UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2015 through October 31, 2016

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report

J.P. Morgan Specialty Funds

October 31, 2016

JPMorgan Opportunistic Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Opportunistic Equity Long/Short Fund	3
JPMorgan Research Market Neutral Fund	6
Schedules of Portfolio Investments	9
Financial Statements	22
Financial Highlights	28
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	41
Trustees	42
Officers	44
Schedule of Shareholder Expenses	45
Board Approval of Investment Advisory Agreements	46
Tax Letter	49
Privacy Policy — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 1

J.P. Morgan Specialty Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

U.S. financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided.

The Standard & Poor’s 500 Index (S&P 500) reached new record highs in August 2016 and mostly held those gains through October. Notably, crude oil prices reached 15-monnth highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

For the twelve months ended October 31, 2016, the S&P 500 Index returned 4.51%, while the BofA Merrill Lynch 3-Month U.S. Treasury Index returned 0.31%.

2 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(0.29)%
Standard & Poor’s 500 Index		4.51%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.31%
Net Assets as of 10/31/2016 (In Thousands)	$	213,634

INVESTMENT OBJECTIVE**

The JPMorgan Opportunistic Equity Long/Short Fund (the “Fund”) seeks capital appreciation.

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

The Fund (Select Class Shares) underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended October 31, 2016. The Fund’s security selection in the information technology sector and its security selection and underweight position in the industrials sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the consumer discretionary sector and its security selection and underweight position in the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s long positions in Norwegian Cruise Line Holdings Ltd., Mobileye NV and Signet Jewelers Ltd. Shares of Norwegian Cruise Line, an owner/operator of vacation cruise ships that was not held in the Benchmark, fell amid general weakness in the cruise ship industry due to slack consumer demand in North America and concerns about the spread of the Zika virus. Shares of Mobileye, a provider of camera-assisted driving systems that was not held in the Benchmark, fell after the company reported its contract with Tesla Motors Inc. would not be extended. Shares of Signet Jewelers Ltd., a retailer of jewelry and watches, fell amid investor concerns about its credit operations and the quality of its gems.

Leading individual contributors to relative performance included the Fund’s long positions in Tempur Sealy International Inc., Jarden Corp. and Newell Brands Inc. Shares of Tempur Sealy, a bedding manufacturer not held in the Benchmark, rose on better-than-expected earnings. Shares of Jarden, a consumer products company not held in the Benchmark, rose after it agreed to be acquired by Newell Inc. Shares of Newell, a consumer products company, rose after the company raised its forecast for earnings and sales.

HOW WAS THE FUND POSITIONED?

During the twelve months ended October 31, 2016, the Fund invested at least 80% of its assets under management in long and short positions in equity securities, selecting from a universe of equity securities with market capitalizations similar to those included in the Russell 1000 Index and/or S&P 500 Index. The Fund’s manager sought to achieve lower volatility than the Benchmark through a disciplined research process, security selection and risk management. For the six month reporting period, the Fund’s average gross exposure was 90% and its average net exposure was 46%.

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

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 3

JPMorgan Opportunistic Equity Long/Short Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Newell Brands, Inc.	8.3	%
	2.	KLA-Tencor Corp.	4.3
	3.	Comcast Corp., Class A	4.3
	4.	Alphabet, Inc., Class A	3.9
	5.	Fidelity National Information Services, Inc.	3.8
	6.	Berkshire Hathaway, Inc., Class A	3.2
	7.	Affiliated Managers Group, Inc.	2.8
	8.	Johnson & Johnson	2.7
	9.	Thermo Fisher Scientific, Inc.	2.7
	10.	Twenty-First Century Fox, Inc., Class B	2.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	Berkshire Hathaway, Inc., Class B	13.6	%
	2.	Twenty-First Century Fox, Inc., Class A	10.7
	3.	Verizon Communications, Inc.	6.0
	4.	United Parcel Service, Inc., Class B	5.6
	5.	Wynn Resorts Ltd.	4.4
	6.	Sally Beauty Holdings, Inc.	4.2
	7.	TJX Cos., Inc. (The)	3.4
	8.	Dollar Tree, Inc.	2.9
	9.	Wyndham Worldwide Corp.	2.2
	10.	Ross Stores, Inc.	2.0

LONG PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	20.2	%
Information Technology	18.8
Financials	7.0
Health Care	6.1
Consumer Staples	4.4
Materials	3.1
Industrials	1.9
Others (each less than 1.0%)	1.2
Short-Term Investment	37.3

SHORT PORTFOLIO COMPOSITION BY SECTOR****
Consumer Discretionary	40.8	%
Financials	18.2
Industrials	12.8
Information Technology	8.6
Telecommunication Services	6.0
Health Care	4.8
Consumer Staples	3.3
Energy	2.2
Real Estate	1.5
Utilities	1.0
Others (each less than 1.0%)	0.8

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

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

4 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 29, 2014
With Sales Charge*			(5.74	)%		4.31	%
Without Sales Charge			(0.53	)		6.93
CLASS C SHARES	August 29, 2014
With CDSC**			(2.00	)		6.41
Without CDSC			(1.00	)		6.41
CLASS R2 SHARES	August 29, 2014		(0.76	)		6.67
CLASS R5 SHARES	August 29, 2014		(0.12	)		7.41
CLASS R6 SHARES	August 29, 2014		(0.06	)		7.47
SELECT CLASS SHARES	August 29, 2014		(0.29	)		7.19

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/29/14 TO 10/31/16)

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

The Fund commenced operations on August 29, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Opportunistic Equity Long/Short Fund, the S&P 500 Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Long/Short Equity Funds Index from August 29, 2014 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Long/Short Equity Funds Index represents the total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 5

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(2.47)%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.31%
Net Assets as of 10/31/2016 (In Thousands)	$	347,351

INVESTMENT OBJECTIVE**

The JPMorgan Research Market Neutral Fund (the “Fund”) seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

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

The Fund (Institutional Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2016.

Investors’ concerns about global economic growth as well as weakening oil prices and uncertainty over China’s economy, created a headwind for the Fund. Overall, stocks that the Fund’s portfolio managers found to be undervalued underperformed the broader market, while stocks that the research team found to be unattractively valued outperformed the broader market.

The Fund’s security selection in the pharmaceutical & health care sector and the consumer cyclical sector was a leading detractor from performance relative to the Benchmark, while security selection in the media and energy sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s short positions in Medtronic PLC and Johnson & Johnson and its long position in Valeant Pharmaceuticals International Inc. Shares of Medtronic, a medical devices maker, rose on continued growth in earnings and revenue. Shares of Johnson & Johnson, a maker of consumer health care products, rose on better than expected earnings. Shares of Valeant, a manufacture of drugs and

medical devices, declined by more than 90% during the reporting period amid federal and state investigations into the company’s sales practices.

Leading individual contributors to the Fund’s relative performance included its short position in Intel Corp. and its long positions in Facebook Inc. and Broadcom Ltd. Shares of Intel, a semiconductor manufacturer, fell after the company reduced its earnings forecast due to restructuring charges. Shares of Facebook, an Internet social media company, rose amid continued growth in advertising revenue. Shares of Broadcom, a semiconductor manufacturer, rose following news of a $37 billion takeover offer from Avago Technologies Inc.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers aimed to construct a portfolio of long and short positions with a low correlation to traditional investments such as stocks and bonds. The Fund’s portfolio managers used fundamental research to estimate companies’ long-term earnings forecasts, ranking approximately 600 large and mid cap stocks into five quintiles. The Fund’s portfolio managers looked to the top two quintiles for potential long positions in stocks that they believed were undervalued and the bottom two quintiles for potential short positions in stocks that they believed were overvalued.

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

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

6 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Union Pacific Corp.	2.6	%
	2.	Broadcom Ltd., (Singapore)	2.6
	3.	Alphabet, Inc., Class C	2.5
	4.	NextEra Energy, Inc.	2.1
	5.	Chubb Ltd., (Switzerland)	1.9
	6.	Canadian Pacific Railway Ltd., (Canada)	1.7
	7.	Amazon.com, Inc.	1.7
	8.	Humana, Inc.	1.7
	9.	Lowe’s Cos., Inc.	1.6
	10.	Pioneer Natural Resources Co.	1.6

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Exxon Mobil Corp.	2.3	%
	2.	Verizon Communications, Inc.	2.3
	3.	Dominion Resources, Inc.	2.3
	4.	Boeing Co. (The)	2.2
	5.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR, (Taiwan)	1.9
	6.	Duke Energy Corp.	1.7
	7.	Intel Corp.	1.6
	8.	Coca-Cola Co. (The)	1.6
	9.	3M Co.	1.6
	10.	Medtronic plc, (Ireland)	1.5

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	17.9	%
Consumer Discretionary	15.2
Financials	12.6
Industrials	12.2
Consumer Staples	8.7
Health Care	7.0
Materials	5.6
Utilities	5.5
Energy	5.3
Real Estate	2.6
Telecommunication Services	1.2
U.S. Treasury Obligations	0.2
Short-Term Investment	6.0

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Consumer Discretionary	18.6	%
Information Technology	14.1
Industrials	13.2
Financials	12.2
Consumer Staples	10.2
Health Care	7.5
Utilities	6.3
Materials	6.2
Energy	5.4
Real Estate	3.3
Telecommunication Services	3.0

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

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 7

JPMorgan Research Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(7.98	)%		(1.77	)%		0.24	%
Without Sales Charge			(2.88	)		(0.70	)		0.79
CLASS C SHARES	November 2, 2009
With CDSC**			(4.33	)		(1.19	)		0.29
Without CDSC			(3.33	)		(1.19	)		0.29
INSTITUTIONAL CLASS SHARES	December 31, 1998		(2.47	)		(0.23	)		1.28
SELECT CLASS SHARES	November 2, 2009		(2.64	)		(0.46	)		1.11

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR FUND PERFORMANCE (10/31/06 to 10/31/16)

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

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Research Market Neutral Fund, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and Lipper Alternative Equity Market Neutral Funds Average from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Equity Market Neutral Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

8 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 94.0%
	Common Stocks — 58.9%
			Consumer Discretionary — 19.0%
			Auto Components — 0.2%
	—	(h)	Adient plc, (Ireland) (a)		15
	5		BorgWarner, Inc.		164
	3		Delphi Automotive plc, (United Kingdom)		164
					343
			Distributors — 1.5%
	97		LKQ Corp. (a)		3,127
			Hotels, Restaurants & Leisure — 0.2%
	7		Hilton Worldwide Holdings, Inc.		155
	3		Starbucks Corp.		142
	2		Yum! Brands, Inc.		157
					454
			Household Durables — 7.9%
	5		D.R. Horton, Inc.		144
	349		Newell Brands, Inc. (j)		16,752
					16,896
			Internet & Direct Marketing Retail — 1.5%
	4		Amazon.com, Inc. (a)		3,302
			Media — 7.3%
	139		Comcast Corp., Class A		8,596
	20		DISH Network Corp., Class A (a)		1,167
	20		Liberty Media Corp.-Liberty Media, Class A (a)		547
	2		Time Warner, Inc.		162
	195		Twenty-First Century Fox, Inc., Class B		5,142
					15,614
			Multiline Retail — 0.1%
	2		Dollar General Corp.		160
			Specialty Retail — 0.2%
	1		Home Depot, Inc. (The)		156
	2		Lowe’s Cos., Inc.		148
	1		O’Reilly Automotive, Inc. (a)		148
					452
			Textiles, Apparel & Luxury Goods — 0.1%
	3		NIKE, Inc., Class B		150
			Total Consumer Discretionary		40,498
			Consumer Staples — 4.1%
			Beverages — 2.1%
	37		Anheuser-Busch InBev N.V., (Belgium), ADR (j)		4,256
	2		PepsiCo, Inc.		244
					4,500

SHARES			SECURITY DESCRIPTION	VALUE($)
			Food & Staples Retailing — 0.3%
	8		Kroger Co. (The)		250
	3		Walgreens Boots Alliance, Inc.		246
					496
			Food Products — 0.1%
	6		Mondelez International, Inc., Class A		260
			Household Products — 0.1%
	2		Kimberly-Clark Corp.		237
			Tobacco — 1.5%
	49		Altria Group, Inc. (j)		3,272
			Total Consumer Staples		8,765
			Energy — 0.5%
			Oil, Gas & Consumable Fuels — 0.5%
	2		Anadarko Petroleum Corp.		122
	3		Cheniere Energy, Inc. (a)		120
	1		Concho Resources, Inc. (a)		116
	1		Diamondback Energy, Inc. (a)		109
	1		EOG Resources, Inc.		128
	2		EQT Corp.		130
	1		Pioneer Natural Resources Co.		134
	3		TransCanada Corp., (Canada)		126
	3		Valero Energy Corp.		152
			Total Energy		1,137
			Financials — 6.6%
			Banks — 0.3%
	7		Bank of America Corp.		109
	2		Citigroup, Inc.		108
	8		KeyCorp		117
	11		Regions Financial Corp.		115
	2		Wells Fargo & Co.		107
	4		Zions Bancorporation		114
					670
			Capital Markets — 2.9%
	43		Affiliated Managers Group, Inc. (a)		5,702
	—	(h)	BlackRock, Inc.		105
	3		Charles Schwab Corp. (The)		106
	—	(h)	Intercontinental Exchange, Inc.		101
	4		Morgan Stanley		118
					6,132
			Consumer Finance — 0.1%
	6		Ally Financial, Inc.		102
	2		Capital One Financial Corp.		111
					213

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 9

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Diversified Financial Services — 3.0%
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		6,471
			Insurance — 0.3%
	2		Arthur J. Gallagher & Co.		113
	1		Chubb Ltd., (Switzerland)		118
	1		Everest Re Group Ltd., (Bermuda)		125
	2		Hartford Financial Services Group, Inc. (The)		106
	3		MetLife, Inc.		118
	3		XL Group Ltd., (Bermuda)		115
					695
			Total Financials		14,181
			Health Care — 5.7%
			Health Care Equipment & Supplies — 0.6%
	17		Abbott Laboratories		686
	31		Boston Scientific Corp. (a)		678
					1,364
			Life Sciences Tools & Services — 2.5%
	37		Thermo Fisher Scientific, Inc. (j)		5,427
			Pharmaceuticals — 2.6%
	47		Johnson & Johnson		5,476
			Total Health Care		12,267
			Industrials — 1.8%
			Aerospace & Defense — 0.1%
	1		Northrop Grumman Corp.		194
			Airlines — 0.1%
	3		United Continental Holdings, Inc. (a)		174
			Building Products — 0.1%
	1		Lennox International, Inc.		175
			Commercial Services & Supplies — 0.1%
	3		Johnson Controls International plc		136
	2		Waste Connections, Inc., (Canada)		172
					308
			Road & Rail — 1.3%
	17		Canadian Pacific Railway Ltd., (Canada) (j)		2,470
	2		Kansas City Southern		168
	2		Union Pacific Corp.		173
					2,811
			Trading Companies & Distributors — 0.1%
	4		AerCap Holdings N.V., (Ireland) (a)		181
			Total Industrials		3,843

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 17.7%
		Electronic Equipment, Instruments & Components — 0.1%
	3	TE Connectivity Ltd., (Switzerland)		197
		Internet Software & Services — 3.7%
	10	Alphabet, Inc., Class A (a) (j)		7,778
	2	Facebook, Inc., Class A (a)		201
				7,979
		IT Services — 7.4%
	2	Accenture plc, (Ireland), Class A		189
	102	Fidelity National Information Services, Inc.		7,546
	20	Fiserv, Inc. (a)		1,935
	25	Mastercard, Inc., Class A		2,722
	38	Visa, Inc., Class A (j)		3,163
	2	WEX, Inc. (a)		211
				15,766
		Semiconductors & Semiconductor Equipment — 5.9%
	3	Analog Devices, Inc.		188
	1	Broadcom Ltd., (Singapore)		188
	73	Intel Corp.		2,529
	115	KLA-Tencor Corp.		8,659
	2	Lam Research Corp.		196
	2	NXP Semiconductors N.V., (Netherlands) (a)		193
	3	QUALCOMM, Inc.		202
	3	Skyworks Solutions, Inc.		193
	3	Texas Instruments, Inc.		197
				12,545
		Software — 0.3%
	2	Adobe Systems, Inc. (a)		193
	5	Mobileye N.V., (Israel) (a)		183
	2	Workday, Inc., Class A (a)		190
				566
		Technology Hardware, Storage & Peripherals — 0.3%
	9	Hewlett Packard Enterprise Co.		212
	15	HP, Inc.		213
	4	Western Digital Corp.		224
				649
		Total Information Technology		37,702
		Materials — 2.9%
		Chemicals — 1.1%
	1	E.I. du Pont de Nemours & Co.		48
	1	Eastman Chemical Co.		43
	19	Ecolab, Inc. (j)		2,132
	2	Mosaic Co. (The)		39
				2,262

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Construction Materials — 0.0% (g)
	—	(h)	Martin Marietta Materials, Inc.		41
	—	(h)	Vulcan Materials Co.		42
					83
			Containers & Packaging — 1.7%
	4		Ball Corp.		328
	74		Berry Plastics Group, Inc. (a)		3,236
	1		Crown Holdings, Inc. (a)		47
	1		WestRock Co.		37
					3,648
			Metals & Mining — 0.1%
	21		TimkenSteel Corp. (a)		217
			Total Materials		6,210
			Real Estate — 0.2%
			Equity Real Estate Investment Trusts (REITs) — 0.2%
	2		HCP, Inc.		62
	2		Kimco Realty Corp.		53
	3		LaSalle Hotel Properties		62
	2		Omega Healthcare Investors, Inc.		64
	1		SL Green Realty Corp.		56
	2		STORE Capital Corp.		56
			Total Real Estate		353
			Telecommunication Services — 0.2%
			Diversified Telecommunication Services — 0.1%
	4		Level 3 Communications, Inc. (a)		221
			Wireless Telecommunication Services — 0.1%
	4		T-Mobile U.S., Inc. (a)		206
			Total Telecommunication Services		427
			Utilities — 0.2%
			Electric Utilities — 0.2%
	1		Edison International		87
	3		Exelon Corp.		99
	1		NextEra Energy, Inc.		93
	1		PG&E Corp.		93
					372
			Multi-Utilities — 0.0% (g)
	1		WEC Energy Group, Inc.		79
			Total Utilities		451
			Total Common Stocks (Cost $117,644)		125,834

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 35.1%
		Investment Company — 35.1%
	74,891	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $74,891)		74,891
		Total Investments — 94.0% (Cost $192,535)		200,725
		Other Assets in Excess of Liabilities — 6.0%		12,909
		NET ASSETS — 100.0%	$	213,634
	Short Positions — 22.5%
	Common Stocks — 22.5%
		Consumer Discretionary — 9.2%
		Auto Components — 0.2%
	2	Autoliv, Inc., (Sweden)		237
	2	Lear Corp.		259
				496
		Hotels, Restaurants & Leisure — 2.4%
	4	Darden Restaurants, Inc.		248
	4	Marriott International, Inc., Class A		250
	5	McDonald’s Corp.		539
	24	Norwegian Cruise Line Holdings Ltd. (a)		918
	16	Wyndham Worldwide Corp.		1,059
	22	Wynn Resorts Ltd.		2,106
				5,120
		Leisure Products — 0.1%
	3	Hasbro, Inc.		251
		Media — 2.9%
	11	Interpublic Group of Cos., Inc. (The)		235
	11	Omnicom Group, Inc.		838
	195	Twenty-First Century Fox, Inc., Class A		5,117
				6,190
		Multiline Retail — 0.9%
	18	Dollar Tree, Inc. (a)		1,395
	5	Kohl’s Corp.		236
	3	Target Corp.		233
				1,864
		Specialty Retail — 2.6%
	1	AutoZone, Inc. (a)		381
	12	Bed Bath & Beyond, Inc.		483
	16	Ross Stores, Inc.		974
	78	Sally Beauty Holdings, Inc. (a)		2,022
	22	TJX Cos., Inc. (The)		1,609
				5,469

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 11

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Textiles, Apparel & Luxury Goods — 0.1%
	6	Under Armour, Inc., Class A (a)		184
		Total Consumer Discretionary		19,574
		Consumer Staples — 0.7%
		Beverages — 0.1%
	4	Brown-Forman Corp., Class B		178
		Food & Staples Retailing — 0.3%
	2	CVS Health Corp.		173
	4	Sysco Corp.		170
	2	Wal-Mart Stores, Inc.		171
	6	Whole Foods Market, Inc.		174
				688
		Food Products — 0.1%
	3	General Mills, Inc.		188
		Household Products — 0.2%
	4	Church & Dwight Co., Inc.		184
	1	Clorox Co. (The)		168
	2	Colgate-Palmolive Co.		169
				521
		Total Consumer Staples		1,575
		Energy — 0.5%
		Energy Equipment & Services — 0.1%
	1	Helmerich & Payne, Inc.		86
	2	National Oilwell Varco, Inc.		79
				165
		Oil, Gas & Consumable Fuels — 0.4%
	1	Apache Corp.		85
	1	Chevron Corp.		91
	1	Cimarex Energy Co.		82
	2	Enbridge, Inc., (Canada)		77
	1	Exxon Mobil Corp.		82
	2	Hess Corp.		82
	6	Marathon Oil Corp.		79
	3	Murphy Oil Corp.		74
	2	Noble Energy, Inc.		86
	6	Southwestern Energy Co. (a)		63
	2	Spectra Energy Corp.		76
				877
		Total Energy		1,042
		Financials — 4.1%
		Banks — 0.4%
	6	Associated Banc-Corp.		126
	6	Fifth Third Bancorp		135

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	9	First Horizon National Corp.		141
	8	People’s United Financial, Inc.		138
	3	SunTrust Banks, Inc.		131
	3	U.S. Bancorp		138
				809
		Capital Markets — 0.2%
	1	CME Group, Inc.		136
	4	Franklin Resources, Inc.		135
	2	T. Rowe Price Group, Inc.		126
				397
		Diversified Financial Services — 3.0%
	45	Berkshire Hathaway, Inc., Class B (a)		6,510
		Insurance — 0.5%
	2	Aflac, Inc.		126
	2	Allstate Corp. (The)		139
	1	Aon plc, (United Kingdom)		133
	4	Progressive Corp. (The)		122
	1	RenaissanceRe Holdings Ltd., (Bermuda)		143
	2	Torchmark Corp.		121
	1	Travelers Cos., Inc. (The)		124
	2	W.R. Berkley Corp.		128
				1,036
		Total Financials		8,752
		Health Care — 1.1%
		Health Care Equipment & Supplies — 0.9%
	10	Baxter International, Inc.		484
	2	C.R. Bard, Inc.		467
	6	Medtronic plc, (Ireland)		471
	5	Varian Medical Systems, Inc. (a)		430
				1,852
		Health Care Providers & Services — 0.2%
	6	Cardinal Health, Inc.		437
		Total Health Care		2,289
		Industrials — 2.9%
		Aerospace & Defense — 0.1%
	1	Boeing Co. (The)		178
		Air Freight & Logistics — 1.3%
	2	C.H. Robinson Worldwide, Inc.		165
	25	United Parcel Service, Inc., Class B		2,704
				2,869
		Commercial Services & Supplies — 0.1%
	3	Waste Management, Inc.		178

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
			Electrical Equipment — 0.3%
	1		Acuity Brands, Inc.		169
	9		Eaton Corp. plc		544
					713
			Industrial Conglomerates — 0.3%
	4		3M Co.		616
			Machinery — 0.5%
	3		AGCO Corp.		167
	5		Donaldson Co., Inc.		170
	13		PACCAR, Inc.		715
					1,052
			Road & Rail — 0.1%
	2		J.B. Hunt Transport Services, Inc.		183
			Trading Companies & Distributors — 0.2%
	6		Air Lease Corp.		180
	5		Fastenal Co.		178
					358
			Total Industrials		6,147
			Information Technology — 1.9%
			Communications Equipment — 0.2%
	17		Juniper Networks, Inc.		444
			Electronic Equipment, Instruments & Components — 0.2%
	6		Amphenol Corp., Class A		389
			Semiconductors & Semiconductor Equipment — 1.0%
	10		Maxim Integrated Products, Inc.		391
	6		Microchip Technology, Inc.		390
	31		Micron Technology, Inc. (a)		529
	13		Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		402
	8		Xilinx, Inc.		401
					2,113
			Software — 0.3%
	4		Citrix Systems, Inc. (a)		380
	5		salesforce.com, Inc. (a)		399
					779
			Technology Hardware, Storage & Peripherals — 0.2%
	11		Seagate Technology plc		390
			Total Information Technology		4,115
			Materials — 0.2%
			Chemicals — 0.1%
	—	(h)	Agrium, Inc., (Canada)		43

SHARES			SECURITY DESCRIPTION	VALUE($)
			Chemicals — continued
	–	(h)	Air Products & Chemicals, Inc.		35
	–	(h)	LyondellBasell Industries N.V., Class A		35
					113
			Containers & Packaging — 0.1%
	–	(h)	AptarGroup, Inc.		34
	1		Avery Dennison Corp.		41
	1		Bemis Co., Inc.		37
	1		Sonoco Products Co.		43
					155
			Metals & Mining — 0.0% (g)
	2		Alcoa, Inc. (a)		54
			Paper & Forest Products — 0.0% (g)
	1		Domtar Corp.		40
			Total Materials		362
			Real Estate — 0.3%
			Equity Real Estate Investment Trusts (REITs) — 0.3%
	1		Digital Realty Trust, Inc.		57
	–	(h)	Federal Realty Investment Trust		67
	2		Healthcare Realty Trust, Inc.		60
	2		Healthcare Trust of America, Inc., Class A		62
	4		Host Hotels & Resorts, Inc.		64
	1		Simon Property Group, Inc.		214
	2		UDR, Inc.		73
	1		Ventas, Inc.		64
	1		Welltower, Inc.		55
			Total Real Estate		716
			Telecommunication Services — 1.4%
			Diversified Telecommunication Services — 1.4%
	60		Verizon Communications, Inc.		2,897
			Utilities — 0.2%
			Electric Utilities — 0.1%
	2		Duke Energy Corp.		124
	2		Southern Co. (The)		127
					251
			Multi-Utilities — 0.1%
	2		Consolidated Edison, Inc.		134
	2		Dominion Resources, Inc.		131
					265
			Total Utilities		516
			Total Securities Sold Short (Proceeds $49,097)	$	47,985

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 13

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.3%
	Common Stocks — 93.2%
		Consumer Discretionary — 15.1%
		Auto Components — 0.2%
	14	Delphi Automotive plc, (United Kingdom)		892
		Hotels, Restaurants & Leisure — 3.0%
	43	Carnival Corp.		2,122
	48	Royal Caribbean Cruises Ltd.		3,678
	79	Starbucks Corp.		4,180
	4	Yum! Brands, Inc.		355
				10,335
		Household Durables — 1.5%
	99	D.R. Horton, Inc.		2,842
	6	Harman International Industries, Inc.		445
	37	MDC Holdings, Inc.		872
	54	PulteGroup, Inc.		1,002
				5,161
		Internet & Direct Marketing Retail — 1.7%
	7	Amazon.com, Inc. (a)		5,796
		Media — 4.3%
	16	CBS Corp. (Non-Voting), Class B (j)		925
	10	Charter Communications, Inc., Class A (a)		2,592
	37	DISH Network Corp., Class A (a)		2,183
	491	Sirius XM Holdings, Inc. (a)		2,046
	38	Time Warner, Inc.		3,360
	148	Twenty-First Century Fox, Inc., Class B		3,918
				15,024
		Specialty Retail — 4.4%
	52	Best Buy Co., Inc. (j)		2,019
	22	Home Depot, Inc. (The)		2,679
	85	Lowe’s Cos., Inc.		5,639
	9	O’Reilly Automotive, Inc. (a)		2,437
	35	TJX Cos., Inc. (The)		2,591
				15,365
		Total Consumer Discretionary		52,573
		Consumer Staples — 8.7%
		Beverages — 4.0%
	25	Constellation Brands, Inc., Class A		4,230
	43	Molson Coors Brewing Co., Class B		4,505
	47	PepsiCo, Inc.		5,051
				13,786
		Food & Staples Retailing — 2.0%
	23	Costco Wholesale Corp.		3,360
	67	Kroger Co. (The)		2,063

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	17	Walgreens Boots Alliance, Inc.		1,447
				6,870
		Food Products — 1.3%
	75	Mondelez International, Inc., Class A		3,390
	16	Post Holdings, Inc. (a)		1,210
				4,600
		Household Products — 0.5%
	15	Kimberly-Clark Corp.		1,679
		Personal Products — 0.2%
	9	Estee Lauder Cos., Inc. (The), Class A		827
		Tobacco — 0.7%
	12	Altria Group, Inc.		798
	28	Reynolds American, Inc.		1,516
				2,314
		Total Consumer Staples		30,076
		Energy — 5.2%
		Energy Equipment & Services — 0.3%
	15	Schlumberger Ltd.		1,136
		Oil, Gas & Consumable Fuels — 4.9%
	12	Anadarko Petroleum Corp.		702
	17	Cabot Oil & Gas Corp.		356
	15	Concho Resources, Inc. (a)		1,878
	45	Diamondback Energy, Inc. (a)		4,089
	26	EOG Resources, Inc.		2,372
	31	Pioneer Natural Resources Co.		5,491
	5	Range Resources Corp.		172
	34	Southwestern Energy Co. (a)		354
	17	TransCanada Corp., (Canada)		754
	16	Valero Energy Corp.		940
				17,108
		Total Energy		18,244
		Financials — 12.5%
		Banks — 3.4%
	42	Bank of America Corp. (j)		687
	30	Citigroup, Inc.		1,498
	57	Citizens Financial Group, Inc.		1,506
	31	East West Bancorp, Inc.		1,207
	76	Huntington Bancshares, Inc.		803
	226	KeyCorp		3,187
	14	SVB Financial Group (a)		1,731
	33	Zions Bancorporation		1,066
				11,685

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Capital Markets — 3.2%
	5	Affiliated Managers Group, Inc. (a)		671
	56	Bank of New York Mellon Corp. (The)		2,428
	75	Charles Schwab Corp. (The)		2,384
	11	Intercontinental Exchange, Inc.		2,915
	69	Morgan Stanley (j)		2,319
	7	State Street Corp.		504
				11,221
		Insurance — 5.9%
	47	Arthur J. Gallagher & Co.		2,263
	52	Chubb Ltd., (Switzerland) (j)		6,660
	13	Everest Re Group Ltd., (Bermuda)		2,697
	52	Hartford Financial Services Group, Inc. (The)		2,290
	26	Lincoln National Corp.		1,271
	92	MetLife, Inc.		4,300
	29	XL Group Ltd., (Bermuda)		992
				20,473
		Total Financials		43,379
		Health Care — 7.0%
		Biotechnology — 2.0%
	12	Alexion Pharmaceuticals, Inc. (a)		1,559
	7	Biogen, Inc. (a)		2,094
	4	BioMarin Pharmaceutical, Inc. (a)		316
	9	Celgene Corp. (a) (j)		957
	4	Incyte Corp. (a)		380
	19	Vertex Pharmaceuticals, Inc. (a)		1,412
				6,718
		Health Care Equipment & Supplies — 0.3%
	47	Boston Scientific Corp. (a)		1,039
		Health Care Providers & Services — 3.2%
	43	Aetna, Inc. (j)		4,570
	34	Humana, Inc.		5,791
	5	UnitedHealth Group, Inc.		754
				11,115
		Life Sciences Tools & Services — 0.2%
	5	Illumina, Inc. (a) (j)		730
		Pharmaceuticals — 1.3%
	5	Allergan plc (a)		1,143
	27	Bristol-Myers Squibb Co.		1,362
	17	Eli Lilly & Co.		1,265
	26	Pfizer, Inc.		817
				4,587
		Total Health Care		24,189

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 12.1%
		Aerospace & Defense — 1.2%
	21	Curtiss-Wright Corp.		1,897
	5	General Dynamics Corp.		789
	14	Textron, Inc.		542
	10	United Technologies Corp.		1,056
				4,284
		Airlines — 0.9%
	38	Delta Air Lines, Inc.		1,594
	25	United Continental Holdings, Inc. (a)		1,414
				3,008
		Building Products — 0.5%
	8	Allegion plc, (Ireland) (j)		532
	9	Lennox International, Inc.		1,342
				1,874
		Construction & Engineering — 0.4%
	25	Fluor Corp.		1,303
		Electrical Equipment — 1.4%
	74	Eaton Corp. plc		4,749
		Industrial Conglomerates — 1.3%
	40	Honeywell International, Inc.		4,405
		Machinery — 2.0%
	8	Ingersoll-Rand plc		561
	10	PACCAR, Inc.		539
	15	Pentair plc, (United Kingdom)		825
	9	Snap-on, Inc.		1,399
	31	Stanley Black & Decker, Inc. (j)		3,495
				6,819
		Road & Rail — 4.4%
	10	Canadian National Railway Co., (Canada)		658
	42	Canadian Pacific Railway Ltd., (Canada) (j)		5,956
	100	Union Pacific Corp.		8,858
				15,472
		Total Industrials		41,914
		Information Technology — 17.8%
		Electronic Equipment, Instruments & Components — 0.7%
	37	TE Connectivity Ltd., (Switzerland)		2,347
		Internet Software & Services — 3.6%
	11	Alphabet, Inc., Class C (a) (j)		8,747
	30	Facebook, Inc., Class A (a)		3,942
				12,689

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 15

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — 3.3%
	28	Accenture plc, (Ireland), Class A (j)		3,238
	7	Cognizant Technology Solutions Corp., Class A (a)		348
	50	Fidelity National Information Services, Inc. (j)		3,681
	48	First Data Corp., Class A (a)		665
	11	Visa, Inc., Class A		879
	24	WEX, Inc. (a)		2,592
				11,403
		Semiconductors & Semiconductor Equipment — 6.3%
	54	Analog Devices, Inc.		3,466
	13	Applied Materials, Inc.		389
	52	Broadcom Ltd., (Singapore) (j)		8,822
	26	Lam Research Corp. (j)		2,487
	30	NXP Semiconductors N.V., (Netherlands) (a) (j)		2,952
	54	Texas Instruments, Inc.		3,846
				21,962
		Software — 3.3%
	45	Adobe Systems, Inc. (a) (j)		4,890
	7	Citrix Systems, Inc. (a)		569
	55	Microsoft Corp.		3,303
	36	Mobileye N.V., (Israel) (a)		1,320
	16	Workday, Inc., Class A (a)		1,355
				11,437
		Technology Hardware, Storage & Peripherals — 0.6%
	19	Hewlett Packard Enterprise Co.		417
	79	HP, Inc.		1,144
	7	Western Digital Corp.		397
				1,958
		Total Information Technology		61,796
		Materials — 5.5%
		Chemicals — 2.8%
	14	Dow Chemical Co. (The)		769
	30	E.I. du Pont de Nemours & Co.		2,076
	55	Eastman Chemical Co.		3,943
	49	Mosaic Co. (The)		1,144
	30	Olin Corp.		647
	23	Westlake Chemical Corp.		1,167
				9,746
		Construction Materials — 0.7%
	7	Martin Marietta Materials, Inc.		1,339
	9	Vulcan Materials Co.		1,054
				2,393

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 2.0%
	10	Ball Corp.		747
	85	Crown Holdings, Inc. (a)		4,585
	18	Sealed Air Corp.		836
	19	WestRock Co.		896
				7,064
		Total Materials		19,203
		Real Estate — 2.6%
		Equity Real Estate Investment Trusts (REITs) — 2.6%
	13	AvalonBay Communities, Inc.		2,270
	2	Equinix, Inc.		757
	14	HCP, Inc.		474
	79	Kimco Realty Corp.		2,095
	8	Regency Centers Corp.		568
	24	SL Green Realty Corp.		2,315
	19	STORE Capital Corp.		519
		Total Real Estate		8,998
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 0.2%
	5	SBA Communications Corp., Class A (a) (j)		576
		Wireless Telecommunication Services — 1.0%
	72	T-Mobile U.S., Inc. (a) (j)		3,560
		Total Telecommunication Services		4,136
		Utilities — 5.5%
		Electric Utilities — 4.5%
	9	American Electric Power Co., Inc.		558
	42	Edison International		3,076
	24	Exelon Corp.		802
	56	NextEra Energy, Inc. (j)		7,166
	32	PG&E Corp.		1,971
	45	Xcel Energy, Inc.		1,868
				15,441
		Multi-Utilities — 1.0%
	23	Ameren Corp.		1,161
	44	CMS Energy Corp.		1,838
	6	Sempra Energy		626
				3,625
		Total Utilities		19,066
		Total Common Stocks (Cost $254,607)		323,574

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Short-Term Investments — 6.1%
		Investment Company — 6.0%
	20,684	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l)		20,684
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.1%
	605	U.S. Treasury Bill, 0.483%, 03/30/17 (k) (n)		604
		Total Short-Term Investments (Cost $21,287)		21,288
		Total Investments — 99.3% (Cost $275,894)		344,862
		Other Assets in Excess of Liabilities — 0.7%		2,489
		NET ASSETS — 100.0%	$	347,351
SHARES
	Short Positions — 92.9%
	Common Stocks — 92.9%
		Consumer Discretionary — 17.2%
		Auto Components — 0.7%
	15	Autoliv, Inc., (Sweden)		1,496
	17	BorgWarner, Inc.		606
	3	Lear Corp.		331
				2,433
		Automobiles — 0.8%
	112	Ford Motor Co.		1,316
	44	General Motors Co.		1,381
				2,697
		Hotels, Restaurants & Leisure — 3.4%
	2	Chipotle Mexican Grill, Inc. (a)		830
	9	Choice Hotels International, Inc.		412
	39	Darden Restaurants, Inc.		2,512
	34	Hyatt Hotels Corp., Class A (a)		1,727
	34	Marriott International, Inc., Class A		2,367
	36	McDonald’s Corp.		4,086
				11,934
		Household Durables — 0.4%
	15	Garmin Ltd., (Switzerland)		720
	25	Toll Brothers, Inc. (a)		697
				1,417
		Internet & Direct Marketing Retail — 1.8%
	12	Expedia, Inc.		1,602
	31	Netflix, Inc. (a)		3,887
	1	Priceline Group, Inc. (The) (a)		885
				6,374

SHARES		SECURITY DESCRIPTION	VALUE($)
		Leisure Products — 1.1%
	19	Hasbro, Inc.		1,568
	65	Mattel, Inc.		2,064
				3,632
		Media — 4.7%
	7	AMC Networks, Inc., Class A (a)		360
	48	Cinemark Holdings, Inc.		1,906
	55	Discovery Communications, Inc., Class A (a)		1,425
	114	Interpublic Group of Cos., Inc. (The)		2,554
	171	News Corp., Class A		2,070
	36	Omnicom Group, Inc.		2,912
	73	Regal Entertainment Group, Class A		1,570
	32	Scripps Networks Interactive, Inc., Class A		2,076
	13	Viacom, Inc., Class B		503
	9	Walt Disney Co. (The)		834
				16,210
		Multiline Retail — 1.4%
	25	Kohl’s Corp.		1,101
	9	Nordstrom, Inc.		478
	50	Target Corp.		3,430
				5,009
		Specialty Retail — 1.7%
	24	Abercrombie & Fitch Co., Class A		351
	72	Bed Bath & Beyond, Inc.		2,907
	22	CarMax, Inc. (a)		1,099
	30	DSW, Inc., Class A		625
	38	Gap, Inc. (The)		1,037
				6,019
		Textiles, Apparel & Luxury Goods — 1.2%
	25	lululemon athletica, Inc., (Canada) (a)		1,454
	7	NIKE, Inc., Class B		361
	35	Under Armour, Inc., Class A (a)		1,076
	15	Under Armour, Inc., Class C (a)		379
	16	VF Corp.		884
				4,154
		Total Consumer Discretionary		59,879
		Consumer Staples — 9.4%
		Beverages — 2.1%
	46	Brown-Forman Corp., Class B		2,113
	124	Coca-Cola Co. (The)		5,258
				7,371
		Food & Staples Retailing — 2.1%
	37	CVS Health Corp.		3,138
	41	Sysco Corp.		1,958
	77	Whole Foods Market, Inc.		2,167
				7,263

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 17

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Food Products — 1.4%
	28	General Mills, Inc.		1,766
	4	Hershey Co. (The)		379
	18	Kellogg Co.		1,384
	14	Kraft Heinz Co. (The)		1,244
				4,773
		Household Products — 3.8%
	64	Church & Dwight Co., Inc.		3,085
	33	Clorox Co. (The)		3,985
	47	Colgate-Palmolive Co.		3,325
	32	Procter & Gamble Co. (The)		2,778
				13,173
		Personal Products — 0.0% (g)
	8	Coty, Inc., Class A		179
		Total Consumer Staples		32,759
		Energy — 5.0%
		Energy Equipment & Services — 0.4%
	9	Baker Hughes, Inc.		499
	13	Helmerich & Payne, Inc.		801
				1,300
		Oil, Gas & Consumable Fuels — 4.6%
	40	Chevron Corp.		4,221
	21	ConocoPhillips		921
	88	Exxon Mobil Corp.		7,324
	14	Hess Corp.		676
	50	Marathon Oil Corp.		654
	14	Murphy Oil Corp.		360
	16	Noble Energy, Inc.		562
	13	Occidental Petroleum Corp.		911
	5	Phillips 66		398
				16,027
		Total Energy		17,327
		Financials — 11.4%
		Banks — 3.6%
	30	Bank of Hawaii Corp.		2,217
	13	BB&T Corp.		498
	87	Fifth Third Bancorp		1,891
	38	First Horizon National Corp.		583
	8	M&T Bank Corp.		994
	62	People’s United Financial, Inc.		1,002
	18	PNC Financial Services Group, Inc. (The)		1,711
	83	U.S. Bancorp		3,696
				12,592

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.4%
	21	CME Group, Inc.		2,052
	53	Federated Investors, Inc., Class B		1,439
	37	Franklin Resources, Inc.		1,259
	14	Invesco Ltd.		388
	5	Northern Trust Corp.		362
	43	T. Rowe Price Group, Inc.		2,752
				8,252
		Insurance — 5.4%
	31	Aflac, Inc.		2,121
	10	Allstate Corp. (The)		665
	2	Aon plc, (United Kingdom)		222
	18	Arch Capital Group Ltd., (Bermuda) (a)		1,375
	13	Axis Capital Holdings Ltd., (Bermuda)		763
	109	Progressive Corp. (The)		3,420
	10	RenaissanceRe Holdings Ltd., (Bermuda)		1,280
	25	Torchmark Corp.		1,576
	30	Travelers Cos., Inc. (The)		3,235
	6	Unum Group		209
	67	W.R. Berkley Corp.		3,814
				18,680
		Total Financials		39,524
		Health Care — 7.0%
		Biotechnology — 1.4%
	52	AbbVie, Inc.		2,911
	13	Amgen, Inc.		1,793
	1	Regeneron Pharmaceuticals, Inc. (a)		310
				5,014
		Health Care Equipment & Supplies — 2.5%
	6	C.R. Bard, Inc.		1,279
	5	DENTSPLY SIRONA, Inc.		276
	58	Medtronic plc, (Ireland)		4,730
	11	Stryker Corp.		1,292
	8	Varian Medical Systems, Inc. (a)		762
	3	Zimmer Biomet Holdings, Inc.		316
				8,655
		Health Care Providers & Services — 2.0%
	14	AmerisourceBergen Corp.		949
	22	Cardinal Health, Inc.		1,497
	40	Community Health Systems, Inc. (a)		213
	12	DaVita, Inc. (a)		688
	18	Express Scripts Holding Co. (a)		1,213
	3	Henry Schein, Inc. (a)		423
	5	Laboratory Corp. of America Holdings (a)		627
	5	Quest Diagnostics, Inc.		375

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Health Care Providers & Services — continued
	33	Tenet Healthcare Corp. (a)		642
	2	Universal Health Services, Inc., Class B		266
				6,893
		Health Care Technology — 0.4%
	2	athenahealth, Inc. (a)		158
	22	Cerner Corp. (a)		1,283
				1,441
		Pharmaceuticals — 0.7%
	20	Johnson & Johnson		2,265
		Total Health Care		24,268
		Industrials — 12.2%
		Aerospace & Defense — 3.3%
	50	Boeing Co. (The)		7,134
	15	Lockheed Martin Corp.		3,591
	5	Raytheon Co.		710
				11,435
		Air Freight & Logistics — 0.5%
	11	C.H. Robinson Worldwide, Inc.		756
	11	United Parcel Service, Inc., Class B		1,185
				1,941
		Electrical Equipment — 0.7%
	38	Emerson Electric Co.		1,921
	4	Rockwell Automation, Inc.		524
				2,445
		Industrial Conglomerates — 2.2%
	31	3M Co.		5,074
	89	General Electric Co.		2,576
				7,650
		Machinery — 1.8%
	35	AGCO Corp.		1,772
	62	Donaldson Co., Inc.		2,261
	19	Flowserve Corp.		813
	14	Illinois Tool Works, Inc.		1,540
				6,386
		Professional Services — 0.2%
	13	Nielsen Holdings plc		576
		Road & Rail — 2.2%
	238	Heartland Express, Inc.		4,380
	61	Knight Transportation, Inc.		1,797
	65	Werner Enterprises, Inc.		1,558
				7,735

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 1.3%
	61	Fastenal Co.		2,363
	10	W.W. Grainger, Inc.		2,019
				4,382
		Total Industrials		42,550
		Information Technology — 13.1%
		Communications Equipment — 1.9%
	130	Cisco Systems, Inc.		3,988
	98	Juniper Networks, Inc.		2,568
				6,556
		Electronic Equipment, Instruments & Components — 0.2%
	12	Amphenol Corp., Class A		758
		Internet Software & Services — 0.6%
	42	eBay, Inc. (a)		1,200
	11	GrubHub, Inc. (a)		423
	31	Twitter, Inc. (a)		549
				2,172
		IT Services — 1.2%
	15	Automatic Data Processing, Inc.		1,271
	9	International Business Machines Corp.		1,423
	27	Paychex, Inc.		1,502
				4,196
		Semiconductors & Semiconductor Equipment — 6.4%
	152	Intel Corp.		5,283
	21	Maxim Integrated Products, Inc.		832
	60	Microchip Technology, Inc.		3,618
	64	Micron Technology, Inc. (a)		1,097
	6	NVIDIA Corp.		424
	12	Qorvo, Inc. (a)		690
	31	QUALCOMM, Inc.		2,130
	202	Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR		6,273
	11	Versum Materials, Inc. (a)		254
	31	Xilinx, Inc.		1,562
				22,163
		Software — 1.3%
	66	Oracle Corp.		2,552
	19	salesforce.com, Inc. (a)		1,420
	8	SAP SE, (Germany), ADR		686
				4,658
		Technology Hardware, Storage & Peripherals — 1.5%
	29	Apple, Inc.		3,258
	20	NetApp, Inc.		672

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 19

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — continued
	32	Seagate Technology plc		1,112
				5,042
		Total Information Technology		45,545
		Materials — 5.8%
		Chemicals — 3.1%
	8	Air Products & Chemicals, Inc.		1,027
	15	CF Industries Holdings, Inc.		348
	12	Ecolab, Inc.		1,416
	44	LyondellBasell Industries N.V., Class A		3,500
	9	Monsanto Co.		887
	4	PPG Industries, Inc.		363
	18	Praxair, Inc.		2,072
	4	Sherwin-Williams Co. (The)		1,078
				10,691
		Containers & Packaging — 1.1%
	16	AptarGroup, Inc.		1,136
	14	Avery Dennison Corp.		949
	7	Bemis Co., Inc.		360
	8	International Paper Co.		356
	4	Packaging Corp. of America		363
	17	Sonoco Products Co.		830
				3,994
		Metals & Mining — 1.2%
	25	Alcoa, Inc. (a)		713
	19	Compass Minerals International, Inc.		1,358
	108	Freeport-McMoRan, Inc. (a)		1,205
	17	Nucor Corp.		816
				4,092
		Paper & Forest Products — 0.4%
	38	Domtar Corp.		1,352
		Total Materials		20,129
		Real Estate — 3.1%
		Equity Real Estate Investment Trusts (REITs) — 3.1%
	12	Digital Realty Trust, Inc.		1,111

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	9	Equity Residential		543
	3	Essex Property Trust, Inc.		557
	11	Federal Realty Investment Trust		1,597
	38	General Growth Properties, Inc.		956
	24	Healthcare Trust of America, Inc., Class A		734
	75	Host Hotels & Resorts, Inc.		1,163
	11	UDR, Inc.		388
	38	Ventas, Inc.		2,602
	14	Welltower, Inc.		962
		Total Real Estate		10,613
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.8%
	41	AT&T, Inc.		1,505
	35	CenturyLink, Inc.		930
	152	Verizon Communications, Inc.		7,295
		Total Telecommunication Services		9,730
		Utilities — 5.9%
		Electric Utilities — 2.3%
	70	Duke Energy Corp.		5,569
	11	PPL Corp.		381
	37	Southern Co. (The)		1,924
				7,874
		Gas Utilities — 0.2%
	12	UGI Corp.		560
		Multi-Utilities — 3.4%
	61	Consolidated Edison, Inc.		4,601
	97	Dominion Resources, Inc.		7,294
				11,895
		Total Utilities		20,329
		Total Securities Sold Short (Proceeds $326,987)	$	322,653

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF CONTRACTS

DESCRIPTION

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL VALUE AT OCTOBER 31, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

Short Futures Outstanding

(19

)

E-mini S&P 500

12/16/16

USD

(2,014

)

$

48

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

J.P. MORGAN SPECIALTY FUNDS

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

ADR	—  American Depositary Receipt
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.

(h)	—  Amount rounds to less than 500.
(j)	—  All or a portion of the security is segregated for short sales.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	Opportunistic Equity Long/Short Fund		Research Market Neutral Fund
ASSETS:
Investments in non-affiliates, at value	$	125,834	$	324,178
Investments in affiliates, at value		74,891		20,684
Total investment securities, at value		200,725		344,862
Deposits at broker for securities sold short		51,075		321,493
Receivables:
Investment securities sold		26,709		17,418
Fund shares sold		77		176
Dividends from non-affiliates		15		127
Dividends from affiliates		16		8
Variation margin on futures contracts		—		2
Total Assets		278,617		684,086
LIABILITIES:
Payables:
Due to custodian		6		100
Securities sold short, at value		47,985		322,653
Dividend expense to non-affiliates on securities sold short		79		374
Investment securities purchased		16,099		12,728
Fund shares redeemed		394		429
Accrued liabilities:
Investment advisory fees		204		187
Administration fees		8		—
Distribution fees		12		15
Shareholder servicing fees		26		38
Custodian and accounting fees		8		24
Other		162		187
Total Liabilities		64,983		336,735
Net Assets	$	213,634	$	347,351

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
NET ASSETS:
Paid-in-Capital	$	208,750		$	371,281
Accumulated undistributed (distributions in excess of) net investment income		(1,098	)		(6,483	)
Accumulated net realized gains (losses)		(3,320	)		(90,797	)
Net unrealized appreciation (depreciation)		9,302			73,350
Total Net Assets	$	213,634		$	347,351
Net Assets:
Class A	$	43,298		$	25,393
Class C		3,273			15,003
Class R2		21			—
Class R5		21			—
Class R6		8,432			—
Institutional Class		—			253,734
Select Class		158,589			53,221
Total	$	213,634		$	347,351
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,529			1,835
Class C		193			1,149
Class R2		1			—
Class R5		1			—
Class R6		487			—
Institutional Class		—			17,360
Select Class		9,213			3,703
Net Asset Value (a):
Class A — Redemption price per share	$	17.12		$	13.84
Class C — Offering price per share (b)		16.94			13.06
Class R2 — Offering and redemption price per share		17.03			—
Class R5 — Offering and redemption price per share		17.29			—
Class R6 — Offering and redemption price per share		17.31			—
Institutional Class — Offering and redemption price per share		—			14.62
Select Class — Offering and redemption price per share		17.21			14.37
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	18.07		$	14.61
Cost of investments in non-affiliates	$	117,644		$	255,210
Cost of investments in affiliates		74,891			20,684
Proceeds from securities sold short		49,097			326,987

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund			Research Market Neutral Fund
INVESTMENT INCOME:
Interest income from non-affiliates on securities sold short	$	5		$	69
Dividend income from non-affiliates		2,574			5,885
Dividend income from affiliates		218			223
Total investment income		2,797			6,177
EXPENSES:
Investment advisory fees		2,562			3,819
Administration fees		175			392
Distribution fees:
Class A		136			97
Class C		23			144
Class R2		—	(a)		—
Shareholder servicing fees:
Class A		136			97
Class C		8			48
Class R2		—	(a)		—
Class R5		—	(a)		—
Institutional Class		—			348
Select Class		376			179
Custodian and accounting fees		58			34
Interest expense to affiliates		—			8
Professional fees		93			74
Interest expense to non-affiliates		—			4
Trustees’ and Chief Compliance Officer’s fees		15			17
Printing and mailing costs		29			75
Registration and filing fees		127			49
Transfer agency fees (See Note 2.F.)		17			30
Sub-transfer agency fees (See Note 2.F.)		99			151
Other		9			5
Dividend expense to non-affiliates on securities sold short		985			10,086
Total expenses		4,848			15,657
Less fees waived		(406	)		(1,254	)
Less expense reimbursements		(20	)		—
Net expenses		4,422			14,403
Net investment income (loss)		(1,625	)		(8,226	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,215			34,174
Futures		—			18
Securities sold short		(4,975	)		(15,015	)
Net realized gain (loss)		(760	)		19,177
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,317			(23,772	)
Futures		—			89
Securities sold short		1,560			(3,714	)
Change in net unrealized appreciation/depreciation		2,877			(27,397	)
Net realized/unrealized gains (losses)		2,117			(8,220	)
Change in net assets resulting from operations	$	492		$	(16,446	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,625	)	$	(746	)	$	(8,226	)	$	(11,750	)
Net realized gain (loss)		(760	)		236			19,177			(19,486	)
Change in net unrealized appreciation/depreciation		2,877			6,145			(27,397	)		8,292
Change in net assets resulting from operations		492			5,635			(16,446	)		(22,944	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net realized gains		(567	)		(1	)		—			(2,115	)
Class B (a)
From net realized gains		—			—			—			(9	)
Class C
From net realized gains		(18	)		—	(b)		—			(293	)
Class R2
From net realized gains		—	(b)		—	(b)		—			—
Class R5
From net realized gains		—	(b)		—	(b)		—			—
Class R6
From net realized gains		—	(b)		—	(b)		—			—
Institutional Class
From net realized gains		—			—			—			(6,577	)
Select Class
From net realized gains		(1,173	)		(23	)		—			(8,645	)
Total distributions to shareholders		(1,758	)		(24	)		—			(17,639	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		67,443			136,595			(293,232	)		(16,248	)
NET ASSETS:
Change in net assets		66,177			142,206			(309,678	)		(56,831	)
Beginning of period		147,457			5,251			657,029			713,860
End of period	$	213,634		$	147,457		$	347,351		$	657,029
Accumulated undistributed (distributions in excess of) net investment income	$	(1,098	)	$	—	(b)	$	(6,483	)	$	(11,213	)

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	64,846		$	30,459		$	11,078		$	13,814
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			20,677
Distributions reinvested		567			1			—			2,088
Cost of shares redeemed		(51,340	)		(523	)		(46,582	)		(49,119	)
Conversion from Class B Shares		—			—			—			255
Change in net assets resulting from Class A capital transactions	$	14,073		$	29,937		$	(35,504	)	$	(12,285	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	3
Distributions reinvested		—			—			—			7
Cost of shares redeemed		—			—			—			(70	)
Conversion to Class A Shares		—			—			—			(255	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(315	)
Class C
Proceeds from shares issued	$	3,353		$	781		$	674		$	1,778
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			15,527
Distributions reinvested		18			—	(b)		—			271
Cost of shares redeemed		(916	)		(37	)		(8,689	)		(4,266	)
Change in net assets resulting from Class C capital transactions	$	2,455		$	744		$	(8,015	)	$	13,310
Class R2
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		—			(35	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	—	(b)	$	(35	)	$	—		$	—
Class R5
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		—			(36	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	(36	)	$	—		$	—
Class R6
Proceeds from shares issued	$	9,490		$	—		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		(1,485	)		(35	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	8,005		$	(35	)	$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	303,966		$	69,664
Distributions reinvested		—			—			—			4,044
Cost of shares redeemed		—			—			(273,016	)		(98,360	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	30,950		$	(24,652	)
Select Class
Proceeds from shares issued	$	101,558		$	107,271		$	8,216		$	26,592
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			55,860
Distributions reinvested		1,148			23			—			8,531
Cost of shares redeemed		(59,796	)		(1,274	)		(288,879	)		(83,289	)
Change in net assets resulting from Select Class capital transactions	$	42,910		$	106,020		$	(280,663	)	$	7,694
Total change in net assets resulting from capital transactions	$	67,443		$	136,595		$	(293,232	)	$	(16,248	)

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

	Opportunistic Equity Long/Short Fund						Research Market Neutral Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		3,830			1,782			789			761
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			1,428
Reinvested		34			—	(a)		—			141
Redeemed		(3,089	)		(31	)		(3,369	)		(3,369	)
Conversion from Class B Shares		—			—			—			18
Change in Class A Shares		775			1,751			(2,580	)		(1,021	)
Class B (b)
Issued		—			—			—			—	(a)
Reinvested		—			—			—			1
Redeemed		—			—			—			(6	)
Conversion to Class A Shares		—			—			—			(18	)
Change in Class B Shares		—			—			—			(23	)
Class C
Issued		199			47			51			183
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			1,113
Reinvested		1			—	(a)		—			19
Redeemed		(55	)		(2	)		(663	)		(309	)
Change in Class C Shares		145			45			(612	)		1,006
Class R2
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			(2	)		—			—
Change in Class R2 Shares		—	(a)		(2	)		—			—
Class R5
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			(2	)		—			—
Change in Class R5 Shares		—	(a)		(2	)		—			—
Class R6
Issued		571			—			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(85	)		(2	)		—			—
Change in Class R6 Shares		486			(2	)		—			—
Institutional Class
Issued		—			—			20,509			4,541
Reinvested		—			—			—			261
Redeemed		—			—			(18,650	)		(6,419	)
Change in Institutional Class Shares		—			—			1,859			(1,617	)
Select Class
Issued		6,047			6,419			570			1,852
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			3,780
Reinvested		68			1			—			559
Redeemed		(3,566	)		(73	)		(19,768	)		(5,541	)
Change in Select Class Shares		2,549			6,347			(19,198	)		650

(a) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations			Net realized gain			Net asset value, end of period
Opportunistic Equity Long/Short Fund
Class A
Year Ended October 31, 2016	$	17.37	$	(0.16	)	$	0.07	$	(0.09	)	$	(0.16	)	$	17.12
Year Ended October 31, 2015		15.75		(0.25	)		1.93		1.68			(0.06	)		17.37
August 29, 2014 (i) through October 31, 2014		15.00		(0.06	)		0.81		0.75			—			15.75
Class C
Year Ended October 31, 2016		17.27		(0.24	)		0.07		(0.17	)		(0.16	)		16.94
Year Ended October 31, 2015		15.73		(0.37	)		1.97		1.60			(0.06	)		17.27
August 29, 2014 (i) through October 31, 2014		15.00		(0.07	)		0.80		0.73			—			15.73
Class R2
Year Ended October 31, 2016		17.32		(0.20	)		0.07		(0.13	)		(0.16	)		17.03
Year Ended October 31, 2015		15.74		(0.35	)		1.99		1.64			(0.06	)		17.32
August 29, 2014 (i) through October 31, 2014		15.00		(0.06	)		0.80		0.74			—			15.74
Class R5
Year Ended October 31, 2016		17.47		(0.08	)		0.06		(0.02	)		(0.16	)		17.29
Year Ended October 31, 2015		15.76		(0.23	)		2.00		1.77			(0.06	)		17.47
August 29, 2014 (i) through October 31, 2014		15.00		(0.04	)		0.80		0.76			—			15.76
Class R6
Year Ended October 31, 2016		17.48		(0.08	)		0.07		(0.01	)		(0.16	)		17.31
Year Ended October 31, 2015		15.76		(0.23	)		2.01		1.78			(0.06	)		17.48
August 29, 2014 (i) through October 31, 2014		15.00		(0.04	)		0.80		0.76			—			15.76
Select Class
Year Ended October 31, 2016		17.42		(0.12	)		0.07		(0.05	)		(0.16	)		17.21
Year Ended October 31, 2015		15.75		(0.26	)		1.99		1.73			(0.06	)		17.42
August 29, 2014 (i) through October 31, 2014		15.00		(0.05	)		0.80		0.75			—			15.75

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

(b) Calculated based upon average shares outstanding.

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

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

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.80% and 2.07% for the year ended October 31, 2016, 1.81% and 2.20% for the year ended October 31, 2015 and 2.00% and 11.67% for the period ended October 31, 2014; for Class C are 2.29% and 2.52% for the year ended October 31, 2016, 2.39% and 3.18% for the year ended October 31. 2015 and 2.50% and 12.17% for the period ended October 31, 2014; for Class R2 are 2.05% and 4.35% for the year ended October 31, 2016, 2.21% and 4.13% for the year ended October 31, 2015 and 2.25% and 11.92% for the period ended October 31, 2014; for Class R5 are 1.35% and 3.70% for the year ended October 31, 2016, 1.52% and 3.43% for the year ended October 31, 2015 and 1.55% and 11.22% for the period ended October 31, 2014; for Class R6 are 1.29% and 1.60% for the year ended October 31, 2016, 1.47% and 3.39% for the year ended October 31, 2015 and 1.50% and 11.17% for the period ended October 31, 2014; for Select Class are 1.54% and 1.71% for the year ended October 31, 2016, 1.66% and 2.20% for the year ended October 31, 2015 and 1.75% and 11.42% for the period ended October 31, 2014, respectively.

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

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

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2015 and period ended October 31, 2014.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment  income (loss)			Expenses without waivers, reimbursements and earnings credits including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
	(0.53	)%	$	43,298		2.26	%		(0.96	)%		2.53	%		463	%		749	%
	10.74			30,480		2.38	(h)		(1.70	)(h)		2.77	(h)		347			734
	5.00			52		2.65	(h)		(2.24	)(h)		12.33	(h)		94			178
	(1.00	)		3,273		2.75			(1.46	)		2.98			463			749
	10.25			823		2.96	(h)		(2.17	)(h)		3.75	(h)		347			734
	4.87			52		3.15	(h)		(2.74	)(h)		12.82	(h)		94			178
	(0.76	)		21		2.51			(1.18	)		4.81			463			749
	10.49			21		2.78	(h)		(2.01	)(h)		4.70	(h)		347			734
	4.93			52		2.90	(h)		(2.49	)(h)		12.57	(h)		94			178
	(0.12	)		21		1.81			(0.48	)		4.16			463			749
	11.31			21		2.09	(h)		(1.32	)(h)		4.00	(h)		347			734
	5.07			53		2.20	(h)		(1.79	)(h)		11.88	(h)		94			178
	(0.06	)		8,432		1.75			(0.45	)		2.06			463			749
	11.37			21		2.04	(h)		(1.27	)(h)		3.96	(h)		347			734
	5.07			53		2.15	(h)		(1.74	)(h)		11.82	(h)		94			178
	(0.29	)		158,589		2.00			(0.69	)		2.17			463			749
	11.06			116,091		2.23	(h)		(1.53	)(h)		2.77	(h)		347			734
	5.00			4,989		2.40	(h)		(1.99	)(h)		12.07	(h)		94			178

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain			Net asset value, end of period
Research Market Neutral Fund
Class A
Year Ended October 31, 2016	$	14.25	$	(0.28	)	$	(0.13	)	$	(0.41	)	$	—		$	13.84
Year Ended October 31, 2015		15.17		(0.31	)		(0.22	)		(0.53	)		(0.39	)		14.25
Year Ended October 31, 2014		14.58		(0.34	)		0.93			0.59			—			15.17
Year Ended October 31, 2013		14.44		(0.35	)		0.49			0.14			—			14.58
Year Ended October 31, 2012		14.71		(0.35	)		0.08			(0.27	)		—			14.44
Class C
Year Ended October 31, 2016		13.51		(0.32	)		(0.13	)		(0.45	)		—			13.06
Year Ended October 31, 2015		14.48		(0.35	)		(0.23	)		(0.58	)		(0.39	)		13.51
Year Ended October 31, 2014		13.99		(0.39	)		0.88			0.49			—			14.48
Year Ended October 31, 2013		13.91		(0.41	)		0.49			0.08			—			13.99
Year Ended October 31, 2012		14.25		(0.41	)		0.07			(0.34	)		—			13.91
Institutional Class
Year Ended October 31, 2016		14.99		(0.23	)		(0.14	)		(0.37	)		—			14.62
Year Ended October 31, 2015		15.87		(0.23	)		(0.26	)		(0.49	)		(0.39	)		14.99
Year Ended October 31, 2014		15.17		(0.27	)		0.97			0.70			—			15.87
Year Ended October 31, 2013		14.95		(0.29	)		0.51			0.22			—			15.17
Year Ended October 31, 2012		15.16		(0.29	)		0.08			(0.21	)		—			14.95
Select Class
Year Ended October 31, 2016		14.76		(0.25	)		(0.14	)		(0.39	)		—			14.37
Year Ended October 31, 2015		15.66		(0.26	)		(0.25	)		(0.51	)		(0.39	)		14.76
Year Ended October 31, 2014		15.02		(0.31	)		0.95			0.64			—			15.66
Year Ended October 31, 2013		14.83		(0.32	)		0.51			0.19			—			15.02
Year Ended October 31, 2012		15.08		(0.32	)		0.07			(0.25	)		—			14.83

(a) Calculated based upon average shares outstanding.

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

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.22% and 1.53% for the year ended October 31, 2016, 1.43% and 1.89% for the year ended October 31, 2015 , 1.49% and 1.91% for the year ended October 31, 2014, 1.49% and 1.93% for the year ended October 31, 2013 and 1.49% and 1.99% for the year ended October 31, 2012; for Class C 1.72% and 2.02% for the year ended October 31, 2016, 1.90% and 2.32% for the year ended October 31, 2015, 1.99% and 2.41% for the year ended October 31, 2014, 1.99% and 2.43% for the year ended October 31, 2013 and 1.99% and 2.49% for the year ended October 31, 2012; for Institutional Class 0.81% and 1.06% for the year ended October 31, 2016, 0.95% and 1.44% for the year ended October 31, 2015, 0.99% and 1.51% for the year ended October 31, 2014, 0.99% and 1.53% for the year ended October 31, 2013 and 0.99% and 1.59% for the year ended October 31, 2012; for Select Class are 0.96% and 1.27% for the year ended October 31, 2016, 1.18% and 1.57% for the year ended October 31, 2015, 1.25% and 1.66% for the year ended October 31, 2014, 1.24% and 1.66% for the year ended October 31, 2013 and 1.24% and 1.74% for the year ended October 31, 2012, respectively.

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

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

			Ratios/Supplemental data
					Ratios to average net assets
Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate (excluding securities sold short) (e)			Portfolio turnover rate (including securities sold short) (e)
	(2.88	)%	$	25,393		3.33	%		(2.07	)%		3.64	%		133	%		298	%
	(3.59	)		62,910		3.57			(1.94	)		4.03			163			370
	4.05			82,477		3.82			(2.26	)		4.24			90			192
	0.97			88,944		4.24			(2.42	)		4.68			75			149
	(1.84	)		116,146		4.46			(2.47	)		4.96			82			186
	(3.33	)		15,003		3.83			(2.53	)		4.13			133			298
	(4.12	)		23,790		4.04			(2.63	)		4.46			163			370
	3.50			10,933		4.32			(2.76	)		4.74			90			192
	0.58			14,209		4.74			(2.92	)		5.18			75			149
	(2.39	)		19,275		4.96			(2.97	)		5.46			82			186
	(2.47	)		253,734		2.92			(1.61	)		3.17			133			298
	(3.17	)		232,339		3.09			(1.48	)		3.58			163			370
	4.61			271,595		3.32			(1.76	)		3.84			90			192
	1.47			316,843		3.74			(1.91	)		4.28			75			149
	(1.39	)		337,565		3.99			(1.98	)		4.59			82			186
	(2.64	)		53,221		3.07			(1.82	)		3.38			133			298
	(3.34	)		337,990		3.32			(1.74	)		3.71			163			370
	4.26			348,525		3.57			(2.01	)		3.99			90			192
	1.28			292,993		3.99			(2.15	)		4.43			75			149
	(1.66	)		290,794		4.17			(2.19	)		4.67			82			186

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Opportunistic Equity Long/Short Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified
Research Market Neutral Fund	Class A, Class C, Institutional Class* and Select Class	Diversified

* Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

The investment objective of Opportunistic Equity Long/Short Fund is to seek capital appreciation.

The investment objective of Research Market Neutral Fund is to seek to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

Opportunistic Equity Long/Short Fund commenced operations on August 29, 2014. Prior to January 23, 2015, the Fund was not publicly offered for investment.

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

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

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

Investments in open-end investment companies excluding exchange traded funds (“ETFs) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

32 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

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

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

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

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

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

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

Opportunistic Equity Long/Short Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	200,725		$	—	$	—	$	200,725
Total Liabilities for Securities Sold Short (a)	$	(47,985	)	$	—	$	—	$	(47,985	)
Research Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	344,258		$	604	$	—	$	344,862
Total Liabilities for Securities Sold Short (a)	$	(322,653	)	$	—	$	—	$	(322,653	)
Appreciation in Other Financial Instruments
Futures Contracts	$	48		$	—	$	—	$	48

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

(b) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a U.S. Treasury Bill that is held for futures contracts collateral. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2016.

B. Options — Opportunistic Equity Long/Short Fund purchased 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 on the Statements of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a 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 underlying investment.

The table below discloses the volume of the Fund’s options contracts activity during the year ended October 31, 2016:

	Opportunistic Equity Long/Short Fund
Exchange-Traded Options:
Average Number of Contracts Purchased		778

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

C. Short Sales — The Funds engaged in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

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

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

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

As of October 31, 2016, the Funds had outstanding short sales as listed on their SOIs.

D. Futures Contracts — Research Market Neutral Fund used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The use of futures contracts exposes the Fund to equity price risk.

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2016 (amounts in thousands):

	Research Market Neutral Fund
Futures Contracts
Average Notional Balance Short	$	8,970
Ending Notional Balance Short		2,014

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

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual

34 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

Transfer agency and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Class R5			Class R6		Institutional Class		Select Class		Total
Opportunistic Equity Long/Short Fund
Transfer agency fees	$	3	$	1	$	—	(a)	$	—	(a)	$	9		n/a	$	4	$	17
Sub-transfer agency fees		70		2		—			—			—		n/a		27		99
Research Market Neutral Fund
Transfer agency fees		14		4		n/a			n/a			n/a	$	5		7		30
Sub-transfer agency fees		21		11		n/a			n/a			n/a		71		48		151

(a) Amount rounds to less than 500.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016 no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Opportunistic Equity Long/Short Fund	$	(288	)	$	527	$	(239	)
Research Market Neutral Fund		(12,774	)		12,956		(182	)

The reclassifications for the Funds relate primarily to dividend expense for securities sold short and net operating loss.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of each Fund’s respective average daily net assets as follows:

Opportunistic Equity Long/Short Fund	1.20	%
Research Market Neutral Fund	0.80

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016 the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

	Class A			Class C			Class R2
Opportunistic Equity Long/Short Fund		0.25	%		0.75	%		0.50	%
Research Market Neutral Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Opportunistic Equity Long/Short Fund	$	2	$	—
Research Market Neutral Fund		1		—	(a)

(a) Amount rounds to less than 500.

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

	Class A			Class C			Class R2			Class R5			Institutional Class			Select Class
Opportunistic Equity Long/Short Fund		0.25	%		0.25	%		0.25	%		0.05	%		n/a			0.25	%
Research Market Neutral Fund		0.25			0.25			n/a			n/a			0.10	%		0.25

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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

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

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

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

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Opportunistic Equity Long/Short Fund		1.85	%		2.35	%		2.10	%		1.40	%		1.35	%		n/a			1.60	%
Research Market Neutral Fund		1.25			1.75			n/a			n/a			n/a			0.85	%		0.99

36 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

The expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until at least February 28, 2017.

For the year ended October 31, 2016 the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Opportunistic Equity Long/Short Fund	$	114	$	75	$	94	$	283	$	20
Research Market Neutral Fund		603		382		89		1,074		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 were as follows (amounts in thousands):

Opportunistic Equity Long/Short Fund	$	123
Research Market Neutral Fund		180

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

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

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

During the year ended October 31, 2016 Research Market Neutral Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2016, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):

Research Market Neutral Fund $ — (a) 

(a) Amount rounds to less than 500.

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

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Opportunistic Equity Long/Short Fund	$	678,357	$	655,052	$	403,808	$	387,308
Research Market Neutral Fund		531,595		715,578		471,409		654,735

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	194,791	$	8,577	$	2,644	$	5,933
Research Market Neutral Fund		281,579		83,081		19,798		63,283

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	1,677	$	81	$	1,758

* Short-term gains are treated as ordinary income for income tax purposes.

There were no distributions paid from Research Market Neutral Fund during the fiscal year ended October 31, 2016.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Opportunistic Equity Long/Short Fund	$	24	$	—	$	24
Research Market Neutral Fund		—		17,639		17,639

* Short-term gains are treated as ordinary income for income tax purposes.

At October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Opportunistic Equity Long/Short Fund	$	—	$	—	(a)	$	5,982
Research Market Neutral Fund		—		(68,342	)		50,896

(a) Amount rounds to less than 500.

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, late year ordinary loss deferrals and Straddle Loss Deferral.

During the year ended October 31, 2016, Research Market Neutral Fund utilized capital loss carryforwards of approximately $7,993,000.

As of October 31, 2016, the following Funds had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character Short-Term			Long-Term
Research Market Neutral Fund		68,342	*	$	—

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.

Net capital losses and other late year losses incurred after October 31, 2016 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended October 31, 2016, the following Funds deferred to November 1, 2016 net capital losses and other late year loss of (amounts in thousands):

	Late Year Ordinary Loss Deferral
Opportunistic Equity Long/Short Fund	$	1,093
Research Market Neutral Fund		6,463

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current

38 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2016, the Funds had individual shareholder accounts and/or omnibus accounts which collectively represent the following percentage of each Fund’s net assets:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Non- affiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
Opportunistic Equity Long/Short Fund		1		32.2	%		1		16.9	%

The J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate 49.8% of the net assets of the Research Market Neutral Fund.

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

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

Since Opportunistic Equity Long/Short Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

As of October 31, 2016, the Research Market Neutral Fund pledged substantially all of its assets to Citibank for securities sold short. For the Research Market Neutral Fund, deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citibank. The Opportunistic Equity Long/Short Fund pledged substantially all of its assets to Citigroup Global Markets, Inc. for securities sold short. Deposits at broker for securities sold short, as noted on the Statements of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

8. Business Combinations

On February 19, 2015, the Board of Trustees of the Trust approved the reorganizations of JPMorgan Market Neutral Fund (the “Target Fund”) into JPMorgan Research Market Neutral Fund (the “Acquiring Fund”). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on June 19, 2015. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C and Select Class shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their respective holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $150,374,000 and identified cost of approximately $147,762,000, as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of June 19, 2015, the Target Fund had pre-enactment and post-enactment net capital loss carryforward of approximately $48,726,000 and $43,743,000, respectively.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Market Neutral Fund							$	2,193
Class A		1,428	$	20,677	$	14.48
Class C		1,113		15,527		13.95
Select Class		3,780		55,860		14.78
Acquiring Fund
Research Market Neutral Fund								102,245
Class A		4,209		61,174		14.54
Class B		18		253		13.81
Class C		710		9,808		13.81
Institutional Class		16,048		244,983		15.27
Select Class		21,932		329,894		15.04
Post Reorganization
Research Market Neutral Fund								104,438
Class A		5,631		81,851		14.54
Class B		18		253		13.81
Class C		1,835		25,335		13.81
Institutional Class		16,048		244,983		15.27
Select Class		25,646		385,754		15.04

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

40 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Opportunistic Equity Long/Short Fund and JPMorgan Research Market Neutral Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016 and the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agency, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 41

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

42 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 43

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

44 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Opportunistic Equity Long/Short Fund
Class A
Actual	$	1,000.00	$	1,034.40	$	11.66		2.28	%
Hypothetical		1,000.00		1,013.67		11.54		2.28
Class C
Actual		1,000.00		1,031.70		14.15		2.77
Hypothetical		1,000.00		1,011.21		14.00		2.77
Class R2
Actual		1,000.00		1,032.70		25.24		4.94
Hypothetical		1,000.00		1,000.30		24.84		4.94
Class R5
Actual		1,000.00		1,036.60		22.17		4.33
Hypothetical		1,000.00		1,003.37		21.80		4.33
Class R6
Actual		1,000.00		1,037.10		9.01		1.76
Hypothetical		1,000.00		1,016.29		8.92		1.76
Select Class
Actual		1,000.00		1,035.50		10.28		2.01
Hypothetical		1,000.00		1,015.03		10.18		2.01
Research Market Neutral Fund
Class A
Actual	$	1,000.00	$	1,002.20	$	17.67		3.51	%
Hypothetical		1,000.00		1,007.49		17.71		3.51
Class C
Actual		1,000.00		1,000.00		20.16		4.01
Hypothetical		1,000.00		1,004.98		20.21		4.01
Institutional Class
Actual		1,000.00		1,004.10		15.67		3.11
Hypothetical		1,000.00		1,009.50		15.71		3.11
Select Class
Actual		1,000.00		1,003.50		16.37		3.25
Hypothetical		1,000.00		1,008.80		16.41		3.25

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

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider

46 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds which had at least one full year of performance at the time of review in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”) as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s performance for both Class A and Select Class shares was in the first quintile, based upon both the Peer Group and Universe for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Research Market Neutral Fund’s performance for Class A shares was in the fifth, fourth, and fifth quintiles based upon the Universe, and for Select Class shares, in the fifth, third, fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed

the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Opportunistic Equity Long/Short Fund’s net advisory fee and actual total expenses were in the fourth quintile for both Class A and Select Class shares, based upon the Peer Group. The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the third quintile for both Class A and Select Class shares, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable

The Trustees noted that the Research Market Neutral Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintiles, based upon the Peer Group. The Trustees noted that the net advisory fee for Class A shares was in the second quintile and Select Class shares was in the first quintile, and that actual total expenses were in the first quintiles, based upon the Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

48 J.P. MORGAN SPECIALTY FUNDS OCTOBER 31, 2016

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Long Term Capital Gain
Opportunistic Equity Long Short Fund	$	81

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
Opportunistic Equity Long Short Fund	$	1,575

OCTOBER 31, 2016 J.P. MORGAN SPECIALTY FUNDS 49

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2016. All rights reserved. October 2016. AN-SPEC-1016

Annual Report

J.P. Morgan International Equity Funds

October 31, 2016

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Equity Income Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

JPMorgan International Opportunities Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Emerging Markets Equity Income Fund	9
JPMorgan Global Research Enhanced Index Fund	12
JPMorgan Global Unconstrained Equity Fund	14
JPMorgan International Equity Fund	16
JPMorgan International Equity Income Fund	18
JPMorgan International Opportunities Fund	22
JPMorgan International Research Enhanced Equity Fund	25
JPMorgan International Unconstrained Equity Fund	27
JPMorgan International Value Fund	30
JPMorgan Intrepid International Fund	33
Schedules of Portfolio Investments	36
Financial Statements	80
Financial Highlights	108
Notes to Financial Statements	132
Report of Independent Registered Public Accounting Firm	161
Trustees	162
Officers	164
Schedule of Shareholder Expenses	165
Board Approval of Investment Advisory Agreements	170
Tax Letter	176
Privacy Policy — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided.

Economic growth in China and other emerging market nations, firmness in commodities prices and attractive valuations drew investors to emerging market equities during the second half of the reporting period. In Europe, a sluggish economy and investor concerns about the long-term impact of the Brexit weighted down equity prices. During the reporting period, central bankers in Japan and Europe increased economic stimulus, which supported financial markets generally.

Notably, crude oil prices reached 15-monnth highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories. For the twelve months ended October 31, 2016, the Morgan Stanley Capital International Europe Australasia and Far East Index (net of foreign withholding tax) returned -3.23% and the Morgan Stanley Capital International Emerging Markets Index (net of foreign withholding tax) returned 9.27%.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		5.93%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		9.27%
Net Assets as of 10/31/2016 (In Thousands)	$	1,779,712

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.

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

The Fund’s Select Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

The Fund’s security selection and overweight position in the consumer staples sector and its security selection and underweight position in the financials sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the information technology sector and its underweight position in the telecommunication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Taiwan Semiconductor Manufacturing Co., Petroleo Brasileiro SA (“Petrobras”) and Banco Bradesco SA. Shares of Taiwan Semiconductor rose on better than expected earnings and strong demand from smartphone makers. Shares of Petrobras, Brazil’s state controlled oil and gas company that was not held in the Fund, rose on strengthening in global energy prices. Shares of Banco Bradesco, a Brazilian bank that was not held in the Fund, rose on expectations for a rebound in Brazil’s economy.

Leading individual contributors to relative performance included the Fund’s overweight positions in Banco do Brasil SA,

Netease Inc. and Hindustan Petroleum Corp. Shares of Banco do Brasil, a Brazilian banking and financial services company, rose on investor expectations for a rebound in Brazil’s economy. Shares of Netease, a Chinese provider of mobile games, rose on continued earnings growth and strong demand for recent game releases. Shares of Hindustan Petroleum, an Indian oil and gas company that was not held in the Benchmark, rose on a rise in global energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest average country exposures during the twelve months ended October 31, 2016, were to China, South Korea and Taiwan and its smallest average country exposures were to Chile, Egypt, Singapore and Indonesia. From a sector perspective, the Fund’s largest average weightings were in the financials, information technology and consumer discretionary sectors, while its smallest average weightings were in the real estate, telecommunications services and health care sectors.

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.0	%
	2.	Samsung Electronics Co., Ltd. (South Korea)	1.9
	3.	Tencent Holdings Ltd. (China)	1.6
	4.	NetEase, Inc., ADR (China)	1.5
	5.	Bank of China Ltd., Class H (China)	1.3
	6.	Polski Koncern Naftowy Orlen S.A. (Poland)	1.3
	7.	Alibaba Group Holding Ltd., ADR (China)	1.2
	8.	Largan Precision Co., Ltd. (Taiwan)	1.2
	9.	SK Hynix, Inc. (South Korea)	1.2
	10.	SK Innovation Co., Ltd. (South Korea)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
China	21.8	%
South Korea	19.1
Taiwan	11.7
Russia	9.6
Thailand	6.4
Brazil	5.6
Turkey	4.4
Hong Kong	4.1
India	3.2
Mexico	2.8
Poland	2.7
United Arab Emirates	1.4
Hungary	1.4
Malaysia	1.4
South Africa	1.0
Others (each less than 1.0%)	1.3
Short-Term Investment	2.1

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

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2008
With Sales Charge*			0.08	%		(1.73	)%		(2.19	)%
Without Sales Charge			5.62			(0.67	)		(1.58	)
CLASS C SHARES	February 28, 2008
With CDSC**			4.11			(1.17	)		(2.08	)
Without CDSC			5.11			(1.17	)		(2.08	)
CLASS R5 SHARES	February 28, 2008		6.03			(0.23	)		(1.14	)
CLASS R6 SHARES	September 1, 2015		6.25			(0.21	)		(1.13	)
SELECT CLASS SHARES	February 28, 2008		5.93			(0.43	)		(1.34	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/16)

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

The Fund commenced operations on February 28, 2008.

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes

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

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)1*		12.71%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		9.27%
Net Assets as of 10/31/2016 (In Thousands)	$	3,124,578

INVESTMENT OBJECTIVE**

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

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

The Fund’s Institutional Class Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016. The Fund’s security selection in the financials and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the materials sector and its security selection in the health care sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Sberbank of Russia OJSC, Bidvest Group Ltd. and Itau Unibanco Holding SA. Shares of Sberbank, a Russian commercial bank, rose on continued profit growth. Shares of Bidvest, a South African conglomerate, rose after the company reported growth in earnings and revenue. Shares of Itau Unibanco, a Brazilian banking and financial services company, rose on signs of economic recovery in Brazil.

Leading individual detractors from relative performance included the Fund’s overweight positions in Vipshop Holdings Ltd. and Woolworths Holdings Ltd. and its underweight position in Petroleo Brasiliero SA (Petrobras). Shares of Vipshop, an

Internet retailer based in China, fell on slowing sales growth and increased competition. Shares of Woolworths, a South African retail chain, fell on lower-than-expected sales of apparel. Shares of Petrobras, Brazil’s state controlled oil and gas company that was not held in the Fund, rose on improvement in global energy prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, the Fund’s largest average sector positions during the reporting period were in the financials, information technology and consumer discretionary sectors, while the smallest average sector positions in which the Fund was invested were in the telecommunication services, utilities and health care sectors.

¹ Effective December 1, 2016, the Fund’s Institutional Class Shares were renamed Class L Shares.

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

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

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	6.4	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	4.3
	3.	AIA Group Ltd. (Hong Kong)	3.7
	4.	Housing Development Finance Corp., Ltd. (India)	3.5
	5.	Tata Consultancy Services Ltd. (India)	2.7
	6.	Sberbank PAO (Russia)	2.6
	7.	Bid Corp., Ltd. (South Africa)	2.4
	8.	Alibaba Group Holding Ltd., ADR (China)	2.4
	9.	Samsung Electronics Co., Ltd. (South Korea)	2.2
	10.	HDFC Bank Ltd., ADR (India)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
India	19.9	%
China	17.3
South Africa	13.1
Brazil	10.6
Taiwan	7.9
Hong Kong	6.3
Russia	5.5
South Korea	3.8
Indonesia	3.2
Thailand	1.4
United States	1.2
Peru	1.2
Panama	1.1
Mexico	1.1
Others (each less than 1.0%)	3.5
Short-Term Investment	2.9

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			6.37	%		0.00	%(a)		2.85	%
Without Sales Charge			12.25			1.09			3.40
CLASS C SHARES	February 28, 2006
With CDSC**			10.71			0.59			2.89
Without CDSC			11.71			0.59			2.89
CLASS R5 SHARES	September 9, 2016		12.71			1.51			3.82
CLASS R6 SHARES	December 23, 2013		12.83			1.56			3.85
INSTITUTIONAL CLASS SHARES	November 15, 1993		12.71			1.51			3.82
SELECT CLASS SHARES	September 10, 2001		12.51			1.35			3.66

* Sales Charge for Class A Shares is 5.25%.

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

(a) Amount rounds to less than 0.005%.

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation

treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	10.04%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)	9.27%
Net Assets as of 10/31/2016 (In Thousands)	$11,576

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.

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

The Fund’s Select Class Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

The Fund’s security selection in the financials sector and its security selection and underweight position in the industrials sector were leading contributors to performance relative to the Benchmark. The Fund’s overweight position in the telecommunication services sector and its security selection and underweight position in the materials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in BB Seguridade Participacoes SA, Vanguard International Semiconductor Co. and Tractebel Energia SA. Shares of BB Seguridade, a Brazilian insurer, rose after reporting better-than-expected earnings growth. Shares of Vanguard International, a Taiwan-based maker of custom semiconductors, rose on better-than-expected earnings. Shares of Tractebel Energia, a Brazilian energy producer, rose amid the continued growth in Brazil’s energy sector.

Leading individual detractors from relative performance included the Fund’s overweight positions in Advanced Info Services Public Co. and its underweight positions in Tencent Holdings Ltd. and Petroleo Brasileiro SA (“Petrobras”). Shares of Advanced Info Services, a Thai mobile communications provider, fell after the company failed to win any new wireless spectrum at a government auction. Shares of Tencent Holdings, a Chinese Internet and social media company that was not held in the Fund, rose amid continued growth in earnings and advertising growth. Shares of Petrobras, Brazil’s state controlled oil and gas company that was not held in the Fund, rose on renewed strength in global energy prices.

HOW THE FUND WAS MANAGED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	4.8	%
	2.	China Mobile Ltd. (Hong Kong)	3.0
	3.	AMBEV S.A., ADR (Brazil)	3.0
	4.	BB Seguridade Participacoes S.A. (Brazil)	2.8
	5.	Banco Santander Chile, ADR (Chile)	2.8
	6.	Delta Electronics, Inc. (Taiwan)	2.7
	7.	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Mexico)	2.7
	8.	Vanguard International Semiconductor Corp. (Taiwan)	2.6
	9.	China Resources Power Holdings Co., Ltd. (Hong Kong)	2.3
	10.	Moscow Exchange MICEX-RTS PJSC (Russia)	2.2

SUMMARY OF INVESTMENTS BY COUNTRY***
Taiwan	22.7	%
South Africa	14.3
Hong Kong	11.6
Brazil	9 .8
Russia	7 .4
South Korea	6 .1
China	4 .3
Mexico	4 .3
Czech Republic	3 .6
Chile	2 .8
Thailand	2 .5
Turkey	2 .4
Hungary	1 .8
Saudi Arabia	1 .4
United Arab Emirates	1 .4
Indonesia	1 .2
Short-Term Investment	2 .4

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

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	December 12, 2014
With Sales Charge*			4.02	%		(5.70	)%
Without Sales Charge			9.76			(2.97	)
CLASS C SHARES	December 12, 2014
With CDSC**			8.19			(3.48	)
Without CDSC			9.19			(3.48	)
CLASS R5 SHARES	December 12, 2014		10.24			(2.56	)
CLASS R6 SHARES	December 12, 2014		10.26			(2.49	)
SELECT CLASS SHARES	December 12, 2014		10.04			(2.74	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/12/14 TO 10/31/16)

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

The Fund commenced operations on December 12, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Equity Income Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from December 12, 2014 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

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

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.91%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1		1.18%
Net Assets as of 10/31/2016 (In Thousands)	$	6,907,306

INVESTMENT OBJECTIVE**

The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the health care and transportation services & consumer cyclicals sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the media and energy sectors was a leading positive contributor to relative performance. By region, the Fund’s security selection in North America was the leading detractor from relative performance, while the Fund’s security selection in the Pacific region, excluding Japan, was neutral to relative performance.

Due to the Fund holding a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took marginally overweight positions in securities that they considered undervalued, while being marginally underweight in or not holding securities in the Benchmark that they considered overvalued. During the reporting period, the Fund’s portfolio managers used exchange-traded funds and futures to help manage cash flows.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.0	%
	2.	Microsoft Corp. (United States)	1.6
	3.	Facebook, Inc., Class A (United States)	1.2
	4.	Amazon.com, Inc. (United States)	1.1
	5.	Exxon Mobil Corp. (United States)	1.1
	6.	Alphabet, Inc., Class C (United States)	1.0
	7.	Wells Fargo & Co. (United States)	0.9
	8.	General Electric Co. (United States)	0.8
	9.	Alphabet, Inc., Class A (United States)	0.8
	10.	Nestle S.A. (Switzerland)	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	57.0	%
Japan	9.4
United Kingdom	5.4
France	4.1
Germany	3.8
Canada	3.7
Switzerland	3.7
Australia	2.7
Netherlands	2.1
Hong Kong	1.3
Spain	1.0
Others (each less than 1.0%)	5.5
Short-Term Investment	0.3

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

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

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

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

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2013
With Sales Charge*			(4.62	)%		2.00	%		5.71	%
Without Sales Charge			0.68			3.85			7.27
CLASS C SHARES	February 28, 2013
With CDSC**			(0.84	)		3.30			6.73
Without CDSC			0.16			3.30			6.73
CLASS R2 SHARES	February 28, 2013		0.46			3.59			7.00
SELECT CLASS SHARES	February 28, 2013		0.91			4.09			7.54

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/16)

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

The Fund commenced operations on February 28, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also,

performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	(3.29)%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)	2.05%
Net Assets as of 10/31/2016 (In Thousands)	$1,672

INVESTMENT OBJECTIVE**

The JPMorgan Global Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection and overweight positions in both the financials and health care sectors were leading detractors from performance relative to the Benchmark. The Fund’s security selection and underweight positions in the information technology sector and its security selection in the consumer discretionary sector were leading positive contributors to relative performance.

By region, the Fund’s overweight positions and security selection in the U.K. and continental Europe were leading detractors from relative performance, while the Fund’s overweight position in North America and its security selection and underweight position in Japan contributed to relative performance.

Leading individual detractors from the Fund’s relative performance included overweight positions in Teva Pharmaceutical Industries Ltd., Barclays PLC and Sanofi SA. Shares of Teva Pharmaceutical, an Israel-based maker of generic and specialty drugs, fell amid investor concerns about the company’s patent on a key drug and general concerns about pricing pressure on generic drugs. Shares of Barclays, a U.K. financial services company, fell amid investor concerns that continued low interest rates and the U.K.’s exit from the European Union would undermine earnings. Shares of Sanofi, a French pharmaceuticals company, declined after the company’s new chief executive warned of sluggish earnings growth in the near term.

Leading individual contributors to the Fund’s relative performance included overweight positions in NXP Semiconductors NV, Qualcomm Inc. and Amazon.com Inc. Shares of NXP Semiconductors, a Dutch maker of semiconductors, rose on news of a takeover bid from Qualcomm. Shares of Qualcomm, a U.S. communications technology maker, rose on investor expectations of an improved competitive position. Shares of Amazon.com, an Internet retailer, rose as the company continued to generate strong revenue and earnings growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a contrarian approach with bottom-up fundamental research to construct a global portfolio of what they believed were undervalued companies, characterized by sustainability of earnings, strong free cash flow and the ability to increase earnings faster than their sector peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C (United States)	4.7	%
	2.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	4.4
	3.	Time, Inc. (United States)	3.4
	4.	Twenty-First Century Fox, Inc., Class A (United States)	3.2
	5.	Citigroup, Inc. (United States)	3.2
	6.	Sanofi (France)	2.9
	7.	Amazon.com, Inc. (United States)	2.7
	8.	JD.com, Inc., ADR (China)	2.2
	9.	Chubb Ltd. (Switzerland)	2.1
	10.	AXA S.A. (France)	2.1

PORTFOLIO COMPOSITION BY COUNTRY***
United States	46.8	%
China	8.5
United Kingdom	7.8
France	6.5
Switzerland	6.3
Japan	5.4
Israel	4.3
Netherlands	3.4
Germany	2.1
Singapore	2.0
Canada	1.4
Russia	1.3
Hong Kong	1.1
Luxembourg	1.1
Italy	1.0
India	1.0

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

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

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

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			(8.58	)%		1.08	%		7.64	%
Without Sales Charge			(3.53	)		2.90			8.83
CLASS C SHARES	November 30, 2011
With CDSC**			(5.02	)		2.39			8.29
Without CDSC			(4.02	)		2.39			8.29
CLASS R2 SHARES	November 30, 2011		(3.85	)		2.63			8.54
CLASS R5 SHARES	November 30, 2011		(3.12	)		3.36			9.32
CLASS R6 SHARES	November 30, 2011		(3.10	)		3.41			9.37
SELECT CLASS SHARES	November 30, 2011		(3.29	)		3.21			9.13

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 TO 10/31/16)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Unconstrained Equity Fund, the MSCI All Country World Index and the Lipper Global Multi-Cap Core Funds Index from November 30, 2011 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Lipper Global Multi-Cap Core Funds Index is an index based on the total returns of certain

mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through January 5, 2015, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(1.50)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.23)%
Net Assets as of 10/31/2016 (In Thousands)	$	3,424,466

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.

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

The Fund’s Select Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the financials and health care sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Taiwan Semiconductor Manufacturing Co., Tokyo Electronics Ltd. and Arm Holdings Ltd. Shares of Taiwan Semiconductor, which was not held in the Benchmark, Tokyo Electron, a provider of equipment to the semiconductor industry, and Arm Holdings, a U.K. semiconductor manufacturer, rose on increasing demand for semiconductors used in a range of products, including mobile devices, automobiles and wearable accessories. Shares of Arm Holdings were also boosted by news of the company’s acquisition by Softbank Inc.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Credit Suisse Group AG, Barclays PLC and Prudential PLC. Shares of Credit Suisse, a Swiss financial services company, Barclays, a U.K. financial services company, and Prudential, a U.K. insurance and financial services provider not held in the Benchmark, fell amid sluggish economic growth and investor concerns that the U.K.’s planned exit from the European Union would prompt European monetary authorities to hold interest rates low, undermining investment returns and bank interest margins.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with

solid financial positions that possessed the potential to increase their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	HSBC Holdings plc (United Kingdom)	2.2	%
	2.	Roche Holding AG (Switzerland)	2.1
	3.	Vodafone Group plc (United Kingdom)	2.0
	4.	Novartis AG (Switzerland)	2.0
	5.	Japan Tobacco, Inc. (Japan)	2.0
	6.	Samsung Electronics Co., Ltd., GDR (South Korea)	2.0
	7.	Sumitomo Mitsui Financial Group, Inc. (Japan)	1.9
	8.	SAP SE (Germany)	1.9
	9.	Royal Dutch Shell plc, Class A (Netherlands)	1.8
	10.	Anheuser-Busch InBev S.A./N.V. (Belgium)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.8	%
United Kingdom	17.9
France	11.7
Switzerland	10.5
Germany	7.6
Netherlands	6.2
Hong Kong	4.8
China	3.7
South Korea	2.6
Belgium	1.8
Taiwan	1.3
Australia	1.3
India	1.1
South Africa	1.1
Denmark	1.1
Others (each less than 1.0%)	2.4
Short-Term Investment	1.1

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

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

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

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
With Sales Charge*			(7.00	)%		3.07	%		0.49	%
Without Sales Charge			(1.83	)		4.19			1.04
CLASS C SHARES	January 31, 2003
With CDSC**			(3.31	)		3.67			0.51
Without CDSC			(2.31	)		3.67			0.51
CLASS R2 SHARES	November 3, 2008		(2.08	)		3.93			0.83
CLASS R5 SHARES	May 15, 2006		(1.34	)		4.67			1.49
CLASS R6 SHARES	November 30, 2010		(1.30	)		4.71			1.51
SELECT CLASS SHARES	January 1, 1997		(1.50	)		4.45			1.29

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(3.31)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.23)%
Net Assets as of 10/31/2016 (In Thousands)	$	134,155

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the industrial cyclical and the consumer non-durable sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection and underweight position in the banks sector and its overweight position in the technology-semiconductors sector were leading positive contributors to relative performance.

By region, the Fund’s underweight positions and security selection in the Pacific and in Japan detracted from relative performance, while the Fund’s holdings in emerging markets, where the Benchmark had no exposure, and its security selection and underweight position in Continental Europe made positive contributions to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Persimmon PLC, Bayer AG and Ryanair Holdings PLC. Shares of Persimmon, a U.K. homebuilder, fell amid investor concerns that the U.K.’s planned exit from the European Union would hurt sales. Shares of Bayer, a German maker of pharmaceuticals and health care

products, fell on news of its plan to acquire Monsanto Co. Shares of Ryanair Holdings, a low-fare airline based in Ireland and not held in the Benchmark, fell on investor concerns about the impact of on tourism of terrorist attacks and an air traffic controllers’ strike in France.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., a Japanese provider of telecommunications services, Danske Bank A/S, a Danish bank, and GlaxoSmithKline PLC., a U.K., drug maker. Shares of all three companies rose as they continued to return capital to shareholders in the form of dividends and/or share buybacks.

HOW THE FUND WAS MANAGED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.

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

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

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	GlaxoSmithKline plc (United Kingdom)	3.7	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.5
	3.	Anheuser-Busch InBev S.A./N.V. (Belgium)	3.5
	4.	UPM-Kymmene OYJ (Finland)	2.8
	5.	Toronto-Dominion Bank (The) (Canada)	2.8
	6.	Royal Dutch Shell plc, Class A (Netherlands)	2.7
	7.	WPP plc (United Kingdom)	2.7
	8.	Danske Bank A/S (Denmark)	2.6
	9.	Moneta Money Bank A.S. (Czech Republic)	2.5
	10.	MMC Norilsk Nickel PJSC, ADR (Russia)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	25.4	%
Netherlands	9.5
Germany	9.1
Japan	8.4
France	7.1
Russia	6.1
Taiwan	4.6
Canada	3.7
Belgium	3.5
Switzerland	3.1
Finland	2.8
Denmark	2.6
Czech Republic	2.5
Hong Kong	2.4
Australia	1.9
Israel	1.8
Norway	1.6
New Zealand	1.1
Others (each less than 1.0%)	0.9
Short-Term Investment	1.9

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
With Sales Charge*			(8.67	)%		4.61	%		2.37	%
Without Sales Charge			(3.60	)		5.74			3.35
CLASS C SHARES	February 28, 2011
With CDSC**			(5.02	)		5.22			2.83
Without CDSC			(4.02	)		5.22			2.83
CLASS R2 SHARES	February 28, 2011		(3.84	)		5.48			3.08
CLASS R5 SHARES	February 28, 2011		(3.14	)		6.22			3.80
CLASS R6 SHARES	January 30, 2015		(3.09	)		6.22			3.81
SELECT CLASS SHARES	February 28, 2011		(3.31	)		6.03			3.63

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/16)

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

The Fund commenced operations on February 28, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to October 31, 2016. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do

not benefit from double taxation treaties. The performance of the Lipper International Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this

information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(4.69)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.23)%
Net Assets as of 10/31/2016 (In Thousands)	$	2,769,870

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s underweight position and security selection in the basic industries sector and security selection in the health care sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the banks sector and its overweight position in the technology semiconductors sector were leading contributors to relative performance.

By region, the Fund’s security selection and overweight position in the U.K. and its underweight position in the Pacific region, excluding Japan, were leading detractors from relative performance. The Fund’s security selection in continental Europe made a positive contribution to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Dixons Carphone PLC, Associated British Foods PLC and Taylor Wimpey PLC. Shares of Dixons Carphone, a U.K. retailer of telecommunications services, Associated British Foods, owner of the Primark chain of supermarkets, and Taylor Wimpey, a U.K. homebuilder, all declined as U.K.’s vote to exit the European Union led to a

decline in the pound’s value and raised investor concerns about the U.K. economy.

Leading individual contributors to relative performance included the Fund’s overweight positions in Keyence Corp., Daikin Industries Ltd. and Adidas AG. Shares of both Keyence, a Japanese maker of sensors used in factory automation equipment, and Daikin Industries, a Japanese maker of air conditioners, rose on continued strength in operating profits at both companies. Shares of Adidas, a German maker of athletic apparel, rose after the company reported better-than-expected earnings and raised its earnings and sales forecasts several times during the reporting period.

HOW WAS THE FUND POSITIONED?

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

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.8	%
	2.	Roche Holding AG (Switzerland)	2.4
	3.	British American Tobacco plc (United Kingdom)	2.1
	4.	Anheuser-Busch InBev S.A./N.V. (Belgium)	2.1
	5.	Siemens AG (Germany)	1.9
	6.	GlaxoSmithKline plc (United Kingdom)	1.8
	7.	Australia & New Zealand Banking Group Ltd. (Australia)	1.6
	8.	Mitsubishi UFJ Financial Group, Inc. (Japan)	1.6
	9.	Yamato Holdings Co., Ltd. (Japan)	1.6
	10.	ORIX Corp. (Japan)	1.6

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	25.8	%
United Kingdom	15.5
France	12.3
Germany	9.7
Netherlands	5.8
Switzerland	5.6
Australia	3.7
Italy	3.6
Denmark	3.4
Hong Kong	2.2
Belgium	2.1
Norway	1.6
United States	1.5
Finland	1.4
Sweden	1.2
India	1.1
Others (each less than 1.0%)	0.9
Short-Term Investment	2.6

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			(9.68	)%		3.37	%		0.37	%
Without Sales Charge			(4.69	)		4.49			0.91
CLASS C SHARES	July 31, 2007
With CDSC**			(6.26	)		3.95			0.40
Without CDSC			(5.26	)		3.95			0.40
CLASS R6 SHARES	November 30, 2010		(4.09	)		5.07			1.42
INSTITUTIONAL CLASS SHARES	February 26, 1997		(4.25	)		4.96			1.36
SELECT CLASS SHARES	September 10, 2001		(4.40	)		4.78			1.17

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(2.72)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.23)%
Net Assets as of 10/31/2016 (In Thousands)	$	1,335,211

INVESTMENT OBJECTIVE**

The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the industrial cyclical and basic industries sectors was a leading positive contributor to relative performance. The Fund’s security selection in the banks and finance sector and the transportation services and consumer cyclical sector was a leading detractor from relative performance.

By region, the Fund’s security selection in Japan and continental Europe made a positive contribution to relative performance, while the Fund’s underweight allocation to the Pacific, excluding Japan, detracted from relative performance.

Due to the Fund holding a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle S.A. (Switzerland)	2.6	%
	2.	Roche Holding AG (Switzerland)	1.8
	3.	British American Tobacco plc (United Kingdom)	1.5
	4.	HSBC Holdings plc (United Kingdom)	1.4
	5.	Toyota Motor Corp. (Japan)	1.4
	6.	Siemens AG (Germany)	1.3
	7.	SAP SE (Germany)	1.3
	8.	Bayer AG (Germany)	1.2
	9.	Royal Dutch Shell plc, Class B (Netherlands)	1.2
	10.	GlaxoSmithKline plc (United Kingdom)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.1	%
United Kingdom	15.4
France	10.5
Germany	10.1
Switzerland	9.6
Australia	6.4
Netherlands	6.1
Hong Kong	2.8
Italy	2.4
Spain	2.1
Finland	2.0
Sweden	1.2
Belgium	1.0
Others (each less than 1.0%)	4.8
Short-Term Investment	2.5

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
With Sales Charge*			(8.06	)%		3.86	%		0.21	%
Without Sales Charge			(2.94	)		4.99			0.75
CLASS C SHARES	November 4, 1997
With CDSC**			(4.41	)		4.40			0.12
Without CDSC			(3.41	)		4.40			0.12
CLASS R2 SHARES	November 3, 2008		(3.22	)		4.73			0.50
SELECT CLASS SHARES	October 28, 1992		(2.72	)		5.25			1.00

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(1.47)%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)		0.22%
Net Assets as of 10/31/2016 (In Thousands)	$	109,775

INVESTMENT OBJECTIVE**

The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Select Class Shares underperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the financials sector and its security selection and overweight position in the health care sector were leading detractors from performance relative to the Benchmark. The Fund’s overweight position in the information technology sector and its security selection in the materials sectors were leading contributors to relative performance.

By region, the Fund’s security selection and overweight position in Continental Europe and its underweight position and security selection in the Pacific, excluding Japan, were leading detractors from performance relative to the Benchmark. The Fund’s security selection in Japan contributed to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Nokia Corp., Teva Pharmaceutical Industrial Ltd. and Barclays PLC. Shares of Nokia, a Finnish telecommunications provider, declined as weakness in the wireless network market hurt the company’s earnings. Shares of Teva Pharmaceutical, an Israel-based maker of generic and specialty drugs, fell amid investor

concerns about pricing pressure on generic drugs and the loss of a patent on a key drug. Shares of Barclays, a U.K. financial services company, fell amid investor concerns that continued low interest rates and the U.K.’s exit from the European Union would undermine earnings.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Arm Holdings PLC, LafargeHolcim Ltd. and Covestro AG. Shares of Arm Holdings, a U.K. semiconductor designer, rose on news of a takeover bid from Softbank Inc. Shares of LafargeHolcim, a construction materials maker based in Switzerland, rose on investor expectations for a rebound in global demand for cement and other materials. Shares of Covestro, a German maker of advanced materials, rose following its spin-off from Bayer AG.

HOW WAS THE FUND POSITIONED?

By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	LafargeHolcim Ltd. (Switzerland)	4.2	%
	2.	Rio Tinto plc (United Kingdom)	3.4
	3.	Alimentation Couche-Tard, Inc., Class B (Canada)	3.1
	4.	Baidu, Inc., ADR (China)	2.9
	5.	Altice N.V., Class A (Netherlands)	2.9
	6.	CNOOC Ltd. (China)	2.9
	7.	Teva Pharmaceutical Industries Ltd., ADR (Israel)	2.8
	8.	Vodafone Group plc (United Kingdom)	2.7
	9.	NN Group N.V. (Netherlands)	2.7
	10.	Cie Financiere Richemont S.A. (Switzerland)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	17.8	%
Switzerland	12.0
Netherlands	10.5
China	10.0
Hong Kong	8.5
Japan	7.6
Canada	4.5
Finland	3.9
Germany	3.5
Israel	2.8
Belgium	2.6
India	2.2
Taiwan	2.0
France	2.0
Denmark	2.0
United States	1.7
South Africa	1.7
South Korea	1.5
Italy	1.3
Short-Term Investment	1.9

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

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
With Sales Charge*			(6.98	)%		(2.23	)%		5.74	%
Without Sales Charge			(1.80	)		(0.46	)		6.90
CLASS C SHARES	November 30, 2011
With CDSC**			(3.28	)		(0.96	)		6.36
Without CDSC			(2.28	)		(0.96	)		6.36
CLASS R2 SHARES	November 30, 2011		(2.05	)		(0.72	)		6.63
CLASS R5 SHARES	November 30, 2011		(1.38	)		(0.01	)		7.38
CLASS R6 SHARES	November 30, 2011		(1.29	)		0.05			7.44
SELECT CLASS SHARES	November 30, 2011		(1.47	)		(0.15	)		7.20

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/11 To 10/31/16)

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

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market

performance of developed and emerging markets, excluding the United States. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares1)*		(4.63)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		(3.35)%
Net Assets as of 10/31/2016 (In Thousands)	$	1,308,220

INVESTMENT OBJECTIVE**

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

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

The Fund’s Institutional Class Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the health care and insurance sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the retail sector and its overweight position in the technology-semiconductors sector were leading contributors to relative performance.

By region, the Fund’s underweight position in the Pacific, excluding Japan, and its security selection in the U.K. and Japan were leading detractors from performance relative to the Benchmark. The Fund’s out-of-Benchmark holdings in both emerging markets and Canada were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Teva Pharmaceutical Industries Ltd., Prudential PLC and Telecom Italia Spa. Shares of Teva Pharmaceutical, a drug maker not held in the Benchmark, fell amid investor concerns about pressure on generic drug prices and the loss of a key drug patent. Shares of Prudential, an insurance and financial services provider not held in the Benchmark, fell amid the continued low interest rate environment and investor concerns about the impact of the U.K.’s planned exit from the European Union. Shares of Telecom Italia, a telecommunications provider in Italy, fell on investor concerns about increased competition in the Italian telecommunications market.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Daikin Industries Ltd. and Suzuki Motor Corp. Shares of Nippon Telegraph and Telephone, a telecommunications provider in Japan, rose as the company continued to return capital to shareholders via dividends and share repurchases. Shares of Daikin, a Japanese manufacturer of air conditioners that was not held in the Benchmark, rose as sales growth in emerging markets and an expanding presence in the U.S. boosted earnings. Shares of Suzuki Motor, an auto manufacturer not held in the Benchmark, rose amid continued growth in India and on news that the company was cleared of wrongdoing in a probe of fuel-efficiency measurement methods.

HOW WAS THE FUND POSITIONED?

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

¹  Effective December 1, 2016, the Fund’s Institutional Class was renamed Class L.

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

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

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	TOTAL S.A (France)	3.5	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	3.4
	3.	Australia & New Zealand Banking Group Ltd. (Australia)	3.0
	4.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.7
	5.	Siemens AG (Germany)	2.5
	6.	BNP Paribas S.A (France)	2.5
	7.	Vodafone Group plc (United Kingdom)	2.1
	8.	AXA S.A (France)	2.1
	9.	ING Groep N.V (Netherlands)	2.0
	10.	Zurich Insurance Group AG (Switzerland)	2.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	23.6	%
France	15.7
United Kingdom	13.2
Germany	7.9
Netherlands	7.1
Switzerland	4.6
Australia	4.0
Italy	3.7
Finland	2.3
Belgium	2.0
Hong Kong	2.0
Sweden	1.9
Israel	1.4
Norway	1.2
United States	1.2
Spain	1.2
Luxembourg	1.1
China	1.0
South Korea	1.0
Others (each less than 1.0%)	2.6
Short-Term Investment	1.3

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			(9.99	)%		1.65	%		(0.74	)%
Without Sales Charge			(5.01	)		2.76			(0.21	)
CLASS C SHARES	July 11, 2006
With CDSC**			(6.54	)		2.26			(0.71	)
Without CDSC			(5.54	)		2.26			(0.71	)
CLASS R2 SHARES	November 3, 2008		(5.28	)		2.51			(0.41	)
CLASS R5 SHARES	September 9, 2016		(4.56	)		3.20			0.20
CLASS R6 SHARES	November 30, 2010		(4.45	)		3.31			0.27
INSTITUTIONAL CLASS SHARES	November 4, 1993		(4.63	)		3.19			0.20
SELECT CLASS SHARES	September 10, 2001		(4.74	)		3.05			0.05

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested

after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

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

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(3.07)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		(3.23)%
Net Assets as of 10/31/2016 (In Thousands)	$	2,694,314

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class A Shares, without a sales charge, outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth, value and quality characteristics) would be the primary drivers of returns.

The Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark for the twelve month period. The Fund’s security selection in the information technology and health care sectors was a leading detractor from relative performance.

The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. The Fund held a range of 150 to 250 securities during the period. Consequently, the impact of any individual security on the Fund’s overall performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund’s strategy was rooted in the notion that investor behavior is influenced by human emotion. This influence is believed to give rise to persistent growth, value and quality anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify securities with attractive growth, value and/or quality characteristics.

