UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of January 31, 2014

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2014.

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — 6.2%
	2,500	Deutsche Bank Securities, Inc., 0.020%, dated 01/31/14, due 02/03/14, repurchase price $2,500, collateralized by U.S. Treasury Bonds, 6.375%, 08/15/27 and U.S. Treasury Notes, 0.750%, 10/31/17 with a value of $2,550.		2,500
	2,500	Societe Generale S.A., 0.030%, dated 01/31/14, due 02/03/14, repurchase price $2,500, collateralized by U.S. Treasury Notes, 1.375% - 1.625%, 09/30/18 - 11/15/22 with a value of $2,550.		2,500
		Total Repurchase Agreements (Cost $5,000)		5,000
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligations — 66.0%
	53,068	U.S. Treasury Bill, 0.010%, 02/06/14 (m) (n) (Cost $53,068)		53,068
SHARES
	Investment Companies — 33.0%
	23,674	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) †		23,674
	2,840	JPMorgan U.S. Treasury Plus Money Market Fund, Institutional Class Shares, 0.000% (b) (l) †		2,840
		Total Investment Companies (Cost $26,514)		26,514
		Total Investments — 105.2% (Cost $84,582)		84,582
		Liabilities in Excess of Other Assets — (5.2)%		(4,206	)
		NET ASSETS — 100.0%	$	80,376

Percentages indicated are based on net assets.

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	197	Australian Dollar		03/17/14	$	17,180	$	(189	)

Return Swaps on Commodities
		TERMINATION	NOTIONAL
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	DATE	VALUE*			VALUE
Newedge USA, LLC
	Long Positions
	CBOT Soybean Meal March 2014 Futures	03/14/14	$	6,903		$	295
Jefferies Bache Financial Services, Inc.
	Long Positions
	NYMEX WTI Crude Oil March 2014 Futures	02/20/14	$	8,189		$	338
	NYMEX Natural Gas March 2014 Futures	02/26/14		6,920			641
	NYMEX Gasoline RBOB March 2014 Futures	02/28/14		7,405			(35	)
	NYMEX NY Harbor ULSD March 2014 Futures	02/28/14		7,679			(14	)
	NYBOT-ICE Cotton No. 2 March 2014 Futures	03/07/14		5,751			19
	ICE Gas Oil March 2014 Futures	03/12/14		6,291			84
	CBOT Soybean March 2014 Futures	03/14/14		4,618			(85	)
	CBOT Soybean March 2014 Futures	03/14/14		3,659			6
	CBOT Soybean Meal March 2014 Futures	03/14/14		3,238			(34	)
	ICE Brent Crude Oil April 2014 Futures	03/14/14		9,735			(50	)
	NYBOT-ICE Coca March 2014 Futures	03/14/14		4,250			266
	LME Copper March 2014 Futures	03/17/14		177			(1	)
	LME Lead March 2014 Futures	03/17/14		3,271			(48	)
	LME Nickel March 2014 Futures	03/17/14		2,428			(63	)
	LME Zinc March 2014 Futures	03/17/14		1,573			(71	)
	COMEX Silver March 2014 Futures	03/27/14		96			(4	)
	COMEX Gold 100 oz. April 2014 Futures	04/28/14		744			1
	CME Live Cattle April 2014 Futures	04/30/14		3,651			2
	Short Positions
	NYBOT-ICE Sugar No. 11 (World) March 2014 Futures	02/28/14		(1,672	)		(14	)
	CBOT Corn March 2014 Futures	03/14/14		(304	)		(2	)
	CBOT Wheat March 2014 Futures	03/14/14		(500	)		16
	LME Primary Aluminum March 2014 Futures	03/17/14		(548	)		22
	NYBOT-ICE Coffee “C” March 2014 Futures	03/19/14		(1,455	)		(99	)
						$	875
						$	1,170

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

BRENT	—	Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—	Chicago Board of Trade
CME	—	Chicago Mercantile Exchange
COMEX	—	Commodity Exchange, Inc.
ICE	—	IntercontinentalExchange, Inc.
LME	—	London Metal Exchange
NYBOT	—	New York Board of Trade
NYMEX	—	New York Mercantile Exchange
RBOB	—	Reformulated gasoline blendstock for oxygen blending
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
†	—	Approximately $22,360,000 of the investments are restricted and pledged as collateral for swaps to various brokers.
*	—	Notional value is the total value of the underlying commodity futures contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		—	(h)
Net unrealized appreciation/depreciation	$	—	(h)
Federal income tax cost of investments	$	84,582

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands, except number of contracts)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Consolidated Schedule of Portfolio Investments (“CSOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,514		$	58,068		$	—	$	84,582
Appreciation in Other Financial Instruments
Return Swaps	$	—		$	1,690		$	—	$	1,690
Depreciation in Other Financial Instruments
Futures Contracts	$	(189	)	$	—		$	—	$	(189	)
Return Swaps		—			(520	)		—		(520	)
Total Depreciation in Other Financial Instruments	$	(189	)	$	(520	)	$	—	$	(709	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the CSOI. Level 1 consists of two affiliated money market mutual funds, which are held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including futures contracts, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Highbridge Dynamic Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands, except number of contracts)

Notes (a) — (b) below describe the various derivatives used by the Fund.

(a). Futures Contracts — The Fund uses financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(b). Swaps — The Fund engages in various swap transactions within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOI. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities.

Return Swaps on Commodities and Commodity Indices — The Fund uses return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.9% (j)
	Common Stocks — 91.6%
			Consumer Discretionary — 12.6%
			Auto Components — 0.7%
	7		Lear Corp.		492
	13		TRW Automotive Holdings Corp. (a)		979
					1,471
			Automobiles — 1.2%
	71		General Motors Co. (a)		2,564
			Hotels, Restaurants & Leisure — 0.7%
	18		Royal Caribbean Cruises Ltd.		909
	3		Starbucks Corp.		187
	4		Starwood Hotels & Resorts Worldwide, Inc.		321
					1,417
			Household Durables — 1.0%
	4		Harman International Industries, Inc.		362
	15		Lennar Corp., Class A		595
	32		PulteGroup, Inc.		649
	17		Toll Brothers, Inc. (a)		635
					2,241
			Internet & Catalog Retail — 1.1%
	5		Amazon.com, Inc. (a)		1,818
	—	(h)	priceline.com, Inc. (a)		481
					2,299
			Media — 5.3%
	43		CBS Corp. (Non-Voting), Class B		2,547
	26		Comcast Corp., Class A		1,415
	19		DISH Network Corp., Class A (a)		1,071
	6		Time Warner Cable, Inc.		778
	89		Time Warner, Inc.		5,623
					11,434
			Specialty Retail — 2.0%
	2		AutoZone, Inc. (a)		797
	18		Home Depot, Inc. (The)		1,413
	20		Lowe’s Cos., Inc.		931
	19		TJX Cos., Inc.		1,083
					4,224
			Textiles, Apparel & Luxury Goods — 0.6%
	9		Lululemon Athletica, Inc., (Canada) (a)		417
	16		V.F. Corp.		912
					1,329
			Total Consumer Discretionary		26,979

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 7.0%
		Beverages — 1.9%
	22	Coca-Cola Enterprises, Inc.		973
	4	Constellation Brands, Inc., Class A (a)		330
	11	Dr. Pepper Snapple Group, Inc.		504
	8	Molson Coors Brewing Co., Class B		416
	24	PepsiCo, Inc.		1,901
				4,124
		Food & Staples Retailing — 0.6%
	19	CVS Caremark Corp.		1,319
		Food Products — 3.0%
	46	Archer-Daniels-Midland Co.		1,831
	45	General Mills, Inc.		2,175
	7	Kellogg Co.		387
	58	Mondelez International, Inc., Class A		1,889
				6,282
		Household Products — 0.5%
	6	Kimberly-Clark Corp.		642
	5	Procter & Gamble Co. (The)		416
				1,058
		Tobacco — 1.0%
	27	Philip Morris International, Inc.		2,145
		Total Consumer Staples		14,928
		Energy — 2.9%
		Energy Equipment & Services — 1.5%
	15	Ensco plc, (United Kingdom), Class A		730
	17	Halliburton Co.		836
	18	Schlumberger Ltd.		1,608
				3,174
		Oil, Gas & Consumable Fuels — 1.4%
	10	Anadarko Petroleum Corp.		841
	6	Cheniere Energy, Inc. (a)		265
	5	EQT Corp.		473
	9	Marathon Petroleum Corp.		805
	8	Occidental Petroleum Corp.		683
				3,067
		Total Energy		6,241
		Financials — 16.4%
		Capital Markets — 2.6%
	31	Charles Schwab Corp. (The)		765
	44	Invesco Ltd.		1,462
	52	Morgan Stanley		1,540
	18	State Street Corp.		1,208

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Capital Markets — Continued
	21	TD Ameritrade Holding Corp.		671
				5,646
		Commercial Banks — 2.7%
	19	BB&T Corp.		719
	10	CIT Group, Inc.		479
	22	Comerica, Inc.		1,005
	6	PNC Financial Services Group, Inc. (The)		455
	12	Popular, Inc., (Puerto Rico) (a)		303
	6	SVB Financial Group (a)		706
	49	Wells Fargo & Co.		2,207
				5,874
		Consumer Finance — 0.6%
	15	Capital One Financial Corp.		1,053
	5	Santander Consumer USA Holdings, Inc. (a)		138
				1,191
		Diversified Financial Services — 1.8%
	109	Bank of America Corp.		1,833
	25	Citigroup, Inc.		1,201
	4	IntercontinentalExchange Group, Inc.		825
				3,859
		Insurance — 5.1%
	37	ACE Ltd., (Switzerland)		3,461
	10	Axis Capital Holdings Ltd., (Bermuda)		460
	5	Everest Re Group Ltd., (Bermuda)		672
	30	Marsh & McLennan Cos., Inc.		1,369
	52	MetLife, Inc.		2,563
	4	Prudential Financial, Inc.		322
	5	RenaissanceRe Holdings Ltd., (Bermuda)		493
	12	Travelers Cos., Inc. (The)		993
	18	XL Group plc, (Ireland)		503
				10,836
		Real Estate Investment Trusts (REITs) — 3.6%
	5	AvalonBay Communities, Inc.		558
	8	Boston Properties, Inc.		853
	34	Brandywine Realty Trust		480
	14	Brixmor Property Group, Inc.		296
	70	DCT Industrial Trust, Inc.		502
	9	Digital Realty Trust, Inc.		451
	10	Extra Space Storage, Inc.		457
	1	GEO Group, Inc. (The)		21
	16	Highwoods Properties, Inc.		609
	13	Kilroy Realty Corp.		682
	24	Kimco Realty Corp.		494

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	9	Mid-America Apartment Communities, Inc.		574
	12	Post Properties, Inc.		542
	19	Prologis, Inc.		748
	34	Sunstone Hotel Investors, Inc.		442
				7,709
		Total Financials		35,115
		Health Care — 10.9%
		Biotechnology — 3.3%
	8	Alexion Pharmaceuticals, Inc. (a)		1,319
	8	Biogen Idec, Inc. (a)		2,461
	13	Celgene Corp. (a)		1,990
	15	Vertex Pharmaceuticals, Inc. (a)		1,212
				6,982
		Health Care Equipment & Supplies — 1.3%
	16	Baxter International, Inc.		1,087
	22	Stryker Corp.		1,738
				2,825
		Health Care Providers & Services — 2.1%
	6	Aetna, Inc.		423
	12	Humana, Inc.		1,123
	6	McKesson Corp.		984
	27	UnitedHealth Group, Inc.		1,941
				4,471
		Health Care Technology — 0.3%
	12	Cerner Corp. (a)		682
		Life Sciences Tools & Services — 0.5%
	5	Mettler-Toledo International, Inc. (a)		1,121
		Pharmaceuticals — 3.4%
	4	Allergan, Inc.		401
	63	Bristol-Myers Squibb Co.		3,162
	42	Johnson & Johnson		3,735
				7,298
		Total Health Care		23,379
		Industrials — 14.5%
		Aerospace & Defense — 4.8%
	38	Honeywell International, Inc.		3,511
	58	United Technologies Corp.		6,651
				10,162
		Airlines — 0.4%
	19	United Continental Holdings, Inc. (a)		880
		Building Products — 0.4%
	39	Masco Corp.		824

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Construction & Engineering — 1.5%
	43	Fluor Corp.		3,288
		Electrical Equipment — 2.4%
	22	Eaton Corp. plc, (Ireland)		1,572
	52	Emerson Electric Co.		3,453
				5,025
		Machinery — 1.8%
	44	PACCAR, Inc.		2,460
	13	SPX Corp.		1,326
				3,786
		Road & Rail — 2.8%
	117	CSX Corp.		3,150
	5	Norfolk Southern Corp.		471
	14	Union Pacific Corp.		2,431
				6,052
		Trading Companies & Distributors — 0.4%
	4	W.W. Grainger, Inc.		907
		Total Industrials		30,924
		Information Technology — 15.6%
		Communications Equipment — 1.5%
	62	Cisco Systems, Inc.		1,356
	25	QUALCOMM, Inc.		1,868
				3,224
		Computers & Peripherals — 0.4%
	11	SanDisk Corp.		789
		Internet Software & Services — 4.0%
	31	eBay, Inc. (a)		1,675
	6	Facebook, Inc., Class A (a)		396
	5	Google, Inc., Class A (a)		5,881
	3	LinkedIn Corp., Class A (a)		613
				8,565
		IT Services — 1.8%
	7	Accenture plc, (Ireland), Class A		559
	3	Alliance Data Systems Corp. (a)		745
	8	Cognizant Technology Solutions Corp., Class A (a)		742
	8	Fidelity National Information Services, Inc.		427
	7	Visa, Inc., Class A		1,418
				3,891
		Semiconductors & Semiconductor Equipment — 6.3%
	57	Applied Materials, Inc.		957
	3	ASML Holding N.V., (Netherlands) Reg. S.		212
	86	Avago Technologies Ltd., (Singapore)		4,721
	51	Freescale Semiconductor Ltd. (a)		928

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — Continued
	17	KLA-Tencor Corp.		1,036
	40	Lam Research Corp. (a)		2,031
	43	Maxim Integrated Products, Inc.		1,301
	44	ON Semiconductor Corp. (a)		371
	41	Teradyne, Inc. (a)		765
	25	Xilinx, Inc.		1,138
				13,460
		Software — 1.6%
	16	Adobe Systems, Inc. (a)		936
	14	Citrix Systems, Inc. (a)		768
	13	Microsoft Corp.		506
	18	Oracle Corp.		675
	5	VMware, Inc., Class A (a)		490
				3,375
		Total Information Technology		33,304
		Materials — 5.4%
		Chemicals — 1.8%
	12	Air Products & Chemicals, Inc.		1,249
	25	Axiall Corp.		986
	12	Dow Chemical Co. (The)		564
	10	Monsanto Co.		1,105
				3,904
		Containers & Packaging — 0.6%
	26	Ball Corp.		1,307
		Metals & Mining — 2.8%
	257	Alcoa, Inc.		2,953
	94	Alumina Ltd., (Australia), ADR (a)		411
	46	Freeport-McMoRan Copper & Gold, Inc.		1,484
	38	United States Steel Corp.		986
				5,834
		Paper & Forest Products — 0.2%
	8	International Paper Co.		382
		Total Materials		11,427
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	33	Verizon Communications, Inc.		1,601
		Utilities — 5.5%
		Electric Utilities — 2.7%
	39	American Electric Power Co., Inc.		1,891
	10	Edison International		474
	36	NextEra Energy, Inc.		3,265
				5,630

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Multi-Utilities — 2.1%
	6		Ameren Corp.		235
	56		CMS Energy Corp.		1,548
	7		DTE Energy Co.		471
	33		NiSource, Inc.		1,120
	12		Sempra Energy		1,087
					4,461
			Water Utilities — 0.7%
	37		American Water Works Co., Inc.		1,569
			Total Utilities		11,660
			Total Common Stocks (Cost $193,318)		195,558
	Short-Term Investment — 8.3%
			Investment Company — 8.3%
	17,824		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $17,824)		17,824
			Total Investments — 99.9% (Cost $211,142)		213,382
			Other Assets in Excess of Liabilities — 0.1%		283
			NET ASSETS — 100.0%	$	213,665
	Short Positions — 91.6%
	Common Stocks — 91.6%
			Consumer Discretionary — 12.6%
			Auto Components — 1.0%
	11		Autoliv, Inc., (Sweden)		983
	6		BorgWarner, Inc.		317
	25		Gentex Corp.		801
					2,101
			Automobiles — 0.8%
	109		Ford Motor Co.		1,637
			Distributors — 0.1%
	2		Genuine Parts Co.		204
			Hotels, Restaurants & Leisure — 2.4%
	—	(h)	Chipotle Mexican Grill, Inc. (a)		226
	35		Choice Hotels International, Inc.		1,693
	12		Darden Restaurants, Inc.		583
	33		Hyatt Hotels Corp., Class A (a)		1,570
	7		Marriott International, Inc., Class A		335
	13		Tim Hortons, Inc., (Canada)		678
					5,085

SHARES		SECURITY DESCRIPTION	VALUE($)
		Household Durables — 0.0% (g)
	1	Harman International Industries, Inc.		58
		Internet & Catalog Retail — 1.7%
	31	Groupon, Inc. (a)		323
	8	Netflix, Inc. (a)		3,270
				3,593
		Leisure Equipment & Products — 0.8%
	18	Hasbro, Inc.		889
	22	Mattel, Inc.		823
				1,712
		Media — 4.7%
	4	AMC Networks, Inc., Class A (a)		285
	14	Discovery Communications, Inc., Class A (a)		1,109
	3	Graham Holdings Co., Class B		1,866
	45	Interpublic Group of Cos., Inc. (The)		733
	65	News Corp., Class B (a)		1,019
	25	Omnicom Group, Inc.		1,830
	26	Scripps Networks Interactive, Inc., Class A		1,891
	43	Twenty-First Century Fox, Inc., Class B		1,354
				10,087
		Multiline Retail — 0.3%
	9	Kohl’s Corp.		443
	4	Target Corp.		249
				692
		Specialty Retail — 0.6%
	1	Advance Auto Parts, Inc.		121
	8	Bed Bath & Beyond, Inc. (a)		480
	5	O’Reilly Automotive, Inc. (a)		640
				1,241
		Textiles, Apparel & Luxury Goods — 0.2%
	4	Under Armour, Inc., Class A (a)		422
		Total Consumer Discretionary		26,832
		Consumer Staples — 7.9%
		Beverages — 0.5%
	1	Boston Beer Co., Inc. (The), Class A (a)		291
	9	Brown-Forman Corp., Class B		714
				1,005
		Food & Staples Retailing — 2.2%
	15	Safeway, Inc.		455
	48	Sysco Corp.		1,670
	19	Walgreen Co.		1,064
	20	Wal-Mart Stores, Inc.		1,464
				4,653

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Food Products — 1.9%
	29	Hershey Co. (The)		2,881
	17	Mead Johnson Nutrition Co.		1,278
				4,159
		Household Products — 1.4%
	37	Church & Dwight Co., Inc.		2,381
	7	Clorox Co. (The)		611
				2,992
		Personal Products — 1.1%
	33	Estee Lauder Cos., Inc. (The), Class A		2,248
		Tobacco — 0.8%
	50	Altria Group, Inc.		1,775
		Total Consumer Staples		16,832
		Energy — 3.1%
		Energy Equipment & Services — 0.4%
	47	Nabors Industries Ltd., (Bermuda)		806
		Oil, Gas & Consumable Fuels — 2.7%
	15	ConocoPhillips		957
	21	CONSOL Energy, Inc.		799
	10	Devon Energy Corp.		605
	7	Energen Corp.		460
	11	Exxon Mobil Corp.		976
	9	Phillips 66		629
	21	Spectra Energy Corp.		738
	40	WPX Energy, Inc. (a)		759
				5,923
		Total Energy		6,729
		Financials — 17.0%
		Capital Markets — 3.0%
	5	Ameriprise Financial, Inc.		475
	17	Bank of New York Mellon Corp. (The)		553
	3	BlackRock, Inc.		967
	19	Federated Investors, Inc., Class B		514
	29	Franklin Resources, Inc.		1,514
	17	Northern Trust Corp.		1,051
	17	T. Rowe Price Group, Inc.		1,304
				6,378
		Commercial Banks — 5.0%
	36	BancorpSouth, Inc.		846
	32	Bank of Hawaii Corp.		1,797
	23	Commerce Bancshares, Inc.		1,004
	14	Cullen/Frost Bankers, Inc.		1,066
	25	Fifth Third Bancorp		515
	38	First Horizon National Corp.		442

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — Continued
	33	KeyCorp		427
	11	Prosperity Bancshares, Inc.		666
	5	Signature Bank (a)		616
	20	Trustmark Corp.		466
	25	UMB Financial Corp.		1,504
	128	Valley National Bancorp		1,244
				10,593
		Consumer Finance — 0.3%
	12	Discover Financial Services		624
		Diversified Financial Services — 0.2%
	5	CME Group, Inc.		377
		Insurance — 5.0%
	23	Arch Capital Group Ltd., (Bermuda) (a)		1,246
	16	Assurant, Inc.		1,069
	22	Chubb Corp. (The)		1,873
	16	Principal Financial Group, Inc.		695
	133	Progressive Corp. (The)		3,084
	22	Torchmark Corp.		1,646
	30	W.R. Berkley Corp.		1,171
				10,784
		Real Estate Investment Trusts (REITs) — 3.5%
	10	EastGroup Properties, Inc.		615
	6	Federal Realty Investment Trust		665
	1	GEO Group, Inc. (The)		21
	10	Home Properties, Inc.		552
	41	Hudson Pacific Properties, Inc.		884
	17	Omega Healthcare Investors, Inc.		532
	3	Public Storage		441
	16	Realty Income Corp.		671
	34	Senior Housing Properties Trust		761
	4	SL Green Realty Corp.		394
	12	Tanger Factory Outlet Centers		384
	46	UDR, Inc.		1,117
	20	Washington Real Estate Investment Trust		461
				7,498
		Total Financials		36,254
		Health Care — 10.4%
		Biotechnology — 1.2%
	11	Amgen, Inc.		1,362
	7	Medivation, Inc. (a)		553
	2	Regeneron Pharmaceuticals, Inc. (a)		462
	3	United Therapeutics Corp. (a)		267
				2,644

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Health Care Equipment & Supplies — 2.9%
	10	Becton, Dickinson & Co.		1,088
	8	C.R. Bard, Inc.		1,065
	22	Medtronic, Inc.		1,256
	10	St. Jude Medical, Inc.		589
	4	Varian Medical Systems, Inc. (a)		320
	21	Zimmer Holdings, Inc.		1,963
				6,281
		Health Care Providers & Services — 2.5%
	10	Cardinal Health, Inc.		660
	13	DaVita HealthCare Partners, Inc. (a)		818
	9	Express Scripts Holding Co. (a)		649
	11	Laboratory Corp. of America Holdings (a)		950
	20	Tenet Healthcare Corp. (a)		926
	15	WellPoint, Inc.		1,291
				5,294
		Health Care Technology — 0.2%
	20	Allscripts Healthcare Solutions, Inc. (a)		331
		Pharmaceuticals — 3.6%
	28	AbbVie, Inc.		1,379
	47	Eli Lilly & Co.		2,537
	35	Hospira, Inc. (a)		1,538
	74	Pfizer, Inc.		2,236
				7,690
		Total Health Care		22,240
		Industrials — 14.0%
		Aerospace & Defense — 4.4%
	18	Boeing Co. (The)		2,310
	29	Lockheed Martin Corp.		4,402
	28	Raytheon Co.		2,641
				9,353
		Air Freight & Logistics — 0.4%
	10	United Parcel Service, Inc., Class B		943
		Airlines — 0.2%
	19	Southwest Airlines Co.		400
		Electrical Equipment — 1.2%
	23	Rockwell Automation, Inc.		2,595
		Industrial Conglomerates — 2.5%
	8	3M Co.		1,054
	14	Danaher Corp.		1,014
	131	General Electric Co.		3,293
				5,361

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.6%
	14	Caterpillar, Inc.		1,329
	28	Dover Corp.		2,383
	18	Illinois Tool Works, Inc.		1,412
	7	Ingersoll-Rand plc, (Ireland)		394
				5,518
		Road & Rail — 2.0%
	117	Heartland Express, Inc.		2,467
	29	Knight Transportation, Inc.		613
	43	Werner Enterprises, Inc.		1,117
				4,197
		Trading Companies & Distributors — 0.7%
	22	Fastenal Co.		971
	8	GATX Corp.		492
				1,463
		Total Industrials		29,830
		Information Technology — 13.4%
		Communications Equipment — 0.2%
	17	Juniper Networks, Inc. (a)		463
		Computers & Peripherals — 0.5%
	1	Apple, Inc.		505
	10	Seagate Technology plc, (Ireland)		513
				1,018
		Internet Software & Services — 0.9%
	32	AOL, Inc. (a)		1,478
	7	Twitter, Inc. (a)		432
				1,910
		IT Services — 2.6%
	22	Automatic Data Processing, Inc.		1,723
	10	International Business Machines Corp.		1,845
	7	MasterCard, Inc., Class A		530
	26	Paychex, Inc.		1,077
	14	Vantiv, Inc., Class A (a)		431
				5,606
		Semiconductors & Semiconductor Equipment — 7.5%
	74	Advanced Micro Devices, Inc. (a)		254
	37	Analog Devices, Inc.		1,795
	147	Intel Corp.		3,599
	61	Linear Technology Corp.		2,735
	55	Microchip Technology, Inc.		2,453
	18	Micron Technology, Inc. (a)		423
	61	NVIDIA Corp.		957
	131	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		2,223

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Semiconductors & Semiconductor Equipment — Continued
	35	Texas Instruments, Inc.		1,488
				15,927
		Software — 1.7%
	98	Electronic Arts, Inc. (a)		2,593
	11	Red Hat, Inc. (a)		642
	8	Salesforce.com, Inc. (a)		488
				3,723
		Total Information Technology		28,647
		Materials — 6.0%
		Chemicals — 3.7%
	27	Cabot Corp.		1,292
	13	Ecolab, Inc.		1,347
	18	OM Group, Inc. (a)		582
	27	Praxair, Inc.		3,330
	8	Sigma-Aldrich Corp.		721
	10	Valspar Corp. (The)		671
				7,943
		Containers & Packaging — 0.2%
	14	Bemis Co., Inc.		535
		Metals & Mining — 1.9%
	102	Cliffs Natural Resources, Inc.		1,964
	27	Nucor Corp.		1,304
	53	Vale S.A., (Brazil), ADR		724
				3,992
		Paper & Forest Products — 0.2%
	3	Domtar Corp., (Canada)		365
		Total Materials		12,835
		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 2.0%
	125	AT&T, Inc.		4,180
		Utilities — 5.2%
		Electric Utilities — 2.7%
	21	Entergy Corp.		1,336
	43	Exelon Corp.		1,246
	77	Southern Co. (The)		3,190
				5,772
		Gas Utilities — 0.4%
	14	ONEOK, Inc.		956
		Multi-Utilities — 2.1%
	15	Consolidated Edison, Inc.		838
	13	MDU Resources Group, Inc.		403
	38	Public Service Enterprise Group, Inc.		1,275

SHARES			SECURITY DESCRIPTION	VALUE($)
			Multi-Utilities — Continued
	10		SCANA Corp.		492
	35		Wisconsin Energy Corp.		1,476
					4,484
			Total Utilities		11,212
			Total Common Stocks (Proceeds $195,996)		195,591
NUMBER OF WARRANTS
	Warrant — 0.0%
			Energy — 0.0%
			Oil, Gas & Consumable Fuels — 0.0%
	—	(h)	Magnum Hunter Resources Corp., expiring 04/15/15 (a) (Proceeds $—)		—
			Total Short Positions (Proceeds $195,996)	$	195,591

Percentages indicated are based on net assets.

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(1)	E-mini S&P 500		03/21/14	$	(89	)	$	—	(h)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (warrants, shares or dollars).
(j)	—	All or a portion of these securities are segregated for short sales.
(l)	—	The rate shown is the current yield as of January 31, 2014.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,903
Aggregate gross unrealized depreciation		(4,663	)
Net unrealized appreciation/depreciation	$	2,240
Federal income tax cost of investments	$	211,142

JPMorgan Market Neutral Fund

(Formerly Highbridge Statistical Market Neutral Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Market Neutral Fund

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	213,382		$	—		$	—	$	213,382
Total Liabilities (b)	$	(195,591	)	$	—	(c)	$	—	$	(195,591	)
Appreciation in Other Financial Instruments
Futures Contracts	$	—	(d)	$	—		$	—	$	—	(d)

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

(b) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of warrants. Please refer to the SOI for industry specifics of portfolio holdings.

(c) Value is zero

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 91.6%
			Australia — 22.5%
	4		Amcor Ltd.		41
	19		Arrium Ltd.		26
	5		Australia & New Zealand Banking Group Ltd.		122
	6		BHP Billiton Ltd.		178
	7		Challenger Ltd.		36
	3		Commonwealth Bank of Australia		172
	1		CSL Ltd.		69
	6		Fortescue Metals Group Ltd.		29
	8		Insurance Australia Group Ltd.		40
	2		JB Hi-Fi Ltd.		26
	4		Lend Lease Group		34
	1		Macquarie Group Ltd.		47
	2		Mineral Resources Ltd.		16
	4		National Australia Bank Ltd.		111
	1		Ramsay Health Care Ltd.		30
	1		Rio Tinto Ltd.		61
	16		SP AusNet		17
	3		Suncorp Group Ltd.		35
	11		Telstra Corp., Ltd.		48
	—	(h)	Wesfarmers Ltd.		2
	5		Westpac Banking Corp.		139
	—	(h)	Woolworths Ltd.		5
					1,284
			China — 17.2%
	84		Agricultural Bank of China Ltd., Class H		37
	15		Anta Sports Products Ltd.		22
	184		Bank of China Ltd., Class H		78
	33		BBMG Corp., Class H		26
	30		Beijing Capital International Airport Co., Ltd., Class H		23
	148		China Construction Bank Corp., Class H		102
	30		China National Building Material Co., Ltd., Class H		29
	16		China Oilfield Services Ltd., Class H		43
	76		China Petroleum & Chemical Corp., Class H		60
	27		CNOOC Ltd.		42
	41		Country Garden Holdings Co., Ltd.		22
	20		Dongfeng Motor Group Co., Ltd., Class H		29
	6		Great Wall Motor Co., Ltd., Class H		26
	16		Guangzhou R&F Properties Co., Ltd., Class H		21
	28		Huaneng Power International, Inc., Class H		26
	141		Industrial & Commercial Bank of China Ltd., Class H		87
	26		Lenovo Group Ltd.		34
	6		New China Life Insurance Co., Ltd., Class H (a)		18
	28		PICC Property & Casualty Co., Ltd., Class H		38
	6		Ping An Insurance Group Co. of China Ltd., Class H		44
	43		Sunac China Holdings Ltd.		26
	2		Tencent Holdings Ltd.		126
	28		Yangzijiang Shipbuilding Holdings Ltd.		25
					984
			Hong Kong — 16.7%
	23		AIA Group Ltd.		105
	18		Brilliance China Automotive Holdings Ltd.		27
	16		Cathay Pacific Airways Ltd.		33
	2		Cheung Kong Holdings Ltd.		30
	2		Cheung Kong Infrastructure Holdings Ltd.		12
	30		China Gas Holdings Ltd.		42
	5		China Mobile Ltd.		43
	61		China Power International Development Ltd.		21
	52		China Resources Cement Holdings Ltd.		35
	8		China Resources Gas Group Ltd.		25
	10		China Resources Land Ltd.		24
	16		China State Construction International Holdings Ltd.		29
	14		Chow Tai Fook Jewellery Group Ltd.		20
	14		Dah Sing Banking Group Ltd.		20
	8		Galaxy Entertainment Group Ltd. (a)		78
	85		GCL-Poly Energy Holdings Ltd. (a)		29
	194		GOME Electrical Appliances Holdings Ltd.		34
	6		Hutchison Whampoa Ltd.		74
	23		Johnson Electric Holdings Ltd.		21
	26		Ju Teng International Holdings Ltd.		17
	11		Melco International Development Ltd.		40
	37		Pacific Basin Shipping Ltd.		23
	8		Sands China Ltd.		61
	11		Shimao Property Holdings Ltd.		23
	64		Shun Tak Holdings Ltd.		37
	6		Wheelock & Co., Ltd.		24
	9		Yue Yuen Industrial Holdings Ltd.		28
					955

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Indonesia — 1.0%
	55		Bank Negara Indonesia Persero Tbk PT		20
	57		Bank Rakyat Indonesia Persero Tbk PT		39
					59
			Malaysia — 1.8%
	10		Malayan Banking Bhd		30
	2		Petronas Dagangan Bhd		20
	15		Tenaga Nasional Bhd		53
					103
			New Zealand — 0.7%
	6		Ryman Healthcare Ltd.		37
			Philippines — 1.5%
	46		Alliance Global Group, Inc.		27
	223		Megaworld Corp.		18
	12		Metropolitan Bank & Trust Co.		20
	25		Puregold Price Club, Inc.		21
					86
			Singapore — 2.0%
	4		DBS Group Holdings Ltd.		52
	20		Ezion Holdings Ltd.		36
	1		Jardine Cycle & Carriage Ltd.		27
					115
			South Korea — 13.8%
	2		BS Financial Group, Inc.		28
	—	(h)	Daelim Industrial Co., Ltd.		24
	—	(h)	E-Mart Co., Ltd.		24
	1		Halla Visteon Climate Control Corp.		24
	—	(h)	Hyundai Mobis		58
	—	(h)	Hyundai Motor Co.		78
	1		Kia Motors Corp.		47
	2		Korean Reinsurance Co.		17
	—	(h)	LG Corp.		22
	—	(h)	Lotte Chemical Corp.		24
	—	(h)	Mando Corp.		24
	—	(h)	POSCO		40
	—	(h)	Samsung Electronics Co., Ltd.		188
	1		Samsung Heavy Industries Co., Ltd.		24
	1		Shinhan Financial Group Co., Ltd.		49
	—	(h)	SK Holdings Co., Ltd.		30
	1		SK Hynix, Inc. (a)		51
	—	(h)	SK Telecom Co., Ltd.		37
					789
			Taiwan — 13.3%
	5		Advantech Co., Ltd.		31
	4		Asustek Computer, Inc.		37
	6		Catcher Technology Co., Ltd.		40
	35		Cathay Financial Holding Co., Ltd.		53
	38		Compal Electronics, Inc.		28
	51		CTBC Financial Holding Co., Ltd.		33
	9		Delta Electronics, Inc.		49
	33		E.Sun Financial Holding Co., Ltd.		20
	27		Fubon Financial Holding Co., Ltd.		38
	24		Hon Hai Precision Industry Co., Ltd.		67
	35		Inotera Memories, Inc. (a)		27
	1		Largan Precision Co., Ltd.		30
	4		MediaTek, Inc.		53
	8		Quanta Computer, Inc.		20
	7		Radiant Opto-Electronics Corp.		30
	54		SinoPac Financial Holdings Co., Ltd.		25
	48		Taishin Financial Holding Co., Ltd.		23
	45		Taiwan Semiconductor Manufacturing Co., Ltd.		155
					759
			Thailand — 1.1%
	4		Airports of Thailand PCL		19
	15		Bangchak Petroleum PCL (The)		12
	34		Krung Thai Bank PCL		17
	7		PTT Global Chemical PCL		15
					63
			Total Common Stocks (Cost $4,718)		5,234
NUMBER OF RIGHTS
	Rights — 0.9%
			India — 0.9%
	2		Tech Mahindra Ltd., expiring 09/16/16 (a) (Cost $38)		52
SHARES
	Structured Instruments — 6.6%
			India — 6.6%
			Low Exercise Call Warrants — 6.6%
	1		Dr Reddy’s Laboratories Ltd., expiring 12/17/14 (issued through BNP Paribas) (a)		36
	2		HCL Technologies Ltd., expiring 08/23/16 (issued through UBS AG) (a)		51

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — Continued
		Low Exercise Call Warrants — Continued
	1	Infosys Ltd., expiring 01/13/17 (issued through UBS AG) (a)		61
	1	Lupin Ltd., expiring 10/23/14 (issued through BNP Paribas) (a)		18
	2	Reliance Industries Ltd., expiring 01/07/15 (issued through BNP Paribas) (a)		32
	6	Sun Pharmaceutical Industries Ltd., expiring 06/29/15 (issued through UBS AG) (a)		52
	1	Tata Consultancy Services Ltd., expiring 08/26/14 (issued through BNP Paribas) (a)		39
	5	Tata Motors Ltd., expiring 10/29/14 (issued through BNP Paribas) (a)		29
	5	Tata Steel Ltd., expiring 11/18/14 (issued through BNP Paribas) (a)		27
	10	UBS AG, expiring 07/08/16 (issued through UBS AG) (a)		14
	6	United Phosphorus Ltd., expiring 04/25/14 (issued through BNP Paribas) (a)		18
		Total Structured Instruments (Cost $343)		377
		Total Investments — 99.1% (Cost $5,099)		5,663
		Other Assets in Excess of Liabilities — 0.9%		52
		NET ASSETS — 100.0%	$	5,715

Percentages indicated are based on net assets.

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		22.1	%
Semiconductors & Semiconductor Equipment		9.4
Insurance		6.2
Metals & Mining		5.9
Automobiles		4.2
Real Estate Management & Development		3.9
IT Services		3.6
Industrial Conglomerates		3.4
Computers & Peripherals		3.3
Hotels, Restaurants & Leisure		3.2
Oil, Gas & Consumable Fuels		2.9
Electronic Equipment, Instruments & Components		2.9
Internet Software & Services		2.2
Auto Components		1.9
Pharmaceuticals		1.8
Construction Materials		1.6
Electric Utilities		1.5
Wireless Telecommunication Services		1.4
Specialty Retail		1.4
Energy Equipment & Services		1.4
Diversified Financial Services		1.3
Biotechnology		1.2
Health Care Providers & Services		1.2
Gas Utilities		1.2
Capital Markets		1.1
Chemicals		1.0
Others (each less than 1.0%)		8.8

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(h)	—  Amount rounds to less than one thousand (shares or dollars).

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $5,235,000 and 92.4% respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	665
Aggregate gross unrealized depreciation		(101	)
Net unrealized appreciation/depreciation	$	564
Federal income tax cost of investments	$	5,099

JPMorgan Asia Pacific Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	48	$	5,615	$	—	$	5,663

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.7%
		China — 47.7%
	1,709	AAC Technologies Holdings, Inc.		7,320
	27,905	Agricultural Bank of China Ltd., Class H		12,182
	1,099	Anhui Conch Cement Co., Ltd., Class H		4,239
	12,851	China Cinda Asset Management Co., Ltd., Class H (a)		8,309
	2,226	China Conch Venture Holdings Ltd. (a)		5,481
	45,279	China Construction Bank Corp., Class H		31,367
	11,848	China Eastern Airlines Corp., Ltd., Class H (a)		4,025
	3,882	China Life Insurance Co., Ltd., Class H		10,566
	4,330	China Longyuan Power Group Corp., Class H		5,215
	8,485	China Minsheng Banking Corp., Ltd., Class H		8,297
	5,456	China Modern Dairy Holdings Ltd. (a)		2,534
	3,118	China Oilfield Services Ltd., Class H		8,362
	20,410	China Petroleum & Chemical Corp., Class H		16,121
	4,062	China Shipping Development Co., Ltd., Class H (a)		2,432
	11,304	China Telecom Corp., Ltd., Class H		5,194
	8,131	China Vanke Co., Ltd., Class B		13,497
	2,381	Chongqing Changan Automobile Co. Ltd., Class B		4,298
	9,001	CNOOC Ltd.		13,981
	3,140	Dongfeng Motor Group Co., Ltd., Class H		4,623
	274	E-House China Holdings Ltd., ADR		3,343
	1,386	Great Wall Motor Co., Ltd., Class H		6,523
	2,285	Greentown China Holdings Ltd.		3,256
	13,072	Huaneng Renewables Corp. Ltd., Class H		5,465
	28,783	Industrial & Commercial Bank of China Ltd., Class H		17,746
	4,767	Intime Retail Group Co., Ltd.		4,786
	2,034	MGM China Holdings Ltd.		7,972
	2,245	Phoenix Healthcare Group Co., Ltd. (a)		3,706
	1,987	Ping An Insurance Group Co. of China Ltd., Class H		16,055
	947	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		2,342
	2,868	Sun Art Retail Group Ltd.		3,755
	693	Tencent Holdings Ltd.		48,579
	2,722	Tingyi Cayman Islands Holding Corp.		7,043
	6,045	Want Want China Holdings Ltd.		8,170
				306,784
		Hong Kong — 25.4%
	6,703	AIA Group Ltd.		30,897

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — Continued
	11,456	Beijing Enterprises Water Group Ltd.		6,469
	1,552	BOC Hong Kong Holdings Ltd.		4,717
	925	Cheung Kong Holdings Ltd.		13,716
	4,553	China Everbright International Ltd.		5,992
	1,444	China Merchants Holdings International Co., Ltd.		4,914
	3,616	China Overseas Land & Investment Ltd.		9,707
	2,948	China Resources Gas Group Ltd.		9,103
	1,964	China Unicom Hong Kong Ltd.		2,561
	2,028	Galaxy Entertainment Group Ltd. (a)		19,823
	18,498	GCL-Poly Energy Holdings Ltd. (a)		6,265
	1,317	Hutchison Whampoa Ltd.		16,310
	2,482	Lifestyle International Holdings Ltd.		4,450
	4,060	New World Development Co., Ltd.		5,077
	934	Orient Overseas International Ltd.		3,896
	1,628	Sands China Ltd.		12,499
	972	Wharf Holdings Ltd.		6,615
				163,011
		Italy — 0.5%
	459	Prada S.p.A.		3,362
		Taiwan — 26.1%
	9,660	Advanced Semiconductor Engineering, Inc.		8,851
	750	Asustek Computer, Inc.		6,881
	417	Casetek Holdings Ltd.		2,186
	1,376	Cheng Shin Rubber Industry Co., Ltd.		3,489
	7,054	China Life Insurance Co., Ltd.		6,723
	979	China Steel Chemical Corp.		5,427
	7,017	China Steel Corp.		6,028
	1,899	Chipbond Technology Corp.		2,895
	1,934	Delta Electronics, Inc.		10,585
	11,194	E.Sun Financial Holding Co., Ltd.		6,940
	7,228	Fubon Financial Holding Co., Ltd.		10,197
	1,262	Huaku Development Co., Ltd.		3,092
	13,365	Innolux Corp. (a)		4,635
	166	Largan Precision Co., Ltd.		6,374
	1,005	MediaTek, Inc.		13,393
	447	Merida Industry Co., Ltd.		2,759
	617	President Chain Store Corp.		4,131
	2,147	Ruentex Development Co., Ltd.		3,769
	1,843	Sino-American Silicon Products, Inc. (a)		3,372
	109	St. Shine Optical Co., Ltd.		2,814
	1,062	Sunspring Metal Corp.		2,796
	3,259	Taiwan Semiconductor Manufacturing Co., Ltd.		11,222

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Taiwan — Continued
	1,992	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		33,705
	2,829	United Microelectronics Corp., ADR		5,715
				167,979
		Total Investments — 99.7% (Cost $592,412)		641,136
		Other Assets in Excess of Liabilities — 0.3%		2,017
		NET ASSETS — 100.0%	$	643,153

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Semiconductors & Semiconductor Equipment		13.3	%
Commercial Banks		12.7
Insurance		10.0
Real Estate Management & Development		9.7
Internet Software & Services		7.6
Hotels, Restaurants & Leisure		6.3
Oil, Gas & Consumable Fuels		4.7
Electronic Equipment, Instruments & Components		3.4
Food Products		2.8
Industrial Conglomerates		2.5
Automobiles		2.4
Independent Power Producers & Energy Traders		1.7
Diversified Financial Services		1.6
Multiline Retail		1.4
Gas Utilities		1.4
Computers & Peripherals		1.4
Energy Equipment & Services		1.3
Capital Markets		1.3
Food & Staples Retailing		1.2
Diversified Telecommunication Services		1.2
Communications Equipment		1.1
Water Utilities		1.0
Marine		1.0
Others (each less than 1.0%)		9.0

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $598,373,000 and 93.3% respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	72,521
Aggregate gross unrealized depreciation		(23,797	)
Net unrealized appreciation/depreciation	$	48,724
Federal income tax cost of investments	$	592,412

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	42,763	$	598,373	$	—	$	641,136

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of common stocks and certain ADRs. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 78.2%
		Federal Home Loan Bank,
	2,553,000	DN, 0.020%, 02/18/14 (n)		2,552,975
	2,850,000	DN, 0.030%, 02/19/14 (n)		2,849,955
	6,392,000	DN, 0.030%, 02/21/14 (n)		6,391,888
	3,100,000	DN, 0.040%, 03/05/14 (n)		3,099,886
	4,900,000	DN, 0.040%, 03/07/14 (n)		4,899,809
	3,032,000	DN, 0.090%, 02/12/14 (m) (n)		3,031,942
		Federal Home Loan Mortgage Corp.,
	8,461,000	DN, 0.018%, 02/18/14 (n)		8,460,924
	3,600,000	DN, 0.025%, 02/19/14 (n)		3,599,952
	838,000	DN, 0.030%, 02/20/14 (n)		837,986
	3,946,000	DN, 0.040%, 02/04/14 (n)		3,945,982
	18,455,000	DN, 0.050%, 04/21/14 (n)		18,453,413
	6,000,000	DN, 0.060%, 04/07/14 (n)		5,999,580
	1,000,000	DN, 0.080%, 02/11/14 (n)		999,982
		Federal National Mortgage Association,
	16,498,000	DN, 0.020%, 02/19/14 (n)		16,497,826
	1,000,000	DN, 0.020%, 02/05/14 (n)		999,997
	5,300,000	DN, 0.030%, 02/18/14 (n)		5,299,920
	1,816,000	DN, 0.050%, 03/19/14 (n)		1,815,912
	1,600,000	DN, 0.060%, 02/25/14 (n)		1,599,946
	2,845,000	DN, 0.070%, 04/23/14 (n)		2,844,750
		Total U.S. Government Agency Securities (Cost $94,181,737)		94,182,625
	U.S. Treasury Obligations — 0.3%
		U.S. Treasury Bills,
	145,000	0.050%, 07/10/14 (n)		144,973
	235,000	0.078%, 05/01/14 (n)		234,989
		Total U.S. Treasury Obligations (Cost $379,923)		379,962
SHARES
	Investment Companies — 20.8%
	25,079,800	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) †
		Total Investment Companies (Cost $25,079,800)		25,079,800
		Total Investments — 99.3% (Cost $119,641,460)		119,642,387
		Other Assets in Excess of Liabilities — 0.7%		808,476
		NET ASSETS — 100.0%	$	120,450,863

Percentages indicated are based on net assets.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures Contracts

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
6	NYLM Harbor ULSD Futures		02/28/14	$	755,269		$	(494	)
1	Silver Futures		03/27/14		95,600			(5,253	)
2	Gold 100 oz. Futures		04/28/14		247,960			(5,805	)
3	Brent Crude Oil Futures		08/14/14		310,830			(9,996	)
15	Natural Gas Futures		03/27/18		609,900			(38,639	)
	Short Futures Outstanding
(7)	Gasoline RBOB Futures		02/28/14		(773,632	)		40,600
(34)	Corn Futures		05/14/14		(747,150	)		(7,329	)
(3)	Soybean Futures		05/14/14		(190,275	)		5,241
(27)	LME Aluminum Futures		05/19/14		(1,158,300	)		39,754
(3)	Copper Futures		05/28/14		(239,812	)		517
(5)	LeanHogs Futures		07/15/14		(206,800	)		(1,865	)
							$	16,731

Return Swaps on Commodities

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Deutsche Bank AG, New York
	Long Positions
	ICE Brent Crude Oil September 2014 Futures		08/13/14		8,186,100	$	(104,388	)
	CBOT Soybean Meal July 2014 Futures		06/20/14		3,556,812		127,678
	CBOT Soybean Oil May 2014 Futures		04/25/14		3,168,375		(323,457	)
	NYMEX NY Harbor ULSD March 2014 Futures		02/27/14		4,839,471		69,771
						$	(230,396	)
Macquarie Bank Ltd.
	Long Positions
	CME Lean Hogs July 2014 Futures		07/11/14		4,505,760	$	126,432
	NYBOT-ICE Cotton No. 2 July 2014 Futures		06/20/14		2,106,480		(43,882	)
	NYMEX WTI Crude Oil June 2014 Futures		05/19/14		3,763,500		(64,306	)
	NYMEX WTI Crude Oil June 2014 Futures		05/19/14		2,185,000		(3,448	)
	NYBOT-ICE Coffee “C” May 2014 Futures		05/16/14		1,440,840		85,503
	NYBOT-ICE Coffee “C” May 2014 Futures		05/16/14		183,338		7,457
	CBOT Corn No. 2 May 2014 Futures		04/28/14		7,625,625		65,589
	CBOT Soybean May 2014 Futures		04/28/14		7,213,375		80,456
	CBOT Soybean May 2014 Futures		04/28/14		1,267,000		1,499
	CBOT Soybean Oil May 2014 Futures		04/28/14		160,860		(1,553	)
	CBOT Soybean Oil May 2014 Futures		04/28/14		229,200		(1,619	)
	CBOT Wheat No. 2 May 2014 Futures		04/28/14		3,943,888		(119,809	)
	MGE Wheat No. 2 May 2014 Futures		04/28/14		1,467,575		(59,337	)
	CME Live Cattle April 2014 Futures		04/03/14		3,888,670		99,367
	NYMEX Natural Gas April 2014 Futures		03/25/14		3,198,000		276,046
	NYMEX Natural Gas April 2014 Futures		03/25/14		1,312,800		23,394
	NYMEX Gasoline RBOB March 2014 Futures		02/27/14		5,145,336		(171,971	)
	NYBOT-ICE Sugar No. 11 (World) March 2014 Futures		02/26/14		4,428,043		(195,935	)
	NYBOT-ICE Sugar No. 11 (World) March 2014 Futures		02/26/14		138,835		493
	NYBOT-ICE Sugar No. 11 (World) March 2014 Futures		02/26/14		174,888		(728	)
	NYMEX Natural Gas March 2014 Futures		02/25/14		4,312,080		927,408
	NYMEX Natural Gas March 2014 Futures		02/25/14		3,002,190		408,440
	NYMEX Natural Gas March 2014 Futures		02/25/14		2,255,625		(31,272	)
	NYMEX WTI Crude Oil March 2014 Futures		02/19/14		5,263,920		540
						$	1,408,764
						$	1,178,368

Return Swaps on Commodities Indices

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Deutsche Bank AG, New York
	Long Positions
	Dow Jones — UBS Commodity Industrial Metals Index		02/20/14	$	20,400,000	$	(666,082	)
	Dow Jones — UBS Commodity Precious Metals Index		02/20/14		18,767,000		(467,985	)
						$	(1,134,067	)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

Brent	—	Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—	Chicago Board of Trade
CME	—	Chicago Mercantile Exchange
DN	—	Discount Notes
ICE	—	IntercontinentalExchange, Inc.
MGE	—	Minneapolis Grain Exchange
NYBOT	—	New York Board of Trade
RBOB	—	Reformulated gasoline blendstock for oxygen blending
ULSD	—	Ultra Low Surfur Diesel
WTI	—	West Texas Intermediate
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.
†	—	$7,748,220 of this investment is restricted as collateral for swaps to various brokers

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	971
Aggregate gross unrealized depreciation		(44	)
Net unrealized appreciation/depreciation	$	927
Federal income tax cost of investments	$	119,641,460

JPM Commodities Strategy Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on September 5, 2012 and is a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments on behalf of the Fund consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of January 31, 2014, net assets of the Fund were $120,450,863 of which $26,333,486, or approximately 21.9%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	25,079,800		$	94,562,587		$	—	$	119,642,387
Appreciation in Other Financial Instruments
Futures Contracts	$	86,112		$	—		$	—	$	86,112
Return Swaps		—			2,300,073			—		2,300,073
Total Appreciation in Other Financial Instruments	$	86,112		$	2,300,073		$	—	$	2,386,185
Depreciation in Other Financial Instruments
Futures Contracts	$	(69,381	)	$	—		$	—	$	(69,381	)
Return Swaps		—			(2,255,772	)		—		(2,255,772	)
Total Depreciation in Other Financial Instruments	$	(69,381	)	$	(2,255,772	)	$	—	$	(2,325,153	)

(a) Portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the CSOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and as an investment of cash collateral for swaps. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Return Swaps on Commodities and Commodity Indices — The Fund uses return swaps on physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swaps on commodity futures and commodity indices values are based on the values of underlying commodity spot prices or futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Realized gain or loss is recorded upon termination of a swap and is based on the difference between the contract price and market price of the underlying instrument or when an offsetting position is entered into. Return swaps on commodity indices are subject to monthly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 14.7%
		Consumer Discretionary — 2.0%
		Hotels, Restaurants & Leisure — 0.7%
	1,135	CEC Entertainment, Inc. (m)		61,244
	1,301	Morgans Hotel Group Co. (a) (m)		10,096
				71,340
		Media — 0.5%
	115	Time Warner Cable, Inc. (m)		15,326
	900	Valassis Communications, Inc. (m)		30,600
				45,926
		Specialty Retail — 0.3%
	570	Jos. A. Bank Clothiers, Inc. (a) (m)		32,045
		Textiles, Apparel & Luxury Goods — 0.5%
	3,746	Jones Group, Inc. (m)		55,254
		Total Consumer Discretionary		204,565
		Consumer Staples — 1.7%
		Beverages — 0.6%
	772	Beam, Inc. (m)		64,308
		Food Products — 0.5%
	2,840	Campofrio Food Group S.A., (Spain) (a) (m)		26,620
	3,157	Warrnambool Cheese & Butter Factory Co. Holding Ltd., (Australia) (m)		26,054
				52,674
		Personal Products — 0.6%
	76,000	Magic Holdings International Ltd., (Hong Kong) (m)		60,985
		Total Consumer Staples		177,967
		Financials — 0.0% (g)
		Commercial Banks — 0.0% (g)
	358	Virginia Commerce Bancorp, Inc. (a) (m)		5,821
		Health Care — 2.6%
		Biotechnology — 0.5%
	943	Algeta ASA, (Norway) (a) (m)		54,091
		Health Care Equipment & Supplies — 0.5%
	1,656	Given Imaging Ltd., (Israel) (a) (m)		49,597
		Life Sciences Tools & Services — 1.0%
	609	Life Technologies Corp. (a) (m)		46,327
	6,106	Patheon, Inc., (Canada) (a) (m)		56,308
				102,635
		Pharmaceuticals — 0.6%
	1,486	Hi-Tech Pharmacal Co., Inc. (a) (m)		64,284
		Total Health Care		270,607

SHARES		SECURITY DESCRIPTION	VALUE
		Industrials — 0.8%
		Construction & Engineering — 0.6%
	2,119	Foster Wheeler AG, (Switzerland) (a) (m)		63,528
		Electrical Equipment — 0.2%
	815	Coleman Cable, Inc. (m)		21,385
		Total Industrials		84,913
		Information Technology — 4.0%
		Communications Equipment — 1.0%
	1,307	Anaren, Inc. (a) (m)		36,531
	3,281	Riverbed Technology, Inc. (a) (m)		64,701
				101,232
		Computers & Peripherals — 0.2%
	1,818	Xyratex Ltd., (United Kingdom) (m)		24,016
		Internet Software & Services — 0.8%
	3,300	Macromill, Inc., (Japan) (m)		24,790
	2,102	Responsys, Inc. (a) (m)		56,775
				81,565
		IT Services — 0.3%
	4,534	Pactera Technology International Ltd., (China), ADR (a)		32,463
		Semiconductors & Semiconductor Equipment — 0.8%
	5,208	LSI Corp. (m)		57,444
	1,611	RDA Microelectronics, Inc., (China), ADR (m)		29,208
				86,652
		Software — 0.9%
	2,632	Giant Interactive Group, Inc., (China), ADR (m)		28,978
	1,182	Unit4 N.V., (Netherlands) (m)		61,455
				90,433
		Total Information Technology		416,361
		Materials — 2.5%
		Chemicals — 1.5%
	815	American Pacific Corp. (a) (m)		37,840
	8,484	AZ Electronic Materials S.A., (Luxembourg)		55,243
	3,834	Zoltek Cos., Inc. (a) (m)		64,028
				157,111
		Construction Materials — 0.5%
	106,000	TCC International Holdings Ltd., (Hong Kong) (m)		52,977
		Paper & Forest Products — 0.5%
	12,938	Ainsworth Lumber Co. Ltd., (Canada) (a) (m)		46,931
		Total Materials		257,019

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Telecommunication Services — 0.6%
		Wireless Telecommunication Services — 0.6%
	3,314	Leap Wireless International, Inc. (a) (m)		58,161
		Utilities — 0.5%
		Electric Utilities — 0.5%
	969	UNS Energy Corp. (m)		58,024
		Total Common Stocks (Cost 1,529,955)		1,533,438
	Exchange Traded Funds — 13.4%
		Fixed Income — 9.6%
	3,904	iShares JPMorgan USD Emerging Markets Bond Fund (m)		418,899
	14,329	SPDR Barclays High Yield Bond ETF (m)		584,480
		Total Fixed Income		1,003,379
		U.S. Equity — 3.8%
	9,691	SPDR Dow Jones Global Real Estate ETF (m)		402,758
		Total Exchange Traded Funds (Cost 1,464,815)		1,406,137
	Preferred Stocks — 0.8%
		Consumer Discretionary — 0.1%
		Auto Components — 0.1%
	100	Goodyear Tire & Rubber Co. (The), 5.875%, 04/01/14 (a)		6,565
		Financials — 0.1%
		Insurance — 0.1%
	250	MetLife, Inc., 5.000%, 03/26/14 (a)		7,288
		Real Estate Investment Trusts (REITs) — 0.0% (g)
	49	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 (a)		2,626
		Total Financials		9,914
		Materials — 0.2%
		Metals & Mining — 0.2%
	1,105	ArcelorMittal, (Luxembourg), 6.000%, 01/15/16 (a)		26,995
		Utilities — 0.4%
		Electric Utilities — 0.3%
	144	NextEra Energy, Inc., 5.799%, 09/01/16 (a)		7,632
	380	NextEra Energy, Inc., 5.889%, 09/01/15 (a)		22,716
	100	PPL Corp., 8.750%, 05/01/14 (a)		5,151
				35,499

SHARES			SECURITY DESCRIPTION	VALUE
			Multi-Utilities — 0.1%
		58	Dominion Resources, Inc., Series A, 6.125%, 04/01/16		3,244
		58	Dominion Resources, Inc., Series B, 6.000%, 07/01/16 (a)		3,250
					6,494
			Total Utilities		41,993
			Total Preferred Stocks (Cost 82,472)		85,467
PRINCIPAL/ UNIT AMOUNT
	Convertible Bonds — 10.9%
			Consumer Discretionary — 2.2%
			Auto Components — 0.2%
	EUR	3,200	Cie Generale des Etablissements Michelin, (France), Series ML, Zero Coupon, 01/01/17		5,940
	EUR	30,900	Faurecia, (France), Series EO, Reg. S., 3.250%, 01/01/18		13,344
					19,284
			Hotels, Restaurants & Leisure — 0.7%
	EUR	96,500	Club Mediterranee S.A., (France), Series CU, 6.110%, 11/01/15		25,522
		5,000	MGM Resorts International, 4.250%, 04/15/15		7,016
	EUR	24,000	Pierre & Vacances S.A., (France), Series VAC, 4.000%, 10/01/15		25,167
	EUR	18,100	TUI AG, (Germany), Reg. S., 2.750%, 03/24/16		17,603
					75,308
			Household Durables — 0.5%
		7,000	KB Home, 1.375%, 02/01/19		7,258
		12,000	Lennar Corp., 3.250%, 11/15/21 (e)		21,892
		6,000	Meritage Homes Corp., 1.875%, 09/15/32		6,878
		12,000	Standard Pacific Corp., 1.250%, 08/01/32		15,563
					51,591
			Internet & Catalog Retail — 0.4%
			priceline.com, Inc.,
		17,000	0.350%, 06/15/20 (e)		19,401
		17,000	1.000%, 03/15/18		23,343
					42,744
			Media — 0.4%
			Liberty Interactive LLC,
		22,000	0.750%, 03/30/43 (e)		26,428
		6,000	1.000%, 09/30/43 (e)		6,191

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL/ UNIT AMOUNT			SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
			Media — Continued
		6,000	Liberty Media Corp., 1.375%, 10/15/23 (e)		5,572
					38,191
			Textiles, Apparel & Luxury Goods — 0.0% (g)
		3,000	Iconix Brand Group, Inc., 1.500%, 03/15/18 (e)		3,911
			Total Consumer Discretionary		231,029
			Consumer Staples — 0.4%
			Beverages — 0.1%
	JPY	1,000,000	Asahi Group Holdings Ltd., (Japan), Zero Coupon, 05/26/28		13,294
			Food & Staples Retailing — 0.0% (g)
	EUR	3,600	Rallye S.A., (France), Series COFP, 1.000%, 10/02/20		5,211
			Food Products — 0.3%
		13,000	Archer-Daniels-Midland Co., 0.875%, 02/15/14		13,000
	JPY	1,000,000	Nippon Meat Packers, Inc., (Japan), Series 5, Zero Coupon, 03/03/14		13,254
					26,254
			Total Consumer Staples		44,759
			Energy — 0.6%
			Energy Equipment & Services — 0.3%
		7,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		7,748
	EUR	15,100	Technip S.A., (France), Series TEC, Reg. S., 0.250%, 01/01/17		20,062
					27,810
			Oil, Gas & Consumable Fuels — 0.3%
		2,000	Chesapeake Energy Corp., 2.500%, 05/15/37		2,025
		14,000	Cobalt International Energy, Inc., 2.625%, 12/01/19		12,460
		29,000	Peabody Energy Corp., 4.750%, 12/15/41		22,656
					37,141
			Total Energy		64,951
			Financials — 2.8%
			Capital Markets — 0.5%
			Ares Capital Corp.,
		26,000	4.750%, 01/15/18		27,869
		13,000	4.875%, 03/15/17		13,820
		10,000	Prospect Capital Corp., 5.875%, 01/15/19		10,438
					52,127
			Commercial Banks — 0.3%
	JPY	3,000,000	Bank of Kyoto Ltd. (The), (Japan), Series 2, Zero Coupon, 03/31/14		29,292

PRINCIPAL/ UNIT AMOUNT			SECURITY DESCRIPTION	VALUE
			Consumer Finance — 0.2%
		5,000	Encore Capital Group, Inc., 3.000%, 07/01/20 (e)		6,065
		18,000	Portfolio Recovery Associates, Inc., 3.000%, 08/01/20 (e)		19,429
					25,494
			Diversified Financial Services — 0.3%
	EUR	12,100	Misarte, (France), Series PP, 3.250%, 01/01/16		28,298
			Insurance — 0.3%
	EUR	7,800	AXA S.A., (France), Series CS, 3.750%, 01/01/17		29,074
			Real Estate Investment Trusts (REITs) — 1.2%
		26,000	Boston Properties LP, 3.625%, 02/15/14 (e)		26,032
		19,000	Extra Space Storage LP, 2.375%, 07/01/33 (e)		19,522
		5,000	Health Care REIT, Inc., 3.000%, 12/01/29		5,812
		17,000	ProLogis LP, 3.250%, 03/15/15		19,423
		5,000	Redwood Trust, Inc., 4.625%, 04/15/18		5,147
		10,000	Starwood Property Trust, Inc., 4.550%, 03/01/18		11,425
	EUR	9,900	Unibail-Rodamco SE, (France), Series ULFP, Reg. S., 0.750%, 01/01/18		32,391
		50	Weyerhaeuser Co., Series A, 6.375%, 07/01/16 (a)		2,680
					122,432
			Total Financials		286,717
			Health Care — 1.3%
			Biotechnology — 0.5%
			BioMarin Pharmaceutical, Inc.,
		3,000	0.750%, 10/15/18		3,200
		3,000	1.500%, 10/15/20		3,255
			Cubist Pharmaceuticals, Inc.,
		3,000	1.125%, 09/01/18 (e)		3,538
		3,000	1.875%, 09/01/20 (e)		3,546
		6,000	Gilead Sciences, Inc., 1.625%, 05/01/16		21,251
			Incyte Corp., Ltd.,
		2,000	0.375%, 11/15/18 (e)		2,836
		1,000	1.250%, 11/15/20 (e)		1,448
		5,000	Medivation, Inc., 2.625%, 04/01/17		8,275
					47,349
			Health Care Equipment & Supplies — 0.1%
			Hologic, Inc.,
		6,000	Series 2012, SUB, 2.000%, 03/01/42		6,079
		4,000	Series 2010, SUB, 2.000%, 12/15/37		4,552

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL/ UNIT AMOUNT			SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
			Health Care Equipment & Supplies — Continued
		3,000	Wright Medical Group, Inc., 2.000%, 08/15/17		3,973
					14,604
			Health Care Providers & Services — 0.2%
	EUR	19,300	Orpea, (France), Series ORP, 1.750%, 01/01/20		13,345
		10,000	WellPoint, Inc., 2.750%, 10/15/42		12,994
					26,339
			Health Care Technology — 0.0% (g)
		1,000	Medidata Solutions, Inc., 1.000%, 08/01/18 (e)		1,312
			Life Sciences Tools & Services — 0.3%
		15,000	Illumina, Inc., 0.250%, 03/15/16 (e)		27,563
			Pharmaceuticals — 0.2%
		4,000	Auxilium Pharmaceuticals, Inc., 1.500%, 07/15/18		4,995
		14,000	Teva Pharmaceutical Finance Co. LLC, Series C, 0.250%, 02/01/26		15,418
					20,413
			Total Health Care		137,580
			Industrials — 0.9%
			Airlines — 0.4%
	EUR	298,700	Air France-KLM, (France), Reg. S., 2.030%, 02/15/23		47,529
			Machinery — 0.3%
	CHF	25,000	Schindler Holding AG, (Switzerland), Series ALSN, Reg. S., 0.375%, 06/05/17		28,421
			Trading Companies & Distributors — 0.2%
		15,000	Air Lease Corp., 3.875%, 12/01/18		20,597
			Total Industrials		96,547
			Information Technology — 2.4%
			Communications Equipment — 0.1%
		7,000	Finisar Corp., 0.500%, 12/15/33 (e)		7,394
			Computers & Peripherals — 0.2%
		20,000	SanDisk Corp., 0.500%, 10/15/20 (e)		19,975
			Internet Software & Services — 0.4%
		5,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18 (e)		4,644
		4,000	Web.com Group, Inc., 1.000%, 08/15/18		4,703
		26,000	Yahoo!, Inc., Zero Coupon, 12/01/18 (e)		26,162

PRINCIPAL/ UNIT AMOUNT			SECURITY DESCRIPTION	VALUE
			Internet Software & Services — Continued
		8,000	Yandex N.V., (Netherlands), 1.125%, 12/15/18 (e)		8,025
					43,534
			IT Services — 0.1%
	EUR	6,000	Cap Gemini S.A., (France), Series CAP, Zero Coupon, 01/01/19		6,023
			Semiconductors & Semiconductor Equipment — 1.3%
			Intel Corp.,
		26,000	2.950%, 12/15/35		28,779
		23,000	3.250%, 08/01/39		30,360
		34,000	Lam Research Corp., 0.500%, 05/15/16		38,123
			Micron Technology, Inc.,
		1,000	Series E, 1.625%, 02/15/33 (e)		2,147
		13,000	3.000%, 11/15/43		13,723
		13,000	NVIDIA Corp., 1.000%, 12/01/18 (e)		13,268
		10,000	SunEdison, Inc., 2.000%, 10/01/18 (e)		11,906
		1,000	Xilinx, Inc., 3.125%, 03/15/37		1,606
					139,912
			Software — 0.3%
		3,000	Concur Technologies, Inc., 0.500%, 06/15/18 (e)		3,866
		4,000	NetSuite, Inc., 0.250%, 06/01/18 (e)		4,485
		12,000	Salesforce.com, Inc., 0.250%, 04/01/18 (e)		13,763
		3,000	ServiceNow, Inc., Zero Coupon, 11/01/18 (e)		3,251
		4,000	Take-Two Interactive Software, Inc., 1.000%, 07/01/18		4,490
					29,855
			Total Information Technology		246,693
			Materials — 0.3%
			Metals & Mining — 0.3%
		12,000	Newmont Mining Corp., Series A, 1.250%, 07/15/14		12,000
		18,000	Royal Gold, Inc., 2.875%, 06/15/19		18,236
		4,000	RTI International Metals, Inc., 1.625%, 10/15/19		4,078
			Total Materials		34,314
			Total Convertible Bonds (Cost 1,081,730)		1,142,590

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 49.8%
		Investment Company — 49.8%
	5,201,287	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost 5,201,287)		5,201,287
		Total Investments — 89.6% (Cost 9,360,259)		9,368,919
		Other Assets in Excess of Liabilities — 10.4%		1,083,988
		NET ASSETS — 100.0%		10,452,907

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	1		Euro Bund		03/06/14		194,051			6,660
	8		10 Year Australian Government Bond		03/17/14		818,692			23,509
	5		10 Year Canadian Government Bond		03/20/14		590,034			13,919
	19		10 Year U.S. Treasury Note		03/20/14		2,389,250			8,227
	5		Long Gilt		03/27/14		907,350			17,677
			Short Futures Outstanding
	(1	)	OMXS30 Index		02/21/14		(19,885	)		256
	(10	)	10 Year Japanese Government Bond		03/10/14		(1,416,952	)		(7,604	)
	(1	)	E-mini S&P 500		03/21/14		(88,830	)		(395	)
										62,249

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,728 10,948	AUD for CHF	Credit Suisse International		02/14/14		12,076	#		12,007	#		(69	)
	28,737 210,317	CAD for HKD	Barclays Bank plc		02/14/14		27,091	#		25,796	#		(1,295	)
	120,909 1,260,661	GBP for SEK	State Street Corp.		02/14/14		192,395	#		198,748	#		6,353
	64,606	AUD	BNP Paribas		02/14/14		57,526			56,502			(1,024	)
	29,484	AUD	Royal Bank of Canada		02/14/14		26,772			25,786			(986	)
	164,139	AUD	Societe Generale		02/14/14		154,950			143,552			(11,398	)
	35,203	AUD	Union Bank of Switzerland AG		02/14/14		31,889			30,788			(1,101	)
	75,000	AUD	Westpac Banking Corp.		02/14/14		70,106			65,593			(4,513	)
	177,303	BRL	Deutsche Bank AG †		02/14/14		76,071			73,272			(2,799	)
	3,729	CAD	Credit Suisse International		02/14/14		3,482			3,347			(135	)
	104,300	CAD	Deutsche Bank AG		02/14/14		98,517			93,625			(4,892	)

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,617	CAD	Morgan Stanley		02/14/14		6,179		5,940		(239	)
	57,274	CAD	Union Bank of Switzerland AG		02/14/14		53,791		51,412		(2,379	)
	26,333	CAD	BNP Paribas		05/13/14		23,468		23,589		121
	56,580	CHF	Westpac Banking Corp.		02/14/14		63,286		62,410		(876	)
	56,181	EUR	BNP Paribas		02/14/14		76,743		75,772		(971	)
	155,952	EUR	Deutsche Bank AG		02/14/14		212,658		210,332		(2,326	)
	105,404	EUR	Westpac Banking Corp.		02/14/14		142,939		142,158		(781	)
	11,770	GBP	Credit Suisse International		02/14/14		19,213		19,348		135
	363,000	HKD	Union Bank of Switzerland AG		02/14/14		46,830		46,757		(73	)
	17,721,089	HUF	Deutsche Bank AG		02/14/14		78,891		76,508		(2,383	)
	236,725,645	IDR	Deutsche Bank AG †		02/14/14		20,675		19,463		(1,212	)
	663,636,568	IDR	Union Bank of Switzerland AG †		02/14/14		57,929		54,563		(3,366	)
	838,872	INR	Deutsche Bank AG †		02/14/14		13,111		13,386		275
	4,070,121	INR	Westpac Banking Corp. †		02/14/14		64,207		64,949		742
	444,995	JPY	Credit Suisse International		02/14/14		4,363		4,356		(7	)
	1,449,010	JPY	Deutsche Bank AG		02/14/14		14,534		14,183		(351	)
	31,236,257	JPY	Union Bank of Switzerland AG		02/14/14		304,852		305,742		890
	1,427,735	NOK	State Street Corp.		02/14/14		238,353		227,359		(10,994	)
	414,281	NZD	Goldman Sachs International		02/14/14		342,569		334,766		(7,803	)
	2,092,798	RUB	Credit Suisse International †		02/14/14		63,553		59,391		(4,162	)
	471,746	RUB	Deutsche Bank AG †		02/14/14		14,320		13,388		(932	)
	352,020	SEK	Goldman Sachs International		02/14/14		54,077		53,723		(354	)
	333,001	SEK	Societe Generale		02/14/14		50,612		50,821		209
	171,937	SEK	Union Bank of Switzerland AG		02/14/14		26,195		26,240		45
	1,550,308	SEK	Westpac Banking Corp.		02/14/14		237,361		236,600		(761	)
	26,646	TRY	Deutsche Bank AG		02/14/14		11,573		11,755		182
	34,473	TRY	State Street Corp.		02/14/14		16,800		15,208		(1,592	)
	124,878	TRY	Westpac Banking Corp.		02/14/14		60,619		55,091		(5,528	)
							3,070,576		3,004,226		(66,350	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	35,265	AUD	BNP Paribas		02/14/14		32,146		30,842		1,304
	389,825	AUD	Deutsche Bank AG		02/14/14		353,778		340,931		12,847
	32,152	AUD	HSBC Bank, N.A.		02/14/14		28,550		28,120		430
	151,522	AUD	Societe Generale		02/14/14		143,040		132,518		10,522
	44,481	CAD	Barclays Bank plc		02/14/14		41,100		39,928		1,172
	82,438	CAD	Deutsche Bank AG		02/14/14		77,397		74,001		3,396
	373,025	CAD	Goldman Sachs International		02/14/14		356,439		334,850		21,589
	9,623	CAD	Royal Bank of Canada		02/14/14		9,163		8,638		525
	62,340	CAD	Societe Generale		02/14/14		59,474		55,960		3,514
	30,801	CAD	State Street Corp.		02/14/14		29,303		27,648		1,655
	37,758	CAD	Union Bank of Switzerland AG		02/14/14		35,688		33,894		1,794
	138	CHF	Union Bank of Switzerland AG		02/14/14		152		152		—	(h)
	81,733	CHF	Westpac Banking Corp.		02/14/14		89,712		90,155		(443	)
	1,189,571	CZK	Societe Generale		02/14/14		62,158		58,271		3,887

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

CONTRACTS TO SELL			COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	321,972	CZK	State Street Corp.		02/14/14		16,800		15,772		1,028
	17,295	EUR	Barclays Bank plc		02/14/14		23,504		23,326		178
	44,721	EUR	BNP Paribas		02/14/14		60,392		60,315		77
	347,071	EUR	Goldman Sachs International		02/14/14		468,285		468,096		189
	46,681	EUR	Royal Bank of Canada		02/14/14		63,036		62,957		79
	20,205	EUR	Union Bank of Switzerland AG		02/14/14		27,913		27,250		663
	41,915	EUR	Westpac Banking Corp.		02/14/14		57,136		56,531		605
	72,330	GBP	BNP Paribas		02/14/14		115,966		118,895		(2,929	)
	15,539	GBP	Deutsche Bank AG		02/14/14		25,084		25,543		(459	)
	118,291	GBP	Union Bank of Switzerland AG		02/14/14		193,305		194,444		(1,139	)
	12,080	GBP	Westpac Banking Corp.		02/14/14		19,870		19,857		13
	83,058	HKD	Barclays Bank plc		02/14/14		10,715		10,699		16
	151,841	HKD	BNP Paribas		02/14/14		19,584		19,558		26
	502,623	HKD	Goldman Sachs International		02/14/14		64,852		64,741		111
	68,414	HKD	Royal Bank of Canada		02/14/14		8,826		8,812		14
	501,659	HKD	Westpac Banking Corp.		02/14/14		64,714		64,617		97
	17,721,089	HUF	State Street Corp.		02/14/14		79,801		76,507		3,294
	58,556	ILS	Societe Generale		02/14/14		16,560		16,653		(93	)
	63,248	ILS	State Street Corp.		02/14/14		17,850		17,987		(137	)
	160,951	ILS	Westpac Banking Corp.		02/14/14		45,442		45,771		(329	)
	2,587,002	JPY	BNP Paribas		02/14/14		25,128		25,322		(194	)
	12,247,135	JPY	Deutsche Bank AG		02/14/14		116,836		119,875		(3,039	)
	45,883,922	JPY	Societe Generale		02/14/14		466,731		449,114		17,617
	9,847,451	JPY	State Street Corp.		02/14/14		99,751		96,387		3,364
	3,012,724	JPY	Union Bank of Switzerland AG		02/14/14		29,409		29,489		(80	)
	832,385	JPY	HSBC Bank, N.A.		05/13/14		8,145		8,152		(7	)
	395,333	NOK	Deutsche Bank AG		02/14/14		64,207		62,955		1,252
	180,699	NOK	Goldman Sachs International		02/14/14		29,655		28,775		880
	1,313,393	NOK	Union Bank of Switzerland AG		02/14/14		213,683		209,151		4,532
	267,186	NOK	Westpac Banking Corp.		02/14/14		43,886		42,547		1,339
	166,176	NZD	State Street Corp.		02/14/14		135,729		134,281		1,448
	60,578	NZD	Union Bank of Switzerland AG		02/14/14		49,294		48,951		343
	3,451,045	PHP	Union Bank of Switzerland AG †		02/14/14		80,136		76,238		3,898
	260,359	RON	Union Bank of Switzerland AG		02/14/14		79,117		77,985		1,132
	390,115	SEK	Deutsche Bank AG		02/14/14		59,997		59,537		460
	350,302	SEK	Royal Bank of Canada		02/14/14		53,486		53,461		25
	1,718	SEK	Union Bank of Switzerland AG		02/14/14		263		262		1
	333,001	SEK	Westpac Banking Corp.		02/14/14		50,508		50,821		(313	)
	524,431	TWD	Credit Suisse International †		02/14/14		17,899		17,297		602
	1,822,718	TWD	Union Bank of Switzerland AG †		02/14/14		62,268		60,115		2,153
							4,403,863		4,304,954		98,909

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. Dollar market value of the currency being purchased.

† Non-deliverable forward.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

Return Swaps on Commodity Index

SWAP COUNTERPARTY	REFERENCED OBLIGATION	TERMINATION DATE		NOTIONAL VALUE		VALUE
Deutsche Bank AG	Dow Jones — UBS Commodity Index		02/03/13		36,045		642
Deutsche Bank AG	Dow Jones — UBS Commodity Index		02/14/14		484,897		11,222
							11,864

Portfolio Swaps* Outstanding at January 31, 2014

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR for long positions or Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		(102,507	)
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR for long positions or Federal Funds floating rate for short positions, which is denominated in various foreign currencies based on the local currencies of the positions within the portfolio.		2/5/18		47,685
Total					(54,822	)

* See the accompanying “Additional Information - Portfolio Swaps” for further details.

