.40	)		(6.18	)		(6.58	)
Year Ended June 30, 2015		41.72		0.37		2.09		2.46		(0.37	)		(2.95	)		(3.32	)
Year Ended June 30, 2014		36.28		0.35		7.73		8.08		(0.36	)		(2.28	)		(2.64	)
Year Ended June 30, 2013		30.81		0.37		5.50		5.87		(0.40	)		—			(0.40	)
Year Ended June 30, 2012		29.87		0.29		0.94		1.23		(0.29	)		—			(0.29	)

Class R6
September 1, 2016 (g) through December 31, 2016 (Unaudited)		36.73		0.22		1.20		1.42		(0.40	)		(3.19	)		(3.59	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		35.39		0.37		2.37		2.74		(0.38	)		(3.19	)		(3.57	)
Year Ended June 30, 2016		41.14		0.81		0.38		1.19		(0.76	)		(6.18	)		(6.94	)
Year Ended June 30, 2015		41.96		0.79		2.10		2.89		(0.76	)		(2.95	)		(3.71	)
Year Ended June 30, 2014		36.44		0.74		7.79		8.53		(0.73	)		(2.28	)		(3.01	)
Year Ended June 30, 2013		30.92		0.71		5.53		6.24		(0.72	)		—			(0.72	)
Year Ended June 30, 2012		29.97		0.58		0.95		1.53		(0.58	)		—			(0.58	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	34.53		7.57	%	$	586,573		0.45	%		1.78	%		0.80	%		10	%
	35.36		3.53			598,815		0.45			1.93			0.94			4
	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


	34.23		7.19			88,538		1.14			1.08			1.28			10
	35.09		2.76			89,104		1.20			1.19			1.43			4
	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


	34.56		3.83			240,808		0.04			1.83			0.15			10


	34.56		7.70			769,914		0.20			2.03			0.52			10
	35.39		3.81			819,463		0.20			2.17			0.67			4
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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)(b)			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, 2016 (Unaudited)	$	10.64	$	0.06		$	1.53		$	1.59		$	(0.07	)	$	(1.06	)	$	(1.13	)
Year Ended June 30, 2016		12.98		0.09			(0.21	)		(0.12	)		(0.08	)		(2.14	)		(2.22	)
Year Ended June 30, 2015		13.85		0.10			0.72			0.82			(0.10	)		(1.59	)		(1.69	)
Year Ended June 30, 2014		12.17		0.09	(g)		2.81			2.90			(0.08	)		(1.14	)		(1.22	)
Year Ended June 30, 2013		10.32		0.11	(h)		2.45			2.56			(0.11	)		(0.60	)		(0.71	)
Year Ended June 30, 2012		11.52		0.07			(0.42	)		(0.35	)		(0.07	)		(0.78	)		(0.85	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		9.27		0.02			1.31			1.33			(0.04	)		(1.06	)		(1.10	)
Year Ended June 30, 2016		11.62		0.01			(0.19	)		(0.18	)		(0.03	)		(2.14	)		(2.17	)
Year Ended June 30, 2015		12.58		0.01			0.65			0.66			(0.03	)		(1.59	)		(1.62	)
Year Ended June 30, 2014		11.18		—	(g)(i)		2.56			2.56			(0.02	)		(1.14	)		(1.16	)
Year Ended June 30, 2013		9.55		0.03	(h)		2.25			2.28			(0.05	)		(0.60	)		(0.65	)
Year Ended June 30, 2012		10.74		(0.01	)		(0.39	)		(0.40	)		(0.01	)		(0.78	)		(0.79	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		10.52		0.04			1.51			1.55			(0.06	)		(1.06	)		(1.12	)
Year Ended June 30, 2016		12.87		0.07			(0.22	)		(0.15	)		(0.06	)		(2.14	)		(2.20	)
Year Ended June 30, 2015		13.74		0.07			0.72			0.79			(0.07	)		(1.59	)		(1.66	)
Year Ended June 30, 2014		12.09		0.06	(g)		2.78			2.84			(0.05	)		(1.14	)		(1.19	)
Year Ended June 30, 2013		10.25		0.08	(h)		2.44			2.52			(0.08	)		(0.60	)		(0.68	)
Year Ended June 30, 2012		11.46		0.03			(0.42	)		(0.39	)		(0.04	)		(0.78	)		(0.82	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		10.75		0.07			1.54			1.61			(0.08	)		(1.06	)		(1.14	)
Year Ended June 30, 2016		13.09		0.12			(0.21	)		(0.09	)		(0.11	)		(2.14	)		(2.25	)
Year Ended June 30, 2015		13.94		0.13			0.74			0.87			(0.13	)		(1.59	)		(1.72	)
Year Ended June 30, 2014		12.24		0.12	(g)		2.83			2.95			(0.11	)		(1.14	)		(1.25	)
Year Ended June 30, 2013		10.37		0.14	(h)		2.46			2.60			(0.13	)		(0.60	)		(0.73	)
Year Ended June 30, 2012		11.57		0.09			(0.42	)		(0.33	)		(0.09	)		(0.78	)		(0.87	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(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)

(i)	Amount rounds to less than $0.005.

(j)	Amount rounds to less than 0.005%

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	11.10		14.93	%	$	112,941		0.65	%		1.01	%		0.97	%		14	%
	10.64		0.22			99,397		0.69			0.81			0.98			39
	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


	9.50		14.37			32,116		1.28			0.40			1.48			14
	9.27		(0.43	)		24,343		1.39			0.12			1.52			39
	11.62		6.25			23,705		1.38			0.06			1.44			39
	12.58		24.03			23,248		1.37			0.00	(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


	10.95		14.69			13,326		0.88			0.78			1.31			14
	10.52		(0.05	)		11,536		0.92			0.60			1.40			39
	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


	11.22		15.00			833,543		0.41			1.26			0.62			14
	10.75		0.47			800,082		0.44			1.04			0.63			39
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (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, Class R6* and Select Class	Diversified
Market Expansion Enhanced Index Fund	Class A, Class C, Class R2 and Select Class	Diversified

*	Class R6 Shares of the Equity Index Fund commenced operations on September 1, 2016.

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, 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.

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.

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



36	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

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

•

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

•

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

Equity Index Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	1,686,387		$	—	$	3		$	1,686,390

Depreciation in Other Financial Instruments
Futures Contracts	$	(23	)	$	—	$	—		$	(23	)


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)	$	994,967		$	—	$	—	(b)	$	994,967

Depreciation in Other Financial Instruments
Futures Contracts	$	(227	)	$	—	$	—		$	(227	)

(a)	All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings.

(b)	Value is zero.

There were no transfers among any levels during the six months ended December 31, 2016.

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 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.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2016 (amounts in thousands):


	Equity Index Fund		Market Expansion Enhanced Index Fund
Futures Contracts:
Average Notional Balance Long	$	9,627	$	17,876
Ending Notional Balance Long		6,820		22,320

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, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Equity Index Fund
JPMorgan Chase & Co. (common stock)*	$	18,728	$	2,859	$	2,329	$	764	$	290		312	$	26,962
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		11,729		22,125		33,854		—		3		—		—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		301,204		297,296		—		12		3,908		3,908

	$	30,457					$	764	$	305			$	30,870

*	Investment in affiliate which is a security in the Fund’s Index.


			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
JPMorgan Market Expansion Enhanced Index Fund
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares	$	18,310	$	13,653	$	31,963	$	—	$	8		—	$	—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		110,543		81,813		—		22		28,730		28,730

	$	18,310					$	—	$	30			$	28,730

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

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



38	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016


	Class A		Class C		Class R2		Class R6		Select Class		Total
Equity Index Fund
Transfer agency fees	$	138	$	4		n/a	$	1	$	10		153
Sub-transfer agency fees		131		27		n/a		—		214		372
Market Expansion Enhanced Index Fund
Transfer agency fees		14		4	$	2		n/a		7		27
Sub-transfer agency fees		39		12		11		n/a		51		113

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 an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.04% of the Equity Index Fund’s average daily net assets and 0.25% of the Market Expansion Enhanced Index Fund’s average daily net assets.

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

Prior to September 1, 2016, the fee for Equity Index Fund was 0.25% of the Fund’s average daily net assets.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2016, 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.

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 principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class R6 and Select Class Shares do not charge a distribution fee. 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	%


	Front-End Sales Charge		CDSC
Equity Index Fund	$	16	$	1
Market Expansion Enhanced Index Fund		8		—



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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. The Class R6 Shares do not charge a shareholder servicing fee. 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 waived shareholder servicing fees as outlined in Note 3.F.

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


	Class A			Class C			Class R2			Class R6			Select Class
Equity Index Fund		0.450	%		1.200	%		n/a			0.045	%		0.200	%
Market Expansion Enhanced Index Fund*		0.600			1.100			0.830	%		n/a			0.350

*	Prior to November 1, 2016, the contractual expense limitations for the Market Expansion Enhanced Index Fund were 0.69%, 1.39%, 0.92% and 0.44% for Class A, Class C, Class R2 and Select Class Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2016 and are in place until at least October 31, 2017 for Equity Index Fund and at least October 31, 2018 for Market Expansion Enhanced Index Fund.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Equity Index Fund	$	574	$	529	$	1,367	$	2,470	$	23
Market Expansion Enhanced Index Fund		502		258		351		1,111		2

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or 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.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2016 was as follows (amounts in thousands):


Equity Index Fund	$	8
Market Expansion Enhanced Index Fund		15

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 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.



40	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

The Funds may use related party broker-dealers. For the six months ended December 31, 2016, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	235,665	$	161,922
Market Expansion Enhanced Index Fund		136,506		211,943

During the six months ended December 31, 2016, 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, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Index Fund	$	603,486	$	1,096,768	$	13,864	$	1,082,904
Market Expansion Enhanced Index Fund		674,203		339,358		18,594		320,764

At June 30, 2016, 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).

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the six months ended December 31, 2016.



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

7. Risks, Concentrations and Indemnifications

As of December 31, 2016, the Equity Index Fund had two affiliated omnibus accounts, which represent 13.7% of the Fund’s net assets.

As of December 31, 2016, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate shares representing 55.5% of the net assets of Market Expansion Enhanced Index Fund.

Significant shareholder transactions by these shareholders may impact each Fund’s performance.

Because the Funds may invest a 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.



42	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Equity Index Fund
Class A
Actual*	$	1,000.00	$	1,075.70	$	2.35		0.45	%
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Class C
Actual*		1,000.00		1,071.60		5.95		1.14
Hypothetical*		1,000.00		1,019.46		5.80		1.14
Class R6
Actual**		1,000.00		1,038.30		0.14		0.04
Hypothetical*		1,000.00		1,025.00		0.20		0.04
Select Class
Actual*		1,000.00		1,077.00		1.05		0.20
Hypothetical*		1,000.00		1,024.20		1.02		0.20

Market Expansion Enhanced Index Fund
Class A
Actual*		1,000.00		1,148.20		3.52		0.65
Hypothetical*		1,000.00		1,021.93		3.31		0.65
Class C
Actual*		1,000.00		1,143.70		6.92		1.28
Hypothetical*		1,000.00		1,018.75		6.51		1.28
Class R2
Actual*		1,000.00		1,146.90		4.76		0.88
Hypothetical*		1,000.00		1,020.77		4.48		0.88
Select Class
Actual*		1,000.00		1,149.00		2.22		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 122/365 (to reflect the one-half year period).



DECEMBER 31, 2016	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 2016, 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 17, 2016.

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 Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds 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 factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser



44	J.P. MORGAN EQUITY FUNDS	DECEMBER 31, 2016

designed to improve investment results and the services provided to each Fund.

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

Fall-Out Benefits

Economies of Scale

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, 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



DECEMBER 31, 2016	J.P. MORGAN EQUITY FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 noted that the Equity Index Fund’s performance for Class A shares was in the first and third quintiles based on the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2015. The Trustees noted that the performance for Select Class shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Market Expansion Enhanced Index Fund’s performance for both Class A and Select Class shares was in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment

strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees noted that the Equity Index Fund’s net advisory fee and actual total expenses were in the second and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Select Class shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Select Class shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees also noted that effective September 1, 2016, the contractual advisory fee would be reduced from 0.25% to 0.04%. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that based upon the Universe, the Market Expansion Enhanced Index Fund’s net advisory fee and actual total expenses for Class A shares were in the second and first quintiles, respectively, and in the fourth and third quintiles, respectively, for Select Class shares. The Trustees also noted that the expense caps for certain share classes were reduced effective November 1, 2016. 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, 2016

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

LOGO


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-INDEX-1216

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2016 (Unaudited)

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth Fund

JPMorgan Investor Growth & Income Fund

LOGO

CONTENTS



CEO’s Letter			1

Fund Facts			2

Funds Commentary			3

Schedules of Portfolio Investments			9

Financial Statements			14

Financial Highlights			22

Notes to Financial Statements			30

Schedule of Shareholder Expenses			41

Board Approval of Investment Advisory Agreement			43

Tax Letter			47

CEO’S LETTER

January 25, 2017 (Unaudited)

Dear Shareholder,

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours

global share prices had largely recovered. U.S. equity prices

rallied through the end of the year, reaching new highs in December.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	1

J.P. Morgan Investor Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


Fund	Fund Return (With sales charge)*			Fund Return (Without sales charge)*			Bloomberg Barclays U.S. Intermediate Aggregate Index Return (formerly Barclays U.S. Intermediate Aggregate Index) (Broad-Based Fixed Income Benchmark)			Russell 3000 Index Return (Broad-Based Equity Benchmark)			Composite Benchmark Return			Fund Net Assets as of December 31, 2016 (in thousands)
JPMorgan Investor Balanced Fund, Class A		(0.19	)%		4.55	%		(1.74	)%		8.79	%		3.47	%**	$	5,328,194

JPMorgan Investor Conservative Growth Fund, Class A		(2.24	)%		2.35	%		(1.74	)%		8.79	%		1.37	%***	$	4,142,015

JPMorgan Investor Growth Fund, Class A		3.76	%		8.65	%		(1.74	)%		8.79	%		7.72	%****	$	2,544,261

JPMorgan Investor Growth & Income Fund, Class A		1.77	%		6.54	%		(1.74	)%		8.79	%		5.58	%*****	$	3,130,106

Portfolio Composition by Asset Class******


Investor Balanced Fund
Fixed Income	44.2	%
U.S. Equity	35.8
International Equity	14.6
Alternative Assets	4.5
Money Market	0.9

Investor Conservative Growth Fund
Fixed Income	64.5	%
U.S. Equity	21.6
International Equity	8.5
Alternative Assets	4.7
Money Market	0.7

Investor Growth Fund
U.S. Equity	66.6	%
International Equity	20.9
Fixed Income	9.9
Alternative Assets	1.5
Money Market	1.1

Investor Growth & Income Fund
U.S. Equity	49.5	%
Fixed Income	28.0
International Equity	17.7
Alternative Assets	3.8
Money Market	1.0

The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Balanced Fund’s model allocation and consists of the Bloomberg 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 Bloomberg 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 Bloomberg 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 Bloomberg Barclays U.S. Intermediate Aggregate Index (30%).

******

Percentages indicated are based on total investments as of December 31, 2016. The Funds’ portfolio composition is subject to change.



2	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (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?

Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks the S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of 2016. The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.

Overall, bond markets underperformed equity markets during the reporting period as rising stock prices attracted investors

and expectations for rising interest rates in the U.S. hurt prices for U.S. Treasury bonds and core fixed-income debt securities.

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, 2016, each of the Investor Funds outperformed the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark. Each of the Investor Funds underperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, mainly due to the Investor Funds’ positions in non-U.S. developed market equity and core bond securities, none of which were held in the Russell 3000 Index 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 outperformed their respective composite benchmarks, mainly due to equity manager outperformance and to the Funds’ exposure to U.S. high yield debt (also known as “junk bonds”) 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



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	3

J.P. Morgan Investor Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)

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 decreased their allocation to high-yield debt and

reduced their allocation to U.S. equity, particularly large capitalization stocks, amid rising equity prices. The managers also maintained their overweight position in international equity.

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, 2016

JPMorgan Investor Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			(0.19	)%		1.70	%		6.39	%		4.59	%
Without Sales Charge			4.55			6.52			7.37			5.08
CLASS C SHARES	July 1, 1997
With CDSC***			3.24			4.93			6.81			4.51
Without CDSC			4.24			5.93			6.81			4.51
SELECT CLASS SHARES	December 10, 1996		4.68			6.78			7.62			5.34

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg 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, 2006 to December 31, 2016. 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 Bloomberg 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 Bloomberg 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.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	5

JPMorgan Investor Conservative Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			(2.24	)%		0.40	%		4.32	%		4.00	%
Without Sales Charge			2.35			5.12			5.28			4.47
CLASS C SHARES	July 1, 1997
With CDSC***			1.04			3.45			4.71			3.90
Without CDSC			2.04			4.45			4.71			3.90
SELECT CLASS SHARES	December 10, 1996		2.44			5.34			5.54			4.73

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg 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, 2006 to December 31, 2016. 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 Bloomberg 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 Bloomberg 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.



6	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

JPMorgan Investor Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			3.76	%		3.83	%		10.37	%		5.12	%
Without Sales Charge			8.65			8.71			11.39			5.60
CLASS C SHARES	July 1, 1997
With CDSC***			7.35			7.10			10.81			5.02
Without CDSC			8.35			8.10			10.81			5.02
SELECT CLASS SHARES	December 10, 1996		8.79			8.98			11.69			5.87

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg 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, 2006 to December 31, 2016. 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 Bloomberg 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 Bloomberg 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.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	7

JPMorgan Investor Growth & Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 10, 1996
With Sales Charge**			1.77	%		2.60	%		8.11	%		4.78	%
Without Sales Charge			6.54			7.43			9.11			5.26
CLASS C SHARES	July 1, 1997
With CDSC***			5.28			5.89			8.54			4.69
Without CDSC			6.28			6.89			8.54			4.69
SELECT CLASS SHARES	December 10, 1996		6.70			7.75			9.39			5.53

Not annualized.

Sales Charge for Class A Shares is 4.50%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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 Bloomberg 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, 2006 to December 31, 2016. 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 Bloomberg 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 Bloomberg 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.



8	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

JPMorgan Investor Balanced Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 99.0% (b)
		Alternative Assets — 4.5%
	667	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		6,127
	6,422	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		66,146
	5,165	JPMorgan Research Market Neutral Fund, Class L Shares (a)		75,713
	5,983	JPMorgan Systematic Alpha Fund, Class R6 Shares		92,080

		Total Alternative Assets		240,066

		Fixed Income — 44.2%
	80,254	JPMorgan Core Bond Fund, Class R6 Shares		922,118
	64,699	JPMorgan Core Plus Bond Fund, Class R6 Shares		527,945
	6,779	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		53,823
	18,537	JPMorgan Floating Rate Income Fund, Class R6 Shares		175,174
	1,166	JPMorgan Government Bond Fund, Class R6 Shares		12,234
	34,668	JPMorgan High Yield Fund, Class R6 Shares		254,460
	7,758	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		79,754
	21,471	JPMorgan Limited Duration Bond Fund, Class R6 Shares		214,496
	7,967	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		92,420
	1,970	JPMorgan Unconstrained Debt Fund, Class R6 Shares		19,347

		Total Fixed Income		2,351,771

		International Equity — 14.6%
	5,056	JPMorgan Emerging Economies Fund, Class R6 Shares		56,218
	2,630	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		55,405
	9,920	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		185,703
	5,922	JPMorgan International Equity Fund, Class R6 Shares		85,040
	17,760	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		278,294
	4,715	JPMorgan Intrepid European Fund, Class L Shares		106,704
	819	JPMorgan Latin America Fund, Class R6 Shares		10,119

		Total International Equity		777,483


SHARES		SECURITY DESCRIPTION	VALUE($)

		U.S. Equity — 35.7%
	4,150	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		111,000
	6,173	JPMorgan Equity Income Fund, Class R6 Shares		93,766
	8,887	JPMorgan Intrepid America Fund, Class R6 Shares		324,720
	3,936	JPMorgan Intrepid Growth Fund, Class R6 Shares		167,923
	6,014	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		131,649
	1,798	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		58,175
	9,197	JPMorgan Large Cap Value Fund, Class R6 Shares		133,085
	17,066	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		191,477
	172	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		4,786
	727	JPMorgan Small Cap Value Fund, Class R6 Shares		22,996
	31,769	JPMorgan U.S. Equity Fund, Class R6 Shares		464,463
	3,863	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		109,006
	2,817	JPMorgan Value Advantage Fund, Class R6 Shares		90,747

		Total U.S. Equity		1,903,793

		Total Investment Companies (Cost $4,584,046)		5,273,113

	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	50,526	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $50,526)		50,526

		Total Investments — 99.9% (Cost $4,634,572)		5,323,639
		Other Assets in Excess of Liabilities — 0.1%		4,555

		NET ASSETS — 100.0%	$	5,328,194

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	9

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 99.0% (b)
		Alternative Assets — 4.7%
	555	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		5,096
	4,770	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		49,135
	3,731	JPMorgan Research Market Neutral Fund, Class L Shares (a)		54,700
	5,437	JPMorgan Systematic Alpha Fund, Class R6 Shares		83,671

		Total Alternative Assets		192,602

		Fixed Income — 64.3%
	96,502	JPMorgan Core Bond Fund, Class R6 Shares		1,108,810
	66,753	JPMorgan Core Plus Bond Fund, Class R6 Shares		544,701
	5,133	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		40,758
	18,265	JPMorgan Floating Rate Income Fund, Class R6 Shares		172,601
	3,230	JPMorgan Government Bond Fund, Class R6 Shares		33,879
	30,854	JPMorgan High Yield Fund, Class R6 Shares		226,465
	9,492	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		97,577
	33,879	JPMorgan Limited Duration Bond Fund, Class R6 Shares		338,450
	7,185	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		83,351
	1,822	JPMorgan Unconstrained Debt Fund, Class R6 Shares		17,894

		Total Fixed Income		2,664,486

		International Equity — 8.5%
	2,298	JPMorgan Emerging Economies Fund, Class R6 Shares		25,557
	1,241	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		26,143
	2,777	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		51,981
	2,817	JPMorgan International Equity Fund, Class R6 Shares		40,447
	9,709	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		152,142
	2,158	JPMorgan Intrepid European Fund, Class L Shares		48,825
	559	JPMorgan Latin America Fund, Class R6 Shares		6,898

		Total International Equity		351,993


SHARES		SECURITY DESCRIPTION	VALUE($)

		U.S. Equity — 21.5%
	1,795	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		48,008
	4,888	JPMorgan Equity Income Fund, Class R6 Shares		74,242
	5,015	JPMorgan Intrepid America Fund, Class R6 Shares		183,258
	2,398	JPMorgan Intrepid Growth Fund, Class R6 Shares		102,288
	2,489	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		54,488
	1,623	JPMorgan Large Cap Value Fund, Class R6 Shares		23,489
	5,567	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		62,466
	1,436	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)	��	39,945
	937	JPMorgan Small Cap Value Fund, Class R6 Shares		29,614
	11,983	JPMorgan U.S. Equity Fund, Class R6 Shares		175,187
	1,253	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		35,373
	1,965	JPMorgan Value Advantage Fund, Class R6 Shares		63,290

		Total U.S. Equity		891,648

		Total Investment Companies (Cost $3,764,194)		4,100,729

	Short-Term Investment — 0.7%
		Investment Company — 0.7%
	28,077	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $28,077)		28,077

		Total Investments — 99.7% (Cost $3,792,271)		4,128,806
		Other Assets in Excess of Liabilities — 0.3%		13,209

		NET ASSETS — 100.0%	$	4,142,015

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 98.9% (b)
		Alternative Assets — 1.5%
	771	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		7,084
	582	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		5,994
	309	JPMorgan Research Market Neutral Fund, Class L Shares (a)		4,528
	1,426	JPMorgan Systematic Alpha Fund, Class R6 Shares		21,940