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class B (Netherlands)	2.0	%
	2.	Roche Holding AG (Switzerland)	1.7
	3.	Nestle S.A. (Switzerland)	1.5
	4.	British American Tobacco plc (United Kingdom)	1.3
	5.	Unilever N.V., CVA (United Kingdom)	1.3
	6.	TOTAL S.A. (France)	1.2
	7.	BP plc (United Kingdom)	1.2
	8.	BHP Billiton Ltd. (Australia)	1.0
	9.	Novartis AG (Switzerland)	1.0
	10.	Siemens AG (Germany)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	24.0	%
United Kingdom	15.4
France	11.3
Switzerland	8.5
Germany	8.0
Australia	6.7
Netherlands	4.2
Hong Kong	3.4
Sweden	2.7
Denmark	2.3
Spain	2.1
Italy	1.3
Norway	1.1
Belgium	1.0
United States	1.0
Others (each less than 1.0%)	4.9
Short-Term Investment	2.1

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

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(8.15	)%		4.03	%		(0.01	)%
Without Sales Charge			(3.07	)		5.16			0.53
CLASS C SHARES	February 28, 2006
With CDSC**			(4.56	)		4.63			0.03
Without CDSC			(3.56	)		4.63			0.03
CLASS R2 SHARES	November 3, 2008		(3.36	)		4.88			0.33
CLASS R6 SHARES	May 29, 2015		(2.59	)		5.69			1.04
INSTITUTIONAL CLASS SHARES	April 30, 2001		(2.67	)		5.66			1.02
SELECT CLASS SHARES	February 28, 2006		(2.73	)		5.46			0.80

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation

treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
		Brazil — 4.3%
	2,216	Banco do Brasil S.A. (a)		20,373
	1,054	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (a)		11,092
	2,148	EDP — Energias do Brasil S.A.		10,291
	2,484	Marfrig Global Foods S.A. (a)		4,412
	2,406	MRV Engenharia e Participacoes S.A.		9,271
	808	Qualicorp S.A.		5,224
	2,386	Vale S.A., ADR (a)		16,510
				77,173
		Chile — 0.5%
	2,823	Cencosud S.A.		9,202
		China — 21.6%
	1,603	AAC Technologies Holdings, Inc.		15,269
	216	Alibaba Group Holding Ltd., ADR (a)		21,932
	6,116	Anhui Conch Cement Co., Ltd., Class H		16,903
	50,174	Bank of China Ltd., Class H		22,484
	6,365	BYD Electronic International Co., Ltd.		5,008
	17,899	China CITIC Bank Corp., Ltd., Class H		11,544
	10,733	China Everbright Bank Co., Ltd., Class H		4,893
	6,885	China Lesso Group Holdings Ltd.		5,040
	4,874	China Mengniu Dairy Co., Ltd.		9,207
	8,328	China Merchants Bank Co., Ltd., Class H		20,252
	8,814	China Shenhua Energy Co., Ltd., Class H		18,272
	5,567	China Vanke Co., Ltd., Class H		14,530
	506	Chlitina Holding Ltd.		2,215
	8,500	CSPC Pharmaceutical Group Ltd.		8,801
	13,350	Geely Automobile Holdings Ltd.		13,736
	8,414	Guangzhou Automobile Group Co., Ltd., Class H		10,161
	10,732	Huadian Power International Corp., Ltd., Class H		4,600
	162	Huaneng Power International, Inc., Class H		7,364
	11,980	Huaneng Power International, Inc., Class H		99
	9,397	Industrial & Commercial Bank of China Ltd., Class H		5,644
	57,463	Industrial & Commercial Bank of China Ltd., Class H		34,491
	103	NetEase, Inc., ADR		26,518
	137	New Oriental Education & Technology Group, Inc., ADR (a)		6,848
	7,768	PICC Property & Casualty Co., Ltd., Class H		12,538
	2,089	Shanghai Pharmaceuticals Holding Co., Ltd., Class H		5,376
	6,236	Shenzhen Expressway Co., Ltd., Class H		6,249
	785	Shenzhou International Group Holdings Ltd.		5,200
	6,850	Sinopec Shanghai Petrochemical Co., Ltd., Class H		3,492
	3,207	Sinopharm Group Co., Ltd., Class H		15,574

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	901	Sunny Optical Technology Group Co., Ltd.		4,394
	1,095	Tencent Holdings Ltd.		29,025
	3,174	TravelSky Technology Ltd., Class H		6,772
	11,922	Xinyi Solar Holdings Ltd. (a)		4,417
	5,238	Zhejiang Expressway Co., Ltd., Class H		5,484
				384,332
		Hong Kong — 4.0%
	10,160	China Power International Development Ltd.		3,695
	5,256	China Resources Land Ltd.		13,054
	4,038	COSCO Shipping Ports Ltd.		4,003
	1,720	Kingboard Chemical Holdings Ltd.		5,084
	6,501	Lee & Man Paper Manufacturing Ltd.		4,885
	5,963	Nine Dragons Paper Holdings Ltd.		4,848
	3,614	Shenzhen International Holdings Ltd.		5,580
	9,802	Skyworth Digital Holdings Ltd.		6,327
	12,624	Truly International Holdings Ltd.		4,937
	17,006	WH Group Ltd. (e)		13,773
	6,526	Xinyi Glass Holdings Ltd. (a)		5,611
				71,797
		Hungary — 1.4%
	135	MOL Hungarian Oil & Gas plc		8,628
	583	OTP Bank plc		16,330
				24,958
		India — 3.2%
	1,540	Bharat Petroleum Corp., Ltd.		15,465
	1,106	HCL Technologies Ltd.		12,715
	2,181	Hindustan Petroleum Corp., Ltd.		15,284
	353	Tata Motors Ltd., ADR		13,918
				57,382
		Indonesia — 0.3%
	833	Gudang Garam Tbk PT		4,333
		Malaysia — 1.4%
	14,521	AirAsia Bhd		9,587
	4,271	Tenaga Nasional Bhd		14,600
				24,187
		Mexico — 2.7%
	1,388	Arca Continental S.A.B. de C.V.		8,637
	569	Coca-Cola Femsa S.A.B. de C.V., Series L		4,273
	168	Fomento Economico Mexicano S.A.B. de C.V., ADR		16,099
	455	Gruma S.A.B. de C.V., Class B		6,311
	5,458	Grupo Mexico S.A.B. de C.V., Series B		13,447
				48,767

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — 2.7%
	561	Eurocash S.A.		5,682
	716	KGHM Polska Miedz S.A.		12,999
	1,122	Polski Koncern Naftowy Orlen S.A.		22,223
	4,855	Polskie Gornictwo Naftowe i Gazownictwo S.A.		6,216
				47,120
		Russia — 9.0%
	7,316	Alrosa PJSC		10,234
	380	LUKOIL PJSC, ADR		18,494
	56	Magnit PJSC		9,352
	20,921	Magnitogorsk Iron & Steel OJSC		10,512
	1,139	MMC Norilsk Nickel PJSC, ADR		17,181
	1,742	Mobile TeleSystems PJSC, ADR		13,429
	6,717	Moscow Exchange MICEX-RTS PJSC		12,373
	140	Ros Agro plc, GDR (e)		1,827
	51	Ros Agro plc, GDR		669
	2,912	Rosneft PJSC, GDR		15,836
	2,137	Sberbank PAO, ADR		20,260
	771	Severstal PJSC, GDR		10,874
	326	Tatneft PJSC, ADR		10,869
	252	X5 Retail Group N.V., GDR (a)		7,534
				159,444
		Singapore — 0.6%
	366	Jardine Cycle & Carriage Ltd.		11,086
		South Africa — 1.1%
	646	SPAR Group Ltd. (The)		9,144
	333	Tiger Brands Ltd.		9,494
				18,638
		South Korea — 18.9%
	30	Amorepacific Corp.		9,421
	25	BGF retail Co., Ltd.		3,802
	43	Com2uSCorp (a)		3,531
	25	Coway Co., Ltd.		1,968
	703	Hana Financial Group, Inc.		20,100
	260	Hankook Tire Co., Ltd.		12,478
	78	Hyosung Corp.		9,123
	13	LG Household & Health Care Ltd.		9,292
	481	LG Uplus Corp.		4,954
	45	Mando Corp.		10,515
	74	NCSoft Corp.		17,078
	328	Partron Co., Ltd.		2,561
	85	POSCO		17,614
	23	Samsung Electronics Co., Ltd.		32,889
	435	Shinhan Financial Group Co., Ltd.		16,640
	585	SK Hynix, Inc.		20,940

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	157	SK Innovation Co., Ltd.		20,672
	202	S-Oil Corp.		13,827
	1,689	Woori Bank		18,405
	73	Hyundai Heavy Industries Co., Ltd. (a)		9,220
	278	Hyundai Marine & Fire Insurance Co., Ltd.		8,582
	70	Hyundai Mobis Co., Ltd.		16,660
	452	Korea Electric Power Corp.		19,568
	185	KT&G Corp.		18,262
	783	LG Display Co., Ltd.		18,720
				336,822
		Taiwan — 11.6%
	5,989	Accton Technology Corp.		9,564
	1,340	Casetek Holdings Ltd.		4,302
	1,196	Catcher Technology Co., Ltd.		9,362
	3,543	Elite Material Co., Ltd.		9,864
	2,863	FLEXium Interconnect, Inc.		8,142
	703	Grape King Bio Ltd.		5,903
	6,692	Hon Hai Precision Industry Co., Ltd.		18,075
	8,410	King Yuan Electronics Co., Ltd.		7,397
	179	Largan Precision Co., Ltd.		21,118
	3,721	Micro-Star International Co., Ltd.		10,705
	5,382	Pegatron Corp.		14,492
	3,759	Powertech Technology, Inc.		10,725
	1,555	Realtek Semiconductor Corp.		5,267
	290	Silicon Motion Technology Corp., ADR		11,759
	281	St. Shine Optical Co., Ltd.		5,905
	629	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		19,551
	2,664	Tong Yang Industry Co., Ltd.		6,199
	7,984	Uni-President Enterprises Corp.		15,425
	2,853	Win Semiconductors Corp.		7,923
	2,012	Zhen Ding Technology Holding Ltd.		4,577
				206,255
		Thailand — 6.3%
	19,637	Charoen Pokphand Foods PCL, NVDR		17,660
	5,223	CP ALL PCL, NVDR		9,053
	55,055	IRPC PCL, NVDR		7,515
	3,721	Kiatnakin Bank PCL, NVDR		6,214
	36,137	Krung Thai Bank PCL, NVDR		17,748
	1,887	PTT PCL, NVDR		18,578
	27,353	Star Petroleum Refining PCL, NVDR		9,820
	11,804	Thai Beverage PCL		8,183
	3,695	Thai Oil PCL, NVDR		7,381
	9,159	Thai Union Group PCL, NVDR		5,676
	4,090	Thanachart Capital PCL, NVDR		4,612
				112,440

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except number of Future contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Turkey — 4.3%
	6,747	Akbank TAS		18,057
	1,250	Arcelik A.S.		8,261
	19,246	Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		19,666
	8,103	Eregli Demir ve Celik Fabrikalari TAS		11,018
	3,722	Tekfen Holding A.S.		9,445
	728	Tofas Turk Otomobil Fabrikasi A.S.		5,489
	3,907	Turkiye Sise ve Cam Fabrikalari A.S.		4,110
	193	Ulker Biskuvi Sanayi A.S.		1,197
				77,243
		United Arab Emirates — 1.4%
	10,423	Aldar Properties PJSC		7,462
	9,329	Emaar Properties PJSC		17,665
				25,127
		Total Common Stocks (Cost $1,591,415)		1,696,306
	Preferred Stocks — 1.8%
		Brazil — 1.2%
	682	Braskem S.A., Class A		6,057
	559	Cia Brasileira de Distribuicao		10,701
	1,798	Cia Energetica de Minas Gerais		5,491
				22,249
		Russia — 0.6%
	23,397	Surgutneftegas OJSC		10,609
		Total Preferred Stocks (Cost $32,396)		32,858
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	36,972	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $36,972)		36,972
		Total Investments — 99.2% (Cost $1,660,783)		1,766,136
		Other Assets in Excess of Liabilities — 0.8%		13,576
		NET ASSETS — 100.0%	$	1,779,712

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		14.6	%
Oil, Gas & Consumable Fuels		12.4
Metals & Mining		6.8
Electronic Equipment, Instruments & Components		6.4
Semiconductors & Semiconductor Equipment		5.0
Food Products		4.8
Internet Software & Services		4.4
Technology Hardware, Storage & Peripherals		4.1
Food & Staples Retailing		3.7
Real Estate Management & Development		3.0
Auto Components		2.9
Electric Utilities		2.8
Automobiles		2.5
Beverages		2.1
Personal Products		1.5
Health Care Providers & Services		1.5
Household Durables		1.5
Tobacco		1.3
Transportation Infrastructure		1.2
Insurance		1.2
Software		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
IT Services		1.1
Chemicals		1.1
Construction Materials		1.0
Others (each less than 1.0%)		8.7
Short-Term Investment		2.1

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	508	Mini MSCI Emerging Markets Index		12/16/16		USD	$	22,949	$	(282	)

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
		Argentina — 0.6%
	117	MercadoLibre, Inc.		19,667
		Australia — 0.7%
	4,119	Oil Search Ltd.		20,646
		Brazil — 10.0%
	5,254	AMBEV S.A., ADR		31,000
	5,009	BB Seguridade Participacoes S.A.		50,219
	4,254	CCR S.A.		23,165
	2,728	Cielo S.A.		27,730
	3,647	Itau Unibanco Holding S.A. (Preference Shares), ADR		43,508
	4,019	Kroton Educacional S.A.		20,008
	4,439	Lojas Renner S.A.		37,530
	846	Marcopolo S.A. (a)		663
	819	Raia Drogasil S.A. (a)		18,227
	2,102	Ultrapar Participacoes S.A.		47,798
	2,451	WEG S.A.		13,545
				313,393
		China — 16.3%
	3,047	AAC Technologies Holdings, Inc.		29,027
	748	Alibaba Group Holding Ltd., ADR (a)		76,016
	182	Baidu, Inc., ADR (a)		32,166
	6,281	Chongqing Changan Automobile Co., Ltd., Class B		9,577
	11,331	CNOOC Ltd.		14,258
	1,143	CNOOC Ltd.		1,442
	1,712	JD.com, Inc., ADR (a)		44,431
	7,162	Ping An Insurance Group Co. of China Ltd., Class H		37,697
	4,527	Shenzhou International Group Holdings Ltd.		29,985
	7,535	Tencent Holdings Ltd.		199,703
	1,464	Tsingtao Brewery Co., Ltd., Class H		5,841
	2,071	Vipshop Holdings Ltd., ADR (a)		28,315
				508,458
		Cyprus — 0.2%
	1,207	Globaltrans Investment plc, GDR		5,856
		Egypt — 0.3%
	2,247	Commercial International Bank Egypt SAE, GDR		9,934
		Hong Kong — 6.4%
	18,667	AIA Group Ltd.		117,432
	517	Jardine Matheson Holdings Ltd.		31,497
	11,573	Sands China Ltd.		50,223
				199,152

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 20.0%
	1,756	Asian Paints Ltd.		28,290
	2,198	HDFC Bank Ltd.		48,780
	903	HDFC Bank Ltd., ADR		63,940
	5,303	Housing Development Finance Corp., Ltd.		109,527
	1,640	IndusInd Bank Ltd.		29,382
	3,681	Infosys Ltd., ADR		56,171
	16,999	ITC Ltd.		61,550
	2,407	Kotak Mahindra Bank Ltd.		29,563
	1,845	Lupin Ltd.		41,965
	2,334	Tata Consultancy Services Ltd.		83,586
	754	Tata Motors Ltd., ADR		29,698
	733	UltraTech Cement Ltd.		43,560
				626,012
		Indonesia — 3.2%
	71,609	Astra International Tbk PT		45,179
	28,279	Bank Central Asia Tbk PT		33,622
	23,468	Bank Rakyat Indonesia Persero Tbk PT		21,913
				100,714
		Mexico — 1.1%
	3,708	Infraestructura Energetica Nova S.A.B. de C.V.		16,417
	1,583	Promotora y Operadora de Infraestructura S.A.B. de C.V.		17,698
				34,115
		Panama — 1.1%
	375	Copa Holdings S.A., Class A		34,550
		Peru — 1.2%
	246	Credicorp Ltd.		36,520
		Russia — 5.5%
	643	LUKOIL PJSC, ADR		31,282
	306	Magnit PJSC		51,382
	181	Magnit PJSC, GDR		7,174
	35,253	Sberbank PAO		82,057
				171,895
		South Africa — 13.2%
	1,755	Aspen Pharmacare Holdings Ltd.		38,223
	4,360	Bid Corp. Ltd.		76,558
	3,907	Bidvest Group Ltd. (The)		48,536
	331	Capitec Bank Holdings Ltd.		16,801
	9,183	FirstRand Ltd.		32,927
	1,738	Mr Price Group Ltd.		19,805
	3,174	Remgro Ltd.		52,698
	9,054	Sanlam Ltd.		43,856
	2,463	Shoprite Holdings Ltd.		36,353

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Africa — continued
	7,717	Woolworths Holdings Ltd.		44,695
				410,452
		South Korea — 3.8%
	213	Hyundai Motor Co.		25,958
	671	Kia Motors Corp.		23,827
	48	Samsung Electronics Co., Ltd.		68,691
				118,476
		Switzerland — 0.8%
	443	Luxoft Holding, Inc. (a)		23,468
		Taiwan — 8.0%
	5,761	Delta Electronics, Inc.		30,329
	1,732	Eclat Textile Co., Ltd.		19,625
	239	Largan Precision Co., Ltd.		28,196
	5,095	President Chain Store Corp.		38,068
	4,294	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		133,552
				249,770
		Thailand — 1.4%
	5,060	Kasikornbank PCL, NVDR		24,836
	1,048	Siam Cement PCL (The)		15,090
	284	Siam Cement PCL (The), NVDR		4,061
				43,987
		Turkey — 0.3%
	1,022	Ford Otomotiv Sanayi A.S.		10,444
		United States — 1.2%
	372	EPAM Systems, Inc. (a)		23,928
	596	Yum China Holdings, Inc. (a)		14,442
				38,370
		Total Common Stocks (Cost $2,581,130)		2,975,879
	Preferred Stocks — 0.7%
		Brazil — 0.7%
	1,178	Itau Unibanco Holding S.A.		14,199
	6,706	Marcopolo S.A.		6,954
		Total Preferred Stocks (Cost $18,886)		21,153

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — 1.1%
		China — 1.1%
		Low Exercise Cash Settled Call Warrants — 1.1%
		Chongqing Changan Automobile Co., Ltd.,
	2,681	expiring 02/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		6,202
	3,931	expiring 09/29/17 (Strike Price $0.00) (issued through BNP Paribas) (a)		9,092
	3,453	Hangzhou Robam Appliances Co., Ltd., expiring 12/02/16 (Strike Price $0.00) (issued through UBS AG) (a)		19,191
		Total Structured Instruments (Cost $36,423)		34,485
NUMBER OF WARRANT
	Warrant — 0.6%
		Saudi Arabia — 0.6%
	1,278	Almarai Co., expiring 07/24/17 (Strike Price $1.00) (a) (Cost $17,678)		19,787
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	91,254	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $91,254)		91,254
		Total Investments — 100.6% (Cost $2,745,371)		3,142,558
		Liabilities in Excess of Other Assets — (0.6)%		(17,980	)
		NET ASSETS — 100.0%	$	3,124,578

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		14.8	%
Internet Software & Services		10.4
Insurance		7.9
Food & Staples Retailing		7.2
IT Services		6.8
Automobiles		4.6
Semiconductors & Semiconductor Equipment		4.2
Oil, Gas & Consumable Fuels		3.7
Thrifts & Mortgage Finance		3.5
Electronic Equipment, Instruments & Components		2.8
Diversified Financial Services		2.7
Multiline Retail		2.6
Pharmaceuticals		2.6

INDUSTRY	PERCENTAGE
Industrial Conglomerates		2.5	%
Internet & Direct Marketing Retail		2.3
Technology Hardware, Storage & Peripherals		2.2
Hotels, Restaurants & Leisure		2.1
Construction Materials		2.0
Tobacco		2.0
Textiles, Apparel & Luxury Goods		1.6
Transportation Infrastructure		1.3
Beverages		1.2
Airlines		1.1
Others (each less than 1.0%)		5.0
Short-Term Investment		2.9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.9%
		Brazil — 9.9%
	58	AMBEV S.A., ADR		345
	17	Banco Bradesco S.A., ADR (a)		174
	6	Banco do Brasil S.A. (a)		60
	33	BB Seguridade Participacoes S.A.		327
	18	Engie Brasil Energia S.A.		236
				1,142
		Chile — 2.8%
	14	Banco Santander Chile, ADR		325
		China — 2.4%
	88	Fuyao Glass Industry Group Co., Ltd., Class A		231
	16	Fuyao Glass Industry Group Co., Ltd., Class H (e)		48
				279
		Czech Republic — 3.6%
	7	Komercni Banka A.S.		250
	47	Moneta Money Bank A.S., (a) (e)		165
				415
		Hong Kong — 11.7%
	31	China Mobile Ltd.		349
	158	China Resources Power Holdings Co., Ltd.		268
	11	Hang Seng Bank Ltd.		198
	158	HKT Trust & HKT Ltd.		217
	55	Sands China Ltd.		238
	7	VTech Holdings Ltd.		85
				1,355
		Hungary — 1.8%
	7	OTP Bank plc		208
		Indonesia — 1.2%
	420	Telekomunikasi Indonesia Persero Tbk PT		136
		Mexico — 4.3%
	54	Bolsa Mexicana de Valores S.A.B. de C.V.		87
	49	Fibra Uno Administracion S.A. de C.V.		93
	147	Kimberly-Clark de Mexico S.A.B. de C.V., Class A		317
				497
		Russia — 7.4%
	4	LUKOIL PJSC, ADR		218
	6	MegaFon PJSC, GDR		54
	7	MMC Norilsk Nickel PJSC, ADR		99
	10	Mobile TeleSystems PJSC, ADR		74
	139	Moscow Exchange MICEX-RTS PJSC		256
	5	PhosAgro PJSC, GDR		62
	7	Severstal PJSC, GDR		96
				859

SHARES			SECURITY DESCRIPTION	VALUE($)
			South Africa — 14.4%
	36		AVI Ltd.		250
	21		Barclays Africa Group Ltd.		241
	9		Bid Corp. Ltd.		162
	6		Bidvest Group Ltd. (The)		71
	67		FirstRand Ltd.		239
	76		Life Healthcare Group Holdings Ltd.		203
	96		MMI Holdings Ltd.		162
	17		Vodacom Group Ltd.		180
	28		Woolworths Holdings Ltd.		162
					1,670
			South Korea — 6.2%
	2		Kangwon Land, Inc.		82
	2		KT&G Corp.		244
	—	(h)	Samsung Electronics Co., Ltd.		223
	8		SK Telecom Co., Ltd., ADR		168
					717
			Taiwan — 22.8%
	16		Asustek Computer, Inc.		143
	81		Cheng Shin Rubber Industry Co., Ltd.		165
	36		Chicony Electronics Co., Ltd.		92
	61		Delta Electronics, Inc.		320
	54		Far EasTone Telecommunications Co., Ltd.		127
	27		MediaTek, Inc.		205
	35		Novatek Microelectronics Corp.		131
	23		President Chain Store Corp.		172
	74		Quanta Computer, Inc.		150
	29		Siliconware Precision Industries Co., Ltd.		44
	68		Taiwan Mobile Co., Ltd.		238
	18		Taiwan Semiconductor Manufacturing Co., Ltd., ADR		555
	148		Vanguard International Semiconductor Corp.		301
					2,643
			Thailand — 2.5%
	16		Siam Cement PCL (The)		235
	12		Thai Oil PCL		23
	19		Thai Oil PCL, NVDR		38
					296
			Turkey — 2.5%
	6		Eregli Demir ve Celik Fabrikalari TAS		9
	25		Tofas Turk Otomobil Fabrikasi A.S.		187
	4		Tupras Turkiye Petrol Rafinerileri A.S.		91
					287

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Arab Emirates — 1.4%
	51	First Gulf Bank PJSC		160
		Total Common Stocks (Cost $10,588)		10,989
	Structured Instruments — 2.0%
		China — 2.0%
		Low Exercise Cash Settled Call Warrants — 2.0%
	33	Midea Group Co., Ltd., expiring 02/17/2017 (Strike Price $1.00) (issued through UBS AG) (a)		131
	23	Midea Group Co., Ltd., expiring 10/13/2017 (Strike Price $0.00) (issued through BNP Paribas) (a)		93
		Total Structured Instruments (Cost $211)		224
NUMBER OF WARRANTS
	Warrants — 1.4%
		Saudi Arabia — 1.4%
	10	Al Rajhi Bank, expiring 01/22/18 (Strike Price $1.00) (a)		154
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		11
		Total Warrants (Cost $162)		165
SHARES
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	282	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $282)		282
		Total Investments — 100.7% (Cost $11,243)		11,660
		Liabilities in Excess of Other Assets — (0.7)%		(84	)
		NET ASSETS — 100.0%	$	11,576

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		17.4	%
Semiconductors & Semiconductor Equipment		10.6
Wireless Telecommunication Services		10.2
Technology Hardware, Storage & Peripherals		5.2
Independent Power & Renewable Electricity Producers		4.3
Insurance		4.2
Capital Markets		4.1
Auto Components		3.8
Oil, Gas & Consumable Fuels		3.2
Diversified Telecommunication Services		3.0
Beverages		3.0
Food & Staples Retailing		2.9
Hotels, Restaurants & Leisure		2.7
Electronic Equipment, Instruments & Components		2.7
Household Products		2.7
Food Products		2.1
Construction Materials		2.1
Tobacco		2.1
Diversified Financial Services		2.1
Metals & Mining		1.7
Health Care Providers & Services		1.7
Automobiles		1.6
Multiline Retail		1.4
Others (each less than 1.0%)		2.8
Short-Term Investment		2.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Australia — 2.7%
	119	AGL Energy Ltd.		1,737
	987	Alumina Ltd.		1,186
	299	Amcor Ltd.		3,337
	531	AMP Ltd.		1,842
	306	APA Group		1,850
	60	Aristocrat Leisure Ltd.		703
	19	ASX Ltd.		662
	637	Aurizon Holdings Ltd.		2,361
	683	Australia & New Zealand Banking Group Ltd.		14,425
	61	Bendigo & Adelaide Bank Ltd.		516
	649	BHP Billiton Ltd.		11,335
	459	BHP Billiton plc		6,909
	237	Boral Ltd.		1,133
	297	Brambles Ltd.		2,603
	71	Caltex Australia Ltd.		1,649
	71	Challenger Ltd.		579
	209	Coca-Cola Amatil Ltd.		1,513
	19	Cochlear Ltd.		1,805
	349	Commonwealth Bank of Australia		19,443
	166	Computershare Ltd.		1,334
	23	Crown Resorts Ltd.		192
	92	CSL Ltd.		7,005
	341	Dexus Property Group		2,319
	266	DUET Group		482
	127	Fortescue Metals Group Ltd.		534
	449	Goodman Group		2,315
	211	GPT Group (The)		748
	184	Incitec Pivot Ltd.		412
	352	Insurance Australia Group Ltd.		1,473
	175	LendLease Group		1,794
	72	Macquarie Group Ltd.		4,362
	487	Medibank Private Ltd.		953
	1,368	Mirvac Group		2,171
	521	National Australia Bank Ltd.		11,063
	148	Newcrest Mining Ltd.		2,592
	339	Oil Search Ltd.		1,700
	112	Orica Ltd.		1,386
	267	Origin Energy Ltd.		1,078
	341	Qantas Airways Ltd.		793
	357	QBE Insurance Group Ltd.		2,703
	40	Ramsay Health Care Ltd.		2,251
	25	REA Group Ltd.		955
	317	Santos Ltd.		848
	958	Scentre Group		3,065
	15	SEEK Ltd.		162

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	44		Sonic Healthcare Ltd.		690
	1,438		South32 Ltd.		2,806
	490		Stockland		1,646
	338		Suncorp Group Ltd.		3,069
	319		Sydney Airport		1,517
	341		Tabcorp Holdings Ltd.		1,253
	166		Tatts Group Ltd.		511
	869		Telstra Corp., Ltd.		3,286
	131		TPG Telecom Ltd.		751
	499		Transurban Group		3,936
	110		Treasury Wine Estates Ltd.		895
	1,285		Vicinity Centres		2,801
	215		Wesfarmers Ltd.		6,688
	342		Westfield Corp.		2,311
	675		Westpac Banking Corp.		15,608
	156		Woodside Petroleum Ltd.		3,346
	293		Woolworths Ltd.		5,257
					186,649
			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)
			Belgium — 0.5%
	208		Anheuser-Busch InBev S.A./N.V.		23,859
	166		KBC Group N.V. (a)		10,117
					33,976
			Bermuda — 0.2%
	32		Everest Re Group Ltd.		6,460
	150		XL Group Ltd.		5,196
					11,656
			Canada — 3.7%
	52		Agnico-Eagle Mines Ltd.		2,644
	33		Agrium, Inc.		2,989
	104		Alimentation Couche-Tard, Inc., Class B		5,234
	85		ARC Resources Ltd.		1,435
	155		Bank of Montreal		9,860
	280		Bank of Nova Scotia (The)		15,065
	275		Barrick Gold Corp.		4,847
	36		BCE, Inc.		1,651
	221		Brookfield Asset Management, Inc., Class A		7,732
	98		Canadian Imperial Bank of Commerce		7,342
	188		Canadian National Railway Co.		11,801
	270		Canadian Natural Resources Ltd.		8,577
	84		Canadian Pacific Railway Ltd.		12,041
	36		Canadian Pacific Railway Ltd.		5,137
	17		Canadian Tire Corp., Ltd., Class A		1,670

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Canada — continued
	209		Cenovus Energy, Inc.		3,013
	55		CGI Group, Inc., Class A (a)		2,602
	5		Constellation Software, Inc.		2,205
	126		Crescent Point Energy Corp.		1,495
	29		Dollarama, Inc.		2,146
	194		Enbridge, Inc.		8,378
	211		Encana Corp.		2,014
	6		Fairfax Financial Holdings Ltd.		2,829
	69		Fortis, Inc.		2,272
	43		Franco-Nevada Corp.		2,787
	57		Gildan Activewear, Inc.		1,460
	198		Goldcorp, Inc.		3,004
	73		Great-West Lifeco, Inc.		1,839
	73		Imperial Oil Ltd.		2,378
	32		Intact Financial Corp.		2,201
	84		Inter Pipeline Ltd.		1,735
	294		Kinross Gold Corp. (a)		1,142
	56		Loblaw Cos. Ltd.		2,761
	98		Magna International, Inc.		4,035
	52		Magna International, Inc.		2,128
	486		Manulife Financial Corp.		7,039
	59		Metro, Inc.		1,834
	82		National Bank of Canada		2,933
	30		Open Text Corp.		1,855
	93		Pembina Pipeline Corp.		2,866
	207		Potash Corp. of Saskatchewan, Inc.		3,362
	92		Power Corp. of Canada		1,982
	62		Power Financial Corp.		1,457
	54		Restaurant Brands International, Inc.		2,407
	89		Rogers Communications, Inc., Class B		3,595
	336		Royal Bank of Canada		20,977
	63		Saputo, Inc.		2,270
	101		Shaw Communications, Inc., Class B		1,993
	103		Silver Wheaton Corp.		2,485
	37		SNC-Lavalin Group, Inc.		1,495
	152		Sun Life Financial, Inc.		5,084
	383		Suncor Energy, Inc.		11,485
	133		Teck Resources Ltd., Class B		2,867
	423		Toronto-Dominion Bank (The)		19,206
	175		TransCanada Corp.		7,913
					255,554
			China — 0.0% (g)
	412		Yangzijiang Shipbuilding Holdings Ltd.		220
			Colombia — 0.0%
	—	(h)	Pacific Exploration and Production Corp. (a)		—

SHARES			SECURITY DESCRIPTION	VALUE($)
			Denmark — 0.8%
	6		AP Moller — Maersk A/S, Class B		9,604
	104		Chr Hansen Holding A/S		6,219
	241		Danske Bank A/S		7,447
	509		Novo Nordisk A/S, Class B		18,140
	75		Pandora A/S		9,701
	1,274		TDC A/S (a)		7,026
					58,137
			Finland — 0.3%
	153		Cargotec Oyj, Class B		6,287
	763		Nokia OYJ		3,405
	—	(h)	Nokian Renkaat OYJ		—	(h)
	479		UPM-Kymmene OYJ		11,139
					20,831
			France — 4.1%
	183		Air Liquide S.A.		18,608
	110		Airbus Group SE		6,504
	102		Arkema S.A.		9,694
	845		AXA S.A.		19,059
	370		BNP Paribas S.A.		21,473
	176		Bouygues S.A.		5,749
	109		Capgemini S.A.		9,007
	101		Cie de Saint-Gobain		4,485
	133		Cie Generale des Etablissements Michelin		14,374
	32		Danone S.A.		2,247
	101		Engie S.A.		1,454
	45		Kering		10,060
	23		L’Oreal S.A.		4,056
	13		LVMH Moet Hennessy Louis Vuitton SE		2,373
	1,735		Natixis S.A.		8,777
	69		Nexans S.A. (a)		3,919
	112		Publicis Groupe S.A.		7,659
	147		Renault S.A.		12,763
	261		Sanofi		20,280
	251		Schneider Electric SE		16,869
	178		Societe Generale S.A.		6,943
	102		Sodexo S.A.		11,860
	95		Technip S.A.		6,275
	94		Thales S.A.		8,870
	660		TOTAL S.A.		31,622
	6		Unibail-Rodamco SE		1,511
	197		Vinci S.A.		14,237
	194		Vivendi S.A.		3,936
					284,664

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — 3.4%
	95	adidas AG		15,678
	65	Allianz SE		10,150
	191	BASF SE		16,877
	207	Bayer AG		20,532
	38	Bayerische Motoren Werke AG		3,313
	143	Brenntag AG		7,635
	36	Continental AG		6,929
	156	Daimler AG		11,101
	389	Deutsche Post AG		12,059
	642	Deutsche Telekom AG		10,468
	970	E.ON SE		7,110
	153	Evonik Industries AG		4,776
	165	Fresenius SE & Co. KGaA		12,159
	77	HeidelbergCement AG		7,295
	519	Infineon Technologies AG		9,329
	32	Linde AG		5,272
	78	Merck KGaA		8,043
	26	Muenchener Rueckversicherungs-Gesellschaft AG		4,997
	280	SAP SE		24,700
	234	Siemens AG		26,610
	1,335	Telefonica Deutschland Holding AG		5,177
	97	Uniper SE (a)		1,291
				231,501
		Hong Kong — 1.3%
	2,496	AIA Group Ltd.		15,705
	53	ASM Pacific Technology Ltd.		514
	85	Bank of East Asia Ltd. (The)		343
	925	BOC Hong Kong Holdings Ltd.		3,295
	572	Cathay Pacific Airways Ltd.		753
	176	Cheung Kong Infrastructure Holdings Ltd.		1,440
	464	Cheung Kong Property Holdings Ltd.		3,429
	650	CK Hutchison Holdings Ltd.		8,024
	446	CLP Holdings Ltd.		4,534
	409	Galaxy Entertainment Group Ltd.		1,675
	153	Hang Lung Properties Ltd.		336
	192	Hang Seng Bank Ltd.		3,468
	350	Henderson Land Development Co., Ltd.		2,072
	322	HKT Trust & HKT Ltd.		443
	1,806	Hong Kong & China Gas Co., Ltd.		3,527
	229	Hong Kong Exchanges & Clearing Ltd.		6,041
	49	Hongkong Land Holdings Ltd.		327
	38	Jardine Matheson Holdings Ltd.		2,333
	342	Kerry Properties Ltd.		1,083
	908	Li & Fung Ltd.		446

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	349	Link REIT		2,479
	240	MTR Corp., Ltd.		1,328
	499	New World Development Co., Ltd.		620
	311	NWS Holdings Ltd.		550
	293	Power Assets Holdings Ltd.		2,745
	653	Sands China Ltd.		2,835
	1,068	Sino Land Co., Ltd.		1,813
	330	Sun Hung Kai Properties Ltd.		4,914
	204	Swire Pacific Ltd., Class A		2,115
	99	Techtronic Industries Co., Ltd.		370
	699	WH Group Ltd. (e)		566
	412	Wharf Holdings Ltd. (The)		3,089
	388	Wheelock & Co., Ltd.		2,388
	223	Yue Yuen Industrial Holdings Ltd.		847
				86,447
		Ireland — 0.9%
	308	Accenture plc, Class A		35,827
	179	Allegion plc		11,403
	148	James Hardie Industries plc, CDI		2,203
	117	Medtronic plc (a)		9,602
				59,035
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		6,614
		Italy — 0.7%
	382	Atlantia S.p.A.		9,354
	3,031	Enel S.p.A.		13,033
	48	Eni S.p.A.		695
	6,179	Intesa Sanpaolo S.p.A.		14,327
	984	Snam S.p.A.		5,186
	6,576	Telecom Italia S.p.A. (a)		5,717
				48,312
		Japan — 9.3%
	27	AEON Financial Service Co., Ltd.		474
	143	Aeon Mall Co., Ltd.		2,125
	193	Air Water, Inc.		3,611
	123	Ajinomoto Co., Inc.		2,731
	61	Alfresa Holdings Corp.		1,279
	295	Amada Holdings Co., Ltd.		3,365
	139	ANA Holdings, Inc.		390
	19	Asahi Group Holdings Ltd.		664
	135	Asahi Kasei Corp.		1,217
	302	Astellas Pharma, Inc.		4,488
	137	Bandai Namco Holdings, Inc.		4,092
	217	Bridgestone Corp.		8,110

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	264		Canon, Inc.		7,570
	54		Casio Computer Co., Ltd.		749
	45		Central Japan Railway Co.		7,635
	380		Chiba Bank Ltd. (The)		2,350
	141		Chubu Electric Power Co., Inc.		2,079
	54		Chugai Pharmaceutical Co., Ltd.		1,833
	702		Concordia Financial Group Ltd.		3,254
	67		Dai Nippon Printing Co., Ltd.		672
	165		Daicel Corp.		2,175
	292		Dai-ichi Life Holdings, Inc.		4,287
	91		Daiichi Sankyo Co., Ltd.		2,177
	77		Daikin Industries Ltd.		7,417
	26		Daito Trust Construction Co., Ltd.		4,357
	206		Daiwa House Industry Co., Ltd.		5,651
	65		DeNA Co., Ltd.		2,088
	61		Denso Corp.		2,633
	57		Dentsu, Inc.		2,856
	81		DIC Corp.		2,445
	82		East Japan Railway Co.		7,192
	52		Eisai Co., Ltd.		3,288
	81		Electric Power Development Co., Ltd.		1,879
	32		FANUC Corp.		5,895
	13		Fast Retailing Co., Ltd.		4,312
	471		Fuji Electric Co., Ltd.		2,352
	103		Fuji Heavy Industries Ltd.		4,037
	154		FUJIFILM Holdings Corp.		5,834
	380		Fujitsu Ltd.		2,254
	104		Hankyu Hanshin Holdings, Inc.		3,443
	58		Hisamitsu Pharmaceutical Co., Inc.		3,073
	1,299		Hitachi Ltd.		6,925
	38		Hokuriku Electric Power Co.		433
	406		Honda Motor Co., Ltd.		12,151
	104		Hoya Corp.		4,335
	235		Hulic Co., Ltd.		2,241
	175		Inpex Corp.		1,631
	26		Isuzu Motors Ltd.		320
	530		ITOCHU Corp.		6,689
	70		Itochu Techno-Solutions Corp.		1,721
	77		J. Front Retailing Co., Ltd.		1,053
	96		Japan Airlines Co., Ltd.		2,836
	116		Japan Exchange Group, Inc.		1,719
	—	(h)	Japan Prime Realty Investment Corp.		579
	—	(h)	Japan Real Estate Investment Corp.		1,842
	—	(h)	Japan Retail Fund Investment Corp.		1,072
	298		Japan Tobacco, Inc.		11,322

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	161	JFE Holdings, Inc.		2,313
	135	JSR Corp.		2,044
	54	JTEKT Corp.		796
	1,064	JX Holdings, Inc.		4,202
	520	Kajima Corp.		3,507
	296	Kansai Electric Power Co., Inc. (The) (a)		2,829
	91	Kao Corp.		4,662
	706	Kawasaki Heavy Industries Ltd.		2,062
	360	KDDI Corp.		10,951
	67	Keikyu Corp.		676
	259	Keio Corp.		2,144
	78	Kewpie Corp.		2,210
	13	Keyence Corp.		9,310
	326	Kirin Holdings Co., Ltd.		5,606
	205	Komatsu Ltd.		4,572
	148	Kubota Corp.		2,386
	27	Kurita Water Industries Ltd.		637
	19	Kyocera Corp.		923
	198	Kyowa Hakko Kirin Co., Ltd.		3,021
	155	Kyushu Electric Power Co., Inc.		1,406
	7	Lawson, Inc.		509
	96	M3, Inc.		2,934
	59	Mabuchi Motor Co., Ltd.		3,401
	7	Makita Corp.		456
	399	Marubeni Corp.		2,095
	175	Mazda Motor Corp.		2,906
	14	MEIJI Holdings Co., Ltd.		1,347
	58	Mitsubishi Chemical Holdings Corp.		380
	441	Mitsubishi Corp.		9,603
	450	Mitsubishi Electric Corp.		6,088
	127	Mitsubishi Estate Co., Ltd.		2,524
	672	Mitsubishi Heavy Industries Ltd.		2,875
	27	Mitsubishi Materials Corp.		771
	186	Mitsubishi Tanabe Pharma Corp.		3,611
	3,293	Mitsubishi UFJ Financial Group, Inc.		16,992
	617	Mitsubishi UFJ Lease & Finance Co., Ltd.		2,985
	182	Mitsui & Co., Ltd.		2,516
	525	Mitsui Chemicals, Inc.		2,585
	135	Mitsui Fudosan Co., Ltd.		3,075
	271	Mitsui OSK Lines Ltd.		678
	3,641	Mizuho Financial Group, Inc.		6,130
	38	MS&AD Insurance Group Holdings, Inc.		1,122
	26	Murata Manufacturing Co., Ltd.		3,561
	129	NGK Insulators Ltd.		2,368
	136	NGK Spark Plug Co., Ltd.		2,695

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	135		NH Foods Ltd.		3,235
	70		Nidec Corp.		6,802
	26		Nintendo Co., Ltd.		6,147
	—	(h)	Nippon Building Fund, Inc.		1,907
	135		Nippon Express Co., Ltd.		667
	—	(h)	Nippon Prologis REIT, Inc.		582
	130		Nippon Steel & Sumitomo Metal Corp.		2,576
	206		Nippon Telegraph & Telephone Corp.		9,120
	603		Nissan Motor Co., Ltd.		6,134
	185		Nisshin Seifun Group, Inc.		2,730
	32		Nitori Holdings Co., Ltd.		3,870
	26		Nitto Denko Corp.		1,791
	791		Nomura Holdings, Inc.		3,962
	1		Nomura Real Estate Master Fund, Inc.		1,201
	214		NSK Ltd.		2,380
	359		NTT DOCOMO, Inc.		9,003
	33		Obic Co., Ltd.		1,688
	90		Olympus Corp.		3,215
	75		Omron Corp.		2,882
	38		Ono Pharmaceutical Co., Ltd.		961
	84		Oriental Land Co., Ltd.		4,883
	460		ORIX Corp.		7,281
	27		Otsuka Corp.		1,280
	135		Otsuka Holdings Co., Ltd.		5,917
	668		Panasonic Corp.		6,893
	194		Rakuten, Inc.		2,239
	19		Recruit Holdings Co., Ltd.		759
	616		Resona Holdings, Inc.		2,732
	19		Rinnai Corp.		1,835
	13		Ryohin Keikaku Co., Ltd.		2,755
	61		Santen Pharmaceutical Co., Ltd.		882
	108		Sekisui Chemical Co., Ltd.		1,695
	86		Sekisui House Ltd.		1,414
	157		Seven & i Holdings Co., Ltd.		6,549
	68		Shimadzu Corp.		989
	19		Shimamura Co., Ltd.		2,432
	13		Shimano, Inc.		2,291
	122		Shin-Etsu Chemical Co., Ltd.		9,258
	65		Shionogi & Co., Ltd.		3,196
	47		Shiseido Co., Ltd.		1,215
	326		Shizuoka Bank Ltd. (The)		2,751
	7		SMC Corp.		1,971
	231		SoftBank Group Corp.		14,517
	31		Sompo Holdings, Inc.		1,013
	326		Sony Corp.		10,284
	27		Stanley Electric Co., Ltd.		741

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	66	Sumitomo Chemical Co., Ltd.		312
	358	Sumitomo Electric Industries Ltd.		5,282
	322	Sumitomo Metal Mining Co., Ltd.		4,184
	352	Sumitomo Mitsui Financial Group, Inc.		12,215
	128	Sumitomo Mitsui Trust Holdings, Inc.		4,312
	64	Sumitomo Realty & Development Co., Ltd.		1,682
	32	Sundrug Co., Ltd.		2,549
	34	Suntory Beverage & Food Ltd.		1,474
	33	Suruga Bank Ltd.		801
	84	Suzuken Co., Ltd.		2,682
	175	Suzuki Motor Corp.		6,236
	20	Sysmex Corp.		1,400
	96	Takeda Pharmaceutical Co., Ltd.		4,312
	39	Terumo Corp.		1,504
	61	Tohoku Electric Power Co., Inc.		741
	225	Tokio Marine Holdings, Inc.		8,871
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,094
	58	Tokyo Electron Ltd.		5,214
	646	Tokyo Gas Co., Ltd.		2,931
	87	Tokyo Tatemono Co., Ltd.		1,110
	68	Tokyu Corp.		509
	486	Tokyu Fudosan Holdings Corp.		2,738
	387	Toppan Printing Co., Ltd.		3,639
	67	Toray Industries, Inc.		624
	264	Toshiba Corp. (a)		956
	67	Toyota Industries Corp.		3,083
	538	Toyota Motor Corp.		31,213
	27	Toyota Tsusho Corp.		635
	52	Trend Micro, Inc.		1,814
	84	Unicharm Corp.		2,002
	1	United Urban Investment Corp.		910
	52	West Japan Railway Co.		3,202
	582	Yamada Denki Co., Ltd.		3,008
	213	Yamaha Motor Co., Ltd.		4,725
	135	Yamato Holdings Co., Ltd.		3,078
				645,333
		Luxembourg — 0.1%
	1,413	ArcelorMittal (a)		9,549
		Netherlands — 2.1%
	134	ASML Holding N.V.		14,156
	155	Heineken Holding N.V.		11,907
	39	Heineken N.V.		3,199
	1,328	ING Groep N.V., CVA		17,435
	511	Koninklijke Ahold Delhaize N.V.		11,650
	2,205	Koninklijke KPN N.V.		7,189

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Netherlands — continued
	317	Koninklijke Philips N.V.		9,546
	342	NN Group N.V.		10,316
	89	NXP Semiconductors N.V. (a)		8,862
	1,290	Royal Dutch Shell plc, Class A		32,134
	763	Royal Dutch Shell plc, Class B		19,689
				146,083
		New Zealand — 0.1%
	291	Auckland International Airport Ltd.		1,371
	192	Contact Energy Ltd.		652
	262	Fletcher Building Ltd.		1,943
	102	Ryman Healthcare Ltd.		649
	579	Spark New Zealand Ltd.		1,514
				6,129
		Norway — 0.1%
	942	Norsk Hydro ASA		4,209
		Portugal — 0.1%
	437	Galp Energia SGPS S.A.		5,931
		Singapore — 0.9%
	169	Ascendas Real Estate Investment Trust		288
	207	Broadcom Ltd.		35,267
	335	CapitaLand Ltd.		743
	379	CapitaLand Mall Trust		564
	390	ComfortDelGro Corp., Ltd.		711
	472	DBS Group Holdings Ltd.		5,092
	771	Genting Singapore plc		413
	866	Global Logistic Properties Ltd.		1,102
	2,431	Hutchison Port Holdings Trust, Class U		1,080
	17	Jardine Cycle & Carriage Ltd.		506
	449	Keppel Corp., Ltd.		1,699
	796	Oversea-Chinese Banking Corp., Ltd.		4,850
	79	Singapore Exchange Ltd.		404
	153	Singapore Press Holdings Ltd.		410
	1,756	Singapore Telecommunications Ltd.		4,895
	304	United Overseas Bank Ltd.		4,097
	618	Wilmar International Ltd.		1,467
				63,588
		Spain — 1.0%
	762	Banco Bilbao Vizcaya Argentaria S.A.		5,485
	2,488	Banco Santander S.A.		12,191
	10,081	Bankia S.A.		8,857
	1,157	Distribuidora Internacional de Alimentacion S.A.		6,178
	1,691	Iberdrola S.A.		11,508
	386	Industria de Diseno Textil S.A.		13,452

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — continued
	981	Telefonica S.A.		9,969
				67,640
		Sweden — 0.7%
	63	Assa Abloy AB, Class B		1,151
	308	Electrolux AB, Series B		7,297
	1,283	Nordea Bank AB		13,483
	877	Sandvik AB		9,965
	978	Skandinaviska Enskilda Banken AB, Class A		9,862
	602	Telefonaktiebolaget LM Ericsson, Class B		2,922
	1,625	Telia Co. AB		6,492
				51,172
		Switzerland — 3.7%
	186	ABB Ltd. (a)		3,836
	58	Actelion Ltd. (a)		8,434
	203	Chubb Ltd.		25,795
	91	Cie Financiere Richemont S.A.		5,851
	266	Credit Suisse Group AG (a)		3,712
	285	LafargeHolcim Ltd. (a)		15,223
	765	Nestle S.A.		55,502
	403	Novartis AG		28,574
	174	Roche Holding AG		39,972
	125	Swiss Re AG		11,605
	10	Syngenta AG (a)		3,954
	342	TE Connectivity Ltd.		21,523
	485	UBS Group AG		6,853
	234	Wolseley plc		12,114
	47	Zurich Insurance Group AG (a)		12,357
				255,305
		United Kingdom — 5.4%
	1,196	3i Group plc		9,808
	82	Anglo American plc (a)		1,141
	230	Associated British Foods plc		6,924
	134	AstraZeneca plc		7,481
	508	BAE Systems plc		3,368
	1,804	Barclays plc		4,180
	811	Barratt Developments plc		4,499
	3,201	BP plc		18,924
	560	British American Tobacco plc		32,114
	615	BT Group plc		2,822
	516	Capita plc		3,691
	3,891	Centrica plc		10,192
	325	Compass Group plc		5,872
	179	Delphi Automotive plc		11,669
	281	Diageo plc		7,478

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	1,175	Dixons Carphone plc		4,516
	1,486	GlaxoSmithKline plc		29,357
	2,942	HSBC Holdings plc		22,154
	157	Imperial Brands plc		7,578
	228	InterContinental Hotels Group plc		8,846
	2,866	ITV plc		5,974
	1,249	Kingfisher plc		5,516
	32	Liberty Global plc, Class A (a)		1,030
	120	Liberty Global plc, Series C (a)		3,810
	2,000	Lloyds Banking Group plc		1,396
	182	London Stock Exchange Group plc		6,257
	319	National Grid plc		4,146
	38	Pentair plc		2,121
	243	Persimmon plc		5,028
	1,051	Prudential plc		17,145
	49	Randgold Resources Ltd.		4,348
	188	Reckitt Benckiser Group plc		16,803
	98	Rio Tinto Ltd.		4,075
	357	Rio Tinto plc		12,411
	1,401	RSA Insurance Group plc		9,457
	1,430	Standard Chartered plc (a)		12,432
	499	Unilever N.V., CVA		20,866
	8,225	Vodafone Group plc		22,588
	166	Whitbread plc		7,323
	449	WPP plc		9,758
				375,098
		United States — 56.8%
	12	3M Co.		2,013
	553	Abbott Laboratories		21,707
	89	AbbVie, Inc.		4,951
	47	Activision Blizzard, Inc.		2,008
	298	Adobe Systems, Inc. (a)		32,007
	193	Aetna, Inc.		20,753
	161	Agilent Technologies, Inc.		7,029
	116	Alexion Pharmaceuticals, Inc. (a)		15,111
	135	Allergan plc (a)		28,209
	20	Alliance Data Systems Corp. (a)		4,118
	70	Alphabet, Inc., Class A (a)		56,303
	86	Alphabet, Inc., Class C (a)		67,357
	249	Altria Group, Inc.		16,433
	98	Amazon.com, Inc. (a)		77,217
	102	American Electric Power Co., Inc.		6,615
	104	American Express Co.		6,906
	379	American International Group, Inc.		23,356
	38	American Water Works Co., Inc.		2,810
	51	Amgen, Inc.		7,226

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	71	Anadarko Petroleum Corp.		4,249
	389	Analog Devices, Inc.		24,958
	40	Anthem, Inc.		4,844
	1,227	Apple, Inc.		139,292
	123	Archer-Daniels-Midland Co.		5,378
	20	Arrow Electronics, Inc. (a)		1,221
	264	Arthur J. Gallagher & Co.		12,755
	1,298	AT&T, Inc.		47,754
	99	Automatic Data Processing, Inc.		8,660
	3	AutoZone, Inc. (a)		2,108
	82	AvalonBay Communities, Inc.		14,050
	3,138	Bank of America Corp.		51,774
	334	Bank of New York Mellon Corp. (The)		14,466
	45	Becton Dickinson and Co.		7,474
	252	Berkshire Hathaway, Inc., Class B (a)		36,420
	222	Best Buy Co., Inc.		8,631
	86	Biogen, Inc. (a)		23,981
	33	BioMarin Pharmaceutical, Inc. (a)		2,655
	57	BlackRock, Inc.		19,396
	33	Boston Properties, Inc.		3,940
	902	Boston Scientific Corp. (a)		19,847
	592	Bristol-Myers Squibb Co.		30,162
	61	Brixmor Property Group, Inc.		1,545
	89	Cabot Oil & Gas Corp.		1,869
	46	Campbell Soup Co.		2,485
	252	Capital One Financial Corp.		18,681
	88	Carnival Corp.		4,323
	53	Caterpillar, Inc.		4,423
	195	CBS Corp. (Non-Voting), Class B		11,058
	286	Celgene Corp. (a)		29,221
	33	Centene Corp. (a)		2,087
	658	Charles Schwab Corp. (The)		20,848
	96	Charter Communications, Inc., Class A (a)		23,903
	316	Chevron Corp.		33,109
	52	Cigna Corp.		6,190
	714	Cisco Systems, Inc.		21,919
	969	Citigroup, Inc.		47,625
	89	Citizens Financial Group, Inc.		2,339
	355	CMS Energy Corp.		14,950
	749	Coca-Cola Co. (The)		31,758
	260	Cognizant Technology Solutions Corp., Class A (a)		13,376
	57	Colgate-Palmolive Co.		4,096
	656	Comcast Corp., Class A		40,531
	108	Concho Resources, Inc. (a)		13,690
	172	ConocoPhillips		7,493
	143	Constellation Brands, Inc., Class A		23,843

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	181	Corning, Inc.		4,110
	171	Costco Wholesale Corp.		25,213
	262	Crown Holdings, Inc. (a)		14,199
	72	Cummins, Inc.		9,188
	81	CVS Health Corp.		6,823
	354	D.R. Horton, Inc.		10,215
	102	Danaher Corp.		8,019
	53	Deere & Co.		4,722
	3	Dell Technologies, Inc., — VMware, Inc., Class V (a)		167
	241	Delta Air Lines, Inc.		10,086
	96	Diamondback Energy, Inc. (a)		8,766
	264	Discover Financial Services		14,846
	197	DISH Network Corp., Class A (a)		11,517
	120	Dollar General Corp.		8,278
	421	Dow Chemical Co. (The)		22,629
	42	Dr. Pepper Snapple Group, Inc.		3,649
	40	DTE Energy Co.		3,847
	317	E.I. du Pont de Nemours & Co.		21,826
	210	Eastman Chemical Co.		15,119
	329	Eaton Corp. plc		20,968
	240	Edison International		17,634
	20	Electronic Arts, Inc. (a)		1,570
	347	Eli Lilly & Co.		25,640
	283	EOG Resources, Inc.		25,568
	173	EQT Corp.		11,393
	58	Equifax, Inc.		7,156
	26	Equinix, Inc. REIT		9,460
	254	Exelon Corp.		8,661
	43	Extra Space Storage, Inc.		3,170
	875	Exxon Mobil Corp.		72,943
	14	F5 Networks, Inc. (a)		1,874
	616	Facebook, Inc., Class A (a)		80,674
	55	FedEx Corp.		9,525
	313	Fidelity National Information Services, Inc.		23,145
	150	Fluor Corp.		7,805
	31	Foot Locker, Inc.		2,060
	65	Fortive Corp.		3,336
	94	General Dynamics Corp.		14,231
	1,987	General Electric Co.		57,820
	436	General Motors Co.		13,783
	449	Gilead Sciences, Inc.		33,078
	56	Global Payments, Inc.		4,068
	84	Goldman Sachs Group, Inc. (The)		15,057
	184	Halliburton Co.		8,460
	93	Harman International Industries, Inc.		7,449

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	334	Hartford Financial Services Group, Inc. (The)		14,738
	133	HCP, Inc.		4,556
	560	Hewlett Packard Enterprise Co.		12,576
	113	Hilton Worldwide Holdings, Inc.		2,556
	40	Hologic, Inc. (a)		1,444
	379	Home Depot, Inc. (The)		46,237
	327	Honeywell International, Inc.		35,848
	922	HP, Inc.		13,357
	86	Humana, Inc.		14,681
	66	Illumina, Inc. (a)		8,970
	31	Incyte Corp. (a)		2,684
	163	Ingersoll-Rand plc		10,946
	412	Intel Corp.		14,369
	61	Intercontinental Exchange, Inc.		16,589
	139	International Business Machines Corp.		21,397
	86	Jack Henry & Associates, Inc.		7,000
	452	Johnson & Johnson		52,424
	1,050	KeyCorp		14,832
	206	Kimberly-Clark Corp.		23,613
	421	Kimco Realty Corp.		11,196
	254	Kinder Morgan, Inc.		5,193
	131	Kraft Heinz Co. (The)		11,660
	389	Kroger Co. (The)		12,037
	59	L-3 Communications Holdings, Inc.		8,105
	29	Laboratory Corp. of America Holdings (a)		3,686
	139	Lam Research Corp.		13,485
	83	LaSalle Hotel Properties		1,983
	40	Lennox International, Inc.		5,906
	48	Lincoln National Corp.		2,379
	444	Lowe’s Cos., Inc.		29,581
	25	Macerich Co. (The)		1,762
	16	ManpowerGroup, Inc.		1,213
	184	Marathon Petroleum Corp.		8,000
	42	Martin Marietta Materials, Inc.		7,740
	366	Masco Corp.		11,307
	93	Mastercard, Inc., Class A		10,001
	41	McDonald’s Corp.		4,578
	47	McKesson Corp.		6,016
	590	Merck & Co., Inc.		34,660
	477	MetLife, Inc.		22,385
	1,874	Microsoft Corp.		112,287
	13	Mohawk Industries, Inc. (a)		2,318
	217	Molson Coors Brewing Co., Class B		22,566
	687	Mondelez International, Inc., Class A		30,885
	95	Monsanto Co.		9,529
	819	Morgan Stanley		27,503

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	393	Mosaic Co. (The)		9,247
	46	Mylan N.V. (a)		1,682
	97	Newell Brands, Inc.		4,652
	110	Newmont Mining Corp.		4,067
	234	NextEra Energy, Inc.		29,903
	211	NIKE, Inc., Class B		10,563
	64	Northrop Grumman Corp.		14,569
	263	Occidental Petroleum Corp.		19,202
	275	Oracle Corp.		10,572
	66	O’Reilly Automotive, Inc. (a)		17,479
	259	PACCAR, Inc.		14,212
	222	PayPal Holdings, Inc. (a)		9,256
	492	PepsiCo, Inc.		52,764
	1,691	Pfizer, Inc.		53,621
	312	PG&E Corp.		19,375
	251	Philip Morris International, Inc.		24,177
	135	Pioneer Natural Resources Co.		24,078
	3	Priceline Group, Inc. (The) (a)		3,907
	484	Procter & Gamble Co. (The)		42,048
	146	Prologis, Inc.		7,632
	91	Prudential Financial, Inc.		7,745
	13	Public Service Enterprise Group, Inc.		563
	367	PulteGroup, Inc.		6,832
	83	QUALCOMM, Inc.		5,689
	43	Quest Diagnostics, Inc.		3,485
	20	Regency Centers Corp.		1,436
	3	Regeneron Pharmaceuticals, Inc. (a)		942
	1,111	Regions Financial Corp.		11,900
	449	Reynolds American, Inc.		24,726
	27	Robert Half International, Inc.		1,019
	146	Ross Stores, Inc.		9,140
	198	Royal Caribbean Cruises Ltd.		15,215
	17	S&P Global, Inc.		2,123
	373	Schlumberger Ltd.		29,144
	166	Sealed Air Corp.		7,587
	155	Sempra Energy		16,574
	33	Sensata Technologies Holding N.V. (a)		1,187
	5	Sherwin-Williams Co. (The)		1,300
	266	Shire plc		15,031
	115	Simon Property Group, Inc.		21,328
	1,214	Sirius XM Holdings, Inc. (a)		5,063
	76	SL Green Realty Corp.		7,429
	76	Snap-on, Inc.		11,775
	633	Spirit Realty Capital, Inc.		7,537
	189	Stanley Black & Decker, Inc.		21,532
	532	Starbucks Corp.		28,215

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	87		State Street Corp.		6,121
	274		STORE Capital Corp.		7,491
	60		Stryker Corp.		6,967
	101		SunTrust Banks, Inc.		4,589
	45		SVB Financial Group (a)		5,534
	32		Synopsys, Inc. (a)		1,895
	208		TD Ameritrade Holding Corp.		7,119
	499		Texas Instruments, Inc.		35,368
	66		Textron, Inc.		2,655
	124		Thermo Fisher Scientific, Inc.		18,232
	85		Thomson Reuters Corp.		3,345
	303		Time Warner, Inc.		26,981
	350		TJX Cos., Inc. (The)		25,798
	256		T-Mobile U.S., Inc. (a)		12,709
	26		TripAdvisor, Inc. (a)		1,700
	886		Twenty-First Century Fox, Inc., Class A		23,270
	90		Twenty-First Century Fox, Inc., Class B		2,386
	94		U.S. Bancorp		4,209
	381		Union Pacific Corp.		33,612
	259		United Continental Holdings, Inc. (a)		14,551
	37		United Parcel Service, Inc., Class B		4,035
	227		United Technologies Corp.		23,205
	348		UnitedHealth Group, Inc.		49,195
	199		Valero Energy Corp.		11,759
	159		Vantiv, Inc., Class A (a)		9,283
	—	(h)	Veritiv Corp. (a)		—	(h)
	601		Verizon Communications, Inc.		28,886
	144		Vertex Pharmaceuticals, Inc. (a)		10,953
	601		Visa, Inc., Class A		49,618
	35		Voya Financial, Inc.		1,059
	252		Walgreens Boots Alliance, Inc.		20,815
	67		Wal-Mart Stores, Inc.		4,671
	239		Walt Disney Co. (The)		22,135
	70		WEC Energy Group, Inc.		4,206
	1,397		Wells Fargo & Co.		64,285
	76		Western Union Co. (The)		1,519
	158		WestRock Co.		7,286
	60		Workday, Inc., Class A (a)		5,161
	9		WW Grainger, Inc.		1,852
	308		Xcel Energy, Inc.		12,791
	176		Yum! Brands, Inc.		15,199
	21		Zoetis, Inc.		996
					3,924,995
			Total Common Stocks (Cost $6,292,658)		6,838,628

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.4%
		Germany — 0.4%
	136	Henkel AG & Co. KGaA		17,469
	77	Volkswagen AG		10,600
		Total Preferred Stocks (Cost $26,909)		28,069
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	2,488	Banco Santander S.A., expiring 11/02/16 (a) (Cost $128)		139
SHARES
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	17,326	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $17,326)		17,326
		Total Investments — 99.7% (Cost $6,337,021)		6,884,162
		Other Assets in Excess of Liabilities — 0.3%		23,144
		NET ASSETS — 100.0%	$	6,907,306

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.6	%
Pharmaceuticals		6.4
Oil, Gas & Consumable Fuels		6.1
Insurance		4.0
IT Services		3.2
Internet Software & Services		3.0
Software		2.9
Media		2.9
Beverages		2.8
Capital Markets		2.7
Chemicals		2.6
Technology Hardware, Storage & Peripherals		2.6
Specialty Retail		2.6
Semiconductors & Semiconductor Equipment		2.4
Biotechnology		2.3
Diversified Telecommunication Services		2.3
Industrial Conglomerates		2.1
Electric Utilities		2.0
Equity Real Estate Investment Trusts (REITs)		2.0
Food Products		1.9
Health Care Providers & Services		1.9
Machinery		1.9
Automobiles		1.7
Hotels, Restaurants & Leisure		1.7
Food & Staples Retailing		1.7
Tobacco		1.7
Household Products		1.5
Metals & Mining		1.4
Road & Rail		1.3
Health Care Equipment & Supplies		1.3
Internet & Direct Marketing Retail		1.2
Aerospace & Defense		1.2
Wireless Telecommunication Services		1.1
Household Durables		1.0
Electrical Equipment		1.0
Others (each less than 1.0%)		12.7
Short-Term Investment		0.3

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
			Canada — 1.4%
	—	(h)	Canadian Pacific Railway Ltd.		23
			China — 8.3%
	—	(h)	Baidu, Inc., ADR (a)		27
	—	(h)	CNOOC Ltd., ADR		27
	1		JD.com, Inc., ADR (a)		36
	6		Ping An Insurance Group Co. of China Ltd., Class H		29
	1		Vipshop Holdings Ltd., ADR (a)		20
					139
			France — 6.4%
	—	(h)	Airbus Group SE		25
	2		AXA S.A.		35
	1		Sanofi		48
					108
			Germany — 2.1%
	9		Telefonica Deutschland Holding AG		34
			Hong Kong — 1.1%
	16		China Unicom Hong Kong Ltd.		19
			India — 1.0%
	2		ICICI Bank Ltd., ADR		17
			Israel — 4.3%
	2		Teva Pharmaceutical Industries Ltd., ADR		72
			Italy — 1.0%
	1		Eni S.p.A.		17
			Japan — 5.3%
	2		Inpex Corp.		17
	1		Sumitomo Electric Industries Ltd.		16
	1		Sumitomo Mitsui Financial Group, Inc.		31
	1		Suzuki Motor Corp.		25
					89
			Luxembourg — 1.1%
	3		ArcelorMittal (a)		18
			Netherlands — 3.4%
	1		ASR Nederland N.V. (a)		23
	—	(h)	NXP Semiconductors N.V. (a)		33
					56
			Russia — 1.2%
	1		Magnit PJSC, GDR		21
			Singapore — 2.0%
	—	(h)	Broadcom Ltd.		33
			Switzerland — 6.2%
	—	(h)	Chubb Ltd.		35
	—	(h)	LafargeHolcim Ltd. (a)		19
	—	(h)	Novartis AG		33

SHARES			SECURITY DESCRIPTION	VALUE($)
			Switzerland — continued
	1		UBS Group AG		16
					103
			United Kingdom — 7.7%
	6		BT Group plc		28
	1		Burberry Group plc		19
	10		ITV plc		21
	1		Liberty Global plc, Class A (a)		30
	11		Vodafone Group plc		30
					128
			United States — 46.1%
	—	(h)	Aetna, Inc.		14
	—	(h)	Alexion Pharmaceuticals, Inc. (a)		33
	—	(h)	Allergan plc (a)		22
	—	(h)	Alphabet, Inc., Class C (a)		78
	—	(h)	Amazon.com, Inc. (a)		44
	1		CBRE Group, Inc., Class A (a)		28
	1		Citigroup, Inc.		53
	—	(h)	DISH Network Corp., Class A (a)		27
	—	(h)	Eastman Chemical Co.		24
	—	(h)	Gilead Sciences, Inc.		21
	—	(h)	Harman International Industries, Inc.		28
	—	(h)	Honeywell International, Inc.		23
	—	(h)	Humana, Inc.		22
	1		Kroger Co. (The)		31
	—	(h)	Macy’s, Inc.		16
	1		MetLife, Inc.		24
	1		Morgan Stanley		31
	1		Mosaic Co. (The)		13
	1		Navient Corp.		13
	—	(h)	Pioneer Natural Resources Co.		31
	—	(h)	Shire plc, ADR		31
	—	(h)	SVB Financial Group (a)		14
	4		Time, Inc.		57
	2		Twenty-First Century Fox, Inc., Class A		53
	—	(h)	United Continental Holdings, Inc. (a)		24
	—	(h)	Vertex Pharmaceuticals, Inc. (a)		16
					771
			Total Common Stocks (Cost $1,649)		1,648
			Total Investments — 98.6% (Cost $1,649)		1,648
			Other Assets in Excess of Liabilities — 1.4%		24
			NET ASSETS — 100.0%	$	1,672

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Media		11.4	%
Pharmaceuticals		10.6
Insurance		8.8
Banks		7.0
Internet Software & Services		6.4
Biotechnology		6.1
Internet & Direct Marketing Retail		6.1
Oil, Gas & Consumable Fuels		5.6
Diversified Telecommunication Services		5.0
Semiconductors & Semiconductor Equipment		4.0
Food & Staples Retailing		3.2
Capital Markets		2.9
Chemicals		2.3
Health Care Providers & Services		2.2

INDUSTRY	PERCENTAGE
Wireless Telecommunication Services		1.8	%
Household Durables		1.7
Real Estate Management & Development		1.7
Aerospace & Defense		1.5
Automobiles		1.5
Airlines		1.5
Road & Rail		1.4
Industrial Conglomerates		1.4
Construction Materials		1.2
Textiles, Apparel & Luxury Goods		1.1
Metals & Mining		1.1
Auto Components		1.0
Multiline Retail		1.0
Others (each less than 1.0%)		0.5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Australia — 1.3%
	1,626	BHP Billiton Ltd.		28,405
	768	BHP Billiton plc		11,556
	1,794	South32 Ltd.		3,501
				43,462
		Belgium — 1.8%
	530	Anheuser-Busch InBev S.A./N.V.		60,798
		China — 3.7%
	193	Baidu, Inc., ADR (a)		34,205
	31,099	CNOOC Ltd.		39,131
	6,079	Ping An Insurance Group Co. of China Ltd., Class H		31,994
	13,730	Wynn Macau Ltd.		21,035
				126,365
		Denmark — 1.1%
	1,014	Novo Nordisk A/S, Class B		36,116
		France — 11.6%
	879	Accor S.A.		33,342
	1,889	AXA S.A.		42,630
	361	BNP Paribas S.A.		20,938
	265	Essilor International S.A.		29,772
	305	Imerys S.A.		21,205
	132	Kering		29,206
	228	LVMH Moet Hennessy Louis Vuitton SE		41,593
	282	Pernod Ricard S.A.		33,564
	346	Safran S.A.		23,775
	616	Sanofi		47,910
	757	Schneider Electric SE		50,922
	358	Technip S.A.		23,762
				398,619
		Germany — 6.3%
	346	Allianz SE		54,033
	405	Bayer AG		40,254
	227	Continental AG		43,560
	165	Fresenius Medical Care AG & Co. KGaA		13,435
	734	SAP SE		64,632
				215,914
		Hong Kong — 4.7%
	5,301	Cheung Kong Property Holdings Ltd.		39,189
	7,872	China Overseas Land & Investment Ltd.		24,166
	4,030	CK Hutchison Holdings Ltd.		49,756
	6,606	Hang Lung Properties Ltd.		14,527
	8,011	Sands China Ltd.		34,767
				162,405

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.1%
	549	HDFC Bank Ltd., ADR		38,855
		Indonesia — 0.8%
	43,232	Astra International Tbk PT		27,275
		Israel — 0.9%
	699	Teva Pharmaceutical Industries Ltd., ADR		29,873
		Japan — 23.7%
	2,767	Astellas Pharma, Inc.		41,064
	328	Daikin Industries Ltd.		31,423
	214	FANUC Corp.		39,199
	1,565	Honda Motor Co., Ltd.		46,824
	3,916	Inpex Corp.		36,528
	1,753	Japan Tobacco, Inc.		66,657
	1,311	KDDI Corp.		39,836
	46	Keyence Corp.		33,942
	1,346	Komatsu Ltd.		29,950
	3,232	Kubota Corp.		52,096
	660	Makita Corp.		45,605
	1,406	Mitsui Fudosan Co., Ltd.		32,020
	415	Nidec Corp.		40,194
	235	Nitto Denko Corp.		16,351
	600	Shin-Etsu Chemical Co., Ltd.		45,462
	187	SMC Corp.		54,265
	1,914	Sumitomo Mitsui Financial Group, Inc.		66,369
	441	Tokyo Electron Ltd.		39,771
	938	Toyota Motor Corp.		54,434
				811,990
		Netherlands — 6.2%
	679	Akzo Nobel N.V.		43,882
	371	ASML Holding N.V.		39,236
	3,621	ING Groep N.V.		47,536
	215	NXP Semiconductors N.V. (a)		21,528
	2,453	Royal Dutch Shell plc, Class A		61,086
				213,268
		South Africa — 1.1%
	216	Naspers Ltd., Class N		36,245
		South Korea — 2.6%
	95	Hyundai Mobis Co., Ltd.		22,571
	95	Samsung Electronics Co., Ltd. GDR		66,651
				89,222
		Switzerland — 10.5%
	518	Cie Financiere Richemont S.A.		33,304
	817	Credit Suisse Group AG (a)		11,393
	9,682	Glencore plc (a)		29,638

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	355	LafargeHolcim Ltd. (a)		18,993
	480	LafargeHolcim Ltd. (a)		25,592
	945	Novartis AG		67,072
	307	Roche Holding AG		70,563
	3,925	UBS Group AG		55,490
	177	Zurich Insurance Group AG (a)		46,266
				358,311
		Taiwan — 1.3%
	1,465	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		45,570
		United Kingdom — 17.9%
	761	Aggreko plc		7,444
	7,541	Barclays plc		17,472
	927	British American Tobacco plc		53,104
	2,235	Burberry Group plc		40,305
	9,865	HSBC Holdings plc		74,233
	717	Imperial Brands plc		34,676
	32,579	Lloyds Banking Group plc		22,751
	4,681	Meggitt plc		24,903
	890	Persimmon plc		18,433
	3,572	Prudential plc		58,287
	728	Rio Tinto Ltd.		30,118
	543	Rio Tinto plc		18,877
	4,743	Standard Chartered plc (a)		41,243
	865	Travis Perkins plc		14,079
	1,397	Tullow Oil plc (a)		4,511
	993	Unilever plc		41,470
	24,977	Vodafone Group plc		68,595
	1,917	WPP plc		41,635
				612,136
		United States — 0.7%
	441	Shire plc		24,900
		Total Common Stocks (Cost $3,172,187)		3,331,324
	Preferred Stock — 1.2%
		Germany — 1.2%
	339	Henkel AG & Co. KGaA (Cost $30,396)		43,587

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	36,620	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $36,620)		36,620
		Total Investments — 99.6% (Cost $3,239,203)		3,411,531
		Other Assets in Excess of Liabilities — 0.4%		12,935
		NET ASSETS — 100.0%	$	3,424,466

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.8	%
Banks		9.7
Insurance		6.8
Machinery		6.5
Tobacco		4.5
Semiconductors & Semiconductor Equipment		4.3
Textiles, Apparel & Luxury Goods		4.2
Oil, Gas & Consumable Fuels		4.1
Automobiles		3.8
Metals & Mining		3.6
Real Estate Management & Development		3.2
Wireless Telecommunication Services		3.2
Chemicals		3.1
Beverages		2.8
Electrical Equipment		2.7
Hotels, Restaurants & Leisure		2.6
Media		2.3
Capital Markets		2.0
Technology Hardware, Storage & Peripherals		2.0
Auto Components		1.9
Construction Materials		1.9
Software		1.9
Industrial Conglomerates		1.5
Aerospace & Defense		1.4
Household Products		1.3
Personal Products		1.2
Internet Software & Services		1.0
Electronic Equipment, Instruments & Components		1.0
Others (each less than 1.0%)		4.6
Short-Term Investment		1.1

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Australia — 1.9%
	490	Goodman Group		2,527
		Belgium — 3.5%
	41	Anheuser-Busch InBev S.A./N.V.		4,725
		Canada — 3.7%
	83	Toronto-Dominion Bank (The)		3,756
	27	TransCanada Corp.		1,221
				4,977
		China — 0.9%
	969	CNOOC Ltd.		1,219
		Czech Republic — 2.5%
	969	Moneta Money Bank A.S. (a) (e)		3,378
		Denmark — 2.6%
	112	Danske Bank A/S		3,467
		Finland — 2.8%
	162	UPM-Kymmene OYJ		3,769
		France — 7.0%
	26	Capgemini S.A.		2,186
	30	Cie Generale des Etablissements Michelin		3,220
	7	Unibail-Rodamco SE		1,595
	34	Vinci S.A.		2,447
				9,448
		Germany — 9.1%
	9	Allianz SE		1,356
	15	BASF SE		1,307
	28	Daimler AG		1,994
	22	Deutsche Boerse AG (a)		1,720
	78	Deutsche Telekom AG		1,269
	64	Deutsche Wohnen AG		2,085
	22	Siemens AG		2,477
				12,208
		Hong Kong — 2.4%
	1,151	HKT Trust & HKT Ltd.		1,582
	370	Sands China Ltd.		1,606
				3,188
		Israel — 1.8%
	1,300	Bezeq The Israeli Telecommunication Corp., Ltd.		2,361
		Japan — 8.4%
	35	Bridgestone Corp.		1,321
	51	Daiwa House Industry Co., Ltd.		1,403
	33	Japan Tobacco, Inc.		1,236
	60	Mitsubishi Corp.		1,312
	267	Mitsubishi UFJ Financial Group, Inc., ADR		1,373

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	58	Nippon Telegraph & Telephone Corp.		2,585
	17	Toyota Motor Corp., ADR		1,965
				11,195
		Netherlands — 9.4%
	159	ING Groep N.V.		2,093
	82	Koninklijke Ahold Delhaize N.V.		1,866
	90	NN Group N.V.		2,716
	145	Royal Dutch Shell plc, Class A		3,619
	61	Wolters Kluwer N.V.		2,369
				12,663
		New Zealand — 1.1%
	545	Spark New Zealand Ltd.		1,427
		Norway — 1.6%
	146	DNB ASA		2,113
		Russia — 6.1%
	40	LUKOIL PJSC, ADR		1,951
	216	MMC Norilsk Nickel PJSC, ADR		3,252
	209	Severstal PJSC, GDR		2,951
				8,154
		Switzerland — 3.0%
	482	Glencore plc (a)		1,476
	15	Swiss Re AG		1,369
	24	Wolseley plc		1,225
				4,070
		Taiwan — 4.6%
	152	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,730
	695	Vanguard International Semiconductor Corp.		1,415
				6,145
		United Kingdom — 25.3%
	310	3i Group plc		2,544
	380	BAE Systems plc		2,519
	839	Booker Group plc		1,841
	51	British American Tobacco plc		2,910
	67	Compass Group plc		1,219
	456	Direct Line Insurance Group plc		1,927
	251	GlaxoSmithKline plc		4,951
	85	HSBC Holdings plc, ADR		3,190
	55	Imperial Brands plc		2,637
	37	InterContinental Hotels Group plc		1,421
	808	ITV plc		1,684
	56	Persimmon plc		1,157
	360	RSA Insurance Group plc		2,428

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	164	WPP plc		3,553
				33,981
		Total Common Stocks (Cost $126,706)		131,015
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	2,567	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $2,567)		2,567
		Total Investments — 99.6% (Cost $129,273)		133,582
		Other Assets in Excess of Liabilities — 0.4%		573
		NET ASSETS — 100.0%	$	134,155

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		14.5	%
Insurance		7.3
Diversified Telecommunication Services		6.9
Oil, Gas & Consumable Fuels		6.0
Metals & Mining		5.7
Tobacco		5.1
Semiconductors & Semiconductor Equipment		4.6
Media		3.9
Pharmaceuticals		3.7
Beverages		3.5
Auto Components		3.4
Capital Markets		3.2
Hotels, Restaurants & Leisure		3.2
Equity Real Estate Investment Trusts (REITs)		3.1
Automobiles		3.0
Paper & Forest Products		2.8
Food & Staples Retailing		2.8
Real Estate Management & Development		2.6
Trading Companies & Distributors		1.9
Aerospace & Defense		1.9
Industrial Conglomerates		1.9
Construction & Engineering		1.8
Professional Services		1.8
IT Services		1.6
Chemicals		1.0
Others (each less than 1.0%)		0.9
Short-Term Investment		1.9

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	731		GBP
	6,929		for HKD	Societe Generale		11/18/16	$	893	#	$	895	#	$	2
	12,078		HKD	Royal Bank of Canada		11/18/16		1,556			1,557			1
	29,692		SEK	Citibank, N.A.		11/18/16		3,371			3,290			(81	)
	2,145		SGD	Australia and New Zealand Banking Group Limited		11/18/16		1,543			1,542			(1	)
							$	7,363		$	7,284		$	(79	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,178		GBP	Goldman Sachs International		11/18/16	$	6,306	$	6,340	$	(34	)
	1,272		HKD	Standard Chartered Bank		11/18/16		164		164		—	(h)
							$	6,470	$	6,504	$	(34	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2016 of the currency being sold, and the value at October 31, 2016 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.5%
		Australia — 3.7%
	2,140	Australia & New Zealand Banking Group Ltd.		45,185
	6,111	Goodman Group		31,500
	2,795	Oil Search Ltd.		14,008
	1,657	Westfield Corp.		11,197
				101,890
		Belgium — 2.1%
	493	Anheuser-Busch InBev S.A./N.V.		56,617
		China — 0.5%
	2,970	ENN Energy Holdings Ltd.		13,963
		Denmark — 3.3%
	452	Chr Hansen Holding A/S		27,099
	231	Genmab A/S (a)		37,967
	764	Novo Nordisk A/S, Class B		27,230
				92,296
		Finland — 1.4%
	1,089	UPM-Kymmene OYJ		25,322
	304	Wartsila OYJ Abp		13,158
				38,480
		France — 12.2%
	564	Airbus Group SE		33,480
	1,427	AXA S.A.		32,203
	748	BNP Paribas S.A.		43,368
	414	Capgemini S.A.		34,302
	106	Kering		23,552
	858	Klepierre		35,076
	359	Renault S.A.		31,200
	586	Technip S.A.		38,917
	297	Thales S.A.		27,976
	801	TOTAL S.A.		38,390
				338,464
		Germany — 8.3%
	185	adidas AG		30,394
	179	Bayer AG		17,780
	148	Continental AG		28,400
	467	Daimler AG		33,310
	428	Fresenius SE & Co. KGaA		31,650
	2,069	Infineon Technologies AG		37,218
	458	Siemens AG		52,017
				230,769
		Hong Kong — 2.2%
	5,986	China Resources Gas Group Ltd.		18,770
	8,474	China Resources Land Ltd.		21,045

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	1,785	CK Hutchison Holdings Ltd.		22,042
				61,857
		India — 1.1%
	415	HDFC Bank Ltd., ADR		29,371
		Italy — 3.6%
	9,201	Enel S.p.A.		39,559
	4,222	Snam S.p.A.		22,247
	43,288	Telecom Italia S.p.A. (a)		37,630
				99,436
		Japan — 25.7%
	405	Daikin Industries Ltd.		38,821
	704	Dentsu, Inc.		35,094
	2,280	DMG Mori Co., Ltd.		24,181
	485	Izumi Co., Ltd.		22,424
	893	Japan Airlines Co., Ltd.		26,360
	4,395	Kajima Corp.		29,638
	57	Keyence Corp.		41,786
	1,238	Mitsubishi Corp.		26,936
	8,649	Mitsubishi UFJ Financial Group, Inc.		44,625
	1,680	Mitsui Fudosan Co., Ltd.		38,260
	869	NH Foods Ltd.		20,824
	2,069	Nippon Steel & Sumitomo Metal Corp.		40,997
	947	Nippon Telegraph & Telephone Corp.		41,969
	444	Oriental Land Co., Ltd.		25,941
	2,777	ORIX Corp.		43,998
	1,110	Sompo Holdings, Inc.		35,916
	847	Sumitomo Mitsui Financial Group, Inc.		29,353
	472	Suntory Beverage & Food Ltd.		20,621
	1,084	Suzuki Motor Corp.		38,634
	1,013	Tokio Marine Holdings, Inc.		39,952
	1,957	Yamato Holdings Co., Ltd.		44,593
				710,923
		Netherlands — 5.7%
	370	ASML Holding N.V.		39,170
	3,254	ING Groep N.V.		42,718
	3,070	Royal Dutch Shell plc, Class A		76,485
				158,373
		Norway — 1.6%
	9,824	Norsk Hydro ASA		43,920
		Spain — 0.4%
	2,270	Distribuidora Internacional de Alimentacion S.A.		12,122

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — 1.2%
	3,260	Nordea Bank AB		34,261
		Switzerland — 5.6%
	303	Nestle S.A.		21,961
	283	Roche Holding AG		65,100
	2,680	UBS Group AG		37,895
	584	Wolseley plc		30,278
				155,234
		United Kingdom — 15.4%
	723	Associated British Foods plc		21,744
	426	AstraZeneca plc		23,876
	1,000	British American Tobacco plc		57,286
	6,327	BT Group plc		29,041
	7,396	Dixons Carphone plc		28,433
	2,533	GlaxoSmithKline plc		50,037
	4,213	HSBC Holdings plc		31,726
	462	InterContinental Hotels Group plc		17,909
	3,634	Kingfisher plc		16,054
	1,190	Pennon Group plc		12,145
	1,589	Prudential plc		25,924
	385	Reckitt Benckiser Group plc		34,449
	1,082	Rio Tinto plc		37,625
	8,411	Taylor Wimpey plc		14,566
	9,074	Vodafone Group plc		24,919
				425,734
		United States — 1.5%
	737	Shire plc		41,599
		Total Common Stocks (Cost $2,592,617)		2,645,309
	Preferred Stock — 1.3%
		Germany — 1.3%
	280	Henkel AG & Co. KGaA (Cost $25,403)		35,934
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	72,806	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $72,806)		72,806
		Total Investments — 99.4% (Cost $2,690,826)		2,754,049
		Other Assets in Excess of Liabilities — 0.6%		15,821
		NET ASSETS — 100.0%	$	2,769,870

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		10.9	%
Pharmaceuticals		6.7
Insurance		4.9
Oil, Gas & Consumable Fuels		4.7
Metals & Mining		4.4
Diversified Telecommunication Services		3.9
Automobiles		3.7
Biotechnology		2.9
Equity Real Estate Investment Trusts (REITs)		2.8
Beverages		2.8
Semiconductors & Semiconductor Equipment		2.8
Industrial Conglomerates		2.7
Household Products		2.6
Food Products		2.3
Aerospace & Defense		2.2
Real Estate Management & Development		2.2
Tobacco		2.1
Trading Companies & Distributors		2.1
Gas Utilities		2.0
Textiles, Apparel & Luxury Goods		2.0
Air Freight & Logistics		1.6
Specialty Retail		1.6
Diversified Financial Services		1.6
Hotels, Restaurants & Leisure		1.6
Electronic Equipment, Instruments & Components		1.5
Electric Utilities		1.4
Energy Equipment & Services		1.4
Building Products		1.4
Capital Markets		1.4
Machinery		1.4
Media		1.3
IT Services		1.2
Health Care Providers & Services		1.1
Construction & Engineering		1.1
Auto Components		1.0
Chemicals		1.0
Airlines		1.0
Others (each less than 1.0%)		4.1
Short-Term Investment		2.6

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	153	TOPIX Index		12/08/16		JPY	$	20,300	$	531
	794	Euro STOXX 50 Index		12/16/16		EUR		26,622		70
	279	FTSE 100 Index		12/16/16		GBP		23,615		(215	)
									$	386

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	12,626		EUR
	1,432,272		for JPY	Standard Chartered Bank		11/14/16	$	13,663	#	$	13,867	#	$	204
	11,434		GBP
	12,727		for EUR	Goldman Sachs International		11/14/16		13,978	#		13,998	#		20
	15,250		AUD	Australia & New Zealand Banking Group Limited		11/14/16		11,662			11,597			(65	)
	109,239		AUD	Standard Chartered Bank		11/14/16		82,405			83,071			666
	110,325		CHF	Morgan Stanley		11/14/16		114,908			111,555			(3,353	)
	8,267		EUR	Standard Chartered Bank		11/14/16		9,125			9,080			(45	)
	4,929		GBP	Citibank, N.A.		11/14/16		6,566			6,035			(531	)
	20,876		GBP	Goldman Sachs International		11/14/16		27,933			25,559			(2,374	)
	10,710		GBP	Merrill Lynch International		11/14/16		14,072			13,112			(960	)
	12,518		GBP	Morgan Stanley		11/14/16		16,581			15,325			(1,256	)
	22,192		GBP	Royal Bank of Canada		11/14/16		27,875			27,170			(705	)
	5,935		GBP	State Street Corp.		11/14/16		7,284			7,265			(19	)
	13,449		GBP	TD Bank Financial Group		11/14/16		16,445			16,465			20
	201,399		HKD	Australia & New Zealand Banking Group Limited		11/14/16		25,986			25,970			(16	)
	5,249,417		JPY	Goldman Sachs International		11/14/16		51,648			50,076			(1,572	)
	537,349		JPY	Merrill Lynch International		11/14/16		5,308			5,126			(182	)
	1,084,659		JPY	Standard Chartered Bank		11/14/16		10,415			10,347			(68	)
	182,238		SEK	TD Bank Financial Group		11/14/16		21,405			20,187			(1,218	)
	37,640		SGD	TD Bank Financial Group		11/14/16		28,077			27,057			(1,020	)
							$	505,336		$	492,862		$	(12,474	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	336,438	DKK	Morgan Stanley		11/14/16	$	50,881	$	49,679	$	1,202
	24,260	EUR	BNP Paribas		11/14/16		27,433		26,644		789
	44,064	EUR	Citibank, N.A.		11/14/16		49,815		48,394		1,421
	12,943	EUR	Goldman Sachs International		11/14/16		14,094		14,215		(121	)
	8,506	EUR	Merrill Lynch International		11/14/16		9,568		9,341		227
	29,580	EUR	State Street Corp.		11/14/16		33,273		32,488		785
	4,756	GBP	Goldman Sachs International		11/14/16		6,220		5,823		397
	97,453	GBP	Standard Chartered Bank		11/14/16		129,084		119,310		9,774

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,710,440		JPY	Citibank, N.A.		11/14/16	$	36,683	$	35,395	$	1,288
	1,066,217		JPY	Goldman Sachs International		11/14/16		10,569		10,171		398
	864,386		JPY	Merrill Lynch International		11/14/16		8,334		8,246		88
	893,948		JPY	State Street Corp.		11/14/16		8,632		8,527		105
	190,241		NOK	TD Bank Financial Group		11/14/16		22,485		23,025		(540	)
							$	407,071	$	391,258	$	15,813

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2016 of the currency being sold, and the value at October 31, 2016 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.8%
		Australia — 6.4%
	987	AMP Ltd.		3,421
	708	Australia & New Zealand Banking Group Ltd.		14,955
	449	BGP Holdings plc (a)		—	(h)
	786	BHP Billiton Ltd.		13,731
	254	Commonwealth Bank of Australia		14,117
	49	CSL Ltd.		3,738
	848	Dexus Property Group		5,763
	1,525	Goodman Group		7,860
	113	Macquarie Group Ltd.		6,812
	52	National Australia Bank Ltd.		1,107
	335	Wesfarmers Ltd.		10,445
	151	Westpac Banking Corp.		3,499
				85,448
		Belgium — 1.0%
	122	Anheuser-Busch InBev S.A./N.V.		13,955
		Denmark — 0.8%
	70	Chr Hansen Holding A/S		4,167
	191	Novo Nordisk A/S, Class B		6,818
				10,985
		Finland — 2.0%
	100	Cargotec Oyj, Class B		4,087
	1,828	Nokia OYJ		8,162
	570	Outokumpu OYJ (a)		3,973
	219	UPM-Kymmene OYJ		5,099
	115	Wartsila OYJ Abp		4,968
				26,289
		France — 10.4%
	145	Air Liquide S.A.		14,710
	169	Airbus Group SE		10,012
	35	Arkema S.A.		3,311
	611	AXA S.A.		13,783
	206	BNP Paribas S.A.		11,957
	80	Capgemini S.A.		6,590
	286	Engie S.A.		4,126
	928	Natixis S.A.		4,694
	68	Pernod Ricard S.A.		8,063
	65	Renault S.A.		5,627
	140	Sanofi		10,894
	163	Schneider Electric SE		10,937
	58	Sodexo S.A.		6,782
	106	Technip S.A.		7,028
	266	TOTAL S.A.		12,763
	398	Vivendi S.A.		8,050
				139,327

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — 9.0%
	43	adidas AG		7,134
	15	Allianz SE		2,269
	25	BASF SE		2,187
	156	Bayer AG		15,499
	136	Brenntag AG		7,280
	203	Daimler AG		14,468
	57	Deutsche Bank AG (a)		821
	271	Deutsche Post AG		8,399
	522	Deutsche Telekom AG		8,514
	47	HeidelbergCement AG		4,488
	443	Infineon Technologies AG		7,959
	34	Linde AG		5,633
	196	SAP SE		17,248
	157	Siemens AG		17,878
				119,777
		Hong Kong — 2.8%
	700	AIA Group Ltd.		4,404
	631	Cheung Kong Property Holdings Ltd.		4,666
	818	CK Hutchison Holdings Ltd.		10,096
	33	Hang Seng Bank Ltd.		602
	112	Hang Seng Bank Ltd.		2,012
	18	Power Assets Holdings Ltd.		164
	713	Power Assets Holdings Ltd.		6,697
	727	Sands China Ltd.		3,154
	689	Wharf Holdings Ltd. (The)		5,168
				36,963
		Ireland — 0.4%
	69	Ryanair Holdings plc, ADR (a)		5,161
		Israel — 0.8%
	237	Teva Pharmaceutical Industries Ltd., ADR		10,141
		Italy — 2.3%
	311	Assicurazioni Generali S.p.A.		4,022
	268	Atlantia S.p.A.		6,574
	2,173	Enel S.p.A.		9,341
	8,330	Telecom Italia S.p.A. (a)		7,241
	1,684	UniCredit S.p.A.		4,180
				31,358
		Japan — 23.0%
	202	Bridgestone Corp.		7,554
	46	Central Japan Railway Co.		7,805
	82	Daikin Industries Ltd.		7,876
	84	Dentsu, Inc.		4,187
	355	DMG Mori Co., Ltd.		3,768
	109	East Japan Railway Co.		9,630

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	106		Electric Power Development Co., Ltd.		2,471
	1,025		Fujitsu Ltd.		6,081
	1,680		Hitachi Ltd.		8,956
	318		Honda Motor Co., Ltd.		9,524
	373		J. Front Retailing Co., Ltd.		5,129
	205		Japan Airlines Co., Ltd.		6,053
	69		Japan Tobacco, Inc.		2,616
	229		JFE Holdings, Inc.		3,281
	1,096		JX Holdings, Inc.		4,331
	1,021		Kajima Corp.		6,885
	182		KDDI Corp.		5,519
	5		Keyence Corp.		3,372
	477		Kirin Holdings Co., Ltd.		8,194
	322		Kyowa Hakko Kirin Co., Ltd.		4,906
	306		Kyushu Electric Power Co., Inc.		2,781
	140		LIXIL Group Corp.		3,211
	97		Mabuchi Motor Co., Ltd.		5,650
	421		Mazda Motor Corp.		6,983
	286		Medipal Holdings Corp.		4,890
	2,396		Mitsubishi UFJ Financial Group, Inc.		12,360
	124		Mitsui & Co., Ltd.		1,719
	348		Mitsui Fudosan Co., Ltd.		7,919
	160		MS&AD Insurance Group Holdings, Inc.		4,738
	160		NGK Spark Plug Co., Ltd.		3,181
	73		Nidec Corp.		7,025
	183		Nippon Steel & Sumitomo Metal Corp.		3,618
	237		Nippon Telegraph & Telephone Corp.		10,508
	181		Nishi-Nippon Financial Holdings, Inc. (a)		1,800
	—	(h)	Nitori Holdings Co., Ltd.		10
	141		Omron Corp.		5,404
	292		ORIX Corp.		4,634
	161		Otsuka Holdings Co., Ltd.		7,024
	249		Seiko Epson Corp.		5,049
	266		Seven & i Holdings Co., Ltd.		11,099
	99		Shin-Etsu Chemical Co., Ltd.		7,484
	275		Sony Corp.		8,661
	895		Sumitomo Bakelite Co., Ltd.		4,860
	295		Sumitomo Mitsui Financial Group, Inc.		10,242
	182		Sumitomo Realty & Development Co., Ltd.		4,784
	144		Suntory Beverage & Food Ltd.		6,305
	105		Suzuken Co., Ltd.		3,382
	402		Takashimaya Co., Ltd.		3,279
	891		Tokyo Gas Co., Ltd.		4,042
	315		Toyota Motor Corp.		18,290
	324		Yamato Holdings Co., Ltd.		7,373
					306,443

SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 0.5%
	1,035	ArcelorMittal (a)		6,995
		Netherlands — 6.0%
	767	Aegon N.V.		3,317
	100	ASML Holding N.V.		10,563
	108	Heineken N.V.		8,914
	901	ING Groep N.V.		11,829
	1,248	Koninklijke KPN N.V.		4,069
	346	Koninklijke Philips N.V.		10,414
	160	NN Group N.V.		4,814
	441	Royal Dutch Shell plc, Class A		10,995
	599	Royal Dutch Shell plc, Class B		15,450
				80,365
		New Zealand — 0.4%
	1,902	Spark New Zealand Ltd.		4,976
		Portugal — 0.3%
	297	Galp Energia SGPS S.A.		4,027
		Singapore — 0.8%
	801	DBS Group Holdings Ltd.		8,637
	352	Singapore Exchange Ltd.		1,795
				10,432
		Spain — 2.1%
	1,149	Banco Santander S.A.		5,631
	6,471	Bankia S.A.		5,685
	1,138	Iberdrola S.A.		7,741
	272	Repsol S.A.		3,797
	536	Telefonica S.A.		5,448
				28,302
		Sweden — 1.2%
	926	Nordea Bank AB		9,728
	589	Sandvik AB		6,689
				16,417
		Switzerland — 9.5%
	39	Actelion Ltd. (a)		5,590
	147	Cie Financiere Richemont S.A.		9,425
	158	Credit Suisse Group AG (a)		2,199
	34	LafargeHolcim Ltd. (a)		1,823
	152	LafargeHolcim Ltd. (a)		8,110
	468	Nestle S.A.		33,943
	181	Novartis AG		12,871
	103	Roche Holding AG		23,605
	11	Syngenta AG (a)		4,255
	643	UBS Group AG		9,093
	195	Wolseley plc		10,112

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	22	Zurich Insurance Group AG (a)		5,807
				126,833
		United Kingdom — 15.3%
	590	3i Group plc		4,832
	158	Associated British Foods plc		4,745
	175	AstraZeneca plc		9,799
	1,211	Aviva plc		6,561
	3,401	Barclays plc		7,879
	674	Barratt Developments plc		3,736
	1,795	BP plc		10,609
	340	British American Tobacco plc		19,509
	3,083	Centrica plc		8,075
	1,574	Debenhams plc		1,034
	1,160	Dixons Carphone plc		4,459
	779	GlaxoSmithKline plc		15,381
	2,431	HSBC Holdings plc		18,308
	236	HSBC Holdings plc		1,776
	196	InterContinental Hotels Group plc		7,598
	2,330	ITV plc		4,858
	12,699	Lloyds Banking Group plc		8,868
	271	Prudential plc		4,417
	115	Reckitt Benckiser Group plc		10,251
	122	Rio Tinto Ltd.		5,043
	72	Rio Tinto plc		2,493
	517	RSA Insurance Group plc		3,489
	877	Standard Chartered plc (a)		7,628
	1,355	Taylor Wimpey plc		2,346
	148	Unilever N.V., CVA		6,184
	5,221	Vodafone Group plc		14,338
	77	Whitbread plc		3,392
	283	WPP plc		6,144
				203,752

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — 0.8%
	199	Shire plc		11,218
		Total Common Stocks (Cost $1,260,405)		1,279,164
	Preferred Stocks — 1.0%
		Germany — 1.0%
	83	Henkel AG & Co. KGaA		10,679
	23	Volkswagen AG		3,156
		Total Preferred Stocks (Cost $10,860)		13,835
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	1,149	Banco Santander S.A., expiring 11/02/16 (a) (Cost $59)		64
SHARES
	Short-Term Investment — 2.5%
		Investment Company — 2.5%
	32,949	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $32,949)		32,949
		Total Investments — 99.3% (Cost $1,304,273)		1,326,012
		Other Assets in Excess of Liabilities — 0.7%		9,199
		NET ASSETS — 100.0%	$	1,335,211

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.6	%
Pharmaceuticals		8.8
Oil, Gas & Consumable Fuels		4.7
Automobiles		4.4
Insurance		4.4
Diversified Telecommunication Services		3.7
Chemicals		3.5
Beverages		3.4
Metals & Mining		3.0
Food Products		2.9
Industrial Conglomerates		2.9
Electric Utilities		2.0
Capital Markets		1.9
Electrical Equipment		1.8
Real Estate Management & Development		1.7
Tobacco		1.7
Food & Staples Retailing		1.6
Household Products		1.6

INDUSTRY	PERCENTAGE
Hotels, Restaurants & Leisure		1.6	%
Biotechnology		1.6
Wireless Telecommunication Services		1.5
Machinery		1.5
Trading Companies & Distributors		1.4
Semiconductors & Semiconductor Equipment		1.4
Electronic Equipment, Instruments & Components		1.3
Road & Rail		1.3
Software		1.3
Textiles, Apparel & Luxury Goods		1.2
Air Freight & Logistics		1.2
Media		1.1
Household Durables		1.1
Construction Materials		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
IT Services		1.0
Others (each less than 1.0%)		10.3
Short-Term Investment		2.5

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	40	TOPIX Index		12/08/16		JPY	$	5,307	$	238
	336	Euro STOXX 50 Index		12/16/16		EUR		11,266		212
	119	FTSE 100 Index		12/16/16		GBP		10,072		248
									$	698

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Belgium — 2.6%
	25	Anheuser-Busch InBev S.A./N.V.		2,901
		Canada — 4.5%
	68	Alimentation Couche-Tard, Inc., Class B		3,439
	24	Canadian National Railway Co.		1,514
				4,953
		China — 10.0%
	18	Baidu, Inc., ADR (a)		3,153
	614	CNOOC Ltd.		775
	2,487	CNOOC Ltd.		3,129
	77	JD.com, Inc., ADR (a)		2,005
	1,234	Wynn Macau Ltd.		1,890
				10,952
		Denmark — 2.0%
	61	Novo Nordisk A/S, Class B		2,176
		Finland — 3.9%
	608	Nokia OYJ		2,713
	37	Wartsila OYJ Abp		1,619
				4,332
		France — 2.0%
	142	Orange S.A.		2,227
		Germany — 3.5%
	11	Continental AG		2,042
	42	Zalando SE, (a) (e)		1,830
				3,872
		Hong Kong — 8.5%
	430	AIA Group Ltd.		2,705
	312	Cheung Kong Property Holdings Ltd.		2,306
	1,826	China Unicom Hong Kong Ltd.		2,144
	178	CK Hutchison Holdings Ltd.		2,192
				9,347
		India — 2.2%
	33	HDFC Bank Ltd., ADR		2,358
		Israel — 2.8%
	71	Teva Pharmaceutical Industries Ltd. ADR		3,034
		Italy — 1.3%
	605	Intesa Sanpaolo S.p.A.		1,402
		Japan — 7.6%
	66	KDDI Corp.		1,997
	3	Keyence Corp.		1,833
	163	Kubota Corp.		2,627
	71	Shiseido Co., Ltd.		1,842
				8,299

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 10.5%
	32	Akzo Nobel N.V.		2,098
	171	Altice N.V., Class A (a)		3,145
	156	ING Groep N.V.		2,050
	99	NN Group N.V.		2,982
	13	NXP Semiconductors N.V. (a)		1,288
				11,563
		South Africa — 1.7%
	11	Naspers Ltd., Class N		1,867
		South Korea — 1.5%
	2	Samsung Electronics Co., Ltd. GDR		1,591
		Switzerland — 12.0%
	12	Actelion Ltd. (a)		1,779
	45	Cie Financiere Richemont S.A.		2,907
	86	LafargeHolcim Ltd. (a)		4,565
	10	Roche Holding AG		2,320
	115	UBS Group AG		1,623
				13,194
		Taiwan — 2.0%
	72	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,241
		United Kingdom — 17.9%
	39	British American Tobacco plc		2,241
	189	British Land Co. plc (The)		1,353
	968	ITV plc		2,017
	338	Meggitt plc		1,797
	96	RELX N.V.		1,617
	107	Rio Tinto plc		3,737
	115	Smith & Nephew plc		1,661
	249	Standard Chartered plc (a)		2,161
	1,101	Vodafone Group plc		3,023
				19,607
		United States — 1.7%
	34	Shire plc		1,912
		Total Common Stocks (Cost $107,374)		107,828

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	2,047	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $2,047)		2,047
		Total Investments — 100.1% (Cost $109,421)		109,875
		Liabilities in Excess of Other Assets — (0.1)%		(100	)
		NET ASSETS — 100.0%	$	109,775

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		7.2	%
Pharmaceuticals		6.8
Media		6.4
Insurance		5.2
Wireless Telecommunication Services		4.6
Construction Materials		4.1
Diversified Telecommunication Services		4.0
Machinery		3.9
Oil, Gas & Consumable Fuels		3.6
Internet & Direct Marketing Retail		3.5
Metals & Mining		3.4
Biotechnology		3.4
Semiconductors & Semiconductor Equipment		3.2
Food & Staples Retailing		3.1
Internet Software & Services		2.9
Textiles, Apparel & Luxury Goods		2.6
Beverages		2.6
Communications Equipment		2.5
Real Estate Management & Development		2.1
Tobacco		2.0
Industrial Conglomerates		2.0
Chemicals		1.9
Auto Components		1.9
Hotels, Restaurants & Leisure		1.7
Personal Products		1.7
Electronic Equipment, Instruments & Components		1.7
Aerospace & Defense		1.6
Health Care Equipment & Supplies		1.5
Capital Markets		1.5
Professional Services		1.5
Technology Hardware, Storage & Peripherals		1.4
Road & Rail		1.4
Equity Real Estate Investment Trusts (REITs)		1.2
Short-Term Investment		1.9

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Australia — 4.1%
	1,843	Australia & New Zealand Banking Group Ltd.		38,914
	2,756	Goodman Group		14,206
				53,120
		Belgium — 2.0%
	114	Anheuser-Busch InBev S.A./N.V.		13,046
	225	KBC Group N.V. (a)		13,723
				26,769
		Canada — 0.9%
	275	TransCanada Corp.		12,437
		Chile — 0.6%
	331	Banco Santander Chile, ADR		7,574
		China — 1.0%
	10,241	CNOOC Ltd.		12,886
		Denmark — 0.6%
	60	Pandora A/S		7,799
		Finland — 2.3%
	1,741	Outokumpu OYJ (a)		12,136
	773	UPM-Kymmene OYJ		17,982
				30,118
		France — 15.8%
	139	Air Liquide S.A.		14,172
	221	Airbus Group SE		13,116
	1,202	AXA S.A.		27,124
	573	BNP Paribas S.A.		33,236
	136	Capgemini S.A.		11,291
	2,527	Natixis S.A.		12,785
	222	Renault S.A.		19,348
	233	Schneider Electric SE		15,677
	209	Technip S.A.		13,894
	961	TOTAL S.A.		46,051
				206,694
		Germany — 8.0%
	133	Bayer AG		13,172
	217	Brenntag AG		11,599
	363	Daimler AG		25,888
	92	HeidelbergCement AG		8,661
	627	Infineon Technologies AG		11,273
	295	Siemens AG		33,541
				104,134
		Hong Kong — 2.0%
	2,324	China Overseas Land & Investment Ltd.		7,134
	1,553	CK Hutchison Holdings Ltd.		19,178
				26,312

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 0.5%
	89	Ryanair Holdings plc, ADR (a)		6,679
		Israel — 1.4%
	437	Teva Pharmaceutical Industries Ltd., ADR		18,673
		Italy — 3.7%
	5,693	Enel S.p.A.		24,477
	5,983	Intesa Sanpaolo S.p.A.		13,874
	11,368	Telecom Italia S.p.A. (a)		9,882
				48,233
		Japan — 23.8%
	219	Bridgestone Corp.		8,170
	226	Daikin Industries Ltd.		21,629
	703	Daiwa House Industry Co., Ltd.		19,284
	223	Dentsu, Inc.		11,116
	574	DMG Mori Co., Ltd.		6,084
	803	Honda Motor Co., Ltd.		24,030
	402	Japan Airlines Co., Ltd.		11,855
	115	Mabuchi Motor Co., Ltd.		6,662
	626	Mitsubishi Corp.		13,616
	6,771	Mitsubishi UFJ Financial Group, Inc.		34,934
	781	Mitsui Fudosan Co., Ltd.		17,786
	439	NGK Spark Plug Co., Ltd.		8,716
	282	NH Foods Ltd.		6,758
	586	Nippon Telegraph & Telephone Corp.		25,986
	279	Sompo Holdings, Inc.		9,018
	295	Sony Corp.		9,301
	1,096	Sumitomo Electric Industries Ltd.		16,192
	317	Sumitomo Mitsui Financial Group, Inc.		11,001
	419	Sumitomo Mitsui Trust Holdings, Inc.		14,125
	204	Suzuken Co., Ltd.		6,546
	444	Suzuki Motor Corp.		15,838
	544	Yamato Holdings Co., Ltd.		12,399
				311,046
		Luxembourg — 1.1%
	2,125	ArcelorMittal (a)		14,356
		Netherlands — 7.1%
	454	ASR Nederland N.V. (a)		10,062
	2,045	ING Groep N.V.		26,842
	382	NN Group N.V.		11,515
	1,800	Royal Dutch Shell plc, Class A		44,834
				93,253
		Norway — 1.2%
	3,627	Norsk Hydro ASA		16,215
		South Korea — 1.0%
	9	Samsung Electronics Co., Ltd.		12,531

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 1.2%
	17,799	Bankia S.A.		15,637
		Sweden — 1.9%
	2,340	Nordea Bank AB		24,591
		Switzerland — 4.6%
	181	LafargeHolcim Ltd. (a)		9,640
	52	Roche Holding AG		11,988
	230	Wolseley plc		11,913
	102	Zurich Insurance Group AG (a)		26,727
				60,268
		United Kingdom — 13.3%
	1,268	Barratt Developments plc		7,033
	196	British American Tobacco plc		11,253
	4,777	Centrica plc		12,513
	1,326	GlaxoSmithKline plc		26,186
	165	InterContinental Hotels Group plc		6,394
	9,815	Lloyds Banking Group plc		6,854
	992	National Grid plc		12,901
	1,350	Prudential plc		22,029
	720	Rio Tinto plc		25,051
	1,810	Standard Chartered plc (a)		15,736
	10,015	Vodafone Group plc		27,503
				173,453
		United States — 1.2%
	286	Shire plc		16,134
		Total Common Stocks (Cost $1,333,584)		1,298,912
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	16,805	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $16,805)		16,805
		Total Investments — 100.6% (Cost $1,350,389)		1,315,717
		Liabilities in Excess of Other Assets — (0.6)%		(7,497	)
		NET ASSETS — 100.0%	$	1,308,220

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		20.5	%
Oil, Gas & Consumable Fuels		8.8
Insurance		8.1
Automobiles		6.5
Pharmaceuticals		5.3
Metals & Mining		5.1
Industrial Conglomerates		4.0
Real Estate Management & Development		3.4
Trading Companies & Distributors		2.8
Diversified Telecommunication Services		2.7
Auto Components		2.5
Wireless Telecommunication Services		2.1
Multi-Utilities		1.9
Electric Utilities		1.9
Electrical Equipment		1.7
Building Products		1.6
Airlines		1.4
Construction Materials		1.4
Paper & Forest Products		1.4
Household Durables		1.2
Biotechnology		1.2
Equity Real Estate Investment Trusts (REITs)		1.1
Chemicals		1.1
Energy Equipment & Services		1.1
Aerospace & Defense		1.0
Beverages		1.0
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		6.9
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	38,655	HKD
	4,438	for EUR	Australia & New Zealand Banking Group Limited		11/28/16	$	4,877	#	$	4,985	#	$	108
	713,157	JPY
	5,388	for GBP	HSBC Bank, N.A.		11/28/16		6,598	#		6,806	#		208
	66,351	AUD	Standard Chartered Bank		11/28/16		50,609			50,439			(170	)
	4,045	CAD	Merrill Lynch International		11/28/16		3,103			3,016			(87	)
	25,504	CHF	Credit Suisse International		11/28/16		26,712			25,807			(905	)
	2,544	EUR	Australia & New Zealand Banking Group Limited		11/28/16		2,866			2,796			(70	)
	9,039	EUR	Citibank, N.A.		11/28/16		9,853			9,933			80
	17,414	EUR	Deutsche Bank AG		11/28/16		19,637			19,136			(501	)
	4,661	EUR	Standard Chartered Bank		11/28/16		5,257			5,122			(135	)
	3,256	GBP	Australia & New Zealand Banking Group Limited		11/28/16		3,985			3,988			3
	4,949	GBP	Citibank, N.A.		11/28/16		6,437			6,061			(376	)
	3,278	GBP	Deutsche Bank AG		11/28/16		4,267			4,014			(253	)
	11,427	GBP	Goldman Sachs International		11/28/16		14,327			13,993			(334	)
	3,459	GBP	Royal Bank of Canada		11/28/16		4,524			4,236			(288	)
	17,189	GBP	Standard Chartered Bank		11/28/16		22,869			21,050			(1,819	)
	11,734	HKD	State Street Corp.		11/28/16		1,515			1,513			(2	)
	529,183	JPY	Citibank, N.A.		11/28/16		5,083			5,050			(33	)
	692,763	JPY	Goldman Sachs International		11/28/16		6,694			6,612			(82	)
	536,481	JPY	HSBC Bank, N.A.		11/28/16		5,375			5,120			(255	)
	1,063,297	JPY	Standard Chartered Bank		11/28/16		10,428			10,148			(280	)
	118,422	SEK	Merrill Lynch International		11/28/16		14,255			13,126			(1,129	)
	27,597	SGD	State Street Corp.		11/28/16		20,461			19,840			(621	)
						$	249,732		$	242,791		$	(6,941	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	5,860	AUD	Australia & New Zealand Banking Group Limited		11/28/16	$	4,425	$	4,454	$	(29	)
	18,045	CAD	Morgan Stanley		11/28/16		13,996		13,456		540
	8,116	CHF	Australia & New Zealand Banking Group Limited		11/28/16		8,354		8,212		142
	4,508	CHF	State Street Corp.		11/28/16		4,675		4,561		114
	3,147	EUR	Australia & New Zealand Banking Group Limited		11/28/16		3,545		3,458		87
	6,763	EUR	BNP Paribas		11/28/16		7,500		7,432		68
	5,927	EUR	Citibank, N.A.		11/28/16		6,628		6,513		115
	62,595	EUR	Credit Suisse International		11/28/16		71,297		68,785		2,512
	14,252	EUR	HSBC Bank, N.A.		11/28/16		16,020		15,661		359
	5,042	EUR	Standard Chartered Bank		11/28/16		5,692		5,541		151
	8,355	EUR	State Street Corp.		11/28/16		9,402		9,181		221
	5,428	EUR	TD Bank Financial Group		11/28/16		6,022		5,964		58
	13,039	GBP	Citibank, N.A.		11/28/16		17,011		15,968		1,043

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	275,554	JPY	Australia & New Zealand Banking Group Limited		11/28/16	$	2,657	$	2,630	$	27
	1,607,384	JPY	Citibank, N.A.		11/28/16		15,794		15,340		454
	503,685	JPY	Goldman Sachs International		11/28/16		4,981		4,807		174
	653,841	JPY	Societe Generale		11/28/16		6,415		6,240		175
	633,187	JPY	Standard Chartered Bank		11/28/16		6,246		6,043		203
	63,226	NOK	Deutsche Bank AG		11/28/16		7,699		7,653		46
	4,454	SGD	Societe Generale		11/28/16		3,244		3,202		42
						$	221,603	$	215,101	$	6,502

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2016 of the currency being sold, and the value at October 31, 2016 is the U.S. Dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 6.7%
	952	Australia & New Zealand Banking Group Ltd.		20,100
	1,197	Bendigo & Adelaide Bank Ltd.		10,111
	1,599	BHP Billiton Ltd.		27,930
	1,192	Challenger Ltd.		9,728
	317	Flight Centre Travel Group Ltd.		8,139
	1,859	Fortescue Metals Group Ltd.		7,800
	2,253	GPT Group (The)		7,965
	2,559	Harvey Norman Holdings Ltd.		9,801
	997	LendLease Group		10,215
	182	Macquarie Group Ltd.		11,021
	6,966	South32 Ltd.		13,595
	2,056	Star Entertainment Grp Ltd. (The)		7,779
	1,049	Westpac Banking Corp.		24,248
	551	Woodside Petroleum Ltd.		11,793
				180,225
		Austria — 0.3%
	243	Erste Group Bank AG		7,635
		Belgium — 1.0%
	91	Anheuser-Busch InBev S.A./N.V.		10,411
	336	bpost S.A.		8,942
	143	KBC Group N.V. (a)		8,695
				28,048
		China — 0.3%
	11,939	China Construction Bank Corp., Class H		8,718
		Denmark — 2.3%
	481	Danske Bank A/S		14,846
	606	Novo Nordisk A/S, Class B		21,600
	58	Pandora A/S		7,520
	1,232	TDC A/S (a)		6,795
	138	Vestas Wind Systems A/S		11,029
				61,790
		Finland — 0.7%
	312	Tieto OYJ		8,556
	486	UPM-Kymmene OYJ		11,307
				19,863
		France — 11.3%
	704	Altran Technologies S.A.		10,051
	90	Arkema S.A.		8,504
	823	AXA S.A.		18,559
	379	BNP Paribas S.A.		21,973
	110	Capgemini S.A.		9,131
	672	Engie S.A.		9,694
	205	Faurecia		7,545

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	1,738	Natixis S.A.		8,792
	102	Nexans S.A. (a)		5,818
	732	Orange S.A.		11,522
	358	Peugeot S.A. (a)		5,364
	132	Publicis Groupe S.A.		9,055
	108	Renault S.A.		9,407
	154	Safran S.A.		10,569
	335	Sanofi		26,098
	250	Schneider Electric SE		16,826
	359	Societe Generale S.A.		14,011
	86	Sodexo S.A.		10,036
	116	Technip S.A.		7,712
	110	Teleperformance		11,647
	121	Thales S.A.		11,357
	665	TOTAL S.A.		31,833
	202	Valeo S.A.		11,661
	223	Vinci S.A.		16,139
				303,304
		Germany — 7.5%
	149	Allianz SE		23,300
	159	Bayer AG		15,780
	135	Bayerische Motoren Werke AG		11,735
	55	Continental AG		10,553
	185	Covestro AG (e)		10,971
	451	Deutsche Telekom AG		7,354
	283	Evonik Industries AG		8,874
	178	Freenet AG		5,092
	127	Fresenius Medical Care AG & Co. KGaA		10,341
	148	Fresenius SE & Co. KGaA		10,936
	92	Hannover Rueck SE		10,244
	128	HeidelbergCement AG		12,120
	623	Infineon Technologies AG		11,201
	99	Merck KGaA		10,149
	132	OSRAM Licht AG		7,520
	244	Siemens AG		27,674
	180	Zalando SE (a) (e)		7,907
				201,751
		Hong Kong — 3.4%
	2,991	BOC Hong Kong Holdings Ltd.		10,659
	1,525	Cheung Kong Property Holdings Ltd.		11,270
	2,988	China Overseas Land & Investment Ltd.		9,173
	1,103	CK Hutchison Holdings Ltd.		13,614
	7,978	New World Development Co., Ltd.		9,919
	2,379	Sands China Ltd.		10,325
	1,156	Wharf Holdings Ltd. (The)		8,667

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Hong Kong — continued
	1,319	Wheelock & Co., Ltd.		8,117
	10,654	Xinyi Glass Holdings Ltd. (a)		9,161
				90,905
		India — 0.4%
	139	HDFC Bank Ltd., ADR		9,822
		Indonesia — 0.4%
	343	Telekomunikasi Indonesia Persero Tbk PT, ADR		11,138
		Ireland — 0.3%
	109	DCC plc		8,847
		Israel — 0.5%
	308	Teva Pharmaceutical Industries Ltd., ADR		13,153
		Italy — 1.2%
	3,433	Enel S.p.A.		14,757
	4,238	Intesa Sanpaolo S.p.A.		9,826
	1,228	Mediobanca S.p.A.		8,997
				33,580
		Japan — 23.9%
	613	Amada Holdings Co., Ltd.		6,986
	1,344	Asahi Glass Co., Ltd.		9,400
	945	Astellas Pharma, Inc.		14,027
	358	Bandai Namco Holdings, Inc.		10,709
	298	Bridgestone Corp.		11,115
	73	Central Japan Railway Co.		12,328
	1,868	Concordia Financial Group Ltd.		8,663
	125	FamilyMart UNY Holdings Co., Ltd.		7,865
	2,289	Fuji Electric Co., Ltd.		11,430
	289	Fuji Heavy Industries Ltd.		11,281
	121	Hikari Tsushin, Inc.		11,144
	312	Hitachi Chemical Co., Ltd.		7,291
	846	Hitachi Metals Ltd.		10,571
	624	Honda Motor Co., Ltd.		18,680
	242	Hoya Corp.		10,076
	377	Idemitsu Kosan Co., Ltd.		8,657
	702	Isuzu Motors Ltd.		8,682
	920	ITOCHU Corp.		11,621
	434	Japan Tobacco, Inc.		16,516
	635	KDDI Corp.		19,309
	211	Koito Manufacturing Co., Ltd.		11,083
	667	Kuraray Co., Ltd.		10,118
	198	Matsumotokiyoshi Holdings Co., Ltd.		10,190
	667	Mazda Motor Corp.		11,065
	579	Mitsubishi Corp.		12,598
	981	Mitsubishi Electric Corp.		13,272

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	4,531	Mitsubishi UFJ Financial Group, Inc.		23,380
	1,977	Mitsubishi UFJ Lease & Finance Co., Ltd.		9,573
	420	Mitsui Fudosan Co., Ltd.		9,565
	328	Nippon Telegraph & Telephone Corp.		14,551
	80	Nitori Holdings Co., Ltd.		9,544
	144	Nitto Denko Corp.		10,004
	555	NTT DOCOMO, Inc.		13,936
	1,020	Obayashi Corp.		9,827
	775	ORIX Corp.		12,283
	271	Otsuka Holdings Co., Ltd.		11,874
	119	Pola Orbis Holdings, Inc.		9,919
	152	SCREEN Holdings Co., Ltd.		10,426
	793	Sekisui Chemical Co., Ltd.		12,495
	182	Shin-Etsu Chemical Co., Ltd.		13,800
	224	Shionogi & Co., Ltd.		11,046
	148	SoftBank Group Corp.		9,302
	359	Sompo Holdings, Inc.		11,603
	380	Sony Corp.		11,980
	2,110	Sumitomo Chemical Co., Ltd.		9,979
	703	Sumitomo Electric Industries Ltd.		10,387
	2,154	Sumitomo Heavy Industries Ltd.		11,340
	491	Sumitomo Mitsui Financial Group, Inc.		17,017
	268	Sumitomo Mitsui Trust Holdings, Inc.		9,043
	697	T&D Holdings, Inc.		8,430
	2,312	Taiheiyo Cement Corp.		6,621
	1,198	Taisei Corp.		8,979
	132	Tokyo Electron Ltd.		11,862
	734	Tokyo Tatemono Co., Ltd.		9,319
	348	Toyota Motor Corp.		20,181
	340	Yamaha Corp.		12,130
				645,073
		Luxembourg — 0.4%
	253	APERAM S.A.		11,487
		Netherlands — 4.2%
	1,461	Aegon N.V.		6,320
	1,532	ING Groep N.V.		20,112
	605	Koninklijke Ahold Delhaize N.V.		13,791
	360	NN Group N.V.		10,835
	2,118	Royal Dutch Shell plc, Class B		54,632
	1,499	Steinhoff International Holdings N.V.		7,984
				113,674
		Norway — 1.1%
	828	DNB ASA		11,966
	2,424	Norsk Hydro ASA		10,837

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Norway — continued
	385	Telenor ASA		6,117
				28,920
		Portugal — 0.2%
	1,940	EDP — Energias de Portugal S.A.		6,412
		Singapore — 0.5%
	682	DBS Group Holdings Ltd.		7,355
	216	Jardine Cycle & Carriage Ltd.		6,526
				13,881
		South Korea — 0.4%
	203	POSCO, ADR		10,523
		Spain — 2.1%
	279	ACS Actividades de Construccion y Servicios S.A.		8,527
	243	Amadeus IT Group S.A.		11,450
	468	Gas Natural SDG S.A.		9,214
	2,219	Iberdrola S.A.		15,105
	877	Repsol S.A.		12,242
				56,538
		Sweden — 2.7%
	281	Atlas Copco AB, Class A		8,241
	416	Boliden AB		9,641
	645	Castellum AB		8,734
	249	Hexagon AB, Class B		8,726
	456	Securitas AB, Class B		7,045
	525	Swedbank AB, Class A		12,288
	218	Swedish Match AB		7,574
	544	Trelleborg AB, Class B,		9,496
				71,745
		Switzerland — 8.5%
	485	ABB Ltd. (a)		10,005
	68	Actelion Ltd. (a)		9,821
	158	Adecco Group AG		9,393
	11	Georg Fischer AG		9,696
	4,197	Glencore plc (a)		12,849
	51	Lonza Group AG (a)		9,587
	562	Nestle S.A.		40,778
	391	Novartis AG		27,781
	199	Roche Holding AG		45,759
	2	Sika AG		10,925
	37	Swiss Life Holding AG (a)		9,736
	146	Swiss Re AG		13,592
	1,277	UBS Group AG		18,056
				227,978

SHARES		SECURITY DESCRIPTION	VALUE($)
		Taiwan — 0.5%
	395	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		12,275
		United Kingdom — 15.3%
	1,350	3i Group plc		11,067
	1,124	Ashmore Group plc		4,829
	1,697	Aviva plc		9,195
	1,403	Barratt Developments plc		7,782
	3,143	Booker Group plc		6,893
	5,290	BP plc		31,271
	597	British American Tobacco plc		34,198
	2,474	BT Group plc		11,354
	605	Burberry Group plc		10,912
	1,493	Carillion plc		4,577
	285	Diageo plc		7,598
	1,605	Direct Line Insurance Group plc		6,791
	489	GlaxoSmithKline plc		9,663
	3,199	HSBC Holdings plc		24,094
	404	Imperial Brands plc		19,559
	211	Intertek Group plc		8,804
	2,384	ITV plc		4,970
	1,949	J Sainsbury plc		5,975
	1,049	John Wood Group plc		9,859
	15,297	Lloyds Banking Group plc		10,682
	381	Persimmon plc		7,884
	543	Playtech plc		6,164
	1,036	Prudential plc		16,912
	249	Reckitt Benckiser Group plc		22,316
	604	RELX N.V.		10,186
	673	Rio Tinto plc		23,408
	1,229	Segro plc		6,583
	1,005	UBM plc		8,823
	808	Unilever N.V., CVA		33,777
	8,168	Vodafone Group plc		22,431
	631	WPP plc		13,697
				412,254
		United States — 1.0%
	199	Carnival plc		9,592
	322	Shire plc		18,196
				27,788
		Total Common Stocks (Cost $2,633,317)		2,617,327
	Preferred Stock — 0.5%
		Germany — 0.5%
	97	Henkel AG & Co. KGaA (Cost $9,898)		12,450

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	55,706	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $55,706)		55,706
		Total Investments — 99.7% (Cost $2,698,921)		2,685,483
		Other Assets in Excess of Liabilities — 0.3%		8,831
		NET ASSETS — 100.0%	$	2,694,314

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.0	%
Pharmaceuticals		7.7
Oil, Gas & Consumable Fuels		5.6
Insurance		5.4
Metals & Mining		5.2
Automobiles		3.6
Chemicals		3.4
Real Estate Management & Development		3.2
Tobacco		2.9
Electrical Equipment		2.8
Auto Components		2.7
Wireless Telecommunication Services		2.6
Diversified Telecommunication Services		2.6
Industrial Conglomerates		1.9
Household Durables		1.8
Construction & Engineering		1.8
Hotels, Restaurants & Leisure		1.7
Semiconductors & Semiconductor Equipment		1.7
Machinery		1.7
Capital Markets		1.7
Food & Staples Retailing		1.7
Personal Products		1.6
Food Products		1.5
Professional Services		1.5
IT Services		1.5
Media		1.4
Electric Utilities		1.4
Household Products		1.3
Diversified Financial Services		1.2
Biotechnology		1.0
Others (each less than 1.0%)		11.8
Short-Term Investment		2.1

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

J.P. Morgan International Equity Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CDI	—  CHESS Depository Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
NOK	—  Norwegian Krone
NVDR	—  Non Voting Depositary Receipt
SEK	—  Swedish Krona
SGD	—  Singapore Dollar

TOPIX	—  Tokyo Stock Price Index
REIT	—  Real Estate Investment Trust
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of October 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	1,729,164		$	3,051,304		$	11,378		$	6,866,836
Investments in affiliates, at value		36,972			91,254			282			17,326
Total investment securities, at value		1,766,136			3,142,558			11,660			6,884,162
Cash		1,925			732			69			60
Foreign currency, at value		5,934			409			15			689
Deposits at broker for futures contracts		1,118			—			—			—
Receivables:
Investment securities sold		6,792			—			8			36,991
Fund shares sold		460			5,311			13			5,212
Dividends from non-affiliates		823			540			8			9,976
Dividends from affiliates		7			21			—	(a)		5
Tax reclaims		10			—			—			6,284
Variation margin on futures contracts		117			—			—			—
Total Assets		1,783,322			3,149,571			11,773			6,943,379
LIABILITIES:
Payables:
Investment securities purchased		1,085			15,635			—	(a)		31,600
Fund shares redeemed		262			1,898			—	(a)		2,260
Accrued liabilities:
Investment advisory fees		1,108			1,916			113			385
Administration fees		7			1			1			—
Distribution fees		31			110			2			—	(a)
Shareholder servicing fees		39			119			1			1,410
Custodian and accounting fees		103			291			9			102
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		36
Deferred India capital gains tax		836			4,628			—			—
Audit fees		77			84			67			84
Other		62			311			4			196
Total Liabilities		3,610			24,993			197			36,073
Net Assets	$	1,779,712		$	3,124,578		$	11,576		$	6,907,306

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	1,898,626		$	2,825,379		$	11,668		$	6,558,300
Accumulated undistributed (distributions in excess of) net investment income		21,844			19,088			15			125,863
Accumulated net realized gains (losses)		(245,029	)		(112,458	)		(524	)		(323,451	)
Net unrealized appreciation (depreciation)		104,271			392,569			417			546,594
Total Net Assets	$	1,779,712		$	3,124,578		$	11,576		$	6,907,306
Net Assets:
Class A	$	148,331		$	411,713		$	8,291		$	20
Class C		2,448			39,568			94			20
Class R2		—			—			—			20
Class R5		1,602			20			19			—
Class R6		1,573,822			1,980,671			24			—
Institutional Class		—			390,647			—			—
Select Class		53,509			301,959			3,148			6,907,246
Total	$	1,779,712		$	3,124,578		$	11,576		$	6,907,306
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		12,844			18,891			616			1
Class C		215			1,868			7			1
Class R2		—			—			—			1
Class R5		136			1			1			—
Class R6		135,260			88,190			2			—
Institutional Class		—			17,374			—			—
Select Class		4,581			13,524			233			376,003
Net Asset Value (a):
Class A — Redemption price per share	$	11.55		$	21.79		$	13.46		$	18.45
Class C — Offering price per share (b)		11.41			21.18			13.44			18.46
Class R2 — Offering and redemption price per share		—			—			—			18.46
Class R5 — Offering and redemption price per share		11.78			22.49			13.51			—
Class R6 — Offering and redemption price per share		11.64			22.46			13.52			—
Institutional Class — Offering and redemption price per share		—			22.49			—			—
Select Class — Offering and redemption price per share		11.68			22.33			13.51			18.37
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.19		$	23.00		$	14.21		$	19.47
Cost of investments in non-affiliates	$	1,623,811		$	2,654,117		$	10,961		$	6,319,695
Cost of investments in affiliates		36,972			91,254			282			17,326
Cost of foreign currency		5,936			411			15			692

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except per share amounts)

	Global Unconstrained Equity Fund			International Equity Fund		International Equity Income Fund			International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	1,648		$	3,374,911	$	131,015		$	2,681,243
Investments in affiliates, at value		—			36,620		2,567			72,806
Total investment securities, at value		1,648			3,411,531		133,582			2,754,049
Cash		115			50		20			50
Foreign currency, at value		1			1,204		87			2,334
Deposits at broker for futures contracts		—			—		—			4,781
Due from custodian		—			—		—			2,550
Receivables:
Investment securities sold		20			6,133		—			—
Fund shares sold		—			329		694			352
Dividends from non-affiliates		2			7,974		264			5,363
Dividends from affiliates		—	(a)		7		1			13
Tax reclaims		15			3,549		137			2,094
Unrealized appreciation on forward foreign currency exchange contracts		—			—		3			17,384
Total Assets		1,801			3,430,777		134,788			2,788,970
LIABILITIES:
Payables:
Investment securities purchased		35			2,884		1			2,563
Fund shares redeemed		—			728		273			300
Variation margin on futures contracts		—			—		—			186
Unrealized depreciation on forward foreign currency exchange contracts		—			—		116			14,045
Accrued liabilities:
Investment advisory fees		8			2,104		60			1,411
Administration fees		—			90		—			191
Distribution fees		—	(a)		60		22			36
Shareholder servicing fees		—	(a)		58		10			103
Custodian and accounting fees		8			81		18			65
Trustees’ and Chief Compliance Officer’s fees		—			7		—	(a)		4
Audit fees		76			105		81			83
Other		2			194		52			113
Total Liabilities		129			6,311		633			19,100
Net Assets	$	1,672		$	3,424,466	$	134,155		$	2,769,870

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	1,730		$	3,293,066		$	140,261		$	2,737,818
Accumulated undistributed (distributions in excess of) net investment income		(5	)		4,945			248			84,841
Accumulated net realized gains (losses)		(52	)		(45,502	)		(10,539	)		(119,423	)
Net unrealized appreciation (depreciation)		(1	)		171,957			4,185			66,634
Total Net Assets	$	1,672		$	3,424,466		$	134,155		$	2,769,870
Net Assets:
Class A	$	417		$	216,932		$	66,722		$	171,940
Class C		210			22,235			11,754			1,565
Class R2		18			1,461			316			—
Class R5		18			58,836			700			—
Class R6		18			3,030,640			21			2,522,883
Institutional Class		—			—			—			49,483
Select Class		991			94,362			54,642			23,999
Total	$	1,672		$	3,424,466		$	134,155		$	2,769,870
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		30			15,230			4,639			12,482
Class C		15			1,647			822			118
Class R2		2			103			22			—
Class R5		1			4,067			49			—
Class R6		1			209,532			1			179,589
Institutional Class		—			—			—			3,521
Select Class		70			6,532			3,791			1,715
Net Asset Value (a):
Class A — Redemption price per share	$	14.12		$	14.24		$	14.38		$	13.77
Class C — Offering price per share (b)		14.02			13.50			14.30			13.30
Class R2 — Offering and redemption price per share		14.24			14.17			14.36			—
Class R5 — Offering and redemption price per share		14.24			14.47			14.42			—
Class R6 — Offering and redemption price per share		14.23			14.46			14.41			14.05
Institutional Class — Offering and redemption price per share		—			—			—			14.05
Select Class — Offering and redemption price per share		14.23			14.45			14.41			14.00
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.90		$	15.03		$	15.18		$	14.53
Cost of investments in non-affiliates	$	1,649		$	3,202,583		$	126,706		$	2,618,020
Cost of investments in affiliates		—			36,620			2,567			72,806
Cost of foreign currency		1			1,203			87			2,338

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except per share amounts)

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	1,293,063		$	107,828		$	1,298,912	$	2,629,777
Investments in affiliates, at value		32,949			2,047			16,805		55,706
Total investment securities, at value		1,326,012			109,875			1,315,717		2,685,483
Cash		35			50			47		50
Foreign currency, at value		1,342			38			125		819
Deposits at broker for futures contracts		1,244			—			—		—
Due from custodian		2,057			105			—		—
Receivables:
Investment securities sold		—			1			—		—
Fund shares sold		2,053			109			4,422		188
Dividends from non-affiliates		3,177			79			3,355		7,410
Dividends from affiliates		10			1			2		12
Tax reclaims		2,292			53			2,026		2,595
Unrealized appreciation on forward foreign currency exchange contracts		—			—			6,930		—
Due from Adviser		2			—			—		—
Total Assets		1,338,224			110,311			1,332,624		2,696,557
LIABILITIES:
Payables:
Investment securities purchased		2,067			293			1		12
Fund shares redeemed		391			63			14,965		291
Variation margin on futures contracts		61			—			—		—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			7,369		—
Accrued liabilities:
Investment advisory fees		—			52			676		1,366
Administration fees		—			—			91		185
Distribution fees		28			6			140		36
Shareholder servicing fees		226			2			207		67
Custodian and accounting fees		36			10			57		79
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		2		3
Sub-transfer agency fees		80			3			657		68
Audit fees		76			77			79		80
Other		48			30			160		56
Total Liabilities		3,013			536			24,404		2,243
Net Assets	$	1,335,211		$	109,775		$	1,308,220	$	2,694,314

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	1,297,834		$	111,868		$	1,669,370		$	2,950,565
Accumulated undistributed (distributions in excess of) net investment income		28,549			2,550			57,698			60,413
Accumulated net realized gains (losses)		(13,336	)		(5,095	)		(383,388	)		(302,873	)
Net unrealized appreciation (depreciation)		22,164			452			(35,460	)		(13,791	)
Total Net Assets	$	1,335,211		$	109,775		$	1,308,220		$	2,694,314
Net Assets:
Class A	$	69,626		$	14,034		$	573,449		$	164,327
Class C		13,507			4,626			24,453			2,287
Class R2		10,222			20			1,182			503
Class R5		—			20			20			—
Class R6		—			81,146			27,998			2,487,086
Institutional Class		—			—			523,251			23,748
Select Class		1,241,856			9,929			157,867			16,363
Total	$	1,335,211		$	109,775		$	1,308,220		$	2,694,314
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,479			814			46,886			8,912
Class C		908			272			2,059			123
Class R2		673			1			98			28
Class R5		—			1			2			—
Class R6		—			4,651			2,238			131,521
Institutional Class		—			—			41,848			1,236
Select Class		79,195			569			12,556			852
Net Asset Value (a):
Class A — Redemption price per share	$	15.54		$	17.24		$	12.23		$	18.44
Class C — Offering price per share (b)		14.88			17.04			11.88			18.57
Class R2 — Offering and redemption price per share		15.19			17.21			12.04			18.29
Class R5 — Offering and redemption price per share		—			17.44			12.51			—
Class R6 — Offering and redemption price per share		—			17.45			12.51			18.91
Institutional Class — Offering and redemption price per share		—			—			12.50			19.22
Select Class — Offering and redemption price per share		15.68			17.45			12.57			19.20
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.40		$	18.20		$	12.91		$	19.46
Cost of investments in non-affiliates	$	1,271,324		$	107,374		$	1,333,584		$	2,643,215
Cost of investments in affiliates		32,949			2,047			16,805			55,706
Cost of foreign currency		1,354			38			125			826

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	—		$	9
Interest income from affiliates		6			3			—			—	(a)
Dividend income from non-affiliates		40,648			48,831			243			183,964
Dividend income from affiliates		108			222			1			123
Foreign taxes withheld		(3,676	)		(3,328	)		(25	)		(8,460	)
Total investment income		37,086			45,728			219			175,636
EXPENSES:
Investment advisory fees		11,693			22,326			48			13,872
Administration fees		1,042			1,982			4			5,688
Distribution fees:
Class A		166			747			5			—	(a)
Class C		21			291			—	(a)		—	(a)
Class R2		—			—			—			—	(a)
Shareholder servicing fees:
Class A		166			747			5			—	(a)
Class C		7			97			—	(a)		—	(a)
Class R2		—			—			—			—	(a)
Class R5 (b)		3			—	(a)		—	(a)		—
Institutional Class		—			305			—			—
Select Class		137			700			7			17,340
Custodian and accounting fees		852			1,465			50			638
Interest expense to affiliates		1			—			—			12
Professional fees		110			127			64			149
Trustees’ and Chief Compliance Officer’s fees		18			26			15			71
Printing and mailing costs		49			74			3			156
Registration and filing fees		92			137			61			162
Transfer agency fees (See Note 2.J.)		23			114			3			65
Sub-transfer agency fees (See Note 2.J.)		102			839			—			105
Offering costs		—			—			15			—
Other		24			41			7			81
Total expenses		14,506			30,018			287			38,339
Less fees waived		(2,073	)		(4,332	)		(53	)		(14,867	)
Less expense reimbursements		(5	)		(3	)		(166	)		(1	)
Net expenses		12,428			25,683			68			23,471
Net investment income (loss)		24,658			20,045			151			152,165
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(63,142	)		(69,913	)		(291	)		(233,812	)
Futures		3,290			1,258			(105	)		11,473
Foreign currency transactions		323			(186	)		(7	)		77
Net realized gain (loss)		(59,529	)		(68,841	)		(403	)		(222,262	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		132,358	(c)		346,960	(d)		811			127,187
Futures		697			—			—			(10,589	)
Foreign currency translations		51			19			—	(a)		(204	)
Change in net unrealized appreciation/depreciation		133,106			346,979			811			116,394
Net realized/unrealized gains (losses)		73,577			278,138			408			(105,868	)
Change in net assets resulting from operations	$	98,235		$	298,183		$	559		$	46,297

(a) Amount rounds to less than 500.