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION —  PORTFOLIO SWAPS

AS OF JANUARY 31, 2014 (Unaudited)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Long Positions
Common Stocks
Consumer Discretionary — 4.0%
Auto Components — 1.1%
Lear Corp.		24,086		24,086		—
Leoni AG, (Germany)		24,187		24,187		—
Magna International, Inc., (Canada)		24,038		24,038		—
Plastic Omnium S.A., (France)		18,338		18,338		—
Showa Corp., (Japan)		20,158		20,158		—
Standard Motor Products, Inc.		22,995		22,995		—
Tokai Rika Co., Ltd., (Japan)		20,553		20,553		—
TS Tech Co. Ltd, (Japan)		26,206		26,206		—
Valeo SA, (France)		26,830		26,830		—
		207,391		207,391		—
Distributors — 0.1%
Inchcape plc, (United Kingdom)		22,262		22,262		—
Diversified Consumer Services — 0.2%
Apollo Education Group, Inc. (a)		25,154		25,154		—
Graham Holdings Company		23,164		23,164		—
		48,318		48,318		—
Food Products — 0.1%
FUJI oil Co., Ltd., (Japan)		20,814		20,814		—
Hotels, Restaurants & Leisure — 0.2%
Flight Centre Ltd., (Australia)		20,356		20,356		—
Gtech Spa, (Italy)		25,055		25,055		—
		45,411		45,411		—
Household Durables — 0.6%
Barratt Developments plc, (United Kingdom) (a)		25,599		25,599		—
Bellway plc, (United Kingdom)		23,017		23,017		—
Berkeley Group Holdings plc, (United Kingdom)		26,944		26,944		—
Persimmon plc, (United Kingdom) (a)		27,304		27,304		—
		102,864		102,864		—
Internet & Catalog Retail — 0.1%
Home Retail Group plc, (United Kingdom)		24,420		24,420		—
Media — 1.1%
Aimia, Inc., (Canada)		23,592		23,592		—
Gannett Co., Inc. (a)		26,319		26,319		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Gray Television, Inc.		20,052		20,052		—
ITV plc, (United Kingdom)		25,080		25,080		—
Meredith Corp.		19,182		19,182		—
Metropole Television S.A., (France)		23,842		23,842		—
Quebecor, Inc., (Canada)		20,765		20,765		—
The E.W. Scripps Company (a)		23,141		23,141		—
Valassis Communications, Inc.		24,956		24,956		—
Viacom, Inc.		23,481		23,481		—
		230,410		230,410		—
Multiline Retail — 0.1%
Macy’s, Inc.		24,578		24,578		—
Specialty Retail — 0.2%
Halfords Group plc, (United Kingdom)		20,441		20,441		—
WH Smith plc, (United Kingdom)		25,161		25,161		—
		45,602		45,602		—
Textiles, Apparel & Luxury Goods — 0.2%
Hanesbrands, Inc. (a)		22,125		22,125		—
UniFirst Corporation		24,017		24,017		—
		46,142		46,142		—
Total Consumer Discretionary		818,212		818,212		—
Consumer Staples — 2.1%
Beverages — 0.2%
Britvic plc, (United Kingdom)		24,427		24,427		—
Coca-Cola Enterprises, Inc.		25,195		25,195		—
		49,622		49,622		—
Food & Staples Retailing — 0.9%
Andersons, Inc. (The)		27,470		27,470		—
CVS Caremark Corp.		21,603		21,603		—
Empire Co., Ltd., (Canada)		18,447		18,447		—
J Sainsbury plc, (United Kingdom)		20,639		20,639		—
Jean Coutu Group PJC, Inc. (The), (Canada)		21,552		21,552		—
Matsumotokiyoshi Holdings Co., Ltd., (Japan)		25,110		25,110		—
Safeway, Inc.		19,837		19,837		—
SUPERVALU, Inc.		17,282		17,282		—
		171,940		171,940		—
Food Products — 0.8%
Darling International, Inc. (a)		21,496		21,496		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Staples — Continued
Greencore Group plc, (Ireland)		28,128		28,128		—
Ingredion, Inc.		22,428		22,428		—
Owens-Illinois, Inc. (a)		20,730		20,730		—
Sanderson Farms, Inc.		24,684		24,684		—
Tyson Foods, Inc.		28,125		28,125		—
		145,591		145,591		—
Household Products — 0.1%
Energizer Holdings, Inc. (a)		20,034		20,034		—
Tobacco — 0.1%
Universal Corp.		18,834		18,834		—
Total Consumer Staples		406,021		406,021		—
Energy — 2.5%
Energy Equipment & Services — 0.9%
Bristow Group, Inc.		23,978		23,978		—
Helmerich & Payne, Inc.		25,267		25,267		—
Hunting plc, (United Kingdom)		23,758		23,758		—
Mullen Group Ltd, (Canada)		20,218		20,218		—
Oceaneering International, Inc.		22,558		22,558		—
RPC, Inc.		20,811		20,811		—
ShawCor Ltd., (Canada)		19,390		19,390		—
Tidewater, Inc.		19,547		19,547		—
Trinidad Drilling Ltd, (Canada)		21,054		21,054		—
		196,581		196,581		—
Oil, Gas & Consumable Fuels — 1.6%
Beach Energy Ltd., (Australia)		26,280		26,280		—
Chevron Corp.		19,200		19,200		—
Delek US Holdings, Inc.		22,664		22,664		—
HollyFrontier Corp.		24,354		24,354		—
Marathon Petroleum Corp.		21,850		21,850		—
Neste Oil OYJ, (Finland)		17,924		17,924		—
OMV AG, (Austria)		19,395		19,395		—
Parkland Fuel Corp., (Canada)		20,728		20,728		—
Repsol SA, (Spain)		21,471		21,471		—
Showa Shell Sekiyu KK, (Japan)		20,184		20,184		—
Suncor Energy, Inc., (Canada)		22,603		22,603		—
Tesoro Corp.		20,093		20,093		—
Valero Energy Corp.		25,805		25,805		—
Western Refining, Inc.		25,343		25,343		—
Woodside Petroleum Ltd., (Australia)		20,511		20,511		—
		328,405		328,405		—
Total Energy		524,986		524,986		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Financials — 2.7%
Capital Markets — 0.3%
Close Brothers Group plc, (United Kingdom)		24,348		24,348		—
Daiwa Securities Group, Inc., (Japan)		28,482		28,482		—
		52,830		52,830		—
Commercial Banks — 0.4%
Fifth Third Bancorp		26,002		26,002		—
First Interstate Bancsystem, Inc.		20,862		20,862		—
Natixis, (France)		24,013		24,013		—
Resona Holdings, Inc., (Japan)		23,514		23,514		—
		94,391		94,391		—
Consumer Finance — 0.2%
Discover Financial Services		24,733		24,733		—
Nelnet, Inc.		22,313		22,313		—
		47,046		47,046		—
Insurance — 1.8%
Ageas, (Belgium)		25,321		25,321		—
AXA S.A., (France)		22,697		22,697		—
Axis Capital Holdings Ltd., (Bermuda)		22,780		22,780		—
CNO Financial Group, Inc.		21,988		21,988		—
Grupo Catalana Occidente SA, (Spain)		26,368		26,368		—
Hannover Rueck SE, (Germany)		19,813		19,813		—
Helvetia Holding AG, (Switzerland)		24,610		24,610		—
Horace Mann Educators Corp.		21,399		21,399		—
Muenchener Rueckversicherungs AG, (Germany)		21,091		21,091		—
PartnerRe Ltd., (Bermuda)		25,132		25,132		—
Phoenix Group Holdings, (United Kingdom)		24,341		24,341		—
Protective Life Corp.		26,808		26,808		—
Resolution Ltd, (United Kingdom)		22,984		22,984		—
Swiss Re AG, (Switzerland) (a)		23,002		23,002		—
Symetra Financial Corp.		24,320		24,320		—
Talanx AG, (Germany)		22,306		22,306		—
		374,960		374,960		—
Total Financials		569,227		569,227		—
Health Care — 2.5%
Biotechnology — 0.2%
Amgen, Inc.		27,596		27,596		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Health Care — Continued
Health Care Equipment & Supplies — 0.4%
Cooper Cos Inc. (The)		23,489		23,489		—
Nobel Biocare Holding AG, (Switzerland) (a)		24,136		24,136		—
Patterson Companies, Inc.		21,139		21,139		—
STERIS Corp.		24,092		24,092		—
		92,856		92,856		—
Health Care Providers & Services — 0.5%
Cigna Corp.		21,836		21,836		—
Fresenius Medical Care AG & Co., (Germany)		24,199		24,199		—
McKesson Corp.		27,382		27,382		—
Omnicare, Inc.		26,046		26,046		—
		99,463		99,463		—
Life Sciences Tools & Services — 0.3%
Life Technologies Corp. (a)		18,789		18,789		—
Lonza Group AG, (Switzerland) (a)		26,843		26,843		—
		45,632		45,632		—
Pharmaceuticals — 1.1%
Aceto Corporation		20,382		20,382		—
Ipsen S.A., (France)		25,103		25,103		—
Kissei Pharmaceutical Co., Ltd., (Japan)		26,302		26,302		—
Merck KGaA, (Germany)		20,551		20,551		—
Questcor Pharmaceuticals, Inc.		25,933		25,933		—
Recordati SpA, (Italy)		30,628		30,628		—
Roche Holding AG, (Switzerland)		20,348		20,348		—
Rohto Pharmaceutical Co., Ltd., (Japan)		24,180		24,180		—
Stada Arzneimittel AG, (Germany)		24,252		24,252		—
		217,679		217,679		—
Total Health Care		483,226		483,226		—
Industrials — 3.2%
Aerospace & Defense — 0.8%
AAR Corp.		19,081		19,081		—
BAE Systems plc, (United Kingdom) (a)		24,431		24,431		—
Exelis, Inc.		24,742		24,742		—
Northrop Grumman Corp.		22,648		22,648		—
Raytheon Co.		23,958		23,958		—
Spirit AeroSystems Holdings, Inc. (a)		27,840		27,840		—
Thales S.A., (France)		24,441		24,441		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Industrials — Continued
		167,141		167,141		—
Commercial Services & Supplies — 0.5%
ABM Industries Inc		25,300		25,300		—
Deluxe Corp.		24,858		24,858		—
Mineral Resources Ltd., (Australia)		20,849		20,849		—
Transcontinental, Inc., (Canada)		21,453		21,453		—
United Stationers, Inc.		23,118		23,118		—
		115,578		115,578		—
Construction & Engineering — 0.4%
Implenia AG, (Switzerland) (a)		22,536		22,536		—
Mota - Engil, SGPS, S.A., (Portugal)		22,529		22,529		—
NRW Holdings Ltd., (Australia)		19,572		19,572		—
Vinci S.A., (France)		24,562		24,562		—
		89,199		89,199		—
Electrical Equipment — 0.1%
EnerSys, Inc.		21,099		21,099		—
Industrial Conglomerates — 0.2%
DCC plc, (Ireland)		21,227		21,227		—
Rheinmetall AG, (Germany)		25,708		25,708		—
		46,935		46,935		—
Machinery — 0.5%
Barnes Group, Inc. (a)		22,427		22,427		—
CKD Corp., (Japan)		24,712		24,712		—
Georg Fischer AG, (Switzerland) (a)		23,344		23,344		—
Hyster-Yale Materials Handling, Inc.		23,412		23,412		—
Norma Group SE, (Germany)		24,095		24,095		—
		117,990		117,990		—
Road & Rail — 0.3%
Northgate plc, (United Kingdom)		24,718		24,718		—
Seino Holdings Co. Ltd, (Japan)		19,145		19,145		—
TransForce, Inc., (Canada)		23,394		23,394		—
		67,257		67,257		—
Trading Companies & Distributors — 0.3%
Seven Group Holdings Ltd, (Australia)		23,170		23,170		—
Travis Perkins plc, (United Kingdom) (a)		24,769		24,769		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Industrials — Continued
Wakita & Co., Ltd., (Japan)		22,590		22,590		—
		70,529		70,529		—
Transportation Infrastructure — 0.1%
BBA Aviation plc, (United Kingdom)		22,949		22,949		—
Total Industrials		718,677		718,677		—
Information Technology — 2.3%
Communications Equipment — 0.1%
Pace plc, (United Kingdom)		25,069		25,069		—
Computers & Peripherals — 0.5%
Cray, Inc.		23,975		23,975		—
QLogic Corp.		21,451		21,451		—
Seagate Technology plc, (Ireland)		22,994		22,994		—
Synaptics, Inc.		25,678		25,678		—
Western Digital Corp.		24,128		24,128		—
		118,226		118,226		—
Electronic Equipment, Instruments & Components — 0.6%
Arrow Electronics, Inc.		24,149		24,149		—
Benchmark Electronics, Inc.		22,594		22,594		—
Celestica, Inc., (Canada) (a)		21,242		21,242		—
Flextronics International Ltd., (Singapore) (a)		19,495		19,495		—
Littelfuse, Inc.		23,270		23,270		—
Sanmina Corp.		23,993		23,993		—
		134,743		134,743		—
Internet Software & Services — 0.2%
Blucora, Inc.		22,614		22,614		—
j2 Global, Inc.		23,537		23,537		—
		46,151		46,151		—
IT Services — 0.4%
CACI International, Inc. (a)		23,094		23,094		—
DST Systems, Inc.		26,117		26,117		—
SCSK Corporation, (Japan)		25,114		25,114		—
Total System Services, Inc.		25,010		25,010		—
		99,335		99,335		—
Semiconductors & Semiconductor Equipment — 0.3%
Lam Research Corp. (a)		25,204		25,204		—
Magnachip Semiconductor Corporation		17,075		17,075		—
Shindengen Electric Manufacturing Co. Ltd, (Japan)		24,939		24,939		—
		67,218		67,218		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Information Technology — Continued
Software — 0.2%
CSG Systems International, Inc.		24,567		24,567		—
Symantec Corp.		18,177		18,177		—
		42,744		42,744		—
Total Information Technology		533,486		533,486		—
Materials — 2.8%
Chemicals — 0.7%
Denki Kagaku Kogyo KK, (Japan)		23,432		23,432		—
Green Plains Renewable Energy, Inc.		28,184		28,184		—
Huntsman Corporation		23,148		23,148		—
PPG Industries, Inc.		24,619		24,619		—
Scotts Miracle-Gro Co. (The)		24,944		24,944		—
Tosoh Corp., (Japan)		21,728		21,728		—
		146,055		146,055		—
Construction Materials — 0.1%
Sumitomo Osaka Cement Co., Ltd., (Japan)		18,939		18,939		—
Containers & Packaging — 0.5%
Avery Dennison Corp. (a)		25,078		25,078		—
Greif, Inc.		21,214		21,214		—
Packaging Corp of America		24,160		24,160		—
Smurfit Kappa Group plc, (Ireland)		22,898		22,898		—
Sonoco Products Co.		24,456		24,456		—
		117,806		117,806		—
Metals & Mining — 0.6%
BC Iron Ltd., (Australia)		28,549		28,549		—
Canam Group, Inc., (Canada)		18,492		18,492		—
Freeport-McMoRan Copper & Gold, Inc.		22,039		22,039		—
NV Bekaert SA, (Belgium)		21,399		21,399		—
Steel Dynamics, Inc.		22,654		22,654		—
		113,133		113,133		—
Paper & Forest Products — 0.9%
Domtar Corp., (Canada)		30,075		30,075		—
Mondi plc, (United Kingdom)		23,397		23,397		—
Norbord, Inc., (Canada)		18,927		18,927		—
PH Glatfelter Co.		27,271		27,271		—
Schweitzer-Mauduit International, Inc.		21,958		21,958		—
Stora Enso OYJ, (Finland)		23,568		23,568		—
UPM-Kymmene OYJ, (Finland)		22,270		22,270		—
		167,466		167,466		—
Total Materials		563,399		563,399		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Telecommunication Services — 0.7%
Diversified Telecommunication Services — 0.5%
Frontier Communications Corp.		24,003		24,003		—
iiNET Ltd, (Australia)		23,529		23,529		—
M2 Group Ltd, (Australia)		22,584		22,584		—
Vonage Holdings Corp.		30,223		30,223		—
		100,339		100,339		—
Wireless Telecommunication Services — 0.2%
Freenet AG, (Germany) (a)		25,975		25,975		—
KDDI Corp., (Japan)		22,335		22,335		—
		48,310		48,310		—
Total Telecommunication Services		148,649		148,649		—
Utilities — 1.0%
Electric Utilities — 0.3%
Great Plains Energy Incorporated		24,729		24,729		—
Pinnacle West Capital Corp. (a)		17,631		17,631		—
Westar Energy, Inc.		22,522		22,522		—
		64,882		64,882		—
Gas Utilities — 0.3%
AGL Resources, Inc.		24,941		24,941		—
Enagas SA, (Spain)		21,821		21,821		—
Gas Natural SDG SA, (Spain)		25,523		25,523		—
		72,285		72,285		—
Multi-Utilities — 0.4%
Ameren Corp. (a)		25,050		25,050		—
Public Service Enterprise Group, Inc.		18,704		18,704		—
TECO Energy, Inc.		21,245		21,245		—
Vectren Corp.		19,903		19,903		—
		84,902		84,902		—
Total Utilities		222,069		222,069		—
Total Long Positions of Portfolio Swap		4,987,952		4,987,952		—
Short Positions
Common Stocks
Consumer Discretionary — 3.0%
Auto Components — 0.1%
ElringKlinger AG, (Germany)		17,992		17,992		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Hotels, Restaurants & Leisure — 0.9%
BJ’s Restaurants, Inc.		21,071		21,071		—
Buffalo Wild Wings, Inc.		16,030		16,030		—
Choice Hotels International, Inc.		18,344		18,344		—
Domino’s Pizza Group plc, (United Kingdom)		13,406		13,406		—
InterContinental Hotels Group plc, (United Kingdom)		22,281		22,281		—
Marriott International, Inc./DE		21,643		21,643		—
Melia Hotels International SA, (Spain)		17,396		17,396		—
Orient-Express Hotels Ltd., (Bermuda)		17,845		17,845		—
Panera Bread Co.		16,062		16,062		—
Penn National Gaming, Inc.		16,668		16,668		—
Sodexo, (France)		14,294		14,294		—
		195,040		195,040		—
Household Durables — 0.3%
Panasonic Corp, (Japan)		17,383		17,383		—
Sony Corp., (Japan)		15,915		15,915		—
Toll Brothers, Inc. (a)		23,299		23,299		—
		56,597		56,597		—
Internet & Catalog Retail — 0.2%
Amazon.com, Inc. (a)		16,141		16,141		—
Netflix, Inc.		19,238		19,238		—
		35,379		35,379		—
Media — 0.3%
Charter Communications, Inc. (a)		19,591		19,591		—
DreamWorks Animation SKG, Inc.		14,036		14,036		—
Liberty Global plc, (United Kingdom) (a)		16,066		16,066		—
Sirius XM Holdings, Inc. (a)		19,146		19,146		—
		68,839		68,839		—
Multiline Retail — 0.0%
JC Penney Co., Inc.		12,166		12,166		—
Specialty Retail — 0.6%
ARB Corp Ltd., (Australia)		13,109		13,109		—
Fast Retailing Co. Ltd, (Japan)		37,301		37,301		—
Inditex SA, (Spain)		13,736		13,736		—
L Brands, Inc.		16,650		16,650		—
Sally Beauty Holdings, Inc.		17,142		17,142		—
SuperGroup plc, (United Kingdom) (a)		19,404		19,404		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Discretionary — Continued
Yamada Denki Co., Ltd., (Japan)		21,135		21,135		—
		138,477		138,477		—
Textiles, Apparel & Luxury Goods — 0.6%
Adidas AG, (Germany)		16,008		16,008		—
Cie Financiere Richemont SA, (Switzerland)		18,656		18,656		—
Fifth & Pacific Cos, Inc.		14,379		14,379		—
Hermes International, (France)		19,436		19,436		—
Luxottica Group SpA, (Italy)		20,532		20,532		—
Puma SE, (Germany)		19,543		19,543		—
Quiksilver, Inc.		16,194		16,194		—
		124,748		124,748		—
Total Consumer Discretionary		649,238		649,238		—
Consumer Staples — 1.6%
Beverages — 0.5%
Coca-Cola Amatil Ltd., (Australia)		18,292		18,292		—
Davide Campari-Milano SpA, (Italy)		18,835		18,835		—
Diageo plc, (United Kingdom) (a)		18,800		18,800		—
Heineken NV, (Netherlands)		14,406		14,406		—
Pernod Ricard S.A., (France)		18,904		18,904		—
Remy Cointreau S.A., (France)		15,834		15,834		—
		105,071		105,071		—
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		15,618		15,618		—
Flowers Foods, Inc.		16,697		16,697		—
Fresh Market, Inc. (The)		17,410		17,410		—
Jeronimo Martins SGPS S.A., (Portugal)		14,205		14,205		—
Pricesmart, Inc.		15,907		15,907		—
Whole Foods Market, Inc.		18,970		18,970		—
		98,807		98,807		—
Food Products — 0.5%
Associated British Foods plc, (United Kingdom) (a)		19,950		19,950		—
Barry Callebaut AG, (Switzerland) (a)		15,400		15,400		—
Boulder Brands, Inc.		19,259		19,259		—
Hillshire Brands Co.		18,059		18,059		—
Kagome Co., Ltd., (Japan)		14,949		14,949		—
Nestle S.A., (Switzerland)		20,394		20,394		—
		108,011		108,011		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Consumer Staples — Continued
Personal Products — 0.1%
Avon Products, Inc.		17,406		17,406		—
Total Consumer Staples		329,295		329,295		—
Energy — 1.2%
Energy Equipment & Services — 0.1%
EQT Corporation (a)		19,026		19,026		—
Rosetta Resources, Inc.		14,061		14,061		—
		33,087		33,087		—
Oil, Gas & Consumable Fuels — 1.1%
Approach Resources, Inc.		20,873		20,873		—
Cairn Energy plc, (United Kingdom) (a)		13,047		13,047		—
Cheniere Energy, Inc.		18,103		18,103		—
Concho Resources, Inc.		13,691		13,691		—
Galp Energia SGPS S.A., (Portugal)		18,905		18,905		—
Goodrich Petroleum Corp.		16,376		16,376		—
Karoon Gas Australia Ltd., (Australia) (a)		9,872		9,872		—
Kosmos Energy Ltd., (Bermuda)		15,541		15,541		—
Laredo Petroleum Holdings, Inc.		12,914		12,914		—
Paladin Energy Ltd., (Australia) (a)		18,752		18,752		—
Paramount Resources Ltd., (Canada) (a)		22,728		22,728		—
QEP Resources, Inc.		16,742		16,742		—
Swift Energy Co.		17,196		17,196		—
Teekay Corp., (Bermuda)		20,693		20,693		—
WPX Energy, Inc.		20,688		20,688		—
		256,121		256,121		—
Total Energy		289,208		289,208		—
Financials — 2.4%
Capital Markets — 0.2%
Partners Group Holding AG, (Switzerland)		15,881		15,881		—
UBS AG, (Switzerland) (a)		18,136		18,136		—
		34,017		34,017		—
Commercial Banks — 0.3%
Commerzbank AG, (Germany) (a)		18,115		18,115		—
Royal Bank of Scotland Group plc, (United Kingdom) (a)		21,547		21,547		—
TCF Financial Corp.		20,721		20,721		—
		60,383		60,383		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Financials — Continued
Diversified Financial Services — 0.1%
Credit Suisse Group AG, (Switzerland)		21,276		21,276		—
Insurance — 0.1%
Standard Life plc, (United Kingdom)		17,213		17,213		—
Real Estate Investment Trusts (REITs) — 0.6%
Hersha Hospitality Trust		14,661		14,661		—
Hudson Pacific Properties, Inc.		21,730		21,730		—
ICADE, (France)		16,770		16,770		—
Intu Properties plc, (United Kingdom) (a)		16,441		16,441		—
Londonmetric Property plc, (United Kingdom)		19,339		19,339		—
Shaftesbury plc, (United Kingdom)		21,835		21,835		—
Strategic Hotels & Resorts, Inc.		16,758		16,758		—
		127,534		127,534		—
Real Estate Management & Development — 0.9%
Capital & Counties Properties plc, (United Kingdom)		19,501		19,501		—
Forest City Enterprises, Inc.		16,007		16,007		—
Forestar Group, Inc. (a)		19,120		19,120		—
Howard Hughes Corp. (The) (a)		19,963		19,963		—
Kennedy-Wilson Holdings, Inc.		20,705		20,705		—
Mitsubishi Estate Co., Ltd., (Japan)		24,909		24,909		—
St Joe Co. (The)		19,066		19,066		—
Sumitomo Realty & Development Co. Ltd, (Japan)		44,945		44,945		—
		184,216		184,216		—
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp.		17,413		17,413		—
Radian Group, Inc.		19,061		19,061		—
		36,474		36,474		—
Total Financials		481,113		481,113		—
Health Care — 0.3%
Biotechnology — 0.2%
3-D Matrix Ltd., (Japan) (a)		19,967		19,967		—
Vertex Pharmaceuticals, Inc.		19,602		19,602		—
		39,569		39,569		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Health Care — Continued
Health Care Providers & Services — 0.1%
Brookdale Senior Living, Inc.		16,531		16,531		—
Total Health Care		56,100		56,100		—
Industrials — 3.5%
Aerospace & Defense — 0.2%
Finmeccanica SpA, (Italy) (a)		19,662		19,662		—
MTU Aero Engines AG, (Germany)		18,220		18,220		—
		37,882		37,882		—
Air Freight & Logistics — 0.1%
Panalpina Welttransport Holding AG, (Switzerland)		16,379		16,379		—
Airlines — 0.2%
United Continental Holdings, Inc.		22,507		22,507		—
Virgin Australia Holdings Ltd., (Australia) (a)		16,002		16,002		—
		38,509		38,509		—
Building Products — 0.1%
Armstrong World Industries, Inc.		17,929		17,929		—
Commercial Services & Supplies — 0.7%
Aggreko plc, (United Kingdom)		17,255		17,255		—
Clean Harbors, Inc.		20,077		20,077		—
Copart, Inc.		16,866		16,866		—
Edenred, (France)		17,074		17,074		—
Interface, Inc.		20,992		20,992		—
Iron Mountain, Inc. (a)		19,807		19,807		—
Rentokil Initial plc, (United Kingdom)		23,519		23,519		—
		135,590		135,590		—
Construction & Engineering — 0.1%
Hochtief AG, (Germany)		13,015		13,015		—
Obayashi Corp, (Japan)		17,941		17,941		—
SNC-Lavalin Group, Inc., (Canada)		13,609		13,609		—
		44,565		44,565		—
Electrical Equipment — 0.2%
Areva S.A., (France) (a)		17,533		17,533		—
GrafTech International Ltd.		16,400		16,400		—
		33,933		33,933		—
Machinery — 0.2%
Chart Industries, Inc.		17,259		17,259		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Industrials — Continued
Heidelberger Druckmaschinen AG, (Germany) (a)		20,115		20,115		—
Vallourec S.A., (France)		13,640		13,640		—
Zardoya Otis S.A., (Spain)		14,894		14,894		—
		65,908		65,908		—
Marine — 0.1%
Kuehne + Nagel International AG, (Switzerland)		22,063		22,063		—
Professional Services — 0.4%
Advisory Board Co. (The)		20,576		20,576		—
Bureau Veritas S.A., (France)		18,112		18,112		—
Experian plc, (Ireland)		14,618		14,618		—
Intertek Group plc, (United Kingdom)		18,576		18,576		—
On Assignment, Inc.		18,253		18,253		—
		90,135		90,135		—
Road & Rail — 0.6%
Canadian Pacific Railway Ltd, (Canada)		19,859		19,859		—
Genesee & Wyoming, Inc.		19,062		19,062		—
Hertz Global Holdings, Inc. (a)		18,370		18,370		—
Kansas City Southern		17,528		17,528		—
Kintetsu Corp, (Japan)		13,859		13,859		—
Landstar System, Inc.		16,485		16,485		—
Werner Enterprises, Inc.		22,802		22,802		—
		127,965		127,965		—
Trading Companies & Distributors — 0.3%
Fastenal Co.		19,022		19,022		—
Kloeckner & Co., SE, (Germany) (a)		21,720		21,720		—
Wolseley plc, (Switzerland)		20,070		20,070		—
		60,812		60,812		—
Transportation Infrastructure — 0.3%
Aeroports de Paris, (France)		17,949		17,949		—
Groupe Eurotunnel S.A., (France)		16,505		16,505		—
Qube Holdings Ltd., (Australia)		19,017		19,017		—
		53,471		53,471		—
Total Industrials		745,141		745,141		—
Information Technology — 2.4%
Communications Equipment — 0.3%
Alcatel-Lucent/France, (France) (a)		15,651		15,651		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Information Technology — Continued
Infinera Corp.		18,792		18,792		—
ViaSat, Inc.		18,746		18,746		—
		53,189		53,189		—
Electronic Equipment, Instruments & Components — 0.1%
Nexans S.A., (France)		17,937		17,937		—
Internet Software & Services — 0.5%
Cornerstone OnDemand, Inc.		24,417		24,417		—
Equinix, Inc.		23,891		23,891		—
Facebook, Inc.		21,399		21,399		—
Rackspace Hosting, Inc.		14,964		14,964		—
Telecity Group plc, (United Kingdom)		18,160		18,160		—
		102,831		102,831		—
Semiconductors & Semiconductor Equipment — 0.4%
Advanced Micro Devices, Inc. (a)		14,317		14,317		—
Advantest Corp., (Japan)		18,270		18,270		—
ARM Holdings plc, (United Kingdom) (a)		16,275		16,275		—
Cavium, Inc.		19,626		19,626		—
STMicroelectronics N.V., (Netherlands)		22,332		22,332		—
		90,820		90,820		—
Software — 1.1%
Concur Technologies, Inc.		16,017		16,017		—
MicroStrategy, Inc.		15,587		15,587		—
NetSuite, Inc.		22,193		22,193		—
Nintendo Co., Ltd., (Japan)		11,892		11,892		—
Oracle Corp., (Japan)		15,973		15,973		—
Palo Alto Networks, Inc. (a)		20,391		20,391		—
QLIK Technologies, Inc.		21,022		21,022		—
RealPage, Inc.		21,176		21,176		—
Salesforce.com, Inc.		17,856		17,856		—
SAP AG, (Germany)		16,223		16,223		—
Workday, Inc. (a)		19,699		19,699		—
Zynga, Inc.		22,154		22,154		—
		220,183		220,183		—
Total Information Technology		484,960		484,960		—
Materials — 2.2%
Chemicals — 0.5%
Akzo Nobel NV, (Netherlands)		19,665		19,665		—
Intrepid Potash, Inc. (a)		15,303		15,303		—
Mitsui Chemicals, Inc., (Japan)		21,846		21,846		—
Syngenta AG, (Switzerland)		17,708		17,708		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAP

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Materials — Continued
Tokai Carbon Co. Ltd, (Japan)		16,247		16,247		—
		90,769		90,769		—
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		17,224		17,224		—
Containers & Packaging — 0.1%
Crown Holdings, Inc. (a)		16,070		16,070		—
Metals & Mining — 1.5%
Compass Minerals International, Inc.		21,778		21,778		—
Detour Gold Corp., (Canada) (a)		23,169		23,169		—
Eramet, (France)		20,336		20,336		—
Franco-Nevada Corp, (Canada)		22,130		22,130		—
Fresnillo plc, (Mexico)		21,161		21,161		—
Hecla Mining Co.		14,377		14,377		—
Kinross Gold Corp, (Canada)		19,853		19,853		—
Lonmin plc, (United Kingdom) (a)		19,462		19,462		—
New Gold, Inc., (Canada) (a)		20,643		20,643		—
Pretium Resources, Inc., (Canada) (a)		17,305		17,305		—
Randgold Resources Ltd., (Jersey)		16,111		16,111		—
Royal Gold, Inc.		19,691		19,691		—
Salzgitter AG, (Germany)		19,976		19,976		—
Sandfire Resources NL, (Australia) (a)		17,994		17,994		—
Silver Wheaton Corp, (Canada)		19,786		19,786		—
ThyssenKrupp AG, (Germany) (a)		20,125		20,125		—
Turquoise Hill Resources Ltd., (Canada) (a)		13,772		13,772		—
		327,669		327,669		—
Total Materials		451,732		451,732		—
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.3%
Inmarsat plc, (United Kingdom)		18,294		18,294		—
Level 3 Communications, Inc.		18,971		18,971		—
Telefonica Deutschland Holding AG, (Germany)		19,883		19,883		—
		57,148		57,148		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Telecommunication Services — Continued
Wireless Telecommunication Services — 0.3%
Iliad S.A., (France)		20,382		20,382		—
SBA Communications Corp.		16,324		16,324		—
T-Mobile U.S., Inc.		19,473		19,473		—
		56,179		56,179		—
Total Telecommunication Services		113,327		113,327		—
Utilities — 1.0%
Electric Utilities — 0.3%
Emera, Inc., (Canada)		14,618		14,618		—
Fortis, Inc., (Canada)		18,448		18,448		—
Kansai Electric Power Co., Inc. (The), (Japan) (a)		19,556		19,556		—
Kyushu Electric Power Co., Inc, (Japan) (a)		18,589		18,589		—
		71,211		71,211		—
Gas Utilities — 0.1%
ONEOK, Inc.		20,684		20,684		—
Independent Power Producers & Energy Traders — 0.4%
Calpine Corp.		15,431		15,431		—
Dynegy, Inc.		15,881		15,881		—
Northland Power, Inc., (Canada)		19,702		19,702		—
NRG Energy, Inc.		20,136		20,136		—
Ormat Technologies, Inc.		6,458		6,458		—
		77,608		77,608		—
Multi-Utilities — 0.1%
Sempra Energy		17,429		17,429		—
Water Utilities — 0.1%
Pennon Group plc, (United Kingdom)		22,202		22,202		—
Total Utilities		209,134		209,134		—
Total Short Positions of Portfolio Swap		3,809,248		3,809,248		—
Total of Long and Short Positions of Portfolio Swap		1,178,704		1,178,704		—
Cash and Other Receivables 4						(99,428	)
Financing Costs						(3,160	)
Net Dividends						81
Net Swap Contract, at value					$	(102,507	)

Percentages indicated are based on net assets.

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

AS OF JANUARY 31, 2014 (Unaudited)

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Long Positions
Common Stocks
Consumer Discretionary — 0.2%
Hotels, Restaurants & Leisure — 0.2%
Club Mediterranee SA, (France) (a)		39,007		39,007		—
Energy — 0.3%
Oil, Gas & Consumable Fuels — 0.3%
PVR Partners, L.P.		50,949		50,949		—
Financials — 1.5%
Capital Markets — 0.1%
F&C Asset Management plc, (United Kindom)		21,980		21,980		—
Commercial Banks — 1.4%
CapitalSource, Inc.		68,320		68,320		—
Hudson City Bancorp, Inc.		71,488		71,488		—
Sterling Financial Corporation		69,646		69,646		—
Taylor Capital Group, Inc. (a)		49,439		49,439		—
Virginia Commerce Bancorp, Inc. (a)		61,577		61,577		—
		320,470		320,470		—
Total Financials		342,450		342,450		—
Health Care — 0.4%
Health Care Providers & Services — 0.1%
Medica SA, (France)		26,768		26,768		—
Pharmaceuticals — 0.3%
Paladin Labs, Inc., (Canada)		41,038		41,038		—
Shoppers Drug Mart Corporation, (Canada)		25,877		25,877		—
		66,915		66,915		—
Total Health Care		93,683		93,683		—
Industrials — 0.4%
Commercial Services & Supplies — 0.3%
Brookfield Office Properties, Inc., (Canada)		63,889		63,889		—
Electrical Equipment — 0.0%
Schneider Electric SA, (France)		561		561		—
Road & Rail — 0.1%
Pacer International, Inc.		23,276		23,276		—
Total Industrials		87,726		87,726		—

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Information Technology — 0.3%
Semiconductors & Semiconductor Equipment — 0.3%
Tokyo Electron Limited, (Japan)		62,449		62,449		—
Materials — 0.7%
Construction Materials — 0.3%
Texas Industries, Inc. (a)		67,472		67,472		—
Metals & Mining — 0.4%
Osisko Mining Corporation, (Canada)		32,232		32,232		—
Rautaruukki OYJ, (Finland)		29,993		29,993		—
		62,225		62,225		—
Total Materials		129,697		129,697		—
Telecommunication Services — 0.3%
Diversified Telecommunication Services — 0.3%
Ziggo NV, (Netherlands)		63,996		63,996		—
Total Long Positions of Portfolio Swap		869,957		869,957		—
Short Positions
Common Stocks
Consumer Discretionary — 0.2%
Media — 0.2%
Liberty Global plc, (United Kingdom) (a)		45,893		45,893		—
		45,893		45,893		—
Consumer Staples — 0.0%
Food & Staples Retailing — 0.0%
Loblaw Companies Limited, (Canada)		11,009		11,009		—
Energy — 0.2%
Energy Equipment & Services — 0.2%
AMEC plc, (United Kingdom) (a)		31,968		31,968		—
Financials — 1.3%
Commercial Banks — 1.3%
M&T Bank Corp.		44,381		44,381		—
MB Financial, Inc.		39,621		39,621		—
PacWest Bancorp		55,994		55,994		—
Umpqua Holdings Corporation		64,217		64,217		—
United Bankshares, Inc.		62,769		62,769		—
		266,982		266,982		—
Total Financials		266,982		266,982		—

JPMorgan Diversified Risk Fund

ADDITIONAL INFORMATION – PORTFOLIO SWAPS

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

PORTFOLIO SWAP POSITIONS	NOTIONAL VALUE($)1		CURRENT VALUE($)2		VALUE($)3
Health Care — 0.2%
Pharmaceuticals — 0.2%
Endo Health Solutions, Inc. (a)		39,133		39,133		—
Information Technology — 0.3%
Semiconductors & Semiconductor Equipment — 0.3%
Applied Materials, Inc. (a)		64,067		64,067		—
Materials — 0.5%
Construction Materials — 0.3%
Martin Marietta Materials, Inc.		67,695		67,695		—
Metals & Mining — 0.1%
Goldcorp Inc., (Canada)		19,498		19,498		—
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp. (a)		25,576		25,576		—
Total Materials		112,769		112,769		—
Total Short Positions of Portfolio Swap		571,821		571,821		—
Total of Long and Short Positions of Portfolio Swap		298,136		298,136		—
Cash and Other Receivables 4						48,588
Financing Costs						(903	)
Net Dividends						—
Net Swap Contract, at value					$	47,685

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION —  PORTFOLIO SWAPS:

1 Notional value represents the market value at each reset date of the long and short positions.

2 Current value represents market value of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.

3 Value represents the unrealized gain (loss) of the positions and was zero at January 31, 2014 as the swap resets on that day.

4 Cash and other receivables includes the gains (or losses) realized within the swap when the swap resets. Gains (or losses) will be realized on the swap when cash is settled with the counterparty.

(a) Non-income producing security.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CZK	—	Czech Republic Koruna
ETF	—	Exchange Traded Fund
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PHP	—	Philippine Peso

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
RON	—	Romanian Leu
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SPDR	—	Standard & Poor’s Depositary Receipts
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2014.
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately 362,214 and 3.87%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	101,100
Aggregate gross unrealized depreciation	(92,440	)
Net unrealized appreciation/depreciation	8,660
Federal income tax cost of investments	9,360,259

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by sector as presented on the Consolidated Schedule of Portfolio Investments:

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary		204,565			—			—		204,565
Consumer Staples		90,928			87,039			—		177,967
Financials		5,821			—			—		5,821
Health Care		216,516			54,091			—		270,607
Industrials		84,913			—			—		84,913
Information Technology		391,571			24,790			—		416,361
Materials		148,799			108,220			—		257,019
Telecommunication Services		58,161			—			—		58,161
Utilities		58,024			—			—		58,024
Total Common Stocks		1,259,298			274,140			—		1,533,438
Exchange Traded Funds		1,406,137			—			—		1,406,137
Preferred Stocks
Consumer Discretionary		6,565			—			—		6,565
Financials		9,914			—			—		9,914
Materials		26,995			—			—		26,995
Utilities		41,993			—			—		41,993
Total Preferred Stocks		85,467			—			—		85,467
Debt Securities
Convertible Bonds
Consumer Discretionary		—			231,029			—		231,029
Consumer Staples		—			44,759			—		44,759
Energy		—			64,951			—		64,951
Financials		2,680			284,037			—		286,717
Health Care		—			137,580			—		137,580
Industrials		—			96,547			—		96,547
Information Technology		—			246,693			—		246,693
Materials		—			34,314			—		34,314
Total Convertible Bonds		2,680			1,139,910			—		1,142,590
Short-Term Investment
Investment Company		5,201,287			—			—		5,201,287
Total Investments in Securities		7,954,869			1,414,050			—		9,368,919
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			117,023			—		117,023
Futures Contracts		70,248			—			—		70,248
Swaps		—			59,549			—		59,549
Total Appreciation in Other Financial Instruments		70,248			176,572			—		246,820
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(84,464	)		—		(84,464	)
Futures Contracts		(7,999	)		—			—		(7,999	)
Swaps		—			(102,507	)		—		(102,507	)
Total Depreciation in Other Financial Instruments		(7,999	)		(186,971	)		—		(194,970	)

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) — (d) below describe the various derivatives used by the Fund.

(a). Futures Contracts — The Fund uses index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance. The use of futures contracts exposes the Fund to interest rate risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(c). Return Swap on Commodity Index — The Fund uses return swaps on commodity futures indices to obtain long and short exposure to commodities markets. The value of a swap agreement is recorded at the beginning of the measurement period. Swap values are based on the values of underlying futures contracts, using the last sale or closing price from the principal exchange on which the contract is traded. Under some circumstances, commodity futures exchanges may establish daily limits on the amount that the price of a commodity futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions. Return swaps on commodity indices are subject to quarterly resets.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding swap contracts with the counterparty in the form of cash or securities. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Daily movement of collateral is subject to minimum threshold amounts.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms. Investing in certain derivatives, including return swaps, also results in a form of leverage and, as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund’s activities in return swaps are concentrated with a single counterparty. Counterparty credit risk may be mitigated to the extent the counterparty posts collateral for mark to market gains to the Fund.

(d). Portfolio Swaps — The Fund entered into portfolio swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of the Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs”. Positions within each swap and financing costs are reset monthly. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of each swap may occur at a reset date or any other date, at the discretion of the Fund and counterparty, over the life of the agreement, and is generally determined based on internal limits and thresholds established at both the Fund and counterparty.

Each swap involves additional risks than if the Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty credit risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of the Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. The portfolio swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Fund’s activities in each portfolio swap is concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., the Fund’s risk of loss associated with these instruments may exceed their value.

JPMorgan Diversified Risk Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Brazil — 13.7%
	2,293	AMBEV S.A., ADR (m)		14,994
	901	Banco do Brasil S.A. (m)		7,795
	200	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference Shares), ADR (m)		7,654
	1,382	Embraer S.A. (m)		10,532
	1,041	Even Construtora e Incorporadora S.A. (m)		3,090
	250	Ez Tec Empreendimentos e Participacoes S.A. (m)		2,791
	291	Grendene S.A. (m)		1,927
	1,332	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		16,306
	1,245	JBS S.A. (m)		4,361
	283	Kroton Educacional S.A. (m)		4,328
	105	M. Dias Branco S.A. (m)		3,598
	258	Petroleo Brasileiro S.A., ADR (m)		2,896
	358	Porto Seguro S.A. (m)		4,175
	536	Sul America S.A. (m)		2,952
	474	Telefonica Brasil S.A., ADR (m)		9,012
	1,107	Tim Participacoes S.A. (m)		5,797
	1,338	Vale S.A., ADR (m)		18,195
				120,403
		China — 19.0%
	1,928	Anta Sports Products Ltd. (m)		2,815
	26	Baidu, Inc., ADR (a) (m)		4,103
	35,313	Bank of China Ltd., Class H (m)		14,905
	28,728	China Construction Bank Corp., Class H (m)		19,901
	5,581	China Merchants Bank Co., Ltd., Class H (m)		9,831
	3,266	China Oilfield Services Ltd., Class H (m)		8,759
	17,173	China Petroleum & Chemical Corp., Class H (m)		13,565
	8,294	CNOOC Ltd. (m)		12,883
	373	Giant Interactive Group, Inc., ADR (m)		4,106
	2,001	Great Wall Motor Co., Ltd., Class H (m)		9,415
	3,026	Guangzhou R&F Properties Co., Ltd., Class H (m)		4,030
	31,785	Industrial & Commercial Bank of China Ltd., Class H (m)		19,597
	9,714	Lenovo Group Ltd. (m)		12,528
	114	NetEase, Inc., ADR (a) (m)		8,549
	123	Perfect World Co., Ltd., ADR (m)		2,380
	1,262	Ping An Insurance Group Co. of China Ltd., Class H (m)		10,195
	1,225	Weichai Power Co., Ltd., Class H (m)		4,655

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — Continued
	128	WuXi PharmaTech Cayman, Inc., ADR (a) (m)		4,479
				166,696
		Hong Kong — 6.8%
	6,204	Anxin-China Holdings Ltd. (m)		1,572
	11,440	Bosideng International Holdings Ltd. (m)		2,069
	2,696	Chaoda Modern Agriculture Holdings Ltd. (a) (i)		—
	2,238	China Mobile Ltd. (m)		21,351
	7,852	China Unicom Hong Kong Ltd. (m)		10,238
	12,795	Geely Automobile Holdings Ltd. (m)		5,229
	21,318	Shenzhen International Holdings Ltd. (m)		2,768
	2,738	Shougang Fushan Resources Group Ltd. (m)		751
	2,998	SJM Holdings Ltd. (m)		9,293
	7,740	Skyworth Digital Holdings Ltd. (m)		4,223
	4,476	Truly International Holdings Ltd. (m)		2,459
				59,953
		Hungary — 0.5%
	207	Richter Gedeon Nyrt. (m)		4,184
		India — 7.9%
	1,039	Cairn India Ltd. (m)		5,374
	334	HCL Technologies Ltd. (m)		7,805
	951	Housing Development Finance Corp. (m)		12,257
	262	Infosys Ltd., ADR (m)		15,355
	2,149	Oil & Natural Gas Corp., Ltd. (m)		9,447
	259	Oil India Ltd. (m)		1,962
	215	Punjab National Bank (m)		1,880
	862	Rural Electrification Corp. Ltd. (m)		2,475
	334	Tata Motors Ltd., ADR (m)		9,290
	1,065	UPL Ltd. (m)		3,217
				69,062
		Indonesia — 0.3%
	4,912	Indofood Sukses Makmur Tbk PT (m)		2,808
		Mexico — 0.6%
	3,090	Compartamos S.A.B. de C.V. (m)		5,545
		Netherlands — 0.3%
	241	VimpelCom Ltd., ADR (m)		2,335
		Poland — 2.2%
	236	KGHM Polska Miedz S.A. (m)		8,184
	1,291	Polskie Gornictwo Naftowe i Gazownictwo S.A. (m)		1,896

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Poland — Continued
	72	Powszechny Zaklad Ubezpieczen S.A. (m)		9,457
				19,537
		Russia — 8.7%
	1,067	Aeroflot - Russian Airlines OJSC (m)		2,518
	259	CTC Media, Inc. (m)		2,971
	272	Lukoil OAO, ADR (m)		15,418
	18	Magnit OJSC (m)		4,246
	207	MegaFon OAO, Reg. S., GDR (m)		6,160
	234	Mobile Telesystems OJSC (m)		1,916
	476	Mobile Telesystems OJSC, ADR (m)		8,208
	1,502	Rosneft OAO, Reg. S., GDR (m)		10,276
	318	Sberbank of Russia (m)		861
	1,346	Sberbank of Russia, ADR (m)		14,534
	282	Tatneft OAO, ADR (m)		9,286
				76,394
		South Africa — 4.7%
	741	African Bank Investments Ltd. (m)		713
	613	Clicks Group Ltd. (m)		3,146
	426	Imperial Holdings Ltd. (m)		7,109
	872	MTN Group Ltd. (m)		15,570
	308	Sasol Ltd. (m)		14,841
				41,379
		South Korea — 16.0%
	18	GS Home Shopping, Inc. (m)		4,673
	86	Halla Visteon Climate Control Corp. (m)		3,125
	151	Hankook Tire Co., Ltd. (a) (m)		8,622
	37	Hyosung Corp. (m)		2,319
	80	Hyundai Motor Co. (m)		17,268
	233	Kia Motors Corp. (m)		11,605
	156	KT&G Corp. (m)		11,006
	22	Mando Corp. (m)		2,437
	177	Partron Co. Ltd. (m)		2,210
	37	Samsung Electronics Co., Ltd. (m)		44,368
	52	SK Holdings Co., Ltd. (m)		8,628
	239	SK Hynix, Inc. (a) (m)		8,330
	30	SK Telecom Co., Ltd. (m)		6,031
	827	Woori Finance Holdings Co., Ltd. (a) (m)		9,463
				140,085
		Taiwan — 12.8%
	9,830	Advanced Semiconductor Engineering, Inc. (m)		9,007
	1,365	Catcher Technology Co., Ltd. (m)		9,054
	1,223	Chicony Electronics Co., Ltd. (m)		3,123

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — Continued
	1,982	Chipbond Technology Corp. (m)		3,022
	3,187	Compeq Manufacturing Co., Ltd. (m)		1,772
	7,881	Fubon Financial Holding Co., Ltd. (m)		11,118
	939	Huaku Development Co., Ltd. (m)		2,301
	3,023	Inventec Corp. (m)		2,789
	1,914	Kenda Rubber Industrial Co., Ltd. (m)		4,126
	2,960	Lite-On Technology Corp. (m)		4,384
	3,269	Pou Chen Corp. (m)		4,519
	880	Radiant Opto-Electronics Corp. (m)		3,819
	1,871	Realtek Semiconductor Corp. (m)		5,087
	1,792	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		30,326
	3,416	Teco Electric and Machinery Co., Ltd. (m)		3,710
	499	TPK Holding Co., Ltd. (m)		3,154
	2,614	Uni-President Enterprises Corp. (m)		4,290
	2,297	Vanguard International Semiconductor Corp. (m)		2,513
	744	Wistron NeWeb Corp. (m)		1,900
	766	Zhen Ding Technology Holding Ltd. (m)		1,913
				111,927
		Turkey — 2.5%
	648	Arcelik A.S. (m)		3,204
	2,376	Eregli Demir ve Celik Fabrikalari TAS (m)		2,856
	191	Ford Otomotiv Sanayi A.S. (m)		1,678
	236	Koza Altin Isletmeleri A.S. (m)		1,996
	413	TAV Havalimanlari Holding A.S. (m)		3,106
	580	Tofas Turk Otomobil Fabrikasi A.S. (m)		2,728
	235	Tupras Turkiye Petrol Rafinerileri A.S. (m)		3,869
	925	Turk Hava Yollari (m)		2,765
				22,202
		United Arab Emirates — 1.6%
	5,301	Air Arabia PJSC (m)		2,204
	390	Dragon Oil plc (m)		3,765
	1,624	Dubai Islamic Bank PJSC (m)		2,619
	975	First Gulf Bank PJSC (m)		5,282
				13,870
		Total Common Stocks (Cost $874,905)		856,380
	Preferred Stock — 0.2%
		Brazil — 0.2%
	390	Banco do Estado do Rio Grande do Sul S.A., Class B (m) (Cost $3,237)		1,697

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	4,500	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $4,500)		4,500
		Total Investments — 98.3% (Cost $882,642)		862,577
		Other Assets in Excess of Liabilities — 1.7%		14,840
		NET ASSETS — 100.0%	$	877,417

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

Commercial Banks	14.5	%
Semiconductors & Semiconductor Equipment	12.4
Oil, Gas & Consumable Fuels	12.2
Wireless Telecommunication Services	7.8
Automobiles	6.6
Metals & Mining	3.7
Computers & Peripherals	3.7
Insurance	3.1
IT Services	2.7
Diversified Telecommunication Services	2.2
Auto Components	2.1
Food Products	1.8
Food & Staples Retailing	1.8
Beverages	1.7
Diversified Financial Services	1.7
Household Durables	1.5
Electronic Equipment, Instruments & Components	1.5
Internet Software & Services	1.5
Thrifts & Mortgage Finance	1.4
Textiles, Apparel & Luxury Goods	1.3
Tobacco	1.3
Aerospace & Defense	1.2
Hotels, Restaurants & Leisure	1.1
Energy Equipment & Services	1.0
Industrial Conglomerates	1.0
Others (each less than 1.0%)	8.7
Short-Term Investment	0.5

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
HKD	—	Hong Kong Dollar
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $635,814,000 and 73.7%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	55,679
Aggregate gross unrealized depreciation		(75,744	)
Net unrealized appreciation/depreciation	$	(20,065	)
Federal income tax cost of investments	$	882,642

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its Fund, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

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

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	120,403	$	—	$	—		$	120,403
China		23,617		143,079		—			166,696
Hong Kong		—		59,953		—	(a)		59,953
Hungary		—		4,184		—			4,184
India		24,645		44,417		—			69,062
Indonesia		—		2,808		—			2,808
Mexico		5,545		—		—			5,545
Netherlands		2,335		—		—			2,335
Poland		—		19,537		—			19,537
Russia		13,697		62,697		—			76,394
South Africa		713		40,666		—			41,379
South Korea		11,006		129,079		—			140,085
Taiwan		30,326		81,601		—			111,927
Turkey		—		22,202		—			22,202
United Arab Emirates		—		13,870		—			13,870
Total Common Stocks		232,287		624,093		—	(a)		856,380
Preferred Stocks
Brazil		1,697		—		—			1,697
Short-Term Investment
Investment Company		4,500		—		—			4,500
Total Investments in Securities	$	238,484	$	624,093	$	—	*(a)	$	862,577

(a) Value is zero.

There were no transfers among any Levels during the period ended January 31, 2014.

* Level 3 securities are valued by brokers and pricing services. At January 31, 2014, the value of these securities was zero. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.5%
		Brazil — 9.1%
	6,675	AMBEV S.A., ADR (m)		43,653
	6,256	CCR S.A. (m)		40,284
	1,280	Cielo S.A. (m)		34,064
	1,730	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		21,178
	956	Lojas Renner S.A. (m)		21,963
	850	Marcopolo S.A. (m)		1,744
	2,002	Ultrapar Participacoes S.A. (m)		44,207
	3,411	Vale S.A. (Preference Shares), ADR (m)		41,888
	1,797	WEG S.A. (m)		20,400
				269,381
		China — 9.0%
	265	Baidu, Inc., ADR (a) (m)		41,394
	14,555	China Shenhua Energy Co., Ltd., Class H (m)		37,358
	31,124	CNOOC Ltd. (m)		48,345
	27,255	Sun Art Retail Group Ltd. (m)		35,684
	596	Tencent Holdings Ltd. (m)		41,785
	3,722	Tsingtao Brewery Co., Ltd., Class H (m)		27,300
	8,390	Wynn Macau Ltd. (m)		35,634
				267,500
		Colombia — 1.2%
	2,419	Pacific Rubiales Energy Corp. (m)		36,771
		Cyprus — 0.9%
	392	Eurasia Drilling Co., Ltd., Reg. S., GDR (m)		13,556
	1,078	Globaltrans Investment plc, Reg. S., GDR (m)		14,285
				27,841
		Hong Kong — 6.6%
	17,569	AIA Group Ltd. (m)		80,983
	2,825	China Mobile Ltd. (m)		26,952
	854	Jardine Matheson Holdings Ltd. (m)		45,779
	5,569	Sands China Ltd. (m)		42,768
				196,482
		India — 16.3%
	1,689	ACC Ltd. (m)		27,233
	5,472	Ambuja Cements Ltd. (m)		13,912
	1,900	Asian Paints Ltd. (m)		14,293
	1,467	HDFC Bank Ltd., ADR (m)		45,915
	7,117	Housing Development Finance Corp. (m)		91,759
	978	Infosys Ltd., ADR (m)		57,278
	12,944	ITC Ltd. (m)		67,221
	1,478	Kotak Mahindra Bank Ltd. (m)		15,473

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — Continued
	1,485	Larsen & Toubro Ltd. (m)		23,356
	3,843	Mahindra & Mahindra Financial Services Ltd. (m)		14,874
	1,894	Mahindra & Mahindra Ltd. (m)		26,929
	2,434	Tata Consultancy Services Ltd. (m)		86,991
				485,234
		Indonesia — 4.7%
	87,490	Astra International Tbk PT (m)		46,032
	87,388	Bank Rakyat Indonesia Persero Tbk PT (m)		59,720
	30,031	Semen Indonesia Persero Tbk PT (m)		34,889
				140,641
		Luxembourg — 2.1%
	1,387	Tenaris S.A., ADR (m)		61,699
		Malaysia — 0.9%
	4,833	Public Bank Bhd (m)		27,584
		Mexico — 2.4%
	10,907	Fibra Uno Administracion S.A. de C.V. (m)		35,216
	4,092	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		25,827
	2,463	Infraestructura Energetica Nova S.A.B. de C.V. (m)		10,604
				71,647
		Panama — 0.5%
	113	Copa Holdings S.A., Class A (m)		14,730
		Peru — 1.6%
	364	Credicorp Ltd. (m)		48,058
		Poland — 0.5%
	1,163	Eurocash S.A. (m)		15,094
		Russia — 3.6%
	685	Magnit OJSC, Reg. S., GDR (m)		36,045
	4,163	Mobile Telesystems OJSC (m)		34,153
	10,507	Sberbank of Russia (m)		28,421
	658	Sberbank of Russia, ADR (m)		7,103
				105,722
		South Africa — 13.7%
	799	African Rainbow Minerals Ltd. (m)		15,782
	2,552	Bidvest Group Ltd. (m)		57,097
	820	Capitec Bank Holdings Ltd. (m)		13,914
	14,912	FirstRand Ltd. (m)		41,932
	680	Imperial Holdings Ltd. (m)		11,338
	684	Kumba Iron Ore Ltd. (m)		27,785
	1,008	Massmart Holdings Ltd. (m)		10,988

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — Continued
	2,263	Mr Price Group Ltd. (m)		28,025
	3,654	MTN Group Ltd. (m)		65,252
	2,969	Remgro Ltd. (m)		49,658
	3,547	Shoprite Holdings Ltd. (m)		45,710
	7,033	Woolworths Holdings Ltd. (m)		38,438
				405,919
		South Korea — 6.7%
	118	Hyundai Mobis (m)		33,822
	376	Hyundai Motor Co. (m)		81,641
	70	Samsung Electronics Co., Ltd. (m)		83,090
				198,553
		Taiwan — 5.9%
	11,561	Delta Electronics, Inc. (m)		63,271
	5,800	President Chain Store Corp. (m)		38,836
	4,296	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		72,697
				174,804
		Thailand — 5.0%
	3,916	Advanced Info Service PCL, NVDR (m)		24,805
	8,056	Kasikornbank PCL, NVDR (m)		41,446
	224	Siam Cement PCL (The), NVDR (m)		2,759
	8,942	Siam Commercial Bank PCL (The) (m)		40,362
	13,359	Total Access Communication PCL, NVDR (m)		38,745
				148,117
		Turkey — 3.5%
	1,697	Ford Otomotiv Sanayi A.S. (m)		14,883
	10,202	KOC Holding A.S. (m)		34,670
	3,378	TAV Havalimanlari Holding A.S. (m)		25,409
	10,405	Turkiye Garanti Bankasi A.S. (m)		27,548
				102,510
		United Kingdom — 3.3%
	1,228	SABMiller plc (m)		55,189
	2,113	Standard Chartered plc (m)		42,950
				98,139
		Total Common Stocks (Cost $2,776,992)		2,896,426
	Preferred Stocks — 0.6%
		Brazil — 0.6%
	720	Itau Unibanco Holding S.A. (m)		9,038
	4,129	Marcopolo S.A. (m)		8,863
		Total Preferred Stocks (Cost $17,713)		17,901

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	63,700	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $63,700)		63,700
		Total Investments — 100.2% (Cost $2,858,405)		2,978,027
		Liabilities in Excess of Other Assets — (0.2)%		(5,742	)
		NET ASSETS — 100.0%	$	2,972,285

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		14.7	%
Wireless Telecommunication Services		6.4
Food & Staples Retailing		6.1
IT Services		6.0
Automobiles		5.7
Oil, Gas & Consumable Fuels		5.6
Semiconductors & Semiconductor Equipment		5.2
Industrial Conglomerates		4.6
Beverages		4.2
Diversified Financial Services		3.6
Thrifts & Mortgage Finance		3.1
Metals & Mining		2.9
Internet Software & Services		2.8
Insurance		2.7
Construction Materials		2.6
Hotels, Restaurants & Leisure		2.6
Energy Equipment & Services		2.5
Tobacco		2.3
Transportation Infrastructure		2.2
Electronic Equipment, Instruments & Components		2.1
Multiline Retail		2.0
Real Estate Investment Trusts (REITs)		1.2
Auto Components		1.1
Machinery		1.0
Others (each less than 1.0%)		4.7
Short-Term Investment		2.1

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary Receipt
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments, and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $2,176,856,000 and 73.1% respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	397,674
Aggregate gross unrealized depreciation		(278,052	)
Net unrealized appreciation/depreciation	$	119,622
Federal income tax cost of investments	$	2,858,405

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	269,381	$	—	$	—	$	269,381
China		41,394		226,106		—		267,500
Colombia		36,771		—		—		36,771
Cyprus		—		27,841		—		27,841
Hong Kong		—		196,482		—		196,482
India		103,193		382,041		—		485,234
Indonesia		—		140,641		—		140,641
Luxembourg		61,699		—		—		61,699
Malaysia		—		27,584		—		27,584
Mexico		71,647		—		—		71,647
Panama		14,730		—		—		14,730
Peru		48,058		—		—		48,058
Poland		—		15,094		—		15,094
Russia		—		105,722		—		105,722
South Africa		—		405,919		—		405,919
South Korea		—		198,553		—		198,553
Taiwan		72,697		102,107		—		174,804
Thailand		40,362		107,755		—		148,117
Turkey		—		102,510		—		102,510
United Kingdom		—		98,139		—		98,139
Total Common Stocks		759,932		2,136,494		—		2,896,426
Preferred Stocks
Brazil		17,901		—		—		17,901
Short-Term Investment
Investment Company		63,700		—		—		63,700
Total Investments in Securities	$	841,533	$	2,136,494	$	—	$	2,978,027

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 0.5%
		Mexico — 0.5%
MXN	3,600	Grupo Televisa S.A.B., 7.250%, 05/14/43 (m)		210
MXN	8,360	Red de Carreteras de Occidente, S.A.P.I.B. de C.V., 9.000%, 06/10/28 (e) (m)		547
		Total Corporate Bonds (Cost $971)		757
	Foreign Government Securities — 71.6%
		Brazil — 7.4%
BRL	4,110	Brazil Letras do Tesouro Nacional, Zero Coupon, 01/01/15 (m)		1,537
		Brazil Notas do Tesouro Nacional Serie F,
BRL	3,700	10.000%, 01/01/15 (m)		1,525
BRL	9,090	10.000%, 01/01/17 (m)		3,538
BRL	5,800	10.000%, 01/01/21 (m)		2,079
BRL	4,311	10.000%, 01/01/23 (m)		1,502
				10,181
		Chile — 2.1%
CLP	66	Bonos de la Tesoreria de la Republica, 3.000%, 07/01/17 (m)		2,900
		Colombia — 2.0%
		Republic of Colombia,
COP	2,700,000	4.375%, 03/21/23 (m)		1,160
COP	1,405,000	7.750%, 04/14/21 (m)		756
COP	1,290,000	9.850%, 06/28/27 (m)		775
				2,691
		Ghana — 0.7%
	167	Citigroup, Inc., CLN, 16.900%, 03/09/16 (linked to Government of Ghana, 16.900%, 03/09/16; credit rating B), (a) (e) (i) (m)		129
	50	Standard Bank plc, CLN, 26.000%, 06/07/17 (linked to Government of Ghana, 26.000%, 06/07/17; credit rating B), (a) (e) (i) (m)		35
	1,606	Standard Chartered Bank, CLN, 21.000%, 10/28/15 (linked to Government of Ghana, 21.000%, 10/28/15; credit rating B) (e) (i) (m)		726
				890
		Hungary — 3.6%
		Republic of Hungary,
HUF	235,580	5.500%, 02/12/16 (m)		1,047
HUF	159,600	5.500%, 12/22/16 (m)		709
HUF	74,930	5.500%, 12/20/18 (m)		328
HUF	43,200	6.000%, 11/24/23 (m)		185
HUF	158,120	6.500%, 06/24/19 (m)		749
HUF	45,680	6.750%, 11/24/17 (m)		210
HUF	157,920	7.000%, 06/24/22 (m)		721
HUF	198,220	7.500%, 11/12/20 (m)		943
				4,892
		Indonesia — 7.6%
		Republic of Indonesia,
IDR	5,500,000	5.250%, 05/15/18 (m)		405
IDR	4,580,000	5.625%, 05/15/23 (m)		297
IDR	2,196,000	6.125%, 05/15/28 (m)		133
IDR	15,622,000	6.625%, 05/15/33 (m)		949
IDR	14,109,000	8.250%, 07/15/21 (m)		1,114
IDR	31,090,000	8.250%, 06/15/32 (m)		2,254
IDR	31,300,000	8.375%, 03/15/24 (m)		2,462
IDR	4,800,000	8.375%, 03/15/34 (m)		352
IDR	7,000,000	9.000%, 03/15/29 (m)		550
IDR	7,000,000	9.500%, 06/15/15 (m)		586
IDR	4,725,000	9.500%, 07/15/31 (m)		384
IDR	11,750,000	10.250%, 07/15/22 (m)		1,025
				10,511
		Kenya — 0.4%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya, 12.000%, 11/15/32; credit rating B) (i) (m)		530
		Malaysia — 4.2%
		Malaysia Government Bond,
MYR	3,100	3.172%, 07/15/16 (m)		924
MYR	2,600	3.480%, 03/15/23 (m)		730
MYR	7,600	3.492%, 03/31/20 (m)		2,197
MYR	2,000	3.844%, 04/15/33 (m)		538
MYR	5,110	3.892%, 03/15/27 (m)		1,435
				5,824
		Mexico — 6.4%
		United Mexican States,
MXN	2,755	4.000%, 11/15/40 (m)		206
MXN	8,420	6.500%, 06/10/21 (m)		640
MXN	10,200	7.750%, 12/14/17 (m)		836
MXN	37,600	7.750%, 11/13/42 (m)		2,814
MXN	1,557	8.000%, 06/11/20 (m)		129
MXN	9,050	8.500%, 11/18/38 (m)		734

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — Continued
		Mexico — Continued
MXN	22,300	10.000%, 12/05/24 (m)		2,097
MXN	14,870	10.000%, 11/20/36 (m)		1,387
				8,843
		Nigeria — 3.9%
		Nigeria Government Bond,
NGN	300,208	10.000%, 07/23/30 (m)		1,389
NGN	138,000	16.390%, 01/27/22 (m)		955
		Nigeria Treasury Bills,
NGN	120,000	0.000%, 04/10/14 (m)		722
NGN	230,000	0.000%, 05/08/14 (m)		1,369
NGN	150,000	0.000%, 05/08/14 (m)		894
				5,329
		Peru — 1.8%
		Republic of Peru,
PEN	2,291	Reg. S, 6.900%, 08/12/37 (m)		748
PEN	4,095	Reg. S, 6.950%, 08/12/31 (m)		1,372
PEN	1,000	Reg. S, 7.840%, 08/12/20 (m)		393
				2,513
		Poland — 2.0%
		Poland Government Bond,
PLN	100	5.250%, 10/25/17 (m)		33
PLN	8,160	5.750%, 09/23/22 (m)		2,778
				2,811
		Romania — 1.3%
		Republic of Romania,
RON	750	5.750%, 04/29/20 (m)		231
RON	1,050	5.850%, 04/26/23 (m)		320
RON	4,030	5.900%, 07/26/17 (m)		1,271
				1,822
		Russia — 9.8%
		Russian Federation,
RUB	80,100	7.000%, 01/25/23 (m)		2,106
RUB	4,300	7.050%, 01/19/28 (m)		110
RUB	62,408	7.350%, 01/20/16 (m)		1,799
RUB	56,871	7.400%, 04/19/17 (m)		1,614
RUB	101,600	7.500%, 03/15/18 (m)		2,870
RUB	9,100	7.500%, 02/27/19 (m)		255
RUB	16,400	7.600%, 04/14/21 (m)		454
RUB	153,700	7.600%, 07/20/22 (m)		4,209
				13,417
		South Africa — 4.8%
		Republic of South Africa,
ZAR	10,000	6.250%, 03/31/36 (m)		641
ZAR	33,143	7.000%, 02/28/31 (m)		2,390
ZAR	7,300	7.750%, 02/28/23 (m)		614
ZAR	34,314	8.750%, 02/28/48 (m)		2,877
ZAR	1,000	10.500%, 12/21/26 (m)		100
				6,622
		Sri Lanka — 0.2%
LKR	41,742	Citigroup Funding Inc., CLN, 8.500%, 04/01/18 (linked to Republic of Sri Lanka, 8.500%, 04/01/18; credit rating B+) (i) (m)		320
		Thailand — 4.7%
		Thailand Government Bond,
THB	29,000	3.250%, 06/16/17 (m)		889
THB	22,600	3.580%, 12/17/27 (m)		630
THB	46,300	3.625%, 05/22/15 (m)		1,425
THB	33,250	3.625%, 06/16/23 (m)		982
THB	41,500	3.875%, 06/13/19 (m)		1,288
THB	23,645	Reg. S, 1.262%, 03/12/28 (m)		606
THB	21,261	Reg. S, 1.269%, 07/14/21 (m)		594
				6,414
		Turkey — 8.7%
		Republic of Turkey,
TRY	1,127	3.310%, 02/23/22 (m)		475
TRY	5,466	7.100%, 03/08/23 (m)		2,003
TRY	4,028	8.500%, 09/14/22 (m)		1,615
TRY	12,510	9.000%, 03/08/17 (m)		5,314
TRY	2,540	9.500%, 01/12/22 (m)		1,085
TRY	3,440	10.500%, 01/15/20 (m)		1,540
				12,032
		Total Foreign Government Securities (Cost $112,696)		98,542
NOTIONAL AMOUNT
	Option Purchased — 0.1%
		Foreign Exchange Currency Options — 0.1%
		United States — 0.1%
	2,970	SGD Put/USD Call, Expiring 05/08/14 @ 1.24 SGD to 1 USD, Vanilla, European Style (a) (Cost $43)		83

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 24.4%
		Investment Company — 24.4%
	33,552	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $33,552)		33,552
		Total Investments — 96.6% (Cost $147,262)		132,934
		Other Assets in Excess of Liabilities — 3.4%		4,685
		NET ASSETS — 100.0%	$	137,619

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
1,013,000	EUR
4,307,276	for PLN	Credit Suisse International	04/16/14		1,360	#		1,366	#		6	#
6,928,577	BRL	Credit Suisse International †	04/16/14		2,866			2,818			(48	)
10,099,141	BRL	Goldman Sachs International †	04/16/14		4,165			4,109			(56	)
3,646,850,003	COP	Royal Bank of Canada †	04/16/14		1,871			1,799			(72	)
41,165,470	HUF	Goldman Sachs International	04/16/14		187			177			(10	)
249,435,750	HUF	HSBC Bank, N.A.	04/16/14		1,127			1,072			(55	)
367,342,411	HUF	State Street Corp.	04/16/14		1,660			1,579			(81	)
47,025,006	HUF	Union Bank of Switzerland AG	04/16/14		207			202			(5	)
71,027,271	HUF	Westpac Banking Corp.	04/16/14		324			305			(19	)
178,804,692	INR	Barclays Bank plc †	03/19/14		2,867			2,831			(36	)
3,067,678,895	KRW	HSBC Bank, N.A. †	03/19/14		2,890			2,826			(64	)
37,694,999	MXN	HSBC Bank, N.A.	03/19/14		2,885			2,809			(76	)
37,655,435	MXN	Union Bank of Switzerland AG	03/19/14		2,871			2,806			(65	)
4,136,844	MXN	Credit Suisse International	04/16/14		314			308			(6	)
51,009,843	MXN	TD Bank Financial Group	04/16/14		3,874			3,792			(82	)
5,301,494	MXN	Union Bank of Switzerland AG	04/16/14		401			394			(7	)
9,339,636	MYR	HSBC Bank, N.A. †	03/19/14		2,826			2,787			(39	)
790,500	MYR	Credit Suisse International †	04/16/14		240			235			(5	)
26,489,510	MYR	Union Bank of Switzerland AG †	04/16/14		8,016			7,892			(124	)
1,508,792	PEN	Deutsche Bank AG †	04/16/14		531			528			(3	)
127,206,732	PHP	BNP Paribas †	03/19/14		2,878			2,804			(74	)
36,264,714	PHP	Credit Suisse International †	04/16/14		810			799			(11	)
5,137,611	PLN	Barclays Bank plc	04/16/14		1,666			1,622			(44	)
700,708	PLN	HSBC Bank, N.A.	04/16/14		229			221			(8	)
30,355,834	PLN	State Street Corp.	04/16/14		9,852			9,586			(266	)
96,854,481	RUB	Credit Suisse International †	03/19/14		2,779			2,730			(49	)
13,237,598	RUB	Credit Suisse International †	04/16/14		379			370			(9	)
3,674,269	SGD	BNP Paribas	03/19/14		2,900			2,878			(22	)
202,333,051	THB	Credit Suisse International	04/16/14		6,047			6,106			59
18,316,459	THB	Union Bank of Switzerland AG	04/16/14		554			553			(1	)
4,323,276	TRY	Credit Suisse International	04/16/14		1,847			1,874			27
6,404,010	TRY	Societe Generale	04/16/14		2,793			2,776			(17	)
5,820,814	TRY	TD Bank Financial Group	04/16/14		2,636			2,524			(112	)
2,609,112	ZAR	Credit Suisse International	04/16/14		242			232			(10	)
4,200,965	ZAR	Goldman Sachs International	04/16/14		374			374			—	(h)
63,203,058	ZAR	State Street Corp.	04/16/14		5,837			5,626			(211	)
22,279,426	ZAR	Westpac Banking Corp.	04/16/14		1,968			1,984			16
					85,273			83,694			(1,579	)
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
8,339,500	BRL	Credit Suisse International †	04/16/14		3,405			3,392			13
3,072,142	CAD	Royal Bank of Canada	03/19/14		2,867			2,756			111
1,533,790,007	CLP	BNP Paribas †	03/19/14		2,872			2,748			124
1,540,666,461	CLP	Deutsche Bank AG †	03/19/14		2,804			2,760			44
1,470,694,714	CLP	Goldman Sachs International †	04/16/14		2,734			2,626			108
43,380,317	HUF	Westpac Banking Corp.	04/16/14		189			186			3

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	178,804,692	INR	BNP Paribas †	03/19/14		2,879		2,830		49
	300,937,716	JPY	Barclays Bank plc	03/19/14		2,894		2,946		(52	)
	3,420,850	MXN	Credit Suisse International	04/16/14		256		255		1
	9,339,636	MYR	HSBC Bank, N.A. †	03/19/14		2,900		2,787		113
	2,469,764	PEN	Goldman Sachs International †	04/16/14		867		864		3
	2,012,034	PLN	Westpac Banking Corp.	04/16/14		655		635		20
	195,836,418	RUB	Credit Suisse International †	03/19/14		5,680		5,519		161
	95,552,762	RUB	Deutsche Bank AG †	03/19/14		2,832		2,692		140
	7,546,750	RUB	Credit Suisse International †	04/16/14		223		211		12
	63,814,946	RUB	Deutsche Bank AG †	04/16/14		1,891		1,784		107
	8,593,158	RUB	Union Bank of Switzerland AG †	04/16/14		254		240		14
	12,731,607	RUB	Westpac Banking Corp. †	04/16/14		378		356		22
	3,674,269	SGD	Credit Suisse International	03/19/14		2,940		2,878		62
	94,190,071	THB	Societe Generale	03/19/14		2,896		2,847		49
	47,947,989	THB	HSBC Bank, N.A.	04/16/14		1,445		1,447		(2	)
	8,291,490	THB	Westpac Banking Corp.	04/16/14		249		250		(1	)
	747,651	TRY	Barclays Bank plc	04/16/14		336		324		12
	1,612,040	TRY	Credit Suisse International	04/16/14		693		699		(6	)
	796,302	TRY	Goldman Sachs International	04/16/14		357		345		12
	6,449,464	TRY	Royal Bank of Scotland	04/16/14		2,820		2,796		24
	3,237,321	TRY	Societe Generale	04/16/14		1,434		1,404		30
	2,210,574	TRY	Union Bank of Switzerland AG	04/16/14		965		959		6
	499,152	TRY	Westpac Banking Corp.	04/16/14		222		216		6
	30,856,184	ZAR	Barclays Bank plc	03/19/14		2,825		2,759		66
	15,613,438	ZAR	Societe Generale	04/16/14		1,417		1,390		27
	2,476,934	ZAR	Westpac Banking Corp.	04/16/14		226		221		5
						55,405		54,122		1,283

# For cross-currency exchange contracts, the settlement value is the U.S. dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. dollar market value of the currency being purchased.

† Non-deliverable forward.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Interest Rate Swaps

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America	Brazilian CDI at maturity	11.700% at maturity		01/04/16	BRL	6,800		(31	)
Bank of America	Brazilian CDI at maturity	12.040% at maturity		01/02/17	BRL	5,050		(41	)
Bank of America	Brazilian CDI at maturity	12.160% at maturity		01/02/17	BRL	8,500		(64	)
Citibank N.A.	Brazilian CDI at maturity	10.335% at maturity		01/04/16	BRL	7,000		(95	)
Citibank N.A.	3 month JIBAR quarterly	6.030% quarterly		03/15/18	ZAR	37,500		(244	)
Citibank N.A.	6 month WIBOR semi-annually	3.660% annually		09/26/18	PLN	9,500		(34	)
Citibank N.A.	3 month KLIBOR quarterly	4.295% quarterly		09/24/23	MYR	5,880		(92	)
Citibank N.A.	6 month THBFIX semi-annually	3.870% semi-annually		09/26/23	THB	65,000		37
Deutsche Bank AG (London)	Brazilian CDI at maturity	10.460% at maturity		01/04/16	BRL	5,660		(65	)
Deutsche Bank AG (London)	3 month JIBAR quarterly	7.865% quarterly		09/23/23	ZAR	21,000		(119	)
								(748	)

OPTIONS WRITTEN

Put Options Written

DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
SGD Put/USD Call, Vanilla, European style	$	1.243		05/08/14		2,970	$	(83	)
(Premiums received of $84)

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of January 31, 2014. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—	Chile Peso
COP	—	Colombian Peso
EUR	—	Euro
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
LKR	—	Sri Lankan Rupee
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NGN	—	Nigeria Naira
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippines Peso
PLN	—	Polish Zloty
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RON	—	Romanian Leu
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
THB	—	Thai Baht
TRY	—	Turkish Lira
USD	—	United States Dollar
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(r)	—	Rates shown are per annum and payments are as described.

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	110
Aggregate gross unrealized depreciation		(14,438	)
Net unrealized appreciation/depreciation	$	(14,328	)
Federal income tax cost of investments	$	147,262

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The following table represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Corporate Bonds	$	—	$	757		$	—		$	757
Foreign Government Securities		—		96,802			1,740			98,542
Short-Term Investment
Investment Company		33,552		—			—			33,552
Option Purchased		—		83			—			83
Total Investments in Securities	$	33,552	$	97,642		$	1,740	*	$	132,934
Liabilities
Options Written	$	—	$	(83	)	$	—		$	(83)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	1,452		$	—		$	1,452
Interest Rate Swaps		—		37			—			37
Total Appreciation in Other Financial Instruments	$	—	$	1,489		$	—		$	1,489
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(1,748	)	$	—		$	(1,748	)
Interest Rate Swaps		—		(785	)		—			(785	)
Total Depreciation in Other Financial Instruments	$	—	$	(2,533	)	$	—		$	(2,533	)

* Level 3 securities are valued by brokers and pricing services. At January 31, 2014, the value of these securities was approximately $1,740,000.The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

There were no transfers between Levels 1 and 2 during the period ended January 31, 2014.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance as of 10/31/13		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 01/31/14
Investments in Securities
Foreign Government Securities	$	1,860	$	4	$	55	$	15	$	—	$	(194	)	$	—	$	—	$	1,740
Total	$	1,860	$	4	$	55	$	15	$	—	$	(194	)	$	—	$	—	$	1,740

1 Purchases include all purchases of securities and securities received in corporate actions.

2 Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g., frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at January 31, 2014, which were valued using significant unobservable inputs (Level 3) amounted to $55.

1. Derivatives — The Fund uses instruments including forward foreign currency exchange contracts, options, swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) — (c) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a

JPMorgan Emerging Markets Local Currency Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects 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 subjects 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.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

(c). Swaps — The Fund engages in various swap transactions, including interest rate swaps to manage credit, interest rate (e.g., duration, yield curve) within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities.

Interest Rate Swaps

The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

The use of swaps exposes the Fund to interest rate risk. The Fund also may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying rate; (ii) counterparty credit risk related to the failure, by the counterparty to the swap, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 68.9%
		Canada — 4.3%
CAD	3,400	Government of Canada, 2.000%, 03/01/14 (m)		3,055
		Denmark — 2.6%
DKK	9,820	Kommunekredit, 4.000%, 01/01/16 (m)		1,898
		Germany — 11.9%
		Kreditanstalt fuer Wiederaufbau,
NOK	5,200	3.250%, 04/28/14 (m)		831
SEK	2,520	3.250%, 05/05/14 (m)		387
NOK	9,900	3.750%, 09/25/15 (m)		1,627
NOK	2,090	4.000%, 12/15/14 (m)		339
NOK	20,000	5.000%, 05/15/15 (m)		3,299
AUD	1,547	5.500%, 07/25/16 (m)		1,431
AUD	630	6.000%, 08/28/14 (m)		560
				8,474
		Indonesia — 6.5%
IDR	55,278,000	Republic of Indonesia, 9.500%, 06/15/15 (m)		4,630
		Mexico — 10.0%
		United Mexican States,
MXN	45,100	8.000%, 12/17/15 (m)		3,619
MXN	45,030	9.500%, 12/18/14 (m)		3,532
				7,151
		Norway — 4.0%
		Kommunalbanken A.S.,
NOK	3,500	3.500%, 09/11/15 (m)		572
AUD	730	5.100%, 02/24/15 (m)		649
AUD	1,100	6.000%, 10/21/14 (m)		984
AUD	700	6.000%, 03/16/15 (m)		632
				2,837
		Poland — 3.0%
PLN	6,500	Poland Government Bond, 5.500%, 04/25/15 (m)		2,126
		Russia — 3.6%
		Russian Federation,
RUB	49,000	7.000%, 06/03/15 (m)		1,401
RUB	43,500	7.600%, 07/20/22 (m)		1,191
				2,592
		South Africa — 3.2%
ZAR	22,990	Republic of South Africa, 13.500%, 09/15/15 (m)		2,256
		South Korea — 9.5%
AUD	1,600	Export-Import Bank of Korea, 5.000%, 07/27/15 (m)		1,427
KRW	5,726,000	Republic of Korea, 3.500%, 06/10/14 (m)		5,392
				6,819
		Sweden — 2.8%
SEK	12,000	Kommuninvest I Sverige AB, 4.000%, 08/12/17 (m)		1,975
		Thailand — 3.0%
		Kingdom of Thailand,
THB	44,700	3.650%, 12/17/21 (m)		1,339
THB	27,360	5.250%, 05/12/14 (m)		835
				2,174
		Turkey — 4.5%
		Republic of Turkey,
TRY	4,000	6.500%, 01/07/15 (m)		1,701
TRY	3,555	10.000%, 06/17/15 (m)		1,555
				3,256
		Total Foreign Government Securities (Cost $54,602)		49,243
	Supranational — 6.8%
AUD	1,450	EUROFIMA, 5.625%, 10/24/16 (m)		1,346
		European Investment Bank,
NOK	3,000	3.750%, 05/15/15 (m)		490
NOK	7,500	4.000%, 05/15/14 (m)		1,202
SEK	9,500	4.500%, 05/05/14 (m)		1,462
AUD	350	International Bank for Reconstruction & Development, 5.140%, 05/20/14 (m)		308
		Total Supranational (Cost $5,191)		4,808
SHARES
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	1,666	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)     (Cost $1,666)		1,666
		Total Investments — 78.0% (Cost $61,459)		55,717
		Other Assets in Excess of Liabilities — 22.0%		15,757
		NET ASSETS — 100.0%	$	71,474

Percentages indicated are based on net assets.

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
6,990,946	AED	HSBC Bank, N.A.	02/06/14		1,903		1,903		—	(h)
14,756,882	ARS	Deutsche Bank AG †	02/07/14		2,122		1,829		(293	)
1,979,610	ARS	HSBC Bank, N.A. †	02/07/14		284		245		(39	)
12,207,165	ARS	Goldman Sachs International †	03/07/14		1,463		1,433		(30	)
2,987,233	AUD	Citibank, N.A.	02/07/14		2,616		2,614		(2	)
522,536	AUD	State Street Corp.	03/07/14		458		456		(2	)
31,933,675	BRL	Deutsche Bank AG †	02/07/14		13,398		13,222		(176	)
22,056,973	BRL	State Street Corp. †	03/07/14		9,007		9,068		61
2,525,882	CAD	BNP Paribas	02/07/14		2,310		2,268		(42	)
305,816	CAD	Citibank, N.A.	02/07/14		285		275		(10	)
3,679,194	CAD	Goldman Sachs International	02/07/14		3,456		3,303		(153	)
3,240,495	CAD	Citibank, N.A.	03/07/14		2,895		2,907		12
1,009,283	CAD	State Street Corp.	03/07/14		901		906		5
2,436,539	CHF	Barclays Bank plc	02/07/14		2,735		2,688		(47	)
1,344,516	CHF	Citibank, N.A.	03/07/14		1,490		1,483		(7	)
910,800	CHF	Royal Bank of Canada	03/07/14		1,016		1,005		(11	)
11,213,499	CNY	Citibank, N.A. †	02/07/14		1,836		1,844		8
1,408,042	CNY	Credit Suisse International †	02/07/14		230		231		1
4,334,855	CNY	Deutsche Bank AG †	02/07/14		710		713		3
1,222,736	CNY	Goldman Sachs International †	02/07/14		200		201		1
160,451,633	CNY	HSBC Bank, N.A. †	02/07/14		26,279		26,386		107
1,800,085	CNY	State Street Corp. †	02/07/14		295		296		1
114,993,538	CNY	HSBC Bank, N.A. †	03/07/14		18,841		18,827		(14	)
3,598,372,075	COP	Deutsche Bank AG †	02/07/14		1,864		1,784		(80	)
2,676,990,316	COP	State Street Corp. †	03/07/14		1,320		1,326		6
3,320,494	DKK	Barclays Bank plc	02/07/14		603		600		(3	)
10,480,759	DKK	Citibank, N.A.	02/07/14		1,903		1,895		(8	)
42,723,807,168	IDR	HSBC Bank, N.A. †	02/07/14		3,508		3,506		(2	)
644,134,056	INR	Union Bank of Switzerland AG †	02/07/14		10,342		10,283		(59	)
458,068,326	INR	HSBC Bank, N.A. †	03/07/14		7,244		7,272		28
4,279,934,291	KRW	HSBC Bank, N.A. †	02/07/14		3,955		3,978		23
27,872,918	MXN	Barclays Bank plc	02/07/14		2,102		2,084		(18	)
73,287,968	MXN	Citibank, N.A.	02/07/14		5,461		5,478		17
10,725,874	MXN	Citibank, N.A.	03/07/14		797		800		3
34,304,250	MXN	State Street Corp.	03/07/14		2,549		2,559		10
14,600,000	NOK	BNP Paribas	02/07/14		2,368		2,325		(43	)
47,699,289	NOK	Citibank, N.A.	02/07/14		7,599		7,598		(1	)
5,692,726	NOK	Citibank, N.A.	03/07/14		906		906		—	(h)
6,656,724	PLN	Citibank, N.A.	02/07/14		2,124		2,112		(12	)
3,226,020	PLN	Deutsche Bank AG	02/07/14		1,053		1,023		(30	)
5,694,712	PLN	State Street Corp.	03/07/14		1,819		1,803		(16	)
25,848,885	RUB	Deutsche Bank AG †	02/07/14		777		735		(42	)
17,455,666	RUB	Goldman Sachs International †	02/07/14		516		496		(20	)
210,478,744	RUB	Union Bank of Switzerland AG †	02/07/14		6,374		5,981		(393	)
151,266,721	RUB	State Street Corp. †	03/07/14		4,273		4,274		1
2,378,560	SAR	Citibank, N.A.	02/06/14		634		634		—	(h)
31,294,648	SEK	Citibank, N.A.	02/07/14		4,784		4,777		(7	)
6,250,068	SEK	Deutsche Bank AG	02/07/14		967		954		(13	)
5,732,073	SEK	Citibank, N.A.	03/07/14		876		874		(2	)
10,422,041	SEK	State Street Corp.	03/07/14		1,590		1,590		—	(h)
33,076,938	THB	Barclays Bank plc	02/07/14		1,006		1,002		(4	)
121,368,483	THB	Citibank, N.A.	02/07/14		3,678		3,676		(2	)
45,814,418	THB	HSBC Bank, N.A.	03/07/14		1,381		1,386		5
3,267,875	TRY	Citibank, N.A.	02/07/14		1,445		1,444		(1	)
2,022,832	TRY	Deutsche Bank AG	02/07/14		924		894		(30	)
1,971,555	TRY	State Street Corp.	03/07/14		855		865		10

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
79,833,058	TWD	Deutsche Bank AG †	02/07/14		2,680		2,634		(46	)
55,922,105	TWD	Deutsche Bank AG †	03/07/14		1,849		1,847		(2	)
10,732,634	ZAR	Citibank, N.A.	02/07/14		952		966		14
5,636,691	ZAR	Deutsche Bank AG	02/07/14		519		507		(12	)
					188,327		186,971		(1,356	)
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
833,155	AED	Credit Suisse International	02/06/14		227		227		—	(h)
652,232	AED	HSBC Bank, N.A.	02/06/14		177		177		—	(h)
201,487	AED	Union Bank of Switzerland AG	02/06/14		55		55		—	(h)
717,087	AED	Deutsche Bank AG	03/06/14		195		195		—	(h)
322,286	AED	HSBC Bank, N.A.	03/06/14		88		88		—	(h)
3,471,553	ARS	Citibank, N.A. †	02/07/14		488		430		58
539,558	ARS	Credit Suisse International †	02/07/14		75		67		8
12,207,165	ARS	Goldman Sachs International †	02/07/14		1,502		1,514		(12	)
518,216	ARS	HSBC Bank, N.A. †	02/07/14		72		64		8
754,704	ARS	Citibank, N.A. †	03/07/14		87		88		(1	)
2,028,967	ARS	Goldman Sachs International †	03/07/14		206		238		(32	)
776,970	AUD	Barclays Bank plc	02/07/14		682		679		3
1,123,898	AUD	Citibank, N.A.	02/07/14		984		983		1
172,116	AUD	Credit Suisse International	02/07/14		153		151		2
373,956	AUD	Deutsche Bank AG	02/07/14		330		327		3
203,672	AUD	State Street Corp.	02/07/14		182		178		4
336,621	AUD	Union Bank of Switzerland AG	02/07/14		296		295		1
2,380,439	AUD	Citibank, N.A.	03/07/14		2,071		2,079		(8	)
833,052	AUD	Deutsche Bank AG	03/07/14		727		728		(1	)
467,320	AUD	HSBC Bank, N.A.	03/07/14		407		408		(1	)
3,724,305	BRL	Credit Suisse International †	02/07/14		1,570		1,542		28
928,307	BRL	Deutsche Bank AG †	02/07/14		388		384		4
2,749,699	BRL	HSBC Bank, N.A. †	02/07/14		1,153		1,139		14
22,056,973	BRL	State Street Corp. †	02/07/14		9,066		9,133		(67	)
2,474,391	BRL	Union Bank of Switzerland AG †	02/07/14		1,039		1,024		15
1,579,042	BRL	Goldman Sachs International †	03/07/14		646		649		(3	)
2,722,970	BRL	HSBC Bank, N.A. †	03/07/14		1,117		1,119		(2	)
2,038,829	CAD	Barclays Bank plc	02/07/14		1,862		1,830		32
3,240,495	CAD	Citibank, N.A.	02/07/14		2,897		2,909		(12	)
166,950	CAD	Credit Suisse International	02/07/14		154		150		4
395,773	CAD	Deutsche Bank AG	02/07/14		357		355		2
346,871	CAD	HSBC Bank, N.A.	02/07/14		316		312		4
230,239	CAD	State Street Corp.	02/07/14		217		207		10
91,735	CAD	Union Bank of Switzerland AG	02/07/14		82		82		—	(h)
1,028,418	CAD	Deutsche Bank AG	03/07/14		924		923		1
513,904	CAD	HSBC Bank, N.A.	03/07/14		463		462		1
544,746	CHF	Barclays Bank plc	02/07/14		600		601		(1	)
1,520,939	CHF	Citibank, N.A.	02/07/14		1,684		1,678		6
68,529	CHF	Deutsche Bank AG	02/07/14		75		75		—	(h)
92,912	CHF	Goldman Sachs International	02/07/14		102		102		—	(h)
143,699	CHF	HSBC Bank, N.A.	02/07/14		158		159		(1	)
65,714	CHF	Union Bank of Switzerland AG	02/07/14		73		72		1
323,117	CHF	Deutsche Bank AG	03/07/14		359		356		3

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
114,350	CHF	HSBC Bank, N.A.	03/07/14		128		127		1
11,213,499	CNY	Citibank, N.A. †	02/07/14		1,838		1,844		(6	)
1,408,042	CNY	Credit Suisse International †	02/07/14		230		231		(1	)
4,334,855	CNY	Deutsche Bank AG †	02/07/14		710		713		(3	)
1,222,736	CNY	Goldman Sachs International †	02/07/14		200		201		(1	)
160,451,633	CNY	HSBC Bank, N.A. †	02/07/14		26,282		26,386		(104	)
1,800,085	CNY	State Street Corp. †	02/07/14		295		296		(1	)
9,722,284	CNY	Deutsche Bank AG †	03/07/14		1,592		1,592		—	(h)
13,038,128	CNY	HSBC Bank, N.A. †	03/07/14		2,134		2,134		—	(h)
2,000,046	CNY	Merrill Lynch International †	03/07/14		328		328		—	(h)
625,069,083	COP	HSBC Bank, N.A. †	02/07/14		317		310		7
2,676,990,316	COP	State Street Corp. †	02/07/14		1,322		1,327		(5	)
296,312,676	COP	Union Bank of Switzerland AG †	02/07/14		150		147		3
320,332,224	COP	Goldman Sachs International †	03/07/14		160		159		1
204,905,283	COP	HSBC Bank, N.A. †	03/07/14		102		102		—	(h)
7,162,069	DKK	Citibank, N.A.	02/07/14		1,308		1,295		13
124,720	DKK	Goldman Sachs International	02/07/14		23		23		—	(h)
6,514,464	DKK	State Street Corp.	02/07/14		1,203		1,178		25
10,480,759	DKK	Citibank, N.A.	03/07/14		1,902		1,894		8
4,282,932,765	IDR	Citibank, N.A. †	02/07/14		356		351		5
11,277,367,663	IDR	HSBC Bank, N.A. †	02/07/14		942		925		17
27,163,506,740	IDR	Union Bank of Switzerland AG †	02/07/14		2,219		2,230		(11	)
2,333,397,430	IDR	Citibank, N.A. †	03/07/14		190		191		(1	)
2,553,970,905	IDR	Deutsche Bank AG †	03/07/14		207		209		(2	)
41,969,659,818	IDR	HSBC Bank, N.A. †	03/07/14		3,415		3,435		(20	)
21,286,576	INR	Credit Suisse International †	02/07/14		342		339		3
494,423,914	INR	HSBC Bank, N.A. †	02/07/14		7,880		7,893		(13	)
6,436,977	INR	State Street Corp. †	02/07/14		102		102		—	(h)
121,986,589	INR	Union Bank of Switzerland AG †	02/07/14		1,976		1,948		28
28,641,057	INR	Deutsche Bank AG †	03/07/14		447		455		(8	)
34,817,611	INR	HSBC Bank, N.A. †	03/07/14		551		553		(2	)
25,629,602	INR	Union Bank of Switzerland AG †	03/07/14		405		407		(2	)
477,054,091	KRW	Citibank, N.A. †	02/07/14		448		443		5
124,971,990	KRW	Deutsche Bank AG †	02/07/14		117		117		—	(h)
473,817,279	KRW	HSBC Bank, N.A. †	02/07/14		442		440		2
3,204,090,931	KRW	Union Bank of Switzerland AG †	02/07/14		3,038		2,978		60
302,792,120	KRW	Deutsche Bank AG †	03/07/14		279		279		—	(h)
4,555,354,748	KRW	HSBC Bank, N.A. †	03/07/14		4,203		4,200		3
101,176,195	KRW	Merrill Lynch International †	03/07/14		94		94		—	(h)
253,152,319	KRW	Union Bank of Switzerland AG †	03/07/14		233		234		(1	)
20,951,722	MXN	Barclays Bank plc	02/07/14		1,576		1,566		10
7,613,210	MXN	Citibank, N.A.	02/07/14		583		570		13
843,148	MXN	Credit Suisse International	02/07/14		64		63		1
2,885,599	MXN	Deutsche Bank AG	02/07/14		216		215		1
1,185,339	MXN	State Street Corp.	02/07/14		90		88		2
1,961,820	MXN	Union Bank of Switzerland AG	02/07/14		146		146		—	(h)
65,720,048	MXN	Westpac Banking Corp.	02/07/14		5,007		4,913		94
73,287,968	MXN	Citibank, N.A.	03/07/14		5,447		5,467		(20	)
8,996,690	MXN	Deutsche Bank AG	03/07/14		671		672		(1	)
4,194,209	MXN	HSBC Bank, N.A.	03/07/14		311		313		(2	)

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
3,138,333	NOK	Barclays Bank plc	02/07/14		509		500		9
289,493	NOK	Deutsche Bank AG	02/07/14		47		46		1
915,688	NOK	HSBC Bank, N.A.	02/07/14		148		146		2
57,620,558	NOK	State Street Corp.	02/07/14		9,469		9,177		292
335,215	NOK	Union Bank of Switzerland AG	02/07/14		55		54		1
47,699,289	NOK	Citibank, N.A.	03/07/14		7,590		7,591		(1	)
2,511,056	NOK	Deutsche Bank AG	03/07/14		405		399		6
7,907,127	PLN	Barclays Bank plc	02/07/14		2,609		2,508		101
289,061	PLN	Deutsche Bank AG	02/07/14		94		92		2
869,024	PLN	Goldman Sachs International	02/07/14		283		276		7
304,018	PLN	HSBC Bank, N.A.	02/07/14		99		97		2
317,803	PLN	State Street Corp.	02/07/14		103		100		3
195,711	PLN	Union Bank of Switzerland AG	02/07/14		64		62		2
6,656,724	PLN	Citibank, N.A.	03/07/14		2,119		2,107		12
822,035	PLN	Deutsche Bank AG	03/07/14		265		261		4
344,457	PLN	HSBC Bank, N.A.	03/07/14		112		109		3
43,374,273	RUB	Credit Suisse International †	02/07/14		1,290		1,232		58
31,553,681	RUB	HSBC Bank, N.A. †	02/07/14		926		897		29
151,266,721	RUB	State Street Corp. †	02/07/14		4,295		4,298		(3	)
27,588,620	RUB	Union Bank of Switzerland AG †	02/07/14		822		784		38
16,461,868	RUB	Goldman Sachs International †	03/07/14		471		466		5
25,963,512	RUB	HSBC Bank, N.A. †	03/07/14		743		734		9
6,073,428	RUB	Merrill Lynch International †	03/07/14		171		171		—	(h)
2,870,092	SAR	Barclays Bank plc	02/06/14		765		765		—	(h)
529,141	SAR	Deutsche Bank AG	02/06/14		141		141		—	(h)
481,500	SAR	HSBC Bank, N.A.	02/06/14		129		129		—	(h)
240,030	SAR	Union Bank of Switzerland AG	02/06/14		64		64		—	(h)
1,339,812	SAR	Deutsche Bank AG	03/06/14		357		357		—	(h)
628,321	SAR	HSBC Bank, N.A.	03/06/14		168		168		—	(h)
35,481,426	SEK	Barclays Bank plc	02/07/14		5,527		5,416		111
673,022	SEK	Credit Suisse International	02/07/14		102		102		—	(h)
1,096,482	SEK	Deutsche Bank AG	02/07/14		169		167		2
293,786	SEK	Union Bank of Switzerland AG	02/07/14		46		45		1
31,294,648	SEK	Citibank, N.A.	03/07/14		4,782		4,775		7
1,445,285	SEK	Deutsche Bank AG	03/07/14		223		220		3
564,642	SEK	HSBC Bank, N.A.	03/07/14		88		87		1
11,734,374	THB	Barclays Bank plc	02/07/14		357		355		2
142,711,047	THB	Westpac Banking Corp.	02/07/14		4,330		4,323		7
121,368,483	THB	Citibank, N.A.	03/07/14		3,646		3,671		(25	)
6,177,613	THB	Deutsche Bank AG	03/07/14		186		186		—	(h)
2,900,991	THB	HSBC Bank, N.A.	03/07/14		88		88		—	(h)
1,056,462	TRY	Barclays Bank plc	02/07/14		474		467		7
422,405	TRY	Credit Suisse International	02/07/14		192		187		5
362,955	TRY	Deutsche Bank AG	02/07/14		160		160		—	(h)
717,549	TRY	HSBC Bank, N.A.	02/07/14		321		317		4
255,318	TRY	State Street Corp.	02/07/14		116		112		4
210,612	TRY	Union Bank of Switzerland AG	02/07/14		92		94		(2	)
2,265,407	TRY	Westpac Banking Corp.	02/07/14		1,051		1,001		50
2,704,010	TRY	Citibank, N.A.	03/07/14		1,176		1,187		(11	)
849,029	TRY	Deutsche Bank AG	03/07/14		369		372		(3	)
424,345	TRY	HSBC Bank, N.A.	03/07/14		184		187		(3	)

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
2,675,390	TWD	Credit Suisse International †	02/07/14		88		88		—	(h)
55,922,105	TWD	Deutsche Bank AG †	02/07/14		1,848		1,845		3
6,911,325	TWD	HSBC Bank, N.A. †	02/07/14		229		228		1
14,324,238	TWD	Union Bank of Switzerland AG †	02/07/14		476		473		3
3,386,951	TWD	Deutsche Bank AG †	03/07/14		112		112		—	(h)
4,404,620	TWD	HSBC Bank, N.A. †	03/07/14		145		145		—	(h)
3,129,706	TWD	Union Bank of Switzerland AG †	03/07/14		103		103		—	(h)
13,223,739	ZAR	Barclays Bank plc	02/07/14		1,237		1,190		47
556,114	ZAR	Citibank, N.A.	02/07/14		51		50		1
820,899	ZAR	Deutsche Bank AG	02/07/14		75		74		1
860,249	ZAR	HSBC Bank, N.A.	02/07/14		79		77		2
908,325	ZAR	Union Bank of Switzerland AG	02/07/14		82		81		1
10,732,634	ZAR	Citibank, N.A.	03/07/14		947		961		(14	)
1,059,960	ZAR	Deutsche Bank AG	03/07/14		95		95		—	(h)
1,435,913	ZAR	HSBC Bank, N.A.	03/07/14		128		129		(1	)
					180,214		179,258		956

† Non-deliverable forward.