		Total Alternative Assets		39,546

		Fixed Income — 9.9%
	7,494	JPMorgan Core Bond Fund, Class R6 Shares		86,111
	3,451	JPMorgan Core Plus Bond Fund, Class R6 Shares		28,161
	1,395	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		11,075
	2,390	JPMorgan Floating Rate Income Fund, Class R6 Shares		22,589
	11,503	JPMorgan High Yield Fund, Class R6 Shares		84,430
	1,115	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		11,458
	431	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		4,995
	415	JPMorgan Unconstrained Debt Fund, Class R6 Shares		4,079

		Total Fixed Income		252,898

		International Equity — 20.9%
	4,009	JPMorgan Emerging Economies Fund, Class R6 Shares		44,580
	2,115	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		44,554
	3,696	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		69,196
	7,296	JPMorgan International Equity Fund, Class R6 Shares		104,772
	8,846	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		138,610
	3,175	JPMorgan International Unconstrained Equity Fund, Class R6 Shares		53,819
	3,072	JPMorgan Intrepid European Fund, Class L Shares		69,525
	527	JPMorgan Latin America Fund, Class R6 Shares		6,512

		Total International Equity		531,568

		U.S. Equity — 66.6%
	923	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		24,695
	2,690	JPMorgan Equity Income Fund, Class R6 Shares		40,865


SHARES		SECURITY DESCRIPTION	VALUE($)

		U.S. Equity — continued
	7,810	JPMorgan Intrepid America Fund, Class R6 Shares		285,382
	3,006	JPMorgan Intrepid Growth Fund, Class R6 Shares		128,218
	4,081	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		89,343
	5,777	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		186,885
	17,329	JPMorgan Large Cap Value Fund, Class R6 Shares		250,758
	13,714	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		153,873
	1,153	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		32,086
	1,201	JPMorgan Small Cap Value Fund, Class R6 Shares		37,977
	22,976	JPMorgan U.S. Equity Fund, Class R6 Shares		335,905
	2,865	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		80,860
	1,460	JPMorgan Value Advantage Fund, Class R6 Shares		47,030

		Total U.S. Equity		1,693,877

		Total Investment Companies (Cost $1,953,952)		2,517,889

	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	26,926	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $26,926)		26,926

		Total Investments — 100.0% (Cost $1,980,878)		2,544,815
		Liabilities in Excess of Other Assets — 0.0% (g)		(554	)

		NET ASSETS — 100.0%	$	2,544,261

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	11

JPMorgan Investor Growth & Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 98.9% (b)
		Alternative Assets — 3.8%
	1,126	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		10,351
	2,860	JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares (a)		29,456
	2,099	JPMorgan Research Market Neutral Fund, Class L Shares (a)		30,774
	3,072	JPMorgan Systematic Alpha Fund, Class R6 Shares		47,272

		Total Alternative Assets		117,853

		Fixed Income — 28.0%
	25,615	JPMorgan Core Bond Fund, Class R6 Shares		294,314
	23,573	JPMorgan Core Plus Bond Fund, Class R6 Shares		192,359
	2,112	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		16,772
	12,601	JPMorgan Floating Rate Income Fund, Class R6 Shares		119,081
	1,075	JPMorgan Government Bond Fund, Class R6 Shares		11,279
	19,739	JPMorgan High Yield Fund, Class R6 Shares		144,881
	3,931	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		40,407
	2,234	JPMorgan Limited Duration Bond Fund, Class R6 Shares		22,317
	2,048	JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		23,761
	1,150	JPMorgan Unconstrained Debt Fund, Class R6 Shares		11,296

		Total Fixed Income		876,467

		International Equity — 17.7%
	4,010	JPMorgan Emerging Economies Fund, Class R6 Shares		44,595
	1,975	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		41,614
	6,353	JPMorgan Global Research Enhanced Index Fund, Select Class Shares		118,936
	6,023	JPMorgan International Equity Fund, Class R6 Shares		86,488
	9,865	JPMorgan International Research Enhanced Equity Fund, Select Class Shares		154,589
	1,268	JPMorgan International Unconstrained Equity Fund, Class R6 Shares		21,487
	3,644	JPMorgan Intrepid European Fund, Class L Shares		82,471
	298	JPMorgan Latin America Fund, Class R6 Shares		3,675

		Total International Equity		553,855


SHARES		SECURITY DESCRIPTION	VALUE($)

		U.S. Equity — 49.4%
	1,575	JPMorgan Dynamic Growth Fund, Class R5 Shares (a)		42,140
	3,571	JPMorgan Equity Income Fund, Class R6 Shares		54,243
	8,547	JPMorgan Intrepid America Fund, Class R6 Shares		312,309
	2,278	JPMorgan Intrepid Growth Fund, Class R6 Shares		97,195
	2,418	JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		52,941
	5,046	JPMorgan Large Cap Growth Fund, Class R6 Shares (a)		163,223
	12,344	JPMorgan Large Cap Value Fund, Class R6 Shares		178,617
	12,836	JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		144,019
	1,019	JPMorgan Mid Cap Growth Fund, Class R6 Shares (a)		28,356
	1,230	JPMorgan Small Cap Value Fund, Class R6 Shares		38,908
	21,567	JPMorgan U.S. Equity Fund, Class R6 Shares		315,315
	2,357	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		66,523
	1,682	JPMorgan Value Advantage Fund, Class R6 Shares		54,169

		Total U.S. Equity		1,547,958

		Total Investment Companies (Cost $2,525,132)		3,096,133

	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	31,391	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $31,391)		31,391

		Total Investments — 99.9% (Cost $2,556,523)		3,127,524
		Other Assets in Excess of Liabilities — 0.1%		2,582

		NET ASSETS — 100.0%	$	3,130,106

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

J.P. Morgan Investor Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (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 0.05%.
(l)		— The rate shown is the current yield as of December 31, 2016.

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, 2016	J.P. MORGAN INVESTOR FUNDS	13

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (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	$	5,323,639		$	4,128,806		$	2,544,815		$	3,127,524
Receivables:
Investment securities sold		12,834			21,206			3,837			6,282
Fund shares sold		5,825			2,748			4,010			3,165
Dividends from affiliates		17			12			8			10

Total Assets		5,342,315			4,152,772			2,552,670			3,136,981


LIABILITIES:
Payables:
Distributions		3,055			439			2,184			1,657
Fund shares redeemed		7,762			7,372			4,704			3,325
Accrued liabilities:
Investment advisory fees		185			120			14			64
Administration fees		232			171			80			122
Distribution fees		1,528			1,573			597			796
Shareholder servicing fees		662			613			301			366
Custodian and accounting fees		3			3			7			8
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		694			466			522			537

Total Liabilities		14,121			10,757			8,409			6,875

Net Assets	$	5,328,194		$	4,142,015		$	2,544,261		$	3,130,106

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
NET ASSETS:
Paid-in-Capital	$	4,631,676		$	3,784,884		$	1,976,995		$	2,586,516
Accumulated undistributed (distributions in excess of) net investment income		(1,855	)		(876	)		(2,796	)		(2,126	)
Accumulated net realized gains (losses)		9,306			21,472			6,125			(25,285	)
Net unrealized appreciation (depreciation)		689,067			336,535			563,937			571,001

Total Net Assets	$	5,328,194		$	4,142,015		$	2,544,261		$	3,130,106


Net Assets:
Class A	$	3,765,839		$	2,326,861		$	1,961,815		$	2,494,112
Class C		1,132,858			1,680,813			279,996			413,869
Select Class		429,497			134,341			302,450			222,125

Total	$	5,328,194		$	4,142,015		$	2,544,261		$	3,130,106


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		259,126			188,708			105,522			154,243
Class C		79,098			136,906			15,946			26,287
Select Class		29,504			10,836			15,960			13,940

Net Asset Value (a):
Class A — Redemption price per share	$	14.53		$	12.33		$	18.59		$	16.17
Class C — Offering price per share (b)		14.32			12.28			17.56			15.74
Select Class — Offering and redemption price per share		14.56			12.40			18.95			15.93
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.21		$	12.91		$	19.47		$	16.93


Cost of investments in affiliates		4,634,572			3,792,271			1,980,878			2,556,523

(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, 2016	J.P. MORGAN INVESTOR FUNDS	15

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Investor Balanced Fund			Investor Conservative Growth Fund			Investor Growth Fund			Investor Growth & Income Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	69,986		$	56,598		$	27,926		$	38,776
Interest income from affiliates		2			2			1			1

Total investment income		69,988			56,600			27,927			38,777


EXPENSES:
Investment advisory fees		1,364			1,077			632			795
Administration fees		1,552			1,265			823			985
Distribution fees:
Class A		4,835			3,029			2,444			3,166
Class C		4,365			6,546			1,046			1,576
Shareholder servicing fees:
Class A		4,835			3,029			2,444			3,166
Class C		1,455			2,182			348			525
Select Class		528			173			368			285
Custodian and accounting fees		11			4			13			13
Professional fees		35			23			33			37
Trustees’ and Chief Compliance Officer’s fees		17			17			16			16
Printing and mailing costs		178			126			129			134
Registration and filing fees		54			47			30			32
Transfer agency fees (See Note 2.D.)		240			136			366			292
Sub-transfer agency fees (See Note 2.D.)		787			590			557			588
Other		39			41			29			31

Total expenses		20,295			18,285			9,278			11,641

Less fees waived		(3,272	)		(2,202	)		(2,266	)		(2,441	)

Net expenses		17,023			16,083			7,012			9,200

Net investment income (loss)		52,965			40,517			20,915			29,577


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on investments in affiliates		39,577			33,146			18,299			24,545
Distributions of capital gains received from investment company affiliates		64,588			24,878			65,108			59,914
Change in net unrealized appreciation/depreciation of investments in affiliates		80,213			(7,055	)		102,938			85,772

Net realized/unrealized gains (losses)		184,378			50,969			186,345			170,231

Change in net assets resulting from operations	$	237,343		$	91,486		$	207,260		$	199,808

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	52,965		$	78,989		$	40,517		$	66,695
Net realized gain (loss) on investments in affiliates		39,577			(34,987	)		33,146			(4,763	)
Distributions of capital gains received from investment company affiliates		64,588			138,678			24,878			59,009
Change in net unrealized appreciation/depreciation on investments in affiliates		80,213			(220,812	)		(7,055	)		(94,409	)

Change in net assets resulting from operations		237,343			(38,132	)		91,486			26,532


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(40,829	)		(66,366	)		(26,108	)		(44,516	)
From net realized gains		(72,170	)		(121,890	)		(32,302	)		(58,389	)
Class C
From net investment income		(9,151	)		(14,208	)		(13,502	)		(23,185	)
From net realized gains		(22,004	)		(38,413	)		(23,339	)		(43,262	)
Select Class
From net investment income		(5,138	)		(7,936	)		(1,640	)		(2,667	)
From net realized gains		(8,132	)		(12,696	)		(1,870	)		(3,008	)

Total distributions to shareholders		(157,424	)		(261,509	)		(98,761	)		(175,027	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(152,660	)		133,100			(138,766	)		(79,747	)


NET ASSETS:
Change in net assets		(72,741	)		(166,541	)		(146,041	)		(228,242	)
Beginning of period		5,400,935			5,567,476			4,288,056			4,516,298

End of period	$	5,328,194		$	5,400,935		$	4,142,015		$	4,288,056

Accumulated undistributed (distributions in excess of) net investment income	$	(1,855	)	$	298		$	(876	)	$	(143	)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,915		$	22,146		$	29,577		$	40,813
Net realized gain (loss) on investments in affiliates		18,299			(3,929	)		24,545			(15,996	)
Distributions of capital gains received from investment company affiliates		65,108			113,224			59,914			108,419
Change in net unrealized appreciation/depreciation on investments in affiliates		102,938			(223,185	)		85,772			(207,721	)

Change in net assets resulting from operations		207,260			(91,744	)		199,808			(74,485	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(18,481	)		(24,859	)		(25,967	)		(39,844	)
From net realized gains		(84,422	)		(94,493	)		(72,446	)		(94,772	)
Class C
From net investment income		(2,132	)		(2,839	)		(3,241	)		(4,619	)
From net realized gains		(12,736	)		(14,281	)		(12,299	)		(16,453	)
Select Class
From net investment income		(3,162	)		(4,447	)		(2,621	)		(4,452	)
From net realized gains		(12,791	)		(14,030	)		(6,488	)		(9,016	)

Total distributions to shareholders		(133,724	)		(154,949	)		(123,062	)		(169,156	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		23,794			170,465			(88,603	)		51,972


NET ASSETS:
Change in net assets		97,330			(76,228	)		(11,857	)		(191,669	)
Beginning of period		2,446,931			2,523,159			3,141,963			3,333,632

End of period	$	2,544,261		$	2,446,931		$	3,130,106		$	3,141,963

Accumulated undistributed (distributions in excess of) net investment income	$	(2,796	)	$	64		$	(2,126	)	$	126

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


	Investor Balanced Fund						Investor Conservative Growth Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	151,654		$	521,159		$	118,750		$	334,682
Distributions reinvested		112,658			187,721			58,250			102,662
Cost of shares redeemed		(392,182	)		(679,873	)		(257,754	)		(496,753	)

Change in net assets resulting from Class A capital transactions	$	(127,870	)	$	29,007		$	(80,754	)	$	(59,409	)

Class C
Proceeds from shares issued	$	78,428		$	265,536		$	123,104		$	376,818
Distributions reinvested		30,928			52,283			36,702			66,197
Cost of shares redeemed		(149,087	)		(291,673	)		(216,610	)		(472,504	)

Change in net assets resulting from Class C capital transactions	$	(39,731	)	$	26,146		$	(56,804	)	$	(29,489	)

Select Class
Proceeds from shares issued	$	57,618		$	153,889		$	18,658		$	43,901
Distributions reinvested		2,821			4,656			1,655			2,793
Cost of shares redeemed		(45,498	)		(80,598	)		(21,521	)		(37,543	)

Change in net assets resulting from Select Class capital transactions	$	14,941		$	77,947		$	(1,208	)	$	9,151

Total change in net assets resulting from capital transactions	$	(152,660	)	$	133,100		$	(138,766	)	$	(79,747	)


SHARE TRANSACTIONS:
Class A
Issued		10,323			36,108			9,476			27,128
Reinvested		7,699			13,251			4,695			8,416
Redeemed		(26,667	)		(47,331	)		(20,604	)		(40,276	)

Change in Class A Shares		(8,645	)		2,028			(6,433	)		(4,732	)

Class C
Issued		5,416			18,572			9,871			30,610
Reinvested		2,146			3,748			2,976			5,462
Redeemed		(10,294	)		(20,642	)		(17,391	)		(38,552	)

Change in Class C Shares		(2,732	)		1,678			(4,544	)		(2,480	)

Select Class
Issued		3,911			10,448			1,482			3,548
Reinvested		192			328			132			228
Redeemed		(3,087	)		(5,624	)		(1,713	)		(3,004	)

Change in Select Class Shares		1,016			5,152			(99	)		772

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Investor Growth Fund						Investor Growth & Income Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	55,426		$	209,821		$	65,580		$	250,438
Distributions reinvested		102,339			118,749			98,026			134,109
Cost of shares redeemed		(147,093	)		(240,399	)		(219,809	)		(362,157	)

Change in net assets resulting from Class A capital transactions	$	10,672		$	88,171		$	(56,203	)	$	22,390

Class C
Proceeds from shares issued	$	20,326		$	69,494		$	26,589		$	94,978
Distributions reinvested		14,443			16,602			15,064			20,410
Cost of shares redeemed		(31,968	)		(56,521	)		(51,916	)		(98,007	)

Change in net assets resulting from Class C capital transactions	$	2,801		$	29,575		$	(10,263	)	$	17,381

Select Class
Proceeds from shares issued	$	43,932		$	111,442		$	21,657		$	55,582
Distributions reinvested		3,983			3,969			2,410			4,742
Cost of shares redeemed		(37,594	)		(62,692	)		(46,204	)		(48,123	)

Change in net assets resulting from Select Class capital transactions	$	10,321		$	52,719		$	(22,137	)	$	12,201

Total change in net assets resulting from capital transactions	$	23,794		$	170,465		$	(88,603	)	$	51,972


SHARE TRANSACTIONS:
Class A
Issued		2,939			11,358			4,014			15,592
Reinvested		5,441			6,595			6,008			8,537
Redeemed		(7,781	)		(13,034	)		(13,423	)		(22,696	)

Change in Class A Shares		599			4,919			(3,401	)		1,433

Class C
Issued		1,137			3,961			1,668			6,045
Reinvested		813			972			949			1,335
Redeemed		(1,791	)		(3,257	)		(3,257	)		(6,328	)

Change in Class C Shares		159			1,676			(640	)		1,052

Select Class
Issued		2,278			5,783			1,338			3,529
Reinvested		208			217			150			306
Redeemed		(1,961	)		(3,386	)		(2,863	)		(3,063	)

Change in Select Class Shares		525			2,614			(1,375	)		772

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	21

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Investor Balanced Fund
Class A
Six Months Ended December 31, 2016 (Unaudited)	$	14.33	$	0.15	(h)	$	0.49		$	0.64		$	(0.16	)	$	(0.28	)	$	(0.44	)
Year Ended June 30, 2016		15.12		0.22	(h)		(0.29	)		(0.07	)		(0.25	)		(0.47	)		(0.72	)
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	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		14.13		0.11	(h)		0.48			0.59			(0.12	)		(0.28	)		(0.40	)
Year Ended June 30, 2016		14.92		0.14	(h)		(0.29	)		(0.15	)		(0.17	)		(0.47	)		(0.64	)
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	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		14.35		0.17	(h)		0.50			0.67			(0.18	)		(0.28	)		(0.46	)
Year Ended June 30, 2016		15.14		0.26	(h)		(0.30	)		(0.04	)		(0.28	)		(0.47	)		(0.75	)
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	)

(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)

(e)	Does not include expenses of Underlying Funds.

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

(g)

(h)	Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


		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)


$	14.53		4.48	%	$	3,765,839		0.52	%		2.04	%		0.66	%		3	%
	14.33		(0.40	)		3,836,242		0.46			1.55			0.67			12
	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


	14.32		4.17			1,132,858		1.10			1.46			1.15			3
	14.13		(0.95	)		1,155,896		1.01			1.00			1.16			12
	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


	14.56		4.68			429,497		0.27			2.34			0.38			3
	14.35		(0.15	)		408,797		0.20			1.83			0.39			12
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Investor Conservative Growth Fund
Class A
Six Months Ended December 31, 2016 (Unaudited)	$	12.36	$	0.13	(h)	$	0.15		$	0.28	$	(0.14	)	$	(0.17	)	$	(0.31	)
Year Ended June 30, 2016		12.78		0.22	(h)		(0.11	)		0.11		(0.23	)		(0.30	)		(0.53	)
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	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		12.30		0.10	(h)		0.15			0.25		(0.10	)		(0.17	)		(0.27	)
Year Ended June 30, 2016		12.73		0.15	(h)		(0.12	)		0.03		(0.16	)		(0.30	)		(0.46	)
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	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		12.42		0.15	(h)		0.15			0.30		(0.15	)		(0.17	)		(0.32	)
Year Ended June 30, 2016		12.84		0.25	(h)		(0.11	)		0.14		(0.26	)		(0.30	)		(0.56	)
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	)

(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)

(e)	Does not include expenses of Underlying Funds.

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

(g)

(h)	Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


		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)


$	12.33		2.26	%	$	2,326,861		0.52	%		2.10	%		0.66	%		2	%
	12.36		0.97			2,411,763		0.46			1.76			0.66			12
	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


	12.28		2.04			1,680,813		1.10			1.52			1.15			2
	12.30		0.34			1,740,461		1.01			1.21			1.16			12
	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


	12.40		2.44			134,341		0.27			2.37			0.40			2
	12.42		1.22			135,832		0.21			2.02			0.41			12
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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)(c)		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, 2016 (Unaudited)	$	18.04	$	0.16	$	1.41		$	1.57		$	(0.18	)	$	(0.84	)	$	(1.02	)
Year Ended June 30, 2016		19.95		0.17		(0.89	)		(0.72	)		(0.24	)		(0.95	)		(1.19	)
Year Ended June 30, 2015		19.59		0.15		0.91			1.06			(0.39	)		(0.31	)		(0.70	)
Year Ended June 30, 2014		16.25		0.11		3.45			3.56			(0.22	)		—			(0.22	)
Year Ended June 30, 2013		13.88		0.14		2.38			2.52			(0.15	)		—			(0.15	)
Year Ended June 30, 2012		14.14		0.10		(0.25	)		(0.15	)		(0.11	)		—			(0.11	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		17.10		0.10		1.33			1.43			(0.13	)		(0.84	)		(0.97	)
Year Ended June 30, 2016		19.01		0.07		(0.85	)		(0.78	)		(0.18	)		(0.95	)		(1.13	)
Year Ended June 30, 2015		18.75		0.05		0.87			0.92			(0.35	)		(0.31	)		(0.66	)
Year Ended June 30, 2014		15.60		0.01		3.30			3.31			(0.16	)		—			(0.16	)
Year Ended June 30, 2013		13.34		0.05		2.30			2.35			(0.09	)		—			(0.09	)
Year Ended June 30, 2012		13.61		0.02		(0.24	)		(0.22	)		(0.05	)		—			(0.05	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		18.37		0.19		1.43			1.62			(0.20	)		(0.84	)		(1.04	)
Year Ended June 30, 2016		20.29		0.23		(0.91	)		(0.68	)		(0.29	)		(0.95	)		(1.24	)
Year Ended June 30, 2015		19.91		0.20		0.93			1.13			(0.44	)		(0.31	)		(0.75	)
Year Ended June 30, 2014		16.51		0.16		3.50			3.66			(0.26	)		—			(0.26	)
Year Ended June 30, 2013		14.09		0.17		2.44			2.61			(0.19	)		—			(0.19	)
Year Ended June 30, 2012		14.35		0.14		(0.26	)		(0.12	)		(0.14	)		—			(0.14	)

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

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

(e)

(f)	Does not include expenses of Underlying Funds.

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

(h)

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)(h)


$	18.59		8.65	%	$	1,961,815		0.52	%		1.68	%		0.71	%		4	%
	18.04		(3.54	)		1,893,308		0.47			0.93			0.72			8
	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


	17.56		8.35			279,996		1.10			1.10			1.20			4
	17.10		(4.05	)		270,007		1.02			0.39			1.21			8
	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


	18.95		8.79			302,450		0.27			1.97			0.40			4
	18.37		(3.28	)		283,616		0.20			1.21			0.40			8
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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)(c)		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, 2016 (Unaudited)	$	15.79	$	0.16	$	0.87		$	1.03		$	(0.17	)	$	(0.48	)	$	(0.65	)
Year Ended June 30, 2016		17.02		0.21		(0.58	)		(0.37	)		(0.25	)		(0.61	)		(0.86	)
Year Ended June 30, 2015		17.11		0.19		0.44			0.63			(0.33	)		(0.39	)		(0.72	)
Year Ended June 30, 2014		14.78		0.16		2.40			2.56			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		13.17		0.18		1.64			1.82			(0.21	)		—			(0.21	)
Year Ended June 30, 2012		13.28		0.17		(0.10	)		0.07			(0.18	)		—			(0.18	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		15.39		0.11		0.84			0.95			(0.12	)		(0.48	)		(0.60	)
Year Ended June 30, 2016		16.62		0.12		(0.57	)		(0.45	)		(0.17	)		(0.61	)		(0.78	)
Year Ended June 30, 2015		16.72		0.11		0.44			0.55			(0.26	)		(0.39	)		(0.65	)
Year Ended June 30, 2014		14.46		0.07		2.34			2.41			(0.15	)		—			(0.15	)
Year Ended June 30, 2013		12.89		0.10		1.61			1.71			(0.14	)		—			(0.14	)
Year Ended June 30, 2012		13.01		0.10		(0.11	)		(0.01	)		(0.11	)		—			(0.11	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		15.57		0.17		0.86			1.03			(0.19	)		(0.48	)		(0.67	)
Year Ended June 30, 2016		16.80		0.25		(0.58	)		(0.33	)		(0.29	)		(0.61	)		(0.90	)
Year Ended June 30, 2015		16.89		0.23		0.44			0.67			(0.37	)		(0.39	)		(0.76	)
Year Ended June 30, 2014		14.59		0.19		2.38			2.57			(0.27	)		—			(0.27	)
Year Ended June 30, 2013		13.00		0.21		1.63			1.84			(0.25	)		—			(0.25	)
Year Ended June 30, 2012		13.12		0.20		(0.11	)		0.09			(0.21	)		—			(0.21	)

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

(b)	Calculated based upon average shares outstanding.