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

(c) Net of change in India capital gains tax of approximately $(867,000) for Emerging Economies Fund.

(d) Net of change in India capital gains tax of approximately $(4,226,000) for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	1		$	1
Interest income from affiliates		—			1			2			1
Dividend income from non-affiliates		467			98,535			5,141			83,132
Dividend income from affiliates		4			250			12			161
Foreign taxes withheld		(18	)		(7,108	)		(375	)		(5,783	)
Total investment income		453			91,678			4,781			77,512
EXPENSES:
Investment advisory fees		122			25,684			794			15,502
Administration fees		14			2,633			93			2,119
Distribution fees:
Class A		36			564			166			431
Class C		2			182			79			11
Class R2		—	(a)		7			1			—
Shareholder servicing fees:
Class A		36			564			166			431
Class C		1			61			26			4
Class R2		—	(a)		3			—	(a)		—
Class R5		—	(a)		28			—	(a)		—
Institutional Class		—			—			—			51
Select Class		7			301			90			61
Custodian and accounting fees		55			497			77			367
Interest expense to affiliates		—	(a)		4			—	(a)		3
Professional fees		74			165			81			129
Trustees’ and Chief Compliance Officer’s fees		15			32			15			26
Printing and mailing costs		15			125			21			68
Registration and filing fees		60			128			59			103
Transfer agency fees (See Note 2.J.)		6			76			13			45
Sub-transfer agency fees (See Note 2.J.)		18			290			55			142
Other		6			51			10			42
Total expenses		467			31,395			1,746			19,535
Less fees waived		(136	)		(3,809	)		(406	)		(96	)
Less expense reimbursements		(212	)		(7	)		(2	)		—
Net expenses		119			27,579			1,338			19,439
Net investment income (loss)		334			64,099			3,443			58,073
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,419			(20,832	)		(9,325	)		(85,077	)
Futures		228			—			—			8,069
Foreign currency transactions		135			(1,457	)		154			29,185
Net realized gain (loss)		5,782			(22,289	)		(9,171	)		(47,823	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(108	)		(25,699	)		1,540			(81,776	)
Futures		—			—			—			386
Foreign currency translations		—	(a)		54			(117	)		3,972
Change in net unrealized appreciation/depreciation		(108	)		(25,645	)		1,423			(77,418	)
Net realized/unrealized gains (losses)		5,674			(47,934	)		(7,748	)		(125,241	)
Change in net assets resulting from operations	$	6,008		$	16,165		$	(4,305	)	$	(67,168	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016 (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	7		$	—	(a)	$	—	(a)	$	10
Interest income from affiliates		1			—	(a)		—			1
Dividend income from non-affiliates		38,381			2,423			69,083			88,941
Dividend income from affiliates		116			9			62			155
Foreign taxes withheld		(2,933	)		(203	)		(5,984	)		(7,037	)
Total investment income		35,572			2,229			63,161			82,070
EXPENSES:
Investment advisory fees		2,151			640			11,292			14,659
Administration fees		882			75			1,544			2,003
Distribution fees:
Class A		180			26			1,580			418
Class C		115			33			207			19
Class R2		28			—	(a)		8			2
Shareholder servicing fees:
Class A		180			26			1,580			418
Class C		38			11			69			7
Class R2		14			—	(a)		4			1
Class R5 (b)		—			—	(a)		—	(a)		—
Institutional Class		—			—			1,011			31
Select Class		2,457			26			485			44
Custodian and accounting fees		189			66			223			426
Interest expense to affiliates		3			—	(a)		6			5
Professional fees		143			71			131			142
Trustees’ and Chief Compliance Officer’s fees		18			15			20			25
Printing and mailing costs		65			7			226			58
Registration and filing fees		75			46			162			91
Transfer agency fees (See Note 2.J.)		58			13			52			36
Sub-transfer agency fees (See Note 2.J.)		250			12			2,175			135
Other		21			8			32			39
Total expenses		6,867			1,075			20,807			18,559
Less fees waived		(2,836	)		(283	)		(547	)		(187	)
Less expense reimbursements		—	(a)		(1	)		(5	)		(1	)
Net expenses		4,031			791			20,255			18,371
Net investment income (loss)		31,541			1,438			42,906			63,699
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(11,238	)(c)		(4,273	)		(54,223	)		(12,802	)
Futures		3,623			—			1,684			—
Foreign currency transactions		(110	)		1,164			17,781			513
Net realized gain (loss)		(7,725	)		(3,109	)		(34,758	)		(12,289	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(36,153	)		2,170			(140,646	)		(67,533	)
Futures		310			—			—			—
Foreign currency translations		(51	)		(1	)		(2,092	)		(214	)
Change in net unrealized appreciation/depreciation		(35,894	)		2,169			(142,738	)		(67,747	)
Net realized/unrealized gains (losses)		(43,619	)		(940	)		(177,496	)		(80,036	)
Change in net assets resulting from operations	$	(12,078	)	$	498		$	(134,590	)	$	(16,337	)

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016, for International Value Fund.

(c) Net of India capital gains tax of approximately $2,000 for International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,658		$	14,254		$	20,045		$	19,330
Net realized gain (loss)		(59,529	)		(84,340	)		(68,841	)		(27,573	)
Change in net unrealized appreciation/depreciation		133,106			(71,084	)		346,979			(380,760	)
Change in net assets resulting from operations		98,235			(141,170	)		298,183			(389,003	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(378	)		(1,309	)		(1,590	)		(2,876	)
Class B (a)
From net investment income		—			—			—			(3	)
Class C
From net investment income		(1	)		(54	)		—			(188	)
Class R5 (b)
From net investment income		—			(17,780	)		—			—
Class R6 (c)
From net investment income		(12,736	)		—			(13,982	)		(14,467	)
Institutional Class
From net investment income		—			—			(2,796	)		(4,060	)
Select Class
From net investment income		(168	)		(4,910	)		(1,894	)		(5,672	)
Total distributions to shareholders		(13,283	)		(24,053	)		(20,262	)		(27,266	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		593,917			39,393			580,806			147,146
NET ASSETS:
Change in net assets		678,869			(125,830	)		858,727			(269,123	)
Beginning of period		1,100,843			1,226,673			2,265,851			2,534,974
End of period	$	1,779,712		$	1,100,843		$	3,124,578		$	2,265,851
Accumulated undistributed (distributions in excess of) net investment income	$	21,844		$	10,066		$	19,088		$	19,491

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

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

(c) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended October 31, 2016			Period Ended October 31, 2015 (a)			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	151		$	101		$	152,165		$	126,380
Net realized gain (loss)		(403	)		(129	)		(222,262	)		(89,014	)
Change in net unrealized appreciation/depreciation		811			(394	)		116,394			101,877
Change in net assets resulting from operations		559			(422	)		46,297			139,243
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(85	)		(2	)		—	(b)		(1	)
From net realized gains		—			—			—			(1	)
Class C
From net investment income		(1	)		(1	)		—			—	(b)
From net realized gains		—			—			—			(1	)
Class R2
From net investment income		—			—			—	(b)		—	(b)
From net realized gains		—			—			—			(1	)
Class R5
From net investment income		—	(b)		—	(b)		—			—
Class R6
From net investment income		(1	)		(1	)		—			—
Select Class
From net investment income		(54	)		(84	)		(138,054	)		(71,222	)
From net realized gains		—			—			—			(47,876	)
Total distributions to shareholders		(141	)		(88	)		(138,054	)		(119,102	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,465			3,203			(416,215	)		3,817,424
NET ASSETS:
Change in net assets		8,883			2,693			(507,972	)		3,837,565
Beginning of period		2,693			—			7,415,278			3,577,713
End of period	$	11,576		$	2,693		$	6,907,306		$	7,415,278
Accumulated undistributed (distributions in excess of) net investment income	$	15		$	12		$	125,863		$	112,183

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Global Unconstrained Equity Fund						International Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	334		$	38		$	64,099		$	52,700
Net realized gain (loss)		5,782			482			(22,289	)		(11,664	)
Change in net unrealized appreciation/depreciation		(108	)		(275	)		(25,645	)		(93,907	)
Change in net assets resulting from operations		6,008			245			16,165			(52,871	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(443	)		(2	)		(3,550	)		(3,160	)
From net realized gains		(5,070	)		(24	)		—			—
Return of capital		(841	)		—			—			—
Class B (a)
From net investment income		—			—			—			(1	)
Class C
From net investment income		(4	)		(2	)		(328	)		(332	)
From net realized gains		(7	)		(36	)		—			—
Return of capital		(17	)		—			—			—
Class R2
From net investment income		—	(b)		(1	)		(21	)		(13	)
From net realized gains		(1	)		(16	)		—			—
Return of capital		(1	)		—			—			—
Class R5
From net investment income		—	(b)		(2	)		(1,103	)		(1,256	)
From net realized gains		—	(b)		(16	)		—			—
Return of capital		(1	)		—			—			—
Class R6
From net investment income		—	(b)		(2	)		(57,230	)		(36,053	)
From net realized gains		—	(b)		(16	)		—			—
Return of capital		(1	)		—			—			—
Select Class
From net investment income		(78	)		(89	)		(2,129	)		(8,468	)
From net realized gains		(590	)		(887	)		—			—
Return of capital		(169	)		—			—			—
Total distributions to shareholders		(7,223	)		(1,093	)		(64,361	)		(49,283	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,246			(2,043	)		550,039			537,987
NET ASSETS:
Change in net assets		31			(2,891	)		501,843			435,833
Beginning of period		1,641			4,532			2,922,623			2,486,790
End of period	$	1,672		$	1,641		$	3,424,466		$	2,922,623
Accumulated undistributed (distributions in excess of) net investment income	$	(5	)	$	12		$	4,945		$	6,664

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,443		$	2,671		$	58,073		$	32,441
Net realized gain (loss)		(9,171	)		1,803			(47,823	)		(49,185	)
Change in net unrealized appreciation/depreciation		1,423			(6,667	)		(77,418	)		27,406
Change in net assets resulting from operations		(4,305	)		(2,193	)		(67,168	)		10,662
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,121	)		(2,802	)		(362	)		(1,196	)
From net realized gains		(1,055	)		(747	)		—			—
Class B (a)
From net investment income		—			—			—			(3	)
Class C
From net investment income		(297	)		(160	)		—	(b)		(26	)
From net realized gains		(151	)		(30	)		—			—
Class R2
From net investment income		(4	)		(19	)		—			—
From net realized gains		(1	)		(5	)		—			—
Class R5
From net investment income		(14	)		(21	)		—			—
From net realized gains		—	(b)		(6	)		—			—
Class R6 (c)
From net investment income		(1	)		(1	)		(13,758	)		(43,134	)
From net realized gains		(1	)		—			—			—
Institutional Class
From net investment income		—			—			(312	)		(1,208	)
Select Class
From net investment income		(1,237	)		(1,460	)		(55	)		(1,161	)
From net realized gains		(534	)		(342	)		—			—
Total distributions to shareholders		(5,416	)		(5,593	)		(14,487	)		(46,728	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		33,459			4,141			611,155			520,590
NET ASSETS:
Change in net assets		23,738			(3,645	)		529,500			484,524
Beginning of period		110,417			114,062			2,240,370			1,755,846
End of period	$	134,155		$	110,417		$	2,769,870		$	2,240,370
Accumulated undistributed (distributions in excess of) net investment income	$	248		$	30		$	84,841		$	11,104

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

(b) Amount rounds to less than 500.

(c) Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	31,541		$	21,426		$	1,438		$	235
Net realized gain (loss)		(7,725	)		5,781			(3,109	)		(835	)
Change in net unrealized appreciation/depreciation		(35,894	)		(31,203	)		2,169			(2,078	)
Change in net assets resulting from operations		(12,078	)		(3,996	)		498			(2,678	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,772	)		(2,144	)		(18	)		(3	)
From net realized gains		(738	)		(14,822	)		—			(23	)
Class B (a)
From net investment income		—			(30	)		—			—
From net realized gains		—			(279	)		—			—
Class C
From net investment income		(316	)		(384	)		(3	)		(1	)
From net realized gains		(169	)		(3,366	)		—			(9	)
Class R2
From net investment income		(80	)		(65	)		—			(1	)
From net realized gains		(35	)		(441	)		—			(5	)
Class R5
From net investment income		—			—			—	(b)		(1	)
From net realized gains		—			—			—			(5	)
Class R6
From net investment income		—			—			(253	)		(1	)
From net realized gains		—			—			—			(5	)
Select Class
From net investment income		(19,237	)		(14,339	)		—			(44	)
From net realized gains		(7,017	)		(90,006	)		—			(267	)
Total distributions to shareholders		(29,364	)		(125,876	)		(274	)		(365	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		492,324			330,697			35,055			72,975
NET ASSETS:
Change in net assets		450,882			200,825			35,279			69,932
Beginning of period		884,329			683,504			74,496			4,564
End of period	$	1,335,211		$	884,329		$	109,775		$	74,496
Accumulated undistributed (distributions in excess of) net investment income	$	28,549		$	18,491		$	2,550		$	222

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	42,906		$	46,749		$	63,699		$	41,458
Net realized gain (loss)		(34,758	)		836			(12,289	)		(23,971	)
Change in net unrealized appreciation/depreciation		(142,738	)		(132,259	)		(67,747	)		(9,677	)
Change in net assets resulting from operations		(134,590	)		(84,674	)		(16,337	)		7,810
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(7,469	)		(17,828	)		(2,746	)		(1,178	)
Class B (a)
From net investment income		—			(34	)		—			—
Class C
From net investment income		(176	)		(874	)		(35	)		(7	)
Class R2
From net investment income		(18	)		(54	)		(3	)		(1	)
Class R6 (b)
From net investment income		(61	)		(1,141	)		(39,523	)		—
Institutional Class
From net investment income		(19,068	)		(104,543	)		(210	)		(23,132	)
Select Class
From net investment income		(2,865	)		(10,060	)		(365	)		(194	)
Total distributions to shareholders		(29,657	)		(134,534	)		(42,882	)		(24,512	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(971,729	)		(1,126,276	)		671,617			505,255
NET ASSETS:
Change in net assets		(1,135,976	)		(1,345,484	)		612,398			488,553
Beginning of period		2,444,196			3,789,680			2,081,916			1,593,363
End of period	$	1,308,220		$	2,444,196		$	2,694,314		$	2,081,916
Accumulated undistributed (distributions in excess of) net investment income	$	57,698		$	25,330		$	60,413		$	36,755

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

(b) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	124,070		$	39,047		$	206,821		$	141,966
Distributions reinvested		378			703			1,541			2,387
Cost of shares redeemed		(24,840	)		(68,699	)		(105,922	)		(164,706	)
Conversion from Class B Shares		—			—			—			1,651
Change in net assets resulting from Class A capital transactions	$	99,608		$	(28,949	)	$	102,440		$	(18,702	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	103
Distributions reinvested		—			—			—			3
Cost of shares redeemed		—			—			—			(954	)
Conversion to Class A Shares		—			—			—			(1,651	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(2,499	)
Class C
Proceeds from shares issued	$	283		$	694		$	7,659		$	10,799
Distributions reinvested		1			54			—			176
Cost of shares redeemed		(1,482	)		(1,667	)		(15,484	)		(14,202	)
Change in net assets resulting from Class C capital transactions	$	(1,198	)	$	(919	)	$	(7,825	)	$	(3,227	)
Class R5 (b)
Proceeds from shares issued	$	79,836		$	514,420		$	20		$	—
Distributions reinvested		—			17,780			—			—
Cost of shares redeemed		(158,991	)		(1,200,435	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(79,155	)	$	(668,235	)	$	20		$	—
Class R6 (c)
Proceeds from shares issued	$	962,670		$	743,085		$	895,741		$	600,665
Distributions reinvested		12,736			—			13,982			14,467
Cost of shares redeemed		(206,220	)		(150	)		(232,265	)		(448,676	)
Change in net assets resulting from Class R6 capital transactions	$	769,186		$	742,935		$	677,458		$	166,456
Institutional Class
Proceeds from shares issued	$	—		$	—		$	177,616		$	154,149
Distributions reinvested		—			—			1,936			2,196
Cost of shares redeemed		—			—			(138,231	)		(175,383	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	41,321		$	(19,038	)
Select Class
Proceeds from shares issued	$	21,815		$	39,198		$	115,950		$	169,818
Distributions reinvested		86			4,292			1,651			5,148
Cost of shares redeemed		(216,425	)		(48,929	)		(350,209	)		(150,810	)
Change in net assets resulting from Select Class capital transactions	$	(194,524	)	$	(5,439	)	$	(232,608	)	$	24,156
Total change in net assets resulting from capital transactions	$	593,917		$	39,393		$	580,806		$	147,146

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

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

(c) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		11,197			3,271			10,198			6,573
Reinvested		36			58			84			110
Redeemed		(2,309	)		(5,564	)		(5,454	)		(7,475	)
Conversion from Class B Shares		—			—			—			76
Change in Class A Shares		8,924			(2,235	)		4,828			(716	)
Class B (a)
Issued		—			—			—			5
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(43	)
Conversion to Class A Shares		—			—			—			(78	)
Change in Class B Shares		—			—			—			(116	)
Class C
Issued		28			56			402			507
Reinvested		—	(b)		5			—			8
Redeemed		(145	)		(141	)		(822	)		(691	)
Change in Class C Shares		(117	)		(80	)		(420	)		(176	)
Class R5 (c)
Issued		7,225			44,196			1			—
Reinvested		—			1,470			—			—
Redeemed		(14,428	)		(102,824	)		—			—
Change in Class R5 Shares		(7,203	)		(57,158	)		1			—
Class R6 (d)
Issued		87,032			65,993			42,972			28,601
Reinvested		1,219			—			745			646
Redeemed		(18,962	)		(22	)		(11,576	)		(19,445	)
Change in Class R6 Shares		69,289			65,971			32,141			9,802
Institutional Class
Issued		—			—			8,547			6,950
Reinvested		—			—			103			98
Redeemed		—			—			(6,992	)		(8,181	)
Change in Institutional Class Shares		—			—			1,658			(1,133	)
Select Class
Issued		2,004			3,352			5,865			7,719
Reinvested		8			355			88			231
Redeemed		(19,109	)		(3,905	)		(17,594	)		(6,853	)
Change in Select Class Shares		(17,097	)		(198	)		(11,641	)		1,097

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

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016, for Emerging Markets Equity Fund.

(d) Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended October 31, 2016			Period Ended October 31, 2015 (a)			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,578		$	95		$	—	(b)	$	—
Distributions reinvested		85			2			—	(b)		2
Cost of shares redeemed		(653	)		—	(b)		—			(45	)
Change in net assets resulting from Class A capital transactions	$	8,010		$	97		$	—	(b)	$	(43	)
Class C
Proceeds from shares issued	$	57		$	37		$	—		$	—
Distributions reinvested		1			1			—			1
Cost of shares redeemed		—	(b)		—			—			(45	)
Change in net assets resulting from Class C capital transactions	$	58		$	38		$	—		$	(44	)
Class R2
Proceeds from shares issued	$	—		$	—		$	—		$	—
Distributions reinvested		—			—			—	(b)		1
Cost of shares redeemed		—			—			—			(45	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	—	(b)	$	(44	)
Class R5
Proceeds from shares issued	$	—	(b)	$	20		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—
Cost of shares redeemed		—	(b)		—			—			—
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	20		$	—		$	—
Class R6
Proceeds from shares issued	$	8		$	20		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(4	)		—			—			—
Change in net assets resulting from Class R6 capital transactions	$	5		$	21		$	—		$	—
Select Class
Proceeds from shares issued	$	397		$	2,943		$	1,314,724		$	4,477,297
Distributions reinvested		54			84			9,477			12,872
Cost of shares redeemed		(59	)		—			(1,740,416	)		(672,614	)
Change in net assets resulting from Select Class capital transactions	$	392		$	3,027		$	(416,215	)	$	3,817,555
Total change in net assets resulting from capital transactions	$	8,465		$	3,203		$	(416,215	)	$	3,817,424

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Equity Income Fund						Global Research Enhanced Index Fund
	Year Ended October 31, 2016			Period Ended October 31, 2015 (a)			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		652			7			—			—
Reinvested		7			—	(b)		—	(b)		—	(b)
Redeemed		(50	)		—	(b)		—			(2	)
Change in Class A Shares		609			7			—	(b)		(2	)
Class C
Issued		4			3			—			—
Reinvested		—	(b)		—	(b)		—			—	(b)
Redeemed		—			—			—			(2	)
Change in Class C Shares		4			3			—			(2	)
Class R2
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—			(2	)
Change in Class R2 Shares		—			—			—	(b)		(2	)
Class R5
Issued		—			1			—			—
Reinvested		—	(b)		—	(b)		—			—
Change in Class R5 Shares		—	(b)		1			—			—
Class R6
Issued		1			1			—			—
Reinvested		—	(b)		—	(b)		—			—
Redeemed		—	(b)		—			—			—
Change in Class R6 Shares		1			1			—			—
Select Class
Issued		30			196			74,956			245,025
Reinvested		4			7			538			703
Redeemed		(4	)		—			(99,095	)		(36,321	)
Change in Select Class Shares		30			203			(23,601	)		209,407

(a) Commencement of operations was December 12, 2014.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Global Unconstrained Equity Fund						International Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	121,461		$	237		$	110,321		$	132,476
Distributions reinvested		6,351			18			3,515			1,943
Cost of shares redeemed		(126,936	)		(64	)		(113,970	)		(86,116	)
Conversion from Class B Shares		—			—			—			650
Change in net assets resulting from Class A capital transactions	$	876		$	191		$	(134	)	$	48,953
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	16
Distributions reinvested		—			—			—			1
Cost of shares redeemed		—			—			—			(370	)
Conversion to Class A Shares		—			—			—			(650	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(1,003	)
Class C
Proceeds from shares issued	$	50		$	311		$	2,485		$	8,119
Distributions reinvested		26			31			272			271
Cost of shares redeemed		(146	)		(59	)		(7,667	)		(5,118	)
Change in net assets resulting from Class C capital transactions	$	(70	)	$	283		$	(4,910	)	$	3,272
Class R2
Proceeds from shares issued	$	—	(b)	$	7		$	883		$	437
Distributions reinvested		—			10			10			6
Cost of shares redeemed		—	(b)		(58	)		(596	)		(606	)
Change in net assets resulting from Class R2 capital transactions	$	—	(b)	$	(41	)	$	297		$	(163	)
Class R5
Proceeds from shares issued	$	—	(b)	$	8		$	6,787		$	12,066
Distributions reinvested		—			10			1,103			1,256
Cost of shares redeemed		—	(b)		(60	)		(4,763	)		(49,835	)
Change in net assets resulting from Class R5 capital transactions	$	—	(b)	$	(42	)	$	3,127		$	(36,513	)
Class R6
Proceeds from shares issued	$	—		$	8		$	1,159,108		$	643,342
Distributions reinvested		—			11			57,229			36,053
Cost of shares redeemed		—	(b)		(61	)		(239,110	)		(200,977	)
Change in net assets resulting from Class R6 capital transactions	$	—	(b)	$	(42	)	$	977,227		$	478,418
Select Class
Proceeds from shares issued	$	15,051		$	915		$	32,905		$	190,845
Distributions reinvested		803			565			1,578			7,832
Cost of shares redeemed		(15,414	)		(3,872	)		(460,051	)		(153,654	)
Change in net assets resulting from Select Class capital transactions	$	440		$	(2,392	)	$	(425,568	)	$	45,023
Total change in net assets resulting from capital transactions	$	1,246		$	(2,043	)	$	550,039		$	537,987

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Unconstrained Equity Fund						International Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		9,129			14			8,046			8,553
Reinvested		478			1			265			124
Redeemed		(9,592	)		(4	)		(8,294	)		(5,716	)
Conversion from Class B Shares		—			—			—			40
Change in Class A Shares		15			11			17			3,001
Class B (a)
Issued		—			—			—			2
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(25	)
Conversion to Class A Shares		—			—			—			(42	)
Change in Class B Shares		—			—			—			(65	)
Class C
Issued		3			18			189			544
Reinvested		2			2			22			18
Redeemed		(10	)		(4	)		(584	)		(353	)
Change in Class C Shares		(5	)		16			(373	)		209
Class R2
Issued		—			—	(b)		64			30
Reinvested		—			—	(b)		1			—	(b)
Redeemed		—			(2	)		(44	)		(40	)
Change in Class R2 Shares		—			(2	)		21			(10	)
Class R5
Issued		—			—	(b)		483			767
Reinvested		—			1			81			79
Redeemed		—			(4	)		(338	)		(3,196	)
Change in Class R5 Shares		—			(3	)		226			(2,350	)
Class R6
Issued		—			1			82,405			41,655
Reinvested		—			1			4,227			2,277
Redeemed		—			(5	)		(16,681	)		(13,127	)
Change in Class R6 Shares		—			(3	)		69,951			30,805
Select Class
Issued		1,096			56			2,347			12,232
Reinvested		60			33			117			491
Redeemed		(1,149	)		(238	)		(30,864	)		(9,778	)
Change in Select Class Shares		7			(149	)		(28,400	)		2,945

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	47,652		$	58,461		$	107,477		$	136,311
Distributions reinvested		3,171			1,987			362			667
Cost of shares redeemed		(45,371	)		(63,685	)		(84,187	)		(88,624	)
Conversion from Class B Shares		—			—			—			98
Change in net assets resulting from Class A capital transactions	$	5,452		$	(3,237	)	$	23,652		$	48,452
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Distributions reinvested		—			—			—			3
Cost of shares redeemed		—			—			—			(103	)
Conversion to Class A Shares		—			—			—			(98	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(198	)
Class C
Proceeds from shares issued	$	7,012		$	6,733		$	469		$	815
Distributions reinvested		445			188			—	(b)		23
Cost of shares redeemed		(3,519	)		(1,399	)		(554	)		(485	)
Change in net assets resulting from Class C capital transactions	$	3,938		$	5,522		$	(85	)	$	353
Class R2
Proceeds from shares issued	$	282		$	245		$	—		$	—
Distributions reinvested		5			24			—			—
Cost of shares redeemed		(12	)		(798	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	275		$	(529	)	$	—		$	—
Class R5
Proceeds from shares issued	$	696		$	1		$	—		$	—
Distributions reinvested		14			27			—			—
Cost of shares redeemed		(14	)		(600	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	696		$	(572	)	$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	1		$	20		$	871,518		$	566,773
Distributions reinvested		2			1			13,758			43,134
Cost of shares redeemed		—	(b)		—	(b)		(295,100	)		(114,856	)
Change in net assets resulting from Class R6 capital transactions	$	3		$	21		$	590,176		$	495,051
Institutional Class
Proceeds from shares issued	$	—		$	—		$	11,992		$	16,816
Distributions reinvested		—			—			243			832
Cost of shares redeemed		—			—			(15,183	)		(17,121	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	(2,948	)	$	527
Select Class
Proceeds from shares issued	$	54,317		$	32,401		$	8,676		$	11,466
Distributions reinvested		1,598			1,227			35			899
Cost of shares redeemed		(32,820	)		(30,692	)		(8,351	)		(35,960	)
Change in net assets resulting from Select Class capital transactions	$	23,095		$	2,936		$	360		$	(23,595	)
Total change in net assets resulting from capital transactions	$	33,459		$	4,141		$	611,155		$	520,590

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

(b) Amount rounds to less than 500.

(c) Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Income Fund						International Opportunities Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		3,246			3,583			7,900			9,264
Reinvested		216			123			26			47
Redeemed		(3,069	)		(4,009	)		(6,175	)		(6,062	)
Conversion from Class B Shares		—			—			—			6
Change in Class A Shares		393			(303	)		1,751			3,255
Class B (a)
Issued		—			—			—			1
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(8	)
Conversion to Class A Shares		—			—			—			(6	)
Change in Class B Shares		—			—			—			(13	)
Class C
Issued		479			413			36			56
Reinvested		31			12			—	(b)		2
Redeemed		(243	)		(86	)		(42	)		(34	)
Change in Class C Shares		267			339			(6	)		24
Class R2
Issued		19			16			—			—
Reinvested		—	(b)		1			—			—
Redeemed		(1	)		(48	)		—			—
Change in Class R2 Shares		18			(31	)		—			—
Class R5
Issued		48			—			—			—
Reinvested		1			2			—			—
Redeemed		(1	)		(37	)		—			—
Change in Class R5 Shares		48			(35	)		—			—
Class R6 (c)
Issued		—	(b)		1			63,733			38,682
Reinvested		—	(b)		—	(b)		975			2,979
Redeemed		—	(b)		—			(20,913	)		(7,635	)
Change in Class R6 Shares		—	(b)		1			43,795			34,026
Institutional Class
Issued		—			—			861			1,107
Reinvested		—			—			17			57
Redeemed		—			—			(1,102	)		(1,144	)
Change in Institutional Class Shares		—			—			(224	)		20
Select Class
Issued		3,700			1,976			636			778
Reinvested		108			76			3			62
Redeemed		(2,258	)		(1,921	)		(596	)		(2,328	)
Change in Select Class Shares		1,550			131			43			(1,488	)

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

(b) Amount rounds to less than 500.

(c) Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,158		$	11,729		$	11,592		$	6,956
Distributions reinvested		2,436			16,487			18			26
Cost of shares redeemed		(19,422	)		(25,950	)		(3,467	)		(1,313	)
Conversion from Class B Shares		—			1,210			—			—
Change in net assets resulting from Class A capital transactions	$	(7,828	)	$	3,476		$	8,143		$	5,669
Class B (a)
Proceeds from shares issued	$	—		$	4		$	—		$	—
Distributions reinvested		—			305			—			—
Cost of shares redeemed		—			(612	)		—			—
Conversion to Class A Shares		—			(1,210	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(1,513	)	$	—		$	—
Class C
Proceeds from shares issued	$	998		$	3,206		$	2,759		$	3,688
Distributions reinvested		467			3,601			3			10
Cost of shares redeemed		(5,171	)		(5,182	)		(1,551	)		(334	)
Change in net assets resulting from Class C capital transactions	$	(3,706	)	$	1,625		$	1,211		$	3,364
Class R2
Proceeds from shares issued	$	8,693		$	2,346		$	—		$	—	(b)
Distributions reinvested		28			130			—			6
Cost of shares redeemed		(1,738	)		(1,185	)		—	(b)		(52	)
Change in net assets resulting from Class R2 capital transactions	$	6,983		$	1,291		$	—	(b)	$	(46	)
Class R5
Proceeds from shares issued	$	—		$	—		$	—		$	—	(b)
Distributions reinvested		—			—			—	(b)		6
Cost of shares redeemed		—			—			—	(b)		(53	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	—	(b)	$	(47	)
Class R6
Proceeds from shares issued	$	—		$	—		$	75,541		$	5,150
Distributions reinvested		—			—			253			6
Cost of shares redeemed		—			—			4			(53	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	75,798		$	5,103
Select Class
Proceeds from shares issued	$	568,584		$	282,422		$	7,331		$	63,186
Distributions reinvested		25,196			93,786			—			311
Cost of shares redeemed		(96,905	)		(50,390	)		(57,428	)		(4,565	)
Change in net assets resulting from Select Class capital transactions	$	496,875		$	325,818		$	(50,097	)	$	58,932
Total change in net assets resulting from capital transactions	$	492,324		$	330,697		$	35,055		$	72,975

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		600			687			688			387
Reinvested		157			1,007			1			2
Redeemed		(1,276	)		(1,492	)		(206	)		(77	)
Conversion from Class B Shares		—			69			—			—
Change in Class A Shares		(519	)		271			483			312
Class B (a)
Issued		—			—	(b)		—			—
Reinvested		—			21			—			—
Redeemed		—			(38	)		—			—
Conversion to Class A Shares		—			(76	)		—			—
Change in Class B Shares		—			(93	)		—			—
Class C
Issued		67			196			167			208
Reinvested		32			229			—	(b)		1
Redeemed		(353	)		(316	)		(92	)		(19	)
Change in Class C Shares		(254	)		109			75			190
Class R2
Issued		581			141			—			—
Reinvested		2			8			—			—	(b)
Redeemed		(115	)		(70	)		—			(2	)
Change in Class R2 Shares		468			79			—			(2	)
Class R5
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—			(2	)
Change in Class R5 Shares		—			—			—	(b)		(2	)
Class R6
Issued		—			—			4,336			301
Reinvested		—			—			15			—	(b)
Redeemed		—			—			(1	)		(3	)
Change in Class R6 Shares		—			—			4,350			298
Select Class
Issued		37,181			16,621			438			3,408
Reinvested		1,614			5,675			—			19
Redeemed		(6,312	)		(2,957	)		(3,248	)		(255	)
Change in Select Class Shares		32,483			19,339			(2,810	)		3,172

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	205,683		$	371,930		$	102,499		$	95,968
Distributions reinvested		7,392			17,402			2,734			490
Cost of shares redeemed		(291,409	)		(138,921	)		(87,263	)		(42,454	)
Conversion from Class B Shares		—			971			—			—
Change in net assets resulting from Class A capital transactions	$	(78,334	)	$	251,382		$	17,970		$	54,004
Class B (a)
Proceeds from shares issued	$	—		$	25		$	—		$	—
Distributions reinvested		—			30			—			—
Cost of shares redeemed		—			(679	)		—			—
Conversion to Class A Shares		—			(971	)		—			—
Change in net assets resulting from Class B capital transactions	$	—		$	(1,595	)	$	—		$	—
Class C
Proceeds from shares issued	$	5,220		$	11,310		$	651		$	1,873
Distributions reinvested		154			726			32			6
Cost of shares redeemed		(10,150	)		(9,151	)		(1,054	)		(324	)
Change in net assets resulting from Class C capital transactions	$	(4,776	)	$	2,885		$	(371	)	$	1,555
Class R2
Proceeds from shares issued	$	765		$	867		$	318		$	215
Distributions reinvested		8			19			3			1
Cost of shares redeemed		(1,410	)		(577	)		(41	)		(81	)
Change in net assets resulting from Class R2 capital transactions	$	(637	)	$	309		$	280		$	135
Class R5 (b)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Change in net assets resulting from Class R5 capital transactions	$	20		$	—		$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	28,014		$	2,297		$	900,498		$	1,949,477
Distributions reinvested		61			36			39,523			—
Cost of shares redeemed		(2,057	)		(29,993	)		(259,983	)		(16,332	)
Change in net assets resulting from Class R6 capital transactions	$	26,018		$	(27,660	)	$	680,038		$	1,933,145
Institutional Class
Proceeds from shares issued	$	320,955		$	578,308		$	3,104		$	387,580
Distributions reinvested		13,888			74,288			50			22,528
Cost of shares redeemed		(1,188,471	)		(1,957,791	)		(27,450	)		(1,897,256	)
Change in net assets resulting from Institutional Class capital transactions	$	(853,628	)	$	(1,305,195	)	$	(24,296	)	$	(1,487,148	)
Select Class
Proceeds from shares issued	$	57,659		$	63,280		$	6,578		$	8,368
Distributions reinvested		1,701			4,957			221			105
Cost of shares redeemed		(119,752	)		(114,639	)		(8,803	)		(4,909	)
Change in net assets resulting from Select Class capital transactions	$	(60,392	)	$	(46,402	)	$	(2,004	)	$	3,564
Total change in net assets resulting from capital transactions	$	(971,729	)	$	(1,126,276	)	$	671,617		$	505,255

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

(b) Commencement of offering of class shares effective September 9, 2016, for International Value Fund.

(c) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Value Fund						Intrepid International Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		17,288			27,494			5,754			4,850
Reinvested		600			1,313			148			26
Redeemed		(24,382	)		(10,221	)		(4,883	)		(2,172	)
Conversion from Class B Shares		—			69			—			—
Change in Class A Shares		(6,494	)		18,655			1,019			2,704
Class B (a)
Issued		—			2			—			—
Reinvested		—			2			—			—
Redeemed		—			(49	)		—			—
Conversion to Class A Shares		—			(69	)		—			—
Change in Class B Shares		—			(114	)		—			—
Class C
Issued		445			847			35			92
Reinvested		13			56			2			—	(b)
Redeemed		(874	)		(700	)		(57	)		(16	)
Change in Class C Shares		(416	)		203			(20	)		76
Class R2
Issued		65			65			18			11
Reinvested		1			2			—	(b)		—	(b)
Redeemed		(118	)		(44	)		(2	)		(4	)
Change in Class R2 Shares		(52	)		23			16			7
Class R5 (c)
Issued		2			—			—			—
Change in Class R5 Shares		2			—			—			—
Class R6 (d)
Issued		2,230			163			49,855			94,346
Reinvested		5			3			2,101			—
Redeemed		(174	)		(2,138	)		(13,945	)		(836	)
Change in Class R6 Shares		2,061			(1,972	)		38,011			93,510
Institutional Class
Issued		26,460			41,907			170			19,195
Reinvested		1,108			5,511			3			1,164
Redeemed		(97,097	)		(139,563	)		(1,551	)		(91,679	)
Change in Institutional Class Shares		(69,529	)		(92,145	)		(1,378	)		(71,320	)
Select Class
Issued		4,708			4,565			354			405
Reinvested		135			365			12			5
Redeemed		(9,716	)		(8,265	)		(472	)		(241	)
Change in Select Class Shares		(4,873	)		(3,335	)		(106	)		169

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

(b) Amount rounds to less than 500.

(c) Commencement of offering of class shares effective September 9, 2016, for International Value Fund.

(d) Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Emerging Economies Fund
Class A
Year Ended October 31, 2016	$	11.03	$	0.15		$	0.46		$	0.61		$	(0.09	)
Year Ended October 31, 2015		13.13		0.13	(g)		(2.03	)		(1.90	)		(0.20	)
Year Ended October 31, 2014		13.63		0.22			(0.57	)		(0.35	)		(0.15	)
Year Ended October 31, 2013		12.88		0.19			0.67			0.86			(0.11	)
Year Ended October 31, 2012		12.65		0.17			0.21			0.38			(0.15	)
Class C
Year Ended October 31, 2016		10.86		0.09			0.46			0.55			—	(h)
Year Ended October 31, 2015		12.92		0.10	(g)		(2.03	)		(1.93	)		(0.13	)
Year Ended October 31, 2014		13.44		0.15			(0.57	)		(0.42	)		(0.10	)
Year Ended October 31, 2013		12.72		0.13			0.66			0.79			(0.07	)
Year Ended October 31, 2012		12.58		0.15			0.15			0.30			(0.16	)
Class R5
Year Ended October 31, 2016		11.11		0.05			0.62			0.67			—
Year Ended October 31, 2015		13.22		0.20	(g)		(2.06	)		(1.86	)		(0.25	)
Year Ended October 31, 2014		13.71		0.29			(0.58	)		(0.29	)		(0.20	)
Year Ended October 31, 2013		12.94		0.25			0.68			0.93			(0.16	)
Year Ended October 31, 2012		12.71		0.25			0.18			0.43			(0.20	)
Class R6
Year Ended October 31, 2016		11.11		0.21			0.46			0.67			(0.14	)
September 1, 2015 (i) through October 31, 2015		10.46		(0.02	)(g)		0.67			0.65			—
Select Class
Year Ended October 31, 2016		11.06		0.18			0.47			0.65			(0.03	)
Year Ended October 31, 2015		13.17		0.18	(g)		(2.06	)		(1.88	)		(0.23	)
Year Ended October 31, 2014		13.67		0.26			(0.58	)		(0.32	)		(0.18	)
Year Ended October 31, 2013		12.91		0.21			0.70			0.91			(0.15	)
Year Ended October 31, 2012		12.68		0.22			0.18			0.40			(0.17	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(h) Amount rounds to less than $0.01.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	11.55		5.62	%	$	148,331		1.42	%		1.42	%		1.70	%		72	%
	11.03		(14.60	)		43,220		1.58			1.06	(g)		1.99			118
	13.13		(2.56	)		80,806		1.60			1.71			1.73			79
	13.63		6.67			69,690		1.60			1.45			1.72			43
	12.88		3.15			30,356		1.65			1.37			1.76			72
	11.41		5.11			2,448		1.96			0.82			2.37			72
	10.86		(15.02	)		3,614		2.09			0.80	(g)		2.36			118
	12.92		(3.12	)		5,331		2.10			1.13			2.23			79
	13.44		6.25			5,089		2.10			1.02			2.22			43
	12.72		2.54			2,088		2.12			1.21			2.27			72
	11.78		6.03			1,602		1.08			0.49			1.25			72
	11.11		(14.20	)		81,516		1.14			1.65	(g)		1.25			118
	13.22		(2.12	)		852,477		1.15			2.19			1.28			79
	13.71		7.21			676,985		1.15			1.84			1.27			43
	12.94		3.53			331,032		1.19			1.99			1.31			72
	11.64		6.16			1,573,822		0.94			1.99			1.09			72
	11.11		6.21			732,627		1.07			(0.92	)(g)		1.17			118
	11.68		5.93			53,509		1.21			1.67			1.40			72
	11.06		(14.45	)		239,866		1.34			1.51	(g)		1.46			118
	13.17		(2.35	)		288,059		1.35			1.96			1.48			79
	13.67		7.04			277,822		1.35			1.61			1.47			43
	12.91		3.34			82,457		1.39			1.70			1.51			72

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income
Emerging Markets Equity Fund
Class A
Year Ended October 31, 2016	$	19.53	$	0.09		$	2.28		$	2.37		$	(0.11	)
Year Ended October 31, 2015		23.72		0.12	(g)		(4.12	)		(4.00	)		(0.19	)
Year Ended October 31, 2014		23.05		0.16	(g)		0.59			0.75			(0.08	)
Year Ended October 31, 2013		22.01		0.10			1.02			1.12			(0.08	)
Year Ended October 31, 2012		21.09		0.07			0.85			0.92			—
Class C
Year Ended October 31, 2016		18.96		(0.01	)		2.23			2.22			—
Year Ended October 31, 2015		23.03		0.03	(g)		(4.02	)		(3.99	)		(0.08	)
Year Ended October 31, 2014		22.41		0.05	(g)		0.57			0.62			—
Year Ended October 31, 2013		21.44		(0.01	)		0.99			0.98			(0.01	)
Year Ended October 31, 2012		20.65		(0.04	)		0.83			0.79			—
Class R5
September 9, 2016 (h) through October 31, 2016		22.40		0.01			0.08			0.09			—
Class R6
Year Ended October 31, 2016		20.13		0.19			2.35			2.54			(0.21	)
Year Ended October 31, 2015		24.44		0.22	(g)		(4.23	)		(4.01	)		(0.30	)
December 23, 2013 (h) through October 31, 2014		22.47		0.38	(g)		1.59			1.97			—
Institutional Class
Year Ended October 31, 2016		20.15		0.17			2.35			2.52			(0.18	)
Year Ended October 31, 2015		24.42		0.23	(g)		(4.26	)		(4.03	)		(0.24	)
Year Ended October 31, 2014		23.73		0.17	(g)		0.70			0.87			(0.18	)
Year Ended October 31, 2013		22.65		0.20			1.04			1.24			(0.16	)
Year Ended October 31, 2012		21.66		0.16			0.87			1.03			(0.04	)
Select Class
Year Ended October 31, 2016		19.98		0.13			2.35			2.48			(0.13	)
Year Ended October 31, 2015		24.24		0.19	(g)		(4.21	)		(4.02	)		(0.24	)
Year Ended October 31, 2014		23.47		0.18	(g)		0.64			0.82			(0.05	)
Year Ended October 31, 2013		22.40		0.17			1.03			1.20			(0.13	)
Year Ended October 31, 2012		21.42		0.13			0.86			0.99			(0.01	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	21.79		12.25	%	$	411,713		1.44	%		0.44	%		1.76	%		23	%
	19.53		(16.95	)		274,710		1.61			0.57	(g)		1.88			35
	23.72		3.26			350,555		1.70			0.72	(g)		1.81			33
	23.05		5.08			327,090		1.76			0.46			1.79			34
	22.01		4.36			281,194		1.82			0.33			1.82			20
	21.18		11.71			39,568		1.95			(0.06	)		2.26			23
	18.96		(17.38	)		43,387		2.10			0.13	(g)		2.33			35
	23.03		2.77			56,732		2.20			0.22	(g)		2.31			33
	22.41		4.56			56,119		2.26			(0.06	)		2.29			34
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	22.49		0.40			20		0.90			0.28			1.08			23
	22.46		12.83			1,980,671		0.94			0.96			1.08			23
	20.13		(16.54	)		1,128,390		1.10			0.99	(g)		1.16			35
	24.44		8.77			1,130,050		1.20			1.85	(g)		1.33			33
	22.49		12.71			390,647		1.04			0.84			1.22			23
	20.15		(16.60	)		316,635		1.21			1.05	(g)		1.31			35
	24.42		3.72			411,449		1.30			0.72	(g)		1.40			33
	23.73		5.47			1,123,600		1.36			0.88			1.39			34
	22.65		4.80			629,223		1.41			0.73			1.42			20
	22.33		12.51			301,959		1.20			0.66			1.43			23
	19.98		(16.70	)		502,729		1.35			0.88	(g)		1.48			35
	24.24		3.51			583,501		1.45			0.78	(g)		1.56			33
	23.47		5.34			1,900,639		1.51			0.74			1.54			34
	22.40		4.65			1,291,326		1.57			0.60			1.57			20

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income
Emerging Markets Equity Income Fund
Class A
Year Ended October 31, 2016	$	12.50	$	0.44	$	0.76		$	1.20		$	(0.24	)
December 12, 2014 (h) through October 31, 2015		15.00		0.45		(2.52	)		(2.07	)		(0.43	)
Class C
Year Ended October 31, 2016		12.51		0.27		0.85			1.12			(0.19	)
December 12, 2014 (h) through October 31, 2015		15.00		0.42		(2.55	)		(2.13	)		(0.36	)
Class R5
Year Ended October 31, 2016		12.53		0.40		0.85			1.25			(0.27	)
December 12, 2014 (h) through October 31, 2015		15.00		0.51		(2.53	)		(2.02	)		(0.45	)
Class R6
Year Ended October 31, 2016		12.53		0.41		0.85			1.26			(0.27	)
December 12, 2014 (h) through October 31, 2015		15.00		0.52		(2.53	)		(2.01	)		(0.46	)
Select Class
Year Ended October 31, 2016		12.53		0.38		0.85			1.23			(0.25	)
December 12, 2014 (h) through October 31, 2015		15.00		0.49		(2.53	)		(2.04	)		(0.43	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2016 and for the period ended October 31, 2015.

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

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment  income (loss) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)(g)
$	13.46		9.76	%	$	8,291		1.54	%		3.36	%		3.29	%		21	%
	12.50		(13.93	)		86		1.57			3.72			10.55			25
	13.44		9.10			94		2.05			2.15			8.18			21
	12.51		(14.26	)		32		2.08			3.32			12.02			25
	13.51		10.15			19		1.10			3.22			9.72			21
	12.53		(13.55	)		17		1.14			4.05			10.84			25
	13.52		10.26			24		1.05			3.32			9.33			21
	12.53		(13.51	)		17		1.08			4.10			10.82			25
	13.51		9.96			3,148		1.30			3.05			8.02			21
	12.53		(13.70	)		2,541		1.33			3.85			10.36			25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized  gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Research Enhanced Index Fund
Class A
Year Ended October 31, 2016	$	18.52	$	0.35	$	(0.23	)	$	0.12	$	(0.19	)	$	—		$	(0.19	)
Year Ended October 31, 2015		18.77		0.37		(0.15	)		0.22		(0.22	)		(0.25	)		(0.47	)
Year Ended October 31, 2014		17.33		0.34		1.35			1.69		(0.15	)		(0.10	)		(0.25	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19		2.14			2.33		—			—			—
Class C
Year Ended October 31, 2016		18.43		0.26		(0.23	)		0.03		—			—			—
Year Ended October 31, 2015		18.68		0.28		(0.15	)		0.13		(0.13	)		(0.25	)		(0.38	)
Year Ended October 31, 2014		17.28		0.25		1.33			1.58		(0.08	)		(0.10	)		(0.18	)
February 28, 2013 (g) through October 31, 2013		15.00		0.14		2.14			2.28		—			—			—
Class R2
Year Ended October 31, 2016		18.47		0.30		(0.22	)		0.08		(0.09	)		—			(0.09	)
Year Ended October 31, 2015		18.72		0.32		(0.15	)		0.17		(0.17	)		(0.25	)		(0.42	)
Year Ended October 31, 2014		17.30		0.29		1.35			1.64		(0.12	)		(0.10	)		(0.22	)
February 28, 2013 (g) through October 31, 2013		15.00		0.17		2.13			2.30		—			—			—
Select Class
Year Ended October 31, 2016		18.56		0.39		(0.24	)		0.15		(0.34	)		—			(0.34	)
Year Ended October 31, 2015		18.81		0.39		(0.12	)		0.27		(0.27	)		(0.25	)		(0.52	)
Year Ended October 31, 2014		17.37		0.39		1.33			1.72		(0.18	)		(0.10	)		(0.28	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19		2.18			2.37		—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(g) Commencement of operations.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	18.45		0.68	%	$	20		0.59	%		1.95	%		3.30	%		35	%
	18.52		1.22			20		0.58			1.98			0.99			44
	18.77		9.90			64		0.58			1.87			0.81			40
	17.33		15.53			58		0.58	(h)		1.79	(h)		1.62	(h)(i)		25
	18.46		0.16			20		1.09			1.44			3.81			35
	18.43		0.73			20		1.08			1.48			1.50			44
	18.68		9.27			63		1.08			1.37			1.31			40
	17.28		15.20			58		1.08	(h)		1.29	(h)		2.12	(h)(i)		25
	18.46		0.46			20		0.84			1.70			3.55			35
	18.47		0.98			20		0.83			1.73			1.25			44
	18.72		9.58			63		0.83			1.62			1.06			40
	17.30		15.33			58		0.83	(h)		1.54	(h)		1.87	(h)(i)		25
	18.37		0.91			6,907,246		0.34			2.19			0.55			35
	18.56		1.51			7,415,218		0.33			2.06			0.56			44
	18.81		10.09			3,577,523		0.33			2.16			0.56			40
	17.37		15.80			1,895,025		0.33	(h)		1.73	(h)		0.60	(h)(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
Global Unconstrained Equity Fund
Class A
Year Ended October 31, 2016	$	16.12	$	0.27	(f)	$	(0.88	)	$	(0.61	)	$	(0.30	)	$	(0.27	)	$	(0.82	)	$	(1.39	)
Year Ended October 31, 2015		19.55		0.11	(f)		0.66			0.77			(0.31	)		(3.89	)		—			(4.20	)
Year Ended October 31, 2014		20.11		0.23			1.17			1.40			(0.17	)		(1.79	)		—			(1.96	)
Year Ended October 31, 2013		16.73		0.24			3.77			4.01			(0.22	)		(0.41	)		—			(0.63	)
November 30, 2011 (h) through October 31, 2012		15.00		0.17			1.56			1.73			—	(i)		—			—			—	(i)
Class C
Year Ended October 31, 2016		16.01		0.11	(f)		(0.79	)		(0.68	)		(0.22	)		(0.27	)		(0.82	)		(1.31	)
Year Ended October 31, 2015		19.43		0.04	(f)		0.64			0.68			(0.21	)		(3.89	)		—			(4.10	)
Year Ended October 31, 2014		20.01		0.14			1.16			1.30			(0.09	)		(1.79	)		—			(1.88	)
Year Ended October 31, 2013		16.65		0.16			3.76			3.92			(0.15	)		(0.41	)		—			(0.56	)
November 30, 2011 (h) through October 31, 2012		15.00		0.09			1.56			1.65			—			—			—			—
Class R2
Year Ended October 31, 2016		16.11		0.14	(f)		(0.79	)		(0.65	)		(0.13	)		(0.27	)		(0.82	)		(1.22	)
Year Ended October 31, 2015		19.49		0.08	(f)		0.65			0.73			(0.22	)		(3.89	)		—			(4.11	)
Year Ended October 31, 2014		20.06		0.18			1.17			1.35			(0.13	)		(1.79	)		—			(1.92	)
Year Ended October 31, 2013		16.69		0.20			3.77			3.97			(0.19	)		(0.41	)		—			(0.60	)
November 30, 2011 (h) through October 31, 2012		15.00		0.13			1.56			1.69			—			—			—			—
Class R5
Year Ended October 31, 2016		16.21		0.24	(f)		(0.80	)		(0.56	)		(0.32	)		(0.27	)		(0.82	)		(1.41	)
Year Ended October 31, 2015		19.65		0.21	(f)		0.64			0.85			(0.40	)		(3.89	)		—			(4.29	)
Year Ended October 31, 2014		20.19		0.31			1.19			1.50			(0.25	)		(1.79	)		—			(2.04	)
Year Ended October 31, 2013		16.79		0.32			3.79			4.11			(0.30	)		(0.41	)		—			(0.71	)
November 30, 2011 (h) through October 31, 2012		15.00		0.23			1.57			1.80			(0.01	)		—			—			(0.01	)
Class R6
Year Ended October 31, 2016		16.22		0.25	(f)		(0.80	)		(0.55	)		(0.35	)		(0.27	)		(0.82	)		(1.44	)
Year Ended October 31, 2015		19.66		0.21	(f)		0.66			0.87			(0.42	)		(3.89	)		—			(4.31	)
Year Ended October 31, 2014		20.20		0.32			1.19			1.51			(0.26	)		(1.79	)		—			(2.05	)
Year Ended October 31, 2013		16.80		0.33			3.78			4.11			(0.30	)		(0.41	)		—			(0.71	)
November 30, 2011 (h) through October 31, 2012		15.00		0.24			1.57			1.81			(0.01	)		—			—			(0.01	)
Select Class
Year Ended October 31, 2016		16.18		0.26	(f)		(0.83	)		(0.57	)		(0.29	)		(0.27	)		(0.82	)		(1.38	)
Year Ended October 31, 2015		19.60		0.19	(f)		0.64			0.83			(0.36	)		(3.89	)		—			(4.25	)
Year Ended October 31, 2014		20.15		0.27			1.19			1.46			(0.22	)		(1.79	)		—			(2.01	)
Year Ended October 31, 2013		16.76		0.29			3.77			4.06			(0.26	)		(0.41	)		—			(0.67	)
November 30, 2011 (h) through October 31, 2012		15.00		0.20			1.57			1.77			(0.01	)		—			—			(0.01	)

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

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

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

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(f) Calculated based upon average shares outstanding.

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

(h) Commencement of operations.

(i) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	14.12		(3.53	)%	$	417		0.74	%		1.95	%		1.90	%		1,256	%
	16.12		4.76			244		1.00			0.67			7.57			132
	19.55		7.83			75		1.35			1.27			4.32			97
	20.11		24.74			70		1.35	(g)		1.37	(g)		5.36	(g)		71
	16.73		11.55			56		1.35	(g)		1.14	(g)		6.89	(g)		49
	14.02		(4.02	)		210		1.17			0.78			11.83			1,256
	16.01		4.26			317		1.48			0.21			9.92			132
	19.43		7.28			74		1.85			0.77			4.82			97
	20.01		24.16			69		1.85	(g)		0.87	(g)		5.85	(g)		71
	16.65		11.00			56		1.85	(g)		0.65	(g)		7.38	(g)		49
	14.24		(3.79	)		18		0.92			1.00			13.46			1,256
	16.11		4.55			20		1.46			0.45			8.67			132
	19.49		7.55			75		1.60			1.02			4.56			97
	20.06		24.45			69		1.60	(g)		1.12	(g)		5.60	(g)		71
	16.69		11.27			56		1.60	(g)		0.90	(g)		7.14	(g)		49
	14.24		(3.12	)		18		0.22			1.70			12.77			1,256
	16.21		5.26			20		0.76			1.15			7.97			132
	19.65		8.34			76		0.90			1.72			3.86			97
	20.19		25.29			70		0.90	(g)		1.82	(g)		4.89	(g)		71
	16.79		11.99			56		0.90	(g)		1.60	(g)		6.45	(g)		49
	14.23		(3.10	)		18		0.17			1.75			12.75			1,256
	16.22		5.34			20		0.71			1.20			7.91			132
	19.66		8.39			76		0.85			1.77			3.81			97
	20.20		25.33			70		0.85	(g)		1.87	(g)		4.85	(g)		71
	16.80		12.06			56		0.85	(g)		1.65	(g)		6.40	(g)		49
	14.23		(3.23	)		991		0.36			1.86			5.37			1,256
	16.18		5.13			1,020		0.88			1.06			7.34			132
	19.60		8.11			4,156		1.10			1.52			4.06			97
	20.15		25.04			3,844		1.10	(g)		1.62	(g)		5.10	(g)		71
	16.76		11.77			3,075		1.10	(g)		1.40	(g)		6.64	(g)		49

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Equity Fund
Class A
Year Ended October 31, 2016	$	14.75	$	0.22		$	(0.51	)	$	(0.29	)	$	(0.22	)
Year Ended October 31, 2015		15.25		0.23			(0.50	)		(0.27	)		(0.23	)
Year Ended October 31, 2014		15.92		0.37	(e)		(0.68	)		(0.31	)		(0.36	)
Year Ended October 31, 2013		13.36		0.20			2.56			2.76			(0.20	)
Year Ended October 31, 2012		12.61		0.22			0.74			0.96			(0.21	)
Class C
Year Ended October 31, 2016		14.02		0.13			(0.47	)		(0.34	)		(0.18	)
Year Ended October 31, 2015		14.52		0.15			(0.48	)		(0.33	)		(0.17	)
Year Ended October 31, 2014		15.20		0.26	(e)		(0.64	)		(0.38	)		(0.30	)
Year Ended October 31, 2013		12.78		0.12			2.45			2.57			(0.15	)
Year Ended October 31, 2012		12.08		0.16			0.69			0.85			(0.15	)
Class R2
Year Ended October 31, 2016		14.69		0.18			(0.50	)		(0.32	)		(0.20	)
Year Ended October 31, 2015		15.19		0.20			(0.51	)		(0.31	)		(0.19	)
Year Ended October 31, 2014		15.87		0.30	(e)		(0.65	)		(0.35	)		(0.33	)
Year Ended October 31, 2013		13.31		0.11			2.61			2.72			(0.16	)
Year Ended October 31, 2012		12.58		0.15			0.77			0.92			(0.19	)
Class R5
Year Ended October 31, 2016		14.97		0.27			(0.49	)		(0.22	)		(0.28	)
Year Ended October 31, 2015		15.46		0.29			(0.49	)		(0.20	)		(0.29	)
Year Ended October 31, 2014		16.13		0.44	(e)		(0.69	)		(0.25	)		(0.42	)
Year Ended October 31, 2013		13.52		0.27			2.60			2.87			(0.26	)
Year Ended October 31, 2012		12.75		0.29			0.74			1.03			(0.26	)
Class R6
Year Ended October 31, 2016		14.97		0.29			(0.51	)		(0.22	)		(0.29	)
Year Ended October 31, 2015		15.46		0.32			(0.52	)		(0.20	)		(0.29	)
Year Ended October 31, 2014		16.13		0.45	(e)		(0.69	)		(0.24	)		(0.43	)
Year Ended October 31, 2013		13.52		0.28			2.59			2.87			(0.26	)
Year Ended October 31, 2012		12.75		0.29			0.74			1.03			(0.26	)
Select Class
Year Ended October 31, 2016		14.95		0.24			(0.48	)		(0.24	)		(0.26	)
Year Ended October 31, 2015		15.45		0.29			(0.53	)		(0.24	)		(0.26	)
Year Ended October 31, 2014		16.13		0.39	(e)		(0.67	)		(0.28	)		(0.40	)
Year Ended October 31, 2013		13.52		0.23			2.61			2.84			(0.23	)
Year Ended October 31, 2012		12.76		0.26			0.74			1.00			(0.24	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.25, $0.39, $0.40 and $0.34 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 1.59%, 2.40%, 2.48% and 2.08% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	14.24		(1.83	)%	$	216,932		1.31	%		1.62	%		1.49	%		11	%
	14.75		(1.89	)		224,370		1.31			1.50			1.59			13
	15.25		(2.06	)		186,242		1.31			2.34	(e)		1.45			6
	15.92		20.85			188,590		1.30			1.33			1.47			8
	13.36		7.70			98,274		1.30			1.72			1.51			5
	13.50		(2.31	)		22,235		1.81			0.97			2.06			11
	14.02		(2.36	)		28,313		1.81			1.02			2.05			13
	14.52		(2.59	)		26,299		1.81			1.73	(e)		1.95			6
	15.20		20.25			23,655		1.80			0.83			1.97			8
	12.78		7.16			17,873		1.80			1.31			2.01			5
	14.17		(2.08	)		1,461		1.56			1.28			1.95			11
	14.69		(2.14	)		1,203		1.56			1.28			1.92			13
	15.19		(2.33	)		1,405		1.56			1.92	(e)		1.70			6
	15.87		20.58			1,230		1.55			0.78			1.72			8
	13.31		7.45			721		1.55			1.16			1.74			5
	14.47		(1.34	)		58,836		0.86			1.93			1.02			11
	14.97		(1.42	)		57,500		0.86			1.88			1.06			13
	15.46		(1.65	)		95,749		0.86			2.73	(e)		1.00			6
	16.13		21.42			106,963		0.85			1.79			1.02			8
	13.52		8.19			63,767		0.85			2.24			1.05			5
	14.46		(1.36	)		3,030,640		0.81			2.05			0.91			11
	14.97		(1.37	)		2,088,835		0.80			2.03			0.91			13
	15.46		(1.60	)		1,681,788		0.81			2.81	(e)		0.95			6
	16.13		21.47			1,248,489		0.80			1.85			0.97			8
	13.52		8.23			682,861		0.80			2.26			1.00			5
	14.45		(1.50	)		94,362		1.06			1.69			1.24			11
	14.95		(1.66	)		522,402		1.06			1.84			1.19			13
	15.45		(1.88	)		494,344		1.06			2.41	(e)		1.20			6
	16.13		21.23			434,316		1.05			1.51			1.22			8
	13.52		7.91			210,375		1.05			2.02			1.25			5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Equity Income Fund
Class A
Year Ended October 31, 2016	$	15.66	$	0.45	(g)	$	(1.01	)	$	(0.56	)	$	(0.46	)	$	(0.26	)	$	(0.72	)
Year Ended October 31, 2015		16.41		0.39	(g)		(0.33	)		0.06			(0.65	)		(0.16	)		(0.81	)
Year Ended October 31, 2014		16.67		0.91	(h)		(0.38	)		0.53			(0.66	)		(0.13	)		(0.79	)
Year Ended October 31, 2013		14.12		0.43			2.55			2.98			(0.41	)		(0.02	)		(0.43	)
Year Ended October 31, 2012		13.37		0.31			0.88			1.19			(0.44	)		—			(0.44	)
Class C
Year Ended October 31, 2016		15.59		0.38	(g)		(1.01	)		(0.63	)		(0.40	)		(0.26	)		(0.66	)
Year Ended October 31, 2015		16.36		0.39	(g)		(0.42	)		(0.03	)		(0.58	)		(0.16	)		(0.74	)
Year Ended October 31, 2014		16.63		0.84	(h)		(0.40	)		0.44			(0.58	)		(0.13	)		(0.71	)
Year Ended October 31, 2013		14.11		0.34			2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36			0.77			1.13			(0.37	)		—			(0.37	)
Class R2
Year Ended October 31, 2016		15.65		0.39	(g)		(0.98	)		(0.59	)		(0.44	)		(0.26	)		(0.70	)
Year Ended October 31, 2015		16.41		0.61	(g)		(0.60	)		0.01			(0.61	)		(0.16	)		(0.77	)
Year Ended October 31, 2014		16.67		0.87	(h)		(0.39	)		0.48			(0.61	)		(0.13	)		(0.74	)
Year Ended October 31, 2013		14.12		0.40			2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40			0.76			1.16			(0.40	)		—			(0.40	)
Class R5
Year Ended October 31, 2016		15.70		0.49	(g)		(0.98	)		(0.49	)		(0.53	)		(0.26	)		(0.79	)
Year Ended October 31, 2015		16.46		0.76	(g)		(0.63	)		0.13			(0.73	)		(0.16	)		(0.89	)
Year Ended October 31, 2014		16.72		0.99	(h)		(0.39	)		0.60			(0.73	)		(0.13	)		(0.86	)
Year Ended October 31, 2013		14.15		0.51			2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50			0.76			1.26			(0.49	)		—			(0.49	)
Class R6
Year Ended October 31, 2016		15.69		0.51	(g)		(0.99	)		(0.48	)		(0.54	)		(0.26	)		(0.80	)
January 30, 2015 (i) through October 31, 2015		15.82		0.69	(g)		(0.41	)		0.28			(0.41	)		—			(0.41	)
Select Class
Year Ended October 31, 2016		15.70		0.46	(g)		(0.98	)		(0.52	)		(0.51	)		(0.26	)		(0.77	)
Year Ended October 31, 2015		16.45		0.49	(g)		(0.37	)		0.12			(0.71	)		(0.16	)		(0.87	)
Year Ended October 31, 2014		16.71		0.96	(h)		(0.40	)		0.56			(0.69	)		(0.13	)		(0.82	)
Year Ended October 31, 2013		14.14		0.47			2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47			0.76			1.23			(0.46	)		—			(0.46	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.62, $0.74 and $0.71 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 3.74%, 4.44% and 4.25% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	14.38		(3.60	)%	$	66,722		1.24	%		3.06	%(g)		1.57	%		162	%
	15.66		0.29			66,499		1.25			2.42	(g)		1.67			238
	16.41		3.18			74,652		1.25			5.44	(h)		1.67			138
	16.67		21.40			49,118		1.24			2.77			1.82			63
	14.12		9.09			9,003		1.25			2.21			2.31			52
	14.30		(4.09	)		11,754		1.75			2.59	(g)		2.12			162
	15.59		(0.23	)		8,649		1.75			2.45	(g)		2.20			238
	16.36		2.67			3,530		1.75			5.03	(h)		2.17			138
	16.63		20.74			1,957		1.74			2.16			2.32			63
	14.11		8.66			646		1.75			2.69			2.95			52
	14.36		(3.84	)		316		1.49			2.66	(g)		2.39			162
	15.65		(0.01	)		52		1.50			3.74	(g)		1.89			238
	16.41		2.90			574		1.50			5.24	(h)		1.92			138
	16.67		21.12			558		1.49			2.60			2.11			63
	14.12		8.87			461		1.50			2.95			2.70			52
	14.42		(3.14	)		700		0.79			3.33	(g)		1.29			162
	15.70		0.71			19		0.80			4.59	(g)		1.16			238
	16.46		3.60			587		0.80			5.94	(h)		1.22			138
	16.72		21.94			566		0.79			3.31			1.41			63
	14.15		9.62			465		0.80			3.65			2.00			52
	14.41		(3.09	)		21		0.75			3.48	(g)		3.06			162
	15.69		1.66			21		0.75			5.70	(g)		1.15			238
	14.41		(3.31	)		54,642		0.89			3.13	(g)		1.31			162
	15.70		0.66			35,177		0.91			3.00	(g)		1.41			238
	16.45		3.39			34,719		1.00			5.75	(h)		1.42			138
	16.71		21.73			55,485		0.99			3.04			1.59			63
	14.14		9.43			27,292		1.00			3.44			2.20			52

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Opportunities Fund
Class A
Year Ended October 31, 2016	$	14.48	$	0.25	$	(0.93	)	$	(0.68	)	$	(0.03	)
Year Ended October 31, 2015		14.80		0.20		(0.23	)		(0.03	)		(0.29	)
Year Ended October 31, 2014		15.25		0.36		(0.69	)		(0.33	)		(0.12	)
Year Ended October 31, 2013		12.45		0.25		2.83			3.08			(0.28	)
Year Ended October 31, 2012		12.00		0.23		0.56			0.79			(0.34	)
Class C
Year Ended October 31, 2016		14.04		0.14		(0.88	)		(0.74	)		—	(e)
Year Ended October 31, 2015		14.41		0.10		(0.19	)		(0.09	)		(0.28	)
Year Ended October 31, 2014		14.88		0.27		(0.66	)		(0.39	)		(0.08	)
Year Ended October 31, 2013		12.15		0.16		2.77			2.93			(0.20	)
Year Ended October 31, 2012		11.65		0.18		0.55			0.73			(0.23	)
Class R6
Year Ended October 31, 2016		14.75		0.32		(0.92	)		(0.60	)		(0.10	)
Year Ended October 31, 2015		15.13		0.26		(0.21	)		0.05			(0.43	)
Year Ended October 31, 2014		15.57		0.44		(0.70	)		(0.26	)		(0.18	)
Year Ended October 31, 2013		12.69		0.32		2.88			3.20			(0.32	)
Year Ended October 31, 2012		12.20		0.31		0.56			0.87			(0.38	)
Institutional Class
Year Ended October 31, 2016		14.76		0.30		(0.93	)		(0.63	)		(0.08	)
Year Ended October 31, 2015		15.13		0.24		(0.20	)		0.04			(0.41	)
Year Ended October 31, 2014		15.57		0.42		(0.69	)		(0.27	)		(0.17	)
Year Ended October 31, 2013		12.69		0.31		2.88			3.19			(0.31	)
Year Ended October 31, 2012		12.20		0.30		0.56			0.86			(0.37	)
Select Class
Year Ended October 31, 2016		14.68		0.28		(0.93	)		(0.65	)		(0.03	)
Year Ended October 31, 2015		15.06		0.25		(0.24	)		0.01			(0.39	)
Year Ended October 31, 2014		15.50		0.40		(0.69	)		(0.29	)		(0.15	)
Year Ended October 31, 2013		12.64		0.29		2.87			3.16			(0.30	)
Year Ended October 31, 2012		12.15		0.28		0.56			0.84			(0.35	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(e) Amount rounds to less than 0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment  income (loss)			Expenses without waivers and reimbursements			Portfolio turnover  rate (d)
$	13.77		(4.69	)%	$	171,940		1.29	%		1.83	%		1.29	%		48	%
	14.48		(0.15	)		155,397		1.31			1.34			1.43			43
	14.80		(2.18	)		110,667		1.23			2.39			1.24			55
	15.25		25.09			123,807		1.25			1.78			1.26			36
	12.45		6.95			67,472		1.29			1.91			1.30			45
	13.30		(5.26	)		1,565		1.89			1.06			1.91			48
	14.04		(0.63	)		1,743		1.83			0.70			1.83			43
	14.41		(2.65	)		1,441		1.73			1.80			1.74			55
	14.88		24.41			1,109		1.75			1.19			1.76			36
	12.15		6.47			531		1.79			1.55			1.80			45
	14.05		(4.09	)		2,522,883		0.71			2.29			0.71			48
	14.75		0.41			2,003,409		0.71			1.75			0.72			43
	15.13		(1.67	)		1,539,613		0.73			2.82			0.74			55
	15.57		25.71			1,204,314		0.75			2.27			0.76			36
	12.69		7.59			692,117		0.79			2.58			0.79			45
	14.05		(4.25	)		49,483		0.82			2.11			0.83			48
	14.76		0.33			55,273		0.82			1.61			0.83			43
	15.13		(1.76	)		56,348		0.83			2.71			0.84			55
	15.57		25.60			60,310		0.85			2.18			0.86			36
	12.69		7.45			41,574		0.89			2.47			0.90			45
	14.00		(4.40	)		23,999		1.05			1.99			1.05			48
	14.68		0.13			24,548		1.00			1.71			1.01			43
	15.06		(1.91	)		47,581		0.98			2.55			0.99			55
	15.50		25.38			47,743		0.99			2.04			1.01			36
	12.64		7.28			33,029		1.04			2.35			1.05			45

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Research Enhanced Equity Fund
Class A
Year Ended October 31, 2016	$	16.54	$	0.40	(e)	$	(0.89	)	$	(0.49	)	$	(0.36	)	$	(0.15	)	$	(0.51	)
Year Ended October 31, 2015		20.38		0.43			(0.60	)		(0.17	)		(0.40	)		(3.27	)		(3.67	)
Year Ended October 31, 2014		21.20		0.47			(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)
Year Ended October 31, 2013		17.24		0.38			4.00			4.38			(0.42	)		—			(0.42	)
Year Ended October 31, 2012		16.83		0.37			0.45			0.82			(0.41	)		—			(0.41	)
Class C
Year Ended October 31, 2016		15.85		0.31	(e)		(0.85	)		(0.54	)		(0.28	)		(0.15	)		(0.43	)
Year Ended October 31, 2015		19.68		0.33			(0.58	)		(0.25	)		(0.31	)		(3.27	)		(3.58	)
Year Ended October 31, 2014		20.51		0.36			(0.56	)		(0.20	)		(0.29	)		(0.34	)		(0.63	)
Year Ended October 31, 2013		16.68		0.27			3.86			4.13			(0.30	)		—			(0.30	)
Year Ended October 31, 2012		16.27		0.25			0.44			0.69			(0.28	)		—			(0.28	)
Class R2
Year Ended October 31, 2016		16.21		0.31	(e)		(0.84	)		(0.53	)		(0.34	)		(0.15	)		(0.49	)
Year Ended October 31, 2015		20.07		0.37			(0.58	)		(0.21	)		(0.38	)		(3.27	)		(3.65	)
Year Ended October 31, 2014		20.91		0.40			(0.54	)		(0.14	)		(0.36	)		(0.34	)		(0.70	)
Year Ended October 31, 2013		17.03		0.35			3.92			4.27			(0.39	)		—			(0.39	)
Year Ended October 31, 2012		16.66		0.32			0.45			0.77			(0.40	)		—			(0.40	)
Select Class
Year Ended October 31, 2016		16.70		0.46	(e)		(0.92	)		(0.46	)		(0.41	)		(0.15	)		(0.56	)
Year Ended October 31, 2015		20.54		0.48			(0.60	)		(0.12	)		(0.45	)		(3.27	)		(3.72	)
Year Ended October 31, 2014		21.36		0.52			(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)
Year Ended October 31, 2013		17.36		0.40			4.06			4.46			(0.46	)		—			(0.46	)
Year Ended October 31, 2012		16.96		0.41			0.45			0.86			(0.46	)		—			(0.46	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	15.54		(2.94	)%	$	69,626		0.60	%		2.60	%(e)		1.02	%		24	%
	16.54		(0.29	)		82,667		0.60			2.51			0.99			39
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	21.20		25.84			108,193		0.75			2.04			1.35			51
	17.24		5.16			96,191		1.07			2.27			1.31			19
	14.88		(3.41	)		13,507		1.10			2.14	(e)		1.55			24
	15.85		(0.77	)		18,423		1.10			2.01			1.52			39
	19.68		(0.93	)		20,724		1.09			1.75			1.60			63
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	15.19		(3.22	)		10,222		0.84			2.08	(e)		1.34			24
	16.21		(0.50	)		3,331		0.85			2.22			1.41			39
	20.07		(0.66	)		2,521		0.84			1.95			1.33			63
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19
	15.68		(2.72	)		1,241,856		0.34			2.98	(e)		0.59			24
	16.70		0.00	(f)		779,908		0.35			2.79			0.60			39
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Year Ended October 31, 2016	$	17.61	$	0.22	(f)(g)	$	(0.55	)	$	(0.33	)	$	(0.04	)	$	—		$	(0.04	)
Year Ended October 31, 2015		18.59		0.09	(f)(g)		0.39			0.48			(0.17	)		(1.29	)		(1.46	)
Year Ended October 31, 2014		20.59		0.13	(h)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)
Year Ended October 31, 2013		17.28		0.15			3.62			3.77			(0.11	)		(0.35	)		(0.46	)
November 30, 2011 (j) through October 31, 2012		15.00		0.17			2.11			2.28			—			—			—
Class C
Year Ended October 31, 2016		17.45		0.13	(f)(g)		(0.53	)		(0.40	)		(0.01	)		—			(0.01	)
Year Ended October 31, 2015		18.44		(0.02	)(f)(g)		0.39			0.37			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(h)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)
Year Ended October 31, 2013		17.20		0.07			3.59			3.66			(0.04	)		(0.35	)		(0.39	)
November 30, 2011 (j) through October 31, 2012		15.00		0.10			2.10			2.20			—			—			—
Class R2
Year Ended October 31, 2016		17.57		0.15	(f)(g)		(0.51	)		(0.36	)		—			—			—
Year Ended October 31, 2015		18.55		0.03	(f)(g)		0.39			0.42			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(h)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)
Year Ended October 31, 2013		17.24		0.12			3.59			3.71			(0.07	)		(0.35	)		(0.42	)
November 30, 2011 (j) through October 31, 2012		15.00		0.14			2.10			2.24			—			—			—
Class R5
Year Ended October 31, 2016		17.75		0.27	(f)(g)		(0.52	)		(0.25	)		(0.06	)		—			(0.06	)
Year Ended October 31, 2015		18.72		0.16	(f)(g)		0.39			0.55			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(h)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)
Year Ended October 31, 2013		17.35		0.25			3.61			3.86			(0.17	)		(0.35	)		(0.52	)
November 30, 2011 (j) through October 31, 2012		15.00		0.24			2.11			2.35			—			—			—
Class R6
Year Ended October 31, 2016		17.76		0.29	(f)(g)		(0.52	)		(0.23	)		(0.08	)		—			(0.08	)
Year Ended October 31, 2015		18.73		(0.01	)(f)(g)		0.57			0.56			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(h)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)
Year Ended October 31, 2013		17.36		0.26			3.61			3.87			(0.18	)		(0.35	)		(0.53	)
November 30, 2011 (j) through October 31, 2012		15.00		0.25			2.11			2.36			—			—			—
Select Class
Year Ended October 31, 2016		17.71		0.24	(f)(g)		(0.50	)		(0.26	)		—			—			—
Year Ended October 31, 2015		18.67		0.15	(f)(g)		0.38			0.53			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(h)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)
Year Ended October 31, 2013		17.32		0.21			3.60			3.81			(0.14	)		(0.35	)		(0.49	)
November 30, 2011 (j) through October 31, 2012		15.00		0.21			2.11			2.32			—			—			—

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

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

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.08, $0.20, $0.22 and $0.17 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.48%, 1.18%, 1.23% and 0.99% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

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

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	17.24		(1.86	)%	$	14,034		1.24	%		1.28	%(g)		1.61	%		51	%
	17.61		3.04			5,824		1.24			0.49	(g)		2.31			42
	18.59		(2.47	)		351		1.32			0.98	(h)		5.09			63
	20.59		22.23			83		1.32	(i)		0.89	(i)		7.99	(i)		65
	17.28		15.20			58		1.32	(i)		1.17	(i)		6.99	(i)		40
	17.04		(2.28	)		4,626		1.74			0.75	(g)		2.14			51
	17.45		2.39			3,439		1.74			(0.12	)(g)		2.79			42
	18.44		(2.91	)		137		1.82			0.55	(h)		6.19			63
	20.47		21.61			76		1.82	(i)		0.40	(i)		8.35	(i)		65
	17.20		14.67			57		1.82	(i)		0.67	(i)		7.47	(i)		40
	17.21		(2.05	)		20		1.49			0.87	(g)		4.37			51
	17.57		2.67			20		1.51			0.19	(g)		5.11			42
	18.55		(2.68	)		68		1.57			0.66	(h)		6.05			63
	20.53		21.92			70		1.57	(i)		0.67	(i)		8.01	(i)		65
	17.24		14.93			57		1.57	(i)		0.92	(i)		7.23	(i)		40
	17.44		(1.38	)		20		0.80			1.57	(g)		3.59			51
	17.75		3.43			20		0.81			0.89	(g)		4.43			42
	18.72		(1.99	)		70		0.87			1.36	(h)		5.34			63
	20.69		22.76			71		0.87	(i)		1.37	(i)		7.31	(i)		65
	17.35		15.67			58		0.87	(i)		1.62	(i)		6.54	(i)		40
	17.45		(1.29	)		81,146		0.74			1.70	(g)		1.02			51
	17.76		3.48			5,335		0.74			(0.05	)(g)		2.87			42
	18.73		(1.95	)		70		0.82			1.41	(h)		5.29			63
	20.70		22.80			71		0.82	(i)		1.42	(i)		7.26	(i)		65
	17.36		15.73			58		0.82	(i)		1.67	(i)		6.49	(i)		40
	17.45		(1.47	)		9,929		0.89			1.41	(g)		1.35			51
	17.71		3.29			59,858		0.89			0.83	(g)		1.84			42
	18.67		(2.18	)		3,868		1.07			1.17	(h)		5.55			63
	20.64		22.49			3,925		1.07	(i)		1.17	(i)		7.52	(i)		65
	17.32		15.47			3,175		1.07	(i)		1.42	(i)		6.74	(i)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Value Fund
Class A
Year Ended October 31, 2016	$	13.02	$	0.23		$	(0.88	)	$	(0.65	)	$	(0.14	)
Year Ended October 31, 2015		14.14		0.18	(g)		(0.83	)		(0.65	)		(0.47	)
Year Ended October 31, 2014		15.02		0.47	(g)(h)		(1.07	)		(0.60	)		(0.28	)
Year Ended October 31, 2013		12.18		0.22			2.91			3.13			(0.29	)
Year Ended October 31, 2012		12.05		0.31			0.21			0.52			(0.39	)
Class C
Year Ended October 31, 2016		12.65		0.17			(0.87	)		(0.70	)		(0.07	)
Year Ended October 31, 2015		13.72		0.10	(g)		(0.78	)		(0.68	)		(0.39	)
Year Ended October 31, 2014		14.61		0.38	(g)(h)		(1.05	)		(0.67	)		(0.22	)
Year Ended October 31, 2013		11.84		0.16			2.83			2.99			(0.22	)
Year Ended October 31, 2012		11.72		0.25			0.19			0.44			(0.32	)
Class R2
Year Ended October 31, 2016		12.83		0.19			(0.87	)		(0.68	)		(0.11	)
Year Ended October 31, 2015		13.93		0.14	(g)		(0.81	)		(0.67	)		(0.43	)
Year Ended October 31, 2014		14.78		0.42	(g)(h)		(1.05	)		(0.63	)		(0.22	)
Year Ended October 31, 2013		11.99		0.18			2.88			3.06			(0.27	)
Year Ended October 31, 2012		11.86		0.28			0.19			0.47			(0.34	)
Class R5
September 9, 2016 (i) through October 31, 2016		12.55		0.03			(0.07	)		(0.04	)		—
Class R6
Year Ended October 31, 2016		13.31		0.37			(0.96	)		(0.59	)		(0.21	)
Year Ended October 31, 2015		14.42		0.18	(g)		(0.76	)		(0.58	)		(0.53	)
Year Ended October 31, 2014		15.29		0.54	(g)(h)		(1.09	)		(0.55	)		(0.32	)
Year Ended October 31, 2013		12.38		0.30			2.96			3.26			(0.35	)
Year Ended October 31, 2012		12.26		0.37			0.21			0.58			(0.46	)
Institutional Class
Year Ended October 31, 2016		13.29		0.31			(0.93	)		(0.62	)		(0.17	)
Year Ended October 31, 2015		14.41		0.23	(g)		(0.83	)		(0.60	)		(0.52	)
Year Ended October 31, 2014		15.29		0.53	(g)(h)		(1.09	)		(0.56	)		(0.32	)
Year Ended October 31, 2013		12.38		0.29			2.95			3.24			(0.33	)
Year Ended October 31, 2012		12.26		0.36			0.20			0.56			(0.44	)
Select Class
Year Ended October 31, 2016		13.37		0.28			(0.91	)		(0.63	)		(0.17	)
Year Ended October 31, 2015		14.48		0.23	(g)		(0.84	)		(0.61	)		(0.50	)
Year Ended October 31, 2014		15.19		0.45	(g)(h)		(1.04	)		(0.59	)		(0.12	)
Year Ended October 31, 2013		12.31		0.27			2.93			3.20			(0.32	)
Year Ended October 31, 2012		12.19		0.34			0.21			0.55			(0.43	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.30, $0.34, $0.46, $0.45 and $0.37 for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.39%, 3.06%, 2.99% and 2.44% for Class A, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	12.23		(5.01	)%	$	573,449		1.35	%		1.91	%		1.43	%		61	%
	13.02		(4.63	)		695,251		1.35			1.31	(g)		1.45			74
	14.14		(4.09	)		491,010		1.33			3.19	(g)(h)		1.36			59
	15.02		26.13			221,077		1.33			1.66			1.35			66
	12.18		4.64			124,691		1.35			2.66			1.37			62
	11.88		(5.54	)		24,453		1.85			1.43			1.91			61
	12.65		(5.01	)		31,296		1.85			0.79	(g)		1.90			74
	13.72		(4.64	)		31,176		1.83			2.65	(g)(h)		1.86			59
	14.61		25.58			22,682		1.83			1.19			1.85			66
	11.84		4.04			14,311		1.85			2.23			1.87			62
	12.04		(5.28	)		1,182		1.59			1.65			1.91			61
	12.83		(4.84	)		1,929		1.60			1.01	(g)		2.01			74
	13.93		(4.33	)		1,768		1.58			2.91	(g)(h)		1.61			59
	14.78		25.91			1,249		1.59			1.39			1.60			66
	11.99		4.27			881		1.60			2.43			1.62			62
	12.51		(0.32	)		20		0.79			1.52			0.79			61
	12.51		(4.45	)		27,998		0.72			3.00			0.73			61
	13.31		(4.04	)		2,354		0.73			1.32	(g)		0.73			74
	14.42		(3.64	)		30,992		0.83			3.58	(g)(h)		0.84			59
	15.29		26.84			107,313		0.84			2.12			0.85			66
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.50		(4.63	)		523,251		0.90			2.53			0.91			61
	13.29		(4.23	)		1,480,321		0.95			1.63	(g)		0.99			74
	14.41		(3.75	)		2,932,420		0.93			3.51	(g)(h)		0.96			59
	15.29		26.72			1,087,334		0.94			2.08			0.95			66
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.57		(4.74	)		157,867		1.01			2.28			1.02			61
	13.37		(4.28	)		233,045		1.03			1.62	(g)		1.03			74
	14.48		(3.90	)		300,712		1.08			2.96	(g)(h)		1.10			59
	15.19		26.46			1,634,392		1.09			1.99			1.10			66
	12.31		4.87			1,458,864		1.10			2.92			1.12			62

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning  of period		Net investment income (loss) (b)			Net realized  and unrealized  gains (losses) on investments			Total from investment operations			Net investment income
Intrepid International Fund
Class A
Year Ended October 31, 2016	$	19.36	$	0.40	(g)	$	(0.99	)	$	(0.59	)	$	(0.33	)
Year Ended October 31, 2015		19.49		0.34	(g)		(0.26	)		0.08			(0.21	)
Year Ended October 31, 2014		19.79		0.39	(g)		(0.45	)		(0.06	)		(0.24	)
Year Ended October 31, 2013		15.90		0.25			3.88			4.13			(0.24	)
Year Ended October 31, 2012		15.32		0.25			0.49			0.74			(0.16	)
Class C
Year Ended October 31, 2016		19.52		0.28	(g)		(0.97	)		(0.69	)		(0.26	)
Year Ended October 31, 2015		19.63		0.23	(g)		(0.24	)		(0.01	)		(0.10	)
Year Ended October 31, 2014		19.92		0.36	(g)		(0.52	)		(0.16	)		(0.13	)
Year Ended October 31, 2013		16.00		0.17			3.90			4.07			(0.15	)
Year Ended October 31, 2012		15.36		0.18			0.50			0.68			(0.04	)
Class R2
Year Ended October 31, 2016		19.21		0.36	(g)		(1.01	)		(0.65	)		(0.27	)
Year Ended October 31, 2015		19.31		0.38	(g)		(0.34	)		0.04			(0.14	)
Year Ended October 31, 2014		19.61		0.40	(g)		(0.53	)		(0.13	)		(0.17	)
Year Ended October 31, 2013		15.74		0.20			3.86			4.06			(0.19	)
Year Ended October 31, 2012		15.21		0.19			0.50			0.69			(0.16	)
Class R6
Year Ended October 31, 2016		19.84		0.49	(g)		(1.01	)		(0.52	)		(0.41	)
May 29, 2015 (h) through October 31, 2015		21.08		0.12	(g)		(1.36	)		(1.24	)		—
Institutional Class
Year Ended October 31, 2016		19.83		0.41	(g)		(0.94	)		(0.53	)		(0.08	)
Year Ended October 31, 2015		19.95		0.52	(g)		(0.34	)		0.18			(0.30	)
Year Ended October 31, 2014		20.23		0.49	(g)		(0.46	)		0.03			(0.31	)
Year Ended October 31, 2013		16.24		0.34			3.97			4.31			(0.32	)
Year Ended October 31, 2012		15.66		0.33			0.50			0.83			(0.25	)
Select Class
Year Ended October 31, 2016		20.13		0.46	(g)		(1.01	)		(0.55	)		(0.38	)
Year Ended October 31, 2015		20.22		0.42	(g)		(0.26	)		0.16			(0.25	)
Year Ended October 31, 2014		20.51		0.51	(g)		(0.53	)		(0.02	)		(0.27	)
Year Ended October 31, 2013		16.46		0.31			4.01			4.32			(0.27	)
Year Ended October 31, 2012		15.85		0.30			0.51			0.81			(0.20	)

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

(b) Calculated based upon average shares outstanding.

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

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

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

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

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover  rate (c)(f)
$	18.44		(3.07	)%	$	164,327		1.25	%		2.21	%(g)		1.29	%		38	%
	19.36		0.45			152,834		1.29			1.75	(g)		1.49			33
	19.49		(0.33	)		101,114		1.39			1.96	(g)		1.46			48
	19.79		26.25			60,135		1.47			1.42			1.54			49
	15.90		4.97			32,231		1.50			1.65			1.62			46
	18.57		(3.56	)		2,287		1.75			1.52	(g)		1.87			38
	19.52		(0.05	)		2,789		1.78			1.17	(g)		1.91			33
	19.63		(0.84	)		1,318		1.89			1.79	(g)		1.96			48
	19.92		25.60			1,131		1.98			0.94			2.04			49
	16.00		4.45			875		2.00			1.18			2.12			46
	18.29		(3.36	)		503		1.50			2.02	(g)		1.75			38
	19.21		0.24			227		1.52			1.91	(g)		1.69			33
	19.31		(0.66	)		98		1.64			2.03	(g)		1.71			48
	19.61		26.02			98		1.72			1.16			1.79			49
	15.74		4.64			81		1.75			1.29			1.87			46
	18.91		(2.59	)		2,487,086		0.71			2.65	(g)		0.72			38
	19.84		(5.88	)		1,854,941		0.73			1.47	(g)		0.74			33
	19.22		(2.67	)		23,748		0.82			2.19	(g)		0.83			38
	19.83		0.93			51,833		0.85			2.57	(g)		0.91			33
	19.95		0.13			1,474,870		0.89			2.39	(g)		1.05			48
	20.23		26.90			582,599		0.97			1.88			1.14			49
	16.24		5.50			303,575		1.00			2.16			1.21			46
	19.20		(2.73	)		16,363		0.90			2.44	(g)		1.08			38
	20.13		0.80			19,292		0.97			2.04	(g)		1.12			33
	20.22		(0.13	)		15,963		1.14			2.47	(g)		1.21			48
	20.51		26.56			13,916		1.23			1.68			1.29			49
	16.46		5.24			9,467		1.25			1.94			1.37			46

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

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

The following are 12 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

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

Emerging Markets Equity Income Fund commenced operations on December 12, 2014. Prior to March 27, 2015, the Fund was not publicly offered for investment.

As of October 31, 2016, Class A, Class C and Class R2 Shares of Global Research Enhanced Index Fund and Class R2 shares of the Global Unconstrained Equity Fund were not publicly offered for investment.

Prior to January 5, 2015, Class A, Class C, Class R5, Class R6 and Select Class Shares of Global Unconstrained Equity Fund were not publicly offered for investment.

        * Class R6 Shares commenced operations on September 1, 2015, for Emerging Economies Fund.

      ** Class R5 Shares commenced operations on September 9, 2016, for Emerging Markets Equity Fund and International Value Fund.

    *** Class R6 Shares commenced operations on January 30, 2015, for International Equity Income Fund.

  **** Class R6 Shares commenced operations on May 29, 2015, for Intrepid International Fund.

        ^ Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis.

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

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

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

The investment objective of Global Research Enhanced Index Fund, International Research Enhanced Equity Fund and International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

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

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

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

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

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

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

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

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

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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

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

Emerging Economies Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	77,173		$	—	$	—	$	77,173
Chile		9,202			—		—		9,202
China		55,298			329,034		—		384,332
Hong Kong		—			71,797		—		71,797
Hungary		—			24,958		—		24,958
India		13,918			43,464		—		57,382
Indonesia		—			4,333		—		4,333
Malaysia		14,600			9,587		—		24,187
Mexico		48,767			—		—		48,767
Poland		—			47,120		—		47,120
Russia		53,899			105,545		—		159,444
Singapore		—			11,086		—		11,086
South Africa		9,144			9,494		—		18,638
South Korea		—			336,822		—		336,822
Taiwan		31,310			174,945		—		206,255
Thailand		—			112,440		—		112,440
Turkey		—			77,243		—		77,243
United Arab Emirates		—			25,127		—		25,127
Total Common Stocks		313,311			1,382,995		—		1,696,306
Preferred Stocks
Brazil		22,249			—		—		22,249
Russia		8,408			2,201		—		10,609
Total Preferred Stocks		30,657			2,201		—		32,858
Short-Term Investment
Investment Company		36,972			—		—		36,972
Total Investments in Securities	$	380,940		$	1,385,196	$	—	$	1,766,136
Depreciation in Other Financial Instruments
Futures Contracts	$	(282	)	$	—	$	—	$	(282	)

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	19,667	$	—	$	—	$	19,667
Australia		—		20,646		—		20,646
Brazil		313,393		—		—		313,393
China		180,928		327,530		—		508,458
Cyprus		5,856		—		—		5,856
Egypt		9,934		—		—		9,934
Hong Kong		31,497		167,655		—		199,152
India		149,809		476,203		—		626,012
Indonesia		—		100,714		—		100,714
Mexico		34,115		—		—		34,115
Panama		34,550		—		—		34,550
Peru		36,520		—		—		36,520
Russia		—		171,895		—		171,895
South Africa		—		410,452		—		410,452
South Korea		—		118,476		—		118,476
Switzerland		23,468		—		—		23,468
Taiwan		133,552		116,218		—		249,770
Thailand		—		43,987		—		43,987
Turkey		—		10,444		—		10,444
United States		38,370		—		—		38,370
Total Common Stocks		1,011,659		1,964,220		—		2,975,879
Preferred Stocks
Brazil		21,153		—		—		21,153
Structured Instruments
China		—		34,485		—		34,485
Warrants
Saudi Arabia		—		19,787		—		19,787
Short-Term Investment
Investment Company		91,254		—		—		91,254
Total Investments in Securities	$	1,124,066	$	2,018,492	$	—	$	3,142,558

Emerging Markets Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	1,142	$	—	$	—	$	1,142
Chile		325		—		—		325
China		—		279		—		279
Czech Republic		—		415		—		415
Hong Kong		217		1,138		—		1,355
Hungary		—		208		—		208
Indonesia		—		136		—		136
Mexico		497		—		—		497
Russia		446		413		—		859
South Africa		250		1,420		—		1,670
South Korea		168		549		—		717
Taiwan		555		2,088		—		2,643
Thailand		23		273		—		296
Turkey		—		287		—		287
United Arab Emirates		—		160		—		160
Total Common Stocks		3,623		7,366		—		10,989

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Emerging Markets Equity Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Structured Instruments
China	$	—	$	224		$	—		$	224
Warrants
Saudi Arabia		—		165			—			165
Short-Term Investment
Investment Company		282		—			—			282
Total Investments in Securities	$	3,905	$	7,755		$	—		$	11,660
Global Research Enhanced Index Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	186,649		$	—		$	186,649
Austria		—		—	(a)		—			—	(a)
Belgium		23,859		10,117			—			33,976
Bermuda		11,656		—			—			11,656
Canada		255,554		—			—			255,554
China		—		220			—			220
Colombia		—		—			—	(b)		—	(b)
Denmark		—		58,137			—			58,137
Finland		—		20,831			—			20,831
France		—		284,664			—			284,664
Germany		1,291		230,210			—			231,501
Hong Kong		2,776		83,671			—			86,447
Ireland		56,832		2,203			—			59,035
Israel		6,614		—			—			6,614
Italy		—		48,312			—			48,312
Japan		—		645,333			—			645,333
Luxembourg		—		9,549			—			9,549
Netherlands		8,862		137,221			—			146,083
New Zealand		—		6,129			—			6,129
Norway		—		4,209			—			4,209
Portugal		—		5,931			—			5,931
Singapore		35,267		28,321			—			63,588
Spain		—		67,640			—			67,640
Sweden		—		51,172			—			51,172
Switzerland		47,318		207,987			—			255,305
United Kingdom		18,630		356,468			—			375,098
United States		3,909,964		15,031			—			3,924,995
Total Common Stocks		4,378,623		2,460,005			—	(b)		6,838,628
Preferred Stocks
Germany		—		28,069			—			28,069
Right
Spain		139		—			—			139
Short-Term Investment
Investment Company		17,326		—			—			17,326
Total Investments in Securities	$	4,396,088	$	2,488,074		$	—	(b)	$	6,884,162

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Global Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Canada	$	23	$	—	$	—	$	23
China		110		29		—		139
France		—		108		—		108
Germany		—		34		—		34
Hong Kong		—		19		—		19
India		17		—		—		17
Israel		72		—		—		72
Italy		—		17		—		17
Japan		—		89		—		89
Luxembourg		—		18		—		18
Netherlands		33		23		—		56
Russia		—		21		—		21
Singapore		33		—		—		33
Switzerland		35		68		—		103
United Kingdom		30		98		—		128
United States		771		—		—		771
Total Common Stocks		1,124		524		—		1,648
Total Investments in Securities	$	1,124	$	524	$	—	$	1,648
International Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	43,462	$	—	$	43,462
Belgium		60,798		—		—		60,798
China		34,205		92,160		—		126,365
Denmark		—		36,116		—		36,116
France		—		398,619		—		398,619
Germany		—		215,914		—		215,914
Hong Kong		—		162,405		—		162,405
India		38,855		—		—		38,855
Indonesia		—		27,275		—		27,275
Israel		29,873		—		—		29,873
Japan		—		811,990		—		811,990
Netherlands		21,528		191,740		—		213,268
South Africa		—		36,245		—		36,245
South Korea		—		89,222		—		89,222
Switzerland		—		358,311		—		358,311
Taiwan		45,570		—		—		45,570
United Kingdom		—		612,136		—		612,136
United States		—		24,900		—		24,900
Total Common Stocks		230,829		3,100,495		—		3,331,324
Preferred Stock
Germany		—		43,587		—		43,587
Short-Term Investment
Investment Company		36,620		—		—		36,620
Total Investments in Securities	$	267,449	$	3,144,082	$	—	$	3,411,531

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

International Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	2,527		$	—	$	2,527
Belgium		4,725		—			—		4,725
Canada		4,977		—			—		4,977
China		—		1,219			—		1,219
Czech Republic		—		3,378			—		3,378
Denmark		—		3,467			—		3,467
Finland		—		3,769			—		3,769
France		—		9,448			—		9,448
Germany		—		12,208			—		12,208
Hong Kong		1,582		1,606			—		3,188
Israel		—		2,361			—		2,361
Japan		3,338		7,857			—		11,195
Netherlands		—		12,663			—		12,663
New Zealand		—		1,427			—		1,427
Norway		—		2,113			—		2,113
Russia		—		8,154			—		8,154
Switzerland		—		4,070			—		4,070
Taiwan		4,730		1,415			—		6,145
United Kingdom		3,190		30,791			—		33,981
Total Common Stocks		22,542		108,473			—		131,015
Short-Term Investment
Investment Company		2,567		—			—		2,567
Total Investments in Securities	$	25,109	$	108,473		$	—	$	133,582
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	3		$	—	$	3
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(116	)	$	—	$	(116	)

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

International Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	101,890		$	—	$	101,890
Belgium		56,617		—			—		56,617
China		—		13,963			—		13,963
Denmark		—		92,296			—		92,296
Finland		—		38,480			—		38,480
France		—		338,464			—		338,464
Germany		—		230,769			—		230,769
Hong Kong		—		61,857			—		61,857
India		29,371		—			—		29,371
Italy		—		99,436			—		99,436
Japan		—		710,923			—		710,923
Netherlands		—		158,373			—		158,373
Norway		—		43,920			—		43,920
Spain		—		12,122			—		12,122
Sweden		—		34,261			—		34,261
Switzerland		—		155,234			—		155,234
United Kingdom		—		425,734			—		425,734
United States		—		41,599			—		41,599
Total Common Stocks		85,988		2,559,321			—		2,645,309
Preferred Stocks
Germany		—		35,934			—		35,934
Short-Term Investment
Investment Company		72,806		—			—		72,806
Total Investments in Securities	$	158,794	$	2,595,255		$	—	$	2,754,049
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	17,384		$	—	$	17,384
Futures Contracts		—		601			—		601
Total Appreciation in Other Financial Instruments	$	—	$	17,985		$	—	$	17,985
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(14,045	)	$	—	$	(14,045	)
Futures Contracts		—		(215	)		—		(215	)
Total Depreciation in Other Financial Instruments	$	—	$	(14,260	)	$	—	$	(14,260	)

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

International Research Enhanced Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	85,448	$	—	(b)	$	85,448
Belgium		13,955		—		—			13,955
Denmark		—		10,985		—			10,985
Finland		—		26,289		—			26,289
France		—		139,327		—			139,327
Germany		—		119,777		—			119,777
Hong Kong		—		36,963		—			36,963
Ireland		5,161		—		—			5,161
Israel		10,141		—		—			10,141
Italy		—		31,358		—			31,358
Japan		1,800		304,643		—			306,443
Luxembourg		—		6,995		—			6,995
Netherlands		—		80,365		—			80,365
New Zealand		—		4,976		—			4,976
Portugal		—		4,027		—			4,027
Singapore		—		10,432		—			10,432
Spain		—		28,302		—			28,302
Sweden		—		16,417		—			16,417
Switzerland		—		126,833		—			126,833
United Kingdom		—		203,752		—			203,752
United States		—		11,218		—			11,218
Total Common Stocks		31,057		1,248,107		—	(b)		1,279,164
Preferred Stocks
Germany		—		13,835		—			13,835
Rights
Spain		64		—		—			64
Short-Term Investment
Investment Company		32,949		—		—			32,949
Total Investments in Securities	$	64,070	$	1,261,942	$	—	(b)	$	1,326,012
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	698	$	—		$	698

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

International Unconstrained Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	2,901	$	—	$	—	$	2,901
Canada		4,953		—		—		4,953
China		5,158		5,794		—		10,952
Denmark		—		2,176		—		2,176
Finland		—		4,332		—		4,332
France		—		2,227		—		2,227
Germany		—		3,872		—		3,872
Hong Kong		—		9,347		—		9,347
India		2,358		—		—		2,358
Israel		3,034		—		—		3,034
Italy		—		1,402		—		1,402
Japan		—		8,299		—		8,299
Netherlands		1,288		10,275		—		11,563
South Africa		—		1,867		—		1,867
South Korea		—		1,591		—		1,591
Switzerland		—		13,194		—		13,194
Taiwan		2,241		—		—		2,241
United Kingdom		—		19,607		—		19,607
United States		—		1,912		—		1,912
Total Common Stocks		21,933		85,895		—		107,828
Short-Term Investment
Investment Company		2,047		—		—		2,047
Total Investments in Securities	$	23,980	$	85,895	$	—	$	109,875

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

International Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	53,120		$	—	$	53,120
Belgium		13,045		13,724			—		26,769
Canada		12,437		—			—		12,437
Chile		7,574		—			—		7,574
China		—		12,886			—		12,886
Denmark		—		7,799			—		7,799
Finland		—		30,118			—		30,118
France		—		206,694			—		206,694
Germany		—		104,134			—		104,134
Hong Kong		—		26,312			—		26,312
Ireland		6,679		—			—		6,679
Israel		18,673		—			—		18,673
Italy		—		48,233			—		48,233
Japan		—		311,046			—		311,046
Luxembourg		—		14,356			—		14,356
Netherlands		—		93,253			—		93,253
Norway		—		16,215			—		16,215
South Korea		—		12,531			—		12,531
Spain		—		15,637			—		15,637
Sweden		—		24,591			—		24,591
Switzerland		—		60,268			—		60,268
United Kingdom		—		173,453			—		173,453
United States		—		16,134			—		16,134
Total Common Stocks		58,408		1,240,504			—		1,298,912
Short-Term Investment
Investment Company		16,805		—			—		16,805
Total Investments in Securities	$	75,213	$	1,240,504		$	—	$	1,315,717
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	6,930		$	—	$	6,930
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(7,369	)	$	—	$	(7,369	)

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Intrepid International Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	180,225	$	—	$	180,225
Austria		—		7,635		—		7,635
Belgium		10,411		17,637		—		28,048
China		—		8,718		—		8,718
Denmark		—		61,790		—		61,790
Finland		—		19,863		—		19,863
France		—		303,304		—		303,304
Germany		—		201,751		—		201,751
Hong Kong		—		90,905		—		90,905
India		9,822		—		—		9,822
Indonesia		11,138		—		—		11,138
Ireland		—		8,847		—		8,847
Israel		13,153		—		—		13,153
Italy		—		33,580		—		33,580
Japan		—		645,073		—		645,073
Luxembourg		—		11,487		—		11,487
Netherlands		—		113,674		—		113,674
Norway		—		28,920		—		28,920
Portugal		—		6,412		—		6,412
Singapore		—		13,881		—		13,881
South Korea		10,523		—		—		10,523
Spain		—		56,538		—		56,538
Sweden		—		71,745		—		71,745
Switzerland		—		227,978		—		227,978
Taiwan		12,275		—		—		12,275
United Kingdom		—		412,254		—		412,254
United States		—		27,788		—		27,788
Total Common Stocks		67,322		2,550,005		—		2,617,327
Preferred Stocks
Germany		—		12,450		—		12,450
Short-Term Investment
Investment Company		55,706		—		—		55,706
Total Investments in Securities	$	123,028	$	2,562,455	$	—	$	2,685,483

(a) Amount rounds to less than 500.

(b) Value is zero.

For the Emerging Economies Fund and Intrepid International Fund the transfers from level 1 to level 2 in the amounts of approximately $25,117,000 and $26,193,000, respectively, are due to applying the fair value factors to certain securities during the year ended October 31, 2016.

For the Emerging Markets Equity Fund and Emerging Markets Equity Income Fund the transfers from level 1 to level 2 in the amounts of approximately $26,270,000 and $88,000, respectively, and the transfers from level 2 to level 1 in the amounts of approximately $25,558,000 and $61,000, respectively, are due to the application and non-application of the fair value factors to certain securities during the year ended October 31, 2016.

For the Global Research Enhanced Index Fund and International Research Enhanced Equity Fund there were no significant transfers among any levels during the year ended October 31, 2016.

For the Global Unconstrained Equity Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Unconstrained Equity Fund and International Value Fund there were no transfers among any levels during the year ended October 31, 2016.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2016, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

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

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

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2016 (amounts in thousands):

	Emerging Economies Fund		Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund			Global Unconstrained Equity Fund			International Opportunities Fund		International Research Enhanced Equity Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	18,061	$	44,955	(a)	$	502	(b)	$	87,241	(c)	$	129,611	(d)	$	14,839	$	27,866	$	4,256
Ending Notional Balance Long		22,949		—			—			—			—			70,537		26,645		—

(a) For the period from August 1, 2016 to August 31, 2016.

(b) For the period from September 1, 2016 to September 30, 2016.

(c) For the period from November 1, 2015 to March 31, 2016.

(d) For the period from March 1, 2016 to March 31, 2016.

D. Forward Foreign Currency Exchange Contracts — International Equity Income Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward 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 U.S. dollars without the delivery of foreign currency.

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

As of October 31, 2016, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2016 (amounts in thousands):

Forward Foreign Currency Exchange Contracts:	International Equity Income Fund		International Opportunities Fund		International Value Fund
Average Settlement Value Purchased	$	5,834	$	478,295	$	386,008
Average Settlement Value Sold		3,853		425,246		349,244
Ending Settlement Value Purchased		7,363		505,336		249,732
Ending Settlement Value Sold		6,470		407,071		221,603

The Funds’ forward foreign currency contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Emerging Economies Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(282	)

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

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Equity Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	3
Gross Liabilities:
Foreign exchange contracts	Payables	$	(116	)

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Opportunities Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	601		$	—		$	601
Foreign exchange contracts	Receivables		—			17,384			17,384
Total		$	601		$	17,384		$	17,985
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(215	)	$	—		$	(215	)
Foreign exchange contracts	Payables		—			(14,045	)		(14,045	)
Total		$	(215	)	$	(14,045	)	$	(14,260	)

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016 (amounts in thousands):

International Opportunities Fund

Counterparty	Gross Amount of Derivative Assets Presented on the Statement of  Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
BNP Paribas	$	789	$	—		$	—	$	789
Citibank, N.A.		2,709		(531	)		—		2,178
Goldman Sachs International		815		(815	)		—		—
Merrill Lynch International		315		(315	)		—		—
Morgan Stanley		1,202		(1,202	)				—
Standard Chartered Bank		10,644		(113	)		—		10,531
State Street Corp.		890		(19	)		—		871
TD Bank Financial Group		20		(20	)		—		—
	$	17,384	$	(3,015	)	$	—	$	14,369
Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement  of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Australia and New Zealand Banking Group Limited	$	81	$	—		$	—	$	81
Citibank, N.A.		531		(531	)		—		—
Goldman Sachs International		4,067		(815	)		—		3,252
Merrill Lynch International		1,142		(315	)				827
Morgan Stanley		4,609		(1,202	)		—		3,407
Royal Bank of Canada		705		—			—		705
Standard Chartered Bank		113		(113	)		—		—
State Street Corp.		19		(19	)				—
TD Bank Financial Group		2,778		(20	)		—		2,758
	$	14,045	$	(3,015	)	$	—	$	11,030

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Research Enhanced Equity Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	698

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

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

International Value Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	6,930
Gross Liabilities:
Foreign exchange contracts	Payables	$	(7,369	)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016 (amounts in thousands):

International Value Fund

Counterparty	Gross Amount of Derivative Assets Presented on the Statement of  Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Australia and New Zealand Banking Group Limited	$	367	$	(99	)	$	—	$	268
BNP Paribas		68		—			—		68
Citibank, N.A.		1,692		(409	)		—		1,283
Credit Suisse International		2,512		(905	)		—		1,607
Deutsche Bank AG		46		(46	)		—		—
Goldman Sachs International		174		(174	)		—		—
HSBC Bank, N.A.		567		(255	)		—		312
Morgan Stanley		540		—			—		540
Societe Generale		217		—			—		217
Standard Chartered Bank		354		(354	)		—		—
State Street Corp.		335		(335	)		—		—
TD Bank Financial Group		58		—			—		58
	$	6,930	$	(2,577	)	$	—	$	4,353
Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement  of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Australia and New Zealand Banking Group Limited	$	99	$	(99	)	$	—	$	—
Citibank, N.A.		409		(409	)		—		—
Credit Suisse International		905		(905	)		—		—
Deutsche Bank AG		754		(46	)		—		708
Goldman Sachs International		416		(174	)		—		242
HSBC Bank, N.A.		255		(255	)		—		—
Merrill Lynch International		1,216		—			—		1,216
Royal Bank of Canada		288		—			—		288
Standard Chartered Bank		2,404		(354	)		—		2,050
State Street Corp.		623		(335	)		—		288
	$	7,369	$	(2,577	)	$	—	$	4,792

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ 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 Funds in the event the Funds’ net assets

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds 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 Funds 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 Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements 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.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2016, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,290
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	697

Emerging Markets Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,258

Emerging Markets Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(105	)

Global Research Enhanced Index Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	11,473
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(10,589	)

Global Unconstrained Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	228

International Equity Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	240
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(113	)

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	8,069	$	—	$	8,069
Foreign exchange contracts		—		30,000		30,000
	$	8,069	$	30,000	$	38,069

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	386	$	—	$	386
Foreign exchange contracts		—		4,056		4,056
	$	386	$	4,056	$	4,442

International Research Enhanced Equity Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts
Equity contracts	$	3,623
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	310

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	1,684	$	—	$	1,684
Foreign exchange contracts		—		18,395	$	18,395
	$	1,684	$	18,395	$	20,079

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(2,175	)

The Funds’ derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.

F. Structured Instruments — Emerging Markets Equity Fund and Emerging Markets Equity Income Fund invested in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Funds will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as Net realized gain (loss) on investment transactions on the Statements of Operations.

Structured instruments may be issued by banks, broker dealers or their affiliates or other entities and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments.

The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Funds to counterparty risk.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

H. Offering and Organizational Costs — Total offering costs of approximately $121,000 incurred in connection with the offering of shares of Emerging Markets Equity Income Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. For the year ended October 31, 2016, total offering costs amortized were approximately $14,000.

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

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C			Class R2			Class R5			Class R6			Institutional Class		Select Class			Total
Emerging Economies Fund
Transfer agency fees	$	6	$	2			n/a		$	1		$	9			n/a	$	5		$	23
Sub-transfer agency fees		76		5			n/a			2			—			n/a		19			102
Emerging Markets Equity Fund
Transfer agency fees		59		10			n/a			—			14		$	14		17			114
Sub-transfer agency fees		455		55			n/a			—			—			89		240			839
Emerging Markets Equity Income Fund
Transfer agency fees		2		1			n/a			—	(a)		—	(a)		n/a		—	(a)		3
Sub-transfer agency fees		—		—			n/a			—			—			n/a		—			—
Global Research Enhanced Index Fund
Transfer agency fees		1		—	(a)	$	—	(a)		n/a			n/a			n/a		64			65
Sub-transfer agency fees		—		—			—			n/a			n/a			n/a		105			105
Global Unconstrained Equity Fund
Transfer agency fees		3		1			—	(a)		—	(a)		—	(a)		n/a		2			6
Sub-transfer agency fees		16		—	(a)		—			—			—			n/a		2			18
International Equity Fund
Transfer agency fees		33		7			1			1			22			n/a		12			76
Sub-transfer agency fees		145		29			4			30			—			n/a		82			290
International Equity Income Fund
Transfer agency fees		4		3			1			1			—	(a)		n/a		4			13
Sub-transfer agency fees		33		8			—	(a)		—			—			n/a		14			55

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Class A		Class C		Class R2		Class R5			Class R6			Institutional Class		Select Class		Total
International Opportunities Fund
Transfer agency fees	$	15	$	2	$	n/a	$	n/a		$	17		$	2	$	9	$	45
Sub-transfer agency fees		121		2		n/a		n/a			—			6		13		142
International Research Enhanced Equity Fund
Transfer agency fees		39		4		3		n/a			n/a			n/a		12		58
Sub-transfer agency fees		94		30		11		n/a			n/a			n/a		115		250
International Unconstrained Equity Fund
Transfer agency fees		5		3	$	1		—	(a)		—	(a)		n/a		4		13
Sub-transfer agency fees		6		2		—		—			—			n/a		4		12
International Value Fund
Transfer agency fees		29		4		1		—			1		$	9		8		52
Sub-transfer agency fees		1,253		46		6		—			—			799		71		2,175
Intrepid International Fund
Transfer agency fees		10		1		1		n/a			19			3		2		36
Sub-transfer agency fees		112		2		1		n/a			—			1		19		135

(a) Amount rounds to less than 500.

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

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

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Economies Fund	$	—		$	403		$	(403	)
Emerging Markets Equity Fund		—			(186	)		186
Emerging Markets Equity Income Fund		—			(7	)		7
Global Research Enhanced Index Fund		—			(431	)		431
Global Unconstrained Equity Fund		—			174			(174	)
International Equity Fund		—			(1,457	)		1,457
International Equity Income Fund		—			449			(449	)
International Opportunities Fund		—			30,151			(30,151	)
International Research Enhanced Equity Fund		—			(78	)		78
International Unconstrained Equity Fund		—			1,164			(1,164	)
International Value Fund		(35,803	)		19,119			16,684
Intrepid International Fund		(281,157	)		2,841			278,316

The reclassifications for the Funds relate primarily to foreign currency gains or losses, expiration of capital loss carryforwards, return of capital distributions and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

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

The annual rate for each Fund is as follows:

Emerging Economies Fund*	0.85	%
Emerging Markets Equity Fund*	0.85
Emerging Markets Equity Income Fund	1.00
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70
International Equity Fund**	0.80
International Equity Income Fund	0.70
International Opportunities Fund	0.60
International Research Enhanced Equity Fund	0.20
International Unconstrained Equity Fund	0.70
International Value Fund	0.60
Intrepid International Fund	0.60

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

  * Prior to May 20, 2016 the Investment Advisory fee for the Emerging Economies Fund and the Emerging Markets Equity Fund was 1.00%.

** Effective November 1, 2016 the Investment Advisory fee for the International Equity Fund was reduced to 0.70%.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

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

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	4		$	—
Emerging Markets Equity Fund		85			—	(a)
Emerging Markets Equity Income Fund		—	(a)		—
Global Unconstrained Equity Fund		1			—
International Equity Fund		13			—	(a)
International Equity Income Fund		40			—	(a)
International Opportunities Fund		4			—	(a)
International Research Enhanced Equity Fund		4			—	(a)
International Unconstrained Equity Fund		15			—	(a)
International Value Fund		289			1
Intrepid International Fund		2			—

(a) Amount rounds to less than 500.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor

under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

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

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 153

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

E. Custodian and Accounting Fees — JPMCB provides portfolio and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

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

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Emerging Economies Fund*		1.35	%		1.85	%		n/a			0.95	%		0.85	%		n/a			1.10	%
Emerging Markets Equity Fund**		1.35			1.85			n/a			0.95			0.85			0.95	%		1.10
Emerging Markets Equity Income Fund		1.55			2.05			n/a			1.10			1.05			n/a			1.30
Global Research Enhanced Index Fund		0.59			1.09			0.84	%		n/a			n/a			n/a			0.34
Global Unconstrained Equity Fund***		0.75			1.25			1.00			0.30			0.25			n/a			0.40
International Equity Fund		1.31			1.81			1.56			0.86			0.81			n/a			1.06
International Equity Income Fund		1.25			1.75			1.50			0.80			0.75			n/a			0.90
International Opportunities Fund****		1.31			1.92			n/a			n/a			0.81			0.91			1.06
International Research Enhanced Equity Fund		0.60			1.10			0.85			n/a			n/a			n/a			0.35
International Unconstrained Equity Fund		1.25			1.75			1.50			0.80			0.75			n/a			0.90
International Value Fund		1.35			1.85			1.60			0.95			0.85			0.95			1.10
Intrepid International Fund		1.25			1.75			1.50			n/a			0.75			0.85			0.90

        * Prior to May 20, 2016, the contractual expense limitations for Emerging Economies Fund were 1.55%, 2.05%, 1.10%, 1.05% and 1.30% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively.