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AED	—	Arab Emirates Dirham
ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CNY	—	China Yuan
COP	—	Colombian Peso
DKK	—	Danish Krone
IDR	—	Indonesian Rupiah
INR	—	Indian Rupee
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
PLN	—	Polish Zloty
RUB	—	Russian Ruble
SAR	—	Saudi Arabia Riyal
SEK	—	Swedish Krona
THB	—	Thai Baht
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
ZAR	—	South African Rand
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	711
Aggregate gross unrealized depreciation		(6,453	)
Net unrealized appreciation/depreciation	$	(5,742	)
Federal income tax cost of investments	$	61,459

JPMorgan Ex-G4 Currency Strategies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,666	$	54,051		$	—	$	55,717
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	1,680		$	—	$	1,680
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(2,080	)	$	—	$	(2,080	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.5%
		United States — 4.5%
	205,217	ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE7, Class A1B2, VAR, 0.458%, 11/25/35		190,870
	247,958	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W9, Class M2, VAR, 2.738%, 01/25/34		229,728
	267,561	Countrywide Asset-Backed Certificates, Series 2004-6, Class M2, VAR, 0.808%, 10/25/34		252,424
	419,818	Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-B, Class M3, VAR, 1.358%, 11/25/34		371,490
	329,588	Mastr Asset Backed Securities Trust, Series 2003-NC1, Class M5, VAR, 6.158%, 04/25/33		310,977
		Morgan Stanley ABS Capital I, Inc. Trust,
	84,244	Series 2005-HE1, Class M3, VAR, 0.938%, 12/25/34		70,965
	69,567	Series 2004-HE8, Class M3, VAR, 1.283%, 09/25/34		65,649
	143,910	Option One Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.013%, 11/25/34		139,799
	110,299	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2004-2, Class M6, VAR, 2.038%, 10/25/34		100,381
		Total Asset-Backed Securities (Cost $1,710,905)		1,732,283
	Collateralized Mortgage Obligations — 3.3%
		Non-Agency CMO — 3.3%
		United States — 3.3%
	221,883	Alternative Loan Trust, Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		208,225
	240,969	CHL Mortgage Pass-Through Trust, Series 2004-9, Class A7, 5.250%, 06/25/34		248,407
	395,616	MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.500%, 07/25/34		412,325
	233,842	RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		227,808
	177,978	Residential Asset Securitization Trust, Series 2004-A3, Class A1, PAC, 4.500%, 06/25/34		182,326
		Total Collateralized Mortgage Obligations (Cost $1,258,061)		1,279,091
SHARES
	Common Stocks — 21.2%
		Belgium — 0.4%
	3,903	Ageas (m)		167,484
		Denmark — 0.5%
	5	AP Moeller — Maersk A/S, Class B (m)		55,869
	3,052	Novo Nordisk A/S, Class B (m)		120,813
				176,682
		France — 1.6%
	1,305	Airbus Group N.V. (m)		92,453
	4,466	AXA S.A. (m)		117,148
	357	BNP Paribas S.A. (m)		27,562
	3,102	Cap Gemini S.A. (m)		211,010
	1,616	Sanofi (m)		157,982
				606,155
		Germany — 1.5%
	330	Allianz SE (m)		54,859
	1,820	Bayer AG (m)		239,523
	672	Bayerische Motoren Werke AG (m)		72,948
	2,242	Deutsche Post AG (m)		77,434
	2,585	Deutsche Wohnen AG (m)		48,377
	230	Muenchener Rueckversicherungs AG (m)		47,398
	3,555	TAG Immobilien AG (m)		43,055
				583,594
		Ireland — 1.5%
	39,130	Henderson Group plc (m)		140,955
	5,891	Shire plc (m)		293,999
	6,697	Smurfit Kappa Group plc (m)		156,812
				591,766
		Japan — 5.8%
	12,000	Asahi Kasei Corp. (m)		90,804
	3,500	Bridgestone Corp. (m)		125,658
	900	Daito Trust Construction Co., Ltd. (m)		85,013
	8,000	Haseko Corp. (a) (m)		59,549
	3,000	Hitachi Ltd. (m)		22,870
	500	Honda Motor Co., Ltd. (m)		18,742
	5,000	Japan Tobacco, Inc. (m)		154,347
	9,000	Mazda Motor Corp. (a) (m)		43,165
	45,600	Mitsubishi UFJ Financial Group, Inc. (m)		274,137
	90,600	Mizuho Financial Group, Inc. (m)		192,011
	3,600	Nippon Telegraph & Telephone Corp. (m)		192,680
	5,900	ORIX Corp. (m)		89,492
	7,000	Sekisui House Ltd. (m)		96,547
	5,700	Sumitomo Electric Industries Ltd. (m)		89,524
	6,800	Sumitomo Mitsui Financial Group, Inc. (m)		315,018

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Japan –– Continued
	34,000	Sumitomo Mitsui Trust Holdings, Inc. (m)		161,300
	1,900	Tokio Marine Holdings, Inc. (m)		55,476
	3,400	Toyota Motor Corp. (m)		194,547
				2,260,880
		Netherlands — 1.7%
	17,637	Aegon N.V. (m)		153,734
	14,527	ING Groep N.V., CVA (a) (m)		191,858
	3,685	Nutreco N.V. (m)		164,274
	5,687	Wolters Kluwer N.V. (m)		156,905
				666,771
		Norway — 0.9%
	26,370	Grieg Seafood ASA (a) (m)		105,240
	14,519	Marine Harvest ASA (m)		167,359
	5,700	Salmar ASA (a) (m)		69,690
				342,289
		Singapore — 0.4%
	57,000	First Real Estate Investment Trust (m)		46,413
	140,000	Lippo Malls Indonesia Retail Trust (m)		44,670
	59,000	Mapletree Logistics Trust (m)		46,261
				137,344
		Switzerland — 2.5%
	3,850	Novartis AG (m)		304,307
	1,232	Roche Holding AG (m)		338,018
	1,983	Swiss Re AG (a) (m)		171,135
	599	Zurich Insurance Group AG (a) (m)		173,675
				987,135
		United Kingdom — 4.4%
	5,825	BAE Systems plc (m)		41,095
	3,369	Berkeley Group Holdings plc (m)		142,964
	23,062	BT Group plc (m)		145,223
	22,166	GKN plc (m)		143,412
	8,351	GlaxoSmithKline plc (m)		214,656
	17,843	Jupiter Fund Management plc (m)		109,424
	4,891	Lancashire Holdings Ltd. (m)		60,624
	48,432	Legal & General Group plc (m)		171,049
	22,612	Lloyds Banking Group plc (a) (m)		30,837
	2,021	Next plc (m)		207,289
	4,551	Prudential plc (m)		91,612
	9,560	Reed Elsevier plc (m)		139,250
	31,332	Vodafone Group plc (m)		116,108
	5,096	WPP plc (m)		106,774
				1,720,317
		Total Common Stocks (Cost $7,305,929)		8,240,417
PRINCIPAL AMOUNT
	Corporate Bonds — 15.9%
		Australia — 0.2%
		FMG Resources August 2006 Pty Ltd.,
	50,000	6.875%, 04/01/22 (e)		54,000
	5,000	7.000%, 11/01/15 (e)		5,202
				59,202
		Bahamas — 0.1%
	15,000	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		16,125
		Bermuda — 0.0% (g)
	10,000	Aircastle Ltd., 6.750%, 04/15/17		11,188
		Canada — 0.4%
	9,000	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		9,427
	10,000	Garda World Security Corp., 7.250%, 11/15/21 (e)		10,262
	4,000	KGHM International Ltd., 7.750%, 06/15/19 (e)		4,240
	14,000	Masonite International Corp., 8.250%, 04/15/21 (e)		15,330
	5,000	MEG Energy Corp., 7.000%, 03/31/24 (e)		5,088
	12,000	New Gold, Inc., 6.250%, 11/15/22 (e)		11,520
	9,000	Norbord, Inc., 5.375%, 12/01/20 (e)		9,000
	30,000	Precision Drilling Corp., 6.625%, 11/15/20		31,875
	5,000	Quebecor Media, Inc., 5.750%, 01/15/23		4,863
	4,000	Ultra Petroleum Corp., 5.750%, 12/15/18 (e)		4,140
		Valeant Pharmaceuticals International, Inc.,
	25,000	5.625%, 12/01/21 (e)		25,875
	4,000	6.750%, 08/15/18 (e)		4,385
	4,000	7.500%, 07/15/21 (e)		4,455
				140,460
		Cayman Islands — 0.1%
		Seagate HDD Cayman,
	12,000	4.750%, 06/01/23 (e)		11,490
	15,000	6.875%, 05/01/20		16,162
				27,652
		Finland — 0.0% (g)
	3,000	Nokia OYJ, 5.375%, 05/15/19		3,101
		France — 0.0% (g)
	5,000	Lafarge S.A., 7.125%, 07/15/36		5,200
		Liberia — 0.0% (g)
	15,000	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		15,187

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Luxembourg — 0.4%
		ArcelorMittal,
	70,000	6.750%, 02/25/22		75,513
	8,000	7.500%, 10/15/39		7,860
		Intelsat Jackson Holdings S.A.,
	10,000	6.625%, 12/15/22 (e)		10,325
	10,000	7.250%, 04/01/19		10,750
	10,000	7.250%, 10/15/20		10,850
	14,000	Intelsat Luxembourg S.A., 7.750%, 06/01/21 (e)		15,015
	10,000	NII International Telecom S.C.A., 11.375%, 08/15/19 (e)		8,300
	10,000	Stackpole International Intermediate/Stackpole International Powder, 7.750%, 10/15/21 (e)		10,425
	7,000	Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 8.750%, 02/01/19 (e)		7,157
				156,195
		Netherlands — 0.0% (g)
	11,000	Basell Finance Co., B.V., 8.100%, 03/15/27 (e)		14,070
		Singapore — 0.0% (g)
	15,000	Flextronics International Ltd., 4.625%, 02/15/20		14,738
		Spain — 0.3%
	100,000	Cemex Espana Luxembourg, 9.250%, 05/12/20 (e)		108,150
		United Kingdom — 0.1%
		Royal Bank of Scotland Group plc,
	2,000	6.100%, 06/10/23		2,047
	45,000	6.125%, 12/15/22		46,326
				48,373
		United States — 14.3%
		Access Midstream Partners LP/ACMP Finance Corp.,
	12,000	5.875%, 04/15/21		12,720
	30,000	6.125%, 07/15/22		31,950
	15,000	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		12,150
	5,000	Activision Blizzard, Inc., 5.625%, 09/15/21 (e)		5,175
		ADT Corp. (The),
	2,000	3.500%, 07/15/22		1,725
	15,000	4.125%, 06/15/23		13,198
	10,000	6.250%, 10/15/21 (e)		10,339
		Advanced Micro Devices, Inc.,
	3,000	7.500%, 08/15/22		2,895
	2,000	7.750%, 08/01/20		1,990
	45,000	AES Corp., 8.000%, 10/15/17		52,425
	10,000	AK Steel Corp., 8.750%, 12/01/18		11,275
	3,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		2,700
		Aleris International, Inc.,
	2,000	7.625%, 02/15/18		2,105
	12,000	7.875%, 11/01/20		12,660
		Alliant Techsystems, Inc.,
	2,000	5.250%, 10/01/21 (e)		2,015
	25,000	6.875%, 09/15/20		26,937
		Ally Financial, Inc.,
	25,000	6.250%, 12/01/17		27,750
	4,000	7.500%, 09/15/20		4,700
	20,000	8.000%, 03/15/20		23,850
	18,000	8.000%, 11/01/31		21,645
	5,000	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 9.625%, 10/15/18		5,362
	30,000	AMC Networks, Inc., 4.750%, 12/15/22		29,250
	30,000	American International Group, Inc., VAR, 8.175%, 05/15/58		37,275
	45,000	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		48,937
	25,000	Amkor Technology, Inc., 6.625%, 06/01/21		26,125
	10,000	Anixter, Inc., 5.625%, 05/01/19		10,450
	5,000	Antero Resources Finance Corp., 5.375%, 11/01/21 (e)		5,037
	11,000	ARAMARK Corp., 5.750%, 03/15/20 (e)		11,412
		Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.,
	25,000	4.750%, 11/15/21		23,062
	20,000	5.875%, 08/01/23		19,150
		Audatex North America, Inc.,
	2,000	6.000%, 06/15/21 (e)		2,085
	2,000	6.125%, 11/01/23 (e)		2,070
	25,000	Avaya, Inc., 7.000%, 04/01/19 (e)		24,687
	20,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.250%, 01/15/19		21,525
	30,000	B/E Aerospace, Inc., 5.250%, 04/01/22		30,225
	15,000	Ball Corp., 6.750%, 09/15/20		16,312
	15,000	Bank of America Corp., 6.875%, 04/25/18		17,888
	3,000	Bankrate, Inc., 6.125%, 08/15/18 (e)		3,142

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	20,000	Basic Energy Services, Inc., 7.750%, 10/15/22		20,950
	15,000	Bill Barrett Corp., 7.000%, 10/15/22		15,637
		Biomet, Inc.,
	13,000	6.500%, 08/01/20		13,861
	5,000	6.500%, 10/01/20		5,188
	6,000	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		6,202
	10,000	Boise Cascade Co., 6.375%, 11/01/20		10,425
		Building Materials Corp. of America,
	5,000	6.750%, 05/01/21 (e)		5,369
	12,000	7.500%, 03/15/20 (e)		12,900
	27,000	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		29,430
	15,000	Burger King Corp., 9.875%, 10/15/18		16,500
	45,000	Cablevision Systems Corp., 8.000%, 04/15/20		50,512
	6,000	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, 8.000%, 10/01/20 (e)		6,225
		Calpine Corp.,
	8,000	6.000%, 01/15/22 (e)		8,280
	27,000	7.875%, 01/15/23 (e)		29,767
	5,000	Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.625%, 01/15/22		5,287
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	10,000	5.750%, 09/01/23 (e)		9,725
	20,000	6.500%, 04/30/21		20,900
	20,000	6.625%, 01/31/22		20,900
	10,000	8.125%, 04/30/20		10,875
	10,000	CDW LLC/CDW Finance Corp., 8.500%, 04/01/19		10,975
	15,000	Celanese US Holdings LLC, 4.625%, 11/15/22		14,512
	15,000	CF Industries, Inc., 7.125%, 05/01/20		17,850
	30,000	Chesapeake Energy Corp., 6.125%, 02/15/21		32,325
	10,000	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		10,500
		CHS/Community Health Systems, Inc.,
	5,000	5.125%, 08/15/18		5,281
	5,000	5.125%, 08/01/21 (e)		5,031
	15,000	6.875%, 02/01/22 (e)		15,375
	8,000	7.125%, 07/15/20		8,520
	33,000	Cinemark USA, Inc., 5.125%, 12/15/22		32,134
		CIT Group, Inc.,
	45,000	5.000%, 08/15/22		44,775
	15,000	5.375%, 05/15/20		15,881
		Claire’s Stores, Inc.,
	9,000	6.125%, 03/15/20 (e)		8,460
	11,000	7.750%, 06/01/20 (e)		9,405
	22,000	8.875%, 03/15/19		21,340
	26,000	9.000%, 03/15/19 (e)		27,235
	45,000	Clear Channel Communications, Inc., 9.000%, 12/15/19		45,900
		Clear Channel Worldwide Holdings, Inc.,
	5,000	6.500%, 11/15/22		5,112
	5,000	6.500%, 11/15/22		5,138
	5,000	Series A, 7.625%, 03/15/20		5,250
	10,000	Series B, 7.625%, 03/15/20		10,550
	15,000	Clearwater Paper Corp., 7.125%, 11/01/18		16,050
	10,000	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		13,400
	19,000	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		17,717
	30,000	Commercial Metals Co., 4.875%, 05/15/23		28,200
	25,000	Comstock Resources, Inc., 7.750%, 04/01/19		26,625
		Concho Resources, Inc.,
	50,000	6.500%, 01/15/22		53,875
	40,000	7.000%, 01/15/21		43,800
		CONSOL Energy, Inc.,
	15,000	6.375%, 03/01/21		15,600
	30,000	8.250%, 04/01/20		32,513
	60,000	Constellation Brands, Inc., 6.000%, 05/01/22		65,400
	28,835	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		31,214
	42,991	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		48,580
	45,000	Covanta Holding Corp., 6.375%, 10/01/22		46,463
	9,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22 (e)		9,180
	8,000	Cricket Communications, Inc., 7.750%, 10/15/20		9,080
	30,000	Crown Americas LLC/Crown Americas Capital Corp. III, 6.250%, 02/01/21		32,400

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States –– Continued
	13,000	Crown Castle International Corp., 5.250%, 01/15/23		12,886
	5,000	Darling International, Inc., 5.375%, 01/15/22 (e)		5,038
		DaVita HealthCare Partners, Inc.,
	13,000	6.375%, 11/01/18		13,650
	30,000	6.625%, 11/01/20		32,175
	5,000	Dean Foods Co., 7.000%, 06/01/16		5,525
	25,000	Delphi Corp., 6.125%, 05/15/21		27,563
	25,000	Deluxe Corp., 7.000%, 03/15/19		26,781
	13,000	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		12,984
	5,000	Diamondback Energy, Inc., 7.625%, 10/01/21 (e)		5,263
	15,000	DigitalGlobe, Inc., 5.250%, 02/01/21 (e)		14,738
		DISH DBS Corp.,
	20,000	5.875%, 07/15/22		20,025
	30,000	6.750%, 06/01/21		32,025
	5,000	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		5,313
	4,000	DuPont Fabros Technology LP, 5.875%, 09/15/21		4,150
	4,000	Dycom Investments, Inc., 7.125%, 01/15/21		4,310
	9,000	Dynegy, Inc., 5.875%, 06/01/23 (e)		8,460
	10,000	E*TRADE Financial Corp., 6.375%, 11/15/19		10,750
	27,000	Embarq Corp., 7.995%, 06/01/36		28,032
	10,000	Endo Health Solutions, Inc., 7.000%, 07/15/19		10,650
		Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
	18,000	10.000%, 12/01/20		19,035
	7,000	12.250%, 03/01/22 (e)		8,111
	60,000	Energy Transfer Equity LP, 7.500%, 10/15/20		67,575
	8,000	Energy XXI Gulf Coast, Inc., 7.500%, 12/15/21 (e)		8,300
	13,000	EP Energy LLC/EP Energy Finance, Inc., 9.375%, 05/01/20		14,950
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	4,000	6.875%, 05/01/19		4,305
	2,000	7.750%, 09/01/22		2,210
	3,266	EPE Holdings LLC/EP Energy Bond Co., Inc., PIK, 8.875%, 12/15/17 (e)		3,380
	30,000	Equinix, Inc., 7.000%, 07/15/21		32,963
	25,000	Felcor Lodging LP, 6.750%, 06/01/19		26,875
	25,000	Ferrellgas LP/Ferrellgas Finance Corp., 6.500%, 05/01/21		25,750
		First Data Corp.,
	5,000	6.750%, 11/01/20 (e)		5,262
	14,000	7.375%, 06/15/19 (e)		14,945
	20,000	8.250%, 01/15/21 (e)		21,200
	11,000	11.750%, 08/15/21 (e)		11,303
	10,000	12.625%, 01/15/21		11,650
	10,000	PIK, 10.000%, 01/15/22 (e)		10,650
	11,250	First Data Holdings, Inc., PIK, 14.500%, 09/24/19 (e)		10,406
		Freescale Semiconductor, Inc.,
	5,000	5.000%, 05/15/21 (e)		4,963
	2,000	6.000%, 01/15/22 (e)		2,080
		Fresenius Medical Care U.S. Finance, Inc.,
	5,000	5.750%, 02/15/21 (e)		5,313
	25,000	6.500%, 09/15/18 (e)		28,156
	20,000	Frontier Communications Corp., 8.500%, 04/15/20		22,400
	5,000	Gannett Co., Inc., 6.375%, 10/15/23 (e)		5,125
		Genesis Energy LP/Genesis Energy Finance Corp.,
	50,000	5.750%, 02/15/21		50,750
	16,000	7.875%, 12/15/18		17,280
		GenOn Energy, Inc.,
	40,000	7.875%, 06/15/17		41,800
	3,000	9.875%, 10/15/20		3,165
	10,000	Goodman Networks, Inc., 12.125%, 07/01/18		10,600
	5,000	Gray Television, Inc., 7.500%, 10/01/20		5,338
	25,000	Greif, Inc., 6.750%, 02/01/17		27,656
	5,000	Gymboree Corp. (The), 9.125%, 12/01/18		4,450
		Halcon Resources Corp.,
	8,000	9.250%, 02/15/22 (e)		8,060
	2,000	9.750%, 07/15/20 (e)		2,073
	15,000	Harland Clarke Holdings Corp., 9.750%, 08/01/18 (e)		16,275
		Harland Escrow Corp.,
	5,000	6.875%, 03/01/20 (e)		5,019
	5,000	9.250%, 03/01/21 (e)		4,975
	30,000	Hartford Financial Services Group, Inc., VAR, 8.125%, 06/15/38		34,875
	20,000	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20 (e)		19,550
	5,000	HCA Holdings, Inc., 6.250%, 02/15/21		5,325

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States –– Continued
		HCA, Inc.,
	5,000	4.750%, 05/01/23		4,894
	5,000	5.875%, 05/01/23		5,094
	50,000	6.500%, 02/15/20		55,125
	12,000	7.500%, 02/15/22		13,545
	5,000	8.000%, 10/01/18		5,925
		HD Supply, Inc.,
	10,000	7.500%, 07/15/20		10,675
	10,000	8.125%, 04/15/19		11,119
	4,000	Headwaters, Inc., 7.250%, 01/15/19 (e)		4,100
	12,000	Hecla Mining Co., 6.875%, 05/01/21		11,520
	15,000	Hertz Corp. (The), 7.375%, 01/15/21		16,313
	24,000	Hiland Partners LP/Hiland Partners Finance Corp., 7.250%, 10/01/20 (e)		25,680
	25,000	Hilcorp Energy I LP/Hilcorp Finance Co., 7.625%, 04/15/21 (e)		27,063
	5,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21 (e)		5,175
	25,000	Hologic, Inc., 6.250%, 08/01/20		26,094
	20,000	Huntsman International LLC, 4.875%, 11/15/20		19,700
	5,000	Ingles Markets, Inc., 5.750%, 06/15/23		4,888
	46,000	International Lease Finance Corp., 8.250%, 12/15/20		54,189
	10,000	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		10,500
	5,000	iStar Financial, Inc., 4.875%, 07/01/18		5,025
	10,000	JBS USA LLC/JBS USA Finance, Inc., 7.250%, 06/01/21 (e)		10,400
	5,000	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		5,025
		K. Hovnanian Enterprises, Inc.,
	2,000	7.000%, 01/15/19 (e)		2,030
	2,000	7.250%, 10/15/20 (e)		2,165
	5,000	11.875%, 10/15/15		5,750
	15,000	Key Energy Services, Inc., 6.750%, 03/01/21		15,413
	10,000	L Brands, Inc., 5.625%, 02/15/22		10,150
	30,000	Lamar Media Corp., 5.875%, 02/01/22		31,200
	25,000	Lear Corp., 8.125%, 03/15/20		27,375
		Lennar Corp.,
	5,000	6.950%, 06/01/18		5,600
	5,000	12.250%, 06/01/17		6,475
	40,000	Level 3 Communications, Inc., 11.875%, 02/01/19		46,000
		Level 3 Financing, Inc.,
	4,000	6.125%, 01/15/21 (e)		4,090
	6,000	7.000%, 06/01/20		6,375
	35,000	8.125%, 07/01/19		38,413
	5,000	VAR, 3.846%, 01/15/18 (e)		5,075
	60,000	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		64,500
	2,000	Liberty Tire Recycling LLC, 11.000%, 10/01/16 (e)		1,960
	5,000	LifePoint Hospitals, Inc., 5.500%, 12/01/21 (e)		5,088
	5,000	LSB Industries, Inc., 7.750%, 08/01/19 (e)		5,300
	5,000	M/I Homes, Inc., 8.625%, 11/15/18		5,425
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	18,000	4.500%, 07/15/23		16,965
	12,000	6.500%, 08/15/21		12,900
	15,000	6.750%, 11/01/20		16,313
	38,000	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		39,330
	4,000	Masco Corp., 5.950%, 03/15/22		4,250
	3,000	MasTec, Inc., 4.875%, 03/15/23		2,828
	10,000	Memorial Resource Development LLC/Memorial Resource Finance Corp., PIK, 10.750%, 12/15/18 (e)		10,050
	2,000	Meritage Homes Corp., 7.150%, 04/15/20		2,185
		MetroPCS Wireless, Inc.,
	10,000	6.250%, 04/01/21 (e)		10,388
	14,000	6.625%, 11/15/20		14,805
		MGM Resorts International,
	2,000	8.625%, 02/01/19		2,355
	45,000	11.375%, 03/01/18		57,825
	10,000	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		10,613
	25,000	MultiPlan, Inc., 9.875%, 09/01/18 (e)		27,125
	4,000	Murphy Oil USA, Inc., 6.000%, 08/15/23 (e)		3,990
	2,000	Mustang Merger Corp., 8.500%, 08/15/21 (e)		2,180
	3,000	National Financial Partners Corp., 9.000%, 07/15/21 (e)		3,180
	12,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22		11,130

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States –– Continued
	11,000	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		11,784
	5,000	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.625%, 03/15/20 (e)		5,263
		New Albertsons, Inc.,
	2,000	6.625%, 06/01/28		1,405
	8,000	7.450%, 08/01/29		6,420
	6,000	7.750%, 06/15/26		4,860
	9,000	8.000%, 05/01/31		7,402
	1,000	8.700%, 05/01/30		855
		Newfield Exploration Co.,
	50,000	5.625%, 07/01/24		50,000
	10,000	5.750%, 01/30/22		10,325
	5,000	Nexstar Broadcasting, Inc., 6.875%, 11/15/20		5,338
	15,000	Nielsen Finance LLC/Nielsen Finance Co., 7.750%, 10/15/18		16,125
	30,000	NII Capital Corp., 7.625%, 04/01/21		12,675
	6,000	Nortek, Inc., 8.500%, 04/15/21		6,630
		NRG Energy, Inc.,
	11,000	6.625%, 03/15/23		11,234
	13,000	7.875%, 05/15/21		14,202
	30,000	8.250%, 09/01/20		32,775
	5,000	Oasis Petroleum, Inc., 6.875%, 03/15/22 (e)		5,300
	20,000	Olin Corp., 5.500%, 08/15/22		20,250
	30,000	Omnicare, Inc., 7.750%, 06/01/20		32,925
	5,000	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		5,338
		Parker Drilling Co.,
	6,000	6.750%, 07/15/22 (e)		6,135
	6,000	7.500%, 08/01/20 (e)		6,300
	17,000	PC Nextco Holdings LLC/PC Nextco Finance, Inc., PIK, 9.500%, 08/15/19 (e)		17,510
	25,000	Peabody Energy Corp., 6.250%, 11/15/21		25,250
	20,000	Pilgrim’s Pride Corp., 7.875%, 12/15/18		21,675
		PolyOne Corp.,
	10,000	5.250%, 03/15/23		9,750
	25,000	7.375%, 09/15/20		27,500
	2,000	Post Holdings, Inc., 6.750%, 12/01/21 (e)		2,095
	5,000	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		5,000
	5,000	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		4,938
	15,000	PVH Corp., 4.500%, 12/15/22		14,138
		QEP Resources, Inc.,
	65,000	5.375%, 10/01/22		62,888
	10,000	6.875%, 03/01/21		10,775
	5,000	Quiksilver, Inc./QS Wholesale, Inc., 7.875%, 08/01/18 (e)		5,425
		Qwest Capital Funding, Inc.,
	7,000	6.875%, 07/15/28		6,475
	11,000	7.750%, 02/15/31		10,642
		R.R. Donnelley & Sons Co.,
	5,000	6.500%, 11/15/23		5,025
	25,000	7.625%, 06/15/20		27,656
	12,000	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		12,600
		Range Resources Corp.,
	20,000	5.000%, 03/15/23		19,775
	10,000	6.750%, 08/01/20		10,825
	5,000	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		5,063
	20,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 04/15/23		19,500
	100,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 7.875%, 08/15/19		110,000
		Rite Aid Corp.,
	5,000	6.750%, 06/15/21		5,275
	10,000	9.250%, 03/15/20		11,413
	7,000	ROC Finance LLC/ROC Finance 1 Corp., 12.125%, 09/01/18 (e)		7,105
	5,000	Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10.000%, 06/01/20 (e)		5,612
		Rosetta Resources, Inc.,
	50,000	5.625%, 05/01/21		49,875
	8,000	5.875%, 06/01/22		7,940
	5,000	Salix Pharmaceuticals Ltd., 6.000%, 01/15/21 (e)		5,212
	25,000	Sally Holdings LLC/Sally Capital, Inc., 5.750%, 06/01/22		25,375
	20,000	Samson Investment Co., 10.500%, 02/15/20 (e)		22,000
	16,000	SemGroup Corp., 7.500%, 06/15/21 (e)		17,040
	10,000	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		10,750
		Service Corp. International,
	20,000	7.000%, 06/15/17		22,550

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	10,000	8.000%, 11/15/21		11,475
	25,000	SESI LLC, 7.125%, 12/15/21		27,562
	5,000	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		5,450
		Sinclair Television Group, Inc.,
	5,000	6.125%, 10/01/22		5,050
	5,000	6.375%, 11/01/21		5,175
	4,000	Sirius XM Holdings, Inc., 5.750%, 08/01/21 (e)		3,995
	7,000	Sitel LLC/Sitel Finance Corp., 11.500%, 04/01/18		6,615
		SM Energy Co.,
	8,000	5.000%, 01/15/24 (e)		7,520
	40,000	6.625%, 02/15/19		42,300
		Smithfield Foods, Inc.,
	10,000	5.250%, 08/01/18 (e)		10,412
	7,000	7.750%, 07/01/17		8,094
		Sprint Capital Corp.,
	77,000	6.900%, 05/01/19		83,160
	18,000	8.750%, 03/15/32		19,485
		Sprint Corp.,
	6,000	7.125%, 06/15/24 (e)		6,030
	4,000	7.250%, 09/15/21 (e)		4,310
	6,000	7.875%, 09/15/23 (e)		6,405
	30,000	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		30,862
	30,000	Steel Dynamics, Inc., 7.625%, 03/15/20		32,475
	50,000	Stone Energy Corp., 7.500%, 11/15/22		52,750
	11,000	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21 (e)		11,715
	15,000	SUPERVALU, Inc., 8.000%, 05/01/16		16,537
	18,000	Swift Energy Co., 7.875%, 03/01/22		18,360
	20,000	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		20,550
	25,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.875%, 02/01/21		26,687
	9,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 7.750%, 04/15/20 (e)		9,855
		Tenet Healthcare Corp.,
	3,000	4.500%, 04/01/21		2,906
	5,000	4.750%, 06/01/20		4,988
	4,000	6.000%, 10/01/20 (e)		4,210
	5,000	6.250%, 11/01/18		5,525
	5,000	8.000%, 08/01/20		5,462
	5,000	8.125%, 04/01/22		5,456
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	13,000	5.875%, 10/01/20		13,325
	25,000	6.125%, 10/15/21		25,687
	5,000	Time Warner Cable, Inc., 6.750%, 07/01/18		5,650
		T-Mobile USA, Inc.,
	3,000	5.250%, 09/01/18 (e)		3,165
	7,000	6.125%, 01/15/22		7,158
	2,000	6.464%, 04/28/19		2,105
	4,000	6.500%, 01/15/24		4,085
	5,000	6.633%, 04/28/21		5,262
	5,000	6.731%, 04/28/22		5,250
	15,000	6.836%, 04/28/23		15,656
	10,000	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17 (e)		10,925
	25,000	TransDigm, Inc., 7.750%, 12/15/18		26,750
	10,000	Tutor Perini Corp., 7.625%, 11/01/18		10,675
	12,000	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		11,760
	5,000	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		5,250
	20,000	Unit Corp., 6.625%, 05/15/21		21,000
		United Rentals North America, Inc.,
	30,000	6.125%, 06/15/23		31,125
	15,000	9.250%, 12/15/19		16,500
		Univision Communications, Inc.,
	19,000	6.750%, 09/15/22 (e)		20,853
	16,000	6.875%, 05/15/19 (e)		17,160
	5,000	8.500%, 05/15/21 (e)		5,487
		USG Corp.,
	7,000	5.875%, 11/01/21 (e)		7,368
	65,000	6.300%, 11/15/16		69,712
		Valeant Pharmaceuticals International, Inc.,
	20,000	6.375%, 10/15/20 (e)		21,350
	5,000	7.000%, 10/01/20 (e)		5,387
	8,000	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		8,460
	10,000	Victor Technologies Group, Inc., 9.000%, 12/15/17		10,720
	15,000	Vulcan Materials Co., 7.500%, 06/15/21		17,325
	10,000	VWR Funding, Inc., 7.250%, 09/15/17		10,650
	30,000	W&T Offshore, Inc., 8.500%, 06/15/19		32,100

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	7,000	Walter Investment Management Corp., 7.875%, 12/15/21 (e)		7,087
	7,000	WCI Communities, Inc., 6.875%, 08/15/21 (e)		7,000
	9,000	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		9,202
	10,000	Whiting Petroleum Corp., 5.000%, 03/15/19		10,275
	21,000	William Carter Co. (The), 5.250%, 08/15/21 (e)		21,262
		Windstream Corp.,
	10,000	7.750%, 10/15/20		10,600
	30,000	7.875%, 11/01/17		34,275
	5,000	WMG Acquisition Corp., 6.000%, 01/15/21 (e)		5,175
		WPX Energy, Inc.,
	10,000	5.250%, 01/15/17		10,725
	25,000	6.000%, 01/15/22		24,875
		Zayo Group LLC/Zayo Capital, Inc.,
	25,000	8.125%, 01/01/20		27,625
	5,000	10.125%, 07/01/20		5,787
				5,549,395
		Total Corporate Bonds (Cost $6,046,649)		6,169,036
SHARES
	Exchange Traded Fund — 4.6%
		United States — 4.6%
	46,895	iShares MSCI Emerging Markets ETF (Cost $1,928,153)		1,790,920
PRINCIPAL AMOUNT
	Foreign Government Securities — 13.6%
		Finland — 1.7%
EUR	455,000	Finland Government Bond, 2.750%, 07/04/28 (e) (m)		643,421
		Germany — 10.5%
		Bundesrepublik Deutschland,
EUR	655,000	2.250%, 09/04/21 (m)		953,276
EUR	2,020,000	3.500%, 07/04/19 (m)		3,132,485
				4,085,761
		Italy — 1.4%
EUR	362,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/22 (m)		560,404
		Total Foreign Government Securities (Cost $5,177,580)		5,289,586
SHARES
	Investment Company — 6.3%
	240,698	JPMorgan Floating Rate Income Fund, Select Class Shares (b) (Cost $2,424,846)		2,435,867
PRINCIPAL AMOUNT
	Loan Assignments — 0.5%
		United States — 0.5%
	14,850	Alcatel-Lucent USA, Inc., U.S. Term Loan, VAR, 5.750%, 01/30/19		14,976
		Altice Financing S.A., Term Loan,
	3,221	VAR, 5.500%, 07/02/19 ^		3,278
	837	VAR, 5.500%, 07/02/19 ^		851
	507	VAR, 5.500%, 07/02/19		516
	435	VAR, 5.500%, 07/02/19 ^		443
		Aot Holdings Ltd., 1st Lien Senior Secured Term Loan,
	1,952	VAR, 4.250%, 10/01/19		1,967
	1,414	VAR, 4.250%, 10/01/19		1,425
	731	VAR, 4.250%, 10/01/19		737
	188	VAR, 4.250%, 10/01/19		190
	188	VAR, 4.250%, 10/01/19		190
	164	VAR, 4.250%, 10/01/19		165
	151	VAR, 4.250%, 10/01/19		152
	29,940	Caesars Entertainment Operating Co., Inc., (FKA Harrahs), Extended B-6 Term Loan, VAR, 5.489%, 01/28/18		28,767
	6,965	Cricket Communications, Inc., (Leap Wireless International), Term Loan C, VAR, 4.750%, 03/08/20		6,971
	5,985	Dell International LLC, Term B Loan, VAR, 4.500%, 04/29/20		5,954
	5,865	DuPont Performance, Term Loan, VAR, 4.750%, 02/01/20		5,913
	49,274	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		49,859
	5,000	Fieldwood Energy LLC, Closing Date Loan, 2nd Lien, VAR, 8.375%, 09/30/20		5,134

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
		Gymboree Corp. (The), Initial Term Loan (A & R),
	616	VAR, 5.000%, 02/23/18		557
	23,069	VAR, 5.000%, 02/23/18		20,865
		Pinnacle Foods Finance LLC, 1st Lien Term Loan G,
	34,824	VAR, 3.250%, 04/29/20		34,863
	88	VAR, 3.250%, 04/29/20		88
	5,000	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5,104
	10,634	RP Crown Parent, LLC, 1st Lien Term Loan, VAR, 6.000%, 12/21/18		10,733
	7,756	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7,793
		Tronox Ltd., Term Loan,
	923	VAR, 4.500%, 03/19/20		933
	1,067	VAR, 4.500%, 03/19/20		1,078
		Total Loan Assignments (Cost 207,275)		209,502
NUMBER OF CONTRACTS
	Option Purchased — 0.4%
		Call Options Purchased — 0.4%
EUR	80	Euro STOXX 50 Index, Expiring on 03/21/14 at 3,075.00 EUR, European Style (a)		59,990
	28	E-mini S&P 500, Expiring on 03/22/14 at 1,800.00, European style (a)		76,440
		Total Options Purchased (Cost $233,049)		136,430
PRINCIPAL AMOUNT
	Preferred Securities — 0.1% (x)
		United States — 0.1%
	30,000	Bank of America Corp., Series K, VAR, 8.000%, 01/30/18		33,190
	5,000	Citigroup, Inc., VAR, 5.950%, 01/30/23		4,775
		Total Preferred Securities (Cost $30,895)		37,965
SHARES
	Preferred Stocks — 0.3%
		Cayman Islands — 0.0% (g)
	10	XLIT Ltd., Series D, VAR, 3.359%, 03/03/14 (a) @		8,481
		Germany — 0.2%
	359	Volkswagen AG (m)		90,601
		United States — 0.1%
	17	Ally Financial, Inc., Series G, 7.000%, 02/03/14 (e) @		16,538
	725	GMAC Capital Trust I, VAR, 8.125%, 02/15/40 (a)		19,851
				36,389
		Total Preferred Stocks (Cost $126,960)		135,471
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 1.9%
	745,000	U.S. Treasury Notes, 0.138%, 01/31/15 (k) (Cost $745,838)		745,757
SHARES
	Short-Term Investment — 26.0%
		Investment Company — 26.0%
	10,086,732	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $10,086,732)		10,086,732
		Total Investments — 98.6% (Cost $37,282,872)		38,289,057
		Other Assets in Excess of Liabilities — 1.4%		552,038
		NET ASSETS — 100.0%	$	38,841,095

Percentages indicated are based on net assets.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		13.8	%
Investment Company		6.4
Exchange Traded Fund		4.7
Pharmaceuticals		4.6
Asset-Backed Securities		4.5
Insurance		3.7
Non-Agency CMO		3.3
Oil, Gas & Consumable Fuels		3.3
Commercial Banks		2.9
Media		2.2
Diversified Telecommunication Services		2.0
U.S. Treasury Notes		1.9
Food Products		1.8
Automobiles		1.1
Diversified Financial Services		1.1
Others (each less than 1.0%)		16.4
Short-Term Investments		26.3

Futures Contracts

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	25		10 Year U.S. Treasury Note		03/20/14		3,143,750			8,933
	33		E-mini Russell 2000		03/21/14		3,723,390			53,529
	76		E-mini S&P 500		03/21/14		6,751,080			(28,862	)
			Short Futures Outstanding
	(7	)	Euro Bund		03/06/14		(1,358,357	)		(25,367	)
	(3	)	Euro-Bobl		03/06/14		(512,762	)		(5,619	)
	(13	)	10 Year U.S. Treasury Note		03/20/14		(1,634,750	)		(5,745	)
	(30	)	Dow Jones Euro STOXX 50 Index		03/21/14		(1,221,113	)		(30,342	)
	(6	)	Mini MSCI Emerging Markets Index		03/21/14		(545,340	)		84
	(53	)	5 Year U.S. Treasury Note		03/31/14		(6,393,125	)		11,923
										(21,466	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
8,351	EUR	Goldman Sachs International	03/25/14		11,498		11,264		(234	)
110,160	EUR	HSBC Bank, N.A.	03/25/14		150,559		148,575		(1,984	)
11,229	EUR	Westpac Banking Corp.	03/25/14		15,482		15,144		(338	)
42,228,631	JPY	Morgan Stanley	02/28/14		413,782		413,359		(423	)
					591,321		588,342		(2,979	)

CONTRACTS TO SELL		COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
55,611	CHF	Royal Bank of Canada	02/28/14		61,586		61,348		238
91,211	EUR	Societe Generale	02/28/14		124,349		123,017		1,332
16,352	EUR	BNP Paribas	03/25/14		22,104		22,054		50
46,080	EUR	Credit Suisse International	03/25/14		62,676		62,150		526
858,776	EUR	Goldman Sachs International	03/25/14		1,174,678		1,158,250		16,428
11,677	EUR	State Street Corp.	03/25/14		15,972		15,749		223
3,077,235	EUR	TD Bank Financial Group	03/25/14		4,225,471		4,150,336		75,135
89,238	EUR	Union Bank of Switzerland AG	03/25/14		121,921		120,357		1,564
77,588,589	JPY	Societe Generale	02/28/14		744,027		759,484		(15,457	)
765,153	NOK	Westpac Banking Corp.	02/28/14		124,865		121,789		3,076
					6,677,649		6,594,534		83,115

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CHF	—	Swiss Franc
CMO	—	Collateralized Mortgage Obligation
CVA	—	Dutch Certification
ETF	—	Exchange Traded Fund
EUR	—	Euro
GMAC	—	General Motors Acceptance Corp.
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
NOK	—	Norwegian Krone
PIK	—	Payment-in-Kind
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2014.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(k)	—	All or a portion of this security is deposited with the broker ascollateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(x)	—	Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2014.
^	—	All or a portion of the security is unsettled as of January 31, 2014. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as ofJanuary 31, 2014.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $8,331,018 and 21.8%, respectively.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	1,306,647
Aggregate gross unrealized depreciation	(300,462	)
Net unrealized appreciation/depreciation	1,006,185
Federal income tax cost of investments	37,282,872

A. Valuation of Investments — Equity securities, including investments in Exchange Traded Funds (“ETFs”), listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in J.P. Morgan Funds are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its Fund, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at January 31, 2014.

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	—	$	1,732,283	$	1,732,283
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		1,279,091		—		1,279,091
Common Stocks
Belgium		—		167,484		—		167,484
Denmark		—		176,682		—		176,682
France		—		606,155		—		606,155
Germany		—		583,594		—		583,594
Ireland		—		591,766		—		591,766
Japan		—		2,260,880		—		2,260,880
Netherlands		—		666,771		—		666,771
Norway		—		342,289		—		342,289
Singapore		—		137,344		—		137,344
Switzerland		—		987,135		—		987,135
United Kingdom		—		1,720,317		—		1,720,317
Total Common Stocks	$	—	$	8,240,417	$	—	$	8,240,417
Corporate Bonds
Australia		—		59,202		—		59,202
Bahamas		—		16,125		—		16,125
Bermuda		—		11,188		—		11,188
Canada		—		140,460		—		140,460
Cayman Islands		—		27,652		—		27,652
Finland		—		3,101		—		3,101
France		—		5,200		—		5,200
Liberia		—		15,187		—		15,187
Luxembourg		—		156,195		—		156,195
Netherlands		—		14,070		—		14,070
Singapore		—		14,738		—		14,738
Spain		—		108,150		—		108,150
United Kingdom		—		48,373		—		48,373
United States		—		5,457,841		91,554		5,549,395
Total Corporate Bonds	$	—	$	6,077,482	$	91,554	$	6,169,036
Exchange Traded Fund		1,790,920		—		—		1,790,920
Foreign Government Securities		—		5,289,586		—		5,289,586
Investment Company
United States		2,435,867		—		—		2,435,867

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Loan Assignments
United States		—			209,502			—		209,502
Options Purchased
Call Options Purchased		136,430			—			—		136,430
Preferred Securities
United States		—			37,965			—		37,965
Preferred Stocks
Cayman Islands		—			8,481			—		8,481
Germany		—			90,601			—		90,601
United States		19,851			16,538			—		36,389
Total Preferred Stocks		19,851			115,620			—		135,471
U.S. Treasury Obligation		—			745,757			—		745,757
Short-Term Investment
Investment Company		10,086,732			—			—		10,086,732
Total Investments in Securities		14,469,800			21,995,420			1,823,837		38,289,057
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			98,572			—		98,572
Futures Contracts		74,469			—			—		74,469
Total Appreciation in Other Financial Instruments		74,469			98,572			—		173,041
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(18,436	)		—		(18,436	)
Futures Contracts		(95,935	)		—			—		(95,935	)
Total Depreciation in Other Financial Instruments		(95,935	)		(18,436	)		—		(114,371	)

There were no transfers among Levels 1 and 2 during the period ended January 31, 2014.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance as of 10/31/13		Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of 01/31/14
Investments in Securities
Asset-Backed Securities — United States		—		—			21,378		988			1,776,688		(66,771	)		—		—		1,732,283
Common Stock — United States		13,950		(16,681	)		21,787		—			—		(19,056	)		—		—		—
Corporate Bonds — United States		60,723		—			818		(117	)		35,394		(5,264	)		—		—		91,554
Total		74,673		(16,681	)		43,983		871			1,812,082		(91,091	)		—		—		1,823,837

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

The change in unrealized appreciation (depreciation) attributable to securities owned at January 31, 2014, which were valued using significant unobservable inputs (Level 3) amounted to $22,196.

Global Allocation

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at 1/31/14		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,732,283	Discounted Cash Flow	Constant Prepayment Rate		2.00% — 13.00%(5.47%)
				Constant Default Rate		3.00	% — 12.00%(6.73%)
				Yield (Discount Rate of Cash Flows)		4.05	% — 9.48%(6.02%)
Asset-Backed Securities		1,732,283
Total	$	1,732,283

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At January 31, 2014, the value of these securities was $91,554. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the constant prepayment rate may decrease or increase the fair value measurement.

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts and options in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) — (c) below describe the various derivatives used by the Fund.

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

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

(b). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(c). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 100.4%
		Australia — 3.9%
	40	Australia & New Zealand Banking Group Ltd. (m)		1,063
	295	Goodman Group (m)		1,207
	270	Transurban Group (m)		1,629
	44	Westfield Group (m)		392
				4,291
		Belgium — 0.9%
	7	Solvay S.A. (m)		1,044
		Brazil — 0.8%
	139	AMBEV S.A., ADR (m)		907
		Canada — 1.7%
	30	Bank of Montreal (m)		1,853
		China — 1.8%
	361	China Shenhua Energy Co., Ltd., Class H (m)		927
	252	Wynn Macau Ltd. (m)		1,072
				1,999
		Denmark — 1.6%
	193	TDC A/S (m)		1,814
		Finland — 1.0%
	68	UPM-Kymmene OYJ (m)		1,045
		France — 6.6%
	51	AXA S.A. (m)		1,344
	18	BNP Paribas S.A. (m)		1,369
	28	Electricite de France (m)		941
	11	Schneider Electric S.A. (m)		876
	7	Unibail-Rodamco SE (m)		1,629
	17	Vinci S.A. (m)		1,133
				7,292
		Germany — 4.8%
	18	BASF SE (m)		1,943
	20	Daimler AG (m)		1,689
	102	Deutsche Telekom AG (m)		1,650
				5,282
		Hong Kong — 0.9%
	79	Hutchison Whampoa Ltd. (m)		978
		Ireland — 1.0%
	14	Accenture plc, Class A (m)		1,126
		Italy — 2.2%
	106	Eni S.p.A. (m)		2,406
		Japan — 8.0%
	16	Japan Airlines Co., Ltd. (m)		791
	46	Japan Tobacco, Inc. (m)		1,432
	61	Seven & I Holdings Co., Ltd. (m)		2,401
	43	Sumitomo Mitsui Financial Group, Inc. (m)		2,006
	38	Toyota Motor Corp. (m)		2,151
				8,781
		Netherlands — 2.6%
	82	Royal Dutch Shell plc, Class A (m)		2,848
		Norway — 0.8%
	41	Telenor ASA (m)		855
		Singapore — 1.5%
	610	Singapore Telecommunications Ltd. (m)		1,683
		South Korea — 0.5%
	26	SK Telecom Co., Ltd., ADR (m)		570
		Sweden — 3.6%
	46	Electrolux AB, Series B (m)		983
	56	Swedbank AB, Class A (m)		1,469
	123	Telefonaktiebolaget LM Ericsson, Class B (m)		1,507
				3,959
		Switzerland — 5.9%
	22	Novartis AG (m)		1,706
	8	Roche Holding AG (m)		2,061
	31	Swiss Re AG (a) (m)		2,689
				6,456
		Taiwan — 0.6%
	558	Siliconware Precision Industries Co. (m)		672
		United Kingdom — 13.2%
	30	AstraZeneca plc (m)		1,894
	145	Aviva plc (m)		1,062
	109	British Sky Broadcasting Group plc (m)		1,565
	233	Direct Line Insurance Group plc (m)		1,014
	16	Ensco plc, Class A (m)		792
	69	GlaxoSmithKline plc (m)		1,776
	109	HSBC Holdings plc (m)		1,123
	44	Pearson plc (m)		795
	59	Persimmon plc (a) (m)		1,277
	875	Vodafone Group plc (m)		3,243
				14,541
		United States — 36.5%
	108	Applied Materials, Inc. (m)		1,825

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	32	Bristol-Myers Squibb Co. (m)		1,614
	94	Cisco Systems, Inc. (m)		2,055
	20	CME Group, Inc. (m)		1,505
	36	ConocoPhillips (m)		2,365
	32	Dow Chemical Co. (The) (m)		1,451
	12	Exxon Mobil Corp. (m)		1,115
	35	Freeport-McMoRan Copper & Gold, Inc. (m)		1,138
	22	Home Depot, Inc. (The) (m)		1,705
	22	Johnson & Johnson (m)		1,926
	35	Lorillard, Inc. (m)		1,706
	54	Masco Corp. (m)		1,134
	21	McDonald’s Corp. (m)		1,942
	32	Merck & Co., Inc. (m)		1,689
	21	MetLife, Inc. (m)		1,009
	93	Microsoft Corp. (m)		3,504
	16	NextEra Energy, Inc. (m)		1,492
	29	PACCAR, Inc. (m)		1,620
	17	Sempra Energy (m)		1,533
	36	Time Warner, Inc. (m)		2,255
	34	U.S. Bancorp (m)		1,352
	10	United Technologies Corp. (m)		1,156
	29	Verizon Communications, Inc. (m)		1,376
	37	Wells Fargo & Co. (m)		1,680
				40,147
		Total Common Stocks (Cost $101,125)		110,549
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	4,682	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $4,682)		4,682
		Total Investments — 104.7% (Cost $105,807)		115,231
		Liabilities in Excess of Other Assets — (4.7)%		(5,197	)
		NET ASSETS — 100.0%	$	110,034

Percentages indicated are based on net assets.

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		11.0	%
Commercial Banks		10.3
Oil, Gas & Consumable Fuels		8.4
Diversified Telecommunication Services		6.4
Insurance		6.2
Media		4.0
Chemicals		3.9
Automobiles		3.3
Wireless Telecommunication Services		3.3
Communications Equipment		3.1
Software		3.0
Real Estate Investment Trusts (REITs)		2.8
Tobacco		2.7
Hotels, Restaurants & Leisure		2.6
Semiconductors & Semiconductor Equipment		2.2
Electric Utilities		2.1
Food & Staples Retailing		2.1
Household Durables		2.0
Specialty Retail		1.5
Transportation Infrastructure		1.4
Machinery		1.4
Multi-Utilities		1.3
Diversified Financial Services		1.3
Aerospace & Defense		1.0
Metals & Mining		1.0
Building Products		1.0
Construction & Engineering		1.0
IT Services		1.0
Others (each less than 1.0%)		4.6
Short-Term Investments		4.1

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
648,952	CAD
439,238	for EUR	Westpac Banking Corp.	03/20/14	$	592	#	$	582	#	$	(10	)#
754,044	AUD	HSBC Bank, N.A.	03/20/14		670			658			(12	)
2,294,561	CAD	Citibank, N.A.	03/20/14		2,164			2,058			(106	)
699,518	EUR	Australia and New Zealand Banking Group Limited	03/20/14		958			944			(14	)
199,411	EUR	Barclays Bank plc	03/20/14		273			269			(4	)
514,542	EUR	BNP Paribas	03/20/14		700			694			(6	)
550,478	EUR	Citibank, N.A.	03/20/14		752			742			(10	)
501,284	EUR	Commonwealth Bank of Australia	03/20/14		682			676			(6	)
340,762	EUR	Goldman Sachs International	03/20/14		464			460			(4	)
462,036	EUR	National Australia Bank	03/20/14		636			623			(13	)
805,186	GBP	HSBC Bank, N.A.	03/20/14		1,312			1,323			11
2,104,749	HKD	Credit Suisse International	03/20/14		271			271			—	(h)
240,072,919	JPY	National Australia Bank	03/20/14		2,334			2,350			16
241,873	NZD	Goldman Sachs International	03/20/14		199			195			(4	)
785,895	SGD	HSBC Bank, N.A.	03/20/14		618			616			(2	)
428,272	SGD	Union Bank of Switzerland AG	03/20/14		336			335			(1	)
				$	12,961		$	12,796		$	(165	)
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
2,426,582	AUD	Goldman Sachs International	03/20/14	$	2,153		$	2,117		$	36
1,488,888	CHF	Barclays Bank plc	03/20/14		1,680			1,643			37
316,484	CHF	National Australia Bank	03/20/14		356			349			7
935,948	DKK	Goldman Sachs International	03/20/14		173			169			4
208,047	EUR	BNP Paribas	03/20/14		286			281			5
5,273,006	EUR	HSBC Bank, N.A.	03/20/14		7,254			7,112			142
182,584	EUR	National Australia Bank	03/20/14		251			246			5
167,612	GBP	Australia and New Zealand Banking Group Limited	03/20/14		274			275			(1	)
151,190	GBP	Barclays Bank plc	03/20/14		246			248			(2	)
464,085	GBP	BNP Paribas	03/20/14		757			762			(5	)
2,913,079	GBP	Goldman Sachs International	03/20/14		4,744			4,788			(44	)
304,055	GBP	National Australia Bank	03/20/14		497			500			(3	)
300,034	GBP	Royal Bank of Scotland	03/20/14		492			493			(1	)
397,074	GBP	Societe Generale	03/20/14		653			653			—	(h)
2,104,749	HKD	Credit Suisse International	02/06/14		271			271			—	(h)
16,669,464	HKD	Morgan Stanley	03/20/14		2,151			2,148			3
37,692,168	JPY	Credit Suisse International	03/20/14		369			369			—	(h)
31,716,255	JPY	Royal Bank of Canada	03/20/14		305			311			(6	)
65,717,145	JPY	Societe Generale	03/20/14		638			643			(5	)
3,435,056	NOK	Westpac Banking Corp.	03/20/14		557			547			10
1,511,696	SEK	Union Bank of Switzerland AG	03/20/14		231			231			—	(h)
12,996,076	SEK	Westpac Banking Corp.	03/20/14		1,972			1,982			(10	)

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
2,569,180	SGD	Morgan Stanley	03/20/14	$	2,042	$	2,012	$	30
				$	28,352	$	28,150	$	202

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. dollar market value of the currency being purchased.

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $65,153,000 and 56.5%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	11,354
Aggregate gross unrealized depreciation		(1,930	)
Net unrealized appreciation/depreciation	$	9,424
Federal income tax cost of investments	$	105,807

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	4,291		$	—	$	4,291
Belgium		—		1,044			—		1,044
Brazil		907		—			—		907
Canada		1,853		—			—		1,853
China		—		1,999			—		1,999
Denmark		1,814		—			—		1,814
Finland		—		1,045			—		1,045
France		—		7,292			—		7,292
Germany		—		5,282			—		5,282
Hong Kong		—		978			—		978
Ireland		1,126		—			—		1,126
Italy		—		2,406			—		2,406
Japan		—		8,781			—		8,781
Netherlands		—		2,848			—		2,848
Norway		—		855			—		855
Singapore		—		1,683			—		1,683
South Korea		570		—			—		570
Sweden		—		3,959			—		3,959
Switzerland		—		6,456			—		6,456
Taiwan		—		672			—		672
United Kingdom		2,357		12,184			—		14,541
United States		40,147		—			—		40,147
Total Common Stocks		48,774		61,775			—		110,549
Short-Term Investment
Investment Company		4,682		—			—		4,682
Total Investments in Securities	$	53,456	$	61,775		$	—	$	115,231
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	306		$	—	$	306
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(269	)	$	—	$	(269	)

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

1. Derivatives — The Fund uses instruments including forward foreign currency exchange contracts in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility. The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Note (a) below describes the derivatives used by the Fund.

(a). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Australia — 7.6%
	43	African Petroleum Corp., Ltd. (a) (m)		9
	114	Aurora Oil & Gas Ltd. (a) (m)		273
	182	Base Resources Ltd. (a) (m)		67
	145	Beach Energy Ltd. (m)		181
	97	Beadell Resources Ltd. (a) (m)		60
	151	Fortescue Metals Group Ltd. (m)		700
	202	Gascoyne Resources Ltd. (a) (m)		28
	310	Gryphon Minerals Ltd. (a) (m)		48
	72	Indophil Resources NL (a) (m)		10
	442	Kagara Ltd. (a) (i)		–
	624	Marengo Mining Ltd. (a) (m)		8
	186	Mawson West Ltd. (a) (m)		95
	28	Mineral Deposits Ltd. (a) (m)		54
	129	Neon Energy Ltd. (a) (m)		5
	154	OceanaGold Corp. (a) (m)		264
	410	Pancontinental Oil & Gas NL (a) (m)		16
	36	Papillon Resources Ltd. (a) (m)		36
	65	Sandfire Resources NL (a) (m)		325
	163	Sarama Resources Ltd. (a) (m)		29
	54	Sirius Resources NL (a) (m)		102
	430	Sundance Resources Ltd. (a) (m)		38
	614	Tiger Resources Ltd. (a) (m)		201
	50	Western Areas Ltd. (m)		116
	531	World Titanium Resources Ltd. (a) (m)		37
				2,702
		Bermuda — 0.3%
	5	Energy XXI Bermuda Ltd. (m)		121
		Canada — 32.5%
	14	Africa Oil Corp. (a) (m)		105
	11	Alpha Exploration, Inc. (a) (m)		6
	69	Asanko Gold, Inc. (a) (m)		121
	111	Augusta Resource Corp. (a) (m)		199
	180	Aureus Mining, Inc. (a) (m)		93
	71	Banro Corp. (a) (m)		35
	32	Barrick Gold Corp. (a) (m)		607
	1	Brazil Resources, Inc. (a) (m)		1
	18	Cameco Corp. (m)		380
	52	Capstone Mining Corp. (a) (m)		135
	26	Caracal Energy, Inc. (a) (m)		184
	32	Cenovus Energy, Inc. (m)		832
	96	Denison Mines Corp. (a) (m)		135
	14	Dominion Diamond Corp. (a) (m)		199
	62	Duluth Metals Ltd. (a) (m)		53
	102	First Quantum Minerals Ltd. (m)		1,816
	71	Fission 3.0 Corp. (a) (m)		11
	197	Fission Uranium Corp. (a) (m)		218
	19	Goldcorp, Inc. (m)		477
	65	Gran Tierra Energy, Inc. (a) (m)		494
	21	HudBay Minerals, Inc. (m)		169
	9	Kennady Diamonds, Inc. (a) (m)		38
	144	Loncor Resources, Inc. (a) (m)		17
	330	Lucara Diamond Corp. (a) (m)		460
	260	Lundin Mining Corp. (a) (m)		1,138
	39	Mountain Province Diamonds, Inc. (a) (m)		183
	76	New Gold, Inc. (a) (m)		434
	75	New Zealand Energy Corp. (a) (m)		19
	222	Panoro Minerals Ltd. (a) (m)		64
	53	Parex Resources, Inc. (a) (m)		346
	376	Platinum Group Metals Ltd. (a) (m)		442
	46	Reservoir Minerals, Inc. (a) (m)		252
	207	Romarco Minerals, Inc. (a) (m)		99
	8	Silver Wheaton Corp. (m)		167
	5	Suncor Energy, Inc. (m)		164
	35	Teck Resources Ltd., Class B (m)		835
	102	Trevali Mining Corp. (a) (m)		94
	248	WesternZagros Resources Ltd. (a) (m)		220
	41	Yamana Gold, Inc. (m)		383
				11,625
		Ireland — 0.8%
	807	Kenmare Resources plc (a) (m)		232
	14	Providence Resources plc (a) (m)		53
				285
		Netherlands — 4.5%
	44	Nostrum Oil & Gas LP, GDR (m)		482
	31	Royal Dutch Shell plc, Class B (m)		1,138
				1,620
		New Zealand — 0.2%
	395	Bathurst Resources Ltd. (a) (m)		62
		Norway — 1.5%
	160	DNO International ASA (a) (m)		523
		Russia — 1.3%
	31	MMC Norilsk Nickel OJSC, ADR (m)		471
		South Africa — 1.5%
	31	Impala Platinum Holdings Ltd. (m)		325

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — Continued
	220	Sierra Rutile Ltd. (a) (m)		226
				551
		Sweden — 1.9%
	38	Lundin Petroleum AB (a) (m)		661
		Switzerland — 6.3%
	181	Ferrexpo plc (m)		451
	344	Glencore Xstrata plc (a) (m)		1,815
				2,266
		United Kingdom — 21.9%
	81	3Legs Resources plc (a) (m)		32
	224	Amara Mining plc (a) (m)		52
	593	Amerisur Resources plc (a) (m)		497
	48	Antofagasta plc (m)		669
	45	BG Group plc (m)		753
	64	BHP Billiton plc (m)		1,896
	53	Gem Diamonds Ltd. (a) (m)		137
	28	IGAS Energy plc (a) (m)		59
	304	Petra Diamonds Ltd. (a) (m)		689
	95	President Energy plc (a) (m)		73
	7	Randgold Resources Ltd., ADR (m)		503
	34	Rio Tinto plc (m)		1,806
	1,335	Sable Mining Africa Ltd. (a) (m)		241
	345	Tethys Petroleum Ltd. (a) (m)		183
	19	Tullow Oil plc (m)		248
				7,838
		United States — 16.2%
	21	Anadarko Petroleum Corp. (m)		1,658
	4	Apache Corp. (m)		321
	9	Concho Resources, Inc. (a) (m)		861
	4	Continental Resources, Inc. (a) (m)		452
	61	Freeport-McMoRan Copper & Gold, Inc. (m)		1,966
	6	Occidental Petroleum Corp. (m)		525
				5,783
		Total Common Stocks (Cost $38,561)		34,508
NUMBER OF WARRANTS
	Warrant — 0.0%
		Canada — 0.0%
	65	Regulus Resources, Inc., expiring 03/06/14 (a) (Cost $–)		—
SHARES
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	850	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $850)		850
		Total Investments — 98.9% (Cost $39,411)		35,358
		Other Assets in Excess of Liabilities — 1.1%		393
		NET ASSETS — 100.0%	$	35,751

Percentages indicated are based on net assets.

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Diversified Metals & Mining		42.6	%
Oil & Gas Exploration & Production		20.5
Oil, Gas & Consumable Fuels		14.0
Gold Mining		9.3
Precious Metals & Minerals		7.5
Steel		3.6
Others (each less than 1.0%)		0.1
Short-Term Investment		2.4

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $16,533,000 and 46.8%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,595
Aggregate gross unrealized depreciation		(6,648	)
Net unrealized appreciation/depreciation	$	(4,053	)
Federal income tax cost of investments	$	39,411

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its Fund, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

JPMorgan Global Natural Resources Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	221	$	2,481		$	—	(a)	$	2,702
Bermuda		121		—			—			121
Canada		11,243		382			—			11,625
Ireland		232		53			—			285
Netherlands		—		1,620			—			1,620
New Zealand		—		62			—			62
Norway		—		523			—			523
Russia		—		471			—			471
South Africa		—		551			—			551
Sweden		—		661			—			661
Switzerland		—		2,266			—			2,266
United Kingdom		1,183		6,655			—			7,838
United States		5,783		—			—			5,783
Total Common Stocks		18,783		15,725			—	*(a)		34,508
Warrant
Canada		—		—	(a)		—			—	(a)
Short-Term Investment
Investment Company		850		—			—			850
Total Investments in Securities	$	19,633	$	15,725		$	—	(a)	$	35,358

(a) Value is zero.

* Level 3 securities are valued by brokers and pricing services. At January 31, 2014, the value of these securities was zero. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.5%
			Australia — 2.7%
	74		AGL Energy Ltd. (m)		987
	14		ALS Ltd. (m)		95
	110		Amcor Ltd. (m)		1,028
	106		AMP Ltd. (m)		397
	149		Asciano Ltd. (m)		733
	209		Aurizon Holdings Ltd. (m)		899
	173		Australia & New Zealand Banking Group Ltd. (m)		4,562
	174		BHP Billiton Ltd. (m)		5,554
	63		Boral Ltd. (m)		262
	53		Brambles Ltd. (m)		416
	23		Coca-Cola Amatil Ltd. (m)		236
	84		Commonwealth Bank of Australia (m)		5,448
	50		Computershare Ltd. (m)		489
	4		Crown Ltd. (m)		51
	33		CSL Ltd. (m)		2,051
	373		Dexus Property Group (m)		325
	100		Echo Entertainment Group Ltd. (m)		208
	280		Federation Centres Ltd. (m)		555
	155		Fortescue Metals Group Ltd. (m)		720
	124		Goodman Group (m)		506
	11		Iluka Resources Ltd. (m)		86
	84		Insurance Australia Group Ltd. (m)		402
	68		Lend Lease Group (m)		630
	12		Macquarie Group Ltd. (m)		560
	438		Mirvac Group (m)		640
	126		National Australia Bank Ltd. (m)		3,663
	18		Newcrest Mining Ltd. (m)		152
	19		Orica Ltd. (m)		392
	55		Origin Energy Ltd. (m)		672
	83		QBE Insurance Group Ltd. (m)		829
	14		Ramsay Health Care Ltd. (m)		531
	33		Rio Tinto Ltd. (m)		1,874
	88		Santos Ltd. (m)		1,023
	7		Seek Ltd. (m)		76
	13		Stockland (m)		41
	115		Suncorp Group Ltd. (m)		1,226
	65		Sydney Airport (m)		226
	180		Telstra Corp., Ltd. (m)		809
	69		Toll Holdings Ltd. (m)		338
	101		Transurban Group (m)		607
	45		Wesfarmers Ltd. (m)		1,666
	169		Westfield Group (m)		1,509
	221		Westfield Retail Trust (m)		583
	198		Westpac Banking Corp. (m)		5,342
	39		Woodside Petroleum Ltd. (m)		1,291
	91		Woolworths Ltd. (m)		2,709
					53,399
			Austria — 0.1%
	14		Andritz AG (m)		757
	19		Raiffeisen Bank International AG (m)		714
	—	(h)	Telekom Austria AG (m)		—	(h)
					1,471
			Belgium — 0.4%
	29		Anheuser-Busch InBev N.V. (m)		2,743
	24		Solvay S.A. (m)		3,299
	32		UCB S.A. (m)		2,282
					8,324
			Bermuda — 0.1%
	42		Axis Capital Holdings Ltd. (m)		1,894
	3		Everest Re Group Ltd. (m)		451
					2,345
			Canada — 2.8%
	9		Agnico-Eagle Mines Ltd. (m)		284
	8		Agrium, Inc. (m)		684
	7		Alimentation Couche Tard, Inc., Class B (m)		519
	16		ARC Resources Ltd. (m)		408
	34		Bank of Montreal (m)		2,106
	62		Bank of Nova Scotia (m)		3,376
	55		Barrick Gold Corp. (m)		1,051
	13		BCE, Inc. (m)		566
	75		Bombardier, Inc., Class B (m)		272
	30		Brookfield Asset Management, Inc., Class A (m)		1,127
	21		Cameco Corp. (m)		455
	22		Canadian Imperial Bank of Commerce (m)		1,694
	46		Canadian National Railway Co. (m)		2,478
	58		Canadian Natural Resources Ltd. (m)		1,915
	25		Canadian Oil Sands Ltd. (m)		453
	9		Canadian Pacific Railway Ltd. (m)		1,387
	41		Cenovus Energy, Inc. (m)		1,062
	19		Crescent Point Energy Corp. (m)		647
	37		Eldorado Gold Corp. (m)		236
	40		Enbridge, Inc. (m)		1,684
	39		Encana Corp. (m)		706
	24		First Quantum Minerals Ltd. (m)		435
	10		Fortis, Inc. (m)		274
	8		Franco-Nevada Corp. (m)		384
	44		Goldcorp, Inc. (m)		1,087
	15		Great-West Lifeco, Inc. (m)		431
	18		Husky Energy, Inc. (m)		531

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Canada — Continued
	16		Imperial Oil Ltd. (m)		661
	7		Intact Financial Corp. (m)		426
	62		Kinross Gold Corp. (m)		283
	18		Lululemon Athletica, Inc. (a) (m)		820
	17		Magna International, Inc. (m)		1,478
	96		Manulife Financial Corp. (m)		1,772
	5		Metro, Inc. (m)		299
	9		National Bank of Canada (m)		654
	16		Pembina Pipeline Corp. (m)		538
	45		Potash Corp. of Saskatchewan, Inc. (m)		1,421
	18		Power Corp. of Canada (m)		499
	13		Power Financial Corp. (m)		401
	20		Rogers Communications, Inc., Class B (m)		861
	78		Royal Bank of Canada (m)		4,836
	7		Saputo, Inc. (m)		328
	20		Shaw Communications, Inc., Class B (m)		444
	11		Shoppers Drug Mart Corp. (m)		577
	19		Silver Wheaton Corp. (m)		417
	8		SNC-Lavalin Group, Inc. (m)		341
	32		Sun Life Financial, Inc. (m)		1,049
	85		Suncor Energy, Inc. (m)		2,781
	57		Talisman Energy, Inc. (m)		612
	31		Teck Resources Ltd., Class B (m)		745
	8		Tim Hortons, Inc. (m)		428
	49		Toronto-Dominion Bank (The) (m)		4,258
	38		TransCanada Corp. (m)		1,631
	42		Yamana Gold, Inc. (m)		390
					55,202
			China — 0.0% (g)
	99		MGM China Holdings Ltd. (m)		387
	384		Yangzijiang Shipbuilding Holdings Ltd. (m)		346
					733
			Colombia — 0.0% (g)
	—	(h)	Pacific Rubiales Energy Corp. (m)		1
			Denmark — 0.7%
	—	(h)	AP Moeller—Maersk A/S, Class B (m)		1,576
	10		Carlsberg A/S, Class B (m)		935
	115		Danske Bank A/S (a) (m)		2,608
	185		Novo Nordisk A/S, Class B (m)		7,325
	167		TDC A/S (m)		1,568
					14,012
			Finland — 0.1%
	—	(h)	Nokian Renkaat OYJ (m)		—	(h)
	160		UPM-Kymmene OYJ (m)		2,454
					2,454
			France — 3.7%
	16		Air Liquide S.A. (m)		1,965
	89		Airbus Group N.V. (m)		6,325
	25		AtoS (m)		2,206
	252		AXA S.A. (m)		6,620
	78		BNP Paribas S.A. (m)		5,997
	43		Bouygues S.A. (m)		1,625
	65		Cie de St-Gobain (m)		3,420
	19		Cie Generale des Etablissements Michelin (m)		1,974
	82		Electricite de France (m)		2,781
	229		GDF Suez (m)		5,046
	20		Lafarge S.A. (m)		1,465
	9		LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,581
	63		Orange S.A. (m)		781
	31		Renault S.A. (m)		2,693
	57		Sanofi (m)		5,539
	58		Schneider Electric S.A. (m)		4,698
	85		Societe Generale S.A. (m)		4,781
	23		Sodexo (m)		2,267
	66		Thales S.A. (m)		4,325
	117		Total S.A. (m)		6,685
	4		Unibail-Rodamco SE (m)		959
	32		Vivendi S.A. (m)		857
					74,590
			Germany — 3.2%
	40		Allianz SE (m)		6,720
	79		BASF SE (m)		8,493
	73		Bayer AG (m)		9,612
	28		Bayerische Motoren Werke AG (m)		3,046
	16		Brenntag AG (m)		2,774
	26		Continental AG (m)		5,649
	44		Daimler AG (m)		3,668
	63		Deutsche Bank AG (m)		3,036
	129		Deutsche Telekom AG (m)		2,082
	110		E.ON SE (m)		1,985
	46		HeidelbergCement AG (m)		3,380
	3		Linde AG (m)		493
	47		Metro AG (m)		1,949
	8		Muenchener Rueckversicherungs AG (m)		1,581
	90		SAP AG (m)		6,867

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Germany — Continued
	28		Siemens AG (m)		3,497
					64,832
			Hong Kong — 1.0%
	639		AIA Group Ltd. (m)		2,947
	235		BOC Hong Kong Holdings Ltd. (m)		714
	118		Cheung Kong Holdings Ltd. (m)		1,750
	121		Cheung Kong Infrastructure Holdings Ltd. (m)		711
	51		CLP Holdings Ltd. (m)		381
	154		Galaxy Entertainment Group Ltd. (a) (m)		1,505
	66		Hang Seng Bank Ltd. (m)		1,036
	320		HKT Trust and HKT Ltd. (m)		306
	248		Hong Kong & China Gas Co., Ltd. (m)		510
	39		Hong Kong Exchanges and Clearing Ltd. (m)		607
	148		Hutchison Whampoa Ltd. (m)		1,833
	26		Kerry Properties Ltd. (m)		83
	244		Li & Fung Ltd. (m)		338
	137		Link REIT (The) (m)		617
	9		Michael Kors Holdings Ltd. (a) (m)		687
	171		MTR Corp., Ltd. (m)		604
	214		Noble Group Ltd. (m)		159
	254		NWS Holdings Ltd. (m)		368
	67		Power Assets Holdings Ltd. (m)		503
	174		Sands China Ltd. (m)		1,339
	382		Sino Land Co., Ltd. (m)		507
	97		SJM Holdings Ltd. (m)		301
	83		Sun Hung Kai Properties Ltd. (m)		1,012
	142		Wharf Holdings Ltd. (m)		967
	97		Wheelock & Co., Ltd. (m)		395
	56		Yue Yuen Industrial Holdings Ltd. (m)		171
					20,351
			Ireland — 0.8%
	47		Accenture plc, Class A (m)		3,764
	8		Covidien plc (m)		547
	68		Eaton Corp. plc (m)		5,007
	103		Shire plc (m)		5,140
	28		XL Group plc (m)		806
					15,264
			Italy — 1.0%
	78		Assicurazioni Generali S.p.A. (m)		1,681
	750		Enel Green Power S.p.A. (m)		1,890
	750		Enel S.p.A. (m)		3,411
	256		Eni S.p.A. (m)		5,821
	918		Intesa Sanpaolo S.p.A. (m)		2,473
	1,163		Telecom Italia S.p.A. (m)		1,291
	468		UniCredit S.p.A. (m)		3,504
					20,071
			Japan — 8.1%
	64		Aeon Co., Ltd. (m)		796
	19		Aisin Seiki Co., Ltd. (m)		703
	72		Ajinomoto Co., Inc. (m)		1,016
	1		Alfresa Holdings Corp. (m)		57
	87		Amada Co., Ltd. (m)		704
	28		ANA Holdings, Inc. (m)		59
	39		Arcs Co., Ltd. (m)		734
	13		Asahi Group Holdings Ltd. (m)		343
	157		Asahi Kasei Corp. (m)		1,188
	35		Astellas Pharma, Inc. (m)		2,132
	106		Bank of Yokohama Ltd. (The) (m)		533
	47		Bridgestone Corp. (m)		1,684
	49		Canon, Inc. (m)		1,434
	14		Central Japan Railway Co. (m)		1,501
	21		Chubu Electric Power Co., Inc. (m)		254
	22		Chugoku Electric Power Co., Inc. (The) (m)		288
	67		Citizen Holdings Co., Ltd. (m)		525
	51		Coca-Cola West Co., Ltd. (m)		1,003
	102		Dai-ichi Life Insurance Co., Ltd. (The) (m)		1,531
	10		Daiichi Sankyo Co., Ltd. (m)		163
	27		Daikin Industries Ltd. (m)		1,537
	143		Dainippon Screen Manufacturing Co., Ltd. (a) (m)		674
	—	(h)	Daito Trust Construction Co., Ltd. (m)		38
	49		Daiwa House Industry Co., Ltd. (m)		929
	14		Denso Corp. (m)		730
	23		Dentsu, Inc. (m)		902
	8		Disco Corp. (m)		557
	51		DMG Mori Seiki Co., Ltd. (m)		895
	34		East Japan Railway Co. (m)		2,482
	25		Electric Power Development Co., Ltd. (m)		741
	7		FANUC Corp. (m)		1,183
	2		Fast Retailing Co., Ltd. (m)		728
	14		Fuji Heavy Industries Ltd. (m)		382
	28		FUJIFILM Holdings Corp. (m)		807
	221		Fujitsu Ltd. (a) (m)		1,235
	378		Furukawa Electric Co., Ltd. (m)		925
	74		Gunma Bank Ltd. (The) (m)		392
	7		Hirose Electric Co., Ltd. (m)		1,036
	8		Hisamitsu Pharmaceutical Co., Inc. (m)		378
	366		Hitachi Ltd. (m)		2,790

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	279	Hokuhoku Financial Group, Inc. (m)		529
	126	Honda Motor Co., Ltd. (m)		4,738
	31	Ibiden Co., Ltd. (m)		563
	148	Inpex Corp. (m)		1,755
	21	Isetan Mitsukoshi Holdings Ltd. (m)		266
	24	Isuzu Motors Ltd. (m)		142
	18	ITOCHU Corp. (m)		224
	20	Itochu Techno-Solutions Corp. (m)		819
	98	Japan Tobacco, Inc. (m)		3,031
	25	JFE Holdings, Inc. (m)		508
	277	JX Holdings, Inc. (m)		1,337
	56	Kansai Electric Power Co., Inc. (The) (a) (m)		605
	14	Kao Corp. (m)		431
	251	Kawasaki Heavy Industries Ltd. (m)		1,085
	39	KDDI Corp. (m)		2,142
	26	Keio Corp. (m)		167
	5	Keyence Corp. (m)		2,176
	15	Kintetsu World Express, Inc. (m)		576
	6	Kirin Holdings Co., Ltd. (m)		82
	270	Kobe Steel Ltd. (a) (m)		447
	18	Komatsu Ltd. (m)		384
	7	Konica Minolta, Inc. (m)		69
	130	Kubota Corp. (m)		2,001
	63	Kyowa Hakko Kirin Co., Ltd. (m)		638
	46	Kyushu Electric Power Co., Inc. (a) (m)		529
	11	LIXIL Group Corp. (m)		291
	11	Mabuchi Motor Co., Ltd. (m)		603
	111	Marubeni Corp. (m)		774
	99	Marui Group Co., Ltd. (m)		924
	57	Mazda Motor Corp. (a) (m)		273
	55	Medipal Holdings Corp. (m)		809
	6	Message Co., Ltd. (m)		200
	90	Minebea Co., Ltd. (m)		677
	1	Miraca Holdings, Inc. (m)		38
	84	Mitsubishi Corp. (m)		1,541
	48	Mitsubishi Electric Corp. (m)		542
	43	Mitsubishi Estate Co., Ltd. (m)		1,056
	147	Mitsubishi Gas Chemical Co., Inc. (m)		1,032
	247	Mitsubishi Heavy Industries Ltd. (m)		1,594
	9	Mitsubishi Logistics Corp. (m)		126
	7	Mitsubishi Motors Corp. (a) (m)		78
	959	Mitsubishi UFJ Financial Group, Inc. (m)		5,763
	179	Mitsui & Co., Ltd. (m)		2,392
	222	Mitsui Chemicals, Inc. (m)		530
	79	Mitsui Fudosan Co., Ltd. (m)		2,495
	1,056	Mizuho Financial Group, Inc. (m)		2,238
	23	MS&AD Insurance Group Holdings (m)		533
	5	Murata Manufacturing Co., Ltd. (m)		446
	101	NEC Corp. (m)		292
	39	NGK Spark Plug Co., Ltd. (m)		900
	1	Nintendo Co., Ltd. (m)		103
	69	Nippon Meat Packers, Inc. (m)		1,175
	11	Nippon Paper Industries Co., Ltd. (m)		203
	774	Nippon Steel & Sumitomo Metal Corp. (m)		2,348
	36	Nippon Telegraph & Telephone Corp. (m)		1,921
	211	Nippon Yusen KK (m)		653
	409	Nishi-Nippon City Bank Ltd. (The) (m)		1,031
	181	Nissan Motor Co., Ltd. (m)		1,548
	4	Nitori Holdings Co., Ltd. (m)		379
	12	Nitto Denko Corp. (m)		551
	356	Nomura Holdings, Inc. (m)		2,472
	15	Nomura Real Estate Holdings, Inc. (m)		296
	26	Nomura Research Institute Ltd. (m)		868
	129	North Pacific Bank Ltd. (m)		502
	60	NSK Ltd. (m)		673
	48	NTT DOCOMO, Inc. (m)		770
	21	Omron Corp. (m)		842
	34	Onward Holdings Co., Ltd. (m)		245
	96	ORIX Corp. (m)		1,458
	9	Otsuka Corp. (m)		1,032
	41	Otsuka Holdings Co., Ltd. (m)		1,242
	114	Panasonic Corp. (m)		1,291
	308	Resona Holdings, Inc. (m)		1,625
	111	Ricoh Co., Ltd. (m)		1,166
	6	Rinnai Corp. (m)		443
	11	Sanrio Co., Ltd. (m)		419
	2	Santen Pharmaceutical Co., Ltd. (m)		71
	22	Sanwa Holdings Corp. (m)		153
	5	SBI Holdings, Inc. (m)		63
	5	Secom Co., Ltd. (m)		287
	17	Sega Sammy Holdings, Inc. (m)		406
	28	Seiko Epson Corp. (m)		730
	98	Sekisui Chemical Co., Ltd. (m)		1,130
	52	Sekisui House Ltd. (m)		721
	32	Seven & I Holdings Co., Ltd. (m)		1,273
	89	Sharp Corp. (a) (m)		302
	6	Shimamura Co., Ltd. (m)		548
	19	Shin-Etsu Chemical Co., Ltd. (m)		1,069
	2	SMC Corp. (m)		576

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Japan — Continued
	74		SoftBank Corp. (m)		5,336
	75		Sony Corp. (m)		1,181
	279		Sumitomo Bakelite Co., Ltd. (m)		1,040
	77		Sumitomo Chemical Co., Ltd. (m)		312
	108		Sumitomo Corp. (m)		1,349
	8		Sumitomo Electric Industries Ltd. (m)		122
	35		Sumitomo Forestry Co., Ltd. (m)		372
	90		Sumitomo Mitsui Financial Group, Inc. (m)		4,146
	9		Sumitomo Realty & Development Co., Ltd. (m)		397
	47		Sumitomo Rubber Industries Ltd. (m)		651
	—	(h)	Sundrug Co., Ltd. (m)		17
	34		Suzuken Co., Ltd. (m)		1,172
	21		Suzuki Motor Corp. (m)		547
	2		Sysmex Corp. (m)		94
	73		T&D Holdings, Inc. (m)		887
	9		Taisho Pharmaceutical Holdings Co., Ltd. (m)		650
	20		Taiyo Yuden Co., Ltd. (m)		243
	5		Takashimaya Co., Ltd. (m)		46
	35		Takeda Pharmaceutical Co., Ltd. (m)		1,641
	22		Terumo Corp. (m)		1,008
	12		Tohoku Electric Power Co., Inc. (a) (m)		127
	59		Tokio Marine Holdings, Inc. (m)		1,723
	37		Tokyo Electric Power Co., Inc. (a) (m)		167
	245		Tokyo Gas Co., Ltd. (m)		1,215
	63		Tokyo Tatemono Co., Ltd. (m)		584
	117		Tokyu Corp. (m)		725
	111		Tokyu Fudosan Holdings Corp. (a) (m)		950
	301		Toshiba Corp. (m)		1,251
	10		Toyo Suisan Kaisha Ltd. (m)		315
	9		Toyota Industries Corp. (m)		429
	189		Toyota Motor Corp. (m)		10,809
	1		Tsumura & Co. (m)		15
	1		West Japan Railway Co. (m)		33
	17		Yakult Honsha Co., Ltd. (m)		844
	9		Yamaha Motor Co., Ltd. (m)		123
	16		Yamato Holdings Co., Ltd. (m)		333
	31		Zeon Corp. (m)		301
					161,120
			Luxembourg — 0.1%
	121		ArcelorMittal (m)		2,004
			Netherlands — 1.8%
	343		Aegon N.V. (m)		2,989
	23		ASML Holding N.V. (m)		1,981
	12		ING Groep N.V., CVA (a) (m)		161
	154		Koninklijke Ahold N.V. (m)		2,557
	169		Koninklijke KPN N.V. (a) (m)		631
	137		Koninklijke Philips N.V. (m)		4,745
	285		Royal Dutch Shell plc, Class A (m)		9,876
	161		Royal Dutch Shell plc, Class B (m)		5,900
	178		TNT Express N.V. (m)		1,572
	140		Unilever N.V., CVA (m)		5,211
					35,623
			New Zealand — 0.0% (g)
	210		Telecom Corp. of New Zealand Ltd. (m)		398
			Norway — 0.1%
	34		Statoil ASA (m)		800
	86		Telenor ASA (m)		1,797
					2,597
			Portugal — 0.2%
	843		EDP—Energias de Portugal S.A. (m)		3,165
			Singapore — 0.7%
	89		Avago Technologies Ltd. (m)		4,844
	309		CapitaCommercial Trust (m)		343
	151		CapitaMalls Asia Ltd. (m)		208
	133		DBS Group Holdings Ltd. (m)		1,718
	76		Genting Singapore plc (m)		82
	230		Global Logistic Properties Ltd. (m)		503
	1,256		Golden Agri-Resources Ltd. (m)		510
	399		Hutchison Port Holdings Trust, Class U (m)		265
	13		Jardine Cycle & Carriage Ltd. (m)		355
	123		Keppel Corp., Ltd. (m)		1,002
	90		Keppel Land Ltd. (m)		222
	176		Oversea-Chinese Banking Corp., Ltd. (m)		1,279
	31		Sembcorp Industries Ltd. (m)		127
	50		Singapore Airlines Ltd. (m)		375
	101		Singapore Exchange Ltd. (m)		541
	485		Singapore Telecommunications Ltd. (m)		1,338
	56		United Overseas Bank Ltd. (m)		876
	128		Wilmar International Ltd. (m)		312
					14,900
			Spain — 1.5%
	36		Amadeus IT Holding S.A., Class A (m)		1,421
	310		Banco Bilbao Vizcaya Argentaria S.A. (m)		3,699
	616		Banco Santander S.A. (a) (m)		5,302
	1,075		Bankia S.A. (a) (m)		1,853
	380		Distribuidora Internacional de Alimentacion S.A. (m)		3,119

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	339	Iberdrola S.A. (m)		2,088
	21	Inditex S.A. (m)		3,129
	178	Repsol S.A. (m)		4,159
	353	Telefonica S.A. (m)		5,432
				30,202
		Sweden — 0.7%
	134	Electrolux AB, Series B (m)		2,834
	350	Nordea Bank AB (m)		4,668
	87	Swedbank AB, Class A (m)		2,274
	129	Tele2 AB, Class B (m)		1,413
	181	Telefonaktiebolaget LM Ericsson, Class B (m)		2,212
				13,401
		Switzerland — 4.6%
	63	ABB Ltd. (a) (m)		1,560
	77	ACE Ltd. (m)		7,198
	54	Cie Financiere Richemont S.A. (m)		5,032
	82	Credit Suisse Group AG (a) (m)		2,463
	641	Glencore Xstrata plc (a) (m)		3,379
	60	Holcim Ltd. (a) (m)		4,322
	213	Nestle S.A. (m)		15,471
	163	Novartis AG (m)		12,844
	55	Roche Holding AG (m)		15,192
	65	Swiss Re AG (a) (m)		5,607
	10	Syngenta AG (m)		3,607
	20	TE Connectivity Ltd. (m)		1,131
	69	Tyco International Ltd. (m)		2,781
	282	UBS AG (a) (m)		5,598
	57	Wolseley plc (m)		3,052
	6	Zurich Insurance Group AG (a) (m)		1,660
				90,897
		United Kingdom — 7.8%
	495	3i Group plc (m)		3,033
	53	Anglo American plc (m)		1,248
	89	ARM Holdings plc (m)		1,361
	119	Associated British Foods plc (m)		5,294
	82	AstraZeneca plc (m)		5,168
	952	Barclays plc (m)		4,250
	191	BG Group plc (m)		3,213
	137	BHP Billiton plc (m)		4,047
	1,314	BP plc (m)		10,299
	148	British American Tobacco plc (m)		7,041
	865	BT Group plc (m)		5,450
	15	Bunzl plc (m)		345
	80	Burberry Group plc (m)		1,910
	219	Centrica plc (m)		1,119
	196	Diageo plc (m)		5,822
	90	easyJet plc (m)		2,444
	55	Ensco plc, Class A (m)		2,748
	161	GlaxoSmithKline plc (m)		4,136
	1,281	HSBC Holdings plc (m)		13,146
	97	Imperial Tobacco Group plc (m)		3,531
	82	InterContinental Hotels Group plc (m)		2,657
	1,357	ITV plc (m)		4,379
	481	J Sainsbury plc (m)		2,725
	2,958	Lloyds Banking Group plc (a) (m)		4,035
	75	Marks & Spencer Group plc (m)		578
	342	Meggitt plc (m)		2,899
	12	Next plc (m)		1,219
	57	Noble Corp. plc (m)		1,764
	128	Pearson plc (m)		2,333
	230	Prudential plc (m)		4,631
	21	Randgold Resources Ltd. (m)		1,414
	9	Reckitt Benckiser Group plc (m)		702
	94	Rio Tinto plc (m)		5,014
	251	Rolls-Royce Holdings plc (a) (m)		4,883
	105	SABMiller plc (m)		4,716
	13	SSE plc (m)		288
	123	Standard Chartered plc (m)		2,507
	131	Standard Life plc (m)		786
	196	Tate & Lyle plc (m)		2,437
	186	Tesco plc (m)		977
	2,925	Vodafone Group plc (m)		10,839
	48	Whitbread plc (m)		2,957
	410	William Hill plc (m)		2,239
	308	WM Morrison Supermarkets plc (m)		1,215
	72	WPP plc (m)		1,516
				155,315
		United States — 53.3%
	13	3M Co. (m)		1,641
	155	Abbott Laboratories (m)		5,695
	32	Actavis plc (a) (m)		6,030
	90	Adobe Systems, Inc. (a) (m)		5,353
	8	ADT Corp. (The) (m)		246
	26	Aetna, Inc. (m)		1,802
	15	AGCO Corp. (m)		784
	26	Air Products & Chemicals, Inc. (m)		2,720
	324	Alcoa, Inc. (m)		3,728
	32	Alexion Pharmaceuticals, Inc. (a) (m)		5,100
	46	Allergan, Inc. (m)		5,263

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	12		Alliance Data Systems Corp. (a) (m)		2,809
	28		Amazon.com, Inc. (a) (m)		10,088
	25		Ameren Corp. (m)		934
	117		American Electric Power Co., Inc. (m)		5,709
	19		American Express Co. (m)		1,596
	52		American International Group, Inc. (m)		2,481
	23		American Tower Corp. (m)		1,897
	41		American Water Works Co., Inc. (m)		1,745
	—	(h)	Amgen, Inc. (m)		20
	65		Anadarko Petroleum Corp. (m)		5,225
	5		Apache Corp. (m)		368
	62		Apple, Inc. (m)		31,096
	179		Applied Materials, Inc. (m)		3,012
	88		Archer-Daniels-Midland Co. (m)		3,470
	197		AT&T, Inc. (m)		6,560
	9		AutoZone, Inc. (a) (m)		4,248
	18		AvalonBay Communities, Inc. (m)		2,271
	6		Avery Dennison Corp. (m)		313
	—	(h)	Avnet, Inc. (m)		10
	17		Axiall Corp. (m)		673
	18		Baker Hughes, Inc. (m)		1,001
	45		Ball Corp. (m)		2,326
	974		Bank of America Corp. (m)		16,313
	40		Baxter International, Inc. (m)		2,704
	50		Berkshire Hathaway, Inc., Class B (a) (m)		5,586
	30		Biogen Idec, Inc. (a) (m)		9,496
	4		BioMarin Pharmaceutical, Inc. (a) (m)		305
	11		Boeing Co. (The) (m)		1,363
	26		Boston Properties, Inc. (m)		2,771
	74		Brandywine Realty Trust (m)		1,050
	204		Bristol-Myers Squibb Co. (m)		10,178
	13		Broadcom Corp., Class A (m)		397
	22		CA, Inc. (m)		700
	87		Capital One Financial Corp. (m)		6,151
	28		CareFusion Corp. (a) (m)		1,138
	12		Carnival Corp. (m)		481
	—	(h)	Catamaran Corp. (a) (m)		1
	17		Caterpillar, Inc. (m)		1,558
	75		CBS Corp. (Non-Voting), Class B (m)		4,414
	53		Celgene Corp. (a) (m)		8,040
	37		Cerner Corp. (a) (m)		2,117
	4		CF Industries Holdings, Inc. (m)		884
	66		Charles Schwab Corp. (The) (m)		1,641
	23		Cheniere Energy, Inc. (a) (m)		1,003
	138		Chevron Corp. (m)		15,386
	444		Cisco Systems, Inc. (m)		9,719
	280		Citigroup, Inc. (m)		13,298
	41		Citrix Systems, Inc. (a) (m)		2,198
	135		CMS Energy Corp. (m)		3,750
	206		Coca-Cola Co. (The) (m)		7,779
	53		Coca-Cola Enterprises, Inc. (m)		2,309
	60		Cognizant Technology Solutions Corp., Class A (a) (m)		5,847
	14		Colgate-Palmolive Co. (m)		884
	275		Comcast Corp., Class A (m)		14,934
	46		Comerica, Inc. (m)		2,101
	34		ConocoPhillips (m)		2,219
	63		Corning, Inc. (m)		1,082
	46		Costco Wholesale Corp. (m)		5,209
	51		Crown Holdings, Inc. (a) (m)		2,091
	265		CSX Corp. (m)		7,131
	149		CVS Caremark Corp. (m)		10,076
	33		Deere & Co. (m)		2,821
	40		Delta Air Lines, Inc. (m)		1,222
	47		DISH Network Corp., Class A (a) (m)		2,670
	98		Dow Chemical Co. (The) (m)		4,472
	91		Dr. Pepper Snapple Group, Inc. (m)		4,345
	40		DTE Energy Co. (m)		2,735
	41		Duke Energy Corp. (m)		2,921
	15		E.I. du Pont de Nemours & Co. (m)		944
	130		eBay, Inc. (a) (m)		6,891
	35		Edison International (m)		1,664
	165		EMC Corp. (m)		3,997
	119		Emerson Electric Co. (m)		7,823
	28		EOG Resources, Inc. (m)		4,697
	31		EQT Corp. (m)		2,922
	40		Extra Space Storage, Inc. (m)		1,807
	280		Exxon Mobil Corp. (m)		25,782
	89		Facebook, Inc., Class A (a) (m)		5,556
	18		FedEx Corp. (m)		2,355
	32		Fidelity National Information Services, Inc. (m)		1,646
	17		Flowserve Corp. (m)		1,229
	69		Fluor Corp. (m)		5,218
	33		Ford Motor Co. (m)		496
	127		Freeport-McMoRan Copper & Gold, Inc. (m)		4,117
	2		Freescale Semiconductor Ltd. (a) (m)		45
	14		Gap, Inc. (The) (m)		545
	37		General Dynamics Corp. (m)		3,796
	461		General Electric Co. (m)		11,581

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	152		General Mills, Inc. (m)		7,308
	169		General Motors Co. (a) (m)		6,091
	55		Gilead Sciences, Inc. (a) (m)		4,446
	22		Goldman Sachs Group, Inc. (The) (m)		3,610
	23		Google, Inc., Class A (a) (m)		26,901
	27		H&R Block, Inc. (m)		828
	116		Halliburton Co. (m)		5,677
	17		Harman International Industries, Inc. (m)		1,719
	—	(h)	Harris Corp. (m)		2
	27		Hartford Financial Services Group, Inc. (m)		911
	30		HCP, Inc. (m)		1,189
	153		Hewlett-Packard Co. (m)		4,436
	37		Highwoods Properties, Inc. (m)		1,361
	12		HollyFrontier Corp. (m)		570
	144		Home Depot, Inc. (The) (m)		11,043
	111		Honeywell International, Inc. (m)		10,086
	111		Host Hotels & Resorts, Inc. (m)		2,033
	43		Humana, Inc. (m)		4,202
	15		Integrys Energy Group, Inc. (m)		795
	120		Intel Corp. (m)		2,947
	28		IntercontinentalExchange Group, Inc. (m)		5,782
	37		International Business Machines Corp. (m)		6,458
	22		International Paper Co. (m)		1,032
	1		Intuitive Surgical, Inc. (a) (m)		383
	96		Invesco Ltd. (m)		3,179
	245		Johnson & Johnson (m)		21,667
	11		Johnson Controls, Inc. (m)		498
	1		KBR, Inc. (m)		30
	35		Kellogg Co. (m)		2,000
	30		Kilroy Realty Corp. (m)		1,607
	43		Kimberly-Clark Corp. (m)		4,653
	73		Kimco Realty Corp. (m)		1,527
	29		KLA-Tencor Corp. (m)		1,770
	63		Kroger Co. (The) (m)		2,280
	12		L-3 Communications Holdings, Inc. (m)		1,370
	64		Lam Research Corp. (a) (m)		3,226
	7		Lear Corp. (m)		505
	51		Lennar Corp., Class A (m)		2,061
	17		Lincoln National Corp. (m)		811
	8		LinkedIn Corp., Class A (a) (m)		1,797
	160		Lowe’s Cos., Inc. (m)		7,427
	49		Macy’s, Inc. (m)		2,621
	115		Marathon Oil Corp. (m)		3,755
	48		Marathon Petroleum Corp. (m)		4,214
	35		Marriott International, Inc., Class A (m)		1,748
	104		Marsh & McLennan Cos., Inc. (m)		4,762
	5		Martin Marietta Materials, Inc. (m)		575
	144		Masco Corp. (m)		3,040
	82		MasterCard, Inc., Class A (m)		6,210
	29		Maxim Integrated Products, Inc. (m)		880
	26		McDonald’s Corp. (m)		2,440
	11		McGraw Hill Financial, Inc. (m)		808
	35		McKesson Corp. (m)		6,048
	—	(h)	Medtronic, Inc. (m)		19
	187		Merck & Co., Inc. (m)		9,894
	150		MetLife, Inc. (m)		7,357
	12		Mettler-Toledo International, Inc. (a) (m)		2,926
	—	(h)	Micron Technology, Inc. (a) (m)		10
	587		Microsoft Corp. (m)		22,215
	51		Molson Coors Brewing Co., Class B (m)		2,660
	221		Mondelez International, Inc., Class A (m)		7,239
	66		Monsanto Co. (m)		7,019
	206		Morgan Stanley (m)		6,076
	23		Mosaic Co. (The) (m)		1,028
	8		National Fuel Gas Co. (m)		583
	23		NetApp, Inc. (m)		993
	84		NextEra Energy, Inc. (m)		7,716
	115		NiSource, Inc. (m)		3,938
	40		Nordstrom, Inc. (m)		2,281
	74		Norfolk Southern Corp. (m)		6,861
	1		NVR, Inc. (a) (m)		980
	90		Occidental Petroleum Corp. (m)		7,856
	24		Omnicom Group, Inc. (m)		1,769
	325		Oracle Corp. (m)		11,979
	17		Owens-Illinois, Inc. (a) (m)		530
	111		PACCAR, Inc. (m)		6,190
	5		Parker Hannifin Corp. (m)		590
	141		PepsiCo, Inc. (m)		11,363
	27		Perrigo Co. plc (m)		4,181
	3		PetSmart, Inc. (m)		188
	265		Pfizer, Inc. (m)		8,059
	149		Philip Morris International, Inc. (m)		11,667
	16		Phillips 66 (m)		1,163
	6		Pioneer Natural Resources Co. (m)		1,094
	68		PNC Financial Services Group, Inc. (The) (m)		5,407
	6		priceline.com, Inc. (a) (m)		6,537
	213		Procter & Gamble Co. (The) (m)		16,350
	62		Prologis, Inc. (m)		2,418
	49		Prudential Financial, Inc. (m)		4,152