(c)	Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

(e)

(f)	Does not include expenses of Underlying Funds.

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

(h)

(i)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)(h)


$	16.17		6.54	%	$	2,494,112		0.52	%		1.91	%		0.69	%		4	%
	15.79		(2.06	)		2,489,097		0.46			1.33			0.69			13
	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


	15.74		6.21			413,869		1.10			1.33			1.18			4
	15.39		(2.63	)		414,439		1.02			0.79			1.19			13
	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


	15.93		6.64			222,125		0.27			2.15			0.39			4
	15.57		(1.82	)		238,427		0.20			1.60			0.40			13
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

1. Organization

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.

2. Significant Accounting Policies

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.

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.

•



30	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

•

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)	$	5,323,639	$	—	$	—	$	5,323,639

Investor Conservative Growth Fund
Total Investments in Securities (a)	$	4,128,806	$	—	$	—	$	4,128,806

Investor Growth
Total Investments in Securities (a)	$	2,544,815	$	—	$	—	$	2,544,815

Investor Growth & Income Fund
Total Investments in Securities (a)	$	3,127,524	$	—	$	—	$	3,127,524

(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, 2016.

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds advised by Adviser. 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, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Balanced Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	6,200	$	—	$	—	$	—		$	—		667	$	6,127
JPMorgan Core Bond Fund, Class R6 Shares		938,847		29,610		5,412		3,417			12,694		80,254		922,118
JPMorgan Core Plus Bond Fund, Class R6 Shares		546,164		7,283		10,629		(102	)		7,283		64,699		527,945
JPMorgan Dynamic Growth Fund, Class R5 Shares		110,509		1,323		8,242		2,095			—		4,150		111,000
JPMorgan Emerging Economies Fund, Class R6 Shares		54,574		914		1,637		(225	)		914		5,056		56,218
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		56,669		1,561		2,726		35			1,561		6,779		53,823
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		55,746		491		2,183		9			491		2,630		55,405
JPMorgan Equity Income Fund, Class R6 Shares		87,879		1,587		1,651		676			1,035		6,173		93,766
JPMorgan Floating Rate Income Fund, Class R6 Shares		180,386		4,111		13,514		(1,121	)		4,111		18,537		175,174
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		176,802		4,038		3,842		155			4,038		9,920		185,703
JPMorgan Government Bond Fund, Select Class Shares		12,611		25		11,862		—			25		—		—
JPMorgan Government Bond Fund, Class R6 Shares		—		12,027		—		43			121		1,166		12,234
JPMorgan High Yield Fund, Class R6 Shares		271,608		7,436		32,590		(2,153	)		7,436		34,668		254,460
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		79,493		802		—		—			802		7,758		79,754
JPMorgan International Equity Fund, Class R6 Shares		91,267		467		12,029		(1,064	)		467		5,922		85,040
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		259,490		6,852		—		—			6,852		17,760		278,294



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)


			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Balanced Fund (continued)
JPMorgan Intrepid America Fund, Class R6 Shares	$	309,701	$	13,069	$	11,349	$	12,192		$	4,512		8,887	$	324,720
JPMorgan Intrepid European Fund, Class L Shares*		100,729		2,542		—		—			2,542		4,715		106,704
JPMorgan Intrepid Growth Fund, Class R6 Shares		160,300		1,904		2,740		1,435			1,904		3,936		167,923
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		122,104		754		—		23			730		6,014		131,649
JPMorgan Large Cap Growth Fund, Class R6 Shares		57,760		5,153		2,740		5,130			—		1,798		58,175
JPMorgan Large Cap Value Fund, Class R6 Shares		133,167		6,835		26,990		11,519			1,040		9,197		133,085
JPMorgan Latin America Fund, Class R6 Shares		17,757		238		8,128		(2,853	)		238		819		10,119
JPMorgan Limited Duration Bond Fund, Class R6 Shares		216,563		1,445		2,657		(3	)		1,444		21,471		214,496
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		43,539		67,642		111,181		—			21		—		—
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		207,074		19,340		45,399		15,551			1,492		17,066		191,477
JPMorgan Mid Cap Growth Fund, Class R6 Shares		4,612		2		—		2			—		172		4,786
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		68,256		—		3,234		96			—		6,422		66,146
JPMorgan Research Market Neutral Fund, Class L Shares*		85,390		—		11,433		(876	)		—		5,165		75,713
JPMorgan Small Cap Value Fund, Class R6 Shares		18,771		153		—		14			139		727		22,996
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		88,278		2,192		—		—			2,192		7,967		92,420
JPMorgan Systematic Alpha Fund, Class R6 Shares		89,078		381		—		170			211		5,983		92,080
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		41,714		—		43,857		12,793			—		—		—
JPMorgan U.S. Equity Fund, Class R6 Shares		432,819		19,473		12,559		17,362			3,144		31,769		464,463
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		242,033		191,507		—			60		50,526		50,526
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		165,163		5,966		74,053		28,033			638		3,863		109,006
JPMorgan Unconstrained Debt Fund, Class R6 Shares		19,002		502		—		—			502		1,970		19,347
JPMorgan Value Advantage Fund, Class L Shares*		93,526		—		76,885		—			—		—		—
JPMorgan Value Advantage Fund, Class R6 Shares		—		78,233		15,054		1,812			1,349		2,817		90,747

Total	$	5,403,548					$	104,165		$	69,988			$	5,323,639


			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Conservative Growth Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	5,157	$	—	$	—	$	—		$	—		555	$	5,096
JPMorgan Core Bond Fund, Class R6 Shares		1,153,962		19,544		15,033		4,312			15,394		96,502		1,108,810
JPMorgan Core Plus Bond Fund, Class R6 Shares		562,340		7,517		9,738		(132	)		7,521		66,753		544,701
JPMorgan Dynamic Growth Fund, Class R5 Shares		46,874		571		2,604		864			—		1,795		48,008
JPMorgan Emerging Economies Fund, Class R6 Shares		24,918		415		864		(114	)		415		2,298		25,557
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		40,915		1,165		—		—			1,165		5,133		40,758
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		26,155		232		864		11			232		1,241		26,143
JPMorgan Equity Income Fund, Class R6 Shares		70,211		1,287		2,091		637			837		4,888		74,242
JPMorgan Floating Rate Income Fund, Class R6 Shares		164,685		3,964		—		—			3,964		18,265		172,601
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		48,469		1,130		—		—			1,130		2,777		51,981
JPMorgan Government Bond Fund, Class R6 Shares		—		33,166		—		119			336		3,230		33,879
JPMorgan Government Bond Fund, Select Class Shares		34,923		70		32,711		—			70		—		—
JPMorgan High Yield Fund, Class R6 Shares		236,495		6,746		23,686		(1,567	)		6,746		30,854		226,465



32	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016



			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Conservative Growth Fund (continued)
JPMorgan Inflation Managed Bond Fund, Class R6 Shares	$	99,359	$	999	$	2,100	$	(72	)	$	999		9,492	$	97,577
JPMorgan International Equity Fund, Class R6 Shares		42,123		217		4,331		(408	)		217		2,817		40,447
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		145,828		3,746		4,205		(1,503	)		3,746		9,709		152,142
JPMorgan Intrepid America Fund, Class R6 Shares		182,553		7,376		14,530		10,200			2,546		5,015		183,258
JPMorgan Intrepid European Fund, Class L Shares*		46,091		1,163		—		—			1,163		2,158		48,825
JPMorgan Intrepid Growth Fund, Class R6 Shares		101,993		1,160		6,373		2,995			1,160		2,398		102,288
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		50,538		312		—		10			302		2,489		54,488
JPMorgan Large Cap Value Fund, Class R6 Shares		19,358		1,193		—		1,023			170		1,623		23,489
JPMorgan Latin America Fund, Class R6 Shares		11,426		162		4,749		(1,931	)		162		559		6,898
JPMorgan Limited Duration Bond Fund, Class R6 Shares		345,089		2,301		7,577		(19	)		2,301		33,879		338,450
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		38,258		51,936		90,194		—			18		—		—
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		60,194		6,041		6,717		5,522			452		5,567		62,466
JPMorgan Mid Cap Growth Fund, Class R6 Shares		38,493		17		—		17			—		1,436		39,945
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		60,135		—		11,990		575			—		4,770		49,135
JPMorgan Research Market Neutral Fund, Class L Shares*		67,488		—		14,200		(989	)		—		3,731		54,700
JPMorgan Small Cap Value Fund, Class R6 Shares		32,495		212		9,381		315			194		937		29,614
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		97,157		2,246		18,217		(531	)		2,246		7,185		83,351
JPMorgan Systematic Alpha Fund, Class R6 Shares		82,983		346		2,105		153			191		5,437		83,671
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		20,696		—		22,141		8,005			—		—		—
JPMorgan U.S. Equity Fund, Class R6 Shares		178,973		7,377		21,419		12,749			1,218		11,983		175,187
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		193,093		165,016		—			48		28,077		28,077
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		69,024		2,006		41,111		16,480			219		1,253		35,373
JPMorgan Unconstrained Debt Fund, Class R6 Shares		17,575		465		—		—			465		1,822		17,894
JPMorgan Value Advantage Fund, Class R6 Shares		—		45,735		12,668		1,303			971		1,965		63,290
JPMorgan Value Advantage Fund, Class L Shares*		67,250		—		44,763		—			—		—		—

Total	$	4,290,183					$	58,024		$	56,598			$	4,128,806


			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Growth Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	7,169	$	—	$	—	$	—		$	—		771	$	7,084
JPMorgan Core Bond Fund, Class R6 Shares		81,438		8,304		—		322			1,131		7,494		86,111
JPMorgan Core Plus Bond Fund, Class R6 Shares		28,568		383		—		—			383		3,451		28,161
JPMorgan Dynamic Growth Fund, Class R5 Shares		24,640		295		1,892		487			—		923		24,695
JPMorgan Emerging Economies Fund, Class R6 Shares		42,824		725		754		(200	)		725		4,009		44,580
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		11,118		317		—		—			317		1,395		11,075
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		44,876		395		1,760		(103	)		395		2,115		44,554
JPMorgan Equity Income Fund, Class R6 Shares		37,598		692		—		241			451		2,690		40,865
JPMorgan Floating Rate Income Fund, Class R6 Shares		21,553		519		—		—			519		2,390		22,589



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)



			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
JPMorgan Global Research Enhanced Index Fund, Select Class Shares	$	64,521	$	1,503	$	—	$	—		$	1,505		3,696	$	69,196
Investor Growth Fund (continued)
JPMorgan High Yield Fund, Class R6 Shares		80,953		2,340		1,259		(11	)		2,342		11,503		84,430
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		11,421		115		—		—			115		1,115		11,458
JPMorgan International Equity Fund, Class R6 Shares		98,774		562		—		—			562		7,296		104,772
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		129,244		3,413		—		—			3,413		8,846		138,610
JPMorgan International Unconstrained Equity Fund, Class R6 Shares		51,818		1,319		—		—			1,319		3,175		53,819
JPMorgan Intrepid America Fund, Class R6 Shares		266,407		11,486		3,776		7,692			3,964		7,810		285,382
JPMorgan Intrepid European Fund, Class L Shares*		65,631		1,656		—		—			1,656		3,072		69,525
JPMorgan Intrepid Growth Fund, Class R6 Shares		124,488		1,454		4,284		2,310			1,454		3,006		128,218
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		82,866		512		—		16			496		4,081		89,343
JPMorgan Large Cap Growth Fund, Class R6 Shares		182,188		16,554		5,368		16,471			—		5,777		186,885
JPMorgan Large Cap Value Fund, Class R6 Shares		233,933		13,469		32,392		11,864			1,962		17,329		250,758
JPMorgan Latin America Fund, Class R6 Shares		10,654		153		4,295		(1,685	)		153		527		6,512
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		24,355		26,089		50,444		—			10		—		—
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		144,700		14,490		11,691		12,301			1,099		13,714		153,873
JPMorgan Mid Cap Growth Fund, Class R6 Shares		30,919		14		—		14			—		1,153		32,086
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		5,895		—		—		—			—		582		5,994
JPMorgan Research Market Neutral Fund, Class L Shares*		6,185		—		1,769		(80	)		—		309		4,528
JPMorgan Small Cap Value Fund, Class R6 Shares		45,661		287		16,209		8,300			264		1,201		37,977
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		4,771		118		—		—			118		431		4,995
JPMorgan Systematic Alpha Fund, Class R6 Shares		21,225		91		—		41			50		1,426		21,940
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		21,943		—		22,637		5,725			—		—		—
JPMorgan U.S. Equity Fund, Class R6 Shares		308,126		14,085		4,027		12,042			2,276		22,976		335,905
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		93,400		66,474		—			29		26,926		26,926
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		87,118		3,788		15,831		7,660			413		2,865		80,860
JPMorgan Unconstrained Debt Fund, Class R6 Shares		4,006		106		—		—			106		415		4,079
JPMorgan Value Advantage Fund, Class R6 Shares		—		31,249		—		—			699		1,460		47,030
JPMorgan Value Advantage Fund, Class L Shares*		41,521		—		30,550		—			—		—		—

Total	$	2,449,107					$	83,407		$	27,926			$	2,544,815


			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
Investor Growth & Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	10,475	$	—	$	—	$	—		$	—		1,126	$	10,351
JPMorgan Core Bond Fund, Class R6 Shares		292,649		14,545		—		1,100			3,993		25,615		294,314
JPMorgan Core Plus Bond Fund, Class R6 Shares		201,262		2,674		6,146		(57	)		2,674		23,573		192,359
JPMorgan Dynamic Growth Fund, Class R5 Shares		44,525		503		5,952		1,278			—		1,575		42,140
JPMorgan Emerging Economies Fund, Class R6 Shares		46,267		725		4,476		(824	)		725		4,010		44,595
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		18,372		493		1,586		33			493		2,112		16,772



34	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016



			For the six months ended December 31, 2016
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at December 31, 2016		Value at December 31, 2016
JPMorgan Emerging Markets Equity Fund, Class R6 Shares	$	43,901	$	369	$	3,835	$	(60	)	$	369		1,975	$	41,614
JPMorgan Equity Income Fund, Class R6 Shares		51,155		918		1,281		432			599		3,571		54,243
Investor Growth & Income Fund (continued)
JPMorgan Floating Rate Income Fund, Class R6 Shares		116,720		2,758		3,175		(253	)		2,758		12,601		119,081
JPMorgan Global Research Enhanced Index Fund, Select Class Shares		113,931		2,586		3,194		131			2,586		6,353		118,936
JPMorgan Government Bond Fund, Class R6 Shares		—		11,823		—		40			112		1,075		11,279
JPMorgan Government Bond Fund, Select Class Shares		11,627		23		11,672		—			23		—		—
JPMorgan High Yield Fund, Class R6 Shares		153,834		4,244		17,775		(883	)		4,245		19,739		144,881
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		40,274		406		—		—			406		3,931		40,407
JPMorgan International Equity Fund, Class R6 Shares		103,204		473		23,355		(2,549	)		473		6,023		86,488
JPMorgan International Research Enhanced Equity Fund, Select Class Shares		144,143		3,806		—		—			3,806		9,865		154,589
JPMorgan International Unconstrained Equity Fund, Class R6 Shares		10,786		11,120		—		—			526		1,268		21,487
JPMorgan Intrepid America Fund, Class R6 Shares		298,418		12,570		11,392		11,339			4,340		8,547		312,309
JPMorgan Intrepid European Fund, Class L Shares*		77,853		1,965		—		—			1,965		3,644		82,471
JPMorgan Intrepid Growth Fund, Class R6 Shares		94,346		1,102		3,200		1,727			1,102		2,278		97,195
JPMorgan Intrepid Mid Cap Fund, Class R6 Shares		49,102		303		��		9			294		2,418		52,941
JPMorgan Large Cap Growth Fund, Class R6 Shares		163,865		14,734		9,717		14,558			—		5,046		163,223
JPMorgan Large Cap Value Fund, Class R6 Shares		174,743		9,462		32,822		11,458			1,410		12,344		178,617
JPMorgan Latin America Fund, Class R6 Shares		8,737		86		5,383		(1,710	)		86		298		3,675
JPMorgan Limited Duration Bond Fund, Class R6 Shares		23,785		156		1,537		1			156		2,234		22,317
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		27,170		51,338		78,508		—			12		—		—
JPMorgan Market Expansion Enhanced Index Fund, Select Class Shares		130,847		13,400		6,281		12,319			1,011		12,836		144,019
JPMorgan Mid Cap Growth Fund, Class R6 Shares		27,325		12		—		12			—		1,019		28,356
JPMorgan Multi-Cap Market Neutral Fund, Select Class Shares		32,110		—		3,131		59			—		2,860		29,456
JPMorgan Research Market Neutral Fund, Class L Shares*		37,009		—		6,926		(484	)		—		2,099		30,774
JPMorgan Small Cap Value Fund, Class R6 Shares		45,192		295		15,234		2,774			270		1,230		38,908
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		22,696		563		—		—			563		2,048		23,761
JPMorgan Systematic Alpha Fund, Class R6 Shares		45,731		195		—		87			108		3,072		47,272
JPMorgan U.S. Dynamic Plus Fund, Select Class Shares		29,546		—		30,561		7,928			—		—		—
JPMorgan U.S. Equity Fund, Class R6 Shares		294,894		13,234		9,817		11,863			2,149		21,567		315,315
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		148,172		116,781		—			34		31,391		31,391
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		91,877		3,717		35,511		13,346			391		2,357		66,523
JPMorgan Unconstrained Debt Fund, Class R6 Shares		11,095		293		—		—			293		1,150		11,296
JPMorgan Value Advantage Fund, Class R6 Shares		—		40,790		7,846		785			805		1,682		54,169
JPMorgan Value Advantage Fund, Class L Shares*		54,967		—		39,985		—			—		—		—

Total	$	3,144,433					$	84,459		$	38,777			$	3,127,524

*	Effective on or about December 1, 2016, Institutional Class Shares were renamed Class L Shares.



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	35

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

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.


	Class A		Class C		Select Class		Total
Investor Balanced Fund
Transfer agency fees	$	205	$	28	$	7	$	240
Sub-transfer agency fees		583		186		18		787
Investor Conservative Growth Fund
Transfer agency fees		104		24		8		136
Sub-transfer agency fees		345		232		13		590
Investor Growth Fund
Transfer agency fees		331		25		10		366
Sub-transfer agency fees		471		76		10		557
Investor Growth & Income Fund
Transfer agency fees		266		21		5		292
Sub-transfer agency fees		486		89		13		588

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.

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 an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 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 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, 2016, 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.

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 principal underwriter and promotes and arranges for the sale of each Fund’s shares.



36	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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. Select Class Shares do not charge distribution fees. 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	%


	Front-End Sales Charge		CDSC
Investor Balanced Fund	$	446	$	2
Investor Conservative Growth Fund		295		2
Investor Growth Fund		175		1
Investor Growth & Income Fund		203		2

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 waived shareholder servicing fees as outlined in Note 3.F.

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


	Class A			Class C			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

The contractual expense limitation percentages are in place until at least October 31, 2017.

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 will 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.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Investor Balanced Fund	$	275	$	179	$	2,812	$	3,266
Investor Conservative Growth Fund		336		220		1,641		2,197
Investor Growth Fund		522		346		1,395		2,263
Investor Growth & Income Fund		400		264		1,773		2,437



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	37

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2016 were as follows (amounts in thousands):


Investor Balanced Fund	$	6
Investor Conservative Growth Fund		5
Investor Growth Fund		3
Investor Growth & Income Fund		4

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

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	147,961	$	354,648
Investor Conservative Growth Fund		81,410		258,696
Investor Growth Fund		99,845		127,944
Investor Growth & Income Fund		118,688		250,136

During the six months ended December 31, 2016, 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, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Investor Balanced Fund	$	4,634,572	$	755,705	$	66,638	$	689,067
Investor Conservative Growth Fund		3,792,271		383,792		47,257		336,535
Investor Growth Fund		1,980,878		603,813		39,876		563,937
Investor Growth & Income Fund		2,556,523		618,707		47,706		571,001

At June 30, 2016, 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).



38	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the six months ended December 31, 2016.

7. Risks, Concentrations and Indemnifications

As of December 31, 2016, the Funds each had one affiliated omnibus accounts, which represented the following percentage of each Fund’s net assets:


	% of the Fund
Investor Balanced Fund		79.2	%
Investor Conservative Growth Fund		86.7
Investor Growth Fund		63.1
Investor Growth & Income Fund		72.9

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



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	39

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

As of December 31, 2016, 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		89.3	%
JPMorgan Large Cap Value Fund		72.2
JPMorgan Systematic Alpha Fund		68.3
JPMorgan International Unconstrained Equity Fund		68.1
JPMorgan Dynamic Growth Fund		66.3
JPMorgan Market Expansion Enhanced Index Fund		55.5
JPMorgan Research Market Neutral Fund		52.0
JPMorgan Intrepid Growth Fund		51.7
JPMorgan International Research Enhanced Equity Fund		51.2
JPMorgan Latin America Fund		50.9
JPMorgan Limited Duration Bond Fund		47.7
JPMorgan Intrepid European Fund		41.1
JPMorgan Commodities Strategy Fund		32.8
JPMorgan Intrepid Mid Cap Fund		31.3
JPMorgan Intrepid America Fund		28.7
JPMorgan Floating Rate Income Fund		26.2
JPMorgan Inflation Managed Bond Fund		16.4
JPMorgan Core Plus Bond Fund		16.1
JPMorgan Emerging Markets Debt Fund		12.8
JPMorgan U.S. Equity Fund		10.4

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.



40	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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, 2016 and continued to hold your shares at the end of the reporting period, December 31, 2016.

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, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Balanced Fund
Class A
Actual	$	1,000.00	$	1,044.80	$	2.68		0.52	%
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class C
Actual		1,000.00		1,041.70		5.66		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Select Class
Actual		1,000.00		1,046.80		1.39		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27

Investor Conservative Growth Fund
Class A
Actual		1,000.00		1,022.60		2.65		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class C
Actual		1,000.00		1,020.40		5.60		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Select Class
Actual		1,000.00		1,024.40		1.38		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	41

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Investor Growth Fund
Class A
Actual	$	1,000.00	$	1,086.50	$	2.73		0.52	%
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class C
Actual		1,000.00		1,083.50		5.78		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Select Class
Actual		1,000.00		1,087.90		1.42		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27

Investor Growth & Income Fund
Class A
Actual		1,000.00		1,065.40		2.71		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class C
Actual		1,000.00		1,062.10		5.72		1.10
Hypothetical		1,000.00		1,019.66		5.60		1.10
Select Class
Actual		1,000.00		1,066.40		1.41		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27

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



42	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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 2016, 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 17, 2016.

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 Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds 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 J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

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



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	43

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

provide high quality service to the Funds and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

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 upon 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 JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS,

which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Economies of Scale

Independent Written Evaluation of the Funds’ Senior Officer

Fees Relative to Adviser’s Other Clients



44	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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.

Investment Performance

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

The Trustees noted that the Investor Balanced Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015. The Trustees noted that the performance for Select Class shares was in second, first, and first quintiles based upon the Peer Group, and in the second, second, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Investor Conservative Growth Fund’s performance for Class A shares was in the first, first and fourth quintiles based upon the Peer Group, and in the second, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Select Class shares was in the first, first and second quintiles based upon the Peer Group and in the second, first and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Investor Growth Fund’s performance for Class A shares was in the third, first, and first quintiles based upon the Peer Group and the Universe, for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Investor Growth Fund’s performance for Select shares was in the second, first, and first quintiles based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Investor Growth & Income Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Select Class shares was in the third quintile based upon the Peer Group for the one-year period and in the third, second, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 and total expenses for Class A shares was in the first and third quintiles based upon the Peer Group and Universe. The Trustees noted that the net advisory fee and total expenses for the Select Class was in the first and third quintiles based upon the Peer Group and in the first and second quintiles based upon the Universe, 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 Conservative Growth Fund’s net advisory fee and total expenses for Class A shares was in the first and third quintiles, respectively for both Peer Group and Universe. The Trustees noted that the net advisory fee and total expenses for the Select Class was in the first and

second quintiles based upon the Peer group and the Universe, respectively. 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 and total expenses for Class A were in the first quintile for the Peer Group and in the first and second quintiles, respectively, for the Universe. The Trustees noted that the net advisory fee and total expenses for the Select Class was in the second and first quintiles, respectively, for the Universe. 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 and total expenses for Class A and Select shares was in the first and third quintiles, respectively for the Peer Group, and in the first and second quintiles respectively, for the Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.