      ** Prior to May 20, 2016, the contractual expense limitations for Emerging Markets Equity Fund were 1.55%, 2.05%, 1.05%, 1.15% and 1.30% for Class A, Class C, Class R6, Institutional Class and Select Class Shares, respectively.

    *** The expense limitation agreement was in effect for the year ended October 31, 2016, and is in effect through May 31, 2017. Thereafter, the contractual expense limitation will be 1.25%, 1.75%, 1.50%, 0.80%, 0.75% and 0.90% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

  **** The expense limitation is in place until October 31, 2018.

Effective November 1, 2016, the contractual expense limitation for International Equity Fund were reduced to 1.24%, 1.74%, 1.49%, 0.84%, 0.74% and 0.99% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively until at least May 31, 2017.

Effective November 1, 2016 the contractual expense limitation for International Opportunities Fund were reduced to 1.24%, 1.74%, 0.74% and 0.99% for Class A, Class C, Class R6 and Select Class Shares, respectively until at least May 31, 2017.

Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until February 28, 2017.

For the year ended October 31, 2016, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing			Total			Contractual Reimbursements
Emerging Economies Fund	$	1,139	$	759	$	113		$	2,011		$	5
Emerging Markets Equity Fund		1,968		1,312		932			4,212			3
Emerging Markets Equity Income Fund		48		3		2			53			166
Global Research Enhanced Index Fund		8,974		5,688		81			14,743			1
Global Unconstrained Equity Fund		26		14		6			46			212
International Equity Fund		2,003		1,332		334			3,669			7
International Equity Income Fund		249		93		57			399			2
International Opportunities Fund		—		—		—	(a)		—	(a)		—
International Research Enhanced Equity Fund		1,683		882		211			2,776			—	(a)
International Unconstrained Equity Fund		168		75		34			277			1
International Value Fund		—		—		501			501			5
Intrepid International Fund		—		—		97			97			1

(a) Amount rounds to less than 500.

154 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Voluntary Waivers
	Investment Advisory		Total
Global Unconstrained Equity Fund	$	87	$	87

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 were as follows (amounts in thousands):

Emerging Economies Fund	$	62
Emerging Markets Equity Fund		120
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		124
Global Unconstrained Equity Fund		3
International Equity Fund		140
International Equity Income Fund		7
International Opportunities Fund		96
International Research Enhanced Equity Fund		60
International Unconstrained Equity Fund		6
International Value Fund		46
Intrepid International Fund		90

(a) Amount rounds to less than 500.    

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

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

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

During the year ended October 31, 2016, International Equity Income Fund and International Unconstrained Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Emerging Economies Fund	$	3
Emerging Markets Equity Fund		4
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		15
Global Unconstrained Equity Fund		2
International Equity Fund		20
International Equity Income Fund		1
International Opportunities Fund		42
International Research Enhanced Equity Fund		5
International Unconstrained Equity Fund		2
International Value Fund		21
Intrepid International Fund		22

(a) Amount rounds to less than 500.

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 155

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	1,509,781	$	895,020
Emerging Markets Equity Fund		1,073,184		532,748
Emerging Markets Equity Income Fund		9,118		999
Global Research Enhanced Index Fund		2,397,005		2,611,719
Global Unconstrained Equity Fund		138,393		143,712
International Equity Fund		865,695		342,320
International Equity Income Fund		210,263		177,562
International Opportunities Fund		1,860,042		1,198,244
International Research Enhanced Equity Fund		720,207		248,259
International Unconstrained Equity Fund		82,387		45,728
International Value Fund		1,146,952		2,046,839
Intrepid International Fund		1,545,140		901,162

During the year ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	1,666,022	$	189,111	$	88,997	$	100,114
Emerging Markets Equity Fund		2,759,960		559,665		177,067		382,598
Equity Markets Equity Income Fund		11,266		740		346		394
Global Research Enhanced Index Fund		6,431,078		817,566		364,482		453,084
Global Unconstrained Equity Fund		1,700		69		121		(52	)
International Equity Fund		3,246,440		522,648		357,557		165,091
International Equity Income Fund		130,818		7,544		4,780		2,764
International Opportunities Fund		2,707,134		249,436		202,521		46,915
International Research Enhanced Equity Fund		1,316,619		131,448		122,055		9,393
International Unconstrained Equity Fund		109,796		8,567		8,488		79
International Value Fund		1,358,600		76,642		119,525		(42,883	)
Intrepid International Fund		2,708,447		217,097		240,061		(22,964	)

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

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Emerging Economies Fund	$	13,283	$	—	$	—	$	13,283
Emerging Markets Equity Fund		20,262		—		—		20,262
Emerging Markets Equity Income Fund		141		—		—		141
Global Research Enhanced Index Fund		138,054		—		—		138,054
Global Unconstrained Equity Fund		5,669		524		1,030		7,223
International Equity Fund		64,361		—		—		64,361
International Equity Income Fund		3,670		1,746		—		5,416
International Opportunities Fund		14,487		—		—		14,487
International Research Enhanced Equity Fund		21,405		7,959		—		29,364
International Unconstrained Equity Fund		274		—		—		274
International Value Fund		29,657		—		—		29,657
Intrepid International Fund		42,882		—		—		42,882

156 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Emerging Economies Fund	$	24,053	$	—	$	24,053
Emerging Markets Equity Fund		27,266		—		27,266
Emerging Markets Equity Income Fund		88		—		88
Global Research Enhanced Index Fund		101,093		18,009		119,102
Global Unconstrained Equity Fund		414		679		1,093
International Equity Fund		49,283		—		49,283
International Equity Income Fund		4,463		1,130		5,593
International Opportunities Fund		46,728		—		46,728
International Research Enhanced Equity Fund		21,518		104,358		125,876
International Unconstrained Equity Fund		135		230		365
International Value Fund		134,534		—		134,534
Intrepid International Fund		24,512		—		24,512

* Short-term gains are treated as ordinary income for income tax purposes.

At October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	22,466	$	(240,682	)	$	99,314
Emerging Markets Equity Fund		19,137		(97,872	)		377,980
Emerging Markets Equity Income Fund		18		(501	)		394
Global Research Enhanced Index Fund		133,184		(236,628	)		452,481
Global Unconstrained Equity Fund		—		—			(53	)
International Equity Fund		8,174		(41,407	)		164,720
International Equity Income Fund		488		(9,342	)		2,754
International Opportunities Fund		94,751		(109,971	)		47,298
International Research Enhanced Equity Fund		31,206		(3,153	)		9,358
International Unconstrained Equity Fund		2,553		(4,719	)		78
International Value Fund		59,157		(376,555	)		(43,707	)
Intrepid International Fund		64,358		(297,270	)		(23,317	)

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

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

At October 31, 2016, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):

	2017		2018		2019		Total
Emerging Economies Fund	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		4,903		—		—		4,903
International Equity Fund		—		4,532		3,312		7,844
International Opportunities Fund		—		—		5,449		5,449
International Value Fund		241,545		63,767		—		305,312
Intrepid International Fund		250,971		—		—		250,971

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 157

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

At October 31, 2016, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Emerging Economies Fund	$	146,542		$	75,520
Emerging Markets Equity Fund		10,629			82,340
Emerging Markets Equity Income Fund		183	*		318	*
Global Research Enhanced Index Fund		104,492			132,136
International Equity Fund		—			33,563
International Equity Income Fund		8,624			718
International Opportunities Fund		82,645			21,877
International Research Enhanced Equity Fund		2,467			686
International Unconstrained Equity Fund		3,639			1,080
International Value Fund		71,243			—
Intrepid International Fund		46,299			—

* Amount includes capital loss carryforwards from business combinations, which are limited in future years under Internal Revenue Code Sections 381-384.

During the year ended October 31, 2016, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

International Equity Fund $ 1,547

During the year ended October 31, 2016, the following Funds had expired capital loss carryforwards as follows (amounts in thousands):

International Value Fund	$	35,803
Intrepid International Fund		281,157

6. Borrowings

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

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2016. Average borrowings from the Facility for the year ended October 31, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	26,124		0.36	%		5	$	1
Global Research Enhanced Index Fund		10,348		0.49			6		1
International Value Fund		12,220		0.40			7		1
Intrepid International Fund		26,338		0.38			7		2

In addition, effective August 16, 2016, the Trusts along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

158 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

As of October 31, 2016, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		n/a			71.6	%
Emerging Markets Equity Fund		n/a			50.1
International Equity Fund		n/a			71.2
International Opportunities Fund		n/a			87.8
International Research Enhanced Equity Fund		53.2	%		n/a
International Unconstrained Equity Fund		68.9			n/a
Intrepid International Fund		n/a			89.3

As of October 31, 2016, the following Funds had individual shareholder accounts and/or omnibus accounts which collectively represented the following percentage of each Fund’s net assets:

	Number of Individual Affiliated Shareholder Accounts and/or Affiliated Omnibus Accounts		% of the Fund			Number of Individual Non-affiliated Shareholder Accounts and/or Non-affiliated Omnibus Accounts		% of the Fund
Emerging Markets Equity Income Fund		4		24.6	%		1		58.9	%
Global Research Enhanced Index Fund		1		87.3			n/a		n/a
Global Unconstrained Equity Fund		1		16.5			1		17.3
International Equity Income Fund		n/a		n/a			8		47.3
International Research Enhanced Equity Fund		3		18.3			1		17.3
International Value Fund		n/a		n/a			9		69.6

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

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 159

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

As of October 31, 2016, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			Hong Kong			India			Japan
Emerging Economies Fund		—	%		21.8	%		—	%		—	%		—	%		—	%		—	%
Emerging Markets Equity Fund		10.6			17.3			—			—			—			19.9			—
Emerging Markets Equity Income Fund		—			—			—			—			11.6			—			—
International Equity Fund		—			—			11.7			—			—			—			23.8
International Opportunities Fund		—			—			12.3			—			—			—			25.8
International Research Enhanced Equity Fund		—			—			10.5			10.1			—			—			23.1
International Unconstrained Equity Fund		—			10.0			—			—			—			—			—
International Value Fund		—			—			15.7			—			—			—			23.6
Intrepid International Fund		—			—			11.3			—			—			—			24.0

	Netherlands			South Africa			South Korea			Switzerland			Taiwan			United Kingdom
Emerging Economies Fund		—	%		—	%		19.1	%		—	%		11.7	%		—	%
Emerging Markets Equity Fund		—			13.1			—			—			—			—
Emerging Markets Equity Income Fund		—			14.3			—			—			22.7			—
International Equity Fund		—			—			—			10.5			—			17.9
International Equity Income Fund		—			—			—			—			—			25.4
International Opportunities Fund		—			—			—			—			—			15.5
International Research Enhanced Equity Fund		—			—			—			—			—			15.4
International Unconstrained Equity Fund		10.5			—			—			12.0			—			17.8
International Value Fund		—			—			—			—			—			13.2
Intrepid International Fund		—			—			—			—			—			15.4

As of October 31, 2016, a significant portion of each Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

8. Subsequent Event

The Institutional Class Shares of International Opportunities Fund and Intrepid International Fund liquidated on December 8, 2016.

160 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate fund of JPMorgan Trust I), and JPMorgan International Research Enhanced Equity Fund (a separate fund of JPMorgan Trust II) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, and the financial position of JPMorgan Emerging Markets Equity Income Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period December 12, 2014 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter collectively referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 161

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

162 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 163

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

164 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	1,091.70	$	7.15		1.36	%
Hypothetical*		1,000.00		1,018.30		6.90		1.36
Class C
Actual*		1,000.00		1,088.70		9.82		1.87
Hypothetical*		1,000.00		1,015.74		9.48		1.87
Class R5
Actual*		1,000.00		1,092.80		5.05		0.96
Hypothetical*		1,000.00		1,020.31		4.88		0.96
Class R6
Actual*		1,000.00		1,094.00		4.53		0.86
Hypothetical*		1,000.00		1,020.81		4.37		0.86
Select Class
Actual*		1,000.00		1,092.60		5.89		1.12
Hypothetical*		1,000.00		1,019.51		5.69		1.12
Emerging Markets Equity Fund
Class A
Actual*		1,000.00		1,107.20		7.20		1.36
Hypothetical*		1,000.00		1,018.30		6.90		1.36
Class C
Actual*		1,000.00		1,104.90		9.84		1.86
Hypothetical*		1,000.00		1,015.79		9.42		1.86
Class R5
Actual**		1,000.00		1,004.00		1.23		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 165

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,110.80	$	4.56		0.86	%
Hypothetical*		1,000.00		1,020.81		4.37		0.86
Institutional Class
Actual*		1,000.00		1,110.10		5.09		0.96
Hypothetical*		1,000.00		1,020.31		4.88		0.96
Select Class
Actual*		1,000.00		1,109.30		5.89		1.11
Hypothetical*		1,000.00		1,019.56		5.63		1.11
Emerging Markets Equity Income Fund
Class A
Actual*		1,000.00		1,080.70		8.05		1.54
Hypothetical*		1,000.00		1,017.39		7.81		1.54
Class C
Actual*		1,000.00		1,077.50		10.65		2.04
Hypothetical*		1,000.00		1,014.88		10.33		2.04
Class R5
Actual*		1,000.00		1,082.80		5.71		1.09
Hypothetical*		1,000.00		1,019.66		5.53		1.09
Class R6
Actual*		1,000.00		1,083.80		5.45		1.04
Hypothetical*		1,000.00		1,019.91		5.28		1.04
Select Class
Actual*		1,000.00		1,081.70		6.75		1.29
Hypothetical*		1,000.00		1,018.65		6.55		1.29
Global Research Enhanced Index Fund
Class A
Actual*		1,000.00		1,025.00		3.00		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Class C
Actual*		1,000.00		1,022.10		5.54		1.09
Hypothetical*		1,000.00		1,019.66		5.53		1.09
Class R2
Actual*		1,000.00		1,026.30		4.28		0.84
Hypothetical*		1,000.00		1,020.91		4.27		0.84
Select Class
Actual*		1,000.00		1,023.80		1.73		0.34
Hypothetical*		1,000.00		1,023.43		1.73		0.34
Global Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,028.40		3.52		0.69
Hypothetical*		1,000.00		1,021.67		3.51		0.69
Class C
Actual*		1,000.00		1,026.40		6.11		1.20
Hypothetical*		1,000.00		1,019.10		6.09		1.20
Class R2
Actual*		1,000.00		1,028.20		4.84		0.95
Hypothetical*		1,000.00		1,020.36		4.82		0.95
Class R5
Actual*		1,000.00		1,031.10		1.28		0.25
Hypothetical*		1,000.00		1,023.88		1.27		0.25

166 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Global Unconstrained Equity Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,031.20	$	1.02		0.20	%
Hypothetical*		1,000.00		1,024.13		1.02		0.20
Select Class
Actual*		1,000.00		1,030.40		1.79		0.35
Hypothetical*		1,000.00		1,023.38		1.78		0.35
International Equity Fund
Class A
Actual*		1,000.00		1,034.20		6.70		1.31
Hypothetical*		1,000.00		1,018.55		6.65		1.31
Class C
Actual*		1,000.00		1,031.80		9.24		1.81
Hypothetical*		1,000.00		1,016.04		9.17		1.81
Class R2
Actual*		1,000.00		1,032.50		7.97		1.56
Hypothetical*		1,000.00		1,017.29		7.91		1.56
Class R5
Actual*		1,000.00		1,036.90		4.40		0.86
Hypothetical*		1,000.00		1,020.81		4.37		0.86
Class R6
Actual*		1,000.00		1,036.40		4.15		0.81
Hypothetical*		1,000.00		1,021.06		4.12		0.81
Select Class
Actual*		1,000.00		1,035.80		5.42		1.06
Hypothetical*		1,000.00		1,019.81		5.38		1.06
International Equity Income Fund
Class A
Actual*		1,000.00		987.50		6.19		1.24
Hypothetical*		1,000.00		1,018.90		6.29		1.24
Class C
Actual*		1,000.00		985.70		8.68		1.74
Hypothetical*		1,000.00		1,016.39		8.82		1.74
Class R2
Actual*		1,000.00		986.60		7.44		1.49
Hypothetical*		1,000.00		1,017.65		7.56		1.49
Class R5
Actual*		1,000.00		989.80		3.95		0.79
Hypothetical*		1,000.00		1,021.17		4.01		0.79
Class R6
Actual*		1,000.00		990.00		3.70		0.74
Hypothetical*		1,000.00		1,021.42		3.76		0.74
Select Class
Actual*		1,000.00		989.30		4.45		0.89
Hypothetical*		1,000.00		1,020.66		4.52		0.89
International Opportunities Fund
Class A
Actual*		1,000.00		990.60		6.40		1.28
Hypothetical*		1,000.00		1,018.70		6.50		1.28
Class C
Actual*		1,000.00		988.10		9.55		1.91
Hypothetical*		1,000.00		1,015.53		9.68		1.91

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 167

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
International Opportunities Fund (continued)
Class R6
Actual*	$	1,000.00	$	993.60	$	3.56		0.71	%
Hypothetical*		1,000.00		1,021.57		3.61		0.71
Institutional Class
Actual*		1,000.00		992.90		4.16		0.83
Hypothetical*		1,000.00		1,020.96		4.22		0.83
Select Class
Actual*		1,000.00		992.20		5.26		1.05
Hypothetical*		1,000.00		1,019.86		5.33		1.05
International Research Enhanced Equity Fund
Class A
Actual*		1,000.00		1,006.50		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Class C
Actual*		1,000.00		1,004.00		5.49		1.09
Hypothetical*		1,000.00		1,019.66		5.53		1.09
Class R2
Actual*		1,000.00		1,005.30		4.23		0.84
Hypothetical*		1,000.00		1,020.91		4.27		0.84
Select Class
Actual*		1,000.00		1,008.40		1.72		0.34
Hypothetical*		1,000.00		1,023.43		1.73		0.34
International Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,017.10		6.29		1.24
Hypothetical*		1,000.00		1,018.90		6.29		1.24
Class C
Actual*		1,000.00		1,014.90		8.81		1.74
Hypothetical*		1,000.00		1,016.39		8.82		1.74
Class R2
Actual*		1,000.00		1,015.90		7.55		1.49
Hypothetical*		1,000.00		1,017.65		7.56		1.49
Class R5
Actual*		1,000.00		1,019.30		4.06		0.80
Hypothetical*		1,000.00		1,021.11		4.06		0.80
Class R6
Actual*		1,000.00		1,019.90		3.76		0.74
Hypothetical*		1,000.00		1,021.42		3.76		0.74
Select Class
Actual*		1,000.00		1,018.70		4.52		0.89
Hypothetical*		1,000.00		1,020.66		4.52		0.89
International Value Fund
Class A
Actual*		1,000.00		1,006.60		6.81		1.35
Hypothetical*		1,000.00		1,018.35		6.85		1.35
Class C
Actual*		1,000.00		1,004.20		9.32		1.85
Hypothetical*		1,000.00		1,015.84		9.37		1.85
Class R2
Actual*		1,000.00		1,005.80		7.97		1.58
Hypothetical*		1,000.00		1,017.19		8.01		1.58

168 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
International Value Fund (continued)
Class R5
Actual**	$	1,000.00	$	996.80	$	1.08		0.79	%
Hypothetical*		1,000.00		1,021.17		4.01		0.79
Class R6
Actual*		1,000.00		1,010.50		3.64		0.72
Hypothetical*		1,000.00		1,021.52		3.66		0.72
Institutional Class
Actual*		1,000.00		1,008.90		4.65		0.92
Hypothetical*		1,000.00		1,020.51		4.67		0.92
Select Class
Actual*		1,000.00		1,008.80		5.10		1.01
Hypothetical*		1,000.00		1,020.06		5.13		1.01
Intrepid International Fund
Class A
Actual*		1,000.00		1,015.40		6.33		1.25
Hypothetical*		1,000.00		1,018.85		6.34		1.25
Class C
Actual*		1,000.00		1,013.10		8.86		1.75
Hypothetical*		1,000.00		1,016.34		8.87		1.75
Class R2
Actual*		1,000.00		1,013.90		7.59		1.50
Hypothetical*		1,000.00		1,017.60		7.61		1.50
Class R6
Actual*		1,000.00		1,018.30		3.60		0.71
Hypothetical*		1,000.00		1,021.57		3.61		0.71
Institutional Class
Actual*		1,000.00		1,018.00		4.11		0.81
Hypothetical*		1,000.00		1,021.06		4.12		0.81
Select Class
Actual*		1,000.00		1,016.90		4.56		0.90
Hypothetical*		1,000.00		1,020.61		4.57		0.90

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 52/366 (to reflect the actual period.) Commencement of operations was September 9, 2016.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 169

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

170 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

designed to improve investment results and the services provided to each Fund.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

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

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

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

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Equity Income Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Equity Income Fund, International Opportunities Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 171

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds which had at least one full year of performance at the time of review in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group, and in the third, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015,

respectively. The Trustees noted that the performance for the Select Class shares was in the fourth, fifth, and fourth quintiles, based upon the Peer Group, and in the third, fourth, and fourth quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Emerging Markets Equity Fund’s performance for Class A shares was in the fourth quintile based upon the Peer Group, and in the fourth, fourth and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that performance for Select Class shares was in the fourth, fifth, and second quintiles based upon the Peer Group, and in the fourth, fourth, and third quintiles based upon the Universe, for r the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Emerging Markets Equity Income Fund’s performance for both Class A and Select Class shares was in the fifth quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser. Based upon this discussion and various other factors, the Trustees concluded that the performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Global Research Enhanced Index Fund’s performance for the Select Class shares was in the second quintile for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and

172 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the Global Unconstrained Equity Fund’s performance for both Class A and Select Class shares was in the first and second quintiles based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Equity Fund’s performance for Class A shares was in the third, fifth and fourth quintiles based upon the Peer group, and in the third, fifth and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Select Class shares was in the third, fifth and third quintiles, based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Equity Income Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, for the one- and three- year periods ended December 31, 2015, and in the first quintile, based upon the Universe, for the one- year period ended December 31, 2015. The Trustees noted that performance for the Select Class shares was in the first quintile based upon the Universe, for the one- and three- year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, including changes to the Fund’s name and investment strategy effective January 30, 2015, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Opportunities Fund’s performance for Class A shares was in the first, first and second quintiles based upon the Peer Group, and in the first, second and second quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015. The Trustees noted that the performance for Select Class shares was in the first, second and second quintiles, based upon the

Universe, for the one- three- and five- year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the International Research Enhanced Equity Fund’s performance for Class A shares was in the second, third and fourth quintiles, based upon the Peer Group, and in the second, third and third, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in fourth quintile, based upon the Peer Group, and in the second, second and third quintiles, based upon the Universe, for the one- three- and five- year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Unconstrained Equity Fund’s performance for Class A shares was in the second and fourth quintiles based upon the Universe and for Select Class shares, was in the second and third quintiles based upon the Universe for the one- and three-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Value Fund’s performance for both Class A and Select Class shares was in the fourth, fifth and fourth quintiles, based upon the Universe, for the one-, three- and five- year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 173

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Intrepid International Fund’s performance for Class A shares was in the first, third and fourth quintiles based upon the Peer Group and in the first, second and third quintiles, based upon the Universe, for the one-, three- and five- year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Select Class shares was in the second, first and first quintiles, based upon the Peer Group, and in the first, second and second quintiles, based upon the Universe for the one-, three,- and five- year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Emerging Economies Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile, based upon the Peer Group, and that the actual total expenses for Class A and Select Class shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015 and the advisory fees were reduced effective May 20, 2016. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A shares was in the first and second

quintile, based upon the Peer Group and Universe, respectively, and that the actual total expenses were in first quintiles for both the Peer Group and the Universe. The Trustees noted that the net advisory fee and total actual expenses for the Select Class shares were in the second quintile based upon both the Peer Group and the Universe. The Trustees also noted that Fund’s expense caps were reduced effective March 1, 2015 and the advisory fees were reduced effective May 20, 2016. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Emerging Markets Equity Income Fund’s net advisory fee for Class A shares was in the first quintile, and that the actual total expenses were in the second and third quintiles, respectively. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fee and actual total expenses for Select Class shares were in the first quintile. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Global Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for both Class A and Select Class shares were in the first quintiles, based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A shares was in the second quintile, and that actual total expenses for Class A shares was in the second quintile. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective November 1, 2016. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Income Fund’s net advisory fee for Class A shares was in the first quintile, and that the actual total expenses for Class A shares were in the second quintile, based upon the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and actual total expenses for both Class A and Select Class shares were in the first quintile, based upon both the Peer Group and Universe. After consider-

174 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

ing the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Opportunities Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses shares were in the second quintile, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Select Class shares was in the first quintile, and actual total expenses were in the third quintile, based upon the Universe. The Trustees also noted that the Fund’s expense caps were reduced effective November 1, 2016. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee and total actual expenses for Class A shares was in the first quintile, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Select Class shares was in the first quintile and actual total expenses were in the second quintile, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Value Fund’s net advisory fee for Class A shares was in the first quintile, based

upon the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses were in the fourth and second quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Select Class shares was in the first quintile based upon the Peer Group, and in the second quintile, based upon the Universe, and that the actual total expenses were in the first quintile, based upon the Peer Group, and in the third quintile, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A shares was in the second quintile, based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles, based on the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Select Class shares was in second and third quintiles, based upon the Peer Group and Universe, respectively, and that actual total expenses were in the second quintile based upon both the Peer Group and Universe. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective March 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 175

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2016:

	Dividends Received Deduction
Global Research Enhanced Index Fund		51.11	%
Global Unconstrained Equity Fund		4.04

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Long-Term Capital Gain Distribution
Global Unconstrained Equity Fund	$	524
International Equity Income Fund		1,746
International Research Enhanced Equity Fund		7,959

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as

qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	17,609
Emerging Markets Equity Fund		24,541
Emerging Markets Equity Income Fund		170
Global Research Enhanced Index Fund		138,054
Global Unconstrained Equity Fund		467
International Equity Fund		71,676
International Equity Income Fund		4,145
International Opportunities Fund		20,270
International Research Enhanced Equity Fund		24,302
International Unconstrained Equity Fund		495
International Value Fund		35,104
Intrepid International Fund		50,069

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2016, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	36,358	$	4,326
Emerging Markets Equity Fund		49,058		4,279
Emerging Markets Equity Income Fund		209		29
International Equity Fund		99,197		7,316
International Equity Income Fund		5,272		475
International Opportunities Fund		83,837		5,783
International Research Enhanced Equity Fund		32,852		2,897
International Unconstrained Equity Fund		1,653		222
International Value Fund		69,211		5,447
Intrepid International Fund		88,805		7,187

176 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾ Social Security number and account balances   ◾ transaction history and account transactions   ◾ checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-INTEQ-1016

Annual Report

J.P. Morgan Tax Aware Funds

October 31, 2016

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware Equity Fund	3
JPMorgan Tax Aware Real Return Fund	6
Schedules of Portfolio Investments	10
Financial Statements	26
Financial Highlights	32
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	45
Trustees	46
Officers	48
Schedule of Shareholder Expenses	49
Board Approval of Investment Advisory Agreements	50
Tax Letter	53
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

NOVEMBER 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

U.S. financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided. By the end of August 2016, the Standard & Poor’s 500 Index had reached new record highs and mostly held those gains through October. Overall, bond markets in the U.S. had positive returns during the reporting period, with lower quality bonds generally outperforming higher quality bonds. For the twelve months ended October 31, 2016, the S&P 500 returned 4.51%, while the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) returned 3.10%.

2 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		2.94%
S&P 500 Index		4.51%
Net Assets as of 10/31/2016 (In Thousands)	$	1,181,805

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Equity Fund (the “Fund”) seeks to provide high after-tax total return from a portfolio of selected equity securities.

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

The Fund’s Institutional Class Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended October 31, 2016.

The Fund’s security selection in the pharmaceutical/medical technology and the big banks & brokers sectors was a leading detractor from relative performance. The Fund’s security selection in the semiconductors & hardware sector and the media sector was a leading contributor to performance relative to the Benchmark.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Allergan PLC and Vertex Pharmaceuticals Inc. and its underweight position in Johnson & Johnson. Shares of Allergan, a pharmaceutical company, fell after its plan to merge with Pfizer Inc. collapsed in early April 2016. Shares of Vertex, a drug maker, fell on investor expectations that U.S. regulators would move to curb prices on a broad range of drugs. Shares of Johnson & Johnson, a maker of consumer health care products that was not held in the Fund, rose on better than expected earnings.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Broadcom Ltd., UnitedHealth Group Inc. and Pioneer Natural Resources Co. Shares of Broadcom, a semiconductor manufacturer, rose following news of a $37 billion takeover offer from Avago Technologies Inc. Shares of UnitedHealth Group, a health insurer, rose on better than expected earnings. Shares of Pioneer Natural Resources, a producer of shale oil and gas, rose after the company issued an upbeat forecast for production and prices.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers employed a bottom-up fundamental approach to security

selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.5	%
	2.	Broadcom Ltd., (Singapore)	4.0
	3.	Microsoft Corp.	3.7
	4.	Time Warner, Inc.	3.2
	5.	UnitedHealth Group, Inc.	2.8
	6.	Amazon.com, Inc.	2.8
	7.	Honeywell International, Inc.	2.5
	8.	Alphabet, Inc., Class C	2.2
	9.	Wells Fargo & Co.	2.1
	10.	Facebook, Inc., Class A	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.6	%
Financials	16.3
Consumer Discretionary	14.8
Health Care	12.7
Industrials	9.9
Energy	7.2
Consumer Staples	6.2
Materials	2.6
Utilities	1.7
Telecommunication Services	0.6
Short-Term Investment	0.4

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

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

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	March 22, 2011
With Sales Charge*			(2.91	)%		(4.07	)%		(0.77	)%		12.01	%		11.42	%		9.56	%		5.96	%		5.56	%		4.76	%
Without Sales Charge			2.47			1.25			2.33			13.23			12.63			10.58			6.53			6.13			5.24
CLASS C SHARES	March 22, 2011
With CDSC**			0.95			(0.17	)		1.39			12.66			12.17			10.12			6.23			5.88			5.00
Without CDSC			1.95			0.83			1.96			12.66			12.17			10.12			6.23			5.88			5.00
INSTITUTIONAL CLASS SHARES	January 30, 1997		2.94			1.62			2.66			13.72			13.04			10.98			6.79			6.34			5.45
SELECT CLASS SHARES	March 22, 2011		2.76			1.48			2.54			13.53			12.88			10.82			6.69			6.26			5.37

* Sales Charge for Class A Shares is 5.25%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/06 TO 10/31/16)

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Tax Aware Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all

dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

4 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

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

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.63%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index)		3.10%
Composite Benchmark**		4.67%
Net Assets as of 10/31/2016 (In Thousands)	$	1,535,755

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Select Class Shares had a positive absolute return and outperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Composite Benchmark for the twelve months ended October 31, 2016.

The Fund’s hedge against inflation was a leading contributor to absolute performance as inflation swap indexes rose during the reporting period. Inflation swap returns were driven higher by improvement in global oil prices, which increased inflationary pressure. The Fund’s allocation to a 90% hedge, rather than a 100% hedge, detracted from absolute and relative performance.

Relative to the Benchmark, the Fund’s longer overall duration and its longer duration in electric, industrial development revenue/pollution control revenue and transportation sector bonds helped performance during the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, compared with bonds with shorter duration.

The Fund’s overall bias toward higher quality bonds detracted from relative performance, particularly its underweight position in bonds rated A and BBB, as lower rated bonds generally outperformed higher rated bonds during the reporting period.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred

higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero-coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

During the period, the Fund’s portfolio managers reduced the hedge ratio to 90% from 95% as asset valuations rose.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation-linked swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PORTFOLIO COMPOSITION****
Municipal Bonds	97.7	%
Short-Term Investment	2.3

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

** The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware Real Return Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
		1 YEAR									5 YEAR									10 YEAR
	Inception Date of Class	Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES	August 31, 2005
With Sales Charge*			(0.25	)%		(0.25	)%		0.93	%		0.48	%		0.48	%		0.93	%		1.82	%		1.82	%		1.99	%
Without Sales Charge			3.64			3.64			3.18			1.25			1.25			1.54			2.21			2.21			2.31
CLASS C SHARES	August 31, 2005
With CDSC**			1.98			1.98			1.95			0.62			0.62			0.91			1.57			1.56			1.67
Without CDSC			2.98			2.98			2.52			0.62			0.62			0.91			1.57			1.56			1.67
CLASS R6 SHARES	August 16, 2013		3.99			3.99			3.53			1.59			1.59			1.87			2.52			2.52			2.61
INSTITUTIONAL CLASS SHARES	August 31, 2005		3.89			3.89			3.43			1.53			1.53			1.81			2.48			2.48			2.58
SELECT CLASS SHARES	August 31, 2005		3.63			3.63			3.22			1.36			1.36			1.64			2.33			2.33			2.43

* Sales Charge for Class A Shares is 3.75%.

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

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

TEN YEAR FUND PERFORMANCE (10/31/06 TO 10/31/16)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the Tax Aware Real Return Composite Benchmark and the Lipper Intermediate Municipal Debt Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes

reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

8 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

Select Class Shares have a $1,000,000 minimum initial investment. For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.

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

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares, with the exception of returns noted above as after taxes.

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		Consumer Discretionary — 14.8%
		Auto Components — 0.0% (g)
	14	Adient plc, (Ireland) (a)		644
		Automobiles — 1.2%
	434	General Motors Co.		13,709
		Hotels, Restaurants & Leisure — 0.9%
	109	Carnival Corp.		5,362
	64	Yum! Brands, Inc.		5,487
				10,849
		Household Durables — 0.3%
	44	Harman International Industries, Inc.		3,515
		Internet & Direct Marketing Retail — 2.8%
	42	Amazon.com, Inc. (a)		33,223
		Media — 5.2%
	27	Charter Communications, Inc., Class A (a)		6,714
	173	Comcast Corp., Class A		10,665
	110	DISH Network Corp., Class A (a)		6,424
	426	Time Warner, Inc.		37,893
				61,696
		Specialty Retail — 4.4%
	13	AutoZone, Inc. (a)		9,701
	195	Home Depot, Inc. (The)		23,820
	274	Lowe’s Cos., Inc.		18,256
				51,777
		Total Consumer Discretionary		175,413
		Consumer Staples — 6.2%
		Beverages — 3.4%
	79	Constellation Brands, Inc., Class A		13,220
	149	Molson Coors Brewing Co., Class B		15,431
	112	PepsiCo, Inc.		12,003
				40,654
		Food & Staples Retailing — 1.2%
	93	Costco Wholesale Corp.		13,808
		Food Products — 0.8%
	220	Mondelez International, Inc., Class A		9,905
		Household Products — 0.8%
	103	Procter & Gamble Co. (The)		8,928
		Total Consumer Staples		73,295
		Energy — 7.2%
		Oil, Gas & Consumable Fuels — 7.2%
	365	Cabot Oil & Gas Corp.		7,613
	145	Chevron Corp.		15,147

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	201	ConocoPhillips		8,742
	52	Diamondback Energy, Inc. (a)		4,720
	203	EOG Resources, Inc.		18,333
	133	Occidental Petroleum Corp.		9,661
	115	Pioneer Natural Resources Co.		20,641
		Total Energy		84,857
		Financials — 16.3%
		Banks — 6.6%
	1,464	Bank of America Corp.		24,157
	457	Citigroup, Inc.		22,482
	65	First Republic Bank		4,838
	107	KeyCorp		1,505
	552	Wells Fargo & Co.		25,382
				78,364
		Capital Markets — 3.9%
	33	BlackRock, Inc.		11,334
	23	Goldman Sachs Group, Inc. (The)		4,064
	47	Intercontinental Exchange, Inc.		12,671
	527	Morgan Stanley		17,697
				45,766
		Consumer Finance — 1.1%
	53	Capital One Financial Corp.		3,888
	167	Discover Financial Services		9,390
				13,278
		Insurance — 4.7%
	154	American International Group, Inc.		9,489
	190	Chubb Ltd., (Switzerland)		24,189
	199	Marsh & McLennan Cos., Inc.		12,621
	192	MetLife, Inc.		9,026
				55,325
		Total Financials		192,733
		Health Care — 12.7%
		Biotechnology — 2.7%
	52	Alexion Pharmaceuticals, Inc. (a)		6,738
	44	Biogen, Inc. (a)		12,403
	88	Celgene Corp. (a)		8,947
	55	Vertex Pharmaceuticals, Inc. (a)		4,163
				32,251
		Health Care Equipment & Supplies — 0.9%
	257	Boston Scientific Corp. (a)		5,654
	60	Danaher Corp.		4,682
				10,336

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 3.9%
	46	Aetna, Inc.		4,924
	47	Humana, Inc.		8,118
	237	UnitedHealth Group, Inc.		33,471
				46,513
		Life Sciences Tools & Services — 0.3%
	72	Agilent Technologies, Inc.		3,115
		Pharmaceuticals — 4.9%
	77	Allergan plc (a)		16,082
	247	Bristol-Myers Squibb Co.		12,581
	105	Eli Lilly & Co.		7,724
	98	Merck & Co., Inc.		5,743
	484	Pfizer, Inc.		15,338
				57,468
		Total Health Care		149,683
		Industrials — 9.9%
		Airlines — 0.9%
	102	Southwest Airlines Co.		4,069
	123	United Continental Holdings, Inc. (a)		6,918
				10,987
		Building Products — 2.7%
	136	Allegion plc, (Ireland)		8,701
	36	Lennox International, Inc.		5,194
	580	Masco Corp.		17,905
				31,800
		Commercial Services & Supplies — 1.1%
	141	Johnson Controls International plc		5,704
	98	Waste Connections, Inc., (Canada)		7,401
				13,105
		Industrial Conglomerates — 4.1%
	640	General Electric Co.		18,614
	268	Honeywell International, Inc.		29,432
				48,046
		Machinery — 1.1%
	119	Stanley Black & Decker, Inc.		13,547
		Total Industrials		117,485
		Information Technology — 27.6%
		Internet Software & Services — 6.5%
	30	Alphabet, Inc., Class A (a)		24,646
	33	Alphabet, Inc., Class C (a)		26,083
	192	Facebook, Inc., Class A (a)		25,210
				75,939

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 5.4%
	114	Accenture plc, (Ireland), Class A		13,232
	192	Fidelity National Information Services, Inc.		14,206
	192	Mastercard, Inc., Class A		20,590
	119	Visa, Inc., Class A		9,852
	52	WEX, Inc. (a)		5,651
				63,531
		Semiconductors & Semiconductor Equipment — 6.0%
	274	Broadcom Ltd., (Singapore)		46,700
	105	Lam Research Corp.		10,190
	63	NXP Semiconductors N.V., (Netherlands) (a)		6,320
	111	Texas Instruments, Inc.		7,878
				71,088
		Software — 5.2%
	166	Adobe Systems, Inc. (a)		17,873
	731	Microsoft Corp.		43,796
				61,669
		Technology Hardware, Storage & Peripherals — 4.5%
	471	Apple, Inc.		53,477
		Total Information Technology		325,704
		Materials — 2.6%
		Chemicals — 1.5%
	221	Dow Chemical Co. (The)		11,911
	48	E.I. du Pont de Nemours & Co.		3,274
	30	PPG Industries, Inc.		2,831
				18,016
		Construction Materials — 1.1%
	71	Martin Marietta Materials, Inc.		13,201
		Total Materials		31,217
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	134	Verizon Communications, Inc.		6,453
		Utilities — 1.7%
		Electric Utilities — 0.6%
	53	NextEra Energy, Inc.		6,819
		Multi-Utilities — 1.1%
	156	CMS Energy Corp.		6,558
	302	NiSource, Inc.		7,016
				13,574
		Total Utilities		20,393
		Total Common Stocks (Cost $694,086)		1,177,233

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	4,640	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $4,640)		4,640
		Total Investments — 100.0% (Cost $698,726)		1,181,873
		Liabilities in Excess of Other Assets — 0.0% (g)		(68	)
		NET ASSETS — 100.0%	$	1,181,805

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 96.5% (t)
		Alaska — 1.1%
		Other Revenue — 1.1%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		16,386
		Arizona — 3.1%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,519
		Prerefunded — 2.7%
	33,840	Arizona State Transportation Board, Series A, Rev., GAN, 5.250%, 07/01/20 (p)		38,820
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,418
				42,238
		Special Tax — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,257
	1,000	Series C, Rev., 5.000%, 07/01/24		1,162
				2,419
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,628
		Total Arizona		47,804
		Arkansas — 0.1%
		Water & Sewer — 0.1%
	1,815	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		1,948
		California — 17.6%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		94
		Education — 3.2%
	7,500	California Educational Facilities Authority, Stanford University, Series U-3, Rev., 5.000%, 06/01/43		10,353
		California State University, Systemwide,
	3,000	Series A, Rev., 5.000%, 11/01/24		3,781
	1,500	Series A, Rev., 5.000%, 11/01/28		1,890
	2,625	Series A, Rev., 5.000%, 11/01/29		3,277
	5,000	Series A, Rev., 5.000%, 11/01/30		6,194
	4,875	Series A, Rev., 5.000%, 11/01/31		6,007
	4,000	Series A, Rev., 5.000%, 11/01/32		4,894

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,866
	3,110	Simi Valley School Financing Authority, Rev., AGM, 5.000%, 08/01/21		3,270
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		6,069
				48,601
		General Obligation — 7.3%
	1,490	Carlsbad Unified School District, Series B, GO, Zero Coupon, 05/01/19		1,441
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		484
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,493
	1,000	GO, 5.000%, 08/01/22		1,174
	1,000	GO, 5.000%, 08/01/24		1,168
	7,500	Los Angeles Community College District, Series A, GO, 4.000%, 08/01/32		8,338
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		158
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,029
	9,000	Series C, GO, 5.000%, 07/01/26		11,163
	5,000	Series D, GO, 5.250%, 07/01/24		5,565
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		659
	725	GO, AGM, 5.000%, 09/01/23		886
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,862
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,309
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,199
		State of California, Various Purpose,
	310	GO, 5.000%, 04/01/17		316
	5,000	GO, 5.000%, 04/01/20		5,487
	10,010	GO, 5.000%, 03/01/25		12,495
	12,705	GO, 5.000%, 03/01/28		15,479
	10,370	GO, 5.000%, 08/01/30		12,403
	5,000	GO, 5.500%, 04/01/18		5,332
	5,000	GO, 5.500%, 04/01/21		5,549
	5,000	GO, 5.625%, 04/01/26		5,552
	6,600	GO, 6.500%, 04/01/33		7,454
				111,995

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.4%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,805
		Prerefunded — 2.1%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/18 (p)		2,158
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		3,860
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/18 (p)		2,199
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/23 (p)		10,788
	2,695	Center Unified School District, Election of 1991, GO, NATL-RE, Zero Coupon, 08/01/17 (p)		1,745
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.000%, 01/01/23 (p)		18
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		11,517
				32,285
		Transportation — 0.5%
		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)		2,945
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	3,005	Series A, Rev., 4.000%, 07/01/33		3,362
	175	Series A, Rev., 5.000%, 07/01/24		220
	395	Series A, Rev., 5.000%, 07/01/25		503
	225	Series A, Rev., 5.000%, 07/01/26		285
				7,726
		Utility — 3.2%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,109
	1,010	Series A, Rev., 5.000%, 07/01/30		1,197
	25,385	Series B, Rev., 5.000%, 07/01/28		30,857
	2,100	Series B, Rev., 5.000%, 07/01/31		2,523
	1,925	Series B, Rev., 5.000%, 07/01/32		2,300
	3,300	Series D, Rev., 5.000%, 07/01/32		3,985

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,724
				49,695
		Water & Sewer — 0.9%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		497
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		4,068
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		3,031
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,136
				14,732
		Total California		270,933
		Colorado — 2.0%
		General Obligation — 1.8%
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,863
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,653
	2,345	GO, 5.250%, 12/15/25		2,996
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		12,074
				27,586
		Prerefunded — 0.2%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,368
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/19 (p)		1,350
				3,718
		Total Colorado		31,304
		Connecticut — 0.8%
		General Obligation — 0.6%
	200	City of Greenwich, GO, 5.000%, 06/01/20		213
	8,200	State of Connecticut, Series E, GO, 5.000%, 08/15/30		9,584
				9,797
		Prerefunded — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/17 (p)		1,028

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		278
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,481
				1,759
		Total Connecticut		12,584
		Delaware — 0.2%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,114
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,165
		Total Delaware		2,279
		District of Columbia — 0.9%
		Special Tax — 0.1%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,307
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,987
	5,000	Series C, Rev., 5.000%, 10/01/29		5,925
				11,912
		Total District of Columbia		14,219
		Florida — 3.4%
		General Obligation — 2.8%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,831
	32,375	Series D, GO, 5.000%, 06/01/25		37,710
				43,541
		Other Revenue — 0.6%
	7,245	Palm Beach County, Public Improvement, Rev., 5.000%, 05/01/33		8,748
		Total Florida		52,289
		Georgia — 1.8%
		General Obligation — 0.1%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		342
	1,000	Series B, GO, 5.750%, 08/01/17		1,038
				1,380

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.4%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,908
		Utility — 0.4%
	5,700	Municipal Electric Authority of Georgia, Series B, Rev., 6.250%, 01/01/17		5,753
		Water & Sewer — 0.9%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,591
	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		146
				13,489
		Total Georgia		27,530
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		8,830
		Illinois — 1.1%
		General Obligation — 0.3%
	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		173
	3,205	Kane, Cook & DuPage Counties, School District No. 46, Elgin, Series A, GO, 5.000%, 01/01/33		3,600
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		691
				4,464
		Other Revenue — 0.2%
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,044
		Prerefunded — 0.0% (g)
	610	Chicago Transit Authority, Capital Grant, Federal Transit Administration, Rev., AMBAC, 5.000%, 12/01/16 (p)		612
		Special Tax — 0.0% (g)
		City of Chicago, Motor Fuel Tax,
	150	Rev., 5.000%, 01/01/20		158
	200	Rev., 5.000%, 01/01/21		213
	150	Rev., 5.000%, 01/01/22		161
				532

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,598
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		968
				4,566
		Water & Sewer — 0.3%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.250%, 01/01/30		1,172
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,137
	400	Rev., 5.000%, 11/01/22		462
	1,000	Rev., 5.000%, 11/01/29		1,152
				3,923
		Total Illinois		17,141
		Indiana — 1.4%
		Education — 0.1%
	1,030	South Bend Community School Corp., First Mortgage, Rev., AGM, 5.000%, 07/05/17		1,059
		Other Revenue — 1.0%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,330
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,524
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		1,962
				14,816
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,821
		Water & Sewer — 0.0% (g)
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		381
	375	Series B, Rev., 5.000%, 01/01/23		437
				818
		Total Indiana		21,514
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,382

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Kentucky — 1.5%
		Education — 0.6%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.000%, 09/01/26		1,470
	6,000	Oldham County, School District Finance Corp., School Building, Rev., 5.000%, 06/01/26		7,431
				8,901
		Prerefunded — 0.5%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		7,725
		Transportation — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		5,989
		Total Kentucky		22,615
		Louisiana — 0.8%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,130
		Other Revenue — 0.5%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,517
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,202
				7,719
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,435
		Total Louisiana		12,284
		Maryland — 0.4%
		General Obligation — 0.4%
	4,785	Harford County, Series B, GO, 5.000%, 07/01/23		5,888
		Massachusetts — 4.2%
		General Obligation — 2.8%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		10,029
	200	Series C, GO, AGM, 5.500%, 12/01/22		249
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,402
	2,500	Series C, GO, 5.000%, 07/01/23		2,985

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	6,875	Series F, GO, 5.000%, 11/01/26		8,291
	13,300	Series F, GO, 5.000%, 11/01/27		16,015
				42,971
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,873
		Transportation — 0.8%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		13,019
		Total Massachusetts		64,863
		Michigan — 1.3%
		Education — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/21		4,555
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,294
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,440
		Water & Sewer — 0.7%
	10,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.500%, 01/01/22		11,212
		Total Michigan		19,501
		Minnesota — 1.4%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		899
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,472
				10,371
		Other Revenue — 0.7%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,442
		Total Minnesota		21,813
		Missouri — 0.8%
		Other Revenue — 0.5%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.000%, 09/01/21		7,611

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.0% (g)
	20	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.000%, 01/01/20 (p)		22
		Transportation — 0.3%
	4,060	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,464
		Water & Sewer — 0.0% (g)
		Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water,
	15	Series A, Rev., 5.000%, 01/01/19 (p)		16
	365	Series B, Rev., 5.000%, 07/01/25		421
				437
		Total Missouri		12,534
		Nebraska — 0.4%
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 07/01/17 (p)		159
		Utility — 0.4%
		Nebraska Public Power District,
	250	Series B, Rev., AGM, 5.000%, 01/01/17		252
	445	Series B, Rev., AGM, 5.000%, 01/01/18		457
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,408
				6,117
		Total Nebraska		6,276
		New Hampshire — 0.3%
		Prerefunded — 0.3%
	4,505	New Hampshire Municipal Bond Bank, Series E, Rev., 5.000%, 01/15/20 (p)		5,053
		New Jersey — 2.2%
		Education — 1.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Series PP, Rev., 5.000%, 06/15/29		11,149
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,767
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,659
				20,575
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		976

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,249
	1,200	GO, 5.000%, 07/15/23		1,360
				3,585
		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		2,709
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,682
				8,391
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,863
		Total New Jersey		34,414
		New Mexico — 0.9%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,724
	1,690	Series B, Rev., 5.000%, 06/01/23		1,793
	1,820	Series B, Rev., 5.000%, 06/01/25		1,928
	1,965	Series B, Rev., 5.000%, 06/01/27		2,078
	4,200	Series C, Rev., 5.000%, 06/01/22		4,902
				12,425
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,590
		Total New Mexico		14,015
		New York — 25.3%
		General Obligation — 1.2%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,521
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.000%, 08/01/28		7,240
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,777
				17,538

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		516
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.000%, 09/15/30		11,122
		Other Revenue — 10.2%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, 5.000%, 01/15/22		6,808
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		4,089
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,196
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.000%, 11/01/31		10,520
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,760
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5/6, Rev., 5.500%, 04/01/19		8,732
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,365
		New York State Dormitory Authority, State Sales Tax,
	5,000	Series A, Rev., 5.000%, 03/15/21		5,815
	3,000	Series A, Rev., 5.000%, 03/15/28		3,688
	5,000	Series A, Rev., 5.000%, 03/15/29		6,096
	14,500	Series A, Rev., 5.000%, 03/15/31		17,445
	7,985	Series A, Rev., 5.000%, 03/15/32		9,565
	1,000	Series A, Rev., 5.000%, 03/15/33		1,193
	4,225	Series A, Rev., 5.000%, 03/15/34		5,020
	10,000	Series A, Rev., 5.000%, 03/15/44		11,666
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		16,074
	5,000	Series D, Rev., 5.500%, 01/01/19		5,482
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	4,500	Series A, Rev., 5.000%, 10/15/25		5,636
	1,800	Series A, Rev., 5.000%, 10/15/28		2,245

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	7,500	Series A, Rev., 5.000%, 10/15/29		9,284
	1,850	Series A, Rev., 5.000%, 10/15/31		2,275
				156,954
		Prerefunded — 1.1%
	745	Metropolitan Transportation Authority, Series C, Rev., 6.500%, 11/15/18 (p)		830
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/18 (p)		373
		New York State Dormitory Authority, State Personal Income Tax, Education,
	10,000	Series A, Rev., 5.000%, 03/15/18 (p)		10,570
	20	Series C, Rev., 5.000%, 12/15/16 (p)		20
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,696
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/17 (p)		1,048
				17,537
		Special Tax — 2.8%
		New York State Dormitory Authority, State Personal Income Tax,
	7,250	Series C, Rev., 5.000%, 03/15/31		8,723
	12,500	Series C, Rev., 5.000%, 03/15/33		14,973
	4,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/23		4,366
	3,500	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,967
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,452
				43,481
		Transportation — 4.2%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 11/15/41		1,735
	255	Series C, Rev., 6.500%, 11/15/28		283
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		6,204
		New York Transportation Development Corp., Special Facilities, Laguardia Airport Terminal B Redevelopment Project,
	2,530	Series A, Rev., AMT, 4.000%, 07/01/31		2,659
	3,500	Series A, Rev., AMT, AGM, 4.000%, 07/01/35		3,645

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — continued
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,336
	2,000	Rev., 5.000%, 05/01/35		2,251
	6,500	Rev., 5.000%, 10/15/41		7,682
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		29,361
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,368
	1,250	Series B, Rev., 5.000%, 11/15/31		1,490
				64,014
		Utility — 2.6%
		Utility Debt Securitization Authority,
	9,675	Rev., 5.000%, 12/15/35		11,663
	5,250	Rev., 5.000%, 12/15/36		6,314
	5,000	Rev., 5.000%, 12/15/37		6,005
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,886
	5,000	Series TE, Rev., 5.000%, 12/15/29		6,095
	4,250	Series TE, Rev., 5.000%, 12/15/41		5,040
				40,003
		Water & Sewer — 2.5%
	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 (p)		390
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/29		2,291
	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		18,583
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	3,000	Series FF, Rev., 5.000%, 06/15/31		3,635
	2,000	Series FF, Rev., 5.000%, 06/15/32		2,412
	10,225	New York State Environmental Facilities Corp., State Clean Water & Drinking Water, Series C, Rev., 5.000%, 06/15/21		10,494
				37,805
		Total New York		388,970

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		North Carolina — 0.6%
		Prerefunded — 0.6%
	2,170	City of High Point, Combined Enterprise System, Rev., AGM, 5.000%, 11/01/18 (p)		2,347
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.000%, 06/01/19 (p)		6,556
		Total North Carolina		8,903
		Ohio — 0.8%
		General Obligation — 0.4%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/27		5,847
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		595
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,491
				3,086
		Prerefunded — 0.0% (g)
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		698
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		686
	1,500	Rev., 5.000%, 11/15/27		1,829
				2,515
		Total Ohio		12,146
		Oklahoma — 0.5%
		Transportation — 0.4%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,461
	2,000	Series A, Rev., 5.000%, 01/01/24		2,304
				5,765
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,677
		Total Oklahoma		7,442
		Oregon — 1.7%
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		125

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.8%
		Oregon State Department of Administrative Services, Lottery,
	1,500	Series A, Rev., 5.000%, 04/01/27		1,792
	8,975	Series C, Rev., 5.000%, 04/01/25		10,995
				12,787
		Prerefunded — 0.7%
		Oregon State Department of Administrative Services,
	3,425	Series A, COP, 5.000%, 05/01/19 (p)		3,766
	6,965	Series A, COP, 5.000%, 05/01/19 (p)		7,646
				11,412
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,371
		Total Oregon		26,695
		Pennsylvania — 0.9%
		General Obligation — 0.5%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		4,921
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		1,970
				6,891
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.344%, 12/01/24		2,968
		Prerefunded — 0.2%
	3,225	Pennsylvania State University, Series A, Rev., 5.000%, 03/01/19 (p)		3,525
		Total Pennsylvania		13,384
		Rhode Island — 0.1%
		Education — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.000%, 09/01/25		762
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/24		1,229
		Total Rhode Island		1,991
		South Carolina — 0.8%
		Prerefunded — 0.2%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/19 (p)		2,412

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,322
		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,765
		Total South Carolina		11,499
		Tennessee — 0.1%
		General Obligation — 0.1%
	835	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		992
		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/22 (p)		235
		Total Tennessee		1,227
		Texas — 9.1%
		Education — 0.5%
		University of North Texas, Financing System,
	1,255	Series A, Rev., 5.000%, 04/15/20		1,371
	2,500	Series A, Rev., 5.000%, 04/15/22		2,737
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		536
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,396
	1,215	Series C, Rev., 5.000%, 03/01/22		1,280
				8,320
		General Obligation — 4.1%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,090
	945	Series C, GO, 5.000%, 02/15/22		1,035
	325	Series C, GO, 5.000%, 02/15/23		356
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,710
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,737
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,831
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		810
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		820
	3,500	GO, 5.000%, 08/01/24		4,094
	4,735	GO, 5.000%, 08/01/26		5,531
	2,735	GO, 5.000%, 08/01/27		3,192
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,761

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		932
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,680
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,624
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,537
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,140
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/27		2,002
	1,000	Hays County, GO, 5.000%, 02/15/23		1,120
		Hays County, Pass-Through Toll,
	1,500	GO, 5.000%, 02/15/23		1,679
	1,785	GO, 5.000%, 02/15/24		1,992
	2,410	GO, 5.000%, 02/15/25		2,683
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		394
	2,600	GO, 5.000%, 02/15/40		2,952
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,678
	4,340	Series A, GO, 5.000%, 08/01/21		4,647
				63,027
		Prerefunded — 2.2%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/18 (p)		3,270
	7,660	Series A, Rev., 5.000%, 06/01/19 (p)		8,440
	9,055	North Texas Municipal Water District, Rev., 5.000%, 06/01/18 (p)		9,643
	5,000	San Jacinto Community College District, GO, 5.000%, 02/15/19 (p)		5,454
	5,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.000%, 10/01/19 (p)		5,569
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/18 (p)		1,926
				34,302
		Transportation — 0.8%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,465
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		9,038
				12,503

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.3%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,792
		Water & Sewer — 1.2%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		8,056
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.000%, 05/15/24		1,518
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		106
	3,315	Rev., 5.000%, 12/15/23		3,789
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,229
				17,698
		Total Texas		139,642
		Utah — 0.6%
		Prerefunded — 0.6%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/19 (p)		8,246
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.000%, 06/01/19 (p)		1,267
		Total Utah		9,513
		Vermont — 0.5%
		Education — 0.2%
		University of Vermont & State Agricultural College,
	2,115	Rev., AMBAC, 5.000%, 10/01/21		2,193
	1,175	Rev., AMBAC, 5.000%, 10/01/22		1,218
				3,411
		Prerefunded — 0.3%
	3,295	University of Vermont & State Agricultural College, Rev., AMBAC, 5.000%, 10/01/17 (p)		3,424
		Total Vermont		6,835
		Virginia — 3.6%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,167

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 2.0%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		233
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		19,396
	9,000	Fairfax County, Public Improvement, Series A, GO, 4.000%, 10/01/28		10,500
				30,129
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		27
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		453
				480
		Prerefunded — 0.1%
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		625
		Transportation — 0.8%
	9,660	Commonwealth of Virginia, Transportation Board, Transportation Capital Projects, Rev., 5.000%, 05/15/27		12,163
		Total Virginia		54,564
		Washington — 3.2%
		General Obligation — 0.8%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,286
		State of Washington, Various Purpose,
	2,000	Series D, GO, 5.000%, 02/01/24		2,415
	7,000	Series R-2017B, GO, 5.000%, 08/01/31		8,539
	275	Yakima County School District No. 7, GO, 5.500%, 12/01/23		310
				12,550
		Prerefunded — 1.9%
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/19 (p)		11,083
	12,400	Series R-2010A, GO, 5.000%, 01/01/19 (p)		13,471
	4,415	Yakima County School District No. 7, GO, 5.500%, 12/01/19 (p)		5,016
				29,570

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,387
	1,000	Series B, Rev., 5.000%, 03/01/34		1,166
				5,553
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,574
		Total Washington		49,247
		Total Municipal Bonds (Cost $1,383,012)		1,482,457
SHARES
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	35,458	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) † (Cost $35,458)		35,458
		Total Investments — 98.8% (Cost $1,418,470)		1,517,915
		Other Assets in Excess of Liabilities — 1.2%		17,840
		NET ASSETS — 100.0%	$	1,535,755

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.812% at termination	CPI-U at termination	10/12/19	$	25,000	$	(4,187	)
Barclays Bank plc	2.590% at termination	CPI-U at termination	12/31/19		35,000		(3,162	)
Barclays Bank plc	2.439% at termination	CPI-U at termination	05/15/24		18,000		(1,523	)
Barclays Bank plc	2.700% at termination	CPI-U at termination	09/03/44		5,000		(1,284	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/18		25,000		(962	)
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/18		12,000		(465	)
BNP Paribas	2.190% at termination	CPI-U at termination	09/03/19		13,000		(592	)
BNP Paribas	2.350% at termination	CPI-U at termination	07/06/20		25,000		(1,851	)
BNP Paribas	2.693% at termination	CPI-U at termination	09/03/44		4,000		(1,015	)
BNP Paribas	2.695% at termination	CPI-U at termination	09/03/44		4,000		(1,019	)
Citibank, N.A.	2.275% at termination	CPI-U at termination	07/02/18		50,000		(2,707	)
Citibank, N.A.	2.220% at termination	CPI-U at termination	07/06/18		50,000		(2,443	)
Citibank, N.A.	2.190% at termination	CPI-U at termination	09/02/19		9,000		(410	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	05/24/20		25,000		(2,109	)
Citibank, N.A.	2.420% at termination	CPI-U at termination	06/30/20		50,000		(4,137	)
Citibank, N.A.	2.410% at termination	CPI-U at termination	07/01/20		50,000		(4,074	)
Citibank, N.A.	2.330% at termination	CPI-U at termination	07/06/20		50,000		(3,583	)
Citibank, N.A.	1.865% at termination	CPI-U at termination	10/24/21		65,000		103
Citibank, N.A.	2.480% at termination	CPI-U at termination	07/01/22		50,000		(5,256	)
Citibank, N.A.	2.458% at termination	CPI-U at termination	05/21/24		10,000		(871	)
Citibank, N.A.	2.492% at termination	CPI-U at termination	08/27/24		22,000		(2,042	)
Citibank, N.A.	2.477% at termination	CPI-U at termination	09/02/24		15,000		(1,367	)
Citibank, N.A.	2.623% at termination	CPI-U at termination	10/07/24		14,000		(453	)
Credit Suisse International	2.250% at termination	CPI-U at termination	05/09/17		50,000		(2,594	)
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/18		65,000		(3,049	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/18		50,000		(3,080	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination	09/10/19		55,000		(2,342	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination	06/30/20		20,000		(1,631	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination	02/21/24		40,000		(3,505	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination	12/15/24		54,000		(1,140	)
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination	02/25/44		5,000		(1,293	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination	10/10/44		8,000		(1,393	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination	10/13/45		5,000		131
Goldman Sachs International	2.211% at termination	CPI-U at termination	08/29/19		20,000		(935	)
Goldman Sachs International	2.185% at termination	CPI-U at termination	09/02/19		12,000		(544	)
Goldman Sachs International	2.194% at termination	CPI-U at termination	09/02/19		19,000		(870	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination	10/01/18		20,000		(846	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination	06/23/19		20,000		(1,015	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination	01/27/24		30,000		(2,796	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination	02/04/24		34,000		(3,059	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination	09/12/44		3,000		(735	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination	06/28/20		25,000		(2,100	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination	06/30/20		75,000		(6,235	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination	03/17/24		7,000		(614	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination	07/31/29		49,000		(21,721	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination	02/10/44		9,000		(2,420	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination	04/22/18		50,000		(2,328	)
						$	(111,523	)

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

J.P. Morgan Tax Aware Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COP	—  Certificate of Participation
CPI-U	—  Consumer Price Index for All Urban Consumers
CR	—  Custodial Receipts
FGIC	—  Insured by Financial Guaranty Insurance Co.
GAN	—  Grant Anticipation Notes
GO	—  General Obligation
GTD	—  Guaranteed
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
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2016.

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(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.
†	—  Approximately $2,530,000 of this investment is restricted as collateral for swaps to various brokers.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 25

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	Tax Aware Equity Fund		Tax Aware Real Return Fund
ASSETS:
Investments in non-affiliates, at value	$	1,177,233	$	1,482,457
Investments in affiliates, at value		4,640		32,928
Investments in affiliates — restricted, at value		—		2,530
Total investment securities, at value		1,181,873		1,517,915
Restricted cash		—		111,760
Receivables:
Investment securities sold		5,269		—
Fund shares sold		904		1,325
Interest and dividends from non-affiliates		884		18,776
Dividends from affiliates		1		8
Outstanding swap contracts, at value		—		234
Total Assets		1,188,931		1,650,018
LIABILITIES:
Payables:
Investment securities purchased		5,581		—
Fund shares redeemed		903		1,710
Outstanding swap contracts, at value		—		111,757
Accrued liabilities:
Investment advisory fees		355		393
Administration fees		82		65
Distribution fees		7		31
Shareholder servicing fees		82		129
Custodian and accounting fees		9		14
Collateral management fees		—		15
Other		107		149
Total Liabilities		7,126		114,263
Net Assets	$	1,181,805	$	1,535,755

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

	Tax Aware Equity Fund			Tax Aware Real Return Fund
NET ASSETS:
Paid-in-Capital	$	653,715		$	1,607,827
Accumulated undistributed (distributions in excess of) net investment income		1,437			127
Accumulated net realized gains (losses)		43,506			(60,121	)
Net unrealized appreciation (depreciation)		483,147			(12,078	)
Total Net Assets	$	1,181,805		$	1,535,755
Net Assets:
Class A	$	13,971		$	47,268
Class C		5,729			33,016
Class R6		—			197,981
Institutional Class		1,068,546			1,144,534
Select Class		93,559			112,956
Total	$	1,181,805		$	1,535,755
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		485			4,928
Class C		200			3,451
Class R6		—			20,596
Institutional Class		36,922			119,129
Select Class		3,236			11,762
Net Asset Value (a):
Class A — Redemption price per share	$	28.82		$	9.59
Class C — Offering price per share (b)		28.62			9.57
Class R6 — Offering and redemption price per share		—			9.61
Institutional Class — Offering and redemption price per share		28.94			9.61
Select Class — Offering and redemption price per share		28.91			9.60
Class A maximum sales charge		5.25	%		3.75	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	30.42		$	9.96
Cost of investments in non-affiliates	$	694,086		$	1,383,012
Cost of investments in affiliates		4,640			32,928
Cost of investments in affiliates — restricted		—			2,530

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 27

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	Tax Aware Equity Fund			Tax Aware Real Return Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	51,644
Interest income from affiliates		—			67
Dividend income from non-affiliates		21,736			—
Dividend income from affiliates		15			30
Total investment income		21,751			51,741
EXPENSES:
Investment advisory fees		4,370			5,579
Administration fees		1,021			1,307
Distribution fees:
Class A		35			125
Class C		40			277
Shareholder servicing fees:
Class A		35			125
Class C		13			92
Institutional Class		1,139			1,195
Select Class		227			307
Custodian and accounting fees		44			110
Professional fees		62			109
Collateral management fees		—			46
Interest expense to affiliates		—	(a)		—
Interest expense to non-affiliates		5			7
Trustees’ and Chief Compliance Officer’s fees		19			20
Printing and mailing costs		56			33
Registration and filing fees		47			105
Transfer agency fees(See Note 2.E.)		21			17
Sub-transfer agency fees (See Note 2.E.)		67			111
Other		17			14
Total expenses		7,218			9,579
Less fees waived		(96	)		(1,177	)
Net expenses		7,122			8,402
Net investment income (loss)		14,629			43,339
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		50,563			14,839
Swaps		—			(27,532	)
Net realized gain (loss)		50,563			(12,693	)
Distributions of capital gains received from investment company affiliates		—			1
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(30,737	)		(5,559	)
Swaps		—			35,430
Change in net unrealized appreciation/depreciation		(30,737	)		29,871
Net realized/unrealized gains (losses)		19,826			17,179
Change in net assets resulting from operations	$	34,455		$	60,518

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	14,629		$	15,731		$	43,339		$	56,097
Net realized gain (loss)		50,563			56,837			(12,693	)		4,047
Distributions of capital gains received from investment company affiliates		—			—			1			1
Change in net unrealized appreciation/depreciation		(30,737	)		10,846			29,871			(114,372	)
Change in net assets resulting from operations		34,455			83,414			60,518			(54,227	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(108	)		(84	)		(1,249	)		(1,839	)
From net realized gains		(526	)		(303	)		—			—
Class C
From net investment income		(18	)		(9	)		(691	)		(990	)
From net realized gains		(198	)		(80	)		—			—
Class R6
From net investment income		—			—			(5,423	)		(6,644	)
Institutional Class
From net investment income		(13,182	)		(14,056	)		(32,988	)		(43,614	)
From net realized gains		(51,885	)		(35,725	)		—			—
Select Class
From net investment income		(925	)		(803	)		(3,204	)		(4,759	)
From net realized gains		(3,533	)		(2,330	)		—			—
Total distributions to shareholders		(70,375	)		(53,390	)		(43,555	)		(57,846	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(149,342	)		(53,542	)		(211,512	)		(426,662	)
NET ASSETS:
Change in net assets		(185,262	)		(23,518	)		(194,549	)		(538,735	)
Beginning of period		1,367,067			1,390,585			1,730,304			2,269,039
End of period	$	1,181,805		$	1,367,067		$	1,535,755		$	1,730,304
Accumulated undistributed (distributions in excess of) net investment income	$	1,437		$	1,134		$	127		$	343
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,639		$	4,098		$	5,823		$	13,317
Distributions reinvested		505			294			1,131			1,615
Cost of shares redeemed		(4,291	)		(3,071	)		(16,887	)		(49,348	)
Change in net assets resulting from Class A capital transactions	$	1,853		$	1,321		$	(9,933	)	$	(34,416	)
Class C
Proceeds from shares issued	$	1,806		$	2,763		$	2,704		$	2,320
Distributions reinvested		216			79			508			708
Cost of shares redeemed		(913	)		(949	)		(13,442	)		(17,235	)
Change in net assets resulting from Class C capital transactions	$	1,109		$	1,893		$	(10,230	)	$	(14,207	)
Class R6
Proceeds from shares issued	$	—		$	—		$	9,612		$	2,543
Distributions reinvested		—			—			3,012			3,138
Cost of shares redeemed		—			—			—	(a)		(63,715	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	12,624		$	(58,034	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Aware Equity Fund						Tax Aware Real Return Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	151,339		$	192,338		$	390,021		$	405,663
Distributions reinvested		4,570			2,264			5,007			7,420
Cost of shares redeemed		(317,844	)		(250,487	)		(565,755	)		(710,114	)
Change in net assets resulting from Institutional Class capital transactions	$	(161,935	)	$	(55,885	)	$	(170,727	)	$	(297,031	)
Select Class
Proceeds from shares issued	$	23,060		$	13,376		$	27,567		$	67,605
Distributions reinvested		1,414			971			1,312			1,682
Cost of shares redeemed		(14,843	)		(15,218	)		(62,125	)		(92,261	)
Change in net assets resulting from Select Class capital transactions	$	9,631		$	(871	)	$	(33,246	)	$	(22,974	)
Total change in net assets resulting from capital transactions	$	(149,342	)	$	(53,542	)	$	(211,512	)	$	(426,662	)
SHARE TRANSACTIONS:
Class A
Issued		210			140			608			1,371
Reinvested		18			10			118			167
Redeemed		(154	)		(107	)		(1,766	)		(5,075	)
Change in Class A Shares		74			43			(1,040	)		(3,537	)
Class C
Issued		65			96			283			238
Reinvested		8			3			53			74
Redeemed		(32	)		(33	)		(1,410	)		(1,783	)
Change in Class C Shares		41			66			(1,074	)		(1,471	)
Class R6
Issued		—			—			996			264
Reinvested		—			—			314			325
Redeemed		—			—			—	(a)		(6,623	)
Change in Class R6 Shares		—			—			1,310			(6,034	)
Institutional Class
Issued		5,539			6,574			40,712			41,759
Reinvested		164			80			523			770
Redeemed		(11,397	)		(8,493	)		(59,079	)		(73,359	)
Change in Institutional Class Shares		(5,694	)		(1,839	)		(17,844	)		(30,830	)
Select Class
Issued		867			456			2,886			6,911
Reinvested		51			34			137			174
Redeemed		(534	)		(515	)		(6,513	)		(9,552	)
Change in Select Class Shares		384			(25	)		(3,490	)		(2,467	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Tax Aware Equity Fund
Class A
Year Ended October 31, 2016	$	29.60	$	0.20		$	0.47	$	0.67	$	(0.22	)	$	(1.23	)	$	(1.45	)
Year Ended October 31, 2015		29.01		0.20			1.41		1.61		(0.21	)		(0.81	)		(1.02	)
Year Ended October 31, 2014		24.87		0.19			4.15		4.34		(0.20	)		—			(0.20	)
Year Ended October 31, 2013		19.60		0.23	(e)		5.33		5.56		(0.29	)		—			(0.29	)
Year Ended October 31, 2012		17.43		0.18			2.18		2.36		(0.19	)		—			(0.19	)
Class C
Year Ended October 31, 2016		29.43	$	0.06			0.46		0.52		(0.10	)		(1.23	)		(1.33	)
Year Ended October 31, 2015		28.88		0.05			1.40		1.45		(0.09	)		(0.81	)		(0.90	)
Year Ended October 31, 2014		24.78		0.06			4.12		4.18		(0.08	)		—			(0.08	)
Year Ended October 31, 2013		19.54		0.12	(e)		5.32		5.44		(0.20	)		—			(0.20	)
Year Ended October 31, 2012		17.42		0.08			2.19		2.27		(0.15	)		—			(0.15	)
Institutional Class
Year Ended October 31, 2016		29.70	$	0.34			0.46		0.80		(0.33	)		(1.23	)		(1.56	)
Year Ended October 31, 2015		29.10		0.34			1.39		1.73		(0.32	)		(0.81	)		(1.13	)
Year Ended October 31, 2014		24.92		0.30			4.18		4.48		(0.30	)		—			(0.30	)
Year Ended October 31, 2013		19.63		0.34	(e)		5.32		5.66		(0.37	)		—			(0.37	)
Year Ended October 31, 2012		17.43		0.28			2.17		2.45		(0.25	)		—			(0.25	)
Select Class
Year Ended October 31, 2016		29.68	$	0.29			0.46		0.75		(0.29	)		(1.23	)		(1.52	)
Year Ended October 31, 2015		29.08		0.29			1.40		1.69		(0.28	)		(0.81	)		(1.09	)
Year Ended October 31, 2014		24.88		0.29	(f)		4.13		4.42		(0.22	)(f)		—			(0.22	)
Year Ended October 31, 2013		19.60		0.29	(e)		5.33		5.62		(0.34	)		—			(0.34	)
Year Ended October 31, 2012		17.43		0.21			2.20		2.41		(0.24	)		—			(0.24	)

(a) Calculated based upon average shares outstanding.

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

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

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

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.20, $0.09, $0.31 and $0.25 for Class A, Class C, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 0.88%, 0.41%, 1.41% and 1.15% for Class A, Class C, Institutional Class and Select Class Shares, respectively.

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

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	28.82		2.47	%	$	13,971		1.03	%		0.71	%		1.03	%		41	%
	29.60		5.71			12,164		0.99			0.70			0.99			59
	29.01		17.50			10,667		0.96			0.71			0.96			59
	24.87		28.65			7,944		0.96			1.03	(e)		0.96			67
	19.60		13.64			4,902		0.96			0.95			0.96			55
	28.62		1.95			5,729		1.52			0.21			1.52			41
	29.43		5.18			4,680		1.50			0.16			1.50			59
	28.88		16.92			2,700		1.46			0.21			1.46			59
	24.78		28.03			1,950		1.46			0.56	(e)		1.46			67
	19.54		13.10			1,432		1.46			0.43			1.46			55
	28.94		2.94			1,068,546		0.55			1.19			0.56			41
	29.70		6.16			1,265,581		0.55			1.16			0.55			59
	29.10		18.04			1,293,555		0.55			1.10			0.56			59
	24.92		29.13			120,302		0.55			1.56	(e)		0.56			67
	19.63		14.19			148,369		0.55			1.53			0.56			55
	28.91		2.76			93,559		0.71			1.02			0.72			41
	29.68		6.00			84,642		0.71			0.99			0.71			59
	29.08		17.82			83,663		0.71			1.10			0.71			59
	24.88		28.96			975,826		0.71			1.29	(e)		0.71			67
	19.60		13.93			713,205		0.71			1.12			0.71			55

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Tax Aware Real Return Fund
Class A
Year Ended October 31, 2016	$	9.49	$	0.24	(f)	$	0.10		$	0.34		$	(0.24	)
Year Ended October 31, 2015		10.01		0.25	(f)		(0.51	)		(0.26	)		(0.26	)
Year Ended October 31, 2014		10.06		0.26	(f)		(0.04	)		0.22			(0.27	)
Year Ended October 31, 2013		10.51		0.25			(0.48	)		(0.23	)		(0.22	)
Year Ended October 31, 2012		10.19		0.24			0.32			0.56			(0.24	)
Class C
Year Ended October 31, 2016		9.47		0.18	(f)		0.10			0.28			(0.18	)
Year Ended October 31, 2015		9.98		0.19	(f)		(0.50	)		(0.31	)		(0.20	)
Year Ended October 31, 2014		10.03		0.19	(f)		(0.04	)		0.15			(0.20	)
Year Ended October 31, 2013		10.48		0.17			(0.47	)		(0.30	)		(0.15	)
Year Ended October 31, 2012		10.16		0.18			0.32			0.50			(0.18	)
Class R6
Year Ended October 31, 2016		9.51		0.27	(f)		0.11			0.38			(0.28	)
Year Ended October 31, 2015		10.03		0.28	(f)		(0.50	)		(0.22	)		(0.30	)
Year Ended October 31, 2014		10.08		0.30	(f)		(0.05	)		0.25			(0.30	)
August 16, 2013(g) through October 31, 2013		9.92		0.05			0.18			0.23			(0.07	)
Institutional Class
Year Ended October 31, 2016		9.51		0.26	(f)		0.11			0.37			(0.27	)
Year Ended October 31, 2015		10.03		0.27	(f)		(0.50	)		(0.23	)		(0.29	)
Year Ended October 31, 2014		10.08		0.29	(f)		(0.05	)		0.24			(0.29	)
Year Ended October 31, 2013		10.53		0.27			(0.48	)		(0.21	)		(0.24	)
Year Ended October 31, 2012		10.20		0.27			0.33			0.60			(0.27	)
Select Class
Year Ended October 31, 2016		9.50		0.25	(f)		0.10			0.35			(0.25	)
Year Ended October 31, 2015		10.02		0.26	(f)		(0.51	)		(0.25	)		(0.27	)
Year Ended October 31, 2014		10.06		0.27	(f)		(0.04	)		0.23			(0.27	)
Year Ended October 31, 2013		10.51		0.25			(0.47	)		(0.22	)		(0.23	)
Year Ended October 31, 2012		10.19		0.26			0.31			0.57			(0.25	)

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

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

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

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

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

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	9.59		3.64	%	$	47,268		0.75	%		2.50	%		0.98	%		7	%
	9.49		(2.59	)		56,660		0.75			2.58			0.97			18
	10.01		2.15			95,153		0.75			2.58			0.97			11
	10.06		(2.22	)		153,819		0.75			2.31			0.97			16
	10.51		5.55			222,694		0.75			2.34			0.97			8
	9.57		2.98			33,016		1.40			1.85			1.50			7
	9.47		(3.16	)		42,843		1.40			1.93			1.49			18
	9.98		1.48			59,850		1.40			1.93			1.46			11
	10.03		(2.85	)		83,639		1.40			1.67			1.47			16
	10.48		4.92			108,755		1.40			1.70			1.47			8
	9.61		3.99			197,981		0.40			2.84			0.46			7
	9.51		(2.24	)		183,464		0.40			2.93			0.45			18
	10.03		2.52			253,993		0.40			2.94			0.46			11
	10.08		2.33			102,671		0.38			2.69			0.47			16
	9.61		3.89			1,144,534		0.50			2.75			0.57			7
	9.51		(2.33	)		1,302,381		0.50			2.83			0.56			18
	10.03		2.41			1,682,468		0.50			2.83			0.56			11
	10.08		(1.97	)		960,451		0.50			2.57			0.57			16
	10.53		5.91			944,652		0.50			2.58			0.57			8
	9.60		3.74			112,956		0.65			2.60			0.74			7
	9.50		(2.49	)		144,956		0.65			2.68			0.73			18
	10.02		2.25			177,575		0.65			2.67			0.72			11
	10.06		(2.11	)		1,544,101		0.65			2.42			0.72			16
	10.51		5.66			1,979,923		0.65			2.46			0.72			8

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Tax Aware Equity Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Tax Aware Real Return Fund	Class A, Class C, Class R6, Institutional Class and Select Class	Diversified

The investment objective of Tax Aware Equity Fund is to seek to provide high after-tax total return from a portfolio of selected equity securities.

The investment objective of Tax Aware Real Return Fund is to seek to maximize after-tax inflation protected return.

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

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

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

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

36 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

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

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

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

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

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

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

Tax Aware Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,181,873	$	—	$	—	$	1,181,873

Tax Aware Real Return Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	35,458	$	1,482,457		$	—	$	1,517,915
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	234		$	—	$	234
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(111,757	)	$	—	$	(111,757	)

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

(b) 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 and as an investment of cash collateral for swaps. Please refer to the SOIs for state specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2016.

B. Swaps — Tax Aware Real Return Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. 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 Fund are recorded as assets or liabilities, respectively in the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. 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. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. Cash collateral posted to Goldman Sachs International by the Fund is invested in an affiliated money market fund (See Note 3.F.) and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Tax Aware Real Return Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2016 are as follows (amounts in thousands):

Fund Counterparty		Value of swap contracts			Collateral amount
Barclays Bank plc	Collateral Posted	$	(10,156	)	$	10,390
BNP Paribas			(5,904	)		6,400
Citibank, N.A.			(29,349	)		29,890
Credit Suisse International			(5,643	)		6,010
Deutsche Bank AG, New York			(14,253	)		14,470
Goldman Sachs International			(2,349	)		2,530
Morgan Stanley Capital Services			(8,451	)		8,810
Royal Bank of Scotland			(33,090	)		33,230
Union Bank of Switzerland AG			(2,328	)		2,560

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.

Tax Aware Real Return 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 may 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 agreements 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.

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2016 (amounts in thousands):

Interest Rate-Related Swaps (Inflation-Linked Swaps)	Tax Aware Real Return Fund
Average Notional Balance — Pays Fixed Rate	$	1,457,462
Ending Notional Balance — Pays Fixed Rate		1,351,000

C. Summary of Derivatives Information

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2016 (amounts in thousands):

Tax Aware Real Return Fund

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received (b)		Net Amount Due From Counterparty (not less than zero)
Citibank, N.A.	$	103	$	(103	)	$	—	$	—
Deutsche Bank AG, New York		131		(131	)		—		—
	$	234	$	(234	)	$	—	$	—

38 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statements of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted (b)			Net Amount Due From Counterparty (not less than zero)
Barclays Bank plc	$	10,156	$	—		$	(10,156	)	$	—
BNP Paribas		5,904		—			(5,904	)		—
Citibank, N.A.		29,452		(103	)		(29,349	)		—
Credit Suisse International		5,643		—			(5,643	)		—
Deutsche Bank AG, New York		14,384		(131	)		(14,253	)		—
Goldman Sachs International		2,349		—			(2,349	)		—
Morgan Stanley Capital Services		8,451		—			(8,451	)		—
Royal Bank of Scotland		33,090		—			(33,090	)		—
Union Bank of Switzerland AG		2,328		—			(2,328	)		—
	$	111,757	$	(234	)	$	(111,523	)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B. for actual swap collateral

received or posted.

The Fund’s derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.

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

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C		Institutional Class		Class R6		Select Class		Total
Tax Aware Equity Fund
Transfer agency fees	$	3	$	1	$	13		n/a	$	4	$	21
Sub-transfer agency fees		8		2		49		n/a		8		67
Tax Aware Real Return Fund
Transfer agency fees		2		2		9	$	2		2		17
Sub-transfer agency fees		9		14		52		—		36		111

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Tax Aware Equity Fund	$	—		$	(93	)	$	93
Tax Aware Real Return Fund		—	(a)		—	(a)		—	(a)

(a) Amount rounds to less than 500.

The reclassifications for the Funds relate primarily to non-taxable dividends.

3. Fees and Other Transactions with Affiliates

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

Tax Aware Equity Fund	0.35	%
Tax Aware Real Return Fund	0.35

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C
Tax Aware Equity Fund		0.25	%		0.75	%
Tax Aware Real Return Fund		0.25			0.75

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge
Tax Aware Equity Fund	$	4
Tax Aware Real Return Fund		3

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

	Class A			Class C			Institutional Class			Select Class
Tax Aware Equity Fund		0.25	%		0.25	%		0.10	%		0.25	%
Tax Aware Real Return Fund		0.25			0.25			0.10			0.25

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

40 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend expenses related to short sales, interest expenses related to short sales (effective March 1, 2016), interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R6			Institutional Class			Select Class
Tax Aware Equity Fund		1.05	%		1.55	%		n/a			0.55	%		0.80	%
Tax Aware Real Return Fund		0.75			1.40			0.40	%		0.50			0.65

Effective November 1, 2016, the contractual expense limitation for the Tax Aware Equity Fund’s Select Class will be reduced to 0.55% and Tax Aware Real Return Fund’s Class C and Select Class will be reduced to 1.25% and 0.50%, respectively, until at least October 31, 2018.

The expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until at least February 28, 2017.

For the year ended October 31, 2016, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total
Tax Aware Equity Fund	$	—	$	—	$	85	$	85
Tax Aware Real Return Fund		581		387		189		1,157

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 were as follows (amounts in thousands):

Tax Aware Equity Fund	$	11
Tax Aware Real Return Fund		20

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

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

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

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

During the year ended October 31, 2016, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2016, the Fund incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Tax Aware Equity Fund $ — (a) 

(a) Amount rounds to less than 500.

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 41

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware Equity Fund	$	515,856	$	715,312
Tax Aware Real Return Fund		106,053		313,461

During the year ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	704,834	$	483,188	$	6,149	$	477,039
Tax Aware Real Return Fund		1,418,470		100,233		788		99,445

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

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	14,233	$	—	$	56,142	$	70,375
Tax Aware Real Return Fund		73		43,482		—		43,555

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Total Distributions Paid From:
	Ordinary Income*		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Tax Aware Equity Fund	$	14,952	$	—	$	38,438	$	53,390
Tax Aware Real Return Fund		40		57,806		—		57,846

* Short-term gains are treated as ordinary income for income tax purposes.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Tax Aware Equity Fund	$	1,482	$	—	$	49,617		$	477,039
Tax Aware Real Return Fund		—		177		(60,121	)		(12,078	)

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals and trustee deferred compensation.

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

42 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

At October 31, 2016, the following Fund had post-enactment net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware Real Return Fund	$	30,936	$	—

At October 31, 2016, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
Tax Aware Real Return Fund	$	26,211	$	2,850	$	124	$	29,185

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2016. Average borrowings from the Facility for the year ended October 31, 2016, was as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Tax Aware Equity Fund	$	9,691		0.34	%		3	$	—	(a)

(a) Amount rounds to less than 500.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 43

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

As of October 31, 2016, the Funds had affiliated omnibus accounts which collectively represent the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Tax Aware Equity Fund		2		84.9	%
Tax Aware Real Return Fund		3		73.9

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

Tax Aware Real Return Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

44 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Tax Aware Equity Fund and JPMorgan Tax Aware Real Return Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 45

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

46 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 47

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

48 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware Equity Fund
Class A
Actual	$	1,000.00	$	1,046.90	$	5.40		1.05	%
Hypothetical		1,000.00		1,019.86		5.33		1.05
Class C
Actual		1,000.00		1,044.40		7.81		1.52
Hypothetical		1,000.00		1,017.50		7.71		1.52
Institutional Class
Actual		1,000.00		1,049.20		2.83		0.55
Hypothetical		1,000.00		1,022.37		2.80		0.55
Select Class
Actual		1,000.00		1,048.40		3.71		0.72
Hypothetical		1,000.00		1,021.52		3.66		0.72
Tax Aware Real Return Fund
Class A
Actual	$	1,000.00	$	1,007.10	$	3.78		0.75	%
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class C
Actual		1,000.00		1,004.00		7.05		1.40
Hypothetical		1,000.00		1,018.10		7.10		1.40
Class R6
Actual		1,000.00		1,008.90		2.02		0.40
Hypothetical		1,000.00		1,023.13		2.03		0.40
Institutional Class
Actual		1,000.00		1,008.30		2.52		0.50
Hypothetical		1,000.00		1,022.62		2.54		0.50
Select Class
Actual		1,000.00		1,006.70		3.28		0.65
Hypothetical		1,000.00		1,021.87		3.30		0.65

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

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 49

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

50 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

designed to improve investment results and the services provided to each Fund.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 51

that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For the Tax Aware Real Return Fund, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s performance for Class A shares was in the second and first quintiles, based upon both the Peer Group and Universe, respectively, for the one- and three-year periods. The Trustees noted that performance for the Institutional Class shares was in the first quintiles, based upon the Peer Group, and in the second, first and first quintiles, based upon the Universe, for the one-, three, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analyses and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s performance for both Class A and Select Class shares was in the fifth quintiles, based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended

December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware Equity Fund’s net advisory fee for Class A shares was in the first quintile, based upon the Peer Group and Universe, and that the actual total expenses were in the second quintiles, based upon the Peer Group and Universe. The Trustees noted that the Fund’s net advisory fee for the Select Class shares was in first quintile, based upon the Peer Group, and in the second quintile, based upon the Universe, and that actual total expenses were in the first quintile, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Tax Aware Real Return Fund’s net advisory fee for Class A shares was in the second quintile, based upon the Peer Group, and in the third quintile based upon the Universe, and that the actual total expenses for Class A shares were in the third quintile, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Select Class shares was in the third quintile, based upon both the Peer Group and Universe, and that actual total expenses were in the fifth quintile, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

52 J.P. MORGAN TAX AWARE FUNDS OCTOBER 31, 2016

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2016:

	Dividend Received Deduction
Tax Aware Equity Fund		100.00	%

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Long-Term Capital Gain
Tax Aware Equity Fund	$	56,142

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
Tax Aware Equity Fund	$	14,233

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2016:

	Exempt Distributions Paid
Tax Aware Real Return Fund		99.83	%

OCTOBER 31, 2016 J.P. MORGAN TAX AWARE FUNDS 53

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾ Social Security number and account balances   ◾ transaction history and account transactions   ◾ checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-TA-1016

Annual Report

J.P. Morgan Country/Region Funds

October 31, 2016

JPMorgan China Region Fund

JPMorgan Intrepid European Fund

JPMorgan Latin America Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan China Region Fund	3
JPMorgan Intrepid European Fund	5
JPMorgan Latin America Fund	7
Schedules of Portfolio Investments	9
Financial Statements	16
Financial Highlights	24
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	40
Trustees	41
Officers	43
Schedule of Shareholder Expenses	44
Board Approval of Investment Advisory Agreements	46
Tax Letter	50
Privacy Policy — Located at the back of this Annual Report

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

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

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

CEO’s LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 1

J.P. Morgan Country/Region Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December 2015 interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided.

Economic growth in China and other emerging market nations, firmness in commodities prices and attractive valuations drew investors to emerging market equities during the second half of the reporting period. In Europe, a sluggish economy and investor concerns about the long-term impact of the Brexit weighted down equity prices. During the reporting period, central bankers in Japan and Europe increased economic stimulus, which supported financial markets generally.

Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories. For the twelve months ended October 31, 2016, the Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes) returned 1.18% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 9.27%.

2 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.51%
Morgan Stanley Capital International (“MSCI”) Golden Dragon Index (net of foreign withholding taxes)		6.96%
Net Assets as of 10/31/2016 (In Thousands)	$	23,113

INVESTMENT OBJECTIVE**

The JPMorgan China Region Fund (the “Fund”) will seek long-term capital growth.

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

The Fund’s Select Class Shares underperformed the MSCI Golden Dragon Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the industrials and financials sectors was a leading detractor from performance relative to the Benchmark for the reporting period. The Fund’s security selection and overweight position in the information technology sector and its security selection in the consumer staples sector were leading contributors to relative performance.

By region, the Fund’s security selection and overweight position in China and its security selection in Hong Kong detracted from relative performance, while the Fund’s security selection in Taiwan modestly helped relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in China Taiping Insurance Holdings Co., CAR Inc. and China Everbright International Ltd. Shares of Taiping Insurance, a Chinese insurer, fell amid increased financial market volatility and a sell-off in equities at the start of 2016. Shares of CAR Inc., a Chinese auto rental company, fell after the company offered a weak outlook for growth amid increased competitive pressure. Shares of China Everbright, a Chinese industrial conglomerate, fell amid investor concerns about earnings growth.

Leading individual contributors to the Fund’s relative performance included its overweight positions in AAC Technologies Holdings Inc., Tencent Holdings Ltd. and Largan Precision Co. Shares of AAC Technologies, a Chinese maker of smartphone components, rose on earnings growth and strong demand for its products in mobile devices. Shares of Tencent Holding, a Chinese Internet social media and entertainment company, rose on investor expectations for further earnings growth. Shares of Largan Precision, a Taiwanese maker of optical components used in mobile devices, rose on investor expectations that the company would benefit from Apple Inc.’s iPhone 7 upgrade.

HOW WAS THE FUND POSITIONED?

The Fund targets quality and growth in securities and its portfolio managers seek to invest in high-conviction investment ideas that they believe have attractive prospects. The portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future earnings growth. During the period, the portfolio managers sought to invest in opportunities in the consumer, health care, select technology, Internet and environmental sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tencent Holdings Ltd. (China)	9.9	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	9.1
	3.	Alibaba Group Holding Ltd., ADR (China)	7.7
	4.	AIA Group Ltd. (Hong Kong)	5.1
	5.	China Construction Bank Corp., Class H (China)	4.4
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	3.8
	7.	CNOOC Ltd. (China)	2.7
	8.	Largan Precision Co., Ltd. (Taiwan)	2.6
	9.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.5
	10.	China Merchants Bank Co., Ltd., Class H (China)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
China	55.9	%
Hong Kong	23.2
Taiwan	19.8
Singapore	1.1

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

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

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

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 3

JPMorgan China Region Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2007
With Sales Charge*			(2.12	)%		5.13	%		3.88	%
Without Sales Charge			3.29			6.27			4.46
CLASS C SHARES	February 28, 2007
With CDSC**			1.69			5.73			3.94
Without CDSC			2.69			5.73			3.94
SELECT CLASS SHARES	February 28, 2007		3.51			6.53			4.72

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/16)

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

The Fund commenced operations on February 28, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan China Region Fund, the MSCI Golden Dragon Index and the Lipper China Region Funds Index from February 28, 2007 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Golden Dragon Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper China Region Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Golden Dragon

Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the China region. The Lipper China Region Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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

4 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(8.98)%
Morgan Stanley Capital International (“MSCI”) Europe Index (net of foreign withholding taxes)		(7.48)%
Net Assets as of 10/31/2016 (In Thousands)	$	782,387

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid European Fund (the “Fund”) seeks total return from long-term capital growth. Total return consists of capital growth and current income.

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

The Fund’s security selection in the consumer discretionary sector and its underweight position and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark for the reporting period. The Fund’s underweight position and security selection in the health care sector and its security selection in the materials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s positions in Osram Licht AG, Land Securities Group PLC and Taylor Wimpey PLC. Shares of Osram Licht, a German maker of lighting, fell as the company struggled to transition from traditional incandescent lighting to light-emitting diode technology. Shares of Land Securities Group, a U.K. real estate investment trust, and Taylor Wimpey, a U.K. homebuilder, declined as U.K.’s vote to exit the European Union led to a decline in the British pound’s value and raised investor concerns about the U.K. economy.

Leading individual contributors to relative performance included the Fund’s overweight positions in Logitech International SA, Gamesa Corporacion Tecnologica SA and Vestas Wind Systems A/S. Shares of Logitech International, a Swiss provider of digital entertainment technology, rose after the company posted earnings growth and raised its earnings forecast. Shares of Gamesa, a Spanish provider of wind energy systems, rose on gains in new orders and news of a merger with Siemens AG’s wind power business. Shares of Vestas, a Danish provider of wind energy systems, rose on increased orders and the company’s first dividend in 12 years.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the

potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Siemens AG (Germany)	3.2	%
	2.	Roche Holding AG (Switzerland)	3.1
	3.	TOTAL S.A. (France)	2.8
	4.	Glencore plc (Switzerland)	2.6
	5.	Allianz SE (Germany)	2.0
	6.	Enel S.p.A. (Italy)	2.0
	7.	HSBC Holdings plc (United Kingdom)	2.0
	8.	Reckitt Benckiser Group plc (United Kingdom)	1.9
	9.	BNP Paribas S.A. (France)	1.9
	10.	Imperial Brands plc (United Kingdom)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	24.4	%
France	17.1
Germany	15.5
Switzerland	14.8
Netherlands	5.5
Italy	5.1
Spain	3.6
Denmark	2.7
Sweden	2.1
Luxembourg	2.0
Finland	1.7
Austria	1.6
Norway	1.5
Belgium	1.4
Short-Term Investment	1.0

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

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

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

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 5

JPMorgan Intrepid European Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 1995
With Sales Charge*			(13.75	)%		6.08	%		0.91	%
Without Sales Charge			(8.98	)		7.23			1.45
CLASS C SHARES	November 1, 1998
With CDSC**			(10.42	)		6.70			0.95
Without CDSC			(9.42	)		6.70			0.95
INSTITUTIONAL CLASS SHARES	September 10, 2001		(8.51	)		7.76			1.94
SELECT CLASS SHARES	September 10, 2001		(8.69	)		7.53			1.73

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/06 TO 10/31/16)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Intrepid European Fund, the MSCI Europe Index and the Lipper European Region Funds Index from October 31, 2006 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper European Region Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market

performance of the developed markets in Europe. The Lipper European Region Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

6 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		29.22%
Morgan Stanley Capital International (“MSCI”) Emerging Markets (“EM”) Latin America Index (net of foreign withholding taxes)		33.28%
Net Assets as of 10/31/2016 (In Thousands)	$	79,456

INVESTMENT OBJECTIVE**

The JPMorgan Latin America Fund (the “Fund”) will seek long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EM Latin America Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s security selection in the financials sector and its underweight position in the energy sector were leading detractors from performance relative to the Benchmark during the reporting period. The Fund’s security selection and underweight position in the consumer staples sector and its underweight position in the telecommunication services sector contributed to relative performance.

By region, the Fund’s security selection in Brazil and overweight position in Argentina, which was not held in the Benchmark, were leading detractors from relative performance, while the Fund’s underweight position in Chile and its security selection in Mexico were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its underweight positions in Petroleo Brasileiro SA (“Petrobras”), Banco Bradesco SA and Vale SA. Shares of Petrobras, Brazil’s state controlled oil and gas company that was not held in the Fund, rose on renewed strength in global energy prices. Shares of Banco Bradesco, a Brazilian bank that was not held in the Fund, rose on expectations for a rebound in Brazil’s economy. Shares of Vale, a Brazilian metals and mining company, rose on rising prices for global commodities. All three companies also benefitted from improved investor sentiment on Brazil following the impeachment of President Dilma Rousseff.

Leading individual contributors to the Fund’s relative performance included its underweight positions in America Movil SAB and Grupo Televisa SAB and its overweight position in Raia Drogasil SA. Shares of America Movil, a Mexican telecommunications provider, fell on investor concerns about increased competition. Shares of Grupo Televisa, a Mexican cable and satellite television provider, fell on a decline in earnings due to higher costs. Shares of Raia Drogasil, a Brazilian retail pharmacy chain, gained from strong same-store sales growth and increased market share.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed a strategy in which portfolio construction was focused on the opportunities at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. As a result of this process, the Fund’s largest average overweight positions versus the Benchmark were in the industrials and financials sectors and the Fund’s largest average underweight positions were in the telecom and materials sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil)	7.1	%
	2.	Banco Bradesco S.A., ADR (Brazil)	6.1
	3.	Petroleo Brasileiro S.A., ADR (Brazil)	5.1
	4.	Raia Drogasil S.A. (Brazil)	4.1
	5.	Itausa - Investimentos Itau S.A. (Brazil)	3.4
	6.	Fleury S.A. (Brazil)	3.4
	7.	Credicorp Ltd. (Peru)	3.3
	8.	Fomento Economico Mexicano S.A.B. de C.V., ADR (Mexico)	3.2
	9.	Wal-Mart de Mexico S.A.B. de C.V. (Mexico)	2.9
	10.	Lojas Renner S.A. (Brazil)	2.6

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	59.4	%
Mexico	26.0
Peru	4.2
Argentina	2.2
Luxembourg	2.0
Panama	2.0
United States	1.9
Chile	1.8
Others (each less than 1.0%)	0.5

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

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

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

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 7

JPMorgan Latin America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		February 28, 2007
With Sales Charge*				22.40	%		(5.78	)%		0.36	%
Without Sales Charge				29.22			(4.75	)		0.92
CLASS C SHARES		February 28, 2007
With CDSC**				27.57			(5.23	)		0.41
Without CDSC				28.57			(5.23	)		0.41
CLASS R6 SHARES		November 2, 2015		29.86			(4.47	)		1.19
SELECT CLASS SHARES		February 28, 2007		29.55			(4.51	)		1.17

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/07 TO 10/31/16)

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

The Fund commenced operations on February 28, 2007.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Latin America Fund, the MSCI EM Latin America Index and the Lipper Latin American Funds Average from February 28, 2007 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI EM Latin America Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Latin American Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to

the expenses incurred by the Fund. The MSCI EM Latin America Index is a free float-adjusted market capitalization index that is designed to measure equity

market performance of emerging markets in Latin America. Investors cannot invest directly in an index. The Lipper Latin American Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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

8 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
		China — 51.2%
	57	AAC Technologies Holdings, Inc.		538
	18	Alibaba Group Holding Ltd., ADR (a)		1,783
	457	BBMG Corp., Class H		167
	914	CGN Power Co., Ltd., Class H (e)		267
	300	China CITIC Bank Corp., Ltd., Class H		193
	68	China Conch Venture Holdings Ltd.		126
	1,389	China Construction Bank Corp., Class H		1,014
	226	China Merchants Bank Co., Ltd., Class H		550
	778	China Telecom Corp., Ltd., Class H		401
	68	Chongqing Changan Automobile Co., Ltd., Class B		103
	493	CNOOC Ltd.		620
	248	CSPC Pharmaceutical Group Ltd.		257
	6	Ctrip.com International Ltd., ADR (a)		260
	17	JD.com, Inc., ADR (a)		438
	55	Jiangsu Hengrui Medicine Co., Ltd., Class A		375
	104	MGM China Holdings Ltd.		172
	195	Phoenix Healthcare Group Co., Ltd.		310
	169	Ping An Insurance Group Co. of China Ltd., Class H		890
	438	Postal Savings Bank of China Co., Ltd., Class H (a) (e)		237
	34	Spring Airlines Co., Ltd., Class A		215
	87	Tencent Holdings Ltd.		2,292
	12	Tuniu Corp., ADR (a)		111
	20	Vipshop Holdings Ltd., ADR (a)		277
	107	Wynn Macau Ltd.		164
	4	ZTO Express Cayman, Inc., ADR (a)		72
				11,832
		Hong Kong — 23.2%
	186	AIA Group Ltd.		1,172
	180	Brilliance China Automotive Holdings Ltd.		214
	44	Cafe de Coral Holdings Ltd.		155
	70	Cheung Kong Property Holdings Ltd.		515
	194	China Everbright International Ltd.		232
	120	China Resources Gas Group Ltd.		376
	98	China Resources Land Ltd.		243
	117	China Taiping Insurance Holdings Co., Ltd. (a)		225
	21	Hong Kong Exchanges & Clearing Ltd.		568
	41	IMAX China Holding, Inc. (a) (e)		195
	283	Nexteer Automotive Group Ltd.		373
	34	Orient Overseas International Ltd.		127
	234	Regina Miracle International Holdings Ltd., (e)		239
	301	Sino Biopharmaceutical Ltd.		210

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	347	WH Group Ltd. (e)		281
	31	Wharf Holdings Ltd. (The)		233
				5,358
		Singapore — 1.1%
	46	BOC Aviation Ltd. (e)		251
		Taiwan — 19.8%
	241	Advanced Semiconductor Engineering, Inc.		283
	250	China Life Insurance Co., Ltd.		230
	388	E.Sun Financial Holding Co., Ltd.		220
	7	Eclat Textile Co., Ltd.		79
	21	Himax Technologies, Inc., ADR		164
	5	Largan Precision Co., Ltd.		590
	47	President Chain Store Corp.		351
	7	Silicon Motion Technology Corp., ADR		268
	70	Taiwan Paiho Ltd.		238
	68	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,102
	20	Wistron NeWeb Corp.		56
				4,581
		Total Common Stocks (Cost $15,667)		22,022
	Structured Instruments — 4.8%
		China — 4.8%
		Low Exercise Cash Settled Call Warrants — 4.8%
	43	Beijing Originwater Technology Co., Ltd., expiring 07/17/17 (Strike Price $0.00) (issued through UBS AG) (a)		116
	20	Guoxuan High-Tech Co., Ltd., expiring 08/15/17 (Strike Price $1.00) (issued through UBS AG) (a)		106
	60	Hangzhou Hikvision Digital Technology Co., Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		216
	33	Hangzhou Robam Appliances Co., Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		183
	43	Han’s Laser Technology Industry Group Co., Ltd., expiring 11/06/17 (Strike Price $0.00) (issued through Morgan Stanley) (a)		142
	3	Han’s Laser Technology Industry Group Co., Ltd., expiring 11/28/17 (Strike Price $0.00 (issued through UBS AG) (a)		11
	46	Luxshare Precision Industry Co., Ltd., expiring 06/26/17 (Strike Price $0.00) (issued through UBS AG) (a)		152

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 9

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — continued
		Low Exercise Cash Settled Call Warrants — continued
	21	Wangsu Science & Technology Co., Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		190
		Total Structured Instruments (Cost $1,112)		1,116
		Total Investments — 100.1% (Cost $16,779)		23,138
		Liabilities in Excess of Other Assets — (0.1)%		(25	)
		NET ASSETS — 100.0%	$	23,113

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Internet Software & Services		17.6	%
Semiconductors & Semiconductor Equipment		12.2
Insurance		10.9
Banks		9.6
Capital Markets		7.3
Electronic Equipment, Instruments & Components		4.9
Real Estate Management & Development		4.3
Internet & Direct Marketing Retail		4.2
Pharmaceuticals		3.6
Oil, Gas & Consumable Fuels		2.7
Hotels, Restaurants & Leisure		2.6
Textiles, Apparel & Luxury Goods		2.4

INDUSTRY	PERCENTAGE
Diversified Telecommunication Services		1.7	%
Gas Utilities		1.6
Auto Components		1.6
Food & Staples Retailing		1.5
Automobiles		1.4
Health Care Providers & Services		1.3
Food Products		1.2
Independent Power & Renewable Electricity Producers		1.2
Trading Companies & Distributors		1.1
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		4.1

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.4%
		Austria — 1.6%
	392	Erste Group Bank AG		12,305
		Belgium — 1.3%
	170	KBC Group N.V. (a)		10,335
		Denmark — 2.6%
	93	Carlsberg A/S, Class B		8,389
	154	Vestas Wind Systems A/S		12,302
				20,691
		Finland — 1.7%
	568	UPM-Kymmene OYJ		13,212
		France — 16.6%
	82	Arkema S.A.		7,808
	354	AXA S.A.		7,981
	243	BNP Paribas S.A.		14,091
	46	Kering		10,123
	837	Orange S.A.		13,173
	88	Renault S.A.		7,618
	130	Societe Generale S.A.		5,066
	67	Sodexo S.A.		7,786
	146	Technip S.A.		9,660
	126	Thales S.A.		11,875
	443	TOTAL S.A.		21,203
	234	Valeo S.A.		13,523
				129,907
		Germany — 13.5%
	77	adidas AG		12,598
	97	Allianz SE		15,164
	108	Covestro AG (e)		6,397
	336	Deutsche Lufthansa AG		4,296
	309	Deutsche Wohnen AG		10,107
	128	Evonik Industries AG		4,014
	74	HeidelbergCement AG		7,023
	49	Hochtief AG		6,692
	578	RWE AG (a)		9,201
	210	Siemens AG		23,892
	135	Zalando SE (a) (e)		5,941
				105,325
		Italy — 4.9%
	1,681	Enav S.p.A. (a) (e)		6,265
	3,475	Enel S.p.A.		14,940
	86	Ferrari N.V.		4,549
	2,185	Intesa Sanpaolo S.p.A.		5,067
	302	Prysmian S.p.A.		7,508
				38,329

SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 1.9%
	179	APERAM S.A.		8,150
	1,011	ArcelorMittal (a)		6,834
				14,984
		Netherlands — 5.3%
	838	ING Groep N.V.		11,002
	117	Koninklijke DSM N.V.		7,541
	253	NN Group N.V.		7,627
	174	Randstad Holding N.V.		8,933
	163	Wolters Kluwer N.V.		6,304
				41,407
		Norway — 1.4%
	2,504	Norsk Hydro ASA		11,195
		Spain — 3.5%
	704	Banco Bilbao Vizcaya Argentaria S.A.		5,071
	2,039	Banco Santander S.A.		9,989
	529	Gamesa Corp., Tecnologica S.A.		12,212
				27,272
		Sweden — 2.1%
	225	Atlas Copco AB, Class A		6,601
	420	Boliden AB		9,735
				16,336
		Switzerland — 14.3%
	352	ABB Ltd. (a)		7,254
	48	Actelion Ltd. (a)		6,882
	6,412	Glencore plc (a)		19,629
	474	Logitech International S.A.		11,465
	64	Lonza Group AG (a)		12,032
	183	Nestle S.A.		13,261
	101	Roche Holding AG		23,137
	1,367	STMicroelectronics N.V.		12,973
	20	Swiss Life Holding AG (a)		5,345
				111,978
		United Kingdom — 23.7%
	491	Ashtead Group plc		7,646
	754	Auto Trader Group plc (e)		3,457
	192	British American Tobacco plc		11,013
	490	Compass Group plc		8,873
	203	Dialog Semiconductor plc (a)		7,966
	1,888	GKN plc		7,361
	1,967	HSBC Holdings plc		14,811
	282	Imperial Brands plc		13,617
	1,617	Legal & General Group plc		4,135
	11,586	Lloyds Banking Group plc		8,090

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 11

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	415	Persimmon plc		8,580
	377	Prudential plc		6,151
	158	Reckitt Benckiser Group plc		14,111
	378	Rio Tinto plc		13,140
	1,059	Sage Group plc (The)		9,345
	710	Subsea 7 S.A. (a)		7,951
	628	Tate & Lyle plc		5,985
	3,905	Taylor Wimpey plc		6,762
	3,306	Tesco plc (a)		8,514
	347	Weir Group plc (The)		7,203
	488	WPP plc		10,601
				185,312
		Total Common Stocks (Cost $733,240)		738,588
	Preferred Stock — 1.5%
		Germany — 1.5%
	93	Henkel AG & Co. KGaA (Cost $12,428)		11,952
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	7,631	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $7,631)		7,631
		Total Investments — 96.9% (Cost $753,299)		758,171
		Other Assets in Excess of Liabilities — 3.1%		24,216
		NET ASSETS — 100.0%	$	782,387

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		12.6	%
Metals & Mining		9.1
Insurance		6.1
Electrical Equipment		5.2
Household Products		3.4
Chemicals		3.4
Tobacco		3.2
Industrial Conglomerates		3.2
Pharmaceuticals		3.1
Textiles, Apparel & Luxury Goods		3.0
Oil, Gas & Consumable Fuels		2.8
Semiconductors & Semiconductor Equipment		2.8
Auto Components		2.8
Food Products		2.5
Energy Equipment & Services		2.3
Hotels, Restaurants & Leisure		2.2
Household Durables		2.0
Professional Services		2.0
Electric Utilities		2.0
Machinery		1.8
Paper & Forest Products		1.7
Diversified Telecommunication Services		1.7
Automobiles		1.6
Life Sciences Tools & Services		1.6
Aerospace & Defense		1.6
Technology Hardware, Storage & Peripherals		1.5
Media		1.4
Real Estate Management & Development		1.3
Software		1.2
Multi-Utilities		1.2
Food & Staples Retailing		1.1
Beverages		1.1
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		5.5
Short-Term Investment		1.0

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	333	Euro STOXX 50 Index		12/16/16		EUR	$	11,165	$	8
	65	FTSE 100 Index		12/16/16		GBP		5,502		(3	)
									$	5

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Argentina — 2.2%
	5	MercadoLibre, Inc.		778
	30	Pampa Energia S.A., ADR (a)		1,008
				1,786
		Bermuda — 0.5%
	35	Wilson Sons Ltd., BDR		371
		Brazil — 56.2%
	253	AMBEV S.A., ADR		1,491
	43	Arezzo Industria e Comercio S.A.		400
	470	Banco Bradesco S.A., ADR (a)		4,896
	118	BB Seguridade Participacoes S.A.		1,185
	274	BM&FBovespa S.A. — Bolsa de Valores Mercadorias e Futuros (a)		1,609
	336	BR Malls Participacoes S.A. (a)		1,341
	286	CCR S.A.		1,560
	71	CVC Brasil Operadora e Agencia de Viagens S.A.		549
	132	Engie Brasil Energia S.A.		1,695
	147	Ez Tec Empreendimentos e Participacoes S.A.		764
	203	Fleury S.A.		2,695
	45	Gerdau S.A., ADR		153
	119	Iochpe Maxion S.A.		609
	473	Itau Unibanco Holding S.A. (Preference Shares), ADR		5,648
	373	Kroton Educacional S.A.		1,858
	115	Linx S.A.		684
	116	Localiza Rent a Car S.A.		1,451
	245	Lojas Renner S.A.		2,073
	24	M. Dias Branco S.A. (a)		1,003
	41	Odontoprev S.A.		155
	26	Ouro Fino Saude Animal Participacoes S.A.		304
	371	Petroleo Brasileiro S.A., ADR (a)		4,102
	145	Raia Drogasil S.A. (a)		3,232
	171	Transmissora Alianca de Energia Eletrica S.A.		1,103
	48	Ultrapar Participacoes S.A.		1,091
	123	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		1,152
	335	WEG S.A.		1,851
				44,654
		Chile — 1.8%
	187	S.A.C.I. Falabella		1,468
		Luxembourg — 2.0%
	36	Globant S.A. (a)		1,567
		Mexico — 26.1%
	95	Alsea S.A.B. de C.V.		353
	565	Bolsa Mexicana de Valores S.A.B. de C.V.		905
	381	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		300

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — continued
	474	Corp. Inmobiliaria Vesta S.A.B. de C.V.		717
	27	Fomento Economico Mexicano S.A.B. de C.V., ADR		2,559
	789	Gentera S.A.B. de C.V.		1,557
	83	Gruma S.A.B. de C.V., Class B		1,158
	134	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		780
	171	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		1,656
	10	Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		1,615
	308	Grupo Financiero Banorte S.A.B. de C.V., Class O		1,815
	86	Grupo Financiero Santander Mexico S.A.B. de C.V., Class B		156
	188	Grupo Lala S.A.B. de C.V.		349
	238	Infraestructura Energetica Nova S.A.B. de C.V.		1,055
	162	Organizacion Soriana S.A.B de C.V., Class B (a)		441
	116	Promotora y Operadora de Infraestructura S.A.B. de C.V.		1,302
	408	Qualitas Controladora S.A.B. de C.V.		750
	169	Telesites S.A.B de C.V. (a)		98
	300	Unifin Financiera S.A.B. de C.V. SOFOM ENR		894
	1,077	Wal-Mart de Mexico S.A.B. de C.V.		2,278
				20,738
		Panama — 2.0%
	17	Copa Holdings S.A., Class A		1,552
		Peru — 4.3%
	18	Credicorp Ltd.		2,633
	24	Intercorp Financial Services, Inc.		745
				3,378
		United States — 1.9%
	33	FirstCash, Inc.		1,546
		Total Common Stocks (Cost $67,648)		77,060
	Preferred Stock — 3.4%
		Brazil — 3.4%
	916	Itausa — Investimentos Itau S.A. (Cost $2,834)		2,703
		Total Investments — 100.4% (Cost $70,482)		79,763
		Liabilities in Excess of Other Assets — (0.4)%		(307	)
		NET ASSETS — 100.0%	$	79,456

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 13

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		23.3	%
Transportation Infrastructure		9.1
Food & Staples Retailing		7.5
Oil, Gas & Consumable Fuels		6.5
Beverages		5.1
Consumer Finance		5.0
Multiline Retail		4.4
Health Care Providers & Services		3.6
Capital Markets		3.2
Food Products		3.1
Machinery		3.1
Software		2.8
Electric Utilities		2.6
Real Estate Management & Development		2.6
Insurance		2.4
Diversified Consumer Services		2.3
Independent Power & Renewable Electricity Producers		2.1
Airlines		1.9
Road & Rail		1.8
Commercial Services & Supplies		1.4
Gas Utilities		1.3
Hotels, Restaurants & Leisure		1.1
Internet Software & Services		1.0
Household Durables		1.0
Others (each less than 1.0%)		1.8

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

J.P. Morgan Country/Region Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

ADR	—  American Depositary Receipt
BDR	—  Brazilian Depositary Receipt
EUR	—  Euro
GBP	—  British Pound
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(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.
(l)	—  The rate shown is the current yield as of October 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 15

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	China Region Fund		Intrepid European Fund		Latin America Fund
ASSETS:
Investments in non-affiliates, at value	$	23,138	$	750,540	$	79,763
Investments in affiliates, at value		—		7,631		—
Total investment securities, at value		23,138		758,171		79,763
Cash		84		100		—
Foreign currency, at value		159		—		—
Receivables:
Investment securities sold		179		32,762		4,381
Fund shares sold		30		902		86
Dividends from non-affiliates		—		451		136
Dividends from affiliates		—		2		—	(a)
Tax reclaims		—		2,177		—
Variation margin on futures contracts		—		5		—
Total Assets		23,590		794,570		84,366
LIABILITIES:
Payables:
Due to custodian		—		—		3,766
Investment securities purchased		283		9,788		939
Fund shares redeemed		5		1,445		27
Accrued liabilities:
Investment advisory fees		54		438		53
Administration fees		—		55		—
Distribution fees		2		68		4
Shareholder servicing fees		5		112		3
Custodian and accounting fees		19		26		21
Trustees’ and Chief Compliance Officer’s fees		—		—		—	(a)
Audit fees		76		79		75
Other		33		172		22
Total Liabilities		477		12,183		4,910
Net Assets	$	23,113	$	782,387	$	79,456

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

	China Region Fund			Intrepid European Fund			Latin America Fund
NET ASSETS:
Paid-in-Capital	$	15,737		$	1,004,421		$	112,698
Accumulated undistributed (distributions in excess of) net investment income		104			16,954			1,008
Accumulated net realized gains (losses)		913			(243,676	)		(43,533	)
Net unrealized appreciation (depreciation)		6,359			4,688			9,283
Total Net Assets	$	23,113		$	782,387		$	79,456
Net Assets:
Class A	$	4,697		$	162,767		$	11,878
Class C		2,044			50,152			2,700
Class R6		—			—			31,187
Institutional Class		—			424,388			—
Select Class		16,372			145,080			33,691
Total	$	23,113		$	782,387		$	79,456
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		279			7,419			823
Class C		126			2,570			192
Class R6		—			—			2,151
Institutional Class		—			18,773			—
Select Class		940			6,484			2,285
Net Asset Value (a):
Class A — Redemption price per share	$	16.85		$	21.94		$	14.43
Class C — Offering price per share (b)		16.26			19.52			14.07
Class R6 — Offering and redemption price per share		—			—			14.50
Institutional Class — Offering and redemption price per share		—			22.61			—
Select Class — Offering and redemption price per share		17.41			22.37			14.74
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.78		$	23.16		$	15.23
Cost of investments in non-affiliates	$	16,779		$	745,668		$	70,482
Cost of investments in affiliates		—			7,631			—
Cost of foreign currency		159			—			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 17

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	China Region Fund			Intrepid European Fund			Latin America Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	1		$	—
Dividend income from non-affiliates		497			31,360			2,040
Dividend income from affiliates		—			88			6
Foreign taxes withheld		(33	)		(2,989	)		(27	)
Total investment income		464			28,460			2,019
EXPENSES:
Investment advisory fees		251			6,048			742
Administration fees		21			763			61
Distribution fees:
Class A		12			497			26
Class C		17			474			18
Shareholder servicing fees:
Class A		12			497			26
Class C		6			158			6
Institutional Class		—			453			—
Select Class		45			539			47
Custodian and accounting fees		92			181			106
Interest expense to affiliates		1			3			—	(a)
Professional fees		73			142			82
Trustees’ and Chief Compliance Officer’s fees		14			19			15
Printing and mailing costs		13			88			18
Registration and filing fees		29			89			49
Transfer agency fees (See Note 2.G.)		8			60			9
Sub-transfer agency fees (See Note 2.G.)		8			478			31
Other		5			16			7
Total expenses		607			10,505			1,243
Less fees waived		(237	)		(58	)		(342	)
Less expense reimbursements		(13	)		—			(3	)
Net expenses		357			10,447			898
Net investment income (loss)		107			18,013			1,121
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,145			(96,713	)		(2,660	)
Futures		—			1,023			—
Foreign currency transactions		2			(989	)		80
Net realized gain (loss)		2,147			(96,679	)		(2,580	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,002	)		(17,911	)		22,423
Futures		—			(321	)		—
Foreign currency translations		—	(a)		(4	)		11
Change in net unrealized appreciation/depreciation		(2,002	)		(18,236	)		22,434
Net realized/unrealized gains (losses)		145			(114,915	)		19,854
Change in net assets resulting from operations	$	252		$	(96,902	)	$	20,975

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	China Region Fund						Intrepid European Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	107		$	1,948		$	18,013		$	18,063
Net realized gain (loss)		2,147			57,904			(96,679	)		(6,107	)
Change in net unrealized appreciation/depreciation		(2,002	)		(56,140	)		(18,236	)		14,213
Change in net assets resulting from operations		252			3,712			(96,902	)		26,169
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(422	)		(17	)		(2,758	)		(5,957	)
From net realized gains		—			(1,561	)		—			—
Class B (a)
From net investment income		—			—			—			(83	)
Class C
From net investment income		(206	)		(1	)		(733	)		(1,910	)
From net realized gains		—			(524	)		—			—
Institutional Class
From net investment income		—			—			(8,098	)		(15,040	)
Select Class
From net investment income		(1,223	)		(2,062	)		(3,259	)		(13,713	)
From net realized gains		—			(56,611	)		—			—
Total distributions to shareholders		(1,851	)		(60,776	)		(14,848	)		(36,703	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(10,477	)		(245,912	)		(174,875	)		36,262
NET ASSETS:
Change in net assets		(12,076	)		(302,976	)		(286,625	)		25,728
Beginning of period		35,189			338,165			1,069,012			1,043,284
End of period	$	23,113		$	35,189		$	782,387		$	1,069,012
Accumulated undistributed (distributions in excess of) net investment income	$	104		$	1,845		$	16,954		$	14,778

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Latin America Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,121		$	937
Net realized gain (loss)		(2,580	)		(13,613	)
Change in net unrealized appreciation/depreciation		22,434			(23,518	)
Change in net assets resulting from operations		20,975			(36,194	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(111	)		(46	)
Class C
From net investment income		(24	)		(3	)
Class R6 (a)
From net investment income		(804	)		—
Select Class
From net investment income		(9	)		(366	)
Total distributions to shareholders		(948	)		(415	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(4,641	)		(9,057	)
NET ASSETS:
Change in net assets		15,386			(45,666	)
Beginning of period		64,070			109,736
End of period	$	79,456		$	64,070
Accumulated undistributed (distributions in excess of) net investment income	$	1,008		$	755

(a) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

	China Region Fund						Intrepid European Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	550		$	9,418		$	62,580		$	101,001
Distributions reinvested		418			1,558			2,662			5,618
Cost of shares redeemed		(1,591	)		(7,025	)		(97,769	)		(79,205	)
Conversion from Class B Shares		—			—			—			1,748
Change in net assets resulting from Class A capital transactions	$	(623	)	$	3,951		$	(32,527	)	$	29,162
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	21
Distributions reinvested		—			—			—			78
Cost of shares redeemed		—			—			—			(1,646	)
Conversion to Class A Shares		—			—			—			(1,748	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(3,295	)
Class C
Proceeds from shares issued	$	324		$	2,203		$	9,072		$	35,114
Distributions reinvested		155			403			641			1,620
Cost of shares redeemed		(861	)		(1,062	)		(26,738	)		(22,267	)
Change in net assets resulting from Class C capital transactions	$	(382	)	$	1,544		$	(17,025	)	$	14,467
Institutional Class
Proceeds from shares issued	$	—		$	—		$	371,399		$	211,567
Distributions reinvested		—			—			6,847			1,521
Cost of shares redeemed		—			—			(96,077	)		(389,848	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	282,169		$	(176,760	)
Select Class
Proceeds from shares issued	$	1,403		$	51,374		$	72,289		$	311,755
Distributions reinvested		217			1,507			1,756			8,848
Cost of shares redeemed		(11,092	)		(304,288	)		(481,537	)		(147,915	)
Change in net assets resulting from Select Class capital transactions	$	(9,472	)	$	(251,407	)	$	(407,492	)	$	172,688
Total change in net assets resulting from capital transactions	$	(10,477	)	$	(245,912	)	$	(174,875	)	$	36,262

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	China Region Fund						Intrepid European Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		35			394			2,755			4,087
Reinvested		26			84			115			237
Redeemed		(100	)		(352	)		(4,445	)		(3,257	)
Conversion from Class B Shares		—			—			—			69
Change in Class A Shares		(39	)		126			(1,575	)		1,136
Class B (a)
Issued		—			—			—			—	(b)
Reinvested		—			—			—			4
Redeemed		—			—			—			(74	)
Conversion to Class A Shares		—			—			—			(77	)
Change in Class B Shares		—			—			—			(147	)
Class C
Issued		21			96			449			1,587
Reinvested		10			23			31			76
Redeemed		(57	)		(53	)		(1,362	)		(1,022	)
Change in Class C Shares		(26	)		66			(882	)		641
Institutional Class
Issued		—			—			14,948			8,326
Reinvested		—			—			288			62
Redeemed		—			—			(4,219	)		(15,520	)
Change in Institutional Class Shares		—			—			11,017			(7,132	)
Select Class
Issued		86			2,264			3,181			12,569
Reinvested		13			80			74			367
Redeemed		(666	)		(15,818	)		(20,109	)		(6,018	)
Change in Select Class Shares		(567	)		(13,474	)		(16,854	)		6,918

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

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

	Latin America Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,759		$	4,301
Distributions reinvested		105			45
Cost of shares redeemed		(6,671	)		(10,704	)
Change in net assets resulting from Class A capital transactions	$	(2,807	)	$	(6,358	)
Class C
Proceeds from shares issued	$	643		$	697
Distributions reinvested		24			3
Cost of shares redeemed		(664	)		(1,189	)
Change in net assets resulting from Class C capital transactions	$	3		$	(489	)
Class R6 (a)
Proceeds from shares issued	$	43,650		$	—
Distributions reinvested		804			—
Cost of shares redeemed		(22,557	)		—
Change in net assets resulting from Class R6 capital transactions	$	21,897		$	—
Select Class
Proceeds from shares issued	$	25,228		$	8,351
Distributions reinvested		9			351
Cost of shares redeemed		(48,971	)		(10,912	)
Change in net assets resulting from Select Class capital transactions	$	(23,734	)	$	(2,210	)
Total change in net assets resulting from capital transactions	$	(4,641	)	$	(9,057	)
SHARE TRANSACTIONS:
Class A
Issued		317			296
Reinvested		10			3
Redeemed		(569	)		(760	)
Change in Class A Shares		(242	)		(461	)
Class C
Issued		58			53
Reinvested		2			—	(b)
Redeemed		(58	)		(84	)
Change in Class C Shares		2			(31	)
Class R6 (a)
Issued		3,690			—
Reinvested		77			—
Redeemed		(1,616	)		—
Change in Class R6 Shares		2,151			—
Select Class
Issued		2,048			576
Reinvested		1			23
Redeemed		(4,143	)		(734	)
Change in Select Class Shares		(2,094	)		(135	)

(a) Commencement of offering of class of shares effective November 2, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 23

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
China Region Fund
Class A
Year Ended October 31, 2016	$	17.73	$	0.06		$	0.44		$	0.50		$	(1.38	)	$	—		$	(1.38	)
Year Ended October 31, 2015		22.02		0.25	(e)		(0.57	)(f)		(0.32	)		(0.08	)		(3.89	)		(3.97	)
Year Ended October 31, 2014		20.62		0.09	(g)		1.37			1.46			(0.06	)		—			(0.06	)
Year Ended October 31, 2013		17.73		0.08			2.81			2.89			—			—			—
Year Ended October 31, 2012		16.64		0.10			1.13			1.23			(0.14	)		—			(0.14	)
Class C
Year Ended October 31, 2016		17.20		(0.03	)		0.43			0.40			(1.34	)		—			(1.34	)
Year Ended October 31, 2015		21.50		0.08	(e)		(0.48	)(f)		(0.40	)		(0.01	)		(3.89	)		(3.90	)
Year Ended October 31, 2014		20.18		0.03	(g)		1.29			1.32			—			—			—
Year Ended October 31, 2013		17.43		0.01			2.74			2.75			—			—			—
Year Ended October 31, 2012		16.31		—	(h)		1.13			1.13			(0.01	)		—			(0.01	)
Select Class
Year Ended October 31, 2016		17.87		0.09			0.48			0.57			(1.03	)		—			(1.03	)
Year Ended October 31, 2015		22.17		0.16	(e)		(0.43	)(f)		(0.27	)		(0.14	)		(3.89	)		(4.03	)
Year Ended October 31, 2014		20.75		0.09	(g)		1.44			1.53			(0.11	)		—			(0.11	)
Year Ended October 31, 2013		17.84		0.22			2.74			2.96			(0.05	)		—			(0.05	)
Year Ended October 31, 2012		16.75		0.12			1.15			1.27			(0.18	)		—			(0.18	)

(a) Calculated based upon average shares outstanding.