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — Continued
	8		Public Storage (m)		1,187
	79		PulteGroup, Inc. (m)		1,607
	163		QUALCOMM, Inc. (m)		12,100
	63		Questar Corp. (m)		1,465
	7		Range Resources Corp. (m)		584
	11		Regency Centers Corp. (m)		549
	—	(h)	Rock-Tenn Co., Class A (m)		4
	34		Ross Stores, Inc. (m)		2,329
	47		Royal Caribbean Cruises Ltd. (m)		2,316
	7		SanDisk Corp. (m)		497
	130		Schlumberger Ltd. (m)		11,423
	57		Sempra Energy (m)		5,305
	7		Sherwin-Williams Co. (The) (m)		1,294
	36		Simon Property Group, Inc. (m)		5,537
	6		Snap-on, Inc. (m)		560
	—	(h)	Southwest Airlines Co. (m)		—	(h)
	12		Splunk, Inc. (a) (m)		932
	36		SPX Corp. (m)		3,552
	5		Stanley Black & Decker, Inc. (m)		422
	81		Starbucks Corp. (m)		5,742
	37		Starwood Hotels & Resorts Worldwide, Inc. (m)		2,768
	87		State Street Corp. (m)		5,855
	58		Stryker Corp. (m)		4,509
	108		SunTrust Banks, Inc. (m)		4,002
	2		Superior Energy Services, Inc. (m)		36
	21		SVB Financial Group (a) (m)		2,403
	—	(h)	Target Corp. (m)		—	(h)
	78		TD Ameritrade Holding Corp. (m)		2,422
	37		Thermo Fisher Scientific, Inc. (m)		4,272
	20		Thomson Reuters Corp. (m)		722
	38		Time Warner Cable, Inc. (m)		5,050
	140		Time Warner, Inc. (m)		8,778
	118		TJX Cos., Inc. (m)		6,756
	19		Toll Brothers, Inc. (a) (m)		701
	30		Travelers Cos., Inc. (The) (m)		2,434
	23		TRW Automotive Holdings Corp. (a) (m)		1,703
	84		U.S. Bancorp (m)		3,318
	64		Union Pacific Corp. (m)		11,076
	36		United Continental Holdings, Inc. (a) (m)		1,658
	10		United Parcel Service, Inc., Class B (m)		967
	51		United States Steel Corp. (m)		1,326
	107		United Technologies Corp. (m)		12,173
	134		UnitedHealth Group, Inc. (m)		9,718
	15		URS Corp. (m)		728
	102		V.F. Corp. (m)		5,981
	28		Valeant Pharmaceuticals International, Inc. (a) (m)		3,801
	67		Valero Energy Corp. (m)		3,443
	19		Ventas, Inc. (m)		1,167
	220		Verizon Communications, Inc. (m)		10,573
	32		Vertex Pharmaceuticals, Inc. (a) (m)		2,560
	4		Viacom, Inc., Class B (m)		342
	47		Visa, Inc., Class A (m)		10,086
	23		VMware, Inc., Class A (a) (m)		2,038
	19		W.W. Grainger, Inc. (m)		4,443
	59		Wal-Mart Stores, Inc. (m)		4,398
	144		Walt Disney Co. (The) (m)		10,446
	8		Waste Management, Inc. (m)		313
	449		Wells Fargo & Co. (m)		20,340
	31		Williams Cos., Inc. (The) (m)		1,240
	90		Xerox Corp. (m)		981
	117		Xilinx, Inc. (m)		5,412
	50		Yum! Brands, Inc. (m)		3,368
	80		Zoetis, Inc. (m)		2,433
					1,063,567
			Total Common Stocks (Cost $1,751,040)		1,906,238
	Preferred Stocks — 0.5%
			Germany — 0.5%
	55		Henkel AG & Co. KGaA (m)		5,979
	12		Volkswagen AG (m)		3,020
			Total Preferred Stocks (Cost $8,511)		8,999
	Short-Term Investment — 7.1%
			Investment Company — 7.1%
	141,868		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $141,868)		141,868
			Total Investments — 103.1% (Cost $1,901,419)		2,057,105
			Liabilities in Excess of Other Assets — (3.1)%		(61,882	)
			NET ASSETS — 100.0%	$	1,995,223

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		7.7	%
Oil, Gas & Consumable Fuels		7.2
Pharmaceuticals		7.1
Insurance		4.2
Media		2.9
Food Products		2.6
Software		2.5
Aerospace & Defense		2.3
Chemicals		2.2
IT Services		2.2
Beverages		2.2
Metals & Mining		2.1
Food & Staples Retailing		2.1
Diversified Telecommunication Services		2.1
Computers & Peripherals		2.0
Internet Software & Services		2.0
Capital Markets		1.9
Diversified Financial Services		1.9
Specialty Retail		1.8
Automobiles		1.8
Road & Rail		1.8
Real Estate Investment Trusts (REITs)		1.7
Electric Utilities		1.6
Hotels, Restaurants & Leisure		1.6
Biotechnology		1.6
Machinery		1.4
Household Products		1.4
Semiconductors & Semiconductor Equipment		1.3
Multi-Utilities		1.3
Industrial Conglomerates		1.3
Tobacco		1.2
Health Care Providers & Services		1.2
Communications Equipment		1.2
Energy Equipment & Services		1.1
Wireless Telecommunication Services		1.0
Electrical Equipment		1.0
Others (each less than 1.0%)		10.6
Short-Term Investment		6 .9

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
58	TOPIX Index		03/13/14	$	6,898	$	(139	)
136	S&P/TSX 60 Index		03/20/14		19,149		71
35	SPI 200 Index		03/20/14		3,938		64
260	Dow Jones Euro STOXX 50 Index		03/21/14		10,583		(108	)
47	FTSE 100 Index		03/21/14		4,990		(247	)
						$	(359	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVA	—	Dutch Certification
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $762,724,000 and 37.1%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	188,180
Aggregate gross unrealized depreciation		(32,494	)
Net unrealized appreciation/depreciation	$	155,686
Federal income tax cost of investments	$	1,901,419

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	53,399	$	—	$	53,399
Austria		—			1,471		—		1,471
Belgium		—			8,324		—		8,324
Bermuda		2,345			—		—		2,345
Canada		55,202			—		—		55,202
China		—			733		—		733
Colombia		1			—		—		1
Denmark		1,568			12,444		—		14,012
Finland		—			2,454		—		2,454
France		—			74,590		—		74,590
Germany		—			64,832		—		64,832
Hong Kong		687			19,664		—		20,351
Ireland		10,124			5,140		—		15,264
Italy		—			20,071		—		20,071
Japan		—			161,120		—		161,120
Luxembourg		—			2,004		—		2,004
Netherlands		—			35,623		—		35,623
New Zealand		—			398		—		398
Norway		—			2,597		—		2,597
Portugal		—			3,165		—		3,165
Singapore		4,844			10,056		—		14,900
Spain		121			30,081		—		30,202
Sweden		—			13,401		—		13,401
Switzerland		11,110			79,787		—		90,897
United Kingdom		4,512			150,803		—		155,315
United States		1,063,567			—		—		1,063,567
Total Common Stocks	$	1,154,081		$	752,157	$	—	$	1,906,238
Preferred Stocks
Germany		—			8,999		—		8,999
Short-Term Investment
Investment Company		141,868			—		—		141,868
Total Investments in Securities	$	1,295,949		$	761,156	$	—	$	2,057,105
Appreciation in Other Financial Instruments
Futures Contracts	$	135		$	—	$	—	$	135
Depreciation in Other Financial Instruments
Futures Contracts	$	(494	)	$	—	$	—	$	(494	)

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.3%
		Belgium — 1.4%
	613	Anheuser-Busch InBev N.V. (m)		58,752
		Canada — 0.7%
	652	Lululemon Athletica, Inc. (a) (m)		29,790
		China — 7.1%
	435	Baidu, Inc., ADR (a) (m)		68,077
	50,503	China Merchants Bank Co., Ltd., Class H (m)		88,957
	157,000	Industrial & Commercial Bank of China Ltd., Class H (m)		96,800
	14,800	Sinopharm Group Co., Ltd., Class H (m)		41,738
				295,572
		France — 9.8%
	3,711	AXA S.A. (m)		97,343
	440	Kering (m)		87,753
	456	Renault S.A. (m)		39,613
	1,063	Sanofi (m)		103,920
	958	Technip S.A. (m)		81,688
				410,317
		Germany — 1.4%
	449	Bayer AG (m)		59,091
		Hong Kong — 2.3%
	6,000	China Overseas Land & Investment Ltd. (m)		16,106
	370,000	Emperor Watch & Jewellery Ltd. (m)		24,306
	25,000	KWG Property Holding Ltd. (m)		13,029
	41,000	New World Department Store China Ltd. (m)		20,807
	3,000	Wharf Holdings Ltd. (m)		20,422
				94,670
		India — 0.9%
	1,149	ICICI Bank Ltd., ADR (m)		36,963
		Indonesia — 0.6%
	36,000	Bank Rakyat Indonesia Persero Tbk PT (m)		24,602
		Israel — 2.5%
	2,311	Teva Pharmaceutical Industries Ltd., ADR (m)		103,140
		Japan — 2.6%
	3,300	Komatsu Ltd. (m)		69,659
	900	Nitto Denko Corp. (m)		40,018
				109,677
		Netherlands — 1.6%
	1,358	NXP Semiconductor N.V. (a) (m)		65,659
				65,659
		South Korea — 1.9%
	99	Hyundai Motor Co. (m)		21,486
	49	Samsung Electronics Co., Ltd. (m)		58,026
				79,512
		Switzerland — 9.8%
	450	ACE Ltd. (m)		42,214
	920	Cie Financiere Richemont S.A. (m)		85,105
	11,711	Glencore Xstrata plc (a) (m)		61,746
	576	Nestle S.A. (m)		41,743
	1,415	Novartis AG (m)		111,843
	3,222	UBS AG (a) (m)		63,906
				406,557
		United Kingdom — 14.0%
	19,664	Barclays plc (m)		87,785
	7,962	BG Group plc (m)		133,825
	10,103	Just Retirement Group plc (a) (m)		41,479
	7,666	Partnership Assurance Group plc (a) (m)		40,730
	12,357	Premier Oil plc (m)		55,037
	2,860	Prudential plc (m)		57,572
	5,816	Standard Chartered plc (m)		118,204
	13,537	Vodafone Group plc (m)		50,165
				584,797
		United States — 39.7%
	667	Allergan, Inc. (m)		76,438
	953	Anadarko Petroleum Corp. (m)		76,898
	1,720	Baxter International, Inc. (m)		117,476
	869	Capital One Financial Corp. (m)		61,360
	3,379	Cisco Systems, Inc. (m)		74,034
	3,119	Citigroup, Inc. (m)		147,934
	441	Citrix Systems, Inc. (a) (m)		23,845
	944	Comcast Corp., Class A (m)		51,401
	418	Continental Resources, Inc. (a) (m)		46,064
	400	eBay, Inc. (a) (m)		21,280
	3,532	EMC Corp. (m)		85,616
	773	Fluor Corp. (m)		58,717
	1,925	Freeport-McMoRan Copper & Gold, Inc. (m)		62,389
	108	Google, Inc., Class A (a) (m)		127,545
	1,298	Hartford Financial Services Group, Inc. (m)		43,159
	943	Johnson & Johnson (m)		83,427
	1,199	MetLife, Inc. (m)		58,811
	1,962	Microsoft Corp. (m)		74,262
	1,426	Pfizer, Inc. (m)		43,350
	1,032	QUALCOMM, Inc. (m)		76,595
	3,661	Teradyne, Inc. (a) (m)		68,863

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	1,145	Time Warner, Inc. (m)		71,940
	411	United Technologies Corp. (m)		46,862
	807	UnitedHealth Group, Inc. (m)		58,330
				1,656,596
		Total Common Stocks (Cost $3,539,950)		4,015,695
	Preferred Stock — 1.5%
		Germany — 1.5%
	251	Volkswagen AG (m) (Cost $43,065)		63,345
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	25,038	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $25,038)		25,038
		Total Investments — 98.4% (Cost $3,608,053)		4,104,078
		Other Assets in Excess of Liabilities — 1.6%		68,543
		NET ASSETS — 100.0%	$	4,172,621

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		14.2	%
Commercial Banks		11.0
Insurance		9.3
Oil, Gas & Consumable Fuels		7.6
Internet Software & Services		5.3
Textiles, Apparel & Luxury Goods		4.9
Semiconductors & Semiconductor Equipment		4.7
Communications Equipment		3.7
Diversified Financial Services		3.6
Automobiles		3.0
Metals & Mining		3.0
Media		3.0
Health Care Equipment & Supplies		2.9
Health Care Providers & Services		2.4
Software		2.4
Computers & Peripherals		2.1
Energy Equipment & Services		2.0
Machinery		1.7
Capital Markets		1.6
Consumer Finance		1.5
Beverages		1.4
Construction & Engineering		1.4
Wireless Telecommunication Services		1.2
Real Estate Management & Development		1.2
Aerospace & Defense		1.1
Food Products		1.0
Chemicals		1.0
Others (each less than 1.0%)		1.8

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $2,076,599 and 50.6%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	611,989
Aggregate gross unrealized depreciation		(115,964	)
Net unrealized appreciation/depreciation	$	496,025
Federal income tax cost of investments	$	3,608,053

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	58,752	$	—	$	58,752
Canada		29,790		—		—		29,790
China		68,077		227,495		—		295,572
France		—		410,317		—		410,317
Germany		—		59,091		—		59,091
Hong Kong		—		94,670		—		94,670
India		36,963		—		—		36,963
Indonesia		—		24,602		—		24,602
Israel		103,140		—		—		103,140
Japan		—		109,677		—		109,677
Netherlands		65,659		—		—		65,659
South Korea		—		79,512		—		79,512
Switzerland		42,214		364,343		—		406,557
United Kingdom		—		584,797		—		584,797
United States		1,656,596		—		—		1,656,596
Total Common Stocks		2,002,439		2,013,256		—		4,015,695
Preferred Stock
Germany		—		63,345		—		63,345
Total Preferred Stock		—		63,345		—		63,345
Short-Term Investment
Investment Company		25,038		—		—		25,038
Total Investments in Securities	$	2,027,477	$	2,076,601	$	—	$	4,104,078

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Growth Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 96.4%
	Common Stocks — 81.5%
		Consumer Discretionary — 17.6%
		Hotels, Restaurants & Leisure — 5.8%
	2,110	Las Vegas Sands Corp.		161,457
	1,870	Starbucks Corp.		132,995
				294,452
		Internet & Catalog Retail — 7.3%
	460	Amazon.com, Inc. (a)		164,998
	180	priceline.com, Inc. (a)		206,080
				371,078
		Specialty Retail — 2.5%
	1,670	Home Depot, Inc. (The)		128,339
		Textiles, Apparel & Luxury Goods — 2.0%
	1,299	Michael Kors Holdings Ltd., (Hong Kong) (a)		103,829
		Total Consumer Discretionary		897,698
		Consumer Staples — 1.8%
		Food & Staples Retailing — 1.8%
	1,780	Whole Foods Market, Inc.		93,023
		Energy — 2.7%
		Oil, Gas & Consumable Fuels — 2.7%
	3,470	Cabot Oil & Gas Corp.		138,731
		Financials — 8.9%
		Capital Markets — 5.4%
	680	Goldman Sachs Group, Inc. (The)		111,602
	5,170	TD Ameritrade Holding Corp.		161,562
				273,164
		Consumer Finance — 1.6%
	1,180	Capital One Financial Corp.		83,320
		Diversified Financial Services — 1.9%
	450	IntercontinentalExchange Group, Inc.		93,955
		Total Financials		450,439
		Health Care — 14.1%
		Biotechnology — 12.4%
	500	Alexion Pharmaceuticals, Inc. (a)		79,365
	420	Biogen Idec, Inc. (a)		131,309
	3,130	Gilead Sciences, Inc. (a)		252,434
	580	Regeneron Pharmaceuticals, Inc. (a)		167,382
				630,490
		Health Care Providers & Services — 1.7%
	1,185	Express Scripts Holding Co. (a)		88,508
		Total Health Care		718,998
		Industrials — 8.2%
		Aerospace & Defense — 1.4%
	430	TransDigm Group, Inc.		71,823
		Machinery — 2.6%
	1,800	Flowserve Corp.		130,194
		Road & Rail — 4.2%
	2,030	Kansas City Southern		214,348
		Total Industrials		416,365
		Information Technology — 25.7%
		Internet Software & Services — 9.7%
	2,180	Facebook, Inc., Class A (a)		136,403
	255	Google, Inc., Class A (a)		301,147
	270	LinkedIn Corp., Class A (a)		58,107
				495,657
		IT Services — 9.4%
	690	Alliance Data Systems Corp. (a)		165,365
	3,300	MasterCard, Inc., Class A		249,744
	1,480	Teradata Corp. (a)		60,858
				475,967
		Semiconductors & Semiconductor Equipment — 3.7%
	2,930	ARM Holdings plc, (United Kingdom), ADR		134,985
	620	ASML Holding N.V., (Netherlands)		52,471
				187,456
		Software — 2.9%
	2,440	Salesforce.com, Inc. (a)		147,693
		Total Information Technology		1,306,773
		Materials — 2.5%
		Chemicals — 2.5%
	1,210	Monsanto Co.		128,925
		Total Common Stocks (Cost $2,547,533)		4,150,952
	Short-Term Investment — 14.9%
		Investment Company — 14.9%
	758,044	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $758,044)		758,044
		Total Investments — 96.4% (Cost $3,305,577)		4,908,996
		Other Assets in Excess of Liabilities — 3.6%		181,075
		NET ASSETS — 100.0%	$	5,090,071

Percentages indicated are based on net assets.

JPMorgan Growth Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHORT POSITIONS

Futures Contracts

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(22	)	E-mini S&P 500		03/21/14	$	(1,954,260	)	$	22,231

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,616,245
Aggregate gross unrealized depreciation		(12,826	)
Net unrealized appreciation/depreciation	$	1,603,419
Federal income tax cost of investments	$	3,305,577

JPMorgan Growth Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,908,996	$	—	$	—	$	4,908,996
Appreciation in Other Financial Instruments
Futures Contracts	$	22,231	$	—	$	—	$	22,231

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.8%
		United States — 4.8%
		ABFC Trust,
	1,733	Series 2005-WF1, Class M1, VAR, 0.518%, 11/25/34		1,472
	2,873	Series 2004-OPT3, Class M1, VAR, 0.908%, 09/25/33		2,761
	439	Series 2003-OPT1, Class A1A, VAR, 0.978%, 04/25/33		412
	1,506	Series 2004-HE1, Class M1, VAR, 1.058%, 03/25/34		1,384
	3,179	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 0.738%, 01/25/35		2,936
		ACE Securities Corp. Home Equity Loan Trust,
	6,208	Series 2003-OP1, Class M1, VAR, 1.208%, 12/25/33		5,838
	2,037	Series 2003-FM1, Class M1, VAR, 1.448%, 11/25/32		1,791
	2,243	Series 2004-OP1, Class M2, VAR, 1.733%, 04/25/34		2,037
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	525	Series 2004-R3, Class A1B, VAR, 0.508%, 05/25/34		517
	10,487	Series 2004-R1, Class M1, VAR, 0.953%, 02/25/34		9,441
	926	Series 2004-R1, Class M2, VAR, 1.028%, 02/25/34		820
	565	Series 2004-R8, Class M1, VAR, 1.118%, 09/25/34		556
	2,065	Series 2003-13, Class M1, VAR, 1.178%, 01/25/34		1,881
	1,985	Argent Securities, Inc., Series 2003-W5, Class M2, VAR, 2.933%, 10/25/33		1,858
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	3,484	Series 2004-W6, Class M1, VAR, 0.708%, 05/25/34		3,389
	2,100	Series 2004-W7, Class M2, VAR, 1.058%, 05/25/34		1,951
	1,153	Series 2004-W2, Class M2, VAR, 2.033%, 04/25/34		1,039
	854	Series 2004-W2, Class M3, VAR, 2.258%, 04/25/34		738
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	3,225	Series 2001-HE3, Class A1, VAR, 0.700%, 11/15/31		3,005
	1,643	Series 2001-HE3, Class M1, VAR, 1.060%, 11/15/31		1,485
	4,755	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		4,730
		Bayview Opportunity Master Fund Trust,
	1,841	Series 2013-2RPL, Class A, SUB, 3.721%, 03/28/18 (e)		1,827
	4,145	Series 2013-3RPL, Class A, SUB, 3.721%, 04/28/18 (e)		4,187
	991	Series 2013-14NP, Class A, SUB, 4.213%, 08/28/33 (e)		997
		Bear Stearns Asset-Backed Securities I Trust,
	780	Series 2005-AQ2, Class A3, VAR, 0.518%, 09/25/35		748
	1,500	Series 2004-HE11, Class M2, VAR, 1.733%, 12/25/34		1,406
		Bear Stearns Asset-Backed Securities Trust,
	2,919	Series 2004-SD4, Class A1, VAR, 1.058%, 08/25/44		2,910
	2,733	Series 2004-HE2, Class M2, VAR, 1.958%, 03/25/34		2,529
		Centex Home Equity Loan Trust,
	896	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		812
	2,527	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,836
	2,445	Series 2005-A, Class M1, VAR, 0.638%, 01/25/35		2,293
	2,347	Series 2004-A, Class M1, VAR, 0.758%, 01/25/34		2,142
		Chase Funding Loan Acquisition Trust,
	3,070	Series 2004-AQ1, Class M1, VAR, 0.888%, 05/25/34		2,637
	2,351	Series 2004-OPT1, Class M2, VAR, 1.658%, 06/25/34		2,237
		Chase Funding Trust,
	2,521	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		2,642
	2,296	Series 2004-1, Class 2M1, VAR, 0.908%, 09/25/33		2,084
	3,643	Series 2003-6, Class 2M1, VAR, 0.908%, 11/25/34		3,445
	807	Series 2003-5, Class 1M2, VAR, 5.365%, 09/25/32		584
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/25/35		2,061
		Citigroup Mortgage Loan Trust, Inc.,
	113	Series 2005-WF2, Class AF4, SUB, 4.964%, 08/25/35		115

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States — Continued
	588	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		568
	—  (h)	Series 2006-WFH2, Class A2A, VAR, 0.308%, 08/25/36		– (h)
	2,156	Series 2006-WFH4, Class A3, VAR, 0.308%, 11/25/36		2,093
	552	Series 2007-WFH2, Class A2, VAR, 0.308%, 03/25/37		551
	529	Series 2005-OPT1, Class M4, VAR, 1.208%, 02/25/35		405
		Countrywide Asset-Backed Certificates,
	180	Series 2006-2, Class 2A2, VAR, 0.348%, 06/25/36		174
	1,995	Series 2003-3, Class 3A, VAR, 0.698%, 11/25/33		1,819
	2,436	Series 2004-6, Class M2, VAR, 0.808%, 10/25/34		2,298
	11,406	Series 2004-2, Class M1, VAR, 0.908%, 05/25/34		10,483
	6,261	Series 2004-3, Class M1, VAR, 0.908%, 06/25/34		5,637
	6,777	Series 2003-BC1, Class A1, VAR, 0.958%, 03/25/33		6,225
	923	Series 2004-1, Class M2, VAR, 0.983%, 03/25/34		887
	1,742	Series 2004-ECC2, Class M2, VAR, 1.133%, 12/25/34		1,646
	8,106	Series 2004-5, Class M2, VAR, 1.163%, 07/25/34		7,694
	1,323	Series 2002-3, Class M1, VAR, 1.283%, 03/25/32		1,228
	1,332	Series 2005-11, Class AF6, VAR, 5.050%, 02/25/36		1,273
	1,199	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB8, Class AF2, SUB, 4.398%, 12/25/35		1,126
		Equity One Mortgage Pass-Through Trust,
	881	Series 2003-4, Class M1, SUB, 5.405%, 10/25/34		872
	447	Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		451
		First Franklin Mortgage Loan Trust,
	7,147	Series 2005-FF10, Class A4, VAR, 0.478%, 11/25/35		6,788
	2,034	Series 2005-FF11, Class A2D, VAR, 0.498%, 11/25/35		1,966
	3,659	Series 2004-FF5, Class A1, VAR, 0.878%, 08/25/34		3,394
	12,746	Series 2004-FF4, Class M1, VAR, 1.013%, 06/25/34		11,222
		Fremont Home Loan Trust,
	432	Series 2006-3, Class 2A2, VAR, 0.278%, 02/25/37		430
	4,418	Series 2004-2, Class M2, VAR, 1.088%, 07/25/34		4,131
	1,504	Series 2004-B, Class M2, VAR, 1.103%, 05/25/34		1,395
	3,003	GSAA Trust, Series 2005-6, Class A3, VAR, 0.528%, 06/25/35		2,829
		GSAMP Trust,
	4,831	Series 2006-FM1, Class A2C, VAR, 0.318%, 04/25/36		3,592
	3,489	Series 2007-SEA1, Class A, VAR, 0.458%, 12/25/36 (e)		3,129
	1,043	Series 2005-SEA2, Class A1, VAR, 0.508%, 01/25/45 (e)		1,014
	2,195	Series 2003-SEA, Class A1, VAR, 0.558%, 02/25/33		2,032
	2,756	Series 2005-NC1, Class M1, VAR, 0.833%, 02/25/35		2,654
	2,468	Series 2003-HE1, Class M1, VAR, 1.402%, 06/20/33		2,496
		Home Equity Asset Trust,
	890	Series 2004-6, Class M2, VAR, 1.058%, 12/25/34		827
	788	Series 2004-7, Class M2, VAR, 1.148%, 01/25/35		751
	1,496	Series 2003-3, Class M1, VAR, 1.448%, 08/25/33		1,402
		Home Equity Mortgage Loan Asset-Backed Trust,
	3,575	Series 2004-C, Class M1, VAR, 0.998%, 03/25/35		3,174
	4,153	Series 2004-C, Class M2, VAR, 1.058%, 03/25/35		3,901
		Long Beach Mortgage Loan Trust,
	872	Series 2005-WL2, Class M1, VAR, 0.628%, 08/25/35		843
	1,471	Series 2001-2, Class M1, VAR, 0.998%, 07/25/31		1,299
	232	Series 2004-3, Class M2, VAR, 1.058%, 07/25/34		222
	4,063	Series 2002-5, Class M1, VAR, 1.403%, 11/25/32		3,764
		Mastr Asset-Backed Securities Trust,
	3,997	Series 2005-NC1, Class M2, VAR, 0.908%, 12/25/34		3,598
	4,249	Series 2004-OPT2, Class M2, VAR, 1.133%, 09/25/34		3,698
	33	Series 2003-WMC2, Class M1, VAR, 1.208%, 08/25/33		33

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States — Continued
		Merrill Lynch Mortgage Investors Trust,
	1,705	Series 2003-OPT1, Class M1, VAR, 1.133%, 07/25/34		1,458
	168	Series 2004-WMC5, Class M5, VAR, 1.883%, 07/25/35		148
		Morgan Stanley ABS Capital I, Inc. Trust,
	610	Series 2005-HE1, Class M2, VAR, 0.863%, 12/25/34		591
	435	Series 2005-NC1, Class M3, VAR, 0.923%, 01/25/35		336
	1,871	Series 2005-HE1, Class M3, VAR, 0.938%, 12/25/34		1,576
	1,825	Series 2004-NC3, Class M1, VAR, 0.953%, 03/25/34		1,726
	13,515	Series 2004-HE1, Class M1, VAR, 1.013%, 01/25/34		12,392
	6,319	Series 2004-HE3, Class M1, VAR, 1.013%, 03/25/34		5,858
	6,479	Series 2004-NC5, Class M1, VAR, 1.058%, 05/25/34		5,867
	6,813	Series 2004-HE6, Class M2, VAR, 1.058%, 08/25/34		6,533
	3,450	Series 2004-WMC2, Class M1, VAR, 1.073%, 07/25/34		3,282
	3,202	Series 2004-OP1, Class M2, VAR, 1.073%, 11/25/34		3,064
	1,429	Series 2004-HE7, Class M2, VAR, 1.103%, 08/25/34		1,359
	553	Series 2004-NC7, Class M3, VAR, 1.133%, 07/25/34		555
	1,377	Series 2004-HE6, Class M3, VAR, 1.133%, 08/25/34		1,211
	131	Series 2004-HE7, Class M3, VAR, 1.178%, 08/25/34		122
	1,706	Series 2004-OP1, Class M3, VAR, 1.178%, 11/25/34		1,573
	980	Series 2004-NC8, Class M3, VAR, 1.268%, 09/25/34		904
	1,714	Series 2004-HE8, Class M3, VAR, 1.283%, 09/25/34		1,617
	1,565	Series 2004-HE2, Class M3, VAR, 2.333%, 03/25/34		975
	714	Series 2004-NC3, Class B1, VAR, 2.633%, 03/25/34		189
		New Century Home Equity Loan Trust,
	421	Series 2005-1, Class M3, VAR, 0.938%, 03/25/35		348
	2,633	Series 2004-4, Class M2, VAR, 0.953%, 02/25/35		2,393
	434	Series 2004-2, Class M2, VAR, 1.088%, 08/25/34		409
	1,605	Series 2004-2, Class M4, VAR, 1.958%, 08/25/34		1,475
	1,370	Series 2004-2, Class M6, VAR, 2.408%, 08/25/34		1,097
	1,459	Series 2003-B, Class M2, VAR, 2.633%, 11/25/33		1,381
	2,141	NovaStar Mortgage Funding Trust, Series 2003-3, Class M2, VAR, 2.633%, 12/25/33		2,035
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	9,730	Series 2003-5, Class A1, VAR, 0.798%, 08/25/33		9,078
	766	Series 2003-5, Class A2, VAR, 0.798%, 08/25/33		717
	4,879	Series 2002-6, Class A1, VAR, 0.918%, 11/25/32		4,498
	1,150	Series 2002-6, Class A2, VAR, 0.958%, 11/25/32		1,067
	860	Series 2003-2, Class M1, VAR, 1.133%, 04/25/33		718
	2,121	Series 2003-3, Class M1A, VAR, 1.718%, 06/25/33		1,993
	588	Series 2003-5, Class M2, VAR, 2.483%, 08/25/33		463
		Option One Mortgage Loan Trust,
	7,750	Series 2002-3, Class A1, VAR, 0.658%, 08/25/32		7,259
	1,196	Series 2002-3, Class A2, VAR, 0.698%, 08/25/32		1,077
	13,256	Series 2004-2, Class M1, VAR, 0.953%, 05/25/34		11,607
	2,329	Series 2003-1, Class A2, VAR, 0.998%, 02/25/33		2,150
	2,965	Series 2004-3, Class M2, VAR, 1.013%, 11/25/34		2,880
	2,132	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 1.883%, 10/25/34		1,445
		RAMP Trust,
	538	Series 2004-RS11, Class M1, VAR, 0.778%, 11/25/34		525
	1,168	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		1,143
		RASC Trust,
	3,541	Series 2006-KS7, Class A3, VAR, 0.308%, 09/25/36		3,387
	3,352	Series 2005-KS2, Class M1, VAR, 0.803%, 03/25/35		3,027

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — Continued
		United States — Continued
		Renaissance Home Equity Loan Trust,
	2,247	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		2,019
	2,058	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,890
	1,537	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,309
	1,550	Series 2005-2, Class AV3, VAR, 0.528%, 08/25/35		1,391
	881	Series 2004-1, Class M1, VAR, 0.738%, 05/25/34		764
	1,769	Series 2003-3, Class M1, VAR, 0.888%, 12/25/33		1,682
	3,787	Series 2003-4, Class M1, VAR, 1.008%, 03/25/34		3,414
		Saxon Asset Securities Trust,
	1,447	Series 2006-2, Class A3C, VAR, 0.308%, 09/25/36		1,277
	3,407	Series 2003-3, Class M1, VAR, 1.133%, 12/25/33		3,193
	1,768	Series 2004-2, Class MV2, VAR, 1.958%, 08/25/35		1,660
		Securitized Asset-Backed Receivables LLC Trust,
	4,808	Series 2005-OP1, Class M2, VAR, 0.833%, 01/25/35		4,330
	4,316	Series 2004-NC1, Class M1, VAR, 0.938%, 02/25/34		3,882
	3,656	Series 2005-FR2, Class M2, VAR, 1.133%, 03/25/35		3,429
	1,383	Series 2004-OP1, Class M2, VAR, 1.808%, 02/25/34		1,130
	4,346	Specialty Underwriting & Residential Finance Trust, Series 2004-BC1, Class M2, VAR, 1.763%, 02/25/35		3,999
		Structured Asset Investment Loan Trust,
	3,985	Series 2005-HE2, Class M1, VAR, 0.878%, 07/25/35		3,694
	16,071	Series 2004-6, Class A3, VAR, 0.958%, 07/25/34		15,079
	979	Series 2004-8, Class M2, VAR, 1.088%, 09/25/34		869
	7,529	Series 2004-1, Class M1, VAR, 1.133%, 02/25/34		7,162
	715	Series 2003-BC10, Class A4, VAR, 1.158%, 10/25/33		674
	6,123	Series 2004-7, Class M1, VAR, 1.208%, 08/25/34		5,633
	4,736	Series 2003-BC7, Class M1, VAR, 1.283%, 07/25/33		4,518
	1,110	Series 2003-BC3, Class M1, VAR, 1.583%, 04/25/33		1,083
	4,102	Series 2003-BC11, Class M2, VAR, 2.708%, 10/25/33		3,909
	1,540	Series 2004-1, Class M2, VAR, 2.858%, 02/25/34		1,464
	292	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.508%, 04/25/33		283
		Vericrest Opportunity Loan Transferee LLC,
	6,460	Series 2013-NPL5, Class A1, SUB, 3.625%, 04/25/55 (e)		6,439
	6,368	Series 2013-NPL7, Class A1, SUB, 3.625%, 11/25/53 (e)		6,344
	4,611	Series 2013-NPL4, Class A1, SUB, 3.960%, 11/25/53 (e)		4,613
		Wells Fargo Home Equity Asset-Backed Securities,
	108	Series 2004-2, Class A21B, VAR, 0.578%, 10/25/34		104
	2,776	Series 2004-2, Class M1, VAR, 0.758%, 10/25/34		2,544
	2,336	Series 2004-2, Class M4, VAR, 1.358%, 10/25/34		2,076
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	553	Series 2004-2, Class M8A, VAR, 3.158%, 10/25/34 (e)		474
	553	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		488
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	799	Series 2004-1, Class M2, VAR, 0.788%, 04/25/34		700
	1,293	Series 2004-1, Class M4, VAR, 1.308%, 04/25/34		1,036
		Total Asset-Backed Securities (Cost 398,486)		421,610
	Collateralized Mortgage Obligations — 5.3%
		Non-Agency CMO — 5.3%
		United States — 5.3%
		Adjustable Rate Mortgage Trust
	9,812	Series 2004-2, Class 6A1, VAR, 2.490%, 02/25/35		9,801
	9,926	Series 2004-4, Class 4A1, VAR, 2.492%, 03/25/35		9,978

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
		Alternative Loan Trust
	406	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		413
	151	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		150
	552	Series 2004-4CB, Class 3A1, 5.000%, 04/25/34		575
	2,188	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,996
	333	Series 2003-J1, Class 1A2, 5.250%, 10/25/33		346
	948	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		927
	2,282	Series 2005-21CB, Class A4, 5.250%, 06/25/35		2,188
	1,267	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		1,209
	586	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		516
	1,068	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		1,092
	8,758	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		8,666
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,387
	11,693	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		11,519
	880	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		879
	3,685	Series 2005-13CB, Class A4, 5.500%, 05/25/35		3,373
	10,619	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		10,464
	8,223	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		8,357
	565	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		514
	6,049	Series 2005-23CB, Class A15, 5.500%, 07/25/35		5,856
	1,023	Series 2005-J14, Class A3, 5.500%, 12/25/35		889
	5,437	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		4,932
	2,148	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,949
	502	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		441
	2,858	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		2,636
	1,714	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		1,507
	1,314	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		1,300
	657	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		658
	846	Series 2007-25, Class 2A1, 6.000%, 11/25/22		825
	2,799	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		2,956
	807	Series 2004-27CB, Class A1, 6.000%, 12/25/34		796
	2,557	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		2,601
	10,152	Series 2005-21CB, Class A17, 6.000%, 06/25/35		10,099
	1,724	Series 2006-19CB, Class A15, 6.000%, 08/25/36		1,435
	561	Series 2006-25CB, Class A2, 6.000%, 10/25/36		487
	2,125	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		2,119
		Banc of America Alternative Loan Trust
	1,773	Series 2005-12, Class 5A1, 5.250%, 01/25/21		1,787
	512	Series 2005-4, Class 3A1, 5.500%, 05/25/20		526
	355	Series 2005-6, Class 7A1, 5.500%, 07/25/20		362
	160	Series 2005-6, Class 5A4, 5.500%, 07/25/35		150
	1,985	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,784
	36	Series 2006-4, Class 2A1, 6.000%, 05/25/21		37
	2,105	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,752
	1,634	Series 2006-5, Class CB7, 6.000%, 06/25/46		1,384
		Banc of America Funding Trust
	1,047	Series 2007-4, Class 8A1, 5.500%, 11/25/34		1,030
	4,372	Series 2005-6, Class 1A2, 5.500%, 10/25/35		4,311
	1,749	Series 2006-2, Class 2A20, 5.750%, 03/25/36		1,697
	4,556	Series 2005-7, Class 4A7, 6.000%, 11/25/35		4,826
	859	Series 2006-A, Class 1A1, VAR, 2.631%, 02/20/36		860
		Banc of America Mortgage Trust
	255	Series 2005-3, Class 2A2, 5.500%, 03/25/35		257

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
	1,278	Series 2007-3, Class 1A1, 6.000%, 09/25/37		1,197
	2,566	Series 2004-A, Class 2A2, VAR, 2.793%, 02/25/34		2,566
	1,665	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.163%, 10/25/34		1,328
	709	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		676
		Chase Mortgage Finance Trust
	3,139	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		2,656
	621	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		561
	26,273	Series 2007-A2, Class 3A1, VAR, 2.741%, 07/25/37		26,377
		CHL Mortgage Pass-Through Trust
	543	Series 2005-20, Class A7, 5.250%, 12/25/27		532
	1,255	Series 2005-5, Class A2, 5.500%, 03/25/35		1,287
	363	Series 2005-13, Class A3, 5.500%, 06/25/35		363
	526	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		502
	4,960	Series 2006-10, Class 1A16, 6.000%, 05/25/36		4,472
	1,232	Series 2007-13, Class A4, 6.000%, 08/25/37		1,164
	249	Series 2006-15, Class A1, 6.250%, 10/25/36		226
	1,457	Series 2007-18, Class 2A1, 6.500%, 11/25/37		1,243
	2,183	Series 2004-25, Class 2A1, VAR, 0.498%, 02/25/35		1,937
	496	Series 2003-27, Class A1, VAR, 2.742%, 06/25/33		472
	2,267	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		2,028
		Citigroup Mortgage Loan Trust
	3,952	Series 2005-9, Class 2A2, 5.500%, 11/25/35		3,919
	1,899	Series 2005-11, Class A2A, VAR, 2.510%, 10/25/35		1,879
	82	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		83
		Credit Suisse First Boston Mortgage Securities Corp.
	211	Series 2005-10, Class 12A1, 5.250%, 11/25/20		212
	10,091	Series 2005-2, Class 1A2, 5.250%, 01/25/28		10,354
	6,471	Series 2005-10, Class 11A1, 5.500%, 11/25/20		6,598
	13,796	Series 2004-4, Class 4A1, 5.500%, 08/25/34		14,684
	2,043	Series 2005-4, Class 3A17, 5.500%, 06/25/35		2,107
	948	Series 2005-10, Class 5A3, 5.500%, 11/25/35		830
	4,965	Series 2004-AR6, Class 7A1, VAR, 2.521%, 10/25/34		5,084
	2,379	Series 2004-AR5, Class 6A1, VAR, 2.562%, 06/25/34		2,410
	7,780	Series 2004-AR4, Class 4A1, VAR, 2.607%, 05/25/34		7,864
		CSMC Mortgage-Backed Trust
	529	Series 2007-3, Class 4A5, 5.000%, 04/25/37		491
	2,231	Series 2007-2, Class 3A13, 5.500%, 03/25/37		2,150
	226	Series 2006-8, Class 5A1, VAR, 5.730%, 10/25/26		196
		First Horizon Alternative Mortgage Securities Trust
	421	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		427
	2,333	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		2,315
		First Horizon Mortgage Pass-Through Trust
	90	Series 2005-8, Class 2A1, 5.250%, 02/25/21		90
	8,180	Series 2005-5, Class 1A6, 5.500%, 10/25/35		8,157
	197	Series 2006-2, Class 1A7, 6.000%, 08/25/36		194
	1,491	Series 2006-2, Class 1A3, 6.000%, 08/25/36		1,468
	1,164	Series 2006-3, Class 1A13, 6.250%, 11/25/36		1,198
	2,087	GMACM Mortgage Loan Trust, Series 2004-AR2, Class 3A, VAR, 3.129%, 08/19/34		2,029
		GSR Mortgage Loan Trust
	1,441	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		1,422
	741	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		793
	1,008	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		1,042

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
	2,632	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		2,542
	4,262	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		4,142
	1,262	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		1,180
	729	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.467%, 08/19/45		662
		Impac CMB Trust
	2,888	Series 2004-5, Class 1A1, VAR, 0.878%, 10/25/34		2,783
	1,615	Series 2004-9, Class 1A1, VAR, 0.918%, 01/25/35		1,436
	2,387	IndyMac Index Mortgage Loan Trust, Series 2005-AR14, Class 2A1A, VAR, 0.458%, 07/25/35		2,153
		JP Morgan Mortgage Trust
	564	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		557
	516	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		514
	409	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		411
	507	Series 2004-A6, Class 1A1, VAR, 2.399%, 12/25/34		497
	968	Series 2007-A1, Class 2A2, VAR, 2.622%, 07/25/35		974
	1,468	Series 2005-A3, Class 6A6, VAR, 2.751%, 06/25/35		1,488
	662	Series 2005-A8, Class 1A1, VAR, 5.087%, 11/25/35		638
	3,408	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		3,196
		Lehman XS Trust
	10,369	Series 2005-7N, Class 1A1A, VAR, 0.428%, 12/25/35		9,772
	14,416	Series 2005-5N, Class 3A1A, VAR, 0.458%, 11/25/35		12,693
		MASTR Alternative Loan Trust
	2,251	Series 2006-3, Class 3A1, 5.500%, 06/25/21		2,102
	1,426	Series 2005-3, Class 1A1, 5.500%, 04/25/35		1,452
	2,223	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,962
	668	Series 2005-5, Class 3A1, 5.750%, 08/25/35		598
	3,907	Series 2004-12, Class 3A1, 6.000%, 12/25/34		4,132
	1,020	Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF2, 6.250%, 10/25/36		990
		Morgan Stanley Mortgage Loan Trust
	477	Series 2005-4, Class 1A, 5.000%, 08/25/35		484
	1,119	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,078
	1,764	Series 2004-9, Class 1A, VAR, 5.676%, 11/25/34		1,755
	453	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		463
		RALI Trust
	238	Series 2003-QS20, Class CB, 5.000%, 11/25/18		245
	5,669	Series 2005-QS6, Class A1, 5.000%, 05/25/35		5,343
	372	Series 2005-QS2, Class A1, 5.500%, 02/25/35		369
	234	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		228
	2,647	Series 2005-QS17, Class A3, 6.000%, 12/25/35		2,309
	4,910	Series 2006-QS4, Class A2, 6.000%, 04/25/36		3,907
	1,106	Series 2004-QS15, Class A2, VAR, 0.558%, 11/25/34		1,053
	4,569	Series 2004-QA3, Class CB2, VAR, 3.685%, 08/25/34		4,650
		Residential Asset Securitization Trust
	875	Series 2004-A6, Class A1, 5.000%, 08/25/19		898
	1,095	Series 2004-A8, Class A1, 5.250%, 11/25/34		1,141
	6,607	Series 2005-A3, Class A2, 5.500%, 04/25/35		5,794
	330	Series 2005-A14, Class A1, 5.500%, 12/25/35		297
	4,449	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		4,070
		RFMSI Trust
	1,480	Series 2005-S1, Class 2A1, 4.750%, 02/25/20		1,518
	507	Series 2006-S10, Class 2A1, 5.500%, 10/25/21		524
	129	Series 2006-S12, Class 2A2, 6.000%, 12/25/36		128
	3,057	Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 5A1, VAR, 1.584%, 03/25/46		2,575

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — Continued
		United States — Continued
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	12,655	Series 2004-10, Class 1A1, VAR, 5.426%, 06/25/34		13,128
	1,281	Series 2003-35, Class B1, VAR, 5.566%, 12/25/33		1,059
	1,244	Structured Asset Securities Corp. Trust, Series 2005-6, Class 2A3, 5.500%, 05/25/35		1,281
	4,162	Vericrest Opportunity Loan Transferee LLC, 4.250%, 08/25/58		4,183
		WaMu Mortgage Pass-Through Certificates
	105	Series 2005-AR15, Class A1A1, VAR, 0.418%, 11/25/45		97
	1,275	Series 2005-AR16, Class 1A1, VAR, 2.363%, 12/25/35		1,181
	3,050	Series 2005-AR5, Class A6, VAR, 2.400%, 05/25/35		2,942
	4,022	Series 2004-AR11, Class A, VAR, 2.434%, 10/25/34		4,004
	2,296	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		2,207
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	4,123	Series 2005-1, Class 1A3, 5.500%, 03/25/35		4,038
	1,650	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,623
	2,683	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		2,496
	3,776	Series 2007-1, Class 2A1, 6.000%, 01/25/22		3,675
	522	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		411
		Wells Fargo Mortgage-Backed Securities Trust
	2,830	Series 2006-5, Class 1A5, 5.250%, 04/25/36		2,905
	90	Series 2007-5, Class 2A3, 5.500%, 05/25/22		92
	836	Series 2005-10, Class A2, 5.500%, 10/25/35		885
	39	Series 2006-3, Class A9, 5.500%, 03/25/36		39
	56	Series 2007-12, Class A13, 5.500%, 09/25/37		56
	4,390	Series 2006-4, Class 1A9, 5.750%, 04/25/36		4,561
	979	Series 2007-2, Class 1A13, 6.000%, 03/25/37		936
	1,686	Series 2007-15, Class A1, 6.000%, 11/25/37		1,673
	714	Series 2004-DD, Class 2A6, VAR, 2.615%, 01/25/35		718
	15,745	Series 2004-DD, Class 1A1, VAR, 2.616%, 01/25/35		15,906
	1,206	Series 2004-Q, Class 1A2, VAR, 2.616%, 09/25/34		1,237
	5,565	Series 2006-AR6, Class 5A1, VAR, 2.618%, 03/25/36		5,516
	3,001	Series 2005-AR10, Class 1A1, VAR, 2.619%, 06/25/35		3,066
	6,312	Series 2005-AR8, Class 1A1, VAR, 2.625%, 06/25/35		6,449
	4,409	Series 2005-AR5, Class 1A1, VAR, 2.668%, 04/25/35		4,384
	1,094	Series 2005-AR4, Class 2A2, VAR, 2.671%, 04/25/35		1,114
		Total Collateralized Mortgage Obligations (Cost 446,752)		461,747
SHARES
	Common Stocks — 46.0%
		Australia — 1.6%
	893	Australia & New Zealand Banking Group Ltd. (m)		23,530
	11,229	Dexus Property Group (m)		9,794
	8,362	Goodman Group (m)		34,166
	7,486	Mirvac Group (m)		10,940
	5,983	Transurban Group (m)		36,149
	2,109	Westfield Group (m)		18,860
	2,764	Westfield Retail Trust (m)		7,303
				140,742
		Austria — 0.0% (g)
	514	IMMOFINANZ AG (a)		2,425
		Belgium — 0.3%
	53	Belgacom S.A.		1,508
	20	Groupe Bruxelles Lambert S.A.		1,782
	166	Solvay S.A. (m)		23,152
	53	Warehouses De Pauw S.C.A. (m)		3,775
				30,217
		Bermuda — 0.1%
	52	Seadrill Ltd.		1,852
	117	Validus Holdings Ltd.		4,207
				6,059

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Brazil — 0.9%
	438	AES Tiete S.A. (m)		3,152
	4,492	AMBEV S.A., ADR (m)		29,377
	1,375	Banco do Brasil S.A. (m)		11,904
	652	CCR S.A. (m)		4,200
	458	Cielo S.A. (m)		12,204
	322	Embraer S.A., ADR (m)		9,874
	612	Tractebel Energia S.A. (m)		8,749
				79,460
		Canada — 0.8%
	168	Allied Properties Real Estate Investment Trust (m)		4,918
	201	Artis Real Estate Investment Trust (m)		2,718
	673	Bank of Montreal (m)		41,119
	265	Canadian Apartment Properties REIT (m)		5,040
	53	Canadian Real Estate Investment Trust (m)		2,027
	121	Dundee Real Estate Investment Trust, Class A (m)		3,171
	110	First Capital Realty, Inc. (m)		1,735
	123	H&R Real Estate Investment Trust (m)		2,336
	246	RioCan Real Estate Investment Trust (m)		5,478
				68,542
		China — 1.3%
	26,869	Bank of China Ltd., Class H (m)		11,341
	14,983	China Construction Bank Corp., Class H (m)		10,380
	11,828	China Shenhua Energy Co., Ltd., Class H (m)		30,358
	15,958	Industrial & Commercial Bank of China Ltd., Class H (m)		9,839
	2,944	Jiangsu Expressway Co., Ltd., Class H (m)		3,696
	2,127	MGM China Holdings Ltd. (m)		8,337
	8,697	Wynn Macau Ltd. (m)		36,939
	3,414	Zhejiang Expressway Co., Ltd., Class H (m)		3,047
				113,937
		Denmark — 0.5%
	4,214	TDC A/S (m)		39,605
	26	Tryg A/S		2,475
				42,080
		Finland — 0.5%
	94	Elisa OYJ		2,402
	120	Fortum OYJ		2,581
	33	Nokian Renkaat OYJ		1,391
	85	Pohjola Bank plc, Class A		1,672
	43	Sampo, Class A		1,984
	167	Stora Enso OYJ, Class R		1,554
	1,355	Technopolis OYJ (m)		8,295
	1,669	UPM-Kymmene OYJ (m)		25,559
				45,438
		France — 2.7%
	1,290	AXA S.A. (m)		33,832
	442	BNP Paribas S.A. (m)		34,087
	62	Bouygues S.A.		2,362
	14	Casino Guichard Perrachon S.A.		1,491
	117	CNP Assurances		2,286
	691	Electricite de France (m)		23,451
	29	Fonciere Des Regions		2,356
	140	GDF Suez (m)		3,095
	12	Gecina S.A.		1,423
	90	ICADE (m)		7,854
	24	Klepierre		1,026
	68	Lagardere S.C.A		2,385
	236	Orange S.A.		2,918
	64	Rexel S.A.		1,645
	290	Schneider Electric S.A. (m)		23,355
	72	SCOR SE		2,336
	133	Suez Environnement Co.		2,387
	104	Total S.A.		5,907
	217	Unibail-Rodamco SE (m)		52,167
	154	Veolia Environnement S.A.		2,409
	422	Vinci S.A. (m)		27,611
	125	Vivendi S.A.		3,367
				239,750
		Germany — 1.6%
	379	Alstria Office REIT-AG (a) (m)		4,920
	18	Axel Springer SE		1,157
	403	BASF SE (m)		43,100
	486	Daimler AG (m)		40,554
	2,483	Deutsche Telekom AG (m)		40,148
	30	Hannover Rueck SE		2,363
	12	Muenchener Rueckversicherungs AG		2,546
	56	ProSiebenSat.1 Media AG		2,499
				137,287
		Hong Kong — 0.8%
	1,118	China Mobile Ltd. (m)		10,664
	813	Dah Chong Hong Holdings Ltd. (m)		477
	607	Hang Seng Bank Ltd. (m)		9,526
	1,684	Hutchison Whampoa Ltd. (m)		20,855
	1,823	Link REIT (The) (m)		8,243
	1,493	New World Development Co., Ltd. (m)		1,867
	2,862	SJM Holdings Ltd. (m)		8,871
	407	VTech Holdings Ltd. (m)		4,920

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Hong Kong — Continued
	705	Wharf Holdings Ltd. (m)		4,799
				70,222
		India — 0.1%
	2,875	Coal India Ltd. (m)		11,300
		Indonesia — 0.2%
	1,600	Indo Tambangraya Megah Tbk PT (m)		3,514
	13,534	Perusahaan Gas Negara Persero Tbk PT (m)		5,265
	62,839	Telekomunikasi Indonesia Persero Tbk PT (m)		11,653
				20,432
		Ireland — 0.3%
	381	Accenture plc, Class A (m)		30,410
		Italy — 0.7%
	75	Atlantia S.p.A.		1,703
	2,351	Eni S.p.A. (m)		53,391
	489	Snam S.p.A.		2,680
	344	Terna Rete Elettrica Nazionale S.p.A.		1,666
				59,440
		Japan — 2.7%
	2	GLP J-Reit (m)		2,036
	351	Japan Airlines Co., Ltd. (m)		17,544
	2	Japan Logistics Fund, Inc. (m)		3,644
	1	Japan Real Estate Investment Corp. (m)		3,066
	1	Japan Retail Fund Investment Corp. (m)		1,967
	1,029	Japan Tobacco, Inc. (m)		31,774
	1	Kenedix Realty Investment Corp. (m)		3,707
	156	Mitsubishi Estate Co., Ltd. (m)		3,832
	227	Mitsui Fudosan Co., Ltd. (m)		7,168
	1	Nippon Prologis REIT, Inc. (m)		6,332
	4	Orix JREIT, Inc. (m)		5,485
	1,351	Seven & I Holdings Co., Ltd. (m)		53,239
	961	Sumitomo Mitsui Financial Group, Inc. (m)		44,505
	834	Toyota Motor Corp. (m)		47,693
	1	United Urban Investment Corp. (m)		2,142
				234,134
		Luxembourg — 0.0% (g)
	13	RTL Group S.A.		1,584
		Malaysia — 0.0% (g)
	1,291	Lafarge Malaysia Bhd (m)		3,280
		Mexico — 0.1%
	3,172	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		8,087
		Netherlands — 1.0%
	96	Delta Lloyd N.V.		2,464
	105	Koninklijke Ahold N.V.		1,744
	41	Koninklijke Philips N.V.		1,426
	1,806	Royal Dutch Shell plc, Class A (m)		62,569
	247	Royal Dutch Shell plc, Class B		9,046
	177	Vastned Retail N.V. (m)		8,473
	48	Wereldhave N.V. (m)		3,622
				89,344
		Norway — 0.3%
	126	Gjensidige Forsikring ASA		2,426
	89	Statoil ASA		2,117
	1,044	Telenor ASA (m)		21,710
	41	Yara International ASA		1,700
				27,953
		Poland — 0.1%
	79	Powszechny Zaklad Ubezpieczen S.A. (m)		10,295
		Portugal — 0.0% (g)
	668	EDP - Energias de Portugal S.A.		2,507
		Qatar — 0.1%
	222	Industries Qatar QSC (m)		10,953
		Russia — 0.6%
	199	Lukoil OAO, ADR (m)		11,292
	542	MMC Norilsk Nickel OJSC, ADR (m)		8,237
	557	Mobile Telesystems OJSC, ADR (m)		9,608
	492	Phosagro OAO, Reg. S., GDR (m)		5,016
	1,332	Sberbank of Russia, ADR (m)		14,384
				48,537
		Singapore — 0.8%
	5,058	Ascendas India Trust (m)		2,714
	1,849	Ascendas Real Estate Investment Trust (m)		3,072
	1,936	Ascott Residence Trust (m)		1,797
	2,602	CapitaCommercial Trust (m)		2,888
	1,695	CapitaLand Ltd. (m)		3,651
	1,825	CapitaMalls Asia Ltd. (m)		2,509
	2,163	Global Logistic Properties Ltd. (m)		4,734
	11,624	Hutchison Port Holdings Trust, Class U (m)		7,714
	13,473	Singapore Telecommunications Ltd. (m)		37,169
				66,248
		South Africa — 0.8%
	1,008	AVI Ltd. (m)		4,659
	674	Barclays Africa Group Ltd. (m)		7,905
	518	Bidvest Group Ltd. (m)		11,596
	878	Foschini Group Ltd. (The) (m)		7,351
	636	Imperial Holdings Ltd. (m)		10,600

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		South Africa — Continued
	518	MTN Group Ltd. (m)		9,250
	210	Sasol Ltd. (m)		10,085
	277	Tiger Brands Ltd. (m)		6,651
				68,097
		South Korea — 0.6%
	354	Kangwon Land, Inc. (a) (m)		11,128
	137	KT&G Corp. (m)		9,717
	1,085	SK Telecom Co., Ltd., ADR (m)		23,796
	108	S-Oil Corp. (m)		6,832
				51,473
		Spain — 0.2%
	82	Abertis Infraestructuras S.A.		1,839
	48	ACS Actividades de Construccion y Servicios S.A.		1,674
	87	Ferrovial S.A.		1,676
	73	Gas Natural SDG S.A.		1,793
	527	Iberdrola S.A. (a)		3,244
	385	Mapfre S.A.		1,589
	35	Red Electrica Corp. S.A.		2,481
	80	Repsol S.A.		1,880
	195	Telefonica S.A.		2,999
				19,175
		Sweden — 1.3%
	1,027	Electrolux AB, Series B (m)		21,780
	39	Hennes & Mauritz AB, Class B		1,692
	38	Investor AB, Class B		1,232
	259	Nordea Bank AB		3,452
	136	Sandvik AB		1,909
	222	Securitas AB, Class B		2,302
	164	Skandinaviska Enskilda Banken AB, Class A		2,112
	87	Skanska AB, Class B		1,704
	47	Svenska Handelsbanken AB, Class A		2,231
	1,360	Swedbank AB, Class A (m)		35,485
	2,730	Telefonaktiebolaget LM Ericsson, Class B (m)		33,430
	362	TeliaSonera AB		2,682
				110,011
		Switzerland — 1.7%
	2	Banque Cantonale Vaudoise		977
	36	Cembra Money Bank AG (a)		2,360
	1	Givaudan S.A. (a)		815
	479	Novartis AG (m)		37,861
	167	Roche Holding AG (m)		45,716
	729	Swiss Re AG (a) (m)		62,900
	2	Swisscom AG		1,313
	27	Transocean Ltd.		1,186
				153,128
		Taiwan — 1.2%
	462	Asustek Computer, Inc. (m)		4,239
	2,740	Delta Electronics, Inc. (m)		14,996
	2,135	Far EasTone Telecommunications Co., Ltd. (m)		4,194
	1,847	Novatek Microelectronics Corp. (m)		7,425
	1,278	President Chain Store Corp. (m)		8,557
	4,991	Quanta Computer, Inc. (m)		12,216
	1,692	Radiant Opto-Electronics Corp. (m)		7,344
	16,125	Siliconware Precision Industries Co. (m)		19,427
	678	Simplo Technology Co., Ltd. (m)		3,106
	3,393	Taiwan Mobile Co., Ltd. (m)		9,956
	684	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		11,572
	1,774	Tripod Technology Corp. (m)		3,218
				106,250
		Thailand — 0.3%
	1,994	Advanced Info Service PCL (m)		12,627
	1,905	Bangkok Expressway PCL (m)		1,846
	930	Siam Cement PCL (The), NVDR (m)		11,443
				25,916
		Turkey — 0.3%
	1,242	Arcelik A.S. (m)		6,137
	134	Ford Otomotiv Sanayi A.S. (m)		1,177
	1,263	Tofas Turk Otomobil Fabrikasi A.S. (m)		5,940
	508	Tupras Turkiye Petrol Rafinerileri A.S. (m)		8,369
	1,783	Turk Telekomunikasyon A.S. (m)		4,432
				26,055
		United Arab Emirates — 0.1%
	1,112	First Gulf Bank PJSC (m)		6,023
		United Kingdom — 5.2%
	277	Aberdeen Asset Management plc		1,773
	108	Admiral Group plc		2,558
	146	AMEC plc		2,475
	701	AstraZeneca plc (m)		44,442
	3,406	Aviva plc (m)		24,914
	420	BAE Systems plc		2,963
	139	BHP Billiton plc		4,099
	857	BP plc		6,713
	1,820	British Land Co. plc (m)		19,628
	2,092	British Sky Broadcasting Group plc (m)		30,128
	5,946	Direct Line Insurance Group plc (m)		25,845
	293	Ensco plc, Class A (m)		14,739

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
			United Kingdom — Continued
	1,607		GlaxoSmithKline plc (m)		41,302
	1,779		Hammerson plc (m)		15,343
	1,254		Helical Bar plc (m)		7,150
	2,928		HSBC Holdings plc (m)		30,042
	261		ICAP plc		1,653
	46		IMI plc		1,122
	394		ITV plc		1,272
	427		J Sainsbury plc		2,417
	801		Legal & General Group plc		2,829
	2,489		Lloyds Banking Group plc (a)		3,394
	146		Marks & Spencer Group plc		1,128
	247		National Grid plc		3,197
	14		Next plc		1,468
	895		Old Mutual plc		2,534
	964		Pearson plc (m)		17,615
	1,372		Persimmon plc (a) (m)		29,573
	442		Resolution Ltd.		2,529
	73		Rio Tinto plc		3,856
	4,677		Safestore Holdings plc (m)		14,761
	1,796		Segro plc (m)		9,942
	445		Standard Life plc		2,667
	172		TUI Travel plc		1,198
	21,397		Vodafone Group plc (m)		79,291
					456,560
			United States — 16.2%
	99		3M Co.		12,695
	157		AbbVie, Inc.		7,716
	42		Air Products & Chemicals, Inc.		4,392
	192		Analog Devices, Inc.		9,244
	2,355		Applied Materials, Inc. (m)		39,605
	67		Arthur J. Gallagher & Co.		3,092
	67		Automatic Data Processing, Inc.		5,126
	50		AvalonBay Communities, Inc. (m)		6,200
	98		Aviv REIT, Inc. (m)		2,383
	147		BB&T Corp.		5,494
	261		BioMed Realty Trust, Inc. (m)		5,096
	33		Boston Properties, Inc. (m)		3,567
	432		Brandywine Realty Trust (m)		6,162
	889		Bristol-Myers Squibb Co. (m)		44,405
	58		Capmark Financial Group, Inc.		248
	88		Chevron Corp.		9,868
	119		Cincinnati Financial Corp.		5,786
	128		Cinemark Holdings, Inc.		3,762
	1,897		Cisco Systems, Inc. (m)		41,572
	608		CME Group, Inc. (m)		45,486
	181		CMS Energy Corp.		5,031
	264		Coca-Cola Co. (The)		9,989
	971		ConocoPhillips (m)		63,086
	1		Constar International, Inc., ADR (a) (i)		–
	110		CubeSmart (m)		1,808
	31		Cullen/Frost Bankers, Inc.		2,319
	878		DCT Industrial Trust, Inc. (m)		6,324
	53		Digital Realty Trust, Inc.		2,713
	707		Dow Chemical Co. (The) (m)		32,186
	69		DTE Energy Co.		4,679
	222		Duke Realty Corp. (m)		3,483
	25		Dynegy, Inc. (a)		509
	44		Edison International		2,126
	485		Education Realty Trust, Inc. (m)		4,376
	204		Equity One, Inc. (m)		4,620
	63		Extra Space Storage, Inc. (m)		2,886
	264		Exxon Mobil Corp. (m)		24,366
	98		Fidelity National Information Services, Inc.		4,987
	767		Freeport-McMoRan Copper & Gold, Inc. (m)		24,850
	188		General Growth Properties, Inc. (m)		3,780
	—	(h)	General Maritime Corp. (a) (i)		6
	32		General Motors Co. (a)		1,149
	204		HCP, Inc. (m)		7,972
	27		Health Care REIT, Inc. (m)		1,558
	156		Healthcare Realty Trust, Inc. (m)		3,571
	72		Hershey Co. (The)		7,175
	146		Highwoods Properties, Inc. (m)		5,426
	668		Home Depot, Inc. (The) (m)		51,328
	57		Hospitality Properties Trust (m)		1,468
	111		Illinois Tool Works, Inc.		8,732
	678		Johnson & Johnson (m)		60,024
	39		Kilroy Realty Corp. (m)		2,049
	192		Kimco Realty Corp. (m)		4,008
	128		KLA-Tencor Corp.		7,866
	137		L Brands, Inc.		7,196
	178		LaSalle Hotel Properties (m)		5,478
	130		Liberty Property Trust (m)		4,732
	757		Lorillard, Inc. (m)		37,275
	43		M&T Bank Corp.		4,800
	40		Marathon Petroleum Corp.		3,477
	1,175		Masco Corp. (m)		24,866
	448		McDonald’s Corp. (m)		42,220
	995		Merck & Co., Inc. (m)		52,721
	449		MetLife, Inc. (m)		22,037

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		United States — Continued
	2,249	Microsoft Corp. (m)		85,132
	63	Mid-America Apartment Communities, Inc. (m)		4,085
	215	Mondelez International, Inc., Class A		7,035
	108	National Retail Properties, Inc. (m)		3,592
	3	Neebo, Inc. (a) (i)		24
	—  (h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a) (i)		74
	18	New Holdco (a) (i)		2,058
	359	NextEra Energy, Inc. (m)		33,039
	291	NiSource, Inc.		10,002
	97	Northern Trust Corp.		5,842
	57	Occidental Petroleum Corp.		5,034
	96	Omnicom Group, Inc.		6,951
	642	PACCAR, Inc. (m)		35,936
	101	Pennsylvania Real Estate Investment Trust (m)		1,882
	505	Pfizer, Inc.		15,344
	110	Philip Morris International, Inc.		8,618
	115	PNC Financial Services Group, Inc. (The)		9,214
	38	PPG Industries, Inc.		6,965
	144	Procter & Gamble Co. (The)		11,066
	108	Prologis, Inc. (m)		4,174
	75	Realty Income Corp. (m)		3,075
	61	Regency Centers Corp. (m)		2,951
	139	Select Income REIT (m)		3,845
	473	Sempra Energy (m)		43,856
	35	Simon Property Group, Inc. (m)		5,471
	30	Snap-on, Inc.		2,997
	3	Somerset Cayuga Holding Co., Inc. (a) (i)		81
	105	T. Rowe Price Group, Inc.		8,209
	146	Texas Instruments, Inc.		6,185
	37	Time Warner Cable, Inc.		4,979
	891	Time Warner, Inc. (m)		55,951
	139	Travelers Cos., Inc. (The)		11,259
	829	U.S. Bancorp (m)		32,953
	3	U.S. Concrete, Inc. (a)		75
	226	United Technologies Corp. (m)		25,715
	88	V.F. Corp.		5,150
	114	Ventas, Inc. (m)		7,085
	884	Verizon Communications, Inc. (m)		42,436
	39	Vornado Realty Trust (m)		3,591
	1,160	Wells Fargo & Co. (m)		52,606
	152	Williams Cos., Inc. (The)		6,147
	91	Williams-Sonoma, Inc.		4,975
	59	Yum! Brands, Inc.		3,930
				1,422,740
		Total Common Stocks (Cost 3,780,858)		4,046,091
PRINCIPAL AMOUNT
	Convertible Bonds — 2.9%
		Australia — 0.1%
		Paladin Energy Ltd.,
	3,000	3.625%, 11/04/15		2,640
	2,200	Reg. S., 6.000%, 04/30/17		1,831
				4,471
		Austria — 0.1%
EUR	4,350	Steinhoff Finance Holding GmbH, 4.500%, 03/31/18		6,759
		Belgium — 0.0% (g)
EUR	2,300	Nyrstar N.V., 7.000%, 07/10/14		3,125
		Bermuda — 0.1%
		Ship Finance International Ltd.,
	2,377	3.250%, 02/01/18		2,500
	2,000	3.750%, 02/10/16		2,078
				4,578
		Canada — 0.0% (g)
	5,043	Detour Gold Corp., 5.500%, 11/30/17		4,346
		Cayman Islands — 0.2%
	6,100	Agile Property Holdings Ltd., 4.000%, 04/28/16		6,097
	3,600	China Hongqiao Group Ltd., Reg. S., 6.500%, 04/10/17		3,770
	4,800	China Overseas Finance Investment Cayman IV Ltd., Zero Coupon, 02/04/21		4,788
	3,900	Polarcus Ltd., 2.875%, 04/27/16		3,714
				18,369
		France — 0.3%
EUR	35,602	Air France-KLM, Reg. S., 2.030%, 02/15/23		5,665
EUR	8,967	CGG S.A., 1.750%, 01/01/16		3,282
EUR	2,930	Nexans S.A., 2.500%, 01/01/19		2,862
EUR	29,656	Peugeot S.A., 4.450%, 01/01/16		10,679
				22,488
		Hungary — 0.1%
EUR	3,400	Magyar Nemzeti Vagyonkezelo Zrt, 3.375%, 04/02/19		4,869
		India — 0.3%
	5,300	Jaiprakash Power Ventures Ltd., 5.000%, 02/13/15		5,009

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
		India — Continued
	3,200	Sesa Sterlite Ltd., Reg. S., 5.000%, 10/31/14		3,198
	6,870	Sterlite Industries India Ltd., 4.000%, 10/30/14		6,810
	6,000	Tata Power Co., Ltd., 1.750%, 11/21/14		6,417
	4,800	Tata Steel Ltd., 4.500%, 11/21/14		4,860
				26,294
		Italy — 0.0% (g)
EUR	2,200	Astaldi S.p.A., Reg. S., 4.500%, 01/31/19		3,439
EUR	700	Beni Stabili S.p.A., 2.625%, 04/17/19		959
				4,398
		Luxembourg — 0.1%
EUR	2,350	Kloeckner & Co. Financial Services S.A., Reg. S., 2.500%, 12/22/17		3,106
	7,800	TMK Bonds S.A., 5.250%, 02/11/15		7,897
				11,003
		Netherlands — 0.1%
EUR	4,400	Volkswagen International Finance N.V., 5.500%, 11/09/15 (e)		6,861
		Singapore — 0.1%
SGD	12,750	CapitaLand Ltd., Reg. S., 1.850%, 06/19/20		9,010
		Spain — 0.2%
EUR	6,900	Abengoa S.A., 4.500%, 02/03/17		9,469
EUR	4,100	CaixaBank S.A., 4.500%, 11/22/16		5,447
EUR	5,100	OHL Investments S.A., 4.000%, 04/25/18		7,119
				22,035
		United Kingdom — 0.2%
	8,400	Holdgrove Ltd., Reg. S., 1.000%, 09/24/17		8,304
	2,800	Newford Capital Ltd., Zero Coupon, 05/12/16		2,902
	3,100	Salamander Energy plc, 5.000%, 03/30/15		3,114
	6,300	Vedanta Resources Jersey Ltd., 5.500%, 07/13/16		6,328
				20,648
		United States — 1.0%
	5,939	Annaly Capital Management, Inc., 5.000%, 05/15/15		6,061
		Ares Capital Corp.,
	4,742	4.375%, 01/15/19 (e)		5,003
	1,896	4.750%, 01/15/18		2,032
	4,795	4.875%, 03/15/17		5,098
	32	CenterPoint Energy, Inc., SUB, 09/15/29 (a)		1,648
		Chesapeake Energy Corp.,
	3,818	2.250%, 12/15/38		3,558
	3,634	2.500%, 05/15/37		3,679
		Colony Financial, Inc.,
	720	3.875%, 01/15/21		721
	6,047	5.000%, 04/15/23		6,338
	3,150	Extra Space Storage LP, 2.375%, 07/01/33 (e)		3,237
	2,196	Goodrich Petroleum Corp., 5.000%, 10/01/32		2,387
	1,700	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		1,620
	8,453	Intel Corp., 2.950%, 12/15/35		9,356
		Meritor, Inc.,
	640	7.875%, 03/01/26		929
	914	SUB, 4.000%, 02/15/27		899
	2,612	Micron Technology, Inc., 3.000%, 11/15/43		2,757
	9,084	Peabody Energy Corp., 4.750%, 12/15/41		7,097
		Prospect Capital Corp.,
	960	5.375%, 10/15/17		1,024
	5,297	5.750%, 03/15/18		5,648
	3,780	5.875%, 01/15/19		3,945
	60	Real Mex Restaurants, Inc., 1.120%, 03/21/18 (i)		–
	5,000	Redwood Trust, Inc., 4.625%, 04/15/18		5,147
	6,610	Royal Gold, Inc., 2.875%, 06/15/19		6,697
	1,528	SEACOR Holdings, Inc., 3.000%, 11/15/28 (e)		1,471
	159	Somerset Cayuga Holding Co., Inc., PIK, 20.000%, 06/15/17 (e) (i)		389
	2,084	Starwood Property Trust, Inc., 4.550%, 03/01/18		2,381
				89,122
		Total Convertible Bonds (Cost 252,114)		258,376
	Corporate Bonds — 27.2%
		Australia — 0.2%
	1,053	Ausdrill Finance Pty Ltd., 6.875%, 11/01/19 (e)		953
	424	Bluescope Steel Ltd./Bluescope Steel Finance, 7.125%, 05/01/18 (e)		449
		FMG Resources August 2006 Pty Ltd.,
	200	6.000%, 04/01/17 (e)		212
	750	6.375%, 02/01/16 (e)		777
	925	6.875%, 02/01/18 (e)		974
	3,212	6.875%, 04/01/22 (e)		3,469
	257	7.000%, 11/01/15 (e)		267
	9,928	8.250%, 11/01/19 (e)		10,933
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,607
				19,641

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Austria — 0.0% (g)
	365	ESAL GmbH, 6.250%, 02/05/23 (e)		332
	1,400	JBS Investments GmbH, 7.750%, 10/28/20 (e)		1,435
	200	Sappi Papier Holding GmbH, 8.375%, 06/15/19 (e)		221
				1,988
		Azerbaijan — 0.1%
		State Oil Co. of the Azerbaijan Republic,
	1,000	5.450%, 02/09/17		1,050
	3,650	Reg. S., 4.750%, 03/13/23		3,413
				4,463
		Bahamas — 0.0% (g)
	2,123	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		2,282
		Bermuda — 0.2%
		Aircastle Ltd.,
	100	4.625%, 12/15/18		101
	282	6.250%, 12/01/19		303
	3,400	6.750%, 04/15/17		3,804
	5,195	7.625%, 04/15/20		5,883
	425	Fly Leasing Ltd., 6.750%, 12/15/20		430
		Seadrill Ltd.,
	1,169	5.625%, 09/15/17 (e)		1,204
	1,400	6.125%, 09/15/20 (e)		1,407
	200	6.500%, 10/05/15		210
	815	Viking Cruises Ltd., 8.500%, 10/15/22 (e)		923
				14,265
		Brazil — 0.0% (g)
	680	Samarco Mineracao S.A., 5.750%, 10/24/23 (e)		656
		Canada — 0.8%
	459	Ainsworth Lumber Co., Ltd., 7.500%, 12/15/17 (e)		491
		Bombardier, Inc.,
	1,273	6.125%, 01/15/23 (e)		1,254
	5,213	7.750%, 03/15/20 (e)		5,767
	1,140	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		1,194
	1,017	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.125%, 07/01/22 (e)		1,022
	635	Cascades, Inc., 7.750%, 12/15/17		661
	365	Cogeco Cable, Inc., 4.875%, 05/01/20 (e)		358
		FQM Akubra, Inc.,
	455	7.500%, 06/01/21 (e)		509
	1,635	8.750%, 06/01/20 (e)		1,860
	1,650	Garda World Security Corp., 7.250%, 11/15/21 (e)		1,693
	570	KGHM International Ltd., 7.750%, 06/15/19 (e)		604
		Kodiak Oil & Gas Corp.,
	489	5.500%, 01/15/21		487
	563	5.500%, 02/01/22		556
	3,200	8.125%, 12/01/19		3,544
	2,056	Masonite International Corp., 8.250%, 04/15/21 (e)		2,251
	793	Mattamy Group Corp., 6.500%, 11/15/20 (e)		787
		MEG Energy Corp.,
	568	6.375%, 01/30/23 (e)		567
	650	6.500%, 03/15/21 (e)		676
	985	7.000%, 03/31/24 (e)		1,002
		New Gold, Inc.,
	725	6.250%, 11/15/22 (e)		696
	454	7.000%, 04/15/20 (e)		465
	1,017	Norbord, Inc., 5.375%, 12/01/20 (e)		1,017
	1,430	NOVA Chemicals Corp., 5.250%, 08/01/23 (e)		1,466
	2,125	Novelis, Inc., 8.750%, 12/15/20		2,359
	1,350	Pacific Rubiales Energy Corp., 5.375%, 01/26/19 (e)		1,357
		Precision Drilling Corp.,
	210	6.500%, 12/15/21		223
	885	6.625%, 11/15/20		941
		Quebecor Media, Inc.,
	4,090	5.750%, 01/15/23		3,977
	2,587	7.750%, 03/15/16		2,613
		Quebecor World Capital Corp.,
	50	6.125%, 03/13/14 (d) (i)		—	(h)
	50	9.750%, 01/15/15 (d) (i)		1
	1,165	Taseko Mines Ltd., 7.750%, 04/15/19		1,180
	965	Telesat Canada/Telesat LLC, 6.000%, 05/15/17 (e)		1,001
	4,028	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		4,310
	1,775	Ultra Petroleum Corp., 5.750%, 12/15/18 (e)		1,837
		Valeant Pharmaceuticals International, Inc.,
	1,685	5.625%, 12/01/21 (e)		1,744
	2,274	6.750%, 08/15/18 (e)		2,493
	11,165	7.500%, 07/15/21 (e)		12,435
	1,000	Videotron Ltd., 5.000%, 07/15/22		980
				66,378

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Cayman Islands — 0.2%
	2,600	Kaisa Group Holdings Ltd., Reg. S., 8.875%, 03/19/18		2,581
	640	Odebrecht Offshore Drilling Finance Ltd., Reg. S., 6.750%, 10/01/22		653
		Seagate HDD Cayman,
	1,100	3.750%, 11/15/18 (e)		1,122
	233	4.750%, 06/01/23 (e)		223
	295	6.875%, 05/01/20		318
	101	7.000%, 11/01/21		111
	20	Seagate Technology HDD Holdings, 6.800%, 10/01/16		22
	625	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		673
	8,000	UPCB Finance III Ltd., 6.625%, 07/01/20 (e)		8,480
	2,440	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		2,635
	2,965	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		3,173
				19,991
		Chile — 0.0% (g)
	1,400	Cencosud S.A., Reg. S., 5.500%, 01/20/21		1,379
		Colombia — 0.0% (g)
	1,250	Ecopetrol S.A., 5.875%, 09/18/23		1,300
		Costa Rica — 0.0% (g)
	890	Banco de Costa Rica, 5.250%, 08/12/18 (e)		884
		Instituto Costarricense de Electricidad,
	520	6.375%, 05/15/43 (e)		424
	350	Reg. S., 6.950%, 11/10/21		357
				1,665
		Croatia — 0.0% (g)
	2,940	Hrvatska Elektroprivreda, Reg. S., 6.000%, 11/09/17		2,999
		Dominican Republic — 0.0% (g)
	2,730	Banco de Reservas de la Republica Dominicana, 7.000%, 02/01/23 (e)		2,525
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		934
	434	6.625%, 05/15/39		432
				1,366
		France — 0.0% (g)
	675	Lafarge S.A., 7.125%, 07/15/36		702
		Georgia — 0.1%
	6,730	Georgian Railway JSC, 7.750%, 07/11/22 (e)		7,041
		Germany — 0.0% (g)
	2,002	Deutsche Bank AG, 10.500%, 12/23/26 (e) (i)		1,670
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
EUR	647	5.125%, 01/21/23 (e)		892
	660	5.500%, 01/15/23 (e)		660
				3,222
		Hungary — 0.0% (g)
	710	MFB Magyar Fejlesztesi Bank Zrt, 6.250%, 10/21/20 (e)		739
		Indonesia — 0.1%
		Pertamina Persero PT,
	820	5.625%, 05/20/43 (e)		630
	3,100	Reg. S., 5.250%, 05/23/21		2,968
				3,598
		Ireland — 0.2%
	1,500	Alfa Bank OJSC Via Alfa Bond Issuance plc, Reg. S., 7.750%, 04/28/21		1,609
		Ardagh Packaging Finance plc,
	1,625	7.375%, 10/15/17 (e)		1,739
	9,533	9.125%, 10/15/20 (e)		10,415
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	795	6.250%, 01/31/19 (e)		804
	88	7.000%, 11/15/20 (e)		89
	252	9.125%, 10/15/20 (e)		274
	1,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.748%, 02/02/21 (e)		1,077
				16,007
		Japan — 0.1%
	1,400	eAccess Ltd., 8.250%, 04/01/18 (e)		1,519
	2,589	SoftBank Corp., 4.500%, 04/15/20 (e)		2,547
				4,066
		Kazakhstan — 0.1%
		KazMunayGas National Co. JSC,
	1,380	5.750%, 04/30/43 (e)		1,168
	8,330	Reg. S., 11.750%, 01/23/15		9,080
				10,248
		Liberia — 0.0% (g)
	1,315	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		1,331
		Luxembourg — 1.1%
		Altice Financing S.A.,
	724	6.500%, 01/15/22 (e)		735
	311	7.875%, 12/15/19 (e)		337

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Luxembourg –– Continued
		Altice Finco S.A.,
	200	8.125%, 01/15/24 (e)		209
	200	9.875%, 12/15/20 (e)		224
		APERAM,
	1,055	7.375%, 04/01/16 (e)		1,095
	1,090	7.750%, 04/01/18 (e)		1,136
		ArcelorMittal,
	2,900	5.111%, 02/25/17		3,045
	4,350	6.750%, 02/25/22		4,693
	500	7.250%, 03/01/41		480
	2,000	7.500%, 10/15/39		1,965
	3,500	10.350%, 06/01/19		4,375
		Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is,
	945	5.625%, 12/15/16 (e)		964
	165	6.000%, 06/15/17 (e)		169
	1,075	Calcipar S.A., 6.875%, 05/01/18 (e)		1,139
	520	Capsugel S.A., PIK, 7.750%, 05/15/19 (e)		531
	745	ConvaTec Finance International S.A., PIK, 9.000%, 01/15/19 (e)		765
	3,784	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		4,210
	1,378	INEOS Group Holdings S.A., 6.125%, 08/15/18 (e)		1,402
		Intelsat Jackson Holdings S.A.,
	1,180	5.500%, 08/01/23 (e)		1,127
	11,390	6.625%, 12/15/22 (e)		11,760
	16,752	7.250%, 10/15/20		18,176
	3,085	7.500%, 04/01/21		3,397
		Intelsat Luxembourg S.A.,
	3,767	7.750%, 06/01/21 (e)		4,040
	2,013	8.125%, 06/01/23 (e)		2,179
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18 (e)		160
	600	4.750%, 04/15/23 (e)		573
	1,200	MOL Group Finance S.A., 6.250%, 09/26/19		1,259
	1,740	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		1,788
		NII International Telecom S.C.A.,
	682	7.875%, 08/15/19 (e)		512
	1,029	11.375%, 08/15/19 (e)		854
		Russian Agricultural Bank OJSC Via RSHB Capital S.A.,
	1,400	5.100%, 07/25/18 (e)		1,416
	5,150	Reg. S., 9.000%, 06/11/14		5,279
	1,063	Stackpole International Intermediate/Stackpole International Powder, 7.750%, 10/15/21 (e)		1,108
	4,394	Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 8.750%, 02/01/19 (e)		4,493
		Wind Acquisition Finance S.A.,
	5,176	7.250%, 02/15/18 (e)		5,422
	1,330	11.750%, 07/15/17 (e)		1,403
				92,420
		Mexico — 0.1%
		Cemex S.A.B. de C.V.,
	300	5.875%, 03/25/19 (e)		300
	875	6.500%, 12/10/19 (e)		888
	1,732	7.250%, 01/15/21 (e)		1,780
	2,500	9.000%, 01/11/18 (e)		2,700
	300	VAR, 4.989%, 10/15/18 (e)		311
	1,700	VAR, 5.247%, 09/30/15 (e)		1,747
	870	Petroleos Mexicanos, 6.375%, 01/23/45 (e)		870
				8,596
		Netherlands — 0.3%
	985	Basell Finance Co., B.V., 8.100%, 03/15/27 (e)		1,260
	2,300	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		2,329
	746	InterGen N.V., 7.000%, 06/30/23 (e)		768
		LyondellBasell Industries N.V.,
	660	5.000%, 04/15/19		739
	2,225	6.000%, 11/15/21		2,587
		NXP B.V./NXP Funding LLC,
	268	3.500%, 09/15/16 (e)		272
	1,000	3.750%, 06/01/18 (e)		1,000
	2,652	5.750%, 02/15/21 (e)		2,745
	1,574	5.750%, 03/15/23 (e)		1,574
	3,425	Schaeffler Finance B.V., 4.750%, 05/15/21 (e)		3,408
		Sensata Technologies B.V.,
	652	4.875%, 10/15/23 (e)		619
	3,440	6.500%, 05/15/19 (e)		3,698
	425	syncreon Group B.V./syncreon Global Finance U.S., Inc., 8.625%, 11/01/21 (e)		440
		VimpelCom Holdings B.V.,
	540	5.200%, 02/13/19 (e)		537
	200	5.950%, 02/13/23 (e)		188
	200	6.255%, 03/01/17 (e)		212
	500	7.504%, 03/01/22 (e)		519
	200	VAR, 4.247%, 06/29/14 (e)		201

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		Netherlands –– Continued
	941	VTR Finance B.V., 6.875%, 01/15/24 (e)		942
				24,038
		Nigeria — 0.0% (g)
	1,200	Sea Trucks Group, 9.000%, 03/26/18 (e)		1,152
		Norway — 0.0% (g)
	1,097	Petroleum Geo-Services ASA, 7.375%, 12/15/18 (e)		1,168
	595	World Wide Supply AS, 7.750%, 05/26/17 (e)		612
				1,780
		Singapore — 0.0% (g)
	480	Flextronics International Ltd., 5.000%, 02/15/23		466
		Spain — 0.0% (g)
		Cemex Espana Luxembourg,
	1,075	9.250%, 05/12/20 (e)		1,163
	1,025	9.875%, 04/30/19 (e)		1,153
				2,316
		United Kingdom — 0.4%
		Barclays Bank plc,
	320	6.050%, 12/04/17 (e)		360
	570	7.625%, 11/21/22		605
	3,585	CEVA Group plc, 8.375%, 12/01/17 (e)		3,742
	1,400	Fresnillo plc, Reg. S., 5.500%, 11/13/23		1,358
		Ineos Finance plc,
	2,425	7.500%, 05/01/20 (e)		2,649
	4,150	8.375%, 02/15/19 (e)		4,576
	218	Inmarsat Finance plc, 7.375%, 12/01/17 (e)		226
		Jaguar Land Rover Automotive plc,
	1,178	4.125%, 12/15/18 (e)		1,187
	300	5.625%, 02/01/23 (e)		306
	410	MISA Investments Ltd., PIK, 9.375%, 08/15/18 (e)		424
GBP	436	New Look Bondco I plc, 8.750%, 05/14/18 (e)		762
		Royal Bank of Scotland Group plc,
	643	6.000%, 12/19/23		648
	3,023	6.100%, 06/10/23		3,095
	2,652	6.125%, 12/15/22		2,730
	2,032	Royal Bank of Scotland plc (The), Reg. S.., VAR, 9.500%, 03/16/22		2,376
	1,400	Star Energy Geothermal Wayang Windu Ltd., Reg. S., 6.125%, 03/27/20		1,291
	1,500	Studio City Finance Ltd., 8.500%, 12/01/20 (e)		1,665
		Virgin Media Finance plc,
	343	6.375%, 04/15/23 (e)		350
	568	8.375%, 10/15/19		614
	6,993	Virgin Media Secured Finance plc, 5.375%, 04/15/21 (e)		7,010
				35,974
		United States — 23.1%
	528	Acadia Healthcare Co., Inc., 6.125%, 03/15/21 (e)		541
		Accellent, Inc.,
	3,550	8.375%, 02/01/17		3,714
	750	10.000%, 11/01/17		801
		Access Midstream Partners LP/ACMP Finance Corp.,
	6,415	4.875%, 05/15/23		6,287
	242	5.875%, 04/15/21		256
	5,948	6.125%, 07/15/22		6,335
	5,570	ACCO Brands Corp., 6.750%, 04/30/20		5,521
	2,620	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		2,122
	425	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		444
		Activision Blizzard, Inc.,
	585	5.625%, 09/15/21 (e)		605
	720	6.125%, 09/15/23 (e)		751
	290	Actuant Corp., 5.625%, 06/15/22		293
		ADT Corp. (The),
	3,370	3.500%, 07/15/22		2,906
	2,190	4.125%, 06/15/23		1,927
	3,310	6.250%, 10/15/21 (e)		3,422
		Advanced Micro Devices, Inc.,
	333	7.500%, 08/15/22		321
	706	7.750%, 08/01/20		703
		AES Corp.,
	257	8.000%, 10/15/17		299
	1,135	8.000%, 06/01/20		1,314
	1,075	AK Steel Corp., 8.750%, 12/01/18		1,212
		Alcatel-Lucent USA, Inc.,
	586	4.625%, 07/01/17 (e)		585
	5,681	6.450%, 03/15/29		5,113
	1,220	6.750%, 11/15/20 (e)		1,250
	293	Alere, Inc., 6.500%, 06/15/20		301
		Aleris International, Inc.,
	604	7.625%, 02/15/18		636
	444	7.875%, 11/01/20		468
	672	Alliant Techsystems, Inc., 5.250%, 10/01/21 (e)		677
	3,825	Allison Transmission, Inc., 7.125%, 05/15/19 (e)		4,131

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	23,700	Allstate Corp. (The), VAR, 5.750%, 08/15/53		24,008
		Ally Financial, Inc.,
	7,971	4.625%, 06/26/15		8,261
	9,072	5.500%, 02/15/17		9,786
	4,000	6.250%, 12/01/17		4,440
	6,456	7.500%, 09/15/20		7,586
	2,560	8.000%, 03/15/20		3,053
	4,594	8.000%, 11/01/31		5,524
	439	Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 9.625%, 10/15/18		471
		AMC Entertainment, Inc.,
	2,350	8.750%, 06/01/19		2,503
	2,250	9.750%, 12/01/20		2,582
	3,450	American Axle & Manufacturing, Inc., 7.750%, 11/15/19		3,916
	4,455	American Express Co., VAR, 6.800%, 09/01/66		4,795
		American International Group, Inc.,
	15,427	6.250%, 03/15/37		15,485
	4,287	VAR, 8.175%, 05/15/58		5,326
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	350	6.750%, 05/20/20		383
	450	7.000%, 05/20/22		489
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,285	6.250%, 08/20/19		1,372
	84	6.500%, 05/20/21		89
		Amkor Technology, Inc.,
	780	6.375%, 10/01/22		798
	1,250	6.625%, 06/01/21		1,306
	2,600	7.375%, 05/01/18		2,704
	685	AmSouth Bancorp, 6.750%, 11/01/25		748
	250	Amsted Industries, Inc., 8.125%, 03/15/18 (e)		262
	520	Amsurg Corp., 5.625%, 11/30/20		541
	4,525	Anixter, Inc., 5.625%, 05/01/19		4,729
		Antero Resources Finance Corp.,
	1,625	5.375%, 11/01/21 (e)		1,637
	1,565	6.000%, 12/01/20		1,649
	1,750	ARAMARK Corp., 5.750%, 03/15/20 (e)		1,816
	2,950	Arch Coal, Inc., 7.250%, 06/15/21		2,235
	352	Artesyn Escrow, Inc., 9.750%, 10/15/20 (e)		365
	980	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.875%, 12/15/20 (e)		1,036
		Ashland, Inc.,
	812	3.000%, 03/15/16		827
	1,000	3.875%, 04/15/18		1,016
	7,347	4.750%, 08/15/22		7,035
	785	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		840
	2,250	Atkore International, Inc., 9.875%, 01/01/18		2,424
		Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.,
	900	4.750%, 11/15/21		830
	890	5.875%, 08/01/23		852
	400	6.625%, 10/01/20		419
		Audatex North America, Inc.,
	7,791	6.000%, 06/15/21 (e)		8,122
	227	6.125%, 11/01/23 (e)		235
	275	AutoNation, Inc., 5.500%, 02/01/20		294
		Avaya, Inc.,
	8,150	7.000%, 04/01/19 (e)		8,048
	979	10.500%, 03/01/21 (e)		906
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	4,840	5.500%, 04/01/23		4,671
	4,920	8.250%, 01/15/19		5,295
	1,410	9.750%, 03/15/20		1,632
	1,564	Axiall Corp., 4.875%, 05/15/23 (e)		1,490
	1,450	B&G Foods, Inc., 4.625%, 06/01/21		1,405
		B/E Aerospace, Inc.,
	1,309	5.250%, 04/01/22		1,319
	2,894	6.875%, 10/01/20		3,162
		Ball Corp.,
	230	4.000%, 11/15/23		210
	675	5.000%, 03/15/22		671
	270	5.750%, 05/15/21		283
	522	Bankrate, Inc., 6.125%, 08/15/18 (e)		547
		Basic Energy Services, Inc.,
	175	7.750%, 02/15/19		184
	2,178	7.750%, 10/15/22		2,281
	223	BC Mountain LLC/BC Mountain Finance, Inc., 7.000%, 02/01/21 (e)		229
	5,350	Belden, Inc., 5.500%, 09/01/22 (e)		5,216
		Berry Plastics Corp.,
	1,170	9.500%, 05/15/18		1,246
	1,115	9.750%, 01/15/21		1,282
		Bill Barrett Corp.,
	1,250	7.000%, 10/15/22		1,303
	1,092	7.625%, 10/01/19		1,179