46	J.P. MORGAN INVESTOR FUNDS	DECEMBER 31, 2016

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, 2016. 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, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2016, 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	$	12,700	$	1,212
Investor Conservative Growth Fund		6,773		627
Investor Growth Fund		8,946		901
Investor Growth & Income Fund		9,495		951



DECEMBER 31, 2016	J.P. MORGAN INVESTOR FUNDS	47

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

A description of 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.

LOGO


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-INV-1216

Semi-Annual Report

J.P. Morgan Intrepid Funds

December 31, 2016 (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			67

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 25, 2017 (Unaudited)

Dear Shareholder,

“We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy.”

The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours

global share prices had largely recovered. U.S. equity prices rallied through the end of the year, reaching new highs in December.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	1

J.P. Morgan Intrepid Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

U.S. equity investments generally continued to outperform both other developed markets and emerging markets during the second half of 2016. Rebounding in the wake of the U.K.’s vote to exit from the European Union, the S&P 500 reached new closing highs in July and August. Global oil prices continued to rise and reached 15-month highs in November, ahead of the meeting of the Organization of Petroleum Exporting Countries (OPEC). Despite previous failures to agree to limits on oil production, investors correctly anticipated an OPEC agreement at its November 30th meeting.

Meanwhile, the November 8^th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. On the day after the election, Japan’s Nikkei Index closed down 5.4% and European equity indexes opened lower. U.S. stock futures indicated a decline of more than 5%, which triggered U.S. market “circuit breakers” in pre-opening hours to prevent further declines. Within hours, share prices in Europe had largely recovered, and the S&P 500 closed with a 1.11% gain on November 9^th.

Notably, between the election result in November and the end of the year, the S&P 500 in surpassed 2,200 points for the first time and reached eight new closing highs, while the Dow Industrial in November surpassed 19,000 points and reached 17 new closing highs. In particular, energy, pharmaceutical and financial sector stocks rose amid investor expectations that a Trump administration’s policies would be beneficial for those industries.

In U.S. equity markets, value stocks generally outperformed growth stocks and small-cap and mid-cap stocks outperformed large-cap stocks. By sector, the energy and financials sectors were top performers, while the health care and real estate sectors underperformed other sectors. For the six months ended December 31, 2016, the S&P 500 returned 7.82%.

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 high quality, 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.

The Intrepid Advantage Fund incorporates environmental, social and corporate governance (ESG) practices into its investment process. The Fund primarily invests in the securities of companies that the Fund’s portfolio managers believe are sustainable leaders that generally approach ESG factors in a thoughtful manner, while also having attractive value, quality and momentum characteristics.

During the reporting period, the Funds were managed and positioned in accordance with these investment philosophies and processes.



2	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Advantage Fund⁽¹⁾

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		9.38%
Standard & Poor’s 500 Index⁽²⁾		7.82%
Russell 3000 Index		8.79%

Net Assets as of 12/31/2016 (In Thousands)	$	17,702

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 Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the energy sector and its security selection and underweight position in the consumer staples sector were leading contributors to performance relative to the Benchmark. The Fund’s overweight position in the health care sector and its security selection in the consumer discretionary sector were leading detractors from relative performance.

For the six month reporting period, the Fund also outperformed the Russell 3000 Index, which was the Fund’s primary benchmark until November 1, 2016. The outperformance was largely due to the Fund’s security selection in the information technology and energy sectors and its underweight position in the real estate sector.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Humana Inc. and Citigroup Inc., and its underweight position in Exxon Mobil Corp. Shares of Humana, a health insurer, rose on news of a potential merger with Aetna Inc. Shares of Citigroup, a banking and financial services company, rose amid an improved business environment for financial sectors companies. Shares of Exxon Mobil, an integrated oil and gas company, fell on investor expectations that it would lag behind its competitors on production growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc. and Travelers Cos., and its underweight position in UnitedHealth Group Inc. Shares of Gilead Sciences, a drug maker, fell amid declining sales of its Hepatitis C treatments. Shares of Travelers, a property and casualty insurer, fell after the company posted a 23% drop in earnings. Shares of UnitedHealth, a health insurer, rose after the company issued a better-than-expected earnings forecast.

During the reporting period, the Fund experienced a relatively high level of turnover among its securities holdings, which was largely driven by the change in the Fund’s strategy during the period. The turnover had no significant impact on Fund performance during the reporting period.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.0	%
	2.	Microsoft Corp.	4.9
	3.	Citigroup, Inc.	3.7
	4.	Verizon Communications, Inc.	2.6
	5.	PepsiCo, Inc.	2.5
	6.	Parker-Hannifin Corp.	2.3
	7.	Gilead Sciences, Inc.	2.3
	8.	Humana, Inc.	2.1
	9.	PNC Financial Services Group, Inc. (The)	2.1
	10.	Bank of America Corp.	2.1


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.2	%
Health Care	15.1
Financials	14.7
Industrials	10.6
Consumer Discretionary	9.2
Consumer Staples	8.5
Energy	6.9
Telecommunication Services	3.6
Utilities	3.2
Materials	1.4
Real Estate	0.4
Short-Term Investment	2.2

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.

⁽¹⁾

On November 1, 2016, the Fund incorporated environmental, social and corporate governance (ESG) practices into its investment process. Under the revised strategy, the Fund will primarily invest in the securities of companies that the Fund’s portfolio managers believe are sustainable leaders that generally approach ESG factors in a thoughtful manner, while also having attractive value, quality and momentum characteristics.

⁽²⁾

On November 1, 2016, the Fund adopted the Standard & Poor’s 500 Index as its primary benchmark because the adviser believes that the Benchmark is a more appropriate comparison in light of the Fund’s new investment strategies.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	3

JPMorgan Intrepid Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
With Sales Charge**				3.50	%		3.92	%		13.61	%		5.25	%
Without Sales Charge				9.24			9.67			14.84			5.82
CLASS C SHARES		February 19, 2005
With CDSC***				7.95			8.11			14.27			5.30
Without CDSC				8.95			9.11			14.27			5.30
SELECT CLASS SHARES		February 28, 2003		9.38			9.94			15.12			6.09

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid Advantage Fund, the S&P 500 Index, the Russell 3000 Index and the Lipper Large-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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 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 Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Russell 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 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.

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

Effective November 1, 2016, the Fund changed its investment strategies. 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. Also on November 1, 2016, the Fund’s index changed from the Russell 3000 Index to the S&P 500 Index to reflect the change in the Fund’s investment strategies.



4	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		8.43%
S&P 500 Index		7.82%

Net Assets as of 12/31/2016 (In Thousands)	$	3,856,430

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 outperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the energy and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Valero Energy Corp., Steel Dynamics Inc. and Delta Air Lines Inc. Shares of Valero, an operator of oil and gas refineries and pipelines, rose after it reported better-than-expected earnings. Shares of Steel Dynamics, a steelmaker and metals recycling company not held in the Benchmark, rose on investor expectations that the company would benefit from the policies of then-President-elect Donald Trump. Shares of Delta Air Lines rose amid investor expectations for improved earnings.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Lowe’s Cos. and Public Storage Inc. and its overweight position in Oracle Corp. Shares of Lowe’s, a home improvement retail chain, rose amid growth in earnings and revenue, as well as increased dividends. Shares of Public Storage, a real estate investment trust, rose after the company posted strong cash flow. Shares of Oracle, a provider of software products, fell on lower-than-expected revenue.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.7	%
	2.	Bank of America Corp.	3.0
	3.	Citigroup, Inc.	2.5
	4.	eBay, Inc.	2.2
	5.	Valero Energy Corp.	2.1
	6.	Baker Hughes, Inc.	2.1
	7.	Wal-Mart Stores, Inc.	2.1
	8.	Ross Stores, Inc.	2.0
	9.	Applied Materials, Inc.	2.0
	10.	Verizon Communications, Inc.	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.5	%
Financials	14.8
Health Care	13.8
Consumer Discretionary	11.0
Industrials	8.9
Consumer Staples	8.5
Energy	7.7
Utilities	3.4
Telecommunication Services	3.2
Materials	2.4
Real Estate	2.3
Short-Term Investment	1.5

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	5

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			2.57	%		2.01	%		12.98	%		5.44	%
Without Sales Charge			8.27			7.68			14.20			6.01
CLASS C SHARES	February 19, 2005
With CDSC***			7.02			6.17			13.65			5.49
Without CDSC			8.02			7.17			13.65			5.49
CLASS R2 SHARES	November 3, 2008		8.15			7.45			13.93			5.80
CLASS R5 SHARES	May 15, 2006		8.50			8.17			14.73			6.50
CLASS R6 SHARES	November 2, 2015		8.59			8.31			14.76			6.51
SELECT CLASS SHARES	February 28, 2003		8.43			8.00			14.51			6.29

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index from December 31, 2006 to December 31, 2016. 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 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 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 and the Lipper Multi-Cap Core Funds Index are indexes 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.



6	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		6.39%
Russell 1000 Growth Index		5.64%

Net Assets as of 12/31/2016 (In Thousands)	$	965,520

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 outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the industrials and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in United Continental Holdings Inc., Steel Dynamics Inc. and WellCare Health Plans Inc. Shares of United Continental Holdings, an airline operator not held in the Benchmark, rose on improved traffic and capacity. Shares of Steel Dynamics, a steelmaker and metals recycling company, and WellCare Health Plans, a managed care provider, rose on investor expectations that both companies would benefit from policies of the incoming administration of U.S. President Donald Trump.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Activision Blizzard Inc. and Gilead Sciences Inc. and its underweight position in Lowe’s Cos. Shares of Activision Blizzard, a video game maker, fell on lower-than-expected holiday season sales. Shares of Gilead Sciences, a drug maker, fell on declining sales for its Hepatitis C treatments. Shares of Lowe’s, a home improvement retail chain, rose amid growth in earnings and revenue, as well as increased dividends.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.8	%
	2.	Apple, Inc.	3.7
	3.	Home Depot, Inc. (The)	3.2
	4.	Visa, Inc., Class A	2.9
	5.	Amgen, Inc.	2.8
	6.	Gilead Sciences, Inc.	2.5
	7.	eBay, Inc.	2.4
	8.	Applied Materials, Inc.	2.2
	9.	Ross Stores, Inc.	2.1
	10.	McDonald’s Corp.	2.1


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.6	%
Consumer Discretionary	20.0
Health Care	15.9
Industrials	9.5
Consumer Staples	8.8
Materials	3.2
Real Estate	2.6
Financials	1.8
Telecommunication Services	1.7
Others (each less than 1.0%)	1.2
Short-Term Investment	2.7

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, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	7

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			0.68	%		(0.07	)%		12.86	%		6.74	%
Without Sales Charge			6.26			5.45			14.09			7.32
CLASS C SHARES	February 19, 2005
With CDSC***			4.97			3.91			13.52			6.79
Without CDSC			5.97			4.91			13.52			6.79
CLASS R2 SHARES	November 3, 2008		6.12			5.19			13.80			7.10
CLASS R5 SHARES	May 15, 2006		6.48			5.91			14.60			7.80
CLASS R6 SHARES	November 2, 2015		6.52			5.97			14.61			7.81
SELECT CLASS SHARES	February 28, 2003		6.39			5.70			14.37			7.59

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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, the Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2006 to December 31, 2016. 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 and 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 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 and the Lipper Multi-Cap Growth Funds Index are indexes 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.



8	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		7.74%
Russell Midcap Index		7.87%

Net Assets as of 12/31/2016 (In Thousands)	$	1,049,799

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, 2016. The Fund’s security selection in real estate investment trusts and the consumer staples sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the software & services sector and the materials sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Tenet Healthcare Co. and D.R. Horton Inc. and its underweight position in CoreCivic Inc. Shares of Tenet Healthcare, an operator of hospitals and outpatient health centers, fell after the company forecast a larger-than-expected loss. Shares of D.R. Horton, a home builder, fell after the company reported lower-than-expected earnings and slowing growth in new orders. Shares of CoreCivic, an operator of prisons and formerly known as Corrections Corp. of America, fell after the U.S. federal government unveiled plans to phase out the use of private prison contracts.

Leading individual contributors to relative performance included the Fund’s overweight positions in Best Buy Inc., NCR Corp. and International Game Technology Inc. Shares of Best Buy, a consumer electronics chain, rose on better-than-expected earnings and sales. Shares of NCR, a maker of automatic teller machines and other transaction technology, rose on an improved business environment for its financial services clients. Shares of International Gaming Technology, a maker of casino gaming devices, rose on better-than-expected earnings.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Equinix, Inc.	2.1	%
	2.	NCR Corp.	2.0
	3.	Huntington Ingalls Industries, Inc.	1.9
	4.	Marvell Technology Group Ltd., (Bermuda)	1.9
	5.	Xerox Corp.	1.8
	6.	Tyson Foods, Inc., Class A	1.8
	7.	United Continental Holdings, Inc.	1.7
	8.	Ingredion, Inc.	1.6
	9.	Popular, Inc., (Puerto Rico)	1.6
	10.	Western Digital Corp.	1.6


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	16.7	%
Industrials	14.1
Financials	11.3
Consumer Discretionary	10.6
Real Estate	10.0
Health Care	9.4
Energy	6.9
Consumer Staples	6.9
Utilities	6.1
Materials	5.5
Telecommunication Services	0.6
Short-Term Investment	1.9

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	9

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			1.87	%		5.94	%		13.21	%		6.24	%
Without Sales Charge			7.52			11.81			14.44			6.82
CLASS C SHARES	March 22, 1999
With CDSC***			6.21			10.09			13.74			6.15
Without CDSC			7.21			11.09			13.74			6.15
CLASS R3 SHARES	September 9, 2016		7.52			11.81			14.44			6.82
CLASS R4 SHARES	September 9, 2016		7.69			12.07			14.73			7.08
CLASS R6 SHARES	November 2, 2015		7.82			12.37			14.80			7.11
SELECT CLASS SHARES	June 1, 1991		7.74			12.12			14.74			7.09

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R3 Shares and Class R4 Shares would have been similar to those shown because Class R3 Shares and Class R4 Shares have similar expenses as Class A and Select Class Shares, respectively.

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, 2006 to December 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales

charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is

an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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



10	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		12.55%
Russell 1000 Value Index		10.39%

Net Assets as of 12/31/2016 (In Thousands)	$	1,253,203

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 outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2016. The Fund’s security selection in the information technology and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and consumer discretionary sectors was a leading detractor from performance.

Leading individual contributors to relative performance included the Fund’s overweight position in Valero Energy Corp. and its underweight positions in Berkshire Hathaway Inc. and Exxon Mobil Corp. Shares of Valero, an operator of oil and gas refineries and pipelines, rose after it reported better-than-expected earnings. Shares of Berkshire Hathaway, an investment management company that was not held by the Fund, fell on lower-than-expected earnings. Shares of Exxon Mobil, an integrated oil and gas company, fell on investor expectations that it would lag behind its competitors on production growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Allstate Corp. and Gilead Sciences Inc. and its underweight position in J.P. Morgan Chase & Co. Shares of Allstate, a life, property and casualty insurer, fell after the company announced its $1.4 billion purchase of Squaretrade. Shares of Gilead Sciences, a drug maker, fell on declining sales for its Hepatitis C treatments. Shares of J.P. Morgan Chase, a banking and financial services company that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on better-than-expected earnings and strong growth in loans.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	4.0	%
	2.	Citigroup, Inc.	3.5
	3.	QUALCOMM, Inc.	2.5
	4.	PNC Financial Services Group, Inc. (The)	2.3
	5.	HP, Inc.	2.2
	6.	Valero Energy Corp.	2.1
	7.	eBay, Inc.	2.0
	8.	Archer-Daniels-Midland Co.	2.0
	9.	Pfizer, Inc.	2.0
	10.	Baker Hughes, Inc.	1.9


PORTFOLIO COMPOSITION BY SECTOR***
Financials	28.3	%
Energy	12.9
Information Technology	10.7
Health Care	10.3
Industrials	8.9
Consumer Staples	7.7
Utilities	6.0
Consumer Discretionary	5.2
Telecommunication Services	2.9
Real Estate	2.9
Materials	2.4
Short-Term Investment	1.8

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

***

Percentages indicated are based on total investments as of December 31, 2016. The Fund’s portfolio composition is subject to change.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			6.56	%		6.01	%		12.50	%		4.68	%
Without Sales Charge			12.47			11.88			13.72			5.25
CLASS C SHARES	February 19, 2005
With CDSC***			11.21			10.33			13.16			4.73
Without CDSC			12.21			11.33			13.16			4.73
CLASS R2 SHARES	November 3, 2008		12.32			11.61			13.44			5.04
CLASS R5 SHARES	May 15, 2006		12.66			12.27			14.13			5.66
CLASS R6 SHARES	November 30, 2010		12.68			12.32			14.18			5.69
SELECT CLASS SHARES	February 28, 2003		12.55			12.05			13.89			5.45

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

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

TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16)

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, the Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index from December 31, 2006 to December 31, 2016. 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 and 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 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. Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index are indexes 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.



12	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Consumer Discretionary — 9.2%
		Hotels, Restaurants & Leisure — 2.9%
	3	McDonald’s Corp.		341
	4	Restaurant Brands International, Inc., (Canada)		175

				516

		Media — 2.5%
	39	Sirius XM Holdings, Inc.		171
	3	Time Warner, Inc.		273

				444

		Specialty Retail — 3.2%
	2	Home Depot, Inc. (The)		258
	4	Lowe’s Cos., Inc.		313

				571

		Textiles, Apparel & Luxury Goods — 0.6%
	1	PVH Corp.		102

		Total Consumer Discretionary		1,633

		Consumer Staples — 8.5%
		Beverages — 4.7%
	2	Dr Pepper Snapple Group, Inc.		165
	2	Molson Coors Brewing Co., Class B		234
	4	PepsiCo, Inc.		437

				836

		Food & Staples Retailing — 2.6%
	2	Sysco Corp.		135
	4	Walgreens Boots Alliance, Inc.		335

				470

		Food Products — 0.9%
	1	Ingredion, Inc.		153

		Household Products — 0.3%
	1	Energizer Holdings, Inc.		49

		Total Consumer Staples		1,508

		Energy — 6.9%
		Energy Equipment & Services — 4.4%
	4	Baker Hughes, Inc.		258
	7	FMC Technologies, Inc. (a)		258
	3	Schlumberger Ltd.		275

				791

		Oil, Gas & Consumable Fuels — 2.5%
	3	Apache Corp.		192
	4	Valero Energy Corp.		248

				440

		Total Energy		1,231


SHARES		SECURITY DESCRIPTION	VALUE($)

		Financials — 14.7%
		Banks — 7.9%
	17	Bank of America Corp.		367
	11	Citigroup, Inc.		654
	3	PNC Financial Services Group, Inc. (The)		368

				1,389

		Capital Markets — 2.4%
	6	Bank of New York Mellon Corp. (The)		268
	1	MSCI, Inc.		81
	2	Thomson Reuters Corp.		84

				433

		Consumer Finance — 0.8%
	2	Discover Financial Services		140

		Insurance — 3.6%
	3	Allstate Corp. (The)		193
	4	Hartford Financial Services Group, Inc. (The)		188
	2	Travelers Cos., Inc. (The)		254

				635

		Total Financials		2,597

		Health Care — 15.1%
		Biotechnology — 7.3%
	3	AbbVie, Inc.		188
	2	Amgen, Inc.		293
	1	Biogen, Inc. (a)		191
	2	Celgene Corp. (a)		211
	6	Gilead Sciences, Inc.		408

				1,291

		Health Care Equipment & Supplies — 0.8%
	1	Becton Dickinson and Co.		149

		Health Care Providers & Services — 3.9%
	3	Aetna, Inc.		319
	2	Humana, Inc.		373

				692

		Life Sciences Tools & Services — 0.5%
	1	Waters Corp. (a)		87

		Pharmaceuticals — 2.6%
	2	Johnson & Johnson		254
	4	Merck & Co., Inc.		209

				463

		Total Health Care		2,682

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	13

JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Industrials — 10.6%
			Aerospace & Defense — 2.9%
	2		Curtiss-Wright Corp.		233
	2		Raytheon Co.		270

					503

			Airlines — 1.2%
	4		Southwest Airlines Co.		208

			Commercial Services & Supplies — 0.6%
	7		Pitney Bowes, Inc.		107

			Construction & Engineering — 0.5%
	2		Jacobs Engineering Group, Inc. (a)		92

			Machinery — 3.8%
	2		Allison Transmission Holdings, Inc.		77
	3		Parker-Hannifin Corp.		413
	4		Xylem, Inc.		178

					668

			Professional Services — 0.8%
	2		ManpowerGroup, Inc.		147

			Road & Rail — 0.8%
	1		Norfolk Southern Corp.		146

			Total Industrials		1,871

			Information Technology — 24.2%
			Communications Equipment — 1.5%
	9		Cisco Systems, Inc.		272

			Internet Software & Services — 2.3%
	—	(h)	Alphabet, Inc., Class A (a)		238
	—	(h)	Alphabet, Inc., Class C (a)		173

					411

			IT Services — 2.5%
	2		Mastercard, Inc., Class A		207
	3		Visa, Inc., Class A		236

					443

			Semiconductors & Semiconductor Equipment — 2.1%
	2		Lam Research Corp.		209
	2		QUALCOMM, Inc.		158

					367

			Software — 9.0%
	3		Autodesk, Inc. (a)		222
	14		Microsoft Corp.		876
	8		Oracle Corp.		310
	8		Symantec Corp.		186

					1,594


SHARES		SECURITY DESCRIPTION	VALUE($)

		Technology Hardware, Storage & Peripherals — 6.8%
	8	Apple, Inc.		886
	10	Hewlett Packard Enterprise Co.		220
	6	HP, Inc.		89

				1,195

		Total Information Technology		4,282

		Materials — 1.4%
		Chemicals — 1.4%
	2	EI du Pont de Nemours & Co.		134
	1	International Flavors & Fragrances, Inc.		112

		Total Materials		246

		Real Estate — 0.5%
		Equity Real Estate Investment Trusts (REITs) — 0.5%
	2	Prologis, Inc.		88

		Telecommunication Services — 3.6%
		Diversified Telecommunication Services — 3.6%
	7	CenturyLink, Inc.		163
	9	Verizon Communications, Inc.		468

		Total Telecommunication Services		631

		Utilities — 3.2%
		Electric Utilities — 3.2%
	4	Eversource Energy		225
	2	NextEra Energy, Inc.		191
	3	Portland General Electric Co.		146

		Total Utilities		562

		Total Common Stocks (Cost $13,915)		17,331

	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	393	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $393)		393

		Total Investments — 100.1% (Cost $14,308)		17,724
		Liabilities in Excess of Other Assets — (0.1)%		(22	)

		NET ASSETS — 100.0%	$	17,702

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Consumer Discretionary — 11.0%
		Automobiles — 0.7%
	781	General Motors Co.		27,196

		Hotels, Restaurants & Leisure — 2.0%
	1,085	International Game Technology plc		27,687
	164	McDonald’s Corp.		19,998
	659	Restaurant Brands International, Inc., (Canada)		31,389

				79,074

		Household Durables — 0.6%
	645	DR Horton, Inc.		17,634
	2	NVR, Inc. (a)		4,005

				21,639

		Internet & Direct Marketing Retail — 0.6%
	32	Amazon.com, Inc. (a)		24,296

		Media — 1.7%
	147	Comcast Corp., Class A		10,123
	496	Live Nation Entertainment, Inc. (a)		13,188
	1,442	Twenty-First Century Fox, Inc., Class A		40,439