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

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

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

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

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statements of Changes in Net Assets due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.02) and $0.04 for Class A, Class C and Select Class, respectively, and the net investment income (loss) ratio would have been 0.19%, (0.08)% and 0.21% for Class A, Class C and Select Class Shares, respectively.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	16.85		3.29	%	$	4,697		1.55	%		0.38	%		2.65	%		61	%
	17.73		(2.04	)		5,651		1.75			1.15	(e)		2.10			176
	22.02		7.12			4,237		1.85			0.42	(g)		2.02			72
	20.62		16.30			6,079		1.85			0.44			2.29			72
	17.73		7.51			3,138		1.98			0.61			5.40			85
	16.26		2.76			2,044		2.05			(0.22	)		3.11			61
	17.20		(2.49	)		2,610		2.24			0.37	(e)		2.62			176
	21.50		6.54			1,857		2.35			0.15	(g)		2.52			72
	20.18		15.78			1,550		2.35			0.03			2.82			72
	17.43		6.97			1,441		2.48			(0.01	)		5.89			85
	17.41		3.51			16,372		1.30			0.53			2.27			61
	17.87		(1.81	)		26,928		1.56			0.69	(e)		1.69			176
	22.17		7.39			332,071		1.60			0.43	(g)		1.76			72
	20.75		16.62			640,511		1.60			1.13			1.82			72
	17.84		7.78			4,483		1.73			0.70			5.15			85

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid European Fund
Class A
Year Ended October 31, 2016	$	24.41	$	0.37		$	(2.55	)	$	(2.18	)	$	(0.29	)
Year Ended October 31, 2015		24.54		0.36			0.32			0.68			(0.81	)
Year Ended October 31, 2014		24.79		0.66			(0.90	)		(0.24	)		(0.01	)
Year Ended October 31, 2013		17.89		0.27			6.87			7.14			(0.24	)
Year Ended October 31, 2012		16.98		0.26	(e)		1.19			1.45			(0.54	)
Class C
Year Ended October 31, 2016		21.77		0.23			(2.27	)		(2.04	)		(0.21	)
Year Ended October 31, 2015		21.99		0.21			0.29			0.50			(0.72	)
Year Ended October 31, 2014		22.32		0.47			(0.79	)		(0.32	)		(0.01	)
Year Ended October 31, 2013		16.11		0.18			6.16			6.34			(0.13	)
Year Ended October 31, 2012		15.33		0.22	(e)		1.01			1.23			(0.45	)
Institutional Class
Year Ended October 31, 2016		25.13		0.49			(2.60	)		(2.11	)		(0.41	)
Year Ended October 31, 2015		25.23		0.54			0.28			0.82			(0.92	)
Year Ended October 31, 2014		25.46		0.79			(0.93	)		(0.14	)		(0.09	)
Year Ended October 31, 2013		18.35		0.22			7.20			7.42			(0.31	)
Year Ended October 31, 2012		17.42		0.40	(e)		1.17			1.57			(0.64	)
Select Class
Year Ended October 31, 2016		24.83		0.44			(2.59	)		(2.15	)		(0.31	)
Year Ended October 31, 2015		24.95		0.45			0.32			0.77			(0.89	)
Year Ended October 31, 2014		25.18		0.71			(0.88	)		(0.17	)		(0.06	)
Year Ended October 31, 2013		18.15		0.22			7.07			7.29			(0.26	)
Year Ended October 31, 2012		17.24		0.38	(e)		1.12			1.50			(0.59	)

(a) Calculated based upon average shares outstanding.

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

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.24, $0.21, $0.39 and $0.37 for Class A, Class C, Institutional Class and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 1.44%, 1.39%, 2.28% and 2.20% for Class A, Class C, Institutional Class and Select Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	21.94		(8.98	)%	$	162,767		1.42	%		1.66	%		1.43	%		142	%
	24.41		2.86			219,548		1.41			1.48			1.41			167
	24.54		(0.95	)		192,865		1.30			2.55			1.31			197
	24.79		40.30			98,202		1.47			1.30			1.76			253
	17.89		9.04			94,840		1.50			1.54	(e)		1.74			297
	19.52		(9.42	)		50,152		1.91			1.16			1.92			142
	21.77		2.37			75,145		1.91			0.98			1.91			167
	21.99		(1.46	)		61,814		1.80			2.00			1.81			197
	22.32		39.62			21,663		1.95			0.94			2.27			253
	16.11		8.47			8,953		2.00			1.48	(e)		2.26			297
	22.61		(8.48	)		424,388		0.90			2.16			0.90			142
	25.13		3.36			194,930		0.90			2.16			0.91			167
	25.23		(0.56	)		375,683		0.90			2.93			0.91			197
	25.46		40.95			249,744		0.98			0.96			1.18			253
	18.35		9.63			16,151		1.00			2.37	(e)		1.35			297
	22.37		(8.73	)		145,080		1.10			1.95			1.10			142
	24.83		3.22			579,389		1.07			1.81			1.07			167
	24.95		(0.68	)		409,675		1.05			2.69			1.06			197
	25.18		40.63			328,979		1.18			0.94			1.33			253
	18.15		9.27			15,469		1.25			2.29	(e)		1.51			297

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Latin America Fund
Class A
Year Ended October 31, 2016	$	11.31	$	0.14	$	3.11		$	3.25		$	(0.13	)
Year Ended October 31, 2015		17.43		0.14		(6.23	)		(6.09	)		(0.03	)
Year Ended October 31, 2014		18.47		0.10		(1.02	)		(0.92	)		(0.12	)
Year Ended October 31, 2013		18.46		0.10		(0.05	)		0.05			(0.04	)
Year Ended October 31, 2012		18.88		0.10		(0.49	)		(0.39	)		(0.03	)
Class C
Year Ended October 31, 2016		11.06		0.08		3.04			3.12			(0.11	)
Year Ended October 31, 2015		17.11		0.06		(6.10	)		(6.04	)		(0.01	)
Year Ended October 31, 2014		18.12		0.02		(1.00	)		(0.98	)		(0.03	)
Year Ended October 31, 2013		18.21		0.01		(0.06	)		(0.05	)		(0.04	)
Year Ended October 31, 2012		18.72		0.01		(0.49	)		(0.48	)		(0.03	)
Class R6
November 2, 2015(g) through October 31, 2016		11.46		0.21		3.05			3.26			(0.22	)
Select Class
Year Ended October 31, 2016		11.40		0.15		3.20			3.35			(0.01	)
Year Ended October 31, 2015		17.58		0.17		(6.27	)		(6.10	)		(0.08	)
Year Ended October 31, 2014		18.63		0.16		(1.04	)		(0.88	)		(0.17	)
Year Ended October 31, 2013		18.59		0.15		(0.05	)		0.10			(0.06	)
Year Ended October 31, 2012		18.98		0.13		(0.48	)		(0.35	)		(0.04	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

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

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (c)(f)
$	14.43		29.13	%	$	11,878		1.55	%		1.20	%		2.15	%		61	%
	11.31		(34.97	)		12,044		1.66			0.97	(e)		2.08			25
	17.43		(4.98	)		26,591		1.70			0.55	(e)		1.89			58
	18.47		0.25			24,688		1.70			0.54	(e)		1.91			37
	18.46		(2.04	)		17,490		1.86			0.52	(e)		2.03			49
	14.07		28.57			2,700		2.05			0.72			2.65			61
	11.06		(35.30	)		2,108		2.16			0.45	(f)		2.58			25
	17.11		(5.42	)		3,778		2.20			0.11	(f)		2.39			58
	18.12		(0.30	)		4,292		2.20			0.07	(f)		2.42			37
	18.21		(2.54	)		3,370		2.37			0.05	(f)		2.52			49
	14.50		29.18			31,187		1.05			1.77			1.46			61
	14.74		29.46			33,691		1.29			1.19			1.77			61
	11.40		(34.80	)		49,918		1.41			1.22	(h)		1.65			25
	17.58		(4.72	)		79,367		1.45			0.88	(h)		1.64			58
	18.63		0.50			109,334		1.45			0.79	(h)		1.67			37
	18.59		(1.85	)		60,487		1.61			0.69	(h)		1.78			49

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 3 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
China Region Fund	Class A, Class C and Select Class	Non-Diversified
Intrepid European Fund	Class A, Class C, Institutional Class^ and Select Class	Diversified
Latin America Fund	Class A, Class C, Class R6* and Select Class	Non-Diversified

* Class R6 Shares commenced operations on November 2, 2015 for Latin America Fund.

^ Effective December 1, 2016, the Institutional Class was renamed Class L and is publicly offered on a limited basis.

The investment objectives of the Funds are as follows:

The China Region Fund and Latin America Fund will seek long-term capital growth.

The Intrepid European Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.

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

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

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

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

30 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

China Region Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
China	$	3,178	$	8,654	$	—	$	11,832
Hong Kong		—		5,358		—		5,358
Singapore		—		251		—		251
Taiwan		2,534		2,047		—		4,581
Total Common Stocks		5,712		16,310		—		22,022
Structured Instruments
China		—		1,116		—		1,116
Total Investments in Securities	$	5,712	$	17,426	$	—	$	23,138
Intrepid European Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—	$	12,305	$	—	$	12,305
Belgium		—		10,335		—		10,335
Denmark		—		20,691		—		20,691
Finland		—		13,212		—		13,212
France		—		129,907		—		129,907
Germany		—		105,325		—		105,325
Italy		6,265		32,064		—		38,329
Luxembourg		—		14,984		—		14,984
Netherlands		—		41,407		—		41,407
Norway		—		11,195		—		11,195
Spain		—		27,272		—		27,272
Sweden		—		16,336		—		16,336

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Intrepid European Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Switzerland		—		111,978			—		111,978
United Kingdom		—		185,312			—		185,312
Total Common Stocks		6,265		732,323			—		738,588
Preferred Stock
Germany		—		11,952			—		11,952
Short-Term Investment
Investment Company		7,631		—			—		7,631
Total Investments in Securities	$	13,896	$	744,275		$	—	$	758,171
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	8		$	—	$	8
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(3	)	$	—	$	(3	)
Latin America Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	79,763	$	—		$	—	$	79,763

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

For China Region Fund, transfers from level 1 to level 2 in the amount of approximately $471,000 are due to applying the fair value factors to certain securities during the year ended October 31, 2016.

For Intrepid European Fund and Latin America Fund there were no transfers among any levels during the year ended October 31, 2016.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2016, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — Intrepid European Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Fund to equity price risk.

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

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

32 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2016 (amounts in thousands):

	Intrepid European Fund
Futures Contracts:
Average Notional Balance Long	$	16,934
Ending Notional Balance Long		16,667

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

D. Structured Instruments — China Region Fund invested in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Fund will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as Net realized gain (loss) on investment transactions on the Statements of Operations.

Structured instruments may be issued by banks, broker dealers or their affiliates or other entities and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments. The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Fund to counterparty risk.

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain or loss on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C		Class R6		Institutional Class		Select Class		Total
China Region Fund
Transfer agency fees	$	3	$	1		n/a		n/a	$	4	$	8
Sub-transfer agency fees		5		1		n/a		n/a		2		8
Intrepid European Fund
Transfer agency fees		35		9		n/a	$	3		13		60
Sub-transfer agency fees		239		72		n/a		41		126		478
Latin America Fund
Transfer agency fees		4		1	$	1		n/a		3		9
Sub-transfer agency fees		17		3		—		n/a		11		31

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required on the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
China Region Fund	$	—		$	3		$	(3	)
Intrepid European Fund		(97,190	)		(989	)		98,179
Latin America Fund		(1,454	)		80			1,374

The reclassifications for the Funds relate primarily to foreign currency gains or losses and expiration of capital loss carryforwards.

3. Fees and Other Transactions with Affiliates

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

China Region Fund	1.00	%
Intrepid European Fund	0.65
Latin America Fund	1.00

The Adviser, on behalf of China Region Fund, has entered into an investment sub-advisory agreement with JF International Management, Inc. (“JFIMI”), a wholly-owned subsidiary of JPMorgan Asset Management (Asia) Inc., which is wholly-owned by J.P. Morgan Asset Management Holdings Inc. For performing its services as sub-adviser, JFIMI receives a portion of the fees payable to the Adviser. The fee is accrued daily and paid monthly at an annual rate of 0.48% of the Fund’s average daily net assets. The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective annual rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

34 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

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

	Class A			Class C
China Region Fund		0.25	%		0.75	%
Intrepid European Fund		0.25			0.75
Latin America Fund		0.25			0.75

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
China Region Fund	$	1	$	—	(a)
Intrepid European Fund		57		—	(a)
Latin America Fund		1		—

(a) Amount rounds to less than 500.

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

	Class A			Class C			Institutional Class			Select Class
China Region Fund		0.25	%		0.25	%		n/a			0.25	%
Intrepid European Fund		0.25			0.25			0.10	%		0.25
Latin America Fund		0.25			0.25			n/a			0.25

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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

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

	Class A			Class C			Class R6			Institutional Class			Select Class
China Region Fund		1.55	%		2.05	%		n/a			n/a			1.30	%
Intrepid European Fund		1.50			2.00			n/a			1.00	%		1.25
Latin America Fund		1.55			2.05			1.05	%		n/a			1.30

The expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until at least February 28, 2017.

For the year ended October 31, 2016, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Reimbursements
China Region Fund	$	180	$	21	$	36	$	237	$	13
Intrepid European Fund		—		—		3		3		—
Latin America Fund		241		61		36		338		3

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 were as follows (amounts in thousands):

Intrepid European Fund	$	55
Latin America Fund		4

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

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

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

During the year ended October 31, 2016, the China Region Fund and Latin America Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Intrepid European Fund	$	63
Latin America Fund		—	(a)

(a) Amount rounds to less than 500.

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

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
China Region Fund	$	15,106	$	26,696
Intrepid European Fund		1,283,809		1,441,411
Latin America Fund		43,589		45,189

During the year ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
China Region Fund	$	17,471	$	6,076	$	409	$	5,667
Intrepid European Fund		758,780		46,915		47,524		(609	)
Latin America Fund		70,985		13,892		5,114		8,778

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

36 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
China Region Fund	$	1,851	$	—	$	1,851
Intrepid European Fund		14,848		—		14,848
Latin America Fund		948		—		948

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
China Region Fund	$	3,145	$	57,631	$	60,776
Intrepid European Fund		36,703		—		36,703
Latin America Fund		415		—		415

* Short-term gains are treated as ordinary income for income tax purposes.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
China Region Fund	$	114	$	1,602	$	—		$	5,667
Intrepid European Fund		16,972		—		(238,188	)		(799	)
Latin America Fund		1,014		—		(43,030	)		8,778

For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals.

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

As of October 31, 2016, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Intrepid European Fund	$	(129,417	)	$	(9,863	)
Latin America Fund		(15,689	)		(21,582	)

As of October 31, 2016, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains (amounts in thousands):

	2017			2019			Total
Intrepid European Fund	$	(98,908	)		—		$	(98,908	)
Latin America Fund		(2,277	)		(3,482	)		(5,759	)

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016. Average borrowings from the Facility for the year ended October 31, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Latin America Fund	$	7,757		0.41	%		2	$	—	(a)

(a) Amount rounds to less than 500.

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

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds had no borrowings outstanding from Credit Facility at October 31, 2016. Average borrowings from the Credit Facility for, or at any time during the year ended October 31, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Latin America Fund	$	3,725		0.53	%		4	$	1

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2016, the Funds had affiliated and/or non-affiliated omnibus accounts, which collectively represented the following percentage of each applicable Fund’s net assets:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Unaffiliated Omnibus Accounts		% of the Fund
China Region Fund		3		71.9	%		—		—
Intrepid European Fund		2		12.4			—		—
Latin America Fund		—		—			1		32.6	%

The J.P. Morgan Investor Funds, which are affiliated and/or non-affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds
Intrepid European Fund		38.3	%
Latin America Fund		39.2

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

38 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

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

As of October 31, 2016, the Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

	Brazil			China			France			Germany			Hong Kong			Mexico			Switzerland			Taiwan			United Kingdom
China Region Fund		—			55.90	%		—			—			23.20	%		—			—			19.80	%		—
Intrepid European Fund		—			—			17.10	%		15.50	%		—			—			14.80	%		—			24.40	%
Latin America Fund		59.40	%		—			—			—			—			26.00	%		—			—			—

As of October 31, 2016, substantially all of the Funds’ net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The China Region Fund invests primarily in equity securities of companies in the China Region. In general, China Region companies are those that are organized under the laws of, or have a principal office in, the People’s Republic of China (including Hong Kong and Macau) (“China”), or Taiwan; or the principal securities market for which is China or Taiwan. The Latin America Fund invests primarily in equity securities of Latin America issuers or other investments economically tied to Latin America.

A company of a specific country or region is one that is organized under the laws of, or has a principal office in that country or region; the principal securities market for which is that country or region; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in that country or region; or at least 50% of the assets of which are located in that country or region.

Because these Funds may invest a significant portion of their assets in these markets, they are subject to greater risks of adverse events that occur in those markets and may experience greater volatility than a Fund that is more broadly diversified geographically.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan China Region Fund, JPMorgan Intrepid European Fund and JPMorgan Latin America Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan China Region Fund, JPMorgan Intrepid European Fund and JPMorgan Latin America Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

40 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 41

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

    * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

42 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 43

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
China Region Fund
Class A
Actual	$	1,000.00	$	1,121.90	$	8.32		1.56	%
Hypothetical		1,000.00		1,017.29		7.91		1.56
Class C
Actual		1,000.00		1,118.50		10.97		2.06
Hypothetical		1,000.00		1,014.78		10.43		2.06
Select Class
Actual		1,000.00		1,122.60		6.99		1.31
Hypothetical		1,000.00		1,018.55		6.65		1.31
Intrepid European Fund
Class A
Actual		1,000.00		973.80		7.19		1.45
Hypothetical		1,000.00		1,017.85		7.35		1.45
Class C
Actual		1,000.00		971.60		9.61		1.94
Hypothetical		1,000.00		1,015.38		9.83		1.94
Institutional Class
Actual		1,000.00		976.30		4.47		0.90
Hypothetical		1,000.00		1,020.61		4.57		0.90
Select Class
Actual		1,000.00		975.20		5.61		1.13
Hypothetical		1,000.00		1,019.46		5.74		1.13
Latin America Fund
Class A
Actual		1,000.00		1,155.30		8.34		1.54
Hypothetical		1,000.00		1,017.39		7.81		1.54

44 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Latin America Fund (continued)
Class C
Actual	$	1,000.00	$	1,153.30	$	11.04		2.04	%
Hypothetical		1,000.00		1,014.88		10.33		2.04
Class R6
Actual		1,000.00		1,159.10		5.64		1.04
Hypothetical		1,000.00		1,019.91		5.28		1.04
Select Class
Actual		1,000.00		1,157.00		6.99		1.29
Hypothetical		1,000.00		1,018.65		6.55		1.29

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

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein, and sub-advisory agreement for the China Region Fund, (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates, and sub-adviser, as applicable, to the Funds, gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser, sub-adviser, as applicable, and their affiliates, the

46 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

commitment of the Adviser and sub-adviser, as applicable, to provide high quality service to the Funds, their overall confidence in the Adviser’s and sub-adviser’s, as applicable, integrity and the Adviser’s and sub-adviser’s, as applicable, responsiveness to questions or concerns raised by them, including the Adviser’s and sub-adviser’s, as applicable, willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund. In addition, with respect to the China Region Fund, the Trustees considered the different roles and responsibilities performed by the Adviser and sub-adviser under the Advisory Agreements, including the Adviser’s monitoring and evaluating of the sub-adviser to help ensure that the sub-adviser is managing the Fund consistently with its investment objective and restrictions.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser and sub-adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the China Region Fund’s performance for Class A shares was in the third, first, and third quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fourth, third and second quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation

prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Intrepid European Fund’s performance for Class A shares was in the fourth, first and second quintiles based upon the Peer Group, and in the third, second, and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Select Class shares was in the third, second and second quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Latin America Fund’s performance for both Class A and Select Class shares were in the fourth, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees also considered the fee paid by the Adviser to the sub-adviser, as applicable, out of the advisory fee. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the China Region Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon the Peer Group and Universe. The

48 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

Trustees noted that the net advisory fee for the Select Class shares was in the first quintile, based upon the Universe, and that the actual total expenses for the Select Class shares was in the second quintile, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees paid by the Fund to the Adviser and by the Adviser to the sub-adviser were reasonable.

The Trustees noted that the Intrepid European Fund’s net advisory fee for Class A shares was in the first and second quintiles, based upon the Peer Group and Universe, respectively and that the actual total expenses for Class A shares were in the fifth and third quintiles, based upon the Peer Group and Universe,

respectively. The Trustees noted that the net advisory fee for Select Class shares was in the first quintile, and that the actual total expenses were in the second quintile, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that, the Latin America Fund’s net advisory fee for Class A and Select Class shares were both in the third quintile, and that the actual total expenses for Class A and Select shares were in the third and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

OCTOBER 31, 2016 J.P. MORGAN COUNTRY/REGION FUNDS 49

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
China Region Fund	$	543
Intrepid European Fund		17,780
Latin America Fund		948

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2016, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
China Region Fund	$	503	$	46
Intrepid European Fund		31,522		2,932
Latin America Fund		2,038		40

50 J.P. MORGAN COUNTRY/REGION FUNDS OCTOBER 31, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ¡   J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016 AN-INTEQ-CO-1016

Annual Report

J.P. Morgan SMA Funds

October 31, 2016

JPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan International Value SMA Fund	3
JPMorgan Tax Aware Real Return SMA Fund	6
Schedules of Portfolio Investments	9
Financial Statements	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Trustees	32
Officers	34
Schedule of Shareholder Expenses	35
Board Approval of Investment Advisory Agreements	36
Tax Letter	39
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

NOVEMBER 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December 2015 interest rate increase – the first in a decade – with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided.

Economic growth in China and other emerging market nations, firmness in commodities prices and attractive valuations drew investors to emerging market equities during the second half of the reporting period. In Europe, a sluggish economy and investor concerns about the long-term impact of the Brexit weighted down equity prices. During the reporting period, central bankers in Japan and Europe increased economic stimulus, which supported financial markets generally.

Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

2 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund*	(0.83)%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia
and Far East (“EAFE”) Value Index (net of foreign withholding taxes)	(3.35)%
Net Assets as of 10/31/2016 (In Thousands)	$76,748

INVESTMENT OBJECTIVE**

The JPMorgan International Value SMA Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities. The Fund was established to implement the International Value separately managed account strategy, and to hold common shares of companies that were deemed attractive by the Fund’s portfolio managers but were not accessible as American Depositary Receipts (ADRs).

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

The Fund’s shares outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2016.

By sector, the Fund’s underweight position in the banks sector and its security selection in the basic materials sector were leading contributors to performance relative to the Benchmark. The Fund’s underweight position in the energy sector and its security selection in the insurance sector were leading detractors from relative performance.

By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading contributor to relative performance, while the Fund’s underweight position in the Pacific, excluding Japan, and its security selection in Japan were leading detractors from relative performance. Emerging markets were not represented in the Benchmark.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Daikin Industries Ltd., Suzuki Motor Corp. and Goodman Group. Shares of Daikin, a Japanese manufacturer of air conditioners that was not held in the Benchmark, rose as sales growth in emerging markets, an expanding presence in the U.S. and as a weaker yen boosted earnings. Shares of Suzuki Motor, an auto manufacturer not held in the Benchmark, rose amid sales growth in Europe and India. Shares of Goodman Group Property Ltd., an Australian industrial property manager, rose after the company raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Samsung Electronics Co., Barratt Developments PLC and Japan Airlines Co. Shares of Samsung Electronics, a maker of smartphones and other consumer electronics that was not held in the Benchmark, fell amid a sales halt and recall of its Galaxy Note 7 line of smartphones. Shares of Barratt Developments, a U.K. homebuilder, declined amid investor concerns about the long-term impact of the U.K.’s planned exit from the European Union. Shares of Japan Airlines, fell after the company reported a drop in revenue and operating profit.

HOW WAS THE FUND POSITIONED?

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

The Fund is offered as a component of the JPMorgan International Value SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. As a result, the Fund’s holdings depend on whether a particular security or instrument can be purchased directly on behalf of the participants in the separately managed account programs investing in the SMA Strategy.

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

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 3

JPMorgan International Value SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Daimler AG (Germany)	6.4	%
	2.	Daikin Industries Ltd. (Japan)	5.4
	3.	Renault S.A. (France)	4.8
	4.	Daiwa House Industry Co., Ltd. (Japan)	4.8
	5.	UPM-Kymmene OYJ (Finland)	4.5
	6.	Mitsui Fudosan Co., Ltd. (Japan)	4.4
	7.	Sumitomo Electric Industries Ltd. (Japan)	4.1
	8.	Standard Chartered plc (United Kingdom)	3.9
	9.	Suzuki Motor Corp. (Japan)	3.9
	10.	Bankia S.A. (Spain)	3.9

PORTFOLIO COMPOSITION BY COUNTRY*
Japan	45.4	%
Germany	11.2
France	10.8
Finland	7.4
United Kingdom	5.7
Netherlands	5.3
Spain	3.9
Australia	3.5
South Korea	3.2
Denmark	1.9
Hong Kong	1.7

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

4 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
International Value SMA Fund	August 17, 2007		(0.83	)%		(3.46	)%		3.22	%		(0.48	)%

LIFE OF FUND PERFORMANCE (8/17/07 TO 10/31/16)

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

The Fund commenced operations on August 17, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan International Value SMA Fund, the MSCI EAFE Value Index and the Lipper International Multi-Cap Value Funds Index from August 17, 2007 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Lipper International Multi-Cap Value Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are

not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 5

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.80%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index)		3.10%
Tax Aware Real Return Composite Benchmark**		4.67%
Net Assets as of 10/31/2016 (In Thousands)	$	10,197

INVESTMENT OBJECTIVE***

The JPMorgan Tax Aware Real Return SMA Fund (the “Fund”) seeks to maximize after-tax inflation protected return.

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

The Fund’s Select Class Shares had a positive absolute return and outperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) but underperformed the Composite Benchmark for the twelve months ended October 31, 2016.

The Fund’s hedge against inflation was a leading contributor to absolute performance as inflation swap indexes rose during the reporting period. Inflation swap returns were driven higher by improvement in global oil prices, which increased inflationary pressure. The Fund’s allocation to a 90% hedge, rather than a 100% hedge, detracted from absolute and relative performance.

Relative to the Benchmark, the Fund’s longer overall duration and its longer duration in electric, industrial development revenue/pollution control revenue and transportation sector bonds helped performance during the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, compared with bonds with shorter duration.

The Fund’s overall bias toward higher quality bonds detracted from relative performance, particularly its underweight position in bonds rated A and BBB, as lower rated bonds generally outperformed higher rated bonds during the reporting period.

HOW WAS THE FUND POSITIONED?

Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher-quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero- coupon inflation-linked swaps to purchase protection against inflation along the yield curve.

The Fund is a component of separately managed accounts that also invest, at the direction of JPMorgan Investment Management Inc. (“JPMIM”) or in accordance with a JPMIM model investment portfolio, in individual securities and other investments. The Fund is managed in a manner consistent with its role in separately managed accounts.

During the period, the Fund’s portfolio managers reduced the hedge ratio to 90% from 95% as asset valuations rose.

INVESTMENT APPROACH

The Fund uses zero-coupon inflation-linked swaps (“inflation swaps”) in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security (TIPS) of equal maturity.

The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.

6 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

PORTFOLIO COMPOSITION****
Municipal Bonds	92.7	%
Short-Term Investment	7.3

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

** The return of the Fund’s Composite Benchmark is determined by adding the return of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

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

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 7

JPMorgan Tax Aware Real Return SMA Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			5 YEAR			SINCE INCEPTION
Tax Aware Real Return SMA Fund		May 31, 2007
Before Taxes				3.80	%		1.27	%		1.52	%		3.15	%
After Taxes on Distributions				3.80			1.27			1.51			3.15
After Taxes on Distributions and Sale of Fund Shares				3.41			1.68			1.82			3.16

LIFE OF FUND PERFORMANCE (5/31/07 TO 10/31/16)

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

The Fund commenced operations on May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Tax Aware Real Return SMA Fund, the Tax Aware Real Return Composite Benchmark, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from May 31, 2007 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Tax Aware Real Return Composite Benchmark and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Tax Aware Real Return Composite Benchmark is determined by adding the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the

Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate tax liability.

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

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

8 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.4%
		Australia — 3.4%
	516	Goodman Group		2,658
		Denmark — 1.8%
	11	Pandora A/S		1,396
		Finland — 7.2%
	313	Outokumpu OYJ (a)		2,180
	145	UPM-Kymmene OYJ		3,365
				5,545
		France — 10.6%
	26	Capgemini S.A.		2,113
	469	Natixis S.A.		2,373
	42	Renault S.A.		3,621
				8,107
		Germany — 10.9%
	41	Brenntag AG		2,171
	67	Daimler AG		4,753
	15	HeidelbergCement AG		1,459
				8,383
		Hong Kong — 1.7%
	418	China Overseas Land & Investment Ltd.		1,283
		Japan — 44.2%
	42	Daikin Industries Ltd.		4,054
	131	Daiwa House Industry Co., Ltd.		3,593
	41	Dentsu, Inc.		2,039
	104	DMG Mori Co., Ltd.		1,106
	75	Japan Airlines Co., Ltd.		2,222
	20	Mabuchi Motor Co., Ltd.		1,186
	114	Mitsubishi Corp.		2,481

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	146	Mitsui Fudosan Co., Ltd.		3,325
	80	NGK Spark Plug Co., Ltd.		1,578
	51	NH Foods Ltd.		1,222
	51	Sompo Holdings, Inc.		1,650
	205	Sumitomo Electric Industries Ltd.		3,033
	37	Suzuken Co., Ltd.		1,188
	81	Suzuki Motor Corp.		2,895
	103	Yamato Holdings Co., Ltd.		2,349
				33,921
		Netherlands — 5.2%
	82	ASR Nederland N.V. (a)		1,814
	72	NN Group N.V.		2,155
				3,969
		South Korea — 3.1%
	2	Samsung Electronics Co., Ltd.		2,379
		Spain — 3.8%
	3,291	Bankia S.A.		2,892
		United Kingdom — 5.5%
	237	Barratt Developments plc		1,312
	339	Standard Chartered plc (a)		2,945
				4,257
		Total Investments — 97.4% (Cost $67,090)		74,790
		Other Assets in Excess of Liabilities — 2.6%		1,958
		NET ASSETS — 100.0%	$	76,748

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 9

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Automobiles		15.1	%
Banks		11.0
Real Estate Management & Development		10.9
Insurance		7.5
Trading Companies & Distributors		6.2
Auto Components		6.2
Building Products		5.4
Paper & Forest Products		4.5
Equity Real Estate Investment Trusts (REITs)		3.5
Technology Hardware, Storage & Peripherals		3.2
Air Freight & Logistics		3.1

INDUSTRY	PERCENTAGE
Airlines		3.0	%
Metals & Mining		2.9
IT Services		2.8
Media		2.7
Construction Materials		2.0
Textiles, Apparel & Luxury Goods		1.9
Household Durables		1.8
Food Products		1.6
Health Care Providers & Services		1.6
Electrical Equipment		1.6
Machinery		1.5

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 87.1% (t)
		California — 3.8%
		Education — 1.8%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		63
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		86
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		31
				180
		General Obligation — 2.0%
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.000%, 08/01/31		204
		Total California		384
		Connecticut — 4.2%
		Water & Sewer — 4.2%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		119
	150	Series A, Rev., 6.000%, 08/15/21		184
	100	Series A, Rev., 6.000%, 08/15/22		127
		Total Connecticut		430
		District of Columbia — 1.2%
		Water & Sewer — 1.2%
	100	District of Columbia Water & Sewer Authority, Public Utility Subordinate Lien, Series C, Rev., 5.000%, 10/01/24		120
		Florida — 7.6%
		General Obligation — 2.9%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		291
		Utility — 4.7%
	100	JEA, St. Johns River Power Park System, Series 8, Rev., 4.000%, 10/01/17 (p)		103
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.000%, 10/01/25		380
				483
		Total Florida		774
		Georgia — 7.6%
		General Obligation — 3.8%
	300	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.000%, 12/01/26		382

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 3.8%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		324
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		68
				392
		Total Georgia		774
		Illinois — 0.6%
		General Obligation — 0.6%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		64
		Indiana — 1.2%
		Education — 1.2%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		118
		Massachusetts — 4.9%
		Transportation — 4.9%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		195
	250	Series B, Rev., 5.250%, 07/01/23		310
		Total Massachusetts		505
		Nevada — 2.4%
		Water & Sewer — 2.4%
	200	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/31		243
		New Jersey — 1.5%
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		89
	60	Series A, Rev., 5.500%, 12/15/21		68
		Total New Jersey		157
		New Mexico — 9.8%
		Other Revenue — 4.2%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		397
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		30
				427
		Transportation — 5.6%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		284

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 11

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	250	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		287
				571
		Total New Mexico		998
		New York — 11.0%
		Education — 0.5%
	55	New York State Dormitory Authority, Series A, Rev., 5.000%, 07/01/17		56
		General Obligation — 0.8%
	10	City of New York, Subseries E-1, GO, 6.250%, 10/15/28		11
	20	County of Tompkins, Public Improvement, Series A, GO, 4.000%, 03/01/21		23
	50	Eastport South Manor Central School District, GO, 4.000%, 08/01/17		51
				85
		Other Revenue — 1.2%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.000%, 01/15/26		119
		Prerefunded — 0.9%
	85	City of New York, Subseries E-1, GO, 6.250%, 10/15/18 (p)		94
		Special Tax — 1.8%
	150	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.000%, 03/15/33		180
		Transportation — 5.8%
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	410	Series A, Rev., 5.000%, 01/01/26		482
	100	Series D, Rev., 5.000%, 11/15/18		108
				590
		Total New York		1,124
		Ohio — 5.6%
		General Obligation — 5.6%
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/27		308
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		108
	125	State of Ohio, Common Schools, Series A, GO, 5.000%, 09/15/26		160
		Total Ohio		576

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oregon — 2.7%
		General Obligation — 2.7%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		275
		Pennsylvania — 0.2%
		General Obligation — 0.2%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		17
		South Carolina — 3.4%
		General Obligation — 3.4%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		349
		Tennessee — 0.5%
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		52
		Texas — 10.2%
		General Obligation — 2.8%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		280
		Prerefunded — 3.0%
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/17 (p)		71
	210	Harris County, Series C, Rev., 5.000%, 08/15/19 (p)		233
				304
		Utility — 4.1%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		418
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		35
		Total Texas		1,037
		Utah — 2.4%
		Other Revenue — 2.4%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.000%, 06/15/29		246
		Virginia — 4.3%
		Education — 0.6%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		61

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 3.7%
	300	County of Chesterfield, Public Improvement, GO, 5.000%, 01/01/24		373
		Total Virginia		434
		Washington — 2.0%
		General Obligation — 0.3%
	25	Snohomish County, Everett School District No. 2, GO, NATL-RE, FGIC, 5.000%, 12/01/16		25
		Transportation — 1.7%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		177
		Total Washington		202
		Total Municipal Bonds (Cost $8,326)		8,879

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 6.8%
		Investment Company — 6.8%
	696	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) (Cost $696)		696
		Total Investments — 93.9% (Cost $9,022)		9,575
		Other Assets in Excess of Liabilities — 6.1%		622
		NET ASSETS — 100.0%	$	10,197

Percentages indicated are based on net assets.

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America N.A.	1.700% at termination		CPI-U at termination		04/04/18	$	500	$	3
BNP Paribas	1.695% at termination		CPI-U at termination		06/02/19		1,250		12
BNP Paribas	2.720% at termination		CPI-U at termination		04/01/21		6,000		(725	)
Royal Bank of Scotland	2.620% at termination		CPI-U at termination		06/28/25		1,000		(147	)
								$	(857	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 13

J.P. Morgan SMA Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

AGM	—  Insured by Assured Guaranty Municipal 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

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(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.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	74,790		$	8,879
Investments in affiliates, at value		—			696
Total investment securities, at value		74,790			9,575
Restricted cash		—			1,320
Cash		1,418			—
Receivables:
Fund shares sold		—			127
Interest and dividends from non-affiliates		278			112
Dividends from affiliates		—			—	(a)
Tax reclaims		389			—
Outstanding swap contracts, at value		—			15
Due from Adviser		25			17
Total Assets		76,900			11,166
LIABILITIES:
Payables:		—			—
Fund shares redeemed		56			—
Outstanding swap contracts, at value		—			872
Accrued liabilities:
Custodian and accounting fees		8			3
Collateral management fees		—			10
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)
Audit fees		80			82
Other		8			2
Total Liabilities		152			969
Net Assets	$	76,748		$	10,197
NET ASSETS:
Paid-in-Capital	$	83,374		$	10,652
Accumulated undistributed (distributions in excess of) net investment income		1,825			1
Accumulated net realized gains (losses)		(16,127	)		(152	)
Net unrealized appreciation (depreciation)		7,676			(304	)
Total Net Assets	$	76,748		$	10,197
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		6,691			1,015
Net asset value, offering and redemption price per share (b)	$	11.47		$	10.04
Cost of investments in non-affiliates	$	67,090		$	8,326
Cost of investments in affiliates		—			696

(a) Amount rounds to less than 500.

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 15

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	International Value SMA Fund			Tax Aware Real Return SMA Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	288
Dividend income from non-affiliates		2,220			—
Dividend income from affiliates		—			1
Foreign taxes withheld		(286	)		—
Total investment income		1,934			289
EXPENSES:
Administration fees		69			8
Custodian and accounting fees		44			42
Interest expense to affiliates		—	(a)		—
Professional fees		109			79
Collateral management fees		—			31
Interest expense to non-affiliates		—	(a)		—
Trustees’ and Chief Compliance Officer’s fees		14			15
Printing and mailing costs		11			6
Registration and filing fees		16			17
Transfer agency fees		1			—	(a)
Sub-transfer agency fees		7			—	(a)
Other		8			3
Total expenses		279			201
Less fees waived		(69	)		(8	)
Less expense reimbursements		(210	)		(193	)
Net expenses		—			—
Net investment income (loss)		1,934			289
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(4,714	)		354
Futures		(223	)		—
Foreign currency transactions		(34	)		—
Swaps		—			(190	)
Net realized gain (loss)		(4,971	)		164
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,934			(324	)
Futures		—	(a)		—
Foreign currency translations		13			—
Swaps		—			263
Change in net unrealized appreciation/depreciation		1,947			(61	)
Net realized/unrealized gains (losses)		(3,024	)		103
Change in net assets resulting from operations	$	(1,090	)	$	392

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	International Value SMA Fund						Tax Aware Real Return SMA Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,934		$	4,228		$	289		$	468
Net realized gain (loss)		(4,971	)		7,247			164			(304	)
Change in net unrealized appreciation/depreciation		1,947			(8,554	)		(61	)		(639	)
Change in net assets resulting from operations		(1,090	)		2,921			392			(475	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,412	)		(7,972	)		(290	)		(486	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		24,016			43,621			3,956			2,728
Distributions reinvested		1,944			6,549			—			—
Cost of shares redeemed		(50,767	)		(256,024	)		(4,944	)		(11,631	)
Change in net assets resulting from capital transactions		(24,807	)		(205,854	)		(988	)		(8,903	)
NET ASSETS:
Change in net assets		(29,309	)		(210,905	)		(886	)		(9,864	)
Beginning of period		106,057			316,962			11,083			20,947
End of period	$	76,748		$	106,057		$	10,197		$	11,083
Accumulated undistributed (distributions in excess of) net investment income	$	1,825		$	3,247		$	1		$	2
SHARE TRANSACTIONS:
Issued		2,260			3,544			394			268
Reinvested		173			541			—			—
Redeemed		(4,564	)		(20,060	)		(493	)		(1,146	)
Change in Shares		(2,131	)		(15,975	)		(99	)		(878	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 17

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Value SMA Fund
Year Ended October 31, 2016	$	12.02	$	0.25	(e)	$	(0.36	)	$	(0.11	)	$	(0.44	)
Year Ended October 31, 2015		12.78		0.26	(e)		(0.69	)		(0.43	)		(0.33	)
Year Ended October 31, 2014		13.87		0.30			(1.12	)		(0.82	)		(0.27	)
Year Ended October 31, 2013		11.31		0.31			2.69			3.00			(0.44	)
Year Ended October 31, 2012		11.47		0.43			(0.21	)		0.22			(0.38	)

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

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Funds and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

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

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (d)
$	11.47		(0.83	)%	$	76,748		—	%		2.31	%		0.33	%		70	%
	12.02		(3.42	)		106,057		—			2.11			0.20			113
	12.78		(6.04	)		316,962		—			2.22			0.17			85
	13.87		27.33			325,158		—			2.66			0.22			72
	11.31		2.28			201,942		—			3.58			0.21			81

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 19

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Tax Aware Real Return SMA Fund
Year Ended October 31, 2016	$	9.95	$	0.28	(e)	$	0.09		$	0.37		$	(0.28	)
Year Ended October 31, 2015		10.52		0.31	(e)		(0.55	)		(0.24	)		(0.33	)
Year Ended October 31, 2014		10.58		0.30			(0.05	)		0.25			(0.31	)
Year Ended October 31, 2013		11.11		0.29			(0.54	)		(0.25	)		(0.28	)
Year Ended October 31, 2012		10.71		0.27			0.39			0.66			(0.26	)

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

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

(c) The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers unaffiliated with the Funds and the Investment Advisor. Participants in these programs pay a fee to the sponsor of the program.

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

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than 0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	10.04		3.80	%	$	10,197		—	%		2.82	%		1.97	%		32	%
	9.95		(2.27	)		11,083		—			3.07			1.01			—	(f)
	10.52		2.38			20,947		—			2.85			0.78			6
	10.58		(2.29	)		27,244		—			2.58			0.60			16
	11.11		6.24			39,681		—			2.45			0.51			4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Diversified/Non-Diversified
International Value SMA Fund	Diversified
Tax Aware Real Return SMA Fund	Diversified

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

The investment objective of Tax Aware Real Return SMA Fund is to seek to maximize after-tax inflation protected return.

Shares of the Funds may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Funds’ shares may not be purchased directly by individuals.

Prior to April 1, 2016, JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

Futures are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

22 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

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

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

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

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

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

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

International Value SMA Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	74,790	$	—	$	74,790

Tax Aware Real Return SMA Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	696	$	8,879		$	—	$	9,575
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	15		$	—	$	15
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(872	)	$	—	$	(872	)

(a) All portfolio holdings designated as level 2 are disclosed individually on the SOIs. Please refer to the SOIs for country specifics of portfolio holdings.

(b) 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 SOIs for state specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2016.

B. Restricted Securities — Certain securities held by International Value SMA Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2016, International Value SMA Fund had no investments in restricted securities under the Securities Act.

C. Futures Contracts — International Value SMA Fund used index futures contracts to gain or reduce exposure to the market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Fund to equity price risk.

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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

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

As of October 31, 2016, the Fund did not hold futures contracts.

The table below discloses the volume of the Fund’s futures contracts activity during the year ended October 31, 2016 (amounts in thousands):

	International Value SMA Fund
Futures Contracts
Average Notional Balance Long	$	348

D. Swaps — Tax Aware Real Return SMA Fund engaged in inflation-linked swaps to provide inflation protection within its portfolio. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a 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 Fund are recorded as assets or liabilities, respectively in the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statements of Operations. 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. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund, otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.). These amounts are not reflected on the Fund’s Statements of Assets and Liabilities and are disclosed in the table below.

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2016 are as follows (amounts in thousands):

Fund		Fund Counterparty	Value of swap contracts			Collateral amount
Tax Aware Real Return SMA Fund	Collateral Posted	BNP Paribas	$	(713	)	$	1,060
		Royal Bank of Scotland		(147	)		260

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.

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 may 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 Funds 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 Funds. The ISDA agreements gives the Fund and

24 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

counterparty the right, upon an event of default, to close out all transactions traded under such agreements 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.

The Fund’s swap contracts are subject to master netting arrangements.

The table below discloses the volume of the Fund’s swap activity during the year ended October 31, 2016 (amounts in thousands):

	Tax Aware Real Return SMA Fund
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed rate	$	9,135
Ending Notional Balance — Pays Fixed Rate		8,750

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Real Return SMA Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Swaps
Interest rate contracts	Receivables	$	15
Gross Liabilities:		Swaps
Interest rate contracts	Payables	$	(872	)

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2016 (amounts in thousands):

Tax Aware Real Return SMA Fund

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Bank of America N.A.	$	3	$	—		$	—	$	3
BNP Paribas		12		(12	)		—		—
	$	15	$	(12	)	$	—	$	3

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (Not less than zero)
BNP Paribas	$	725	$	(12	)	$	(713	)(b)	$	—
Royal Bank of Scotland		147		—			(147	)(b)		—
	$	872	$	(12	)	$	(860	)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.D. for actual swap collateral received or posted.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2016, by primary underlying risk exposure (amounts in thousands):

International Value SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(223	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	—	(a)

(a) Amount rounds to less than 500.

Tax Aware Real Return SMA Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(190	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	263

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

H. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

J. Foreign Taxes — International Value SMA Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

26 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

K. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually for International Value SMA Fund and monthly for Tax Aware Real Return SMA Fund. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed distributions in excess of) net investment income		Accumulated net realized gains (losses)
International Value SMA Fund	$	—	$	56	$	(56	)

The reclassifications for the Fund relate primarily to Investments in Passive Foreign Investment Companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Funds. It should be understood, however, that the Funds are an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated directly or indirectly by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Funds’ shares. The Distributor receives no compensation in its capacity as the Funds’ underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. International Value SMA Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statements of Operations. For Tax Aware Real Return SMA Fund, payments to the custodian may be reduced by credits earned, if any, by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

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

E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales (effective March 1, 2016), interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) are borne by the Funds pursuant to contractual arrangements with the Adviser through February 28, 2017.

For the year ended October 31, 2016, the Funds’ Adviser and the Administrator waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers		Contractual Reimbursements
International Value SMA Fund	$	69	$	210
Tax Aware Real Return SMA Fund		8		193

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended October 31, 2016 was as follows (amount in thousands):

Tax Aware Real Return SMA Fund $ —(a)

(a) Amount rounds to less than 500.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Real Return SMA Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral Management fees on the Statements of Operations.

G. Other — The Funds may invest in affiliated J.P. Morgan money market funds. The Funds’ Adviser and its affiliates provide services to and receive fees from the J.P. Morgan money market funds; therefore, the Adviser and its affiliates may indirectly receive fees, including advisory fees, from the Funds.

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

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

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

The Funds may use related party broker-dealers. For the year ended October 31, 2016, International Value SMA Fund incurred brokerage commissions with broker-dealers affiliated with the Adviser of approximately $2,000.

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

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
International Value SMA Fund	$	58,165	$	81,934
Tax Aware Real Return SMA Fund		3,106		5,491

During the year ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	68,020	$	9,480	$	2,710	$	6,770
Tax Aware Real Return SMA Fund		9,022		571		18		553

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

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*			Tax-Exempt Distributions		Total Distributions Paid
International Value SMA Fund	$	3,412		$	—	$	3,412
Tax Aware Real Return SMA Fund		—	(a)		290		290

* Short-term gains are treated as ordinary income for tax purposes.

28 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income*			Tax-Exempt Distributions		Total Distributions Paid
International Value SMA Fund	$	7,972		$	—	$	7,972
Tax Aware Real Return SMA Fund		—	(a)		486		486

* Short-term gains are treated as ordinary income for income tax purposes.

(a) Amount rounds to less than 500.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Tax Exempt Income		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
International Value SMA Fund	$	2,149	$	—	$	(15,509	)	$	6,745
Tax Aware Real Return SMA Fund		—		5		(153	)		(304	)

For the Funds, the cumulative timing differences primarily consisted of Investments in PFICs and wash sale loss deferrals.

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

At October 31, 2016, the Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
International Value SMA Fund	$	10,125	$	—	$	—	$	10,125
Tax Aware Real Return SMA Fund		—		9		4		13

At October 31, 2016, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term
International Value SMA Fund	$	5,384
Tax Aware Real Return SMA Fund		140

During the year ended October 31, 2016, the following Fund utilized capital loss carryforwards as follows (amounts in thousands):

Tax Aware Real Return SMA Fund $ 162

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2016, International Value SMA Fund had three shareholders, which are accounts maintained by separately managed account sponsors on behalf of their clients, that owned 90.6% of the Fund’s outstanding shares. Tax Aware Real Return SMA Fund had a shareholder, which is an account maintained by a separately managed account sponsor on behalf of its clients, that owned 100.0% of the Fund’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Funds’ performance.

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

As of October 31, 2016, International Value SMA Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:

	France			Germany			Japan
International Value SMA Fund		10.8	%		11.2	%		45.4	%

As of October 31, 2016, substantially all of the International Value SMA Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Tax Aware Real Return SMA Fund invests primarily in a portfolio of municipal debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

Tax Aware Real Return SMA Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

30 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan International Value SMA Fund and JPMorgan Tax Aware Real Return SMA Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 31

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

32 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 33

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

34 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including administration fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Fund at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period†*		Annualized Expense Ratio†
International Value SMA Fund
Actual	$	1,000.00	$	1,034.30	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.14		0.00		0.00
Tax Aware Real Return SMA Fund
Actual	$	1,000.00	$	1,009.10	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.14		0.00		0.00

† Reflects the fact that no fees or expenses are borne by the Funds. The Funds are an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Funds and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

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

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 35

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider

36 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

The Trustees noted that there was no advisory fee charged to the Funds. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

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

The Trustees also considered that JPMIM did not earn fees from the Funds for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that

there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that there was not an investment advisory fee charged to the Funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the Advisory Agreement or management fees including administrative fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 37

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe ”) as well as a sub-set of funds within the Universe (the “Peer Group”)by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and/or Universe Group. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that the International Value SMA Fund’s performance was in the fourth, fifth, and fifth quintiles based upon the Peer Group, and in the second, fifth and fourth quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s analysis and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Tax Aware Real Return SMA Fund’s performance was in the fifth quintile based upon the Peer Group, for each of the one- and three- year periods ended December 31, 2015, and also in the fifth quintile based upon the Universe, for the one-, three- and five- year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, based upon this discussion, the Adviser’s analysis and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser because the Funds are used only by managed-account strategies advised or sub-advised by the Adviser, or to which the Adviser provides a model portfolio. The Trustees considered each Fund’s contractual advisory fee rate and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the expenses of each Fund after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s expense ratios are summarized below:

The Trustees noted that the International Value SMA Fund’s contractual advisory fee and the actual total expenses were in the first quintiles, respectively, of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Tax Aware Real Return SMA Fund’s contractual advisory fee and the actual total expenses were in the first quintiles, respectively, of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

38 J.P. MORGAN SMA FUNDS OCTOBER 31, 2016

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Qualified Dividend Income (QDI)

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
International Value SMA Fund	$	2,221

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2016, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
International Value SMA Fund	$	2,221	$	283

Tax-Exempt Income

The Fund listed below had the following percentage, or maximum allowable percentage, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended October 31, 2016:

	Exempt Distributions Paid
Tax Aware Real Return SMA Fund		99.84	%

OCTOBER 31, 2016 J.P. MORGAN SMA FUNDS 39

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ¡   J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-SMA-1016

Annual Report

J.P. Morgan Funds

October 31, 2016

JPMorgan Global Allocation Fund

JPMorgan Income Builder Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Global Allocation Fund	3
JPMorgan Income Builder Fund	6
Schedules of Portfolio Investments	9
Financial Statements	92
Financial Highlights	98
Notes to Financial Statements	102
Report of Independent Registered Public Accounting Firm	121
Trustees	122
Officers	124
Schedule of Shareholder Expenses	125
Board Approval of Investment Advisory Agreements	126
Tax Letter	129
Privacy Policy — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN FUNDS 1

J.P. Morgan Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Financial markets appeared to absorb the U.S. Federal Reserve’s December interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. In June 2016, British voters confounded the expectations of some and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided.

Economic growth in China and other emerging market nations, firmness in commodities prices and attractive valuations drew investors to emerging market equities during the second half of the reporting period. In Europe, a sluggish economy and investor concerns about the long-term impact of the Brexit weighted down equity prices. During the reporting period, central bankers in Japan and Europe increased economic stimulus, which supported financial markets generally.

Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

For the twelve months ended October 31, 2016, the Morgan Stanley Capital International World Index (net of foreign withholding taxes) returned 1.18% and the Bloomberg Barclays U.S. Aggregate Index (formerly the Barclays U.S. Aggregate Index) returned 4.37%.

2 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.79%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		1.18%
Bloomberg Barclays U.S. Aggregate Index (formerly the Barclays U.S. Aggregate Index)		4.37%
Global Allocation Composite Benchmark		2.59%
Net Assets as of 10/31/2016 (In Thousands)	$	1,430,782

INVESTMENT OBJECTIVE**

The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.

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

For the twelve months ended October 31, 2016, the Fund’s Select Class Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the Bloomberg Barclays U.S. Aggregate Index and the Global Allocation Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index.

Relative to the Benchmark, the Fund’s increased allocation to U.S. sectors was a leading contributor to performance for the reporting period. Additionally, the Fund’s allocation to high yield bonds (also known as “junk bonds”) contributed to relative performance as high yield bonds outperformed both developed and emerging market equities.

The Fund’s holdings in developed market equity securities and its bias away from emerging market equity securities detracted from relative performance as emerging market equities outperformed their developed counterparts amid strength in global oil prices, a moderation of strength of the U.S. dollar and improving fundamentals.

The Fund’s portfolio managers’ decision to tactically hedge exposure to the British pound also helped relative performance as the U.S. dollar strengthened against the pound during the reporting period largely as a result of the U.K.’s referendum vote to leave the European Union.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to maintain a constructive view on developed market equities and extended credit. However, the Fund’s developed international market equity exposure was decreased in both Europe, excluding the U.K, and Japan, given the portfolio managers’ views on slowing, but still positive, global growth and the questions about efficacy of further monetary easing by central banks. Japanese equity exposure was decreased after the Bank of Japan’s negative interest rate policy hurt investor sentiment as evidenced by a strengthening yen, which hurt asset prices. The portfolio managers added to the Fund’s emerging market equity exposure toward the end of the reporting period amid stabilization in emerging market currencies driven by expectations of a more moderate pace of U.S. Federal Reserve monetary tightening in the intermediate term. In fixed income assets, the portfolio managers maintained a positive view on credit as expressed through high yield bonds in the U.S. and Europe, as well as non-agency mortgages. Within core fixed income, the Fund decreased its allocation to global government bonds and investment grade corporate bonds.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 3

JPMorgan Global Allocation Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares (United States)	6.0	%
	2.	U.S. Treasury Notes, (United States), 0.500%, 01/31/17	1.4
	3.	Government of Japan, (Japan), Series 343, 0.100%, 06/20/26	1.0
	4.	Alphabet, Inc., Class C (United States)	0.8
	5.	Republic of Australia, (Australia), Reg. S, Series 122, 5.250%, 03/15/19	0.8
	6.	Facebook, Inc., Class A (United States)	0.6
	7.	Nestle S.A., (Switzerland)	0.5
	8.	Amazon.com, Inc. (United States)	0.5
	9.	Microsoft Corp. (United States)	0.5
	10.	UnitedHealth Group, Inc. (United States)	0.4

PORTFOLIO COMPOSITION***
Common Stocks	45.6	%
Corporate Bonds	27.6
Investment Company	6.0
Asset-Backed Securities	4.5
Foreign Government Securities	3.9
Collateralized Mortgage Obligations	2.7
U.S. Treasury Obligations	2.3
Loan Assignments	1.0
Others (each less than 1.0%)	2.0
Short-Term Investments	4.4

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

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

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

4 J.P. MORGAN FUNDS OCTOBER 31, 2016

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2011
With Sales Charge*			(3.09	)%		6.28	%		3.83	%
Without Sales Charge			1.50			7.27			4.71
CLASS C SHARES	May 31, 2011
With CDSC**			0.03			6.74			4.20
Without CDSC			1.03			6.74			4.20
CLASS R2 SHARES	May 31, 2011		1.30			7.01			4.46
SELECT CLASS SHARES	May 31, 2011		1.79			7.53			4.98

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/11 TO 10/31/16)

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

The Fund commenced operations on May 31, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Allocation Fund, the MSCI World Index, Bloomberg Barclays U.S. Aggregate Index, the Global Allocation Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2011 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the Global Allocation Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Global Allocation Composite Benchmark does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Global Allocation Composite Benchmark is a composite

benchmark comprised of unmanaged indexes that includes 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Flexible Portfolio Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 5

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		4.23%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		1.18%
Bloomberg Barclays U.S. Aggregate Index (formerly the Barclays U.S. Aggregate Index)		4.37%
Income Builder Composite Benchmark		2.59%
Net Assets as of 10/31/2016 (In Thousands)	$	12,158,594

INVESTMENT OBJECTIVE**

The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

J.P. Morgan’s Multi-Asset Solutions Team (the “Team”) combined capital markets research and asset allocation with the insights of specialist asset class teams to construct a broadly diversified portfolio of income producing securities that the Team believed would perform well given the Team’s market views. The underlying specialist teams built portfolios of their highest conviction securities with what they believed to be the best opportunities for yield and total return on a risk-adjusted basis.

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

For the twelve months ended October 31, 2016, the Fund’s Class A Shares, without a sales charge, outperformed both the MSCI World Index and the Income Builder Composite Benchmark (the “Composite Benchmark”), which is comprised of 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. The Fund underperformed the Bloomberg Barclays U.S. Aggregate Index.

The Fund’s lower weightings toward equities in favor of high yield debt (also known as “junk bonds”) and investment grade

corporate debt were positive contributors to performance relative to both the MSCI World Index and the Composite Benchmark. The Funds’ allocation to global equities detracted from performance relative to the Bloomberg Barclays U.S. Aggregate Index, which holds no equity, as bonds generally outperformed equity prices during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers positioned the Fund to tactically pursue income. The portfolio managers expected slow but still positive growth in the U.S., with low recession risk. During the reporting period, the portfolio managers reduced the Fund’s allocation to equities in favor of bonds by adding to the Fund’s position in high yield debt and U.S. investment-grade fixed income. In the low growth environment, the portfolio managers preferred quality and yield to capital growth. While interest rates were beginning to rise in the U.S. during the reporting period, they remained extremely low globally, so the portfolio managers believed that investors’ desire for yield and their own low expectations for recession would provide a solid backdrop for high yield and other credit asset classes.

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

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

6 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	Occidental Petroleum Corp. (United States)	0.6	%
	2.	Microsoft Corp. (United States)	0.6
	3.	Johnson & Johnson (United States)	0.6
	4.	GlaxoSmithKline plc, (United Kingdom)	0.6
	5.	Wells Fargo & Co. (United States)	0.6
	6.	U.S. Treasury Note, 0.500%, 01/31/17 (United States)	0.6
	7.	AvalonBay Communities, Inc. (United States)	0.5
	8.	Comcast Corp., Class A (United States)	0.5
	9.	CME Group, Inc. (United States)	0.5
	10.	Pfizer, Inc. (United States)	0.5

PORTFOLIO COMPOSITION*
Corporate Bonds	42.6	%
Common Stocks	32.3
Preferred Securities	6.6
Asset-Backed Securities	4.6
Foreign Government Securities	3.4
Collateralized Mortgage Obligations	3.3
Commercial Mortgage-Backed Securities	1.3
Preferred Stocks	1.2
Loan Assignments	1.1
Others (each less than 1.0%)	1.3
Short-Term Investments	2.3

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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 7

JPMorgan Income Builder Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	May 31, 2007
With Sales Charge*			(0.47	)%		5.83	%		4.60	%
Without Sales Charge			4.23			6.80			5.11
CLASS C SHARES	May 31, 2007
With CDSC**			2.70			6.25			4.58
Without CDSC			3.70			6.25			4.58
SELECT CLASS SHARES	May 31, 2007		4.36			6.94			5.29

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (5/31/07 TO 10/31/16)

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

The Fund commenced operations on May 31, 2007.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Flexible Portfolio Funds Index from May 31, 2007 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index, the Bloomberg Barclays U.S. Aggregate Index and the Income Builder Composite Benchmark do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment

grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index. The Lipper Flexible Portfolio Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

From the inception of the Fund through December 18, 2009, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted. Class A Shares have a $1,000 minimum initial investment and carry a 4.50% sales charge.

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

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

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

8 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.5%
		United States — 4.5%
	566	ABFC Trust, Series 2004-HE1, Class M1, VAR, 1.434%, 03/25/34		530
		ACE Securities Corp. Home Equity Loan Trust,
	624	Series 2002-HE3, Class M1, VAR, 2.334%, 10/25/32		608
	1,617	Series 2003-HE1, Class M1, VAR, 1.509%, 11/25/33		1,528
	400	Series 2003-NC1, Class M1, VAR, 1.704%, 07/25/33		383
	480	Series 2003-OP1, Class M1, VAR, 1.584%, 12/25/33		458
	258	Series 2004-HE4, Class M2, VAR, 1.509%, 12/25/34		253
	550	Series 2004-OP1, Class M3, VAR, 2.409%, 04/25/34		490
		Ameriquest Mortgage Securities, Inc.,
	693	Series 2003-10, Class M1, VAR, 1.584%, 12/25/33		656
	298	Series 2003-10, Class M2, VAR, 3.084%, 12/25/33		289
	472	Series 2004-FR1W, Class A6, VAR, 4.580%, 05/25/34		470
	97	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-11, Class M3, VAR, 3.324%, 12/25/33		95
	413	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.409%, 10/25/34		389
	983	Argent Securities, Inc., Series 2004-W4, Class A, VAR, 1.054%, 03/25/34		921
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	984	Series 2003-W5, Class M2, VAR, 3.309%, 10/25/33		939
	1,711	Series 2003-W9, Class M2, VAR, 3.114%, 01/25/34		1,671
	275	Series 2004-W5, Class M1, VAR, 1.434%, 04/25/34		261
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	871	Series 2004-HE1, Class M1, VAR, 1.585%, 01/15/34		844
	700	Series 2004-HE2, Class M2, VAR, 2.409%, 04/25/34		640
	1,237	Series 2004-HE3, Class M2, VAR, 2.214%, 06/25/34		1,120

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Bear Stearns Asset-Backed Securities I Trust,
	770	Series 2004-FR2, Class M3, VAR, 2.334%, 06/25/34		749
	974	Series 2004-HE6, Class M2, VAR, 2.409%, 08/25/34		930
		Bear Stearns Asset-Backed Securities Trust,
	667	Series 2004-1, Class M1, VAR, 1.509%, 06/25/34		636
	238	Series 2004-2, Class M1, VAR, 1.734%, 08/25/34		221
	1,104	Chase Funding Trust, Series 2002-2, Class 2M1, VAR, 1.434%, 02/25/32		1,068
		Countrywide Asset-Backed Certificates,
	34	Series 2002-3, Class M1, VAR, 1.659%, 03/25/32		33
	60	Series 2002-4, Class M1, VAR, 1.659%, 12/25/32		55
	326	Series 2003-BC4, Class M2, VAR, 1.884%, 06/25/33		314
	204	Series 2003-BC6, Class M2, VAR, 2.259%, 10/25/33		190
	120	Series 2004-2, Class M1, VAR, 1.284%, 05/25/34		114
	481	Series 2004-3, Class M1, VAR, 1.284%, 06/25/34		456
	519	Series 2005-AB3, Class 1A1, VAR, 0.784%, 02/25/36		459
	828	Series 2006-4, Class 1A1M, VAR, 0.794%, 07/25/36		812
	972	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.479%, 01/25/35		897
		Credit-Based Asset Servicing & Securitization LLC,
	1,524	Series 2004-CB4, Class A5, SUB, 4.868%, 05/25/35		1,539
	619	Series 2004-CB5, Class M1, VAR, 1.449%, 01/25/34		578
	181	Series 2005-CB1, Class M2, VAR, 1.629%, 01/25/35		165
	589	CWABS, Inc. Asset-Backed Certificates, Series 2003-BC1, Class A1, VAR, 1.334%, 03/25/33		560
		CWABS, Inc. Asset-Backed Certificates Trust,
	107	Series 2004-5, Class M3, VAR, 2.259%, 07/25/34		98
	524	Series 2004-6, Class M1, VAR, 1.434%, 10/25/34		494
	94	Series 2004-6, Class M2, VAR, 1.509%, 10/25/34		88

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 9

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	341	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		329
	578	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 0.834%, 11/25/35		525
		Fremont Home Loan Trust,
	48	Series 2003-B, Class M2, VAR, 2.964%, 12/25/33		47
	892	Series 2004-2, Class M2, VAR, 1.464%, 07/25/34		861
	1,708	Series 2004-A, Class M1, VAR, 1.359%, 01/25/34		1,568
	309	Series 2004-B, Class M7, VAR, 3.534%, 05/25/34		254
		GSAMP Trust,
	732	Series 2004-OPT, Class M1, VAR, 1.404%, 11/25/34		676
	385	Series 2006-HE3, Class A2C, VAR, 0.694%, 05/25/46		358
		Home Equity Asset Trust,
	1,162	Series 2003-3, Class M1, VAR, 1.824%, 08/25/33		1,116
	373	Series 2004-7, Class M1, VAR, 1.464%, 01/25/35		360
	1,161	Series 2007-2, Class 2A2, VAR, 0.719%, 07/25/37		1,133
		Home Equity Mortgage Loan Asset-Backed Trust,
	300	Series 2004-B, Class M3, VAR, 1.734%, 11/25/34		273
	330	Series 2004-B, Class M8, VAR, 3.834%, 11/25/34		299
	1,132	Series 2006-B, Class 2A3, VAR, 0.724%, 06/25/36		1,074
		Long Beach Mortgage Loan Trust,
	1,083	Series 2004-3, Class M2, VAR, 1.434%, 07/25/34		1,022
	622	Series 2004-3, Class M4, VAR, 2.147%, 07/25/34		584
		MASTR Asset-Backed Securities Trust,
	154	Series 2003-NC1, Class M5, VAR, 5.422%, 04/25/33		130
	1,503	Series 2004-WMC2, Class M1, VAR, 1.434%, 04/25/34		1,402
	887	Series 2005-NC1, Class M2, VAR, 1.284%, 12/25/34		854

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Morgan Stanley ABS Capital I, Inc. Trust,
	282	Series 2003-HE2, Class M2, VAR, 3.009%, 08/25/33		276
	797	Series 2004-HE6, Class M1, VAR, 1.359%, 08/25/34		773
	34	Series 2004-HE8, Class M3, VAR, 1.659%, 09/25/34		32
	439	Series 2004-NC5, Class M1, VAR, 1.434%, 05/25/34		408
	532	Series 2004-NC6, Class M2, VAR, 2.409%, 07/25/34		474
	507	Series 2004-NC7, Class M2, VAR, 1.464%, 07/25/34		488
	60	Series 2005-HE1, Class M3, VAR, 1.314%, 12/25/34		49
	369	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.514%, 02/25/33		350
		New Century Home Equity Loan Trust,
	597	Series 2004-2, Class M3, VAR, 1.539%, 08/25/34		537
	1,262	Series 2004-4, Class M1, VAR, 1.299%, 02/25/35		1,163
	340	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 3.909%, 09/25/33		324
	1,698	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 1.554%, 07/25/33		1,559
		Option One Mortgage Loan Trust,
	771	Series 2004-1, Class M1, VAR, 1.434%, 01/25/34		713
	720	Series 2004-1, Class M2, VAR, 2.184%, 01/25/34		641
	37	Series 2004-3, Class M2, VAR, 1.389%, 11/25/34		33
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, VAR, 1.779%, 01/25/36		460
		Pretium Mortgage Credit Partners I LLC,
	938	Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		947
	636	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		642
	626	RAMP Trust, Series 2006-EFC2, Class A3, VAR, 0.694%, 12/25/36		605
		RASC Trust,
	205	Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		209

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,615	Series 2005-EMX1, Class M1, VAR, 1.179%, 03/25/35		1,521
		Renaissance Home Equity Loan Trust,
	427	Series 2003-2, Class M1, VAR, 1.772%, 08/25/33		399
	818	Series 2004-1, Class M4, VAR, 2.334%, 05/25/34		661
	161	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		164
	451	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 1.509%, 12/25/33		429
	1,505	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.509%, 08/25/34		1,427
	550	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, VAR, 1.209%, 06/25/35		507
	935	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.434%, 11/25/34		879
		Structured Asset Investment Loan Trust,
	428	Series 2003-BC11, Class M1, VAR, 1.509%, 10/25/33		420
	449	Series 2004-6, Class A3, VAR, 1.334%, 07/25/34		432
	465	Series 2004-7, Class M2, VAR, 1.659%, 08/25/34		406
	691	Series 2004-8, Class M9, VAR, 4.284%, 09/25/34		546
	72	Series 2004-BNC1, Class A5, VAR, 1.774%, 09/25/34		67
		Structured Asset Securities Corp. Mortgage Loan Trust,
	529	Series 2006-BC4, Class A4, VAR, 0.704%, 12/25/36		462
	915	Series 2006-BC6, Class A4, VAR, 0.704%, 01/25/37		839
	1,484	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		1,503
	1,273	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,283
	1,334	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		1,338
	626	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		627
	1,177	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,181
	984	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		987

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,252	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		1,256
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	458	Series 2004-2, Class M6, VAR, 3.354%, 10/25/34		448
	97	Series 2004-2, Class M8A, VAR, 5.034%, 10/25/34 (e)		91
		Total Asset-Backed Securities (Cost $63,718)		64,422
	Collateralized Mortgage Obligations — 2.7%
		Non-Agency CMO — 2.7%
		United States — 2.7%
		Alternative Loan Trust
	629	Series 2004-27CB, Class A1, 6.000%, 12/25/34		626
	162	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		164
	127	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		122
	29	Series 2005-19CB, Class A2, IF, 15.765%, 06/25/35 (u)		36
	108	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		102
	610	Banc of America Mortgage Trust, Series 2004-D, Class 2A2, VAR, 3.263%, 05/25/34		603
		Bear Stearns ALT-A Trust
	117	Series 2005-4, Class 23A1, VAR, 2.986%, 05/25/35		113
	903	Series 2005-4, Class 23A2, VAR, 2.986%, 05/25/35		886
	286	Series 2005-7, Class 12A3, VAR, 1.214%, 08/25/35		269
		Bear Stearns ARM Trust
	674	Series 2004-3, Class 2A, VAR, 3.067%, 07/25/34		671
	848	Series 2005-5, Class A2, VAR, 2.460%, 08/25/35		844
	412	Series 2005-9, Class A1, VAR, 2.830%, 10/25/35		397
	775	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		770
		Chase Mortgage Finance Trust
	363	Series 2006-S4, Class A5, 6.000%, 12/25/36		296
	184	Series 2007-A1, Class 1A1, VAR, 3.063%, 02/25/37		185

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 11

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	406	Series 2007-A1, Class 1A5, VAR, 3.063%, 02/25/37		388
	258	Series 2007-A1, Class 8A1, VAR, 3.168%, 02/25/37		261
		CHL Mortgage Pass-Through Trust
	135	Series 2004-9, Class A7, 5.250%, 06/25/34		138
	673	Series 2004-25, Class 2A1, VAR, 1.214%, 02/25/35		591
	313	Series 2006-21, Class A14, 6.000%, 02/25/37		285
	349	Series 2007-10, Class A4, 5.500%, 07/25/37		281
		Citigroup Mortgage Loan Trust, Inc.
	783	Series 2005-3, Class 2A2A, VAR, 3.042%, 08/25/35		769
	863	Series 2005-4, Class A, VAR, 3.041%, 08/25/35		842
	235	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		232
		Credit Suisse First Boston Mortgage Securities Corp.
	43	Series 2003-25, Class 2A1, 4.500%, 10/25/18		43
	622	Series 2004-8, Class 5A1, 6.000%, 12/25/34		658
		GSR Mortgage Loan Trust
	567	Series 2004-11, Class 2A2, VAR, 3.302%, 09/25/34		560
	311	Series 2005-AR6, Class 1A1, VAR, 3.014%, 09/25/35		317
		Impac CMB Trust
	133	Series 2004-6, Class 1A2, VAR, 1.314%, 10/25/34		127
	786	Series 2005-2, Class 2A2, VAR, 1.334%, 04/25/35		727
	486	Series 2005-4, Class 2A2, VAR, 1.294%, 05/25/35		420
	343	Series 2005-4, Class 2A2, VAR, 1.659%, 05/25/35		294
	384	Series 2007-A, Class M1, VAR, 0.934%, 05/25/37 (e)		356
		JP Morgan Mortgage Trust
	522	Series 2005-A5, Class 2A2, VAR, 3.242%, 08/25/35		524
	376	Series 2005-A8, Class 2A3, VAR, 2.981%, 11/25/35		351
	484	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.032%, 04/21/34		495

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
	191		MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.500%, 07/25/34		194
			Merrill Lynch Mortgage Investors Trust
	127		Series 2003-A4, Class 3A, VAR, 3.368%, 05/25/33		122
	118		Series 2005-1, Class 2A1, VAR, 2.681%, 04/25/35		115
	94		Series 2005-A2, Class A3, VAR, 2.655%, 02/25/35		90
	446		Series 2005-A5, Class A3, VAR, 2.820%, 06/25/35		435
			Morgan Stanley Mortgage Loan Trust
	228		Series 2004-5AR, Class 4A, VAR, 3.151%, 07/25/34		219
	513		Series 2004-7AR, Class 2A6, VAR, 2.962%, 09/25/34		521
	415		Series 2004-11AR, Class 1A2A, VAR, 0.844%, 01/25/35		387
	621		MortgageIT Trust, Series 2005-1, Class 1B1, VAR, 2.034%, 02/25/35		577
	1,116		Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.814%, 12/25/35		980
			Opteum Mortgage Acceptance Corp. Trust
	821		Series 2005-4, Class 1A2, VAR, 0.924%, 11/25/35		751
	895		Series 2006-1, Class 1AC1, VAR, 0.834%, 04/25/36		779
	1,250		Series 2006-1, Class 1APT, VAR, 0.744%, 04/25/36		1,036
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		—	(h)
	114		RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		108
			Residential Asset Securitization Trust
	11		Series 2004-A3, Class A1, 4.500%, 06/25/34		11
	242		Series 2004-A8, Class A1, 5.250%, 11/25/34		242
			RFMSI Trust
	23		Series 2003-S15, Class A1, 4.500%, 08/25/18		24
	33		Series 2003-S16, Class A2, 4.500%, 09/25/18		33
	84		Series 2003-S20, Class 2A1, 4.750%, 12/25/18		84

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,065	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		1,006
	1,198	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.726%, 07/20/36		1,091
	376	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, VAR, 3.086%, 08/25/35		368
		WaMu Mortgage Pass-Through Certificates Trust
	30	Series 2003-S8, Class A2, 5.000%, 09/25/18		31
	84	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		85
	1,128	Series 2005-AR3, Class A1, VAR, 2.788%, 03/25/35		1,098
	756	Series 2005-AR5, Class A6, VAR, 2.713%, 05/25/35		755
	566	Series 2005-AR7, Class A3, VAR, 2.755%, 08/25/35		565
	399	Series 2005-AR10, Class 1A3, VAR, 2.733%, 09/25/35		386
	526	Series 2005-AR14, Class 1A4, VAR, 2.659%, 12/25/35		506
	75	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		75
	781	Wells Fargo Mortgage-Backed Securities, Series 2005-AR14, Class A1, VAR, 3.008%, 08/25/35		783
		Wells Fargo Mortgage-Backed Securities Trust
	296	Series 2003-H, Class A1, VAR, 3.024%, 09/25/33		294
	313	Series 2003-K, Class 1A1, VAR, 2.902%, 11/25/33		314
	344	Series 2003-M, Class A1, VAR, 2.950%, 12/25/33		344
	1,109	Series 2004-CC, Class A1, VAR, 2.866%, 01/25/35		1,117
	498	Series 2004-DD, Class 1A1, VAR, 2.840%, 01/25/35		496
	169	Series 2004-EE, Class 2A2, VAR, 3.028%, 12/25/34		172
	208	Series 2004-H, Class A1, VAR, 3.052%, 06/25/34		208
	116	Series 2004-K, Class 1A2, VAR, 3.110%, 07/25/34		115
	413	Series 2004-K, Class 2A6, VAR, 3.096%, 07/25/34		419
	260	Series 2004-N, Class A7, VAR, 3.009%, 08/25/34		259

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	348	Series 2004-Z, Class 2A2, VAR, 2.878%, 12/25/34		354
	1,458	Series 2005-AR1, Class 1A1, VAR, 2.766%, 02/25/35		1,476
	441	Series 2005-AR2, Class 2A2, VAR, 2.891%, 03/25/35		444
	162	Series 2005-AR2, Class 3A1, VAR, 2.847%, 03/25/35		164
	609	Series 2005-AR3, Class 1A1, VAR, 3.071%, 03/25/35		621
	698	Series 2005-AR10, Class 2A1, VAR, 2.981%, 06/25/35		717
	405	Series 2005-AR16, Class 6A3, VAR, 3.074%, 10/25/35		408
	870	Series 2006-AR2, Class 2A1, VAR, 2.921%, 03/25/36		868
	78	Series 2006-AR2, Class 2A3, VAR, 2.921%, 03/25/36		77
	277	Series 2006-AR3, Class A3, VAR, 3.028%, 03/25/36		271
	780	Series 2006-AR6, Class 7A1, VAR, 2.985%, 03/25/36		770
		Total Collateralized Mortgage Obligations (Cost $37,722)		38,108
	Commercial Mortgage-Backed Securities — 0.6%
		United States — 0.6%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000	Series 2007-LD11, Class AM, VAR, 5.755%, 06/15/49		1,011
	1,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		981
	1,700	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.916%, 07/15/44		1,689
	1,778	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,653
		Morgan Stanley Capital I Trust,
	348	Series 2006-HQ8, Class AJ, VAR, 5.422%, 03/12/44		349
	1,192	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		1,188
	1,000	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		996
		Wachovia Bank Commercial Mortgage Trust,
	69	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		69

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 13

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	1,000	Series 2007-C31, Class C, VAR, 5.651%, 04/15/47		964
		Total Commercial Mortgage-Backed Securities (Cost $8,966)		8,900
SHARES
	Common Stocks — 45.3%
		Australia — 1.3%
	221	AMP Ltd.		766
	152	Australia & New Zealand Banking Group Ltd.		3,213
	170	BHP Billiton Ltd.		2,973
	57	Commonwealth Bank of Australia		3,191
	11	CSL Ltd.		810
	128	Dexus Property Group		871
	269	Goodman Group		1,389
	25	Macquarie Group Ltd.		1,487
	5	National Australia Bank Ltd.		116
	32	Oil Search Ltd.		158
	74	Wesfarmers Ltd.		2,299
	37	Westpac Banking Corp.		858
				18,131
		Belgium — 0.2%
	26	Anheuser-Busch InBev S.A./N.V. (a)		3,008
		Bermuda — 0.1%
	25	Lazard Ltd., Class A		894
		Brazil — 0.3%
	160	AMBEV S.A., ADR		943
	109	CCR S.A.		596
	84	Cielo S.A.		855
	78	Lojas Renner S.A.		663
	41	Ultrapar Participacoes S.A.		929
	14	Vale S.A., ADR (a)		92
	110	WEG S.A.		606
				4,684
		Canada — 0.3%
	3	Novadaq Technologies, Inc. (a)		37
	54	Waste Connections, Inc.		4,096
				4,133
		Chile — 0.0% (g)
	24	Banco Santander Chile, ADR		555
		China — 0.5%
	12	Alibaba Group Holding Ltd., ADR (a)		1,255
	6	Baidu, Inc., ADR (a)		1,141

SHARES		SECURITY DESCRIPTION	VALUE
		China — continued
	417	CNOOC Ltd.		524
	580	Geely Automobile Holdings Ltd.		597
	110	Tencent Holdings Ltd.		2,902
	120	Tingyi Cayman Islands Holding Corp.		129
	114	Tsingtao Brewery Co., Ltd., Class H		455
				7,003
		Denmark — 0.2%
	16	Chr Hansen Holding A/S		933
	45	Novo Nordisk A/S, Class B		1,586
				2,519
		Finland — 0.4%
	23	Cargotec Oyj, Class B		929
	399	Nokia OYJ		1,780
	124	Outokumpu OYJ (a)		866
	51	UPM-Kymmene OYJ		1,177
	28	Wartsila OYJ Abp		1,198
				5,950
		France — 2.1%
	32	Air Liquide S.A.		3,287
	37	Airbus Group SE		2,174
	7	Arkema S.A.		705
	128	AXA S.A.		2,882
	44	BNP Paribas S.A.		2,535
	15	Capgemini S.A.		1,281
	82	Engie S.A.		1,178
	228	Natixis S.A.		1,154
	15	Pernod Ricard S.A.		1,732
	14	Renault S.A.		1,203
	31	Sanofi		2,419
	35	Schneider Electric SE		2,376
	13	Sodexo S.A.		1,464
	23	Technip S.A.		1,528
	58	TOTAL S.A.		2,762
	84	Vivendi S.A.		1,701
				30,381
		Germany — 1.8%
	9	adidas AG		1,550
	4	Allianz SE		591
	3	BASF SE		240
	34	Bayer AG		3,398
	29	Brenntag AG		1,561
	42	Daimler AG		3,012
	6	Deutsche Bank AG (a)		86

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Germany — continued
	60	Deutsche Post AG		1,867
	113	Deutsche Telekom AG		1,836
	10	HeidelbergCement AG		967
	96	Infineon Technologies AG		1,732
	9	Linde AG		1,435
	40	SAP SE		3,506
	34	Siemens AG		3,880
				25,661
		Hong Kong — 0.9%
	488	AIA Group Ltd.		3,069
	170	Cheung Kong Property Holdings Ltd.		1,260
	173	CK Hutchison Holdings Ltd.		2,141
	16	Hang Seng Bank Ltd.		288
	20	Jardine Matheson Holdings Ltd.		1,206
	173	Power Assets Holdings Ltd.		1,619
	262	Sands China Ltd.		1,135
	501	Sun Art Retail Group Ltd.		352
	158	Wharf Holdings Ltd. (The)		1,185
				12,255
		India — 0.6%
	20	Dr. Reddy’s Laboratories Ltd., ADR		964
	55	HDFC Bank Ltd., ADR		3,869
	140	Infosys Ltd., ADR		2,133
	55	Mahindra & Mahindra Ltd., GDR		1,081
				8,047
		Indonesia — 0.2%
	1,225	Astra International Tbk PT		772
	481	Bank Central Asia Tbk PT		571
	671	Bank Rakyat Indonesia Persero Tbk PT		627
	104	Unilever Indonesia Tbk PT		356
				2,326
		Ireland — 0.1%
	15	Ryanair Holdings plc, ADR (a)		1,134
		Israel — 0.2%
	17	Mobileye N.V. (a)		614
	52	Teva Pharmaceutical Industries Ltd., ADR		2,206
				2,820
		Italy — 0.5%
	67	Assicurazioni Generali S.p.A.		864
	59	Atlantia S.p.A.		1,448
	458	Enel S.p.A.		1,968
	1,813	Telecom Italia S.p.A. (a)		1,576

SHARES		SECURITY DESCRIPTION	VALUE
		Italy — continued
	383	UniCredit S.p.A.		951
				6,807
		Japan — 4.6%
	49	Bridgestone Corp.		1,825
	10	Central Japan Railway Co.		1,717
	18	Daikin Industries Ltd.		1,706
	18	Dentsu, Inc.		902
	77	DMG Mori Co., Ltd.		819
	25	East Japan Railway Co.		2,174
	18	Electric Power Development Co., Ltd.		426
	225	Fujitsu Ltd.		1,335
	372	Hitachi Ltd.		1,983
	69	Honda Motor Co., Ltd.		2,071
	80	J. Front Retailing Co., Ltd.		1,107
	44	Japan Airlines Co., Ltd.		1,310
	8	Japan Tobacco, Inc.		289
	32	JFE Holdings, Inc.		462
	255	JX Holdings, Inc.		1,008
	225	Kajima Corp.		1,517
	40	KDDI Corp.		1,204
	1	Keyence Corp.		733
	101	Kirin Holdings Co., Ltd.		1,728
	70	Kyowa Hakko Kirin Co., Ltd.		1,062
	47	Kyushu Electric Power Co., Inc.		423
	33	LIXIL Group Corp.		765
	21	Mabuchi Motor Co., Ltd.		1,238
	99	Mazda Motor Corp.		1,637
	65	Medipal Holdings Corp.		1,102
	520	Mitsubishi UFJ Financial Group, Inc.		2,682
	35	Mitsui & Co., Ltd.		481
	75	Mitsui Fudosan Co., Ltd.		1,708
	39	MS&AD Insurance Group Holdings, Inc.		1,149
	28	NGK Spark Plug Co., Ltd.		554
	16	Nidec Corp.		1,529
	43	Nippon Steel & Sumitomo Metal Corp.		852
	53	Nippon Telegraph & Telephone Corp.		2,328
	20	Nishi-Nippon Financial Holdings, Inc. (a)		203
	29	Omron Corp.		1,109
	65	ORIX Corp.		1,036
	35	Otsuka Holdings Co., Ltd.		1,532
	57	Seiko Epson Corp.		1,153
	57	Seven & i Holdings Co., Ltd.		2,396
	22	Shin-Etsu Chemical Co., Ltd.		1,630
	61	Sony Corp.		1,910

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 15

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — continued
	195	Sumitomo Bakelite Co., Ltd.		1,059
	64	Sumitomo Mitsui Financial Group, Inc.		2,229
	42	Sumitomo Realty & Development Co., Ltd.		1,104
	34	Suntory Beverage & Food Ltd.		1,504
	20	Suzuken Co., Ltd.		642
	78	Takashimaya Co., Ltd.		636
	200	Tokyo Gas Co., Ltd.		908
	69	Toyota Motor Corp.		3,979
	75	Yamato Holdings Co., Ltd.		1,713
				66,569
		Luxembourg — 0.1%
	221	ArcelorMittal (a)		1,491
		Malaysia — 0.0% (g)
	82	Public Bank Bhd		388
		Mexico — 0.1%
	83	Grupo Financiero Banorte S.A.B. de C.V., Class O		489
	272	Wal-Mart de Mexico S.A.B. de C.V.		575
				1,064
		Netherlands — 1.3%
	178	Aegon N.V.		771
	20	ASML Holding N.V.		2,089
	23	Heineken N.V.		1,883
	195	ING Groep N.V.		2,558
	330	Koninklijke KPN N.V.		1,076
	72	Koninklijke Philips N.V.		2,179
	35	NN Group N.V.		1,061
	16	NXP Semiconductors N.V. (a)		1,650
	96	Royal Dutch Shell plc, Class A		2,380
	130	Royal Dutch Shell plc, Class B		3,354
				19,001
		New Zealand — 0.1%
	385	Spark New Zealand Ltd.		1,006
		Peru — 0.0% (g)
	4	Credicorp Ltd.		617
		Portugal — 0.1%
	67	Galp Energia SGPS S.A.		908
		Russia — 0.2%
	20	Lukoil PJSC, ADR		991
	24	Magnit PJSC, GDR		945
	17	Mobile TeleSystems PJSC, ADR		132

SHARES		SECURITY DESCRIPTION	VALUE
		Russia — continued
	104	Sberbank of Russia PJSC, ADR		984
				3,052
		Singapore — 0.3%
	13	Broadcom Ltd.		2,284
	187	DBS Group Holdings Ltd.		2,011
	39	Singapore Exchange Ltd.		196
				4,491
		South Africa — 0.5%
	24	Aspen Pharmacare Holdings Ltd.		516
	49	Bid Corp. Ltd.		859
	47	Bidvest Group Ltd. (The)		589
	7	Capitec Bank Holdings Ltd.		345
	223	FirstRand Ltd.		799
	25	Mr. Price Group Ltd.		286
	51	MTN Group Ltd.		444
	56	Remgro Ltd.		936
	56	RMB Holdings Ltd.		245
	95	Sanlam Ltd.		458
	38	Shoprite Holdings Ltd.		558
	16	Tiger Brands Ltd.		467
				6,502
		South Korea — 0.2%
	7	Hyundai Motor Co.		883
	1	Samsung Electronics Co., Ltd.		2,131
				3,014
		Spain — 0.4%
	317	Banco Santander S.A.		1,551
	1,359	Bankia S.A.		1,194
	221	Iberdrola S.A.		1,502
	38	Repsol S.A.		537
	148	Telefonica S.A.		1,502
				6,286
		Sweden — 0.2%
	183	Nordea Bank AB		1,924
	119	Sandvik AB		1,351
				3,275
		Switzerland — 2.1%
	9	Actelion Ltd. (a)		1,326
	27	Allied World Assurance Co. Holdings AG		1,159
	13	Chubb Ltd.		1,683

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Switzerland — continued
	32	Cie Financiere Richemont S.A.		2,039
	25	Credit Suisse Group AG (a)		345
	25	LafargeHolcim Ltd. (a)		1,869
	102	Nestle S.A.		7,388
	39	Novartis AG		2,796
	22	Roche Holding AG		5,084
	2	Syngenta AG (a)		772
	124	UBS Group AG		1,749
	42	Wolseley plc		2,168
	5	Zurich Insurance Group AG (a)		1,232
				29,610
		Taiwan — 0.3%
	143	Delta Electronics, Inc.		752
	113	President Chain Store Corp.		844
	102	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,179
				4,775
		Thailand — 0.1%
	47	Siam Cement PCL (The)		673
	176	Siam Commercial Bank PCL (The)		720
				1,393
		Turkey — 0.0% (g)
	65	KOC Holding A.S.		271
	118	Turkiye Garanti Bankasi A.S.		320
				591
		United Kingdom — 3.0%
	133	3i Group plc		1,088
	35	Associated British Foods plc		1,045
	38	AstraZeneca plc		2,132
	260	Aviva plc		1,408
	712	Barclays plc		1,650
	118	Barratt Developments plc		653
	388	BP plc		2,296
	73	British American Tobacco plc		4,171
	632	Centrica plc		1,656
	165	Debenhams plc		108
	247	Dixons Carphone plc		949
	170	GlaxoSmithKline plc		3,353
	556	HSBC Holdings plc		4,190
	42	InterContinental Hotels Group plc		1,642
	443	ITV plc		923

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	2,660	Lloyds Banking Group plc		1,858
	64	Prudential plc		1,051
	24	Reckitt Benckiser Group plc		2,168
	27	Rio Tinto Ltd.		1,124
	17	Rio Tinto plc		588
	127	RSA Insurance Group plc		859
	196	Standard Chartered plc (a)		1,706
	280	Taylor Wimpey plc		485
	32	Unilever N.V., CVA		1,339
	1,136	Vodafone Group plc		3,119
	13	Whitbread plc		572
	62	WPP plc		1,342
				43,475
		United States — 22.0%
	49	Acadia Healthcare Co., Inc. (a)		1,759
	11	Acuity Brands, Inc.		2,391
	17	Adobe Systems, Inc. (a)		1,833
	16	AdvanSix, Inc. (a)		254
	27	Aetna, Inc.		2,916
	9	Affiliated Managers Group, Inc. (a)		1,227
	1	Alleghany Corp. (a)		371
	14	Alphabet, Inc., Class C (a)		11,099
	9	Amazon.com, Inc. (a)		6,825
	28	American Electric Power Co., Inc.		1,819
	58	American Homes 4 Rent, Class A		1,227
	46	American International Group, Inc.		2,830
	33	Amphenol Corp., Class A		2,160
	10	Amplify Snack Brands, Inc. (a)		144
	39	Apple, Inc.		4,468
	29	Applied Materials, Inc.		852
	34	Aramark		1,257
	14	Arista Networks, Inc. (a)		1,215
	17	Arrow Electronics, Inc. (a)		1,059
	2	AutoZone, Inc. (a)		1,192
	22	Ball Corp.		1,716
	210	Bank of America Corp.		3,466
	24	Bed Bath & Beyond, Inc.		964
	31	Best Buy Co., Inc.		1,206
	4	BlackRock, Inc.		1,482
	17	Brinker International, Inc.		838
	43	Brixmor Property Group, Inc.		1,091
	50	Capital One Financial Corp.		3,706
	30	Carlisle Cos., Inc.		3,139
	9	Casey’s General Stores, Inc.		1,016

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 17

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	75	CBRE Group, Inc., Class A (a)		1,932
	20	CBS Corp. (Non-Voting), Class B		1,108
	13	Celgene Corp. (a)		1,327
	100	Charles Schwab Corp. (The)		3,185
	6	Charter Communications, Inc., Class A (a)		1,463
	6	Cigna Corp.		713
	63	Cisco Systems, Inc.		1,942
	37	Citigroup, Inc.		1,798
	41	Citizens Financial Group, Inc.		1,091
	76	Clear Channel Outdoor Holdings, Inc., Class A		438
	43	CNO Financial Group, Inc.		645
	16	Columbia Sportswear Co.		878
	21	Concho Resources, Inc. (a)		2,606
	25	ConocoPhillips		1,105
	84	Corning, Inc.		1,900
	6	CoStar Group, Inc. (a)		1,135
	29	Coty, Inc., Class A		656
	17	CVS Health Corp.		1,427
	71	Delta Air Lines, Inc.		2,970
	41	DISH Network Corp., Class A (a)		2,402
	27	Dollar General Corp.		1,889
	17	Dover Corp.		1,136
	11	Dr. Pepper Snapple Group, Inc.		949
	19	Duke Energy Corp.		1,536
	16	Eagle Materials, Inc.		1,321
	38	East West Bancorp, Inc.		1,490
	12	EastGroup Properties, Inc.		787
	18	Edison International		1,337
	38	Electronic Arts, Inc. (a)		3,011
	12	Energizer Holdings, Inc.		542
	48	Entercom Communications Corp., Class A		628
	45	Envision Healthcare Holdings, Inc. (a)		896
	14	EOG Resources, Inc.		1,246
	19	EQT Corp.		1,257
	11	Equifax, Inc.		1,415
	21	Eversource Energy		1,175
	12	Expedia, Inc.		1,491
	46	Exxon Mobil Corp.		3,806
	62	Facebook, Inc., Class A (a)		8,097
	46	Fifth Third Bancorp		998
	13	First Republic Bank		948
	32	Fortune Brands Home & Security, Inc.		1,753
	39	Gap, Inc. (The)		1,066
	21	Genuine Parts Co.		1,898
	34	Gilead Sciences, Inc.		2,491

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	57	GoDaddy, Inc., Class A (a)		2,034
	46	Graphic Packaging Holding Co.		571
	17	Guidewire Software, Inc. (a)		949
	21	Hanesbrands, Inc.		533
	19	Harris Corp.		1,691
	44	Hartford Financial Services Group, Inc. (The)		1,936
	17	HCA Holdings, Inc. (a)		1,334
	51	HD Supply Holdings, Inc. (a)		1,685
	46	Hewlett Packard Enterprise Co.		1,030
	142	Hilton Worldwide Holdings, Inc.		3,218
	23	HollyFrontier Corp.		572
	28	Home Depot, Inc. (The)		3,414
	15	Honeywell International, Inc.		1,690
	6	Humana, Inc.		1,112
	12	Illinois Tool Works, Inc.		1,339
	10	Illumina, Inc. (a)		1,338
	6	Intercept Pharmaceuticals, Inc. (a)		800
	29	Invesco Ltd.		808
	24	Johnson & Johnson		2,821
	52	KapStone Paper & Packaging Corp.		935
	29	Kimco Realty Corp.		774
	71	Kinder Morgan, Inc.		1,454
	18	Kite Pharma, Inc. (a)		814
	14	KLA-Tencor Corp.		1,030
	33	Kohl’s Corp.		1,447
	26	Kroger Co. (The)		818
	68	La Quinta Holdings, Inc. (a)		681
	2	Lam Research Corp.		180
	18	Lennox International, Inc.		2,622
	47	LKQ Corp. (a)		1,503
	81	Loews Corp.		3,500
	9	M&T Bank Corp.		1,075
	33	Marathon Petroleum Corp.		1,431
	7	Marsh & McLennan Cos., Inc.		466
	7	Martin Marietta Materials, Inc.		1,353
	29	Mastercard, Inc., Class A		3,083
	51	Media General, Inc. (a)		856
	38	Merck & Co., Inc.		2,251
	107	Microsoft Corp.		6,414
	9	Middleby Corp. (The) (a)		963
	19	Mohawk Industries, Inc. (a)		3,425
	8	Monster Beverage Corp. (a)		1,167
	39	Morgan Stanley		1,294
	9	Nasdaq, Inc.		589
	2	National Bank Holdings Corp., Class A		48

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	14	Netflix, Inc. (a)		1,700
	15	Newell Brands, Inc.		699
	10	Nexstar Broadcasting Group, Inc., Class A		479
	16	NextEra Energy, Inc.		1,999
	1	NII Holdings, Inc. (a)		2
	16	Northern Trust Corp.		1,172
	36	Norwegian Cruise Line Holdings Ltd. (a)		1,390
	14	NVIDIA Corp.		973
	17	Old Dominion Freight Line, Inc. (a)		1,240
	40	Outfront Media, Inc.		855
	8	Palo Alto Networks, Inc. (a)		1,280
	75	PayPal Holdings, Inc. (a)		3,120
	36	PBF Energy, Inc., Class A		792
	1	Penn Virginia Corp. (a)		42
	125	Pfizer, Inc.		3,958
	19	Phillips 66		1,518
	24	PNC Financial Services Group, Inc. (The)		2,302
	15	Post Holdings, Inc. (a)		1,109
	2	Priceline Group, Inc. (The) (a)		2,828
	21	Procter & Gamble Co. (The)		1,856
	10	Prudential Financial, Inc.		831
	21	QUALCOMM, Inc.		1,413
	55	Rayonier, Inc.		1,466
	20	Red Rock Resorts, Inc., Class A		436
	2	Regeneron Pharmaceuticals, Inc. (a)		820
	30	Revance Therapeutics, Inc. (a)		403
	19	S&P Global, Inc.		2,259
	19	salesforce.com, Inc. (a)		1,453
	12	Sempra Energy		1,254
	20	ServiceNow, Inc. (a)		1,755
	43	Shire plc		2,454
	16	Signature Bank (a)		1,979
	19	Sinclair Broadcast Group, Inc., Class A		465
	46	Southwest Airlines Co.		1,855
	11	Spark Therapeutics, Inc. (a)		535
	24	Splunk, Inc. (a)		1,471
	34	Sprouts Farmers Market, Inc. (a)		747
	15	Stanley Black & Decker, Inc.		1,720
	37	Starbucks Corp.		1,966
	44	SunTrust Banks, Inc.		1,978
	26	T. Rowe Price Group, Inc.		1,640
	17	TCEH Corp. (a)		260
	5	Tesla Motors, Inc. (a)		955
	32	Texas Instruments, Inc.		2,266
	65	TherapeuticsMD, Inc. (a)		374

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	21	Tiffany & Co.		1,528
	10	Time Warner, Inc.		884
	23	T-Mobile U.S., Inc. (a)		1,138
	15	Travelers Cos., Inc. (The)		1,642
	14	TreeHouse Foods, Inc. (a)		1,231
	24	Tyson Foods, Inc., Class A		1,728
	38	U.S. Bancorp		1,705
	5	Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,170
	18	United Technologies Corp.		1,871
	45	UnitedHealth Group, Inc.		6,291
	34	Unum Group		1,198
	36	Vantiv, Inc., Class A (a)		2,089
	28	Veeva Systems, Inc., Class A (a)		1,083
	30	Verizon Communications, Inc.		1,434
	16	Vertex Pharmaceuticals, Inc. (a)		1,179
	39	Visa, Inc., Class A		3,258
	12	Vulcan Materials Co.		1,345
	2	W.W. Grainger, Inc.		453
	11	WABCO Holdings, Inc. (a)		1,113
	20	Wayfair, Inc., Class A (a)		655
	131	Wells Fargo & Co.		6,034
	38	WestRock Co.		1,776
	23	Weyerhaeuser Co.		697
	10	Workday, Inc., Class A (a)		863
	44	Xcel Energy, Inc.		1,841
				314,729
		Total Common Stocks (Cost $617,491)		648,545
PRINCIPAL AMOUNT
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
	60	Liberty Interactive LLC, 3.750%, 02/15/30		36
	125	NRG Yield, Inc., 3.250%, 06/01/20 (e)		120
		Total Convertible Bonds (Cost $147)		156
	Corporate Bonds — 27.4%
		Australia — 0.0% (g)
	192	BHP Billiton Finance USA Ltd., 5.000%, 09/30/43		219
		Bahamas — 0.0% (g)
	262	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		50

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 19

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Bermuda — 0.2%
		Aircastle Ltd.,
	255	5.125%, 03/15/21		271
	54	5.500%, 02/15/22		58
	161	7.625%, 04/15/20		183
	825	IHS Markit Ltd., 5.000%, 11/01/22 (e)		872
		Weatherford International Ltd.,
	111	4.500%, 04/15/22		100
	43	5.950%, 04/15/42		33
	248	6.500%, 08/01/36		196
	52	6.750%, 09/15/40		41
	369	7.000%, 03/15/38		304
	68	7.750%, 06/15/21		69
	67	8.250%, 06/15/23		69
				2,196
		Canada — 0.8%
		1011778 B.C. ULC/New Red Finance, Inc.,
	189	4.625%, 01/15/22 (e)		195
	440	6.000%, 04/01/22 (e)		460
	285	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		295
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		64
		Bombardier, Inc.,
	6	4.750%, 04/15/19 (e)		6
	30	5.500%, 09/15/18 (e)		31
	5	6.125%, 01/15/23 (e)		4
	329	Cascades, Inc., 5.750%, 07/15/23 (e)		332
		Cenovus Energy, Inc.,
	52	4.450%, 09/15/42		46
	149	6.750%, 11/15/39		166
		Concordia International Corp.,
	949	7.000%, 04/15/23 (e)		546
	109	9.000%, 04/01/22 (e)		105
	160	9.500%, 10/21/22 (e)		97
	20	Encana Corp., 3.900%, 11/15/21		20
	550	Garda World Security Corp., 7.250%, 11/15/21 (e)		525
	160	HudBay Minerals, Inc., 9.500%, 10/01/20		164
		Lundin Mining Corp.,
	270	7.500%, 11/01/20 (e)		287
	175	7.875%, 11/01/22 (e)		189
	250	Masonite International Corp., 5.625%, 03/15/23 (e)		259
	267	Mattamy Group Corp., 6.500%, 11/15/20 (e)		266
		MEG Energy Corp.,
	380	6.375%, 01/30/23 (e)		314

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
	434	6.500%, 03/15/21 (e)		374
	228	7.000%, 03/31/24 (e)		186
		New Gold, Inc.,
	247	6.250%, 11/15/22 (e)		250
	115	7.000%, 04/15/20 (e)		118
		NOVA Chemicals Corp.,
	54	5.000%, 05/01/25 (e)		54
	319	5.250%, 08/01/23 (e)		325
		Open Text Corp.,
	323	5.625%, 01/15/23 (e)		335
	156	5.875%, 06/01/26 (e)		166
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		47
	140	6.500%, 12/15/21		135
	105	Quebecor Media, Inc., 5.750%, 01/15/23		110
		Teck Resources Ltd.,
	160	3.000%, 03/01/19		159
	233	4.750%, 01/15/22		232
	180	5.400%, 02/01/43		163
	330	6.000%, 08/15/40		318
	165	6.125%, 10/01/35		163
	45	8.000%, 06/01/21 (e)		49
	169	8.500%, 06/01/24 (e)		196
	73	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		72
		Valeant Pharmaceuticals International, Inc.,
	427	5.375%, 03/15/20 (e)		363
	366	5.625%, 12/01/21 (e)		296
	603	5.875%, 05/15/23 (e)		464
	586	6.125%, 04/15/25 (e)		451
	280	6.375%, 10/15/20 (e)		244
	362	6.750%, 08/15/21 (e)		308
	340	7.000%, 10/01/20 (e)		299
	135	7.250%, 07/15/22 (e)		115
	354	7.500%, 07/15/21 (e)		312
	482	Videotron Ltd., 5.375%, 06/15/24 (e)		504
				11,179
		Cayman Islands — 0.1%
	176	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		143
		Transocean, Inc.,
	119	5.550%, 10/15/22		102
	188	6.800%, 03/15/38		123
	1,223	9.000%, 07/15/23 (e)		1,195
	300	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		305
				1,868

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Finland — 0.0% (g)
	501	Nokia OYJ, 6.625%, 05/15/39		541
		France — 1.3%
		Areva S.A.,
	EUR 300	4.375%, 11/06/19		335
	EUR 1,700	4.875%, 09/23/24		1,875
	500	BiSoho SAS, Reg. S, 5.875%, 05/01/23		587
	EUR 2,100	Casino Guichard Perrachon S.A., Reg. S, 3.248%, 03/07/24		2,499
	EUR 800	Crown European Holdings S.A., Reg. S, 4.000%, 07/15/22		962
	EUR 450	Elis S.A., Reg. S, 3.000%, 04/30/22		504
	EUR 2,100	Europcar Groupe S.A., Reg. S, 5.750%, 06/15/22		2,407
	EUR 300	Groupe Fnac S.A., 3.250%, 09/30/23 (e)		336
	EUR 300	Holdikks SAS, Reg. S, 6.750%, 07/15/21		243
	EUR 650	Italcementi Finance S.A., Reg. S, 6.625%, 03/19/20		839
	EUR 1,100	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		1,254
	EUR 1,000	Peugeot S.A., Reg. S, 2.375%, 04/14/23		1,153
	EUR 1,000	Rexel S.A., Reg. S, 3.500%, 06/15/23		1,125
		SFR Group S.A.,
	800	6.000%, 05/15/22 (e)		818
	200	6.250%, 05/15/24 (e)		200
	334	7.375%, 05/01/26 (e)		337
	EUR 1,550	Reg. S, 5.375%, 05/15/22		1,774
	EUR 400	Reg. S, 5.625%, 05/15/24		461
	EUR 300	Vallourec S.A., Reg. S, 2.250%, 09/30/24		263
	EUR 1,100	Verallia Packaging SASU, Reg. S, 5.125%, 08/01/22		1,267
				19,239
		Germany — 1.0%
	EUR 1,500	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		1,745
	EUR 800	Douglas GmbH, Reg. S, 6.250%, 07/15/22		957
	EUR 600	HeidelbergCement AG, Reg. S, 2.250%, 03/30/23		690
	EUR 800	HP Pelzer Holding GmbH, Reg. S, 7.500%, 07/15/21		939
		IHO Verwaltungs GmbH,
	200	4.125% (cash), 09/15/21 (e) (v)		205
	200	4.500% (cash), 09/15/23 (e) (v)		203
	EUR 500	Reg. S, 3.250% (cash), 09/15/23 (v)		557
	EUR 600	Pfleiderer GmbH, Reg. S, 7.875%, 08/01/19		684
	EUR 850	ProGroup AG, Reg. S, 5.125%, 05/01/22		997
	EUR 1,300	ThyssenKrupp AG, Reg. S, 1.750%, 11/25/20		1,459

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany — continued
	EUR 900	Trionista TopCo GmbH, Reg. S, 6.875%, 04/30/21		1,040
	400	Unitymedia GmbH, 6.125%, 01/15/25 (e)		417
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	535	5.500%, 01/15/23 (e)		555
	EUR 2,400	Reg. S, 4.000%, 01/15/25		2,720
	EUR 770	Reg. S, 5.750%, 01/15/23		898
	EUR 800	WEPA Hygieneprodukte GmbH, Reg. S, 3.750%, 05/15/24		915
				14,981
		Ireland — 0.4%
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	200	6.000%, 06/30/21 (e)		205
	235	7.250%, 05/15/24 (e)		248
	EUR 200	Reg. S, 4.125%, 05/15/23		230
	EUR 1,464	Reg. S, 6.750%, 05/15/24		1,712
	EUR 900	Bank of Ireland, Reg. S, VAR, 4.250%, 06/11/24		993
	EUR 961	eircom Finance DAC, Reg. S, 4.500%, 05/31/22		1,087
	400	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., 6.000%, 07/15/23 (e)		346
	EUR 1,300	Smurfit Kappa Acquisitions, Reg. S, 3.250%, 06/01/21		1,548
				6,369
		Italy — 0.7%
	1,000	Buzzi Unicem S.p.A., Reg. S, 2.125%, 04/28/23		1,118
	EUR 1,200	Enel S.p.A., Reg. S, VAR, 5.000%, 01/15/75		1,405
	EUR 2,000	Leonardo-Finmeccanica S.p.A., 4.500%, 01/19/21		2,454
	1,000	LKQ Italia Bondco SpA, Reg. S, 3.875%, 04/01/24		1,168
	EUR 2,950	Telecom Italia S.p.A., Reg. S, 3.250%, 01/16/23		3,407
				9,552
		Japan — 0.2%
		SoftBank Group Corp.,
	400	4.500%, 04/15/20 (e)		411
	EUR 900	Reg. S, 4.000%, 07/30/22		1,084
	EUR 700	Reg. S, 4.750%, 07/30/25		846
				2,341

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 21

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	15	5.250%, 11/15/22		17
	1	7.500%, 10/15/27		1
				18
		Luxembourg — 2.5%
	510	Actavis Funding SCS, 4.750%, 03/15/45		535
		Altice Financing S.A.,
	400	6.500%, 01/15/22 (e)		420
	300	6.625%, 02/15/23 (e)		309
	450	7.500%, 05/15/26 (e)		465
	EUR 900	Reg. S, 5.250%, 02/15/23		1,031
	EUR 600	Altice Finco S.A., Reg. S, 9.000%, 06/15/23		744
		Altice Luxembourg S.A.,
	200	7.625%, 02/15/25 (e)		208
	400	7.750%, 05/15/22 (e)		422
	EUR 500	Reg. S, 6.250%, 02/15/25		566
	EUR 2,250	Reg. S, 7.250%, 05/15/22		2,618
		ArcelorMittal,
	250	6.125%, 06/01/25		274
	1,734	7.250%, 02/25/22		1,968
	153	8.000%, 10/15/39		164
	EUR 1,200	Reg. S, 3.125%, 01/14/22		1,349
	EUR 1,600	Auris Luxembourg II S.A., Reg. S, 8.000%, 01/15/23		1,903
	526	Camelot Finance S.A., 7.875%, 10/15/24 (e)		538
	161	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		161
	EUR 1,000	Cirsa Funding Luxembourg S.A., Reg. S, 5.750%, 05/15/21		1,158
	600	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		607
	EUR 1,300	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		1,523
	EUR 683	eDreams ODIGEO S.A., 8.500%, 08/01/21 (e)		767
	EUR 800	Galapagos S.A., Reg. S, 5.375%, 06/15/21		847
	GBP 417	Garfunkelux Holdco 2 S.A., Reg. S, 11.000%, 11/01/23		504
	EUR 400	Garfunkelux Holdco 3 S.A., Reg. S, 7.500%, 08/01/22		443
	EUR 832	Gestamp Funding Luxembourg S.A., Reg. S, 3.500%, 05/15/23		951
	EUR 600	HeidelbergCement Finance Luxembourg S.A., Reg. S, 7.500%, 04/03/20		806
		Intelsat Jackson Holdings S.A.,
	430	5.500%, 08/01/23		285
	223	7.250%, 04/01/19		178
	355	7.250%, 10/15/20		266

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
	535	8.000%, 02/15/24 (e)		542
	31	Intelsat Luxembourg S.A., 7.750%, 06/01/21		10
	63	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		55
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	20	4.875%, 04/15/20 (e)		20
	90	5.500%, 04/15/25 (e)		83
	916	5.625%, 10/15/23 (e)		861
	183	5.750%, 08/01/22 (e)		172
	EUR 750	Matterhorn Telecom Holding S.A., Reg. S, 4.875%, 05/01/23		814
	EUR 450	Matterhorn Telecom S.A., Reg. S, 3.875%, 05/01/22		496
	EUR 700	Monitchem HoldCo 2 S.A., Reg. S, 6.875%, 06/15/22		667
	50	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		52
	EUR 800	Picard Bondco S.A., Reg. S, 7.750%, 02/01/20		927
	EUR 2,000	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		2,319
	EUR 900	Swissport Investments S.A., Reg. S, 6.750%, 12/15/21		1,047
	EUR 1,600	Telenet Finance V Luxembourg S.C.A., Reg. S, 6.250%, 08/15/22		1,866
	EUR 550	Telenet Finance VI Luxembourg S.C.A., Reg. S, 4.875%, 07/15/27		630
	EUR 950	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., Reg. S, 6.375%, 05/01/22		1,106
		Wind Acquisition Finance S.A.,
	200	4.750%, 07/15/20 (e)		201
	EUR 1,850	Reg. S, 7.000%, 04/23/21		2,115
				35,993
		Mexico — 0.1%
		Cemex S.A.B. de C.V.,
	400	5.700%, 01/11/25 (e)		407
	1,340	6.125%, 05/05/25 (e)		1,380
	200	7.750%, 04/16/26 (e)		223
				2,010
		Netherlands — 1.3%
	257	Alcoa Nederland Holding B.V., 6.750%, 09/30/24 (e)		266
	400	Bluewater Holding B.V., 10.000%, 12/10/19 (e)		204

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Netherlands — continued
		Fiat Chrysler Automobiles N.V.,
	437	4.500%, 04/15/20		448
	663	5.250%, 04/15/23		676
	EUR 2,100	Reg. S, 3.750%, 03/29/24		2,383
	EUR 1,000	Grupo Antolin Dutch B.V., Reg. S, 5.125%, 06/30/22		1,172
	525	Mylan N.V., 5.250%, 06/15/46 (e)		536
		NXP B.V./NXP Funding LLC,
	200	4.125%, 06/15/20 (e)		211
	355	4.125%, 06/01/21 (e)		379
	400	4.625%, 06/15/22 (e)		436
	200	5.750%, 02/15/21 (e)		208
	EUR 600	PortAventura Entertainment Barcelona B.V., Reg. S, 7.250%, 12/01/20		684
	EUR 1,100	Repsol International Finance B.V., Reg. S, VAR, 4.500%, 03/25/75		1,121
	EUR 3,400	Schaeffler Finance B.V., Reg. S, 3.250%, 05/15/25		4,012
		Sensata Technologies B.V.,
	388	4.875%, 10/15/23 (e)		402
	38	5.000%, 10/01/25 (e)		39
	7	5.625%, 11/01/24 (e)		8
	565	Shell International Finance B.V., 3.750%, 09/12/46		541
	435	Teva Pharmaceutical Finance Netherlands III B.V., 4.100%, 10/01/46		404
	EUR 2,000	UPC Holding B.V., Reg. S, 6.375%, 09/15/22		2,333
		Ziggo Bond Finance B.V.,
	200	5.875%, 01/15/25 (e)		199
	EUR 700	Reg. S, 4.625%, 01/15/25		778
	485	Ziggo Secured Finance B.V., 5.500%, 01/15/27 (e)		476
				17,916
		Norway — 0.1%
	EUR 600	Lock A.S., Reg. S, 7.000%, 08/15/21		685
		Portugal — 0.1%
	EUR 700	EDP—Energias de Portugal S.A., Reg. S, VAR, 5.375%, 09/16/75		806
		Singapore — 0.0% (g)
		Flex Ltd.,
	15	4.625%, 02/15/20		16
	195	5.000%, 02/15/23		211
				227

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Spain — 0.1%
	EUR 1,150	Campofrio Food Group S.A., Reg. S, 3.375%, 03/15/22		1,307
		Sweden — 0.3%
	EUR 1,700	Verisure Holding AB, Reg. S, 6.000%, 11/01/22		2,029
		Volvo Car AB,
	EUR 650	Reg. S, 3.250%, 05/18/21		760
	EUR 1,250	Volvo Treasury AB, Reg. S, VAR, 4.200%, 06/10/75		1,439
				4,228
		United Kingdom — 2.0%
		Adient Global Holdings Ltd.,
	EUR 383	3.500%, 08/15/24 (e)		418
	EUR 400	Reg. S, 3.500%, 08/15/24		436
	EUR 950	Alliance Automotive Finance plc, Reg. S, 6.250%, 12/01/21		1,111
		Anglo American Capital plc,
	554	4.125%, 09/27/22 (e)		548
	425	4.450%, 09/27/20 (e)		434
	200	4.875%, 05/14/25 (e)		203
	EUR 1,100	Reg. S, 2.500%, 04/29/21		1,232
	EUR 490	Reg. S, 2.750%, 06/07/19		562
	EUR 800	Reg. S, 3.250%, 04/03/23		911
	EUR 900	Reg. S, 3.500%, 03/28/22		1,047
	GBP 500	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		598
		Ensco plc,
	52	4.500%, 10/01/24		42
	105	4.700%, 03/15/21		97
	GBP 400	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		501
	GBP 250	Galaxy Finco Ltd., Reg. S, 7.875%, 11/15/21		300
	GBP 400	Iceland Bondco plc, Reg. S, 6.250%, 07/15/21		470
	EUR 1,150	Ineos Finance plc, Reg. S, 4.000%, 05/01/23		1,287
	241	Inmarsat Finance plc, 6.500%, 10/01/24 (e)		244
		International Game Technology plc,
	375	6.250%, 02/15/22 (e)		398
	400	6.500%, 02/15/25 (e)		434
	EUR 1,650	Reg. S, 4.750%, 02/15/23		1,963
		Jaguar Land Rover Automotive plc,
	200	4.125%, 12/15/18 (e)		203
	409	4.250%, 11/15/19 (e)		423
	537	5.625%, 02/01/23 (e)		556

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 23

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	GBP 642	Reg. S, 3.875%, 03/01/23		800
	GBP 258	Reg. S, 5.000%, 02/15/22		342
	EUR 986	Lincoln Finance Ltd., Reg. S, 6.875%, 04/15/21		1,176
	EUR 550	Merlin Entertainments plc, Reg. S, 2.750%, 03/15/22		629
	GBP 193	New Look Secured Issuer plc, Reg. S, 6.500%, 07/01/22		212
	EUR 400	OTE plc, Reg. S, 7.875%, 02/07/18		469
	GBP 1,100	Pizzaexpress Financing 2 plc, Reg. S, 6.625%, 08/01/21		1,323
		Royal Bank of Scotland Group plc,
	862	6.100%, 06/10/23		894
	1,185	6.125%, 12/15/22		1,251
	200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		215
	EUR 1,500	Synlab Unsecured Bondco plc, Reg. S, 8.250%, 07/01/23		1,774
	EUR 1,700	Tesco Corporate Treasury Services plc, Reg. S, 2.500%, 07/01/24		1,904
	GBP 500	Thomas Cook Group plc, 7.750%, 06/22/17		633
		Virgin Media Finance plc,
	600	6.375%, 04/15/23 (e)		612
	EUR 850	Reg. S, 4.500%, 01/15/25		925
	EUR 900	Worldpay Finance plc, Reg. S, 3.750%, 11/15/22		1,065
				28,642
		United States — 16.2%
	485	21st Century Fox America, Inc., 4.950%, 10/15/45		533
	530	AbbVie, Inc., 4.450%, 05/14/46		527
		Acadia Healthcare Co., Inc.,
	25	5.125%, 07/01/22		25
	555	5.625%, 02/15/23		556
	40	6.125%, 03/15/21		41
	115	6.500%, 03/01/24		118
	303	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		171
	990	ADT Corp. (The), 4.125%, 06/15/23		968
	153	Advanced Micro Devices, Inc., 7.000%, 07/01/24		152
		AECOM,
	313	5.750%, 10/15/22		329
	785	5.875%, 10/15/24		829
		AES Corp.,
	1,000	5.500%, 04/15/25		1,010