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	472	BI-LO LLC/BI-LO Finance Corp., PIK, 9.375%, 09/15/18 (e)		492
		Biomet, Inc.,
	9,455	6.500%, 08/01/20		10,081
	1,600	6.500%, 10/01/20		1,660
	697	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		721
	1,321	Boise Cascade Co., 6.375%, 11/01/20		1,377
	360	Bonanza Creek Energy, Inc., 6.750%, 04/15/21		376
		BreitBurn Energy Partners LP/BreitBurn Finance Corp.,
	1,325	7.875%, 04/15/22		1,410
	4,250	8.625%, 10/15/20		4,579
	1,099	Briggs & Stratton Corp., 6.875%, 12/15/20		1,212
	1,905	Brightstar Corp., 9.500%, 12/01/16 (e)		2,095
		Building Materials Corp. of America,
	2,790	6.750%, 05/01/21 (e)		2,996
	500	6.875%, 08/15/18 (e)		527
	3,025	7.500%, 03/15/20 (e)		3,252
	7,989	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		8,708
	600	Burger King Corp., 9.875%, 10/15/18		660
		Cablevision Systems Corp.,
	5,647	8.000%, 04/15/20		6,339
	3,000	8.625%, 09/15/17		3,495
		Caesars Entertainment Operating Co., Inc.,
	7,420	8.500%, 02/15/20		7,012
	10,800	9.000%, 02/15/20		10,449
	9,140	11.250%, 06/01/17		9,300
	2,350	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties, 8.000%, 10/01/20 (e)		2,438
		Calpine Corp.,
	1,532	5.875%, 01/15/24 (e)		1,521
	1,066	6.000%, 01/15/22 (e)		1,103
	1,052	7.500%, 02/15/21 (e)		1,149
	2,200	7.875%, 07/31/20 (e)		2,409
	6,809	7.875%, 01/15/23 (e)		7,507
		Calumet Specialty Products Partners LP/Calumet Finance Corp.,
	580	7.625%, 01/15/22		614
	85	9.375%, 05/01/19		94
	402	9.625%, 08/01/20		456
	610	Cantor Commercial Real Estate Co. LP/CCRE Finance Corp., 7.750%, 02/15/18 (e)		648
	4,135	Capmark Financial Group, Inc., Escrow05/10/10 (d)		21
	3,300	Case New Holland, Inc., 7.875%, 12/01/17		3,865
	1,640	Casella Waste Systems, Inc., 7.750%, 02/15/19		1,681
	1,411	Catalent Pharma Solutions, Inc., 7.875%, 10/15/18		1,434
	1,255	CBRE Services, Inc., 6.625%, 10/15/20		1,344
		CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.,
	280	5.250%, 02/15/22 (e)		281
	280	5.625%, 02/15/24 (e)		282
	560	CCM Merger, Inc., 9.125%, 05/01/19 (e)		591
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	5,631	5.250%, 03/15/21 (e)		5,469
	4,325	5.250%, 09/30/22		4,157
	630	5.750%, 09/01/23 (e)		613
	415	5.750%, 01/15/24		404
	3,708	6.500%, 04/30/21		3,875
	2,073	7.000%, 01/15/19		2,187
	3,710	7.375%, 06/01/20		4,035
	1,172	8.125%, 04/30/20		1,274
	7,588	CDW LLC/CDW Finance Corp., 8.500%, 04/01/19		8,328
	1,095	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.250%, 03/15/21		1,092
		Celanese US Holdings LLC,
	975	4.625%, 11/15/22		943
	175	6.625%, 10/15/18		185
	5,515	Cemex Finance LLC, 9.375%, 10/12/22 (e)		6,149
	5,450	Central Garden & Pet Co., 8.250%, 03/01/18		5,355
		CenturyLink, Inc.,
	12,146	5.800%, 03/15/22		11,964
	2,650	6.750%, 12/01/23		2,683
	1,224	Cenveo Corp., 8.875%, 02/01/18		1,212
	673	Ceridian Corp., 8.875%, 07/15/19 (e)		765
	910	Chemtura Corp., 5.750%, 07/15/21		928
		Chesapeake Energy Corp.,
	303	3.250%, 03/15/16		306
	680	5.375%, 06/15/21		707
	680	5.750%, 03/15/23		708
	2,642	6.125%, 02/15/21		2,847
	6,450	6.625%, 08/15/20		7,192
	1,000	6.875%, 11/15/20		1,117

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	600	Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance, Inc., 6.625%, 11/15/19		630
	543	Chinos Intermediate Holdings A, Inc., PIK, 8.500%, 05/01/19 (e)		555
	2,808	Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21 (e)		3,029
		Chrysler Group LLC/CG Co-Issuer, Inc.,
	912	8.000%, 06/15/19		993
	11,364	8.250%, 06/15/21		12,742
		CHS/Community Health Systems, Inc.,
	750	5.125%, 08/15/18		792
	1,120	5.125%, 08/01/21 (e)		1,127
	2,325	6.875%, 02/01/22 (e)		2,383
	900	7.125%, 07/15/20		959
	1,235	8.000%, 11/15/19		1,355
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e)		100
	2,065	Cimarex Energy Co., 5.875%, 05/01/22		2,199
		Cincinnati Bell, Inc.,
	440	8.375%, 10/15/20		475
	386	8.750%, 03/15/18		404
		Cinemark USA, Inc.,
	2,550	4.875%, 06/01/23		2,410
	1,412	5.125%, 12/15/22		1,375
	1,005	7.375%, 06/15/21		1,113
		CIT Group, Inc.,
	5,649	4.250%, 08/15/17		5,861
	2,161	5.000%, 05/15/17		2,301
	2,573	5.000%, 08/15/22		2,560
	5,640	5.250%, 03/15/18		6,007
	1,727	5.375%, 05/15/20		1,828
	4,000	5.500%, 02/15/19 (e)		4,260
	2,580	6.625%, 04/01/18 (e)		2,890
	1,025	Citgo Petroleum Corp., 11.500%, 07/01/17 (e)		1,117
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		1,081
	400	7.750%, 06/01/20 (e)		342
	5,600	8.875%, 03/15/19		5,432
	10,108	9.000%, 03/15/19 (e)		10,588
	385	Clean Harbors, Inc., 5.125%, 06/01/21		385
	1,017	Clear Channel Communications, Inc., 9.000%, 12/15/19		1,037
		Clear Channel Worldwide Holdings, Inc.,
	25,100	6.500%, 11/15/22		25,787
	7,028	Series A, 7.625%, 03/15/20		7,414
	430	Clearwater Paper Corp., 4.500%, 02/01/23		391
	1,450	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		1,943
	233	Cleaver-Brooks, Inc., 8.750%, 12/15/19 (e)		256
	147	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.500%, 12/15/19		159
	2,655	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		2,476
		CNH Capital LLC,
	600	3.625%, 04/15/18		607
	800	3.875%, 11/01/15		822
	730	CNL Lifestyle Properties, Inc., 7.250%, 04/15/19		757
	2,247	Coeur Mining, Inc., 7.875%, 02/01/21		2,298
	380	Columbus McKinnon Corp., 7.875%, 02/01/19		410
		Commercial Metals Co.,
	625	4.875%, 05/15/23		588
	545	6.500%, 07/15/17		605
	1,000	7.350%, 08/15/18		1,137
	2,301	CommScope, Inc., 8.250%, 01/15/19 (e)		2,499
	350	Community Choice Financial, Inc., 10.750%, 05/01/19		292
	886	Compass Investors, Inc., 7.750%, 01/15/21 (e)		909
		Comstock Resources, Inc.,
	516	7.750%, 04/01/19		550
	2,017	9.500%, 06/15/20		2,279
		Concho Resources, Inc.,
	593	5.500%, 04/01/23		599
	2,475	6.500%, 01/15/22		2,667
	731	7.000%, 01/15/21		800
		CONSOL Energy, Inc.,
	725	6.375%, 03/01/21		754
	620	8.000%, 04/01/17		650
	1,745	8.250%, 04/01/20		1,891
	50	Constar International, Inc., 11.000%, 12/31/17 (d) (i)		7
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		286
	602	4.250%, 05/01/23		569
	510	6.000%, 05/01/22		556
	1,000	7.250%, 09/01/16		1,133
	450	7.250%, 05/15/17		520
	2,240	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		2,424
	79	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		89

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	1,376	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		1,555
	1,344	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		1,404
	475	Continental Resources, Inc., 7.375%, 10/01/20		534
	6,600	Corrections Corp. of America, 4.125%, 04/01/20		6,385
	577	Covanta Holding Corp., 6.375%, 10/01/22		596
	1,965	Crestview DS Merger Sub II, Inc., 10.000%, 09/01/21 (e)		2,142
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	349	6.000%, 12/15/20		358
	1,030	6.125%, 03/01/22 (e)		1,051
	500	7.750%, 04/01/19		543
	2,861	Cricket Communications, Inc., 7.750%, 10/15/20		3,247
		Crosstex Energy LP/Crosstex Energy Finance Corp.,
	701	7.125%, 06/01/22		805
	5,125	8.875%, 02/15/18		5,381
	770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		730
	4,602	Crown Castle International Corp., 5.250%, 01/15/23		4,562
	400	CSC Holdings LLC, 8.625%, 02/15/19		468
	433	CST Brands, Inc., 5.000%, 05/01/23		416
	1,103	CVR Refining LLC/Coffeyville Finance, Inc., 6.500%, 11/01/22		1,117
	405	CyrusOne LP/CyrusOne Finance Corp., 6.375%, 11/15/22		418
		Dana Holding Corp.,
	3,000	5.375%, 09/15/21		3,015
	1,300	6.500%, 02/15/19		1,384
	559	6.750%, 02/15/21		604
	720	Darling International, Inc., 5.375%, 01/15/22 (e)		725
		DaVita HealthCare Partners, Inc.,
	1,204	6.375%, 11/01/18		1,264
	3,410	6.625%, 11/01/20		3,657
	5,135	DCP Midstream LLC, VAR, 5.850%, 05/21/43 (e)		4,750
	465	DDR Corp., 7.875%, 09/01/20		578
	450	Dean Foods Co., 7.000%, 06/01/16		497
	7,130	Del Monte Corp., 7.625%, 02/15/19		7,406
	84	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		94
	244	Delta Air Lines 2007-1 Class C Pass-Through Trust, 8.954%, 08/10/14		247
	48	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		54
	446	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		481
	1,019	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		1,101
	2,080	Deluxe Corp., 7.000%, 03/15/19		2,228
	4,658	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		4,652
	2,800	Denbury Resources, Inc., 8.250%, 02/15/20		3,066
	687	Diamondback Energy, Inc., 7.625%, 10/01/21 (e)		723
	600	DineEquity, Inc., 9.500%, 10/30/18		656
		DISH DBS Corp.,
	300	4.625%, 07/15/17		314
	4,695	5.875%, 07/15/22		4,701
	12,133	6.750%, 06/01/21		12,952
	3,925	7.125%, 02/01/16		4,318
	14,141	7.875%, 09/01/19		16,138
		DJO Finance LLC/DJO Finance Corp.,
	2,550	7.750%, 04/15/18		2,608
	2,705	8.750%, 03/15/18		2,982
	449	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		458
	1,390	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (e)		1,477
	833	DuPont Fabros Technology LP, 5.875%, 09/15/21		864
	632	Dycom Investments, Inc., 7.125%, 01/15/21		681
		Dynegy Holdings LLC,
	100	7.125%, 05/15/18 (d) (i)		—	(h)
	2,000	7.750%, 06/01/19 (d) (i)		3
	600	Dynegy Roseton LLC/Dynegy Danskammer LLC Pass-Through Trust, Series B11/08/16 (d) (i)		6
	818	Dynegy, Inc., 5.875%, 06/01/23 (e)		769
	1,005	E*TRADE Financial Corp., 6.375%, 11/15/19		1,080
	261	Eagle Spinco, Inc., 4.625%, 02/15/21 (e)		255
	4,075	Easton-Bell Sports, Inc., 9.750%, 12/01/16		4,243
		Edison Mission Energy,
	54	7.000%, 05/15/17 (d)		42
	1,546	7.200%, 05/15/19 (d)		1,198
	2,500	El Paso LLC, 7.250%, 06/01/18		2,859

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	25	El Paso Pipeline Partners Operating Co. LLC, 6.500%, 04/01/20		29
	5,582	Embarq Corp., 7.995%, 06/01/36		5,795
	2,550	Endo Finance Co., 5.750%, 01/15/22 (e)		2,544
		Endo Health Solutions, Inc.,
	225	7.000%, 07/15/19		239
	250	7.000%, 12/15/20		267
		Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
	850	6.875%, 08/15/17 (e)		880
	4,468	10.000%, 12/01/20		4,725
	694	12.250%, 03/01/22 (e)		804
	1,650	Energy Transfer Equity LP, 5.875%, 01/15/24		1,634
		Energy XXI Gulf Coast, Inc.,
	937	7.500%, 12/15/21 (e)		972
	60	7.750%, 06/15/19		65
	375	9.250%, 12/15/17		412
		Enterprise Products Operating LLC,
	2,105	VAR, 7.000%, 06/01/67		2,174
	4,240	VAR, 7.034%, 01/15/68		4,706
	458	Envision Healthcare Corp., 8.125%, 06/01/19		492
	11,285	EP Energy LLC/EP Energy Finance, Inc., 9.375%, 05/01/20		12,978
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	2,352	6.875%, 05/01/19		2,531
	3,036	7.750%, 09/01/22		3,355
	581	EPE Holdings LLC/EP Energy Bond Co., Inc., PIK, 8.875%, 12/15/17 (e)		601
	2,950	Epicor Software Corp., 8.625%, 05/01/19		3,201
		Equinix, Inc.,
	320	4.875%, 04/01/20		321
	615	7.000%, 07/15/21		676
	2,825	EV Energy Partners LP/EV Energy Finance Corp., 8.000%, 04/15/19		2,878
		Felcor Lodging LP,
	500	5.625%, 03/01/23		489
	1,640	6.750%, 06/01/19		1,763
		Ferrellgas LP/Ferrellgas Finance Corp.,
	950	6.500%, 05/01/21		979
	500	6.750%, 01/15/22 (e)		515
	605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		637
	900	Fidelity National Information Services, Inc., 7.875%, 07/15/20		977
		First Data Corp.,
	5,475	6.750%, 11/01/20 (e)		5,762
	1,400	7.375%, 06/15/19 (e)		1,495
	6,965	8.250%, 01/15/21 (e)		7,383
	8,735	8.875%, 08/15/20 (e)		9,608
	600	10.625%, 06/15/21 (e)		654
	604	11.250%, 01/15/21 (e)		666
	2,829	11.750%, 08/15/21 (e)		2,907
	5,938	12.625%, 01/15/21		6,918
	16,513	PIK, 10.000%, 01/15/22 (e)		17,586
	1,920	First Data Holdings, Inc., PIK, 14.500%, 09/24/19 (e)		1,776
		Ford Motor Credit Co. LLC,
	5,500	5.000%, 05/15/18		6,095
	6,850	6.625%, 08/15/17		7,929
		Forest Laboratories, Inc.,
	890	4.375%, 02/01/19 (e)		893
	500	4.875%, 02/15/21 (e)		498
		Freescale Semiconductor, Inc.,
	770	5.000%, 05/15/21 (e)		764
	549	6.000%, 01/15/22 (e)		571
	476	8.050%, 02/01/20		518
		Fresenius Medical Care U.S. Finance II, Inc.,
	3,378	5.625%, 07/31/19 (e)		3,589
	2,577	5.875%, 01/31/22 (e)		2,738
		Fresenius Medical Care U.S. Finance, Inc.,
	725	5.750%, 02/15/21 (e)		770
	400	6.500%, 09/15/18 (e)		451
		Frontier Communications Corp.,
	352	7.625%, 04/15/24		349
	1,855	8.500%, 04/15/20		2,078
	175	8.750%, 04/15/22		191
	2,402	9.250%, 07/01/21		2,750
	350	FTI Consulting, Inc., 6.000%, 11/15/22		355
		Gannett Co., Inc.,
	384	5.125%, 07/15/20 (e)		384
	980	6.375%, 10/15/23 (e)		1,005
	72	10.000%, 04/01/16		84
		GCI, Inc.,
	850	6.750%, 06/01/21		825
	4,712	8.625%, 11/15/19		5,018
	371	GenCorp, Inc., 7.125%, 03/15/21		398
	4,100	General Cable Corp., 6.500%, 10/01/22 (e)		4,059
	10,500	General Motors Co., 4.875%, 10/02/23 (e)		10,631

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		General Motors Financial Co., Inc.,
	261	2.750%, 05/15/16 (e)		264
	3,796	3.250%, 05/15/18 (e)		3,824
	205	4.250%, 05/15/23 (e)		196
	1,050	4.750%, 08/15/17 (e)		1,109
		Genesis Energy LP/Genesis Energy Finance Corp.,
	850	5.750%, 02/15/21		863
	505	7.875%, 12/15/18		545
		GenOn Energy, Inc.,
	1,000	7.875%, 06/15/17		1,045
	1,000	9.500%, 10/15/18		1,075
	3,848	9.875%, 10/15/20		4,060
		Geo Group, Inc. (The),
	3,500	5.875%, 01/15/22 (e)		3,474
	2,000	6.625%, 02/15/21		2,115
	350	Georgia-Pacific LLC, 5.400%, 11/01/20 (e)		396
		Goodman Networks, Inc.,
	1,975	12.125%, 07/01/18		2,093
	394	12.375%, 07/01/18 (e)		418
		Goodyear Tire & Rubber Co. (The),
	1,455	6.500%, 03/01/21		1,551
	4,337	7.000%, 05/15/22		4,717
	4,325	8.250%, 08/15/20		4,806
	900	8.750%, 08/15/20		1,064
		Graphic Packaging International, Inc.,
	762	4.750%, 04/15/21		752
	240	7.875%, 10/01/18		258
	750	Graton Economic Development Authority, 9.625%, 09/01/19 (e)		863
	1,850	Gray Television, Inc., 7.500%, 10/01/20		1,975
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,583
	2,500	Griffon Corp., 7.125%, 04/01/18		2,644
	300	Grifols, Inc., 8.250%, 02/01/18		320
	530	Gymboree Corp. (The), 9.125%, 12/01/18		472
	1,540	H&E Equipment Services, Inc., 7.000%, 09/01/22		1,671
		Halcon Resources Corp.,
	3,350	8.875%, 05/15/21		3,342
	880	9.250%, 02/15/22 (e)		886
	524	9.750%, 07/15/20 (e)		543
	2,100	Hanesbrands, Inc., 6.375%, 12/15/20		2,289
		Harland Clarke Holdings Corp.,
	3,490	9.750%, 08/01/18 (e)		3,787
	2,780	VAR, 6.000%, 05/15/15		2,785
	690	Harland Escrow Corp., 9.250%, 03/01/21 (e)		687
	560	Harron Communications LP/Harron Finance Corp., 9.125%, 04/01/20 (e)		627
	650	Hartford Financial Services Group, Inc., VAR, 8.125%, 06/15/38		756
	8,825	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20 (e)		8,626
		HCA Holdings, Inc.,
	770	6.250%, 02/15/21		820
	14,610	7.750%, 05/15/21		16,035
		HCA., Inc.,
	715	4.750%, 05/01/23		700
	2,080	5.875%, 03/15/22		2,189
	740	5.875%, 05/01/23		754
	7,465	6.500%, 02/15/20		8,230
	905	7.250%, 09/15/20		983
	20,122	7.500%, 02/15/22		22,713
	1,000	7.875%, 02/15/20		1,067
	1,400	8.000%, 10/01/18		1,659
		HD Supply, Inc.,
	1,760	7.500%, 07/15/20		1,879
	10,965	8.125%, 04/15/19		12,192
	732	Headwaters, Inc., 7.250%, 01/15/19 (e)		750
	475	Healthcare Technology Intermediate, Inc., PIK, 8.125%, 09/01/18 (e)		491
	3,321	HealthSouth Corp., 7.750%, 09/15/22		3,645
	2,455	Hecla Mining Co., 6.875%, 05/01/21		2,357
		Hertz Corp. (The),
	667	4.250%, 04/01/18		679
	4,710	5.875%, 10/15/20		4,875
	763	6.750%, 04/15/19		811
	2,575	7.375%, 01/15/21		2,800
	1,000	7.500%, 10/15/18		1,069
	8,975	Hexion US Finance Corp., 6.625%, 04/15/20		9,312
	600	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		624
	921	Hiland Partners LP/Hiland Partners Finance Corp., 7.250%, 10/01/20 (e)		985
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	2,393	7.625%, 04/15/21 (e)		2,590
	1,145	8.000%, 02/15/20 (e)		1,237
	2,130	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21 (e)		2,205

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	500	6.500%, 03/01/20		520
	50	8.250%, 03/15/18		52
	7,125	Hologic, Inc., 6.250%, 08/01/20		7,437
	151	Hospira, Inc., 5.200%, 08/12/20		161
	281	Host Hotels & Resorts LP, 6.750%, 06/01/16		284
	2,000	Hughes Satellite Systems Corp., 6.500%, 06/15/19		2,175
		Huntsman International LLC,
	6,100	4.875%, 11/15/20		6,008
	1,500	8.625%, 03/15/20		1,652
	220	IAC/InterActiveCorp, 4.875%, 11/30/18 (e)		227
	765	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		817
	2,684	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 02/01/22 (e)		2,661
	834	iGATE Corp., 9.000%, 05/01/16		882
	1,011	Igloo Holdings Corp., PIK, 9.000%, 12/15/17 (e)		1,018
	6,778	ILFC E-Capital Trust I, VAR, 5.460%, 12/21/65 (e)		6,193
	2,558	ILFC E-Capital Trust II, VAR, 6.250%, 12/21/65 (e)		2,405
	3,000	IMS Health, Inc., 6.000%, 11/01/20 (e)		3,180
		Infor U.S., Inc.,
	5,542	9.375%, 04/01/19		6,235
	2,360	11.500%, 07/15/18		2,726
	13,110	ING US, Inc., VAR, 5.650%, 05/15/53		12,586
	1,040	Ingles Markets, Inc., 5.750%, 06/15/23		1,017
	535	INTCOMEX, Inc., 13.250%, 12/15/14		536
	3,250	Interactive Data Corp., 10.250%, 08/01/18		3,536
		International Lease Finance Corp.,
	102	4.625%, 04/15/21		98
	1,480	5.875%, 04/01/19		1,591
	5,920	6.250%, 05/15/19		6,423
	1,575	8.250%, 12/15/20		1,855
	3,175	8.625%, 01/15/22		3,770
	15,585	8.750%, 03/15/17		18,157
	1,050	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,134
		inVentiv Health, Inc.,
	850	9.000%, 01/15/18 (e)		893
	2,421	11.000%, 08/15/18 (e)		2,185
		Iron Mountain, Inc.,
	551	7.750%, 10/01/19		612
	421	8.375%, 08/15/21		450
		Isle of Capri Casinos, Inc.,
	2,443	5.875%, 03/15/21		2,486
	1,060	7.750%, 03/15/19		1,155
	1,097	iStar Financial, Inc., 9.000%, 06/01/17		1,289
	8,150	J. Crew Group, Inc., 8.125%, 03/01/19		8,507
	325	J.M. Huber Corp., 9.875%, 11/01/19 (e)		375
	250	Jaguar Holding Co. I, PIK, 10.125%, 10/15/17 (e)		264
		Jarden Corp.,
	1,000	6.125%, 11/15/22		1,062
	3,611	7.500%, 05/01/17		4,153
	2,329	7.500%, 01/15/20		2,515
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,083
		JBS USA LLC/JBS USA Finance, Inc.,
	3,491	7.250%, 06/01/21 (e)		3,627
	1,411	8.250%, 02/01/20 (e)		1,529
	2,500	JC Penney Corp., Inc., 5.750%, 02/15/18		1,806
	484	Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.375%, 04/01/20 (e)		507
	940	JMC Steel Group, Inc., 8.250%, 03/15/18 (e)		973
	800	Jo-Ann Stores Holdings, Inc., PIK, 10.500%, 10/15/19 (e)		832
	862	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		866
		K. Hovnanian Enterprises, Inc.,
	263	6.250%, 01/15/16		278
	234	7.000%, 01/15/19 (e)		237
	881	7.250%, 10/15/20 (e)		954
	353	9.125%, 11/15/20 (e)		393
	715	11.875%, 10/15/15		822
	1,500	Kaiser Aluminum Corp., 8.250%, 06/01/20		1,688
		KB Home,
	100	8.000%, 03/15/20		111
	150	9.100%, 09/15/17		176
	295	Kennedy-Wilson, Inc., 8.750%, 04/01/19		321
	2,830	Key Energy Services, Inc., 6.750%, 03/01/21		2,908
		Kinder Morgan, Inc.,
	726	5.000%, 02/15/21 (e)		720
	726	5.625%, 11/15/23 (e)		715
	5,600	Kinetic Concepts, Inc./KCI USA, Inc., 10.500%, 11/01/18		6,440
		L Brands, Inc.,
	1,100	5.625%, 10/15/23		1,101
	5,925	6.625%, 04/01/21		6,466

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	555	Laredo Petroleum, Inc., 7.375%, 05/01/22		606
	600	Lear Corp., 8.125%, 03/15/20		657
	665	Lender Processing Services, Inc./Black Knight Lending Solutions, Inc., 5.750%, 04/15/23		698
		Lennar Corp.,
	1,090	6.950%, 06/01/18		1,221
	555	12.250%, 06/01/17		719
		Level 3 Communications, Inc.,
	1,065	8.875%, 06/01/19		1,166
	6,107	11.875%, 02/01/19		7,023
		Level 3 Financing, Inc.,
	2,204	6.125%, 01/15/21 (e)		2,253
	1,515	7.000%, 06/01/20		1,610
	10,973	8.125%, 07/01/19		12,043
	1,420	8.625%, 07/15/20		1,587
	2,468	9.375%, 04/01/19		2,752
	340	VAR, 3.846%, 01/15/18 (e)		345
	1,787	Libbey Glass, Inc., 6.875%, 05/15/20		1,928
	870	Liberty Interactive LLC, 8.250%, 02/01/30		920
		Liberty Mutual Group, Inc.,
	3,000	7.800%, 03/15/37 (e)		3,225
	1,324	VAR, 10.750%, 06/15/58 (e)		1,986
	594	Liberty Tire Recycling LLC, 11.000%, 10/01/16 (e)		582
		LifePoint Hospitals, Inc.,
	550	5.500%, 12/01/21 (e)		560
	200	6.625%, 10/01/20		215
		Linn Energy LLC/Linn Energy Finance Corp.,
	6,550	7.000%, 11/01/19 (e)		6,648
	3,350	7.750%, 02/01/21		3,551
	1,018	Live Nation Entertainment, Inc., 7.000%, 09/01/20 (e)		1,105
	510	LKQ Corp., 4.750%, 05/15/23 (e)		474
	300	Louisiana-Pacific Corp., 7.500%, 06/01/20		332
	1,184	LSB Industries, Inc., 7.750%, 08/01/19 (e)		1,255
	1,148	M/I Homes, Inc., 8.625%, 11/15/18		1,246
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		3,905
	2,995	Manitowoc Co., Inc. (The), 8.500%, 11/01/20		3,381
	6,215	Marina District Finance Co., Inc., 9.875%, 08/15/18		6,689
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	585	4.500%, 07/15/23		551
	5,200	5.500%, 02/15/23		5,226
	367	6.250%, 06/15/22		394
	325	6.500%, 08/15/21		349
	925	6.750%, 11/01/20		1,006
	637	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		659
		Masco Corp.,
	261	5.950%, 03/15/22		277
	56	7.125%, 03/15/20		64
	430	MasTec, Inc., 4.875%, 03/15/23		405
	450	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 9.750%, 04/01/21 (e)		489
	1,239	Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19		1,335
	560	Memorial Resource Development LLC/Memorial Resource Finance Corp., PIK, 10.750%, 12/15/18 (e)		563
	485	Meritage Homes Corp., 7.150%, 04/15/20		530
	26,885	MetLife, Inc., 6.400%, 12/15/36		27,826
		MetroPCS Wireless, Inc.,
	5,271	6.250%, 04/01/21 (e)		5,475
	2,881	6.625%, 11/15/20		3,047
	789	6.625%, 04/01/23 (e)		818
	55	7.875%, 09/01/18		59
		MGM Resorts International,
	1,225	5.250%, 03/31/20		1,225
	500	6.625%, 12/15/21		533
	3,625	6.750%, 10/01/20		3,906
	4,120	7.625%, 01/15/17		4,676
	8,544	7.750%, 03/15/22		9,612
	9,100	8.625%, 02/01/19		10,715
	2,350	11.375%, 03/01/18		3,020
	2,175	Michael Foods Group, Inc., 9.750%, 07/15/18		2,341
	5,800	Michael’s Stores, Inc., 7.750%, 11/01/18		6,191
	152	Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 10.750%, 10/01/20		165
	1,630	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		1,730
	150	Mobile Mini, Inc., 7.875%, 12/01/20		166
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d) (i)		—	(h)
	11	7.750%, 03/15/36 (d) (i)		—	(h)
	115	8.375%, 07/15/33 (d) (i)		—	(h)
	631	MPH Intermediate Holding Co. 2, PIK, 9.125%, 08/01/18 (e)		650

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	778	MPT Operating Partnership LP/MPT Finance Corp., 6.375%, 02/15/22		803
	2,253	MultiPlan, Inc., 9.875%, 09/01/18 (e)		2,445
	182	Murphy Oil USA, Inc., 6.000%, 08/15/23 (e)		182
	1,043	Mustang Merger Corp., 8.500%, 08/15/21 (e)		1,137
	4,000	Mylan, Inc., 7.875%, 07/15/20 (e)		4,513
	455	National Financial Partners Corp., 9.000%, 07/15/21 (e)		482
	2,165	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		2,300
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	272	6.500%, 07/01/21		256
	1,220	6.500%, 06/01/22		1,131
	434	7.875%, 10/01/20		443
	421	9.625%, 05/01/19		472
	454	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		463
	2,143	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 9.250%, 04/15/19		2,296
		NCR Escrow Corp.,
	115	5.875%, 12/15/21 (e)		119
	290	6.375%, 12/15/23 (e)		302
	55	Neebo, Inc., 15.000%, 06/30/16 (e)		57
	1,497	Neiman Marcus Group Ltd., 8.000%, 10/15/21 (e)		1,568
	1,164	Netflix, Inc., 5.375%, 02/01/21 (e)		1,174
		Neuberger Berman Group LLC/Neuberger Berman Finance Corp.,
	450	5.625%, 03/15/20 (e)		474
	747	5.875%, 03/15/22 (e)		784
		New Albertsons, Inc.,
	254	6.625%, 06/01/28		178
	1,167	7.450%, 08/01/29		937
	521	7.750%, 06/15/26		422
	1,701	8.000%, 05/01/31		1,399
	579	8.700%, 05/01/30		495
		Newfield Exploration Co.,
	429	5.625%, 07/01/24		429
	2,100	5.750%, 01/30/22		2,168
	975	6.875%, 02/01/20		1,043
	250	7.125%, 05/15/18		260
	3,828	Nexstar Broadcasting, Inc., 6.875%, 11/15/20		4,086
	750	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/21 (e)		771
	1,885	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20		1,861
		NII Capital Corp.,
	4,644	7.625%, 04/01/21		1,962
	765	8.875%, 12/15/19		356
	10	10.000%, 08/15/16		6
	1,065	Nortek, Inc., 8.500%, 04/15/21		1,177
	3,279	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		3,639
		NRG Energy, Inc.,
	600	6.250%, 07/15/22 (e)		602
	2,266	6.625%, 03/15/23		2,314
	5,245	7.625%, 01/15/18		5,901
	2,236	7.875%, 05/15/21		2,443
	1,000	8.250%, 09/01/20		1,092
	1,337	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,307
	1,100	Oasis Petroleum, Inc., 6.875%, 03/15/22 (e)		1,166
	400	Ocean Rig UDW, Inc., Reg. S., 9.500%, 04/27/16 (e)		423
		Oil States International, Inc.,
	286	5.125%, 01/15/23		320
	2,045	6.500%, 06/01/19		2,163
	1,325	Olin Corp., 5.500%, 08/15/22		1,342
	602	Omnicare, Inc., 7.750%, 06/01/20		661
	905	OMNOVA Solutions, Inc., 7.875%, 11/01/18		973
	610	Oppenheimer Holdings, Inc., 8.750%, 04/15/18		651
	2,000	Oshkosh Corp., 8.500%, 03/01/20		2,195
	3,715	PAETEC Holding Corp., 9.875%, 12/01/18		4,105
	440	Par Pharmaceutical Cos., Inc., 7.375%, 10/15/20		464
		Parker Drilling Co.,
	1,050	6.750%, 07/15/22 (e)		1,074
	660	7.500%, 08/01/20 (e)		693
	5,521	Party City Holdings, Inc., 8.875%, 08/01/20		6,142
	667	PC Nextco Holdings LLC/PC Nextco Finance, Inc., PIK, 9.500%, 08/15/19 (e)		687
		Peabody Energy Corp.,
	410	6.000%, 11/15/18		437
	7,555	6.250%, 11/15/21		7,630
	114	Penn National Gaming, Inc., 5.875%, 11/01/21 (e)		110

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	370	Penske Automotive Group, Inc., 5.750%, 10/01/22		381
		Petrohawk Energy Corp.,
	750	7.250%, 08/15/18		803
	200	7.875%, 06/01/15		204
	750	10.500%, 08/01/14		750
	600	PetroLogistics LP/PetroLogistics Finance Corp., 6.250%, 04/01/20 (e)		604
	325	PHI, Inc., 8.625%, 10/15/18		350
	3,315	Pilgrim’s Pride Corp., 7.875%, 12/15/18		3,593
	1,110	Pioneer Energy Services Corp., 9.875%, 03/15/18		1,175
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		501
	231	7.500%, 01/15/20		287
	689	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		744
		Plains Exploration & Production Co.,
	9,663	6.500%, 11/15/20		10,593
	1,309	6.750%, 02/01/22		1,435
	588	6.875%, 02/15/23		650
	4,127	Polymer Group, Inc., 7.750%, 02/01/19		4,375
		PolyOne Corp.,
	2,611	5.250%, 03/15/23		2,546
	1,739	7.375%, 09/15/20		1,913
		Post Holdings, Inc.,
	917	6.750%, 12/01/21 (e)		960
	7,100	7.375%, 02/15/22		7,553
	4,365	PPL Capital Funding, Inc., VAR, 6.700%, 03/30/67		4,409
		Prestige Brands, Inc.,
	775	5.375%, 12/15/21 (e)		775
	136	8.125%, 02/01/20		152
	150	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		168
	385	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		380
		Prudential Financial, Inc.,
	20,145	VAR, 5.200%, 03/15/44		19,379
	18,735	VAR, 5.625%, 06/15/43		18,739
	17,685	VAR, 5.875%, 09/15/42		18,127
	196	PVR Partners LP/Penn Virginia Resource Finance Corp. II, 6.500%, 05/15/21 (e)		205
		QEP Resources, Inc.,
	769	5.250%, 05/01/23		733
	3,625	5.375%, 10/01/22		3,507
	1,871	6.875%, 03/01/21		2,016
	360	Quiksilver, Inc./QS Wholesale, Inc., 7.875%, 08/01/18 (e)		391
		QVC, Inc.,
	200	5.125%, 07/02/22		203
	1,005	7.375%, 10/15/20 (e)		1,090
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		221
	1,567	7.750%, 02/15/31		1,516
	375	Qwest Corp., 7.250%, 09/15/25		410
		R.R. Donnelley & Sons Co.,
	720	6.500%, 11/15/23		723
	765	7.000%, 02/15/22		815
	665	7.875%, 03/15/21		738
	3,220	Radiation Therapy Services, Inc., 8.875%, 01/15/17		3,333
	465	Radio One, Inc., 9.250%, 02/15/20 (e)		474
	1,750	Radio Systems Corp., 8.375%, 11/01/19 (e)		1,927
		Rain CII Carbon LLC/CII Carbon Corp.,
	1,250	8.000%, 12/01/18 (e)		1,312
	865	8.250%, 01/15/21 (e)		887
		Range Resources Corp.,
	569	5.000%, 08/15/22		564
	427	5.000%, 03/15/23		422
	10	6.750%, 08/01/20		11
	720	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		729
	131	Real Mex Restaurants, Inc., 11.000%, 03/15/14 (i)		131
	4,015	Realogy Group LLC, 7.625%, 01/15/20 (e)		4,487
	275	Regal Cinemas Corp., 8.625%, 07/15/19		294
		Regal Entertainment Group,
	1,200	5.750%, 06/15/23		1,182
	315	5.750%, 02/01/25		299
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	292	4.500%, 11/01/23		266
	2,245	5.500%, 04/15/23		2,189
	1,145	6.500%, 07/15/21 (m)		1,217
	855	Regions Bank, 7.500%, 05/15/18		1,008
	165	Resolute Forest Products, Inc., 5.875%, 05/15/23 (e)		158
	600	Revlon Consumer Products Corp., 5.750%, 02/15/21		594
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	9,310	5.750%, 10/15/20		9,520
	800	6.875%, 02/15/21		859

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	2,100	7.125%, 04/15/19		2,221
	2,400	7.875%, 08/15/19		2,640
	3,625	8.500%, 05/15/18		3,806
	10,050	9.000%, 04/15/19		10,716
	12,032	9.875%, 08/15/19		13,295
	2,510	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/21		2,466
		Rite Aid Corp.,
	910	6.750%, 06/15/21		960
	950	9.250%, 03/15/20		1,084
	2,250	10.250%, 10/15/19		2,489
	1,011	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		1,102
	1,007	ROC Finance LLC/ROC Finance 1 Corp., 12.125%, 09/01/18 (e)		1,022
	1,070	Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10.000%, 06/01/20 (e)		1,201
		Rosetta Resources, Inc.,
	1,680	5.625%, 05/01/21		1,676
	1,644	5.875%, 06/01/22		1,631
	775	Ryerson, Inc./Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		839
	320	Sabine Oil & Gas LLC/Sabine Oil & Gas Finance Corp., 9.750%, 02/15/17		333
		Sabine Pass Liquefaction LLC,
	1,337	5.625%, 02/01/21 (e)		1,333
	7,379	5.625%, 04/15/23 (e)		7,010
	1,113	6.250%, 03/15/22 (e)		1,116
	8,170	Sabre, Inc., 8.500%, 05/15/19 (e)		9,007
	655	Salix Pharmaceuticals Ltd., 6.000%, 01/15/21 (e)		683
		Sally Holdings LLC/Sally Capital, Inc.,
	2,000	5.750%, 06/01/22		2,030
	1,500	6.875%, 11/15/19		1,650
	3,005	Samson Investment Co., 10.500%, 02/15/20 (e)		3,305
		SandRidge Energy, Inc.,
	4,425	7.500%, 03/15/21		4,591
	500	8.125%, 10/15/22		523
	2,991	SBA Telecommunications, Inc., 5.750%, 07/15/20		3,111
		Sealed Air Corp.,
	433	5.250%, 04/01/23 (e)		427
	600	6.500%, 12/01/20 (e)		646
	4,785	8.375%, 09/15/21 (e)		5,467
	500	Sears Holdings Corp., 6.625%, 10/15/18		451
	562	SemGroup Corp., 7.500%, 06/15/21 (e)		599
	2,395	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		2,359
	2,106	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		2,264
	9,642	Serta Simmons Holdings LLC, 8.125%, 10/01/20 (e)		10,437
		Service Corp. International,
	176	5.375%, 01/15/22 (e)		178
	680	6.750%, 04/01/16		741
	2,842	7.000%, 05/15/19		3,027
	2,000	7.500%, 04/01/27		2,115
	700	7.625%, 10/01/18		807
	1,240	8.000%, 11/15/21		1,423
	850	SESI LLC, 7.125%, 12/15/21		937
	408	Shearer’s Foods LLC/Chip Fin Corp., 9.000%, 11/01/19 (e)		443
	1,025	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		1,117
		Sinclair Television Group, Inc.,
	4,579	5.375%, 04/01/21		4,533
	2,730	6.125%, 10/01/22		2,758
	520	6.375%, 11/01/21		538
	435	8.375%, 10/15/18		470
		Sirius XM Holdings, Inc.,
	7,847	4.250%, 05/15/20 (e)		7,327
	347	4.625%, 05/15/23 (e)		310
	165	5.250%, 08/15/22 (e)		171
	1,000	5.750%, 08/01/21 (e)		999
	485	5.875%, 10/01/20 (e)		490
		Sitel LLC/Sitel Finance Corp.,
	666	11.000%, 08/01/17 (e)		706
	805	11.500%, 04/01/18		761
	1,230	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		1,218
		SM Energy Co.,
	960	5.000%, 01/15/24 (e)		902
	2,225	6.500%, 11/15/21		2,370
	925	6.500%, 01/01/23		962
	2,093	6.625%, 02/15/19		2,213
		Smithfield Foods, Inc.,
	2,525	5.250%, 08/01/18 (e)		2,629
	2,775	7.750%, 07/01/17		3,209
		Spectrum Brands, Inc.,
	1,520	6.375%, 11/15/20		1,615
	2,333	6.625%, 11/15/22		2,482

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	1,775	6.750%, 03/15/20		1,908
		Sprint Capital Corp.,
	1,059	6.900%, 05/01/19		1,144
	15,404	8.750%, 03/15/32		16,675
		Sprint Communications, Inc.,
	1,115	6.000%, 12/01/16		1,207
	2,300	6.000%, 11/15/22		2,260
	1,750	7.000%, 03/01/20 (e)		1,973
	4,335	7.000%, 08/15/20		4,671
	350	8.375%, 08/15/17		404
	14,845	9.000%, 11/15/18 (e)		17,925
	305	11.500%, 11/15/21		400
		Sprint Corp.,
	958	7.125%, 06/15/24 (e)		963
	8,253	7.250%, 09/15/21 (e)		8,892
	3,953	7.875%, 09/15/23 (e)		4,220
		Standard Pacific Corp.,
	315	8.375%, 05/15/18		369
	1,275	8.375%, 01/15/21		1,493
	319	10.750%, 09/15/16		387
	1,525	Station Casinos LLC, 7.500%, 03/01/21		1,624
		Steel Dynamics, Inc.,
	640	5.250%, 04/15/23		646
	330	6.125%, 08/15/19		361
	330	6.375%, 08/15/22		360
	850	7.625%, 03/15/20		920
	95	Stewart Enterprises, Inc., 6.500%, 04/15/19		100
	2,672	Stone Energy Corp., 7.500%, 11/15/22		2,819
	114	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 08/01/21		125
	391	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 7.500%, 07/01/21 (e)		416
		SunGard Data Systems, Inc.,
	994	6.625%, 11/01/19		1,041
	2,750	7.375%, 11/15/18		2,915
	2,962	7.625%, 11/15/20		3,255
	1,906	SUPERVALU, Inc., 8.000%, 05/01/16		2,101
		Swift Energy Co.,
	450	7.125%, 06/01/17		459
	1,176	7.875%, 03/01/22		1,200
	929	8.875%, 01/15/20		989
	772	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		793
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	850	5.250%, 05/01/23		822
	218	6.375%, 08/01/22		230
	655	6.875%, 02/01/21		699
	116	7.875%, 10/15/18		125
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	557	5.250%, 04/15/21 (e)		542
	497	7.750%, 04/15/20 (e)		544
	801	Teekay Corp., 8.500%, 01/15/20		886
	1,575	Tempur Sealy International, Inc., 6.875%, 12/15/20		1,723
		Tenet Healthcare Corp.,
	571	4.500%, 04/01/21		553
	11,350	4.750%, 06/01/20		11,322
	4,329	6.000%, 10/01/20 (e)		4,556
	510	6.250%, 11/01/18		564
	3,050	6.750%, 02/01/20		3,187
	8,898	8.000%, 08/01/20		9,721
	2,275	8.125%, 04/01/22		2,483
		Terex Corp.,
	5,435	6.000%, 05/15/21		5,639
	2,200	6.500%, 04/01/20		2,359
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	4,490	5.875%, 10/01/20 (e)		4,602
	1,000	6.125%, 10/15/21		1,028
	550	Time Warner Cable, Inc., 6.750%, 07/01/18		621
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18 (e)		628
	900	6.125%, 01/15/22		920
	405	6.464%, 04/28/19		426
	360	6.500%, 01/15/24		368
	5,155	6.633%, 04/28/21		5,426
	5,283	6.731%, 04/28/22		5,547
	511	6.836%, 04/28/23		533
	1,635	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17 (e)		1,786
	1,300	Toys R Us, Inc., 7.375%, 09/01/16 (e)		1,137
		TransDigm, Inc.,
	480	5.500%, 10/15/20		475
	500	7.750%, 12/15/18		535
	548	TransUnion Holding Co., Inc., 8.875%, 06/15/18		577
	35	Triumph Group, Inc., 8.625%, 07/15/18		37
	1,665	Tronox Finance LLC, 6.375%, 08/15/20		1,686
	2,375	Tutor Perini Corp., 7.625%, 11/01/18		2,535
	330	U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25		328

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — Continued
		United States — Continued
	1,755	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		1,720
	500	U.S. Concrete, Inc., 8.500%, 12/01/18 (e)		529
	502	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		543
	157	UAL 2009-2B Pass-Through Trust, 12.000%, 01/15/16 (e)		178
	2,100	UCI International, Inc., 8.625%, 02/15/19		2,068
	1,010	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		1,060
	4,380	Unit Corp., 6.625%, 05/15/21		4,599
		United Rentals North America, Inc.,
	274	5.750%, 07/15/18		293
	1,875	6.125%, 06/15/23		1,945
	435	7.375%, 05/15/20		482
	9,427	7.625%, 04/15/22		10,605
	5,355	8.250%, 02/01/21		6,011
	2,725	8.375%, 09/15/20		3,025
	235	9.250%, 12/15/19		259
	4,112	United Surgical Partners International, Inc., 9.000%, 04/01/20		4,595
	1,300	Universal Health Services, Inc., 7.000%, 10/01/18		1,384
		Univision Communications, Inc.,
	2,000	5.125%, 05/15/23 (e)		1,990
	4,460	6.750%, 09/15/22 (e)		4,895
	750	7.875%, 11/01/20 (e)		825
	750	8.500%, 05/15/21 (e)		823
		USG Corp.,
	371	5.875%, 11/01/21 (e)		390
	37	7.875%, 03/30/20 (e)		42
	2,920	Vail Resorts, Inc., 6.500%, 05/01/19		3,088
	970	Valassis Communications, Inc., 6.625%, 02/01/21		985
		Valeant Pharmaceuticals International, Inc.,
	3,355	6.375%, 10/15/20 (e)		3,582
	2,765	6.750%, 10/01/17 (e)		2,941
	5,350	6.750%, 08/15/21 (e)		5,711
	550	6.875%, 12/01/18 (e)		587
	6,000	7.000%, 10/01/20 (e)		6,465
	500	7.250%, 07/15/22 (e)		545
	660	Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		698
	626	Viasystems, Inc., 7.875%, 05/01/19 (e)		670
	1,090	Victor Technologies Group, Inc., 9.000%, 12/15/17		1,168
	2,520	Visteon Corp., 6.750%, 04/15/19		2,652
		Vulcan Materials Co.,
	355	6.500%, 12/01/16		403
	7,380	7.500%, 06/15/21		8,524
		VWR Funding, Inc.,
	1,130	7.250%, 09/15/17		1,204
	150	10.750%, 06/30/17 (e)		152
	2,380	W&T Offshore, Inc., 8.500%, 06/15/19		2,547
	1,110	Walter Investment Management Corp., 7.875%, 12/15/21 (e)		1,124
	1,176	WCI Communities, Inc., 6.875%, 08/15/21 (e)		1,176
	2,206	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		2,256
	386	Western Refining, Inc., 6.250%, 04/01/21		393
		Whiting Petroleum Corp.,
	1,750	5.000%, 03/15/19		1,798
	6,700	5.750%, 03/15/21		7,035
		Windstream Corp.,
	282	6.375%, 08/01/23		262
	3,924	7.750%, 10/15/20		4,160
	12,465	7.750%, 10/01/21		13,088
	75	8.125%, 09/01/18		80
	3,493	WMG Acquisition Corp., 6.000%, 01/15/21 (e)		3,615
	795	Wok Acquisition Corp., 10.250%, 06/30/20 (e)		864
		WPX Energy, Inc.,
	835	5.250%, 01/15/17		895
	9,635	6.000%, 01/15/22		9,587
		Zayo Group LLC/Zayo Capital, Inc.,
	586	8.125%, 01/01/20		648
	1,710	10.125%, 07/01/20		1,979
				2,031,953
		Venezuela — 0.1%
	5,780	Petroleos de Venezuela S.A., Reg. S., 8.500%, 11/02/17		4,485
		Total Corporate Bonds (Cost 2,331,214)		2,391,032
	Foreign Government Securities — 2.8%
		Argentina — 0.1%
	738	City of Buenos Aires, Reg. S., 12.500%, 04/06/15		716
		Provincia de Buenos Aires,
	2,899	Reg. S., 10.875%, 01/26/21		2,157
	3,362	Reg. S., 11.750%, 10/05/15		2,951
	1,140	Republic of Argentina, 8.280%, 12/31/33		707
				6,531

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Aruba — 0.1%
	5,290	Government of Aruba, 4.625%, 09/14/23 (e)		4,973
		Brazil — 0.2%
	10,805	Citigroup, Inc., CLN, 0.000%, 01/03/17 (linked to Federal Republic of Brazil, 0.000%, 01/01/17; credit rating BBB) (i)		7,451
	11,000	Federal Republic of Brazil, 11.000%, 08/17/40		12,485
				19,936
		Colombia — 0.0% (g)
	650	Republic of Colombia, 6.125%, 01/18/41		686
		Costa Rica — 0.1%
	7,250	Republic of Costa Rica, Reg. S., 9.995%, 08/01/20		9,063
		Croatia — 0.0% (g)
		Republic of Croatia,
	550	Reg. S., 6.250%, 04/27/17		581
	1,800	Reg. S., 6.750%, 11/05/19		1,921
				2,502
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	1,465	9.040%, 01/23/18 (e)		1,596
	9,537	Reg. S., 9.040%, 01/23/18		10,395
				11,991
		El Salvador — 0.0% (g)
	2,930	Republic of El Salvador, Reg. S., 7.750%, 01/24/23		3,076
		Ghana — 0.1%
	5,850	Republic of Ghana, Reg. S., 8.500%, 10/04/17		6,055
	1,370	Standard Bank plc, CLN, 21.000%, 10/28/15 (linked to Government of Ghana 3-Year Bond, 21.000%, 10/26/15; credit rating B) (a) (e) (i)		1,095
				7,150
		Honduras — 0.0% (g)
	960	Republic of Honduras, 8.750%, 12/16/20 (e)		984
		Hungary — 0.1%
		Republic of Hungary,
	2,430	5.750%, 11/22/23		2,432
	2,524	6.375%, 03/29/21		2,708
	7,192	7.625%, 03/29/41		7,623
				12,763
		Indonesia — 0.2%
		Republic of Indonesia,
	700	5.875%, 01/15/24 (e)		713
	810	6.750%, 01/15/44 (e)		816
	11,342	Reg. S., 11.625%, 03/04/19		14,972
				16,501
		Iraq — 0.1%
	12,875	Republic of Iraq, Reg. S., 5.800%, 01/15/28		10,783
		Italy — 0.3%
		Republic of Italy,
EUR	4,000	4.250%, 03/01/20		5,847
EUR	4,400	4.500%, 05/01/23		6,344
EUR	2,300	4.750%, 08/01/23 (e)		3,382
EUR	4,900	4.750%, 09/01/28 (e)		7,045
				22,618
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya, 0.000%, 11/15/32; credit rating B+) (i)		663
		Nigeria — 0.1%
	6,100	Citigroup, Inc., CLN, 16.390%, 01/31/22 (linked to Republic of Nigeria Treasury 10-Year Bond, 16.390%, 01/27/22; credit rating BB-) (a) (e) (i)		5,554
		Philippines — 0.1%
		Republic of Philippines,
	410	4.200%, 01/21/24		415
	5,040	10.625%, 03/16/25		7,749
				8,164
		Portugal — 0.1%
		Portugal Obrigacoes do Tesouro OT,
EUR	1,800	3.350%, 10/15/15 (e)		2,488
EUR	800	4.200%, 10/15/16 (e)		1,126
EUR	1,500	4.350%, 10/16/17 (e)		2,106
EUR	1,682	4.750%, 06/14/19 (e)		2,344
				8,064
		Romania — 0.2%
	13,100	Republic of Romania, 6.750%, 02/07/22 (e)		14,787
		Russia — 0.2%
		Russian Federation,
	800	5.875%, 09/16/43 (e)		791
	10,590	Reg. S., 12.750%, 06/24/28		17,791
				18,582
		Serbia — 0.1%
	9,990	Republic of Serbia, Reg. S., 7.250%, 09/28/21		10,477

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Slovenia — 0.1%
	4,100	Slovenia Government International Bond, Reg. S., 4.750%, 05/10/18		4,172
		South Africa — 0.0% (g)
	2,000	Republic of South Africa, 5.875%, 09/16/25		2,045
	500	South Africa Government International Bond, 5.875%, 09/16/25		511
				2,556
		Spain — 0.3%
		Kingdom of Spain,
EUR	4,500	4.000%, 04/30/20		6,512
EUR	4,250	4.850%, 10/31/20		6,386
EUR	10,050	Spain Government Bond, 5.400%, 01/31/23 (e)		15,441
				28,339
		Sri Lanka — 0.0% (g)
		Republic of Sri Lanka,
	760	Reg. S., 5.875%, 07/25/22		722
	680	Reg. S., 6.250%, 10/04/20		682
				1,404
		Turkey — 0.1%
		Republic of Turkey,
	2,500	6.000%, 01/14/41		2,231
	1,750	6.250%, 09/26/22		1,796
				4,027
		Ukraine — 0.0% (g)
	2,430	Republic of Ukraine, 9.250%, 07/24/17 (e)		2,278
		Uruguay — 0.0% (g)
		Republic of Uruguay,
	1,280	7.625%, 03/21/36		1,555
	1,230	8.000%, 11/18/22		1,525
				3,080
		Venezuela — 0.1%
		Republic of Venezuela,
	4,820	7.650%, 04/21/25		2,808
	5,710	Reg. S., 12.750%, 08/23/22		4,668
				7,476
		Total Foreign Government Securities     (Cost 253,369)		249,180
	Loan Assignments — 1.2%
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18		669
		United States — 1.2%
	1,358	Alcatel-Lucent USA, Inc., U.S. Term Loan, VAR, 5.750%, 01/30/19		1,370
		Alliance Healthcare Services, Inc., Term Loan,
	70	VAR, 4.250%, 06/03/19		70
	176	VAR, 4.250%, 06/03/19		176
	211	VAR, 4.250%, 06/03/19		211
	229	VAR, 4.250%, 06/03/19		229
	246	VAR, 4.250%, 06/03/19		246
	257	VAR, 4.250%, 06/03/19		256
	282	VAR, 4.250%, 06/03/19		281
	187	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		193
		Altice Financing S.A., Term Loan,
	693	VAR, 5.500%, 07/02/19 ^		705
	180	VAR, 5.500%, 07/02/19 ^		183
	109	VAR, 5.500%, 07/02/19		111
	94	VAR, 5.500%, 07/02/19 ^		95
	450	American Casino & Entertainment Properties LLC, 2nd Lien Term Loan, VAR, 11.250%, 01/03/20		466
	647	American Casino & Entertainment Properties LLC, Term Loan, VAR, 6.000%, 07/03/19		655
		Aot Holdings Ltd., 1st Lien Senior Secured Term Loan,
	35	VAR, 4.250%, 10/01/19		35
	37	VAR, 4.250%, 10/01/19		38
	43	VAR, 4.250%, 10/01/19		44
	43	VAR, 4.250%, 10/01/19		43
	167	VAR, 4.250%, 10/01/19		169
	324	VAR, 4.250%, 10/01/19		326
	447	VAR, 4.250%, 10/01/19		450
		Aptalis Pharma, Inc., Term B Loan,
	2,394	VAR, 6.000%, 10/02/20		2,400
	2,594	VAR, 6.000%, 10/02/20		2,600
	1,135	Arch Coal, Inc., Term Loan, VAR, 6.250%, 05/16/18		1,124
		Attachmate Corp., 1st Lien Term Loan,
	93	VAR, 7.250%, 11/22/17		94
	795	VAR, 7.250%, 11/22/17		806
		Autoparts Holdings Ltd., Term Loan,
	79	VAR, 6.500%, 07/29/17		79
	40	VAR, 6.500%, 07/29/17		40
	911	Avaya, Inc., Term Loan B3 Extending Tranche, VAR, 4.736%, 10/26/17		889
	395	Avaya, Inc., Term Loan B5, VAR, 8.000%, 03/31/18		399

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
	254	AZ Chem U.S., Inc., Term Loan, VAR, 5.250%, 12/22/17		256
	278	BMC Software Finance, Inc., Initial U.S. Term Loan, VAR, 5.000%, 09/10/20 ^		278
	4,251	Caesars Entertainment Operating Co., Inc.,(FKA Harrahs), Extended B-6 Term Loan, VAR, 5.489%, 01/28/18		4,085
		Carestream Health, Inc., Term Loan,
	15	VAR, 5.000%, 06/07/19		15
	326	VAR, 5.000%, 06/07/19		331
	246	Catalent Pharma Solutions, Inc., Dollar Term-2 Loan, VAR, 4.250%, 09/15/17		247
	242	Catalent Pharma Solutions, Inc., Extended Dollar Term - 1 Loan, VAR, 3.660%, 09/15/16		243
	459	CCM Merger, Inc., Term Loan, VAR, 5.000%, 03/01/17		465
	636	CDW Corp., Term Loan, VAR, 3.250%, 04/29/20		637
	186	Ceridian Corp., 2013 New Replacement U.S. Term Loan, VAR, 4.408%, 05/09/17		186
	1,473	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		1,476
		Cincinnati Bell, Inc., Tranche B Term Loan,
	187	VAR, 4.000%, 09/10/20		188
	188	VAR, 4.000%, 09/10/20		189
	188	VAR, 4.000%, 09/10/20		189
	2,076	Clear Channel Communications, Inc., Term Loan B, VAR, 3.809%, 01/29/16		2,022
	3,107	Clear Channel Communications, Inc., Term Loan D, VAR, 6.909%, 01/23/19		3,013
	1,873	Clear Channel Communications, Inc., Tranche E Term Loan, VAR, 7.659%, 07/30/19		1,865
	1,207	Cricket Communications, Inc., (Leap Wireless International), Term Loan C, VAR, 4.750%, 03/08/20		1,208
	151	Cristal Inorganic Chemicals U.S., Inc., (Millennium), 2nd Lien, VAR, 5.997%, 11/15/14		151
	2,107	Dell International LLC, Term B Loan, VAR, 4.500%, 04/29/20		2,096
		Dole Food Co., Inc., Tranche B Term Loan,
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	233	VAR, 4.500%, 11/01/18		235
	117	VAR, 4.500%, 11/01/18		118
	279	Ducommun, Inc., Term Loan, VAR, 4.750%, 06/28/17		280
	938	DuPont Performance, (Axalta), Term Loan, VAR, 4.7 +0%, 02/01/20		946
		Entercom Radio LLC, Term B-2 Loan,
	18	VAR, 4.000%, 11/23/18		18
	21	VAR, 4.000%, 11/23/18		21
	176	VAR, 4.000%, 11/23/18		178
	825	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		835
	2,160	Fieldwood Energy LLC, Closing Date Loan, 2nd Lien, VAR, 8.375%, 09/30/20		2,218
	1,400	First Data Corp., Extended 2018 Dollar, Term Loan, VAR, 4.158%, 03/23/18		1,399
	680	Freescale Semiconductor, Inc., Term Loan B, VAR, 5.000%, 03/01/20		685
	599	Freescale Semiconductor, Inc., Term Loan B5, VAR, 5.000%, 01/15/21		606
	873	Go Daddy Group, Inc. (The), Term Loan B, VAR, 4.000%, 12/17/18		876
	400	Graton Economic Development Authority, Closing Date Term Loan B, VAR, 9.000%, 08/22/18		421
		Gymboree Corp. (The), Initial Term Loan (A & R),
	4,421	VAR, 5.000%, 02/23/18		3,999
	118	VAR, 5.000%, 02/23/18		107
	2,750	H. J. Heinz Co., Term B-2 Loan, VAR, 3.500%, 06/05/20 ^		2,776
		High Liner Foods, Inc., Term Loan,
	6	VAR, 4.750%, 12/19/17		6
	255	VAR, 4.750%, 12/19/17		255
		Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Initial Term Loan,
	579	VAR, 3.750%, 10/26/20		582
	211	VAR, 3.750%, 10/26/20		212
	273	Hubbard Radio LLC, 1st Lien Term Loan B, VAR, 4.500%, 04/29/19		274
		Integra Telecom Holdings, Inc., Term Loan,
	119	VAR, 5.250%, 02/22/19		121
	121	VAR, 5.250%, 02/22/19		122
	474	Interactive Data Corp., Term Loan, VAR, 3.750%, 02/11/18		476
	350	Intrawest Operations Group LLC, Initial Term Loan, VAR, 5.500%, 12/09/20		355

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
	890	inVentiv Health, Inc., Consolidated Term Loan, VAR, 7.500%, 08/04/16		887
	2,239	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		2,169
	332	Jacobs Entertainment, Inc., Tranche B Loan, VAR, 6.250%, 10/29/18		332
	464	McGraw-Hill Education, Term B Loan, VAR, 9.000%, 03/22/19		472
	411	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		414
	560	Mohegan Tribal Gaming Authority, Term B Loan, VAR, 5.500%, 11/19/19		569
	942	Navios Maritime Partners L.P., Term Loan, VAR, 5.250%, 06/27/18		960
	2	Noranda Aluminum Holding Corp., Term B Loan, VAR, 5.750%, 02/28/19 ^		2
	274	OCI Beaumont, Term B-2 Loan, VAR, 6.250%, 08/20/19		279
	165	Ozburn-Hessey Logistics LLC, Term Loan, VAR, 6.750%, 05/22/19		166
		Pinnacle Foods Finance LLC, 1st Lien Term Loan G,
	13	VAR, 3.250%, 04/29/20		13
	6,970	VAR, 3.250%, 04/29/20 ^		6,977
	5	VAR, 3.250%, 04/29/20 ^		5
	191	Quikrete Holdings, Inc., Initial Loan 2nd Lien, VAR, 7.000%, 03/26/21		195
		R.H. Donnelley, Inc., Exit Term Loan,
	523	VAR, 9.750%, 12/31/16 ^		324
	452	VAR, 9.750%, 12/31/16 ^		280
	972	Radio One, Inc., Term Loan, VAR, 7.500%, 03/31/16		994
	99	Realogy Corp., Extended Synthetic Commitments, VAR, 4.428%, 10/10/16		100
	947	Remy International, Inc., Term Loan, VAR, 4.250%, 02/28/20		951
		Reynolds Group Holdings, Inc., Incramental U.S. Term Loan,
	73	VAR, 4.000%, 12/01/18		74
	119	VAR, 4.000%, 12/01/18		120
	139	VAR, 4.000%, 12/01/18		140
	320	Rice Energy LLC, Term Loan, VAR, 8.500%, 10/25/18		326
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		403
	2,125	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,159
	1,167	ROC Finance LLC/ROC Finance 1 Corp., Term Loan, VAR, 5.000%, 06/20/19		1,139
	1,418	RP Crown Parent, LLC, 1st Lien Term Loan, VAR, 6.000%, 12/21/18		1,431
	1,217	Sabine Oil & Gas (NFR Energy), Term Loan, VAR, 8.750%, 12/31/18		1,232
	1,630	Sears Roebuck Acceptance Corp., (KMART Corp.), Term Loan, VAR, 5.500%, 06/30/18		1,632
	819	Shingle Springs Tribal Gaming Authority, Term B Loan, VAR, 6.250%, 08/29/19		833
	277	Sourcehov LLC, 2nd Lien Term Loan, VAR, 8.750%, 04/30/19		280
	253	St. George’s University, Term Loan, VAR, 8.500%, 12/20/17		255
	563	Stallion Oilfield Holdings, Inc., Term Loan B, VAR, 8.000%, 06/19/18		573
	1,241	Station Casinos LLC, Term Loan, VAR, 5.000%, 03/01/20		1,252
	640	Summit Materials LLC, Term Loan, VAR, 5.000%, 01/30/19		645
	3,241	SUPERVALU, Inc., Term Loan B, VAR, 5.000%, 03/21/19		3,259
	1,460	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		1,466
	513	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		515
		Texas Competitive Electric Holdings Co. LLC, Extended Term Loan,
	277	VAR, 4.662%, 10/10/17		193
	1,216	VAR, 4.738%, 10/10/17		845
	730	VAR, 4.738%, 10/10/17		508
		Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan,
	149	VAR, 3.661%, 10/10/14		105
	672	VAR, 3.739%, 10/10/14		472
	402	VAR, 3.739%, 10/10/14		282
	1,200	Tribune Co., Initial Term Loan, VAR, 4.000%, 12/27/20 ^		1,197
		Tronox Ltd., Term Loan,
	186	VAR, 4.500%, 03/19/20		188
	161	VAR, 4.500%, 03/19/20		163
	970	UCI International, Inc., Term Loan, VAR, 5.500%, 07/26/17		975
	447	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		448
	1,987	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,998
	668	Vantage Energy LLC, 2nd Lien Term Loan, VAR, 8.500%, 12/20/18		670

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — Continued
		United States — Continued
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 14.000%, 12/21/15 (d) (i)		13
	6,746	Visant Corp., Tranche B Term Loans, VAR, 5.250%, 12/22/16		6,668
	1,311	Wabash National Corp., Initial Term Loan, VAR, 4.500%, 05/08/19		1,318
	807	Walter Investment Management Corp., Tranche B Term Loan, VAR, 4.750%, 12/18/20		812
	771	WildHorse Resources LLC, Term Loan, VAR, 7.500%, 12/13/18		779
	499	WMG Acquisition Corp., Tranche B Term Loan, VAR, 3.750%, 07/01/20		500
				105,411
		Total Loan Assignments     (Cost 106,041)		106,080
	Preferred Securities — 4.5% (x)
		Bermuda — 0.0% (g)
	1,650	Catlin Insurance Co., Ltd., VAR, 7.249%, 01/19/17 (e)		1,704
		France — 0.2%
	495	Credit Agricole S.A., VAR, 7.875%, 01/23/24 (e)		504
		Electricite de France,
	8,035	VAR, 5.250%, 01/29/23 (e)		7,764
	10,240	VAR, 5.625%, 01/22/24 (e)		9,958
	968	Societe Generale S.A., VAR, 7.875%, 12/18/23 (e)		981
				19,207
		Sweden — 0.0% (g)
	735	Skandinaviska Enskilda Banken AB, VAR, 5.471%, 03/23/15 (e)		752
		Switzerland — 0.0% (g)
	250	Credit Suisse Group AG, VAR, 7.500%, 12/11/23 (e)		263
		United Kingdom — 0.1%
	2,590	Swiss Re Capital I LP, VAR, 6.854%, 05/25/16 (e)		2,771
		United States — 4.2%
		Bank of America Corp.,
	32,790	VAR, 5.200%, 06/01/23		29,364
	26,044	Series K, VAR, 8.000%, 01/30/18		28,813
	15,115	VAR, 8.125%, 05/15/18		16,817
	5,345	Bank of New York Mellon Corp. (The), VAR, 4.500%, 06/20/23		4,824
		Citigroup, Inc.,
	39,250	VAR, 5.350%, 05/15/23		34,756
	34,616	VAR, 5.950%, 01/30/23		33,058
	17,625	Fifth Third Bancorp, VAR, 5.100%, 06/30/23		15,554
		General Electric Capital Corp.,
	27,000	VAR, 5.250%, 06/15/23		25,547
	37,200	VAR, 6.250%, 12/15/22		38,781
		Goldman Sachs Capital II,
	18,920	VAR, 4.000%, 03/06/14		14,167
	9,595	VAR, 4.000%, 03/06/14		7,184
		PNC Financial Services Group, Inc. (The),
	14,665	VAR, 4.850%, 06/01/23		13,272
	27,788	VAR, 6.750%, 08/01/21		29,247
	5,945	UBS Preferred Funding Trust V, VAR, 6.243%, 05/15/16		6,316
		Wachovia Capital Trust III,
	20,415	VAR, 5.570%, 03/06/14		19,088
	43,325	Wells Fargo & Co., VAR, 7.980%, 03/15/18		48,849
				365,637
		Total Preferred Securities     (Cost 404,450)		390,334
SHARES
	Preferred Stocks — 2.4%
		Brazil — 0.1%
	627	Banco Bradesco S.A (Preference Shares) (m)		6,792
		Cayman Islands — 0.0% (g)
	3	XLIT Ltd., Series D, VAR, 3.359%, 03/03/14 (a) @		2,841
		Luxembourg — 0.1%
	300	ArcelorMittal, 6.000%, 01/15/16 (a)		7,319
		United States — 2.2%
	3	Ally Financial, Inc., Series G, 7.000%, 03/05/14 ($1,000 par value) (e) @		3,031
	7	Bank of America Corp., Series L, 7.250%, 12/31/49 (a) @		8,297
	684	Bank of New York Mellon Corp. (The), 5200%, 09/20/17 ($25 par value) (a) @		14,615
	119	BB&T Corp., Series E, 5.625%, 08/01/17 ($25 par value) (a) @		2,562
	508	BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) (a) @		10,238
	52	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) (a) @		1,046
	117	Boston Properties, Inc., 5.250%, 03/27/18 ($25 par value) @		2,389

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — Continued
			United States — Continued
	1		Chesapeake Energy Corp., 5.750% ($1000 par value) (e) @		925
	—	(h)	Constar International, Inc. (Preference Shares) (a) (i)		—
	48		Crown Castle International Corp., 4.500%, 11/01/16 (a)		4,701
	562		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		13,409
	18		Dominion Resources, Inc., Series A, 6.125%, 04/01/16		989
	35		Dominion Resources, Inc., Series B, 6.000%, 07/01/16 (a)		1,978
	440		Duke Energy Corp., 5.125%, 01/15/73 (a)		9,434
	12		GMAC Capital Trust I, VAR, 8.125%, 02/15/40 (a)		329
	566		Goldman Sachs Group, Inc. (The), 5.950%, 11/10/17 ($25 par value) (a) @		12,611
	575		Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 @		13,282
	65		Hartford Financial Services Group, Inc., VAR, 7.875%, 04/15/42 (a)		1,912
	44		Health Care REIT, Inc., Series I, 6.500% (a) @		2,411
	28		iStar Financial, Inc., Series J, 4.500%, 03/15/18 ($50 par value) (a) @		1,890
	485		Morgan Stanley, VAR, 7.125%, 10/15/23 (a) @		12,639
	190		NextEra Energy, Inc., 5.799%, 09/01/16 (a) (m)		10,062
	1		Pitney Bowes International Holdings, Inc., 6.125%, 10/30/16 (a) (e) @		1,060
	158		PPL Corp., 8.750%, 05/01/14 (a)		8,151
	374		SCE Trust II, 5.100%, 03/15/18 ($25 par value) (a) @		7,376
	36		Stanley Black & Decker, Inc., 6.250%, 11/17/16 (a)		3,617
	682		State Street Corp., Series C, 5.250%, 09/15/17 ($25 par value) (a) @		15,036
	310		U.S. Bancorp, Series H, 5.150%, 07/15/18 (a) @		6,476
	73		United Technologies Corp., 7.500%, 08/01/15 (a)		4,723
	42		Vornado Realty Trust, Series G, 6.625%, 03/05/14 ($25 par value) (m) @		1,034
	10		Weingarten Realty Investors, Series F, 6.500%, 03/05/14 ($25 par value) (m) @		229
	9		Wells Fargo & Co., 7.500%, 12/31/49 @		10,905
	72		Weyerhaeuser Co., Series A, 6.375%, 07/01/16 (a)		3,871
					191,228
			Total Preferred Stocks     (Cost 221,682)		208,180
	U.S. Treasury Obligation — 0.1%
	8,105		U.S. Treasury Note, 0.250%, 01/31/15 (k) (Cost 8,114)		8,113
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Spain — 0.0% (g)
	48		ACS Actividades de Construccion y Servicios S.A., expiring 02/13/14 (a) (Cost —)		27
NUMBER OF WARRANTS
	Warrant — 0.0% (g)
			United States — 0.0% (g)
	1		General Maritime Corp., expiring 05/17/17 (Strike Price $1.00) (a) (i)		—
			Neebo, Inc., expiring 6/20/2019, (Strike
	1		Price $1.00) (a) (i)		—
			Total Warrants     (Cost -(h))		—
SHARES
	Short-Term Investment — 2.2%
			Investment Company — 2.2%
	195,174		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost 195,174)		195,174
			Total Investments — 99.4% (Cost 8,398,254)		8,735,944
			Other Assets in Excess of Liabilities — 0.6%		52,452
			NET ASSETS — 100.0%		8,788,396

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		7.4	%
Commercial Banks		7.2
Real Estate Investment Trusts (REITs)		5.4
Non-Agency CMO		5.3
Asset-Backed Securities		4.8
Diversified Telecommunication Services		4.8
Pharmaceuticals		4.6
Insurance		4.4
Diversified Financial Services		3.9
Media		3.6
Wireless Telecommunication Services		2.9
Foreign Government Securities		2.9
Hotels, Restaurants & Leisure		2.6
Chemicals		2.1
Metals & Mining		1.7
Electric Utilities		1.7
Specialty Retail		1.7
Semiconductors & Semiconductor Equipment		1.6
Capital Markets		1.6
Health Care Providers & Services		1.6
Automobiles		1.5
IT Services		1.3
Software		1.3
Communications Equipment		1.2
Food Products		1.1
Household Durables		1.1
Real Estate Management & Development		1.0
Food & Staples Retailing		1.0
Tobacco		1.0
Consumer Finance		1.0
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		13.5
Short-Term Investment		2.2

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	31	Euro STOXX 50 Index		03/21/14		1,261			(9	)
	11	FTSE 100 Index		03/21/14		1,168			(11	)
		Short Futures Outstanding
	(8,490)	5 Year U.S. Treasury Note		03/31/14		(1,024,106	)		(2,825	)
									(2,845	)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
650,000	EUR	Credit Suisse International	02/24/14		885		877		8
446,000	GBP	Westpac Banking Corp.	02/24/14		728		733		(5	)
37,532,520	HKD	Union Bank of Switzerland AG	02/05/14		4,834		4,834		—	(h)
					6,447		6,444		3

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CLN	—	Credit-Linked Notes. The credit ratings disclosed for the underlying referenced obligations provide an indication of the likelihood or risk that the underlying sovereign issuer will default on payment of principal or interest. The credit ratings on these securities represent the rating from a nationally recognized statistical rating organization and are as of January 31, 2014. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CMO	—	Collateralized Mortgage Obligation
CVA	—	Dutch Certification
EUR	—	Euro
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
HKD	—	Hong Kong Dollar
NVDR	—	Non Voting Depositary Receipt
PIK	—	Payment-in-Kind
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2014.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2014.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i) (k)	— —	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell. All or portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(x)	—	Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2014.
^	—	All or portion of the security is unsettled as of January 31, 2014. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of January 31, 2014.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately 2,372,885,000 and 27.2%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	538,226
Aggregate gross unrealized depreciation	(200,536	)
Net unrealized appreciation/depreciation	337,690
Federal income tax cost of investments	8,398,254

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers 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 such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its Fund, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at January 31, 2014.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	140,742	$	—	$	140,742
Austria		—		2,425		—		2,425
Belgium		—		30,217		—		30,217
Bermuda		4,207		1,852		—		6,059
Brazil		79,460		—		—		79,460
Canada		68,542		—		—		68,542
China		—		113,937		—		113,937
Denmark		39,605		2,475		—		42,080
Finland		—		45,438		—		45,438
France		—		239,750		—		239,750
Germany		—		137,287		—		137,287
Hong Kong		4,920		65,302		—		70,222
India		—		11,300		—		11,300
Indonesia		—		20,432		—		20,432
Ireland		30,410		—		—		30,410
Italy		—		59,440		—		59,440
Japan		—		234,134		—		234,134
Luxembourg		—		1,584		—		1,584
Malaysia		3,280		—		—		3,280
Mexico		8,087		—		—		8,087
Netherlands		—		89,344		—		89,344
Norway		—		27,953		—		27,953
Poland		—		10,295		—		10,295
Portugal		—		2,507		—		2,507
Qatar		10,953		—		—		10,953
Russia		9,608		38,929		—		48,537
Singapore		—		66,248		—		66,248
South Africa		4,659		63,438		—		68,097
South Korea		33,513		17,960		—		51,473
Spain		72		19,103		—		19,175
Sweden		—		110,011		—		110,011
Switzerland		—		153,128		—		153,128
Taiwan		11,572		94,678		—		106,250
Thailand		14,473		11,443		—		25,916
Turkey		—		26,055		—		26,055
United Arab Emirates		—		6,023		—		6,023
United Kingdom		44,867		411,693		—		456,560
United States		1,420,497		—		2,243		1,422,740
Total Common Stocks		1,788,725		2,255,123		2,243		4,046,091

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2011 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Stocks
Brazil	$	6,792	$	—	$	—		$	6,792
Cayman Islands		—		2,841		—			2,841
Luxembourg		7,319		—		—			7,319
United States		180,350		10,878		—	(a)		191,228
Total Preferred Stocks		194,461		13,719		—	(a)		208,180
Debt Securities
Asset-Backed Securities
United States		—		—		421,610			421,610
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		454,501		7,246			461,747
Convertible Bonds
Australia		—		4,471		—			4,471
Austria		—		6,759		—			6,759
Belgium		—		3,125		—			3,125
Bermuda		—		4,578		—			4,578
Canada		—		4,346		—			4,346
Cayman Islands		—		18,369		—			18,369
France		—		22,488		—			22,488
Hungary		4,869		—		—			4,869
India		—		26,294		—			26,294
Italy		—		4,398		—			4,398
Luxembourg		—		11,003		—			11,003
Netherlands		—		6,861		—			6,861
Singapore		—		9,010		—			9,010
Spain		—		22,035		—			22,035
United Kingdom		—		20,648		—			20,648
United States		—		88,733		389			89,122
Total Convertible Bonds		4,869		253,118		389			258,376
Corporate Bonds
Australia		—		19,641		—			19,641
Austria		—		1,988		—			1,988
Azerbaijan		—		4,463		—			4,463
Bahamas		—		2,282		—			2,282
Bermuda		—		14,265		—			14,265
Brazil		—		656		—			656
Canada		—		66,377		1			66,378
Cayman Islands		—		19,991		—			19,991
Chile		—		1,379		—			1,379
Colombia		—		1,300		—			1,300
Costa Rica		—		1,665		—			1,665
Croatia		—		2,999		—			2,999
Dominican Republic		—		2,525		—			2,525
Finland		—		1,366		—			1,366
France		—		702		—			702
Georgia		—		7,041		—			7,041
Germany		—		1,552		1,670			3,222
Hungary		—		739		—			739
Indonesia		—		3,598		—			3,598
Ireland		—		16,007		—			16,007
Japan		—		4,066		—			4,066
Kazakhstan		—		10,248		—			10,248
Liberia		—		1,331		—			1,331
Luxembourg		—		92,420		—			92,420

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Netherlands	$	—		$	24,038		$	—		$	24,038
Nigeria		—			1,152			—			1,152
Norway		—			1,780			—			1,780
Singapore		—			466			—			466
Spain		—			2,316			—			2,316
United Kingdom		—			35,974			—			35,974
United States		—			2,017,928			14,025			2,031,953
Venezuela		—			4,485			—			4,485
Total Corporate Bonds		—			2,375,336			15,696			2,391,032
Preferred Securities
Bermuda		—			1,704			—			1,704
France		—			19,207			—			19,207
Sweden		—			752			—			752
Switzerland		—			263			—			263
United Kingdom		—			2,771			—			2,771
United States		—			365,637			—			365,637
Total Preferred Securities		—			390,334			—			390,334
Loan Assignments
Cayman Islands		—			669			—			669
United States		—			105,398			13			105,411
Total		—			106,067			13			106,080
U.S. Treasury Obligations		—			8,113			—			8,113
Foreign Government Securities		—			234,417			14,763			249,180
Right
Spain		—			27			—			27
Warrants
United States		—			—			—	(a)		—	(a)
Short-Term Investment
Investment Company		195,174			—			—			195,174
Total Investments in Securities	$	2,183,229		$	6,090,755		$	461,960		$	8,735,944
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	8		$	—		$	8
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5	)	$	—		$	(5	)
Futures Contracts		(2,845	)		—			—			(2,845	)
Total Depreciation in Other Financial Instruments	$	(2,845	)	$	(5	)	$	—		$	(2,850	)

(a) Value is zero.

There were no transfers between Levels 1 and 2 during the period ended January 31, 2014.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

	Balance as of 10/31/13			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 01/31/14
Asset-Backed Securities — United States	$	417,470		$	—		$	(66	)	$	552		$	48,836	$	(22,885	)	$	—	$	(22,297	)	$	421,610
Collateralized Mortgage
Obligations — Non-Agency CMO — United States		7,494			—			16			7			—		(271	)		—		—			7,246
Common Stocks — United States		1,782			(110	)		668			—			—		(97	)		—		—			2,243
Convertible Bonds — Canada		2,584			244			(242	)		—			—		(2,586	)		—		—			—
Convertible Bonds — United States		335			(55	)		94			—			15		—			—		—			389
Corporate Bonds — Canada		1			—			—			—			—		—			—		—			1
Corporate Bonds — Germany		1,844			—			(174	)		—			—		—			—		—			1,670
Corporate Bonds — United States		13,542			(29	)		301			(10	)		987		(685	)		—		(81	)		14,025
Foreign Government Securities		16,012			—			(1,249	)		—			—		—			—		—			14,763
Loan Assignments — United States		13			—			—			—			—		—			—		—			13
Preferred Stocks — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Total	$	461,077		$	50		$	(652	)	$	549		$	49,838	$	(26,524	)	$	—	$	(22,378	)	$	461,960

  1 Purchases include all purchases of securities and securities received in corporate actions.

  2 Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Value is zero.

Transfers into, and out of, Level 3 are valued using values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at January 31, 2014, which were valued using significant unobservable inputs (Level 3), amounted to approximately ($601,000).

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements # (amounts in thousands)

	Fair Value at 1/31/14		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	Market Comparable Companies	EBITDA Multiple (a)	5.50x (N/A)
				Discount for lack of marketability (b)	25% (N/A)
		6	Terms of Plan of Reorganization	Discount for lack of marketability (b)	25% (N/A)
Common Stock		6
		—	Discounted Cash Flow (c)	Discount for lack of marketability (b)	25% (N/A)
				EBITDA Multiple (a)	5.50x (N/A)
Preferred Stock		—
		138	Market Comparable Companies	EBITDA Multiple (a)	5.50x—6.80x (6.73x)
				Discount for lack of marketability (b)	25% (N/A)
Corporate Bond		138
		397,203	Discounted Cash Flow	Constant Prepayment Rate	0.00%—13.00% (3.64%)
				Constant Default Rate	2.00%—21.26% (6.55%)
				Yield (Discount Rate of Cash Flows)	-0.01%—16.64% (4.95%)
Asset-Backed Securities		397,203
		3,063	Discounted Cash Flow	Constant Prepayment Rate	10.00%—21.26% (14.56%)
				Constant Default Rate	1.84%—6.61% (4.35)
				Yield (Discount Rate of Cash Flows)	7.00%—10.96% (9.08%)
Collateralized Mortgage Obligations		3,063
Warrants		—	Intrinsic Value	Issue Price vs. Stock Price	(N/A)
Total	$	400,410

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At January 31, 2013, the value of these securities was approximately $61,550,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

(a) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or constant prepayment rate may decrease or increase the fair value measurement.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) and (b) below describe the various derivatives used by the Fund.

(a). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 7.8%
		Netherlands — 4.8%
EUR	15	Deutsche Telekom International Finance B.V., 6.000%, 01/20/17 (m)		23
EUR	4,200	Fortis Bank Nederland N.V., 3.375%, 05/19/14 (m)		5,713
EUR	2,351	LeasePlan Corp N.V., 3.250%, 05/22/14 (m)		3,197
GBP	3,500	Nederlandse Waterschapsbank N.V., 2.125%, 09/07/16 (m)		5,894
				14,827
		United Kingdom — 2.9%
EUR	50	BAT International Finance plc, 5.375%, 06/29/17 (m)		77
EUR	50	Lloyds Bank plc, 6.250%, 04/15/14 (m)		68
		Network Rail Infrastructure Finance plc,
GBP	2,700	1.250%, 01/22/15 (m)		4,465
GBP	2,500	4.875%, 11/27/15 (m)		4,411
				9,021
		United States — 0.1%
EUR	50	AT&T, Inc., 6.125%, 04/02/15 (m)		72
EUR	50	Cellco Partnership/Verizon Wireless Capital LLC, 8.750%, 12/18/15 (m)		77
EUR	25	Goldman Sachs Group, Inc. (The), 4.000%, 02/02/15 (m)		35
EUR	50	Morgan Stanley, 5.500%, 10/02/17 (m)		77
				261
		Total Corporate Bonds (Cost $22,706)		24,109
	Foreign Government Securities — 58.7%
		Australia — 0.1%
AUD	258	New South Wales Treasury Corp., 5.500%, 03/01/17 (m)		242
		Austria — 1.9%
		Republic of Austria,
EUR	4,100	3.500%, 07/15/15 (e) (m)		5,796
EUR	35	4.350%, 03/15/19 (e) (m)		55
				5,851
		Brazil — 4.7%
BRL	36,950	Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/17 (m)		14,381
		Canada — 16.2%
		Government of Canada,
CAD	26,960	1.000%, 02/01/14 (m)		24,207
CAD	25,320	2.000%, 03/01/14 (m)		22,752
CAD	15	3.750%, 06/01/19 (m)		15
CAD	3,070	4.000%, 06/01/16 (m)		2,946
				49,920
		Denmark — 1.9%
EUR	4,150	Kingdom of Denmark, 2.750%, 03/16/16 (m)		5,896
		Finland — 3.4%
EUR	4,740	Finland Government Bond, 4.250%, 07/04/15 (e) (m)		6,766
GBP	2,350	Kingdom of Finland, 0.573%, 02/25/16 (m)		3,866
				10,632
		France — 1.4%
		Caisse d’Amortissement de la Dette Sociale,
EUR	50	3.625%, 04/25/15 (m)		70
GBP	2,545	3.750%, 09/08/14 (m)		4,261
				4,331
		Germany — 2.3%
		Bundesrepublik Deutschland,
EUR	60	3.500%, 07/04/19 (m)		93
EUR	50	4.250%, 07/04/18 (m)		79
		Kreditanstalt fuer Wiederaufbau,
EUR	5,040	1.875%, 11/16/15 (m)		7,002
EUR	25	3.875%, 01/21/19 (m)		39
EUR	30	4.125%, 07/04/17 (m)		45
				7,258
		Indonesia — 2.6%
IDR	95,160,000	Republic of Indonesia, 9.500%, 06/15/15 (m)		7,970
		Malaysia — 2.9%
		Malaysia Government Bond,
MYR	17,900	3.741%, 02/27/15 (m)		5,381
MYR	12,400	4.160%, 07/15/21 (m)		3,686
				9,067
		Mexico — 10.1%
		United Mexican States,
MXN	192,900	8.000%, 12/17/15 (m)		15,478
MXN	199,200	9.500%, 12/18/14 (m)		15,626
				31,104

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Netherlands — 4.9%
		Bank Nederlandse Gemeenten,
JPY	790,000	1.850%, 11/07/16 (m)		8,115
GBP	2,500	2.375%, 12/23/15 (m)		4,221
AUD	2,950	5.625%, 02/16/17 (m)		2,723
				15,059
		Norway — 2.8%
		Kommunalbanken A.S.,
GBP	2,700	1.375%, 12/23/15 (m)		4,480
AUD	4,650	6.000%, 03/16/15 (m)		4,194
				8,674
		Philippines — 2.0%
PHP	242,250	Philippine Government Bond, 6.500%, 04/28/21 (m)		6,153
		Thailand — 1.5%
THB	154,000	Kingdom of Thailand, 3.650%, 12/17/21 (m)		4,612
		Total Foreign Government Securities (Cost $199,876)		181,150
	Supranational — 21.3%
GBP	2,700	European Bank for Reconstruction & Development, 0.875%, 12/15/14 (m)		4,450
		European Investment Bank,
JPY	912,000	1.400%, 06/20/17 (m)		9,298
GBP	3,770	3.000%, 12/07/15 (m)		6,447
EUR	100	4.250%, 10/15/14 (m)		139
SEK	134,100	4.500%, 05/05/14 (m)		20,639
		European Union,
EUR	4,060	3.125%, 01/27/15 (m)		5,634
EUR	3,756	3.625%, 04/06/16 (m)		5,436
GBP	2,700	Inter-American Development Bank, 0.750%, 12/15/14 (m)		4,445
		International Bank for Reconstruction & Development,
GBP	2,700	0.875%, 12/17/14 (m)		4,451
AUD	5,282	5.130%, 07/14/15 (m)		4,743
		Total Supranational (Cost $66,580)		65,682
SHARES
	Short-Term Investment — 3.7%
		Investment Company — 3.7%
	11,404	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $11,404)		11,404
		Total Investments — 91.5% (Cost $300,566)		282,345
		Other Assets in Excess of Liabilities — 8.5%		26,361
		NET ASSETS — 100.0%	$	308,706

Percentages indicated are based on net assets.