				63,750

		Multiline Retail — 0.6%
	482	Kohl’s Corp.		23,811

		Specialty Retail — 4.2%
	691	Best Buy Co., Inc.		29,502
	337	Burlington Stores, Inc. (a)		28,544
	197	Home Depot, Inc. (The)		26,360
	1,192	Ross Stores, Inc.		78,202

				162,608

		Textiles, Apparel & Luxury Goods — 0.6%
	259	PVH Corp.		23,354

		Total Consumer Discretionary		425,728

		Consumer Staples — 8.6%
		Beverages — 0.6%
	155	Molson Coors Brewing Co., Class B		15,093
	66	PepsiCo, Inc.		6,926

				22,019

		Food & Staples Retailing — 2.3%
	130	CVS Health Corp.		10,282
	1,152	Wal-Mart Stores, Inc.		79,605

				89,887

		Food Products — 4.3%
	579	Archer-Daniels-Midland Co.		26,440
	211	Ingredion, Inc.		26,317
	183	JM Smucker Co. (The)		23,422


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — continued
	1,131	Pilgrim’s Pride Corp.		21,482
	92	Post Holdings, Inc. (a)		7,388
	1,011	Tyson Foods, Inc., Class A		62,346

				167,395

		Household Products — 0.7%
	562	Energizer Holdings, Inc.		25,049

		Personal Products — 0.7%
	528	Nu Skin Enterprises, Inc., Class A		25,247

		Total Consumer Staples		329,597

		Energy — 7.7%
		Energy Equipment & Services — 3.1%
	1,249	Baker Hughes, Inc.		81,115
	922	FMC Technologies, Inc. (a)		32,752
	1,199	Seadrill Ltd., (United Kingdom) (a)		4,089

				117,956

		Oil, Gas & Consumable Fuels — 4.6%
	233	Apache Corp.		14,814
	79	Cimarex Energy Co.		10,750
	1,741	Denbury Resources, Inc. (a)		6,406
	115	Hess Corp.		7,132
	2,391	Marathon Oil Corp.		41,379
	170	Tesoro Corp.		14,875
	1,200	Valero Energy Corp.		81,998

				177,354

		Total Energy		295,310

		Financials — 14.9%
		Banks — 7.5%
	5,312	Bank of America Corp.		117,402
	1,606	Citigroup, Inc.		95,462
	244	Comerica, Inc.		16,592
	183	PNC Financial Services Group, Inc. (The)		21,415
	1,263	Regions Financial Corp.		18,137
	349	Wells Fargo & Co.		19,242

				288,250

		Capital Markets — 1.9%
	26	Ameriprise Financial, Inc.		2,906
	1,105	Morgan Stanley		46,695
	321	MSCI, Inc.		25,312

				74,913

		Consumer Finance — 1.1%
	530	Discover Financial Services		38,186
	210	Navient Corp.		3,445

				41,631

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	15

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — 0.1%
	72	Voya Financial, Inc.		2,816

		Insurance — 3.8%
	336	Allstate Corp. (The)		24,873
	246	Assured Guaranty Ltd.		9,299
	141	Everest Re Group Ltd.		30,577
	335	Lincoln National Corp.		22,194
	196	Prudential Financial, Inc.		20,375
	68	RenaissanceRe Holdings Ltd., (Bermuda)		9,290
	85	Travelers Cos., Inc. (The)		10,406
	389	Validus Holdings Ltd.		21,388

				148,402

		Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	461	Chimera Investment Corp.		7,841
	1,097	Two Harbors Investment Corp.		9,567

				17,408

		Total Financials		573,420

		Health Care — 13.8%
		Biotechnology — 3.6%
	466	Amgen, Inc.		68,105
	989	Gilead Sciences, Inc.		70,808

				138,913

		Health Care Equipment & Supplies — 2.2%
	232	Align Technology, Inc. (a)		22,264
	543	Baxter International, Inc.		24,090
	113	Becton Dickinson and Co.		18,773
	207	Hologic, Inc. (a)		8,285
	97	IDEXX Laboratories, Inc. (a)		11,316

				84,728

		Health Care Providers & Services — 6.9%
	384	Aetna, Inc.		47,558
	25	Anthem, Inc.		3,565
	1,023	Express Scripts Holding Co. (a)		70,345
	56	HCA Holdings, Inc. (a)		4,123
	181	Humana, Inc.		36,909
	456	UnitedHealth Group, Inc.		73,042
	237	WellCare Health Plans, Inc. (a)		32,501

				268,043

		Pharmaceuticals — 1.1%
	355	Johnson & Johnson		40,876

		Total Health Care		532,560


SHARES		SECURITY DESCRIPTION	VALUE($)

		Industrials — 8.9%
		Aerospace & Defense — 1.7%
	304	Curtiss-Wright Corp.		29,931
	59	Huntington Ingalls Industries, Inc.		10,867
	104	Northrop Grumman Corp.		24,142

				64,940

		Airlines — 2.4%
	310	Copa Holdings SA, (Panama), Class A		28,194
	738	Delta Air Lines, Inc.		36,280
	413	United Continental Holdings, Inc. (a)		30,070

				94,544

		Construction & Engineering — 1.0%
	348	Jacobs Engineering Group, Inc. (a)		19,813
	530	Quanta Services, Inc. (a)		18,457

				38,270

		Electrical Equipment — 0.5%
	236	EnerSys		18,463

		Machinery — 2.3%
	455	Illinois Tool Works, Inc.		55,682
	230	Parker-Hannifin Corp.		32,200

				87,882

		Trading Companies & Distributors — 1.0%
	207	United Rentals, Inc. (a)		21,866
	272	WESCO International, Inc. (a)		18,083

				39,949

		Total Industrials		344,048

		Information Technology — 22.6%
		Electronic Equipment, Instruments & Components — 0.8%
	1,240	Corning, Inc.		30,092

		Internet Software & Services — 2.2%
	2,844	eBay, Inc. (a)		84,424

		IT Services — 2.9%
	489	Computer Sciences Corp.		29,069
	115	Mastercard, Inc., Class A		11,822
	64	Science Applications International Corp.		5,421
	829	Visa, Inc., Class A		64,694

				111,006

		Semiconductors & Semiconductor Equipment — 3.6%
	2,399	Applied Materials, Inc.		77,419
	318	Lam Research Corp.		33,664
	415	QUALCOMM, Inc.		27,078

				138,161

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — 8.5%
	959	Activision Blizzard, Inc.		34,644
	2,314	Microsoft Corp.		143,817
	371	Nuance Communications, Inc. (a)		5,531
	1,341	Oracle Corp.		51,561
	808	Symantec Corp.		19,309
	312	Take-Two Interactive Software, Inc. (a)		15,369
	749	VMware, Inc., Class A (a)		58,961

				329,192

		Technology Hardware, Storage & Peripherals — 4.6%
	517	Apple, Inc.		59,821
	1,509	Hewlett Packard Enterprise Co.		34,923
	2,567	HP, Inc.		38,099
	380	NCR Corp. (a)		15,392
	846	NetApp, Inc.		29,849

				178,084

		Total Information Technology		870,959

		Materials — 2.4%
		Chemicals — 0.2%
	134	Cabot Corp.		6,787

		Containers & Packaging — 0.1%
	103	Berry Plastics Group, Inc. (a)		5,000

		Metals & Mining — 2.1%
	718	Newmont Mining Corp.		24,452
	415	Nucor Corp.		24,677
	913	Steel Dynamics, Inc.		32,492

				81,621

		Total Materials		93,408

		Real Estate — 2.3%
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	656	American Tower Corp.		69,368
	309	Equity Commonwealth (a)		9,344
	22	Public Storage		5,007
	749	VEREIT, Inc.		6,332

		Total Real Estate		90,051


SHARES		SECURITY DESCRIPTION	VALUE($)

		Telecommunication Services — 3.2%
		Diversified Telecommunication Services — 3.0%
	859	AT&T, Inc.		36,542
	133	CenturyLink, Inc.		3,151
	1,414	Verizon Communications, Inc.		75,495

				115,188

		Wireless Telecommunication Services — 0.2%
	879	Sprint Corp. (a)		7,399

		Total Telecommunication Services		122,587

		Utilities — 3.4%
		Electric Utilities — 1.3%
	660	Edison International		47,499
	29	NextEra Energy, Inc.		3,500

				50,999

		Gas Utilities — 0.8%
	660	UGI Corp.		30,417

		Independent Power & Renewable Electricity Producers — 0.7%
	2,361	AES Corp.		27,433

		Multi-Utilities — 0.6%
	816	MDU Resources Group, Inc.		23,462

		Total Utilities		132,311

		Total Common Stocks (Cost $3,185,217)		3,809,979

	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	56,120	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $56,120)		56,120

		Total Investments — 100.3% (Cost $3,241,337)		3,866,099
		Liabilities in Excess of Other Assets — (0.3)%		(9,669	)

		NET ASSETS — 100.0%	$	3,856,430

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

328

E-mini S&P 500

03/17/17

USD

36,674

(103

)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	17

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 19.8%
		Auto Components — 0.5%
	33	Lear Corp.		4,302

		Hotels, Restaurants & Leisure — 3.7%
	294	International Game Technology plc		7,498
	162	McDonald’s Corp.		19,706
	177	Restaurant Brands International, Inc., (Canada)		8,435

				35,639

		Household Durables — 1.4%
	235	DR Horton, Inc.		6,417
	4	NVR, Inc. (a)		7,344

				13,761

		Internet & Direct Marketing Retail — 1.6%
	21	Amazon.com, Inc. (a)		15,597

		Media — 4.3%
	144	DISH Network Corp., Class A (a)		8,336
	212	Live Nation Entertainment, Inc. (a)		5,638
	75	Omnicom Group, Inc.		6,392
	1,685	Sirius XM Holdings, Inc.		7,500
	489	Twenty-First Century Fox, Inc., Class A		13,720

				41,586

		Multiline Retail — 0.2%
	43	Kohl’s Corp.		2,128

		Specialty Retail — 7.2%
	162	Best Buy Co., Inc.		6,896
	95	Burlington Stores, Inc. (a)		8,077
	66	Dick’s Sporting Goods, Inc.		3,483
	232	Home Depot, Inc. (The)		31,080
	310	Ross Stores, Inc.		20,303

				69,839

		Textiles, Apparel & Luxury Goods — 0.9%
	58	Michael Kors Holdings Ltd. (a)		2,510
	70	PVH Corp.		6,281

				8,791

		Total Consumer Discretionary		191,643

		Consumer Staples — 8.7%
		Beverages — 1.3%
	18	Molson Coors Brewing Co., Class B		1,713
	110	PepsiCo, Inc.		11,467

				13,180

		Food & Staples Retailing — 2.7%
	255	Sysco Corp.		14,097
	169	Wal-Mart Stores, Inc.		11,695

				25,792


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — 3.9%
	57	Ingredion, Inc.		7,123
	306	Pilgrim’s Pride Corp.		5,803
	88	Post Holdings, Inc. (a)		7,066
	285	Tyson Foods, Inc., Class A		17,548

				37,540

		Household Products — 0.2%
	36	Energizer Holdings, Inc.		1,624

		Personal Products — 0.4%
	88	Nu Skin Enterprises, Inc., Class A		4,190

		Tobacco — 0.2%
	29	Altria Group, Inc.		1,948

		Total Consumer Staples		84,274

		Energy — 0.8%
		Energy Equipment & Services — 0.6%
	84	Baker Hughes, Inc.		5,477
	225	Seadrill Ltd., (United Kingdom) (a)		766

				6,243

		Oil, Gas & Consumable Fuels — 0.2%
	105	Marathon Oil Corp.		1,818

		Total Energy		8,061

		Financials — 1.8%
		Capital Markets — 1.3%
	39	MarketAxess Holdings, Inc.		5,789
	93	MSCI, Inc.		7,326

				13,115

		Insurance — 0.5%
	34	Lincoln National Corp.		2,266
	21	Prudential Financial, Inc.		2,196
				4,462

		Total Financials		17,577

		Health Care — 15.8%
		Biotechnology — 5.6%
	61	AbbVie, Inc.		3,832
	185	Amgen, Inc.		26,976
	331	Gilead Sciences, Inc.		23,724

				54,532

		Health Care Equipment & Supplies — 3.1%
	81	Align Technology, Inc. (a)		7,738
	164	Baxter International, Inc.		7,254
	190	Hologic, Inc. (a)		7,639
	62	IDEXX Laboratories, Inc. (a)		7,271

				29,902

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 6.9%
	126	Aetna, Inc.		15,563
	12	Cigna Corp.		1,627
	224	Express Scripts Holding Co. (a)		15,416
	47	Humana, Inc.		9,610
	98	UnitedHealth Group, Inc.		15,668
	64	WellCare Health Plans, Inc. (a)		8,732

				66,616

		Health Care Technology — 0.2%
	41	Veeva Systems, Inc., Class A (a)		1,665

		Total Health Care		152,715

		Industrials — 9.5%
		Aerospace & Defense — 2.1%
	73	Curtiss-Wright Corp.		7,220
	20	Huntington Ingalls Industries, Inc.		3,666
	6	L-3 Communications Holdings, Inc.		958
	35	Northrop Grumman Corp.		8,047

				19,891

		Airlines — 2.2%
	67	Copa Holdings SA, (Panama), Class A		6,095
	147	Delta Air Lines, Inc.		7,206
	111	United Continental Holdings, Inc. (a)		8,060

				21,361

		Building Products — 0.7%
	225	Masco Corp.		7,124

		Construction & Engineering — 1.7%
	122	Jacobs Engineering Group, Inc. (a)		6,937
	236	Quanta Services, Inc. (a)		8,221
	6	Valmont Industries, Inc.		775

				15,933

		Electrical Equipment — 0.6%
	70	EnerSys		5,490

		Machinery — 0.8%
	53	Parker-Hannifin Corp.		7,392

		Professional Services — 0.7%
	79	ManpowerGroup, Inc.		7,021

		Trading Companies & Distributors — 0.7%
	68	United Rentals, Inc. (a)		7,127

		Total Industrials		91,339

		Information Technology — 32.4%
		Communications Equipment — 0.2%
	15	F5 Networks, Inc. (a)		2,098


SHARES		SECURITY DESCRIPTION	VALUE($)

		Internet Software & Services — 5.6%
	11	Alphabet, Inc., Class A (a)		8,321
	10	Alphabet, Inc., Class C (a)		7,564
	769	eBay, Inc. (a)		22,835
	39	Facebook, Inc., Class A (a)		4,429
	103	GoDaddy, Inc., Class A (a)		3,596
	88	VeriSign, Inc. (a)		6,709

				53,454

		IT Services — 3.8%
	112	Computer Sciences Corp.		6,637
	2	Mastercard, Inc., Class A		207
	25	Science Applications International Corp.		2,122
	360	Visa, Inc., Class A		28,056

				37,022

		Semiconductors & Semiconductor Equipment — 3.3%
	658	Applied Materials, Inc.		21,237
	75	Lam Research Corp.		7,908
	19	QUALCOMM, Inc.		1,219
	63	Teradyne, Inc.		1,598

				31,962

		Software — 13.1%
	520	Activision Blizzard, Inc.		18,759
	43	Aspen Technology, Inc. (a)		2,368
	88	Citrix Systems, Inc. (a)		7,877
	58	Electronic Arts, Inc. (a)		4,544
	746	Microsoft Corp.		46,347
	98	Nuance Communications, Inc. (a)		1,458
	184	Oracle Corp.		7,083
	33	Red Hat, Inc. (a)		2,307
	23	Symantec Corp.		538
	137	Synopsys, Inc. (a)		8,070
	167	Take-Two Interactive Software, Inc. (a)		8,246
	241	VMware, Inc., Class A (a)		18,974

				126,571

		Technology Hardware, Storage & Peripherals — 6.4%
	308	Apple, Inc.		35,667
	198	Hewlett Packard Enterprise Co.		4,579
	543	HP, Inc.		8,051
	145	NCR Corp. (a)		5,873
	209	NetApp, Inc.		7,379

				61,549

		Total Information Technology		312,656

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	19

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 3.2%
		Chemicals — 0.3%
	128	Chemours Co. (The)		2,832

		Containers & Packaging — 1.6%
	166	Berry Plastics Group, Inc. (a)		8,094
	146	Crown Holdings, Inc. (a)		7,691

				15,785

		Metals & Mining — 1.3%
	124	Newmont Mining Corp.		4,208
	222	Steel Dynamics, Inc.		7,888

				12,096

		Total Materials		30,713

		Real Estate — 2.6%
		Equity Real Estate Investment Trusts (REITs) — 2.6%
	193	American Homes 4 Rent, Class A		4,043
	121	American Tower Corp.		12,798
	113	Equity Commonwealth (a)		3,411
	11	Extra Space Storage, Inc.		811
	16	Public Storage		3,620

		Total Real Estate		24,683

		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.7%
	313	AT&T, Inc.		13,322
	52	Verizon Communications, Inc.		2,781

		Total Telecommunication Services		16,103


SHARES		SECURITY DESCRIPTION	VALUE($)

		Utilities — 0.5%
		Independent Power & Renewable Electricity Producers — 0.3%
	246	AES Corp.		2,855

		Multi-Utilities — 0.2%
	52	MDU Resources Group, Inc.		1,485

		Total Utilities		4,340

		Total Common Stocks (Cost $737,265)		934,104

	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	26,136	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $26,136)		26,136

		Total Investments — 99.5% (Cost $763,401)		960,240
		Other Assets in Excess of Liabilities — 0.5%		5,280

		NET ASSETS — 100.0%	$	965,520

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

237

E-mini S&P 500

03/17/17

USD

26,499

(111

)

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 10.7%
		Auto Components — 0.4%
	47	Visteon Corp.		3,736

		Automobiles — 1.1%
	114	Thor Industries, Inc.		11,366

		Diversified Consumer Services — 0.1%
	2	Graham Holdings Co., Class B		1,126

		Hotels, Restaurants & Leisure — 1.8%
	76	Brinker International, Inc.		3,739
	24	Darden Restaurants, Inc.		1,753
	278	International Game Technology plc		7,102
	41	Vail Resorts, Inc.		6,630

				19,224

		Household Durables — 1.3%
	493	DR Horton, Inc.		13,482

		Internet & Direct Marketing Retail — 1.1%
	161	Groupon, Inc. (a)		534
	571	Liberty Interactive Corp. QVC Group, Class A (a)		11,404

				11,938

		Leisure Products — 0.1%
	18	Hasbro, Inc.		1,377

		Media — 0.4%
	34	Discovery Communications, Inc., Class C (a)		900
	129	Interpublic Group of Cos., Inc. (The)		3,013

				3,913

		Multiline Retail — 1.5%
	307	Macy’s, Inc.		11,008
	88	Nordstrom, Inc.		4,208

				15,216

		Specialty Retail — 1.5%
	367	Best Buy Co., Inc.		15,656

		Textiles, Apparel & Luxury Goods — 1.4%
	167	PVH Corp.		15,088

		Total Consumer Discretionary		112,122

		Consumer Staples — 6.9%
		Food & Staples Retailing — 1.7%
	377	Rite Aid Corp. (a)		3,106
	220	Sysco Corp.		12,176
	81	US Foods Holding Corp. (a)		2,226

				17,508

		Food Products — 4.2%
	139	Ingredion, Inc.		17,394


SHARES		SECURITY DESCRIPTION	VALUE($)

		Food Products — continued
	460	Pilgrim’s Pride Corp.		8,743
	303	Tyson Foods, Inc., Class A		18,658

				44,795

		Personal Products — 1.0%
	70	Herbalife Ltd. (a)		3,384
	146	Nu Skin Enterprises, Inc., Class A		6,962

				10,346

		Total Consumer Staples		72,649

		Energy — 6.9%
		Energy Equipment & Services — 1.5%
	105	Baker Hughes, Inc.		6,834
	279	Ensco plc, Class A		2,709
	288	Nabors Industries Ltd.		4,728
	67	Rowan Cos. plc, Class A (a)		1,264

				15,535

		Oil, Gas & Consumable Fuels — 5.4%
	62	Cimarex Energy Co.		8,392
	106	Devon Energy Corp.		4,855
	29	Gulfport Energy Corp. (a)		628
	537	Marathon Oil Corp.		9,295
	50	Marathon Petroleum Corp.		2,517
	55	Murphy Oil Corp.		1,706
	8	Noble Energy, Inc.		308
	27	ONEOK, Inc.		1,550
	66	PBF Energy, Inc., Class A		1,843
	373	QEP Resources, Inc. (a)		6,863
	24	Rice Energy, Inc. (a)		502
	59	Tesoro Corp.		5,195
	34	Valero Energy Corp.		2,330
	189	World Fuel Services Corp.		8,677
	193	WPX Energy, Inc. (a)		2,815

				57,476

		Total Energy		73,011

		Financials — 11.3%
		Banks — 3.6%
	41	Citizens Financial Group, Inc.		1,447
	62	East West Bancorp, Inc.		3,141
	27	Fifth Third Bancorp		736
	106	KeyCorp		1,944
	378	Popular, Inc., (Puerto Rico)		16,568
	335	Regions Financial Corp.		4,812
	13	Signature Bank (a)		1,938
	24	SVB Financial Group (a)		4,086

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	21

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	67	Zions Bancorp		2,862

				37,534

		Capital Markets — 1.1%
	4	Donnelley Financial Solutions, Inc. (a)		86
	54	Intercontinental Exchange, Inc.		3,041
	19	Lazard Ltd., Class A		797
	78	MSCI, Inc.		6,169
	16	Nasdaq, Inc.		1,040
	10	Raymond James Financial, Inc.		720

				11,853

		Consumer Finance — 2.1%
	139	Discover Financial Services		10,013
	342	Synchrony Financial		12,394

				22,407

		Insurance — 4.5%
	70	Allied World Assurance Co. Holdings AG		3,765
	72	American Financial Group, Inc.		6,309
	5	American National Insurance Co.		648
	22	Aon plc		2,465
	17	Arch Capital Group Ltd. (a)		1,445
	34	Aspen Insurance Holdings Ltd., (Bermuda)		1,887
	34	Assurant, Inc.		3,190
	51	Assured Guaranty Ltd.		1,934
	21	Endurance Specialty Holdings Ltd.		1,913
	8	Everest Re Group Ltd.		1,710
	16	First American Financial Corp.		593
	14	FNF Group		480
	74	Hanover Insurance Group, Inc. (The)		6,762
	47	Hartford Financial Services Group, Inc. (The)		2,225
	32	Lincoln National Corp.		2,107
	42	Principal Financial Group, Inc.		2,453
	22	Torchmark Corp.		1,588
	98	Unum Group		4,305
	21	Validus Holdings Ltd.		1,177

				46,956

		Mortgage Real Estate Investment Trusts (REITs) — 0.0% (g)
	24	Annaly Capital Management, Inc.		238
	12	Chimera Investment Corp.		196

				434

		Total Financials		119,184

		Health Care — 9.4%
		Biotechnology — 1.4%
	27	ACADIA Pharmaceuticals, Inc. (a)		785
	41	Alkermes plc (a)		2,257


SHARES		SECURITY DESCRIPTION	VALUE($)

		Biotechnology — continued
	46	Alnylam Pharmaceuticals, Inc. (a)		1,737
	33	BioMarin Pharmaceutical, Inc. (a)		2,750
	41	Incyte Corp. (a)		4,071
	10	Intercept Pharmaceuticals, Inc. (a)		1,108
	18	Neurocrine Biosciences, Inc. (a)		677
	18	Seattle Genetics, Inc. (a)		924

				14,309

		Health Care Equipment & Supplies — 3.7%
	190	Hill-Rom Holdings, Inc.		10,644
	367	Hologic, Inc. (a)		14,732
	132	Zimmer Biomet Holdings, Inc.		13,612

				38,988

		Health Care Providers & Services — 3.4%
	190	AmerisourceBergen Corp.		14,848
	84	Centene Corp. (a)		4,733
	4	Humana, Inc.		714
	287	Premier, Inc., Class A (a)		8,726
	272	Tenet Healthcare Corp. (a)		4,032
	22	WellCare Health Plans, Inc. (a)		2,961

				36,014

		Pharmaceuticals — 0.9%
	170	Endo International plc (a)		2,803
	63	Mallinckrodt plc (a)		3,154
	41	Perrigo Co. plc		3,387