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	188	6.000%, 05/15/26		194
	7	VAR, 3.842%, 06/01/19		7
	391	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		256
	375	AK Steel Corp., 7.500%, 07/15/23		404
		Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
	285	5.750%, 03/15/25 (e)		281
	651	6.625%, 06/15/24 (e)		676
	490	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		540
		Alere, Inc.,
	190	6.375%, 07/01/23 (e)		198
	292	6.500%, 06/15/20		296
	230	Aleris International, Inc., 9.500%, 04/01/21 (e)		247
		Alliance Data Systems Corp.,
	218	5.375%, 08/01/22 (e)		210
	120	5.875%, 11/01/21 (e)		121
		Ally Financial, Inc.,
	319	3.250%, 11/05/18		319
	102	3.600%, 05/21/18		103
	670	4.125%, 03/30/20		681
	566	4.125%, 02/13/22		566
	473	4.625%, 05/19/22		484
	25	4.625%, 03/30/25		25
	710	5.125%, 09/30/24		744
	400	5.750%, 11/20/25		409
	23	6.250%, 12/01/17		24
	448	8.000%, 11/01/31		535
		Altice U.S. Finance I Corp.,
	605	5.375%, 07/15/23 (e)		622
	457	5.500%, 05/15/26 (e)		466
	260	Altria Group, Inc., 3.875%, 09/16/46		256
	170	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26 (e)		171
		AMC Entertainment, Inc.,
	200	5.750%, 06/15/25		200
	208	5.875%, 02/15/22		216
		AMC Networks, Inc.,
	300	4.750%, 12/15/22		306
	430	5.000%, 04/01/24		435
	325	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		336
	550	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		579
	525	American International Group, Inc., 4.800%, 07/10/45		559

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	95	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		100
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	277	5.625%, 05/20/24		290
	127	5.875%, 08/20/26		133
	525	Amgen, Inc., 4.400%, 05/01/45		534
	164	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		166
		Amsurg Corp.,
	55	5.625%, 11/30/20		56
	450	5.625%, 07/15/22		459
	475	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		545
	425	Anixter, Inc., 5.500%, 03/01/23		447
		Antero Resources Corp.,
	1,199	5.125%, 12/01/22		1,208
	387	5.375%, 11/01/21		391
	100	6.000%, 12/01/20		103
	835	Apple, Inc., 3.850%, 08/04/46		815
	300	Aramark Services, Inc., 5.125%, 01/15/24		314
	45	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		42
		Arconic, Inc.,
	932	5.125%, 10/01/24		972
	220	5.400%, 04/15/21		234
	125	5.900%, 02/01/27		132
	100	6.150%, 08/15/20		109
	5	6.750%, 07/15/18		5
	120	6.750%, 01/15/28		131
	400	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		421
	850	AT&T, Inc., 4.500%, 03/09/48 (e)		801
		Avaya, Inc.,
	740	7.000%, 04/01/19 (e)		601
	287	10.500%, 03/01/21		95
		Axalta Coating Systems LLC,
	160	4.875%, 08/15/24 (e)		163
	EUR 500	Reg. S, 4.250%, 08/15/24		568
	165	B&G Foods, Inc., 4.625%, 06/01/21		170
		Ball Corp.,
	100	4.000%, 11/15/23		101
	215	4.375%, 12/15/20		229
	EUR 850	4.375%, 12/15/23		1,049
	150	5.000%, 03/15/22		161
	110	5.250%, 07/01/25		117

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Bank of America Corp.,
	405	3.500%, 04/19/26		415
	360	4.875%, 04/01/44		407
		Belden, Inc.,
	3	5.250%, 07/15/24 (e)		3
	226	5.500%, 09/01/22 (e)		231
	570	Berkshire Hathaway Energy Co., 4.500%, 02/01/45		628
		Berry Plastics Corp.,
	230	5.125%, 07/15/23		234
	190	5.500%, 05/15/22		198
		Blue Cube Spinco, Inc.,
	615	9.750%, 10/15/23		722
	864	10.000%, 10/15/25		1,037
	135	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		132
	359	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		313
		Boardwalk Pipelines LP,
	17	4.950%, 12/15/24		18
	322	5.950%, 06/01/26		357
		Boyd Gaming Corp.,
	120	6.375%, 04/01/26 (e)		128
	342	6.875%, 05/15/23		366
	185	Briggs & Stratton Corp., 6.875%, 12/15/20		205
	923	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		922
		Cablevision Systems Corp.,
	662	8.000%, 04/15/20		702
	74	8.625%, 09/15/17		77
	497	CalAtlantic Group, Inc., 5.875%, 11/15/24		531
	652	Caleres, Inc., 6.250%, 08/15/23		686
		California Resources Corp.,
	3	5.500%, 09/15/21		2
	256	8.000%, 12/15/22 (e)		173
	137	Callon Petroleum Co., 6.125%, 10/01/24 (e)		141
		Calpine Corp.,
	370	5.250%, 06/01/26 (e)		375
	4	5.375%, 01/15/23		4
	20	5.500%, 02/01/24		19
	7	5.750%, 01/15/25		7
	754	5.875%, 01/15/24 (e)		794
	500	6.000%, 01/15/22 (e)		523
	517	Casella Waste Systems, Inc., 7.750%, 02/15/19		528

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 25

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	345	CBS Corp., 4.600%, 01/15/45		350
	76	CCM Merger, Inc., 9.125%, 05/01/19 (e)		79
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	480	5.500%, 05/01/26 (e)		493
	30	5.750%, 09/01/23		32
	859	5.750%, 02/15/26 (e)		895
	1,836	5.875%, 04/01/24 (e)		1,937
		CDW LLC/CDW Finance Corp.,
	105	5.000%, 09/01/23		108
	70	5.500%, 12/01/24		74
	444	6.000%, 08/15/22		470
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	500	5.250%, 03/15/21		519
	5	5.375%, 06/01/24		5
	600	Cemex Finance LLC, 6.000%, 04/01/24 (e)		620
		Centene Corp.,
	162	4.750%, 05/15/22		164
	355	4.750%, 01/15/25		354
	295	5.625%, 02/15/21		311
	260	6.125%, 02/15/24		276
	477	Central Garden & Pet Co., 6.125%, 11/15/23		512
	5	Cenveo Corp., 8.500%, 09/15/22 (e)		4
		CF Industries, Inc.,
	95	4.950%, 06/01/43		79
	330	5.150%, 03/15/34		297
	125	5.375%, 03/15/44		107
	15	7.125%, 05/01/20		17
		Change Healthcare Holdings, Inc.,
	280	6.000%, 02/15/21 (e)		294
	405	11.000%, 12/31/19		425
	460	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.484%, 10/23/45 (e)		541
	270	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		286
		Chesapeake Energy Corp.,
	387	4.875%, 04/15/22		329
	113	5.750%, 03/15/23		98
	220	6.125%, 02/15/21		201
	486	8.000%, 12/15/22 (e)		494
		CHS/Community Health Systems, Inc.,
	4	5.125%, 08/15/18		4
	535	5.125%, 08/01/21		495
	521	6.875%, 02/01/22		388

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	320	7.125%, 07/15/20		259
	354	8.000%, 11/15/19		308
	240	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		251
	568	Cinemark USA, Inc., 5.125%, 12/15/22		584
	1,770	CIT Group, Inc., 5.000%, 08/15/22		1,894
	449	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		459
	149	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		152
		Citigroup, Inc.,
	410	3.400%, 05/01/26		417
	440	4.650%, 07/30/45		482
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		78
	26	9.000%, 03/15/19 (e)		13
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.500%, 11/15/22		15
	55	Series A, 7.625%, 03/15/20		52
	795	Series B, 6.500%, 11/15/22		810
	685	Series B, 7.625%, 03/15/20		663
		Clearwater Paper Corp.,
	270	4.500%, 02/01/23		269
	91	5.375%, 02/01/25 (e)		92
	8	Clearwire Communications LLC/Clearwire Finance, Inc., 14.750%, 12/01/16 (e)		8
	34	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12.000%, 11/01/21		34
	499	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		327
		CNO Financial Group, Inc.,
	39	4.500%, 05/30/20		40
	645	5.250%, 05/30/25		656
	372	Coeur Mining, Inc., 7.875%, 02/01/21		381
	235	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		279
	575	Comcast Corp., 3.400%, 07/15/46		531
	389	Commercial Metals Co., 4.875%, 05/15/23		385
	68	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		71
		CommScope, Inc.,
	23	4.375%, 06/15/20 (e)		24
	310	5.000%, 06/15/21 (e)		318
	295	5.500%, 06/15/24 (e)		309
	242	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		251
		Concho Resources, Inc.,
	100	5.500%, 10/01/22		103

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	102	6.500%, 01/15/22		105
	30	CONSOL Energy, Inc., 5.875%, 04/15/22		28
	306	Consolidated Communications, Inc., 6.500%, 10/01/22		301
		Constellation Brands, Inc.,
	100	4.250%, 05/01/23		105
	3	4.750%, 11/15/24		3
	270	4.750%, 12/01/25		297
	60	6.000%, 05/01/22		70
	10	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		11
	314	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		346
		Continental Resources, Inc.,
	39	3.800%, 06/01/24		36
	152	4.500%, 04/15/23		145
	927	5.000%, 09/15/22		913
	297	7.125%, 04/01/21		308
	181	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (d) (e)		182
	505	Cortes NP Acquisition Corp., 9.250%, 10/15/24 (e)		529
	420	Cott Beverages, Inc., 5.375%, 07/01/22		426
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		97
	95	6.375%, 10/01/22		97
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	55	6.000%, 12/15/20		56
	9	6.125%, 03/01/22		9
	324	6.250%, 04/01/23		328
	225	Crown Americas LLC/Crown Americas Capital Corp. V, 4.250%, 09/30/26 (e)		221
	325	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		333
		CSC Holdings LLC,
	463	5.500%, 04/15/27 (e)		470
	250	6.750%, 11/15/21		263
	221	8.625%, 02/15/19		246
	20	CSI Compressco LP/CSI Compressco Finance, Inc., 7.250%, 08/15/22		19
	908	CVR Partners LP/CVR Nitrogen Finance Corp., 9.250%, 06/15/23 (e)		890
	71	Dana, Inc., 5.500%, 12/15/24		74
	269	Darling Ingredients, Inc., 5.375%, 01/15/22		280

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		DaVita, Inc.,
	335	5.000%, 05/01/25		323
	479	5.125%, 07/15/24		467
	115	5.750%, 08/15/22		118
		DCP Midstream Operating LP,
	200	3.875%, 03/15/23		195
	87	4.950%, 04/01/22		89
	1,287	Dean Foods Co., 6.500%, 03/15/23 (e)		1,371
	38	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		43
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	5	3.480%, 06/01/19 (e)		5
	159	4.420%, 06/15/21 (e)		166
	464	5.450%, 06/15/23 (e)		497
	345	5.875%, 06/15/21 (e)		362
	464	6.020%, 06/15/26 (e)		506
	350	7.125%, 06/15/24 (e)		383
	65	8.100%, 07/15/36 (e)		77
	553	8.350%, 07/15/46 (e)		671
	353	Diebold, Inc., 8.500%, 04/15/24 (e)		374
		DISH DBS Corp.,
	80	5.875%, 07/15/22		83
	1,714	6.750%, 06/01/21		1,842
	561	7.750%, 07/01/26		616
	110	7.875%, 09/01/19		122
	611	Dollar Tree, Inc., 5.750%, 03/01/23		648
	460	Dominion Gas Holdings LLC, 4.600%, 12/15/44		483
	266	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		269
	705	DS Services of America, Inc., 10.000%, 09/01/21 (e)		783
	310	DuPont Fabros Technology LP, 5.875%, 09/15/21		325
		Dynegy, Inc.,
	562	5.875%, 06/01/23		503
	190	7.375%, 11/01/22		184
	330	7.625%, 11/01/24		316
	200	8.000%, 01/15/25 (e)		193
	115	E*TRADE Financial Corp., 5.375%, 11/15/22		123
	65	Eldorado Resorts, Inc., 7.000%, 08/01/23		69
	3,382	Embarq Corp., 7.995%, 06/01/36		3,433
	141	EMC Corp., 2.650%, 06/01/20		137
	250	Emera U.S. Finance LP, 4.750%, 06/15/46 (e)		264

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	220	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		238
	356	Endo Finance LLC, 5.750%, 01/15/22 (e)		320
	250	Endo Finance LLC/Endo Finco, Inc., 5.375%, 01/15/23 (e)		213
	783	Energy Transfer Equity LP, 5.875%, 01/15/24		793
	375	EnerSys, 5.000%, 04/30/23 (e)		384
		EnLink Midstream Partners LP,
	175	4.150%, 06/01/25		170
	92	4.850%, 07/15/26		94
	42	Entegris, Inc., 6.000%, 04/01/22 (e)		43
	525	Enterprise Products Operating LLC, 4.900%, 05/15/46		544
	280	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		278
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	148	6.375%, 06/15/23		101
	172	7.750%, 09/01/22		117
	710	9.375%, 05/01/20		555
		Equinix, Inc.,
	750	5.375%, 01/01/22		795
	47	5.375%, 04/01/23		49
	3	5.750%, 01/01/25		3
	86	5.875%, 01/15/26		92
	398	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		394
	520	Exelon Corp., 4.450%, 04/15/46		542
	540	Express Scripts Holding Co., 4.800%, 07/15/46		542
	146	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23		136
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		200
		First Data Corp.,
	540	5.000%, 01/15/24 (e)		547
	190	5.375%, 08/15/23 (e)		196
	733	5.750%, 01/15/24 (e)		746
	73	6.750%, 11/01/20 (e)		75
	842	7.000%, 12/01/23 (e)		885
	545	Ford Motor Co., 4.750%, 01/15/43		546
		Freeport-McMoRan, Inc.,
	565	3.100%, 03/15/20		544
	105	3.550%, 03/01/22		96
	795	3.875%, 03/15/23		723
	392	5.400%, 11/14/34		338
	658	5.450%, 03/15/43		546

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Fresenius Medical Care U.S. Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		166
	220	4.750%, 10/15/24 (e)		229
	85	5.625%, 07/31/19 (e)		92
	200	5.875%, 01/31/22 (e)		227
	25	6.500%, 09/15/18 (e)		27
	300	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		335
		Frontier Communications Corp.,
	745	6.250%, 09/15/21		708
	15	7.125%, 03/15/19		16
	40	8.125%, 10/01/18		43
	425	8.500%, 04/15/20		454
	188	8.875%, 09/15/20		200
	629	9.250%, 07/01/21		664
	328	10.500%, 09/15/22		341
	542	11.000%, 09/15/25		553
	210	FTI Consulting, Inc., 6.000%, 11/15/22		221
	352	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		399
	525	General Motors Co., 5.200%, 04/01/45		536
		Genesis Energy LP/Genesis Energy Finance Corp.,
	397	5.625%, 06/15/24		393
	65	5.750%, 02/15/21		65
	52	6.000%, 05/15/23		52
	30	6.750%, 08/01/22		31
	720	GenOn Energy, Inc., 9.875%, 10/15/20		538
	550	Gilead Sciences, Inc., 4.150%, 03/01/47		545
		Global Partners LP/GLP Finance Corp.,
	165	6.250%, 07/15/22		158
	125	7.000%, 06/15/23		119
		GLP Capital LP/GLP Financing II, Inc.,
	20	4.375%, 04/15/21		21
	650	5.375%, 11/01/23		696
	85	5.375%, 04/15/26		90
	275	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		289
		Goldman Sachs Group, Inc. (The),
	405	3.750%, 02/25/26		422
	375	4.750%, 10/21/45		413
	120	Goodman Networks, Inc., 12.125%, 07/01/18		51
		Goodyear Tire & Rubber Co. (The),
	290	5.000%, 05/31/26		292
	675	5.125%, 11/15/23		697
	140	7.000%, 05/15/22		147

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Graphic Packaging International, Inc.,
	110	4.750%, 04/15/21		117
	100	4.875%, 11/15/22		105
		Gray Television, Inc.,
	285	5.125%, 10/15/24 (e)		277
	165	5.875%, 07/15/26 (e)		164
	25	Greif, Inc., 6.750%, 02/01/17		25
	1,000	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		995
	9	Guitar Center, Inc., 6.500%, 04/15/19 (e)		8
	235	H&E Equipment Services, Inc., 7.000%, 09/01/22		247
	520	Halliburton Co., 5.000%, 11/15/45		571
	330	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		239
		Harland Clarke Holdings Corp.,
	250	6.875%, 03/01/20 (e)		240
	5	9.750%, 08/01/18 (e)		5
	430	Harris Corp., 5.054%, 04/27/45		473
	240	HCA Holdings, Inc., 6.250%, 02/15/21		259
		HCA, Inc.,
	289	3.750%, 03/15/19		296
	205	4.250%, 10/15/19		213
	280	4.500%, 02/15/27		276
	55	4.750%, 05/01/23		57
	346	5.000%, 03/15/24		362
	165	5.250%, 04/15/25		173
	295	5.250%, 06/15/26		308
	551	5.375%, 02/01/25		563
	290	5.875%, 03/15/22		319
	535	5.875%, 02/15/26		562
	125	6.500%, 02/15/20		138
	472	7.500%, 02/15/22		537
	5	8.000%, 10/01/18		6
	451	Series 1, 5.875%, 05/01/23		478
		HD Supply, Inc.,
	200	5.250%, 12/15/21 (e)		213
	250	5.750%, 04/15/24 (e)		262
	395	Hecla Mining Co., 6.875%, 05/01/21		403
	550	Hess Corp., 5.800%, 04/01/47		563
	1,282	Hexion, Inc., 6.625%, 04/15/20		1,122
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	970	5.000%, 12/01/24 (e)		946
	60	5.750%, 10/01/25 (e)		60
	118	7.625%, 04/15/21 (e)		121

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	10	Reg. S, 7.625%, 04/15/21		10
	130	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		137
	295	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		296
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	364	6.000%, 08/01/24 (e)		378
	25	6.500%, 03/01/20		26
	333	Hologic, Inc., 5.250%, 07/15/22 (e)		352
		Hughes Satellite Systems Corp.,
	544	5.250%, 08/01/26 (e)		536
	174	6.625%, 08/01/26 (e)		172
	50	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		52
	865	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		824
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	35	4.875%, 03/15/19		35
	115	5.875%, 02/01/22		109
	315	6.000%, 08/01/20		307
		iHeartCommunications, Inc.,
	1,195	9.000%, 12/15/19		907
	30	9.000%, 03/01/21		21
	1,015	ILFC E-Capital Trust I, VAR, 4.000%, 12/21/65 (e)		809
	580	ILFC E-Capital Trust II, VAR, 4.250%, 12/21/65 (e)		473
	96	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		96
	8	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		8
		Infor U.S., Inc.,
	324	5.750%, 08/15/20 (e)		339
	524	6.500%, 05/15/22		542
	163	Informatica LLC, 7.125%, 07/15/23 (e)		152
	215	Ingles Markets, Inc., 5.750%, 06/15/23		223
	515	Intel Corp., 4.100%, 05/19/46		530
	34	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		34
		Iron Mountain, Inc.,
	369	5.750%, 08/15/24		378
	266	6.000%, 10/01/20 (e)		282
	235	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		244
		J.C. Penney Corp., Inc.,
	385	5.875%, 07/01/23 (e)		396
	4	8.125%, 10/01/19		5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 29

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	245	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		246
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	736	5.750%, 06/15/25 (e)		719
	700	5.875%, 07/15/24 (e)		700
	550	7.250%, 06/01/21 (e)		565
	300	8.250%, 02/01/20 (e)		308
	59	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		59
	126	Kaiser Aluminum Corp., 5.875%, 05/15/24		133
	44	Kennedy-Wilson, Inc., 5.875%, 04/01/24		45
		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
	250	5.000%, 06/01/24 (e)		257
	250	5.250%, 06/01/26 (e)		261
	EUR 550	Kloeckner Pentaplast of America, Inc., Reg. S, 7.125%, 11/01/20		632
	520	Kraft Heinz Foods Co., 4.375%, 06/01/46		524
	555	Kroger Co. (The), 3.875%, 10/15/46		531
		L Brands, Inc.,
	385	5.625%, 02/15/22		422
	300	5.625%, 10/15/23		330
	250	6.750%, 07/01/36		265
	325	6.875%, 11/01/35		344
		Lamar Media Corp.,
	175	5.000%, 05/01/23		183
	32	5.375%, 01/15/24		34
	178	5.750%, 02/01/26		191
	30	5.875%, 02/01/22		31
	294	Landry’s, Inc., 6.750%, 10/15/24 (e)		300
		Lennar Corp.,
	15	4.500%, 06/15/19		16
	25	4.500%, 11/15/19		26
	260	4.750%, 05/30/25		264
	154	4.875%, 12/15/23		158
	60	6.950%, 06/01/18		64
	5	Series B, 12.250%, 06/01/17		5
		Level 3 Financing, Inc.,
	384	5.125%, 05/01/23		388
	417	5.250%, 03/15/26 (e)		422
	50	5.375%, 08/15/22		52
	142	5.375%, 01/15/24		145
	291	5.375%, 05/01/25		295
	3	5.625%, 02/01/23		3
	5	VAR, 4.407%, 01/15/18		5
	5	Levi Strauss & Co., 5.000%, 05/01/25		5

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		295
		LifePoint Health, Inc.,
	75	5.375%, 05/01/24 (e)		75
	254	5.500%, 12/01/21		263
	363	LIN Television Corp., 5.875%, 11/15/22		380
		Live Nation Entertainment, Inc.,
	240	4.875%, 11/01/24 (e)		240
	410	5.375%, 06/15/22 (e)		424
	350	Lockheed Martin Corp., 3.800%, 03/01/45		347
	338	M/I Homes, Inc., 6.750%, 01/15/21		356
	138	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		132
	4	Masco Corp., 5.950%, 03/15/22		5
	757	MasTec, Inc., 4.875%, 03/15/23		737
		Match Group, Inc.,
	110	6.375%, 06/01/24		119
	200	6.750%, 12/15/22		213
	289	Mediacom Broadband LLC/Mediacom Broadband Corp., 6.375%, 04/01/23		301
	230	Meritage Homes Corp., 7.000%, 04/01/22		257
	520	MetLife, Inc., 4.600%, 05/13/46		565
	95	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625%, 05/01/24 (e)		101
		MGM Resorts International,
	296	4.625%, 09/01/26		285
	350	5.250%, 03/31/20		370
	320	6.000%, 03/15/23		346
	575	6.625%, 12/15/21		642
	270	6.750%, 10/01/20		301
	280	7.750%, 03/15/22		324
	45	11.375%, 03/01/18		50
		Micron Technology, Inc.,
	425	5.250%, 08/01/23 (e)		416
	186	5.250%, 01/15/24 (e)		181
	114	5.500%, 02/01/25		111
	14	5.625%, 01/15/26 (e)		14
	17	5.875%, 02/15/22		18
	365	7.500%, 09/15/23 (e)		403
	216	Microsemi Corp., 9.125%, 04/15/23 (e)		249
	550	Microsoft Corp., 3.700%, 08/08/46		539
	550	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		562

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Momentive Performance Materials, Inc.,
	262	3.880%, 10/24/21		233
	35	8.875%, 10/15/20 (d)		—
		Morgan Stanley,
	425	3.125%, 07/27/26		424
	395	4.300%, 01/27/45		414
	741	MPG Holdco I, Inc., 7.375%, 10/15/22		755
	646	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		691
	400	MPLX LP, 5.500%, 02/15/23		417
	404	MSCI, Inc., 5.250%, 11/15/24 (e)		424
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	300	6.500%, 08/01/18		304
	15	6.500%, 07/01/21		15
	248	6.500%, 06/01/22		241
	45	7.875%, 10/01/20		46
	27	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		20
	246	NBTY, Inc., 7.625%, 05/15/21 (e)		241
	245	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		268
		NCR Corp.,
	50	5.000%, 07/15/22		51
	4	5.875%, 12/15/21		4
	16	6.375%, 12/15/23		17
	350	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		289
		Netflix, Inc.,
	150	5.500%, 02/15/22		162
	115	5.750%, 03/01/24		125
		New Albertson’s, Inc.,
	204	7.450%, 08/01/29		196
	30	7.750%, 06/15/26		30
	102	8.000%, 05/01/31		99
	225	8.700%, 05/01/30		229
	121	Series C, 6.625%, 06/01/28		109
		Newfield Exploration Co.,
	231	5.375%, 01/01/26		238
	126	5.625%, 07/01/24		131
	193	5.750%, 01/30/22		201
		Nexstar Broadcasting, Inc.,
	35	6.125%, 02/15/22 (e)		36
	25	6.875%, 11/15/20		26

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	245	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		243
	243	NFP Corp., 9.000%, 07/15/21 (e)		248
	2	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		2
	425	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		446
	1,033	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		1,052
	483	Noble Energy, Inc., 5.050%, 11/15/44		485
		Novelis Corp.,
	390	5.875%, 09/30/26 (e)		395
	415	6.250%, 08/15/24 (e)		431
		NRG Energy, Inc.,
	850	6.250%, 05/01/24		825
	11	6.625%, 03/15/23		11
	215	7.250%, 05/15/26 (e)		211
		NRG Yield Operating LLC,
	180	5.000%, 09/15/26 (e)		175
	600	5.375%, 08/15/24		612
	532	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		547
		NuStar Logistics LP,
	149	4.800%, 09/01/20		151
	53	6.750%, 02/01/21		58
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		29
		Oasis Petroleum, Inc.,
	107	6.500%, 11/01/21		107
	77	6.875%, 03/15/22		76
	505	ONEOK Partners LP, 6.200%, 09/15/43		571
		ONEOK, Inc.,
	19	4.250%, 02/01/22		19
	47	7.500%, 09/01/23		54
	540	Oracle Corp., 4.000%, 07/15/46		534
		Orbital ATK, Inc.,
	113	5.250%, 10/01/21		117
	110	5.500%, 10/01/23		115
		Oshkosh Corp.,
	20	5.375%, 03/01/22		21
	66	5.375%, 03/01/25		69
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	33	5.250%, 02/15/22		34
	245	5.625%, 02/15/24		255
	205	5.875%, 03/15/25		214
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		84
	255	5.375%, 01/15/25 (e)		262

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 31

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	17	6.375%, 08/15/25 (e)		19
	100	Parker Drilling Co., 6.750%, 07/15/22		79
	310	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		329
	167	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		154
	137	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		133
	75	Penn Virginia Corp., 8.500%, 05/01/20 (d)		1
	293	Penske Automotive Group, Inc., 5.500%, 05/15/26		291
	80	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		82
	534	PetSmart, Inc., 7.125%, 03/15/23 (e)		559
	290	Philip Morris International, Inc., 4.875%, 11/15/43		329
	495	Phillips 66, 4.875%, 11/15/44		530
	150	Phillips 66 Partners LP, 4.900%, 10/01/46		149
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		336
	85	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24		91
	560	PolyOne Corp., 5.250%, 03/15/23		573
		Post Holdings, Inc.,
	250	5.000%, 08/15/26 (e)		242
	475	6.750%, 12/01/21 (e)		508
	200	7.750%, 03/15/24 (e)		220
	100	8.000%, 07/15/25 (e)		114
		Prestige Brands, Inc.,
	245	5.375%, 12/15/21 (e)		254
	90	6.375%, 03/01/24 (e)		96
	1,210	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		1,283
	115	Provident Funding Associates LP/PFG Finance Corp., 6.750%, 06/15/21 (e)		116
	525	Prudential Financial, Inc., 4.600%, 05/15/44		559
	EUR    850	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		900
		PulteGroup, Inc.,
	163	5.000%, 01/15/27		162
	230	5.500%, 03/01/26		239
	15	PVH Corp., 4.500%, 12/15/22		15
		QEP Resources, Inc.,
	399	5.250%, 05/01/23		392
	601	5.375%, 10/01/22		595
	236	Qorvo, Inc., 6.750%, 12/01/23		258
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		10
	785	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		775

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Quintiles IMS, Inc.,
	230	4.875%, 05/15/23 (e)		236
	330	5.000%, 10/15/26 (e)		341
		Qwest Capital Funding, Inc.,
	7	6.875%, 07/15/28		7
	345	7.750%, 02/15/31		329
	25	Qwest Corp., 7.250%, 09/15/25		27
	161	Radian Group, Inc., 7.000%, 03/15/21		180
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		26
		Range Resources Corp.,
	305	4.875%, 05/15/25		291
	171	5.000%, 03/15/23 (e)		166
		Regal Entertainment Group,
	365	5.750%, 03/15/22		378
	50	5.750%, 06/15/23		51
	250	5.750%, 02/01/25		251
		Revlon Consumer Products Corp.,
	110	5.750%, 02/15/21		111
	154	6.250%, 08/01/24 (e)		159
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	310	5.125%, 07/15/23 (e)		318
	410	5.750%, 10/15/20		421
	100	6.875%, 02/15/21		103
	250	8.250%, 02/15/21		261
	186	Rice Energy, Inc., 7.250%, 05/01/23		197
		Rite Aid Corp.,
	511	6.125%, 04/01/23 (e)		540
	5	6.750%, 06/15/21		5
	10	9.250%, 03/15/20		11
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	228	5.625%, 07/15/22		218
	20	5.625%, 11/15/23		19
	360	RSP Permian, Inc., 6.625%, 10/01/22		379
		Sabine Pass Liquefaction LLC,
	1,723	5.625%, 03/01/25		1,822
	100	5.750%, 05/15/24		106
	325	5.875%, 06/30/26 (e)		350
	200	6.250%, 03/15/22		219
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		41
	110	5.375%, 04/15/23 (e)		113
	11	Safeway, Inc., 5.000%, 08/15/19		11

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Sally Holdings LLC/Sally Capital, Inc.,
	75	5.500%, 11/01/23		79
	267	5.625%, 12/01/25		285
	150	5.750%, 06/01/22		156
		SBA Communications Corp.,
	228	4.875%, 07/15/22		232
	103	4.875%, 09/01/24 (e)		103
		Scientific Games International, Inc.,
	510	7.000%, 01/01/22 (e)		542
	375	10.000%, 12/01/22		345
	200	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		212
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		111
	410	5.125%, 12/01/24 (e)		435
	100	5.250%, 04/01/23 (e)		105
	16	SemGroup Corp., 7.500%, 06/15/21		16
	540	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		535
	278	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		289
		Service Corp. International,
	320	5.375%, 05/15/24		336
	80	8.000%, 11/15/21		95
	40	SESI LLC, 7.125%, 12/15/21		39
	305	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		332
	30	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		30
		Sinclair Television Group, Inc.,
	170	5.125%, 02/15/27 (e)		163
	10	5.375%, 04/01/21		10
	301	5.625%, 08/01/24 (e)		306
	115	6.125%, 10/01/22		122
		Sirius XM Radio, Inc.,
	230	4.625%, 05/15/23 (e)		232
	430	5.375%, 04/15/25 (e)		440
	337	5.375%, 07/15/26 (e)		342
	120	5.750%, 08/01/21 (e)		125
	115	6.000%, 07/15/24 (e)		122
		Six Flags Entertainment Corp.,
	270	4.875%, 07/31/24 (e)		271
	770	5.250%, 01/15/21 (e)		789

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		SM Energy Co.,
	525	5.000%, 01/15/24		488
	314	5.625%, 06/01/25		299
	68	6.500%, 01/01/23		68
	100	6.750%, 09/15/26		103
		Smithfield Foods, Inc.,
	144	5.250%, 08/01/18 (e)		145
	400	5.875%, 08/01/21 (e)		417
	425	6.625%, 08/15/22		448
	230	Solera LLC/Solera Finance, Inc., 10.500%, 03/01/24 (e)		257
	55	Spectra Energy Partners LP, 4.500%, 03/15/45		54
		Spectrum Brands, Inc.,
	664	5.750%, 07/15/25		719
	14	6.125%, 12/15/24		15
	65	6.625%, 11/15/22		70
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
	300	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		238
		Springleaf Finance Corp.,
	43	7.750%, 10/01/21		44
	203	8.250%, 12/15/20		220
		Sprint Capital Corp.,
	97	6.875%, 11/15/28		89
	177	6.900%, 05/01/19		186
	569	8.750%, 03/15/32		583
		Sprint Communications, Inc.,
	381	6.000%, 12/01/16		381
	1,379	7.000%, 03/01/20 (e)		1,500
	630	7.000%, 08/15/20		654
	852	8.375%, 08/15/17		887
	95	9.125%, 03/01/17		97
		Sprint Corp.,
	310	7.125%, 06/15/24		295
	629	7.250%, 09/15/21		644
	43	7.625%, 02/15/25		42
	486	7.875%, 09/15/23		480
	343	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.360%, 09/20/21 (e)		344
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		128
		Standard Industries, Inc.,
	94	5.125%, 02/15/21 (e)		99

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 33

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	125	5.375%, 11/15/24 (e)		129
	158	5.500%, 02/15/23 (e)		164
	593	6.000%, 10/15/25 (e)		633
		Steel Dynamics, Inc.,
	165	5.125%, 10/01/21		172
	286	5.500%, 10/01/24		302
	285	6.375%, 08/15/22		297
	255	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		262
	32	Stone Energy Corp., 7.500%, 11/15/22		19
	102	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		104
	789	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		809
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	198	5.500%, 08/15/22		192
	85	7.500%, 07/01/21		88
	540	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45		545
		Sunoco LP/Sunoco Finance Corp.,
	384	6.250%, 04/15/21		394
	290	6.375%, 04/01/23		296
		SUPERVALU, Inc.,
	151	6.750%, 06/01/21		152
	1,110	7.750%, 11/15/22		1,126
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		123
	15	4.625%, 07/15/19 (e)		14
	100	6.500%, 06/01/25		84
	270	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 09/15/24 (e)		269
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	307	4.250%, 11/15/23		289
	365	5.125%, 02/01/25 (e)		365
	125	5.375%, 02/01/27 (e)		125
	100	6.750%, 03/15/24		106
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	125	5.625%, 03/01/24 (e)		130
	90	5.875%, 04/15/23 (e)		95
	400	Team Health, Inc., 7.250%, 12/15/23 (e)		452
		TEGNA, Inc.,
	155	4.875%, 09/15/21 (e)		162
	30	5.125%, 07/15/20		31

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	200	5.500%, 09/15/24 (e)		205
	635	6.375%, 10/15/23		671
		Teleflex, Inc.,
	295	4.875%, 06/01/26		304
	170	5.250%, 06/15/24		176
	265	Tempur Sealy International, Inc., 5.625%, 10/15/23		274
		Tenet Healthcare Corp.,
	685	4.375%, 10/01/21		682
	753	4.500%, 04/01/21		753
	230	4.750%, 06/01/20		235
	130	5.500%, 03/01/19		127
	49	6.000%, 10/01/20		52
	5	6.250%, 11/01/18		5
	18	6.750%, 02/01/20		18
	175	6.750%, 06/15/23		161
	223	8.000%, 08/01/20		221
	116	8.125%, 04/01/22		113
	400	VAR, 4.350%, 06/15/20		402
	84	Tenneco, Inc., 5.375%, 12/15/24		88
	389	Terraform Global Operating LLC, 13.750%, 08/15/22 (e)		405
		TerraForm Power Operating LLC,
	213	SUB, 9.375%, 02/01/23 (e)		213
	487	SUB, 9.625%, 06/15/25 (e)		503
	32	Tesoro Corp., 5.125%, 04/01/24		33
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	576	6.250%, 10/15/22		610
	175	6.375%, 05/01/24		189
	1,000	Texas Competitive Electric Holdings Co. LLC, 11.500%, 10/01/20 (d)		37
	34	Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)		35
	495	Time Warner, Inc., 4.850%, 07/15/45		526
		T-Mobile USA, Inc.,
	3	5.250%, 09/01/18		3
	121	6.000%, 03/01/23		127
	117	6.000%, 04/15/24		125
	665	6.125%, 01/15/22		703
	253	6.250%, 04/01/21		263
	281	6.375%, 03/01/25		301
	359	6.500%, 01/15/24		385
	182	6.500%, 01/15/26		201
	129	6.625%, 11/15/20		133
	413	6.625%, 04/01/23		439

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	220	6.633%, 04/28/21		230
	757	6.731%, 04/28/22		793
	442	6.836%, 04/28/23		472
		Toll Brothers Finance Corp.,
	216	4.875%, 11/15/25		220
	255	5.625%, 01/15/24		270
	134	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		118
		TransDigm, Inc.,
	462	5.500%, 10/15/20		476
	821	6.000%, 07/15/22		857
	193	6.375%, 06/15/26 (e)		198
	10	6.500%, 07/15/24		10
		TreeHouse Foods, Inc.,
	19	4.875%, 03/15/22		20
	205	6.000%, 02/15/24 (e)		220
	151	Tutor Perini Corp., 7.625%, 11/01/18		151
	217	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		224
	250	U.S. Concrete, Inc., 6.375%, 06/01/24		260
	190	U.S. Foods, Inc., 5.875%, 06/15/24 (e)		199
	297	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		286
	131	Unit Corp., 6.625%, 05/15/21		121
		United Rentals North America, Inc.,
	25	4.625%, 07/15/23		26
	475	5.500%, 07/15/25		481
	105	5.500%, 05/15/27		105
	775	5.750%, 11/15/24		804
	25	5.875%, 09/15/26		26
	135	6.125%, 06/15/23		141
	121	United States Steel Corp., 8.375%, 07/01/21 (e)		129
	334	Univar USA, Inc., 6.750%, 07/15/23 (e)		346
		Universal Health Services, Inc.,
	2	3.750%, 08/01/19 (e)		2
	2	4.750%, 08/01/22 (e)		2
		Univision Communications, Inc.,
	285	5.125%, 05/15/23 (e)		289
	550	5.125%, 02/15/25 (e)		551
	738	6.750%, 09/15/22 (e)		778
	162	8.500%, 05/15/21 (e)		167
	55	Valvoline, Inc., 5.500%, 07/15/24 (e)		58
		VEREIT Operating Partnership LP,
	68	4.125%, 06/01/21		71

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	30	4.875%, 06/01/26		31
	54	VeriSign, Inc., 5.250%, 04/01/25		57
		Verizon Communications, Inc.,
	855	4.125%, 08/15/46		817
	130	4.862%, 08/21/46		137
	290	Versum Materials, Inc., 5.500%, 09/30/24 (e)		297
	150	Viacom, Inc., 4.375%, 03/15/43		138
	33	Weatherford International LLC., 6.800%, 06/15/37		26
	7	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		7
	265	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		268
		West Corp.,
	167	4.750%, 07/15/21 (e)		172
	386	5.375%, 07/15/22 (e)		372
		Western Digital Corp.,
	162	7.375%, 04/01/23 (e)		177
	349	10.500%, 04/01/24 (e)		404
		Western Gas Partners LP,
	225	4.650%, 07/01/26		236
	155	5.375%, 06/01/21		169
	40	5.450%, 04/01/44		41
	131	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		137
		Whiting Petroleum Corp.,
	678	5.000%, 03/15/19		644
	397	5.750%, 03/15/21		368
	147	6.250%, 04/01/23		136
		Williams Cos., Inc. (The),
	275	3.700%, 01/15/23		266
	142	7.750%, 06/15/31		164
	21	Series A, 7.500%, 01/15/31		24
		Windstream Services LLC,
	135	7.500%, 06/01/22		127
	134	7.500%, 04/01/23		126
	130	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		130
		WMG Acquisition Corp.,
	EUR 400	4.125%, 11/01/24 (e)		453
	60	4.875%, 11/01/24 (e)		60
	20	5.000%, 08/01/23 (e)		20
	450	5.625%, 04/15/22 (e)		468
	380	6.750%, 04/15/22 (e)		401

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 35

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		WPX Energy, Inc.,
	611	5.250%, 09/15/24		580
	55	6.000%, 01/15/22		55
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	240	5.375%, 03/15/22		246
	295	5.500%, 03/01/25 (e)		296
		XPO Logistics, Inc.,
	125	6.125%, 09/01/23 (e)		128
	265	6.500%, 06/15/22 (e)		276
	20	Xylem, Inc., 4.375%, 11/01/46		20
		Zayo Group LLC/Zayo Capital, Inc.,
	395	6.000%, 04/01/23		415
	90	6.375%, 05/15/25		95
		ZF North America Capital, Inc.,
	350	4.000%, 04/29/20 (e)		369
	572	4.500%, 04/29/22 (e)		605
	150	4.750%, 04/29/25 (e)		158
	EUR 100	Reg. S, 2.750%, 04/27/23		117
				232,423
		Total Corporate Bonds (Cost $386,538)		392,790
	Foreign Government Securities — 3.9%
		Australia — 0.8%
	AUD 12,925	Republic of Australia, Series 122, 5.250%, 03/15/19		10,642
		Canada — 0.5%
	CAD 7,936	Republic of Canada, 1.750%, 03/01/19		6,081
		France — 0.4%
		Republic of France,
	EUR 1,460	3.250%, 05/25/45		2,348
	EUR 2,060	4.750%, 04/25/35		3,725
				6,073
		Italy — 0.4%
		Republic of Italy,
	EUR 797	3.500%, 03/01/30 (e)		1,036
	EUR 3,810	0.450%, 06/01/21		4,163
	EUR 562	4.750%, 09/01/44 (e)		865
				6,064
		Japan — 1.0%
	JPY 1,500,000	Government of Japan, Series 343, 0.100%, 06/20/26		14,532

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Spain — 0.2%
	EUR 2,467	Kingdom of Spain, 4.000%, 04/30/20 (e)		3,079
		United Kingdom — 0.6%
		United Kingdom Gilt,
	GBP 4,026	1.000%, 09/07/17		4,961
	GBP 3,223	1.750%, 01/22/17		3,959
				8,920
		Total Foreign Government Securities (Cost $56,832)		55,391
SHARES
	Investment Company — 6.0%
	10,311	JPMorgan Emerging Markets Debt Fund, Class R6 Shares (b) (Cost $85,994)		85,580
PRINCIPAL AMOUNT
	Loan Assignments — 1.0%
		Australia — 0.0% (g)
	184	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19		184
		Canada — 0.0% (g)
	238	Concordia Healthcare Corp. Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		213
		Singapore — 0.0% (g)
	364	Avago Technologies, Term A-2 Loan, VAR, 3.535%, 02/01/23		368
		United Kingdom — 0.0% (g)
	260	Virgin Media Investment Holdings Ltd., F Facility, VAR, 3.500%, 06/30/23		261
		United States — 1.0%
	766	Albertson’s LLC, Term Loan B-5, VAR, 4.750%, 12/21/22		774
	99	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		100
	90	Avaya, Inc., Term Loan B-3, VAR, 5.390%, 10/26/17 ^		78
	185	Avaya, Inc., Term Loan B-6, VAR, 6.500%, 03/31/18 ^		157
	75	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		75
	780	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.375%, 08/05/21		838
	993	Calpine Corp., Term Loan B, VAR, 4.000%, 01/15/23		997
	899	Chesapeake Energy Corp., 1st Lien Last Out, VAR, 8.500%, 08/15/21 ^		960
	351	Cincinnati Bell, Term Loan B, VAR, 4.000%, 09/10/20		352

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	427	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		431
	240	Cortes NP Acquisition Corp., 1st Lien Term Loan B, VAR, 5%, 09/26/23 ^		238
	165	Dell Software Group, Term Loan, VAR, 6.500%, 03/31/22 ^		165
	100	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21 ^		100
	520	Dynegy, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/27/23		521
	60	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/30/17		60
	630	EP Energy LLC/Everest Acquisition LLC, 1st Lien Term Loan, VAR, 9.750%, 06/30/21 ^		644
	48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		45
	501	First Data Corp., 2021C New Dollar Term Loan, VAR, 3.524%, 03/24/21		503
	232	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		233
	75	Gray Television, Inc., Initial Term Loan, VAR, 3.938%, 06/13/21		75
	1,285	Gulf Finance LLC, Term Loan B, VAR, 6.250%, 07/27/23		1,254
	72	Intrawest Operations Group LLC, Term Loan, VAR, 4.500%, 12/09/20		72
	155	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		156
	70	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20		70
	216	Microsemi Corp., Closing Date Term B Loan, VAR, 3.750%, 01/15/23		218
	72	MTL Publishing LLC, Term B-3 Loan, VAR, 4.000%, 08/19/22		72
	349	MultiPlan, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		353
	55	NVLX Acquisition LLC, 1st Lien Term Loan, VAR, 6.000%, 12/05/21		55
	53	NXP B.V./NXP Funding LLC, Tranche F Loan, VAR, 3.405%, 12/07/20		54
	142	On Semiconductor Corp., Term Loan B, VAR, 3.777%, 03/31/23		143
	206	Petco Animal Supplies, Inc., Tranche B-1 Term Loan, VAR, 5.000%, 01/26/23		208
	30	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		31
	298	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.284%, 01/13/23		300

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	192	Revlon Consumer Products Corp., Term Loan B, VAR, 4.250%, 09/07/23		192
	5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		5
	247	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		242
	4	Serta Simmons Holdings, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		4
	100	Solar Winds Holdings, Inc., Initial U.S. Term Loan, VAR, 5.500%, 02/03/23		100
	238	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		238
	165	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		152
	8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7
	142	Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan C, VAR, 5.000%, 08/04/23		144
	625	Texas Competitive Electric Holdings Co. LLC, Term Loan B, VAR, 5.000%, 08/04/23		630
	461	UPC Financing Partnership, Term Loan AN, VAR, 4.080%, 08/31/24		464
	271	Viskase Cos., Inc., Initial Term Loan, VAR, 4.376%, 01/30/21		255
	602	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		601
	247	XPO Logistics, Inc., Term Loan B, VAR, 4.250%, 10/31/21		249
				13,615
		Total Loan Assignments (Cost $14,397)		14,641
NUMBER OF CONTRACTS
	Options Purchased — 0.3%
		United States — 0.3%
		Call Options Purchased — 0.3%
	EUR      846	Euro STOXX 50 Index, expiring 12/16/16 at EUR 3,050.00, European Style		821
	7,685	iShares MSCI Emerging Markets ETF, expiring 12/16/16 at $37.50, American Style		749
	15,925	iShares MSCI Emerging Markets ETF, expiring 12/16/16 at $38.50, American Style		836
	660	S&P 500 Index, expiring 12/16/16 at $2,150.00, European Style		1,931
		Total Options Purchased (Cost $8,592)		4,337

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 37

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Preferred Securities — 0.8% (x)
			Cayman Islands — 0.1%
	780		XLIT Ltd., Series E, VAR, 6.500%, 04/15/17		598
			France — 0.1%
	EUR 500		Arkema S.A., Reg. S, VAR, 4.750%, 10/29/20		583
	248		Credit Agricole S.A., VAR, 8.125%, 12/23/25 (e)		266
			Societe Generale S.A.,
	EUR 600		Reg. S, VAR, 9.375%, 09/04/19		796
	200		VAR, 7.375%, 09/13/21 (e)		199
					1,844
			Luxembourg — 0.1%
	EUR 900		SES S.A., Reg. S, VAR, 4.625%, 01/02/22		1,015
			Netherlands — 0.3%
	EUR 1,000		Gas Natural Fenosa Finance B.V., Reg. S, VAR, 4.125%, 11/18/22		1,132
			Telefonica Europe B.V.,
	EUR 2,700		Reg. S, VAR, 5.000%, 03/31/20		3,083
	EUR 500		Reg. S, VAR, 7.625%, 09/18/21		632
					4,847
			United Kingdom — 0.1%
	400		Barclays plc, VAR, 8.250%, 12/15/18		405
			Royal Bank of Scotland Group plc,
	200		VAR, 7.500%, 08/10/20		184
	200		VAR, 8.625%, 08/15/21		199
					788
			United States — 0.1%
	410		Bank of America Corp., Series AA, VAR, 6.100%, 03/17/25		428
			Citigroup, Inc.,
	15		Series P, VAR, 5.950%, 05/15/25		15
	415		Series Q, VAR, 5.950%, 08/15/20		426
	560		Series R, VAR, 6.125%, 11/15/20		586
	240		Series T, VAR, 6.250%, 08/15/26		258
	95		VAR, 5.950%, 01/30/23		99
					1,812
			Total Preferred Securities (Cost $10,746)		10,904
SHARES
	Preferred Stocks — 0.3%
			Brazil — 0.1%
	104		Itau Unibanco Holding S.A. ($— par value)		1,256
			Cayman Islands — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, VAR, 4.000%, 11/28/16 ($1,000 par value) @		67

SHARES		SECURITY DESCRIPTION	VALUE
		Germany — 0.2%
	17	Henkel AG & Co. KGaA ($— par value)		2,207
	3	Volkswagen AG ($— par value)		481
				2,688
		United States — 0.0% (g)
	1	GMAC Capital Trust I, Series 2, VAR, 6.602%, 02/15/40 ($25 par value)		16
		Total Preferred Stocks (Cost $3,306)		4,027
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	298	Banco Santander S.A., expiring 11/01/16 (a) (Cost $15)		17
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.3%
		U.S. Treasury Bonds,
	2,952	3.625%, 08/15/43		3,594
	3,790	3.750%, 08/15/41		4,668
	580	5.375%, 02/15/31		824
	627	6.125%, 08/15/29		921
		U.S. Treasury Notes,
	20,251	0.500%, 01/31/17 (k)		20,261
	2,088	2.125%, 05/15/25		2,148
		Total U.S. Treasury Obligations (Cost $33,086)		32,416
SHARES
	Short-Term Investments — 4.4%
		Foreign Government Treasury Bill — 0.3%
	CAD 6,609	Canadian Treasury Bill, 0.554%, 08/24/17 (n)		4,906
		Investment Company — 4.1%
	58,351	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l)		58,351
		Total Short-Term Investments (Cost $63,334)		63,257
		Total Investments — 99.5% (Cost $1,390,884)		1,423,491
		Other Assets in Excess of Liabilities — 0.5%		7,291
		NET ASSETS — 100.0%	$	1,430,782

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2016

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Investment Companies		6.0	%
Banks		5.8
Asset-Backed Securities		4.5
Oil, Gas & Consumable Fuels		4.5
Foreign Government Securities		3.9
Diversified Telecommunication Services		3.5
Media		3.5
Pharmaceuticals		3.0
Non-Agency CMO		2.7
Insurance		2.5
Health Care Providers & Services		2.5
Hotels, Restaurants & Leisure		2.3
Metals & Mining		2.0
Internet Software & Services		2.0
Software		1.8
Food Products		1.8
Automobiles		1.7
Food & Staples Retailing		1.7

INDUSTRY	PERCENTAGE
Capital Markets		1.6	%
Wireless Telecommunication Services		1.6
Semiconductors & Semiconductor Equipment		1.6
U.S. Treasury Notes		1.6
Chemicals		1.5
Electric Utilities		1.5
IT Services		1.5
Specialty Retail		1.4
Containers & Packaging		1.2
Auto Components		1.2
Beverages		1.1
Industrial Conglomerates		1.1
Construction Materials		1.0
Internet & Direct Marketing Retail		1.0
Machinery		1.0
Biotechnology		1.0
Others (each less than 1.0%)		19.0
Short-Term Investments		4.4

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	8		TOPIX Index		12/08/16		JPY		1,061			45
	33		10 Year Mini Japanese Government Bond		12/12/16		JPY		4,773			3
	2		SPI 200 Index		12/15/16		AUD		201			2
	105		E-mini Russell 2000		12/16/16		USD		12,509			(198	)
	170		E-mini S&P 500		12/16/16		USD		18,021			24
	44		Euro STOXX 50 Index		12/16/16		EUR		1,475			39
	15		FTSE 100 Index		12/16/16		GBP		1,270			54
	1,121		Mini MSCI Emerging Markets Index		12/16/16		USD		50,641			34
	302		10 Year U.S. Treasury Note		12/20/16		USD		39,147			(246	)
	12		U.S. Treasury Long Bond		12/20/16		USD		1,953			(94	)
			Short Futures Outstanding
	(23	)	Euro Bund		12/08/16		EUR		(4,095	)		27
	(9	)	Euro-Buxl 30-Year Bond		12/08/16		EUR		(1,777	)		—	(h)
	(321	)	TOPIX Index		12/08/16		JPY		(42,591	)		(1,988	)
	(2,001	)	Euro STOXX 50 Index		12/16/16		EUR		(67,091	)		(1,981	)
	(24	)	Long Gilt		12/28/16		GBP		(3,682	)		116
												(4,163	)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 39

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (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 OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	15,505	AUD	Australia & New Zealand Banking Group Limited		12/30/16		11,608		11,777		169
	254	AUD	Societe Generale		12/30/16		190		193		3
	8,771	CAD	Royal Bank of Canada		12/30/16		6,666		6,542		(124	)
	1,707	EUR	Australia & New Zealand Banking Group Limited		12/30/16		1,921		1,879		(42	)
	512	EUR	Merrill Lynch International		12/30/16		574		563		(11	)
	357	EUR	Morgan Stanley		12/30/16		393		393		—	(h)
	15,320	EUR	Societe Generale		12/30/16		17,286		16,864		(422	)
	778	EUR	Standard Chartered Bank		12/30/16		861		856		(5	)
	201	GBP	Australia & New Zealand Banking Group Limited		12/30/16		249		246		(3	)
	367	GBP	Morgan Stanley		12/30/16		450		449		(1	)
	167	GBP	Standard Chartered Bank		12/30/16		204		205		1
							40,402		39,967		(435	)

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	29,803		AUD	Royal Bank of Canada		12/30/16		22,782		22,637		145
	1,320		CAD	Goldman Sachs International		11/30/16		986		984		2
	5,250		CAD	Royal Bank of Canada		11/30/16		3,942		3,915		27
	17,199		CAD	Citibank, N.A.		12/30/16		13,194		12,829		365
	1,249		EUR	Australia & New Zealand Banking Group Limited		12/30/16		1,407		1,375		32
	142,207		EUR	Citibank, N.A.		12/30/16		160,318		156,548		3,770
	661		EUR	Credit Suisse International		12/30/16		746		728		18
	324		EUR	Merrill Lynch International		12/30/16		354		357		(3	)
	449		EUR	Morgan Stanley		12/30/16		491		494		(3	)
	626		EUR	Societe Generale		12/30/16		688		689		(1	)
	432		EUR	Standard Chartered Bank		12/30/16		476		475		1
	809		GBP	Australia & New Zealand Banking Group Limited		11/30/16		985		991		(6	)
	6,503		GBP	Citibank, N.A.		11/30/16		7,960		7,964		(4	)
	394		GBP	Australia & New Zealand Banking Group Limited		12/30/16		483		483		—	(h)
	5,136		GBP	Morgan Stanley		12/30/16		6,717		6,295		422
	1,531,115		JPY	Credit Suisse International		12/30/16		15,295		14,639		656
								236,824		231,403		5,421

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.5%
		United States — 4.5%
		ABFC Trust,
	328	Series 2003-OPT1, Class A1A, VAR, 1.354%, 04/25/33		319
	2,082	Series 2004-HE1, Class M1, VAR, 1.434%, 03/25/34		1,950
	1,486	Series 2004-OPT3, Class M1, VAR, 1.284%, 09/25/33		1,405
	3,102	Series 2004-OPT5, Class A1, VAR, 1.234%, 06/25/34		2,931
	1,558	Series 2005-WF1, Class M1, VAR, 1.074%, 11/25/34		1,478
	1,443	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.404%, 01/25/35		1,337
		ACE Securities Corp. Home Equity Loan Trust,
	1,318	Series 2003-FM1, Class M1, VAR, 1.824%, 11/25/32		1,191
	1,518	Series 2003-HE1, Class M1, VAR, 1.509%, 11/25/33		1,435
	954	Series 2003-NC1, Class M1, VAR, 1.704%, 07/25/33		914
	4,360	Series 2003-OP1, Class M1, VAR, 1.584%, 12/25/33		4,165
	1,154	Series 2004-HE2, Class M1, VAR, 1.569%, 10/25/34		1,095
	2,791	Series 2004-HE4, Class M2, VAR, 1.509%, 12/25/34		2,740
	4,575	Series 2004-OP1, Class M2, VAR, 2.109%, 04/25/34		4,334
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.635%, 06/17/31 (e)		1,089
	768	Ameriquest Mortgage Securities, Inc. Asset-Backed Certificates, Series 2002-AR1, Class M1, VAR, 1.596%, 09/25/32		707
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,401	Series 2003-13, Class M1, VAR, 1.554%, 01/25/34		1,283
	604	Series 2003-13, Class M2, VAR, 3.084%, 01/25/34		572
	916	Series 2004-R1, Class A2, VAR, 1.134%, 02/25/34		812
	5,354	Series 2004-R1, Class M1, VAR, 1.329%, 02/25/34		4,961
	560	Series 2004-R1, Class M2, VAR, 1.404%, 02/25/34		515
	95	Series 2004-R3, Class A1B, VAR, 1.234%, 05/25/34		95

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	374	Series 2004-R8, Class M1, VAR, 1.494%, 09/25/34		372
	1,922	Argent Securities, Inc., Series 2004-W4, Class A, VAR, 1.054%, 03/25/34		1,802
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,326	Series 2003-W5, Class M2, VAR, 3.309%, 10/25/33		1,266
	824	Series 2004-W2, Class M2, VAR, 2.409%, 04/25/34		780
	608	Series 2004-W2, Class M3, VAR, 2.634%, 04/25/34		539
	2,249	Series 2004-W3, Class A3, VAR, 1.354%, 02/25/34		2,049
	1,489	Series 2004-W6, Class M1, VAR, 1.359%, 05/25/34		1,429
	596	Series 2004-W7, Class M2, VAR, 1.434%, 05/25/34		553
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,583	Series 2001-HE3, Class A1, VAR, 1.075%, 11/15/31		2,440
	77	Series 2001-HE3, Class M1, VAR, 1.435%, 11/15/31		77
	211	Series 2003-HE3, Class M2, VAR, 3.535%, 06/15/33		202
	1,819	Series 2003-HE4, Class M1, VAR, 1.769%, 08/15/33		1,727
	1,932	Series 2004-HE2, Class M2, VAR, 2.409%, 04/25/34		1,765
	1,391	Series 2004-HE7, Class M2, VAR, 2.109%, 10/25/34		1,318
	1,243	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		1,221
	464	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		461
		Bear Stearns Asset-Backed Securities I Trust,
	5,845	Series 2004-HE6, Class M2, VAR, 2.409%, 08/25/34		5,578
	2,569	Series 2004-HE11, Class M2, VAR, 2.109%, 12/25/34		2,521
		Bear Stearns Asset-Backed Securities Trust,
	887	Series 2003-1, Class M1, VAR, 2.184%, 11/25/42		837
	585	Series 2003-SD1, Class A, VAR, 1.434%, 12/25/33		552

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 41

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	1,156	Series 2003-SD1, Class M1, VAR, 1.809%, 12/25/33		1,099
	1,687	Series 2004-HE2, Class M2, VAR, 2.334%, 03/25/34		1,621
	2,227	Series 2004-SD4, Class A1, VAR, 1.434%, 08/25/44		2,128
	770	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 1.884%, 08/25/33		741
		Centex Home Equity Loan Trust,
	6,641	Series 2004-A, Class M1, VAR, 1.134%, 01/25/34		6,257
	917	Series 2004-C, Class M2, VAR, 1.329%, 06/25/34		800
	603	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		551
	1,640	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,256
	275	Series 2004-D, Class MV2, VAR, 1.224%, 09/25/34		222
		Chase Funding Loan Acquisition Trust,
	1,263	Series 2004-AQ1, Class M1, VAR, 1.629%, 05/25/34		1,148
	2,096	Series 2004-OPT1, Class M2, VAR, 2.034%, 06/25/34		2,022
		Chase Funding Trust,
	1,553	Series 2003-4, Class 1A5, SUB, 5.318%, 05/25/33		1,595
	200	Series 2003-4, Class 2M1, VAR, 1.434%, 03/25/33		192
	568	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		506
	2,345	Series 2003-6, Class 2A2, VAR, 1.114%, 11/25/34		2,065
	2,664	Series 2003-6, Class 2M1, VAR, 1.284%, 11/25/34		2,493
	1,162	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,126
	1,231	Series 2004-1, Class 2M1, VAR, 1.284%, 09/25/33		1,138
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,064
	1,566	CHEC Loan Trust, Series 2004-1, Class M1, VAR,1.434%, 07/25/34		1,393
		Citigroup Mortgage Loan Trust, Inc.,
	309	Series 2005-OPT1, Class M4, VAR, 1.584%, 02/25/35		267
	178	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		162

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Countrywide Asset-Backed Certificates,
	281	Series 2002-3, Class M1, VAR, 1.659%, 03/25/32		276
	1,129	Series 2002-4, Class M1, VAR, 1.659%, 12/25/32		1,048
	1,345	Series 2003-3, Class 3A, VAR, 1.074%, 11/25/33		1,252
	10,710	Series 2004-2, Class M1, VAR, 1.284%, 05/25/34		10,173
	3,612	Series 2004-3, Class M1, VAR, 1.284%, 06/25/34		3,425
	669	Series 2004-3, Class M2, VAR, 1.359%, 06/25/34		626
	1,353	Series 2004-BC1, Class M1, VAR, 1.284%, 02/25/34		1,285
	319	Series 2004-BC4, Class M1, VAR, 1.584%, 11/25/34		306
	1,020	Series 2004-ECC2, Class M2, VAR, 1.509%, 12/25/34		981
	5,090	Series 2005-AB3, Class 1A1, VAR, 0.784%, 02/25/36		4,502
	10,334	Series 2006-19, Class 2A2, VAR, 0.694%, 03/25/37		9,959
	1,352	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.479%, 01/25/35		1,246
		Credit-Based Asset Servicing & Securitization LLC,
	2,932	Series 2003-CB6, Class M1, VAR, 1.584%, 12/25/33 (d)		2,717
	1,645	Series 2004-CB2, Class M1, VAR, 1.314%, 07/25/33		1,516
	712	Series 2005-CB8, Class AF2, SUB, 3.981%, 12/25/35		704
		CWABS, Inc. Asset-Backed Certificates,
	4,405	Series 2003-BC1, Class A1, VAR, 1.334%, 03/25/33		4,186
	795	Series 2004-1, Class M2, VAR, 1.359%, 03/25/34		737
	1,427	Series 2004-1, Class M3, VAR, 1.509%, 02/25/34		1,329
		CWABS, Inc. Asset-Backed Certificates Trust,
	2,095	Series 2004-5, Class M2, VAR, 1.539%, 07/25/34		2,020
	855	Series 2004-6, Class M2, VAR, 1.509%, 10/25/34		806
	349	Series 2005-11, Class AF6, VAR, 4.726%, 02/25/36		361

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	502	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		485
	210	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.479%, 11/25/34		162
		First Franklin Mortgage Loan Asset-Backed Certificates,
	1,029	Series 2004-FF3, Class M1, VAR, 1.359%, 05/25/34		959
	10,500	Series 2005-FF11, Class M1, VAR, 1.179%, 11/25/35		9,907
		First Franklin Mortgage Loan Trust,
	5,649	Series 2003-FF5, Class M1, VAR, 1.434%, 03/25/34		5,283
	2,512	Series 2004-FF5, Class A1, VAR, 1.254%, 08/25/34		2,402
	12,608	Series 2005-FF10, Class A1, VAR, 0.834%, 11/25/35		11,433
	2,123	Series 2005-FF10, Class A4, VAR, 0.854%, 11/25/35		2,105
	310	Series 2005-FF11, Class A2D, VAR, 1.214%, 11/25/35		310
	1,554	Series 2006-FF8, Class IIA3, VAR, 0.684%, 07/25/36		1,490
		Fremont Home Loan Trust,
	2,228	Series 2003-A, Class M1, VAR, 1.509%, 08/25/33		2,089
	2,321	Series 2004-2, Class M2, VAR, 1.464%, 07/25/34		2,241
	2,135	Series 2004-A, Class M1, VAR, 1.359%, 01/25/34		1,960
	558	Series 2004-B, Class M2, VAR, 1.479%, 05/25/34		498
	1,021	Series 2004-C, Class M1, VAR, 1.509%, 08/25/34		964
	1,799	Series 2004-D, Class M1, VAR, 1.404%, 11/25/34		1,608
	1,323	Series 2004-D, Class M2, VAR, 1.434%, 11/25/34		1,263
	1,416	GSAA Trust, Series 2005-6, Class A3, VAR, 0.904%, 06/25/35		1,404
		GSAMP Trust,
	2,504	Series 2003-HE1, Class M1, VAR, 1.771%, 06/20/33		2,450
	1,571	Series 2003-SEA, Class A1, VAR, 0.934%, 02/25/33		1,459
	951	Series 2005-HE3, Class M2, VAR, 1.539%, 06/25/35		938

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,356	Series 2005-NC1, Class M1, VAR, 1.209%, 02/25/35		2,306
	3,395	Series 2006-FM1, Class A2C, VAR, 0.694%, 04/25/36		2,089
	7,226	Series 2006-HE3, Class A2C, VAR, 0.694%, 05/25/46		6,729
	2,661	Series 2006-HE4, Class A2C, VAR, 0.684%, 06/25/36		2,522
	6,960	Series 2007-SEA1, Class A, VAR, 0.834%, 12/25/36 (e)		6,452
		Home Equity Asset Trust,
	4,400	Series 2002-5, Class M1, VAR, 2.234%, 05/25/33		4,227
	1,069	Series 2003-3, Class M1, VAR, 1.824%, 08/25/33		1,027
	443	Series 2004-6, Class M2, VAR, 1.434%, 12/25/34		387
	4,100	Series 2005-7, Class M1, VAR, 0.984%, 01/25/36		3,951
		Home Equity Mortgage Loan Asset-Backed Trust,
	601	Series 2004-B, Class M2, VAR, 1.659%, 11/25/34		558
	10,034	Series 2004-C, Class M1, VAR, 1.374%, 03/25/35		9,343
	1,061	Series 2004-C, Class M2, VAR, 1.434%, 03/25/35		950
	1,396	Series 2006-B, Class 2A3, VAR, 0.724%, 06/25/36		1,324
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.374%, 12/17/30 (e)		2,518
	3,050	Series 2013-SFR1, Class E, VAR, 3.174%, 12/17/30 (e)		3,028
	418	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.704%, 04/25/36		412
		Long Beach Mortgage Loan Trust,
	945	Series 2001-2, Class M1, VAR, 1.365%, 07/25/31		896
	2,921	Series 2002-5, Class M1, VAR, 1.779%, 11/25/32		2,811
	453	Series 2003-4, Class M1, VAR, 1.554%, 08/25/33		432
	975	Series 2004-3, Class M2, VAR, 1.434%, 07/25/34		921
	636	Series 2004-3, Class M4, VAR, 2.147%, 07/25/34		598

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 43

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	684	Series 2004-3, Class M6, VAR, 2.672%, 07/25/34		641
	2,132	Series 2004-4, Class M1, VAR, 1.434%, 10/25/34		1,954
	337	Series 2005-WL2, Class M1, VAR, 1.239%, 08/25/35		335
		MASTR Asset-Backed Securities Trust,
	2,100	Series 2004-OPT2, Class M1, VAR, 1.434%, 09/25/34		1,982
	1,016	Series 2004-OPT2, Class M2, VAR, 1.509%, 09/25/34		901
	2,641	Series 2005-NC1, Class M2, VAR, 1.284%, 12/25/34		2,542
		Merrill Lynch Mortgage Investors Trust,
	582	Series 2003-OPT1, Class M1, VAR, 1.509%, 07/25/34		539
	466	Series 2004-HE2, Class M1, VAR, 1.734%, 08/25/35		445
	112	Series 2004-WMC5, Class M5, VAR, 2.259%, 07/25/35		108
	2,281	Series 2005-FM1, Class M1, VAR, 1.014%, 05/25/36		2,107
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,218	Series 2003-NC10, Class M1, VAR, 1.554%, 10/25/33		1,159
	8,829	Series 2004-HE1, Class M1, VAR, 1.389%, 01/25/34		8,424
	706	Series 2004-HE2, Class M2, VAR, 2.334%, 03/25/34		665
	1,033	Series 2004-HE2, Class M3, VAR, 2.709%, 03/25/34		576
	4,476	Series 2004-HE3, Class M1, VAR, 1.389%, 03/25/34		4,280
	1,490	Series 2004-HE3, Class M2, VAR, 2.409%, 03/25/34		1,425
	1,395	Series 2004-HE6, Class M1, VAR, 1.359%, 08/25/34		1,353
	1,429	Series 2004-HE6, Class M2, VAR, 1.434%, 08/25/34		1,355
	948	Series 2004-HE6, Class M3, VAR, 1.509%, 08/25/34		806
	1,278	Series 2004-HE7, Class M2, VAR, 1.479%, 08/25/34		1,265
	91	Series 2004-HE7, Class M3, VAR, 1.554%, 08/25/34		87
	2,600	Series 2004-HE8, Class M1, VAR, 1.494%, 09/25/34		2,456
	1,331	Series 2004-HE8, Class M2, VAR, 1.554%, 09/25/34		1,292

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	840	Series 2004-HE8, Class M3, VAR, 1.659%, 09/25/34		792
	2,955	Series 2004-NC3, Class M1, VAR, 1.329%, 03/25/34		2,780
	5,820	Series 2004-NC5, Class M1, VAR, 1.434%, 05/25/34		5,412
	772	Series 2004-NC6, Class M2, VAR, 2.409%, 07/25/34		687
	302	Series 2004-NC7, Class M3, VAR, 1.509%, 07/25/34		268
	702	Series 2004-NC8, Class M3, VAR, 1.644%, 09/25/34		662
	1,894	Series 2004-OP1, Class M2, VAR, 1.449%, 11/25/34		1,838
	995	Series 2004-OP1, Class M3, VAR, 1.554%, 11/25/34		913
	2,298	Series 2004-WMC2, Class M1, VAR, 1.449%, 07/25/34		2,198
	1,155	Series 2004-WMC2, Class M2, VAR, 2.334%, 07/25/34		1,111
	3,341	Series 2004-WMC3, Class M2, VAR, 1.329%, 01/25/35		2,995
	490	Series 2005-HE1, Class M2, VAR, 1.239%, 12/25/34		425
	1,326	Series 2005-HE1, Class M3, VAR, 1.314%, 12/25/34		1,089
	311	Series 2005-NC1, Class M3, VAR, 1.299%, 01/25/35		252
		New Century Home Equity Loan Trust,
	578	Series 2003-3, Class M1, VAR, 1.719%, 07/25/33		558
	954	Series 2003-B, Class M2, VAR, 3.009%, 11/25/33		936
	3,350	Series 2004-1, Class M1, VAR, 1.419%, 05/25/34		3,106
	245	Series 2004-2, Class M2, VAR, 1.464%, 08/25/34		227
	1,139	Series 2004-2, Class M4, VAR, 2.334%, 08/25/34		1,068
	972	Series 2004-2, Class M6, VAR, 2.784%, 08/25/34		906
	2,670	Series 2004-3, Class M2, VAR, 1.509%, 11/25/34		2,598
	505	Series 2004-3, Class M3, VAR, 1.599%, 11/25/34		421
	5,678	Series 2004-4, Class M1, VAR, 1.299%, 02/25/35		5,232
	634	Series 2004-4, Class M2, VAR, 1.329%, 02/25/35		554

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	309	Series 2005-1, Class M3, VAR, 1.314%, 03/25/35		245
	3,035	Series 2006-2, Class A2B, VAR, 0.694%, 08/25/36		2,542
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 2.956%, 09/25/33		1,140
	717	Series 2003-3, Class M2, VAR, 2.184%, 12/25/33		710
	4,395	Series 2004-2, Class M4, VAR, 2.334%, 09/25/34		3,960
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	1,746	Series 2003-2, Class M1, VAR, 1.509%, 04/25/33		1,608
	1,518	Series 2003-3, Class M1A, VAR, 2.094%, 06/25/33		1,440
	6,772	Series 2003-5, Class A1, VAR, 1.174%, 08/25/33		6,455
	555	Series 2003-5, Class A2, VAR, 1.174%, 08/25/33		530
	399	Series 2003-5, Class M2, VAR, 2.859%, 08/25/33		364
		Option One Mortgage Loan Trust,
	5,388	Series 2002-3, Class A1, VAR, 1.034%, 08/25/32		5,115
	974	Series 2002-3, Class A2, VAR, 1.074%, 08/25/32		905
	1,652	Series 2003-1, Class A2, VAR, 1.374%, 02/25/33		1,588
	9,830	Series 2004-2, Class M1, VAR, 1.329%, 05/25/34		9,178
	754	Series 2004-3, Class M2, VAR, 1.389%, 11/25/34		683
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.259%, 10/25/34		1,360
		Pretium Mortgage Credit Partners I LLC,
	3,369	Series 2015-NPL4, Class A1, SUB, 4.375%, 11/27/30 (e)		3,396
	6,096	Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		6,156
	9,905	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		10,000
	2,820	RAAC Trust, Series 2005-RP3, Class M1, VAR, 1.325%, 05/25/39 (e)		2,748
		RAMP Trust,
	742	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		756

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	106	Series 2004-RS11, Class M1, VAR, 1.464%, 11/25/34		105
		RASC Trust,
	834	Series 2001-KS3, Class AII, VAR, 0.994%, 09/25/31		797
	5,914	Series 2005-EMX1, Class M1, VAR, 1.179%, 03/25/35		5,643
	2,621	Series 2006-KS5, Class A3, VAR, 0.694%, 07/25/36		2,577
	343	Series 2006-KS7, Class A3, VAR, 0.684%, 09/25/36		341
		Renaissance Home Equity Loan Trust,
	1,929	Series 2002-3, Class M1, VAR, 2.034%, 12/25/32		1,893
	628	Series 2003-1, Class M1, VAR, 2.034%, 06/25/33		571
	1,684	Series 2003-3, Class M1, VAR, 1.264%, 12/25/33		1,549
	1,515	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,478
	2,950	Series 2003-4, Class M1, VAR, 1.384%, 03/25/34		2,735
	1,295	Series 2003-4, Class M2F, SUB, 5.744%, 03/25/34		1,124
	881	Series 2004-1, Class M1, VAR, 1.114%, 05/25/34		818
	697	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		713
	1,164	Series 2005-2, Class AV3, VAR, 0.904%, 08/25/35		1,014
	1,237	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,240
	1,393	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 2.109%, 08/25/34		1,322
		Saxon Asset Securities Trust,
	5,737	Series 2003-3, Class M1, VAR, 1.509%, 12/25/33		5,455
	353	Series 2004-2, Class AF3, VAR, 5.105%, 08/25/35		354
	1,629	Series 2004-2, Class MV2, VAR, 2.334%, 08/25/35		1,564
	3,766	Series 2005-2, Class M2, VAR, 1.194%, 10/25/35		3,299
		Securitized Asset-Backed Receivables LLC Trust,
	3,016	Series 2004-NC1, Class M1, VAR, 1.314%, 02/25/34		2,835
	994	Series 2004-OP1, Class M2, VAR, 2.184%, 02/25/34		936

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 45

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States — continued
	4,322		Series 2004-OP2, Class M1, VAR, 1.509%, 08/25/34		4,097
	1,830		Series 2005-FR2, Class M2, VAR, 1.509%, 03/25/35		1,764
	2,687		Series 2005-OP1, Class M2, VAR, 1.209%, 01/25/35		2,486
	3,055		Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.704%, 06/25/36		2,825
			Specialty Underwriting & Residential Finance Trust,
	2,430		Series 2004-BC1, Class M2, VAR, 2.139%, 02/25/35		2,273
	1,620		Series 2004-BC3, Class M1, VAR, 1.464%, 07/25/35		1,559
			Structured Asset Investment Loan Trust,
	470		Series 2003-BC3, Class M1, VAR, 1.959%, 04/25/33		464
	3,432		Series 2003-BC6, Class M1, VAR, 1.659%, 07/25/33		3,255
	1,924		Series 2003-BC11, Class M2, VAR, 3.084%, 10/25/33		1,912
	1,916		Series 2003-BC12, Class M1, VAR, 1.509%, 11/25/33		1,838
	2,974		Series 2004-1, Class M1, VAR, 1.509%, 02/25/34		2,863
	—	(h)	Series 2004-1, Class M2, VAR, 3.234%, 02/25/34		—	(h)
	3,628		Series 2004-5, Class M3, VAR, 1.464%, 05/25/34		3,467
	14,180		Series 2004-6, Class A3, VAR, 1.334%, 07/25/34		13,664
	2,473		Series 2004-6, Class M1, VAR, 1.434%, 07/25/34		2,311
	2,350		Series 2004-7, Class M1, VAR, 1.584%, 08/25/34		2,176
	586		Series 2004-8, Class M2, VAR, 1.464%, 09/25/34		526
	466		Series 2004-BNC1, Class A5, VAR, 1.774%, 09/25/34		432
	2,821		Series 2005-HE2, Class M1, VAR, 1.254%, 07/25/35		2,702
			Structured Asset Securities Corp. Mortgage Loan Trust,
	5,756		Series 2006-BC4, Class A4, VAR, 0.704%, 12/25/36		5,021
	11,621		Series 2006-BC6, Class A4, VAR, 0.704%, 01/25/37		10,656

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	158	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM1, Class M1, VAR, 1.884%, 04/25/33		154
	4,931	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		4,993
	3,074	VOLT XLII LLC, Series 2016-NPL2, Class A1, SUB, 4.250%, 03/26/46 (e)		3,108
	1,698	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,711
	4,893	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		4,907
	6,248	VOLT XLVIII LLC, Series 2016-NPL8, Class A1, SUB, 3.500%, 07/25/46 (e)		6,246
	4,972	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		4,975
	4,107	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		4,106
	2,648	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,657
	5,408	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		5,409
	4,014	VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		4,030
	7,579	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		7,602
	6,328	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		6,350
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	108	Series 2004-2, Class A21B, VAR, 1.374%, 10/25/34		106
	1,115	Series 2004-2, Class M1, VAR, 1.434%, 10/25/34		1,069
	1,722	Series 2004-2, Class M4, VAR, 2.334%, 10/25/34		1,605
	830	Series 2004-2, Class M5, VAR, 2.409%, 10/25/34		791
	290	Series 2004-2, Class M8A, VAR, 5.034%, 10/25/34 (e)		273
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		259
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	531	Series 2004-1, Class M2, VAR, 1.164%, 04/25/34		483
	738	Series 2004-1, Class M4, VAR, 1.684%, 04/25/34		672
		Total Asset-Backed Securities (Cost $533,300)		548,773

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 3.3%
		Non-Agency CMO — 3.3%
		United States — 3.3%
		Adjustable Rate Mortgage Trust
	5,790	Series 2004-2, Class 6A1, VAR, 3.096%, 02/25/35		5,727
	6,405	Series 2004-4, Class 4A1, VAR, 3.040%, 03/25/35		6,358
	2,476	Series 2005-2, Class 3A1, VAR, 3.152%, 06/25/35		2,351
		Alternative Loan Trust
	1,318	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,349
	81	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		82
	539	Series 2004-27CB, Class A1, 6.000%, 12/25/34		536
	822	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		804
	139	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		140
	1,580	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,603
	5,754	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		5,963
	338	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		331
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,543
	6,905	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		6,379
	771	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		737
	6,677	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		6,419
	3,839	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		3,806
	2,935	Series 2005-13CB, Class A4, 5.500%, 05/25/35		2,778
	355	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		323
	1,500	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,424
	6,675	Series 2005-21CB, Class A17, 6.000%, 06/25/35		6,619
	3,420	Series 2005-23CB, Class A15, 5.500%, 07/25/35		3,222
	64	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		64
	1,358	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,264

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,438	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		3,198
	1,093	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		1,053
	732	Series 2005-86CB, Class A4, 5.500%, 02/25/36		632
	376	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		377
	782	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		778
	458	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		452
	16	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		16
	590	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		574
	611	Series 2005-J14, Class A3, 5.500%, 12/25/35		518
	1,758	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,662
	1,070	Series 2006-19CB, Class A15, 6.000%, 08/25/36		936
	483	Series 2006-25CB, Class A2, 6.000%, 10/25/36		417
	299	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		261
	903	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		801
	337	Series 2007-8CB, Class A9, 6.000%, 05/25/37		300
	271	Series 2007-19, Class 1A8, 6.000%, 08/25/37		214
	280	Series 2007-25, Class 2A1, 6.000%, 11/25/22		273
	139	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		100
	442	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 3.248%, 06/25/45		439
		Banc of America Alternative Loan Trust
	618	Series 2004-9, Class 4A1, 5.500%, 10/25/19		619
	1,084	Series 2004-12, Class 4A1, 5.500%, 01/25/20		1,077
	231	Series 2005-3, Class 2A1, 5.500%, 04/25/20		234
	190	Series 2005-4, Class 3A1, 5.500%, 05/25/20		188

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 47

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	94	Series 2005-6, Class 5A4, 5.500%, 07/25/35		80
	128	Series 2005-6, Class 7A1, 5.500%, 07/25/20		124
	1,188	Series 2005-11, Class 4A5, 5.750%, 12/25/35		1,021
	709	Series 2005-12, Class 5A1, 5.250%, 01/25/21		701
	19	Series 2006-4, Class 2A1, 6.000%, 05/25/21		19
	1,275	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,058
	896	Series 2006-5, Class CB7, 6.000%, 06/25/46		782
		Banc of America Funding Trust
	4,267	Series 2005-6, Class 1A2, 5.500%, 10/25/35		4,038
	1,397	Series 2005-7, Class 4A7, 6.000%, 11/25/35		1,411
	918	Series 2006-2, Class 2A20, 5.750%, 03/25/36		856
	2,560	Series 2006-A, Class 1A1, VAR, 3.031%, 02/20/36		2,534
	243	Series 2007-4, Class 8A1, 5.500%, 11/25/34		230
		Banc of America Mortgage Trust
	1,374	Series 2004-A, Class 2A2, VAR, 2.947%, 02/25/34		1,353
	630	Series 2007-3, Class 1A1, 6.000%, 09/25/37		569
	582	Bear Stearns Alt-A Trust, Series 2006-8, Class 3A1, VAR, 0.694%, 02/25/34		531
	781	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 3.128%, 03/25/35		786
	1,002	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.204%, 10/25/34		433
	456	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1, SUB, 5.658%, 09/25/33		446
		Chase Mortgage Finance Trust
	1,933	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,575
	1,401	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,141
	14,384	Series 2007-A2, Class 3A1, VAR, 3.030%, 07/25/37		14,338
	370	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		316

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		CHL Mortgage Pass-Through Trust
	261	Series 2003-27, Class A1, VAR, 3.270%, 06/25/33		259
	617	Series 2003-37, Class 2A1, VAR, 3.181%, 09/25/33		590
	5,615	Series 2004-25, Class 2A1, VAR, 1.214%, 02/25/35		4,928
	201	Series 2005-5, Class A2, 5.500%, 03/25/35		202
	298	Series 2005-20, Class A7, 5.250%, 12/25/27		285
	371	Series 2005-30, Class A5, 5.500%, 01/25/36		362
	2,575	Series 2006-10, Class 1A16, 6.000%, 05/25/36		2,206
	168	Series 2006-15, Class A1, 6.250%, 10/25/36		147
	762	Series 2006-17, Class A2, 6.000%, 12/25/36		668
	4,750	Series 2006-18, Class 2A4, 6.000%, 12/25/36		4,241
	273	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		246
	273	Series 2007-2, Class A2, 6.000%, 03/25/37		242
	2,289	Series 2007-3, Class A18, 6.000%, 04/25/37		1,970
	251	Series 2007-10, Class A4, 5.500%, 07/25/37		203
	621	Series 2007-13, Class A4, 6.000%, 08/25/37		557
	963	Series 2007-18, Class 2A1, 6.500%, 11/25/37		799
	1,445	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,392
	1,007	Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		993
		Citigroup Mortgage Loan Trust, Inc.
	542	Series 2005-3, Class 2A2A, VAR, 3.042%, 08/25/35		533
	1,291	Series 2005-4, Class A, VAR, 3.041%, 08/25/35		1,259
	1,447	Series 2005-6, Class A1, VAR, 2.690%, 09/25/35		1,480
	1,535	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,534

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,473	Series 2006-8, Class A3, VAR, 0.884%, 10/25/35 (e)		1,146
		Credit Suisse First Boston Mortgage Securities Corp.
	571	Series 2003-29, Class 3A1, 5.500%, 12/25/33		603
	7,424	Series 2004-4, Class 4A1, 5.500%, 08/25/34		7,642
	221	Series 2004-8, Class 4A3, 5.500%, 12/25/34		224
	1,359	Series 2004-AR5, Class 6A1, VAR, 2.965%, 06/25/34		1,363
	1,395	Series 2005-2, Class 1A2, 5.250%, 01/25/28		1,394
	343	Series 2005-4, Class 3A17, 5.500%, 06/25/35		344
	3,057	Series 2005-10, Class 11A1, 5.500%, 11/25/20		2,789
	82	Series 2005-10, Class 12A1, 5.250%, 11/25/20		74
	639	Series 2005-10, Class 5A3, 5.500%, 11/25/35		590
		CSFB Mortgage-Backed Pass-Through Certificates
	1,043	Series 2004-AR4, Class 2A1, VAR, 3.010%, 05/25/34		1,028
	5,672	Series 2004-AR4, Class 4A1, VAR, 3.782%, 05/25/34		5,670
		CSFB Mortgage-Backed Trust
	3,232	Series 2004-AR6, Class 7A1, VAR, 3.030%, 10/25/34		3,264
		CSMC Mortgage-Backed Trust
	119	Series 2006-8, Class 5A1, VAR, 5.755%, 10/25/26		104
	1,093	Series 2007-2, Class 3A13, 5.500%, 03/25/37		987
	195	Series 2007-3, Class 4A5, 5.000%, 04/25/37		182
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	240	Series 2005-1, Class 2A1, VAR, 5.858%, 02/25/20		242
	84	Series 2005-2, Class 2A1, VAR, 0.834%, 03/25/20		81
	4,836	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.788%, 08/19/45		4,115
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	880	Series 2014-DN2, Class M3, VAR, 4.134%, 04/25/24		907
	3,000	Series 2016-DNA3, Class M2, VAR, 2.534%, 12/25/28		3,032
		First Horizon Alternative Mortgage Securities Trust
	179	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		175
	960	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		952
		First Horizon Mortgage Pass-Through Trust
	447	Series 2004-AR7, Class 4A1, VAR, 2.728%, 02/25/35		441
	3,647	Series 2005-5, Class 1A6, 5.500%, 10/25/35		3,520
	789	Series 2006-2, Class 1A3, 6.000%, 08/25/36		729
	104	Series 2006-2, Class 1A7, 6.000%, 08/25/36		96
	749	Series 2006-3, Class 1A13, 6.250%, 11/25/36		707
		GMACM Mortgage Loan Trust
	1,135	Series 2004-AR2, Class 3A, VAR, 3.612%, 08/19/34		1,101
	728	Series 2005-AR1, Class 3A, VAR, 3.284%, 03/18/35		709
	1,703	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,397
		GSR Mortgage Loan Trust
	405	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		413
	516	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		522
	240	Series 2005-AR3, Class 6A1, VAR, 3.112%, 05/25/35		224
	5,447	Series 2005-AR4, Class 3A5, VAR, 3.233%, 07/25/35		5,028
	2,507	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		2,232
	1,548	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,382
	492	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		446
	836	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		785
	489	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 0.838%, 08/19/45		452

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 49

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Impac CMB Trust
	1,620	Series 2004-5, Class 1A1, VAR, 1.254%, 10/25/34		1,547
	590	Series 2004-5, Class 1M2, VAR, 1.404%, 10/25/34		540
	3,481	Series 2004-6, Class 1A2, VAR, 1.314%, 10/25/34		3,329
	1,351	Series 2004-7, Class 1A2, VAR, 1.454%, 11/25/34		1,249
	5,423	Series 2004-9, Class 1A1, VAR, 1.294%, 01/25/35		4,923
	1,175	Series 2004-10, Class 2A, VAR, 1.174%, 03/25/35		998
	2,344	Series 2004-10, Class 3A1, VAR, 1.234%, 03/25/35		2,106
	795	Series 2005-1, Class 1A1, VAR, 1.054%, 04/25/35		733
	1,079	Series 2005-1, Class 1A2, VAR, 1.154%, 04/25/35		938
	1,025	Series 2005-2, Class 1A2, VAR, 1.154%, 04/25/35		887
	834	Series 2005-4, Class 1A1A, VAR, 1.074%, 05/25/35		750
	464	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		436
		IndyMac INDX Mortgage Loan Trust
	713	Series 2005-AR3, Class 3A1, VAR, 2.916%, 04/25/35		687
	1,900	Series 2005-AR14, Class 2A1A, VAR, 0.834%, 07/25/35		1,621
		JP Morgan Mortgage Trust
	329	Series 2004-A6, Class 1A1, VAR, 2.982%, 12/25/34		323
	950	Series 2005-A3, Class 6A6, VAR, 3.022%, 06/25/35		923
	377	Series 2005-A8, Class 1A1, VAR, 3.026%, 11/25/35		356
	214	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		201
	128	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		127
	718	Series 2007-A1, Class 2A2, VAR, 3.058%, 07/25/35		702
	109	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		107
	1,969	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,722

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Lehman XS Trust
	11,742	Series 2005-5N, Class 3A1A, VAR, 0.834%, 11/25/35		10,361
	7,742	Series 2005-7N, Class 1A1A, VAR, 0.804%, 12/25/35		6,900
		MASTR Alternative Loan Trust
	800	Series 2004-8, Class 1A1, 6.500%, 09/25/34		860
	2,361	Series 2004-12, Class 3A1, 6.000%, 12/25/34		2,456
	779	Series 2005-3, Class 1A1, 5.500%, 04/25/35		802
	423	Series 2005-5, Class 3A1, 5.750%, 08/25/35		362
	1,278	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,127
	1,110	Series 2006-3, Class 3A1, 5.500%, 06/25/21		1,040
		Merrill Lynch Mortgage Investors Trust
	244	Series 2005-1, Class 2A1, VAR, 2.681%, 04/25/35		237
	770	Series 2005-1, Class 2A2, VAR, 2.681%, 04/25/35		745
	2,527	Series 2006-1, Class 2A1, VAR, 2.649%, 02/25/36		2,500
	500	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		409
		Morgan Stanley Mortgage Loan Trust
	678	Series 2004-8AR, Class 4A1, VAR, 2.965%, 10/25/34		675
	1,133	Series 2004-9, Class 1A, VAR, 5.381%, 11/25/34		1,191
	157	Series 2005-4, Class 1A, 5.000%, 08/25/35		158
	1,922	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,843
		MortgageIT Trust
	6,987	Series 2005-3, Class A1, VAR, 0.834%, 08/25/35		6,575
	972	Series 2005-5, Class A1, VAR, 0.794%, 12/25/35		886
	125	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		126
	3,631	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.814%, 12/25/35		3,187

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
		Opteum Mortgage Acceptance Corp. Trust
	932	Series 2005-4, Class 1A2, VAR, 0.924%, 11/25/35		852
	1,343	Series 2006-1, Class 1AC1, VAR, 0.834%, 04/25/36		1,169
	1,104	Series 2006-1, Class 1APT, VAR, 0.744%, 04/25/36		915
	2,068	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.870%, 05/25/35		1,993
		RALI Trust
	63	Series 2003-QS20, Class CB, 5.000%, 11/25/18		64
	3,166	Series 2004-QA3, Class CB2, VAR, 4.163%, 08/25/34		3,184
	501	Series 2004-QS15, Class A2, VAR, 0.934%, 11/25/34		486
	3,117	Series 2005-QA5, Class A2, VAR, 4.370%, 04/25/35		2,847
	193	Series 2005-QS2, Class A1, 5.500%, 02/25/35		191
	3,560	Series 2005-QS6, Class A1, 5.000%, 05/25/35		3,304
	1,695	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,464
	3,268	Series 2006-QS4, Class A2, 6.000%, 04/25/36		2,808
	114	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		108
		Residential Asset Securitization Trust
	233	Series 2004-A6, Class A1, 5.000%, 08/25/19		233
	206	Series 2004-A8, Class A1, 5.250%, 11/25/34		206
	5,208	Series 2005-A3, Class A2, 5.500%, 04/25/35		4,688
	3,053	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		2,882
	238	Series 2005-A14, Class A1, 5.500%, 12/25/35		211
		RFMSI Trust
	575	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		577
	227	Series 2005-S7, Class A6, 5.500%, 11/25/35		224
	1,305	Series 2005-SA1, Class 3A, VAR, 3.038%, 03/25/35		1,286
	1,776	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.726%, 07/20/36		1,616

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Structured Adjustable Rate Mortgage Loan Trust
	1,389	Series 2004-16, Class 5A2, VAR, 2.997%, 11/25/34		1,387
	724	Series 2005-1, Class 1A1, VAR, 3.051%, 02/25/35		694
	533	Series 2005-17, Class 4A3, VAR, 3.086%, 08/25/35		521
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	961	Series 2003-35, Class B1, VAR, 5.485%, 12/25/33		808
	7,800	Series 2004-10, Class 1A1, VAR, 5.421%, 06/25/34		7,943
		Structured Asset Securities Corp. Trust
	561	Series 2005-6, Class 2A3, 5.500%, 05/25/35		571
	275	Series 2005-6, Class 5A2, 5.000%, 05/25/35		277
		WaMu Mortgage Pass-Through Certificates Trust
	2,081	Series 2004-AR10, Class A1B, VAR, 0.954%, 07/25/44		1,978
	2,606	Series 2004-AR11, Class A, VAR, 2.839%, 10/25/34		2,620
	7,081	Series 2005-AR5, Class A6, VAR, 2.713%, 05/25/35		7,070
	2,532	Series 2005-AR7, Class A3, VAR, 2.755%, 08/25/35		2,529
	3,998	Series 2005-AR14, Class 1A3, VAR, 2.659%, 12/25/35		3,835
	2,667	Series 2005-AR14, Class 1A4, VAR, 2.659%, 12/25/35		2,566
	78	Series 2005-AR15, Class A1A1, VAR, 0.794%, 11/25/45		73
	1,569	Series 2005-AR16, Class 1A1, VAR, 2.610%, 12/25/35		1,469
	181	Series 2005-AR18, Class 1A3A, VAR, 2.549%, 01/25/36		179
	670	Series 2006-AR2, Class 1A1, VAR, 2.478%, 03/25/36		619
	1,227	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,155
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	2,077	Series 2005-1, Class 1A3, 5.500%, 03/25/35		1,978

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 51

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,068	Series 2005-4, Class CB7, 5.500%, 06/25/35		985
	1,686	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,582
	362	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		302
	1,955	Series 2007-1, Class 2A1, 6.000%, 01/25/22		1,865
		Wells Fargo Mortgage-Backed Securities Trust
	905	Series 2004-BB, Class A5, VAR, 2.882%, 01/25/35		908
	9,252	Series 2004-DD, Class 1A1, VAR, 2.840%, 01/25/35		9,202
	1,120	Series 2004-DD, Class 2A6, VAR, 2.845%, 01/25/35		1,112
	4,862	Series 2004-M, Class A1, VAR, 3.004%, 08/25/34		4,963
	6,415	Series 2004-N, Class A6, VAR, 3.009%, 08/25/34		6,407
	6,092	Series 2004-N, Class A7, VAR, 3.009%, 08/25/34		6,084
	1,127	Series 2004-Q, Class 1A1, VAR, 3.002%, 09/25/34		1,131
	695	Series 2004-Q, Class 1A2, VAR, 3.002%, 09/25/34		700
	206	Series 2005-AR2, Class 2A2, VAR, 2.891%, 03/25/35		208
	938	Series 2005-AR3, Class 2A1, VAR, 3.096%, 03/25/35		944
	549	Series 2005-AR4, Class 2A2, VAR, 2.999%, 04/25/35		548
	2,483	Series 2005-AR5, Class 1A1, VAR, 3.049%, 04/25/35		2,462
	220	Series 2005-AR7, Class 2A1, VAR, 3.078%, 05/25/35		217
	4,807	Series 2005-AR8, Class 1A1, VAR, 3.041%, 06/25/35		4,866
	3,179	Series 2005-AR10, Class 1A1, VAR, 2.993%, 06/25/35		3,290
	1,307	Series 2005-AR11, Class 1A1, VAR, 2.992%, 06/25/35		1,304
	859	Series 2005-AR15, Class 1A6, VAR, 2.984%, 09/25/35		810
	3,215	Series 2005-AR16, Class 6A3, VAR, 3.074%, 10/25/35		3,240
	395	Series 2005-AR16, Class 7A1, VAR, 3.080%, 10/25/35		380
	1,338	Series 2006-4, Class 1A9, 5.750%, 04/25/36		1,365

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,626	Series 2006-AR2, Class 2A1, VAR, 2.921%, 03/25/36		2,619
	463	Series 2006-AR2, Class 2A3, VAR, 2.921%, 03/25/36		453
	2,845	Series 2006-AR6, Class 5A1, VAR, 2.997%, 03/25/36		2,826
	546	Series 2006-AR19, Class A3, VAR, 4.711%, 12/25/36		503
	434	Series 2007-2, Class 1A13, 6.000%, 03/25/37		430
	855	Series 2007-15, Class A1, 6.000%, 11/25/37		846
		Total Collateralized Mortgage Obligations (Cost $398,945)		401,248
	Commercial Mortgage-Backed Securities — 1.3%
		United States — 1.3%
		Banc of America Commercial Mortgage Trust,
	785	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		784
	3,270	Series 2006-2, Class B, VAR, 5.665%, 05/10/45		3,262
	2,350	Series 2007-3, Class AJ, VAR, 5.552%, 06/10/49		2,386
	5,000	Series 2007-3, Class B, VAR, 5.552%, 06/10/49		4,974
		Bear Stearns Commercial Mortgage Securities Trust,
	747	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		750
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,925
	11,480	Series 2007-PW16, Class AJ, VAR, 5.717%, 06/11/40		11,364
	5,790	Series 2007-PW17, Class AJ, VAR, 5.887%, 06/11/50		5,832
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.274%, 07/15/44		5,762
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.116%, 11/15/44		2,445
	3,159	Series 2007-CD5, Class D, VAR, 6.116%, 11/15/44 (e)		3,053
		COMM Mortgage Trust,
	4,585	Series 2006-C8, Class AJ, 5.377%, 12/10/46		4,510
	5,400	Series 2015-CR23, Class CMC, VAR, 3.685%, 05/10/48 (e)		5,474

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	2,275	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.031%, 12/10/49		2,274
	1,848	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		1,846
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		3,401
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,500	Series 2005-LDP2, Class E, VAR, 4.981%, 07/15/42		1,490
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,497
	6,350	Series 2007-LD11, Class AM, VAR, 5.755%, 06/15/49		6,416
	5,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		4,905
	2,000	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.916%, 07/15/44		1,987
		LB-UBS Commercial Mortgage Trust,
	5,778	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		5,373
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		2,145
	4,800	Series 2007-C1, Class AJ, 5.484%, 02/15/40		4,806
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,232
	9,200	Series 2007-C6, Class AJ, VAR, 6.116%, 07/15/40		9,310
		Morgan Stanley Capital I Trust,
	609	Series 2006-HQ8, Class AJ, VAR, 5.422%, 03/12/44		611
	3,480	Series 2006-HQ8, Class C, VAR, 5.422%, 03/12/44		3,161
	1,000	Series 2006-HQ8, Class D, VAR, 5.422%, 03/12/44		419
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,576
	4,691	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		4,679
	7,725	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		7,691
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,717
	3,255	Series 2007-HQ12, Class B, VAR, 5.721%, 04/12/49		3,249

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Wachovia Bank Commercial Mortgage Trust,
	362	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		361
	5,900	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		5,887
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,279
	1,200	Series 2007-C31, Class C, VAR, 5.651%, 04/15/47		1,157
	2,075	Series 2007-C33, Class AJ, VAR, 5.959%, 02/15/51		2,077
	2,650	Series 2007-C33, Class B, VAR, 5.959%, 02/15/51		2,560
	6,313	Series 2007-C33, Class C, VAR, 5.959%, 02/15/51		5,843
	2,500	Series 2007-C34, Class AJ, VAR, 5.942%, 05/15/46		2,509
	1,500	Series 2007-C34, Class B, VAR, 6.017%, 05/15/46		1,491
		Total Commercial Mortgage-Backed Securities (Cost $168,562)		162,470
SHARES
	Common Stocks — 32.0%
		Australia — 0.5%
	398	BHP Billiton plc		5,984
	1,116	Dexus Property Group		7,578
	2,086	Goodman Group		10,754
	5,939	Mirvac Group		9,422
	4,354	Scentre Group		13,936
	2,074	Westfield Corp.		14,016
				61,690
		Belgium — 0.3%
	275	Anheuser-Busch InBev S.A./N.V. (a)		31,556
	80	KBC Group N.V. (a)		4,889
	26	Warehouses De Pauw CVA		2,425
				38,870
		Bermuda — 0.0% (g)
	32	Validus Holdings Ltd.		1,648
		Brazil — 0.3%
	2,593	AMBEV S.A., ADR		15,299
	197	Banco do Brasil S.A. (a)		1,812
	1,294	BB Seguridade Participacoes S.A.		12,975
	778	Engie Brasil Energia S.A.		9,972
				40,058

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 53

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Canada — 0.3%
	369	Allied Properties Real Estate Investment Trust		9,919
	340	Canadian Apartment Properties REIT		7,422
	183	RioCan Real Estate Investment Trust		3,558
	300	TransCanada Corp.		13,560
				34,459
		Chile — 0.1%
	623	Banco Santander Chile, ADR		14,247
		China — 0.1%
	994	Fuyao Glass Industry Group Co., Ltd., Class A		2,604
	2,854	Fuyao Glass Industry Group Co., Ltd., Class H, (e)		8,277
				10,881
		Czech Republic — 0.3%
	268	Komercni Banka A.S.		9,793
	8,333	Moneta Money Bank A.S. (a) (e)		29,058
				38,851
		Denmark — 0.4%
	1,161	Danske Bank A/S		35,816
	33	Pandora A/S		4,312
	150	Tryg A/S		2,931
				43,059
		Finland — 0.6%
	129	Elisa OYJ		4,348
	284	Fortum OYJ		4,733
	105	Kone OYJ, Class B		4,813
	118	Metso OYJ		3,105
	131	Nokian Renkaat OYJ		4,381
	103	Orion OYJ, Class B		4,384
	482	Stora Enso OYJ, Class R		4,559
	1,895	UPM-Kymmene OYJ		44,091
				74,414
		France — 1.6%
	358	AXA S.A.		8,078
	173	BNP Paribas S.A.		10,025
	310	Cie Generale des Etablissements Michelin		33,610
	252	CNP Assurances		4,372
	480	Credit Agricole S.A.		5,179
	191	Edenred		4,421
	330	Electricite de France S.A.		3,703
	370	Engie S.A.		5,336
	42	Fonciere Des Regions		3,652
	31	Gecina S.A.		4,571
	50	ICADE		3,624
	190	Klepierre		7,754

SHARES		SECURITY DESCRIPTION	VALUE
		France — continued
	131	Lagardere S.C.A.		3,346
	530	Natixis S.A.		2,682
	431	Orange S.A.		6,779
	59	Renault S.A.		5,098
	178	Societe Generale S.A.		6,934
	55	Technip S.A.		3,655
	300	TOTAL S.A.		14,362
	227	Unibail-Rodamco SE		53,936
				191,117
		Germany — 1.1%
	166	Allianz SE		25,919
	671	alstria office REIT-AG (a)		8,660
	123	BASF SE		10,825
	66	Bayerische Motoren Werke AG		5,781
	147	Daimler AG		10,501
	522	Deutsche Telekom AG		8,523
	152	Deutsche Wohnen AG		4,980
	109	Evonik Industries AG		3,412
	42	Hannover Rueck SE		4,729
	31	Muenchener Rueckversicherungs-Gesellschaft AG		5,989
	357	Siemens AG		40,554
				129,873
		Hong Kong — 0.6%
	1,234	China Mobile Ltd.		14,131
	6,278	China Resources Power Holdings Co., Ltd.		10,637
	514	Hang Seng Bank Ltd.		9,275
	5,460	HKT Trust & HKT Ltd.		7,505
	1,136	Hongkong Land Holdings Ltd.		7,604
	976	Link REIT		6,943
	2,852	New World Development Co., Ltd.		3,546
	2,527	Sands China Ltd.		10,966
	293	VTech Holdings Ltd.		3,592
				74,199
		Hungary — 0.1%
	277	OTP Bank plc		7,756
		India — 0.1%
	1,319	Coal India Ltd.		6,435
	2,541	ITC Ltd.		9,199
				15,634
		Indonesia — 0.0% (g)
	17,899	Telekomunikasi Indonesia Persero Tbk PT		5,779
		Ireland — 0.4%
	333	Accenture plc, Class A		38,687

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Ireland — continued
	36	Paddy Power Betfair plc		3,735
				42,422
		Italy — 0.4%
	420	Assicurazioni Generali S.p.A.		5,429
	589	Atlantia S.p.A.		14,420
	1,381	Enel S.p.A.		5,938
	444	Eni S.p.A.		6,438
	451	Mediobanca S.p.A.		3,301
	599	Poste Italiane S.p.A. (e)		3,985
	1,005	Snam S.p.A.		5,296
	805	Terna Rete Elettrica Nazionale S.p.A.		3,941
				48,748
		Japan — 0.9%
	538	Daiwa House Industry Co., Ltd.		14,752
	6	Japan Hotel REIT Investment Corp.		4,352
	1	Japan Real Estate Investment Corp.		6,393
	2	Japan Retail Fund Investment Corp.		3,758
	425	Japan Tobacco, Inc.		16,166
	2,592	Mitsubishi UFJ Financial Group, Inc.		13,374
	6	Nippon Prologis REIT, Inc.		13,726
	612	Nippon Telegraph & Telephone Corp.		27,139
	4	Orix JREIT, Inc.		6,234
				105,894
		Luxembourg — 0.0% (g)
	42	RTL Group S.A.		3,283
		Mexico — 0.2%
	2,006	Bolsa Mexicana de Valores S.A.B. de C.V.		3,214
	2,015	Fibra Uno Administracion S.A. de C.V.		3,846
	5,472	Kimberly-Clark de Mexico S.A.B. de C.V., Class A		11,801
				18,861
		Netherlands — 1.0%
	179	ABN AMRO Group N.V., CVA (e)		4,124
	61	Eurocommercial Properties N.V., CVA		2,594
	672	ING Groep N.V.		8,824
	306	Koninklijke Ahold Delhaize N.V.		6,984
	1,591	Koninklijke KPN N.V.		5,189
	669	NN Group N.V.		20,156
	1,801	Royal Dutch Shell plc, Class A		44,876
	851	Royal Dutch Shell plc, Class B		21,949
	164	Vastned Retail N.V.		6,308
				121,004
		Norway — 0.2%
	230	Gjensidige Forsikring ASA		4,113

SHARES		SECURITY DESCRIPTION	VALUE
		Norway — continued
	261	Marine Harvest ASA (a)		4,727
	383	Orkla ASA		3,616
	327	Statoil ASA		5,333
	246	Telenor ASA		3,912
	101	Yara International ASA		3,555
				25,256
		Portugal — 0.1%
	1,454	EDP — Energias de Portugal S.A.		4,807
	256	Galp Energia SGPS S.A.		3,470
				8,277
		Russia — 0.3%
	205	Lukoil PJSC, ADR		9,962
	269	MegaFon PJSC, GDR		2,560
	309	MMC Norilsk Nickel PJSC, ADR		4,657
	455	Mobile TeleSystems PJSC, ADR		3,505
	5,376	Moscow Exchange MICEX-RTS PJSC		9,902
	215	PhosAgro PJSC, GDR		2,662
	261	Severstal PJSC, GDR		3,686
				36,934
		Singapore — 0.0% (g)
	992	Ascendas Real Estate Investment Trust		1,691
	1,584	CapitaLand Commercial Trust		1,793
				3,484
		South Africa — 0.6%
	1,220	AVI Ltd.		8,575
	929	Barclays Africa Group Ltd.		10,780
	394	Bid Corp. Ltd.		6,911
	467	Bidvest Group Ltd. (The)		5,805
	3,170	FirstRand Ltd.		11,368
	677	Investec plc		4,199
	3,088	Life Healthcare Group Holdings Ltd.		8,249
	3,240	MMI Holdings Ltd.		5,428
	604	Vodacom Group Ltd.		6,516
	999	Woolworths Holdings Ltd.		5,786
				73,617
		South Korea — 0.2%
	100	Kangwon Land, Inc.		3,331
	106	KT&G Corp.		10,407
	6	Samsung Electronics Co., Ltd.		8,696
	340	SK Telecom Co., Ltd., ADR		7,423
				29,857
		Spain — 0.6%
	334	Abertis Infraestructuras S.A.		4,943

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 55

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Spain — continued
	118	ACS Actividades de Construccion y Servicios S.A.		3,598
	34	Aena S.A. (e)		4,948
	1,065	Banco Bilbao Vizcaya Argentaria S.A.		7,668
	2,209	Banco Santander S.A.		10,822
	461	Distribuidora Internacional de Alimentacion S.A.		2,462
	166	Enagas S.A.		4,760
	225	Endesa S.A.		4,767
	220	Gas Natural SDG S.A.		4,330
	1,125	Iberdrola S.A.		7,659
	1,501	Mapfre S.A.		4,451
	234	Red Electrica Corp. S.A.		4,873
	314	Repsol S.A.		4,382
	726	Telefonica S.A.		7,379
				77,042
		Sweden — 0.2%
	138	ICA Gruppen AB		4,291
	592	Nordea Bank AB		6,221
	128	Skanska AB, Class B		2,771
	363	Svenska Handelsbanken AB, Class A		4,944
	244	Swedbank AB, Class A		5,708
				23,935
		Switzerland — 0.5%
	323	ABB Ltd. (a)		6,671
	2	Banque Cantonale Vaudoise		1,340
	18	Cembra Money Bank AG (a)		1,393
	77	Chubb Ltd.		9,763
	451	STMicroelectronics N.V.		4,280
	228	Swiss Re AG		21,178
	252	Wolseley plc		13,089
	28	Zurich Insurance Group AG (a)		7,434
				65,148
		Taiwan — 0.9%
	489	Asustek Computer, Inc.		4,281
	3,544	Cheng Shin Rubber Industry Co., Ltd.		7,211
	1,059	Chicony Electronics Co., Ltd.		2,705
	2,269	Delta Electronics, Inc.		11,947
	2,134	Far EasTone Telecommunications Co., Ltd.		5,043
	753	MediaTek, Inc.		5,708
	1,750	Novatek Microelectronics Corp.		6,552
	1,238	President Chain Store Corp.		9,250
	4,506	Quanta Computer, Inc.		9,116
	795	Siliconware Precision Industries Co., Ltd.		1,202

SHARES		SECURITY DESCRIPTION	VALUE
		Taiwan — continued
	3,066	Taiwan Mobile Co., Ltd.		10,728
	719	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		22,340
	6,288	Vanguard International Semiconductor Corp.		12,802
				108,885
		Thailand — 0.1%
	384	Siam Cement PCL (The)		5,528
	119	Siam Cement PCL (The), NVDR		1,696
	284	Thai Oil PCL		567
	1,026	Thai Oil PCL, NVDR		2,049
				9,840
		Turkey — 0.1%
	317	Eregli Demir ve Celik Fabrikalari TAS		431
	1,138	Tofas Turk Otomobil Fabrikasi A.S.		8,577
	185	Tupras Turkiye Petrol Rafinerileri A.S.		3,771
				12,779
		United Arab Emirates — 0.1%
	2,149	First Gulf Bank PJSC		6,720
		United Kingdom — 3.6%
	979	Aberdeen Asset Management plc		3,830
	169	Admiral Group plc		3,962
	482	Amec Foster Wheeler plc		2,630
	160	AstraZeneca plc		8,946
	4,145	BAE Systems plc		27,461
	683	Barratt Developments plc		3,789
	2,461	BP plc		14,547
	247	British American Tobacco plc		14,133
	1,545	British Land Co. plc (The)		11,062
	1,276	BT Group plc		5,857
	1,808	Centrica plc		4,735
	6,327	Direct Line Insurance Group plc		26,769
	1,346	G4S plc		3,614
	3,489	GlaxoSmithKline plc		68,924
	4,186	HSBC Holdings plc		31,511
	417	ICAP plc		2,475
	295	IMI plc		3,586
	148	Imperial Brands plc		7,156
	322	Inmarsat plc		2,765
	118	InterContinental Hotels Group plc		4,570
	1,514	J Sainsbury plc		4,642
	947	Kingfisher plc		4,183
	10,270	Lloyds Banking Group plc		7,171
	682	Meggitt plc		3,626

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom — continued
	664	National Grid plc		8,637
	2,048	Old Mutual plc		5,037
	1,133	Persimmon plc		23,462
	239	Rio Tinto plc		8,296
	741	Royal Mail plc		4,447
	1,856	Safestore Holdings plc		8,145
	1,538	Segro plc		8,238
	137	Severn Trent plc		3,903
	308	SSE plc		5,980
	334	St. James’s Place plc		3,863
	720	Standard Life plc		2,971
	470	Tate & Lyle plc		4,483
	1,560	Taylor Wimpey plc		2,702
	2,251	Tritax Big Box REIT plc		3,741
	393	United Utilities Group plc		4,514
	12,915	Vodafone Group plc		35,470
	700	William Hill plc		2,532
	1,591	WPP plc		34,545
				442,910
		United States — 15.2%
	67	3M Co.		10,994
	38	AbbVie, Inc.		2,124
	628	Altria Group, Inc.		41,510
	86	Analog Devices, Inc.		5,522
	139	Apartment Investment & Management Co., Class A		6,112
	121	Apple, Inc.		13,696
	46	Arthur J. Gallagher & Co.		2,236
	769	AT&T, Inc.		28,279
	86	Automatic Data Processing, Inc.		7,520
	372	AvalonBay Communities, Inc.		63,656
	784	Bank of America Corp.		12,928
	253	BB&T Corp.		9,928
	32	Boston Properties, Inc.		3,889
	636	Brandywine Realty Trust		9,859
	128	Bristol-Myers Squibb Co.		6,541
	655	Brixmor Property Group, Inc.		16,643
	102	Camden Property Trust		8,345
	98	Chevron Corp.		10,297
	109	Cincinnati Financial Corp.		7,683
	78	Cinemark Holdings, Inc.		3,121
	617	CME Group, Inc.		61,806
	193	CMS Energy Corp.		8,140
	196	Coca-Cola Co. (The)		8,314
	1,029	Comcast Corp., Class A		63,604

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	247	ConocoPhillips		10,727
	1	Constar International, Inc., Class A (a)		—
	23	Cullen/Frost Bankers, Inc.		1,763
	371	DDR Corp.		5,671
	163	Digital Realty Trust, Inc.		15,230
	99	Douglas Emmett, Inc.		3,631
	74	Dr. Pepper Snapple Group, Inc.		6,455
	22	DTE Energy Co.		2,091
	188	Duke Realty Corp.		4,903
	3	Dynegy, Inc. (a)		27
	344	E.I. du Pont de Nemours & Co.		23,648
	80	Edison International		5,864
	160	Eli Lilly & Co.		11,802
	161	Equity One, Inc.		4,596
	88	Extra Space Storage, Inc.		6,449
	217	Exxon Mobil Corp.		18,093
	127	Fidelity National Information Services, Inc.		9,367
	1,106	General Motors Co.		34,940
	38	Gilead Sciences, Inc.		2,827
	279	Halcon Resources Corp. (a)		2,498
	910	HCP, Inc.		31,171
	219	Highwoods Properties, Inc.		10,845
	467	Home Depot, Inc. (The)		56,990
	143	Honeywell International, Inc.		15,710
	263	Hospitality Properties Trust		7,186
	137	Illinois Tool Works, Inc.		15,569
	95	International Business Machines Corp.		14,526
	611	Johnson & Johnson		70,898
	67	Kimberly-Clark Corp.		7,693
	1,141	Kimco Realty Corp.		30,370
	468	KLA-Tencor Corp.		35,168
	152	L Brands, Inc.		10,972
	808	LaSalle Hotel Properties		19,201
	490	Liberty Property Trust		19,794
	39	M&T Bank Corp.		4,792
	222	Macerich Co. (The)		15,704
	351	Merck & Co., Inc.		20,607
	863	MetLife, Inc.		40,536
	1,241	Microsoft Corp.		74,336
	122	Mid-America Apartment Communities, Inc.		11,304
	274	Mondelez International, Inc., Class A		12,308
	707	Morgan Stanley		23,743
	177	National Health Investors, Inc.		13,430
	288	National Retail Properties, Inc.		13,130
	3	Nebraska Book Holdings, Inc. (a)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 57

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States — continued
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B (a) (e)		73
	274		NextEra Energy, Inc.		35,025
	178		NII Holdings, Inc. (a)		435
	253		NiSource, Inc.		5,890
	135		Northern Trust Corp.		9,810
	1,035		Occidental Petroleum Corp.		75,458
	495		Omega Healthcare Investors, Inc.		15,752
	22		Penn Virginia Corp. (a)		890
	75		PepsiCo, Inc.		8,072
	1,872		Pfizer, Inc.		59,366
	187		Philip Morris International, Inc.		18,042
	146		PNC Financial Services Group, Inc. (The)		13,954
	79		PPG Industries, Inc.		7,359
	112		Procter & Gamble Co. (The)		9,715
	663		Prologis, Inc.		34,605
	59		Public Storage		12,571
	92		Regency Centers Corp.		6,607
	60		Republic Services, Inc.		3,179
	148		Senior Housing Properties Trust		3,158
	234		Simon Property Group, Inc.		43,434
	168		SL Green Realty Corp.		16,535
	23		Snap-on, Inc.		3,538
	2,118		Spirit Realty Capital, Inc.		25,231
	747		STORE Capital Corp.		20,397
	133		T. Rowe Price Group, Inc.		8,523
	483		TCEH Corp. (a)		7,340
	493		Texas Instruments, Inc.		34,916
	103		Time Warner, Inc.		9,131
	175		Travelers Cos., Inc. (The)		18,886
	383		U.S. Bancorp		17,135
	235		UnitedHealth Group, Inc.		33,167
	97		Ventas, Inc.		6,551
	325		Verizon Communications, Inc.		15,633
	139		VF Corp.		7,535
	82		Vornado Realty Trust		7,605
	1,474		Wells Fargo & Co.		67,797
	217		Welltower, Inc.		14,887
	172		Xcel Energy, Inc.		7,166
					1,844,680
			Total Common Stocks (Cost $3,559,049)		3,892,111

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — 0.7%
		Austria — 0.0% (g)
		Steinhoff Finance Holding GmbH,
	EUR 400	Reg. S, 1.250%, 08/11/22		441
	EUR 1,800	Reg. S, 1.250%, 10/21/23		1,966
				2,407
		Bermuda — 0.0% (g)
	800	Jazz Investments I Ltd., 1.875%, 08/15/21		793
		Weatherford International Ltd.,
	1,340	5.875%, 07/01/21		1,421
				2,214
		Cayman Islands — 0.1%
	HKD 2,000	ASM Pacific Technology Ltd., Reg. S, 2.000%, 03/28/19		275
	2,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/23		2,058
		Ctrip.com International Ltd.,
	1,296	1.250%, 09/15/22 (e)		1,273
	345	1.990%, 07/01/25		378
	HKD 6,000	Kingsoft Corp., Ltd., Reg. S, 1.250%, 04/11/19		766
	500	TPK Holding Co., Ltd., Reg. S, Zero Coupon, 04/08/20		464
	667	YY, Inc., 2.250%, 04/01/19		649
	1,300	Zhen Ding Technology Holding Ltd., Reg. S, Zero Coupon, 06/26/19		1,313
				7,176
		France — 0.0% (g)
	EUR 867 Units	Air France-KLM, Reg. S, 2.030%, 02/15/23		949
	EUR 576 Units	Rallye S.A., Reg. S, 1.000%, 10/02/20		606
	800	TOTAL S.A., Reg. S, 0.500%, 12/02/22		829
				2,384
		Germany — 0.0% (g)
	EUR 800	Rocket Internet SE, Reg. S, 3.000%, 07/22/22		777
		Hong Kong — 0.0% (g)
	600	Baosteel Hong Kong Investment Co. Ltd., Reg. S, Zero Coupon, 12/01/18		601
		Japan — 0.0% (g)
	300	Mebuki Financial Group, Inc., Reg. S, Zero Coupon, 04/24/19		296
	500	Yamaguchi Financial Group, Inc., Reg. S, VAR, 0.357%, 03/26/20		524
				820

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Luxembourg — 0.0% (g)
	EUR 400	OHL Investments S.A., Reg. S, 4.000%, 04/25/18		408
	2,200	Subsea 7 S.A., Reg. S, 1.000%, 10/05/17		2,162
				2,570
		Netherlands — 0.1%
	EUR 1,700	America Movil B.V., Reg. S, 5.500%, 09/17/18		1,688
	EUR 900	Amorim Energia B.V., Reg. S, 3.375%, 06/03/18		1,020
	500	Brenntag Finance B.V., Reg. S, 1.875%, 12/02/22		532
	27 Units	Fiat Chrysler Automobiles N.V., 7.875%, 12/15/16		1,764
	EUR 600	OCI N.V., Reg. S, 3.875%, 09/25/18		600
	600	STMicroelectronics N.V., Reg. S, 1.000%, 07/03/21		647
	1,368	Yandex N.V., 1.125%, 12/15/18		1,310
				7,561
		Singapore — 0.0% (g)
		CapitaLand Ltd.,
	SGD 4,250	Reg. S, 1.850%, 06/19/20		2,968
	SGD 750	Reg. S, 1.950%, 10/17/23		542
				3,510
		Spain — 0.1%
		International Consolidated Airlines Group S.A.,
	EUR 800	Reg. S, 0.250%, 11/17/20		812
	EUR 1,000	Reg. S, 0.625%, 11/17/22		984
	EUR 1,700	Telefonica Participaciones SAU, Reg. S, 4.900%, 09/25/17		1,633
	EUR 3,500	Telefonica S.A., Reg. S, 6.000%, 07/24/17		3,509
				6,938
		United Arab Emirates — 0.0% (g)
		Aabar Investments PJSC,
	EUR 2,000	Reg. S, 0.500%, 03/27/20		1,762
	EUR 1,500	Reg. S, 1.000%, 03/27/22		1,202
	1,400	DP World Ltd., Reg. S, 1.750%, 06/19/24		1,388
	400	National Bank of Abu Dhabi PJSC, Reg. S, 1.000%, 03/12/18		397
				4,749
		United Kingdom — 0.1%
	GBP 400	Balfour Beatty Finance No.2 Ltd., Reg. S, 1.875%, 12/03/18		486
	400	Brait SE, Reg. S, 2.750%, 09/18/20		467

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	GBP 1,300	British Land White 2015 Ltd., Reg. S, Zero Coupon, 06/09/20		1,473
	GBP 400	Remgro Jersey GBP Ltd., Reg. S, 2.625%, 03/22/21		515
	HKD 8,000	Shine Power International Ltd., Reg. S, Zero Coupon, 07/28/19		1,025
	GBP 2,800	Vodafone Group plc, Reg. S, 2.000%, 02/25/19		3,749
				7,715
		United States — 0.3%
	894	Advanced Micro Devices, Inc., 2.125%, 09/01/26		1,008
	398	Akamai Technologies, Inc., Zero Coupon, 02/15/19		418
	917	Ares Capital Corp., 4.750%, 01/15/18		944
	625	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22 (e)		629
	910	Brocade Communications Systems, Inc., 1.375%, 01/01/20		902
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		495
	1,555	Cobalt International Energy, Inc., 3.125%, 05/15/24		509
	826	Colony Capital, Inc., 3.875%, 01/15/21		807
	2,385	DISH Network Corp., 3.375%, 08/15/26 (e)		2,732
	956	Extra Space Storage LP, 3.125%, 10/01/35 (e)		1,018
	1,870	FireEye, Inc., Series B, 1.625%, 06/01/35		1,680
	509	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		508
	533	Impax Laboratories, Inc., 2.000%, 06/15/22		462
	1,486	Intel Corp., 2.950%, 12/15/35		1,933
	551	Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23		540
	456	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		373
		Liberty Interactive LLC,
	861	1.750%, 09/30/46 (e)		865
	1,384	4.000%, 11/15/29		857
		Liberty Media Corp.,
	1,054	1.375%, 10/15/23		1,078
	625	2.250%, 09/30/46 (e)		643
	382	Medicines Co. (The), 2.750%, 07/15/23 (e)		362
	1,290	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,138
	67	Nebraska Book Holdings, Inc., 2.000% (PIK), 04/01/26 (e) (v)		10