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	23,733,098	ARS	Deutsche Bank AG †	02/07/14		3,412		2,941		(471	)
	19,371,438	ARS	Goldman Sachs International †	03/07/14		2,321		2,274		(47	)
	5,693,567	AUD	Deutsche Bank AG	02/07/14		4,997		4,982		(15	)
	7,034,159	AUD	Westpac Banking Corp.	02/07/14		6,150		6,154		4
	35,364,751	BRL	State Street Bank & Trust †	02/07/14		14,548		14,642		94
	11,728,573	BRL	Citibank, N.A. †	03/07/14		4,836		4,822		(14	)
	18,854,363	CAD	Barclays Bank plc	02/07/14		17,217		16,928		(289	)
	1,298,092	CAD	HSBC Bank, N.A.	02/07/14		1,215		1,165		(50	)
	20,179,712	CAD	State Street Corp.	02/07/14		18,387		18,117		(270	)
	35,113,687	CAD	Westpac Banking Corp.	02/07/14		31,377		31,525		148
	20,139,637	CAD	Barclays Bank plc	03/07/14		18,189		18,071		(118	)
	5,024,345	CAD	HSBC Bank, N.A.	03/07/14		4,497		4,508		11
	10,095,544	CAD	State Street Corp.	03/07/14		9,095		9,058		(37	)
	27,094,800	CAD	Westpac Banking Corp.	03/07/14		24,224		24,311		87
	9,185,566	CHF	Barclays Bank plc	02/07/14		10,308		10,131		(177	)
	6,397,428	CHF	Westpac Banking Corp.	03/07/14		7,082		7,058		(24	)
	2,831,596,055	CLP	Westpac Banking Corp. †	02/07/14		5,370		5,097		(273	)
	2,051,813,042	CLP	State Street Bank & Trust †	03/07/14		3,689		3,680		(9	)
	30,292,387	CNY	BNP Paribas †	02/07/14		4,961		4,982		21
	71,360,026	CNY	Citibank, N.A. †	02/07/14		11,684		11,735		51
	22,180,063	CNY	Deutsche Bank AG †	02/07/14		3,634		3,647		13
	741,920,897	CNY	HSBC Bank, N.A. †	02/07/14		121,515		122,008		493
	527,486,173	CNY	HSBC Bank, N.A. †	03/07/14		86,424		86,360		(64	)
	7,912,916,461	COP	Deutsche Bank AG †	02/07/14		4,099		3,924		(175	)
	5,399,260,097	COP	State Street Bank & Trust †	03/07/14		2,662		2,674		12
	18,482,255	EUR	Deutsche Bank AG	02/07/14		25,125		24,927		(198	)
	887,701	EUR	HSBC Bank, N.A.	02/07/14		1,225		1,197		(28	)
	4,617,738	EUR	Westpac Banking Corp.	02/07/14		6,256		6,228		(28	)
	6,561,594	EUR	Barclays Bank plc	03/07/14		8,971		8,850		(121	)
	5,311,757	EUR	BNP Paribas	03/07/14		7,187		7,164		(23	)
	3,269,518	EUR	HSBC Bank, N.A.	03/07/14		4,471		4,409		(62	)
	2,602,352	EUR	State Street Corp.	03/07/14		3,559		3,510		(49	)
	7,542,108	GBP	Deutsche Bank AG	02/07/14		12,391		12,398		7
	400,000	GBP	HSBC Bank, N.A.	02/07/14		654		658		4
	38,777,978	GBP	Westpac Banking Corp.	02/07/14		63,777		63,746		(31	)
	7,287,338	GBP	Barclays Bank plc	03/07/14		12,063		11,977		(86	)
	3,038,599	GBP	BNP Paribas	03/07/14		4,997		4,994		(3	)
	2,075,466	GBP	State Street Corp.	03/07/14		3,440		3,411		(29	)
	62,735,948	HKD	Goldman Sachs International	02/07/14		8,092		8,081		(11	)
	43,088,258	HKD	Westpac Banking Corp.	03/07/14		5,548		5,550		2
	55,520,566,710	IDR	HSBC Bank, N.A. †	02/07/14		4,561		4,556		(5	)
	24,392,312	ILS	Barclays Bank plc	02/07/14		7,029		6,938		(91	)
	15,899,828	ILS	Deutsche Bank AG	03/07/14		4,526		4,520		(6	)
	760,993,670	INR	Union Bank of Switzerland AG †	02/07/14		12,218		12,149		(69	)
	511,907,001	INR	HSBC Bank, N.A. †	03/07/14		8,096		8,127		31
	197,161,027	JPY	Citibank, N.A.	02/07/14		1,887		1,930		43
	649,363,096	JPY	Deutsche Bank AG	02/07/14		6,222		6,356		134
	1,754,488,943	JPY	Goldman Sachs International	02/07/14		16,714		17,172		458
	628,414,603	JPY	BNP Paribas	03/07/14		6,138		6,152		14
	937,005,677	JPY	Deutsche Bank AG	03/07/14		9,154		9,172		18
	25,287,529,558	KRW	Union Bank of Switzerland AG †	02/07/14		24,083		23,506		(577	)
	16,951,566,312	KRW	HSBC Bank, N.A. †	03/07/14		15,639		15,630		(9	)
	52,518,572	MXN	Barclays Bank plc	02/07/14		3,960		3,926		(34	)
	36,502,655	MXN	Deutsche Bank AG	02/07/14		2,747		2,729		(18	)
	13,556,777	MXN	HSBC Bank, N.A.	02/07/14		1,033		1,013		(20	)
	394,527,313	MXN	Westpac Banking Corp.	02/07/14		30,055		29,492		(563	)
	32,159,540	MXN	Credit Suisse International	03/07/14		2,412		2,399		(13	)

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	177,634,535	MXN	Deutsche Bank AG		03/07/14		13,248		13,251		3
	855,000	MXN	HSBC Bank, N.A.		03/07/14		64		64		—	(h)
	53,629,372	MXN	State Street Corp.		03/07/14		4,014		4,000		(14	)
	27,787,270	MYR	HSBC Bank, N.A. †		02/07/14		8,321		8,306		(15	)
	4,734,926	MYR	HSBC Bank, N.A. †		03/07/14		1,412		1,414		2
	340,063,650	PHP	HSBC Bank, N.A. †		02/07/14		7,495		7,508		13
	159,511,722	PHP	HSBC Bank, N.A. †		03/07/14		3,500		3,518		18
	237,081,938	RUB	Union Bank of Switzerland AG †		02/07/14		7,180		6,737		(443	)
	174,141,489	RUB	State Street Bank & Trust †		03/07/14		4,919		4,921		2
	22,777,901	SAR	HSBC Bank, N.A.		02/06/14		6,073		6,073		—	(h)
	185,346,585	SEK	Deutsche Bank AG		02/07/14		28,338		28,290		(48	)
	52,106,055	SEK	BNP Paribas		03/07/14		7,964		7,949		(15	)
	14,582,257	SGD	Goldman Sachs International		02/07/14		11,545		11,421		(124	)
	10,049,869	SGD	Deutsche Bank AG		03/07/14		7,869		7,872		3
	133,641,783	THB	HSBC Bank, N.A.		02/07/14		4,057		4,048		(9	)
	41,495,878	THB	Deutsche Bank AG		03/07/14		1,252		1,255		3
	440,362,382	TWD	Deutsche Bank AG †		02/07/14		14,782		14,529		(253	)
	300,607,164	TWD	Deutsche Bank AG †		03/07/14		9,937		9,926		(11	)
							888,093		884,743		(3,350	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,361,660	ARS	Credit Suisse International †		02/07/14		610		541		69
	19,371,438	ARS	Goldman Sachs International †		02/07/14		2,383		2,401		(18	)
	4,482,737	ARS	Goldman Sachs International †		03/07/14		449		526		(77	)
	618,036	AUD	Barclays Bank plc		02/07/14		543		540		3
	1,007,143	AUD	Citibank, N.A.		02/07/14		882		881		1
	343,223	AUD	HSBC Bank, N.A.		02/07/14		303		300		3
	10,137,343	AUD	State Street Corp.		02/07/14		9,041		8,870		171
	621,981	AUD	Union Bank of Switzerland AG		02/07/14		547		545		2
	429,230	AUD	Credit Suisse International		03/07/14		374		375		(1	)
	954,992	AUD	Deutsche Bank AG		03/07/14		832		834		(2	)
	410,797	AUD	State Street Corp.		03/07/14		359		359		—	(h)
	7,034,159	AUD	Westpac Banking Corp.		03/07/14		6,139		6,144		(5	)
	2,919,637	BRL	Credit Suisse International †		02/07/14		1,233		1,209		24
	25,037,980	BRL	Deutsche Bank AG †		02/07/14		10,505		10,367		138
	4,124,811	BRL	HSBC Bank, N.A. †		02/07/14		1,726		1,707		19
	3,282,324	BRL	Union Bank of Switzerland AG †		02/07/14		1,379		1,359		20
	1,564,389	BRL	Deutsche Bank AG †		03/07/14		641		643		(2	)
	1,555,186	BRL	Goldman Sachs International †		03/07/14		636		639		(3	)
	1,198,234	BRL	HSBC Bank, N.A. †		03/07/14		487		493		(6	)
	33,617,864	BRL	State Street Bank & Trust †		03/07/14		13,728		13,821		(93	)
	14,964,537	CAD	Barclays Bank plc		02/07/14		13,671		13,436		235
	1,153,140	CAD	Deutsche Bank AG		02/07/14		1,085		1,035		50
	48,868,975	CAD	Goldman Sachs International		02/07/14		45,903		43,875		2,028
	8,296,065	CAD	HSBC Bank, N.A.		02/07/14		7,532		7,448		84
	2,163,139	CAD	Union Bank of Switzerland AG		02/07/14		1,940		1,942		(2	)
	6,491,956	CAD	Deutsche Bank AG		03/07/14		5,829		5,824		5
	3,381,429	CAD	HSBC Bank, N.A.		03/07/14		3,042		3,034		8
	2,087,405	CAD	Union Bank of Switzerland AG		03/07/14		1,869		1,873		(4	)
	35,113,687	CAD	Westpac Banking Corp.		03/07/14		31,355		31,506		(151	)

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,895,104	CHF	Barclays Bank plc	02/07/14		2,088		2,090		(2	)
	893,034	CHF	HSBC Bank, N.A.	02/07/14		981		985		(4	)
	6,397,428	CHF	Westpac Banking Corp.	02/07/14		7,080		7,057		23
	1,370,683	CHF	Deutsche Bank AG	03/07/14		1,531		1,512		19
	348,343	CHF	HSBC Bank, N.A.	03/07/14		385		384		1
	497,898,051	CLP	Citibank, N.A. †	02/07/14		920		896		24
	281,884,962	CLP	Deutsche Bank AG †	02/07/14		519		508		11
	2,051,813,042	CLP	State Street Bank & Trust †	02/07/14		3,702		3,693		9
	268,799,497	CLP	Goldman Sachs International †	03/07/14		487		482		5
	201,039,172	CLP	HSBC Bank, N.A. †	03/07/14		365		360		5
	30,292,387	CNY	BNP Paribas †	02/07/14		4,962		4,981		(19	)
	71,360,026	CNY	Citibank, N.A. †	02/07/14		11,696		11,735		(39	)
	22,180,063	CNY	Deutsche Bank AG †	02/07/14		3,632		3,648		(16	)
	741,920,897	CNY	HSBC Bank, N.A. †	02/07/14		121,519		122,008		(489	)
	18,427,622	CNY	Citibank, N.A. †	03/07/14		3,019		3,017		2
	58,496,715	CNY	Deutsche Bank AG †	03/07/14		9,579		9,577		2
	43,061,350	CNY	HSBC Bank, N.A. †	03/07/14		7,050		7,050		—	(h)
	13,807,430	CNY	Merrill Lynch International †	03/07/14		2,262		2,261		1
	2,513,656,364	COP	HSBC Bank, N.A. †	02/07/14		1,270		1,247		23
	5,399,260,097	COP	State Street Bank & Trust †	02/07/14		2,667		2,677		(10	)
	721,528,826	COP	Citibank, N.A. †	03/07/14		359		357		2
	1,108,324	EUR	Australia and New Zealand Banking Group Limited	02/07/14		1,527		1,495		32
	2,221,480	EUR	Barclays Bank plc	02/07/14		3,039		2,996		43
	6,126,138	EUR	Goldman Sachs International	02/07/14		8,336		8,262		74
	13,996,391	EUR	HSBC Bank, N.A.	02/07/14		18,978		18,876		102
	535,360	EUR	State Street Corp.	02/07/14		729		722		7
	2,586,836	EUR	Barclays Bank plc	03/07/14		3,538		3,489		49
	1,760,786	EUR	BNP Paribas	03/07/14		2,406		2,375		31
	1,826,706	EUR	Citibank, N.A.	03/07/14		2,476		2,464		12
	1,750,456	EUR	Credit Suisse International	03/07/14		2,393		2,361		32
	1,324,048	EUR	Deutsche Bank AG	03/07/14		1,807		1,786		21
	1,158,584	EUR	HSBC Bank, N.A.	03/07/14		1,564		1,563		1
	4,617,738	EUR	Westpac Banking Corp.	03/07/14		6,255		6,228		27
	1,545,078	GBP	Barclays Bank plc	02/07/14		2,535		2,540		(5	)
	1,236,083	GBP	Citibank, N.A.	02/07/14		2,031		2,032		(1	)
	550,530	GBP	HSBC Bank, N.A.	02/07/14		912		905		7
	750,056	GBP	Union Bank of Switzerland AG	02/07/14		1,235		1,233		2
	42,638,339	GBP	Westpac Banking Corp.	02/07/14		70,482		70,091		391
	378,306	GBP	Barclays Bank plc	03/07/14		624		622		2
	781,861	GBP	Deutsche Bank AG	03/07/14		1,292		1,285		7
	790,606	GBP	HSBC Bank, N.A.	03/07/14		1,307		1,300		7
	36,177,978	GBP	Westpac Banking Corp.	03/07/14		59,511		59,460		51
	13,430,702	HKD	Barclays Bank plc	02/07/14		1,732		1,730		2
	6,216,988	HKD	HSBC Bank, N.A.	02/07/14		801		801		—	(h)
	43,088,258	HKD	Westpac Banking Corp.	02/07/14		5,548		5,550		(2	)
	3,663,527	HKD	Deutsche Bank AG	03/07/14		472		472		—	(h)
	2,490,049	HKD	HSBC Bank, N.A.	03/07/14		321		321		—	(h)
	4,743,157	HKD	Union Bank of Switzerland AG	03/07/14		611		611		—	(h)
	7,998,360,628	IDR	Citibank, N.A. †	02/07/14		666		657		9
	5,996,102,805	IDR	HSBC Bank, N.A. †	02/07/14		495		492		3

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	41,526,103,277	IDR	Union Bank of Switzerland AG †	02/07/14		3,401		3,408		(7	)
	6,613,738,590	IDR	Citibank, N.A. †	03/07/14		539		541		(2	)
	5,119,703,920	IDR	Deutsche Bank AG †	03/07/14		417		419		(2	)
	45,171,897,225	IDR	HSBC Bank, N.A. †	03/07/14		3,675		3,697		(22	)
	4,237,962	ILS	Barclays Bank plc	02/07/14		1,214		1,206		8
	15,899,828	ILS	Deutsche Bank AG	02/07/14		4,528		4,522		6
	4,254,522	ILS	HSBC Bank, N.A.	02/07/14		1,217		1,210		7
	1,259,644	ILS	Citibank, N.A.	03/07/14		359		358		1
	1,374,810	ILS	Deutsche Bank AG	03/07/14		393		391		2
	44,950,367	INR	Credit Suisse International †	02/07/14		723		718		5
	29,368,844	INR	Deutsche Bank AG †	02/07/14		474		469		5
	535,066,685	INR	HSBC Bank, N.A. †	02/07/14		8,524		8,542		(18	)
	151,607,774	INR	Union Bank of Switzerland AG †	02/07/14		2,456		2,420		36
	40,950,496	INR	Citibank, N.A. †	03/07/14		647		650		(3	)
	33,583,562	INR	HSBC Bank, N.A. †	03/07/14		532		534		(2	)
	24,886,451	INR	Union Bank of Switzerland AG †	03/07/14		393		395		(2	)
	1,217,644,605	JPY	Barclays Bank plc	02/07/14		11,682		11,918		(236	)
	937,005,677	JPY	Deutsche Bank AG	02/07/14		9,153		9,171		(18	)
	180,114,043	JPY	HSBC Bank, N.A.	02/07/14		1,726		1,763		(37	)
	153,706,744	JPY	Union Bank of Switzerland AG	02/07/14		1,486		1,505		(19	)
	112,541,997	JPY	Westpac Banking Corp.	02/07/14		1,082		1,102		(20	)
	405,308,025	JPY	Deutsche Bank AG	03/07/14		3,953		3,967		(14	)
	65,548,486	JPY	Goldman Sachs International	03/07/14		641		641		—	(h)
	134,076,821	JPY	HSBC Bank, N.A.	03/07/14		1,310		1,312		(2	)
	125,549,535	JPY	Union Bank of Switzerland AG	03/07/14		1,222		1,229		(7	)
	2,754,746,369	KRW	Citibank, N.A. †	02/07/14		2,588		2,560		28
	1,011,530,197	KRW	Deutsche Bank AG †	02/07/14		945		940		5
	17,707,895,217	KRW	HSBC Bank, N.A. †	02/07/14		16,367		16,460		(93	)
	3,813,357,775	KRW	Union Bank of Switzerland AG †	02/07/14		3,575		3,545		30
	621,097,648	KRW	Citibank, N.A. †	03/07/14		575		573		2
	1,340,373,115	KRW	Deutsche Bank AG †	03/07/14		1,235		1,236		(1	)
	611,450,797	KRW	HSBC Bank, N.A. †	03/07/14		565		564		1
	488,930,895	KRW	Merrill Lynch International †	03/07/14		452		451		1
	727,421,437	KRW	Union Bank of Switzerland AG †	03/07/14		669		671		(2	)
	186,731,810	MXN	Barclays Bank plc	02/07/14		14,047		13,959		88
	177,634,535	MXN	Deutsche Bank AG	02/07/14		13,277		13,279		(2	)
	99,520,140	MXN	HSBC Bank, N.A.	02/07/14		7,465		7,439		26
	33,218,833	MXN	Union Bank of Switzerland AG	02/07/14		2,477		2,484		(7	)
	78,832,645	MXN	Deutsche Bank AG	03/07/14		5,874		5,880		(6	)
	31,794,374	MXN	HSBC Bank, N.A.	03/07/14		2,358		2,371		(13	)
	25,911,144	MXN	Union Bank of Switzerland AG	03/07/14		1,941		1,933		8
	4,386,366	MYR	Citibank, N.A. †	02/07/14		1,327		1,311		16
	23,400,904	MYR	Deutsche Bank AG †	02/07/14		7,118		6,995		123
	1,757,089	MYR	Deutsche Bank AG †	03/07/14		524		524		—	(h)
	22,413,561	MYR	HSBC Bank, N.A. †	03/07/14		6,699		6,692		7
	1,400,931	MYR	Merrill Lynch International †	03/07/14		417		418		(1	)
	313,740,396	PHP	Deutsche Bank AG †	02/07/14		7,094		6,928		166
	26,323,254	PHP	HSBC Bank, N.A. †	02/07/14		578		581		(3	)
	359,699,141	PHP	HSBC Bank, N.A. †	03/07/14		7,909		7,932		(23	)

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	39,507,007	RUB	Credit Suisse International †	02/07/14		1,175		1,123		52
	23,433,442	RUB	Deutsche Bank AG †	02/07/14		688		666		22
	174,141,489	RUB	State Street Bank & Trust †	02/07/14		4,945		4,948		(3	)
	13,869,471	RUB	Citibank, N.A. †	03/07/14		395		392		3
	17,022,131	RUB	Deutsche Bank AG †	03/07/14		481		481		—	(h)
	15,039,242	RUB	HSBC Bank, N.A. †	03/07/14		433		425		8
	2,586,948	SAR	Barclays Bank plc	02/06/14		690		690		—	(h)
	2,511,316	SAR	HSBC Bank, N.A.	02/06/14		669		669		—	(h)
	2,744,179	SAR	Deutsche Bank AG	03/06/14		732		732		—	(h)
	1,347,932	SAR	Union Bank of Switzerland AG	03/06/14		359		359		—	(h)
	183,224,105	SEK	Barclays Bank plc	02/07/14		28,551		27,966		585
	2,122,481	SEK	Union Bank of Switzerland AG	02/07/14		330		324		6
	186,868,781	SEK	Deutsche Bank AG	03/07/14		28,559		28,510		49
	2,574,829	SGD	Barclays Bank plc	02/07/14		2,022		2,017		5
	10,049,869	SGD	Deutsche Bank AG	02/07/14		7,868		7,871		(3	)
	1,482,336	SGD	HSBC Bank, N.A.	02/07/14		1,159		1,161		(2	)
	475,224	SGD	Union Bank of Switzerland AG	02/07/14		372		373		(1	)
	1,214,899	SGD	Deutsche Bank AG	03/07/14		952		951		1
	907,784	SGD	HSBC Bank, N.A.	03/07/14		711		711		—	(h)
	43,797,130	THB	Barclays Bank plc	02/07/14		1,331		1,327		4
	41,495,878	THB	Deutsche Bank AG	02/07/14		1,256		1,257		(1	)
	18,036,959	THB	HSBC Bank, N.A.	02/07/14		547		546		1
	8,156,252	THB	Union Bank of Switzerland AG	02/07/14		248		247		1
	22,155,564	THB	Westpac Banking Corp.	02/07/14		672		671		1
	19,847,280	THB	Deutsche Bank AG	03/07/14		598		600		(2	)
	18,564,031	THB	HSBC Bank, N.A.	03/07/14		562		562		—	(h)
	26,089,974	TWD	Credit Suisse International †	02/07/14		862		861		1
	318,817,565	TWD	Deutsche Bank AG †	02/07/14		10,537		10,519		18
	12,478,460	TWD	HSBC Bank, N.A. †	02/07/14		413		412		1
	82,976,383	TWD	Union Bank of Switzerland AG †	02/07/14		2,755		2,738		17
	10,893,400	TWD	Citibank, N.A. †	03/07/14		359		359		—	(h)
	28,382,086	TWD	Deutsche Bank AG †	03/07/14		936		937		(1	)
	19,125,712	TWD	HSBC Bank, N.A. †	03/07/14		631		631		—	(h)
						825,340		821,621		3,719

† Non-deliverable forward.

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNY	—	China Yuan
COP	—	Colombian Peso
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
PHP	—	Philippine Peso
RUB	—	Russian Ruble
SAR	—	Saudi Arabia Riyal
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
TWD	—	Taiwan Dollar
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,167
Aggregate gross unrealized depreciation		(24,388	)
Net unrealized appreciation/depreciation	$	(18,221	)
Federal income tax cost of investments	$	300,566

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,404	$	270,941		$	—	$	282,345
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,934		$	—	$	6,934
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(6,565	)	$	—	$	(6,565	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among Levels 1 and 2 during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including forward foreign currency exchange contracts in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Note (a) below describes the derivatives used by the Fund.

(a). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign

JPMorgan International Currency Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Australia — 2.1%
	821	BHP Billiton Ltd. (m)		26,219
	317	Rio Tinto Ltd. (m)		18,029
				44,248
		Belgium — 1.4%
	304	Anheuser-Busch InBev N.V. (m)		29,174
		China — 2.7%
	21,433	China Construction Bank Corp., Class H (m)		14,848
	9,587	CNOOC Ltd. (m)		14,892
	24,396	Industrial & Commercial Bank of China Ltd., Class H (m)		15,042
	1,571	Ping An Insurance Group Co. of China Ltd., Class H (m)		12,696
				57,478
		Denmark — 0.9%
	500	Novo Nordisk A/S, Class B (m)		19,810
		France — 12.2%
	592	Accor S.A. (m)		28,204
	1,080	AXA S.A. (m)		28,332
	300	BNP Paribas S.A. (m)		23,195
	129	Essilor International S.A. (m)		12,919
	9	Groupe Fnac (a) (m)		287
	132	Imerys S.A. (m)		10,719
	115	Kering (m)		22,916
	286	Lafarge S.A. (m)		20,487
	145	LVMH Moet Hennessy Louis Vuitton S.A. (m)		25,795
	123	Pernod-Ricard S.A. (m)		13,237
	361	Sanofi (m)		35,250
	204	Schneider Electric S.A. (m)		16,453
	258	Technip S.A. (m)		22,035
				259,829
		Germany — 7.0%
	189	Allianz SE (m)		31,362
	250	Bayer AG (m)		32,911
	163	Fresenius Medical Care AG & Co. KGaA (m)		11,522
	90	Linde AG (m)		17,097
	16	Osram Licht AG (a) (m)		908
	449	SAP AG (m)		34,344
	170	Siemens AG (m)		21,502
				149,646
		Hong Kong — 3.4%
	5,818	Belle International Holdings Ltd. (m)		6,300
	2,326	Cheung Kong Holdings Ltd. (m)		34,503
	4,874	Hang Lung Properties Ltd. (m)		13,566
	2,503	Sands China Ltd. (m)		19,223
				73,592
		India — 0.4%
	302	HDFC Bank Ltd., ADR (m)		9,459
		Indonesia — 0.4%
	16,158	Astra International Tbk PT (m)		8,501
		Israel — 0.8%
	387	Teva Pharmaceutical Industries Ltd., ADR (m)		17,284
		Japan — 17.5%
	413	Astellas Pharma, Inc. (m)		25,492
	315	Canon, Inc. (m)		9,195
	347	Daikin Industries Ltd. (m)		19,875
	255	East Japan Railway Co. (m)		18,820
	120	FANUC Corp. (m)		19,431
	853	Honda Motor Co., Ltd. (m)		31,981
	781	Japan Tobacco, Inc. (m)		24,121
	970	Komatsu Ltd. (m)		20,473
	1,680	Kubota Corp. (m)		25,857
	360	Makita Corp. (m)		18,735
	958	Mitsubishi Corp. (m)		17,605
	95	Nidec Corp. (m)		10,547
	320	Nitto Denko Corp. (m)		14,242
	316	Shin-Etsu Chemical Co., Ltd. (m)		17,490
	89	SMC Corp. (m)		22,290
	1,030	Sumitomo Corp. (m)		12,835
	801	Toyota Motor Corp. (m)		45,822
	3,124	Yahoo! Japan Corp. (m)		17,633
				372,444
		Netherlands — 5.7%
	339	Akzo Nobel N.V. (m)		24,358
	88	ASML Holding N.V. (m)		7,476
	1,976	ING Groep N.V., CVA (a) (m)		26,096
	1,819	Royal Dutch Shell plc, Class A (m)		62,838
				120,768
		South Korea — 1.5%
	42	Hyundai Mobis (m)		11,972
	35	Samsung Electronics Co., Ltd., Reg. S., GDR (m)		20,742
				32,714
		Sweden — 0.6%
	459	Atlas Copco AB, Class A (m)		12,441
		Switzerland — 14.0%
	841	ABB Ltd. (a) (m)		20,930

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	187	Cie Financiere Richemont S.A., Class A (m)		17,282
	898	Credit Suisse Group AG (a) (m)		27,070
	4,218	Glencore Xstrata plc (a) (m)		22,241
	194	Holcim Ltd. (a) (m)		14,062
	628	Nestle S.A. (m)		45,479
	547	Novartis AG (m)		43,208
	154	Roche Holding AG (m)		42,290
	3	SGS S.A. (m)		6,232
	1,669	UBS AG (a) (m)		33,108
	89	Zurich Insurance Group AG (a) (m)		25,820
				297,722
		Taiwan — 0.6%
	747	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		12,639
		United Kingdom — 22.4%
	351	Aggreko plc (m)		8,904
	7,205	Barclays plc (m)		32,164
	2,451	BG Group plc (m)		41,194
	639	BHP Billiton plc (m)		18,797
	416	British American Tobacco plc (m)		19,841
	902	Burberry Group plc (m)		21,405
	2,364	Centrica plc (m)		12,075
	5,333	HSBC Holdings plc (m)		55,243
	462	Imperial Tobacco Group plc (m)		16,848
	2,799	Marks & Spencer Group plc (m)		21,627
	1,366	Meggitt plc (m)		11,579
	1,852	Prudential plc (m)		37,278
	396	Rio Tinto plc (m)		21,065
	1,952	Standard Chartered plc (m)		39,682
	2,714	Tesco plc (m)		14,260
	796	Tullow Oil plc (m)		10,299
	608	Unilever plc (m)		23,344
	11,343	Vodafone Group plc (m)		42,032
	1,408	WPP plc (m)		29,498
				477,135
		Total Common Stocks (Cost $1,677,042)		1,994,884
	Preferred Stocks — 2.5%
		Germany — 2.5%
	184	Henkel AG & Co. KGaA (m)		19,875
	133	Volkswagen AG (m)		33,440
		Total Preferred Stocks (Cost $36,593)		53,315
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	69,303	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $69,303)		69,303
		Total Investments — 99.3% (Cost $1,782,938)		2,117,502
		Other Assets in Excess of Liabilities — 0.7%		15,425
		NET ASSETS — 100.0%	$	2,132,927

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		10.2	%
Commercial Banks		9.0
Insurance		6.4
Oil, Gas & Consumable Fuels		6.1
Automobiles		5.7
Machinery		5.6
Metals & Mining		5.0
Textiles, Apparel & Luxury Goods		4.1
Chemicals		3.5
Food Products		3.3
Tobacco		2.9
Capital Markets		2.8
Electrical Equipment		2.3
Real Estate Management & Development		2.3
Hotels, Restaurants & Leisure		2.2
Construction Materials		2.1
Beverages		2.0
Wireless Telecommunication Services		2.0
Semiconductors & Semiconductor Equipment		1.9
Software		1.6
Trading Companies & Distributors		1.4
Media		1.4
Diversified Financial Services		1.2
Energy Equipment & Services		1.0
Multiline Retail		1.0
Industrial Conglomerates		1.0
Others (each less than 1.0%)		8.7
Short-Term Investment		3.3

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,988,074,000 and 93.9% respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	367,257
Aggregate gross unrealized depreciation		(32,693	)
Net unrealized appreciation/depreciation	$	334,564
Federal income tax cost of investments	$	1,782,938

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	44,248	$	—	$	44,248
Belgium		—		29,174		—		29,174
China		—		57,478		—		57,478
Denmark		—		19,810		—		19,810
France		—		259,829		—		259,829
Germany		—		149,646		—		149,646
Hong Kong		—		73,592		—		73,592
India		9,459		—		—		9,459
Indonesia		—		8,501		—		8,501
Israel		17,284		—		—		17,284
Japan		—		372,444		—		372,444
Netherlands		—		120,768		—		120,768
South Korea		—		32,714		—		32,714
Sweden		—		12,441		—		12,441
Switzerland		—		297,722		—		297,722
Taiwan		12,639		—		—		12,639
United Kingdom		—		477,135		—		477,135
Total Common Stocks		39,382		1,955,502		—		1,994,884
Preferred Stocks
Germany		—		53,315		—		53,315
Short-Term Investment
Investment Company		69,303		—		—		69,303
Total Investments in Securities	$	108,685	$	2,008,817	$	—	$	2,117,502

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.1%
		Australia — 1.7%
	677	Australia & New Zealand Banking Group Ltd. (m)		17,824
	2,080	Goodman Group (m)		8,498
				26,322
		Belgium — 1.2%
	130	Solvay S.A. (m)		18,193
		Canada — 1.1%
	989	First Quantum Minerals Ltd. (m)		17,692
		China — 1.6%
	2,521	China Shenhua Energy Co., Ltd., Class H (m)		6,471
	1,038	ENN Energy Holdings Ltd. (m)		6,716
	1,471	Ping An Insurance Group Co. of China Ltd., Class H (m)		11,888
				25,075
		Denmark — 2.7%
	704	Danske Bank A/S (a) (m)		15,922
	654	Novo Nordisk A/S, Class B (m)		25,897
				41,819
		Finland — 1.1%
	880	Stora Enso OYJ, Class R (m)		8,209
	565	UPM-Kymmene OYJ (m)		8,659
				16,868
		France — 11.8%
	772	AXA S.A. (m)		20,246
	308	BNP Paribas S.A. (m)		23,770
	421	Cie de St-Gobain (m)		22,102
	211	Electricite de France (m)		7,152
	418	GDF Suez (m)		9,223
	168	Publicis Groupe S.A. (m)		14,910
	236	Schneider Electric S.A. (m)		19,020
	247	Sodexo (m)		24,331
	551	Suez Environnement Co. (m)		9,869
	70	Unibail-Rodamco SE (m)		16,850
	145	Valeo S.A. (m)		16,187
				183,660
		Germany — 8.4%
	135	Allianz SE (m)		22,500
	254	BASF SE (m)		27,140
	285	Bayer AG (m)		37,467
	98	Continental AG (m)		21,125
	287	SAP AG (m)		21,984
				130,216
		Hong Kong — 3.8%
	6,263	Belle International Holdings Ltd. (m)		6,782
	3,648	China Overseas Land & Investment Ltd. (m)		9,792
	1,369	Hutchison Whampoa Ltd. (m)		16,954
	2,213	Sands China Ltd. (m)		16,993
	1,166	Wharf Holdings Ltd. (m)		7,937
				58,458
		Ireland — 0.9%
	278	Shire plc (m)		13,873
		Italy — 0.6%
	462	Assicurazioni Generali S.p.A. (m)		9,970
		Japan — 18.8%
	324	Daikin Industries Ltd. (m)		18,608
	450	Daiwa House Industry Co., Ltd. (m)		8,536
	293	Dentsu, Inc. (m)		11,482
	121	East Japan Railway Co. (m)		8,959
	2,536	Hitachi Ltd. (m)		19,333
	629	Honda Motor Co., Ltd. (m)		23,566
	158	Japan Airlines Co., Ltd. (m)		7,923
	587	Japan Tobacco, Inc. (m)		18,123
	2,699	Kawasaki Heavy Industries Ltd. (m)		11,672
	5,373	Mitsubishi UFJ Financial Group, Inc. (m)		32,303
	1,851	Nomura Holdings, Inc. (m)		12,857
	395	Nomura Research Institute Ltd. (m)		12,972
	1,214	ORIX Corp. (m)		18,416
	1,246	Sekisui Chemical Co., Ltd. (m)		14,361
	460	Seven & I Holdings Co., Ltd. (m)		18,117
	929	Sumitomo Electric Industries Ltd. (m)		14,583
	378	Sumitomo Mitsui Financial Group, Inc. (m)		17,502
	250	Toyota Motor Corp. (m)		14,328
	364	Yamato Holdings Co., Ltd. (m)		7,623
				291,264
		Netherlands — 5.5%
	253	ASML Holding N.V. (m)		21,410
	4,115	Koninklijke KPN N.V. (a) (m)		15,396
	686	Royal Dutch Shell plc, Class A (m)		23,707
	648	Unilever N.V., CVA (m)		24,174
				84,687
		South Korea — 1.3%
	32	LG Chem Ltd. (m)		7,572
	11	Samsung Electronics Co., Ltd. (m)		13,010
				20,582

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — 0.9%
	584	Repsol S.A. (m)		13,650
		Sweden — 3.1%
	669	Electrolux AB, Series B (m)		14,180
	563	Swedbank AB, Class A (m)		14,692
	1,586	Telefonaktiebolaget LM Ericsson, Class B (m)		19,425
				48,297
		Switzerland — 9.6%
	231	Cie Financiere Richemont S.A., Class A (m)		21,323
	512	Novartis AG (m)		40,490
	172	Roche Holding AG (m)		47,193
	173	Swiss Re AG (a) (m)		14,938
	1,258	UBS AG (a) (m)		24,944
				148,888
		United Kingdom — 20.0%
	286	AstraZeneca plc (m)		18,148
	1,436	BG Group plc (m)		24,131
	522	British American Tobacco plc (m)		24,890
	1,764	Centrica plc (m)		9,008
	395	Diageo plc (m)		11,700
	3,748	HSBC Holdings plc (m)		38,463
	807	InterContinental Hotels Group plc (m)		26,096
	2,691	Kingfisher plc (m)		16,318
	219	Pearson plc (m)		4,001
	263	Persimmon plc (a) (m)		5,676
	584	Petrofac Ltd. (m)		11,081
	1,271	Prudential plc (m)		25,578
	350	Rio Tinto plc (m)		18,626
	431	SABMiller plc (m)		19,366
	769	Tate & Lyle plc (m)		9,560
	970	Tullow Oil plc (m)		12,557
	9,508	Vodafone Group plc (m)		35,233
				310,432
		Total Common Stocks (Cost $1,286,470)		1,459,946
	Preferred Stocks — 2.1%
		Germany — 2.1%
	134	Henkel AG & Co. KGaA (m)		14,456
	71	Volkswagen AG (m)		17,801
		Total Preferred Stocks (Cost $20,667)		32,257
	Short-Term Investment — 5.3%
		Investment Company — 5.3%
	82,480	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $82,480)		82,480
		Total Investments — 101.5% (Cost $1,389,617)		1,574,683
		Liabilities in Excess of Other Assets — (1.5)%		(23,529	)
		NET ASSETS — 100.0%	$	1,551,154

Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		11.6	%
Commercial Banks		10.2
Insurance		6.7
Oil, Gas & Consumable Fuels		5.1
Hotels, Restaurants & Leisure		4.3
Automobiles		3.5
Chemicals		3.4
Tobacco		2.7
Building Products		2.6
Capital Markets		2.4
Auto Components		2.4
Metals & Mining		2.3
Wireless Telecommunication Services		2.2
Semiconductors & Semiconductor Equipment		2.2
Household Durables		2.2
Food Products		2.1
Electrical Equipment		2.1
Beverages		2.0
Media		1.9
Multi-Utilities		1.8
Real Estate Management & Development		1.7
Real Estate Investment Trusts (REITs)		1.6
Specialty Retail		1.5
Software		1.4
Textiles, Apparel & Luxury Goods		1.4
Communications Equipment		1.2
Electronic Equipment, Instruments & Components		1.2
Diversified Financial Services		1.2
Food & Staples Retailing		1.2
Industrial Conglomerates		1.1
Paper & Forest Products		1.1
Diversified Telecommunication Services		1.0
Others (each less than 1.0%)		5.5
Short-Term Investments		5.2

Futures Contracts

NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
100	TOPIX Index		03/13/14	$	11,892	$	(912	)
22	Euro STOXX 50 Index		03/21/14		895		(40	)
9	FTSE 100 Index		03/21/14		956		(47	)
						$	(999	)

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,815,467	EUR
	3,181,405	for GBP	Credit Suisse International		02/04/14	$	5,230	#	$	5,146	#	$	(84	)
	2,686,375	EUR
	2,230,954	for GBP	HSBC Bank, N.A.		02/04/14		3,667	#		3,623	#		(44	)
	2,343,180	GBP
	2,842,941	for EUR	Barclays Bank plc		05/07/14		3,834	#		3,849	#		15
	25,695,431	HKD
	2,060,680	for GBP	Royal Bank of Canada		02/04/14		3,388	#		3,310	#		(78	)
	58,045,633	HKD
	767,479,360	for JPY	TD Bank Financial Group		05/07/14		7,515	#		7,477	#		(38	)
	281,821,137	JPY
	1,779,803	for GBP	Goldman Sachs International		02/04/14		2,926	#		2,758	#		(168	)
	27,350,003	SEK
	3,082,391	for EUR	Barclays Bank plc		05/07/14		4,158	#		4,169	#		11
	5,503,159	AUD	BNP Paribas		02/04/14		4,842			4,816			(26	)
	5,600,947	AUD	Credit Suisse International		02/04/14		5,303			4,902			(401	)
	87,167,544	AUD	HSBC Bank, N.A.		02/04/14		82,155			76,285			(5,870	)
	98,271,650	AUD	TD Bank Financial Group		05/07/14		85,830			85,473			(357	)
	5,364,276	CHF	Citibank, N.A.		02/04/14		5,894			5,917			23
	8,206,586	CHF	State Street Corp.		02/04/14		9,147			9,051			(96	)
	3,146,375	EUR	BNP Paribas		02/04/14		4,285			4,243			(42	)
	3,415,791	EUR	Credit Suisse International		02/04/14		4,695			4,607			(88	)
	4,304,086	EUR	Goldman Sachs International		02/04/14		5,845			5,805			(40	)
	10,486,130	EUR	HSBC Bank, N.A.		02/04/14		14,290			14,143			(147	)
	3,247,156	EUR	Merrill Lynch International		02/04/14		4,373			4,379			6
	4,530,000	EUR	Morgan Stanley		02/04/14		6,075			6,110			35
	4,782,995	EUR	Societe Generale		02/04/14		6,564			6,451			(113	)
	7,639,267	EUR	State Street Corp.		02/04/14		10,413			10,303			(110	)
	4,535,940	EUR	Union Bank of Switzerland AG		02/04/14		6,129			6,118			(11	)
	12,728,162	EUR	Westpac Banking Corp.		05/07/14		17,285			17,167			(118	)
	3,236,512	GBP	Citibank, N.A.		02/04/14		5,195			5,321			126
	4,049,434	GBP	Goldman Sachs International		02/04/14		6,623			6,657			34
	3,674,608	GBP	HSBC Bank, N.A.		02/04/14		6,011			6,041			30
	3,092,823	GBP	Societe Generale		02/04/14		5,064			5,084			20
	5,857,479	GBP	State Street Corp.		02/04/14		9,723			9,629			(94	)
	5,673,727	GBP	Westpac Banking Corp.		02/04/14		9,312			9,327			15
	10,525,339	GBP	BNP Paribas		05/07/14		17,366			17,290			(76	)
	6,278,015	GBP	Merrill Lynch International		05/07/14		10,318			10,313			(5	)
	1,886,575	GBP	Westpac Banking Corp.		05/07/14		3,108			3,099			(9	)
	33,678,719	HKD	HSBC Bank, N.A.		02/04/14		4,345			4,338			(7	)
	392,308,480	HKD	Westpac Banking Corp.		02/04/14		50,534			50,531			(3	)
	895,946,944	JPY	Credit Suisse International		02/04/14		8,842			8,769			(73	)
	1,067,223,071	JPY	Goldman Sachs International		02/04/14		10,224			10,446			222
	916,866,341	JPY	HSBC Bank, N.A.		02/04/14		9,060			8,974			(86	)
	3,487,733,370	JPY	State Street Corp.		02/04/14		35,147			34,137			(1,010	)
	674,153,631	JPY	TD Bank Financial Group		02/04/14		6,475			6,598			123
	729,616,348	JPY	Westpac Banking Corp.		02/04/14		7,312			7,141			(171	)
	621,945,982	JPY	Goldman Sachs International		05/07/14		6,074			6,091			17
	3,725,407,468	JPY	Westpac Banking Corp.		05/07/14		36,330			36,481			151
	61,289,297	NOK	Barclays Bank plc		02/04/14		10,273			9,763			(510	)
	61,289,297	NOK	HSBC Bank, N.A.		05/07/14		9,804			9,731			(73	)
	25,146,406	SGD	TD Bank Financial Group		02/04/14		20,266			19,696			(570	)
	25,146,406	SGD	Westpac Banking Corp.		05/07/14		19,734			19,696			(38	)
						$	610,983		$	601,255		$	(9,728	)

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,852,810	CAD	Goldman Sachs International	02/04/14	$	2,638	$	2,562	$	76
	13,965,075	CAD	Westpac Banking Corp.	02/04/14		13,375		12,539		836
	16,817,886	CAD	Westpac Banking Corp.	05/07/14		15,004		15,067		(63	)
	3,944,454	CHF	Merrill Lynch International	02/04/14		4,333		4,351		(18	)
	8,244,345	CHF	Westpac Banking Corp.	02/04/14		9,064		9,093		(29	)
	6,015,305	CHF	Goldman Sachs International	05/07/14		6,696		6,640		56
	24,162,319	DKK	BNP Paribas	02/04/14		4,481		4,367		114
	23,560,045	DKK	Royal Bank of Canada	02/04/14		4,280		4,259		21
	25,872,481	DKK	State Street Corp.	02/04/14		4,787		4,677		110
	18,371,072	DKK	Union Bank of Switzerland AG	02/04/14		3,403		3,321		82
	91,965,918	DKK	TD Bank Financial Group	05/07/14		16,769		16,637		132
	2,626,208	EUR	Citibank, N.A.	02/04/14		3,615		3,542		73
	10,228,517	EUR	Merrill Lynch International	02/04/14		13,911		13,795		116
	5,621,123	EUR	Union Bank of Switzerland AG	02/04/14		7,616		7,581		35
	21,385,572	EUR	Westpac Banking Corp.	02/04/14		28,923		28,843		80
	9,087,570	EUR	Goldman Sachs International	05/07/14		12,367		12,257		110
	3,493,914	EUR	Merrill Lynch International	05/07/14		4,728		4,713		15
	1,888,772	GBP	BNP Paribas	02/04/14		3,097		3,105		(8	)
	6,978,621	GBP	Merrill Lynch International	02/04/14		11,463		11,472		(9	)
	3,172,342	GBP	National Australia Bank	02/04/14		5,182		5,215		(33	)
	5,180,619	GBP	Royal Bank of Canada	02/04/14		8,483		8,516		(33	)
	2,250,900	GBP	State Street Corp.	02/04/14		3,594		3,700		(106	)
	1,793,199	GBP	Union Bank of Switzerland AG	02/04/14		2,925		2,948		(23	)
	6,061,150	GBP	Westpac Banking Corp.	02/04/14		9,668		9,964		(296	)
	10,993,861	GBP	TD Bank Financial Group	05/07/14		18,110		18,060		50
	34,193,944	HKD	HSBC Bank, N.A.	02/04/14		4,411		4,404		7
	67,257,225	HKD	Royal Bank of Canada	02/04/14		8,677		8,663		14
	350,231,461	HKD	Westpac Banking Corp.	02/04/14		45,184		45,111		73
	392,308,480	HKD	Westpac Banking Corp.	05/07/14		50,538		50,538		—	(h)
	425,003,520	JPY	Credit Suisse International	02/04/14		4,344		4,159		185
	843,449,471	JPY	Merrill Lynch International	02/04/14		8,036		8,255		(219	)
	2,477,263,030	JPY	State Street Corp.	02/04/14		24,325		24,246		79
	582,237,353	JPY	Union Bank of Switzerland AG	02/04/14		5,826		5,699		127
	1,114,730,601	JPY	Merrill Lynch International	05/07/14		10,895		10,917		(22	)
	28,165,515	SEK	Westpac Banking Corp.	02/04/14		4,314		4,299		15
	28,165,515	SEK	HSBC Bank, N.A.	05/07/14		4,331		4,293		38
					$	389,393	$	387,808	$	1,585

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. dollar market value of the currency being purchased.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,474,512,000 and 93.6% respectively

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	219,517
Aggregate gross unrealized depreciation		(34,451	)
Net unrealized appreciation/depreciation	$	185,066
Federal income tax cost of investments	$	1,389,617

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	26,322		$	—	$	26,322
Belgium		—			18,193			—		18,193
Canada		17,692			—			—		17,692
China		—			25,075			—		25,075
Denmark		—			41,819			—		41,819
Finland		—			16,868			—		16,868
France		—			183,660			—		183,660
Germany		—			130,216			—		130,216
Hong Kong		—			58,458			—		58,458
Ireland		—			13,873			—		13,873
Italy		—			9,970			—		9,970
Japan		—			291,264			—		291,264
Netherlands		—			84,687			—		84,687
South Korea		—			20,582			—		20,582
Spain		—			13,650			—		13,650
Sweden		—			48,297			—		48,297
Switzerland		—			148,888			—		148,888
United Kingdom		—			310,432			—		310,432
Total Common Stocks	$	17,692		$	1,442,254			—	$	1,459,946
Preferred Stock
Germany		—			32,257			—		32,257
Short-Term Investment
Investment Company		82,480			—			—		82,480
Total Investments in Securities	$	100,172		$	1,474,511		$	—	$	1,574,683
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	3,272		$	—	$	3,272
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(11,415	)	$	—	$	(11,415	)
Futures Contracts		(999	)		—			—		(999	)
Total Depreciation in Other Financial Instruments	$	(999	)	$	(11,415	)	$	—	$	(12,414	)

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

1. Derivatives — The Fund uses instruments including futures contracts and forward foreign currency exchange contracts in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

(a). Futures Contracts — The Fund uses treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Australia — 12.2%
	1,299	BGP Holdings plc (a) (i)		—
	6,309	Dexus Property Group (m)		5,502
	2,385	Goodman Group (m)		9,746
	6,040	Mirvac Group (m)		8,827
	507	Stockland (m)		1,610
	1,487	Westfield Group (m)		13,293
				38,978
		Belgium — 0.8%
	34	Warehouses De Pauw S.C.A. (m)		2,408
		Canada — 6.5%
	159	Allied Properties Real Estate Investment Trust (m)		4,657
	210	Canadian Apartment Properties REIT (m)		3,993
	111	Canadian Real Estate Investment Trust (m)		4,234
	160	Dundee Real Estate Investment Trust, Class A (m)		4,216
	240	First Capital Realty, Inc. (m)		3,768
				20,868
		Finland — 0.9%
	494	Technopolis OYJ (m)		3,021
		France — 9.7%
	60	ICADE (m)		5,237
	106	Unibail-Rodamco SE (m)		25,595
				30,832
		Germany — 3.2%
	378	Alstria Office REIT-AG (a) (m)		4,903
	90	LEG Immobilien AG (a) (m)		5,362
				10,265
		Hong Kong — 10.3%
	712	China Overseas Land & Investment Ltd. (m)		1,911
	1,154	Hongkong Land Holdings Ltd. (m)		6,947
	887	Link REIT (The) (m)		4,011
	2,922	New World Development Co., Ltd. (m)		3,654
	556	Sun Hung Kai Properties Ltd. (m)		6,780
	1,422	Wharf Holdings Ltd. (m)		9,677
				32,980
		Italy — 0.2%
	983	Beni Stabili S.p.A. (m)		728
		Japan — 27.3%
	4	GLP J-REIT (m)		3,651
	6	Japan Hotel REIT Investment Corp. (m)		2,687
	3	Japan Logistics Fund, Inc. (m)		6,846

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	2	Japan Real Estate Investment Corp. (m)		12,037
	726	Mitsubishi Estate Co., Ltd. (m)		17,831
	854	Mitsui Fudosan Co., Ltd. (m)		26,969
	1	Nippon Building Fund, Inc. (m)		4,757
	13	Nomura Real Estate Holdings, Inc. (m)		270
	2	Orix JREIT, Inc. (m)		2,987
	206	Sumitomo Realty & Development Co., Ltd. (m)		9,096
				87,131
		Netherlands — 1.6%
	104	Vastned Retail N.V. (m)		4,996
		Norway — 0.2%
	462	Norwegian Property ASA (m)		533
		Singapore — 7.3%
	4,716	CapitaCommercial Trust (m)		5,233
	2,438	CapitaLand Ltd. (m)		5,251
	3,377	CapitaMalls Asia Ltd. (m)		4,643
	3,662	Global Logistic Properties Ltd. (m)		8,015
				23,142
		United Kingdom — 17.7%
	142	Atrium European Real Estate Ltd. (m)		800
	1,382	British Land Co. plc (m)		14,906
	167	Derwent London plc (m)		6,840
	1,426	Hammerson plc (m)		12,299
	807	Helical Bar plc (m)		4,599
	152	Land Securities Group plc (m)		2,562
	3,027	Safestore Holdings plc (m)		9,554
	760	ST Modwen Properties plc (m)		4,797
				56,357
		Total Common Stocks (Cost $287,013)		312,239

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	10,402	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $10,402)		10,402
		Total Investments — 101.2% (Cost $297,415)		322,641
		Liabilities in Excess of Other Assets — (1.2)%		(3,853	)
		NET ASSETS — 100.0%	$	318,788

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Real Estate Management & Development		41.4	%
Diversified		28.4
Office		11.0
Shopping Centers		10.7
Industrial		2.1
Real Estate Investment Trusts (REITs)		2.0
Apartments		1.2
Short-Term Investment		3.2

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,674,365	AUD	BNP Paribas	03/14/14	$	1,490	$	1,462	$	(28	)
	840,269	AUD	Credit Suisse International	03/14/14		752		733		(19	)
	2,116,926	AUD	TD Bank Financial Group	03/14/14		1,845		1,848		3
	1,985,892	AUD	Westpac Banking Corp.	03/14/14		1,781		1,734		(47	)
	4,234,283	CAD	Union Bank of Switzerland AG	03/14/14		3,971		3,799		(172	)
	1,471,795	CHF	TD Bank Financial Group	03/14/14		1,635		1,624		(11	)
	3,954,520	CHF	Union Bank of Switzerland AG	03/14/14		4,449		4,363		(86	)
	1,090,691	HKD	Goldman Sachs International	02/04/14		140		140		—	(h)
	10,404,707	HKD	Citibank, N.A.	03/14/14		1,342		1,340		(2	)
	6,139,183	HKD	Deutsche Bank AG	03/14/14		792		791		(1	)
	5,176,205	HKD	State Street Corp.	03/14/14		668		667		(1	)
	140,388,299	HKD	Union Bank of Switzerland AG	03/14/14		18,110		18,084		(26	)
	16,122,336	HKD	Westpac Banking Corp.	03/14/14		2,079		2,077		(2	)
	85,531,850	JPY	Citibank, N.A.	03/14/14		820		837		17
	69,539,911	JPY	Credit Suisse International	03/14/14		667		681		14
	296,531,040	JPY	Morgan Stanley	03/14/14		2,888		2,903		15

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	91,986,842	JPY	State Street Corp.	03/14/14		885		900		15
	186,240,182	JPY	Union Bank of Switzerland AG	03/14/14		1,820		1,823		3
	273,353,912	JPY	Westpac Banking Corp.	03/14/14		2,640		2,676		36
	9,739,889	SEK	Credit Suisse International	03/14/14		1,498		1,486		(12	)
	26,868,904	SEK	Union Bank of Switzerland AG	03/14/14		4,097		4,099		2
	1,398,375	SGD	Barclays Bank plc	03/14/14		1,098		1,095		(3	)
					$	55,467	$	55,162	$	(305	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,173,855	AUD	Barclays Bank plc	03/14/14	$	3,766	$	3,644	$	122
	1,000,490	AUD	Deutsche Bank AG	03/14/14		898		873		25
	1,409,744	AUD	Union Bank of Switzerland AG	03/14/14		1,232		1,231		1
	727,965	EUR	Australia and New Zealand Banking Group Limited	03/14/14		990		982		8
	3,012,651	EUR	Barclays Bank plc	03/14/14		4,140		4,063		77
	853,989	EUR	BNP Paribas	03/14/14		1,175		1,152		23
	933,729	EUR	Deutsche Bank AG	03/14/14		1,277		1,259		18
	640,788	EUR	Goldman Sachs International	03/14/14		875		864		11
	984,912	EUR	HSBC Bank, N.A.	03/14/14		1,340		1,328		12
	834,010	EUR	Merrill Lynch International	03/14/14		1,147		1,125		22
	704,801	EUR	State Street Corp.	03/14/14		961		951		10
	752,545	EUR	Union Bank of Switzerland AG	03/14/14		1,029		1,015		14
	582,272	GBP	Australia and New Zealand Banking Group Limited	03/14/14		956		957		(1	)
	6,289,247	GBP	Barclays Bank plc	03/14/14		10,339		10,336		3
	593,728	GBP	BNP Paribas	03/14/14		980		976		4
	655,405	GBP	Deutsche Bank AG	03/14/14		1,074		1,077		(3	)
	985,285	GBP	Merrill Lynch International	03/14/14		1,617		1,620		(3	)
	745,592	GBP	State Street Corp.	03/14/14		1,233		1,225		8
	665,507	GBP	Union Bank of Switzerland AG	03/14/14		1,103		1,093		10
	140,946,514	JPY	Australia and New Zealand Banking Group Limited	03/14/14		1,342		1,380		(38	)
	581,154,856	JPY	Barclays Bank plc	03/14/14		5,606		5,690		(84	)
	109,984,644	JPY	Goldman Sachs International	03/14/14		1,074		1,077		(3	)
	74,359,403	JPY	Merrill Lynch International	03/14/14		727		728		(1	)
	151,219,435	JPY	Morgan Stanley	03/14/14		1,450		1,480		(30	)
	2,316,005	SGD	Barclays Bank plc	03/14/14		1,853		1,814		39
					$	48,184	$	47,940	$	244

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
REIT	—	Real Estate Investment Trust
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $291,372,000 and 90.3%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows (amounts in thousands):

Aggregate gross unrealized appreciation	$	32,844
Aggregate gross unrealized depreciation		(7,618	)
Net unrealized appreciation/depreciation	$	25,226
Federal income tax cost of investments	$	297,415

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

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

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

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

The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Fund applies fair value pricing on equity securities on a daily basis, except for North American, Central American, South American and Caribbean equity securities held in its Fund, by utilizing the quotations of an independent pricing service, unless the Adviser determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Fund calculates its net asset values.

It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing, and broker and vendor due diligence.

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	38,978		$	—	(a)	$	38,978
Belgium		—		2,408			—			2,408
Canada		20,868		—			—			20,868
Finland		—		3,021			—			3,021
France		—		30,832			—			30,832
Germany		—		10,265			—			10,265
Hong Kong		—		32,980			—			32,980
Italy		—		728			—			728
Japan		—		87,131			—			87,131
Netherlands		—		4,996			—			4,996
Norway		—		533			—			533
Singapore		—		23,142			—			23,142
United Kingdom		—		56,357			—			56,357
Total Common Stocks		20,868		291,371			—	(a)		312,239
Short-Term Investment
Investment Company		10,402		—			—			10,402
Total Investments in Securities	$	31,270	$	291,371		$	—	(a)	$	322,641
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	512		$	—		$	512
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(573	)	$	—	*(a)	$	(573	)

(a) Value is zero.

There were no transfers among any levels during the period ended January 31, 2014.

* Level 3 securities are valued by brokers and pricing services. At January 31, 2014, the value of these securities was zero. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

JPMorgan International Realty Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

1. Derivatives — The Fund uses instruments including forward foreign currency exchange contracts in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Note (a) below describes the derivatives used by the Fund.

(a). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
			Belgium — 1.9%
	1		Anheuser-Busch InBev N.V. (m)		79
			Canada — 4.3%
	2		Canadian National Railway Co. (m)		88
	3		Suncor Energy, Inc. (m)		95
					183
			China — 2.9%
	—	(h)	Baidu, Inc., ADR (a) (m)		61
	8		Ping An Insurance Group Co. of China Ltd., Class H (m)		61
					122
			France — 11.1%
	2		Accor S.A. (m)		113
	1		Airbus Group N.V. (m)		84
	3		AXA S.A. (m)		87
	1		Kering (m)		106
	1		Schneider Electric S.A. (m)		78
					468
			Germany — 10.0%
	—	(h)	Allianz SE (m)		82
	3		Deutsche Post AG (m)		86
	1		Fresenius SE & Co. KGaA (m)		88
	1		Henkel AG & Co. KGaA (m)		85
	1		SAP AG (m)		79
					420
			Hong Kong — 3.8%
	8		Cheung Kong Holdings Ltd. (m)		119
	6		Sands China Ltd. (m)		43
					162
			India — 1.9%
	3		HDFC Bank Ltd., ADR (m)		82
			Ireland — 2.4%
	2		Shire plc (m)		100
			Japan — 12.4%
	1		East Japan Railway Co. (m)		74
	2		Japan Tobacco, Inc. (m)		74
	2		Nitto Denko Corp. (m)		71
	6		ORIX Corp. (m)		97
	2		Toyota Motor Corp. (m)		120
	16		Yahoo! Japan Corp. (m)		88
					524
			Netherlands — 1.9%
	6		ING Groep N.V., CVA (a) (m)		80
			Russia — 1.7%
	7		Sberbank of Russia, ADR (m)		71
			South Korea — 4.2%
	—	(h)	Hyundai Mobis (m)		89
	—	(h)	Samsung Electronics Co., Ltd., Reg. S, GDR (m)		87
					176
			Spain — 1.7%
	6		Banco Bilbao Vizcaya Argentaria S.A. (m)		74
			Sweden — 2.0%
	3		Svenska Cellulosa AB SCA, Class B (m)		85
			Switzerland — 11.3%
	1		Cie Financiere Richemont S.A. (m)		127
	1		Novartis AG (m)		87
	—	(h)	Roche Holding AG (m)		127
	7		UBS AG (a) (m)		134
					475
			United Kingdom — 21.8%
	4		BG Group plc (m)		68
	32		Home Retail Group plc (m)		94
	13		HSBC Holdings plc (m)		133
	14		International Consolidated Airlines Group S.A. (a) (m)		97
	9		Meggitt plc (m)		80
	9		Partnership Assurance Group plc (a) (m)		46
	4		Persimmon plc (a) (m)		77
	4		Prudential plc (m)		84
	1		Rio Tinto plc (m)		45
	6		Standard Chartered plc (m)		118
	4		WPP plc (m)		76
					918
			United States — 2.4%
	37		Samsonite International S.A. (m)		102
			Total Investments — 97.7% (Cost $3,584)		4,121
			Other Assets in Excess of Liabilities — 2.3%		99
			NET ASSETS — 100.0%	$	4,220

Percentages indicated are based on net assets.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		11.6	%
Insurance		8.7
Textiles, Apparel & Luxury Goods		8.1
Pharmaceuticals		7.6
Diversified Financial Services		4.3
Household Products		4.1
Aerospace & Defense		4.0
Oil, Gas & Consumable Fuels		4.0
Road & Rail		3.9
Hotels, Restaurants & Leisure		3.8
Internet Software & Services		3.6
Capital Markets		3.3
Automobiles		2.9
Real Estate Management & Development		2.9
Airlines		2.4
Internet & Catalog Retail		2.3
Auto Components		2.2
Health Care Providers & Services		2.1
Semiconductors & Semiconductor Equipment		2.1
Air Freight & Logistics		2.1
Software		1.9
Beverages		1.9
Electrical Equipment		1.9
Household Durables		1.9
Media		1.8
Tobacco		1.8
Chemicals		1.7
Metals & Mining		1.1

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $3,708,000 and 90.0%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	667
Aggregate gross unrealized depreciation		(130	)
Net unrealized appreciation/depreciation	$	537
Federal income tax cost of investments	$	3,584

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	79	$	—	$	79
Canada		183		—		—		183
China		61		61		—		122
France		—		468		—		468
Germany		—		420		—		420
Hong Kong		—		162		—		162
India		82		—		—		82
Ireland		—		100		—		100
Japan		—		524		—		524
Netherlands		—		80		—		80
Russia		—		71		—		71
South Korea		—		176		—		176
Spain		—		74		—		74
Sweden		—		85		—		85
Switzerland		—		475		—		475
United Kingdom		—		918		—		918
United States		—		102		—		102
Total Common Stocks		326		3,795		—		4,121
Total Investments in Securities	$	326	$	3,795	$	—	$	4,121

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.1%
		Australia — 1.7%
	1,429	Australia & New Zealand Banking Group Ltd. (m)		37,630
	4,150	Goodman Group (m)		16,956
				54,586
		Belgium — 1.3%
	297	Solvay S.A. (m)		41,504
		Canada — 0.4%
	786	First Quantum Minerals Ltd. (m)		14,063
		China — 1.4%
	34,296	China Construction Bank Corp., Class H (m)		23,759
	8,562	China Shenhua Energy Co., Ltd., Class H (m)		21,975
				45,734
		Denmark — 1.1%
	1,607	Danske Bank A/S (a) (m)		36,344
		Finland — 1.1%
	2,353	UPM-Kymmene OYJ (m)		36,041
		France — 13.8%
	497	Airbus Group N.V. (m)		35,231
	2,486	AXA S.A. (m)		65,213
	1,066	BNP Paribas S.A. (m)		82,270
	1,195	Cie de St-Gobain (m)		62,672
	571	Electricite de France (m)		19,395
	1,102	GDF Suez (m)		24,334
	549	Lafarge S.A. (m)		39,351
	362	Publicis Groupe S.A. (m)		32,087
	429	Schneider Electric S.A. (m)		34,544
	385	Sodexo (m)		37,959
	903	Suez Environnement Co. (m)		16,172
				449,228
		Germany — 10.5%
	222	Allianz SE (m)		36,987
	543	BASF SE (m)		58,085
	550	Bayer AG (m)		72,435
	1,630	Commerzbank AG (a) (m)		27,593
	714	Daimler AG (m)		59,629
	3,577	Deutsche Telekom AG (m)		57,835
	726	Metro AG (m)		29,829
				342,393
		Hong Kong — 2.8%
	9,316	China Overseas Land & Investment Ltd. (m)		25,007
	3,687	Hutchison Whampoa Ltd. (m)		45,660
	3,103	Wharf Holdings Ltd. (m)		21,123
				91,790
		India — 0.6%
	606	ICICI Bank Ltd., ADR (m)		19,505
		Italy — 4.3%
	1,228	Assicurazioni Generali S.p.A. (m)		26,489
	5,044	Enel S.p.A. (m)		22,958
	2,915	Eni S.p.A. (m)		66,205
	3,140	UniCredit S.p.A. (m)		23,503
				139,155
		Japan — 21.0%
	807	Bridgestone Corp. (m)		28,959
	1,772	Daiwa House Industry Co., Ltd. (m)		33,611
	479	East Japan Railway Co. (m)		35,357
	8,320	Hitachi Ltd. (m)		63,427
	1,117	Honda Motor Co., Ltd. (m)		41,876
	1,259	Japan Tobacco, Inc. (m)		38,877
	7,061	Kawasaki Heavy Industries Ltd. (m)		30,537
	532	KDDI Corp. (m)		29,293
	12,471	Mitsubishi UFJ Financial Group, Inc. (m)		74,975
	395	Nitto Denko Corp. (m)		17,572
	4,264	Nomura Holdings, Inc. (m)		29,625
	2,820	ORIX Corp. (m)		42,771
	1,515	Ricoh Co., Ltd. (m)		15,923
	1,104	Seven & I Holdings Co., Ltd. (m)		43,526
	1,768	Sumitomo Electric Industries Ltd. (m)		27,774
	1,203	Sumitomo Mitsui Financial Group, Inc. (m)		55,726
	696	Toyota Motor Corp. (m)		39,808
	1,701	Yamato Holdings Co., Ltd. (m)		35,608
				685,245
		Netherlands — 4.4%
	2,776	ING Groep N.V., CVA (a) (m)		36,669
	6,885	Koninklijke KPN N.V. (a) (m)		25,760
	2,367	Royal Dutch Shell plc, Class A (m)		81,993
				144,422
		Norway — 0.4%
	614	Telenor ASA (m)		12,770
		South Korea — 0.9%
	25	Samsung Electronics Co., Ltd. (m)		29,271
		Spain — 1.4%
	1,936	CaixaBank S.A. (m)		11,864

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — Continued
	1,492	Repsol S.A. (m)		34,867
				46,731
		Sweden — 2.6%
	1,443	Electrolux AB, Series B (m)		30,595
	1,180	Nordea Bank AB (m)		15,745
	3,232	Telefonaktiebolaget LM Ericsson, Class B (m)		39,574
				85,914
		Switzerland — 5.3%
	888	Novartis AG (m)		70,204
	160	Roche Holding AG (m)		43,810
	367	Swiss Re AG (a) (m)		31,676
	1,406	UBS AG (a) (m)		27,890
				173,580
		United Kingdom — 20.1%
	757	AstraZeneca plc (m)		47,976
	3,113	Aviva plc (m)		22,772
	8,762	Barclays plc (m)		39,116
	2,840	BG Group plc (m)		47,739
	5,031	BP plc (m)		39,430
	10,040	HSBC Holdings plc (m)		103,025
	1,343	InterContinental Hotels Group plc (m)		43,425
	4,002	Kingfisher plc (m)		24,266
	540	Pearson plc (m)		9,859
	2,581	Prudential plc (m)		51,946
	1,296	Rio Tinto plc (m)		68,955
	589	SABMiller plc (m)		26,449
	1,145	Tullow Oil plc (m)		14,829
	31,479	Vodafone Group plc (m)		116,652
				656,439
		Total Common Stocks (Cost $2,657,165)		3,104,715
	Preferred Stock — 1.3%
		Germany — 1.3%
	162	Volkswagen AG (m) (Cost $22,343)		40,883
	Short-Term Investment — 3.4%
		Investment Company — 3.4%
	112,422	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $112,422)		112,422
		Total Investments — 99.8% (Cost $2,791,930)		3,258,020
		Other Assets in Excess of Liabilities — 0.2%		5,603
		NET ASSETS — 100.0%	$	3,263,623

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		16.9	%
Oil, Gas & Consumable Fuels		9.4
Insurance		7.2
Pharmaceuticals		7.2
Automobiles		5.6
Wireless Telecommunication Services		4.5
Chemicals		3.6
Diversified Telecommunication Services		3.0
Metals & Mining		2.5
Hotels, Restaurants & Leisure		2.5
Real Estate Management & Development		2.4
Diversified Financial Services		2.4
Food & Staples Retailing		2.3
Electronic Equipment, Instruments & Components		1.9
Building Products		1.9
Electrical Equipment		1.9
Capital Markets		1.8
Industrial Conglomerates		1.4
Electric Utilities		1.3
Media		1.3
Multi-Utilities		1.2
Communications Equipment		1.2
Construction Materials		1.2
Tobacco		1.2
Paper & Forest Products		1.1
Air Freight & Logistics		1.1
Road & Rail		1.1
Aerospace & Defense		1.1
Others (each less than 1.0%)		6.3
Short-Term Investments		3.5

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
32,850,114	CHF
26,718,966	for EUR	State Street Corp.	02/28/14	$	36,036	#	$	36,239	#	$	203
4,832,149	GBP
5,715,239	for EUR	Goldman Sachs International	02/28/14		7,708	#		7,942	#		234
4,006,369	GBP
4,865,322	for EUR	Merrill Lynch International	02/28/14		6,562	#		6,585	#		23
58,487,676	GBP
70,313,069	for EUR	State Street Corp.	02/28/14		94,832	#		96,132	#		1,300
4,863,664	GBP
811,868,086	for JPY	Citibank, N.A.	02/28/14		7,947	#		7,994	#		47
691,417,132	JPY
4,843,746	for EUR	Credit Suisse International	02/28/14		6,533	#		6,768	#		235
758,734,709	JPY
5,402,140	for EUR	Westpac Banking Corp.	02/28/14		7,286	#		7,427	#		141
688,263,249	JPY
3,997,006	for GBP	Credit Suisse International	02/28/14		6,569	#		6,737	#		168
1,762,812,189	JPY
112,817,814	for SEK	State Street Corp.	02/28/14		17,214	#		17,255	#		41
11,848,458	AUD	Goldman Sachs International	02/28/14		10,365			10,354			(11	)
12,458,663	AUD	HSBC Bank, N.A.	02/28/14		11,064			10,887			(177	)
183,120,490	AUD	National Australia Bank	02/28/14		166,672			160,015			(6,657	)
19,025,464	CHF	Barclays Bank plc	02/28/14		20,967			20,988			21
8,256,909	CHF	Credit Suisse International	02/28/14		9,074			9,109			35
9,620,810	CHF	Westpac Banking Corp.	02/28/14		10,659			10,613			(46	)
32,471,209	EUR	BNP Paribas	02/28/14		44,264			43,794			(470	)
12,101,067	EUR	Citibank, N.A.	02/28/14		16,449			16,321			(128	)
15,955,582	EUR	Credit Suisse International	02/28/14		21,801			21,519			(282	)
8,222,458	EUR	Deutsche Bank AG	02/28/14		11,122			11,090			(32	)
12,731,019	EUR	Goldman Sachs International	02/28/14		17,307			17,170			(137	)
4,754,173	EUR	HSBC Bank, N.A.	02/28/14		6,595			6,412			(183	)
6,265,640	EUR	Morgan Stanley	02/28/14		8,477			8,450			(27	)
11,320,701	EUR	National Australia Bank	02/28/14		15,390			15,268			(122	)
8,935,658	EUR	Royal Bank of Canada	02/28/14		12,209			12,052			(157	)
14,323,743	EUR	State Street Corp.	02/28/14		19,717			19,319			(398	)
19,225,456	EUR	Union Bank of Switzerland AG	02/28/14		26,160			25,930			(230	)
13,979,015	EUR	Westpac Banking Corp.	02/28/14		19,029			18,854			(175	)
59,689,793	GBP	BNP Paribas	02/28/14		96,575			98,108			1,533
9,899,551	GBP	Citibank, N.A.	02/28/14		16,368			16,271			(97	)
6,006,168	GBP	Credit Suisse International	02/28/14		9,932			9,872			(60	)
5,488,608	GBP	State Street Corp.	02/28/14		9,109			9,021			(88	)
4,038,613	GBP	Union Bank of Switzerland AG	02/28/14		6,669			6,638			(31	)
7,551,638	GBP	Westpac Banking Corp.	02/28/14		12,428			12,412			(16	)
1,699,293,313	JPY	Barclays Bank plc	02/28/14		16,227			16,634			407
914,090,663	JPY	Credit Suisse International	02/28/14		8,752			8,947			195
2,825,059,171	JPY	Goldman Sachs International	02/28/14		27,379			27,653			274
1,019,041,094	JPY	Royal Bank of Canada	02/28/14		9,915			9,975			60
1,101,266,930	JPY	Societe Generale	02/28/14		10,758			10,780			22
1,386,709,001	JPY	State Street Corp.	02/28/14		13,564			13,574			10
1,358,492,173	JPY	Union Bank of Switzerland AG	02/28/14		13,248			13,298			50
96,742,391	NOK	BNP Paribas	02/28/14		15,783			15,398			(385	)
54,254,923	NOK	Societe Generale	02/28/14		8,649			8,636			(13	)
76,531,535	SEK	BNP Paribas	02/28/14		11,608			11,677			69
60,498,296	SGD	National Australia Bank	02/28/14		48,310			47,385			(925	)
				$	973,282		$	967,503		$	(5,779	)

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
9,966,978	CAD	Union Bank of Switzerland AG	02/28/14	$	9,050	$	8,945	$	105
4,259,576	CAD	Westpac Banking Corp.	02/28/14		4,023		3,822		201
5,756,033	CHF	Credit Suisse International	02/28/14		6,417		6,350		67
72,897,144	CHF	Westpac Banking Corp.	02/28/14		80,135		80,417		(282	)
4,998,608	EUR	Australia and New Zealand Banking Group Limited	02/28/14		6,772		6,742		30
24,106,477	EUR	Barclays Bank plc	02/28/14		32,674		32,512		162
10,521,283	EUR	BNP Paribas	02/28/14		14,397		14,190		207
20,675,350	EUR	Goldman Sachs International	02/28/14		28,227		27,885		342
80,261,536	EUR	HSBC Bank, N.A.	02/28/14		108,488		108,249		239
17,869,135	EUR	TD Bank Financial Group	02/28/14		24,609		24,101		508
12,701,823	GBP	Barclays Bank plc	02/28/14		20,877		20,877		—	(h)
9,175,635	GBP	BNP Paribas	02/28/14		15,042		15,081		(39	)
15,151,509	GBP	Goldman Sachs International	02/28/14		24,762		24,904		(142	)
5,632,118	GBP	HSBC Bank, N.A.	02/28/14		9,074		9,257		(183	)
6,121,517	GBP	TD Bank Financial Group	02/28/14		10,028		10,061		(33	)
5,909,070	GBP	Union Bank of Switzerland AG	02/28/14		9,657		9,713		(56	)
24,323,748	GBP	Westpac Banking Corp.	02/28/14		39,838		39,979		(141	)
427,259,864	HKD	Westpac Banking Corp.	02/28/14		55,122		55,035		87
2,128,387,656	JPY	Barclays Bank plc	02/28/14		20,557		20,835		(278	)
1,366,731,557	JPY	Citibank, N.A.	02/28/14		13,556		13,378		178
730,857,200	JPY	Goldman Sachs International	02/28/14		7,134		7,154		(20	)
780,452,373	JPY	HSBC Bank, N.A.	02/28/14		7,575		7,639		(64	)
7,918,387,830	JPY	Societe Generale	02/28/14		77,677		77,510		167
1,894,884,791	JPY	TD Bank Financial Group	02/28/14		18,456		18,548		(92	)
1,805,027,437	JPY	Westpac Banking Corp.	02/28/14		17,243		17,669		(426	)
				$	661,390	$	660,853	$	537

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. dollar market value of the currency being purchased.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $3,112,030,000 and 95.5%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	534,443
Aggregate gross unrealized depreciation		(68,353	)
Net unrealized appreciation/depreciation	$	466,090
Federal income tax cost of investments	$	2,791,930

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	54,586		$	—	$	54,586
Belgium		—		41,504			—		41,504
Canada		14,063		—			—		14,063
China		—		45,734			—		45,734
Denmark		—		36,344			—		36,344
Finland		—		36,041			—		36,041
France		—		449,228			—		449,228
Germany		—		342,393			—		342,393
Hong Kong		—		91,790			—		91,790
India		19,505		—			—		19,505
Italy		—		139,155			—		139,155
Japan		—		685,245			—		685,245
Netherlands		—		144,422			—		144,422
Norway		—		12,770			—		12,770
South Korea		—		29,271			—		29,271
Spain		—		46,731			—		46,731
Sweden		—		85,914			—		85,914
Switzerland		—		173,580			—		173,580
United Kingdom		—		656,439			—		656,439
Total Common Stocks	$	33,568	$	3,071,147		$	—	$	3,104,715
Preferred Stock
Germany		—		40,883			—		40,883
Short-Term Investment
Investment Company		112,422		—			—		112,422
Total Investments in Securities	$	145,990	$	3,112,030		$	—	$	3,258,020
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	7,361		$	—	$	7,361
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(12,603	)	$	—	$	(12,603	)

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including forward foreign currency exchange and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

(a). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.7%
		Australia — 1.5%
	1,186	Goodman Group (m)		4,846
		Belgium — 3.9%
	87	Solvay S.A. (m)		12,102
		Canada — 1.4%
	238	First Quantum Minerals Ltd. (m)		4,257
		China — 2.1%
	2,561	China Shenhua Energy Co., Ltd., Class H (m)		6,572
		Denmark — 3.3%
	465	Danske Bank A/S (a) (m)		10,508
		Finland — 3.4%
	698	UPM-Kymmene OYJ (m)		10,694
		France — 17.7%
	146	Airbus Group N.V. (m)		10,315
	344	Cie de St-Gobain (m)		18,057
	160	Lafarge S.A. (m)		11,443
	114	Sodexo (m)		11,192
	269	Suez Environnement Co. (m)		4,820
				55,827
		Germany — 8.5%
	209	Daimler AG (m)		17,464
	228	Metro AG (m)		9,377
				26,841
		Hong Kong — 4.4%
	2,722	China Overseas Land & Investment Ltd. (m)		7,307
	946	Wharf Holdings Ltd. (m)		6,440
				13,747
		Italy — 4.7%
	369	Assicurazioni Generali S.p.A. (m)		7,952
	912	UniCredit S.p.A. (m)		6,824
				14,776
		Japan — 24.7%
	236	Bridgestone Corp. (m)		8,487
	512	Daiwa House Industry Co., Ltd. (m)		9,711
	138	East Japan Railway Co. (m)		10,193
	367	Japan Tobacco, Inc. (m)		11,317
	2,090	Kawasaki Heavy Industries Ltd. (m)		9,039
	120	Nitto Denko Corp. (m)		5,327
	445	Ricoh Co., Ltd. (m)		4,674
	538	Sumitomo Electric Industries Ltd. (m)		8,442
	512	Yamato Holdings Co., Ltd. (m)		10,713
				77,903
		Norway — 1.2%
	184	Telenor ASA (m)		3,821
		South Korea — 2.7%
	7	Samsung Electronics Co., Ltd. (m)		8,445
		Spain — 1.1%
	572	CaixaBank S.A. (m)		3,505
		Sweden — 2.8%
	421	Electrolux AB, Series B (m)		8,938
		Switzerland — 5.6%
	110	Swiss Re AG (a) (m)		9,509
	410	UBS AG (a) (m)		8,139
				17,648
		United Kingdom — 4.7%
	1,180	Kingfisher plc (m)		7,157
	170	SABMiller plc (m)		7,655
				14,812
		Total Common Stocks (Cost $263,731)		295,242
	Preferred Stock — 3.8%
		Germany — 3.8%
	48	Volkswagen AG (m) (Cost $5,999)		12,071
		Total Investments — 97.5% (Cost $269,730)		307,313
		Other Assets in Excess of Liabilities — 2.5%		7,958
		NET ASSETS — 100.0%	$	315,271

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Automobiles		9.6	%
Real Estate Management & Development		7.6
Commercial Banks		6.8
Building Products		5.9
Insurance		5.7
Chemicals		5.7
Construction Materials		3.7
Tobacco		3.7
Hotels, Restaurants & Leisure		3.6
Air Freight & Logistics		3.5
Paper & Forest Products		3.5
Aerospace & Defense		3.4
Road & Rail		3.3
Food & Staples Retailing		3.1
Machinery		2.9
Household Durables		2.9
Auto Components		2.8
Semiconductors & Semiconductor Equipment		2.8
Electrical Equipment		2.7
Capital Markets		2.6
Beverages		2.5
Specialty Retail		2.3
Oil, Gas & Consumable Fuels		2.1
Real Estate Investment Trusts (REITs)		1.6
Multi-Utilities		1.6
Office Electronics		1.5
Metals & Mining		1.4
Diversified Telecommunication Services		1.2

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	7	TOPIX Index		03/13/14	$	832	$	(57	)
	4	SPI 200 Index		03/20/14		450		(10	)
	45	Euro STOXX 50 Index		03/21/14		1,832		(80	)
	11	FTSE 100 Index		03/21/14		1,168		(55	)
							$	(202	)

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—	Non-income producing security.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $ 303,055,000 and 98.6%, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	48,298
Aggregate gross unrealized depreciation		(10,715	)
Net unrealized appreciation/depreciation	$	37,583
Federal income tax cost of investments	$	269,730

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation by country input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	4,846	$	—	$	4,846
Belgium		—			12,102		—		12,102
Canada		4,257			—		—		4,257
China		—			6,572		—		6,572
Denmark		—			10,508		—		10,508
Finland		—			10,694		—		10,694
France		—			55,827		—		55,827
Germany		—			26,841		—		26,841
Hong Kong		—			13,747		—		13,747
Italy		—			14,776		—		14,776
Japan		—			77,903		—		77,903
Norway		—			3,821		—		3,821
South Korea		—			8,445		—		8,445
Spain		—			3,505		—		3,505
Sweden		—			8,938		—		8,938
Switzerland		—			17,648		—		17,648
United Kingdom		—			14,812		—		14,812
Total Common Stocks		4,257			290,985		—		295,242
Preferred Stock
Germany		—			12,071		—		12,071
Total Investments in Securities	$	4,257		$	303,056	$	—	$	307,313
Depreciation in Other Financial Instruments
Futures Contracts	$	(202	)	$	—	$	—	$	(202	)

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.0%
		Austria — 0.3%
	75	Voestalpine AG (m)		3,349
		Belgium — 1.1%
	180	Delhaize Group S.A. (m)		11,531
		Bermuda — 0.6%
	683	Frontline Ltd. (a) (m)		2,878
	1,576	Golden Ocean Group Ltd. (m)		3,281
				6,159
		Denmark — 4.2%
	1	AP Moeller - Maersk A/S, Class B (m)		8,336
	111	D/S Norden A/S (m)		5,207
	131	FLSmidth & Co. A/S (m)		7,002
	361	GN Store Nord A/S (m)		8,580
	192	Pandora A/S (m)		11,017
	166	Vestas Wind Systems A/S (a) (m)		5,485
				45,627
		France — 15.5%
	225	Airbus Group N.V. (m)		15,910
	1,434	Alcatel-Lucent (a) (m)		5,736
	468	AXA S.A. (m)		12,270
	236	Cap Gemini S.A. (m)		16,083
	148	Carrefour S.A. (m)		5,102
	297	Cie de St-Gobain (m)		15,569
	827	Credit Agricole S.A. (a) (m)		11,099
	260	Electricite de France (m)		8,811
	1,845	Natixis (m)		10,821
	80	Renault S.A. (m)		6,910
	144	Sanofi (m)		14,040
	146	Societe Generale S.A. (m)		8,254
	171	Thales S.A. (m)		11,148
	401	Total S.A. (m)		22,855
	50	Valeo S.A. (m)		5,613
				170,221
		Germany — 12.0%
	54	Allianz SE (m)		8,913
	82	Bayer AG (m)		10,790
	91	Bayerische Motoren Werke AG (m)		9,863
	36	Continental AG (m)		7,691
	181	Daimler AG (m)		15,119
	13	Deutsche Bank AG (m)		634
	578	Deutsche Lufthansa AG (a) (m)		13,719
	427	Deutsche Post AG (m)		14,731
	43	Duerr AG (m)		3,589
	131	Merck KGaA (m)		20,259

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — Continued
	50	Muenchener Rueckversicherungs AG (m)		10,212
	246	Nordex SE (a) (m)		3,267
	83	Osram Licht AG (a) (m)		4,837
	182	ProSiebenSat.1 Media AG (m)		8,169
				131,793
		Ireland — 3.3%
	19,342	Bank of Ireland (a) (m)		7,656
	1,866	Henderson Group plc (m)		6,721
	329	Shire plc (m)		16,410
	220	Smurfit Kappa Group plc (m)		5,151
				35,938
		Italy — 1.5%
	147	Azimut Holding S.p.A. (m)		4,241
	313	Eni S.p.A. (m)		7,107
	529	Mediobanca S.p.A. (a) (m)		4,837
				16,185
		Luxembourg — 0.0% (g)
	21	GAGFAH S.A. (a) (m)		300
		Netherlands — 5.8%
	592	Aegon N.V. (m)		5,163
	285	Delta Lloyd N.V. (m)		7,334
	1,278	ING Groep N.V., CVA (a) (m)		16,880
	1,007	PostNL N.V. (a) (m)		5,636
	533	Royal Dutch Shell plc, Class A (m)		18,395
	274	Unilever N.V., CVA (m)		10,208
				63,616
		Norway — 0.7%
	199	Yara International ASA (m)		8,233
		Spain — 2.9%
	1,567	Abengoa S.A., Class B (m)		5,176
	313	Gamesa Corp. Tecnologica S.A. (a) (m)		3,427
	165	Grifols S.A. (m)		8,547
	641	Repsol S.A. (m)		14,987
				32,137
		Sweden — 2.8%
	136	NCC AB, Class B (m)		4,324
	335	Swedbank AB, Class A (m)		8,747
	985	TeliaSonera AB (m)		7,294
	533	Trelleborg AB, Class B (m)		10,622
				30,987
		Switzerland — 7.9%
	59	Cembra Money Bank AG (a) (m)		3,852
	8	Galenica AG (m)		7,144

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	1,394	Glencore Xstrata plc (a) (m)		7,350
	269	Nestle S.A. (m)		19,502
	305	Novartis AG (m)		24,136
	88	Roche Holding AG (m)		24,132
				86,116
		United Kingdom — 36.4%
	640	Ashtead Group plc (m)		8,297
	662	Aviva plc (m)		4,840
	722	Babcock International Group plc (m)		16,474
	1,636	BAE Systems plc (m)		11,540
	927	Barratt Developments plc (m)		5,761
	227	Berkeley Group Holdings plc (m)		9,617
	426	BHP Billiton plc (m)		12,552
	3,857	BP plc (m)		30,226
	444	British American Tobacco plc (m)		21,196
	4,143	BT Group plc (m)		26,089
	1,349	Countrywide plc (m)		12,666
	559	Crest Nicholson Holdings plc (a) (m)		3,365
	969	Daily Mail & General Trust plc, Class A (m)		15,302
	364	easyJet plc (m)		9,836
	870	Foxtons Group plc (a) (m)		4,995
	1,429	GKN plc (m)		9,248
	591	GlaxoSmithKline plc (m)		15,189
	1,293	HSBC Holdings plc (m)		13,266
	2,207	International Consolidated Airlines Group S.A. (a) (m)		15,108
	2,884	ITV plc (m)		9,308
	1,144	Jupiter Fund Management plc (m)		7,013
	1,761	Legal & General Group plc (m)		6,218
	10,088	Lloyds Banking Group plc (a) (m)		13,757
	173	Next plc (m)		17,790
	239	Persimmon plc (a) (m)		5,151
	688	Prudential plc (m)		13,843
	245	Reckitt Benckiser Group plc (m)		18,352
	259	Rio Tinto plc (m)		13,765
	580	Sports Direct International plc (a) (m)		6,504
	4,516	Taylor Wimpey plc (m)		8,312
	1,171	Thomas Cook Group plc (a) (m)		3,460
	1,141	TUI Travel plc (m)		7,974
	5,784	Vodafone Group plc (m)		21,435
				398,449
		Total Common Stocks (Cost $969,933)		1,040,641

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 5.9%
		Investment Company — 5.9%
	64,168	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $64,168)		64,168
		Total Investments — 100.9% (Cost $1,034,101)		1,104,809
		Liabilities in Excess of Other Assets — (0.9)%		(9,936	)
		NET ASSETS — 100.0%	$	1,094,873

Percentages indicated are based on net assets.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.0	%
Oil, Gas & Consumable Fuels		8.7
Commercial Banks		6.7
Insurance		6.2
Airlines		3.5
Aerospace & Defense		3.5
Metals & Mining		3.4
Diversified Telecommunication Services		3.0
Media		3.0
Household Durables		2.9
Automobiles		2.9
Food Products		2.7
Capital Markets		2.1
Auto Components		2.0
Wireless Telecommunication Services		1.9
Tobacco		1.9
Air Freight & Logistics		1.8
Household Products		1.7
Real Estate Management & Development		1.6
Multiline Retail		1.6
Electrical Equipment		1.5
Diversified Financial Services		1.5
Marine		1.5
Food & Staples Retailing		1.5
Construction & Engineering		1.5
Commercial Services & Supplies		1.5
IT Services		1.5
Building Products		1.4
Machinery		1.3
Hotels, Restaurants & Leisure		1.0
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		5.9
Short-Term Investments		5.8

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVA	—	Dutch Certification
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $1,040,642,000 and 94.2 %, respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	85,070
Aggregate gross unrealized depreciation		(14,362	)
Net unrealized appreciation/depreciation	$	70,708
Federal income tax cost of investments	$	1,034,101

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	64,168	$	1,040,641	$	—	$	1,104,809

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and common stocks. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period January 31, 2014.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Australia — 5.0%
	213	Australia & New Zealand Banking Group Ltd. (m)		5,614
	221	Bank of Queensland Ltd. (m)		2,201
	236	Bendigo and Adelaide Bank Ltd. (m)		2,393
	259	BHP Billiton Ltd. (m)		8,269
	390	Challenger Ltd. (m)		2,045
	50	Macquarie Group Ltd. (m)		2,356
	148	National Australia Bank Ltd. (m)		4,295
	50	Sydney Airport (m)		174
	61	Wesfarmers Ltd. (m)		2,248
	199	Westpac Banking Corp. (m)		5,361
				34,956
		Austria — 0.7%
	19	ams AG (m)		2,397
	49	Voestalpine AG (m)		2,208
				4,605
		Belgium — 1.0%
	74	Anheuser-Busch InBev N.V. (m)		7,086
		Bermuda — 0.4%
	33	Signet Jewelers Ltd. (m)		2,645
		China — 0.6%
	2,847	China Construction Bank Corp., Class H (m)		1,972
	936	China Merchants Bank Co., Ltd., Class H (m)		1,649
	1,282	Xinyi Solar Holdings Ltd. (a) (m)		269
				3,890
		Denmark — 0.7%
	45	Pandora A/S (m)		2,610
	261	TDC A/S (m)		2,457
				5,067
		Finland — 1.8%
	100	Elisa OYJ (m)		2,558
	377	Nokia OYJ (a) (m)		2,612
	51	Sampo, Class A (m)		2,354
	260	Stora Enso OYJ, Class R (m)		2,430
	143	UPM-Kymmene OYJ (m)		2,190
				12,144
		France — 10.2%
	48	Accor S.A. (m)		2,302
	48	Airbus Group N.V. (m)		3,431
	267	AXA S.A. (m)		6,994
	85	BNP Paribas S.A. (m)		6,555
	63	Bouygues S.A. (m)		2,397
	45	Cap Gemini S.A. (m)		3,063
	51	Cie de St-Gobain (m)		2,674
	185	Credit Agricole S.A. (a) (m)		2,486
	72	Electricite de France (m)		2,445
	27	Neopost S.A. (m)		2,283
	77	Plastic Omnium S.A. (m)		1,993
	33	Renault S.A. (m)		2,855
	40	Safran S.A. (m)		2,821
	73	SCOR SE (m)		2,381
	69	Societe Generale S.A. (m)		3,922
	44	Teleperformance (m)		2,563
	39	Thales S.A. (m)		2,530
	149	Total S.A. (m)		8,523
	24	Valeo S.A. (m)		2,650
	50	Vinci S.A. (m)		3,259
	14	Zodiac Aerospace (m)		2,550
				70,677
		Germany — 9.6%
	39	Allianz SE (m)		6,522
	64	BASF SE (m)		6,821
	79	Bayer AG (m)		10,457
	23	Bayerische Motoren Werke AG (m)		2,513
	21	Bilfinger Berger SE (m)		2,399
	14	Continental AG (m)		2,986
	77	Daimler AG (m)		6,451
	48	Deutsche Bank AG (m)		2,332
	109	Deutsche Lufthansa AG (a) (m)		2,584
	101	Deutsche Post AG (m)		3,472
	259	Deutsche Telekom AG (m)		4,191
	82	Freenet AG (a) (m)		2,500
	20	Fresenius SE & Co. KGaA (m)		3,149
	55	GEA Group AG (m)		2,578
	13	Merck KGaA (m)		2,030
	53	Metro AG (m)		2,164
	14	Osram Licht AG (a) (m)		820
	37	Wincor Nixdorf AG (m)		2,612
				66,581
		Hong Kong — 2.2%
	1,133	Cathay Pacific Airways Ltd. (m)		2,357
	152	Cheung Kong Holdings Ltd. (m)		2,255
	1,036	China Overseas Land & Investment Ltd. (m)		2,781
	228	Hutchison Whampoa Ltd. (m)		2,823

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Hong Kong — Continued
	294	Sands China Ltd. (m)		2,255
	146	Swire Pacific Ltd., Class A (m)		1,573
	1,822	Xinyi Glass Holdings Ltd. (m)		1,476
				15,520
		India — 0.5%
	73	HDFC Bank Ltd., ADR (m)		2,289
	253	Yes Bank Ltd. (m)		1,242
				3,531
		Ireland — 1.1%
	437	Greencore Group plc (m)		1,792
	69	Shire plc (m)		3,451
	107	Smurfit Kappa Group plc (m)		2,513
				7,756
		Israel — 0.4%
	66	Teva Pharmaceutical Industries Ltd., ADR (m)		2,955
		Italy — 0.8%
	82	Azimut Holding S.p.A. (m)		2,377
	692	Enel S.p.A. (m)		3,149
				5,526
		Japan — 18.6%
	98	Asahi Group Holdings Ltd. (m)		2,657
	301	Asahi Kasei Corp. (m)		2,278
	45	Astellas Pharma, Inc. (m)		2,750
	83	Bridgestone Corp. (m)		2,984
	78	Century Tokyo Leasing Corp. (m)		2,284
	264	Chiba Bank Ltd. (The) (m)		1,671
	90	Coca-Cola West Co., Ltd. (m)		1,764
	44	Daikin Industries Ltd. (m)		2,518
	122	Daiwa House Industry Co., Ltd. (m)		2,314
	260	Daiwa Securities Group, Inc. (m)		2,411
	531	Fuji Electric Co., Ltd. (m)		2,300
	113	Fuji Media Holdings, Inc. (m)		2,118
	90	FUJIFILM Holdings Corp. (m)		2,611
	445	Fukuoka Financial Group, Inc. (m)		1,854
	498	Hitachi Ltd. (m)		3,796
	134	Honda Motor Co., Ltd. (m)		5,012
	181	ITOCHU Corp. (m)		2,215
	980	Kawasaki Kisen Kaisha Ltd. (m)		2,284
	54	KDDI Corp. (m)		2,990
	67	Kose Corp. (m)		2,099
	159	Kubota Corp. (m)		2,447
	322	Marubeni Corp. (m)		2,246
	123	Medipal Holdings Corp. (m)		1,798
	133	Mitsubishi Corp. (m)		2,436
	1,103	Mitsubishi UFJ Financial Group, Inc. (m)		6,633
	88	Mitsui Fudosan Co., Ltd. (m)		2,779
	147	Nippon Meat Packers, Inc. (m)		2,503
	150	Nippon Paint Co., Ltd. (m)		2,466
	47	Nippon Telegraph & Telephone Corp. (m)		2,489
	84	Nissin Kogyo Co., Ltd. (m)		1,708
	24	Nitori Holdings Co., Ltd. (m)		2,355
	483	OJI Paper Co., Ltd. (m)		2,276
	63	Omron Corp. (m)		2,471
	236	ORIX Corp. (m)		3,578
	22	Ryohin Keikaku Co., Ltd. (m)		2,017
	99	Seiko Epson Corp. (m)		2,581
	205	Sekisui Chemical Co., Ltd. (m)		2,363
	64	SoftBank Corp. (m)		4,662
	163	Sumitomo Electric Industries Ltd. (m)		2,562
	123	Sumitomo Mitsui Financial Group, Inc. (m)		5,680
	470	Sumitomo Mitsui Trust Holdings, Inc. (m)		2,230
	601	Sumitomo Osaka Cement Co., Ltd. (m)		2,247
	180	T&D Holdings, Inc. (m)		2,197
	170	TOTO Ltd. (m)		2,689
	183	Toyota Motor Corp. (m)		10,448
				128,771
		Netherlands — 5.4%
	375	Aegon N.V. (m)		3,272
	32	ASML Holding N.V. (m)		2,682
	375	ING Groep N.V., CVA (a) (m)		4,949
	147	Koninklijke Ahold N.V. (m)		2,446
	80	Koninklijke Philips N.V. (m)		2,783
	427	PostNL N.V. (a) (m)		2,390
	42	Randstad Holding N.V. (m)		2,674
	376	Royal Dutch Shell plc, Class B (m)		13,741
	130	SBM Offshore N.V. (a) (m)		2,517
				37,454
		Norway — 0.7%
	153	DNB ASA (m)		2,590
	114	Telenor ASA (m)		2,376
				4,966
		Portugal — 0.3%
	634	EDP - Energias de Portugal S.A. (m)		2,379
		South Korea — 0.6%
	10	Hyundai Motor Co. (m)		2,075