				9,344

		Total Health Care		98,655

		Industrials — 14.2%
		Aerospace & Defense — 3.5%
	65	HEICO Corp., Class A		4,393
	110	Huntington Ingalls Industries, Inc.		20,282
	42	L-3 Communications Holdings, Inc.		6,328
	3	Northrop Grumman Corp.		790
	77	Spirit AeroSystems Holdings, Inc., Class A		4,499

				36,292

		Airlines — 2.3%
	263	JetBlue Airways Corp. (a)		5,903
	245	United Continental Holdings, Inc. (a)		17,827

				23,730

		Commercial Services & Supplies — 1.3%
	307	KAR Auction Services, Inc.		13,084
	4	LSC Communications, Inc.		111

				13,195

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Construction & Engineering — 2.1%
	33	Fluor Corp.		1,717
	84	Jacobs Engineering Group, Inc. (a)		4,777
	966	KBR, Inc.		16,118

				22,612

		Electrical Equipment — 0.5%
	79	Regal Beloit Corp.		5,478

		Machinery — 2.0%
	150	Crane Co.		10,832
	69	Parker-Hannifin Corp.		9,709

				20,541

		Professional Services — 1.5%
	121	ManpowerGroup, Inc.		10,709
	173	TransUnion (a)		5,348

				16,057

		Road & Rail — 0.1%
	19	Landstar System, Inc.		1,578

		Trading Companies & Distributors — 0.9%
	142	WESCO International, Inc. (a)		9,470

		Total Industrials		148,953

		Information Technology — 16.8%
		Communications Equipment — 1.2%
	307	ARRIS International plc (a)		9,238
	22	F5 Networks, Inc. (a)		3,198

				12,436

		Electronic Equipment, Instruments & Components — 0.5%
	9	Arrow Electronics, Inc. (a)		606
	76	Avnet, Inc.		3,628
	148	Fitbit, Inc., Class A (a)		1,084

				5,318

		Internet Software & Services — 1.6%
	187	InterActiveCorp (a)		12,109
	130	Yelp, Inc. (a)		4,946

				17,055

		IT Services — 4.5%
	218	CoreLogic, Inc. (a)		8,025
	43	Teradata Corp. (a)		1,158
	83	Total System Services, Inc.		4,060
	255	Vantiv, Inc., Class A (a)		15,203
	2,177	Xerox Corp.		19,005

				47,451


SHARES		SECURITY DESCRIPTION	VALUE($)

		Semiconductors & Semiconductor Equipment — 3.7%
	310	Applied Materials, Inc.		10,013
	25	Lam Research Corp.		2,654
	1,434	Marvell Technology Group Ltd., (Bermuda)		19,891
	91	Micron Technology, Inc. (a)		1,988
	84	ON Semiconductor Corp. (a)		1,075
	45	Skyworks Solutions, Inc.		3,337

				38,958

		Software — 1.7%
	73	Activision Blizzard, Inc.		2,647
	78	CA, Inc.		2,472
	94	Citrix Systems, Inc. (a)		8,377
	244	Nuance Communications, Inc. (a)		3,632

				17,128

		Technology Hardware, Storage & Peripherals — 3.6%
	526	NCR Corp. (a)		21,331
	241	Western Digital Corp.		16,403

				37,734

		Total Information Technology		176,080

		Materials — 5.5%
		Chemicals — 1.5%
	313	Cabot Corp.		15,794
	13	Huntsman Corp.		244

				16,038

		Containers & Packaging — 2.5%
	53	Avery Dennison Corp.		3,743
	237	Berry Plastics Group, Inc. (a)		11,559
	82	Crown Holdings, Inc. (a)		4,290
	93	International Paper Co.		4,918
	31	Sealed Air Corp.		1,410

				25,920

		Metals & Mining — 1.5%
	45	Newmont Mining Corp.		1,533
	33	Reliance Steel & Aluminum Co.		2,625
	321	Steel Dynamics, Inc.		11,414

				15,572

		Total Materials		57,530

		Real Estate — 10.1%
		Equity Real Estate Investment Trusts (REITs) — 10.1%
	63	American Campus Communities, Inc.		3,150
	295	American Homes 4 Rent, Class A		6,189
	57	Apartment Investment & Management Co., Class A		2,595
	558	Apple Hospitality REIT, Inc.		11,149

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	23

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	9	Boston Properties, Inc.		1,094
	128	Brixmor Property Group, Inc.		3,121
	199	Columbia Property Trust, Inc.		4,307
	174	Corporate Office Properties Trust		5,432
	20	Crown Castle International Corp.		1,692
	11	CyrusOne, Inc.		474
	12	Digital Realty Trust, Inc.		1,150
	32	Douglas Emmett, Inc.		1,166
	62	Equinix, Inc.		22,053
	298	Equity Commonwealth (a)		9,025
	48	Equity LifeStyle Properties, Inc.		3,425
	45	Liberty Property Trust		1,774
	55	Mid-America Apartment Communities, Inc.		5,382
	24	Regency Centers Corp.		1,669
	146	Retail Properties of America, Inc., Class A		2,244
	4	SL Green Realty Corp.		376
	441	Spirit Realty Capital, Inc.		4,788
	27	Taubman Centers, Inc.		2,004
	3	Ventas, Inc.		186
	44	Vornado Realty Trust		4,551
	14	Welltower, Inc.		957
	199	Weyerhaeuser Co.		5,985

		Total Real Estate		105,938

		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.5%
	203	CenturyLink, Inc.		4,832

		Wireless Telecommunication Services — 0.1%
	170	Sprint Corp. (a)		1,428

		Total Telecommunication Services		6,260

		Utilities — 6.1%
		Electric Utilities — 2.2%
	75	Alliant Energy Corp.		2,827
	112	Edison International		8,085
	76	Entergy Corp.		5,576
	143	FirstEnergy Corp.		4,419
	65	Great Plains Energy, Inc.		1,767
	8	Pinnacle West Capital Corp.		593

				23,267


SHARES		SECURITY DESCRIPTION	VALUE($)

		Gas Utilities — 1.0%
	230	UGI Corp.		10,591

		Multi-Utilities — 2.9%
	46	Ameren Corp.		2,408
	120	CenterPoint Energy, Inc.		2,954
	112	CMS Energy Corp.		4,674
	34	Consolidated Edison, Inc.		2,527
	60	DTE Energy Co.		5,901
	70	MDU Resources Group, Inc.		2,023
	90	Public Service Enterprise Group, Inc.		3,954
	55	Sempra Energy		5,555

				29,996

		Total Utilities		63,854

		Total Common Stocks (Cost $863,360)		1,034,236


NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	121	Safeway, Inc., expiring 01/30/17 (a)		6
	121	Safeway, Inc., expiring 01/30/18 (a)		8

		Total Rights (Cost $—)		14


SHARES
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	19,841	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $19,841)		19,841

		Total Investments — 100.4% (Cost $883,201)		1,054,091
		Liabilities in Excess of Other Assets — (0.4)%		(4,292	)

		NET ASSETS — 100.0%	$	1,049,799

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

E-mini S&P MidCap 400

03/17/17

USD

13,439

(240

)

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Consumer Discretionary — 5.2%
		Automobiles — 1.3%
	472	General Motors Co.		16,445

		Hotels, Restaurants & Leisure — 0.9%
	346	International Game Technology plc		8,825
	21	McDonald’s Corp.		2,532

				11,357

		Media — 1.1%
	57	CBS Corp. (Non-Voting), Class B		3,594
	2,252	Sirius XM Holdings, Inc.		10,020

				13,614

		Multiline Retail — 0.4%
	102	Kohl’s Corp.		5,037

		Specialty Retail — 0.8%
	143	Best Buy Co., Inc.		6,080
	65	Dick’s Sporting Goods, Inc.		3,425

				9,505

		Textiles, Apparel & Luxury Goods — 0.7%
	30	Michael Kors Holdings Ltd. (a)		1,289
	82	PVH Corp.		7,427

				8,716

		Total Consumer Discretionary		64,674

		Consumer Staples — 7.6%
		Food & Staples Retailing — 1.8%
	70	CVS Health Corp.		5,555
	98	Sysco Corp.		5,449
	171	Wal-Mart Stores, Inc.		11,840

				22,844

		Food Products — 4.0%
	544	Archer-Daniels-Midland Co.		24,824
	335	Pilgrim’s Pride Corp.		6,358
	308	Tyson Foods, Inc., Class A		18,985

				50,167

		Household Products — 0.8%
	217	Energizer Holdings, Inc.		9,685

		Personal Products — 1.0%
	80	Herbalife Ltd. (a)		3,837
	182	Nu Skin Enterprises, Inc., Class A		8,686

				12,523

		Total Consumer Staples		95,219

		Energy — 12.8%
		Energy Equipment & Services — 4.9%
	364	Baker Hughes, Inc.		23,675
	40	Dril-Quip, Inc. (a)		2,420


SHARES		SECURITY DESCRIPTION	VALUE($)

		Energy Equipment & Services — continued
	305	Ensco plc, Class A		2,964
	283	FMC Technologies, Inc. (a)		10,066
	352	Rowan Cos. plc, Class A (a)		6,647
	127	Schlumberger Ltd.		10,623
	359	Seadrill Ltd., (United Kingdom) (a)		1,225
	179	Superior Energy Services, Inc. (a)		3,013

				60,633

		Oil, Gas & Consumable Fuels — 7.9%
	40	Apache Corp.		2,539
	69	Chevron Corp.		8,128
	52	ConocoPhillips		2,622
	541	Denbury Resources, Inc. (a)		1,992
	75	Exxon Mobil Corp.		6,743
	36	Hess Corp.		2,230
	970	Marathon Oil Corp.		16,794
	192	Marathon Petroleum Corp.		9,642
	218	Occidental Petroleum Corp.		15,542
	80	Tesoro Corp.		7,022
	383	Valero Energy Corp.		26,146

				99,400

		Total Energy		160,033

		Financials — 28.1%
		Banks — 12.8%
	2,254	Bank of America Corp.		49,805
	737	Citigroup, Inc.		43,799
	37	Comerica, Inc.		2,513
	243	PNC Financial Services Group, Inc. (The)		28,395
	160	Popular, Inc., (Puerto Rico)		7,016
	401	Regions Financial Corp.		5,764
	133	Synovus Financial Corp.		5,476
	312	Wells Fargo & Co.		17,219

				159,987

		Capital Markets — 4.2%
	76	Ameriprise Financial, Inc.		8,421
	63	Goldman Sachs Group, Inc. (The)		15,145
	475	Morgan Stanley		20,073
	112	MSCI, Inc.		8,831

				52,470

		Consumer Finance — 1.4%
	14	Capital One Financial Corp.		1,230
	158	Discover Financial Services		11,361
	272	Navient Corp.		4,464

				17,055

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	25

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — 0.6%
	178	Voya Financial, Inc.		6,981

		Insurance — 7.6%
	181	Allstate Corp. (The)		13,394
	253	American International Group, Inc.		16,497
	303	Assured Guaranty Ltd.		11,441
	142	Axis Capital Holdings Ltd.		9,262
	49	Everest Re Group Ltd.		10,690
	157	Lincoln National Corp.		10,404
	74	Prudential Financial, Inc.		7,711
	26	RenaissanceRe Holdings Ltd., (Bermuda)		3,501
	101	Torchmark Corp.		7,472
	26	Travelers Cos., Inc. (The)		3,134
	42	Validus Holdings Ltd.		2,310

				95,816

		Mortgage Real Estate Investment Trusts (REITs) — 1.5%
	116	AGNC Investment Corp.		2,094
	494	Chimera Investment Corp.		8,415
	995	Two Harbors Investment Corp.		8,674

				19,183

		Total Financials		351,492

		Health Care — 10.2%
		Biotechnology — 2.3%
	64	Amgen, Inc.		9,328
	264	Gilead Sciences, Inc.		18,898

				28,226

		Health Care Equipment & Supplies — 0.4%
	125	Hologic, Inc. (a)		5,007

		Health Care Providers & Services — 5.1%
	92	Aetna, Inc.		11,347
	24	Anthem, Inc.		3,465
	239	Express Scripts Holding Co. (a)		16,441
	16	HCA Holdings, Inc. (a)		1,177
	48	Humana, Inc.		9,834
	71	UnitedHealth Group, Inc.		11,283
	77	WellCare Health Plans, Inc. (a)		10,500

				64,047

		Pharmaceuticals — 2.4%
	122	Mallinckrodt plc (a)		6,063
	756	Pfizer, Inc.		24,549

				30,612

		Total Health Care		127,892


SHARES		SECURITY DESCRIPTION	VALUE($)

		Industrials — 8.8%
		Aerospace & Defense — 1.3%
	102	Curtiss-Wright Corp.		10,033
	21	L-3 Communications Holdings, Inc.		3,164
	14	Northrop Grumman Corp.		3,209

				16,406

		Airlines — 2.6%
	12	Copa Holdings SA, (Panama), Class A		1,117
	412	Delta Air Lines, Inc.		20,261
	148	United Continental Holdings, Inc. (a)		10,772

				32,150

		Commercial Services & Supplies — 0.0% (g)
	47	Pitney Bowes, Inc.		716

		Construction & Engineering — 1.1%
	161	Jacobs Engineering Group, Inc. (a)		9,165
	78	Quanta Services, Inc. (a)		2,729
	18	Valmont Industries, Inc.		2,494

				14,388

		Electrical Equipment — 0.7%
	107	EnerSys		8,357

		Machinery — 2.2%
	132	Illinois Tool Works, Inc.		16,177
	78	Parker-Hannifin Corp.		10,892

				27,069

		Trading Companies & Distributors — 0.9%
	77	United Rentals, Inc. (a)		8,109
	55	WESCO International, Inc. (a)		3,657

				11,766

		Total Industrials		110,852

		Information Technology — 10.6%
		Electronic Equipment, Instruments & Components — 0.8%
	391	Corning, Inc.		9,492

		Internet Software & Services — 2.0%
	847	eBay, Inc. (a)		25,159

		IT Services — 0.5%
	25	Mastercard, Inc., Class A		2,550
	33	Science Applications International Corp.		2,790
	57	Western Union Co. (The)		1,243

				6,583

		Semiconductors & Semiconductor Equipment — 3.2%
	64	Applied Materials, Inc.		2,068
	485	QUALCOMM, Inc.		31,642

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	277	Teradyne, Inc.		7,041

				40,751

		Software — 1.1%
	169	Microsoft Corp.		10,526
	112	Nuance Communications, Inc. (a)		1,672
	31	Take-Two Interactive Software, Inc. (a)		1,533

				13,731

		Technology Hardware, Storage & Peripherals — 3.0%
	1,838	HP, Inc.		27,270
	251	NCR Corp. (a)		10,172

				37,442

		Total Information Technology		133,158

		Materials — 2.4%
		Chemicals — 1.5%
	46	Cabot Corp.		2,305
	501	Huntsman Corp.		9,565
	80	LyondellBasell Industries NV, Class A		6,871

				18,741

		Metals & Mining — 0.9%
	56	Newmont Mining Corp.		1,915
	276	Steel Dynamics, Inc.		9,823

				11,738

		Total Materials		30,479

		Real Estate — 2.8%
		Equity Real Estate Investment Trusts (REITs) — 2.8%
	530	Brandywine Realty Trust		8,749
	87	DuPont Fabros Technology, Inc.		3,835
	311	Equity Commonwealth (a)		9,398
	134	Hospitality Properties Trust		4,250
	443	Piedmont Office Realty Trust, Inc., Class A		9,255

		Total Real Estate		35,487

		Telecommunication Services — 2.9%
		Diversified Telecommunication Services — 2.9%
	313	AT&T, Inc.		13,325
	73	CenturyLink, Inc.		1,744


SHARES		SECURITY DESCRIPTION	VALUE($)

		Diversified Telecommunication Services — continued
	406	Verizon Communications, Inc.		21,656

		Total Telecommunication Services		36,725

		Utilities — 6.0%
		Electric Utilities — 2.1%
	129	Edison International		9,251
	102	NextEra Energy, Inc.		12,149
	116	Portland General Electric Co.		5,005

				26,405

		Gas Utilities — 0.8%
	202	UGI Corp.		9,329

		Independent Power & Renewable Electricity Producers — 0.9%
	772	AES Corp.		8,974
	208	NRG Energy, Inc.		2,545

				11,519

		Multi-Utilities — 2.2%
	321	CenterPoint Energy, Inc.		7,907
	362	MDU Resources Group, Inc.		10,409
	126	SCANA Corp.		9,211

				27,527

		Total Utilities		74,780

		Total Common Stocks (Cost $972,663)		1,220,791

	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	22,455	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.410% (b) (l) (Cost $22,455)		22,455

		Total Investments — 99.2% (Cost $995,118)		1,243,246
		Other Assets in Excess of Liabilities — 0.8%		9,957

		NET ASSETS — 100.0%	$	1,253,203

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
DECEMBER 31, 2016

NET UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

274

E-mini S&P 500

03/17/17

USD

30,636

(135

)

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	27

J.P. Morgan Intrepid Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2016 (Unaudited)


USD		— United States Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500.
(l)		— The rate shown is the current yield as of December 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)


	Intrepid Advantage Fund			Intrepid America Fund		Intrepid Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	17,331		$	3,809,979	$	934,104
Investments in affiliates, at value		393			56,120		26,136

Total investment securities, at value		17,724			3,866,099		960,240
Cash		—			9		—
Deposits at broker for futures contracts		—			1,759		1,082
Receivables:
Investment securities sold		—			37,199		5,673
Fund shares sold		—	(a)		476		7,958
Dividends from non-affiliates		17			4,307		595
Dividends from affiliates		—	(a)		18		6
Due from Adviser		25			—		—

Total Assets		17,766			3,909,867		975,554


LIABILITIES:
Payables:
Investment securities purchased		—			47,987		8,998
Fund shares redeemed		37			3,532		400
Variation margin on futures contracts		—			146		91
Accrued liabilities:
Investment advisory fees		—			1,315		311
Administration fees		—			269		7
Distribution fees		5			21		49
Shareholder servicing fees		—			56		41
Custodian and accounting fees		3			15		10
Trustees’ and Chief Compliance Officer’s fees		—			13		1
Audit fees		10			15		11
Registration fees		5			12		20
Sub-transfer agency fees		3			17		22
Other		1			39		73

Total Liabilities		64			53,437		10,034

Net Assets	$	17,702		$	3,856,430	$	965,520

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
NET ASSETS:
Paid-in-Capital	$	14,266		$	3,132,775		$	875,690
Accumulated undistributed (distributions in excess of) net investment income		(4	)		(32	)		312
Accumulated net realized gains (losses)		24			99,028			(107,210	)
Net unrealized appreciation (depreciation)		3,416			624,659			196,728

Total Net Assets	$	17,702		$	3,856,430		$	965,520


Net Assets:
Class A	$	8,300		$	54,523		$	91,844
Class C		5,380			11,349			44,089
Class R2		—			3,645			4,850
Class R5		—			3,871			169,240
Class R6		—			3,569,996			496,081
Select Class		4,022			213,046			159,416

Total	$	17,702		$	3,856,430		$	965,520


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		231			1,499			2,154
Class C		153			315			1,050
Class R2		—			103			116
Class R5		—			104			3,965
Class R6		—			97,701			11,628
Select Class		111			5,745			3,687

Net Asset Value (a):
Class A — Redemption price per share	$	35.93		$	36.38		$	42.64
Class C — Offering price per share (b)		35.25			36.03			41.97
Class R2 —Offering and redemption price per share		—			35.60			41.87
Class R5 — Offering and redemption price per share		—			37.09			42.69
Class R6 — Offering and redemption price per share		—			36.54			42.66
Select Class — Offering and redemption price per share		36.10			37.08			43.23
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)]	$	37.92		$	38.40		$	45.00


Cost of investments in non-affiliates	$	13,915		$	3,185,217		$	737,265
Cost of investments in affiliates		393			56,120			26,136

(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, 2016	J.P. MORGAN INTREPID FUNDS	31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	Intrepid Mid Cap Fund			Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	1,034,250		$	1,220,791
Investments in affiliates, at value		19,841			22,455

Total investment securities, at value		1,054,091			1,243,246
Cash		—	(a)		1
Deposits at broker for futures contracts		953			1,320
Receivables:
Investment securities sold		929			12,896
Fund shares sold		1,552			1,747
Dividends from non-affiliates		1,554			1,800
Dividends from affiliates		8			7

Total Assets		1,059,087			1,261,017


LIABILITIES:
Payables:
Investment securities purchased		5,813			5,037
Fund shares redeemed		2,378			1,481
Variation margin on futures contracts		72			122
Accrued liabilities:
Investment advisory fees		517			353
Administration fees		32			49
Distribution fees		132			61
Shareholder servicing fees		77			18
Custodian and accounting fees		9			9
Trustees’ and Chief Compliance Officer’s fees		3			1
Audit fees		11			12
Registration fees		—			23
Sub-transfer agency fees		176			471
Other		68			177

Total Liabilities		9,288			7,814

Net Assets	$	1,049,799		$	1,253,203

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Intrepid Mid Cap Fund			Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	883,842		$	982,754
Accumulated undistributed (distributions in excess of) net investment income		49			(204	)
Accumulated net realized gains (losses)		(4,742	)		22,660
Net unrealized appreciation (depreciation)		170,650			247,993

Total Net Assets	$	1,049,799		$	1,253,203


Net Assets:
Class A	$	338,522		$	121,600
Class C		91,362			40,639
Class R2		—			19,958
Class R3		21			—
Class R4		21			—
Class R5		—			93,144
Class R6		332,601			105,701
Select Class		287,272			872,161

Total	$	1,049,799		$	1,253,203


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,216			3,526
Class C		5,105			1,192
Class R2		—			582
Class R3		1			—
Class R4		1			—
Class R5		—			2,683
Class R6		15,191			3,045
Select Class		13,120			25,185

Net Asset Value (a):
Class A — Redemption price per share	$	20.88		$	34.48
Class C — Offering price per share (b)		17.90			34.10
Class R2 — Offering and redemption price per share		—			34.28
Class R3 — Offering and redemption price per share		20.85			—
Class R4 — Offering and redemption price per share		21.88			—
Class R5 — Offering and redemption price per share		—			34.71
Class R6 — Offering and redemption price per share		21.89			34.72
Select Class — Offering and redemption price per share		21.90			34.63
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	22.04		$	36.39


Cost of investments in non-affiliates	$	863,360		$	972,663
Cost of investments in affiliates		19,841			22,455

(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, 2016	J.P. MORGAN INTREPID FUNDS	33

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

(Amounts in thousands)


	Intrepid Advantage Fund			Intrepid America Fund			Intrepid Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—	(a)	$	—	(a)
Dividend income from non-affiliates		178			35,098			7,372
Dividend income from affiliates		—	(a)		135			26

Total investment income		178			35,233			7,398


EXPENSES:
Investment advisory fees		56			7,605			2,468
Administration fees		8			1,557			404
Distribution fees:
Class A		11			71			113
Class C		22			45			179
Class R2		—			10			12
Shareholder servicing fees:
Class A		11			71			113
Class C		7			15			60
Class R2		—			5			6
Class R5		—			1			48
Select Class		5			292			196
Custodian and accounting fees		13			54			25
Professional fees		41			40			25
Trustees’ and Chief Compliance Officer’s fees		12			19			15
Printing and mailing costs		4			17			15
Registration and filing fees		18			29			42
Transfer agency fees (See Note 2.D.)		3			20			16
Sub-transfer agency fees (See Note 2.D.)		6			54			173
Other		4			48			15

Total expenses		221			9,953			3,925

Less fees waived		(81	)		(102	)		(1,064	)
Less expense reimbursements		(26	)		—	(a)		(25	)

Net expenses		114			9,851			2,836

Net investment income (loss)		64			25,382			4,562


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,905			153,135			41,052
Futures		—			6,180			1,966

Net realized gain (loss)		1,905			159,315			43,018

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(359	)		128,946			15,372
Futures		—			(1,256	)		(659	)

Change in net unrealized appreciation/depreciation		(359	)		127,690			14,713

Net realized/unrealized gains (losses)		1,546			287,005			57,731

Change in net assets resulting from operations	$	1,610		$	312,387		$	62,293

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Intrepid Mid Cap Fund			Intrepid Value Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	1
Dividend income from non-affiliates		8,300			16,330
Dividend income from affiliates		37			43