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 59

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	1,000	NRG Yield, Inc., 3.250%, 06/01/20 (e)		961
		Nuance Communications, Inc.,
	561	1.000%, 12/15/35 (e)		487
	488	2.750%, 11/01/31		489
	790	ON Semiconductor Corp., 1.000%, 12/01/20		789
	473	Priceline Group, Inc. (The), 0.900%, 09/15/21		506
	505	Redwood Trust, Inc., 4.625%, 04/15/18		506
	546	Solarcity Corp., 1.625%, 11/01/19		427
	983	Starwood Property Trust, Inc., 3.750%, 10/15/17		1,008
	826	SunPower Corp., 0.875%, 06/01/21		615
	2,526	Tesla Motors, Inc., 1.250%, 03/01/21		2,207
	432	Trinity Industries, Inc., 3.875%, 06/01/36		481
		Twitter, Inc.,
	1,382	0.250%, 09/15/19		1,292
	1,410	1.000%, 09/15/21		1,298
		VEREIT, Inc.,
	379	3.000%, 08/01/18		379
	2,098	3.750%, 12/15/20		2,135
	262	Verint Systems, Inc., 1.500%, 06/01/21		247
	777	Viavi Solutions, Inc., 0.625%, 08/15/33		772
	646	Whiting Petroleum Corp., 1.250%, 04/01/20		542
	716	Wright Medical Group, Inc., 2.000%, 02/15/20		733
		Yahoo!, Inc.,
	1,246	Zero Coupon, 12/01/18		1,261
				37,046
		Total Convertible Bonds (Cost $91,381)		86,468
	Corporate Bonds — 42.2%
		Argentina — 0.0% (g)
	1,290	Petrobras Argentina S.A., 7.375%, 07/21/23 (e)		1,327
		YPF S.A.,
	890	8.500%, 07/28/25 (e)		970
	950	Reg. S, 8.750%, 04/04/24		1,041
				3,338
		Australia — 0.1%
		BHP Billiton Finance USA Ltd.,
	8,830	5.000%, 09/30/43		10,060
	1,720	VAR, 6.750%, 10/19/75 (e)		1,948
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,591
				13,599

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Bahamas — 0.0% (g)
	5,100	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		969
		Bermuda — 0.2%
		Aircastle Ltd.,
	1,062	5.000%, 04/01/23		1,099
	1,935	5.500%, 02/15/22		2,075
	3,400	6.750%, 04/15/17		3,468
	7,097	7.625%, 04/15/20		8,073
	2,230	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		1,761
	425	Fly Leasing Ltd., 6.750%, 12/15/20		443
	1,805	IHS Markit Ltd., 5.000%, 11/01/22 (e)		1,909
		Weatherford International Ltd.,
	380	5.950%, 04/15/42		287
	1,986	6.500%, 08/01/36		1,569
	421	6.750%, 09/15/40		334
	2,649	7.000%, 03/15/38		2,185
	559	7.750%, 06/15/21		565
	549	8.250%, 06/15/23		568
				24,336
		Brazil — 0.1%
	2,703	Banco Daycoval S.A., Reg. S, 5.750%, 03/19/19		2,757
	3,920	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		3,798
				6,555
		Canada — 1.7%
		1011778 B.C. ULC/New Red Finance, Inc.,
	1,280	4.625%, 01/15/22 (e)		1,321
	9,970	6.000%, 04/01/22 (e)		10,429
	2,332	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		2,414
		Baytex Energy Corp.,
	339	5.125%, 06/01/21 (e)		286
	364	5.625%, 06/01/24 (e)		293
		Bombardier, Inc.,
	965	4.750%, 04/15/19 (e)		960
	543	5.500%, 09/15/18 (e)		560
	648	6.125%, 01/15/23 (e)		562
	1,580	7.500%, 03/15/25 (e)		1,414
	188	7.750%, 03/15/20 (e)		191
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,449
	1,450	5.750%, 07/15/23 (e)		1,465

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
		Cenovus Energy, Inc.,
	396	4.450%, 09/15/42		347
	1,195	6.750%, 11/15/39		1,335
		Concordia International Corp.,
	7,727	7.000%, 04/15/23 (e)		4,443
	874	9.000%, 04/01/22 (e)		846
	7,890	Emera, Inc., Series 16-A, VAR, 6.750%, 06/15/76		8,718
		Encana Corp.,
	178	3.900%, 11/15/21		180
	770	6.625%, 08/15/37		837
	4,424	Garda World Security Corp., 7.250%, 11/15/21 (e)		4,225
	1,302	HudBay Minerals, Inc., 9.500%, 10/01/20		1,335
		Lundin Mining Corp.,
	1,800	7.500%, 11/01/20 (e)		1,912
	1,795	7.875%, 11/01/22 (e)		1,939
	2,002	Masonite International Corp., 5.625%, 03/15/23 (e)		2,072
	2,118	Mattamy Group Corp., 6.500%, 11/15/20 (e)		2,113
		MEG Energy Corp.,
	10,720	6.375%, 01/30/23 (e)		8,844
	2,576	6.500%, 03/15/21 (e)		2,222
	3,959	7.000%, 03/31/24 (e)		3,226
		New Gold, Inc.,
	2,043	6.250%, 11/15/22 (e)		2,063
	1,054	7.000%, 04/15/20 (e)		1,086
		NOVA Chemicals Corp.,
	685	5.000%, 05/01/25 (e)		687
	2,395	5.250%, 08/01/23 (e)		2,440
		Open Text Corp.,
	1,957	5.625%, 01/15/23 (e)		2,027
	1,290	5.875%, 06/01/26 (e)		1,374
		Pacific Exploration & Production Corp.,
	1,350	5.125%, 03/28/23 (d)		268
	2,230	5.375%, 01/26/19 (d)		443
	1,709	5.625%, 01/19/25 (d)		340
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		1,187
	235	6.500%, 12/15/21		227
	10,145	Quebecor Media, Inc., 5.750%, 01/15/23		10,602
	50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)		—
	50	Quebecor, Inc., 9.750%, 01/15/16 (d)		—

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Teck Resources Ltd.,
	1,335	3.000%, 03/01/19		1,328
	1,635	4.750%, 01/15/22		1,626
	1,455	5.400%, 02/01/43		1,313
	2,670	6.000%, 08/15/40		2,576
	1,370	6.125%, 10/01/35		1,356
	355	8.000%, 06/01/21 (e)		388
	1,383	8.500%, 06/01/24 (e)		1,601
		Transcanada Trust,
	9,359	Series 16-A, VAR, 5.875%, 08/15/76		10,014
	9,855	VAR, 5.625%, 05/20/75		9,966
	1,651	Trinidad Drilling Ltd., 7.875%, 01/15/19 (e)		1,616
		Valeant Pharmaceuticals International, Inc.,
	4,875	5.375%, 03/15/20 (e)		4,144
	706	5.500%, 03/01/23 (e)		549
	1,555	5.625%, 12/01/21 (e)		1,259
	28,914	5.875%, 05/15/23 (e)		22,264
	8,568	6.125%, 04/15/25 (e)		6,597
	2,675	6.375%, 10/15/20 (e)		2,327
	7,840	6.750%, 08/15/21 (e)		6,664
	8,320	7.000%, 10/01/20 (e)		7,322
	7,262	7.250%, 07/15/22 (e)		6,173
	21,192	7.500%, 07/15/21 (e)		18,649
		Videotron Ltd.,
	1,966	5.000%, 07/15/22		2,052
	7,328	5.375%, 06/15/24 (e)		7,667
				206,133
		Cayman Islands — 0.2%
	1,470	Comcel Trust via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24		1,497
	2,079	Shelf Drilling Holdings Ltd., 8.625%, 11/01/18 (e)		1,689
		Transocean, Inc.,
	958	5.550%, 10/15/22		819
	1,530	6.800%, 03/15/38		1,006
	8,307	9.000%, 07/15/23 (e)		8,115
	7,407	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		7,518
	1,700	UPCB Finance VI Ltd., 6.875%, 01/15/22 (e)		1,768
	1,056	Vale Overseas Ltd., 5.875%, 06/10/21		1,125
				23,537
		Chile — 0.1%
	4,040	Cencosud S.A., Reg. S, 5.500%, 01/20/21		4,394
	1,350	Empresa Electrica Angamos S.A., Reg. S, 4.875%, 05/25/29		1,323
				5,717

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 61

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Colombia — 0.1%
	7,282	Ecopetrol S.A., 7.375%, 09/18/43		7,419
		Croatia — 0.0% (g)
	2,540	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)		2,759
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		967
	1,452	6.625%, 05/15/39		1,568
				2,535
		France — 0.2%
		SFR Group S.A.,
	18,441	6.000%, 05/15/22 (e)		18,856
	3,730	6.250%, 05/15/24 (e)		3,728
	6,061	7.375%, 05/01/26 (e)		6,121
				28,705
		Georgia — 0.1%
		Georgian Railway JSC,
	4,580	7.750%, 07/11/22 (e)		5,118
	988	Reg. S, 7.750%, 07/11/22		1,104
				6,222
		Germany — 0.1%
		IHO Verwaltungs GmbH,
	1,085	4.125% (cash), 09/15/21 (e) (v)		1,111
	2,715	4.500% (cash), 09/15/23 (e) (v)		2,749
	1,085	4.750% (cash), 09/15/26 (e) (v)		1,082
	2,014	Unitymedia GmbH, 6.125%, 01/15/25 (e)		2,100
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
	800	5.000%, 01/15/25 (e)		811
	EUR524	5.125%, 01/21/23 (e)		605
	2,888	5.500%, 01/15/23 (e)		2,993
				11,451
		Hungary — 0.0% (g)
	3,820	MFB Magyar Fejlesztesi Bank Zrt,
		6.250%, 10/21/20 (e)		4,302
		Indonesia — 0.1%
		Pertamina Persero PT,
	1,200	Reg. S, 4.875%, 05/03/22		1,279
	5,340	Reg. S, 5.250%, 05/23/21		5,763
	2,910	Reg. S, 6.000%, 05/03/42		3,063
	7,010	Reg. S, 6.450%, 05/30/44		7,723
				17,828

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ireland — 0.4%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
	500	3.750%, 05/15/19		513
	900	4.625%, 10/30/20		947
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.,
	900	6.250%, 01/31/19 (e)		917
	1,000	6.750%, 01/31/21 (e)		1,030
	88	7.000%, 11/15/20 (e)		91
	5,475	7.250%, 05/15/24 (e)		5,776
	3,205	VAR, 3.850%, 12/15/19 (e)		3,257
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc.,
	10,650	6.000%, 07/15/23 (e)		9,213
	1,770	6.500%, 02/01/25 (e)		1,491
	3,365	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		3,516
	3,830	James Hardie International Finance Ltd., 5.875%, 02/15/23 (e)		4,041
	13,280	Perrigo Finance Unlimited Co., 4.900%, 12/15/44		13,032
	3,100	Russian Railways Via RZD Capital plc, Reg. S, 5.700%, 04/05/22		3,309
	2,150	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23		2,217
				49,350
		Israel — 0.1%
	5,600	Israel Electric Corp., Ltd., Reg. S, Series 6, 5.000%, 11/12/24 (e)		6,062
		Italy — 0.1%
	8,600	Enel S.p.A., VAR, 8.750%, 09/24/73 (e)		10,036
	2,000	Telecom Italia S.p.A., 5.303%, 05/30/24 (e)		2,033
				12,069
		Japan — 0.0% (g)
	4,299	SoftBank Group Corp., 4.500%, 04/15/20 (e)		4,417
		Kazakhstan — 0.1%
		KazMunayGas National Co. JSC,
	10,596	Reg. S, 6.375%, 04/09/21		11,656
	2,500	Reg. S, 9.125%, 07/02/18		2,737
				14,393
		Liberia — 0.0% (g)
		Royal Caribbean Cruises Ltd.,
	1,315	5.250%, 11/15/22		1,439
	110	7.500%, 10/15/27		134
				1,573

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — 1.7%
		Actavis Funding SCS,
	6,730	4.750%, 03/15/45		7,066
	9,725	4.850%, 06/15/44		10,299
	5,150	Albea Beauty Holdings S.A., 8.375%, 11/01/19 (e)		5,356
		Altice Financing S.A.,
	724	6.500%, 01/15/22 (e)		759
	8,062	6.625%, 02/15/23 (e)		8,309
	7,885	7.500%, 05/15/26 (e)		8,141
		Altice Finco S.A.,
	200	7.625%, 02/15/25 (e)		198
	200	9.875%, 12/15/20 (e)		211
		Altice Luxembourg S.A.,
	415	7.625%, 02/15/25 (e)		432
	13,563	7.750%, 05/15/22 (e)		14,292
		ArcelorMittal,
	4,303	6.125%, 06/01/25		4,712
	17,202	7.250%, 02/25/22		19,524
	500	7.750%, 03/01/41		525
	2,000	8.000%, 10/15/39		2,150
	4,220	Camelot Finance S.A., 7.875%, 10/15/24 (e)		4,315
	788	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		788
	5,534	ConvaTec Healthcare E S.A., 10.500%, 12/15/18 (e)		5,596
	1,300	Dana Financing Luxembourg Sarl, 6.500%, 06/01/26 (e)		1,383
	564	FAGE International S.A./FAGE USA Dairy Industry, Inc., 5.625%, 08/15/26 (e)		582
	1,800	Gazprom OAO Via Gaz Capital S.A., Reg. S, 9.250%, 04/23/19		2,054
		INEOS Group Holdings S.A.,
	6,920	5.625%, 08/01/24 (e)		6,860
	13,925	5.875%, 02/15/19 (e)		14,186
		Intelsat Jackson Holdings S.A.,
	9,965	5.500%, 08/01/23		6,602
	1,772	7.250%, 04/01/19		1,413
	28,072	7.250%, 10/15/20		21,054
	6,565	7.500%, 04/01/21		4,825
	3,180	8.000%, 02/15/24 (e)		3,222
	2,223	Intelsat Luxembourg S.A., 7.750%, 06/01/21		722
		Mallinckrodt International Finance S.A.,
	160	3.500%, 04/15/18		158
	539	4.750%, 04/15/23		470

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — continued
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
	1,675	4.875%, 04/15/20 (e)		1,685
	6,105	5.500%, 04/15/25 (e)		5,639
	8,538	5.625%, 10/15/23 (e)		8,026
	2,189	5.750%, 08/01/22 (e)		2,058
	2,550	Millicom International Cellular S.A., Reg. S, 6.625%, 10/15/21		2,659
	2,750	MOL Group Finance S.A., Reg. S, 6.250%, 09/26/19		3,015
	5,240	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		5,463
	2,250	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S, 7.750%, 05/29/18		2,393
	3,650	Sberbank of Russia Via SB Capital SA, Reg. S, 4.950%, 02/07/17		3,673
	2,200	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.750%, 05/01/22 (e)		2,321
	2,081	VTB Bank OJSC Via VTB Capital S.A., Reg. S, 6.950%, 10/17/22		2,172
		Wind Acquisition Finance S.A.,
	6,237	4.750%, 07/15/20 (e)		6,268
	795	7.375%, 04/23/21 (e)		815
				202,391
		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.500%, 03/18/45		1,304
		Mexico — 0.4%
		Alfa S.A.B. de C.V.,
	3,412	6.875%, 03/25/44 (e)		3,639
	4,500	Reg. S, 5.250%, 03/25/24		4,871
	600	Banco Nacional de Comercio Exterior SNC, VAR, 3.800%, 08/11/26 (e)		592
	2,600	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22		2,924
		Cemex S.A.B. de C.V.,
	890	5.700%, 01/11/25 (e)		905
	6,390	6.125%, 05/05/25 (e)		6,582
	5,190	7.250%, 01/15/21 (e)		5,552
	450	7.750%, 04/16/26 (e)		502
	510	Comision Federal de Electricidad, 4.750%, 02/23/27 (e)		519
	2,150	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22		2,180
	2,154	Mexichem S.A.B. de C.V., Reg. S, 6.750%, 09/19/42		2,283

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 63

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico — continued
		Mexico City Airport Trust,
	470	4.250%, 10/31/26 (e)		477
	870	5.500%, 10/31/46 (e)		849
	3,229	Nemak S.A.B de C.V., Reg. S, 5.500%, 02/28/23		3,336
		Petroleos Mexicanos,
	3,649	5.625%, 01/23/46		3,142
	3,170	6.500%, 06/02/41		3,081
	7,320	6.625%, 06/15/35		7,331
	2,750	6.875%, 08/04/26 (e)		3,065
	1,250	Reg. S, 6.375%, 02/04/21		1,364
				53,194
		Morocco — 0.1%
		OCP S.A.,
	4,670	Reg. S, 5.625%, 04/25/24		5,027
	6,671	Reg. S, 6.875%, 04/25/44		7,305
				12,332
		Netherlands — 1.1%
		Alcoa Nederland Holding B.V.,
	2,996	6.750%, 09/30/24 (e)		3,101
	900	7.000%, 09/30/26 (e)		925
	2,680	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		2,879
	4,600	Bluewater Holding B.V.,
		10.000%, 12/10/19 (e)		2,346
		Fiat Chrysler Automobiles N.V.,
	2,584	4.500%, 04/15/20		2,648
	8,442	5.250%, 04/15/23		8,611
	746	InterGen N.V., 7.000%, 06/30/23 (e)		632
	2,825	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42		2,917
	4,372	LYB International Finance B.V., 4.875%, 03/15/44		4,645
	3,350	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20		3,835
	10,319	Mylan N.V., 5.250%, 06/15/46 (e)		10,536
		NXP B.V./NXP Funding LLC,
	2,281	4.125%, 06/15/20 (e)		2,406
	2,905	4.125%, 06/01/21 (e)		3,101
	2,665	4.625%, 06/15/22 (e)		2,905
	5,525	4.625%, 06/01/23 (e)		6,050
	5,902	5.750%, 02/15/21 (e)		6,138
	6,874	5.750%, 03/15/23 (e)		7,347
		Petrobras Global Finance B.V.,
	3,480	5.375%, 01/27/21		3,413

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — continued
	2,070	6.750%, 01/27/41		1,821
	3,900	8.375%, 05/23/21		4,315
	4,100	8.750%, 05/23/26		4,599
		Schaeffler Finance B.V.,
	1,750	4.250%, 05/15/21 (e)		1,796
	2,755	4.750%, 05/15/23 (e)		2,841
		Sensata Technologies B.V.,
	4,678	4.875%, 10/15/23 (e)		4,847
	1,395	5.000%, 10/01/25 (e)		1,430
	2,034	5.625%, 11/01/24 (e)		2,156
		Shell International Finance B.V.,
	6,731	3.750%, 09/12/46		6,445
	10,905	4.000%, 05/10/46		10,806
	1,620	4.375%, 05/11/45		1,705
	14,230	Teva Pharmaceutical Finance Netherlands III B.V., 4.100%, 10/01/46		13,200
	1,425	Ziggo Bond Finance B.V., 5.875%, 01/15/25 (e)		1,414
	3,875	Ziggo Secured Finance B.V., 5.500%, 01/15/27 (e)		3,806
				135,616
		Peru — 0.1%
	2,950	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		3,155
	2,800	BBVA Banco Continental S.A., Reg. S, 5.000%, 08/26/22		3,069
	1,924	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		1,984
				8,208
		Singapore — 0.0% (g)
	480	Flex Ltd., 5.000%, 02/15/23		521
		Turkey — 0.0% (g)
	1,550	Akbank TAS, Reg. S, 5.125%, 03/31/25		1,504
	1,500	Turkiye Garanti Bankasi AS, Reg. S, 5.250%, 09/13/22		1,509
				3,013
		United Arab Emirates — 0.0% (g)
	3,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		3,530
		United Kingdom — 0.7%
	3,720	Adient Global Holdings Ltd., 4.875%, 08/15/26 (e)		3,659
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		15
		Anglo American Capital plc,
	2,170	3.625%, 05/14/20 (e)		2,181

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	3,197	4.125%, 09/27/22 (e)		3,165
	739	4.450%, 09/27/20 (e)		753
	3,646	4.875%, 05/14/25 (e)		3,710
		Ensco plc,
	429	4.500%, 10/01/24		343
	864	4.700%, 03/15/21		798
	1,906	Inmarsat Finance plc, 6.500%, 10/01/24 (e)		1,930
		International Game Technology plc,
	9,425	6.250%, 02/15/22 (e)		10,000
	5,555	6.500%, 02/15/25 (e)		6,027
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,590
	1,814	4.250%, 11/15/19 (e)		1,878
	300	5.625%, 02/01/23 (e)		310
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,595
	14,647	6.125%, 12/15/22		15,467
		Sea Trucks Group Ltd.,
	2,631	Reg. S, 9.000%, 03/26/18 (e)		829
	8,856	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		9,520
	1,470	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,529
		Virgin Media Finance plc,
	889	5.750%, 01/15/25 (e)		880
	1,400	6.000%, 10/15/24 (e)		1,421
	2,548	6.375%, 04/15/23 (e)		2,599
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		970
	7,764	5.375%, 04/15/21 (e)		8,017
	1,300	5.500%, 01/15/25 (e)		1,333
	1,100	5.500%, 08/15/26 (e)		1,112
				83,631
		United States — 34.3%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		7,225
	4,795	4.950%, 10/15/45		5,269
		AbbVie, Inc.,
	5,040	4.450%, 05/14/46		5,013
	14,294	4.700%, 05/14/45		14,762
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		510
	700	5.625%, 02/15/23		701
	528	6.125%, 03/15/21		545
	3,004	6.500%, 03/01/24		3,083

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,280	ACCO Brands Corp., 6.750%, 04/30/20		5,557
	3,366	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,902
	2,375	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		2,446
		ADT Corp. (The),
	6,730	3.500%, 07/15/22		6,374
	8,100	4.125%, 06/15/23		7,920
	2,239	Advanced Micro Devices, Inc., 7.000%, 07/01/24		2,218
		AECOM,
	2,780	5.750%, 10/15/22		2,918
	9,398	5.875%, 10/15/24		9,926
		AES Corp.,
	1,900	4.875%, 05/15/23		1,885
	1,500	5.500%, 03/15/24		1,522
	6,285	5.500%, 04/15/25		6,348
	2,903	6.000%, 05/15/26		2,990
	6,704	7.375%, 07/01/21		7,559
	8,189	Aetna, Inc., 4.375%, 06/15/46		8,299
	3,136	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		2,054
	5,465	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		5,274
	3,020	AK Steel Corp., 7.500%, 07/15/23		3,254
		Albertson’s Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
	2,365	5.750%, 03/15/25 (e)		2,335
	8,103	6.625%, 06/15/24 (e)		8,407
	2,953	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		3,256
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		518
	3,955	6.500%, 06/15/20		4,006
		Aleris International, Inc.,
	240	7.875%, 11/01/20		240
	1,975	9.500%, 04/01/21 (e)		2,123
		Alliance Data Systems Corp.,
	1,939	5.375%, 08/01/22 (e)		1,866
	970	5.875%, 11/01/21 (e)		980
	2,395	Allison Transmission, Inc., 5.000%, 10/01/24 (e)		2,443
	19,105	Allstate Corp. (The), VAR, 5.750%, 08/15/53		20,494
		Ally Financial, Inc.,
	2,460	3.500%, 01/27/19		2,460
	5,200	4.125%, 03/30/20		5,285
	3,039	4.125%, 02/13/22		3,040
	9,865	4.250%, 04/15/21		9,951
	17,232	4.625%, 05/19/22		17,620

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 65

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	11,685	4.625%, 03/30/25		11,889
	1,600	4.750%, 09/10/18		1,644
	3,835	5.125%, 09/30/24		4,017
	2,855	5.750%, 11/20/25		2,923
	3,435	8.000%, 11/01/31		4,105
		Altice U.S. Finance I Corp.,
	4,520	5.375%, 07/15/23 (e)		4,644
	3,703	5.500%, 05/15/26 (e)		3,777
	7,825	Altria Group, Inc., 3.875%, 09/16/46		7,712
	3,120	AMC Entertainment Holdings, Inc., 5.875%, 11/15/26 (e)		3,143
		AMC Entertainment, Inc.,
	5,480	5.750%, 06/15/25		5,487
	1,400	5.875%, 02/15/22		1,451
		AMC Networks, Inc.,
	2,100	4.750%, 12/15/22		2,142
	9,150	5.000%, 04/01/24		9,264
	1,620	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		1,673
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,664
	3,925	6.625%, 10/15/22		4,131
	3,450	7.750%, 11/15/19		3,899
		American International Group, Inc.,
	4,240	4.500%, 07/16/44		4,317
	10,770	4.800%, 07/10/45		11,474
	1,950	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		2,052
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,039	5.625%, 05/20/24		1,088
	1,039	5.875%, 08/20/26		1,084
	13,750	Amgen, Inc., 4.400%, 05/01/45		13,995
		Amkor Technology, Inc.,
	9,149	6.375%, 10/01/22		9,435
	4,556	6.625%, 06/01/21		4,647
	1,312	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		1,332
		Amsurg Corp.,
	1,000	5.625%, 11/30/20		1,025
	1,075	5.625%, 07/15/22		1,097
	6,805	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		7,806
		Anixter, Inc.,
	6,606	5.500%, 03/01/23		6,953
	2,060	5.625%, 05/01/19		2,183

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,255	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 09/15/24 (e)		2,271
		Antero Resources Corp.,
	7,948	5.125%, 12/01/22		8,008
	3,548	5.375%, 11/01/21		3,583
	3,955	5.625%, 06/01/23		4,034
	1,565	6.000%, 12/01/20		1,610
		Anthem, Inc.,
	3,295	4.650%, 08/15/44		3,505
	3,640	5.100%, 01/15/44		4,126
		Apple, Inc.,
	7,235	3.850%, 08/04/46		7,059
	11,605	4.650%, 02/23/46		12,841
	1,120	Aramark Services, Inc., 5.125%, 01/15/24		1,173
	930	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		872
		Arconic, Inc.,
	9,295	5.125%, 10/01/24		9,690
	2,063	5.400%, 04/15/21		2,197
	3,092	5.870%, 02/23/22		3,306
	789	6.150%, 08/15/20		862
	1,469	6.750%, 01/15/28		1,605
	12,442	Ashland LLC, 4.750%, 08/15/22		12,854
		Ashtead Capital, Inc.,
	3,100	5.625%, 10/01/24 (e)		3,263
	8,485	6.500%, 07/15/22 (e)		8,898
		AT&T, Inc.,
	1,765	4.300%, 12/15/42		1,626
	4,700	4.350%, 06/15/45		4,316
	8,215	4.750%, 05/15/46		8,047
	3,850	5.150%, 03/15/42		3,977
	6,960	5.650%, 02/15/47		7,761
	275	AutoNation, Inc., 5.500%, 02/01/20		300
		Avaya, Inc.,
	4,920	7.000%, 04/01/19 (e)		3,998
	3,340	9.000%, 04/01/19 (e)		2,772
	2,160	10.500%, 03/01/21		713
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	5,265	5.500%, 04/01/23		5,212
	5,730	6.375%, 04/01/24 (e)		5,759
	3,175	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		3,223
	4,450	B&G Foods, Inc., 4.625%, 06/01/21		4,572

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Ball Corp.,
	495	4.000%, 11/15/23		501
	1,850	4.375%, 12/15/20		1,970
	905	5.000%, 03/15/22		973
	1,962	5.250%, 07/01/25		2,089
	5,095	Baxalta, Inc., 5.250%, 06/23/45		5,726
	1,807	Becton, Dickinson and Co., 4.685%, 12/15/44		1,974
		Belden, Inc.,
	445	5.250%, 07/15/24 (e)		448
	5,499	5.500%, 09/01/22 (e)		5,623
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,908
	500	6.000%, 10/15/22		530
	7,755	Biogen, Inc., 5.200%, 09/15/45		8,754
		Blue Cube Spinco, Inc.,
	5,012	9.750%, 10/15/23		5,889
	6,107	10.000%, 10/15/25		7,329
	4,817	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		4,709
	3,080	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		2,687
		Boardwalk Pipelines LP,
	132	4.950%, 12/15/24		137
	5,777	5.950%, 06/01/26		6,409
	920	Boise Cascade Co., 5.625%, 09/01/24 (e)		930
		Boyd Gaming Corp.,
	970	6.375%, 04/01/26 (e)		1,038
	7,395	6.875%, 05/15/23		7,913
	1,500	Briggs & Stratton Corp., 6.875%, 12/15/20		1,661
	7,840	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		7,830
		Cablevision Systems Corp.,
	5,671	8.000%, 04/15/20		6,011
	629	8.625%, 09/15/17		658
		Caesars Entertainment Operating Co., Inc.,
	5,850	8.500%, 02/15/20 (d)		6,011
	10,800	9.000%, 02/15/20 (d)		11,124
	6,390	11.250%, 06/01/17 (d)		6,454
		CalAtlantic Group, Inc.,
	1,240	5.375%, 10/01/22		1,303
	1,538	5.875%, 11/15/24		1,642
	1,275	8.375%, 01/15/21		1,514
	2,759	Caleres, Inc., 6.250%, 08/15/23		2,904

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		California Resources Corp.,
	55	5.500%, 09/15/21		33
	19	6.000%, 11/15/24		10
	3,303	8.000%, 12/15/22 (e)		2,238
	1,151	Callon Petroleum Co., 6.125%, 10/01/24 (e)		1,186
		Calpine Corp.,
	3,015	5.250%, 06/01/26 (e)		3,060
	1,139	5.375%, 01/15/23		1,128
	1,500	5.500%, 02/01/24		1,451
	1,140	5.750%, 01/15/25		1,109
	4,467	5.875%, 01/15/24 (e)		4,701
	4,101	6.000%, 01/15/22 (e)		4,287
	4,610	Casella Waste Systems, Inc., 7.750%, 02/15/19		4,709
	3,650	CBS Corp., 4.600%, 01/15/45		3,707
	1,090	CBS Radio, Inc., 7.250%, 11/01/24 (e)		1,132
	658	CCM Merger, Inc., 9.125%, 05/01/19 (e)		688
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	3,280	5.125%, 05/01/23 (e)		3,395
	3,700	5.375%, 05/01/25 (e)		3,802
	9,840	5.500%, 05/01/26 (e)		10,110
	266	5.750%, 09/01/23		281
	10,221	5.750%, 02/15/26 (e)		10,649
	35,767	5.875%, 04/01/24 (e)		37,734
		CDW LLC/CDW Finance Corp.,
	2,242	5.000%, 09/01/23		2,302
	875	5.500%, 12/01/24		921
		Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.,
	1,095	5.250%, 03/15/21		1,135
	575	5.375%, 06/01/24		607
	8,615	Celgene Corp., 5.000%, 08/15/45		9,252
		Cemex Finance LLC,
	640	6.000%, 04/01/24 (e)		661
	6,690	9.375%, 10/12/22 (e)		7,342
		Centene Corp.,
	100	4.750%, 05/15/22		101
	2,850	4.750%, 01/15/25		2,843
	2,570	5.625%, 02/15/21		2,705
	1,745	6.125%, 02/15/24		1,854
	2,600	Central Garden & Pet Co., 6.125%, 11/15/23		2,789
		CenturyLink, Inc.,
	13,146	Series T, 5.800%, 03/15/22		13,343
	8,375	Series W, 6.750%, 12/01/23		8,606

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 67

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,275	Cenveo Corp., 8.500%, 09/15/22 (e)		893
		CF Industries, Inc.,
	5,290	4.950%, 06/01/43		4,430
	2,630	5.150%, 03/15/34		2,368
	8,530	5.375%, 03/15/44		7,302
		Change Healthcare Holdings, Inc.,
	4,180	6.000%, 02/15/21 (e)		4,389
	4,435	11.000%, 12/31/19		4,657
	22,245	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.484%, 10/23/45 (e)		26,146
		Chemours Co. (The),
	4,745	6.625%, 05/15/23		4,602
	1,500	7.000%, 05/15/25		1,459
	2,120	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		2,247
		Chesapeake Energy Corp.,
	3,110	4.875%, 04/15/22		2,643
	918	5.750%, 03/15/23		794
	1,771	6.125%, 02/15/21		1,616
	9,807	8.000%, 12/15/22 (e)		9,979
		CHS/Community Health Systems, Inc.,
	151	5.125%, 08/15/18		149
	3,274	5.125%, 08/01/21		3,028
	4,257	6.875%, 02/01/22		3,172
	2,575	7.125%, 07/15/20		2,086
	2,889	8.000%, 11/15/19		2,513
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		73
	1,934	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		2,026
		Cinemark USA, Inc.,
	3,600	4.875%, 06/01/23		3,605
	2,412	5.125%, 12/15/22		2,478
		CIT Group, Inc.,
	7,263	5.000%, 08/15/22		7,774
	9,242	5.375%, 05/15/20		9,877
	17,825	5.500%, 02/15/19 (e)		18,783
	2,077	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		2,125
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,951
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		564
	11,608	9.000%, 03/15/19 (e)		5,804
		Clean Harbors, Inc.,
	1,490	5.125%, 06/01/21		1,525
	6,200	5.250%, 08/01/20		6,324

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.500%, 11/15/22		1,675
	34,845	Series B, 6.500%, 11/15/22		35,507
	115	Series A, 7.625%, 03/15/20		108
	21,593	Series B, 7.625%, 03/15/20		20,891
		Clearwater Paper Corp.,
	3,025	4.500%, 02/01/23		3,010
	900	5.375%, 02/01/25 (e)		909
	387	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12.000%, 11/01/21		392
	4,235	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		2,774
		CNH Industrial Capital LLC,
	3,475	4.375%, 11/06/20		3,553
	5,420	4.875%, 04/01/21		5,623
		CNO Financial Group, Inc.,
	600	4.500%, 05/30/20		616
	5,015	5.250%, 05/30/25		5,103
	2,977	Coeur Mining, Inc., 7.875%, 02/01/21		3,051
	2,669	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		2,682
	3,900	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		4,007
	3,290	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		3,902
	3,320	Comcast Corp., 3.400%, 07/15/46		3,067
	3,227	Commercial Metals Co., 4.875%, 05/15/23		3,195
	9,502	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		9,977
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e)		369
	2,355	5.000%, 06/15/21 (e)		2,420
	5,188	5.500%, 06/15/24 (e)		5,434
		Communications Sales & Leasing, Inc./CSL Capital LLC,
	4,115	6.000%, 04/15/23 (e)		4,269
	7,160	8.250%, 10/15/23		7,554
		Concho Resources, Inc.,
	657	5.500%, 04/01/23		672
	1,834	6.500%, 01/15/22		1,898
	1,855	CONSOL Energy, Inc., 5.875%, 04/15/22		1,707
	2,232	Consolidated Communications, Inc., 6.500%, 10/01/22		2,199
	1,270	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/54		1,423
	30	Constar International, Inc., 11.000%, 12/31/17 (d)		3

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Constellation Brands, Inc.,
	299	3.750%, 05/01/21		316
	995	4.750%, 11/15/24		1,089
	1,865	4.750%, 12/01/25		2,049
	510	6.000%, 05/01/22		592
	793	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		828
	43	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		47
	899	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		991
	722	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		758
		Continental Resources, Inc.,
	310	3.800%, 06/01/24		285
	6,476	4.500%, 04/15/23		6,168
	8,434	5.000%, 09/15/22		8,308
	468	7.125%, 04/01/21		485
	3,273	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (d) (e)		3,285
		Corrections Corp. of America,
	8,720	4.125%, 04/01/20		8,153
	2,400	4.625%, 05/01/23		2,106
	4,070	Cortes NP Acquisition Corp., 9.250%, 10/15/24 (e)		4,263
		Cott Beverages, Inc.,
	3,076	5.375%, 07/01/22		3,122
	5,762	6.750%, 01/01/20		5,985
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		234
	577	6.375%, 10/01/22		587
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	854	6.000%, 12/15/20		869
	3,830	6.125%, 03/01/22		3,916
	1,409	6.250%, 04/01/23		1,427
	1,765	Crown Americas LLC/Crown Americas Capital Corp. V, 4.250%, 09/30/26 (e)		1,730
	1,770	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		1,814
	1,863	Crown Castle International Corp., 4.875%, 04/15/22		2,055
		CSC Holdings LLC,
	4,250	5.500%, 04/15/27 (e)		4,311
	1,400	6.625%, 10/15/25 (e)		1,517
	1,995	6.750%, 11/15/21		2,100

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,781	8.625%, 02/15/19		1,987
	7,700	10.125%, 01/15/23 (e)		8,682
	900	10.875%, 10/15/25 (e)		1,035
	1,600	CSI Compressco LP/CSI Compressco Finance, Inc., 7.250%, 08/15/22		1,480
	4,820	CSX Corp., 4.250%, 11/01/66		4,682
	7,380	CVR Partners LP/CVR Nitrogen Finance Corp., 9.250%, 06/15/23 (e)		7,237
		Dana, Inc.,
	6,250	5.500%, 12/15/24		6,469
	6,125	6.000%, 09/15/23		6,393
	4,795	Darling Ingredients, Inc., 5.375%, 01/15/22		4,999
		DaVita, Inc.,
	7,480	5.000%, 05/01/25		7,218
	3,569	5.125%, 07/15/24		3,480
	1,275	5.750%, 08/15/22		1,308
		DCP Midstream Operating LP,
	1,595	3.875%, 03/15/23		1,551
	702	4.950%, 04/01/22		720
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		7,176
	37	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		37
	351	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		378
	447	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		483
		Denbury Resources, Inc.,
	4,635	4.625%, 07/15/23		3,372
	3,290	5.500%, 05/01/22		2,599
	6,625	Devon Energy Corp., 5.000%, 06/15/45		6,418
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	25	3.480%, 06/01/19 (e)		26
	1,310	4.420%, 06/15/21 (e)		1,370
	7,581	5.450%, 06/15/23 (e)		8,121
	2,895	5.875%, 06/15/21 (e)		3,036
	9,141	6.020%, 06/15/26 (e)		9,960
	1,465	7.125%, 06/15/24 (e)		1,605
	529	8.100%, 07/15/36 (e)		629
	8,987	8.350%, 07/15/46 (e)		10,898
	4,015	Diebold, Inc., 8.500%, 04/15/24 (e)		4,255
		DISH DBS Corp.,
	7,460	5.000%, 03/15/23		7,348
	21,445	5.875%, 07/15/22		22,249
	12,880	5.875%, 11/15/24		12,969
	24,609	6.750%, 06/01/21		26,439

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 69

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	3,982	7.750%, 07/01/26		4,373
	530	7.875%, 09/01/19		590
	6,950	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		6,377
	5,148	Dollar Tree, Inc., 5.750%, 03/01/23		5,463
	2,229	Dominion Gas Holdings LLC, 4.600%, 12/15/44		2,343
		Dominion Resources, Inc.,
	4,755	4.700%, 12/01/44		5,209
	17,485	VAR, 5.750%, 10/01/54		18,184
	1,984	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		2,004
	3,419	DS Services of America, Inc., 10.000%, 09/01/21 (e)		3,795
	5,625	Duke Energy Corp., 3.750%, 09/01/46		5,367
	1,693	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,773
		Dynegy, Inc.,
	5,138	5.875%, 06/01/23		4,601
	6,280	7.375%, 11/01/22		6,076
	8,155	7.625%, 11/01/24		7,798
	3,400	8.000%, 01/15/25 (e)		3,281
	720	E*TRADE Financial Corp., 5.375%, 11/15/22		770
	560	Eldorado Resorts, Inc., 7.000%, 08/01/23		595
	26,596	Embarq Corp., 7.995%, 06/01/36		26,995
	1,129	EMC Corp., 2.650%, 06/01/20		1,098
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		1,971
	3,026	Endo Finance LLC, 5.750%, 01/15/22 (e)		2,723
	1,846	Endo Finance LLC/Endo Finco, Inc., 7.250%, 01/15/22 (e)		1,749
	8,500	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		8,606
	6,302	Energy Transfer Equity LP, 5.875%, 01/15/24		6,381
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,801
	1,155	6.125%, 12/15/45		1,203
	2,091	EnerSys, 5.000%, 04/30/23 (e)		2,143
		EnLink Midstream Partners LP,
	890	4.150%, 06/01/25		868
	756	4.850%, 07/15/26		770
	455	EnLink Midstream Partners LP/EnLink Midstream Finance Corp., 7.125%, 06/01/22		481
	5,373	Entegris, Inc., 6.000%, 04/01/22 (e)		5,561

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Enterprise Products Operating LLC,
	2,890	4.850%, 03/15/44		2,926
	12,190	4.900%, 05/15/46		12,632
	1,754	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		1,744
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	993	6.375%, 06/15/23		675
	4,036	7.750%, 09/01/22		2,745
	14,675	9.375%, 05/01/20		11,483
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,366
	3,098	5.375%, 01/01/22		3,284
	950	5.375%, 04/01/23		992
	948	5.750%, 01/01/25		1,002
	3,555	5.875%, 01/15/26		3,776
	8,015	ERAC USA Finance LLC, 4.200%, 11/01/46 (e)		7,777
	5,852	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		5,793
		Exelon Corp.,
	6,060	4.450%, 04/15/46		6,311
	3,750	5.100%, 06/15/45		4,245
		Express Scripts Holding Co.,
	7,130	4.800%, 07/15/46		7,150
	1,556	6.125%, 11/15/41		1,853
		FedEx Corp.,
	6,025	4.550%, 04/01/46		6,437
	2,215	4.750%, 11/15/45		2,411
	1,170	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23		1,091
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,601
		First Data Corp.,
	5,757	5.000%, 01/15/24 (e)		5,829
	14,508	5.375%, 08/15/23 (e)		14,979
	29,972	5.750%, 01/15/24 (e)		30,497
	5,563	6.750%, 11/01/20 (e)		5,758
	11,323	7.000%, 12/01/23 (e)		11,903
	22,380	Ford Motor Co., 4.750%, 01/15/43		22,405
	2,500	Ford Motor Credit Co. LLC, 5.000%, 05/15/18		2,617
		Freeport-McMoRan, Inc.,
	2,395	3.100%, 03/15/20		2,305
	985	3.550%, 03/01/22		901
	7,550	3.875%, 03/15/23		6,871
	3,074	4.000%, 11/14/21		2,905

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,145	4.550%, 11/14/24		1,047
	375	5.400%, 11/14/34		323
	5,805	5.450%, 03/15/43		4,818
		Fresenius Medical Care U.S. Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		894
	2,965	4.750%, 10/15/24 (e)		3,091
	978	5.625%, 07/31/19 (e)		1,059
	3,357	5.875%, 01/31/22 (e)		3,803
	400	6.500%, 09/15/18 (e)		431
	1,850	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		2,067
		Frontier Communications Corp.,
	1,085	6.250%, 09/15/21		1,031
	865	7.125%, 03/15/19		925
	365	8.125%, 10/01/18		397
	6,723	8.500%, 04/15/20		7,177
	715	8.875%, 09/15/20		760
	4,695	9.250%, 07/01/21		4,953
	10,798	10.500%, 09/15/22		11,230
	22,317	11.000%, 09/15/25		22,784
	900	FTI Consulting, Inc., 6.000%, 11/15/22		945
	4,460	GCI, Inc., 6.750%, 06/01/21		4,605
	3,552	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		4,023
	5,100	General Cable Corp., 5.750%, 10/01/22		4,820
		General Motors Co.,
	12,250	4.875%, 10/02/23		13,194
	9,020	6.250%, 10/02/43		10,337
	9,930	6.750%, 04/01/46		12,198
		General Motors Financial Co., Inc.,
	1,621	3.250%, 05/15/18		1,650
	700	3.450%, 04/10/22		708
	205	4.250%, 05/15/23		213
	1,050	4.750%, 08/15/17		1,076
		Genesis Energy LP/Genesis Energy Finance Corp.,
	2,418	5.625%, 06/15/24		2,394
	1,054	6.000%, 05/15/23		1,057
	780	6.750%, 08/01/22		801
		GenOn Energy, Inc.,
	1,000	9.500%, 10/15/18		803
	4,859	9.875%, 10/15/20		3,632
		GEO Group, Inc. (The),
	8,165	5.875%, 01/15/22		7,696
	2,215	6.000%, 04/15/26		1,910

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Gilead Sciences, Inc.,
	7,890	4.150%, 03/01/47		7,825
	15,575	4.750%, 03/01/46		16,836
		Global Partners LP/GLP Finance Corp.,
	1,085	6.250%, 07/15/22		1,036
	1,250	7.000%, 06/15/23		1,194
		GLP Capital LP/GLP Financing II, Inc.,
	160	4.375%, 04/15/21		169
	4,035	5.375%, 11/01/23		4,322
	1,555	5.375%, 04/15/26		1,648
	1,890	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		1,985
	2,585	Goodman Networks, Inc., 12.125%, 07/01/18		1,105
		Goodyear Tire & Rubber Co. (The),
	4,150	5.000%, 05/31/26		4,171
	1,685	5.125%, 11/15/23		1,740
	5,787	7.000%, 05/15/22		6,083
	3,179	8.750%, 08/15/20		3,807
		Graphic Packaging International, Inc.,
	1,187	4.750%, 04/15/21		1,261
	570	4.875%, 11/15/22		597
		Gray Television, Inc.,
	2,285	5.125%, 10/15/24 (e)		2,216
	1,445	5.875%, 07/15/26 (e)		1,438
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,361
	2,460	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		2,448
	983	Guitar Center, Inc., 6.500%, 04/15/19 (e)		882
	1,045	Gulfport Energy Corp., 6.000%, 10/15/24 (e)		1,063
	7,564	H&E Equipment Services, Inc., 7.000%, 09/01/22		7,957
	315	Halcon Resources Corp., 8.625%, 02/01/20 (e)		321
	15,855	Halliburton Co., 5.000%, 11/15/45		17,418
	2,870	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,081
		Harland Clarke Holdings Corp.,
	2,075	6.875%, 03/01/20 (e)		1,987
	395	9.750%, 08/01/18 (e)		404
	4,520	Harris Corp., 5.054%, 04/27/45		4,977
	650	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		710
	3,847	HCA Holdings, Inc., 6.250%, 02/15/21		4,150
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,370

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 71

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,410	4.250%, 10/15/19		1,463
	2,330	4.500%, 02/15/27		2,301
	1,976	5.000%, 03/15/24		2,065
	2,275	5.250%, 04/15/25		2,383
	2,985	5.250%, 06/15/26		3,121
	34,466	5.375%, 02/01/25		35,233
	9,245	5.875%, 03/15/22		10,169
	6,435	5.875%, 02/15/26		6,757
	8,811	6.500%, 02/15/20		9,753
	30,533	7.500%, 02/15/22		34,731
	1,400	8.000%, 10/01/18		1,552
	2,040	Series 1, 5.875%, 05/01/23		2,162
		HD Supply, Inc.,
	10,595	5.250%, 12/15/21 (e)		11,257
	2,010	5.750%, 04/15/24 (e)		2,111
		HealthSouth Corp.,
	3,470	5.750%, 11/01/24		3,578
	3,650	5.750%, 09/15/25		3,778
	3,151	Hecla Mining Co., 6.875%, 05/01/21		3,214
		Herc Rentals, Inc.,
	3,190	7.500%, 06/01/22 (e)		3,190
	4,775	7.750%, 06/01/24 (e)		4,799
		Hertz Corp. (The),
	4,215	5.500%, 10/15/24 (e)		4,092
	1,741	5.875%, 10/15/20		1,789
	3,150	6.250%, 10/15/22		3,213
	9,315	7.375%, 01/15/21		9,595
	5,595	Hess Corp., 5.800%, 04/01/47		5,731
		Hexion, Inc.,
	20,394	6.625%, 04/15/20		17,845
	1,600	8.875%, 02/01/18		1,521
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	1,234	5.000%, 12/01/24 (e)		1,203
	4,222	5.750%, 10/01/25 (e)		4,233
	1,656	7.625%, 04/15/21 (e)		1,697
	600	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		557
	6,428	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		6,749
	3,590	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		3,599
	2,800	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		2,884

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	2,710	6.000%, 08/01/24 (e)		2,818
	500	6.500%, 03/01/20		514
	4,617	Hologic, Inc., 5.250%, 07/15/22 (e)		4,883
	1,000	HRG Group, Inc., 7.875%, 07/15/19		1,048
		Hughes Satellite Systems Corp.,
	7,450	5.250%, 08/01/26 (e)		7,338
	1,570	6.500%, 06/15/19		1,713
	2,335	6.625%, 08/01/26 (e)		2,312
		Huntsman International LLC,
	560	4.875%, 11/15/20		581
	11,665	5.125%, 11/15/22		12,073
	7,805	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		7,434
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,470	4.875%, 03/15/19		2,459
	919	5.875%, 02/01/22		874
		iHeartCommunications, Inc.,
	2,813	9.000%, 12/15/19		2,134
	2,067	9.000%, 03/01/21		1,478
	8,163	ILFC E-Capital Trust I, VAR, 4.000%, 12/21/65 (e)		6,510
	4,720	ILFC E-Capital Trust II, VAR, 4.250%, 12/21/65 (e)		3,847
	3,317	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		3,321
	1,209	Indiana Michigan Power Co., Series K, 4.550%, 03/15/46		1,315
	8,192	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		8,312
		Infor U.S., Inc.,
	1,248	5.750%, 08/15/20 (e)		1,306
	15,605	6.500%, 05/15/22		16,151
	5,663	Informatica LLC, 7.125%, 07/15/23 (e)		5,267
	2,065	Ingles Markets, Inc., 5.750%, 06/15/23		2,137
	10,440	Intel Corp., 4.100%, 05/19/46		10,752
		International Lease Finance Corp.,
	1,500	4.625%, 04/15/21		1,567
	825	5.875%, 04/01/19		887
	5,250	6.250%, 05/15/19		5,683
	4,020	Interval Acquisition Corp., 5.625%, 04/15/23		4,151
	4,480	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		4,542

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,568
	4,028	6.000%, 10/01/20 (e)		4,265
	1,250	6.000%, 08/15/23		1,328
	4,093	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		4,257
	1,915	ITC Holdings Corp., 5.300%, 07/01/43		2,164
		J.C. Penney Corp., Inc.,
	400	5.875%, 07/01/23 (e)		411
	449	8.125%, 10/01/19		489
	500	Jack Cooper Holdings Corp., 9.250%, 06/01/20		335
	2,310	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		2,323
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,058
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	4,689	5.750%, 06/15/25 (e)		4,584
	4,448	5.875%, 07/15/24 (e)		4,445
	9,834	7.250%, 06/01/21 (e)		10,104
	2,701	8.250%, 02/01/20 (e)		2,775
	773	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		771
	993	Kaiser Aluminum Corp., 5.875%, 05/15/24		1,049
		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
	2,070	5.000%, 06/01/24 (e)		2,127
	2,070	5.250%, 06/01/26 (e)		2,158
	2,000	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		1,992
	7,460	Kindred Healthcare, Inc., 8.750%, 01/15/23		7,236
		Kinetic Concepts, Inc./KCI USA, Inc.,
	2,560	7.875%, 02/15/21 (e)		2,781
	10,065	9.625%, 10/01/21 (e)		9,700
	6,400	KLX, Inc., 5.875%, 12/01/22 (e)		6,513
	2,065	Kohl’s Corp., 5.550%, 07/17/45		2,005
		Kraft Heinz Foods Co.,
	7,495	4.375%, 06/01/46		7,551
	11,712	5.200%, 07/15/45		13,255
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		3,252
	3,680	Kroger Co. (The), 3.875%, 10/15/46		3,521
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,462
	4,100	5.625%, 10/15/23		4,510
	4,245	6.625%, 04/01/21		4,882
	6,385	6.750%, 07/01/36		6,778
	1,606	6.875%, 11/01/35		1,702

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Lamar Media Corp.,
	1,000	5.000%, 05/01/23		1,047
	258	5.375%, 01/15/24		272
	3,757	5.750%, 02/01/26		4,022
	1,340	Landry’s, Inc., 6.750%, 10/15/24 (e)		1,367
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		2,987
		Lear Corp.,
	3,400	5.250%, 01/15/25		3,655
	2,000	5.375%, 03/15/24		2,138
		Lennar Corp.,
	950	4.500%, 06/15/19		992
	690	4.500%, 11/15/19		725
	625	4.750%, 05/30/25		634
	994	4.875%, 12/15/23		1,021
	175	6.950%, 06/01/18		186
	555	Series B, 12.250%, 06/01/17		586
	1,000	Level 3 Communications, Inc., 5.750%, 12/01/22		1,030
		Level 3 Financing, Inc.,
	6,451	5.125%, 05/01/23		6,515
	3,753	5.250%, 03/15/26 (e)		3,800
	325	5.375%, 08/15/22		335
	4,220	5.375%, 01/15/24		4,294
	9,989	5.375%, 05/01/25		10,139
	401	5.625%, 02/01/23		412
	75	Levi Strauss & Co., 5.000%, 05/01/25		78
	870	Liberty Interactive LLC, 8.250%, 02/01/30		931
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,982
		LifePoint Health, Inc.,
	609	5.375%, 05/01/24 (e)		605
	1,335	5.500%, 12/01/21		1,382
	1,887	LIN Television Corp., 5.875%, 11/15/22		1,974
		Live Nation Entertainment, Inc.,
	2,805	4.875%, 11/01/24 (e)		2,798
	1,365	5.375%, 06/15/22 (e)		1,413
	1,018	7.000%, 09/01/20 (e)		1,057
	3,265	LSB Industries, Inc., SUB, 8.500%, 08/01/19		3,036
	5,837	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		5,954
	2,495	M/I Homes, Inc., 6.750%, 01/15/21		2,626
	1,320	Magellan Midstream Partners LP, 4.250%, 09/15/46		1,283
	3,805	Magnachip Semiconductor Corp., 6.625%, 07/15/21		3,310
	4,280	Markel Corp., 5.000%, 04/05/46		4,537

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 73

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,117	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		1,070
	6,815	Massachusetts Electric Co., 4.004%, 08/15/46 (e)		6,924
	4,837	MasTec, Inc., 4.875%, 03/15/23		4,710
	890	Match Group, Inc., 6.375%, 06/01/24		961
	7,280	McDonald’s Corp., 4.875%, 12/09/45		8,158
	2,500	Mediacom Broadband LLC/Mediacom Broadband Corp., 6.375%, 04/01/23		2,600
		Meritage Homes Corp.,
	1,270	7.000%, 04/01/22		1,418
	420	7.150%, 04/15/20		466
	12,815	MetLife, Inc., 6.400%, 12/15/36		14,353
		MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.,
	1,985	4.500%, 09/01/26 (e)		1,942
	2,465	5.625%, 05/01/24 (e)		2,624
		MGM Resorts International,
	2,430	4.625%, 09/01/26		2,339
	1,495	5.250%, 03/31/20		1,580
	22,455	6.000%, 03/15/23		24,307
	3,070	6.625%, 12/15/21		3,429
	350	6.750%, 10/01/20		390
	20,834	7.750%, 03/15/22		24,109
	2,165	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		2,233
		Micron Technology, Inc.,
	2,921	5.250%, 08/01/23 (e)		2,863
	10,302	5.250%, 01/15/24 (e)		10,044
	265	5.500%, 02/01/25		259
	847	5.625%, 01/15/26 (e)		822
	1,087	5.875%, 02/15/22		1,123
	6,314	7.500%, 09/15/23 (e)		6,969
	5,025	Microsemi Corp., 9.125%, 04/15/23 (e)		5,791
		Microsoft Corp.,
	11,045	3.950%, 08/08/56		10,783
	13,370	4.750%, 11/03/55		14,988
	3,870	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		3,957
	4,645	Molson Coors Brewing Co., 4.200%, 07/15/46		4,672
		Momentive Performance Materials, Inc.,
	1,350	3.880%, 10/24/21		1,202
	1,350	8.875%, 10/15/20 (d)		—	(h)
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d)		—

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	11	7.750%, 03/15/36 (d)		—
	115	8.375%, 07/15/33 (d)		—
	6,054	MPG Holdco I, Inc., 7.375%, 10/15/22		6,168
	5,316	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		5,688
		MPLX LP,
	5,720	4.875%, 12/01/24		5,984
	7,685	4.875%, 06/01/25		8,020
	5,035	5.500%, 02/15/23		5,246
	2,185	MSCI, Inc., 5.250%, 11/15/24 (e)		2,294
	7,005	National Rural Utilities Cooperative Finance Corp., VAR, 5.250%, 04/20/46		7,487
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	1,372	6.500%, 07/01/21		1,362
	1,028	6.500%, 06/01/22		1,000
	3,280	7.875%, 10/01/20		3,345
	421	9.625%, 05/01/19		441
	342	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		258
	2,007	NBTY, Inc., 7.625%, 05/15/21 (e)		1,967
	1,965	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		2,149
		NCR Corp.,
	686	5.000%, 07/15/22		697
	903	6.375%, 12/15/23		955
		Neiman Marcus Group Ltd. LLC,
	4,962	8.000%, 10/15/21 (e)		4,093
	4,925	8.750% (cash), 10/15/21 (e)		3,888
		Netflix, Inc.,
	1,164	5.375%, 02/01/21		1,248
	700	5.500%, 02/15/22		758
	1,645	5.750%, 03/01/24		1,789
	700	5.875%, 02/15/25		775
	747	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		778
		New Albertson’s, Inc.,
	675	6.625%, 06/01/28		607
	1,129	7.450%, 08/01/29		1,087
	645	7.750%, 06/15/26		640
	960	8.000%, 05/01/31		934
	2,042	8.700%, 05/01/30		2,073
		Newfield Exploration Co.,
	1,000	5.375%, 01/01/26		1,028

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	3,882	5.625%, 07/01/24		4,037
	5,347	5.750%, 01/30/22		5,574
		Nexstar Broadcasting, Inc.,
	4,580	6.125%, 02/15/22 (e)		4,694
	6,533	6.875%, 11/15/20		6,770
	2,020	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		2,005
	1,985	NFP Corp., 9.000%, 07/15/21 (e)		2,025
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	445	5.125%, 07/15/19		440
	750	6.875%, 10/15/21		739
		NGPL PipeCo LLC,
	3,400	7.119%, 12/15/17 (e)		3,543
	1,100	9.625%, 06/01/19 (e)		1,155
	12,144	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		12,368
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		2,069
	3,150	5.250%, 11/15/43		3,322
	2,725	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		3,066
		Novelis Corp.,
	5,165	5.875%, 09/30/26 (e)		5,230
	5,000	6.250%, 08/15/24 (e)		5,200
		NRG Energy, Inc.,
	2,500	6.250%, 05/01/24		2,425
	3,766	6.625%, 03/15/23		3,757
	10,058	6.625%, 01/15/27 (e)		9,420
		NRG Yield Operating LLC,
	2,465	5.000%, 09/15/26 (e)		2,391
	1,000	5.375%, 08/15/24		1,020
	2,867	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		2,946
		Nucor Corp.,
	1,657	5.200%, 08/01/43		1,874
	3,360	6.400%, 12/01/37		4,117
		NuStar Logistics LP,
	1,189	4.800%, 09/01/20		1,204
	430	6.750%, 02/01/21		467
	1,010	NWH Escrow Corp., 7.500%, 08/01/21 (e)		732
		Oasis Petroleum, Inc.,
	6,919	6.500%, 11/01/21		6,875
	5,814	6.875%, 03/15/22		5,756
	360	6.875%, 01/15/23		353
	1,320	Oglethorpe Power Corp., 4.250%, 04/01/46		1,355

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		4,068
		ONEOK, Inc.,
	150	4.250%, 02/01/22		148
	383	7.500%, 09/01/23		440
		Oracle Corp.,
	13,145	4.000%, 07/15/46		12,995
	10,650	4.375%, 05/15/55		11,002
		Orbital ATK, Inc.,
	672	5.250%, 10/01/21		696
	870	5.500%, 10/01/23		907
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,596
	4,609	5.375%, 03/01/25		4,816
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	748	5.250%, 02/15/22		774
	1,650	5.625%, 02/15/24		1,716
	750	5.875%, 03/15/25		784
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		848
	545	5.375%, 01/15/25 (e)		561
	584	5.875%, 08/15/23 (e)		622
	1,084	6.375%, 08/15/25 (e)		1,190
		Parker Drilling Co.,
	755	6.750%, 07/15/22		596
	660	7.500%, 08/01/20		543
	705	Parsley Energy LLC/Parsley Finance Corp., 6.250%, 06/01/24 (e)		740
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,696
	1,588	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		1,469
	1,089	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		1,056
		Penn Virginia Corp.,
	500	7.250%, 04/15/19 (d)		10
	1,100	8.500%, 05/01/20 (d)		21
	2,399	Penske Automotive Group, Inc., 5.500%, 05/15/26		2,381
	660	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		680
	17,800	PetSmart, Inc., 7.125%, 03/15/23 (e)		18,623
	14,121	Phillips 66, 4.875%, 11/15/44		15,132
	3,815	Phillips 66 Partners LP, 4.900%, 10/01/46		3,791
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,143

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	760	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24		815
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		456
	231	7.500%, 01/15/20		267
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,560	4.700%, 06/15/44		1,439
	1,490	4.900%, 02/15/45		1,417
	4,466	Plantronics, Inc., 5.500%, 05/31/23 (e)		4,544
	3,924	PolyOne Corp., 5.250%, 03/15/23		4,016
		Post Holdings, Inc.,
	1,997	5.000%, 08/15/26 (e)		1,937
	2,200	6.000%, 12/15/22 (e)		2,321
	5,411	6.750%, 12/01/21 (e)		5,783
	7,604	7.750%, 03/15/24 (e)		8,357
	350	8.000%, 07/15/25 (e)		399
	9,206	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		8,216
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,790
	805	6.375%, 03/01/24 (e)		855
	9,773	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		10,363
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		8,098
	5,006	VAR, 5.375%, 05/15/45		5,204
	23,245	VAR, 5.625%, 06/15/43		24,988
	20,685	VAR, 5.875%, 09/15/42		22,650
		PulteGroup, Inc.,
	1,376	5.000%, 01/15/27		1,366
	1,576	5.500%, 03/01/26		1,639
		QEP Resources, Inc.,
	2,072	5.250%, 05/01/23		2,036
	4,333	5.375%, 10/01/22		4,290
	812	6.875%, 03/01/21		854
	2,241	Qorvo, Inc., 6.750%, 12/01/23		2,454
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		960
	12,606	QUALCOMM, Inc., 4.800%, 05/20/45		13,884
	6,099	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		6,023
		Quintiles IMS, Inc.,
	1,255	4.875%, 05/15/23 (e)		1,291
	6,380	5.000%, 10/15/26 (e)		6,587
	7,311	6.000%, 11/01/20 (e)		7,421

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		226
	2,995	7.750%, 02/15/31		2,860
	375	Qwest Corp., 7.250%, 09/15/25		409
		R.R. Donnelley & Sons Co.,
	58	7.000%, 02/15/22		58
	265	7.875%, 03/15/21		285
	1,123	Radian Group, Inc., 7.000%, 03/15/21		1,259
	3,655	Radio Systems Corp., 8.375%, 11/01/19 (e)		3,815
		Range Resources Corp.,
	6,244	4.875%, 05/15/25		5,966
	2,947	5.000%, 03/15/23 (e)		2,851
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,577
		Regal Entertainment Group,
	8,779	5.750%, 03/15/22		9,086
	1,200	5.750%, 06/15/23		1,233
	315	5.750%, 02/01/25		317
	3,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 04/15/23		3,090
	2,030	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		2,267
		Revlon Consumer Products Corp.,
	600	5.750%, 02/15/21		606
	1,271	6.250%, 08/01/24 (e)		1,309
	6,790	Reynolds American, Inc., 5.850%, 08/15/45		8,495
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	1,700	5.125%, 07/15/23 (e)		1,742
	8,885	5.750%, 10/15/20		9,119
	4,750	6.875%, 02/15/21		4,916
	1,745	7.000%, 07/15/24 (e)		1,865
	1,950	8.250%, 02/15/21		2,037
	1,732	9.875%, 08/15/19		1,775
		RHP Hotel Properties LP/RHP Finance Corp.,
	2,950	5.000%, 04/15/21		3,038
	3,828	5.000%, 04/15/23		3,905
	1,145	Rice Energy, Inc., 7.250%, 05/01/23		1,214
		Rite Aid Corp.,
	11,397	6.125%, 04/01/23 (e)		12,045
	910	6.750%, 06/15/21		958
	1,600	9.250%, 03/15/20		1,682
	6,840	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		7,285

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	885	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125%, 08/15/21 (e)		914
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	1,146	5.625%, 07/15/22		1,095
	1,070	5.625%, 11/15/23		1,027
	7,778	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		8,245
	3,043	RSP Permian, Inc., 6.625%, 10/01/22		3,207
		Sabine Pass Liquefaction LLC,
	2,420	5.000%, 03/15/27 (e)		2,462
	3,337	5.625%, 02/01/21		3,521
	16,197	5.625%, 04/15/23		17,209
	2,853	5.625%, 03/01/25		3,017
	975	5.750%, 05/15/24		1,031
	4,785	5.875%, 06/30/26 (e)		5,157
	5,295	6.250%, 03/15/22		5,798
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,609
	8,087	5.375%, 04/15/23 (e)		8,299
		Sally Holdings LLC/Sally Capital, Inc.,
	575	5.500%, 11/01/23		605
	500	5.625%, 12/01/25		534
	6,400	5.750%, 06/01/22		6,656
	2,170	Sanchez Energy Corp., 6.125%, 01/15/23		1,855
		SBA Communications Corp.,
	2,791	4.875%, 07/15/22		2,833
	3,930	4.875%, 09/01/24 (e)		3,935
		Scientific Games International, Inc.,
	3,170	7.000%, 01/01/22 (e)		3,368
	3,000	10.000%, 12/01/22		2,760
	7,683	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		8,144
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,484
	1,750	5.125%, 12/01/24 (e)		1,855
	1,233	5.250%, 04/01/23 (e)		1,298
	600	6.500%, 12/01/20 (e)		683
	3,905	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		3,871
	15,842	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		16,457
		Service Corp. International,
	2,865	5.375%, 01/15/22		2,973

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	7,080	5.375%, 05/15/24		7,434
	2,735	7.500%, 04/01/27		3,200
	450	7.625%, 10/01/18		496
	1,240	8.000%, 11/15/21		1,469
	850	SESI LLC, 7.125%, 12/15/21		829
	408	Shearer’s Foods LLC/Chip Finance Corp., 9.000%, 11/01/19 (e)		426
	2,664	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,904
	910	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		919
		Sinclair Television Group, Inc.,
	2,835	5.125%, 02/15/27 (e)		2,715
	7,354	5.375%, 04/01/21		7,602
	3,388	5.625%, 08/01/24 (e)		3,447
	4,230	6.125%, 10/01/22		4,468
		Sirius XM Radio, Inc.,
	1,505	4.625%, 05/15/23 (e)		1,515
	11,480	5.375%, 04/15/25 (e)		11,738
	6,182	5.375%, 07/15/26 (e)		6,281
	3,275	5.750%, 08/01/21 (e)		3,414
	9,590	6.000%, 07/15/24 (e)		10,177
		Six Flags Entertainment Corp.,
	2,565	4.875%, 07/31/24 (e)		2,571
	2,230	5.250%, 01/15/21 (e)		2,286
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,637
	1,354	5.625%, 06/01/25		1,290
	1,957	6.500%, 11/15/21		1,986
	3,016	6.500%, 01/01/23		3,001
	945	6.750%, 09/15/26		968
		Smithfield Foods, Inc.,
	1,175	5.250%, 08/01/18 (e)		1,184
	5,530	5.875%, 08/01/21 (e)		5,765
	4,075	6.625%, 08/15/22		4,297
	2,030	Solera LLC/Solera Finance, Inc., 10.500%, 03/01/24 (e)		2,269
	7,620	Southern Co. (The), 4.400%, 07/01/46		8,056
	2,345	Southern Co. Gas Capital Corp., 3.950%, 10/01/46		2,327
	3,800	Southern Copper Corp., 5.875%, 04/23/45		3,773
		Southern Power Co.,
	1,380	5.150%, 09/15/41		1,474
	1,534	5.250%, 07/15/43		1,642

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 77

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Southwestern Energy Co.,
	565	4.100%, 03/15/22		506
	2,920	6.700%, 01/23/25		2,781
	1,605	Spectra Energy Partners LP, 4.500%, 03/15/45		1,587
		Spectrum Brands, Inc.,
	5,594	5.750%, 07/15/25		6,055
	2,159	6.125%, 12/15/24		2,364
	4,204	6.625%, 11/15/22		4,501
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,083
	2,325	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		1,843
		Springleaf Finance Corp.,
	349	7.750%, 10/01/21		362
	1,688	8.250%, 12/15/20		1,828
		Sprint Capital Corp.,
	2,998	6.875%, 11/15/28		2,748
	1,336	6.900%, 05/01/19		1,406
	16,490	8.750%, 03/15/32		16,897
		Sprint Communications, Inc.,
	1,828	6.000%, 12/01/16		1,830
	2,727	6.000%, 11/15/22		2,536
	8,626	7.000%, 03/01/20 (e)		9,381
	5,925	7.000%, 08/15/20		6,147
	478	8.375%, 08/15/17		498
	14,460	9.000%, 11/15/18 (e)		15,906
	305	11.500%, 11/15/21		357
		Sprint Corp.,
	3,076	7.125%, 06/15/24		2,930
	17,348	7.250%, 09/15/21		17,760
	17,433	7.625%, 02/15/25		16,774
	33,106	7.875%, 09/15/23		32,692
	2,756	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.360%, 09/20/21 (e)		2,763
		SPX FLOW, Inc.,
	1,370	5.625%, 08/15/24 (e)		1,389
	2,175	5.875%, 08/15/26 (e)		2,207
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		1,634
		Standard Industries, Inc.,
	826	5.125%, 02/15/21 (e)		867
	1,606	5.375%, 11/15/24 (e)		1,658
	1,664	5.500%, 02/15/23 (e)		1,731
	4,066	6.000%, 10/15/25 (e)		4,340

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Steel Dynamics, Inc.,
	1,125	5.125%, 10/01/21		1,173
	625	5.250%, 04/15/23		647
	2,600	5.500%, 10/01/24		2,743
	1,935	6.375%, 08/15/22		2,017
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		1,999
	1,315	Stone Energy Corp., 7.500%, 11/15/22		799
	2,545	Stryker Corp., 4.625%, 03/15/46		2,724
	194	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		198
	6,330	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		6,488
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	1,419	5.500%, 08/15/22		1,376
	793	7.500%, 07/01/21		825
		Sunoco Logistics Partners Operations LP,
	5,150	5.300%, 04/01/44		5,169
	7,420	5.350%, 05/15/45		7,494
		Sunoco LP/Sunoco Finance Corp.,
	1,288	5.500%, 08/01/20		1,315
	3,029	6.250%, 04/15/21		3,105
	1,055	6.375%, 04/01/23		1,079
		SUPERVALU, Inc.,
	1,201	6.750%, 06/01/21		1,207
	8,925	7.750%, 11/15/22		9,059
	4,815	Sysco Corp., 4.500%, 04/01/46		5,069
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		834
	2,351	6.500%, 06/01/25		1,963
	2,150	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.500%, 09/15/24 (e)		2,139
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	1,882	4.250%, 11/15/23		1,769
	3,930	5.125%, 02/01/25 (e)		3,930
	850	5.250%, 05/01/23		844
	1,500	6.375%, 08/01/22		1,545
	2,750	6.750%, 03/15/24		2,915
		Taylor Morrison Communities, Inc./Monarch Communities, Inc.,
	185	5.625%, 03/01/24 (e)		192
	1,795	5.875%, 04/15/23 (e)		1,894
	1,665	Team Health, Inc., 7.250%, 12/15/23 (e)		1,881

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,475
	384	5.125%, 07/15/20		399
	2,210	5.500%, 09/15/24 (e)		2,265
	5,470	6.375%, 10/15/23		5,785
		Teleflex, Inc.,
	368	4.875%, 06/01/26		379
	875	5.250%, 06/15/24		906
		Tempur Sealy International, Inc.,
	5,300	5.500%, 06/15/26		5,459
	3,155	5.625%, 10/15/23		3,265
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		3,915
	5,756	4.500%, 04/01/21		5,756
	8,190	4.750%, 06/01/20		8,374
	2,995	5.500%, 03/01/19		2,928
	4,629	6.000%, 10/01/20		4,907
	510	6.250%, 11/01/18		539
	6,790	6.750%, 02/01/20		6,654
	9,795	6.750%, 06/15/23		8,987
	10,318	8.000%, 08/01/20		10,238
	13,423	8.125%, 04/01/22		13,121
		Tenneco, Inc.,
	2,225	5.000%, 07/15/26		2,236
	1,097	5.375%, 12/15/24		1,145
		Terex Corp.,
	10,370	6.000%, 05/15/21		10,552
	4,100	6.500%, 04/01/20		4,200
	1,402	Terraform Global Operating LLC, 13.750%, 08/15/22 (e)		1,458
		TerraForm Power Operating LLC,
	3,741	SUB, 9.375%, 02/01/23 (e)		3,740
	4,273	SUB, 9.625%, 06/15/25 (e)		4,412
	480	Tesoro Corp., 5.125%, 04/01/24		494
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	893	5.500%, 10/15/19		949
	5,369	5.875%, 10/01/20		5,503
	4,815	6.125%, 10/15/21		5,038
	5,267	6.250%, 10/15/22		5,583
	1,540	6.375%, 05/01/24		1,659
	29,250	Texas Competitive Electric Holdings Co. LLC, 8.500%, 05/01/20 (d)		1,082
	276	Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)		288

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	5,545	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		5,850
		Time Warner, Inc.,
	1,890	4.650%, 06/01/44		1,958
	10,590	4.850%, 07/15/45		11,258
	5,500	Time, Inc., 5.750%, 04/15/22 (e)		5,294
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		604
	2,880	6.000%, 03/01/23		3,031
	944	6.000%, 04/15/24		1,004
	1,715	6.125%, 01/15/22		1,814
	1,296	6.250%, 04/01/21		1,350
	2,355	6.375%, 03/01/25		2,524
	1,360	6.500%, 01/15/24		1,459
	9,845	6.500%, 01/15/26		10,854
	1,571	6.625%, 11/15/20		1,618
	4,187	6.625%, 04/01/23		4,449
	14,994	6.633%, 04/28/21		15,659
	14,410	6.731%, 04/28/22		15,095
	4,532	6.836%, 04/28/23		4,840
		Toll Brothers Finance Corp.,
	2,070	4.875%, 11/15/25		2,111
	935	5.625%, 01/15/24		989
	1,215	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		1,069
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,031
	3,320	6.000%, 07/15/22		3,465
	1,584	6.375%, 06/15/26 (e)		1,623
	4,272	6.500%, 07/15/24		4,496
	3,915	6.500%, 05/15/25		4,091
	1,380	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		1,482
	2,165	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		2,226
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		4,204
	1,686	5.250%, 06/01/22		1,549
	3,170	Tutor Perini Corp., 7.625%, 11/01/18		3,168
	3,065	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		3,164
	2,086	U.S. Concrete, Inc., 6.375%, 06/01/24		2,169
	1,560	U.S. Foods, Inc., 5.875%, 06/15/24 (e)		1,634
	538	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		574
	2,950	UCI International LLC, 8.625%, 02/15/19 (d)		620

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 79

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	2,523	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		2,428
	3,616	Unit Corp., 6.625%, 05/15/21		3,327
		United Rentals North America, Inc.,
	1,053	4.625%, 07/15/23		1,087
	3,281	5.500%, 07/15/25		3,322
	4,440	5.500%, 05/15/27		4,440
	4,880	5.750%, 11/15/24		5,063
	1,015	5.875%, 09/15/26		1,034
	6,478	6.125%, 06/15/23		6,786
	8,872	7.625%, 04/15/22		9,438
	988	United States Steel Corp., 8.375%, 07/01/21 (e)		1,050
	2,125	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,199
		Universal Health Services, Inc.,
	288	3.750%, 08/01/19 (e)		299
	420	4.750%, 08/01/22 (e)		431
		Univision Communications, Inc.,
	4,600	5.125%, 05/15/23 (e)		4,669
	5,030	5.125%, 02/15/25 (e)		5,042
	4,528	6.750%, 09/15/22 (e)		4,772
	368	8.500%, 05/15/21 (e)		379
	950	Valvoline, Inc., 5.500%, 07/15/24 (e)		1,002
	418	VeriSign, Inc., 5.250%, 04/01/25		441
	3,475	Veritas U.S., Inc./Veritas Bermuda Ltd., 7.500%, 02/01/23 (e)		3,371
		Verizon Communications, Inc.,
	2,970	4.125%, 08/15/46		2,839
	11,025	4.522%, 09/15/48		11,061
	17,780	4.862%, 08/21/46		18,755
	4,125	Versum Materials, Inc., 5.500%, 09/30/24 (e)		4,218
	2,585	Viacom, Inc., 4.375%, 03/15/43		2,380
	3,750	Vista Outdoor, Inc., 5.875%, 10/01/23		3,938
		Voya Financial, Inc.,
	4,645	4.800%, 06/15/46		4,571
	13,110	VAR, 5.650%, 05/15/53		13,044
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		642
		Walgreens Boots Alliance, Inc.,
	1,800	4.650%, 06/01/46		1,897
	9,770	4.800%, 11/18/44		10,476
	268	Weatherford International LLC., 6.800%, 06/15/37		214
	433	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		447

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,235	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		2,261
		West Corp.,
	1,377	4.750%, 07/15/21 (e)		1,418
	3,189	5.375%, 07/15/22 (e)		3,070
		Western Digital Corp.,
	8,185	7.375%, 04/01/23 (e)		8,963
	14,250	10.500%, 04/01/24 (e)		16,476
		Western Gas Partners LP,
	1,820	4.650%, 07/01/26		1,908
	1,225	5.375%, 06/01/21		1,336
	770	5.450%, 04/01/44		791
	1,071	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		1,119
	353	Western Refining, Inc., 6.250%, 04/01/21		356
		Whiting Petroleum Corp.,
	5,243	5.000%, 03/15/19		4,981
	6,464	5.750%, 03/15/21		5,996
	4,680	6.250%, 04/01/23		4,317
		Williams Cos., Inc. (The),
	2,210	3.700%, 01/15/23		2,138
	1,144	7.750%, 06/15/31		1,316
	162	Series A, 7.500%, 01/15/31		186
		Williams Partners LP/ACMP Finance Corp.,
	2,300	4.875%, 05/15/23		2,331
	1,495	6.125%, 07/15/22		1,538
		Windstream Services LLC,
	1,400	6.375%, 08/01/23		1,232
	12,509	7.500%, 06/01/22		11,821
	3,689	7.500%, 04/01/23		3,459
	11,550	7.750%, 10/01/21		11,420
	1,155	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		1,153
		WMG Acquisition Corp.,
	1,785	4.875%, 11/01/24 (e)		1,781
	420	5.000%, 08/01/23 (e)		425
	4,250	5.625%, 04/15/22 (e)		4,420
	3,408	6.750%, 04/15/22 (e)		3,595
		WPX Energy, Inc.,
	4,896	6.000%, 01/15/22		4,884
	800	8.250%, 08/01/23		864
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	1,835	5.375%, 03/15/22		1,885
	12,320	5.500%, 03/01/25 (e)		12,351

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		XPO Logistics, Inc.,
	2,365	6.125%, 09/01/23 (e)		2,433
	8,690	6.500%, 06/15/22 (e)		9,038
	540	Xylem, Inc., 4.375%, 11/01/46		540
		Zayo Group LLC/Zayo Capital, Inc.,
	12,445	6.000%, 04/01/23		13,083
	750	6.375%, 05/15/25		788
	11,510	Zebra Technologies Corp., 7.250%, 10/15/22		12,402
		ZF North America Capital, Inc.,
	2,586	4.000%, 04/29/20 (e)		2,722
	10,105	4.500%, 04/29/22 (e)		10,686
	7,838	4.750%, 04/29/25 (e)		8,269
				4,166,262
		Venezuela — 0.1%
		Petroleos de Venezuela S.A.,
	8,039	6.000%, 11/15/26		2,958
	3,900	Reg. S, 5.375%, 04/12/27		1,418
	4,650	Reg. S, 9.000%, 11/17/21		2,302
	2,500	Reg. S, 12.750%, 02/17/22		1,469
				8,147
		Total Corporate Bonds (Cost $5,052,442)		5,131,418
	Foreign Government Securities — 3.3%
		Angola — 0.0% (g)
	1,640	Republic of Angola, 9.500%, 11/12/25 (e)		1,605
		Argentina — 0.3%
	1,420	City of Buenos Aires Argentina, 7.500%, 06/01/27 (e)		1,520
		Provincia de Buenos Aires,
	1,312	Reg. S, 9.625%, 04/18/28		1,508
	2,300	Reg. S, 9.950%, 06/09/21		2,617
	4,499	Reg. S, 10.875%, 01/26/21		5,168
		Republic of Argentina,
	3,060	6.250%, 04/22/19 (e)		3,245
	8,860	6.875%, 04/22/21 (e)		9,569
	12,370	7.125%, 07/06/36 (e)		12,729
	1,490	7.500%, 04/22/26 (e)		1,628
	1,830	7.625%, 04/22/46 (e)		1,994
	1,400	7.000%, 04/17/17 (d)		1,427
				41,405
		Aruba — 0.0% (g)
	2,220	Government of Aruba, 4.625%, 09/14/23 (e)		2,349

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Azerbaijan — 0.0% (g)
	2,800	State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/30		3,024
		Belarus — 0.0% (g)
	4,800	Republic of Belarus, 8.950%, 01/26/18		5,040
		Brazil — 0.3%
		Federative Republic of Brazil,
	1,450	2.625%, 01/05/23		1,340
	5,740	4.250%, 01/07/25		5,674
	4,750	4.875%, 01/22/21		5,025
	3,940	7.125%, 01/20/37		4,501
	11,100	8.250%, 01/20/34		13,931
				30,471
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		667
		Costa Rica — 0.1%
	1,370	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		1,449
		Republic of Costa Rica,
	3,370	7.158%, 03/12/45 (e)		3,539
	5,290	Reg. S, 9.995%, 08/01/20		6,374
				11,362
		Croatia — 0.1%
		Republic of Croatia,
	5,990	Reg. S, 6.000%, 01/26/24		6,745
	3,790	Reg. S, 6.750%, 11/05/19		4,159
				10,904
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	1,290	6.875%, 01/29/26 (e)		1,422
	2,105	7.450%, 04/30/44 (e)		2,347
	4,437	9.040%, 01/23/18 (e)		4,614
	5,340	Reg. S, 7.500%, 05/06/21		5,901
				14,284
		Ecuador — 0.1%
		Republic of Ecuador,
	6,000	10.500%, 03/24/20 (e)		6,330
	5,790	10.750%, 03/28/22 (e)		6,123
				12,453
		El Salvador — 0.1%
	5,990	Republic of El Salvador, Reg. S, 7.750%, 01/24/23		6,544

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 81

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ethiopia — 0.0% (g)
	2,200	Federal Democratic Republic of Ethiopia, 6.625%, 12/11/24 (e)		2,079
		Gabon — 0.0% (g)
	1,800	Republic of Gabonese, Reg. S, 6.375%, 12/12/24		1,642
		Ghana — 0.0% (g)
	4,550	Republic of Ghana, 10.750%, 10/14/30 (e)		5,358
		Honduras — 0.0% (g)
	4,180	Republic of Honduras, Reg. S, 8.750%, 12/16/20		4,739
		Hungary — 0.1%
		Republic of Hungary,
	2,830	5.375%, 03/25/24		3,255
	5,540	5.750%, 11/22/23		6,454
	2,152	7.625%, 03/29/41		3,271
				12,980
		Indonesia — 0.2%
		Republic of Indonesia,
	4,550	5.875%, 01/15/24 (e)		5,278
	6,680	6.750%, 01/15/44 (e)		8,809
	2,440	Reg. S, 5.375%, 10/17/23		2,756
	5,992	Reg. S, 11.625%, 03/04/19		7,279
				24,122
		Iraq — 0.1%
	11,385	Republic of Iraq, Reg. S, 5.800%, 01/15/28		9,165
		Ivory Coast — 0.0% (g)
	3,220	Republic of Ivory Coast, 6.375%, 03/03/28 (e)		3,360
		Jamaica — 0.1%
		Government of Jamaica,
	1,250	7.875%, 07/28/45		1,441
	5,050	8.000%, 03/15/39		5,889
				7,330
		Jordan — 0.0% (g)
	2,200	Kingdom of Jordan, 5.750%, 01/31/27 (e)		2,189
		Kazakhstan — 0.0% (g)
	1,150	Republic of Kazakhstan, Reg. S, 5.125%, 07/21/25		1,275
		Kenya — 0.0% (g)
	750	Citigroup, Inc., CLN, 0.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/01/32; credit rating B)		558

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Kenya — continued
	2,420	Republic of Kenya, Reg. S, 6.875%, 06/24/24		2,411
				2,969
		Lebanon — 0.1%
		Republic of Lebanon,
	842	5.450%, 11/28/19		827
	4,500	6.600%, 11/27/26		4,371
	5,050	Reg. S, 8.250%, 04/12/21		5,403
				10,601
		Mexico — 0.1%
	6,550	United Mexican States, 4.600%, 01/23/46		6,403
		Morocco — 0.0% (g)
	2,250	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		2,531
		Netherlands — 0.0% (g)
	2,363	Republic of Angola Via Northern Lights III BV, Reg. S, 7.000%, 08/16/19		2,352
		Oman — 0.0% (g)
	1,490	Republic of Oman, 4.750%, 06/15/26 (e)		1,499
		Pakistan — 0.1%
		Republic of Pakistan,
	3,465	8.250%, 04/15/24 (e)		3,897
	4,150	Reg. S, 6.750%, 12/03/19		4,394
				8,291
		Panama — 0.1%
		Republic of Panama,
	3,300	3.750%, 03/16/25		3,490
	1,540	3.875%, 03/17/28		1,632
	2,450	4.300%, 04/29/53		2,487
	2,400	6.700%, 01/26/36		3,177
				10,786
		Paraguay — 0.0% (g)
	670	Republic of Paraguay, 5.000%, 04/15/26 (e)		720
		Peru — 0.0% (g)
		Republic of Peru,
	1,900	5.625%, 11/18/50		2,403
	1,500	6.550%, 03/14/37		2,059
				4,462
		Philippines — 0.1%
	7,080	Republic of the Philippines, 10.625%, 03/16/25		11,288

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Romania — 0.1%
		Republic of Romania,
	2,580	6.750%, 02/07/22 (e)		3,064
	4,680	Reg. S, 6.125%, 01/22/44		6,078
				9,142
		Russia — 0.2%
		Russian Federation,
	4,400	Reg. S, 4.875%, 09/16/23		4,724
	8,200	Reg. S, 5.875%, 09/16/43		9,348
	6,390	Reg. S, 12.750%, 06/24/28		11,159
				25,231
		Serbia — 0.1%
	5,330	Republic of Serbia, Reg. S, 7.250%, 09/28/21		6,116
		Slovenia — 0.1%
		Republic of Slovenia,
	1,720	Reg. S, 5.250%, 02/18/24		2,000
	4,020	Reg. S, 5.850%, 05/10/23		4,748
				6,748
		South Africa — 0.1%
		Republic of South Africa,
	1,210	4.875%, 04/14/26		1,254
	4,000	5.875%, 05/30/22		4,510
	5,334	5.875%, 09/16/25		5,974
				11,738
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	3,350	Reg. S, 5.875%, 07/25/22		3,423
	2,590	Reg. S, 6.250%, 10/04/20		2,703
				6,126
		Turkey — 0.2%
		Republic of Turkey,
	7,450	6.000%, 01/14/41		7,674
	6,810	6.250%, 09/26/22		7,414
	12,540	7.375%, 02/05/25		14,672
				29,760
		Ukraine — 0.1%
		Republic of Ukraine,
	169	7.750%, 09/01/19 (e)		169
	4,277	7.750%, 09/01/20 (e)		4,233
	3,078	7.750%, 09/01/22 (e)		3,013
	3,078	7.750%, 09/01/23 (e)		2,980
	978	7.750%, 09/01/24 (e)		941

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ukraine — continued
	978	7.750%, 09/01/25 (e)		936
				12,272
		Uruguay — 0.1%
		Republic of Uruguay,
	3,060	5.100%, 06/18/50		3,045
	1,280	7.625%, 03/21/36		1,758
	1,230	8.000%, 11/18/22		1,578
				6,381
		Venezuela — 0.1%
		Republic of Venezuela,
	3,370	9.250%, 09/15/27		1,676
	3,650	Reg. S, 7.750%, 10/13/19		1,871
	6,760	Reg. S, 9.000%, 05/07/23		3,067
	2,490	Reg. S, 11.750%, 10/21/26		1,385
	3,560	Reg. S, 11.950%, 08/05/31		1,985
				9,984
		Zambia — 0.0% (g)
		Republic of Zambia,
	2,090	8.500%, 04/14/24 (e)		2,032
	3,910	8.970%, 07/30/27 (e)		3,827
				5,859
		Total Foreign Government Securities (Cost $387,275)		405,606
	Loan Assignments — 1.1%
		Australia — 0.0% (g)
	1,283	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19		1,281
		Bermuda — 0.0% (g)
	829	Floatel Delaware LLC/Floatel International Ltd., Initial Term Loan, VAR, 6.000%, 06/27/20		650
		Canada — 0.0% (g)
	2,357	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		2,109
	301	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20		283
				2,392
		Cayman Islands — 0.0% (g)
	660	Shelf Drilling Midco Ltd., Term Loan, VAR, 10.000%, 10/08/18 (d)		452
		Luxembourg — 0.1%
	1,700	Delta 2 Lux Sarl, 2nd Lien Facility, VAR, 7.750%, 07/29/22		1,711

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 83

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Luxembourg — continued
	990	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.000%, 03/11/22		991
				2,702
		Singapore — 0.0% (g)
	2,652	Avago Technologies, Term A-2 Loan, VAR, 3.535%, 02/01/23		2,678
		United Kingdom — 0.0% (g)
	2,135	Virgin Media Investment Holdings Ltd., F Facility, VAR, 3.500%, 06/30/23		2,143
		United States — 1.0%
	6,416	Albertson’s LLC, Term Loan B-5, VAR, 4.750%, 12/21/22		6,479
	182	Alon USA Partners LP, MLP Term Loan, VAR, 9.250%, 11/26/18		181
	397	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		398
	735	Avaya, Inc., Term Loan B-3, VAR, 5.390%, 10/26/17		637
	1,565	Avaya, Inc., Term Loan B-6, VAR, 6.500%, 03/31/18 ^		1,330
	1,264	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		1,035
	640	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		640
	1,457	Berry Plastics Corp., Term Loan H, VAR, 3.750%, 10/01/22		1,462
	3,186	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.375%, 12/31/21		3,421
	4,410	Chesapeake Energy Corp., 1st Lien Last Out, VAR, 8.500%, 08/15/21 ^		4,711
	845	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		846
	1,856	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		1,857
	1,212	Cincinnati Bell, Inc., Term Loan B, VAR, 4.000%, 09/10/20		1,214
	3,494	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		3,532
	5,407	Clear Channel Communications, Inc., Term Loan D, VAR, 7.284%, 01/30/19		4,085
	1,873	Clear Channel Communications, Inc., Tranche E Term Loan, VAR, 8.034%, 07/30/19		1,411
	1,931	Cortes NP Acquisition Corp., 1st Lien Term Loan B, VAR, 5.000%, 09/26/23 ^		1,919
	1,305	Dell Software Group, Term Loan, VAR, 7%, 10/9/22 ^		1,304
	1,375	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		1,377

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,604	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.562%, 11/01/18		1,609
	801	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		568
	4,290	Dynegy, Inc., Term Loan B, VAR, 5.000%, 06/27/23		4,301
	640	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/30/17		643
	164	Entercom Radio LLC, Term B-2 Loan, VAR, 4.020%, 11/23/18		164
	5,059	EP Energy LLC/Everest Acquisition LLC, 1st Lien Term Loan, VAR, 9.750%, 06/30/21 ^		5,173
	802	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		748
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		887
	2,261	First Data Corp., 2021C New Dollar Term Loan, VAR, 3.524%, 03/24/21		2,270
	108	Fram Group Holdings Ltd., Term Loan, VAR, 7.000%, 07/29/17		105
	848	Go Daddy Group, Inc. (The), Initial Term Loan, VAR, 4.250%, 05/13/21		853
	1,724	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		1,731
	640	Gray Television, Inc., Initial Term Loan, VAR, 3.938%, 06/13/21		644
	10,655	Gulf Finance LLC, Term Loan B, VAR, 6.250%, 07/27/23		10,402
	499	Infor U.S., Inc., Tranche B-5 Term Loan, VAR, 3.750%, 06/03/20		497
	1,082	Intrawest Operations Group LLC, Term Loan, VAR, 4.500%, 12/09/20		1,090
	867	inVentiv Health, Inc., Term Loan B4, VAR, 8.750%, 05/15/18		867
	2,083	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		1,585
	1,246	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		1,252
	601	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20		601
	1,287	Microsemi Corp., Closing Date Term Loan B, VAR, 3.750%, 01/15/23		1,298
	614	MTL Publishing LLC, Term B-3 Loan, VAR, 4.000%, 08/19/22		614
	2,848	MultiPlan, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		2,877
	455	NVLX Acquisition LLC, 1st Lien Term Loan, VAR, 6.000%, 12/05/21		458

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	465	NXP B.V./NXP Funding LLC, Tranche F Loan, VAR, 3.405%, 12/07/20		467
	1,247	On Semiconductor Corp., Term Loan B, VAR, 3.777%, 03/31/23		1,254
	1,266	Petsmart, Inc., Term Loan B, VAR, 4.000%, 03/11/22		1,269
	5,084	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		5,111
	1,265	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.284%, 01/13/23		1,275
	1,602	Revlon Consumer Products Corp., Term Loan B, VAR, 4.250%, 09/07/23		1,605
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		396
	2,125	Rite Aid Corp.,Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		2,131
	2,688	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		2,683
	788	Sabine Oil & Gas LLC, Term Loan, VAR, 12.000%, 12/31/18 (d) ^		23
	709	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		712
	1,581	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,546
	1,001	Serta Simmons Holdings, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		998
	844	Signode Industrial Group U.S., Inc. Initial Term B Loan, VAR, 3.750%, 05/01/21		842
	394	Solar Winds Holdings, Inc., Initial US Term Loan, VAR, 5.500%, 02/05/23		396
	1,921	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		1,926
	1,036	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		953
	306	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		281
	1,183	Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan C, VAR, 5.000%, 08/04/23		1,194
	5,189	Texas Competitive Electric Holdings Co. LLC, Term Loan B, VAR, 5.000%, 08/04/23		5,234
	762	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		765
	434	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		434

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,177	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20 ^		1,179
	3,840	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/30/24		3,857
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 12.000%, 12/21/15 (d)		—	(h)
	2,141	Viskase Cos., Inc., 5 Year Term Loan, VAR, 4.376%, 01/30/21		2,013
	2,494	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		2,489
	2,061	XPO Logistics, Inc., Term Loan B, VAR, 4.250%, 10/31/21		2,070
				122,179
		Total Loan Assignments (Cost $137,922)		134,477
	Preferred Securities — 6.6% (x)
		Australia — 0.0% (g)
	1,725	Australia & New Zealand Banking Group Ltd., VAR, 6.750%, 06/15/26 (e)		1,894
		Belgium — 0.1%
	EUR 10,775	KBC Group N.V., Reg. S, VAR, 5.625%, 03/19/19		11,829
		Cayman Islands — 0.0% (g)
	3,924	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17		3,009
		France — 0.3%
	4,410	BNP Paribas S.A., VAR, 7.375%, 08/19/25 (e)		4,526
		Credit Agricole S.A.,
	12,935	VAR, 6.625%, 09/23/19 (e)		12,579
	4,435	VAR, 8.125%, 12/23/25 (e)		4,763
	GBP 2,000	Orange S.A., Reg. S, VAR, 5.875%, 02/07/22		2,635
	12,990	Societe Generale S.A., VAR, 7.375%, 09/13/21 (e)		12,879
				37,382
		Netherlands — 0.1%
	EUR 2,500	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Reg. S, VAR, 5.500%, 06/29/20		2,761
	GBP 4,400	Telefonica Europe B.V., Reg. S, VAR, 6.750%, 11/26/20		5,731
				8,492

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 85

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		Spain — 0.1%
		Banco Bilbao Vizcaya Argentaria S.A.,
	EUR 1,000	Reg. S, VAR, 6.750%, 02/18/20		1,058
	EUR 1,800	Reg. S, VAR, 7.000%, 02/19/19		1,909
	2,000	Reg. S, VAR, 9.000%, 05/09/18		2,078
				5,045
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, VAR, 5.750%, 05/13/20		5,012
	5,000	Svenska Handelsbanken AB, Reg. S, VAR, 5.250%, 03/01/21		5,000
	5,000	Swedbank AB, Reg. S, VAR, 5.500%, 03/17/20		5,063
				15,075
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e)		6,161
	2,646	VAR, 7.500%, 12/11/23 (e)		2,739
		UBS Group AG,
	5,000	Reg. S, VAR, 6.875%, 08/07/25		4,948
	5,000	Reg. S, VAR, 7.000%, 02/19/25		5,337
	2,000	Reg. S, VAR, 7.125%, 02/19/20		2,048
				21,233
		United Kingdom — 0.3%
		HSBC Holdings plc,
	4,840	VAR, 6.375%, 09/17/24		4,823
	6,000	VAR, 6.375%, 03/30/25		6,022
	6,852	VAR, 6.875%, 06/01/21		7,212
		Lloyds Banking Group plc,
	12,498	VAR, 7.500%, 06/27/24		12,873
	GBP   3,809	Nationwide Building Society, Reg. S, VAR, 6.875%, 06/20/19		4,583
				35,513
		United States — 5.4%
		American Express Co.,
	18,070	Series C, VAR, 4.900%, 03/15/20		17,736
	5,575	VAR, 5.200%, 11/15/19		5,589
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25		16,024
	3,595	Series DD, VAR, 6.300%, 03/10/26		3,923
	19,619	Series K, VAR, 8.000%, 01/30/18		19,987
	14,315	Series M, VAR, 8.125%, 05/15/18		14,727
	7,015	Series U, VAR, 5.200%, 06/01/23		6,848
	23,045	Series V, VAR, 5.125%, 06/17/19		22,718

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	11,220	Series X, VAR, 6.250%, 09/05/24		11,753
	13,130	Series Z, VAR, 6.500%, 10/23/24		14,246
		Bank of New York Mellon Corp. (The),
	9,636	Series D, VAR, 4.500%, 06/20/23		9,383
	20,375	Series E, VAR, 4.950%, 06/20/20		20,859
	15,551	Series F, VAR, 4.625%, 09/20/26		15,182
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		21,810
		Citigroup, Inc.,
	14,725	Series D, VAR, 5.350%, 05/15/23		14,523
	10,670	Series M, VAR, 6.300%, 05/15/24		10,923
	21,330	Series N, VAR, 5.800%, 11/15/19		21,623
	10,010	Series O, VAR, 5.875%, 03/27/20		10,165
	20,570	Series P, VAR, 5.950%, 05/15/25		21,033
	7,020	Series R, VAR, 6.125%, 11/15/20		7,339
	5,475	Series T, VAR, 6.250%, 08/15/26		5,895
	18,431	VAR, 5.950%, 01/30/23		19,168
		Fifth Third Bancorp,
	5,385	Series J, VAR, 4.900%, 09/30/19		5,213
	17,625	VAR, 5.100%, 06/30/23		17,011
	48,057	General Electric Co., Series D, VAR, 5.000%, 01/21/21		50,912
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19		25,391
	21,703	Series M, VAR, 5.375%, 05/10/20		21,812
	16,295	Series O, VAR, 5.300%, 11/10/26		16,601
	17,944	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		18,280
		Morgan Stanley,
	29,170	Series H, VAR, 5.450%, 07/15/19		29,246
	13,055	Series J, VAR, 5.550%, 07/15/20		13,365
	12,360	Northern Trust Corp., Series D, VAR, 4.600%, 10/01/26		12,746
		PNC Financial Services Group, Inc. (The),
	12,415	Series R, VAR, 4.850%, 06/01/23		12,260
	10,675	Series S, VAR, 5.000%, 11/01/26		10,621
	9,588	VAR, 6.750%, 08/01/21		10,643
	11,905	State Street Corp., Series F, VAR, 5.250%, 09/15/20		12,506
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		12,916
	9,885	U.S. Bancorp, Series I, VAR, 5.125%, 01/15/21		10,429
		Wachovia Capital Trust III,
	11,565	VAR, 5.570%, 12/02/16		11,579

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
			United States — continued
			Wells Fargo & Co.,
	12,480		Series K, VAR, 7.980%, 03/15/18		13,011
	25,305		Series S, VAR, 5.900%, 06/15/24		26,475
	15,275		Series U, VAR, 5.875%, 06/15/25		16,387
					658,858
			Total Preferred Securities (Cost $784,541)		798,330
SHARES
	Preferred Stocks — 1.2%
			Bermuda — 0.0% (g)
	9		Bunge Ltd., 4.875% ($100 par value)		913
			Brazil — 0.1%
	639		Banco Bradesco S.A. (Preference Shares)		6,696
			Cayman Islands — 0.0% (g)
	3		XLIT Ltd., Series D, VAR, 4.000%, 11/28/16 ($1,000 par value) @		2,655
			Ireland — 0.0% (g)
	5		Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		3,566
			Israel — 0.0% (g)
	3		Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1,000 par value)		2,457
			United States — 1.1%
	16		American Tower Corp., 5.500%, 02/15/18 ($100 par value)		1,771
	7		American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		760
	28		Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		1,164
	28		Arconic, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		864
	3		Bank of America Corp., Series L, 7.250% ($1,000 par value)		3,848
	508		BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,894
	52		BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,345
	178		Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		4,986
	—	(h)	Constar International, Inc., Class A		—
	71		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		1,851
	51		Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		2,563

SHARES		SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
		United States — continued
	213	Dominion Resources, Inc., Series A, 5.250%, 07/30/76 ($25 par value)		5,310
	17	DTE Energy Co., 6.500%, 10/01/19 ($50 par value)		927
	23	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		1,121
	20	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		1,648
	12	GMAC Capital Trust I, Series 2, VAR, 6.602%, 02/15/40 ($25 par value)		306
	575	Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		14,977
	65	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		2,040
	12	Hess Corp., 8.000%, 02/01/19 ($50 par value)		709
	35	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		1,611
	35	Mandatory Exchangeable Trust, 5.750%, 06/01/19 ($100 par value) (e)		4,413
	500	Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		13,800
	51	NextEra Energy, Inc., 6.123%, 09/01/19 ($25 par value)		2,568
	1	Pitney Bowes International Holdings, Inc., Series F, 6.125%, 11/01/16 ($1,000 par value) (e) @		1,003
	239	SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		6,133
	281	Southern Co. (The), 5.250%, 10/01/76 ($25 par value)		6,991
	35	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		868
	301	State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,449
	315	State Street Corp., Series E, 6.000%, 12/15/19 ($25 par value) @		8,379
	128	State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		3,427
	5	Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		305
	21	T-Mobile U.S., Inc., 5.500%, 12/15/17 ($50 par value)		1,734
	6	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		488
	42	Vornado Realty Trust, Series G, 6.625%, 11/30/16 ($25 par value) @		1,084
	3	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		4,304

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 87

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

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

(Amounts in thousands, except number of Futures contracts)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States — continued
	15		Welltower, Inc., Series I, 6.500% ($50 par value)		898
					125,539
			Total Preferred Stocks (Cost $135,887)		141,826
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Spain — 0.0% (g)
	2,209		Banco Santander S.A., expiring 12/02/16 (a) (Cost $114)		124
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
			United States — 0.0% (g)
	1		Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—
	—	(h)	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—
			Total Warrants (Cost $ — (h))		—
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 0.6%
	66,135		U.S. Treasury Note, 0.500%, 01/31/17 (k) (Cost $66,111)		66,169
SHARES
	Short-Term Investments — 2.3%
			Investment Company — 2.2%
	267,810		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l)		267,810
			Time Deposit — 0.1%
	7,100		Credit Agricole Corporate & Investment Bank, 0.360%, 11/01/16 (n)		7,100
			Total Short-Term Investments (Cost $274,910)		274,910
			Total Investments — 99.1% (Cost $11,590,439)		12,043,930
			Other Assets in Excess of Liabilities — 0.9%		114,664
			NET ASSETS — 100.0%	$	12,158,594

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

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

INDUSTRY	PERCENTAGE
Banks		8.1	%
Equity Real Estate Investment Trusts (REITs)		7.1
Oil, Gas & Consumable Fuels		6.8
Diversified Telecommunication Services		5.1
Media		4.9
Asset-Backed Securities		4.6
Pharmaceuticals		3.5
Insurance		3.5
Foreign Government Securities		3.4
Non-Agency CMO		3.3
Capital Markets		3.3
Health Care Providers & Services		2.9
Wireless Telecommunication Services		2.4
Semiconductors & Semiconductor Equipment		2.2
Hotels, Restaurants & Leisure		2.0
Chemicals		1.7
Electric Utilities		1.7
Software		1.5
Metals & Mining		1.4
Auto Components		1.4
Specialty Retail		1.4
Commercial Mortgage-Backed Securities		1.3
IT Services		1.2
Automobiles		1.2
Food Products		1.2
Industrial Conglomerates		1.1
Tobacco		1.1
Consumer Finance		1.1
Technology Hardware, Storage & Peripherals		1.1
Independent Power & Renewable Electricity Producers		1.0
Food & Staples Retailing		1.0
Others (each less than 1.0%)		14.2
Short-Term Investments		2.3

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN FUNDS OCTOBER 31, 2016

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	74		Euro STOXX 50 Index		12/16/16		EUR		2,481			(14	)
	29		FTSE 100 Index		12/16/16		GBP		2,455			(1	)
			Short Futures Outstanding
	(3,336	)	GBP FX		12/19/16		USD		(255,496	)		22,949
	(2,657	)	Euro FX		12/19/16		USD		(364,906	)		9,927
	(9,416	)	5 Year U.S. Treasury Note		12/30/16		USD		(1,137,423	)		6,454
												39,315

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 89

J.P. Morgan Multi-Asset Solutions Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage
AUD	—  Australian Dollar
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 October 31, 2016. 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
CSMC	—  Credit Suisse Mortgage Trust
CVA	—  Dutch Certification
ETF	—  Exchange Traded Fund
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
GMAC	—  General Motors Acceptance Corp.
HKD	—  Hong Kong Dollar
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of October 31, 2016. The rate may be subject to a cap and floor.
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
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

SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2016.
TOPIX	—  Tokyo Price Index
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2016.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 0.05%.
(h)	—  Amount rounds to less than 500.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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 dates shown, if applicable, reflect the next call date. The coupon rates shown are the rates in effect as of October 31, 2016.
^	—  All or a portion of the security is unsettled as of October 31, 2016. 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. The coupon rate for this security is currently in effect as of October 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN FUNDS 91

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands)

	Global Allocation Fund		Income Builder Fund
ASSETS:
Investments in non-affiliates, at value	$	1,279,560	$	11,776,120
Investments in affiliates, at value		143,931		267,810
Total investment securities, at value		1,423,491		12,043,930
Cash		140		79,288
Foreign currency, at value		628		3,079
Deposits at broker for futures contracts		580		369
Receivables:
Investment securities sold		3,990		44,107
Fund shares sold		4,271		29,468
Interest and dividends from non-affiliates		7,867		107,115
Dividends from affiliates		15		74
Tax reclaims		201		3,806
Variation margin on futures contracts		728		—
Unrealized appreciation on forward foreign currency exchange contracts		5,611		—
Total Assets		1,447,522		12,311,236
LIABILITIES:
Payables:
Due to broker		2		—
Investment securities purchased		6,181		116,589
Fund shares redeemed		8,595		24,003
Variation margin on futures contracts		—		1,211
Unrealized depreciation on forward foreign currency exchange contracts		625		—
Accrued liabilities:
Investment advisory fees		442		3,015
Distribution fees		291		4,047
Shareholder servicing fees		260		1,678
Custodian and accounting fees		44		171
Trustees’ and Chief Compliance Officer’s fees		—		34
Deferred India capital gains tax		—		124
Other		300		1,770
Total Liabilities		16,740		152,642
Net Assets	$	1,430,782	$	12,158,594

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Global Allocation Fund			Income Builder Fund
NET ASSETS:
Paid-in-Capital	$	1,421,625		$	12,189,139
Accumulated undistributed (distributions in excess of) net investment income		5,383			(8,740	)
Accumulated net realized gains (losses)		(29,604	)		(514,055	)
Net unrealized appreciation (depreciation)		33,378			492,250
Total Net Assets	$	1,430,782		$	12,158,594
Net Assets:
Class A	$	289,961		$	3,991,877
Class C		357,682			4,968,359
Class R2		758			—
Select Class		782,381			3,198,358
Total	$	1,430,782		$	12,158,594
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		17,701			401,241
Class C		22,079			500,689
Class R2		46			—
Select Class		47,569			321,061
Net Asset Value (a):
Class A — Redemption price per share	$	16.38		$	9.95
Class C — Offering price per share (b)		16.20			9.92
Class R2 — Offering and redemption price per share		16.36			—
Select Class — Offering and redemption price per share		16.45			9.96
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.15		$	10.42
Cost of investments in non-affiliates	$	1,246,539		$	11,322,629
Cost of investments in affiliates		144,345			267,810
Cost of foreign currency		626			3,051

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 93

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	Global Allocation Fund			Income Builder Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	25,112		$	432,522
Interest income from affiliates		10			3
Dividend income from non-affiliates		14,444			176,349
Dividend income from affiliates		739			735
Foreign taxes withheld		(771	)		(9,390	)
Total investment income		39,534			600,219
EXPENSES:
Investment advisory fees		7,537			54,047
Administration fees		1,030			9,849
Distribution fees:
Class A		691			10,068
Class C		2,330			37,447
Class R2		3			—
Shareholder servicing fees:
Class A		691			10,068
Class C		777			12,482
Class R2		1			—
Select Class		1,671			7,476
Custodian and accounting fees		382			1,041
Interest expense to affiliates		2			8
Professional fees		94			254
Interest expense to non-affiliates		10			56
Trustees’ and Chief Compliance Officer’s fees		19			110
Printing and mailing costs		101			1,051
Registration and filing fees		181			379
Transfer agency fees (See Note 2.H.)		73			399
Sub-transfer agency fees (See Note 2.H.)		641			5,899
Other		14			107
Total expenses		16,248			150,741
Less fees waived		(3,609	)		(40,639	)
Less earnings credits		—			—	(a)
Less expense reimbursements		—	(a)		—
Net expenses		12,639			110,102
Net investment income (loss)		26,895			490,117
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(11,630	)		(276,984	)(b)
Futures		(11,516	)		(7,110	)
Foreign currency transactions		3,344			(3,459	)
Net realized gain (loss)		(19,802	)		(287,553	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		30,841			210,199	(c)
Investments in affiliates		(414	)		—
Futures		(5,275	)		45,992
Foreign currency translations		3,739			(123	)
Change in net unrealized appreciation/depreciation		28,891			256,068
Net realized/unrealized gains (losses)		9,089			(31,485	)
Change in net assets resulting from operations	$	35,984		$	458,632

(a) Amount rounds to less than 500.

(b) Net of India capital gains tax of $(61) for Income Builder Fund.

(c) Net of change in India capital gains tax of approximately $(124,000) for Income Builder Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	26,895		$	3,853		$	490,117		$	469,773
Net realized gain (loss)		(19,802	)		(6,855	)		(287,553	)		(223,856	)
Change in net unrealized appreciation/depreciation		28,891			3,133			256,068			(294,145	)
Change in net assets resulting from operations		35,984			131			458,632			(48,228	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,458	)		(853	)		(170,221	)		(172,786	)
From net realized gains		(294	)		(1,130	)		—			(7,433	)
Return of capital		—			—			—			(6,423	)
Class C
From net investment income		(4,931	)		(395	)		(186,131	)		(178,523	)
From net realized gains		(305	)		(557	)		—			(8,655	)
Return of capital		—			—			—			(7,578	)
Class R2
From net investment income		(9	)		(1	)		—			—
From net realized gains		—	(a)		(2	)		—			—
Select Class
From net investment income		(14,844	)		(1,166	)		(130,456	)		(130,741	)
From net realized gains		(602	)		(1,443	)		—			(5,361	)
Return of capital		—			—			—			(4,687	)
Total distributions to shareholders		(26,443	)		(5,547	)		(486,808	)		(522,187	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		646,824			692,385			(334,580	)		1,538,383
NET ASSETS:
Change in net assets		656,365			686,969			(362,756	)		967,968
Beginning of period		774,417			87,448			12,521,350			11,553,382
End of period	$	1,430,782		$	774,417		$	12,158,594		$	12,521,350
Accumulated undistributed (distributions in excess of) net investment income	$	5,383		$	1,013		$	(8,740	)	$	(10,720	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Allocation Fund						Income Builder Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	181,480		$	204,328		$	915,563		$	1,287,287
Distributions reinvested		5,561			1,966			163,299			177,297
Cost of shares redeemed		(108,810	)		(20,198	)		(1,338,823	)		(1,032,043	)
Change in net assets resulting from Class A capital transactions	$	78,231		$	186,096		$	(259,961	)	$	432,541
Class C
Proceeds from shares issued	$	224,926		$	195,816		$	779,657		$	1,305,512
Distributions reinvested		4,306			942			159,414			165,251
Cost of shares redeemed		(72,706	)		(10,240	)		(1,085,374	)		(796,456	)
Change in net assets resulting from Class C capital transactions	$	156,526		$	186,518		$	(146,303	)	$	674,307
Class R2
Proceeds from shares issued	$	613		$	184		$	—		$	—
Distributions reinvested		9			3			—			—
Cost of shares redeemed		(84	)		(43	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	538		$	144		$	—		$	—
Select Class
Proceeds from shares issued	$	649,914		$	380,000		$	1,099,505		$	1,328,026
Distributions reinvested		11,914			2,440			101,768			106,503
Cost of shares redeemed		(250,299	)		(62,813	)		(1,129,589	)		(1,002,994	)
Change in net assets resulting from Select Class capital transactions	$	411,529		$	319,627		$	71,684		$	431,535
Total change in net assets resulting from capital transactions	$	646,824		$	692,385		$	(334,580	)	$	1,538,383
SHARE TRANSACTIONS:
Class A
Issued		11,294			12,280			93,520			125,545
Reinvested		344			120			16,679			17,371
Redeemed		(6,755	)		(1,221	)		(137,075	)		(101,371	)
Change in Class A Shares		4,883			11,179			(26,876	)		41,545
Class C
Issued		14,164			11,928			79,830			127,706
Reinvested		269			58			16,325			16,237
Redeemed		(4,554	)		(626	)		(111,214	)		(78,507	)
Change in Class C Shares		9,879			11,360			(15,059	)		65,436
Class R2
Issued		38			11			—			—
Reinvested		1			—	(a)		—			—
Redeemed		(5	)		(3	)		—			—
Change in Class R2 Shares		34			8			—			—
Select Class
Issued		40,365			23,045			111,834			129,365
Reinvested		734			149			10,378			10,424
Redeemed		(15,562	)		(3,778	)		(116,050	)		(98,588	)
Change in Select Class Shares		25,537			19,416			6,162			41,201

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Allocation Fund
Class A
Year Ended October 31, 2016	$	16.47	$	0.34	(f)	$	(0.10	)(g)	$	0.24	$	(0.31	)	$	(0.02	)	$	(0.33	)
Year Ended October 31, 2015		17.15		0.23	(f)		(0.01	)		0.22		(0.34	)		(0.56	)		(0.90	)
Year Ended October 31, 2014		16.45		0.26	(f)		0.97			1.23		(0.16	)		(0.37	)		(0.53	)
Year Ended October 31, 2013		14.52		0.19	(f)		2.15			2.34		(0.41	)		—			(0.41	)
Year Ended October 31, 2012		13.53		0.38			0.98			1.36		(0.37	)		—			(0.37	)
Class C
Year Ended October 31, 2016		16.30		0.26	(f)		(0.10	)(g)		0.16		(0.24	)		(0.02	)		(0.26	)
Year Ended October 31, 2015		17.04		0.15	(f)		(0.02	)		0.13		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.39		0.16	(f)		0.98			1.14		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.49		0.16	(f)		2.09			2.25		(0.35	)		—			(0.35	)
Year Ended October 31, 2012		13.52		0.31			0.99			1.30		(0.33	)		—			(0.33	)
Class R2
Year Ended October 31, 2016		16.44		0.31	(f)		(0.10	)(g)		0.21		(0.27	)		(0.02	)		(0.29	)
Year Ended October 31, 2015		17.13		0.19	(f)		(0.01	)		0.18		(0.31	)		(0.56	)		(0.87	)
Year Ended October 31, 2014		16.44		0.22	(f)		0.96			1.18		(0.12	)		(0.37	)		(0.49	)
Year Ended October 31, 2013		14.51		0.25	(f)		2.04			2.29		(0.36	)		—			(0.36	)
Year Ended October 31, 2012		13.53		0.34			0.99			1.33		(0.35	)		—			(0.35	)
Select Class
Year Ended October 31, 2016		16.53		0.39	(f)		(0.10	)(g)		0.29		(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2015		17.19		0.27	(f)		(0.01	)		0.26		(0.36	)		(0.56	)		(0.92	)
Year Ended October 31, 2014		16.47		0.30	(f)		0.97			1.27		(0.18	)		(0.37	)		(0.55	)
Year Ended October 31, 2013		14.53		0.33	(f)		2.04			2.37		(0.43	)		—			(0.43	)
Year Ended October 31, 2012		13.53		0.41			1.00			1.41		(0.41	)		—			(0.41	)

(a) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

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

(d) Does not include expenses of Underlying Funds.

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

(f) Calculated based upon average shares outstanding.

(g) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)(d)			Net investment income (loss) (a)			Expenses without waivers and reimbursements (d)			Portfolio turnover rate (e)
$	16.38		1.50	%	$	289,961		1.02	%		2.12	%		1.32	%		64	%
	16.47		1.38			211,120		1.02			1.40			1.43			44
	17.15		7.58			28,114		1.03			1.56			1.74			87
	16.45		16.36			2,253		1.05			1.18			3.30			120
	14.52		10.26			50		1.05			2.70			2.54			67
	16.20		1.03			357,682		1.52			1.63			1.82			64
	16.30		0.84			198,888		1.51			0.90			1.92			44
	17.04		7.07			14,308		1.53			0.97			2.22			87
	16.39		15.74			380		1.55			1.00			3.41			120
	14.49		9.75			49		1.55			2.19			3.04			67
	16.36		1.30			758		1.27			1.93			1.75			64
	16.44		1.14			203		1.27			1.17			1.77			44
	17.13		7.29			62		1.28			1.31			2.07			87
	16.44		16.06			58		1.30			1.61			2.79			120
	14.51		9.99			50		1.30			2.44			2.79			67
	16.45		1.79			782,381		0.77			2.39			1.04			64
	16.53		1.62			364,206		0.77			1.61			1.19			44
	17.19		7.88			44,964		0.78			1.79			1.55			87
	16.47		16.61			27,636		0.80			2.10			2.31			120
	14.53		10.58			19,856		0.80			2.95			2.29			67

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
Income Builder Fund
Class A
Year Ended October 31, 2016	$	9.96	$	0.42	(d)	$	(0.01	)	$	0.41		$	(0.42	)	$	—		$	—		$	(0.42	)
Year Ended October 31, 2015		10.41		0.41	(d)		(0.41	)		—	(e)		(0.41	)		(0.02	)		(0.02	)		(0.45	)
Year Ended October 31, 2014		10.32		0.47			0.09			0.56			(0.47	)		—			—			(0.47	)
Year Ended October 31, 2013		9.70		0.45			0.64			1.09			(0.47	)		—			—			(0.47	)
Year Ended October 31, 2012		9.01		0.50			0.67			1.17			(0.48	)		—			—			(0.48	)
Class C
Year Ended October 31, 2016		9.93		0.37	(d)		(0.01	)		0.36			(0.37	)		—			—			(0.37	)
Year Ended October 31, 2015		10.38		0.35	(d)		(0.40	)		(0.05	)		(0.36	)		(0.02	)		(0.02	)		(0.40	)
Year Ended October 31, 2014		10.29		0.42			0.10			0.52			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2013		9.68		0.40			0.63			1.03			(0.42	)		—			—			(0.42	)
Year Ended October 31, 2012		9.00		0.45			0.67			1.12			(0.44	)		—			—			(0.44	)
Select Class
Year Ended October 31, 2016		9.97		0.43	(d)		(0.01	)		0.42			(0.43	)		—			—			(0.43	)
Year Ended October 31, 2015		10.42		0.42	(d)		(0.40	)		0.02			(0.43	)		(0.02	)		(0.02	)		(0.47	)
Year Ended October 31, 2014		10.33		0.49			0.09			0.58			(0.49	)		—			—			(0.49	)
Year Ended October 31, 2013		9.71		0.46			0.64			1.10			(0.48	)		—			—			(0.48	)
Year Ended October 31, 2012		9.02		0.51			0.67			1.18			(0.49	)		—			—			(0.49	)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than 0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	9.95		4.23	%	$	3,991,877		0.75	%		4.25	%		1.10	%		52	%
	9.96		(0.03	)		4,262,148		0.75			3.97			1.11			48
	10.41		5.54			4,024,646		0.74			4.60			1.12			41
	10.32		11.45			3,223,725		0.75			4.55			1.13			41
	9.70		13.36			1,502,366		0.74			5.48			1.15			40
	9.92		3.70			4,968,359		1.25			3.76			1.61			52
	9.93		(0.53	)		5,120,797		1.25			3.47			1.63			48
	10.38		5.06			4,676,332		1.24			4.08			1.62			41
	10.29		10.84			3,476,814		1.25			4.05			1.63			41
	9.68		12.72			1,665,862		1.24			4.98			1.65			40
	9.96		4.36			3,198,358		0.60			4.39			0.86			52
	9.97		0.12			3,138,405		0.60			4.12			0.87			48
	10.42		5.70			2,852,404		0.59			4.68			0.87			41
	10.33		11.58			1,585,506		0.60			4.70			0.88			41
	9.71		13.51			817,404		0.59			5.63			0.90			40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Global Allocation Fund	Class A, Class C, Class R2 and Select Class	Diversified
Income Builder Fund	Class A, Class C and Select Class	Diversified

The investment objective of Global Allocation Fund is to seek to maximize long-term total return.

The investment objective of Income Builder Fund is to seek to maximize income while maintaining prospects for capital appreciation.

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

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

2. Significant Accounting Policies

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

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

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

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

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

102 J.P. MORGAN FUNDS OCTOBER 31, 2016

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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 Funds at October 31, 2016.