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Korea — Continued
	2	Samsung Electronics Co., Ltd. (m)		2,358
				4,433
		Spain — 3.2%
	70	Amadeus IT Holding S.A., Class A (m)		2,782
	449	CaixaBank S.A. (m)		2,750
	80	Endesa S.A. (m)		2,343
	120	Ferrovial S.A. (m)		2,304
	104	Gas Natural SDG S.A. (m)		2,564
	57	Grifols S.A., ADR (m)		2,260
	48	Grupo Catalana Occidente S.A. (m)		1,825
	438	Iberdrola S.A. (a) (m)		2,695
	107	Repsol S.A. (m)		2,503
				22,026
		Sweden — 2.5%
	74	NCC AB, Class B (m)		2,351
	128	Securitas AB, Class B (m)		1,332
	96	Svenska Cellulosa AB SCA, Class B (m)		2,723
	62	Svenska Handelsbanken AB, Class A (m)		2,921
	106	Swedbank AB, Class A (m)		2,760
	192	Telefonaktiebolaget LM Ericsson, Class B (m)		2,351
	134	Trelleborg AB, Class B (m)		2,662
				17,100
		Switzerland — 11.5%
	219	ABB Ltd. (a) (m)		5,441
	19	Actelion Ltd. (a) (m)		1,754
	152	Clariant AG (a) (m)		2,871
	154	Credit Suisse Group AG (a) (m)		4,650
	536	Ferrexpo plc (m)		1,336
	3	Galenica AG (m)		2,464
	3	Georg Fischer AG (a) (m)		2,289
	988	Glencore Xstrata plc (a) (m)		5,209
	25	Lonza Group AG (a) (m)		2,478
	120	Nestle S.A. (m)		8,690
	154	Novartis AG (m)		12,180
	162	OC Oerlikon Corp. AG (a) (m)		2,551
	48	Roche Holding AG (m)		13,165
	12	Straumann Holding AG (m)		2,395
	10	Swiss Life Holding AG (a) (m)		2,095
	35	Swiss Re AG (a) (m)		3,062
	177	UBS AG (a) (m)		3,516
	13	Zurich Insurance Group AG (a) (m)		3,665
				79,811
		United Kingdom — 19.6%
	395	3i Group plc (m)		2,419
	50	Associated British Foods plc (m)		2,236
	92	AstraZeneca plc (m)		5,836
	405	Aviva plc (m)		2,962
	1,532	Barclays plc (m)		6,840
	484	Barratt Developments plc (m)		3,012
	278	BG Group plc (m)		4,665
	1,447	BP plc (m)		11,340
	98	British American Tobacco plc (m)		4,663
	227	British Land Co. plc (m)		2,447
	185	Britvic plc (m)		2,112
	625	BT Group plc (m)		3,936
	221	BTG plc (a) (m)		2,154
	387	Carillion plc (m)		2,168
	162	Daily Mail & General Trust plc, Class A (m)		2,563
	216	Drax Group plc (m)		2,883
	106	easyJet plc (m)		2,874
	111	Hikma Pharmaceuticals plc (m)		2,196
	612	Home Retail Group plc (m)		1,799
	942	HSBC Holdings plc (m)		9,669
	804	ITV plc (m)		2,594
	361	J Sainsbury plc (m)		2,046
	752	Legal & General Group plc (m)		2,656
	3,958	Lloyds Banking Group plc (a) (m)		5,398
	121	Persimmon plc (a) (m)		2,608
	283	Prudential plc (m)		5,704
	151	Rio Tinto plc (m)		8,010
	215	St. James’s Place plc (m)		2,709
	200	Standard Chartered plc (m)		4,061
	1,381	Taylor Wimpey plc (m)		2,542
	91	Travis Perkins plc (m)		2,605
	3,582	Vodafone Group plc (m)		13,274
	137	WPP plc (m)		2,867
				135,848
		United States — 0.2%
	35	Carnival plc (m)		1,427
		Total Common Stocks (Cost $563,906)		677,154
	Preferred Stocks — 0.9%
		Germany — 0.9%
	23	Henkel AG & Co. KGaA (m)		2,521

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — Continued
		Germany — Continued
	15	Volkswagen AG (m)		3,839
		Total Preferred Stocks (Cost $3,987)		6,360
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	15,790	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $15,790)		15,790
		Total Investments — 100.8%     (Cost $583,683)		699,304
		Liabilities in Excess of Other Assets — (0.8)%		(5,383	)
		NET ASSETS — 100.0%	$	693,921

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.6	%
Pharmaceuticals		8.5
Insurance		6.9
Oil, Gas & Consumable Fuels		5.8
Automobiles		4.7
Metals & Mining		3.6
Wireless Telecommunication Services		3.3
Capital Markets		2.9
Diversified Telecommunication Services		2.6
Food Products		2.2
Chemicals		2.1
Auto Components		2.0
Beverages		1.9
Electric Utilities		1.9
Diversified Financial Services		1.8
Machinery		1.8
Construction & Engineering		1.8
Real Estate Management & Development		1.7
Aerospace & Defense		1.6
Electrical Equipment		1.6
Household Durables		1.5
Media		1.5
Trading Companies & Distributors		1.4
Food & Staples Retailing		1.3
Electronic Equipment, Instruments & Components		1.3
Building Products		1.1
Airlines		1.1
Semiconductors & Semiconductor Equipment		1.1
Paper & Forest Products		1.0
Others (each less than 1.0%)		14.1
Short-Term Investment		2.3

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $675,939,000 and 96.7% respectively.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	122,515
Aggregate gross unrealized depreciation		(6,894	)
Net unrealized appreciation/depreciation	$	115,621
Federal income tax cost of investments	$	583,683

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	34,956	$	—	$	34,956
Austria		—		4,605		—		4,605
Belgium		—		7,086		—		7,086
Bermuda		—		2,645		—		2,645
China		—		3,890		—		3,890
Denmark		2,457		2,610		—		5,067
Finland		—		12,144		—		12,144
France		—		70,677		—		70,677
Germany		—		66,581		—		66,581
Hong Kong		—		15,520		—		15,520
India		2,289		1,242		—		3,531
Ireland		1,792		5,964		—		7,756
Israel		2,955		—		—		2,955
Italy		—		5,526		—		5,526
Japan		—		128,771		—		128,771
Netherlands		—		37,454		—		37,454
Norway		—		4,966		—		4,966
Portugal		—		2,379		—		2,379
South Korea		—		4,433		—		4,433
Spain		2,330		19,696		—		22,026
Sweden		—		17,100		—		17,100
Switzerland		—		79,811		—		79,811
United Kingdom		—		135,848		—		135,848
United States		—		1,427		—		1,427
Total Common Stocks	$	11,823	$	665,331	$	—	$	677,154
Preferred Stocks
Germany		—		6,360		—		6,360
Short-Term Investment
Investment Company		15,790		—		—		15,790
Total Investments in Securities	$	27,613	$	671,691	$	—	$	699,304

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 84.9%
		Bermuda — 0.5%
	39	Wilson Sons Ltd., BDR (m)		457
		Brazil — 41.8%
	808	AMBEV S.A., ADR, (m)		5,284
	265	Anhanguera Educacional Participacoes S.A. (m)		1,393
	105	Arezzo Industria e Comercio S.A. (m)		1,127
	205	Banco Bradesco S.A., ADR (m)		2,155
	192	BB Seguridade Participacoes S.A. (m)		1,804
	486	BM&FBovespa S.A. (m)		1,931
	282	Embraer S.A. (m)		2,151
	115	Ez Tec Empreendimentos e Participacoes S.A. (m)		1,283
	120	Iochpe-Maxion S.A. (m)		1,208
	529	Itau Unibanco Holding S.A. (Preference Shares), ADR (m)		6,473
	73	Linx S.A. (m)		1,321
	119	Localiza Rent a Car S.A. (m)		1,508
	63	Lojas Renner S.A. (m)		1,437
	157	LPS Brasil Consultoria de Imoveis S.A. (m)		821
	31	M. Dias Branco S.A. (m)		1,047
	86	Mills Estruturas e Servicos de Engenharia S.A. (m)		1,000
	65	MRV Engenharia e Participacoes S.A. (m)		221
	23	Multiplan Empreendimentos Imobiliarios S.A. (m)		418
	329	Odontoprev S.A. (m)		1,227
	50	Souza Cruz S.A. (m)		437
	187	Tim Participacoes S.A. (m)		980
	52	Ultrapar Participacoes S.A. (m)		1,146
	89	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (m)		1,114
	132	WEG S.A. (m)		1,495
				38,981
		Chile — 2.8%
	5,215	CFR Pharmaceuticals S.A. (m)		1,056
	194	S.A.C.I. Falabella (m)		1,513
				2,569
		Colombia — 1.0%
	61	Pacific Rubiales Energy Corp. (m)		922
		Luxembourg — 2.3%
	49	Tenaris S.A., ADR (m)		2,174
		Mexico — 25.9%
	872	Alfa S.A.B. de C.V., Class A (m)		2,459
	84	America Movil S.A.B. de C.V., Series L, ADR (m)		1,791
	213	Cemex S.A.B. de C.V., ADR (a) (m)		2,635
	1,278	Compartamos S.A.B. de C.V. (m)		2,294
	239	Concentradora Fibra Hotelera Mexicana S.A. de C.V. (m)		386
	316	Fibra Uno Administracion S.A. de C.V. (m)		1,020
	34	Fomento Economico Mexicano S.A.B. de C.V., ADR (m)		3,048
	104	Genomma Lab Internacional S.A.B. de C.V., Class B (a) (m)		258
	132	Gruma S.A.B. de C.V., Class B (a) (m)		1,070
	13	Grupo Aeroportuario del Sureste S.A.B de C.V., ADR (m)		1,474
	278	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		1,757
	325	Infraestructura Energetica Nova S.A.B. de C.V. (m)		1,400
	662	Mexichem S.A.B. de C.V. (m)		2,300
	146	Promotora y Operadora de Infraestructura S.A.B. de C.V. (a) (m)		1,774
	197	Qualitas Controladora S.A.B. de C.V. (m)		511
				24,177
		Panama — 2.9%
	21	Copa Holdings S.A., Class A (m)		2,699
		Peru — 4.6%
	21	Credicorp Ltd. (m)		2,723
	29	Grana y Montero S.A., ADR (a) (m)		604
	32	Intercorp Financial Services, Inc. (m)		1,004
				4,331
		Spain — 1.0%
	135	Cemex Latam Holdings S.A. (a) (m)		907
		United States — 2.1%
	41	First Cash Financial Services, Inc. (a) (m)		1,994
		Total Common Stocks     (Cost $77,778)		79,211
	Preferred Stocks — 9.9%
		Brazil — 9.9%
	170	Alpargatas S.A. (m)		886
	247	Banco do Estado do Rio Grande do Sul S.A., Class B (m)		1,076
	38	Cia Brasileira de Distribuicao Grupo Pao de Acucar (m)		1,469
	163	Gerdau S.A. (m)		1,157
	375	Itausa — Investimentos Itau S.A. (m)		1,307

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — Continued
		Brazil — Continued
	472	Marcopolo S.A. (m)		1,013
	186	Vale S.A. (m)		2,309
		Total Preferred Stocks (Cost $11,408)		9,217
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	500	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $500)		500
		Total Investments — 95.3% (Cost $89,686)		88,928
		Other Assets in Excess of Liabilities — 4.7%		4,370
		NET ASSETS — 100.0%	$	93,298

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Commercial Banks		17.4	%
Beverages		9.4
Consumer Finance		4.8
Machinery		4.2
Construction Materials		4.0
Metals & Mining		3.9
Multiline Retail		3.3
Diversified Financial Services		3.3
Wireless Telecommunication Services		3.1
Airlines		3.0
Industrial Conglomerates		2.8
Construction & Engineering		2.7
Insurance		2.6
Chemicals		2.6
Energy Equipment & Services		2.4
Aerospace & Defense		2.4
Food Products		2.4
Oil, Gas & Consumable Fuels		2.3
Textiles, Apparel & Luxury Goods		2.3
Transportation Infrastructure		2.2
Road & Rail		1.7
Household Durables		1.7
Food & Staples Retailing		1.7
Real Estate Investment Trusts (REITs)		1.6
Gas Utilities		1.6
Diversified Consumer Services		1.6
Software		1.5
Pharmaceuticals		1.5
Real Estate Management & Development		1.4
Health Care Providers & Services		1.4
Commercial Services & Supplies		1.3
Trading Companies & Distributors		1.1
Others (each less than 1.0%)		0.8

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
BDR	—	Brazilian Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	10,212
Aggregate gross unrealized depreciation		(10,970	)
Net unrealized appreciation/depreciation	$	(758	)
Federal income tax cost of investments	$	89,686

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Latin America Fund

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	88,928	$	—	$	—	$	88,928

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.0% (j)
	Common Stocks — 72.3%
		Consumer Discretionary — 9.0%
		Auto Components — 1.3%
	1,080	BorgWarner, Inc.		57,996
		Hotels, Restaurants & Leisure — 1.0%
	1,301	Noodles & Co. (a)		47,291
		Specialty Retail — 5.7%
	2,110	Five Below, Inc. (a)		77,332
	2,670	GameStop Corp., Class A		93,637
	574	Lumber Liquidators Holdings, Inc. (a)		51,080
	1,238	Urban Outfitters, Inc. (a)		44,345
				266,394
		Textiles, Apparel & Luxury Goods — 1.0%
	579	Michael Kors Holdings Ltd., (Hong Kong) (a)		46,280
		Total Consumer Discretionary		417,961
		Energy — 6.1%
		Energy Equipment & Services — 1.7%
	790	Dril-Quip, Inc. (a)		79,443
		Oil, Gas & Consumable Fuels — 4.4%
	1,626	Cabot Oil & Gas Corp.		65,007
	480	Concho Resources, Inc. (a)		46,939
	620	Phillips 66		45,316
	910	Plains All American Pipeline LP		45,946
				203,208
		Total Energy		282,651
		Health Care — 24.2%
		Biotechnology — 2.6%
	772	Aegerion Pharmaceuticals, Inc. (a)		46,305
	3,520	AMAG Pharmaceuticals, Inc. (a)		75,574
				121,879
		Health Care Equipment & Supplies — 9.5%
	21,066	Imris, Inc., (Canada) (a)		41,079
	5,213	Novadaq Technologies, Inc., (Canada) (a)		106,814
	1,002	Sirona Dental Systems, Inc. (a)		72,084
	6,500	Syneron Medical Ltd., (Israel) (a)		78,845
	30,657	Unilife Corp. (a)		143,168
				441,990
		Health Care Providers & Services — 4.3%
	1,179	Acadia Healthcare Co., Inc. (a)		60,176
	2,538	Brookdale Senior Living, Inc. (a)		69,693
	732	Humana, Inc.		71,224
				201,093
		Life Sciences Tools & Services — 4.0%
	3,821	Bruker Corp. (a)		77,757
	2,340	Fluidigm Corp. (a)		105,581
				183,338
		Pharmaceuticals — 3.8%
	5,230	Nektar Therapeutics (a)		71,128
	761	Valeant Pharmaceuticals International, Inc. (a)		103,222
				174,350
		Total Health Care		1,122,650
		Industrials — 19.8%
		Airlines — 1.4%
	2,088	Delta Air Lines, Inc.		63,914
		Building Products — 2.7%
	2,807	Fortune Brands Home & Security, Inc.		126,483
		Construction & Engineering — 1.5%
	901	Fluor Corp.		68,440
		Electrical Equipment — 2.5%
	920	Acuity Brands, Inc.		116,877
		Industrial Conglomerates — 1.3%
	810	Carlisle Cos., Inc.		60,369
		Machinery — 4.9%
	1,279	Flowserve Corp.		92,510
	1,711	Pall Corp.		137,051
				229,561
		Marine — 4.0%
	1,850	Kirby Corp. (a)		184,612
		Trading Companies & Distributors — 1.5%
	864	MSC Industrial Direct Co., Inc., Class A		72,593
		Total Industrials		922,849
		Information Technology — 13.2%
		Computers & Peripherals — 1.4%
	2,670	EMC Corp.		64,721
		Internet Software & Services — 4.5%
	115	Google, Inc., Class A (a)		135,812
	874	Zillow, Inc., Class A (a)		71,755
				207,567
		Semiconductors & Semiconductor Equipment — 1.0%
	990	ARM Holdings plc, (United Kingdom), ADR		45,609

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Software — 6.3%
	1,973	Adobe Systems, Inc. (a)		116,782
	1,190	Infoblox, Inc. (a)		41,745
	471	NetSuite, Inc. (a)		49,540
	1,126	Splunk, Inc. (a)		86,736
				294,803
		Total Information Technology		612,700
		Total Common Stocks (Cost $2,739,726)		3,358,811
	Short-Term Investment — 27.7%
		Investment Company — 27.7%
	1,288,900	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $1,288,900)		1,288,900
		Total Investments — 100.0% (Cost $4,028,626)		4,647,711
		Liabilities in Excess of Other Assets — 0.0%		(1,435	)
		NET ASSETS — 100.0%	$	4,646,276
	Short Positions — 33.9%
	Common Stocks — 33.9%
		Consumer Discretionary — 3.3%
		Hotels, Restaurants & Leisure — 2.8%
	1,480	BJ’s Restaurants, Inc. (a)		41,973
	1,974	International Game Technology		28,485
	946	Multimedia Games Holding Co., Inc. (a)		30,045
	1,350	Pinnacle Entertainment, Inc. (a)		29,497
				130,000
		Specialty Retail — 0.5%
	460	Restoration Hardware Holdings, Inc. (a)		26,100
		Total Consumer Discretionary		156,100
		Energy — 3.0%
		Energy Equipment & Services — 2.0%
	803	Cameron International Corp. (a)		48,156
	950	FMC Technologies, Inc. (a)		46,968
				95,124
		Oil, Gas & Consumable Fuels — 1.0%
	2,601	Comstock Resources, Inc.		44,607
		Total Energy		139,731
		Financials — 0.6%
		Insurance — 0.6%
	549	eHealth, Inc. (a)		29,333
		Health Care — 12.8%
		Biotechnology — 4.0%
	1,456	Agios Pharmaceuticals, Inc. (a)		38,511
	425	Alnylam Pharmaceuticals, Inc. (a)		35,556
	1,361	Bluebird Bio, Inc. (a)		30,174
	1,330	Foundation Medicine, Inc. (a)		39,820
	1,426	Genomic Health, Inc. (a)		42,951
				187,012
		Health Care Equipment & Supplies — 3.1%
	981	ABIOMED, Inc. (a)		26,968
	450	HeartWare International, Inc. (a)		44,644
	1,332	Quidel Corp. (a)		39,374
	508	St. Jude Medical, Inc.		30,851
				141,837
		Health Care Providers & Services — 2.1%
	1,088	Community Health Systems, Inc. (a)		45,054
	799	DaVita HealthCare Partners, Inc. (a)		51,879
				96,933
		Life Sciences Tools & Services — 2.5%
	4,958	Affymetrix, Inc. (a)		46,556
	1,865	Luminex Corp. (a)		34,073
	1,659	QIAGEN N.V., (Netherlands) (a)		36,697
				117,326
		Pharmaceuticals — 1.1%
	1,136	Hospira, Inc. (a)		49,995
		Total Health Care		593,103
		Industrials — 8.9%
		Air Freight & Logistics — 1.5%
	1,174	C.H. Robinson Worldwide, Inc.		68,726
		Machinery — 6.2%
	560	Caterpillar, Inc.		52,590
	840	Deere & Co.		72,206
	2,266	Harsco Corp.		57,534
	823	Kennametal, Inc.		35,669
	4,190	Titan International, Inc.		70,224
				288,223
		Trading Companies & Distributors — 1.2%
	1,260	Fastenal Co.		55,352
		Total Industrials		412,301
		Information Technology — 5.3%
		Internet Software & Services — 1.7%
	433	Equinix, Inc. (a)		80,192

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		IT Services — 1.2%
	320	International Business Machines Corp.		56,538
		Software — 2.4%
	3,400	Jive Software, Inc. (a)		31,450
	1,410	Oracle Corp.		52,029
	670	SolarWinds, Inc. (a)		26,726
				110,205
		Total Information Technology		246,935
		Total Short Positions (Proceeds $1,495,759)	$	1,577,503

Percentages indicated are based on net assets.

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	—	All or a portion of these securities are segregated for short sales.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	730,807
Aggregate gross unrealized depreciation		(111,722	)
Net unrealized appreciation/depreciation	$	619,085
Federal income tax cost of investments	$	4,028,626

JPMorgan Multi-Cap Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,647,711		$	—	$	—	$	4,647,711
Total Liabilities in Securities Sold Short (a)	$	(1,577,503	)	$	—	$	—	$	(1,577,503	)

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 106.9% (j)
	Common Stocks — 106.8%
			Consumer Discretionary — 16.4%
			Auto Components — 0.7%
	3		Lear Corp.		212
	6		TRW Automotive Holdings Corp. (a)		436
					648
			Automobiles — 1.7%
	45		General Motors Co. (a)		1,616
			Hotels, Restaurants & Leisure — 0.9%
	11		Royal Caribbean Cruises Ltd.		535
	2		Starbucks Corp.		166
	2		Starwood Hotels & Resorts Worldwide, Inc.		137
					838
			Household Durables — 1.2%
	2		Harman International Industries, Inc.		155
	6		Lennar Corp., Class A		240
	23		PulteGroup, Inc.		464
	10		Toll Brothers, Inc. (a)		360
					1,219
			Internet & Catalog Retail — 1.2%
	2		Amazon.com, Inc. (a)		807
	—	(h)	priceline.com, Inc. (a)		321
					1,128
			Media — 7.7%
	22		CBS Corp. (Non-Voting), Class B		1,302
	24		Comcast Corp., Class A		1,303
	12		DISH Network Corp., Class A (a)		698
	3		Time Warner Cable, Inc.		429
	60		Time Warner, Inc.		3,783
					7,515
			Specialty Retail — 2.2%
	—	(h)	AutoZone, Inc. (a)		213
	12		Home Depot, Inc. (The)		910
	12		Lowe’s Cos., Inc.		554
	8		TJX Cos., Inc.		454
					2,131
			Textiles, Apparel & Luxury Goods — 0.8%
	4		Lululemon Athletica, Inc., (Canada) (a)		178
	10		V.F. Corp.		597
					775
			Total Consumer Discretionary		15,870

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 8.8%
		Beverages — 2.3%
	10	Coca-Cola Enterprises, Inc.		448
	3	Constellation Brands, Inc., Class A (a)		243
	11	Dr. Pepper Snapple Group, Inc.		535
	4	Molson Coors Brewing Co., Class B		224
	10	PepsiCo, Inc.		788
				2,238
		Food & Staples Retailing — 0.7%
	9	CVS Caremark Corp.		641
		Food Products — 4.0%
	21	Archer-Daniels-Midland Co.		810
	39	General Mills, Inc.		1,852
	6	Kellogg Co.		358
	26	Mondelez International, Inc., Class A		842
				3,862
		Household Products — 0.8%
	3	Kimberly-Clark Corp.		301
	6	Procter & Gamble Co. (The)		453
				754
		Tobacco — 1.0%
	13	Philip Morris International, Inc.		1,013
		Total Consumer Staples		8,508
		Energy — 3.2%
		Energy Equipment & Services — 1.7%
	8	Ensco plc, (United Kingdom), Class A		406
	8	Halliburton Co.		385
	10	Schlumberger Ltd.		858
				1,649
		Oil, Gas & Consumable Fuels — 1.5%
	4	Anadarko Petroleum Corp.		353
	4	Cheniere Energy, Inc. (a)		161
	2	EQT Corp.		202
	4	Marathon Petroleum Corp.		321
	5	Occidental Petroleum Corp.		462
				1,499
		Total Energy		3,148
		Financials — 20.4%
		Capital Markets — 2.9%
	15	Charles Schwab Corp. (The)		376
	23	Invesco Ltd.		762
	28	Morgan Stanley		830
	9	State Street Corp.		617

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Capital Markets — Continued
	7	TD Ameritrade Holding Corp.		228
				2,813
		Commercial Banks — 2.8%
	14	BB&T Corp.		518
	12	Comerica, Inc.		566
	5	PNC Financial Services Group, Inc. (The)		390
	10	Popular, Inc., (Puerto Rico) (a)		262
	22	Wells Fargo & Co.		994
				2,730
		Consumer Finance — 0.7%
	8	Capital One Financial Corp.		577
	2	Santander Consumer USA Holdings, Inc. (a)		61
				638
		Diversified Financial Services — 2.1%
	53	Bank of America Corp.		888
	15	Citigroup, Inc.		727
	2	IntercontinentalExchange Group, Inc.		470
				2,085
		Insurance — 6.1%
	18	ACE Ltd., (Switzerland)		1,720
	4	Aon plc, (United Kingdom)		356
	7	Axis Capital Holdings Ltd., (Bermuda)		324
	2	Everest Re Group Ltd., (Bermuda)		278
	13	Marsh & McLennan Cos., Inc.		583
	24	MetLife, Inc.		1,178
	3	Prudential Financial, Inc.		265
	5	RenaissanceRe Holdings Ltd., (Bermuda)		411
	7	Travelers Cos., Inc. (The)		544
	9	XL Group plc, (Ireland)		266
				5,925
		Real Estate Investment Trusts (REITs) — 5.8%
	2	AvalonBay Communities, Inc.		303
	3	Boston Properties, Inc.		294
	22	Brandywine Realty Trust		315
	6	Brixmor Property Group, Inc.		134
	44	DCT Industrial Trust, Inc.		315
	27	DiamondRock Hospitality Co.		310
	5	Digital Realty Trust, Inc.		237
	11	Extra Space Storage, Inc.		484
	12	Highwoods Properties, Inc.		429
	33	Host Hotels & Resorts, Inc.		610
	6	Kilroy Realty Corp.		310
	14	Kimco Realty Corp.		302

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	8	Mid-America Apartment Communities, Inc.		510
	6	Post Properties, Inc.		269
	13	Prologis, Inc.		487
	24	Sunstone Hotel Investors, Inc.		302
				5,611
		Total Financials		19,802
		Health Care — 12.8%
		Biotechnology — 3.2%
	4	Alexion Pharmaceuticals, Inc. (a)		568
	4	Biogen Idec, Inc. (a)		1,136
	6	Celgene Corp. (a)		863
	7	Vertex Pharmaceuticals, Inc. (a)		534
				3,101
		Health Care Equipment & Supplies — 2.1%
	13	Abbott Laboratories (m)		473
	12	Baxter International, Inc.		798
	9	Stryker Corp.		712
				1,983
		Health Care Providers & Services — 2.8%
	3	Aetna, Inc. (m)		182
	8	Humana, Inc.		758
	3	McKesson Corp.		542
	17	UnitedHealth Group, Inc.		1,209
				2,691
		Health Care Technology — 0.4%
	7	Cerner Corp. (a)		409
		Life Sciences Tools & Services — 0.4%
	2	Mettler-Toledo International, Inc. (a)		421
		Pharmaceuticals — 3.9%
	2	Allergan, Inc.		222
	32	Bristol-Myers Squibb Co.		1,581
	22	Johnson & Johnson		1,976
				3,779
		Total Health Care		12,384
		Industrials — 13.4%
		Aerospace & Defense — 4.0%
	16	Honeywell International, Inc.		1,481
	21	United Technologies Corp.		2,381
				3,862
		Airlines — 0.4%
	8	United Continental Holdings, Inc. (a)		383

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Building Products — 0.5%
	23	Masco Corp.		486
		Construction & Engineering — 1.7%
	22	Fluor Corp.		1,638
		Electrical Equipment — 2.2%
	9	Eaton Corp. plc, (Ireland)		638
	23	Emerson Electric Co.		1,496
				2,134
		Machinery — 1.6%
	19	PACCAR, Inc.		1,069
	5	SPX Corp.		534
				1,603
		Road & Rail — 2.6%
	45	CSX Corp.		1,212
	3	Norfolk Southern Corp.		260
	6	Union Pacific Corp.		1,005
				2,477
		Trading Companies & Distributors — 0.4%
	2	W.W. Grainger, Inc.		406
		Total Industrials		12,989
		Information Technology — 19.0%
		Communications Equipment — 1.8%
	26	Cisco Systems, Inc.		567
	15	QUALCOMM, Inc.		1,140
				1,707
		Computers & Peripherals — 0.5%
	8	SanDisk Corp.		529
		Internet Software & Services — 5.5%
	15	eBay, Inc. (a)		806
	4	Facebook, Inc., Class A (a)		239
	3	Google, Inc., Class A (a)		4,039
	1	LinkedIn Corp., Class A (a)		250
				5,334
		IT Services — 2.1%
	3	Accenture plc, (Ireland), Class A		246
	2	Alliance Data Systems Corp. (a)		549
	4	Cognizant Technology Solutions Corp., Class A (a)		380
	5	Fidelity National Information Services, Inc.		248
	3	Visa, Inc., Class A		627
				2,050
		Semiconductors & Semiconductor Equipment — 6.7%
	27	Applied Materials, Inc.		448
	1	ASML Holding N.V., (Netherlands)		90

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — Continued
	31	Avago Technologies Ltd., (Singapore)		1,719
	27	Freescale Semiconductor Ltd. (a)		487
	10	KLA-Tencor Corp.		585
	20	Lam Research Corp. (a)		1,024
	21	Maxim Integrated Products, Inc.		627
	32	ON Semiconductor Corp. (a)		269
	18	Teradyne, Inc. (a)		337
	20	Xilinx, Inc.		944
				6,530
		Software — 2.4%
	11	Adobe Systems, Inc. (a) (m)		640
	6	Citrix Systems, Inc. (a)		300
	10	Microsoft Corp.		390
	15	Oracle Corp.		537
	5	VMware, Inc., Class A (a)		421
				2,288
		Total Information Technology		18,438
		Materials — 5.4%
		Chemicals — 1.9%
	4	Air Products & Chemicals, Inc. (m)		455
	11	Axiall Corp.		449
	11	Dow Chemical Co. (The)		479
	4	Monsanto Co.		478
				1,861
		Containers & Packaging — 0.5%
	10	Ball Corp.		533
		Metals & Mining — 2.7%
	101	Alcoa, Inc.		1,168
	57	Alumina Ltd., (Australia), ADR (a)		251
	23	Freeport-McMoRan Copper & Gold, Inc.		739
	17	United States Steel Corp.		434
				2,592
		Paper & Forest Products — 0.3%
	5	International Paper Co.		258
		Total Materials		5,244
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	18	Verizon Communications, Inc.		877
		Utilities — 6.5%
		Electric Utilities — 2.6%
	21	American Electric Power Co., Inc.		1,030

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
			Electric Utilities — Continued
	16		NextEra Energy, Inc.		1,465
					2,495
			Multi-Utilities — 3.0%
	3		Ameren Corp.		100
	36		CMS Energy Corp.		992
	8		DTE Energy Co.		546
	19		NiSource, Inc.		655
	7		Sempra Energy		667
					2,960
			Water Utilities — 0.9%
	20		American Water Works Co., Inc.		859
			Total Utilities		6,314
			Total Common Stocks (Cost $84,831)		103,574
	Short-Term Investment — 0.1%
			Investment Company — 0.1%
	51		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $51)		51
			Total Investments — 106.9% (Cost $84,882)		103,625
			Liabilities in Excess of Other Assets — (6.9)%		(6,683	)
			NET ASSETS — 100.0%	$	96,942
	Short Positions — 75.2%
	Common Stocks — 75.2%
			Consumer Discretionary — 9.1%
			Auto Components — 0.9%
	5		Autoliv, Inc., (Sweden)		416
	3		BorgWarner, Inc.		137
	10		Gentex Corp.		309
					862
			Hotels, Restaurants & Leisure — 1.4%
	—	(h)	Chipotle Mexican Grill, Inc. (a)		199
	3		Choice Hotels International, Inc.		151
	5		Darden Restaurants, Inc.		268
	7		Hyatt Hotels Corp., Class A (a)		323
	3		Marriott International, Inc., Class A		143
	5		Tim Hortons, Inc., (Canada)		265
					1,349

SHARES			SECURITY DESCRIPTION	VALUE($)
			Household Durables — 0.0% (g)
	—	(h)	Harman International Industries, Inc.		23
			Internet & Catalog Retail — 1.4%
	19		Groupon, Inc. (a)		199
	3		Netflix, Inc. (a)		1,183
					1,382
			Leisure Equipment & Products — 0.4%
	9		Hasbro, Inc.		428
			Media — 4.2%
	2		AMC Networks, Inc., Class A (a)		142
	7		Discovery Communications, Inc., Class A (a)		593
	1		Graham Holdings Co., Class B		801
	18		Interpublic Group of Cos., Inc. (The)		297
	18		News Corp., Class B (a)		281
	9		Omnicom Group, Inc.		688
	10		Scripps Networks Interactive, Inc., Class A		713
	17		Twenty-First Century Fox, Inc., Class B		540
					4,055
			Multiline Retail — 0.3%
	6		Kohl’s Corp.		289
			Specialty Retail — 0.2%
	3		Bed Bath & Beyond, Inc. (a)		169
			Textiles, Apparel & Luxury Goods — 0.3%
	2		Under Armour, Inc., Class A (a)		241
			Total Consumer Discretionary		8,798
			Consumer Staples — 6.5%
			Beverages — 0.5%
	1		Boston Beer Co., Inc. (The), Class A (a)		289
	3		Brown-Forman Corp., Class B		245
					534
			Food & Staples Retailing — 0.9%
	5		Safeway, Inc.		151
	20		Sysco Corp.		707
					858
			Food Products — 2.0%
	14		Hershey Co. (The)		1,438
	7		Mead Johnson Nutrition Co.		509
					1,947
			Household Products — 1.3%
	14		Church & Dwight Co., Inc.		886
	4		Clorox Co. (The)		367
					1,253

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Personal Products — 0.9%
	12	Estee Lauder Cos., Inc. (The), Class A		847
		Tobacco — 0.9%
	26	Altria Group, Inc.		904
		Total Consumer Staples		6,343
		Energy — 3.1%
		Energy Equipment & Services — 0.6%
	22	Nabors Industries Ltd., (Bermuda)		369
	4	Tenaris S.A., (Luxembourg), ADR		191
				560
		Oil, Gas & Consumable Fuels — 2.5%
	8	ConocoPhillips		505
	8	CONSOL Energy, Inc.		316
	5	Devon Energy Corp.		286
	3	Energen Corp.		198
	4	Phillips 66		281
	14	Spectra Energy Corp.		513
	19	WPX Energy, Inc. (a)		354
				2,453
		Total Energy		3,013
		Financials — 15.3%
		Capital Markets — 1.5%
	2	Ameriprise Financial, Inc.		206
	1	BlackRock, Inc.		358
	7	Federated Investors, Inc., Class B		176
	13	Franklin Resources, Inc.		676
				1,416
		Commercial Banks — 3.2%
	17	BancorpSouth, Inc.		400
	12	Bank of Hawaii Corp.		707
	8	Commerce Bancshares, Inc.		338
	15	KeyCorp		188
	3	Signature Bank (a)		345
	11	Trustmark Corp.		272
	8	UMB Financial Corp.		446
	39	Valley National Bancorp		378
				3,074
		Diversified Financial Services — 0.2%
	2	CME Group, Inc.		174
		Insurance — 4.5%
	12	Arch Capital Group Ltd., (Bermuda) (a)		667
	7	Assurant, Inc.		476
	9	Chubb Corp. (The)		764
	5	Principal Financial Group, Inc.		235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — Continued
	50	Progressive Corp. (The)		1,172
	8	Torchmark Corp.		610
	12	W.R. Berkley Corp.		482
				4,406
		Real Estate Investment Trusts (REITs) — 5.9%
	8	EastGroup Properties, Inc.		462
	6	Federal Realty Investment Trust		670
	25	First Potomac Realty Trust		331
	9	Home Properties, Inc.		488
	26	Hudson Pacific Properties, Inc.		564
	8	Omega Healthcare Investors, Inc.		268
	3	Public Storage		449
	10	Realty Income Corp.		389
	17	Senior Housing Properties Trust		386
	4	SL Green Realty Corp.		333
	10	Tanger Factory Outlet Centers		319
	36	UDR, Inc.		884
	10	Washington Real Estate Investment Trust		231
				5,774
		Total Financials		14,844
		Health Care — 8.5%
		Biotechnology — 1.2%
	4	Amgen, Inc.		481
	4	Medivation, Inc. (a)		283
	1	Regeneron Pharmaceuticals, Inc. (a)		239
	1	United Therapeutics Corp. (a)		119
				1,122
		Health Care Equipment & Supplies — 2.2%
	5	Becton, Dickinson & Co.		539
	4	C.R. Bard, Inc.		570
	5	St. Jude Medical, Inc.		306
	8	Zimmer Holdings, Inc.		709
				2,124
		Health Care Providers & Services — 1.7%
	6	DaVita HealthCare Partners, Inc. (a)		372
	4	Laboratory Corp. of America Holdings (a)		341
	8	Tenet Healthcare Corp. (a)		379
	6	WellPoint, Inc.		550
				1,642
		Health Care Technology — 0.1%
	9	Allscripts Healthcare Solutions, Inc. (a)		149
		Pharmaceuticals — 3.3%
	9	AbbVie, Inc.		448

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
			Pharmaceuticals — Continued
	22		Eli Lilly & Co.		1,170
	14		Hospira, Inc. (a)		612
	32		Pfizer, Inc.		962
					3,192
			Total Health Care		8,229
			Industrials — 11.9%
			Aerospace & Defense — 3.8%
	7		Boeing Co. (The)		866
	13		Lockheed Martin Corp.		1,974
	9		Raytheon Co.		810
					3,650
			Air Freight & Logistics — 0.4%
	4		United Parcel Service, Inc., Class B		425
			Building Products — 0.0% (g)
	—	(h)	Allegion plc, (Ireland) (a)		—	(h)
			Electrical Equipment — 1.0%
	8		Rockwell Automation, Inc.		952
			Industrial Conglomerates — 2.2%
	4		3M Co.		510
	6		Danaher Corp.		441
	47		General Electric Co.		1,172
					2,123
			Machinery — 2.5%
	7		Caterpillar, Inc.		658
	12		Dover Corp.		995
	7		Illinois Tool Works, Inc.		539
	4		Ingersoll-Rand plc, (Ireland)		222
					2,414
			Road & Rail — 1.6%
	39		Heartland Express, Inc.		829
	13		Knight Transportation, Inc.		281
	18		Werner Enterprises, Inc.		477
					1,587
			Trading Companies & Distributors — 0.4%
	9		Fastenal Co.		378
			Total Industrials		11,529
			Information Technology — 9.6%
			Computers & Peripherals — 0.3%
	5		Seagate Technology plc, (Ireland)		240
			Internet Software & Services — 0.8%
	11		AOL, Inc. (a)		525

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — Continued
	3	Twitter, Inc. (a)		208
				733
		IT Services — 1.3%
	7	Automatic Data Processing, Inc.		535
	4	MasterCard, Inc., Class A		265
	6	Paychex, Inc.		237
	8	Vantiv, Inc., Class A (a)		248
				1,285
		Semiconductors & Semiconductor Equipment — 6.1%
	43	Advanced Micro Devices, Inc. (a)		146
	15	Analog Devices, Inc.		713
	50	Intel Corp.		1,216
	13	Linear Technology Corp.		598
	27	Microchip Technology, Inc.		1,207
	8	Micron Technology, Inc. (a)		195
	25	NVIDIA Corp.		387
	45	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		769
	17	Texas Instruments, Inc.		709
				5,940
		Software — 1.1%
	30	Electronic Arts, Inc. (a)		803
	5	Red Hat, Inc. (a)		282
				1,085
		Total Information Technology		9,283
		Materials — 5.2%
		Chemicals — 2.9%
	11	Cabot Corp.		546
	10	OM Group, Inc. (a)		331
	13	Praxair, Inc.		1,565
	3	Sigma-Aldrich Corp.		310
				2,752
		Containers & Packaging — 0.4%
	10	Bemis Co., Inc.		371
		Metals & Mining — 1.7%
	42	Cliffs Natural Resources, Inc.		815
	11	Nucor Corp.		512
	24	Vale S.A., (Brazil), ADR		324
				1,651
		Paper & Forest Products — 0.2%
	2	Domtar Corp., (Canada)		219
		Total Materials		4,993

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	26	AT&T, Inc.		855
		Utilities — 5.1%
		Electric Utilities — 3.0%
	11	Entergy Corp.		720
	23	Exelon Corp.		666
	37	Southern Co. (The)		1,508
				2,894
		Gas Utilities — 0.4%
	7	ONEOK, Inc.		460
		Multi-Utilities — 1.7%
	7	Consolidated Edison, Inc.		377
	18	Public Service Enterprise Group, Inc.		584
	5	SCANA Corp.		226
	10	Wisconsin Energy Corp.		438
				1,625
		Total Utilities		4,979
		Total Short Positions (Proceeds $64,107)	$	72,866

Percentages indicated are based on net assets.

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(j)	—	All or a portion of these securities are segregated for short sales.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	19,515
Aggregate gross unrealized depreciation		(772	)
Net unrealized appreciation/depreciation	$	18,743
Federal income tax cost of investments	$	84,882

JPMorgan Research Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	103,625		$	—	$	—	$	103,625
Total Liabilities (a)	$	(72,866	)	$	—	$	—	$	(72,866	)

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1% (j)
	Common Stocks — 89.2%
		Consumer Discretionary — 12.4%
		Auto Components — 0.7%
	23	Lear Corp.		1,656
	45	TRW Automotive Holdings Corp. (a)		3,300
				4,956
		Automobiles — 1.2%
	237	General Motors Co. (a)		8,565
		Hotels, Restaurants & Leisure — 0.7%
	62	Royal Caribbean Cruises Ltd.		3,065
	9	Starbucks Corp.		647
	15	Starwood Hotels & Resorts Worldwide, Inc.		1,084
				4,796
		Household Durables — 1.0%
	12	Harman International Industries, Inc.		1,189
	50	Lennar Corp., Class A		2,016
	108	PulteGroup, Inc.		2,191
	58	Toll Brothers, Inc. (a)		2,139
				7,535
		Internet & Catalog Retail — 1.1%
	17	Amazon.com, Inc. (a)		6,116
	1	priceline.com, Inc. (a)		1,603
				7,719
		Media — 5.2%
	145	CBS Corp. (Non-Voting), Class B		8,532
	87	Comcast Corp., Class A		4,753
	64	DISH Network Corp., Class A (a)		3,586
	20	Time Warner Cable, Inc.		2,599
	299	Time Warner, Inc.		18,811
				38,281
		Specialty Retail — 1.9%
	5	AutoZone, Inc. (a)		2,673
	62	Home Depot, Inc. (The)		4,734
	68	Lowe’s Cos., Inc.		3,134
	63	TJX Cos., Inc.		3,631
				14,172
		Textiles, Apparel & Luxury Goods — 0.6%
	31	Lululemon Athletica, Inc., (Canada) (a)		1,412
	52	V.F. Corp.		3,010
				4,422
		Total Consumer Discretionary		90,446

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 6.8%
		Beverages — 1.9%
	76	Coca-Cola Enterprises, Inc.		3,277
	15	Constellation Brands, Inc., Class A (a)		1,119
	36	Dr. Pepper Snapple Group, Inc.		1,714
	27	Molson Coors Brewing Co., Class B		1,405
	79	PepsiCo, Inc.		6,381
				13,896
		Food & Staples Retailing — 0.6%
	66	CVS Caremark Corp.		4,437
		Food Products — 2.9%
	155	Archer-Daniels-Midland Co.		6,131
	152	General Mills, Inc.		7,294
	23	Kellogg Co.		1,311
	193	Mondelez International, Inc., Class A		6,334
				21,070
		Household Products — 0.5%
	20	Kimberly-Clark Corp.		2,155
	18	Procter & Gamble Co. (The)		1,402
				3,557
		Tobacco — 0.9%
	92	Philip Morris International, Inc.		7,158
		Total Consumer Staples		50,118
		Energy — 2.9%
		Energy Equipment & Services — 1.5%
	49	Ensco plc, (United Kingdom), Class A		2,453
	60	Halliburton Co.		2,916
	62	Schlumberger Ltd.		5,385
				10,754
		Oil, Gas & Consumable Fuels — 1.4%
	35	Anadarko Petroleum Corp.		2,824
	21	Cheniere Energy, Inc. (a)		910
	17	EQT Corp.		1,578
	31	Marathon Petroleum Corp.		2,707
	26	Occidental Petroleum Corp.		2,314
				10,333
		Total Energy		21,087
		Financials — 16.2%
		Capital Markets — 2.6%
	104	Charles Schwab Corp. (The)		2,591
	148	Invesco Ltd.		4,904
	175	Morgan Stanley		5,173
	61	State Street Corp.		4,064

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Capital Markets — Continued
	73	TD Ameritrade Holding Corp.		2,269
				19,001
		Commercial Banks — 2.7%
	65	BB&T Corp.		2,428
	35	CIT Group, Inc.		1,624
	74	Comerica, Inc.		3,380
	19	PNC Financial Services Group, Inc. (The)		1,534
	39	Popular, Inc., (Puerto Rico) (a)		1,030
	21	SVB Financial Group (a)		2,368
	163	Wells Fargo & Co.		7,399
				19,763
		Consumer Finance — 0.5%
	50	Capital One Financial Corp.		3,538
	19	Santander Consumer USA Holdings, Inc. (a)		474
				4,012
		Diversified Financial Services — 1.8%
	367	Bank of America Corp.		6,149
	85	Citigroup, Inc.		4,028
	13	IntercontinentalExchange Group, Inc.		2,756
				12,933
		Insurance — 5.0%
	123	ACE Ltd., (Switzerland)		11,581
	32	Axis Capital Holdings Ltd., (Bermuda)		1,427
	16	Everest Re Group Ltd., (Bermuda)		2,273
	101	Marsh & McLennan Cos., Inc.		4,598
	175	MetLife, Inc.		8,589
	13	Prudential Financial, Inc.		1,089
	18	RenaissanceRe Holdings Ltd., (Bermuda)		1,669
	43	Travelers Cos., Inc. (The)		3,487
	59	XL Group plc, (Ireland)		1,704
				36,417
		Real Estate Investment Trusts (REITs) — 3.6%
	15	AvalonBay Communities, Inc.		1,877
	27	Boston Properties, Inc.		2,885
	114	Brandywine Realty Trust		1,624
	49	Brixmor Property Group, Inc.		1,013
	236	DCT Industrial Trust, Inc.		1,701
	30	Digital Realty Trust, Inc.		1,530
	34	Extra Space Storage, Inc.		1,553
	56	Highwoods Properties, Inc.		2,065
	44	Kilroy Realty Corp.		2,297
	80	Kimco Realty Corp.		1,678
	30	Mid-America Apartment Communities, Inc.		1,949

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	39	Post Properties, Inc.		1,828
	65	Prologis, Inc.		2,527
	117	Sunstone Hotel Investors, Inc.		1,496
				26,023
		Total Financials		118,149
		Health Care — 10.6%
		Biotechnology — 3.1%
	28	Alexion Pharmaceuticals, Inc. (a)		4,428
	24	Biogen Idec, Inc. (a)		7,535
	44	Celgene Corp. (a)		6,675
	51	Vertex Pharmaceuticals, Inc. (a)		4,063
				22,701
		Health Care Equipment & Supplies — 1.3%
	54	Baxter International, Inc.		3,654
	75	Stryker Corp.		5,836
				9,490
		Health Care Providers & Services — 2.1%
	21	Aetna, Inc.		1,428
	39	Humana, Inc.		3,785
	19	McKesson Corp.		3,297
	90	UnitedHealth Group, Inc.		6,505
				15,015
		Health Care Technology — 0.3%
	40	Cerner Corp. (a)		2,298
		Life Sciences Tools & Services — 0.5%
	15	Mettler-Toledo International, Inc. (a)		3,744
		Pharmaceuticals — 3.3%
	12	Allergan, Inc.		1,375
	211	Bristol-Myers Squibb Co.		10,554
	141	Johnson & Johnson		12,509
				24,438
		Total Health Care		77,686
		Industrials — 14.1%
		Aerospace & Defense — 4.7%
	128	Honeywell International, Inc.		11,696
	195	United Technologies Corp.		22,251
				33,947
		Airlines — 0.4%
	65	United Continental Holdings, Inc. (a)		2,998
		Building Products — 0.4%
	131	Masco Corp.		2,774

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Construction & Engineering — 1.5%
	145	Fluor Corp.		11,022
		Electrical Equipment — 2.2%
	66	Eaton Corp. plc, (Ireland)		4,853
	174	Emerson Electric Co.		11,500
				16,353
		Machinery — 1.7%
	147	PACCAR, Inc.		8,239
	45	SPX Corp.		4,451
				12,690
		Road & Rail — 2.8%
	391	CSX Corp.		10,534
	17	Norfolk Southern Corp.		1,602
	47	Union Pacific Corp.		8,154
				20,290
		Trading Companies & Distributors — 0.4%
	13	W.W. Grainger, Inc.		3,072
		Total Industrials		103,146
		Information Technology — 14.9%
		Communications Equipment — 1.5%
	208	Cisco Systems, Inc.		4,555
	84	QUALCOMM, Inc.		6,264
				10,819
		Computers & Peripherals — 0.4%
	40	SanDisk Corp.		2,754
		Internet Software & Services — 3.9%
	106	eBay, Inc. (a)		5,623
	21	Facebook, Inc., Class A (a)		1,333
	17	Google, Inc., Class A (a)		19,486
	10	LinkedIn Corp., Class A (a)		2,066
				28,508
		IT Services — 1.8%
	24	Accenture plc, (Ireland), Class A		1,877
	10	Alliance Data Systems Corp. (a)		2,492
	26	Cognizant Technology Solutions Corp., Class A (a)		2,501
	29	Fidelity National Information Services, Inc.		1,470
	22	Visa, Inc., Class A		4,783
				13,123
		Semiconductors & Semiconductor Equipment — 5.8%
	191	Applied Materials, Inc.		3,204
	8	ASML Holding N.V., (Netherlands)		702
	241	Avago Technologies Ltd., (Singapore)		13,191
	173	Freescale Semiconductor Ltd. (a)		3,127

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — Continued
	57	KLA-Tencor Corp.		3,498
	135	Lam Research Corp. (a)		6,812
	146	Maxim Integrated Products, Inc.		4,418
	151	ON Semiconductor Corp. (a)		1,264
	137	Teradyne, Inc. (a)		2,573
	82	Xilinx, Inc.		3,823
				42,612
		Software — 1.5%
	53	Adobe Systems, Inc. (a)		3,143
	48	Citrix Systems, Inc. (a)		2,584
	45	Microsoft Corp.		1,715
	62	Oracle Corp.		2,277
	18	VMware, Inc., Class A (a)		1,650
				11,369
		Total Information Technology		109,185
		Materials — 5.2%
		Chemicals — 1.8%
	40	Air Products & Chemicals, Inc.		4,184
	83	Axiall Corp.		3,326
	41	Dow Chemical Co. (The)		1,870
	35	Monsanto Co.		3,719
				13,099
		Containers & Packaging — 0.6%
	86	Ball Corp.		4,397
		Metals & Mining — 2.6%
	858	Alcoa, Inc.		9,871
	320	Alumina Ltd., (Australia), ADR (a)		1,398
	142	Freeport-McMoRan Copper & Gold, Inc.		4,605
	126	United States Steel Corp.		3,293
				19,167
		Paper & Forest Products — 0.2%
	27	International Paper Co.		1,299
		Total Materials		37,962
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.8%
	117	Verizon Communications, Inc.		5,628
		Utilities — 5.3%
		Electric Utilities — 2.6%
	130	American Electric Power Co., Inc.		6,345
	33	Edison International		1,594
	119	NextEra Energy, Inc.		10,940
				18,879

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Multi-Utilities — 2.0%
	21	Ameren Corp.		783
	187	CMS Energy Corp.		5,194
	23	DTE Energy Co.		1,590
	110	NiSource, Inc.		3,770
	39	Sempra Energy		3,644
				14,981
		Water Utilities — 0.7%
	124	American Water Works Co., Inc.		5,266
		Total Utilities		39,126
		Total Common Stocks (Cost $478,321)		652,533
	Short-Term Investment— 9.9%
		Investment Company—9.9%
	72,164	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)		72,164
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation—0.0% (g)
	470	U.S. Treasury Bill, 0.070%, 06/26/14 (k) (n)		470
		Total Short-Term Investments (Cost $72,633)		72,634
		Total Investments — 99.1% (Cost $550,954)		725,167
		Other Assets in Excess of Liabilities — 0.9%		6,344
		NET ASSETS — 100.0%	$	731,511
SHARES
	Short Positions — 89.4%
	Common Stocks — 89.4%
		Consumer Discretionary — 12.1%
		Auto Components — 1.0%
	36	Autoliv, Inc., (Sweden)		3,291
	20	BorgWarner, Inc.		1,069
	83	Gentex Corp.		2,685
				7,045
		Automobiles — 0.7%
	365	Ford Motor Co.		5,460
		Distributors — 0.1%
	9	Genuine Parts Co.		707
		Hotels, Restaurants & Leisure — 2.3%
	1	Chipotle Mexican Grill, Inc. (a)		773
	116	Choice Hotels International, Inc.		5,644

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hotels, Restaurants & Leisure — Continued
	39	Darden Restaurants, Inc.		1,938
	110	Hyatt Hotels Corp., Class A (a)		5,238
	23	Marriott International, Inc., Class A		1,134
	39	Tim Hortons, Inc., (Canada)		1,998
				16,725
		Household Durables — 0.0% (g)
	2	Harman International Industries, Inc.		207
		Internet & Catalog Retail — 1.6%
	104	Groupon, Inc. (a)		1,091
	27	Netflix, Inc. (a)		10,929
				12,020
		Leisure Equipment & Products — 0.8%
	61	Hasbro, Inc.		2,972
	73	Mattel, Inc.		2,758
				5,730
		Media — 4.5%
	15	AMC Networks, Inc., Class A (a)		973
	46	Discovery Communications, Inc., Class A (a)		3,694
	10	Graham Holdings Co., Class B		6,098
	150	Interpublic Group of Cos., Inc. (The)		2,453
	185	News Corp., Class B (a)		2,884
	84	Omnicom Group, Inc.		6,093
	87	Scripps Networks Interactive, Inc., Class A		6,295
	145	Twenty-First Century Fox, Inc., Class B		4,517
				33,007
		Multiline Retail — 0.3%
	30	Kohl’s Corp.		1,494
	15	Target Corp.		838
				2,332
		Specialty Retail — 0.6%
	4	Advance Auto Parts, Inc.		414
	25	Bed Bath & Beyond, Inc. (a)		1,609
	16	O’Reilly Automotive, Inc. (a)		2,148
				4,171
		Textiles, Apparel & Luxury Goods — 0.2%
	13	Under Armour, Inc., Class A (a)		1,427
		Total Consumer Discretionary		88,831
		Consumer Staples — 7.7%
		Beverages — 0.5%
	5	Boston Beer Co., Inc. (The), Class A (a)		945
	30	Brown-Forman Corp., Class B		2,322
				3,267

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Food & Staples Retailing — 2.1%
	49	Safeway, Inc.		1,528
	159	Sysco Corp.		5,571
	62	Walgreen Co.		3,561
	66	Wal-Mart Stores, Inc.		4,891
				15,551
		Food Products — 1.9%
	97	Hershey Co. (The)		9,607
	55	Mead Johnson Nutrition Co.		4,260
				13,867
		Household Products — 1.4%
	123	Church & Dwight Co., Inc.		7,937
	23	Clorox Co. (The)		2,048
				9,985
		Personal Products — 1.0%
	109	Estee Lauder Cos., Inc. (The), Class A		7,498
		Tobacco — 0.8%
	167	Altria Group, Inc.		5,868
		Total Consumer Staples		56,036
		Energy — 3.5%
		Energy Equipment & Services — 0.8%
	159	Nabors Industries Ltd., (Bermuda)		2,714
	65	Tenaris S.A., (Luxembourg), ADR		2,902
				5,616
		Oil, Gas & Consumable Fuels — 2.7%
	49	ConocoPhillips		3,196
	72	CONSOL Energy, Inc.		2,678
	34	Devon Energy Corp.		2,037
	22	Energen Corp.		1,556
	35	Exxon Mobil Corp.		3,263
	29	Phillips 66		2,134
	69	Spectra Energy Corp.		2,470
	134	WPX Energy, Inc. (a)		2,558
				19,892
		Total Energy		25,508
		Financials — 16.3%
		Capital Markets — 2.9%
	13	Ameriprise Financial, Inc.		1,341
	58	Bank of New York Mellon Corp. (The)		1,854
	11	BlackRock, Inc.		3,215
	64	Federated Investors, Inc., Class B		1,728
	97	Franklin Resources, Inc.		5,045
	58	Northern Trust Corp.		3,511

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	56	T. Rowe Price Group, Inc.		4,353
				21,047
		Commercial Banks — 4.8%
	120	BancorpSouth, Inc.		2,828
	105	Bank of Hawaii Corp.		5,985
	77	Commerce Bancshares, Inc.		3,350
	47	Cullen/Frost Bankers, Inc.		3,479
	83	Fifth Third Bancorp		1,734
	127	First Horizon National Corp.		1,490
	113	KeyCorp		1,435
	36	Prosperity Bancshares, Inc.		2,227
	18	Signature Bank (a)		2,173
	66	Trustmark Corp.		1,571
	84	UMB Financial Corp.		4,983
	428	Valley National Bancorp		4,149
				35,404
		Consumer Finance — 0.3%
	39	Discover Financial Services		2,093
		Diversified Financial Services — 0.2%
	18	CME Group, Inc.		1,338
		Insurance — 4.7%
	77	Arch Capital Group Ltd., (Bermuda) (a)		4,165
	55	Assurant, Inc.		3,620
	74	Chubb Corp. (The)		6,239
	54	Principal Financial Group, Inc.		2,335
	405	Progressive Corp. (The)		9,410
	73	Torchmark Corp.		5,486
	92	W.R. Berkley Corp.		3,547
				34,802
		Real Estate Investment Trusts (REITs) — 3.4%
	35	EastGroup Properties, Inc.		2,061
	19	Federal Realty Investment Trust		2,093
	34	Home Properties, Inc.		1,868
	125	Hudson Pacific Properties, Inc.		2,709
	56	Omega Healthcare Investors, Inc.		1,792
	10	Public Storage		1,513
	55	Realty Income Corp.		2,249
	113	Senior Housing Properties Trust		2,550
	14	SL Green Realty Corp.		1,350
	39	Tanger Factory Outlet Centers		1,302
	153	UDR, Inc.		3,734

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Real Estate Investment Trusts (REITs) — Continued
	66	Washington Real Estate Investment Trust		1,547
				24,768
		Total Financials		119,452
		Health Care — 10.2%
		Biotechnology — 1.2%
	38	Amgen, Inc.		4,544
	23	Medivation, Inc. (a)		1,851
	6	Regeneron Pharmaceuticals, Inc. (a)		1,616
	9	United Therapeutics Corp. (a)		898
				8,909
		Health Care Equipment & Supplies — 2.9%
	34	Becton, Dickinson & Co.		3,676
	28	C.R. Bard, Inc.		3,564
	74	Medtronic, Inc.		4,185
	33	St. Jude Medical, Inc.		1,974
	13	Varian Medical Systems, Inc. (a)		1,089
	69	Zimmer Holdings, Inc.		6,484
				20,972
		Health Care Providers & Services — 2.4%
	33	Cardinal Health, Inc.		2,238
	42	DaVita HealthCare Partners, Inc. (a)		2,747
	29	Express Scripts Holding Co. (a)		2,188
	36	Laboratory Corp. of America Holdings (a)		3,189
	67	Tenet Healthcare Corp. (a)		3,094
	50	WellPoint, Inc.		4,300
				17,756
		Health Care Technology — 0.2%
	68	Allscripts Healthcare Solutions, Inc. (a)		1,131
		Pharmaceuticals — 3.5%
	93	AbbVie, Inc.		4,593
	157	Eli Lilly & Co.		8,454
	117	Hospira, Inc. (a)		5,132
	245	Pfizer, Inc.		7,439
				25,618
		Total Health Care		74,386
		Industrials — 13.6%
		Aerospace & Defense — 4.3%
	61	Boeing Co. (The)		7,691
	97	Lockheed Martin Corp.		14,638
	92	Raytheon Co.		8,789
				31,118
		Air Freight & Logistics — 0.4%
	33	United Parcel Service, Inc., Class B		3,152

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — 0.2%
	65	Southwest Airlines Co.		1,360
		Electrical Equipment — 1.2%
	75	Rockwell Automation, Inc.		8,659
		Industrial Conglomerates — 2.4%
	28	3M Co.		3,538
	46	Danaher Corp.		3,399
	438	General Electric Co.		11,012
				17,949
		Machinery — 2.5%
	47	Caterpillar, Inc.		4,423
	92	Dover Corp.		7,938
	60	Illinois Tool Works, Inc.		4,704
	23	Ingersoll-Rand plc, (Ireland)		1,334
				18,399
		Road & Rail — 1.9%
	390	Heartland Express, Inc.		8,221
	96	Knight Transportation, Inc.		2,059
	143	Werner Enterprises, Inc.		3,736
				14,016
		Trading Companies & Distributors — 0.7%
	74	Fastenal Co.		3,242
	29	GATX Corp.		1,656
				4,898
		Total Industrials		99,551
		Information Technology — 13.1%
		Communications Equipment — 0.2%
	58	Juniper Networks, Inc. (a)		1,551
		Computers & Peripherals — 0.5%
	4	Apple, Inc.		1,752
	32	Seagate Technology plc, (Ireland)		1,708
				3,460
		Internet Software & Services — 0.9%
	107	AOL, Inc. (a)		4,926
	21	Twitter, Inc. (a)		1,380
				6,306
		IT Services — 2.5%
	75	Automatic Data Processing, Inc.		5,745
	35	International Business Machines Corp.		6,166
	23	MasterCard, Inc., Class A		1,741
	86	Paychex, Inc.		3,605
	49	Vantiv, Inc., Class A (a)		1,474
				18,731

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — Continued
		Semiconductors & Semiconductor Equipment — 7.3%
	250	Advanced Micro Devices, Inc. (a)		859
	124	Analog Devices, Inc.		5,990
	488	Intel Corp.		11,983
	204	Linear Technology Corp.		9,096
	182	Microchip Technology, Inc.		8,147
	65	Micron Technology, Inc. (a)		1,495
	204	NVIDIA Corp.		3,201
	438	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		7,413
	119	Texas Instruments, Inc.		5,063
				53,247
		Software — 1.7%
	327	Electronic Arts, Inc. (a)		8,639
	38	Red Hat, Inc. (a)		2,153
	27	Salesforce.com, Inc. (a)		1,647
				12,439
		Total Information Technology		95,734
		Materials — 5.9%
		Chemicals — 3.6%
	89	Cabot Corp.		4,312
	45	Ecolab, Inc.		4,484
	60	OM Group, Inc. (a)		1,946
	89	Praxair, Inc.		11,087
	26	Sigma-Aldrich Corp.		2,389
	32	Valspar Corp. (The)		2,249
				26,467
		Containers & Packaging — 0.3%
	47	Bemis Co., Inc.		1,817
		Metals & Mining — 1.8%
	339	Cliffs Natural Resources, Inc.		6,545
	90	Nucor Corp.		4,354
	178	Vale S.A., (Brazil), ADR		2,426
				13,325
		Paper & Forest Products — 0.2%
	12	Domtar Corp., (Canada)		1,257
		Total Materials		42,866
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.9%
	425	AT&T, Inc.		14,164
		Utilities — 5.1%
		Electric Utilities — 2.7%
	71	Entergy Corp.		4,469
	145	Exelon Corp.		4,211

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
	258	Southern Co. (The)		10,627
				19,307
		Gas Utilities — 0.4%
	47	ONEOK, Inc.		3,192
		Multi-Utilities — 2.0%
	52	Consolidated Edison, Inc.		2,808
	43	MDU Resources Group, Inc.		1,365
	128	Public Service Enterprise Group, Inc.		4,254
	32	SCANA Corp.		1,498
	116	Wisconsin Energy Corp.		4,933
				14,858
		Total Utilities		37,357
		Total Short Positions (Proceeds $553,463)	$	653,885

Percentages indicated are based on net assets.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(46)	E-mini S&P 500		03/21/14	$	(4,086	)	$	(26	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(j)	—	All or a portion of these securities are segregated for short sales.
(k)	—	All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	179,167
Aggregate gross unrealized depreciation		(4,954	)
Net unrealized appreciation/depreciation	$	174,213
Federal income tax cost of investments	$	550,954

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of contracts)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	724,697		$	470	$	—	$	725,167
Total Liabilities (b)	$	(653,885	)	$	—	$	—	$	(653,885	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(26	)	$	—	$	—	$	(26	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral, the report values of which are evaluated prices. Please refer to the SOI for industry specifics of portfolio holdings.

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 29.8%
		Belgium — 0.5%
	10	Ageas (m)		447
		Denmark — 0.3%
	8	Novo Nordisk A/S, Class B (m)		306
		France — 0.8%
	7	Cap Gemini S.A. (m)		509
	2	Sanofi (m)		243
				752
		Germany — 0.6%
	3	Bayer AG (m)		430
	5	Deutsche Wohnen AG (m)		93
				523
		Ireland — 1.8%
	11	Covidien plc (m)		756
	17	Shire plc (m)		837
				1,593
		Japan — 6.5%
	24	Asahi Kasei Corp. (m)		182
	5	Bridgestone Corp. (m)		187
	4	Daito Trust Construction Co., Ltd. (m)		359
	24	Haseko Corp. (a) (m)		178
	14	Japan Tobacco, Inc. (m)		420
	194	Mitsubishi UFJ Financial Group, Inc. (m)		1,168
	306	Mizuho Financial Group, Inc. (m)		649
	11	Nippon Telegraph & Telephone Corp. (m)		589
	11	ORIX Corp. (m)		162
	12	Sekisui House Ltd. (m)		171
	18	Sumitomo Mitsui Financial Group, Inc. (m)		829
	171	Sumitomo Mitsui Trust Holdings, Inc. (m)		811
	5	Toyota Motor Corp. (m)		257
				5,962
		Netherlands — 1.5%
	30	ING Groep N.V., CVA (a) (m)		395
	8	Nutreco N.V. (m)		354
	12	Reed Elsevier N.V. (m)		251
	13	Wolters Kluwer N.V. (m)		357
				1,357
		Norway — 0.6%
	47	Marine Harvest ASA (m)		538
		Switzerland — 1.9%
	7	Novartis AG (m)		563
	2	Roche Holding AG (m)		672
	2	Swiss Re AG (a) (m)		207
	1	Zurich Insurance Group AG (a) (m)		300
				1,742
		United Kingdom — 3.4%
	11	Berkeley Group Holdings plc (m)		478
	48	BT Group plc (m)		304
	36	GKN plc (m)		233
	25	GlaxoSmithKline plc (m)		647
	5	Lancashire Holdings Ltd. (m)		60
	137	Legal & General Group plc (m)		483
	6	Next plc (m)		648
	11	WPP plc (m)		226
				3,079
		United States — 11.9%
	5	Actavis plc (a) (m)		829
	16	Aetna, Inc. (m)		1,094
	10	CBS Corp. (Non-Voting), Class B (m)		582
	11	CVS Caremark Corp. (m)		734
	14	HCA Holdings, Inc. (a) (m)		718
	13	Macy’s, Inc. (m)		668
	12	MetLife, Inc. (m)		566
	18	Mylan, Inc. (a) (m)		828
	24	Pfizer, Inc. (m)		736
	7	Prudential Financial, Inc. (m)		568
	14	St. Jude Medical, Inc. (m)		834
	5	Thermo Fisher Scientific, Inc. (m)		598
	9	Time Warner, Inc. (m)		551
	12	UnitedHealth Group, Inc. (m)		856
	16	Wells Fargo & Co. (m)		726
				10,888
		Total Common Stocks     (Cost $25,158)		27,187
PRINCIPAL/UNIT AMOUNT
	Convertible Bonds — 3.3%
		France — 1.6%
		Air France-KLM,
EUR	2,700	2.030%, 02/15/23 (m)		430
EUR	4,357	4.970%, 04/01/15 (m)		757
EUR	67	AXA S.A., 3.750%, 01/01/17 (m)		249
				1,436
		Germany — 0.2%
EUR	100	SGL Carbon SE, 2.750%, 01/25/18 (m)		139
		United States — 1.5%
		Ares Capital Corp.,
	560	4.375%, 01/15/19 (e) (m)		591
	219	4.750%, 01/15/18 (m)		234

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL/UNIT AMOUNT			SECURITY DESCRIPTION	VALUE
	Convertible Bonds — Continued
			United States –– Continued
	541		Prospect Capital Corp., 5.875%, 01/15/19 (m)		565
					1,390
			Total Convertible Bonds     (Cost $2,852)		2,965
	Foreign Government Securities — 13.5%
			Finland — 2.2%
EUR	1,410		Finland Government Bond, Reg. S, 2.750%, 07/04/28 (e) (m)		1,994
			France — 1.3%
EUR	870		France Government Bond OAT, 1.000%, 05/25/18 (m)		1,186
			Germany — 8.6%
EUR	2,933		Bundesobligation, 0.250%, 04/13/18 (m)		3,923
EUR	2,540		Bundesrepublik Deutschland, 4.250%, 07/04/18 (m)		3,993
					7,916
			United Kingdom — 1.4%
GBP	780		United Kingdom of Great Britain, 1.250%, 07/22/18 (m)		1,261
			Total Foreign Government Securities     (Cost $11,972)		12,357
	Preferred Security — 0.8% (x)
			Cayman Islands — 0.8%
	700		Hutchison Whampoa International 10 Ltd., VAR, 6.000%, 10/28/15 (e) (m)     (Cost $700)		739
SHARES
	Preferred Stocks — 1.3%
			United States — 1.3%
	—	(h)	Bank of America Corp., 7.250%, 12/31/49 ($1,000 par value) (a) (m) @		391
	1		Wells Fargo & Co., 7.500%, 12/31/49 ($1,000 par value) (m) @		764
			Total Preferred Stocks     (Cost $1,127)		1,155
PRINCIPALAMOUNT
	Supranational — 6.9%
	1,600		European Investment Bank, 1.000%, 12/15/17 (m)		1,582
	1,650		Inter-American Development Bank, 2.375%, 08/15/17 (m)		1,727
	3,000		International Bank for Reconstruction & Development, 1.125%, 08/25/14 (m)		3,011
			Total Supranational     (Cost $6,293)		6,320
	U.S. Treasury Obligations — 21.1%
			U.S. Treasury Notes,
	6,900		0.250%, 01/15/15 (m)		6,907
	1,960		1.000%, 06/30/19 (m)		1,891
	3,840		1.625%, 08/15/22 (m)		3,580
	6,700		2.375%, 02/28/15 (m)		6,857
			Total U.S. Treasury Obligations     (Cost $19,420)		19,235
SHARES
	Short-Term Investment — 19.0%
			Investment Company — 19.0%
	17,372		JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)     (Cost $17,372)		17,372
			Total Investments — 95.7%     (Cost $84,894)		87,330
			Other Assets in Excess of Liabilities — 4.3%		3,926
			NET ASSETS — 100.0%	$	91,256

Percentages indicated are based on net assets.

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
U.S. Treasury Notes		22.0	%
Foreign Government Securities		14.1
Supranational		7.2
Pharmaceuticals		7.0
Commercial Banks		5.7
Insurance		3.3
Health Care Providers & Services		3.1
Media		2.3
Health Care Equipment & Supplies		1.8
Capital Markets		1.6
Multiline Retail		1.5
Airlines		1.4
Diversified Financial Services		1.1
Diversified Telecommunication Services		1.0
Food Products		1.0
Others (each less than 1.0%)		6.0
Short-Term Investment		19.9

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	33	Euro Bobl		03/06/14		5,641			46
	22	Euro Bund		03/06/14		4,269			74
	21	TOPIX Index		03/13/14		2,497			(100	)
	63	E-mini S&P 500		03/21/14		5,596			(92	)
	53	Euro STOXX 50 Index		03/21/14		2,157			(111	)
	21	FTSE 100 Index		03/21/14		2,230			(8	)
		Short Futures Outstanding
	(10)	IBEX 35 Index		02/21/14		(1,341	)		(6	)
	(28)	Hang Seng Index		02/27/14		(3,969	)		(9	)
	(48)	10 Year U.S. Treasury Note		03/20/14		(6,036	)		(77	)
	(36)	FTSE/JSE Top 40 Index		03/20/14		(1,314	)		20
	(16)	SPI 200 Index		03/20/14		(1,800	)		43
	(10)	FTSE/MIB Index		03/21/14		(1,308	)		—	(h)
	(188)	Mini MSCI Emerging Markets Index		03/21/14		(8,698	)		465
	(151)	5 Year U.S. Treasury Note		03/31/14		(18,214	)		38
									283

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,042,570	AUD
	12,168,504	for MXN	HSBC Bank, N.A.	03/05/14	$	908	#	$	911	#	$	3
	1,240,198	AUD
	14,682,086	for MXN	Union Bank of Switzerland AG	03/05/14		1,095	#		1,083	#		(12	)
	5,105,557	CAD
	35,470,883	for HKD	HSBC Bank, N.A.	03/05/14		4,569	#		4,581	#		12
	2,506,111	CAD
	14,827,153	for SEK	Royal Bank of Canada	03/05/14		2,262	#		2,249	#		(13	)
	1,022,140	CHF
	15,065,369	for MXN	HSBC Bank, N.A.	03/05/14		1,123	#		1,127	#		4
	2,061,064	CHF
	30,070,926	for MXN	Union Bank of Switzerland AG	03/05/14		2,244	#		2,274	#		30
	448,240	EUR
	64,973,714	for JPY	Deutsche Bank AG	03/05/14		637	#		605	#		(32	)
	17,784,104	HKD
	30,489,068	for MXN	Citibank, N.A.	03/05/14		2,275	#		2,291	#		16
	17,670,875	HKD
	14,761,352	for SEK	HSBC Bank, N.A.	03/05/14		2,252	#		2,276	#		24
	5,888,530	MXN
	480,708	for CAD	HSBC Bank, N.A.	03/05/14		431	#		439	#		8
	24,439,523	MXN
	5,745,744	for PLN	HSBC Bank, N.A.	03/05/14		1,820	#		1,824	#		4
	11,221,122	NOK
	408,609,916	for HUF	HSBC Bank, N.A.	03/05/14		1,762	#		1,786	#		24
	1,420,415	NZD
	11,813,705	for ZAR	HSBC Bank, N.A.	03/05/14		1,058	#		1,146	#		88
	2,248,581	CAD	Royal Bank of Canada	03/05/14		2,017			2,018			1
	149,454	CHF	Barclays Bank plc	03/05/14		165			165			—	(h)
	279,297	CHF	Deutsche Bank AG	03/05/14		310			308			(2	)
	1,224,799	CHF	HSBC Bank, N.A.	03/05/14		1,349			1,351			2
	610,999	CHF	Westpac Banking Corp.	03/05/14		683			674			(9	)
	384,036	EUR	Credit Suisse International	03/05/14		525			518			(7	)
	827,226	EUR	Deutsche Bank AG	03/05/14		1,133			1,116			(17	)
	93,783	EUR	Goldman Sachs International	03/05/14		129			127			(2	)
	3,527,749	EUR	HSBC Bank, N.A.	03/05/14		4,852			4,758			(94	)
	188,601	EUR	Morgan Stanley	03/05/14		257			254			(3	)
	2,972,742	EUR	Royal Bank of Scotland	03/05/14		4,098			4,009			(89	)
	61,332	GBP	Barclays Bank plc	03/05/14		100			101			1
	445,004	GBP	Deutsche Bank AG	03/05/14		729			731			2
	442,936	GBP	National Australia Bank	03/05/14		730			728			(2	)
	226,289	GBP	Union Bank of Switzerland AG	03/05/14		375			372			(3	)
	170,563,884	JPY	Citibank, N.A.	03/05/14		1,664			1,670			6
	76,262,242	JPY	Deutsche Bank AG	03/05/14		745			746			1
	121,930,331	JPY	Goldman Sachs International	03/05/14		1,174			1,194			20
	165,000,000	JPY	HSBC Bank, N.A.	03/05/14		1,582			1,615			33
	28,299,500	JPY	State Street Corp.	03/05/14		271			277			6
	14,682,086	MXN	Merrill Lynch International	03/05/14		1,114			1,095			(19	)
	6,157,089	NOK	Merrill Lynch International	03/05/14		1,008			980			(28	)
	3,240	NZD	Citibank, N.A.	03/05/14		2			2			—	(h)
	4,593,685	PLN	BNP Paribas	03/05/14		1,504			1,455			(49	)
	11,813,705	ZAR	Deutsche Bank AG	03/05/14		1,088			1,059			(29	)
						50,040			49,915			(125	)

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
	848,696	AUD	Union Bank of Switzerland AG	03/05/14		751		742		9
	5,352,762	AUD	Westpac Banking Corp.	03/05/14		4,871		4,675		196
	169,266	CAD	Deutsche Bank AG	03/05/14		159		152		7
	966,742	CAD	HSBC Bank, N.A.	03/05/14		903		868		35
	3,137,976	CAD	TD Bank Financial Group	03/05/14		2,958		2,815		143
	188,780	CHF	Citibank, N.A.	03/05/14		209		208		1
	91,022	CHF	Morgan Stanley	03/05/14		101		101		—	(h)
	6,281,215	CHF	Westpac Banking Corp.	03/05/14		6,917		6,929		(12	)
	366,411	DKK	Morgan Stanley	03/05/14		67		66		1
	607,500	DKK	Westpac Banking Corp.	03/05/14		110		110		—	(h)
	327,570	EUR	Barclays Bank plc	03/05/14		445		441		4
	18,448,260	EUR	BNP Paribas	03/05/14		24,935		24,881		54
	135,634	EUR	Deutsche Bank AG	03/05/14		184		183		1
	311,236	EUR	Goldman Sachs International	03/05/14		429		420		9
	203,178	EUR	Morgan Stanley	03/05/14		278		274		4
	806,195	EUR	Westpac Banking Corp.	03/05/14		1,101		1,088		13
	2,848,345	GBP	BNP Paribas	03/05/14		4,610		4,682		(72	)
	72,359	GBP	Goldman Sachs International	03/05/14		116		118		(2	)
	346,372	GBP	HSBC Bank, N.A.	03/05/14		570		569		1
	445,637	GBP	Morgan Stanley	03/05/14		732		733		(1	)
	95,313	GBP	Union Bank of Switzerland AG	03/05/14		157		157		—	(h)
	461,731	GBP	Westpac Banking Corp.	03/05/14		754		759		(5	)
	414,102,665	HUF	Societe Generale	03/05/14		1,830		1,785		45
	758,274,656	JPY	BNP Paribas	03/05/14		7,498		7,422		76
	17,994,215	JPY	Citibank, N.A.	03/05/14		174		176		(2	)
	159,705,506	JPY	Deutsche Bank AG	03/05/14		1,536		1,564		(28	)
	41,346,936	JPY	Goldman Sachs International	03/05/14		395		405		(10	)
	86,211,861	JPY	HSBC Bank, N.A.	03/05/14		838		844		(6	)
	43,976,573	JPY	Westpac Banking Corp.	03/05/14		440		430		10
	6,081,470	MXN	Union Bank of Switzerland AG	03/05/14		465		454		11
	8,826,590	NOK	Citibank, N.A.	03/05/14		1,443		1,405		38
	1,420,415	NZD	Deutsche Bank AG	03/05/14		1,183		1,146		37
	3,240	NZD	HSBC Bank, N.A.	03/05/14		3		3		—	(h)
	4,593,685	PLN	Merrill Lynch International	03/05/14		1,468		1,455		13
						68,630		68,060		570

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 01/31/14 of the currency being sold, and the value at 01/31/14 is the U.S. dollar market value of the currency being purchased.

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
JPY	—	Japanese Yen
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
SEK	—	Swedish Krona
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2014.
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(x)	—	Securities are perpetual and, thus, does not have a predetermined maturity date. The coupon rate for the securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2014.
@	—	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of January 31, 2014.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are approximately $15,542,000 and 17.8% respectively.

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,831
Aggregate gross unrealized depreciation		(395	)
Net unrealized appreciation/depreciation	$	2,436
Federal income tax cost of investments	$	84,894

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input by country as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	447	$	—	$	447
Denmark		—		306		—		306
France		—		752		—		752
Germany		—		523		—		523
Ireland		756		837		—		1,593
Japan		—		5,962		—		5,962
Netherlands		—		1,357		—		1,357
Norway		—		538		—		538
Switzerland		—		1,742		—		1,742
United Kingdom		—		3,079		—		3,079
United States		10,888		—		—		10,888
Total Common Stocks		11,644		15,543		—		27,187
Preferred Stocks
United States		1,155		—		—		1,155
Debt Securities
Convertible Bonds
France		—		1,436		—		1,436
Germany		—		139		—		139
United States		—		1,390		—		1,390
Total Convertible Bonds		—		2,965		—		2,965
Preferred Security
Cayman Islands		—		739		—		739
Foreign Government Securities		—		12,357		—		12,357
Supranational		—		6,320		—		6,320
U.S. Treasury Obligations		—		19,235		—		19,235
Short-Term Investment
Investment Company		17,372		—		—		17,372
Total Investments in Securities	$	30,171	$	57,159	$	—	$	87,330
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	993	$	—	$	993
Futures Contracts		686		—		—		686
Total Appreciation in Other Financial Instruments	$	686	$	993	$	—	$	1,679

JPMorgan Strategic Preservation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(548	)	$	—	$	(548	)
Futures Contracts		(403	)		—			—		(403	)
Total Depreciation in Other Financial Instruments	$	(403	)	$	(548	)	$	—	$	(951	)

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) — (b) below describe the various derivatives used by the Fund.