Total investment income		8,337			16,374


EXPENSES:
Investment advisory fees		3,337			2,829
Administration fees		420			579
Distribution fees:
Class A		417			199
Class C		348			156
Class R2		—			46
Class R3 (b)		—	(a)		—
Shareholder servicing fees:
Class A		417			199
Class C		116			52
Class R2		—			23
Class R3 (b)		—	(a)		—
Class R4 (b)		—	(a)		—
Class R5		—			22
Select Class		349			1,263
Custodian and accounting fees		23			32
Professional fees		32			29
Trustees’ and Chief Compliance Officer’s fees		16			15
Printing and mailing costs		47			84
Registration and filing fees		36			35
Transfer agency fees (See Note 2.D.)		38			98
Sub-transfer agency fees (See Note 2.D.)		417			1,102
Other		15			17

Total expenses		6,028			6,780

Less fees waived		(1,000	)		(1,854	)
Less expense reimbursements		—	(a)		(58	)

Net expenses		5,028			4,868

Net investment income (loss)		3,309			11,506


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,685			73,607
Futures		3,686			2,469

Net realized gain (loss)		21,371			76,076

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		50,358			65,197
Futures		(458	)		(972	)

Change in net unrealized appreciation/depreciation		49,900			64,225

Net realized/unrealized gains (losses)		71,271			140,301

Change in net assets resulting from operations	$	74,580		$	151,807

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016 for Intrepid Mid Cap Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	64		$	359		$	25,382		$	53,527
Net realized gain (loss)		1,905			176			159,315			91,191
Change in net unrealized appreciation/depreciation		(359	)		(801	)		127,690			(204,081	)

Change in net assets resulting from operations		1,610			(266	)		312,387			(59,363	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(79	)		(166	)		(398	)		(997	)
From net realized gains		—			—			(1,471	)		(7,771	)
Class C
From net investment income		(21	)		(82	)		(34	)		(59	)
From net realized gains		—			—			(311	)		(875	)
Class R2
From net investment income		—			—			(20	)		(39	)
From net realized gains		—			—			(104	)		(263	)
Class R5
From net investment income		—			—			(49	)		—
From net realized gains		—			—			(100	)		(200	)
Class R6 (a)
From net investment income		—			—			(49,652	)		(47,617	)
From net realized gains		—			—			(94,209	)		(196,504	)
Select Class
From net investment income		(47	)		(80	)		(2,317	)		(411	)
From net realized gains		—			—			(5,697	)		(16,260	)

Total distributions to shareholders		(147	)		(328	)		(154,362	)		(270,996	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,800	)		(3,007	)		31,853			287,274


NET ASSETS:
Change in net assets		(1,337	)		(3,601	)		189,878			(43,085	)
Beginning of period		19,039			22,640			3,666,552			3,709,637

End of period	$	17,702		$	19,039		$	3,856,430		$	3,666,552

Accumulated undistributed (distributions in excess of) net investment income	$	(4	)	$	79		$	(32	)	$	27,056

(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, 2016


	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,562		$	10,143		$	3,309		$	8,266
Net realized gain (loss)		43,018			16,899			21,371			(18,817	)
Change in net unrealized appreciation/depreciation		14,713			(34,556	)		49,900			(2,106	)

Change in net assets resulting from operations		62,293			(7,514	)		74,580			(12,657	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(532	)		(645	)		(1,163	)		(2,230	)
From net realized gains		—			—			(64	)		(27,036	)
Class C
From net investment income		(40	)		(111	)		(111	)		(410	)
From net realized gains		—			—			(20	)		(7,872	)
Class R2
From net investment income		(27	)		(19	)		—			—
Class R3 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			—	(b)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			—	(b)		—
Class R5
From net investment income		(1,807	)		(2,127	)		—			—
Class R6 (c)
From net investment income		(5,624	)		(6,464	)		(1,834	)		(2,290	)
From net realized gains		—			—			(59	)		(17,654	)
Select Class
From net investment income		(1,415	)		(70	)		(1,250	)		(2,298	)
From net realized gains		—			—			(51	)		(19,338	)

Total distributions to shareholders		(9,445	)		(9,436	)		(4,552	)		(79,128	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(75,551	)		(49,656	)		15,176			80,831


NET ASSETS:
Change in net assets		(22,703	)		(66,606	)		85,204			(10,954	)
Beginning of period		988,223			1,054,829			964,595			975,549

End of period	$	965,520		$	988,223		$	1,049,799		$	964,595

Accumulated undistributed (distributions in excess of) net investment income	$	312		$	5,195		$	49		$	1,098

(a)	Commencement of offering of class of shares effective September 9, 2016 for Intrepid Mid Cap Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11,506		$	30,165
Net realized gain (loss)		76,076			3,533
Change in net unrealized appreciation/depreciation		64,225			(156,331	)

Change in net assets resulting from operations		151,807			(122,633	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,288	)		(3,919	)
From net realized gains		(976	)		(12,129	)
Class C
From net investment income		(318	)		(481	)
From net realized gains		(328	)		(2,317	)
Class R2
From net investment income		(170	)		(209	)
From net realized gains		(158	)		(725	)
Class R5
From net investment income		(1,061	)		(1,649	)
From net realized gains		(727	)		(4,135	)
Class R6
From net investment income		(1,161	)		(1,457	)
From net realized gains		(845	)		(3,575	)
Select Class
From net investment income		(9,201	)		(20,675	)
From net realized gains		(6,865	)		(58,980	)

Total distributions to shareholders		(23,098	)		(110,251	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(572,741	)		142,336


NET ASSETS:
Change in net assets		(444,032	)		(90,548	)
Beginning of period		1,697,235			1,787,783

End of period	$	1,253,203		$	1,697,235

Accumulated undistributed (distributions in excess of) net investment income	$	(204	)	$	1,489

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Intrepid Advantage Fund						Intrepid America Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	213		$	1,458		$	3,205		$	43,942
Distributions reinvested		79			166			1,826			8,675
Cost of shares redeemed		(1,421	)		(3,513	)		(10,484	)		(162,708	)

Change in net assets resulting from Class A capital transactions	$	(1,129	)	$	(1,889	)	$	(5,453	)	$	(110,091	)

Class C
Proceeds from shares issued	$	116		$	513		$	184		$	1,939
Distributions reinvested		21			77			319			840
Cost of shares redeemed		(1,376	)		(1,144	)		(2,323	)		(3,804	)

Change in net assets resulting from Class C capital transactions	$	(1,239	)	$	(554	)	$	(1,820	)	$	(1,025	)

Class R2
Proceeds from shares issued	$	—		$	—		$	452		$	3,181
Distributions reinvested		—			—			61			206
Cost of shares redeemed		—			—			(1,639	)		(1,407	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(1,126	)	$	1,980

Class R5
Proceeds from shares issued	$	—		$	—		$	394		$	147,210
Distributions reinvested		—			—			80			98
Cost of shares redeemed		—			—			(687	)		(2,206,178	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(213	)	$	(2,058,870	)

Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	69,207		$	3,744,275
Distributions reinvested		—			—			143,577			244,121
Cost of shares redeemed		—			—			(127,740	)		(283,437	)

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	85,044		$	3,704,959

Select Class
Proceeds from shares issued	$	279		$	391		$	15,987		$	122,319
Distributions reinvested		32			50			1,830			3,411
Cost of shares redeemed		(743	)		(1,005	)		(62,396	)		(1,375,409	)

Change in net assets resulting from Select Class capital transactions	$	(432	)	$	(564	)	$	(44,579	)	$	(1,249,679	)

Total change in net assets resulting from capital transactions	$	(2,800	)	$	(3,007	)	$	31,853		$	287,274

(a)	Commencement of offering of class of shares effective November 2, 2015 for Intrepid America Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		6			45			89			1,229
Reinvested		2			5			49			249
Redeemed		(41	)		(107	)		(288	)		(4,667	)

Change in Class A Shares		(33	)		(57	)		(150	)		(3,189	)

Class C
Issued		3			16			4			56
Reinvested		1			2			9			24
Redeemed		(40	)		(36	)		(65	)		(110	)

Change in Class C Shares		(36	)		(18	)		(52	)		(30	)

Class R2
Issued		—			—			13			91
Reinvested		—			—			2			6
Redeemed		—			—			(47	)		(40	)

Change in Class R2 Shares		—			—			(32	)		57

Class R5
Issued		—			—			11			3,900
Reinvested		—			—			2			3
Redeemed		—			—			(19	)		(56,255	)

Change in Class R5 Shares		—			—			(6	)		(52,352	)

Class R6 (a)
Issued		—			—			1,919			96,721
Reinvested		—			—			3,844			6,953
Redeemed		—			—			(3,444	)		(8,292	)

Change in Class R6 Shares		—			—			2,319			95,382

Select Class
Issued		8			11			434			3,461
Reinvested		1			2			48			97
Redeemed		(22	)		(30	)		(1,689	)		(35,374	)

Change in Select Class Shares		(13	)		(17	)		(1,207	)		(31,816	)

(a)	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, 2016


	Intrepid Growth Fund						Intrepid Mid Cap Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	17,188		$	29,744		$	49,866		$	115,229
Distributions reinvested		357			464			1,110			26,642
Cost of shares redeemed		(21,323	)		(44,544	)		(46,839	)		(168,582	)

Change in net assets resulting from Class A capital transactions	$	(3,778	)	$	(14,336	)	$	4,137		$	(26,711	)

Class C
Proceeds from shares issued	$	1,947		$	10,146		$	8,122		$	27,150
Distributions reinvested		29			81			103			7,265
Cost of shares redeemed		(9,360	)		(9,970	)		(12,150	)		(22,253	)

Change in net assets resulting from Class C capital transactions	$	(7,384	)	$	257		$	(3,925	)	$	12,162

Class R2
Proceeds from shares issued	$	1,152		$	3,918		$	—		$	—
Distributions reinvested		6			7			—			—
Cost of shares redeemed		(762	)		(949	)		—			—

Change in net assets resulting from Class R2 capital transactions	$	396		$	2,976		$	—		$	—

Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	20		$	—

Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	20		$	—
Distributions reinvested		—			—			—	(b)		—

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	20		$	—

Class R5
Proceeds from shares issued	$	11,715		$	54,598		$	—		$	—
Distributions reinvested		1,528			1,858			—			—
Cost of shares redeemed		(59,833	)		(38,491	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(46,590	)	$	17,965		$	—		$	—

Class R6 (c)
Proceeds from shares issued	$	448		$	605,936		$	4,099		$	296,563
Distributions reinvested		5,624			6,464			1,889			19,944
Cost of shares redeemed		(24,008	)		(97,049	)		(386	)		(12	)

Change in net assets resulting from Class R6 capital transactions	$	(17,936	)	$	515,351		$	5,602		$	316,495

Select Class
Proceeds from shares issued	$	18,418		$	78,959		$	58,058		$	146,281
Distributions reinvested		1,050			46			1,101			17,565
Cost of shares redeemed		(19,727	)		(650,874	)		(49,837	)		(384,961	)

Change in net assets resulting from Select Class capital transactions	$	(259	)	$	(571,869	)	$	9,322		$	(221,115	)

Total change in net assets resulting from capital transactions	$	(75,551	)	$	(49,656	)	$	15,176		$	80,831

(a)	Commencement of offering of class of shares effective September 9, 2016, for Intrepid Mid Cap Fund.

(b)	Amount rounds to less than 500.

(c)	Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016			Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		407			737			2,457			5,728
Reinvested		8			12			53			1,439
Redeemed		(504	)		(1,106	)		(2,297	)		(8,481	)

Change in Class A Shares		(89	)		(357	)		213			(1,314	)

Class C
Issued		46			257			466			1,614
Reinvested		1			2			6			457
Redeemed		(226	)		(255	)		(695	)		(1,316	)

Change in Class C Shares		(179	)		4			(223	)		755

Class R2
Issued		28			100			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(18	)		(24	)		—			—

Change in Class R2 Shares		10			76			—			—

Class R3 (b)
Issued		—			—			1			—
Reinvested		—			—			—	(a)		—

Change in Class R3 Shares		—			—			1			—

Class R4 (b)
Issued		—			—			1			—
Reinvested		—			—			—	(a)		—

Change in Class R4 Shares		—			—			1			—

Class R5
Issued		276			1,371			—			—
Reinvested		35			46			—			—
Redeemed		(1,412	)		(959	)		—			—

Change in Class R5 Shares		(1,101	)		458			—			—

Class R6 (c)
Issued		10			14,369			191			13,904
Reinvested		130			160			87			1,028
Redeemed		(565	)		(2,476	)		(18	)		(1	)

Change in Class R6 Shares		(425	)		12,053			260			14,931

Select Class
Issued		428			1,966			2,719			7,038
Reinvested		24			1			50			904
Redeemed		(459	)		(15,436	)		(2,323	)		(17,691	)

Change in Select Class Shares		(7	)		(13,469	)		446			(9,749	)

(a)	Amount rounds to less than 500.

(b)	Commencement of offering of class of shares effective September 9, 2016, for Intrepid Mid Cap Fund.

(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, 2016


	Intrepid Value Fund
	Six Months Ended December 31, 2016 (Unaudited)			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	14,217		$	166,519
Distributions reinvested		2,083			15,365
Cost of shares redeemed		(150,973	)		(80,574	)

Change in net assets resulting from Class A capital transactions	$	(134,673	)	$	101,310

Class C
Proceeds from shares issued	$	1,188		$	6,903
Distributions reinvested		594			2,515
Cost of shares redeemed		(7,995	)		(13,246	)

Change in net assets resulting from Class C capital transactions	$	(6,213	)	$	(3,828	)

Class R2
Proceeds from shares issued	$	3,403		$	11,058
Distributions reinvested		278			803
Cost of shares redeemed		(3,331	)		(6,453	)

Change in net assets resulting from Class R2 capital transactions	$	350		$	5,408

Class R5
Proceeds from shares issued	$	7,522		$	28,926
Distributions reinvested		1,788			5,784
Cost of shares redeemed		(10,607	)		(21,596	)

Change in net assets resulting from Class R5 capital transactions	$	(1,297	)	$	13,114

Class R6
Proceeds from shares issued	$	24,930		$	71,117
Distributions reinvested		2,006			5,032
Cost of shares redeemed		(17,557	)		(20,617	)

Change in net assets resulting from Class R6 capital transactions	$	9,379		$	55,532

Select Class
Proceeds from shares issued	$	105,277		$	308,972
Distributions reinvested		14,706			73,614
Cost of shares redeemed		(560,270	)		(411,786	)

Change in net assets resulting from Select Class capital transactions	$	(440,287	)	$	(29,200	)

Total change in net assets resulting from capital transactions	$	(572,741	)	$	142,336

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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, 2016 (Unaudited)			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		435			4,888
Reinvested		61			492
Redeemed		(4,687	)		(2,519	)

Change in Class A Shares		(4,191	)		2,861

Class C
Issued		36			214
Reinvested		18			82
Redeemed		(248	)		(424	)

Change in Class C Shares		(194	)		(128	)

Class R2
Issued		105			348
Reinvested		8			26
Redeemed		(102	)		(204	)

Change in Class R2 Shares		11			170

Class R5
Issued		231			885
Reinvested		52			184
Redeemed		(325	)		(681	)

Change in Class R5 Shares		(42	)		388

Class R6
Issued		770			2,159
Reinvested		59			160
Redeemed		(529	)		(661	)

Change in Class R6 Shares		300			1,658

Select Class
Issued		3,204			9,586
Reinvested		432			2,349
Redeemed		(17,508	)		(12,663	)

Change in Select Class Shares		(13,872	)		(728	)

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	33.20	$	0.14		$	2.93		$	3.07		$	(0.34	)
Year Ended June 30, 2016		34.01		0.62	(g)		(0.87	)(g)		(0.25	)		(0.56	)
Year Ended June 30, 2015		31.93		0.28			2.02			2.30			(0.22	)
Year Ended June 30, 2014		25.54		0.20			6.37			6.57			(0.18	)
Year Ended June 30, 2013		21.13		0.21	(h)		4.44			4.65			(0.24	)
Year Ended June 30, 2012		20.60		0.13			0.63			0.76			(0.23	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		32.48		0.05			2.86			2.91			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(g)		(0.85	)(g)		(0.41	)		(0.40	)
Year Ended June 30, 2015		31.38		0.12			1.98			2.10			(0.19	)
Year Ended June 30, 2014		25.14		0.05			6.26			6.31			(0.07	)
Year Ended June 30, 2013		20.81		0.10	(h)		4.37			4.47			(0.14	)
Year Ended June 30, 2012		20.25		0.04			0.62			0.66			(0.10	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		33.40		0.19			2.95			3.14			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(g)		(0.86	)(g)		(0.18	)		(0.64	)
Year Ended June 30, 2015		32.07		0.37			2.04			2.41			(0.26	)
Year Ended June 30, 2014		25.65		0.28			6.39			6.67			(0.25	)
Year Ended June 30, 2013		21.21		0.28	(h)		4.45			4.73			(0.29	)
Year Ended June 30, 2012		20.70		0.19			0.62			0.81			(0.30	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)

The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Select Class Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Select Class Shares, respectively.

(h)

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	35.93		9.24	%	$	8,300		1.11	%		0.78	%		2.26	%		43	%
	33.20		(0.72	)		8,760		1.15			1.90	(g)		1.95			31
	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	(h)		2.40			82
	21.13		3.83			7,329		1.25			0.68			2.51			57


	35.25		8.95			5,380		1.61			0.29			2.75			43
	32.48		(1.21	)		6,131		1.65			1.38	(g)		2.46			31
	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	(h)		2.91			82
	20.81		3.33			1,747		1.75			0.19			3.02			57


	36.10		9.38			4,022		0.86			1.04			1.97			43
	33.40		(0.48	)		4,148		0.90			2.05	(g)		1.65			31
	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	(h)		2.16			82
	21.21		4.09			1,164		1.00			0.94			2.28			57

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)		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, 2016 (Unaudited)	$	34.75	$	0.15	$	2.75		$	2.90		$	(0.27	)	$	(1.00	)	$	(1.27	)
Year Ended June 30, 2016		38.08		0.34		(1.15	)		(0.81	)		(0.27	)		(2.25	)		(2.52	)
Year Ended June 30, 2015		37.28		0.44		2.57			3.01			(0.38	)		(1.83	)		(2.21	)
Year Ended June 30, 2014		29.76		0.30		7.49			7.79			(0.27	)		—			(0.27	)
Year Ended June 30, 2013		24.68		0.34		5.15			5.49			(0.41	)		—			(0.41	)
Year Ended June 30, 2012		24.55		0.19		0.10			0.29			(0.16	)		—			(0.16	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		34.37		0.06		2.71			2.77			(0.11	)		(1.00	)		(1.11	)
Year Ended June 30, 2016		37.74		0.18		(1.15	)		(0.97	)		(0.15	)		(2.25	)		(2.40	)
Year Ended June 30, 2015		36.99		0.22		2.57			2.79			(0.21	)		(1.83	)		(2.04	)
Year Ended June 30, 2014		29.53		0.13		7.42			7.55			(0.09	)		—			(0.09	)
Year Ended June 30, 2013		24.48		0.20		5.12			5.32			(0.27	)		—			(0.27	)
Year Ended June 30, 2012		24.29		0.07		0.12			0.19			—			—			—

Class R2
Six Months Ended December 31, 2016 (Unaudited)		34.01		0.10		2.68			2.78			(0.19	)		(1.00	)		(1.19	)
Year Ended June 30, 2016		37.45		0.27		(1.15	)		(0.88	)		(0.31	)		(2.25	)		(2.56	)
Year Ended June 30, 2015		36.82		0.33		2.55			2.88			(0.42	)		(1.83	)		(2.25	)
Year Ended June 30, 2014		29.43		0.21		7.40			7.61			(0.22	)		—			(0.22	)
Year Ended June 30, 2013		24.43		0.26		5.11			5.37			(0.37	)		—			(0.37	)
Year Ended June 30, 2012		24.21		0.13		0.12			0.25			(0.03	)		—			(0.03	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		35.53		0.23		2.81			3.04			(0.48	)		(1.00	)		(1.48	)
Year Ended June 30, 2016		38.41		0.41		(1.04	)		(0.63	)		—			(2.25	)		(2.25	)
Year Ended June 30, 2015		37.54		0.60		2.61			3.21			(0.51	)		(1.83	)		(2.34	)
Year Ended June 30, 2014		29.94		0.46		7.54			8.00			(0.40	)		—			(0.40	)
Year Ended June 30, 2013		24.84		0.46		5.19			5.65			(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.69		0.30		0.10			0.40			(0.25	)		—			(0.25	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		35.03		0.25		2.77			3.02			(0.51	)		(1.00	)		(1.51	)
November 2, 2015 (g) through June 30, 2016		39.15		0.41		(1.77	)		(1.36	)		(0.51	)		(2.25	)		(2.76	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		35.48		0.20		2.81			3.01			(0.41	)		(1.00	)		(1.41	)
Year Ended June 30, 2016		38.49		0.39		(1.09	)		(0.70	)		(0.06	)		(2.25	)		(2.31	)
Year Ended June 30, 2015		37.61		0.53		2.61			3.14			(0.43	)		(1.83	)		(2.26	)
Year Ended June 30, 2014		30.00		0.38		7.56			7.94			(0.33	)		—			(0.33	)
Year Ended June 30, 2013		24.88		0.41		5.20			5.61			(0.49	)		—			(0.49	)
Year Ended June 30, 2012		24.73		0.25		0.10			0.35			(0.20	)		—			(0.20	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	36.38		8.30	%	$	54,523		1.03	%		0.82	%		1.09	%		49	%
	34.75		(2.08	)		57,303		1.04			0.96			1.15			70
	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


	36.03		8.02			11,349		1.53			0.31			1.60			49
	34.37		(2.55	)		12,599		1.54			0.50			1.62			70
	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


	35.60		8.15			3,645		1.28			0.57			1.45			49
	34.01		(2.30	)		4,584		1.29			0.78			1.46			70
	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


	37.09		8.50			3,871		0.59			1.25			0.64			49
	35.53		(1.57	)		3,920		0.54			1.08			0.55			70
	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


	36.54		8.59			3,569,996		0.49			1.36			0.49			49
	35.03		(3.39	)		3,341,467		0.49			1.78			0.50			70


	37.08		8.43			213,046		0.75			1.10			0.76			49
	35.48		(1.77	)		246,679		0.74			1.04			0.75			70
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	40.37	$	0.12		$	2.41		$	2.53		$	(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)
Year Ended June 30, 2015		37.05		0.25			3.88			4.13			(0.19	)
Year Ended June 30, 2014		29.36		0.18	(g)		7.64			7.82			(0.13	)
Year Ended June 30, 2013		25.00		0.21			4.34			4.55			(0.19	)
Year Ended June 30, 2012		24.39		0.10			0.57			0.67			(0.06	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		39.63		0.02			2.36			2.38			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)
Year Ended June 30, 2015		36.45		0.05			3.81			3.86			(0.05	)
Year Ended June 30, 2014		28.93		0.01	(g)		7.52			7.53			(0.01	)
Year Ended June 30, 2013		24.64		0.07			4.27			4.34			(0.05	)
Year Ended June 30, 2012		24.09		(0.02	)		0.57			0.55			—

Class R2
Six Months Ended December 31, 2016 (Unaudited)		39.66		0.07			2.37			2.44			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)
Year Ended June 30, 2015		36.49		0.12			3.85			3.97			(0.07	)
Year Ended June 30, 2014		28.91		0.09	(g)		7.54			7.63			(0.05	)
Year Ended June 30, 2013		24.72		0.13			4.27			4.40			(0.21	)
Year Ended June 30, 2012		24.13		0.07			0.54			0.61			(0.02	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		40.51		0.22			2.42			2.64			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)
Year Ended June 30, 2015		37.09		0.41			3.91			4.32			(0.29	)
Year Ended June 30, 2014		29.41		0.33	(g)		7.65			7.98			(0.30	)
Year Ended June 30, 2013		25.05		0.33			4.34			4.67			(0.31	)
Year Ended June 30, 2012		24.45		0.21			0.57			0.78			(0.18	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		40.50		0.23			2.42			2.65			(0.49	)
November 2, 2015 (h) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		40.99		0.18			2.45			2.63			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)
Year Ended June 30, 2015		37.23		0.32			3.93			4.25			(0.21	)
Year Ended June 30, 2014		29.52		0.26	(g)		7.69			7.95			(0.24	)
Year Ended June 30, 2013		25.15		0.28			4.35			4.63			(0.26	)
Year Ended June 30, 2012		24.55		0.16			0.57			0.73			(0.13	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


	$42.64		6.26	%	$	91,844		0.92	%		0.57	%		1.22	%		35	%
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	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


	41.97		6.00			44,089		1.41			0.08			1.69			35
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	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


	41.87		6.14			4,850		1.16			0.34			1.75			35
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	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


	42.69		6.51			169,240		0.48			1.01			0.73			35
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	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


	42.66		6.52			496,081		0.43			1.07			0.61			35
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70


	43.23		6.39			159,416		0.68			0.82			0.90			35
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)			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, 2016 (Unaudited)	$	19.48	$	0.05		$	1.42		$	1.47		$	(0.07	)	$	—	(g)	$	(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)
Year Ended June 30, 2015		24.11		0.08			1.18			1.26			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		18.79		0.08	(h)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Year Ended June 30, 2013		14.99		0.13	(i)		3.80			3.93			(0.13	)		—			(0.13	)
Year Ended June 30, 2012		15.79		0.10			(0.79	)		(0.69	)		(0.11	)		—			(0.11	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		16.72		(0.01	)		1.21			1.20			(0.02	)		—	(g)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)
Year Ended June 30, 2015		21.56		(0.06	)		1.06			1.00			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(h)		4.84			4.79			—			(0.10	)		(0.10	)
Year Ended June 30, 2013		13.48		0.02	(i)		3.41			3.43			(0.04	)		—			(0.04	)
Year Ended June 30, 2012		14.24		0.01			(0.72	)		(0.71	)		(0.05	)		—			(0.05	)

Class R3
September 9, 2016 (j) through December 31, 2016 (Unaudited)		19.97		0.04			0.93			0.97			(0.09	)		—	(g)		(0.09	)

Class R4
September 9, 2016 (j) through December 31, 2016 (Unaudited)		20.95		0.05			0.99			1.04			(0.11	)		—	(g)		(0.11	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		20.42		0.10			1.49			1.59			(0.12	)		—	(g)		(0.12	)
November 2, 2015 (j) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		20.43		0.08			1.49			1.57			(0.10	)		—	(g)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)
Year Ended June 30, 2015		24.97		0.14			1.24			1.38			(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2014		19.45		0.14	(h)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Year Ended June 30, 2013		15.51		0.18	(i)		3.93			4.11			(0.17	)		—			(0.17	)
Year Ended June 30, 2012		16.33		0.14			(0.82	)		(0.68	)		(0.14	)		—			(0.14	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

(g)	Amount rounds to less than 0.005.