(a). Futures Contracts — The Fund uses treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(b). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 15.1%
		Auto Components — 0.4%
	110	Johnson Controls, Inc.		5,065
		Automobiles — 1.6%
	515	General Motors Co. (a)		18,587
		Hotels, Restaurants & Leisure — 1.2%
	32	Starwood Hotels & Resorts Worldwide, Inc.		2,417
	166	Yum! Brands, Inc.		11,170
				13,587
		Internet & Catalog Retail — 1.6%
	26	Amazon.com, Inc. (a)		9,436
	7	priceline.com, Inc. (a)		8,469
				17,905
		Media — 7.0%
	157	CBS Corp. (Non-Voting), Class B		9,190
	451	Comcast Corp., Class A		24,549
	132	DISH Network Corp., Class A (a)		7,444
	44	Time Warner Cable, Inc.		5,930
	357	Time Warner, Inc.		22,434
	149	Walt Disney Co. (The)		10,814
				80,361
		Specialty Retail — 3.3%
	17	AutoZone, Inc. (a)		8,605
	190	Home Depot, Inc. (The)		14,584
	312	Lowe’s Cos., Inc.		14,450
				37,639
		Total Consumer Discretionary		173,144
		Consumer Staples — 7.1%
		Beverages — 2.1%
	182	Coca-Cola Co. (The)		6,890
	29	Constellation Brands, Inc., Class A (a)		2,221
	86	Molson Coors Brewing Co., Class B		4,541
	121	PepsiCo, Inc.		9,717
				23,369
		Food & Staples Retailing — 1.0%
	35	Costco Wholesale Corp.		3,926
	106	CVS Caremark Corp.		7,172
				11,098
		Food Products — 1.5%
	132	Archer-Daniels-Midland Co.		5,215
	103	General Mills, Inc.		4,928
	220	Mondelez International, Inc., Class A		7,215
				17,358
		Household Products — 1.7%
	73	Colgate-Palmolive Co.		4,452
	197	Procter & Gamble Co. (The)		15,103
				19,555
		Tobacco — 0.8%
	121	Philip Morris International, Inc.		9,433
		Total Consumer Staples		80,813
		Energy — 10.3%
		Energy Equipment & Services — 2.4%
	157	Halliburton Co.		7,715
	231	Schlumberger Ltd.		20,210
				27,925
		Oil, Gas & Consumable Fuels — 7.9%
	134	Anadarko Petroleum Corp.		10,825
	124	Cheniere Energy, Inc. (a)		5,441
	39	EOG Resources, Inc.		6,471
	44	EQT Corp.		4,113
	162	Exxon Mobil Corp.		14,887
	40	Marathon Petroleum Corp.		3,454
	204	Occidental Petroleum Corp.		17,908
	153	Phillips 66		11,176
	189	QEP Resources, Inc.		5,842
	243	Williams Cos., Inc. (The)		9,821
				89,938
		Total Energy		117,863
		Financials — 15.4%
		Capital Markets — 2.5%
	30	Goldman Sachs Group, Inc. (The)		4,901
	114	Invesco Ltd.		3,804
	447	Morgan Stanley		13,199
	110	State Street Corp.		7,367
				29,271
		Commercial Banks — 3.4%
	93	BB&T Corp.		3,487
	34	SVB Financial Group (a)		3,788
	636	Wells Fargo & Co.		28,857
	94	Zions Bancorporation		2,701
				38,833
		Consumer Finance — 0.5%
	65	Capital One Financial Corp.		4,619
	29	Santander Consumer USA Holdings, Inc. (a)		741
				5,360
		Diversified Financial Services — 5.0%
	1,459	Bank of America Corp.		24,442

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Diversified Financial Services — Continued
	406	Citigroup, Inc.		19,259
	64	IntercontinentalExchange Group, Inc.		13,353
				57,054
		Insurance — 4.0%
	153	ACE Ltd., (Switzerland)		14,310
	90	American International Group, Inc.		4,325
	78	Hartford Financial Services Group, Inc.		2,610
	151	Marsh & McLennan Cos., Inc.		6,882
	371	MetLife, Inc.		18,185
				46,312
		Total Financials		176,830
		Health Care — 14.8%
		Biotechnology — 3.8%
	48	Alexion Pharmaceuticals, Inc. (a)		7,577
	47	Biogen Idec, Inc. (a)		14,820
	81	Celgene Corp. (a)		12,257
	117	Vertex Pharmaceuticals, Inc. (a)		9,232
				43,886
		Health Care Equipment & Supplies — 0.3%
	43	Stryker Corp.		3,344
		Health Care Providers & Services — 2.5%
	93	Humana, Inc.		9,093
	23	McKesson Corp.		3,939
	211	UnitedHealth Group, Inc.		15,245
				28,277
		Health Care Technology — 0.5%
	105	Cerner Corp. (a)		5,946
		Life Sciences Tools & Services — 0.5%
	24	Mettler-Toledo International, Inc. (a)		5,873
		Pharmaceuticals — 7.2%
	59	Allergan, Inc.		6,722
	430	Bristol-Myers Squibb Co.		21,495
	381	Johnson & Johnson		33,672
	259	Merck & Co., Inc.		13,721
	43	Perrigo Co. plc, (Ireland)		6,733
				82,343
		Total Health Care		169,669
		Industrials — 11.5%
		Aerospace & Defense — 4.5%
	205	Honeywell International, Inc.		18,743
	104	Textron, Inc.		3,677
	258	United Technologies Corp.		29,407
				51,827
		Airlines — 0.7%
	144	Delta Air Lines, Inc.		4,415
	85	United Continental Holdings, Inc. (a)		3,877
				8,292
		Building Products — 0.9%
	480	Masco Corp.		10,157
		Construction & Engineering — 1.3%
	195	Fluor Corp.		14,821
		Electrical Equipment — 1.2%
	78	Eaton Corp. plc, (Ireland)		5,693
	124	Emerson Electric Co.		8,185
				13,878
		Machinery — 2.1%
	55	Flowserve Corp.		3,995
	206	PACCAR, Inc.		11,539
	53	Pentair Ltd., (Switzerland)		3,942
	51	WABCO Holdings, Inc. (a)		4,388
				23,864
		Road & Rail — 0.8%
	338	CSX Corp.		9,100
		Total Industrials		131,939
		Information Technology — 18.7%
		Communications Equipment — 2.4%
	451	Cisco Systems, Inc.		9,890
	243	QUALCOMM, Inc.		18,008
				27,898
		Computers & Peripherals — 3.4%
	63	Apple, Inc.		31,571
	290	EMC Corp.		7,041
				38,612
		Internet Software & Services — 3.8%
	180	eBay, Inc. (a)		9,569
	29	Google, Inc., Class A (a)		34,036
				43,605
		IT Services — 2.2%
	56	Accenture plc, (Ireland), Class A		4,507
	24	Alliance Data Systems Corp. (a)		5,639
	192	MasterCard, Inc., Class A		14,560
				24,706
		Semiconductors & Semiconductor Equipment — 2.5%
	318	Avago Technologies Ltd., (Singapore)		17,354

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	115	Lam Research Corp. (a)		5,832
	123	Xilinx, Inc.		5,705
				28,891
		Software — 4.4%
	106	Adobe Systems, Inc. (a)		6,266
	67	Citrix Systems, Inc. (a)		3,615
	630	Microsoft Corp.		23,835
	450	Oracle Corp.		16,623
				50,339
		Total Information Technology		214,051
		Materials — 3.2%
		Chemicals — 1.8%
	211	Dow Chemical Co. (The)		9,605
	98	Monsanto Co.		10,462
				20,067
		Metals & Mining — 1.4%
	556	Alcoa, Inc.		6,395
	220	Freeport-McMoRan Copper & Gold, Inc.		7,127
	93	United States Steel Corp.		2,421
				15,943
		Total Materials		36,010
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	219	Verizon Communications, Inc.		10,527
		Utilities — 2.0%
		Electric Utilities — 1.2%
	132	NextEra Energy, Inc.		12,152
	39	Northeast Utilities		1,727
				13,879
		Multi-Utilities — 0.8%
	260	NiSource, Inc.		8,944
		Total Utilities		22,823
		Total Common Stocks     (Cost $783,302)		1,133,669
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	13,791	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)     (Cost $13,791)		13,791
		Total Investments — 100.2%     (Cost $797,093)		1,147,460
		Liabilities in Excess of Other Assets — (0.2)%		(2,129	)
		NET ASSETS — 100.0%	$	1,145,331

Percentages indicated are based on net assets.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	353,607
Aggregate gross unrealized depreciation		(3,240	)
Net unrealized appreciation/depreciation	$	350,367
Federal income tax cost of investments	$	797,093

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,147,460	$	—	$	—	$	1,147,460

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

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.3% (t)
		Alabama — 0.4%
		Education — 0.4%
	8,135	Alabama Public School & College Authority, Capital Improvement, Rev., 5.000%, 12/01/16		9,174
		Arizona — 3.0%
		Education — 0.0% (g)
	175	Arizona State University, Rev., AMBAC, 5.000%, 07/01/19		186
		General Obligation — 0.8%
		City of Goodyear,
	1,175	GO, AGM, 6.000%, 07/01/15		1,269
	1,300	GO, AGM, 6.000%, 07/01/17		1,527
	1,375	GO, AGM, 6.000%, 07/01/18		1,656
	1,400	GO, AGM, 6.000%, 07/01/19		1,663
	3,450	City of Phoenix, Various Purpose, Series A, GO, 5.000%, 07/01/17		3,955
	725	Maricopa County Unified School District No. 48, Scottsdale, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/15 (p)		774
	275	Maricopa County Unified School District No. 48, Scottsdale, Unrefunded Balance, School Improvement, Series A, GO, NATL-RE, FGIC, 5.000%, 07/01/16		293
	8,130	Maricopa County Unified School District No. 69-Paradise Valley, GO, NATL-RE, FGIC, 5.200%, 07/01/16		9,034
				20,171
		Hospital — 0.2%
		Arizona Health Facilities Authority, Banner Health,
	2,500	Series D, Rev., 5.000%, 01/01/23		2,746
	3,215	Series D, Rev., 5.000%, 01/01/24		3,526
				6,272
		Other Revenue — 1.7%
		Arizona State Transportation Board,
	16,705	Series A, Rev., GAN, 5.250%, 07/01/25		18,967
	17,135	Series A, Rev., GAN, 5.250%, 07/01/26		19,365
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/24		3,447
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,263
	1,000	Series C, Rev., 5.000%, 07/01/24		1,135
				44,177
		Prerefunded — 0.1%
	1,205	Arizona School Facilities Board, State School Trust, Series A, Rev., AMBAC, 5.750%, 07/01/14 (p)		1,233
		Special Tax — 0.1%
	1,845	Scottsdale Municipal Property Corp., Excise Tax, Rev., 5.000%, 07/01/17		2,115
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.000%, 01/01/22		1,707
		Total Arizona		75,861
		Arkansas — 0.3%
		Special Tax — 0.2%
	5,650	City of Fayetteville, Sales & Use Tax, Series A, Rev., AGM, 4.750%, 11/01/18		6,181
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		2,060
		Total Arkansas		8,241
		California — 9.2%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		86
		Education — 1.3%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/39		2,136
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/32		9,216
		California State Public Works Board, University of California Research Project,
	3,025	Series E, Rev., 5.250%, 10/01/16 (p)		3,410
		University of California,
	5,285	Series O, Rev., 5.750%, 05/15/28		6,174
	5,000	Series O, Rev., 5.750%, 05/15/29		5,831
	6,045	University of California Regents Medical Center, Series A, Rev., NATL-RE, 4.750%, 05/15/22		6,420
				33,187

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — 4.5%
		Carlsbad Unified School District,
	465	GO, Zero Coupon, 05/01/14		465
	2,500	GO, Zero Coupon, 05/01/16		2,464
	2,000	GO, Zero Coupon, 05/01/17		1,912
	1,490	GO, Zero Coupon, 05/01/19		1,325
	3,445	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		1,895
	13,815	City of Los Angeles, Series A, GO, 5.000%, 09/01/20		16,604
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,547
	1,000	GO, 5.000%, 08/01/22		1,186
	1,000	GO, 5.000%, 08/01/24		1,151
	1,090	Evergreen Elementary School District, Series A, GO, AGM, 6.000%, 08/01/16		1,237
	5,845	Grossmont-Cuyamaca Community College District, Capital Appreciation, GO, AGC, Zero Coupon, 08/01/15		5,806
	145	Los Altos School District, Unrefunded Balance, GO, AMBAC, 5.000%, 08/01/21		160
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,136
	2,750	Series B, GO, FGIC, 4.750%, 07/01/21		3,008
	5,000	Series D, GO, 5.250%, 07/01/24		5,817
	1,500	Placentia-Yorba Linda Unified School District, 2002 Election, Series B, GO, NATL-RE, FGIC, 5.500%, 08/01/14 (p)		1,540
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,616
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,177
	2,860	San Francisco City & County, Clean & Safe Neighborhood Park, GO, 4.000%, 06/15/24		3,041
		State Center Community College District,
	1,705	GO, 5.000%, 08/01/22		2,015
	1,000	GO, 5.000%, 08/01/24		1,143
	1,000	State of California, GO, 5.000%, 08/01/16		1,115
	6,060	State of California, Economic Recovery, Unrefunded Balance, Series A, GO, 5.250%, 07/01/14		6,190
		State of California, Various Purpose,
	1,720	GO, 5.000%, 03/01/16		1,887
	940	GO, 5.000%, 04/01/16		1,035
	3,810	GO, 5.000%, 04/01/17		4,327
	5,000	GO, 5.000%, 04/01/20		5,810
	2,000	GO, 5.000%, 09/01/26		2,237
	10,000	GO, 5.500%, 04/01/18		11,850
	5,000	GO, 5.500%, 04/01/21		5,911
	5,000	GO, 5.625%, 04/01/26		5,742
	6,600	GO, 6.500%, 04/01/33		7,922
				114,271
		Hospital — 0.2%
		California Health Facilities Financing Authority, Providence Health & Services,
	1,500	Series C, Rev., 6.250%, 10/01/24		1,769
	2,000	Series C, Rev., 6.250%, 10/01/28		2,323
	1,000	University of California, Unrefunded Balance, UCLA Medical Center, Series B, Rev., AMBAC, 5.500%, 05/15/20		1,007
				5,099
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	200	California Infrastructure & Economic Development Bank, Revolving Fund, Rev., 5.000%, 10/01/14 (p)		206
		Other Revenue — 1.2%
		California State University, Unrefunded Balance, Systemwide,
	1,040	Series A, Rev., AGM, 4.750%, 11/01/22		1,051
	870	Series A, Rev., AGM, 4.750%, 11/01/24		879
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,957
	2,500	Los Angeles Department of Water & Power, Power System, Series A, Rev., 5.000%, 07/01/23		2,994
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		2,950
	10,000	San Diego County Water Authority, Rev., 5.000%, 05/01/30		11,066
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,497
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,738
				31,132

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Prerefunded — 0.2%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		411
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,814
	105	Los Altos School District, GO, AMBAC, 5.000%, 08/01/16 (p)		117
	450	State of California, GO, 5.125%, 02/01/14 (p)		450
	1,770	State of California, Economic Recovery, Series A, GO, 5.250%, 07/01/14 (p)		1,808
				5,600
		Utility — 1.5%
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/21		2,398
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,611
	25,385	Los Angeles Department of Water & Power, Power System, Series B, Rev., 5.000%, 07/01/28		28,776
				36,785
		Water & Sewer — 0.3%
	4,750	City of Santa Rosa, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,273
		City of Vallejo, Water Revenue,
	1,690	Rev., NATL-RE, 5.000%, 05/01/18		1,821
	1,370	Rev., NATL-RE, 5.000%, 05/01/21		1,430
				6,524
		Total California		232,890
		Colorado — 2.1%
		Certificate of Participation/Lease — 0.3%
	5,830	Colorado Higher Education, COP, 5.500%, 11/01/27		6,605
		General Obligation — 1.3%
	3,450	Adams 12 Five Star Schools, GO, 4.000%, 12/15/23		3,754
		Douglas County School District No. Re-1 Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,406
	2,345	GO, 5.250%, 12/15/25		2,852
	4,375	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.250%, 12/15/20		5,278
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,889
				32,179
		Prerefunded — 0.5%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,601
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,355
	5,000	Regional Transportation District, Fastracks Project, Series A, Rev., AMBAC, 5.000%, 11/01/16 (p)		5,621
				11,577
		Utility — 0.0% (g)
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/22		1,422
		Total Colorado		51,783
		Connecticut — 1.2%
		Certificate of Participation/Lease — 0.1%
	3,000	State of Connecticut, Transportation Infrastructure, Special Tax, Series A, Rev., COP, AMBAC, 5.000%, 07/01/15 (p)		3,202
		Education — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/26		1,096
		General Obligation — 0.9%
		City of Greenwich,
	325	GO, 4.000%, 06/01/22		348
	200	GO, 5.000%, 06/01/20		229
		City of Hartford,
	1,325	GO, AGC, 5.000%, 11/15/15		1,430
	250	GO, AGC, 5.000%, 11/15/16		279
	270	GO, AGC, 5.000%, 11/15/17		310
	345	GO, AGC, 5.000%, 11/15/18		400
		State of Connecticut,
	3,500	Series B, GO, AMBAC, 5.250%, 06/01/19		4,187
	4,980	Series B, GO, AMBAC, 5.250%, 06/01/20		5,978
	8,200	Series E, GO, 5.000%, 08/15/30		9,134

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	650	Town of Trumbull, GO, 5.000%, 09/15/15		700
				22,995
		Transportation — 0.0% (g)
	1,000	State of Connecticut, Transportation Infrastructure, Special Tax, Series A, Rev., 4.000%, 12/01/15		1,068
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		298
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,538
				1,836
		Total Connecticut		30,197
		Delaware — 0.4%
		General Obligation — 0.2%
	2,035	New Castle County, Series B, GO, 5.000%, 07/15/19		2,435
		State of Delaware,
	1,000	Series C, GO, 5.000%, 03/01/19		1,189
	1,000	Series C, GO, 5.000%, 03/01/21		1,204
				4,828
		Other Revenue — 0.2%
		University of Delaware,
	1,000	Series B, Rev., 5.000%, 11/01/15		1,083
	1,000	Series B, Rev., 5.000%, 11/01/18		1,178
	1,000	Series B, Rev., 5.000%, 11/01/21		1,153
		Wilmington Parking Authority,
	1,500	Rev., AGM, 5.250%, 09/15/14		1,544
	500	Rev., AGM, 5.250%, 09/15/15		538
				5,496
		Total Delaware		10,324
		District of Columbia — 1.2%
		Other Revenue — 1.2%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,743
	5,000	Series C, Rev., 5.000%, 10/01/29		5,596
		District of Columbia, Income Tax,
	3,395	Series A, Rev., 5.000%, 12/01/17		3,936
	5,000	Series A, Rev., 5.000%, 12/01/18		5,903
	6,000	Series A, Rev., 5.000%, 12/01/19		7,166
	2,000	Series A, Rev., 5.000%, 12/01/20		2,393
		Total District of Columbia		30,737
		Florida — 3.9%
		Certificate of Participation/Lease — 0.2%
	2,500	Miami-Dade County, School Board, Series A, COP, NATL-RE, FGIC, 5.000%, 05/01/18		2,795
	3,000	Tampa Sports Authority, Sales Tax Payments Stadium Project, Rev., COP, AGM, 5.000%, 01/01/23		3,127
				5,922
		General Obligation — 2.3%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,965
	15,000	Series B, GO, 4.750%, 06/01/21		15,963
	32,375	Series D, GO, 5.000%, 06/01/25		37,016
	135	State of Florida, Department of Transportation, Right of Way, Series A, GO, 5.000%, 07/01/14		138
				59,082
		Other Revenue — 0.5%
		City of Port St. Lucie, Utilities Systems,
	1,800	Rev., AGC, 5.000%, 09/01/15		1,931
	1,070	Rev., AGC, 5.000%, 09/01/20		1,213
	4,500	Orlando Utilities Commission Utility System, Series A, Rev., 5.000%, 10/01/25		5,300
	2,500	Tampa Bay Water Florida Utility System Revenue, Regional Water Supply Authority, Rev., NATL-RE, FGIC, 5.250%, 10/01/16		2,819
				11,263
		Prerefunded — 0.2%
	4,900	City of Gainesville, Utilities System, Series A, Rev., AGM, 5.000%, 10/01/15 (p)		5,283
		Water & Sewer — 0.7%
	15,180	Miami-Dade County, Water & Sewer Systems, Series B, Rev., AGM, 5.000%, 10/01/15		16,356
		Total Florida		97,906
		Georgia — 4.8%
		Education — 0.0% (g)
	1,050	Private Colleges & Universities Authority, Emory University, Series B, Rev., 5.000%, 09/01/19		1,250

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — 2.4%
	5,000	Douglas County School District, GO, AGM, 5.000%, 04/01/17 (p)		5,705
	3,090	Henry County School District, GO, 5.000%, 08/01/20		3,689
		State of Georgia,
	3,425	Series A, GO, 5.000%, 09/01/15 (p)		3,682
	3,140	Series B, GO, 5.000%, 07/01/19		3,753
	3,300	Series B, GO, 5.000%, 07/01/20		3,967
	1,000	Series B, GO, 5.750%, 08/01/17		1,176
	14,960	Series C, GO, 5.000%, 07/01/17		17,166
	3,935	Series E, GO, 5.000%, 08/01/16		4,387
	14,790	Series F, GO, 5.000%, 12/01/19		17,776
				61,301
		Other Revenue — 0.5%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,988
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,752
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		139
				12,879
		Special Tax — 0.5%
	10,000	Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds, Series A, Rev., AGM, 5.000%, 06/01/18		11,624
		Transportation — 0.6%
		Georgia State Road and Tollway Authority, Federal Highway, Grant Anticipation Bonds,
	7,375	Rev., NATL-RE, 5.000%, 06/01/17		8,106
	2,000	Rev., NATL-RE, 5.000%, 06/01/18		2,193
	5,000	Series A, Rev., 5.000%, 06/01/15		5,312
				15,611
		Utility — 0.3%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		6,574
		Water & Sewer — 0.5%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,895
	3,335	Gwinnett County Water & Sewerage Authority, Rev., 5.000%, 08/01/19		3,875
				11,770
		Total Georgia		121,009
		Hawaii — 1.5%
		General Obligation — 0.8%
		State of Hawaii,
	2,750	Series D, GO, 5.000%, 06/01/16 (p)		3,043
	7,500	Series DQ, GO, 5.000%, 06/01/15		7,977
	7,250	Series DR, GO, 5.000%, 06/01/16		8,028
				19,048
		Transportation — 0.2%
		State of Hawaii,
	1,500	Rev., 5.000%, 01/01/15		1,566
	2,575	Rev., 5.000%, 01/01/19		3,030
				4,596
		Water & Sewer — 0.5%
		City & County of Honolulu, Wastewater System, Second Bond Resolution,
	3,740	Series A, Rev., AGM, 5.000%, 07/01/23		4,247
	2,740	Series A, Rev., AGM, 5.000%, 07/01/24		3,111
	4,915	Series A, Rev., AGM, 5.000%, 07/01/25		5,581
				12,939
		Total Hawaii		36,583
		Idaho — 0.4%
		Hospital — 0.4%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/23		9,343
		Illinois — 1.1%
		General Obligation — 0.1%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series F, GO, AGM-CR, FGIC, 6.250%, 12/30/21		176
		Village of Schaumburg,
	1,000	Series A, GO, 4.000%, 12/01/19		1,131
	625	Series A, GO, 4.000%, 12/01/20		703
				2,010
		Hospital — 0.1%
	2,025	Illinois Health Facilities Authority, Advocate Health Care Network, Series A, Rev., VAR, 4.375%, 07/01/14		2,059
		Other Revenue — 0.2%
	4,850	City of Chicago, Second Lien Water Project, Rev., 4.000%, 11/01/37		4,254

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Special Tax — 0.1%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,160
		Transportation — 0.6%
	5,000	Chicago O’Hare International Airport, Third Lien, Series A, Rev., AGC-ICC, AMBAC, 5.000%, 01/01/22		5,242
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		687
		Illinois State Toll Highway Authority,
	3,000	Series A, Rev., 5.000%, 12/01/22 (w)		3,512
	5,000	Series A, Rev., AGM, 5.500%, 01/01/15		5,239
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		939
				15,619
		Water & Sewer — 0.0% (g)
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC, 5.250%, 01/01/30		1,213
		Total Illinois		28,315
		Indiana — 1.3%
		Certificate of Participation/Lease — 0.2%
	5,205	Indianapolis Local Public Improvement Bond Bank, Series E, Rev., COP, AMBAC, 5.000%, 01/01/15		5,430
		Education — 0.1%
	3,570	Purdue University, Student Facilities Systems, Series A, Rev., 5.250%, 07/01/20		4,312
		Other Revenue — 0.8%
	2,125	Center Grove 2000 Building Corp., First Mortgage, Rev., NATL-RE, FGIC, 5.250%, 07/10/24		2,264
	160	Indiana Bond Bank, Special Program, Series D, Rev., AGM, 5.000%, 08/01/19		174
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,251
	1,700	Indianapolis Local Public Improvement Bond Bank, Series B, Rev., 5.000%, 02/01/15		1,780
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		2,013
		South Bend Community School Corp., First Mortgage,
	855	Rev., AGM, 5.000%, 01/05/16		930
	1,030	Rev., AGM, 5.000%, 07/05/17		1,173
				19,585
		Utility — 0.2%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,598
		Total Indiana		33,925
		Iowa — 0.4%
		General Obligation — 0.1%
	1,070	City of Des Moines, Capital Loan Notes, Series C, GO, 5.000%, 06/01/15		1,139
		Other Revenue — 0.3%
		Iowa Finance Authority, State Revolving Fund,
	1,000	Rev., 5.000%, 08/01/19		1,192
	1,000	Rev., 5.000%, 08/01/20		1,195
	5,440	Rev., 5.000%, 08/01/26		6,188
				8,575
		Total Iowa		9,714
		Kansas — 2.5%
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
		Kansas Development Finance Authority, Commerce Impact,
	5,815	Rev., 5.000%, 06/01/16		6,415
	6,105	Rev., 5.000%, 06/01/17		6,945
				13,360
		Other Revenue — 0.6%
	1,745	Kansas Development Finance Authority, Kansas Transitional Revolving Fund, Rev., 5.000%, 10/01/16		1,876
		Kansas State Department of Transportation, Highway,
	7,000	Series A, Rev., 5.000%, 09/01/16		7,826
	4,800	Series A, Rev., 5.000%, 09/01/18		5,650
				15,352
		Prerefunded — 1.2%
	21,045	City of Olathe & County of Labette, Capital Accumulator, Series A, Rev., Zero Coupon, 02/01/16 (p)		20,804
	9,015	Reno Sedgwick Finney Counties, Capital Accumulator, Series A, Rev., NATL-RE, Zero Coupon, 04/01/16 (p)		8,897
				29,701

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Utility — 0.2%
	3,755	Wyandotte County-Kansas City Unified Government, Utility System, Series 2004, Rev., AMBAC, 5.650%, 09/01/15		4,057
		Total Kansas		62,470
		Kentucky — 0.7%
		Other Revenue — 0.7%
		Kentucky State Property & Buildings Commission, Project No. 89,
	6,145	Rev., AGM, 5.000%, 11/01/22		6,985
	1,000	Rev., AGM, 5.000%, 11/01/24		1,133
	5,185	Kentucky Turnpike Authority, Revitalization, Series A, Rev., 5.000%, 07/01/28		5,788
	3,955	Louisville & Jefferson County Metro Government Board of Water Works, Series A, Rev., 5.000%, 11/15/18		4,663
		Total Kentucky		18,569
		Louisiana — 0.3%
		Other Revenue — 0.0% (g)
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,288
		Prerefunded — 0.3%
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		3,937
	3,270	Louisiana Public Facilities Authority, CR, Multi-Family Housing, Series A, Rev., Zero Coupon, 02/01/20 (p)		2,896
				6,833
		Total Louisiana		8,121
		Maryland — 2.6%
		Education — 0.4%
		University System of Maryland, Tuition,
	4,340	Series A, Rev., 5.000%, 04/01/17		4,941
	4,560	Series A, Rev., 5.000%, 04/01/18		5,317
				10,258
		General Obligation — 1.2%
	5,000	Montgomery County, Public Improvement, Series A, GO, 5.000%, 05/01/17		5,709
	20,000	State of Maryland, State & Local Facilities, Series C, GO, 5.000%, 11/01/18		23,643
				29,352
		Other Revenue — 0.4%
	4,725	Baltimore Board of School Commissioners, Rev., 5.000%, 05/01/17		5,392
	4,605	Maryland State Transportation Authority, Transportation Facilities Project, Rev., 5.000%, 07/01/22		5,472
				10,864
		Transportation — 0.6%
		Maryland State Department of Transportation,
	4,000	Rev., 4.000%, 03/01/18		4,377
	9,880	Rev., 5.250%, 12/15/17		11,573
				15,950
		Total Maryland		66,424
		Massachusetts — 2.1%
		Certificate of Participation/Lease — 0.5%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,016
		General Obligation — 0.4%
	9,000	Commonwealth of Massachusetts, Series A, GO, 5.250%, 08/01/19		10,832
		Other Revenue — 0.6%
		Boston Housing Authority,
	1,790	Rev., AGM, 5.000%, 04/01/15		1,877
	1,770	Rev., AGM, 5.000%, 04/01/17		1,974
	1,925	Massachusetts Bay Transportation Authority, Series A, Rev., 5.000%, 07/01/21		2,304
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,258
				14,413
		Prerefunded — 0.4%
	200	Commonwealth of Massachusetts, Series C, GO, AGM, 5.500%, 12/01/22 (p)		247
	5,000	Commonwealth of Massachusetts, Consolidated Lien, Series C, GO, NATL-RE-IBC, 5.500%, 11/01/16 (p)		5,691
	5,000	Commonwealth of Massachusetts, Consolidated Loan of 2006, Series E, GO, AMBAC, 5.000%, 11/01/16 (p)		5,619
				11,557
		Special Tax — 0.2%
	3,840	Massachusetts School Building Authority, Series A, Rev., AGM, 5.000%, 08/15/15 (p)		4,120
		Total Massachusetts		52,938

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Michigan — 1.2%
		Education — 0.3%
		University of Michigan,
	3,535	Series A, Rev., 5.000%, 04/01/15		3,734
	4,170	Series A, Rev., 5.000%, 04/01/21		4,748
				8,482
		General Obligation — 0.2%
	2,000	Ann Arbor Public School District, GO, Q-SBLF, 5.000%, 05/01/21		2,359
	1,000	Brandon School District, School Building & Site, GO, AGM, Q-SBLF, 5.000%, 05/01/17		1,095
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,229
				5,683
		Other Revenue — 0.6%
	10,000	City of Grand Rapids, Sewer System, Series A, Rev., BHAC-CR, AGM-CR, FGIC, 5.500%, 01/01/22		12,114
	3,000	Michigan Finance Authority, State Revolving Fund, Clean Water, Rev., 5.000%, 10/01/21		3,578
				15,692
		Transportation — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,356
		Total Michigan		31,213
		Minnesota — 1.6%
		General Obligation — 1.1%
		Olmsted County, Crossover,
	2,085	Series A, GO, 4.000%, 02/01/23		2,298
	775	Series A, GO, 5.000%, 02/01/21		929
		State of Minnesota,
	5,000	GO, 5.000%, 08/01/16		5,571
	910	GO, 5.000%, 11/01/19		1,017
	6,760	Series C, GO, 5.000%, 08/01/16		7,533
	1,270	State of Minnesota, Trunk Highway, Series B, GO, 5.000%, 10/01/21		1,529
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,933
				28,810
		Other Revenue — 0.5%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,122
		Total Minnesota		39,932
		Mississippi — 0.6%
		Prerefunded — 0.6%
	15,750	Mississippi Housing Finance Corp., Capital Appreciation, Rev., Zero Coupon, 09/15/16 (p)		15,482
		Missouri — 4.1%
		General Obligation — 0.1%
	2,260	Missouri Highway & Transportation Commission, Federal Reimbursement, Series A, GO, 5.000%, 05/01/17		2,579
		Other Revenue — 2.3%
		Kansas City Industrial Development Authority, Downtown Redevelopment District,
	2,785	Series A, Rev., 5.000%, 09/01/19		3,212
	7,640	Series A, Rev., 5.000%, 09/01/20		8,777
	6,620	Series A, Rev., 5.000%, 09/01/21		7,597
		Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds,
	10,805	Series A, Rev., 5.000%, 01/01/19		12,794
	20,915	Series A, Rev., 5.000%, 01/01/21		24,514
	2,355	Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series B, Rev., 5.000%, 07/01/25		2,755
				59,649
		Transportation — 1.7%
		Missouri Highways & Transportation Commission, Federal Reimbursement,
	3,730	Series A, Rev., 5.000%, 05/01/16		4,119
	4,060	Series A, Rev., 5.000%, 05/01/20		4,747
	7,000	Missouri Highways & Transportation Commission, Senior Lien, Rev., 5.000%, 02/01/21		7,855
		Missouri State Highways & Transit Commission, First Lien,
	7,000	Series A, Rev., 5.000%, 05/01/17		7,686
	6,000	Series B, Rev., 5.000%, 05/01/22		6,575
	5,000	Missouri State Highways & Transit Commission, Second Lien, Rev., 5.000%, 05/01/16		5,520

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Transportation — Continued
	5,000	Missouri State Highways & Transit Commission, Senior Lien, Rev., 5.000%, 02/01/16		5,468
				41,970
		Total Missouri		104,198
		Nebraska — 0.8%
		Education — 0.3%
		University of Nebraska Facilities Corp., Deferred Maintenance,
	3,625	Rev., AMBAC, 5.000%, 07/15/18		4,004
	3,715	Rev., AMBAC, 5.000%, 07/15/19		4,101
				8,105
		General Obligation — 0.1%
	1,960	Omaha City Convention Center/Arena Project, GO, 5.250%, 04/01/27		2,403
		Other Revenue — 0.2%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,082
		Utility — 0.2%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		281
	600	Series B, Rev., AGM, 5.000%, 01/01/18		682
	2,500	Series C, Rev., NATL-RE, FGIC, 5.000%, 01/01/17		2,709
				3,672
		Total Nebraska		19,262
		Nevada — 0.7%
		Education — 0.1%
		Nevada System of Higher Education University, Unrefunded Balance,
	640	Series B, Rev., AMBAC, 5.000%, 07/01/21		689
	675	Series B, Rev., AMBAC, 5.000%, 07/01/22		726
				1,415
		General Obligation — 0.2%
	5,000	State of Nevada, Projects R9-A-R13-F, Series F, GO, AGM, 5.000%, 12/01/24		5,251
		Prerefunded — 0.2%
	3,795	Clark County School District, Series C, GO, AGM, 5.000%, 12/15/15 (p)		4,128
		Water & Sewer — 0.2%
	5,000	Truckee Meadows Water Authority, Rev., AGM, 5.000%, 07/01/16		5,510
		Total Nevada		16,304
		New Hampshire — 0.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
		New Hampshire Municipal Bond Bank,
	1,025	Series E, Rev., 5.000%, 01/15/23		1,157
	1,035	Series E, Rev., 5.000%, 01/15/24		1,163
	1,195	Series E, Rev., 5.000%, 01/15/26		1,338
	1,250	Series E, Rev., 5.000%, 01/15/27		1,395
		Total New Hampshire		5,053
		New Jersey — 2.1%
		Education — 0.3%
	7,500	New Jersey Higher Education Assistance Authority, Series A, Rev., 5.000%, 06/01/15		7,940
		General Obligation — 0.5%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		973
	2,500	State of New Jersey, GO, 5.250%, 08/01/20		3,009
	1,995	Sussex County Municipal Utilities Authority, Capital Appreciation, Series B, GO, AGM, Zero Coupon, 12/01/20		1,688
		Township of Maplewood, General Improvement,
	775	GO, 4.000%, 10/15/17		866
	1,495	GO, 5.000%, 10/15/20		1,781
	1,505	GO, 5.000%, 10/15/21		1,788
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,253
	1,200	GO, 5.000%, 07/15/23		1,351
				12,709
		Other Revenue — 1.0%
	6,000	Garden State Preservation Trust, 2005, Series A, Rev., AGM, 5.800%, 11/01/15 (p)		6,575
	5,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN, Rev., 5.000%, 03/01/29		5,413
		New Jersey EDA, School Facilities Construction,
	1,500	Series NN, Rev., 5.000%, 03/01/23		1,718
	5,000	Series NN, Rev., 5.000%, 03/01/25		5,610

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	60	New Jersey Environmental Infrastructure Trust, Unrefunded Balance, Series A, Rev., 5.000%, 09/01/15 (p)		64
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series Aa, Rev., 5.000%, 06/15/36		5,236
				24,616
		Prerefunded — 0.1%
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System, Series D, Rev., 5.000%, 06/15/14 (p)		1,527
		Transportation — 0.2%
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,861
		Total New Jersey		52,653
		New Mexico — 0.8%
		General Obligation — 0.2%
	4,200	New Mexico Finance Authority, Senior Lien Public Project, Series C, GO, 5.000%, 06/01/22		5,000
		Other Revenue — 0.6%
		New Mexico Finance Authority, Senior Lien,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,832
	1,690	Series B, Rev., 5.000%, 06/01/23		1,900
	1,820	Series B, Rev., 5.000%, 06/01/25		2,034
	1,965	Series B, Rev., 5.000%, 06/01/27		2,169
		New Mexico Finance Authority, State Transportation, Sub Lien,
	3,000	Series A-2, Rev., 5.000%, 12/15/19		3,566
	2,245	Series A-2, Rev., 5.000%, 12/15/20		2,669
	1,385	Series A-2, Rev., 5.000%, 12/15/21		1,613
				15,783
		Total New Mexico		20,783
		New York — 14.4%
		Certificate of Participation/Lease — 0.7%
	15,000	New York State Urban Development Corp., Service Contract, Series B, Rev., COP, 5.250%, 01/01/25		17,047
		Education — 1.8%
	3,000	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., AGM, 5.750%, 05/01/21		3,453
	6,750	New York City Transitional Finance Authority, Building Aid Revenue, Series S-2, Rev., NATL-RE, FGIC, 5.000%, 01/15/22		7,449
	5,340	New York State Dormitory Authority, Columbia University, Series B, Rev., 5.000%, 07/01/15		5,704
		New York State Dormitory Authority, Education,
	10,000	Series A, Rev., 5.000%, 03/15/21		11,331
	4,000	Series A, Rev., 5.000%, 03/15/23		4,565
	6,500	Series C, Rev., 5.000%, 12/15/21		7,272
		New York State Dormitory Authority, School Districts, Building Finance Program,
	675	Series A, Rev., NATL-RE, 5.000%, 10/01/15		725
	1,360	Series A, Rev., NATL-RE, 5.000%, 10/01/18		1,508
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/22		4,991
				46,998
		General Obligation — 1.4%
	100	Briarcliff Manor, Public Improvement, Series A, GO, AGM, 5.000%, 09/01/14		103
		City of New York,
	6,085	Series D, GO, 5.000%, 08/01/28		6,725
	2,000	Sub Series F-1, GO, 5.000%, 03/01/27		2,227
	4,050	Sub Series F-1, GO, 5.000%, 03/01/30		4,420
		New York City,
	4,000	Series E, GO, 5.000%, 08/01/21		4,692
	5,000	Series E, GO, 5.000%, 08/01/23		5,730
	7,500	Series I, GO, 5.000%, 08/01/24		8,523
	1,000	Starpoint Central School District, GO, 5.000%, 06/15/19		1,169
	1,000	Taconic Hills Central School District at Craryville, GO, 5.000%, 06/15/19		1,170
				34,759
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		570

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.000%, 09/15/30		10,444
		Other Revenue — 5.8%
	1,500	Metropolitan Transportation Authority, Series A, Rev., 5.000%, 11/15/41		1,542
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		19,181
	4,790	New York City Transitional Finance Authority, Building Aid Revenue, Sub Series S-1A, Rev., 5.000%, 07/15/18		5,568
	400	New York City Transitional Finance Authority, Building Aid Revenue, Fiscal Year 2007, Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/16		444
		New York City Transitional Finance Authority, Future Tax Secured,
	395	Sub Series A-2, Rev., 5.000%, 11/01/18		427
	9,000	Sub Series D-1, Rev., 5.000%, 11/01/31		9,813
	10,000	Sub Series F-1, Rev., 5.000%, 02/01/31		10,939
	1,675	New York City Transitional Finance Authority, Unrefunded Balance, Future Tax Secured, Series B, Rev., 5.000%, 11/01/17		1,918
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,602
	3,500	New York State Dormitory Authority, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,684
	3,000	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series A, Rev., 5.000%, 02/15/43		3,163
	6,100	New York State Thruway Authority, Series G, Rev., AGM, 5.000%, 01/01/25		6,461
		New York State Thruway Authority, Secondary General Highway & Bridge Trust Fund,
	7,425	Series B, Rev., 5.000%, 04/01/23		8,360
	5,000	Series B, Rev., AMBAC, 5.000%, 04/01/21		5,364
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,390
	5,000	New York State Urban Development Corp., Series D, Rev., 5.500%, 01/01/19		5,950
	7,500	Tobacco Settlement Financing Corp., Asset-Backed, Rev., 5.000%, 06/01/21		8,351
	4,970	Triborough Bridge & Tunnel Authority, General Purpose, Series A-2, Rev., 5.000%, 11/15/28		5,550
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		28,218
	1,250	Series B, Rev., 5.000%, 11/15/31		1,365
				147,290
		Prerefunded — 0.4%
	3,290	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., 5.000%, 05/01/17 (p)		3,751
	5,000	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		6,114
				9,865
		Special Tax — 1.4%
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., 5.000%, 11/01/21		4,342
	7,875	New York Local Government Assistance Corp., Sub Series A-5/6, Rev., 5.500%, 04/01/19		9,560
	5,805	New York Local Government Assistance Corp., Senior Lien, Rev., 5.500%, 04/01/19		7,047
	1,000	New York State Environmental Facilities Corp., Series A, Rev., 5.000%, 12/15/19		1,135
	2,430	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.250%, 12/15/18		2,891
	5,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.250%, 03/15/19		5,958
	5,000	Sales Tax Asset Receivables Corp., Series A, Rev., AMBAC, 5.250%, 10/15/27		5,161
				36,094
		Transportation — 1.4%
		Metropolitan Transportation Authority,
	1,000	Series 2008-C, Rev., 6.500%, 11/15/28		1,174
	6,000	Series A, Rev., AMBAC, 5.500%, 11/15/14		6,251
	7,135	Series B, Rev., NATL-RE, 5.000%, 11/15/17		7,950
		New York State Thruway Authority,
	10,000	Series A, Rev., 5.000%, 05/01/19		11,627

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Transportation — Continued
	2,535	Series B, Rev., AMBAC, 5.000%, 04/01/18		2,729
	5,000	Triborough Bridge & Tunnel Authority, General Purpose, Series B, Rev., 5.250%, 11/15/15		5,446
				35,177
		Utility — 0.2%
	4,250	Utility Debt Securitization Authority Series TE, Rev., 5.000%, 12/15/41		4,579
		Water & Sewer — 0.9%
	1,550	Erie County Water Authority, Rev., 5.000%, 12/01/16		1,742
	2,500	New York City Municipal Water Finance Authority, Series CC, Rev., 5.000%, 06/15/29		2,797
	2,500	New York City Municipal Water Finance Authority, Second Generation Resolution, Series BB, Rev., 5.000%, 06/15/17		2,762
	380	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17		434
	10,225	New York State Environmental Facilities Corp., New York City Municipal Project, Revolving Funds, Sub Series C, Rev., 5.000%, 06/15/21		11,533
	2,250	New York State Environmental Facilities Corp., New York City Municipal Water Financing Authority, Series A, Rev., 5.000%, 06/15/19		2,484
				21,752
		Total New York		364,575
		North Carolina — 1.5%
		Certificate of Participation/Lease — 0.0% (g)
	1,020	Iredell County, School Project, COP, AMBAC, 5.000%, 06/01/17		1,119
		General Obligation — 1.0%
		State of North Carolina,
	5,000	Series C, GO, 4.000%, 05/01/22		5,624
	5,500	Series D, GO, 4.000%, 06/01/22		6,212
		Wake County, Hammond Road Detention Center, Limited Obligation,
	1,205	GO, 5.000%, 06/01/17		1,371
	3,905	GO, 5.000%, 06/01/20		4,552
	5,950	GO, 5.000%, 06/01/21		6,878
				24,637
		Other Revenue — 0.3%
		City of High Point, Combined Water & Sewer System Revenue,
	1,000	Rev., AGM, 5.000%, 11/01/25		1,148
	1,170	Rev., AGM, 5.000%, 11/01/26		1,342
	4,155	State of North Carolina, Annual Appropriation, Series A, Rev., 5.000%, 05/01/22		4,767
				7,257
		Utility — 0.2%
	2,665	City of Raleigh Combined Enterprise System, Series A, Rev., 5.000%, 03/01/27		3,075
	2,500	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC, 5.250%, 01/01/19		2,867
				5,942
		Total North Carolina		38,955
		Ohio — 2.6%
		Education — 0.1%
	2,700	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/20		3,066
		General Obligation — 1.2%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,491
	5,725	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		6,686
	225	Kettering City School District, School Improvement, GO, AGM, 5.000%, 12/01/14 (p)		234
		State of Ohio, Common Schools,
	3,165	Series B, GO, 5.000%, 09/15/15		3,407
	5,035	Series B, GO, 5.000%, 09/15/16		5,632
	1,560	Series C, GO, 5.000%, 09/15/22		1,869
	5,495	State of Ohio, Infrastructure Improvement, Series A, GO, 5.375%, 02/01/15		5,781
				29,100
		Other Revenue — 0.6%
	550	City of Cleveland, Parking Facility, Rev., AGM, 5.250%, 09/15/18 (p)		654
	1,725	JobsOhio Beverage System, Statewide Senior Lien Liquor Profits, Series A, Rev., 5.000%, 01/01/23		1,973

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue — Continued
	2,235	Ohio State Building Authority, State Financials Facilities, Adult Correctional, Series B, Rev., 5.000%, 10/01/22		2,514
	6,850	Ohio State Turnpike Commission, Series A, Rev., 5.250%, 02/15/27		8,180
	2,000	Ohio State University, Series A, Rev., 5.000%, 06/01/24		2,325
				15,646
		Prerefunded — 0.3%
	6,330	Ohio State Water Development Authority, Rev., 5.000%, 06/01/15 (p)		6,729
		Water & Sewer — 0.4%
		City of Cincinnati, Water System,
	3,805	Series A, Rev., 5.000%, 12/01/17		4,414
	4,650	Series A, Rev., 5.000%, 12/01/18		5,489
				9,903
		Total Ohio		64,444
		Oklahoma — 1.0%
		Education — 0.4%
		Tulsa County Industrial Authority, Jenks Public School,
	3,500	Rev., 5.500%, 09/01/15		3,776
	5,210	Rev., 5.500%, 09/01/18		6,137
				9,913
		Other Revenue — 0.6%
	2,195	Oklahoma Development Finance Authority, Department of Corrections Project, Rev., 5.000%, 04/01/23		2,548
		Oklahoma Turnpike Authority, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,502
	2,000	Series A, Rev., 5.000%, 01/01/24		2,279
	5,500	Tulsa County Industrial Authority, Broken Arrow Public Schools Project, Rev., 5.000%, 09/01/19		6,405
				14,734
		Utility — 0.0% (g)
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer, Rev., 5.000%, 07/01/27		1,598
		Total Oklahoma		26,245
		Oregon — 1.2%
		Certificate of Participation/Lease — 0.6%
		Oregon State Department of Administrative Services,
	3,425	Series A, COP, 5.000%, 05/01/20		3,959
	3,350	Series A, COP, 5.000%, 05/01/21		3,802
	6,965	Series A, COP, 5.000%, 05/01/22		7,798
				15,559
		General Obligation — 0.1%
	1,500	Clackamas County, School District No. 12, GO, AGM, 5.000%, 06/15/18		1,753
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		123
				1,876
		Other Revenue — 0.2%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/27		1,728
	2,715	Oregon State Department of Transportation, Series B, Rev., 5.000%, 11/15/14 (p)		2,819
				4,547
		Special Tax — 0.0% (g)
	1,250	Oregon State Department of Transportation, Senior Lien, Series C, Rev., 5.000%, 11/15/17		1,448
		Water & Sewer — 0.3%
	6,560	City of Portland, Sewer Systems, First Lien, Series A, Rev., 5.000%, 06/15/18		7,668
		Total Oregon		31,098
		Pennsylvania — 3.6%
		Education — 0.2%
		Pennsylvania State University,
	1,250	Series A, Rev., 5.000%, 03/01/22		1,412
	2,000	Series A, Rev., 5.000%, 03/01/23		2,249
				3,661
		General Obligation — 2.5%
	9,265	Allegheny County, Series C-57, GO, NATL-RE, FGIC, 5.000%, 11/01/15		9,586
	865	Central Bucks School District, GO, NATL-RE, FGIC, 5.000%, 05/15/15 (p)		918
	4,585	Chester County, Unrefunded Balance, GO, 5.000%, 07/15/22		5,187
	3,000	Commonwealth of Pennsylvania, GO, 5.000%, 07/01/18		3,510
		Commonwealth of Pennsylvania, First Series,
	14,865	GO, 5.000%, 05/15/18		17,346
	9,660	GO, 5.000%, 07/01/22		11,519

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	4,000	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 01/01/22		4,306
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		5,112
		Red Lion Area School District,
	1,860	GO, AGM, 5.000%, 05/01/20		2,114
	1,200	GO, AGM, 5.000%, 05/01/21		1,351
	2,365	GO, AGM, 5.000%, 05/01/22		2,654
				63,603
		Hospital — 0.3%
	5,500	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/14		5,656
	3,000	Sayre Health Care Facilities Authority, Guthrie Health, Rev., VAR, 0.940%, 12/01/24		2,681
				8,337
		Other Revenue — 0.2%
	2,500	Northampton County General Purpose Authority, Saint Lukes Hospital Project, Series C, Rev., VAR, 4.500%, 08/15/16		2,675
	1,100	Pennsylvania Turnpike Commission, Series A, Rev., AGM, 5.250%, 07/15/22		1,285
				3,960
		Prerefunded — 0.1%
	2,550	Chester County, GO, 5.000%, 07/15/17 (p)		2,937
		Transportation — 0.1%
	2,070	Pennsylvania Turnpike Commission, Series A, Rev., AGM-CR, AMBAC, 5.000%, 12/01/18		2,310
		Water & Sewer — 0.2%
	5,000	Altoona City Authority, Rev., AGM, 5.250%, 11/01/18		5,775
		Total Pennsylvania		90,583
		Rhode Island — 0.1%
		Other Revenue — 0.1%
		Rhode Island Health & Educational Building Corp., Brown University,
	810	Series A, Rev., 5.000%, 09/01/23		942
	655	Series A, Rev., 5.000%, 09/01/25		749
		Total Rhode Island		1,691
		South Carolina — 2.2%
		Education — 0.1%
	3,025	Scago Educational Facilities Corp. for Colleton School District, Pickens County Project, Rev., AGM, 5.000%, 12/01/21		3,345
		General Obligation — 0.9%
	1,175	State of South Carolina, Series A, GO, 5.000%, 06/01/20		1,411
	10,000	State of South Carolina, Highway, Series A, GO, 5.000%, 06/01/19		11,935
		York County School District No. 1,
	2,170	Series A, GO, SCSDE, 5.250%, 03/01/21		2,492
	4,740	Series A, GO, SCSDE, 5.250%, 03/01/22		5,371
				21,209
		Other Revenue — 0.2%
	2,500	Charleston Educational Excellence Financing Corp., Charleston County School District Project, Rev., 5.000%, 12/01/24		2,888
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,710
				4,598
		Utility — 0.9%
		Piedmont Municipal Power Agency,
	13,185	Series A3, Rev., AGC, 5.000%, 01/01/17		14,742
	7,000	Series A3, Rev., AGC, 5.000%, 01/01/18		8,006
				22,748
		Water & Sewer — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/22		2,504
		Total South Carolina		54,404
		Tennessee — 1.0%
		Education — 0.4%
	8,190	Metropolitan Government Nashville & Davidson County, Health & Educational Facilities Building, Vanderbilt University, Series A, Rev., 5.000%, 10/01/18		9,664
		General Obligation — 0.4%
	2,325	City of Memphis, General Improvement, GO, NATL-RE, 5.250%, 10/01/18		2,763
		Metropolitan Government Nashville & Davidson County,
	1,030	GO, 5.000%, 07/01/24		1,200
	4,050	Series B, GO, 5.000%, 08/01/16 (p)		4,506

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	1,000	Metropolitan Government of Nashville & Davidson County, Improvement, Series A, GO, 5.000%, 01/01/28		1,134
				9,603
		Other Revenue — 0.1%
	4,000	City of Memphis, Rev., 5.000%, 12/01/15		4,341
		Water & Sewer — 0.1%
	2,070	City of Memphis, Sewer System, Rev., AGM, 5.000%, 05/01/17		2,359
		Total Tennessee		25,967
		Texas — 9.9%
		Certificate of Participation/Lease — 0.1%
	1,550	Texas Public Finance Authority, State Preservation Board Projects, Series B, Rev., COP, AMBAC, 5.000%, 02/01/18		1,587
		Education — 1.0%
		Southwest Higher Education Authority, Southern Methodist University Project,
	2,000	Rev., 5.000%, 10/01/20		2,347
	3,000	Rev., 5.000%, 10/01/21		3,457
		Texas State University Systems,
	3,150	Rev., 5.250%, 03/15/27		3,558
	1,000	Series A, Rev., AMBAC, 5.500%, 03/15/17		1,102
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,453
	2,500	Series A, Rev., 5.000%, 04/15/22		2,887
		University of Texas, Financing System,
	3,000	Series B, Rev., 5.000%, 08/15/16 (p)		3,343
	2,500	Series B, Rev., 5.250%, 08/15/17		2,901
	500	Series C, Rev., 5.000%, 08/15/18		587
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,553
	1,215	Series C, Rev., 5.000%, 03/01/22		1,359
				25,547
		General Obligation — 4.5%
	1,075	Bexar County, GO, 5.250%, 06/15/22		1,222
	2,260	City of Fort Worth, General Purpose, GO, 5.000%, 03/01/18		2,625
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		5,041
	2,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/25		2,320
		City of Pflugerville, Limited Tax,
	700	GO, 5.000%, 08/01/22		829
	680	GO, 5.000%, 08/01/23		790
		City of San Antonio,
	2,000	GO, 5.000%, 08/01/24		2,323
	4,735	GO, 5.000%, 08/01/26		5,429
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		823
	1,500	GO, 5.000%, 08/01/24		1,743
	2,735	GO, 5.000%, 08/01/27		3,126
		Collin County, Tax Road,
	90	GO, 5.000%, 02/15/15 (p)		94
	95	GO, 5.000%, 02/15/15 (p)		100
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		753
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,337
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,265
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,228
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,275
		Deer Park Independent School District, Limited Tax,
	1,000	GO, AGM, 4.000%, 02/15/15		1,039
	1,000	GO, AGM, 5.250%, 02/15/26		1,110
	1,000	GO, AGM, 5.250%, 02/15/27		1,094
	3,680	Edinburg Consolidated Independent School District, School Building, Series A, GO, AGM, 5.000%, 08/15/18		4,324
	1,000	Fort Bend County, Road, GO, 5.000%, 03/01/20		1,189
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		1,965
	4,800	Harris County Flood Control District, Series A, GO, 5.250%, 10/01/19		5,797
		Harris County, Permanent Improvement,
	1,500	Series B, GO, 5.000%, 10/01/15		1,618
	1,605	Series B, GO, 5.000%, 10/01/19		1,917
		Harris County, Road,
	2,750	Series A, GO, 5.250%, 10/01/18		3,270
	2,000	Series A, GO, 5.250%, 10/01/19		2,416
		Hays County,
	1,000	GO, 5.000%, 02/15/23		1,123

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		General Obligation — Continued
	1,785	GO, 5.000%, 02/15/24		1,987
	2,410	GO, 5.000%, 02/15/25		2,666
	1,500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		1,685
	665	La Joya Independent School District, GO, PSF-GTD, 5.000%, 02/15/17		725
	2,210	Longview Independent School District, Capital Appreciation, School Building, GO, PSF-GTD, Zero Coupon, 02/15/15		2,203
	2,730	North East Independent School District, Capital Appreciation, School Building, Series A, GO, PSF-GTD, Zero Coupon, 08/01/15		2,716
	3,000	Pasadena Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/15/27		3,453
		San Jacinto Community College District,
	4,920	GO, 5.000%, 02/15/18		5,677
	5,000	GO, 5.000%, 02/15/34		5,496
	1,330	GO, AMBAC, 5.000%, 02/15/19		1,480
	390	GO, AMBAC, 5.000%, 02/15/20		434
	2,600	San Jacinto Community College District, Limited Tax, GO, 5.000%, 02/15/40		2,709
	2,000	Socorro Independent School District, GO, PSF-GTD, 5.000%, 08/15/22		2,364
	8,000	State of Texas, Public Finance Authority, Series A, GO, 5.000%, 10/01/16		8,976
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,912
	4,340	Series A, GO, 5.000%, 08/01/21		5,018
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/20		2,061
				112,747
		Hospital — 0.3%
	5,120	Harris County Health Facilities Development Corp., Hermann Memorial Healthcare System, Series B, Rev., 7.200%, 12/01/14 (p)		5,416
	1,350	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Series A, Rev., 5.000%, 02/15/15		1,416
				6,832
		Other Revenue — 0.7%
	1,000	City of Austin, Water & Wastewater System, Rev., 5.000%, 05/15/20		1,187
	905	City of El Paso, Water & Sewer Revenue, Series A, Rev., 4.000%, 03/01/20		1,020
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		113
	3,315	Rev., 5.000%, 12/15/23		3,747
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		7,924
	3,000	Houston Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,286
				17,277
		Prerefunded — 0.3%
	5,550	City of Houston, Water and Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,243
	1,000	North Texas Tollway Authority, Dallas North Tollway System, Series A, Rev., AGM, 5.000%, 01/01/15 (p)		1,044
				8,287
		Special Tax — 0.3%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,167
	945	Series C, GO, 5.000%, 02/15/22		1,082
	325	Series C, GO, 5.000%, 02/15/23		371
	5,000	Texas State Transportation Commission, First Tier, Series A, Rev., 5.000%, 04/01/18		5,497
				8,117
		Transportation — 1.3%
		Dallas Area Rapid Transit, Senior Lien,
	4,620	Rev., 5.000%, 12/01/21		5,315
	3,000	Rev., 5.250%, 12/01/48		3,128
	10,000	Series A, Rev., 5.000%, 12/01/16		11,280
	7,660	Series A, Rev., 5.000%, 12/01/21		8,808
		Dallas-Fort Worth International Airport,
	1,000	Series A, Rev., 5.000%, 11/01/19		1,176
	2,000	Series A, Rev., 5.000%, 11/01/21		2,183
	600	Texas State Transportation Commission, First Tier, Series A, Rev., 5.250%, 04/01/14		605
				32,495
		Utility — 0.2%
		City of San Antonio, Water System Junior Lien,
	1,000	Rev., 5.000%, 05/15/21		1,188
	1,600	Rev., 5.000%, 05/15/22		1,899
	1,500	Rev., 5.000%, 05/15/23		1,777

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Utility — Continued
	1,250	Rev., 5.000%, 05/15/24		1,457
				6,321
		Water & Sewer — 1.2%
	3,880	City of Dallas, Waterworks & Sewer Systems, Rev., AMBAC, 5.000%, 10/01/17		4,475
		North Texas Municipal Water District,
	2,030	Rev., 5.000%, 06/01/15		2,156
	2,230	Rev., 5.000%, 06/01/17		2,535
	2,130	Rev., 5.000%, 06/01/18		2,472
	2,695	Rev., 5.000%, 06/01/21		3,039
	2,955	Rev., 5.000%, 06/01/23		3,350
	3,405	Rev., 5.000%, 06/01/26		3,840
		Texas Water Development Board, State Revolving Fund,
	3,200	Sub Series A-1, Rev., 5.000%, 07/15/17		3,674
	3,820	Sub Series A-1, Rev., 5.000%, 07/15/20		4,561
				30,102
		Total Texas		249,312
		Utah — 1.0%
		Education — 0.2%
		Utah State University of Agriculture & Applied Science,
	1,000	Rev., 5.000%, 12/01/19		1,169
	1,050	Rev., 5.000%, 12/01/20		1,204
	1,100	Rev., 5.000%, 12/01/21		1,240
	1,150	Rev., 5.000%, 12/01/22		1,280
				4,893
		General Obligation — 0.1%
	1,365	Central Utah Water Conservancy District, Series C, GO, 5.000%, 04/01/18		1,587
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
		Salt Lake County Municipal Building Authority,
	1,125	Series A, Rev., 5.000%, 12/01/15		1,221
	1,000	Series A, Rev., 5.000%, 12/01/17		1,158
				2,379
		Other Revenue — 0.0% (g)
	795	Utah Water Finance Agency, Loan Financing Program, Series A, Rev., AMBAC, 5.000%, 07/01/15		811
		Prerefunded — 0.3%
	7,525	Utah Transit Authority, Series B, Rev., AGM, 4.750%, 12/15/15 (p)		8,153
		Water & Sewer — 0.3%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/26		8,312
		Total Utah		26,135
		Vermont — 0.3%
		Other Revenue — 0.3%
		University of Vermont & State Agricultural College,
	4,230	Rev., AMBAC, 5.000%, 10/01/21		4,783
	2,355	Rev., AMBAC, 5.000%, 10/01/22		2,655
		Total Vermont		7,438
		Virginia — 4.6%
		Education — 0.9%
		Virginia College Building Authority, Public Higher Education Financing Program,
	9,080	Series B, Rev., 5.000%, 09/01/17		10,456
	10,050	Series B, Rev., 5.000%, 09/01/19		11,970
				22,426
		General Obligation — 1.8%
	5,180	Arlington County, Public Improvement, GO, 5.000%, 01/15/16		5,656
	3,575	Chesterfield County, Public Improvement, Series A, GO, 5.000%, 01/01/16		3,896
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		241
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		20,635
	6,495	Fairfax County, Public Improvement, Series A, GO, 5.000%, 04/01/18 (p)		7,590
	6,260	Prince William County, Public Improvement, Series A, GO, 5.000%, 08/01/18		7,362
				45,380
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	1,130	Virginia Public Building Authority, Series B, Rev., 5.000%, 08/01/17		1,298
		Other Revenue — 1.3%
		Virginia Public Building Authority,
	4,910	Series B-1, Rev., 5.000%, 08/01/18		5,756
	5,620	Series C, Rev., 5.000%, 08/01/15 (p)		6,021
	5,225	Series D, Rev., 5.000%, 08/01/17		6,002

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
		Virginia Public Building Authority, Public Facilities,
	2,980	Series A, Rev., 5.000%, 08/01/20		3,559
	5,650	Series B, Rev., 5.000%, 08/01/21		6,730
	3,320	Virginia Public School Authority, School Financing, 1997 Resolution, Series B, Rev., 5.250%, 08/01/17		3,842
				31,910
		Prerefunded — 0.3%
	7,000	Tobacco Settlement Financing Corp., Asset-Backed, Rev., 5.625%, 06/01/15 (p)		7,497
		Resource Recovery — 0.1%
	2,295	Virginia Resources Authority, Pooled Resources, Series A, Rev., 5.000%, 11/01/23		2,669
		Transportation — 0.2%
		Fairfax County EDA, Route 28 Project, Special Tax,
	1,500	5.000%, 04/01/15		1,583
	1,935	5.000%, 04/01/17		2,195
	1,655	5.000%, 04/01/18		1,917
				5,695
		Total Virginia		116,875
		Washington — 2.2%
		General Obligation — 2.1%
	5,000	King County School District No. 414, Lake Washington, GO, AGM, 5.000%, 12/01/20		5,659
	5,820	State of Washington, Series R-2012A, GO, 5.000%, 07/01/24		6,685
	6,000	State of Washington, Motor Vehicle Tax Senior 520, Series C, GO, 5.000%, 06/01/23		6,943
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/34		11,072
	1,000	Series C, GO, 5.000%, 01/01/18		1,159
	2,000	Series D, GO, 5.000%, 02/01/24		2,350
	12,400	Series R-2010A, GO, 5.000%, 01/01/22		14,507
	4,690	Yakima County School District No. 7, GO, 5.500%, 12/01/23		5,541
				53,916
		Hospital — 0.1%
	1,225	Washington Health Care Facilities Authority, Multicare Health Care System, Series A, Rev., AGM, 5.250%, 08/15/23		1,341
		Total Washington		55,257
		Wisconsin — 0.2%
		General Obligation — 0.2%
	5,000	State of Wisconsin, Series E, GO, NATL-RE, FGIC, 5.000%, 05/01/15		5,300
		Wyoming — 0.0% (g)
		Other Revenue — 0.0% (g)
	150	Wyoming State Loan & Investment Board, Capital Facilities, Rev., 5.000%, 10/01/14 (p)		155
		Total Municipal Bonds (Cost $2,313,245)		2,457,838
SHARES
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	114,745	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (m) (Cost $114,745)		114,745
		Total Investments — 101.8% (Cost $2,427,990)		2,572,583
		Liabilities in Excess of Other Assets — (1.8)%		(44,821	)
		NET ASSETS — 100.0%	$	2,527,762

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Inflation-Linked Swaps

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	3.007% at termination	CPI-U at termination		01/15/15	$	20,000	$	(2,278	)
Barclays Bank plc	2.920% at termination	CPI-U at termination		01/15/15		25,000		(2,609	)
Barclays Bank plc	2.610% at termination	CPI-U at termination		03/19/15		50,000		(3,604	)
Barclays Bank plc	2.675% at termination	CPI-U at termination		10/12/15		50,000		(3,796	)
Barclays Bank plc	2.998% at termination	CPI-U at termination		01/15/16		25,000		(3,127	)
Barclays Bank plc	2.943% at termination	CPI-U at termination		06/14/16		5,000		(580	)
Barclays Bank plc	2.930% at termination	CPI-U at termination		06/15/16		3,000		(344	)
Barclays Bank plc	2.680% at termination	CPI-U at termination		07/15/16		25,000		(2,225	)
Barclays Bank plc	2.812% at termination	CPI-U at termination		10/12/19		25,000		(2,745	)
Barclays Bank plc	2.590% at termination	CPI-U at termination		12/31/19		35,000		(1,411	)
Barclays Bank plc	2.420% at termination	CPI-U at termination		05/24/20		25,000		(688	)
BNP Paribas	2.395% at termination	CPI-U at termination		05/31/16		25,000		(819	)
BNP Paribas	2.100% at termination	CPI-U at termination		08/26/18		25,000		(107	)
BNP Paribas	2.105% at termination	CPI-U at termination		08/26/18		12,000		(54	)
BNP Paribas	2.098% at termination	CPI-U at termination		09/09/18		39,000		(156	)
BNP Paribas	2.350% at termination	CPI-U at termination		07/06/20		25,000		(413	)
Citibank, N.A.	1.200% at termination	CPI-U at termination		04/23/14		50,000		(10	)
Citibank, N.A.	2.420% at termination	CPI-U at termination		06/30/20		50,000		(1,232	)
Citibank, N.A.	2.410% at termination	CPI-U at termination		07/01/20		50,000		(1,173	)
Citibank, N.A.	2.330% at termination	CPI-U at termination		07/06/20		50,000		(716	)
Credit Suisse International	1.900% at termination	CPI-U at termination		05/02/14		49,000		(391	)
Credit Suisse International	1.840% at termination	CPI-U at termination		05/09/14		50,000		(381	)
Credit Suisse International	1.880% at termination	CPI-U at termination		01/02/15		50,000		(629	)
Credit Suisse International	2.250% at termination	CPI-U at termination		05/09/17		50,000		(1,353	)
Credit Suisse International	2.178% at termination	CPI-U at termination		05/28/18		65,000		(950	)
Deutsche Bank AG, New York	1.865% at termination	CPI-U at termination		01/03/15		50,000		(617	)
Deutsche Bank AG, New York	1.990% at termination	CPI-U at termination		06/08/15		40,000		(134	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination		02/25/18		50,000		(1,549	)
Deutsche Bank AG, New York	2.138% at termination	CPI-U at termination		11/22/18		50,000		(218	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination		06/30/20		100,000		(2,354	)
Deutsche Bank AG, New York	2.505% at termination	CPI-U at termination		01/28/24		31,000		(32	)
Deutsche Bank AG, New York	2.508% at termination	CPI-U at termination		02/04/24		50,000		(51	)
Morgan Stanley Capital Services	2.268% at termination	CPI-U at termination		03/01/15		212,000		(4,471	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination		10/01/18		50,000		(367	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination		01/27/24		30,000		(93	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination		02/04/24		34,000		—
Royal Bank of Scotland	1.840% at termination	CPI-U at termination		05/09/14		50,000		(381	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination		06/28/20		25,000		(646	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination		06/30/20		75,000		(1,876	)
Royal Bank of Scotland	0.036% at termination	CPI-U at termination		07/31/29		49,000		(10,775	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination		04/22/18		50,000		(771	)
Union Bank of Switzerland AG	2.275% at termination	CPI-U at termination		07/02/18		50,000		(913	)
Union Bank of Switzerland AG	2.220% at termination	CPI-U at termination		07/06/18		50,000		(655	)
Union Bank of Switzerland AG	2.480% at termination	CPI-U at termination		07/01/22		50,000		(1,148	)
							$	(58,842	)

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
GAN	—	Grant Anticipation Notes
GO	—	General Obligation
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
ICC	—	Insured Custody Certificates
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2014.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.1%.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	When-issued security.
†	—	Approximately $56,760,000 of this investment is restricted as collateral for swaps to various brokers

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	154,622
Aggregate gross unrealized depreciation		(10,029	)
Net unrealized appreciation/depreciation	$	144,593
Federal income tax cost of investments	$	2,427,990

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Tax Aware Real Return Fund

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	114,745	$	2,457,838		$	—	$	2,572,583
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(58,842	)	$	—	$	(58,842	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

1. Derivatives — The Fund uses instruments including swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Swaps — The Fund engages in various swap transactions, including interest rate and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.9% (t)
		Arizona — 0.4%
		General Obligation — 0.4%
	85	Maricopa County, School District No. 38, Madison Elementary School Improvement, Project of 2004, Series B, GO, NATL-RE, 5.000%, 07/01/16		94
		California — 2.5%
		Education — 0.3%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		70
		General Obligation — 1.6%
	375	State Center Community College District, GO, 5.000%, 08/01/25		424
		Other Revenue — 0.5%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		88
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		30
				118
		Prerefunded — 0.1%
	30	El Monte Union High School District, Election of 2002, Series B, GO, NATL-RE, 5.000%, 03/01/15 (p)		31
		Total California		643
		Colorado — 3.6%
		General Obligation — 1.4%
	305	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		363
		Other Revenue — 2.2%
	500	Colorado Water Resources & Power Development Authority, Wastewater Revolving Fund, Series A, Rev., 5.250%, 09/01/16		562
		Total Colorado		925
		Connecticut — 4.5%
		General Obligation — 2.8%
	150	City of New Britain, GO, AGM, 5.000%, 04/15/17		170
	50	State of Connecticut, Series E, GO, 5.000%, 12/15/16		56
	100	Town of New Canaan, Series B, GO, 5.000%, 04/01/20		117
	200	Town of Trumbull, GO, 5.000%, 09/15/16		224

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– Continued
	135	Town of West Hartford, Series A, GO, 5.000%, 07/01/18		159
				726
		Utility — 1.7%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20 (w)		124
	150	Series A, Rev., 6.000%, 08/15/21 (w)		186
	100	Series A, Rev., 6.000%, 08/15/22		124
				434
		Total Connecticut		1,160
		District of Columbia — 1.1%
		Education — 0.4%
	100	District of Columbia, Georgetown University, Series A, Rev., AMBAC, 5.000%, 04/01/16		110
		General Obligation — 0.1%
	20	District of Columbia, Series C, GO, AGM, 5.000%, 06/01/15		21
		Other Revenue — 0.6%
	135	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/18		156
		Total District of Columbia		287
		Florida — 3.5%
		General Obligation — 2.2%
	500	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		572
		Other Revenue — 1.2%
	185	Florida State Department of Transportation, Turnpike Authority, Series A, Rev., 4.000%, 07/01/18		208
	80	Polk County, Public Facilities, Rev., NATL-RE, 5.000%, 12/01/18		86
				294
		Water & Sewer — 0.1%
	25	Seminole County, Water & Sewer, Rev., 5.000%, 10/01/18		27
		Total Florida		893
		Georgia — 5.2%
		Other Revenue — 4.9%
	625	Columbia County Water & Sewerage, Rev., 4.000%, 06/01/17		692

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Other Revenue –– Continued
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		296
	250	Henry County, Water & Sewerage Authority, Rev., 5.000%, 02/01/26		284
				1,272
		Water & Sewer — 0.3%
	60	Jackson County, Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		67
		Total Georgia		1,339
		Hawaii — 1.4%
		General Obligation — 1.4%
	300	State of Hawaii, Unrefunded Balance, Series DR, GO, 5.000%, 06/01/18		350
		Idaho — 0.2%
		Water & Sewer — 0.2%
	50	Idaho Bond Bank Authority, Series B, Rev., NATL-RE, 5.000%, 09/15/15		54
		Illinois — 1.7%
		General Obligation — 0.3%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		69
		Other Revenue — 0.7%
	165	Forest Preserve District of Cook County, Limited Tax Project and Refunding, Series B, GO, 5.000%, 12/15/24		183
		Prerefunded — 0.7%
	150	Metropolitan Pier & Exposition Authority, McCormick Place Expansion, Series A-2002, Rev., FGIC, 5.500%, 06/15/18 (p)		178
		Total Illinois		430
		Indiana — 2.3%
		Education — 0.5%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		121
		Other Revenue — 1.8%
	250	Indiana Finance Authority, State Revolving Fund Program, Series B, Rev., 5.000%, 02/01/21		293
	150	Indiana State Transportation Finance Authority, Highway, Series B, Rev., NATL-RE, FGIC, 5.500%, 12/01/16		171
				464
		Total Indiana		585

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Kansas — 2.2%
		General Obligation — 2.2%
	500	City of Wichita, Series B, GO, 4.000%, 09/01/17		558
		Louisiana — 0.9%
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	200	Terrebonne Parish, Public Improvement, Series ST, Rev., 5.875%, 03/01/26		223
		Maryland — 5.6%
		General Obligation — 5.2%
	545	County of Baltimore, GO, 5.000%, 02/01/20		651
	100	Montgomery County, Consolidated Public Improvement, Series A, GO, 5.000%, 05/01/17 (p)		114
	500	State of Maryland, State & Local Facilities Loan of 2009, Third Series C, GO, 5.000%, 11/01/17		580
				1,345
		Transportation — 0.4%
	100	Maryland State Department of Transportation, Consolidated Transportation, Second Issue, Rev., 4.000%, 09/01/16		109
		Total Maryland		1,454
		Massachusetts — 4.2%
		Certificate of Participation/Lease — 2.8%
		Massachusetts Bay Transportation Authority,
	350	Series A, Rev., 5.250%, 07/01/27		421
	250	Series B, Rev., 5.250%, 07/01/23		305
				726
		General Obligation — 1.4%
	300	Commonwealth of Massachusetts, Series B, GO, 5.250%, 08/01/21		363
		Total Massachusetts		1,089
		Michigan — 0.3%
		Education — 0.3%
	75	Western Michigan University, Rev., NATL-RE, FGIC, 5.000%, 11/15/15		79
		Minnesota — 0.8%
		Other Revenue — 0.8%
	200	Minnesota Public Facilities Authority, Series A, Rev., 5.000%, 03/01/16		219

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Mississippi — 0.4%
		Prerefunded — 0.4%
	100	Mississippi Housing Finance Corp., Single Family Mortgage, Senior Terminal Appreciation, Rev., Zero Coupon, 06/01/15 (p)		100
		Missouri — 2.9%
		General Obligation — 2.4%
	175	Clay County, North Kansas City School District No. 74, Direct Deposit of State Aid Program, GO, 5.000%, 03/01/20		198
	350	Kansas City, Improvement, Series A, GO, 5.000%, 02/01/23		405
				603
		Transportation — 0.4%
	100	Missouri State Highways & Transit Commission, First Lien, Series B, Rev., 5.000%, 05/01/22		110
		Water & Sewer — 0.1%
	30	Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control, State Revolving Fund Program, Series B, Rev., 5.500%, 07/01/14		31
		Total Missouri		744
		New Jersey — 0.6%
		Transportation — 0.6%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		95
	60	Series A, Rev., 5.500%, 12/15/21		72
		Total New Jersey		167
		New Mexico — 7.3%
		Other Revenue — 7.3%
	300	Bernalillo County, Gross Receipts, Rev., AMBAC, 5.250%, 10/01/26		352
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		405
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Rev., 5.000%, 06/15/24		282
		New Mexico Finance Authority, State Transportation, Sub Lien,
	200	Series A-2, Rev., 5.000%, 12/15/20		238
	500	Series A-2, Rev., 5.000%, 12/15/21		582

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue –– Continued
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		34
		Total New Mexico		1,893
		New York — 11.9%
		General Obligation — 2.6%
	50	Ardsley Union Free School District, Series B, GO, AGM, 4.000%, 06/15/15		53
	100	Queensbury Union Free School District, GO, 4.000%, 12/15/18		113
	350	Taconic Hills Central School District at Craryville, GO, 4.000%, 06/15/18		390
	100	Town of Riverhead, Public Improvement, GO, 4.000%, 06/01/21		112
				668
		Industrial Development Revenue/Pollution Control Revenue — 1.3%
	280	City of New York, Sub Series E-1, GO, 6.250%, 10/15/28		330
		Other Revenue — 6.9%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		124
	260	New York State Dormitory Authority, Personal Income Tax, Series C, Rev., 5.000%, 03/15/19		299
	250	New York State Environmental Facilities Corp., State Clean Water & Drinking Water, New York City Municipal Water Projects, Series K, Rev., 5.500%, 06/15/17		290
	100	New York State Urban Development Corp., Service Contract, Series A, Rev., 5.000%, 01/01/16		109
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	750	Series A, Rev., 5.000%, 01/01/26		846
	100	Series D, Rev., 5.000%, 11/15/18		118
				1,786
		Special Tax — 0.4%
	100	Sales Tax Asset Receivable Corp., Series A, Rev., NATL-RE, 5.000%, 10/15/17		103

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Water & Sewer — 0.7%
	150	New York City Municipal Water Finance Authority, Water & Sewer System Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/17		171
		Total New York		3,058
		Ohio — 2.6%
		General Obligation — 2.0%
	100	Cincinnati City School District, Classroom Facilities Construction & Improvement, GO, NATL-RE, FGIC, 5.250%, 12/01/19		120
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		289
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		117
				526
		Other Revenue — 0.6%
	125	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Rev., 5.250%, 12/01/18		149
		Total Ohio		675
		Oregon — 1.8%
		General Obligation — 1.0%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		263
		Other Revenue — 0.8%
	175	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/21		202
		Total Oregon		465
		Pennsylvania — 4.4%
		Education — 0.8%
	190	Delaware County Authority, Villanova University, Rev., AMBAC, 5.000%, 08/01/23		208
		General Obligation — 1.3%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		17
		State of Pennsylvania, Second Series,
	200	GO, 5.000%, 01/01/16 (p)		218
	100	GO, 5.000%, 03/01/16		110
				345

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 2.3%
	485	Central Bucks School District, Series A, GO, 5.000%, 05/15/21 (p)		583
		Total Pennsylvania		1,136
		Rhode Island — 2.3%
		Other Revenue — 2.3%
	505	Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Series A, Rev., 5.000%, 10/01/18		593
		South Carolina — 1.4%
		General Obligation — 1.4%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		355
		Tennessee — 1.3%
		General Obligation — 0.2%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		58
		Other Revenue — 1.1%
	250	City of Memphis, Electric System, Rev., 5.000%, 12/01/17		289
		Total Tennessee		347
		Texas — 9.7%
		Education — 2.3%
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		588
		General Obligation — 3.6%
	75	City of El Paso, Series A, GO, NATL-RE, 4.750%, 08/15/23		84
	240	City of Irving, Improvement, GO, 5.000%, 09/15/21		282
	500	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		562
				928
		Other Revenue — 0.9%
	210	Harris County, Series C, Rev., 5.000%, 08/15/22		241
		Prerefunded — 0.5%
	100	Harris County, Permanent Improvement, Series C, GO, 5.750%, 10/01/18 (p)		121
		Utility — 0.2%
	50	City of Garland, Electric Utility System, Rev., NATL-RE, 5.625%, 03/01/15		53

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — Continued
		Water & Sewer — 2.2%
		City of Houston, Combined Utility System, First Lien,
	50	Series A, Rev., AGM, 5.000%, 11/15/15		54
	355	Series D, Rev., 5.000%, 11/15/24		408
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/20		78
	25	City of San Antonio, Water System, Rev., NATL-RE, FGIC, 5.500%, 05/15/15		27
				567
		Total Texas		2,498
		Vermont — 0.1%
		Utility — 0.1%
	35	Vermont Public Power Supply Authority, McNeil Project, Series E, Rev., NATL-RE, 5.250%, 07/01/14		36
		Virginia — 5.9%
		General Obligation — 4.9%
	900	City of Newport News, Water Improvement, Series B, GO, 5.250%, 07/01/22		1,095
	150	Loudoun County, Public Improvement, Series A, GO, 5.000%, 07/01/16		166
				1,261
		Other Revenue — 1.0%
	175	Henrico County, Public Improvement, GO, 5.000%, 07/15/20		210
	50	Virginia College Building Authority, 21st Century College & Equipment, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		60
				270
		Total Virginia		1,531
		Washington — 2.3%
		General Obligation — 1.4%
	25	Snohomish County, School District No. 2, Everett, GO, NATL-RE, FGIC, 5.000%, 12/01/16		28
	280	State of Washington, Various Purpose, Series 2010A, GO, 5.000%, 08/01/19		334
				362
		Other Revenue — 0.7%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		173

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.1%
	25	Port of Seattle, Intermediate Lien, Series A, Rev., NATL-RE, 5.000%, 03/01/15		26
		Utility — 0.1%
	20	Energy Northwest Project 1, Electric, Series D, Rev., 5.000%, 07/01/16		22
		Total Washington		583
		Wisconsin — 2.6%
		Other Revenue — 2.6%
		State of Wisconsin, Transportation,
	290	Series A, Rev., 5.000%, 07/01/20		346
	300	Series A, Rev., 5.000%, 07/01/26		338
		Total Wisconsin		684
		Total Municipal Bonds (Cost $23,982)		25,247
SHARES
	Short-Term Investment — 4.2%
		Investment Company — 4.2%
	1077	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% † (b) (l) (m) (Cost $1077)		1077
		Total Investments — 102.1% (Cost $25,059)		26,324
		Liabilities in Excess of Other Assets — (2.1)%		(554	)
		NET ASSETS — 100.0%	$	25,770

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Inflation-Linked Swaps
(Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.610% at termination	CPI-U at termination		03/19/15		1,500	$	(108	)
Barclays Bank plc	2.675% at termination	CPI-U at termination		10/12/15		500		(38	)
BNP Paribas	2.530% at termination	CPI-U at termination		02/22/18		3,000		(98	)
BNP Paribas	2.165% at termination	CPI-U at termination		11/04/18		2,000		(13	)
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/21		8,000		(418	)
BNP Paribas	2.510% at termination	CPI-U at termination		11/04/23		1,000		(7	)
Credit Suisse International	1.900% at termination	CPI-U at termination		05/02/14		1,000		(8	)
Deutsche Bank AG, New York	1.930% at termination	CPI-U at termination		01/03/17		3,000		(29	)
Morgan Stanley	2.525% at termination	CPI-U at termination		01/27/24		1,000		(3	)
Royal Bank of Scotland	2.328% at termination	CPI-U at termination		01/31/21		1,000		—
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/25		1,000		(29	)
							$	(751	)

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
CPI-U	—	Consumer Price Index for All Urban Consumers
FGIC	—	Insured by Financial Guaranty Insurance Co.
GO	—	General Obligation
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
XLCA	—	Insured by XL Capital Assurance
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments, and/or forward foreign currency exchange contracts.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	When-issued security.
†	—	Approximately $530,000 of this investment is restricted as collateral for swaps to various brokers.

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,304
Aggregate gross unrealized depreciation		(39	)
Net unrealized appreciation/depreciation	$	1,265
Federal income tax cost of investments	$	25,059

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Tax Aware Real Return SMA Fund

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,077	$	25,247		$	—	$	26,324
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(751	)	$	—	$	(751	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for state specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including swaps and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Swaps — The Fund engages in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (“over the counter “OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities.

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2014 (Unaudited)

(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 58.8%
		Brazil — 6.8%
	63,400	AMBEV S.A.		422,710
	28,710	Banco do Brasil S.A.		248,525
	18,410	BR Properties S.A.		129,078
	11,100	Embraer S.A., ADR (m)		340,659
	5,203	Lojas Renner S.A.		119,508
	69,810	MRV Engenharia e Participacoes S.A.		238,654
	27,100	Vale S.A., ADR		368,560
				1,867,694
		China — 10.5%
	50,000	Anhui Conch Cement Co., Ltd., Class H		192,866
	760,000	Bank of China Ltd., Class H		320,781
	173,160	China Merchants Bank Co., Ltd., Class H		305,007
	113,500	China Shenhua Energy Co., Ltd., Class H		291,325
	176,000	CNOOC Ltd.		273,383
	54,500	Great Wall Motor Co., Ltd., Class H		256,487
	653,000	Industrial & Commercial Bank of China Ltd., Class H		402,614
	61,200	MGM China Holdings Ltd.		239,869
	43,000	Ping An Insurance Group Co. of China Ltd., Class H		347,519
	58,400	Wynn Macau Ltd.		248,038
				2,877,889
		Hong Kong — 4.1%
	239,000	Belle International Holdings Ltd.		258,795
	28,000	China Mobile Ltd.		267,185
	108,000	China Overseas Land & Investment Ltd.		289,909
	38,400	Sands China Ltd.		294,884
				1,110,773
		Hungary — 0.5%
	7,760	OTP Bank plc		142,031
		India — 5.8%
	8,330	HDFC Bank Ltd., ADR		260,646
	7,500	Infosys Ltd., ADR		439,350
	11,100	Larsen & Toubro Ltd., Reg. S., GDR		173,393
	23,000	Mahindra & Mahindra Ltd., GDR		326,600
	13,260	Tata Motors Ltd., ADR		369,291
				1,569,280
		Indonesia — 1.4%
	273,000	Bank Rakyat Indonesia Persero Tbk PT		186,563
	1,064,500	Telekomunikasi Indonesia Persero Tbk PT		197,396
				383,959
		Mexico — 0.7%
	32,120	Grupo Financiero Banorte S.A.B. de C.V., Class O		202,749
		Peru — 1.0%
	2,150	Credicorp Ltd.		283,628
		Poland — 0.4%
	9,091	Eurocash S.A.		118,022
		Qatar — 1.4%
	7,270	Qatar National Bank SAQ (a)		368,336
		Russia — 5.0%
	10,147	Lukoil OAO, ADR		576,084
	20,787	Mobile Telesystems OJSC, ADR		358,576
	39,640	Sberbank of Russia, ADR		427,921
				1,362,581
		South Africa — 3.1%
	12,032	Foschini Group Ltd. (The)		100,790
	8,441	Imperial Holdings Ltd.		140,736
	16,500	Mr Price Group Ltd.		204,359
	14,263	MTN Group Ltd.		254,699
	10,966	Shoprite Holdings Ltd.		141,337
				841,921
		South Korea — 8.4%
	12,728	Kia Motors Corp.		635,041
	1,141	LG Chem Ltd.		273,326
	877	Samsung Electronics Co., Ltd., Reg. S., GDR		513,534
	1,300	Samsung Fire & Marine Insurance Co., Ltd.		300,088
	4,580	Shinhan Financial Group Co., Ltd.		193,278
	17,686	SK Telecom Co., Ltd., ADR		388,031
				2,303,298
		Taiwan — 6.4%
	46,000	Delta Electronics, Inc.		251,751
	245,000	Fubon Financial Holding Co., Ltd.		345,636
	218,500	Hon Hai Precision Industry Co., Ltd.		610,399
	9,000	MediaTek, Inc.		119,940
	244,000	Siliconware Precision Industries Co.		293,967
	5,159	Siliconware Precision Industries Co., ADR		29,458
	20,000	Simplo Technology Co., Ltd.		91,625
				1,742,776
		Thailand — 1.5%
	59,700	Kasikornbank PCL, NVDR		307,162

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — Continued
		Thailand — Continued
	31,200	Total Access Communication PCL, NVDR		90,492
				397,654
		Turkey — 1.5%
	23,937	Arcelik A.S.		118,266
	8,800	Tofas Turk Otomobil Fabrikasi A.S.		41,393
	7,690	Tupras Turkiye Petrol Rafinerileri A.S.		126,757
	22,373	Turkcell Iletisim Hizmetleri A.S. (a)		110,515
				396,931
		United Arab Emirates — 0.3%
	8,181	Dragon Oil plc		78,869
		Total Common Stocks     (Cost $16,018,225)		16,048,391
PRINCIPAL AMOUNT
	Corporate Bonds — 6.6%
		Colombia — 0.1%
	40,000	Banco GNB Sudameris S.A., 3.875%, 05/02/18 (e) (m)		38,268
		Indonesia — 0.7%
	200,000	Pertamina Persero PT, Reg. S., 5.250%, 05/23/21		191,500
		Kazakhstan — 1.6%
		KazMunayGas National Co. JSC,
	200,000	5.750%, 04/30/43 (e)		169,250
	130,000	Reg. S., 7.000%, 05/05/20		143,650
	120,000	Reg. S., 11.750%, 01/23/15		130,800
				443,700
		Luxembourg — 0.4%
	100,000	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S., 7.750%, 05/29/18		111,000
		Malaysia — 0.4%
	100,000	Petronas Capital Ltd., Reg. S., 5.250%, 08/12/19		110,996
		Mexico — 1.2%
		Petroleos Mexicanos,
	30,000	3.500%, 01/30/23		27,128
	20,000	4.875%, 01/18/24		19,850
	10,000	4.875%, 01/18/24 (e)		9,952
	80,000	5.500%, 01/21/21		85,200
	110,000	5.500%, 06/27/44		99,000
	30,000	6.375%, 01/23/45 (e)		30,003
	MXN 400,000	7.650%, 11/24/21 (e)		30,288
	10,000	VAR, 2.257%, 07/18/18		10,300
				311,721
		United Kingdom — 0.7%
	200,000	Sinopec Group Overseas Development 2012 Ltd., Reg. S., 3.900%, 05/17/22		193,782
		United States — 0.8%
	200,000	Cemex Finance LLC, Reg. S., 9.375%, 10/12/22		224,000
		Venezuela — 0.7%
		Petroleos de Venezuela S.A.,
	97,137	6.000%, 11/15/26		49,783
	196,700	Reg. S., 5.375%, 04/12/27		96,580
	48,000	Reg. S., 8.500%, 11/02/17		37,248
				183,611
		Total Corporate Bonds     (Cost $1,897,537)		1,808,578
	Foreign Government Securities — 26.5%
		Argentina — 0.5%
		Republic of Argentina,
	ARS 111,964	0.000%, 12/31/33 (m)		17,221
	97,190	7.000%, 04/17/17		74,059
	39,000	8.750%, 06/02/17		30,030
	67,500	SUB, 2.500%, 12/31/38 (m)		23,962
				145,272
		Belarus — 0.4%
	100,000	Republic of Belarus, Reg. S., 8.950%, 01/26/18		101,000
		Belize — 0.0% (g)
	11,300	Republic of Belize, SUB, 5.000%, 02/20/38 (e) (m)		7,345
		Brazil — 1.6%
		Federal Republic of Brazil,
	100,000	5.625%, 01/07/41 (m)		95,000
	97,000	7.125%, 01/20/37 (m)		109,367
	84,444	8.000%, 01/15/18 (m)		94,156
	30,000	8.250%, 01/20/34 (m)		37,725
	BRL 250,000	10.250%, 01/10/28		98,156
				434,404

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Colombia — 1.2%
		Republic of Colombia,
	50,000	8.125%, 05/21/24 (m)		63,625
	79,000	10.375%, 01/28/33 (m)		115,143
	110,000	11.750%, 02/25/20 (m)		157,300
				336,068
		Costa Rica — 0.5%
	101,000	Republic of Costa Rica, Reg. S., 9.995%, 08/01/20		126,250
		Croatia — 0.8%
	210,000	Republic of Croatia, Reg. S., 6.750%, 11/05/19		224,175
		Dominican Republic — 0.7%
		Government of Dominican Republic,
	100,000	6.600%, 01/28/24 (e) (m)		100,000
	70,553	Reg. S., 9.040%, 01/23/18		76,903
				176,903
		Ecuador — 0.4%
	100,000	Republic of Ecuador, Reg. S., 9.375%, 12/15/15		104,250
		El Salvador — 0.5%
		Republic of El Salvador,
	24,000	5.875%, 01/30/25 (e) (m)		21,720
	10,000	Reg. S., 7.650%, 06/15/35		9,550
	95,000	Reg. S., 7.750%, 01/24/23		99,750
	10,000	Reg. S., 8.250%, 04/10/32		10,200
				141,220
		Hungary — 1.5%
		Republic of Hungary,
	2,000	5.375%, 02/21/23		1,980
	200,000	5.750%, 11/22/23		200,157
	90,000	6.250%, 01/29/20		95,625
	62,000	6.375%, 03/29/21		66,514
	36,000	7.625%, 03/29/41		38,160
				402,436
		Indonesia — 1.3%
		Republic of Indonesia,
	100,000	Reg. S., 7.750%, 01/17/38		111,000
	100,000	Reg. S., 8.500%, 10/12/35		118,750
	100,000	Reg. S., 11.625%, 03/04/19		132,000
				361,750
		Iraq — 0.8%
	250,000	Republic of Iraq, Reg. S., 5.800%, 01/15/28		209,375
		Ireland — 0.7%
	170,000	Vnesheconombank Via VEB Finance plc, Reg. S., 5.450%, 11/22/17		179,775
		Ivory Coast — 0.3%
	110,000	Republic of Ivory Coast, Reg. S., SUB, 5.750%, 12/31/32		94,325
		Lebanon — 1.3%
		Republic of Lebanon,
	30,000	6.375%, 03/09/20		30,600
	20,000	9.000%, 03/20/17		22,200
	264,000	Reg. S., 8.250%, 04/12/21		294,360
				347,160
		Lithuania — 0.9%
	230,000	Republic of Lithuania, Reg. S., 5.125%, 09/14/17		250,413
		Mexico — 1.0%
		United Mexican States,
	74,000	3.625%, 03/15/22		72,890
	22,000	4.000%, 10/02/23		21,670
	34,000	4.750%, 03/08/44		30,175
	30,000	5.625%, 01/15/17		33,375
	34,000	5.750%, 10/12/10		31,195
	39,000	6.750%, 09/27/34		45,630
	MXN 445,000	10.000%, 11/20/36		41,499
				276,434
		Pakistan — 0.7%
	200,000	Republic of Pakistan, Reg. S., 6.875%, 06/01/17		197,500
		Panama — 0.7%
		Republic of Panama,
	24,000	6.700%, 01/26/36		26,700
	69,000	8.875%, 09/30/27		92,115
	50,000	9.375%, 04/01/29		68,500
				187,315
		Peru — 1.0%
		Republic of Peru,
	20,000	6.550%, 03/14/37		22,950
	130,000	7.350%, 07/21/25		162,500
	70,000	8.750%, 11/21/33		99,225
				284,675
		Philippines — 1.3%
		Republic of Philippines,
	220,000	7.750%, 01/14/31		289,850

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — Continued
		Philippines — Continued
	50,000	10.625%, 03/16/25		76,875
				366,725
		Poland — 1.1%
		Republic of Poland,
	42,000	3.000%, 03/17/23		38,490
	71,000	4.000%, 01/22/24		69,049
	192,000	5.000%, 03/23/22		205,511
				313,050
		Romania — 0.5%
		Republic of Romania,
	30,000	4.375%, 08/22/23 (e)		28,575
	16,000	6.125%, 01/22/44 (e)		15,600
	70,000	6.750%, 02/07/22 (e)		79,012
				123,187
		Russia — 0.9%
		Russian Federation,
	RUB 1,570,000	8.150%, 02/03/27		44,328
	200,000	Reg. S., 5.625%, 04/04/42		194,000
	13,585	Reg. S., SUB, 7.500%, 03/31/30		15,657
				253,985
		Serbia — 0.3%
	90,629	Republic of Serbia, Reg. S., SUB, 6.750%, 11/01/24		90,176
		South Africa — 1.2%
		Republic of South Africa,
	200,000	5.875%, 09/16/25		204,500
	100,000	6.875%, 05/27/19		112,500
				317,000
		Sri Lanka — 0.9%
	240,000	Republic of Sri Lanka, Reg. S., 6.250%, 10/04/20		240,600
		Turkey — 1.5%
		Republic of Turkey,
	120,000	6.750%, 04/03/18		129,900
	243,000	7.000%, 06/05/20		265,174
				395,074
		Ukraine — 0.6%
	200,000	Republic of Ukraine, Reg. S., 7.950%, 02/23/21		172,500
		Uruguay — 0.4%
		Republic of Uruguay,
	33,000	7.625%, 03/21/36		40,095
	60,000	PIK, 7.875%, 01/15/33		74,100
				114,195
		Venezuela — 0.6%
		Republic of Venezuela,
	49,000	7.650%, 04/21/25		28,542
	28,000	Reg. S., 6.000%, 12/09/20		16,380
	90,800	Reg. S., 8.250%, 10/13/24		54,707
	97,600	Reg. S., 9.000%, 05/07/23		62,464
				162,093
		Vietnam — 0.4%
	100,000	Republic of Vietnam, Reg. S., 6.750%, 01/29/20		107,375
		Total Foreign Government Securities     (Cost $7,420,498)		7,244,005
SHARES
	Preferred Stocks — 3.6%
		Brazil — 1.6%
	36,595	Cia Energetica de Minas Gerais		211,237
	18,190	Itau Unibanco Holding S.A.		228,237
				439,474
		South Korea — 2.0%
	613	Samsung Electronics Co. Ltd.		540,215
		Total Preferred Stocks     (Cost $966,131)		979,689
NOTIONAL AMOUNT
	Option Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
		United States — 0.0% (g)
	110,000	USD Put/SGD Call, Expiring 05/08/14 @ 1.24 SGD to 1 USD, Vanilla, European Style (a)     (Cost $1,592)		3,060
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.1%
	25,000	U.S. Treasury Note, 0.250%, 03/31/14     (Cost $25,008)		25,006

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	989,188	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)     (Cost $989,188)		989,188
		Total Investments — 99.2%     (Cost $27,318,179)		27,097,917
		Other Assets in Excess of Liabilities — 0.8%		227,673
		NET ASSETS — 100.0%	$	27,325,590

Percentages indicated are based on net assets.

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

Summary of Investments by Industry, January 31, 2014

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		26.7	%
Commercial Banks		14.9
Oil, Gas & Consumable Fuels		9.9
Automobiles		6.0
Semiconductors & Semiconductor Equipment		5.5
Wireless Telecommunication Services		5.4
Electronic Equipment, Instruments & Components		3.2
Hotels, Restaurants & Leisure		2.9
Insurance		2.4
Specialty Retail		2.1
Diversified Financial Services		1.7
IT Services		1.6
Beverages		1.6
Real Estate Management & Development		1.5
Construction Materials		1.5
Metals & Mining		1.4
Household Durables		1.3
Aerospace & Defense		1.3
Chemicals		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		3.4
Short-Term Investment		3.7

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 01/31/14			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	3	10 Year U.S. Treasury Note		03/20/14		377,250			4,681
	1	U.S. Long Bond		03/20/14		133,594			(189	)
		Short Futures Outstanding
	(1)	5 Year U.S.Treasury Note		03/31/14		(120,625	)		201
									4,693

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in U.S. dollars, unless otherwise noted)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
6,249,904	INR	Barclays Bank plc †	03/19/14		100,191		98,946		(1,245	)
110,129,666	KRW	HSBC Bank, N.A. †	03/19/14		103,774		101,468		(2,306	)
1,317,584	MXN	HSBC Bank, N.A.	03/19/14		100,850		98,182		(2,668	)
1,351,830	MXN	Union Bank of Switzerland AG	03/19/14		103,059		100,734		(2,325	)
700,861	MXN	Union Bank of Switzerland AG	03/31/14		53,729		52,172		(1,557	)
326,456	MYR	HSBC Bank, N.A. †	03/19/14		98,776		97,401		(1,375	)
4,405,515	PHP	BNP Paribas †	03/19/14		99,695		97,121		(2,574	)
3,552,768	RUB	Credit Suisse International †	03/19/14		101,916		100,124		(1,792	)
126,686	SGD	BNP Paribas	03/19/14		99,990		99,226		(764	)
					861,980		845,374		(16,606	)

CONTRACTS TO SELL		COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT 01/31/14		NET UNREALIZED APPRECIATION (DEPRECIATION)
48,750	ARS	Citibank, N.A. †	03/31/14		6,491		5,396		1,095
35,832	ARS	Goldman Sachs International †	03/31/14		4,437		3,966		471
138,000	ARS	Union Bank of Switzerland AG †	03/31/14		17,830		15,275		2,555
110,290	CAD	Royal Bank of Canada	03/19/14		102,911		98,929		3,982
53,611,791	CLP	BNP Paribas †	03/19/14		100,368		96,034		4,334
56,167,351	CLP	Deutsche Bank AG †	03/19/14		102,234		100,612		1,622
6,249,904	INR	BNP Paribas †	03/19/14		100,643		98,946		1,697
10,803,663	JPY	Barclays Bank plc	03/19/14		103,908		105,763		(1,855	)
1,024,052	MXN	BNP Paribas	03/31/14		75,887		76,230		(343	)
700,861	MXN	Deutsche Bank AG	03/31/14		53,632		52,172		1,460
326,456	MYR	HSBC Bank, N.A.	03/19/14		101,352		97,401		3,951
7,232,243	RUB	Credit Suisse International †	03/19/14		209,594		203,819		5,775
3,458,483	RUB	Deutsche Bank AG †	03/19/14		102,519		97,466		5,053
1,865,869	RUB	Goldman Sachs International †	03/31/14		55,708		52,449		3,259
126,686	SGD	Barclays Bank plc	03/19/14		101,352		99,225		2,127
3,197,413	THB	Barclays Bank plc	03/19/14		98,628		96,642		1,986
1,126,284	ZAR	Barclays Bank plc	03/19/14		103,133		100,721		2,412
					1,440,627		1,401,046		39,581

† Non-deliverable forward.

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in U.S. dollars, unless otherwise noted)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ARS	—	Argentine Peso
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLP	—	Chilean Peso
GDR	—	Global Depositary Receipt
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NVDR	—	Non Voting Depositary Receipt
PHP	—	Philippine Peso
Reg. S.	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2014.
THB	—	Thai Baht
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2014.
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(l)	—	The rate shown is the current yield as of January 31, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $12,389,183 and 45.7%, respectively.

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

As of January 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,456,693
Aggregate gross unrealized depreciation		(1,676,955	)
Net unrealized appreciation/depreciation	$	(220,262	)
Federal income tax cost of investments	$	27,318,179

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

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

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	1,867,694	$	—	$	—	$	1,867,694
China		—		2,877,889		—		2,877,889
Hong Kong		—		1,110,773		—		1,110,773
Hungary		—		142,031		—		142,031
India		1,069,287		499,993		—		1,569,280
Indonesia		—		383,959		—		383,959
Mexico		202,749		—		—		202,749
Peru		283,628		—		—		283,628
Poland		—		118,022		—		118,022
Qatar		368,336		—		—		368,336
Russia		358,576		1,004,005		—		1,362,581
South Africa		—		841,921		—		841,921
South Korea		388,031		1,915,267		—		2,303,298
Taiwan		29,458		1,713,318		—		1,742,776
Thailand		—		397,654		—		397,654
Turkey		—		396,931		—		396,931
United Arab Emirates		—		78,869		—		78,869
Total Common Stocks		4,567,759		11,480,632		—		16,048,391
Preferred Stocks
Brazil		439,474		—		—		439,474
South Korea		—		540,215		—		540,215
Total Preferred Stocks		439,474		540,215		—		979,689
Debt Securities
Corporate Bonds
Colombia		—		38,268		—		38,268
Indonesia		—		191,500		—		191,500
Kazakhstan		—		443,700		—		443,700
Luxembourg		—		111,000		—		111,000
Malaysia		—		110,996		—		110,996
Mexico		—		311,721		—		311,721
United Kingdom		—		193,782		—		193,782
United States		—		224,000		—		224,000

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. dollars, unless otherwise noted)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Venezuela		—			183,611			—		183,611
Total Corporate Bonds		—			1,808,578			—		1,808,578
Foreign Government Securities		17,221			7,226,784			—		7,244,005
U.S. Treasury Obligation		—			25,006			—		25,006
Short-Term Investment Investment Company		989,188			—			—		989,188
Option Purchased Call Option Purchased		—			3,060			—		3,060
Total Investments in Securities	$	6,013,642		$	21,084,275		$	—	$	27,097,917
Liabilities
Options Written Put Options Written	$	—		$	(3,060	)	$	—	$	(3,060	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	41,779		$	—	$	41,779
Futures Contracts		4,882			—			—		4,882
Total Appreciation in Other Financial Instruments	$	4,882		$	41,779		$	—	$	46,661
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(18,804	)	$	—	$	(18,804	)
Futures Contracts		(189	)		—			—		(189	)
Total Depreciation in Other Financial Instruments	$	(189	)	$	(18,804	)	$	—	$	(18,993	)

There were no transfers among any levels during the period ended January 31, 2014.

1. Derivatives — The Fund uses instruments including futures contracts, forward foreign currency exchange contracts, options and other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreement and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (a) — (c) below describe the various derivatives used by the Fund.

JPMorgan Total Emerging Markets Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2013 (Unaudited) (continued)

(Amounts in U.S. dollars, unless otherwise noted)

(a). Options — The Fund purchases and sells (“writes”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the security.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subjects 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 subjects 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.

(b). Futures Contracts — The Fund uses treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also uses futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts.

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

The Fund’s futures contracts are not subject to master netting arrangements.

(c). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

ITEM 2. CONTROLS AND PROCEDURES.

(a) 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-Q 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-Q 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) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 31, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	March 31, 2014
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	March 31, 2014