(h)

(i)

Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.08, $(0.03) 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.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	20.88		7.57	%	$	338,522		1.14	%		0.48	%		1.40	%		31	%
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78
	21.82		5.64			377,893		1.14			0.33			1.37			66
	24.11		29.30			193,342		1.16			0.38	(h)		1.32			64
	18.79		26.30			144,405		1.23			0.78	(i)		1.38			52
	14.99		(4.36	)		122,217		1.24			0.68			1.38			51


	17.90		7.21			91,362		1.78			(0.16	)		1.90			31
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78
	19.07		5.02			87,191		1.78			(0.31	)		1.87			66
	21.56		28.43			49,796		1.79			(0.25	)(h)		1.82			64
	16.87		25.51			36,073		1.87			0.13	(i)		1.88			52
	13.48		(4.97	)		28,079		1.88			0.04			1.88			51


	20.85		4.89			21		1.15			0.57			1.27			31


	21.88		4.96			21		0.90			0.82			1.02			31


	21.89		7.82			332,601		0.64			0.98			0.76			31
	20.42		0.12			304,934		0.65			1.53			0.78			78


	21.90		7.68			287,272		0.89			0.72			1.13			31
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78
	22.77		5.97			510,465		0.89			0.58			1.07			66
	24.97		29.61			348,077		0.91			0.62	(h)		1.08			64
	19.45		26.60			327,834		0.98			1.03	(i)		1.13			52
	15.51		(4.11	)		269,693		0.99			0.94			1.13			51

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	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) (b)		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, 2016 (Unaudited)	$	31.20	$	0.24	$	3.63		$	3.87		$	(0.32	)	$	(0.27	)	$	(0.59	)
Year Ended June 30, 2016		35.66		0.53		(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2015		37.13		0.46		1.38			1.84			(0.44	)		(2.87	)		(3.31	)
Year Ended June 30, 2014		29.76		0.40		7.36			7.76			(0.39	)		—			(0.39	)
Year Ended June 30, 2013		23.99		0.42		5.79			6.21			(0.44	)		—			(0.44	)
Year Ended June 30, 2012		24.35		0.35		(0.34	)		0.01			(0.37	)		—			(0.37	)

Class C
Six Months Ended December 31, 2016 (Unaudited)		30.87		0.16		3.59			3.75			(0.25	)		(0.27	)		(0.52	)
Year Ended June 30, 2016		35.29		0.36		(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)
Year Ended June 30, 2015		36.80		0.27		1.37			1.64			(0.28	)		(2.87	)		(3.15	)
Year Ended June 30, 2014		29.52		0.23		7.28			7.51			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		23.80		0.29		5.74			6.03			(0.31	)		—			(0.31	)
Year Ended June 30, 2012		24.16		0.24		(0.35	)		(0.11	)		(0.25	)		—			(0.25	)

Class R2
Six Months Ended December 31, 2016 (Unaudited)		31.04		0.20		3.61			3.81			(0.30	)		(0.27	)		(0.57	)
Year Ended June 30, 2016		35.48		0.44		(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)
Year Ended June 30, 2015		37.02		0.35		1.40			1.75			(0.42	)		(2.87	)		(3.29	)
Year Ended June 30, 2014		29.69		0.31		7.33			7.64			(0.31	)		—			(0.31	)
Year Ended June 30, 2013		23.95		0.30		5.83			6.13			(0.39	)		—			(0.39	)
Year Ended June 30, 2012		24.31		0.29		(0.33	)		(0.04	)		(0.32	)		—			(0.32	)

Class R5
Six Months Ended December 31, 2016 (Unaudited)		31.42		0.30		3.66			3.96			(0.40	)		(0.27	)		(0.67	)
Year Ended June 30, 2016		35.88		0.64		(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)
Year Ended June 30, 2015		37.33		0.59		1.39			1.98			(0.56	)		(2.87	)		(3.43	)
Year Ended June 30, 2014		29.91		0.52		7.40			7.92			(0.50	)		—			(0.50	)
Year Ended June 30, 2013		24.10		0.52		5.82			6.34			(0.53	)		—			(0.53	)
Year Ended June 30, 2012		24.46		0.43		(0.34	)		0.09			(0.45	)		—			(0.45	)

Class R6
Six Months Ended December 31, 2016 (Unaudited)		31.42		0.31		3.66			3.97			(0.40	)		(0.27	)		(0.67	)
Year Ended June 30, 2016		35.89		0.66		(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)
Year Ended June 30, 2015		37.33		0.61		1.39			2.00			(0.57	)		(2.87	)		(3.44	)
Year Ended June 30, 2014		29.91		0.47		7.46			7.93			(0.51	)		—			(0.51	)
Year Ended June 30, 2013		24.10		0.53		5.83			6.36			(0.55	)		—			(0.55	)
Year Ended June 30, 2012		24.46		0.43		(0.33	)		0.10			(0.46	)		—			(0.46	)

Select Class
Six Months Ended December 31, 2016 (Unaudited)		31.34		0.27		3.65			3.92			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.80		0.57		(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2015		37.25		0.51		1.40			1.91			(0.49	)		(2.87	)		(3.36	)
Year Ended June 30, 2014		29.85		0.45		7.38			7.83			(0.43	)		—			(0.43	)
Year Ended June 30, 2013		24.06		0.46		5.81			6.27			(0.48	)		—			(0.48	)
Year Ended June 30, 2012		24.42		0.39		(0.35	)		0.04			(0.40	)		—			(0.40	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)


$	34.48		12.47	%	$	121,600		0.82	%		1.47	%		1.20	%		34	%
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	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


	34.10		12.21			40,639		1.32			0.96			1.62			34
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	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


	34.28		12.32			19,958		1.07			1.22			1.60			34
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	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


	34.71		12.66			93,144		0.48			1.81			0.61			34
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	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


	34.72		12.72			105,701		0.43			1.87			0.51			34
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66
	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


	34.63		12.55			872,161		0.67			1.64			0.95			34
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	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

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (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 R3, Class R4, 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.

**	Class R3 and Class R4 Shares commenced operations on September 9, 2016 for 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 R3, Class R4, 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.

2. Significant Accounting Policies



56	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

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

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

•

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

•

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

Intrepid Advantage Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	17,724		$	—	$	—	$	17,724


Intrepid America Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,866,099		$	—	$	—	$	3,866,099

Depreciation in Other Financial Instruments
Futures Contracts	$	(103	)	$	—	$	—	$	(103	)


Intrepid Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	960,240		$	—	$	—	$	960,240

Depreciation in Other Financial Instruments
Futures Contracts	$	(111	)	$	—	$	—	$	(111	)


Intrepid Mid Cap Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,054,077		$	—	$	14	$	1,054,091

Depreciation in Other Financial Instruments
Futures Contracts	$	(240	)	$	—	$	—	$	(240	)



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)


Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,243,246		$	—	$	—	$	1,243,246

Depreciation in Other Financial Instruments
Futures Contracts	$	(135	)	$	—	$	—	$	(135	)

(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, 2016.

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 table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2016 (amounts in thousands):


	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Value Fund
Futures Contracts:
Average Notional Balance Long	$	70,911	$	18,266	$	19,611	$	28,128
Ending Notional Balance Long		36,674		26,499		13,439		30,636

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.



58	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Class A		Class C		Class R2			Class R3			Class R4			Class R5		Class R6		Select Class		Total
Intrepid Advantage Fund
Transfer agency fees	$	1	$	1		n/a			n/a			n/a			n/a		n/a	$	1	$	3
Sub-transfer agency fees		3		2		n/a			n/a			n/a			n/a		n/a		1		6
Intrepid America Fund
Transfer agency fees		5		1	$	—	(a)		n/a			n/a			—	$	12		2		20
Sub-transfer agency fees		24		6		4			n/a			n/a		$	2		—		18		54
Intrepid Growth Fund
Transfer agency fees		8		2		—			n/a			n/a			1		2		3		16
Sub-transfer agency fees		43		19		9			n/a			n/a			69		—		33		173
Intrepid Mid Cap Fund
Transfer agency fees		27		4		n/a		$	—	(a)	$	—	(a)		n/a		1		6		38
Sub-transfer agency fees		204		60		n/a			—			—			n/a		—		153		417
Intrepid Value Fund
Transfer agency fees		72		2		15			n/a			n/a			1		1		7		98
Sub-transfer agency fees		85		21		17			n/a			n/a			18		—		961		1,102

(a)	Amount rounds to less than 500.

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

3. Fees and Other Transactions with Affiliates

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


Intrepid Advantage Fund*	0.50	%
Intrepid America Fund	0.40
Intrepid Growth Fund	0.50
Intrepid Mid Cap Fund	0.65
Intrepid Value Fund	0.40

*	Prior to November 1, 2016, the investment advisory fee for Intrepid Advantage Fund was 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator 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, 2016, 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.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class R4, Class R5, Class R6 and Select Class do not charge a distribution fee. 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			Class R3
Intrepid Advantage Fund		0.25	%		0.75	%		n/a			n/a
Intrepid America Fund		0.25			0.75			0.50	%		n/a
Intrepid Growth Fund		0.25			0.75			0.50			n/a
Intrepid Mid Cap Fund		0.25			0.75			n/a			0.25	%
Intrepid Value Fund		0.25			0.75			0.50			n/a


	Front-End Sales Charge		CDSC
Intrepid Advantage Fund	$	1	$	—	(a)
Intrepid America Fund		1		—	(a)
Intrepid Growth Fund		5		1
Intrepid Mid Cap Fund		13		1
Intrepid Value Fund		3		1

(a)	Amount rounds to less than 500.

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 R3			Class R4			Class R5			Select Class
Intrepid Advantage Fund		0.25	%		0.25	%		n/a			n/a			n/a			n/a			0.25	%
Intrepid America Fund		0.25			0.25			0.25	%		n/a			n/a			0.05	%		0.25
Intrepid Growth Fund		0.25			0.25			0.25			n/a			n/a			0.05			0.25
Intrepid Mid Cap Fund		0.25			0.25			n/a			0.25	%		0.25	%		n/a			0.25
Intrepid Value Fund		0.25			0.25			0.25			n/a			n/a			0.05			0.25

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

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



60	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

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 R3			Class R4			Class R5			Class R6			Select Class
Intrepid Advantage Fund*		1.05	%		1.55	%		n/a			n/a			n/a			n/a			n/a			0.80	%
Intrepid America Fund		1.04			1.54			1.30	%		n/a			n/a			0.60	%		0.55	%		0.80
Intrepid Growth Fund		0.93			1.42			1.18			n/a			n/a			0.48			0.43			0.68
Intrepid Mid Cap Fund		1.15			1.79			n/a			1.15	%		0.90	%		n/a			0.65			0.90
Intrepid Value Fund		0.83			1.33			1.18			n/a			n/a			0.48			0.43			0.68

*	Prior to November 1, 2016, the contractual expense limitations for Intrepid Advantage Fund were 1.15%, 1.65% and 0.90% for Class A, Class C and Select Class Shares, respectively.

The contractual expense percentages in the table above are in place until at least October 31, 2018. For Class R2 Shares of Intrepid America Fund, Intrepid Growth Fund and Intrepid Value Fund, the Adviser, Administrator and/or Distributor contractually waived fees and/or reimbursed 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) exceeded 1.29%, 1.17% and 1.08% of the Fund’s average daily net assets, respectively during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016 through December 31, 2016, the Adviser, Administrator and/or Distributor voluntarily waived fees and/or reimbursed the Funds to the extent that total annual operating expenses for Class R2 Shares exceeded 1.29%, 1.17% and 1.08%, respectively. The Funds’ service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2016 and are in place until at least October 31, 2017.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
Intrepid Advantage Fund	$	56	$	8	$	17	$	81	$	26
Intrepid America Fund		—		—		24		24		—	(a)
Intrepid Growth Fund		534		356		162		1,052		25
Intrepid Mid Cap Fund		356		236		390		982		—	(a)
Intrepid Value Fund		357		238		1,233		1,828		58


	Voluntary Waivers
	Shareholder Servicing
Intrepid America Fund	$	—	(a)
Intrepid Growth Fund		—	(a)
Intrepid Value Fund		3

(a)	Amount rounds to less than 500.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2016 were as follows (amounts in thousands):


Intrepid Advantage Fund	$	—	(a)
Intrepid America Fund		78
Intrepid Growth Fund		12
Intrepid Mid Cap Fund		18
Intrepid Value Fund		23

(a)	Amount rounds to less than 500.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2016 (Unaudited) (continued)


Intrepid Mid Cap Fund		$	—	(a)

(a)	Amount rounds to less than 500.

4. Investment Transactions

During the six months ended December 31, 2016, 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	$	7,773	$	10,664
Intrepid America Fund		1,805,980		1,853,230
Intrepid Growth Fund		333,180		416,629
Intrepid Mid Cap Fund		327,561		305,741
Intrepid Value Fund		476,642		1,042,887

During the six months ended December 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at December 31, 2016 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Advantage Fund	$	14,308	$	3,533	$	117	$	3,416
Intrepid America Fund		3,241,337		697,000		72,238		624,762
Intrepid Growth Fund		763,401		206,186		9,347		196,839
Intrepid Mid Cap Fund		883,201		205,594		34,704		170,890
Intrepid Value Fund		995,118		269,007		20,879		248,128

At June 30, 2016, the following 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	$	—	$	1,835	$	1,835
Intrepid Growth Fund		121,929		—		121,929

6. Borrowings



62	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

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).

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2016.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the six months ended December 31, 2016.

7. Risks, Concentrations and Indemnifications

As of December 31, 2016, the Funds had omnibus accounts which represented the percentage of each Fund’s net assets as follows:

As of December 31, 2016, 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:


	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Intrepid Advantage Fund		1		13.0	%		2		23.4	%
Intrepid America Fund		2		21.3			—		n/a
Intrepid Growth Fund		4		51.2			—		n/a
Intrepid Mid Cap Fund		2		24.2			—		n/a
Intrepid Value Fund		—		n/a			2		58.3

As of December 31, 2016, 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		28.7	%		62.8	%
Intrepid Growth Fund		51.7			—
Intrepid Mid Cap Fund		31.3			—

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



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	63

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Advantage Fund
Class A
Actual*	$	1,000.00	$	1,092.40	$	5.85		1.11	%
Hypothetical*		1,000.00		1,019.61		5.65		1.11
Class C
Actual*		1,000.00		1,089.50		8.48		1.61
Hypothetical*		1,000.00		1,017.09		8.19		1.61
Select Class
Actual*		1,000.00		1,093.80		4.54		0.86
Hypothetical*		1,000.00		1,020.87		4.38		0.86

Intrepid America Fund
Class A
Actual*		1,000.00		1,083.00		5.41		1.03
Hypothetical*		1,000.00		1,020.01		5.24		1.03
Class C
Actual*		1,000.00		1,080.20		8.02		1.53
Hypothetical*		1,000.00		1,017.49		7.78		1.53
Class R2
Actual*		1,000.00		1,081.50		6.72		1.28
Hypothetical*		1,000.00		1,018.75		6.51		1.28
Class R5
Actual*		1,000.00		1,085.00		3.10		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
Class R6
Actual*		1,000.00		1,085.90		2.58		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49
Select Class
Actual*		1,000.00		1,084.30		3.94		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75



64	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Growth Fund
Class A
Actual*	$	1,000.00	$	1,062.60	$	4.78		0.92	%
Hypothetical*		1,000.00		1,020.57		4.69		0.92
Class C
Actual*		1,000.00		1,060.00		7.32		1.41
Hypothetical*		1,000.00		1,018.10		7.17		1.41
Class R2
Actual*		1,000.00		1,061.40		6.03		1.16
Hypothetical*		1,000.00		1,019.36		5.90		1.16
Class R5
Actual*		1,000.00		1,065.10		2.50		0.48
Hypothetical*		1,000.00		1,022.79		2.45		0.48
Class R6
Actual*		1,000.00		1,065.20		2.24		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
Select Class
Actual*		1,000.00		1,063.90		3.54		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68

Intrepid Mid Cap Fund
Class A
Actual*		1,000.00		1,075.70		5.96		1.14
Hypothetical*		1,000.00		1,019.46		5.80		1.14
Class C
Actual*		1,000.00		1,072.10		9.30		1.78
Hypothetical*		1,000.00		1,016.23		9.05		1.78
Class R3
Actual**		1,000.00		1,048.90		3.58		1.15
Hypothetical*		1,000.00		1,019.41		5.85		1.15
Class R4
Actual**		1,000.00		1,049.60		2.80		0.90
Hypothetical*		1,000.00		1,020.67		4.58		0.90
Class R6
Actual*		1,000.00		1,078.20		3.35		0.64
Hypothetical*		1,000.00		1,021.98		3.26		0.64
Select Class
Actual*		1,000.00		1,076.80		4.66		0.89
Hypothetical*		1,000.00		1,020.72		4.53		0.89

Intrepid Value Fund
Class A
Actual*		1,000.00		1,124.70		4.39		0.82
Hypothetical*		1,000.00		1,021.07		4.18		0.82
Class C
Actual*		1,000.00		1,122.10		7.06		1.32
Hypothetical*		1,000.00		1,018.55		6.72		1.32
Class R2
Actual*		1,000.00		1,123.20		5.73		1.07
Hypothetical*		1,000.00		1,019.81		5.45		1.07
Class R5
Actual*		1,000.00		1,126.60		2.57		0.48
Hypothetical*		1,000.00		1,022.79		2.45		0.48



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Intrepid Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,127.20	$	2.31		0.43	%
Hypothetical*		1,000.00		1,023.04		2.19		0.43
Select Class
Actual*		1,000.00		1,125.50		3.59		0.67
Hypothetical*		1,000.00		1,021.83		3.41		0.67

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

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 111/365 (to reflect the actual period). Commencement of operations was September 9, 2016.



66	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

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



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

designed to improve investment results and the services provided to each Fund.

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

Fall-Out Benefits

Economies of Scale

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



68	J.P. MORGAN INTREPID FUNDS	DECEMBER 31, 2016

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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.

Investment Performance

The Trustees noted that the Intrepid Advantage Fund’s performance for Class A shares was in the second, first and first quintiles based upon the Peer Group, and in the third, first and first quintiles based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Intrepid Advantage Fund’s performance for Select Class shares was in the fourth and first quintiles based upon the Peer Group, for each of the one-, and three-year periods, and in the second, first and first quintiles based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including the proposed changes to the Fund’s investment strategy to incorporate environmental,

social and governance factors, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the Intrepid America Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, and in the third, first and first quintiles based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Intrepid America Fund’s performance for Select Class shares was in the third, second, and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the Intrepid Growth Fund’s performance for Class A shares was in the third, second and first quintiles based upon the Peer Group, and in the fourth, second and first quintiles based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Intrepid Growth Fund’s performance for Select Class shares was in the third, second and first quintiles based upon the both the Peer Group, and the Universe, for each of the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the Intrepid Mid Cap Fund’s performance for Class A shares was in the fourth, first, and first quintiles based upon both the Peer Group and the Universe for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Intrepid Mid Cap Fund’s performance for Select Class shares was in the third, first, and first quintiles for the Peer Group, and in the fourth, first, and first quintiles based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	69

The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the fourth, second, and second quintiles based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the Intrepid Value Fund’s performance for Select Class shares was in the fourth and second quintiles based upon the Peer Group for each of the one- and three-year periods, and in the fourth, second, and second quintiles based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees noted that the Intrepid Advantage Fund’s net advisory fee and actual total expenses for Class A Shares was in the fourth and first quintiles based upon the Peer Group, and in the fifth and fourth quintiles based upon the Universe, respectively. The Trustees noted that the Intrepid Advantage Fund’s net advisory fee and actual total expenses for Select Class shares were in the fourth and first quintiles based upon the Peer Group, and in the fifth and fourth quintiles based upon

the Universe, respectively. After considering the factors identified above, including the reduction of the contractual advisory fee and expense caps for certain share classes effective November 1, 2016, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Intrepid America Fund’s net advisory fee and actual total expenses for Class A shares was in the fifth and first quintiles based upon the Peer Group, and in the third and first quintiles based upon the Universe, respectively. The Trustees noted that the Intrepid America Fund’s net advisory fee and actual total expenses for Select Class shares was in the first quintile based upon the Peer Group, and in the first and second quintiles based upon the Universe, respectively. 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 based upon the Peer Group and the Universe. 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 and actual total expenses for the Class A shares was in the second quintile based upon the Peer Group, and in the first quintile based upon the Universe. The Trustees noted that the Intrepid Mid Cap Fund’s net advisory fee and actual total expenses for the Select Class shares was in the third and first quintiles based upon the Peer Group, and in the second quintile based upon the Universe. 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 the Class A shares were in the second and first quintiles based upon both the Peer Group and the Universe, respectively. The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for the Select Class shares were in the fifth and first quintiles based upon the Peer Group, and in the fourth and first quintiles based upon the Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.



DECEMBER 31, 2016	J.P. MORGAN INTREPID FUNDS	70

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

LOGO


		^© JPMorgan Chase & Co., 2017. All rights reserved. December 2016.		SAN-INT-1216

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.

Not applicable to a semi-annual report.

(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/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		March 3, 2017
By:		/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer
		March 3, 2017

JPMorgan SMID Cap Equity Fund Class I (WOOPX) N-CSRSCertified semi-annual shareholder report (management investment company)