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

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

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

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

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

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

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

JPMorgan Global Allocation Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	18,131	$	—	$	18,131
Belgium		3,008		—		—		3,008
Bermuda		894		—		—		894
Brazil		4,684		—		—		4,684
Canada		4,133		—		—		4,133
Chile		555		—		—		555
China		2,396		4,607		—		7,003
Denmark		—		2,519		—		2,519
Finland		—		5,950		—		5,950
France		—		30,381		—		30,381
Germany		—		25,661		—		25,661
Hong Kong		1,206		11,049		—		12,255
India		6,966		1,081		—		8,047
Indonesia		—		2,326		—		2,326
Ireland		1,134		—		—		1,134
Israel		2,820		—		—		2,820
Italy		—		6,807		—		6,807
Japan		203		66,366		—		66,569
Luxembourg		—		1,491		—		1,491
Malaysia		388		—		—		388
Mexico		1,064		—		—		1,064
Netherlands		1,650		17,351		—		19,001
New Zealand		—		1,006		—		1,006
Peru		617		—		—		617
Portugal		—		908		—		908
Russia		132		2,920		—		3,052
Singapore		2,284		2,207		—		4,491

OCTOBER 31, 2016 J.P. MORGAN FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

JPMorgan Global Allocation Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Africa	$	—	$	6,502	$	—	$	6,502
South Korea		—		3,014		—		3,014
Spain		—		6,286		—		6,286
Sweden		—		3,275		—		3,275
Switzerland		2,842		26,768		—		29,610
Taiwan		3,179		1,596		—		4,775
Thailand		720		673		—		1,393
Turkey		—		591		—		591
United Kingdom		—		43,475		—		43,475
United States		312,233		2,454		42		314,729
Total Common Stocks		353,108		295,395		42		648,545
Preferred Stocks
Brazil		1,256		—		—		1,256
Cayman Islands		—		—		67		67
Germany		—		2,688		—		2,688
United States		16		—		—		16
Total Preferred Stocks		1,272		2,688		67		4,027
Investment Company
United States		85,580		—		—		85,580
Debt Securities
Asset-Backed Securities
United States		—		34,376		30,046		64,422
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		38,108		—		38,108
Commercial Mortgage-Backed Securities
United States		—		8,900		—		8,900
Convertible Bonds
United States		—		156		—		156
Corporate Bonds
Australia		—		219		—		219
Bahamas		—		—		50		50
Bermuda		—		2,196		—		2,196
Canada		—		11,179		—		11,179
Cayman Islands		—		1,868		—		1,868
Finland		—		541		—		541
France		—		19,239		—		19,239
Germany		—		14,981		—		14,981
Ireland		—		6,369		—		6,369
Italy		—		9,552		—		9,552
Japan		—		2,341		—		2,341
Liberia		—		18		—		18
Luxembourg		—		35,993		—		35,993
Mexico		—		2,010		—		2,010
Netherlands		—		17,916		—		17,916
Norway		—		685		—		685
Portugal		—		806		—		806
Singapore		—		227		—		227
Spain		—		1,307		—		1,307
Sweden		—		4,228		—		4,228
United Kingdom		—		28,642		—		28,642
United States		—		232,145		278		232,423
Total Corporate Bonds		—		392,462		328		392,790

104 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Global Allocation Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Preferred Securities
Cayman Islands	$	—		$	598		$	—	$	598
France		—			1,844			—		1,844
Luxembourg		—			1,015			—		1,015
Netherlands		—			4,847			—		4,847
United Kingdom		—			788			—		788
United States		—			1,812			—		1,812
Total Preferred Securities		—			10,904			—		10,904
Loan Assignments
Australia		—			184			—		184
Canada		—			213			—		213
Singapore		—			368			—		368
United Kingdom		—			261			—		261
United States		—			13,615			—		13,615
Total Loan Assignments		—			14,641			—		14,641
Foreign Government Securities		—			55,391			—		55,391
U.S. Treasury Obligations		—			32,416			—		32,416
Options Purchased
Call Options Purchased		3,516			821			—		4,337
Rights
Spain		17			—			—		17
Short-Term Investments
Foreign Government Treasury Bill		—			4,906			—		4,906
Investment Company		58,351			—			—		58,351
Total Short-Term Investments		58,351			4,906			—		63,257
Total Investments in Securities	$	501,844		$	891,164		$	30,483	$	1,423,491
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5,611		$	—	$	5,611
Futures Contracts		204			140			—		344
Total Appreciation in Other Financial Instruments	$	204		$	5,751		$	—	$	5,955
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(625	)	$	—	$	(625	)
Futures Contracts		(538	)		(3,969	)		—		(4,507	)
Total Depreciation in Other Financial Instruments	$	(538	)	$	(4,594	)	$	—	$	(5,132	)

JPMorgan Income Builder Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	61,690	$	—	$	61,690
Belgium		31,556		7,314		—		38,870
Bermuda		1,648		—		—		1,648
Brazil		40,058		—		—		40,058
Canada		34,459		—		—		34,459
Chile		14,247		—		—		14,247
China		—		10,881		—		10,881
Czech Republic		—		38,851		—		38,851
Denmark		—		43,059		—		43,059
Finland		—		74,414		—		74,414

OCTOBER 31, 2016 J.P. MORGAN FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
France	$	—	$	191,117	$	—		$	191,117
Germany		—		129,873		—			129,873
Hong Kong		7,505		66,694		—			74,199
Hungary		—		7,756		—			7,756
India		—		15,634		—			15,634
Indonesia		—		5,779		—			5,779
Ireland		38,687		3,735		—			42,422
Italy		—		48,748		—			48,748
Japan		—		105,894		—			105,894
Luxembourg		—		3,283		—			3,283
Mexico		18,861		—		—			18,861
Netherlands		6,308		114,696		—			121,004
Norway		—		25,256		—			25,256
Portugal		—		8,277		—			8,277
Russia		18,629		18,305		—			36,934
Singapore		—		3,484		—			3,484
South Africa		8,575		65,042		—			73,617
South Korea		7,423		22,434		—			29,857
Spain		—		77,042		—			77,042
Sweden		—		23,935		—			23,935
Switzerland		9,763		55,385		—			65,148
Taiwan		22,340		86,545		—			108,885
Thailand		567		9,273		—			9,840
Turkey		—		12,779		—			12,779
United Arab Emirates		—		6,720		—			6,720
United Kingdom		3,741		439,169		—			442,910
United States		1,843,717		—		963			1,844,680
Total Common Stocks		2,108,084		1,783,064		963			3,892,111
Preferred Stocks
Bermuda		913		—		—			913
Brazil		6,696		—		—			6,696
Cayman Islands		—		—		2,655			2,655
Ireland		3,566		—		—			3,566
Israel		2,457		—		—			2,457
United States		120,123		5,416		—	(a)		125,539
Total Preferred Stocks		133,755		5,416		2,655			141,826
Debt Securities
Asset-Backed Securities
United States		—		165,914		382,859			548,773
Collateralized Mortgage Obligations
Non-Agency CMO
United States		—		398,114		3,134			401,248
Commercial Mortgage-Backed Securities
United States		—		102,909		59,561			162,470
Convertible Bonds
Austria		—		2,407		—			2,407
Bermuda		—		2,214		—			2,214
Cayman Islands		—		7,176		—			7,176
France		—		2,384		—			2,384
Germany		—		777		—			777
Hong Kong		—		601		—			601
Japan		—		820		—			820
Luxembourg		—		2,570		—			2,570
Netherlands		1,764		5,797		—			7,561

106 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Singapore	$	—	$	3,510	$	—	$	3,510
Spain		—		6,938		—		6,938
United Arab Emirates		—		4,749		—		4,749
United Kingdom		—		7,715		—		7,715
United States		—		37,036		10		37,046
Total Convertible Bonds		1,764		84,694		10		86,468
Corporate Bonds
Argentina		—		3,338		—		3,338
Australia		—		13,599		—		13,599
Bahamas		—		—		969		969
Bermuda		—		24,336		—		24,336
Brazil		—		6,555		—		6,555
Canada		—		206,133		—		206,133
Cayman Islands		—		23,537		—		23,537
Chile		—		5,717		—		5,717
Colombia		—		7,419		—		7,419
Croatia		—		2,759		—		2,759
Finland		—		2,535		—		2,535
France		—		28,705		—		28,705
Georgia		—		6,222		—		6,222
Germany		—		11,451		—		11,451
Hungary		—		4,302		—		4,302
Indonesia		—		17,828		—		17,828
Ireland		—		49,350		—		49,350
Israel		—		6,062		—		6,062
Italy		—		12,069		—		12,069
Japan		—		4,417		—		4,417
Kazakhstan		—		14,393		—		14,393
Liberia		—		1,573		—		1,573
Luxembourg		—		202,391		—		202,391
Malaysia		—		1,304		—		1,304
Mexico		—		53,194		—		53,194
Morocco		—		12,332		—		12,332
Netherlands		—		135,616		—		135,616
Peru		—		8,208		—		8,208
Singapore		—		521		—		521
Turkey		—		3,013		—		3,013
United Arab Emirates		—		3,530		—		3,530
United Kingdom		—		83,631		—		83,631
United States		—		4,136,008		30,254		4,166,262
Venezuela		—		8,147		—		8,147
Total Corporate Bonds		—		5,100,195		31,223		5,131,418
Preferred Securities
Australia		—		1,894		—		1,894
Belgium		—		11,829		—		11,829
Cayman Islands		—		3,009		—		3,009
France		—		37,382		—		37,382
Netherlands		—		8,492		—		8,492
Spain		—		5,045		—		5,045
Sweden		—		15,075		—		15,075
Switzerland		—		21,233		—		21,233
United Kingdom		—		35,513		—		35,513
United States		—		658,858		—		658,858
Total Preferred Securities		—		798,330		—		798,330

OCTOBER 31, 2016 J.P. MORGAN FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

JPMorgan Income Builder Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Loan Assignments
Australia	$	—	$	1,281		$	—		$	1,281
Bermuda		—		650			—			650
Canada		—		2,392			—			2,392
Cayman Islands		—		452			—			452
Luxembourg		—		2,702			—			2,702
Singapore		—		2,678			—			2,678
United Kingdom		—		2,143			—			2,143
United States		—		122,179			—	(a)		122,179
Total Loan Assignments		—		134,477			—			134,477
Foreign Government Securities		—		405,048			558			405,606
U.S. Treasury Obligations		—		66,169			—			66,169
Rights
Spain		124		—			—			124
Warrants
United States		—		—			—	(a)		—	(a)
Short-Term Investments
Investment Company		267,810		—			—			267,810
Time Deposit		—		7,100			—			7,100
Total Short-Term Investments		267,810		7,100			—			274,910
Total Investments in Securities	$	2,511,537	$	9,051,430		$	480,963		$	12,043,930
Appreciation in Other Financial Instruments
Futures Contracts	$	39,330	$	—		$	—		$	39,330
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(15	)	$	—		$	(15	)

(a) Value is zero.

Transfers between fair value levels are valued utilizing values as of beginning of the year.

Transfers between level 2 and level 3 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 for the year ended October 31, 2016.

There were no significant transfers among any other levels during the year ended October 31, 2016.

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

Global Allocation Fund	Balance as of October 31, 2015		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of October 31, 2016
Asset-Backed Securities — United States	$	31,322	$	32		$	285		$	104	$	15,608	$	(8,837	)	$	—	$	(8,468	)	$	30,046
Collateralized Mortgage Obligation — Non-Agency CMO — United States		423		—			—			—		—		—			—		(423	)		—
Common Stocks — United States		—		—			23			—		19		—			—		—			42
Corporate Bonds — Bahamas		166		—			(117	)		1		—		—			—		—			50
Corporate Bonds — United States		—		(110	)		47			2		38		(135	)		436		—			278
Preferred Stock — Cayman Islands		—		—			(3	)		—		—		—			70		—			67
Total	$	31,911	$	(78	)	$	235		$	107	$	15,665	$	(8,972	)	$	506	$	(8,891	)	$	30,483

108 J.P. MORGAN FUNDS OCTOBER 31, 2016

Income Builder Fund	Balance as of October 31, 2015			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of October 31, 2016
Asset-Backed Securities — United States	$	471,259		$	1,955		$	(2,158	)	$	1,673		$	97,925	$	(93,030	)	$	8,532	$	(103,297	)	$	382,859
Collateralized Mortgage Obligations — Non-Agency CMO — United States		3,628			—			(85	)		21			—		(430	)		—		—			3,134
Commercial Mortgage-Backed Securities — United States		62,029			—			(1,756	)		(2	)		7,045		(5,635	)		3,565		(5,685	)		59,561
Common Stocks — United States		180			19			430			—			613		(279	)		—		—			963
Convertible Bonds — United States		277			56			(76	)		—			25		(272	)		—		—			10
Corporate Bonds — Bahamas		3,239			—			(2,277	)		7			—		—			—		—			969
Corporate Bonds — Canada		—	(b)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — United States		105			(821	)		5,713			31			731		(804	)		25,299		—			30,254
Foreign Government Securities		5,053			(6,119	)		6,250			60			—		(4,686	)		—		—			558
Loan Assignments — United States		1,556			—			9			(1	)		—		(1,564	)		—		—			—	(b)
Preferred Stocks — Cayman Islands		—			—			(109	)		—			—		—			2,764		—			2,655
Preferred Stocks — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — United States		—	(b)		—	(b)		—	(b)		—			—		—	(b)		—		—			—	(a)
Total	$	547,326		$	(4,910	)	$	5,941		$	1,789		$	106,339	$	(106,700	)	$	40,160	$	(108,982	)	$	480,963

(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.

(b) Amount rounds to less than 500.

Transfers between level 2 and level 3 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 for the year ended October 31, 2016.

There were no significant transfers among other levels during the year ended October 31, 2016.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at October 31, 2016, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Global Allocation Fund	$	240
Income Builder Fund		1,582

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

JPM Global Allocation

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	30,046	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 11.00% (4.37%)
				Constant Default Rate		2.72% - 20.00% (5.57%)
				Yield (Discount Rate of Cash Flows)		1.93% - 10.09% (4.25%)
Asset-Backed Securities		30,046

OCTOBER 31, 2016 J.P. MORGAN FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

	Fair Value at October 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	240	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		7.88% - 8.80% (8.34%)
Corporate Bonds		240
		67	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.73% (4.73%)
Preferred Stock		67
Total	$	30,353

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2016, the value of these investments was approximately $130,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at October 30, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(a)	Pending Sale Amount (b)	Discount for lack of marketability (c)		100.00% (100.00%)
Common Stock		—	(a)
		2,655		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.73% (4.73%)
		—	(a)	Pending Sale Amount (b)	Discount for lack of marketability (c)		100.00% (100.00%)
Preferred Stock		2,655
		10		Market Comparable Companies	EBITDA Multiple (d)		1.0x (1.0x)
Convertible Bond		10
		29,136		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		0.00% - 23.34% (1.60%)
		3		Pending Sale Amount	Discount for lack of marketability (c)		15.00% - 50.00% (25.86%)
		—	(a)	Pending Distribution	Discount for potential outcome (c)		100% (100%)
Corporate Bond		29,139
		382,858		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 18.00% (4.63%)
					Constant Default Rate		0.00% - 30.00% (6.37%)
					Yield (Discount Rate of Cash Flows)		1.26% - 11.19% (3.80%)
Asset-Backed Securities		382,858
		3,135		Discounted Cash Flow	Constant Prepayment Rate		4.00% - 21.26% (11.71%)
					Constant Default Rate		0.00% - 7.82% (2.61%)
					Yield (Discount Rate of Cash Flows)		3.66% - 10.41% (5.96%)
Collateralized Mortgage Obligations		3,135
		53,670		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.96% - 199.00% (62.06%)
Commercial Mortgage-Backed Securities		53,670
		—	(a)	Pending Distribution	Projected Losses		100% (100%)
Loan Assignments		—	(a)
Warrants		—	(a)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	471,467

# The table above does not include level 3 investments that are valued by brokers and pricing services. At October 31, 2016, the value of these investments was approximately $9,496,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Value is zero

(b) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

110 J.P. MORGAN FUNDS OCTOBER 31, 2016

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

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

The significant unobservable inputs used in the fair value measurement of the Funds’ 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 prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of October 31, 2016, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Investment Transactions with Affiliates — The Funds invest in certain Underlying Funds which are advised by JPMIM or their affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds (amounts in thousands):

Affiliate	Value at October 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain (Loss)		Dividend Income		Shares at October 31, 2016		Value at October 31, 2016
Global Allocation Fund
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	—	$	85,994	$	—	$	—	$	448		10,311	$	85,580
JPMorgan Prime Money Market Fund, Institutional Class Shares		88,032		894,252		982,284		—		266		—		—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		151,697		93,346		—		25		58,351		58,351
	$	88,032					$	—	$	739			$	143,931
Income Builder Fund
JPMorgan Prime Money Market Fund, Institutional Class Shares	$	302,495	$	2,516,999	$	2,819,494	$	—	$	636		—	$	—
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		484,257		216,447		—		99		267,810		267,810
	$	302,495					$	—	$	735			$	267,810

D. Loan Assignments — The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which they acquired the assignment and the fund may be able to enforce its rights only through the Agent. As a result, the fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have their interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

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

The Funds 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 the Funds to close out their 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 Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ 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 Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparties (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and the Funds 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 Funds. The ISDA agreements give the Funds 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 Funds.

Notes D(1) — D(3) below describe the various derivatives used by the Funds.

(1). Options — Global Allocation Fund purchased 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 on the Statements of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a 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 underlying investment.

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Funds used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used 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 Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

112 J.P. MORGAN FUNDS OCTOBER 31, 2016

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

(3). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of their portfolio investments and use forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought 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 U.S. dollars without the delivery of foreign currency.

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

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2016, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Allocation Fund

Derivative Contract	Statements of Assets and Liabilities
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	4,337	$	198		$	—		$	4,535
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation				146			—			146
Foreign exchange contracts	Receivables		—		—			5,611			5,611
Total		$	4,337	$	344		$	5,611		$	10,292
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(4,167	)	$	—		$	(4,167	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		—		(340	)		—			(340	)
Foreign exchange contracts	Payables		—		—			(625	)		(625	)
Total		$	—	$	(4,507	)	$	(625	)	$	(5,132	)

(a) The market value of options purchased is reported as an investment in non-affiliates, at value on the Statements of Assets and Liabilities.

(b) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

Income Builder Fund

Derivative Contract	Statements of Assets and Liabilities
Gross Assets:		Futures Contracts (a)
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation	$	32,876
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		6,454
		$	39,330
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(15	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2016, by primary underlying risk exposure (amounts in thousands):

Global Allocation Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	1,853		$	(21,613	)	$	—	$	(19,760	)
Foreign exchange contracts		—			4,818			4,937		9,755
Interest rate contracts		—			5,279			—		5,279
Total	$	1,853		$	(11,516	)	$	4,937	$	(4,726	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options			Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(8,172	)	$	(4,446	)	$	—	$	(12,618	)
Foreign exchange contracts		—			—			3,758		3,758
Interest rate contracts		—			(829	)		—		(829	)
Total	$	(8,172	)	$	(5,275	)	$	3,758	$	(9,689	)

Income Builder Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(28,992	)	$	—	$	(28,992	)
Foreign exchange contracts		54,862			338		55,200
Interest rate contracts		(32,980	)		—		(32,980	)
Total	$	(7,110	)	$	338	$	(6,772	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of the Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	12,219
Foreign exchange contracts		30,731
Interest rate contracts		3,042
Total	$	45,992

Derivatives Volume

The table below discloses the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and options activity during the year ended October 31, 2016. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

	Global Allocation Fund			Income Builder Fund
Futures Contracts:
Equity
Average Notional Balance Long	$	67,365		$	16,779
Average Notional Balance Short		112,090			46,344
Ending Notional Balance Long		85,178			4,936
Ending Notional Balance Short		109,682			—
Foreign Exchange
Average Notional Balance Short		117,608	(a)		863,993
Ending Notional Balance Short		—			620,402

114 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Global Allocation Fund		Income Builder Fund
Interest Rate
Average Notional Balance Long	$	98,674	$	138,917	(b)
Average Notional Balance Short		26,901		1,426,166
Ending Notional Balance Long		45,873		—
Ending Notional Balance Short		9,554		1,137,423
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		27,708		—
Average Settlement Value Sold		216,508		—
Ending Settlement Value Purchased		40,402		—
Ending Settlement Value Sold		236,824		—
Exchange-Traded Options:
Average Number of Contracts Purchased		13,608		—
Ending Number of Contracts Purchased		25,116		—

(a) For the period June 1, 2016 through June 30, 2016.

(b) For the period November 1, 2015 through November 30, 2015.

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C		Class R2			Select Class		Total
Global Allocation Fund
Transfer agency fees	$	20	$	24	$	1		$	28	$	73
Sub-transfer agency fees		180		205		—	(a)		256		641
Income Builder Fund
Transfer agency fees	$	146	$	190		n/a		$	63	$	399
Sub-transfer agency fees		1,696		2,659		n/a			1,544		5,899

(a) Amount rounds to less than 500.

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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

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

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Global Allocation Fund	$	—		$	2,719		$	(2,719	)
Income Builder Fund		(478	)		(1,332	)		1,810

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

3. Fees and Other Transactions with Affiliates

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

Global Allocation Fund	0.60	%
Income Builder Fund	0.45

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective annual rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

116 J.P. MORGAN FUNDS OCTOBER 31, 2016

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

	Class A			Class C			Class R2
Global Allocation Fund		0.25	%		0.75	%		0.50	%
Income Builder Fund		0.25			0.75			n/a

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Global Allocation Fund	$	246	$	5
Income Builder Fund		1,452		23

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Select Class
Global Allocation Fund		0.25	%		0.25	%		0.25	%		0.25	%
Income Builder Fund		0.25			0.25			n/a			0.25

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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

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

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

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

	Class A			Class C			Class R2			Select Class
Global Allocation Fund		1.03	%		1.53	%		1.28	%		0.78	%
Income Builder Fund		0.75			1.25			n/a			0.60

The expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until at least February 28, 2017.

For the year ended October 31, 2016, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Global Allocation Fund	$	2,165	$	1,030	$	227	$	3,422	$	—	(a)
Income Builder Fund		21,469		9,849		8,851		40,169		—

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 was as follows (amounts in thousands):

Global Allocation Fund	$	187
Income Builder Fund		470

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

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

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

During the year ended October 31, 2016, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended October 31, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Global Allocation Fund	$	1
Income Builder Fund		87

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

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Global Allocation Fund	$	1,332,892	$	670,632	$	65,453	$	48,309
Income Builder Fund		6,018,875		6,269,040		38,510		28,790

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	1,400,966	$	82,553	$	(60,027	)	$	22,526
Income Builder Fund		11,630,353		715,899		302,322			413,577

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

The tax character of distributions paid during the year ended October 31, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Global Allocation Fund	$	25,242	$	1,201	$	26,443
Income Builder Fund		486,808		—		486,808

* Short-term gains are treated as ordinary income for income tax purposes.

118 J.P. MORGAN FUNDS OCTOBER 31, 2016

The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Global Allocation Fund	$	4,169	$	1,378	$	—	$	5,547
Income Builder Fund		483,632		19,867		18,688		522,187

* Short-term gains are treated as ordinary income for income tax purposes.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Global Allocation Fund	$	11,244	$	(19,938	)	$	17,856
Income Builder Fund		4,392		(447,894	)		413,047

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

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Global Allocation Fund	$	7,562	$	12,376
Income Builder Fund		328,141		119,753

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other affiliated trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Funds did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of October 31, 2016, the Funds had omnibus accounts which collectively represented the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Global Allocation Fund		2		12.9	%		4		26.7	%
Income Builder Fund		2		15.3	%		7		36.9	%

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

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

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, credit linked notes, exchange-traded notes, forward foreign currency exchange contracts and To-Be-Announced securities.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

120 J.P. MORGAN FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Income Builder Fund and JPMorgan Global Allocation Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Income Builder Fund and JPMorgan Global Allocation Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN FUNDS 121

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

122 J.P. MORGAN FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 123

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

124 J.P. MORGAN FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Fund
Class A
Actual	$	1,000.00	$	1,027.80	$	5.20		1.02	%
Hypothetical		1,000.00		1,020.01		5.18		1.02
Class C
Actual		1,000.00		1,025.10		7.74		1.52
Hypothetical		1,000.00		1,017.50		7.71		1.52
Class R2
Actual		1,000.00		1,026.70		6.47		1.27
Hypothetical		1,000.00		1,018.75		6.44		1.27
Select Class
Actual		1,000.00		1,029.00		3.93		0.77
Hypothetical		1,000.00		1,021.27		3.91		0.77
Income Builder Fund
Class A
Actual		1,000.00		1,035.40		3.84		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Class C
Actual		1,000.00		1,032.70		6.39		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Select Class
Actual		1,000.00		1,036.10		3.07		0.60
Hypothetical		1,000.00		1,022.12		3.05		0.60

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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreement for both of the Funds whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds in which the JPMorgan Global Allocation Fund invests (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to each Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to each Fund and Underlying

126 J.P. MORGAN FUNDS OCTOBER 31, 2016

Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund and Underlying Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to each Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the JPMorgan Global Allocation Fund’s investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMDS, an affiliate of the Adviser and JPMIM, earn fees from each Fund and/or Underlying Funds for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial

intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for each Fund and/or Underlying Funds.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing

OCTOBER 31, 2016 J.P. MORGAN FUNDS 127

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for each Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of each Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five- year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for each Fund at regular Board meetings by the Adviser and the independent consultant and also considered the special analysis prepared by the independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Global Allocation Fund’s performance for both Class A and Select Class shares was in the second and first quintiles based upon the Peer Group, and the first and second quintiles based upon the Universe, for the one- and three-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was reasonable.

The Trustees noted that the JPMorgan Income Builder Fund’s performance for Class A shares was in the first, fourth and third quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, and three-year periods ended December 31, 2015, respectively. The Trustees noted that performance for the Select Class shares

was in the first and second quintiles, based upon the Peer Group, and in the first, third and second quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively, as applicable. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Global Allocation Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile based upon the Peer Group and Universe. The Trustees noted that the actual total expenses for Class A shares were in the first quintile based upon the Peer Group, and in the second quintile, based upon the Universe, and Select Class Shares were in the second quintile based upon the Peer Group, and first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund invests.

The Trustees noted that the JPMorgan Income Builder Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contracts of the Underlying Funds in which the Fund may invest.

128 J.P. MORGAN FUNDS OCTOBER 31, 2016

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2016:

	Dividend Received Deduction
Global Allocation Fund		13.40	%
Income Builder Fund		15.21

Long Term Capital Gain

The Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Long Term Capital Gain
Global Allocation Fund	$	1,201

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016 (amounts in thousands):

	Qualified Dividend Income
Global Allocation Fund	$	14,895
Income Builder Fund		182,934

OCTOBER 31, 2016 J.P. MORGAN FUNDS 129

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-IB-GAL-1016

Annual Report

J.P. Morgan Funds

October 31, 2016

JPMorgan Emerging Markets Strategic Debt Fund

(formerly known as JPMorgan Emerging Markets Local Currency Debt Fund)

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	14
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	35
Trustees	36
Officers	38
Schedule of Shareholder Expenses	39
Board Approval of Investment Advisory Agreement	40
Privacy Policy — Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN FUNDS 1

JPMorgan Emerging Markets Strategic Debt Fund¹

(formerly known as JPMorgan Emerging Markets Local Currency Debt Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	8.41%
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified2	11.70%
J.P. Morgan GBI — EM Global Diversified	11.04%
Emerging Markets Strategic Debt Composite Benchmark	10.74%
Net Assets as of 10/31/2016 (In Thousands)	$81,126
Duration as of 10/31/2016	6.1 years

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Strategic Debt Fund (the “Fund”) seeks to provide total return.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) underperformed the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified (the “Benchmark”), the J.P. Morgan GBI — EM Global Diversified and the Emerging Markets Strategic Debt Composite Benchmark for the twelve months ended October 31, 2016.

Relative to the Benchmark, the Fund’s underweight position in Russia in the first half of 2016 detracted from performance as the value of Russian bonds increased. The Fund’s short position in Brazil’s currency, which was accomplished through currency derivatives and was a hedge against the Fund’s positions in Brazilian bonds of longer maturity, also detracted from relative performance.

The Fund’s short position in the Turkish lira, accomplished through currency derivatives, also detracted from relative performance as the currency’s value strengthened in the first quarter of 2016 and the cost of holding the short position was high.

Relative to the Benchmark, the Fund’s longer duration in Brazilian bonds helped performance amid expectations for low interest rates due to lower inflation data, an improved political backdrop and overall weakness in Brazil’s economy.

Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or

decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s longer duration in Indonesian bonds helped relative performance as inflationary pressure remained low and the government enacted reforms to extend economic growth, while keeping the country’s current-account balance stable. The Fund’s longer duration in Mexican government bonds also helped relative performance amid general market conditions that supported fixed income securities.

HOW WAS THE FUND POSITIONED?

The Fund invested primarily in debt securities from emerging market countries that the Fund’s portfolio managers believed had the potential to provide total return, using these investments to establish overweight and underweight currency positions versus the Benchmark. The Fund also used currency derivatives to establish overweight and underweight currency positions versus the Benchmark and held U.S. cash and/or cash equivalents as support for these positions. At the end of the reporting period, the Fund’s foreign exchange positions were overweight in the currencies of Russia, Peru and India and underweight in the currencies of the U.S., Canada and China. In terms of sovereign and corporate debt, the Fund was overweight at the end of the reporting period in Brazil, the United Arab Emirates and Argentina and was underweight in Russia, the Philippines and Uruguay.

¹  Effective September 30, 2016, some of the Fund’s investment strategies changed. Under the revised investment strategy, the Fund may invest in a broader array of emerging market debt investments.

²  Effective September 30, 2016, the Fund’s broad-based securities market index changed from the J.P. Morgan GBI-EM Global Diversified to the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified to reflect the change in the Fund’s investment strategies.

2 J.P. MORGAN FUNDS OCTOBER 31, 2016

PORTFOLIO COMPOSITION BY SECURITY TYPE***
Foreign Government Securities	68.6	%
Corporate Bonds	27.0
Others (each less than 1.0%)	0.6
Short-Term Investments	3.8

PORTFOLIO COMPOSITION BY COUNTRY***
Argentina	7.1	%
Mexico	5.1
Turkey	3.9
Netherlands	3.9
Peru	3.9
Indonesia	3.8
Brazil	3.5
Ukraine	3.4
Ecuador	3.0
Russia	3.0
Lebanon	2.9
Hungary	2.6
Colombia	2.4
Sri Lanka	2.2
Chile	2.2
Panama	2.1
South Africa	2.1
Kazakhstan	1.9
United Kingdom	1.9
Croatia	1.7
Dominican Republic	1.7
Cayman Islands	1.7
Philippines	1.6
Ghana	1.5
Uruguay	1.3
Morocco	1.3
Bermuda	1.2
Venezuela	1.2
Oman	1.1
Poland	1.1
Angola	1.0
Costa Rica	1.0
Others (each less than 1.0%)	17.9
Short-Term Investments	3.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of October 31, 2016. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 3

JPMorgan Emerging Markets Strategic Debt Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	June 29, 2012
With Sales Charge*			4.20	%		(6.68	)%		(4.92	)%
Without Sales Charge			8.20			(5.48	)		(4.08	)
CLASS C SHARES	June 29, 2012
With CDSC**			6.76			(5.93	)		(4.54	)
Without CDSC			7.76			(5.93	)		(4.54	)
CLASS R2 SHARES	June 29, 2012		7.98			(5.69	)		(4.31	)
CLASS R5 SHARES	June 29, 2012		8.77			(5.02	)		(3.63	)
CLASS R6 SHARES	June 29, 2012		8.76			(5.02	)		(3.59	)
SELECT CLASS SHARES	June 29, 2012		8.41			(5.23	)		(3.84	)

* Sales Charge for Class A Shares is 3.75%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (6/29/12 TO 10/31/16)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on June 29, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Strategic Debt Fund, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, J.P. Morgan GBI-EM Global Diversified and the Emerging Markets Strategic Debt Composite Benchmark from June 29, 2012 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the J.P. Morgan GBI-EM Global Diversified does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. The Emerging Markets Strategic Debt Composite Benchmark does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. The J.P. Morgan GBI-EM Global Diversified consists of regularly traded, fixed rate, domestic currency government bonds which international investors can readily access. The maximum weight to any country in the index is capped at 10%. The Emerging Markets Strategic Debt Composite Benchmark is comprised of

unmanaged indices that include an equally weighted average of the J.P. Morgan EMBI Global Diversified, J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. Investors cannot invest directly in an index.

Effective September 30, 2016, the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed using the current strategies.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

On September 30, 2016, the Fund’s broad based securities market index changed from the J.P. Morgan GBI-EM Global Diversified to the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified to reflect the change in the Fund’s investment strategies.

4 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 26.7%
		Argentina — 1.4%
	100	Petrobras Argentina S.A., Reg. S, 7.375%, 07/21/23		103
		YPF S.A.,
	100	Reg. S, 8.500%, 03/23/21		110
	450	Reg. S, 8.750%, 04/04/24		493
	370	Reg. S, 8.875%, 12/19/18		401
				1,107
		Austria — 0.2%
	200	Suzano Austria GmbH, Reg. S, 5.750%, 07/14/26		197
		Bermuda — 1.2%
	200	Digicel Group Ltd., Reg. S, 8.250%, 09/30/20		177
	400	Ooredoo International Finance Ltd., Reg. S, 3.250%, 02/21/23		406
	410	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.000%, 08/15/26		397
				980
		Brazil — 1.1%
	450	Caixa Economica Federal, Reg. S, 4.500%, 10/03/18		457
	200	Itau Unibanco Holding S.A., Reg. S, 5.500%, 08/06/22		202
	200	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		194
				853
		Cayman Islands — 1.7%
	200	ABQ Finance Ltd., Reg. S, 3.625%, 04/13/21		206
	580	Kuwait Projects Co., Reg. S, 5.000%, 03/15/23		613
	300	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.700%, 06/10/25		316
	200	Vale Overseas Ltd., 6.250%, 08/10/26		214
				1,349
		Chile — 2.2%
	600	Corp. Nacional del Cobre de Chile, Reg. S, 4.500%, 09/16/25		624
	490	Empresa Electrica Angamos S.A., Reg. S, 4.875%, 05/25/29		480
	400	Empresa Nacional del Petroleo, Reg. S, 3.750%, 08/05/26		399
	245	Enersis Americas S.A., 4.000%, 10/25/26		244
				1,747
		China — 0.2%
	200	Tianjin Infrastructure Construction & Investment Group Co., Ltd., Reg. S, 2.750%, 06/15/19		201

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Colombia — 1.1%
	200	Banco de Bogota S.A., Reg. S, 6.250%, 05/12/26		206
		Ecopetrol S.A.,
	540	5.375%, 06/26/26		542
	200	5.875%, 05/28/45		176
				924
		Hungary — 0.7%
	500	MFB Magyar Fejlesztesi Bank Zrt, Reg. S, 6.250%, 10/21/20		563
		India — 0.2%
	200	Axis Bank Ltd., Reg. S, 2.875%, 06/01/21		201
		Indonesia — 1.3%
		Pertamina Persero PT,
	300	Reg. S, 4.300%, 05/20/23		311
	400	Reg. S, 5.625%, 05/20/43		401
	300	Reg. S, 6.450%, 05/30/44		330
				1,042
		Israel — 0.3%
	200	Israel Electric Corp., Ltd., Reg. S, Series 6, 5.000%, 11/12/24 (e)		216
		Kazakhstan — 1.0%
	750	KazMunayGas National Co. JSC, Reg. S, 6.375%, 04/09/21		825
		Luxembourg — 0.7%
	180	Gazprom OAO Via Gaz Capital S.A., Reg. S, 7.288%, 08/16/37		205
	200	Klabin Finance S.A., Reg. S, 5.250%, 07/16/24		195
	200	Millicom International Cellular S.A., Reg. S, 4.750%, 05/22/20		200
				600
		Malaysia — 0.7%
	180	Petroliam Nasional Bhd, Reg. S, 7.625%, 10/15/26		253
	300	Petronas Capital Ltd., Reg. S, 3.500%, 03/18/25		317
				570
		Mauritius — 0.5%
	200	MTN Mauritius Investment Ltd., 5.373%, 02/13/22 (e)		202
	200	UPL Corp. Ltd., 3.250%, 10/13/21 (e)		200
				402
		Mexico — 2.7%
	200	Banco Mercantil del Norte S.A., 5.750%, 10/04/31 (e)		193

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 5

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico — continued
	200	Cemex S.A.B. de C.V., Reg. S, 6.125%, 05/05/25		206
	200	Comision Federal de Electricidad, 4.750%, 02/23/27 (e)		203
	300	Mexico City Airport Trust, 5.500%, 10/31/46 (e)		293
		Petroleos Mexicanos,
	30	5.500%, 06/27/44		26
	410	6.500%, 06/02/41		398
	250	6.625%, 06/15/35		250
	31	6.750%, 09/21/47 (e)		31
	EUR          190	Reg. S, 1.875%, 04/21/22		201
	180	Reg. S, 6.875%, 08/04/26		201
	200	Trust F/1401, Reg. S, 5.250%, 01/30/26		207
				2,209
		Morocco — 1.0%
		OCP S.A.,
	600	Reg. S, 4.500%, 10/22/25		603
	200	Reg. S, 6.875%, 04/25/44		219
				822
		Netherlands — 3.3%
	200	Listrindo Capital B.V., 4.950%, 09/14/26 (e)		201
		Petrobras Global Finance B.V.,
	1,050	5.375%, 01/27/21		1,029
	190	8.375%, 05/23/21		210
	900	8.750%, 05/23/26		1,010
	200	VimpelCom Holdings B.V., Reg. S, 5.950%, 02/13/23		206
				2,656
		Panama — 0.2%
	200	Global Bank Corp., 4.500%, 10/20/21 (e)		199
		Peru — 0.5%
	200	Banco de Credito del Peru, Reg. S, VAR, 6.125%, 04/24/27		222
	150	Union Andina de Cementos SAA, Reg. S, 5.875%, 10/30/21		155
				377
		Philippines — 0.3%
	150	Power Sector Assets & Liabilities Management Corp., Reg. S, 7.390%, 12/02/24		201
		South Africa — 0.4%
	300	Eskom Holdings SOC Ltd., Reg. S, 6.750%, 08/06/23		310

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Trinidad and Tobago — 0.2%
	150	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.750%, 08/14/19		166
		Turkey — 0.4%
	360	Turkiye Is Bankasi, 5.500%, 04/21/22 (e)		360
		United Arab Emirates — 0.9%
	630	DP World Ltd., Reg. S, 6.850%, 07/02/37		717
		United Kingdom — 1.6%
	200	Bluestar Finance Holdings Ltd., Reg. S, 4.375%, 06/11/20		210
	200	HKT Capital No. 4 Ltd., Reg. S, 3.000%, 07/14/26		195
	200	Huarong Finance II Co., Ltd., Reg. S, 2.750%, 06/03/19		201
	150	Sinochem Overseas Capital Co., Ltd., Reg. S, 4.500%, 11/12/20		161
	300	Sinopec Group Overseas Development 2012 Ltd., Reg. S, 4.875%, 05/17/42		335
	200	Vedanta Resources plc, Reg. S, 6.000%, 01/31/19		198
				1,300
		United States — 0.2%
	160	Southern Copper Corp., 5.875%, 04/23/45		159
		Venezuela — 0.5%
		Petroleos de Venezuela S.A.,
	250	Reg. S, 5.375%, 04/12/27		91
	520	Reg. S, 6.000%, 11/15/26		191
	180	Reg. S, 9.000%, 11/17/21		89
	100	Reg. S, 12.750%, 02/17/22		59
				430
		Total Corporate Bonds (Cost $22,003)		21,683
	Foreign Government Securities — 67.8%
		Angola — 1.0%
	810	Republic of Angola, Reg. S, 9.500%, 11/12/25		793
		Argentina — 5.6%
	450	Provincia de Buenos Aires, Reg. S, 9.950%, 06/09/21		512
		Republic of Argentina,
	ARS       4,500	VAR, 25.416%, 03/01/18		300
	450	Reg. S, 6.250%, 04/22/19		477
	1,570	Reg. S, 6.875%, 04/22/21		1,696
	300	Reg. S, 7.125%, 07/06/36		309
	660	Reg. S, 7.500%, 04/22/26		721
	294	Series NY, 8.280%, 12/31/33		321

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Argentina — continued
	300	Series NY, SUB, 2.500%, 12/31/38		204
				4,540
		Azerbaijan — 0.6%
	300	Republic of Azerbaijan, Reg. S, 4.750%, 03/18/24		310
	200	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.950%, 03/18/30		216
				526
		Belarus — 0.1%
	100	Republic of Belarus, Reg. S, 8.950%, 01/26/18		105
		Brazil — 2.4%
		Brazil Notas do Tesouro Nacional,
	BRL       1,470	Series F, 10.000%, 01/01/21		442
	BRL          859	Series F, 10.000%, 01/01/25		251
		Federative Republic of Brazil,
	450	6.000%, 04/07/26		496
	600	8.250%, 01/20/34		753
				1,942
		Cameroon — 0.4%
	300	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		333
		Colombia — 1.3%
		Republic of Colombia,
	600	4.500%, 01/28/26		641
	300	7.375%, 09/18/37		384
				1,025
		Costa Rica — 1.0%
	300	Instituto Costarricense de Electricidad, Reg. S, 6.375%, 05/15/43		259
	500	Republic of Costa Rica, Reg. S, 7.000%, 04/04/44		522
				781
		Croatia — 1.7%
		Republic of Croatia,
	EUR          340	Reg. S, 3.875%, 05/30/22		402
	900	Reg. S, 6.625%, 07/14/20		997
				1,399
		Dominican Republic — 1.7%
		Government of Dominican Republic,
	780	Reg. S, 6.875%, 01/29/26		860
	450	Reg. S, 7.450%, 04/30/44		502
				1,362

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ecuador — 3.0%
		Republic of Ecuador,
	600	Reg. S, 7.950%, 06/20/24		564
	300	Reg. S, 10.500%, 03/24/20		317
	1,430	Reg. S, 10.750%, 03/28/22		1,512
				2,393
		Egypt — 0.3%
	300	Egypt Government Bond, Reg. S, 5.875%, 06/11/25		276
		El Salvador — 0.7%
		Republic of El Salvador,
	150	Reg. S, 6.375%, 01/18/27		150
	150	Reg. S, 7.750%, 01/24/23		164
	225	Reg. S, 8.250%, 04/10/32		245
				559
		Gabon — 0.5%
	400	Republic of Gabonese, Reg. S, 6.375%, 12/12/24		365
		Ghana — 1.5%
		Republic of Ghana,
	800	9.250%, 09/15/22 (e)		828
	340	Reg. S, 10.750%, 10/14/30		400
				1,228
		Hungary — 1.8%
		Republic of Hungary,
	580	5.375%, 03/25/24		667
	HUF     77,480	5.500%, 06/24/25		332
	424	5.750%, 11/22/23		494
				1,493
		India — 0.6%
	500	Export-Import Bank of India, Reg. S, 3.375%, 08/05/26		495
		Indonesia — 2.5%
		Republic of Indonesia,
	300	Reg. S, 5.875%, 01/15/24		348
	300	Reg. S, 5.950%, 01/08/46		363
	300	Reg. S, 6.625%, 02/17/37		377
	IDR 5,230,000	Series FR70, 8.375%, 03/15/24		426
	IDR 5,916,000	Series FR71, 9.000%, 03/15/29		502
				2,016
		Iraq — 0.2%
	250	Republic of Iraq, Reg. S, 5.800%, 01/15/28		201

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 7

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ivory Coast — 0.7%
	600	Republic of Ivory Coast, Reg. S, 5.375%, 07/23/24		605
		Jamaica — 0.7%
		Government of Jamaica,
	300	6.750%, 04/28/28		338
	200	8.000%, 03/15/39		234
				572
		Jordan — 0.4%
	300	Kingdom of Jordan, 5.750%, 01/31/27 (e)		299
		Kazakhstan — 0.9%
		Republic of Kazakhstan,
	300	Reg. S, 5.125%, 07/21/25		333
	300	Reg. S, 6.500%, 07/21/45		358
				691
		Kenya — 0.9%
	600	Citigroup, Inc., CLN, 12.000%, 11/15/32 (linked to Republic of Kenya 20-Year Bond, 12.000%, 11/15/32; credit rating B)		446
	300	Republic of Kenya, Reg. S, 6.875%, 06/24/24		299
				745
		Lebanon — 2.8%
		Republic of Lebanon,
	1,000	6.375%, 03/09/20		1,005
	275	6.600%, 11/27/26		267
	190	9.000%, 03/20/17		191
	362	Reg. S, 5.450%, 11/28/19		356
	490	Reg. S, 6.650%, 02/26/30		473
				2,292
		Lithuania — 0.9%
		Republic of Lithuania,
	280	Reg. S, 6.125%, 03/09/21		326
	300	Reg. S, 6.625%, 02/01/22		365
				691
		Mexico — 2.3%
	569	Petroleos Mexicanos, 6.750%, 09/21/47 (e)		564
		United Mexican States,
	300	3.600%, 01/30/25		305
	450	5.550%, 01/21/45		504
	100	5.750%, 10/12/10		102
	MXN       6,160	Series M, 6.500%, 06/10/21		333
	MXN          800	Series M, 7.750%, 05/29/31		47
				1,855

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mongolia — 0.3%
	300	Mongolia Government Bond, Reg. S, 5.125%, 12/05/22		264
		Morocco — 0.3%
	200	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		225
		Namibia — 0.5%
	380	Republic of Namibia, Reg. S, 5.250%, 10/29/25		395
		Netherlands — 0.6%
	495	Republic of Angola Via Northern Lights III B.V., Reg. S, 7.000%, 08/16/19		493
		Oman — 1.1%
	910	Oman Government Bond, Reg. S, 4.750%, 06/15/26		916
		Pakistan — 0.8%
		Republic of Pakistan,
	320	Reg. S, 6.875%, 06/01/17		327
	300	Reg. S, 8.250%, 04/15/24		337
				664
		Panama — 1.9%
		Republic of Panama,
	400	3.875%, 03/17/28		424
	300	4.000%, 09/22/24		322
	250	6.700%, 01/26/36		331
	300	8.875%, 09/30/27		441
				1,518
		Paraguay — 0.8%
		Republic of Paraguay,
	300	Reg. S, 5.000%, 04/15/26		323
	300	Reg. S, 6.100%, 08/11/44		330
				653
		Peru — 3.4%
	300	Fondo MIVIVIENDA S.A., Reg. S, 3.500%, 01/31/23		309
		Republic of Peru,
	300	4.125%, 08/25/27		333
	600	5.625%, 11/18/50		759
	300	8.750%, 11/21/33		472
	PEN       1,291	Reg. S, 6.900%, 08/12/37		413
	PEN       1,481	Reg. S, 6.950%, 08/12/31		479
				2,765
		Philippines — 1.3%
		Republic of Philippines,
	300	3.950%, 01/20/40		322

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Philippines — continued
	150	7.750%, 01/14/31		226
	340	10.625%, 03/16/25		542
				1,090
		Poland — 1.1%
		Republic of Poland,
	540	3.250%, 04/06/26		560
	PLN       1,300	Series 0721, 1.750%, 07/25/21		320
				880
		Romania — 0.6%
	450	Republic of Romania, Reg. S, 4.875%, 01/22/24		503
		Russia — 2.9%
		Russian Federation,
	RUB     30,000	7.000%, 01/25/23		438
	800	Reg. S, 4.875%, 09/16/23		859
	600	Reg. S, 5.000%, 04/29/20		640
	400	Reg. S, 5.625%, 04/04/42		441
				2,378
		Serbia — 0.8%
	600	Republic of Serbia, Reg. S, 7.250%, 09/28/21		689
		Slovenia — 0.5%
	320	Republic of Slovenia, Reg. S, 5.500%, 10/26/22		369
		South Africa — 1.7%
		Republic of South Africa,
	200	5.500%, 03/09/20		217
	300	5.875%, 09/16/25		336
	200	6.250%, 03/08/41		233
	ZAR       8,409	Series 2035, 8.875%, 02/28/35		600
				1,386
		Sri Lanka — 2.2%
		Republic of Sri Lanka,
	900	Reg. S, 6.250%, 07/27/21		939
	800	Reg. S, 6.825%, 07/18/26		844
				1,783
		Thailand — 0.5%
	THB     16,354	Thailand Government Bond, Reg. S, 1.250%, 03/12/28		436
		Trinidad and Tobago — 0.4%
	300	Republic of Trinidad & Tobago, Reg. S, 4.500%, 08/04/26		305

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Turkey — 3.5%
		Republic of Turkey,
	300	5.625%, 03/30/21		317
	900	6.625%, 02/17/45		1,008
	600	7.375%, 02/05/25		702
	TRY       2,340	10.700%, 02/17/21		783
				2,810
		Ukraine — 3.4%
		Republic of Ukraine,
	1,030	Reg. S, 7.750%, 09/01/21		1,016
	220	Reg. S, 7.750%, 09/01/23		214
	930	Reg. S, 7.750%, 09/01/24		895
	650	Reg. S, 7.750%, 09/01/27		618
				2,743
		Uruguay — 1.3%
		Republic of Uruguay,
	300	4.375%, 10/27/27		318
	350	5.100%, 06/18/50		348
	300	7.875%, 01/15/33		416
				1,082
		Venezuela — 0.7%
		Republic of Venezuela,
	140	9.250%, 09/15/27		70
	140	9.375%, 01/13/34		65
	150	Reg. S, 7.650%, 04/21/25		64
	160	Reg. S, 7.750%, 10/13/19		82
	140	Reg. S, 9.000%, 05/07/23		63
	170	Reg. S, 11.750%, 10/21/26		95
	180	Reg. S, 11.950%, 08/05/31		100
				539
		Zambia — 0.7%
	600	Republic of Zambia, Reg. S, 8.970%, 07/30/27		587
		Total Foreign Government Securities (Cost $56,133)		55,055
	Preferred Securities — 0.5% (x)
		South Korea — 0.2%
	200	Woori Bank, 4.500%, 09/27/21 (e)		200
		United Kingdom — 0.3%
	200	CCCI Treasure Ltd., Reg. S, VAR, 3.500%, 04/21/20		204
		Total Preferred Securities (Cost $405)		404

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 9

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures and Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Options Purchased — 0.1%
		Foreign Exchange Currency Options — 0.1%
	2,487,358	CAD Put/USD Call, Expiring 11/15/16 @ 1.32 CAD to 1 USD, Vanilla, European Style		47
	510,686	MXN Put/USD Call, Expiring 12/19/16 @ 20.14 MXN to 1 USD, Vanilla, European Style		6
		Total Options Purchased (Cost $26)		53
PRINCIPAL AMOUNT
	Short-Term Investments— 3.8%
		Foreign Government Security — 0.3%
		Argentina — 0.3%
	ARS       4,000	Letras Del Banco Central De La Republica Argentina, 23.861%, 12/21/16 (n)		255

SHARES		SECURITY DESCRIPTION	VALUE
		Investment Company — 3.5%
	2,803	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.660% (b) (l)		2,803
		Total Short-Term Investments (Cost $3,060)		3,058
		Total Investments — 98.9% (Cost $81,627)		80,253
		Other Assets in Excess of Liabilities — 1.1%		873
		NET ASSETS — 100.0%	$	81,126

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(3	)	Euro Bund		12/08/16		EUR		(534	)		9
	(35	)	10 Year U.S. Treasury Note		12/20/16		USD		(4,537	)		4
	(33	)	90-Day EuroDollar		12/18/17		USD		(8,156	)		(2	)
												11

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	269	AUD	Standard Chartered Bank		12/20/16		202		205		3
	140	AUD	Westpac Banking Corp.		12/20/16		107		106		(1	)
	509	BRL	Citibank, N.A.†		12/20/16		155		157		2
	1,383	BRL	Credit Suisse International†		12/20/16		425		427		2
	591	BRL	HSBC Bank, N.A.†		12/20/16		180		182		2
	678	BRL	TD Bank Financial Group†		12/20/16		207		209		2
	630	BRL	Goldman Sachs International†		01/20/17		194		193		(1	)
	670	BRL	HSBC Bank, N.A.†		01/20/17		203		205		2
	538	CAD	Royal Bank of Canada		12/20/16		409		401		(8	)
	141,085	CLP	Goldman Sachs International†		01/20/17		214		215		1
	2,739	CNH	Goldman Sachs International		12/20/16		406		403		(3	)
	10,635	CNY	HSBC Bank, N.A.†		12/20/16		1,585		1,563		(22	)
	622,352	COP	Credit Suisse International†		12/20/16		211		206		(5	)
	2,672,246	COP	Goldman Sachs International†		12/20/16		907		882		(25	)
	597,265	COP	HSBC Bank, N.A.†		12/20/16		199		197		(2	)
	597,050	COP	Credit Suisse International†		01/20/17		201		196		(5	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2016

CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	362		EUR	HSBC Bank, N.A.		12/20/16		408		398		(10	)
	564		EUR	Societe Generale		12/20/16		631		621		(10	)
	187		EUR	Goldman Sachs International		01/20/17		206		206		—	(h)
	144,647		HUF	Credit Suisse International		12/20/16		524		515		(9	)
	849,252		HUF	State Street Corp.		12/20/16		3,094		3,021		(73	)
	5,608,561		IDR	HSBC Bank, N.A.†		12/20/16		425		427		2
	22,746,750		IDR	HSBC Bank, N.A.†		05/15/17		1,703		1,696		(7	)
	13,882		INR	Goldman Sachs International†		12/20/16		205		206		1
	27,323		INR	HSBC Bank, N.A.†		12/20/16		406		407		1
	13,748		INR	Standard Chartered Bank†		01/20/17		204		204		—	(h)
	20,984		JPY	Goldman Sachs International		12/20/16		210		201		(9	)
	52,356		JPY	HSBC Bank, N.A.		12/20/16		515		500		(15	)
	229,964		KRW	HSBC Bank, N.A.†		01/20/17		202		201		(1	)
	50,884		MXN	Citibank, N.A.		12/20/16		2,614		2,678		64
	10,549		MXN	Societe Generale		12/20/16		553		555		2
	2,268		MYR	Merrill Lynch International†		12/20/16		539		539		—	(h)
	283		NZD	Westpac Banking Corp.		12/20/16		205		202		(3	)
	13,486		PHP	Citibank, N.A.†		12/20/16		279		278		(1	)
	4,408		PLN	Societe Generale		12/20/16		1,145		1,122		(23	)
	21,757		PLN	State Street Corp.		12/20/16		5,662		5,541		(121	)
	786		PLN	HSBC Bank, N.A.		01/20/17		204		200		(4	)
	13,340		RUB	Credit Suisse International†		12/20/16		201		208		7
	13,522		RUB	Goldman Sachs International†		12/20/16		205		210		5
	54,441		RUB	HSBC Bank, N.A.†		12/20/16		850		847		(3	)
	13,070		RUB	Credit Suisse International†		01/20/17		205		202		(3	)
	12,872		RUB	Standard Chartered Bank†		01/20/17		200		199		(1	)
	280		SGD	HSBC Bank, N.A.		12/20/16		205		201		(4	)
	542		SGD	Royal Bank of Canada		12/20/16		400		390		(10	)
	2,448		TRY	Barclays Bank plc		12/20/16		783		783		—	(h)
	21,225		TRY	Citibank, N.A.		12/20/16		6,915		6,788		(127	)
	611		TRY	HSBC Bank, N.A.		12/20/16		200		195		(5	)
	59,639		ZAR	BNP Paribas		12/20/16		4,309		4,379		70
	17,122		ZAR	Goldman Sachs International		12/20/16		1,232		1,257		25
	9,379		ZAR	State Street Corp.		12/20/16		648		689		41
								42,092		41,813		(279	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	269	AUD	Westpac Banking Corp.		12/20/16		206		205		1
	2,855	BRL	HSBC Bank, N.A.†		12/20/16		881		881		—	(h)
	678	BRL	TD Bank Financial Group†		12/20/16		205		209		(4	)
	665	BRL	Credit Suisse International†		01/20/17		205		204		1
	538	CAD	Goldman Sachs International		12/20/16		409		401		8
	540	CAD	Royal Bank of Canada		12/20/16		411		403		8
	269	CAD	State Street Corp.		12/20/16		205		201		4
	269	CAD	TD Bank Financial Group		12/20/16		209		200		9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 11

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	138,107		CLP	Credit Suisse International†		01/20/17		205		210		(5	)
	136,981		CLP	Goldman Sachs International†		01/20/17		202		208		(6	)
	2,739		CNH	HSBC Bank, N.A.		12/20/16		408		403		5
	10,635		CNY	HSBC Bank, N.A.†		12/20/16		1,584		1,562		22
	5,251		CNY	Standard Chartered Bank†		01/20/17		774		770		4
	597,265		COP	Goldman Sachs International†		12/20/16		204		197		7
	1,509,100		COP	HSBC Bank, N.A.†		12/20/16		516		498		18
	622,352		COP	TD Bank Financial Group†		12/20/16		209		206		3
	186		EUR	Credit Suisse International		12/20/16		211		205		6
	738		EUR	Royal Bank of Canada		12/20/16		830		812		18
	559		EUR	Royal Bank of Canada		01/20/17		617		616		1
	1,074,446		HUF	Barclays Bank plc		12/20/16		3,909		3,822		87
	22,090,579		IDR	HSBC Bank, N.A.†		12/20/16		1,688		1,683		5
	22,746,750		IDR	Deutsche Bank AG†		05/15/17		1,612		1,696		(84	)
	41,732		JPY	HSBC Bank, N.A.		12/20/16		412		399		13
	21,139		JPY	Goldman Sachs International		01/20/17		205		202		3
	229,964		KRW	HSBC Bank, N.A.†		01/20/17		205		201		4
	60,044		MXN	Barclays Bank plc		12/20/16		3,077		3,159		(82	)
	543		MYR	HSBC Bank, N.A.†		12/20/16		131		129		2
	283		NZD	Goldman Sachs International		12/20/16		206		203		3
	282		NZD	Westpac Banking Corp.		12/20/16		204		201		3
	13,533		PHP	HSBC Bank, N.A.†		12/20/16		279		278		1
	27,550		PLN	Barclays Bank plc		12/20/16		7,170		7,016		154
	789		PLN	Royal Bank of Canada		12/20/16		203		200		3
	13,396		RUB	Citibank, N.A.†		12/20/16		211		208		3
	13,467		RUB	Goldman Sachs International†		12/20/16		209		209		—	(h)
	36,638		RUB	HSBC Bank, N.A.†		12/20/16		582		571		11
	542		SGD	HSBC Bank, N.A.		12/20/16		397		390		7
	15,584		THB	Societe Generale		12/20/16		442		445		(3	)
	25,412		TRY	HSBC Bank, N.A.		12/20/16		8,275		8,127		148
	637		TRY	Goldman Sachs International		01/20/17		205		203		2
	90,179		ZAR	HSBC Bank, N.A.		12/20/16		6,515		6,622		(107	)
								44,628		44,355		273

Credit Default Swap — Buy Protection ^[1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION

FUND RECEIVES FIXED RATE (r)

TERMINATION DATE

IMPLIED CREDIT SPREAD AS OF OCTOBER 31, 2016 [2]

NOTIONAL AMOUNT [3]

VALUE

UPFRONT PREMIUMS (PAID)/ RECEIVED [4]

Citibank, N.A.:

Russian Federation, 2.250%, 03/31/30

1.000% quarterly

12/20/21

2.207

%

3,000

169

(169

)

^[1]  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2016

^[2]  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^[3]  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^[4]  Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARS	—  Argentina Peso
AUD	—  Australian Dollar
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 October 31, 2016. Credit ratings are generally considered to be lagging indicators, and as such, credit risk could be greater than the current ratings would indicate.
CLP	—  Chilean Peso
CNH	—  China Renminbi
CNY	—  China Yuan
COP	—  Colombian Peso
EUR	—  Euro
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
INR	—  Indian Rupee
JPY	—  Japanese Yen
KRW	—  Korean Republic Won
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
NZD	—  New Zealand Dollar
PEN	—  Peruvian Nuevo Sol
PHP	—  Philippine 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.

RUB	—  Russian Ruble
SGD	—  Singapore Dollar
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2016.
THB	—  Thai Baht
TRY	—  Turkish Lira
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of October 31, 2016.
ZAR	—  South African Rand
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 500.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.
(r)	—  Rates shown are per annum and payments are as described.
(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 dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of October 31, 2016.
†	—  Non-deliverable forward. See Note 2.C. in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 13

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

(Amounts in thousands, except per share amounts)

	Emerging Markets Strategic Debt Fund
ASSETS:
Investments in non-affiliates, at value	$	77,450
Investments in affiliates, at value		2,803
Total investment securities, at value		80,253
Cash		390
Foreign currency, at value		95
Deposits at broker for futures contracts		113
Receivables:
Due from custodian		1,324
Investment securities sold		335
Fund shares sold		3
Interest and dividends from non-affiliates		1,170
Dividends from affiliates		3
Tax reclaims		16
Unrealized appreciation on forward foreign currency exchange contracts		796
Outstanding swap contracts, at value		169
Due from Broker		65
Total Assets		84,732
LIABILITIES:
Payables:
Investment securities purchased		2,548
Fund shares redeemed		1
Variation margin on futures contracts		4
Unrealized depreciation on forward foreign currency exchange contracts		802
Accrued liabilities:
Investment advisory fees		25
Distribution fees		—	(a)
Shareholder servicing fees		1
Custodian and accounting fees		30
Collateral management fees		8
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		187
Total Liabilities		3,606
Net Assets	$	81,126

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Emerging Markets Strategic Debt Fund
NET ASSETS:
Paid-in-Capital	$	97,749
Accumulated undistributed (distributions in excess of) net investment income		(409	)
Accumulated net realized gains (losses)		(14,843	)
Net unrealized appreciation (depreciation)		(1,371	)
Total Net Assets	$	81,126
Net Assets:
Class A	$	1,036
Class C		52
Class R2		20
Class R5		20
Class R6		76,275
Select Class		3,723
Total	$	81,126
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		127
Class C		7
Class R2		2
Class R5		2
Class R6		9,169
Select Class		451
Net Asset Value (a):
Class A — Redemption price per share	$	8.18
Class C — Offering price per share (b)		8.05
Class R2 — Offering and redemption price per share		8.12
Class R5 — Offering and redemption price per share		8.31
Class R6 — Offering and redemption price per share		8.32
Select Class — Offering and redemption price per share		8.25
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	8.50
Cost of investments in non-affiliates	$	78,824
Cost of investments in affiliates		2,803
Cost of foreign currency		95
Premiums paid on swaps		169

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 15

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,474
Interest income from affiliates		1
Dividend income from affiliates		79
Foreign taxes withheld		(112	)
Total investment income		4,442
EXPENSES:
Investment advisory fees		654
Administration fees		77
Distribution fees:
Class A		14
Class C		—	(a)
Class R2		—	(a)
Shareholder servicing fees:
Class A		14
Class C		—	(a)
Class R2		—	(a)
Class R5		—	(a)
Select Class		10
Custodian and accounting fees		155
Interest expense to affiliates		—	(a)
Professional fees		114
Collateral management fees		25
Trustees’ and Chief Compliance Officer’s fees		15
Printing and mailing costs		47
Registration and filing fees		57
Transfer agency fees (See Note 2.F.)		7
Sub-transfer agency fees (See Note 2.F.)		42
Other		8
Total expenses		1,239
Less fees waived		(581	)
Less expense reimbursements		(32	)
Net expenses		626
Net investment income (loss)		3,816
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(27,923	)
Futures		(83	)
Foreign currency transactions		(2,263	)
Options written		66
Swaps		71
Net realized gain (loss)		(30,132	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		26,866
Investments in affiliates		—	(a)
Futures		(7	)
Foreign currency translations		1,551
Swaps		403
Change in net unrealized appreciation/depreciation		28,813
Net realized/unrealized gains (losses)		(1,319	)
Change in net assets resulting from operations	$	2,497

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,816		$	11,647
Net realized gain (loss)		(30,132	)		(51,896	)
Change in net unrealized appreciation/depreciation		28,813			(19,971	)
Change in net assets resulting from operations		2,497			(60,220	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
Return of capital		—			(12	)
Class R5
From net investment income		—			—	(a)
Return of capital		—			—	(a)
Class R6
From net investment income		—			(62	)
Return of capital		—			(104	)
Select Class
From net investment income		—			(1	)
Return of capital		—			(86	)
Total distributions to shareholders		—			(265	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(113,392	)		(61,596	)
NET ASSETS:
Change in net assets		(110,895	)		(122,081	)
Beginning of period		192,021			314,102
End of period	$	81,126		$	192,021
Accumulated undistributed (distributions in excess of) net investment income	$	(409	)	$	986

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	4,105		$	18,885
Distributions reinvested		—			5
Cost of shares redeemed		(29,577	)		(11,352	)
Change in net assets resulting from Class A capital transactions	$	(25,472	)	$	7,538
Class C
Proceeds from shares issued	$	31		$	—	(a)
Cost of shares redeemed		—			(27	)
Change in net assets resulting from Class C capital transactions	$	31		$	(27	)
Class R2
Proceeds from shares issued	$	—	(a)	$	—	(a)
Cost of shares redeemed		—	(a)		(21	)
Change in net assets resulting from Class R2 capital transactions	$	—	(a)	$	(21	)
Class R5
Proceeds from shares issued	$	—	(a)	$	—	(a)
Distributions reinvested		—			—	(a)
Cost of shares redeemed		—	(a)		(22	)
Change in net assets resulting from Class R5 capital transactions	$	—	(a)	$	(22	)
Class R6
Proceeds from shares issued	$	21,768		$	15,613
Distributions reinvested		—			160
Cost of shares redeemed		(83,800	)		(4,667	)
Change in net assets resulting from Class R6 capital transactions	$	(62,032	)	$	11,106
Select Class
Proceeds from shares issued	$	4,088		$	1,904
Distributions reinvested		—			87
Cost of shares redeemed		(30,007	)		(82,161	)
Change in net assets resulting from Select Class capital transactions	$	(25,919	)	$	(80,170	)
Total change in net assets resulting from capital transactions	$	(113,392	)	$	(61,596	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Emerging Markets Strategic Debt Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
SHARE TRANSACTIONS:
Class A
Issued		544			2,288
Reinvested		—			1
Redeemed		(4,056	)		(1,374	)
Change in Class A Shares		(3,512	)		915
Class C
Issued		4			—
Redeemed		—			(3	)
Change in Class C Shares		4			(3	)
Class R2
Redeemed		—			(3	)
Change in Class R2 Shares		—			(3	)
Class R5
Reinvested		—			—	(a)
Redeemed		—			(3	)
Change in Class R5 Shares		—			(3	)
Class R6
Issued		2,815			1,836
Reinvested		—			18
Redeemed		(11,296	)		(556	)
Change in Class R6 Shares		(8,481	)		1,298
Select Class
Issued		518			233
Reinvested		—			10
Redeemed		(3,933	)		(10,889	)
Change in Select Class Shares		(3,415	)		(10,646	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 19

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
Emerging Markets Strategic Debt Fund
Class A
Year Ended October 31, 2016	$	7.56	$	0.28	(f)	$	0.34	(g)	$	0.62		$	—		$	—		$	—		$	—
Year Ended October 31, 2015		9.30		0.31	(f)(h)		(2.05	)		(1.74	)		—			—			—	(i)		—	(i)
Year Ended October 31, 2014		9.69		0.39	(f)		(0.78	)		(0.39	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.33	(f)		(0.76	)		(0.43	)		(0.03	)		(0.01	)		(0.11	)		(0.15	)
June 29, 2012 (k) through October 31, 2012		10.00		0.11			0.21			0.32			(0.05	)		—			—			(0.05	)
Class C
Year Ended October 31, 2016		7.47		0.24	(f)		0.34	(g)		0.58			—			—			—			—
Year Ended October 31, 2015		9.23		0.28	(f)(h)		(2.04	)		(1.76	)		—			—			—			—
Year Ended October 31, 2014		9.67		0.33	(f)		(0.77	)		(0.44	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.27	(f)		(0.75	)		(0.48	)		(0.03	)		(0.01	)		(0.08	)		(0.12	)
June 29, 2012 (k) through October 31, 2012		10.00		0.09			0.22			0.31			(0.04	)		—			—			(0.04	)
Class R2
Year Ended October 31, 2016		7.52		0.26	(f)		0.34	(g)		0.60			—			—			—			—
Year Ended October 31, 2015		9.27		0.30	(f)(h)		(2.05	)		(1.75	)		—			—			—			—
Year Ended October 31, 2014		9.68		0.35	(f)		(0.76	)		(0.41	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.30	(f)		(0.75	)		(0.45	)		(0.04	)		(0.01	)		(0.09	)		(0.14	)
June 29, 2012 (k) through October 31, 2012		10.00		0.10			0.21			0.31			(0.04	)		—			—			(0.04	)
Class R5
Year Ended October 31, 2016		7.64		0.32	(f)		0.35	(g)		0.67			—			—			—			—
Year Ended October 31, 2015		9.36		0.37	(f)(h)		(2.08	)		(1.71	)		—	(i)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.71		0.42	(f)		(0.77	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.37	(f)		(0.75	)		(0.38	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)
June 29, 2012 (k) through October 31, 2012		10.00		0.12			0.22			0.34			(0.07	)		—			—			(0.07	)
Class R6
Year Ended October 31, 2016		7.65		0.32	(f)		0.35	(g)		0.67			—			—			—			—
Year Ended October 31, 2015		9.37		0.36	(f)(h)		(2.07	)		(1.71	)		—	(i)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.72		0.43	(f)		(0.78	)		(0.35	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.38	(f)		(0.75	)		(0.37	)		(0.04	)		(0.01	)		(0.13	)		(0.18	)
June 29, 2012 (k) through October 31, 2012		10.00		0.13			0.21			0.34			(0.07	)		—			—			(0.07	)
Select Class
Year Ended October 31, 2016		7.61		0.31	(f)		0.33	(g)		0.64			—			—			—			—
Year Ended October 31, 2015		9.33		0.34	(f)(h)		(2.05	)		(1.71	)		—	(i)		—			(0.01	)		(0.01	)
Year Ended October 31, 2014		9.70		0.40	(f)		(0.77	)		(0.37	)		—			—			—			—
Year Ended October 31, 2013		10.27		0.36	(f)		(0.76	)		(0.40	)		(0.04	)		(0.01	)		(0.12	)		(0.17	)
June 29, 2012 (k) through October 31, 2012		10.00		0.12			0.21			0.33			(0.06	)		—			—			(0.06	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Changes in Net Assets due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(h) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012 and for the year ended October 31, 2013.

(k) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	8.18		8.20	%	$	1,036		1.13	%		3.70	%		2.43	%		189	%
	7.56		(18.67	)		27,511		1.16			3.75	(h)		1.91			134
	9.30		(4.02	)		25,334		1.21			4.06			1.41			145
	9.69		(4.26	)		170		1.21	(j)		3.33	(i)		1.59	(j)		221
	10.27		3.22			52		1.25	(j)		3.23	(i)		5.26	(j)		65
	8.05		7.76			52		1.63			3.14			3.65			189
	7.47		(19.07	)		18		1.67			3.37	(h)		2.24			134
	9.23		(4.55	)		54		1.71			3.48			2.04			145
	9.67		(4.75	)		49		1.72	(j)		2.72	(i)		2.31	(j)		221
	10.27		3.06			51		1.75	(j)		2.73	(i)		5.75	(j)		65
	8.12		7.98			20		1.38			3.37			4.61			189
	7.52		(18.88	)		18		1.41			3.61	(h)		2.00			134
	9.27		(4.24	)		47		1.46			3.71			1.80			145
	9.68		(4.53	)		49		1.47	(j)		2.97	(i)		2.06	(j)		221
	10.27		3.14			51		1.50	(j)		2.98	(i)		5.50	(j)		65
	8.31		8.77			20		0.68			4.07			3.86			189
	7.64		(18.29	)		19		0.71			4.31	(h)		1.29			134
	9.36		(3.60	)		48		0.76			4.41			1.10			145
	9.71		(3.82	)		50		0.77	(j)		3.67	(i)		1.36	(j)		221
	10.27		3.36			52		0.80	(j)		3.68	(i)		4.80	(j)		65
	8.32		8.76			76,275		0.63			4.12			1.25			189
	7.65		(18.26	)		135,050		0.66			4.29	(h)		0.97			134
	9.37		(3.60	)		153,222		0.71			4.51			0.93			145
	9.72		(3.70	)		9,086		0.71	(j)		3.75	(i)		1.11	(j)		221
	10.27		3.38			52		0.75	(j)		3.73	(i)		4.75	(j)		65
	8.25		8.41			3,723		0.89			3.99			1.51			189
	7.61		(18.38	)		29,405		0.92			4.04	(h)		1.21			134
	9.33		(3.81	)		135,397		0.96			4.21			1.30			145
	9.70		(4.03	)		141,078		0.97	(j)		3.63	(i)		1.46	(j)		221
	10.27		3.29			10,069		1.00	(j)		3.48	(i)		5.00	(j)		65

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Emerging Markets Strategic Debt Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	Non-Diversified

Effective September 30, 2016, Emerging Markets Local Currency Debt Fund changed its name to Emerging Markets Strategic Debt Fund.

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

22 J.P. MORGAN FUNDS OCTOBER 31, 2016

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein. The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the 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
Debt Securities
Corporate Bonds
Argentina	$	—	$	1,107	$	—	$	1,107
Austria		—		197		—		197
Bermuda		—		980		—		980
Brazil		—		853		—		853
Cayman Islands		—		1,349		—		1,349
Chile		—		1,747		—		1,747
China		—		201		—		201
Colombia		—		924		—		924
Hungary		—		563		—		563
India		—		201		—		201
Indonesia		—		1,042		—		1,042
Israel		—		216		—		216
Kazakhstan		—		825		—		825
Luxembourg		—		600		—		600
Malaysia		—		570		—		570
Mauritius		—		402		—		402
Mexico		—		2,209		—		2,209
Morocco		—		822		—		822
Netherlands		—		2,656		—		2,656
Panama		—		199		—		199
Peru		—		377		—		377
Philippines		—		201		—		201
South Africa		—		310		—		310
Trinidad and Tobago		—		166		—		166
Turkey		—		360		—		360
United Arab Emirates		—		717		—		717
United Kingdom		—		1,300		—		1,300
United States		—		159		—		159
Venezuela		—		430		—		430
Total Corporate Bonds		—		21,683		—		21,683

OCTOBER 31, 2016 J.P. MORGAN FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Preferred Securities
South Korea	$	—		$	200		$	—		$	200
United Kingdom		—			204			—			204
Total Preferred Securities		—			404			—			404
Foreign Government Securities		—			54,609			446			55,055
Options Purchased
Call Options Purchased		—			53			—			53
Short-Term Investment
Foreign Government Security		—			255			—			255
Investment Company		2,803			—			—			2,803
Total Investments in Securities	$	2,803		$	77,004		$	446	*	$	80,253
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	796		$	—		$	796
Futures Contracts		13			—			—			13
Swap		—			—	(a)		—			—	(a)
Total Appreciation in Other Financial Instruments	$	13		$	796		$	—		$	809
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(802	)	$	—		$	(802	)
Futures Contracts		(2	)		—			—			(2	)
Total Depreciation in Other Financial Instruments	$	(2	)	$	(802	)	$	—		$	(804	)

(a) Amount rounds to less than 500.

* Level 3 investment that is valued by brokers and pricing services. At October 31, 2016, the value of this investment was approximately $446,000. The inputs for this investment are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

There were no transfers among any levels during the year ended October 31, 2016.

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 October 31, 2015		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of October 31, 2016
Debt Securities — Foreign Government Securities	$	439	$	—	$	7	$	—	$	—	$	—	$	—	$	—	$	446
Total	$	439	$	—	$	7	$	—	$	—	$	—	$	—	$	—	$	446

⁽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.

The change in unrealized appreciation (depreciation) attributable to securities owned at October 31, 2016, which were valued using significant unobservable inputs (level 3), amounted to approximately $7,000. These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2016, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A or Regulation S under the Securities Act.

C. Derivatives — The Fund used instruments including futures, forward foreign currency exchange contracts, options, swaps and other derivatives in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge

24 J.P. MORGAN FUNDS OCTOBER 31, 2016

portfolio investments or to generate income or gain to the Fund. Derivatives may also be used 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 the 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 its value, as recorded on the Statement of Assets and Liabilities.

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 may 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 the 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 agreements 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 C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and sold (“wrote”) 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 on the Statement of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations. 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 underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Transactions in options written during the year ended October 31, 2016 were as follows (amounts in thousands):

	Foreign Exchange Currency Options
	Notional Amount			Premiums Received
Options outstanding at October 31, 2015	$	—		$	—
Options written		8,238			66
Options expired		(4,753	)		(49	)
Options closed		(3,485	)		(17	)
Options outstanding at October 31, 2016	$	—		$	—

OCTOBER 31, 2016 J.P. MORGAN FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Fund’s exchange traded options contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Fund used treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used 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. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought 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 U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the 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. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions, including credit default and interest rate swaps to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used 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 Fund are recorded as assets or liabilities, respectively on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 SOIs and cash deposited is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on the Statement of Operations. 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. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money

26 J.P. MORGAN FUNDS OCTOBER 31, 2016

market fund, otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.G.).

As of October 31, 2016, the Fund did not post or receive collateral for outstanding swap contracts.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

The Fund entered 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.

(5). Summary of Derivatives Information — The following table presents the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			OTC Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	13		$	—		$	—	$	13
Foreign exchange contracts	Receivables		53		—			796			—		849
Credit contracts	Receivables		—		—			—			169		169
Total		$	53	$	13		$	796		$	169	$	1,031
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(2	)	$	—		$	—	$	(2	)
Foreign exchange contracts	Payables		—		—			(802	)		—		(802	)
Credit contracts	Payables		—		—			—			—		—
Total		$	—	$	(2	)	$	(802	)	$	—	$	(804	)

(a) The market value of options purchased is reported as Investments in non-affiliates, at value on the Statement of Assets and Liabilities.

(b) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	241	$	(82	)	$	—	$	159
BNP Paribas		70		—			—		70
Citibank, N.A.		238		(128	)		—		110
Credit Suisse International		16		(16	)		—		—
Goldman Sachs International		55		(44	)		—		11
HSBC Bank, N.A.		243		(180	)		—		63
Royal Bank of Canada		30		(18	)		—		12
Societe Generale		2		(2	)		—		—
Standard Chartered Bank		7		(1	)		—		6
State Street Corp.		45		(45	)		—		—
TD Bank Financial Group		14		(4	)		—		10
Westpac Banking Corp.		4		(4	)		—		—
	$	965	$	(524	)	$	—	$	441
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	82	$	(82	)	$	—	$	—
Citibank, N.A.		128		(128	)		—		—
Credit Suisse International		27		(16	)		—		11
Deutsche Bank AG		84		—			—		84
Goldman Sachs International		44		(44	)		—		—
HSBC Bank, N.A.		180		(180	)		—		—
Royal Bank of Canada		18		(18	)		—		—
Societe Generale		36		(2	)		—		34
Standard Chartered Bank		1		(1	)		—		—
State Street Corp.		194		(45	)		—		149
TD Bank Financial Group		4		(4	)		—		—
Westpac Banking Corp.		4		(4	)		—		—
	$	802	$	(524	)	$	—	$	278

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

28 J.P. MORGAN FUNDS OCTOBER 31, 2016

The following table presents the effect of derivatives on the Statement of Operations for the year ended October 31, 2016, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—	$	(83	)	$	—		$	72		$	(11	)
Foreign exchange contracts		3		—			(1,997	)		—			(1,994	)
Credit contracts		—		—			—			(1	)		(1	)
Total	$	3	$	(83	)	$	(1,997	)	$	71		$	(2,006	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			OTC Swaps			Total
Interest rate contracts	$	—	$	(7	)	$	—		$	403		$	396
Foreign exchange contracts		27		—			1,524			—			1,551
Credit contracts		—		—			—			—	(a)		—
Total	$	27	$	(7	)	$	1,524		$	403		$	1,947

(a) Amount rounds to less than 500.

The Fund’s derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below disclose the volume of the Fund’s forward foreign currency exchange contracts, options and swaps activity during the year ended October 31, 2016 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	11,662
Average Notional Balance Short		23,588
Ending Notional Balance Long		—
Ending Notional Balance Short		13,227
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	95,068
Average Settlement Value Sold		68,087
Ending Settlement Value Purchased		42,092
Ending Settlement Value Sold		44,628
OTC Options:
Average Notional Balance Purchased	$	1,571
Average Notional Balance Written		747
Ending Notional Balance Purchased		2,998
Ending Notional Balance Written		—
Credit Default Swaps
Average Notional Balance — Buy Protection	$	3,000
Average Notional Balance — Sell Protection		—
Ending Notional Balance — Buy Protection		3,000
Ending Notional Balance — Sell Protection		—
Interest Rate-Related Swaps
Average Notional Balance — Pays Fixed Rate	$	11,637
Average Notional Balance — Receives Fixed Rate		29,788
Ending Notional Balance — Pays Fixed Rate		—
Ending Notional Balance — Receives Fixed Rate		—

OCTOBER 31, 2016 J.P. MORGAN FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended October 31, 2016 are as follows (amounts in thousands):

	Class A		Class C			R2		R5			R6		Select Class		Total
Transfer agency fees	$	2	$	1		$	1	$	—	(a)	$	2	$	1	$	7
Sub-transfer agency fees		41		—	(a)		—		—			—		1		42

(a) Amount rounds to less than 500.

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly for the Fund and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(23,745	)	$	(5,211	)	$	28,956

30 J.P. MORGAN FUNDS OCTOBER 31, 2016

The reclassifications for the Fund relate primarily to foreign currency gains or losses, investments in swap contracts and net operating losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.70% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2
0.25%		0.75	%		0.50	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$—(a)	$	—

(a) Amount rounds to less than 500.

D. Shareholder Servicing Fees —The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Select Class
	0.25	%		0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset based-fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The Fund earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as

OCTOBER 31, 2016 J.P. MORGAN FUNDS 31

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R5			Class R6			Select Class
	1.20	%		1.70	%		1.45	%		0.75	%		0.70	%		0.95	%

The expense limitation agreements were in effect for the year ended October 31, 2016 and are in place until at least September 29, 2017.

For the year ended October 31, 2016, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Reimbursements
$	424	$	77	$	15	$	516	$	32

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 was approximately $65.

G. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statement of Operations.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund may use related party broker-dealers. For the year ended October 31, 2016, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
	$123,764	$	165,495	$	—	$	1,827

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	81,740	$	429	$	1,916	$	(1,487	)

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

32 J.P. MORGAN FUNDS OCTOBER 31, 2016

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	(14,735	)	$	(1,884	)

The cumulative timing differences primarily consist of mark to market of forward foreign currency contracts, straddle loss deferrals and wash sale loss deferrals.

At October 31, 2016, the Fund had net capital loss carryforwards which are available to offset future realized gains (amounts in thousands):

Capital Loss Carryforward Character
Short-Term		Long-Term
$	5,710	$	9,024

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund Loan Rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Fund did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2016 the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

JPMorgan SmartRetirement Funds
	86.2	%

OCTOBER 31, 2016 J.P. MORGAN FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2016, a significant portion of the Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund, such as swap and option contracts and credit linked notes.

The Fund is subject to the risk that should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

8. Subsequent Event

During the period October 31, 2016 through December 13, 2016, the Fund had net redemptions of approximately $24,728,000. This amount represented 30% of the Fund’s net assets as of October 31, 2016.

34 J.P. MORGAN FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Emerging Markets Strategic Debt Fund (formerly JPMorgan Emerging Markets Local Currency Debt Fund):

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Markets Strategic Debt Fund (formerly JPMorgan Emerging Markets Local Currency Debt Fund) (a separate fund of JPMorgan Trust I) (the “Fund”) as of October 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN FUNDS 35

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

36 J.P. MORGAN FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 37

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

38 J.P. MORGAN FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Strategic Debt Fund
Class A
Actual	$	1,000.00	$	1,002.50	$	5.74		1.14	%
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class C
Actual		1,000.00		1,001.20		8.25		1.64
Hypothetical		1,000.00		1,016.89		8.31		1.64
Class R2
Actual		1,000.00		1,002.50		7.00		1.39
Hypothetical		1,000.00		1,018.15		7.05		1.39
Class R5
Actual		1,000.00		1,006.10		3.48		0.69
Hypothetical		1,000.00		1,021.67		3.51		0.69
Class R6
Actual		1,000.00		1,006.00		3.23		0.64
Hypothetical		1,000.00		1,021.92		3.25		0.64
Select Class
Actual		1,000.00		1,004.90		4.49		0.89
Hypothetical		1,000.00		1,020.66		4.52		0.89

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

OCTOBER 31, 2016 J.P. MORGAN FUNDS 39

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 17, 2016.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer group. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense analyses, compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. At the June meeting, the Board also approved changing the name and strategies of the Fund. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory

Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund including the portfolio management team responsible for implementing the Fund’s new strategy and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and

40 J.P. MORGAN FUNDS OCTOBER 31, 2016

implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted

OCTOBER 31, 2016 J.P. MORGAN FUNDS 41

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a sub-set of funds within the Universe (the “Peer Group”), by total return for the applicable one-year period. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the fourth quintile based upon the Universe, and in the third quintile based upon the Universe for the Select Class shares, for the one- and three-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and

various other factors, the Trustees concluded that the Fund’s performance was reasonable. The Trustees also noted the changes that would be made to the Fund’s investment strategies effective September 30, 2016. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, based upon both the Peer Group and Universe, and that the actual total expenses for Class A and Select Class shares were in the first quintile, based upon the Peer Group and in the first and second quintile, based upon the Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

42 J.P. MORGAN FUNDS OCTOBER 31, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-CUR-1016

Annual Report

J.P. Morgan Funds

October 31, 2016

JPMorgan Commodities Strategy Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	8
Consolidated Financial Highlights	14
Notes to Consolidated Financial Statements	16
Report of Independent Registered Public Accounting Firm	25
Trustees	26
Officers	28
Schedule of Shareholder Expenses	29
Board Approval of Investment Advisory Agreement	30
Privacy Notice — Located at the back of this Annual Report

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’s LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN FUNDS 1

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(2.31)%
Bloomberg Commodity Index Total Return		(2.62)%
Net Assets as of 10/31/2016	$	84,469,027

INVESTMENT OBJECTIVE**

The JPMorgan Commodities Strategy Fund (the “Fund”) seeks total return.

HOW DID THE COMMODITIES MARKET PERFORM DURING THE REPORTING PERIOD?

Overall, commodities prices ended the twelve month reporting period lower. Prices for natural gas ended lower but had strengthened from April through October 2016 amid a warmer than expected summer in the U.S. and forecasts for a colder than normal 2016-17 winter in the U.S.

While petroleum products also ended the period lower, prices for crude oil rebounded from March 2016 lows as global gasoline demand increased (particularly in the U.S.) and the Organization of Petroleum Exporting Countries signaled that a production cut may be necessary. Geopolitical events reduced crude output in Nigeria and Libya, which also helped to support prices.

Prices for precious metals, including gold, were higher during the reporting period as negative or accommodative interest rate policy in developed market nations helped support prices. Base metal prices were also higher during the reporting period amid improved emerging market growth and economic stability in China.

Agricultural commodity prices were mixed with grains ending the reporting period lower on positive crop production in the Northern Hemisphere. Soft commodity prices were positive on adverse weather in South America and Southeast Asia. Livestock prices were lower on increased production of both cattle and hogs.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares outperformed the Bloomberg Commodity Index Total Return Index (the “Benchmark”) for the twelve months ended October 31, 2016. During the twelve

month period, the Fund used swaps contracts to obtain exposure to different parts of the futures curve, which measures the price of contracts of different maturities for a specific commodity.

Relative to the Benchmark, the Fund’s holdings in deferred oil futures and time spread short positions contributed to performance as both U.S. and global oil inventories remained elevated. The Fund’s overweight position in lean hog futures late in the second quarter of 2016 also contributed to relative performance as China was increasing its imports of U.S. pork. The Fund’s short positions in natural gas time spreads contributed to relative performance as the 2015-16 winter proved to be warmer than forecast, leaving inventories elevated.

The Fund’s underweight position in copper detracted from relative performance as the Chinese economy improved, increasing demand for copper. The Fund’s short positions in corn time spreads also detracted from relative performance as market forecasts of inventory in the second quarter of 2016 were tighter than those of the Fund’s managers.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund invested in a wholly owned subsidiary that invested in commodity-linked derivative instruments and provided exposure to the investment returns of the commodities markets without investing directly in physical commodities. The Fund also invested in a portfolio of high-quality, fixed income securities, such as commercial paper or other short-term instruments that generally had a weighted average maturity of 90-days or less.

The Fund’s portfolio managers combined top-down research with fundamental and quantitative analysis to establish overweight and underweight positions in commodities. In addition, the Fund’s portfolio managers had the ability to adjust the Fund’s overall exposure to commodities relative to the Benchmark, based on their views of macroeconomic conditions.

2 J.P. MORGAN FUNDS OCTOBER 31, 2016

CASH INVESTMENTS***
U.S. Treasury Obligations	63.1	%
U.S. Government Agency Securities	15.8
Investment Company	21.0
PORTFOLIO COMPOSITION BY COUNTRY***
United States	100	%
COMMODITY MATURITY***
0 - 3 Months	67.9	%
3 - 6 Months	19.2
> 6 Months	12.9
COMMODITY-LINKED INVESTMENTS****
Energy	35.3	%
Brent Crude	8.5
Unleaded Gas	3.8
Heating Oil	4.3
Natural Gas	9.7
WTI Crude Oil	9.0
Agricultural	29.2
Coffee	2.8
Corn	6.0
Cotton	1.5
Kansas Wheat	1.0
Soybean Meal	2.5
Soybean Oil	2.9
Soybeans	5.5
Sugar	4.6
Wheat	2.4
Industrial Metals	16.8
Aluminum	4.5
Copper	6.5
Nickel	2.4
Zinc	3.4
Precious Metals	15.7
Gold	11.3
Silver	4.4
Livestock	3.6
Lean Hogs	1.3
Live Cattle	2.3

FIXED INCOME MATURITY***
< One Month	88.3	%
1 - 3 Months	11.7

COMMODITY ALLOCATION	Index			Fund****
Energy		35.0	%		35.3	%
Agricultural		29.1			29.2
Industrial Metals		16.9			16.8
Precious Metals		15.4			15.7
Livestock		3.6			3.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of October 31, 2016. The Fund’s portfolio composition is subject to change.

**** Exposures are calculated as the notional value, adjusted for net unrealized appreciation/depreciation, of the Fund’s derivative positions as a percentage of net assets.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 3

JPMorgan Commodities Strategy Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		December 17, 2012
With Sales Charge*				(7.68	)%		(14.22	)%		(14.12	)%
Without Sales Charge				(2.55	)		(12.66	)		(12.92	)
CLASS C SHARES		December 17, 2012
With CDSC**				(3.93	)		(13.07	)		(13.33	)
Without CDSC				(2.93	)		(13.07	)		(13.33	)
CLASS R6 SHARES		December 17, 2012		(2.19	)		(12.29	)		(12.56	)
SELECT CLASS SHARES		December 17, 2012		(2.31	)		(12.43	)		(12.69	)

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (12/17/12 TO 10/31/16)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on December 17, 2012.

The graph illustrates comparative performance for $1,000,000 invested in the Select Class Shares of the JPMorgan Commodities Strategy Fund, the Bloomberg Commodity Index Total Return and the Lipper Commodities General Funds Average from December 17, 2012 to October 31, 2016. The performance of the Lipper Commodities General Funds Average reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Commodity Index Total Return does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The performance of the Lipper Commodities General Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index. The Lipper Commodities General Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper Inc.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 16.0%
	1,900,000	Federal Home Loan Bank, DN, 0.290%, 11/18/16 (n)		1,899,822
	1,580,000	Federal Home Loan Mortgage Corp., DN, 0.200%, 11/01/16 (n)		1,580,000
	10,000,000	Federal National Mortgage Association, DN, 0.315%, 12/01/16 (n)		9,998,250
		Total U.S. Government Agency Securities (Cost $13,477,115)		13,478,072
	U.S. Treasury Obligations — 63.7%
		U.S. Treasury Bills,
	43,108,000	0.070%, 11/03/16 (n)		43,107,784
	10,700,000	0.265%, 11/17/16 (n)		10,699,155
		Total U.S. Treasury Obligations (Cost $53,806,572)		53,806,939
NUMBER OF CONTRACTS
	Options Purchased — 0.1%
		Call Options Purchased — 0.1%
	71	Crude Oil Futures, expiring 11/15/17 at $70.00, American Style		75,970
	14	Gold Futures, expiring 11/22/16 at $1,350.00, American Style		3,640
		Total Call Options Purchased (Cost $120,462)		79,610

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 21.2%
		Investment Company — 21.2%
	17,916,618	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.660% (b) (l) ^ † (Cost $17,916,618)		17,918,766
		Total Investments — 101.0% (Cost $85,320,767)		85,283,387
		Liabilities in Excess of Other Assets — (1.0)%		(814,360	)
		NET ASSETS — 100.0%	$	84,469,027

Percentages indicated are based on net assets.

Futures Contracts ^
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	147		Brent Crude Oil Futures		11/30/16		USD	$	7,145,670		$	158,510
	56		Lean Hogs Futures		12/14/16		USD		1,074,080			115,805
	159		WTI Crude Oil Futures		12/19/16		USD		7,546,140			(374,065	)
	102		Natural Gas Futures		12/28/16		USD		3,258,900			(127,189	)
	10		Natural Gas Futures		12/28/16		USD		319,500			(12,226	)
	1		Silver Futures		12/28/16		USD		88,980			(5,747	)
	274		Natural Gas Futures		05/26/17		USD		8,480,300			77,516
			Short Futures Outstanding
	(7	)	Corn Futures		12/14/16		USD		(124,162	)		11,454
	(4	)	Soybean Meal Futures		12/14/16		USD		(126,440	)		(4,042	)
	(4	)	Wheat Futures		12/14/16		USD		(83,250	)		413
	(1	)	Gold 100 OZ Futures		12/28/16		USD		(127,310	)		(1,363	)
	(6	)	Gasoline RBOB Futures		12/30/16		USD		(357,134	)		12,055
	(1	)	Live Cattle Futures		02/28/17		USD		(41,650	)		(1,303	)
	(5	)	Sugar No. 11 Futures		02/28/17		USD		(120,792	)		6,605
	(3	)	Copper Futures		03/29/17		USD		(166,163	)		(6,295	)
	(274	)	Natural Gas Futures		04/26/17		USD		(8,389,880	)		(64,904	)
											$	(214,776	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 5

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

Return Swaps on Commodities ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	CBOT Corn December 2016 Futures		11/28/16	$	6,602,138	$	(1,386,863	)
	CBOT Soybean Meal December 2016 Futures		11/28/16		2,385,360		(109,405	)
	CBOT Wheat December 2016 Futures		11/28/16		2,618,213		(495,177	)
	CBOT Wheat December 2016 Futures		11/28/16		981,094		(172,275	)
	COMEX Gold December 2016 Futures		11/28/16		9,889,500		(213,871	)
	COMEX Silver December 2016 Futures		11/28/16		3,575,610		72,546
	CME Live Cattle February 2017 Futures		02/02/17		2,044,320		(45,061	)
	CBOT Soybean March 2017 Futures		02/24/17		4,745,475		(60,274	)
	CBOT Soybean Oil July 2017 Futures		06/28/17		2,423,511		7,767
	CBOT Soybean November 2017 Futures		10/27/17		2,026,375		111,104
	Short Positions
	CBOT Soybean July 2017 Futures		06/28/17		2,107,538		(103,338	)
						$	(2,394,847	)

Return Swaps on Commodities Indices ^
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	BBG Heat Oil Index		12/02/16	$	3,815,000	$	(158,634	)
	BBG Unleaded Gasoline Index		12/02/16		3,550,000		(12,999	)
	BBG Natural Gas Index		12/08/16		4,565,000		(1,170	)
	BBG Industrial Metals Index		12/22/16		13,530,000		796,634
	BBG Softs Index		12/22/16		7,680,000		(96,000	)
						$	527,831

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.
DN	—  Discount Notes
RBOB	—  Reformulated gasoline blendstock for oxygen blending
USD	—  United States Dollar
WTI	—  West Texas Intermediate

(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of October 31, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.
^	—  All or a portion of the position is held by the Subsidiary.
†	—  The value of investments restricted as collateral for swaps to the broker is $7,175,573.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN FUNDS 7

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

	Commodities Strategy Fund
ASSETS:
Investments in non-affiliates, at value	$	67,364,621
Investments in affiliates, at value		10,743,193
Investments in affiliates — restricted, at value		7,175,573
Total investment securities, at value		85,283,387
Deposits at broker for futures contracts		1,770,000
Receivables:
Fund shares sold		1,900
Dividends from affiliates		6,477
Outstanding swap contracts, at value		988,051
Total Assets		88,049,815
LIABILITIES:
Payables:
Variation margin on futures contracts		389,011
Outstanding swap contracts, at value		2,855,067
Accrued liabilities:
Investment advisory fees		56,720
Administration fees		1,605
Distribution fees		437
Shareholder servicing fees		307
Custodian and accounting fees		49,806
Collateral management fees		3,985
Trustees’ and Chief Compliance Officer’s fees		12,654
Other		211,196
Total Liabilities		3,580,788
Net Assets	$	84,469,027

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Commodities Strategy Fund
NET ASSETS:
Paid-in-Capital	$	86,550,973
Accumulated undistributed (distributions in excess of) net investment income		39,386
Accumulated net realized gains (losses)		(2,160	)
Net unrealized appreciation (depreciation)		(2,119,172	)
Total Net Assets	$	84,469,027
Net Assets:
Class A	$	1,170,180
Class C		301,866
Class R6		82,060,358
Select Class		936,623
Total	$	84,469,027
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		133,240
Class C		35,028
Class R6		9,200,658
Select Class		105,571
Net Asset Value (a):
Class A — Redemption price per share	$	8.78
Class C — Offering price per share (b)		8.62
Class R6 — Offering and redemption price per share		8.92
Select Class — Offering and redemption price per share		8.87
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.27
Cost of investments in non-affiliates	$	67,404,149
Cost of investments in affiliates		10,741,618
Cost of investments in affiliates — restricted		7,175,000

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 9

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

	Commodities Strategy Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	109,081
Dividend income from affiliates		24,347
Total investment income		133,428
EXPENSES:
Investment advisory fees		643,055
Administration fees		64,463
Distribution fees:
Class A		2,579
Class C		1,241
Shareholder servicing fees:
Class A		2,579
Class C		414
Select Class		5,462
Custodian and accounting fees		161,070
Collateral management fees		12,061
Professional fees		151,136
Trustees’ and Chief Compliance Officer’s fees		44,143
Printing and mailing costs		24,418
Registration and filing fees		37,540
Transfer agency fees (See Note 2.D)		4,741
Sub-transfer agency fees (See Note 2.D)		5
Other		8,506
Total expenses		1,163,413
Less fees waived		(545,977	)
Less expense reimbursements		(95,875	)
Net expenses		521,561
Net investment income (loss)		(388,133	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(38,550	)
Futures		(1,326,076	)
Options written		33,247
Swaps		(412,828	)
Net realized gain (loss)		(1,744,207	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(40,944	)
Investments in affiliates		2,148
Futures		(299,875	)
Swaps		(374,580	)
Change in net unrealized appreciation/depreciation		(713,251	)
Net realized/unrealized gains (losses)		(2,457,458	)
Change in net assets resulting from operations	$	(2,845,591	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2016

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Commodities Strategy Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(388,133	)	$	(745,996	)
Net realized gain (loss)		(1,744,207	)		(29,420,693	)
Change in net unrealized appreciation/depreciation		(713,251	)		1,581,377
Change in net assets resulting from operations		(2,845,591	)		(28,585,312	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		36,984,504			(44,324,046	)
NET ASSETS:
Change in net assets		34,138,913			(72,909,358	)
Beginning of period		50,330,114			123,239,472
End of period	$	84,469,027		$	50,330,114
Accumulated undistributed (distributions in excess of) net investment income	$	39,386		$	(407,352	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 11

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Commodities Strategy Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	757,403		$	1,028,164
Cost of shares redeemed		(393,348	)		(234,223	)
Change in net assets resulting from Class A capital transactions	$	364,055		$	793,941
Class C
Proceeds from shares issued	$	346,153		$	61,515
Cost of shares redeemed		(104,040	)		(43,377	)
Change in net assets resulting from Class C capital transactions	$	242,113		$	18,138
Class R6
Proceeds from shares issued	$	75,257,628		$	1,716,562
Cost of shares redeemed		(7,790,152	)		(24,505,761	)
Change in net assets resulting from Class R6 capital transactions	$	67,467,476		$	(22,789,199	)
Select Class
Proceeds from shares issued	$	357,196		$	2,781,036
Cost of shares redeemed		(31,446,336	)		(25,127,962	)
Change in net assets resulting from Select Class capital transactions	$	(31,089,140	)	$	(22,346,926	)
Total change in net assets resulting from capital transactions	$	36,984,504		$	(44,324,046	)
SHARE TRANSACTIONS:
Class A
Issued		87,935			100,553
Redeemed		(46,134	)		(22,149	)
Change in Class A Shares		41,801			78,404
Class C
Issued		39,759			5,926
Redeemed		(12,329	)		(4,456	)
Change in Class C Shares		27,430			1,470
Class R6
Issued		8,184,048			160,113
Redeemed		(869,295	)		(2,154,434	)
Change in Class R6 Shares		7,314,753			(1,994,321	)
Select Class
Issued		43,536			259,188
Redeemed		(3,490,837	)		(2,763,591	)
Change in Select Class Shares		(3,447,301	)		(2,504,403	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN FUNDS 13

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period
Commodities Strategy Fund
Class A
Year Ended October 31, 2016	$	9.01	$	(0.08	)	$	(0.15	)	$	(0.23	)	$	—		$	8.78
Year Ended October 31, 2015		12.30		(0.11	)		(3.18	)		(3.29	)		—			9.01
Year Ended October 31, 2014		13.18		(0.16	)		(0.72	)		(0.88	)		—			12.30
December 17, 2012(g) through October 31, 2013		15.00		(0.14	)		(1.68	)		(1.82	)		—			13.18
Class C
Year Ended October 31, 2016		8.88		(0.13	)		(0.13	)		(0.26	)		—			8.62
Year Ended October 31, 2015		12.19		(0.17	)		(3.14	)		(3.31	)		—			8.88
Year Ended October 31, 2014		13.12		(0.22	)		(0.71	)		(0.93	)		—			12.19
December 17, 2012(g) through October 31, 2013		15.00		(0.20	)		(1.68	)		(1.88	)		—			13.12
Class R6
Year Ended October 31, 2016		9.12		(0.05	)		(0.15	)		(0.20	)		—			8.92
Year Ended October 31, 2015		12.40		(0.08	)		(3.20	)		(3.28	)		—			9.12
Year Ended October 31, 2014		13.22		(0.10	)		(0.72	)		(0.82	)		—	(i)		12.40
December 17, 2012(g) through October 31, 2013		15.00		(0.09	)		(1.69	)		(1.78	)		—			13.22
Select Class
Year Ended October 31, 2016		9.08		(0.06	)		(0.15	)		(0.21	)		—			8.87
Year Ended October 31, 2015		12.36		(0.10	)		(3.18	)		(3.28	)		—			9.08
Year Ended October 31, 2014		13.21		(0.13	)		(0.72	)		(0.85	)		—			12.36
December 17, 2012(g) through October 31, 2013		15.00		(0.11	)		(1.68	)		(1.79	)		—			13.21

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Commencement of operations.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(i) Amount rounds to less than $0.005.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2016

					Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss) (e)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (c)(f)
	(2.55	)%	$	1,170,180		1.21	%		(0.99	)%		2.53	%		0	%
	(26.75	)		823,931		1.21			(1.14	)		2.30			0
	(6.68	)		160,388		1.20			(1.16	)		2.03			0
	(12.13	)		43,924		1.22	(h)		(1.16	)(h)		2.74	(h)		0
	(2.93	)		301,866		1.73			(1.51	)		3.25			0
	(27.15	)		67,492		1.73			(1.68	)		2.84			0
	(7.09	)		74,710		1.71			(1.67	)		2.53			0
	(12.53	)		43,733		1.72	(h)		(1.66	)(h)		3.24	(h)		0
	(2.19	)		82,060,358		0.83			(0.61	)		1.85			0
	(26.45	)		17,191,700		0.82			(0.77	)		1.64			0
	(6.19	)		48,113,945		0.82			(0.78	)		1.53			0
	(11.87	)		38,913,194		0.82	(h)		(0.76	)(h)		1.86	(h)		0
	(2.31	)		936,623		0.92			(0.72	)		2.14			0
	(26.54	)		32,246,991		0.98			(0.92	)		1.90			0
	(6.43	)		74,890,429		0.97			(0.93	)		1.79			0
	(11.93	)		92,256,260		0.97	(h)		(0.91	)(h)		2.10	(h)		0

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 15

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Commodities Strategy Fund	Class A, Class C, Class R6 and Select Class	Non-diversified

The investment objective of the Fund is to seek total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

Basis for Consolidation for the Fund

Commodities Strategy Fund CS 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 October 31, 2016, net assets of the Fund were $84,469,027 of which $17,392,698, or approximately 20.6%, represented the Subsidiary’s net assets. Net realized losses in the Subsidiary amounted to $(1,744,273). 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. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist or is limited, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

16 J.P. MORGAN FUNDS OCTOBER 31, 2016

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	17,998,376		$	67,285,011		$	—	$	85,283,387
Appreciation in Other Financial Instruments
Futures Contracts	$	382,358		$	—		$	—	$	382,358
Return Swaps		—			988,051			—		988,051
Total Appreciation in Other Financial Instruments	$	382,358		$	988,051		$	—	$	1,370,409
Depreciation in Other Financial Instruments
Futures Contracts	$	(597,134	)	$	—		$	—	$	(597,134	)
Return Swaps		—			(2,855,067	)		—		(2,855,067	)
Total Depreciation in Other Financial Instruments	$	(597,134	)	$	(2,855,067	)	$	—	$	(3,452,201	)

(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 options purchased. Please refer to the CSOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended October 31, 2016.

B. Derivatives — The Fund used instruments including futures, swaps and other derivatives in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest for hedging and risk management purposes and to seek to enhance portfolio performance. Derivatives may also be used for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining that return or spread through purchases and/or sales of instruments in cash markets; to protect against currency fluctuations; to protect against any increase in the price of securities the Fund anticipates purchasing at a later date; and/or to gain exposure to certain markets in the most economical way possible.

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 the 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, as recorded on the Consolidated Statement of Assets and Liabilities (“CSAL”).

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 the 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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

counterparty the right, upon an event of default, to close out all transactions traded under such agreements 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 B(1) — B(3) below describe the various derivatives used by the Fund. These derivatives expose the Fund to commodity risk.

(1). Futures Contracts — The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the derivatives value at the time it was closed, are reported on the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the CSOI and cash deposited is recorded on the CSAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the CSAL, 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 (e.g., NYMEX), boards of trade or other platforms (e.g., Clearport). The exchange or board of trade acts as the counterparty to futures transactions; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. For trades executed on other platforms, these futures contracts must be offset on the same platform in which they were executed; therefore liquidity risk exists to the extent there is a lack of a liquid market for these contracts allowing the Fund to close out its position. 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 (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Options — The Fund purchased and sold (“wrote”) 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 on the CSAL as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of investments in non-affiliates on the CSOP. 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 underlying investment.

Options Written — Premiums received by the Fund for options written are included on the CSAL as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of options written on the CSOP. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

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.

18 J.P. MORGAN FUNDS OCTOBER 31, 2016

Transactions in options written during the year ended October 31, 2016 were as follows:

	Options
	Number of Contracts			Premiums Received
Options outstanding at October 31, 2015		—		$	—
Options written		58			45,379
Options expired		(23	)		(13,740	)
Options closed		(35	)		(31,639	)
Options outstanding at October 31, 2016		—		$	—

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Return Swaps on Commodities and Commodity Indices — The Fund used 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. Change in swap values is recorded as Change in net unrealized appreciation/ depreciation — swaps on the CSOP. 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.

Upon entering into a swap, the Fund may be required to post an initial collateral amount (referred to as “Independent Amount”), as defined in the swap agreement. Independent Amounts are posted to segregated accounts at the Fund’s custodian. 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. Daily movement of cash collateral is subject to minimum threshold amounts. 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 (See Note 3.G.) and is reported on the CSAL as Investments in affiliates — restricted. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.).

The Fund’s swap contracts at net value and collateral posted or received by counterparty as of October 31, 2016 is as follows:

Counterparty		Value of swap contracts			Collateral amount
Macquarie Bank Ltd.	Collateral Posted	$	(1,867,016	)	$	7,175,573

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 as recorded on the CSAL.

The Fund’s activities in return swaps are concentrated with one counterparty. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

The Fund’s swap contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and net of any related collateral received or posted by the Fund as of October 31, 2016:

Counterparty	Gross Amount of Derivative Assets Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Macquarie Bank Ltd.	$	988,051	$	(988,051	)	$	—	$	—

OCTOBER 31, 2016 J.P. MORGAN FUNDS 19

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Counterparty	Gross Amount of Derivative Liabilities Presented on the CSAL (a)		Derivatives Available for Offset			Collateral Posted			Net Amount Due To Counterparty (not less than zero)
Macquarie Bank Ltd.	$	2,855,067	$	(988,051	)	$	(1,867,016	)(b)	$	—

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the CSAL.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.B.(3) for actual swap collateral received or posted.

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, options and swap activity during the year ended October 31, 2016.

Futures Contracts:
Average Notional Balance Long	$	24,770,122
Average Notional Balance Short		10,669,181
Ending Notional Balance Long		27,913,570
Ending Notional Balance Short		9,536,781
Exchange-Traded Options:
Average Number of Contracts Purchased		20
Average Number of Contracts Written		3
Ending Number of Contracts Purchased		85
Return Swaps on Commodities:
Average Notional Balance Long	$	31,150,581
Average Notional Balance Short		2,034,310
Ending Notional Balance Long		37,291,596
Ending Notional Balance Short		2,107,538
Return Swaps on Commodity Indices:
Average Notional Balance Long		18,519,320
Ending Notional Balance Long		33,140,000

The Fund’s derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

D. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended October 31, 2016 are as follows:

	Class A		Class C		Class R6		Select Class		Total
Transfer agent fees	$	1,812	$	667	$	868	$	1,394	$	4,741
Sub-transfer agent fees		—		—		—		5		5

E. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

20 J.P. MORGAN FUNDS OCTOBER 31, 2016

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

F. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(2,579,143	)	$	834,871	$	1,744,272

The reclassifications for the Fund relate primarily to investments in the Subsidiary and net operating loss.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.85% of the Fund’s average daily net assets. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.85% of the Subsidiary’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.G.

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.10% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.G.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following amounts:

Front-End Sales Charge		CDSC
$	820	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% for Class A, Class C and Select Class Shares.

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Distributor waived shareholder servicing fees as outlined in Note 3.G.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund and Subsidiary. For performing these services, the Fund and Subsidiary pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund and the Subsidiary for custody and accounting services are included in Custodian and accounting fees on the CSOP. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the CSOP.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for the Fund. The amounts paid directly to JPMCB, if any, by the Fund for these services are included in Collateral management fees on the CSOP.

G. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.25	%		1.75	%		0.85	%		1.00	%

The expense limitation agreement was in effect for the year ended October 31, 2016 and is in place until at least February 28, 2017.

For the year ended October 31, 2016, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	473,472	$	50,811	$	5,952	$	530,235	$	95,875

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016 the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

Waivers resulting from investments in these money market funds for the year ended October 31, 2016 were $15,742.

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund may use related party broker-dealers. For the year ended October 31, 2016, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended October 31, 2016, purchases of long-term investments were $98,165. Additionally, during the year ended October 31, 2016, there were no purchases or sales of long-term U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	132,592,408	$	—	$	47,908,226	$	(47,908,226	)

22 J.P. MORGAN FUNDS OCTOBER 31, 2016

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in the Subsidiary.

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in the Subsidiary of approximately $47.9 million, which, if realized, is not deductible for income tax purposes.

During the years ended October 31, 2016 and October 31, 2015, the Fund did not make any distributions.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss  Carryover)			Unrealized Appreciation (Depreciation)
$	—	$	(2,161	)	$	(1,974,648	)

The cumulative timing differences primarily consist of investments in the Subsidiary.

During the year ended October 31, 2016 the Subsidiary had approximately $2.0 million of losses for tax purposes. The Subsidiary’s loss for the current year is not available to offset its future taxable income.

As of October 31, 2016, the Fund had net capital loss carryforwards as follows:

Capital Loss Carryforward Character
Short-Term		Long-Term
$	2,161	$	—

During the year ended October 31, 2016, the Fund utilized capital loss carryforwards in the amount of $65.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2016, the Fund deferred to November 1, 2016 late year ordinary losses of $100,567.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Fund did not utilize the Credit Facility during the year ended October 31, 2016.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2016, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
	32.9	%		62.7	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap contracts.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

Derivatives, including commodity-linked notes, swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

24 J.P. MORGAN FUNDS OCTOBER 31, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Commodities Strategy Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Commodities Strategy Fund (a separate fund of JPMorgan Trust I) and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

OCTOBER 31, 2016 J.P. MORGAN FUNDS 25

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

26 J.P. MORGAN FUNDS OCTOBER 31, 2016

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 27

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

28 J.P. MORGAN FUNDS OCTOBER 31, 2016

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Commodities Strategy Fund
Class A
Actual	$	1,000.00	$	995.50	$	5.97		1.19	%
Hypothetical		1,000.00		1,019.15		6.04		1.19
Class C
Actual		1,000.00		993.10		8.67		1.73
Hypothetical		1,000.00		1,016.44		8.77		1.73
Class R6
Actual		1,000.00		997.80		4.17		0.83
Hypothetical		1,000.00		1,020.96		4.22		0.83
Select Class
Actual		1,000.00		996.60		3.51		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

OCTOBER 31, 2016 J.P. MORGAN FUNDS 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 17, 2016.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer group. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of

the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

30 J.P. MORGAN FUNDS OCTOBER 31, 2016

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that

there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded

OCTOBER 31, 2016 J.P. MORGAN FUNDS 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one- and three-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the second quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2015, and in the fourth quintile based upon the Universe, for both the one- and three-year periods ended December 31, 2015. The Trustees noted that the Fund’s performance for Select Class shares was in the fourth and third quintiles based upon the Universe for the one- and three-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the

Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the fixed income committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative share classes are summarized below:

The Trustees noted that, the Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A and Select Class shares were in the first quintile based upon the Peer Groups and in the second and third quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

32 J.P. MORGAN FUNDS OCTOBER 31, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-CSTRAT-1016

Annual Report

J.P. Morgan Funds

October 31, 2016

JPMorgan Systematic Alpha Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Consolidated Schedule of Portfolio Investments	5
Consolidated Financial Statements	41
Consolidated Financial Highlights	46
Notes to Consolidated Financial Statements	48
Report of Independent Registered Public Accounting Firm	60
Trustees	61
Officers	63
Schedule of Shareholder Expenses	64
Board Approval of Investment Advisory Agreement	65
Tax Letter	68
Privacy Policy — Located at the back of this Annual Report

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN FUNDS 1

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.46)%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index . . . . . . . . . . . . . . . . . . . . . . . .	0.31%
Net Assets as of 10/31/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$335,862,483

INVESTMENT OBJECTIVE**

The JPMorgan Systematic Alpha Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

Global financial markets generally weathered two distinct sell-offs and rebounded to provide positive returns over the twelve month reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December 2015 interest rate increase – the first in a decade – with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets and led to the worst start of any year on record for U.S. equity prices.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union. The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided and the Standard & Poor’s 500 Index reached three new closing highs in August 2016. Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund (Select Class Shares) underperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended October 31, 2016. References to the Benchmark and to other indexes mentioned herein are for informational purposes and are not an indication of how the Fund is managed. The use of the Benchmark does not imply the Fund is being managed like the Benchmark and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

The Fund’s event-driven strategy generated a slightly negative overall return. The merger arbitrage sub-strategy was flat, despite a high proportion of “friendly” mergers that were considered more likely to be completed. The performance of the sub-strategies that were added during the previous reporting period was mixed, with the share repurchase and equity index arbitrage sub-strategies contributing to performance, while shareholder activism, parents and spinoffs, and post-reorganization equity detracted from performance.

During the reporting period, the Fund’s alternative investment strategies experienced strong performance with gains from global macro, equity market neutral, and convertible bond arbitrage strategies outpacing minor losses from event driven strategies.

The equity market neutral strategy partially rebounded from the first half of the reporting period, despite an increase in factor volatility. From a return perspective, quality and momentum factors led the way, offsetting underperformance from value and size factors. The value factor suffered a large drawdown in June, but largely recovered by the end of the period.

The Fund’s macro investment strategies generated positive returns, with gains across fixed income and foreign exchange-based return factors offsetting losses from commodity-based return factors. Momentum factors generally outperformed carry (or yield) factors over the period, led by multi-asset time series, fixed income real yield, and foreign exchange momentum factors.

The convertible bond arbitrage strategy contributed to Fund performance, driven primarily by a tightening of U.S. convertible bond valuations over the period.

HOW WAS THE FUND POSITIONED?

During the twelve month reporting period, the Fund’s risk was diversified across its investment strategies. The Fund’s event-driven strategy entered the period below the long-term targeted risk level, but rose to target as sub-strategies were added and merger activity picked up towards period-end (albeit from muted levels). Macro risk similarly increased as underlying factors offset less risk.

2 J.P. MORGAN FUNDS OCTOBER 31, 2016

RISK ALLOCATION AS OF OCTOBER 31, 2016
Asset Class / Strategy	% of Risk Allocation***
Convertible Arbitrage (1)		6.3	%
Equity Market Neutral (2)		44.7
Event Driven (3)		20.7
Macro Based (4)		28.3

TOP TEN HOLDINGS OF THE PORTFOLIO (a)
	1.	KLA-Tencor Corp.	1.2	%
	2.	Rackspace Hosting, Inc.	1.1
	3.	Linear Technology Corp.	1.1
	4.	Syngenta AG (Switzerland)	1.1
	5.	Cepheid	1.1
	6.	Joy Global, Inc.	1.1
	7.	Time Warner, Inc.	1.1
	8.	B/E Aerospace, Inc.	1.1
	9.	NXP Semiconductors N.V.	1.1
	10.	Westar Energy, Inc.	1.1

TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a)
	1.	New York Community Bancorp, Inc.	1.0	%
	2.	Deutsche Boerse AG (Germany)	0.9
	3.	Lam Research Corp.	0.8
	4.	AT&T, Inc.	0.7
	5.	Marriott International, Inc., Class A	0.6
	6.	Tabcorp Holdings Ltd. (Australia)	0.5
	7.	Canadian Imperial Bank of Commerce (Canada)	0.4
	8.	Abbott Laboratories	0.4
	9.	British American Tobacco plc (United Kingdom)	0.3
	10.	Analog Devices, Inc.	0.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of October 31, 2016 and are not representative of the targeted equal risk allocation across asset classes over the long-term. Holdings and allocations may vary over time.

(1) Convertible Arbitrage strategies seek to profit from the complexity of the pricing of convertible bonds (which contain elements of both a fixed income security and an equity option).

(2) Equity Market Neutral strategies involve simultaneous investing in equities (i.e. investing long) that the Adviser expects to increase in value and selling equities (i.e. selling short) that the Adviser expects to decrease in value.

(3) Event Driven strategies (e.g. merger arbitrage) seek to profit from investing in securities of companies on the basis that a specific event or catalyst will affect future pricing.

(4) Macro Based Strategies aim to exploit macro economic imbalances across the globe through a broad range of asset classes including, but not limited to fixed income, currency and commodities.

(a) Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of October 31, 2016. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 3

JPMorgan Systematic Alpha Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2016

	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 12, 2013
With Sales Charge*			(5.14	)%		0.27	%		1.37	%
Without Sales Charge			(0.67	)		1.83			2.64
CLASS C SHARES	February 12, 2013
With CDSC**			(2.23	)		1.29			2.11
Without CDSC			(1.23	)		1.29			2.11
CLASS R6 SHARES	February 12, 2013		(0.25	)		2.29			3.09
SELECT CLASS SHARES	February 12, 2013		(0.46	)		2.06			2.88

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/12/13 TO 10/31/16)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on February 12, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Systematic Alpha Fund and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from February 12, 2013 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

From the inception of the Fund through July 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 55.5%
		Consumer Discretionary — 8.0%
		Auto Components — 0.5%
	56,000	Calsonic Kansei Corp., (Japan)		701,826
	18,426	Goodyear Tire & Rubber Co. (The)		534,907
	3,708	Linamar Corp., (Canada)		150,802
	4,700	Visteon Corp.		331,867
				1,719,402
		Automobiles — 0.2%
	14,300	Fuji Heavy Industries Ltd., (Japan)		558,794
		Diversified Consumer Services — 0.1%
	8,200	Sotheby’s		294,216
		Hotels, Restaurants & Leisure — 1.8%
	17,200	Bloomin’ Brands, Inc.		297,560
	30,300	Hilton Worldwide Holdings, Inc.		684,780
	5,300	Hyatt Hotels Corp., Class A (a)		269,187
	13,333	ILG, Inc.		218,395
	2,900	Jack in the Box, Inc.		271,817
	30,300	La Quinta Holdings, Inc. (a)		303,303
	24,752	Marriott International, Inc., Class A		1,700,462
	4,100	Marriott Vacations Worldwide Corp.		260,678
	7,539	McDonald’s Corp.		848,665
	12,000	SeaWorld Entertainment, Inc.		168,120
	1,972	Wyndham Worldwide Corp.		129,837
	8,700	Yum! Brands, Inc.		750,636
				5,903,440
		Household Durables — 0.7%
	17,146	D.R. Horton, Inc.		494,319
	46,500	Haseko Corp., (Japan)		452,529
	26,800	Iida Group Holdings Co., Ltd., (Japan)		518,031
	8,500	iRobot Corp. (a)		430,950
	39,300	Sumitomo Forestry Co., Ltd., (Japan)		547,459
				2,443,288
		Leisure Products — 0.2%
	25,300	Heiwa Corp., (Japan)		594,330
	9,733	Smith & Wesson Holding Corp. (a)		257,243
				851,573
		Media — 1.2%
	12,291	Carmike Cinemas, Inc. (a)		401,301
	13,500	Discovery Communications, Inc., Class C (a)		338,985
	29,255	Gannett Co., Inc.		227,311
	22,316	Interpublic Group of Cos., Inc. (The)		499,655
	9,766	Meredith Corp.		442,888

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	6,247	Omnicom Group, Inc.		498,636
	7,976	Scripps Networks Interactive, Inc., Class A		513,336
	17,130	Sinclair Broadcast Group, Inc., Class A		429,963
	6,800	Starz, Class A (a)		213,928
	31,100	TEGNA, Inc.		610,182
				4,176,185
		Multiline Retail — 0.1%
	6,800	Big Lots, Inc.		295,120
		Specialty Retail — 2.7%
	29,044	Abercrombie & Fitch Co., Class A		424,333
	17,900	Adastria Co., Ltd., (Japan)		468,588
	15,800	American Eagle Outfitters, Inc.		269,232
	6,100	Asbury Automotive Group, Inc. (a)		310,795
	19,600	Ascena Retail Group, Inc. (a)		95,844
	50,067	Cabela’s, Inc. (a)		3,084,628
	3,400	Children’s Place, Inc. (The)		258,230
	34,105	CST Brands, Inc.		1,637,722
	11,800	DSW, Inc., Class A		245,086
	8,824	Express, Inc. (a)		106,064
	6,900	Genesco, Inc. (a)		371,220
	16,300	GNC Holdings, Inc., Class A		218,909
	5,600	Group 1 Automotive, Inc.		337,512
	28,563	JB Hi-Fi Ltd., (Australia)		615,731
	4,600	Murphy USA, Inc. (a)		316,388
	12,200	Vitamin Shoppe, Inc. (a)		305,610
				9,065,892
		Textiles, Apparel & Luxury Goods — 0.5%
	10,225	Michael Kors Holdings Ltd., (United Kingdom) (a)		519,225
	4,992	PVH Corp.		534,044
	22,877	Wolverine World Wide, Inc.		488,424
				1,541,693
		Total Consumer Discretionary		26,849,603
		Consumer Staples — 5.1%
		Beverages — 0.5%
	21,100	Coca-Cola West Co., Ltd., (Japan)		623,605
	4,844	PepsiCo, Inc.		519,277
	21,600	Sapporo Holdings Ltd., (Japan)		610,215
				1,753,097
		Food & Staples Retailing — 1.6%
	7,733	Andersons, Inc. (The)		294,241
	10,600	Matsumotokiyoshi Holdings Co., Ltd., (Japan)		546,094

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 5

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food & Staples Retailing — continued
	335,246	Metcash Ltd., (Australia) (a)		505,942
	409,463	Rite Aid Corp. (a)		2,747,497
	123,300	SUPERVALU, Inc. (a)		528,957
	8,266	Wal-Mart Stores, Inc.		578,785
				5,201,516
		Food Products — 2.2%
	9,692	Campbell Soup Co.		526,663
	15,000	ConAgra Foods, Inc.		722,700
	34,806	Darling Ingredients, Inc. (a)		473,362
	7,482	General Mills, Inc.		463,734
	3,520	JM Smucker Co. (The)		462,211
	23,600	Nichirei Corp., (Japan)		516,053
	6,560	Sanderson Farms, Inc.		590,269
	7,776	Tyson Foods, Inc., Class A		550,930
	56,768	WhiteWave Foods Co. (The) (a)		3,093,288
				7,399,210
		Household Products — 0.5%
	11,473	Energizer Holdings, Inc.		533,609
	6,342	Procter & Gamble Co. (The)		550,486
	21,708	Svenska Cellulosa AB S.C.A., (Sweden), Class B		614,832
				1,698,927
		Tobacco — 0.3%
	8,078	Altria Group, Inc.		534,117
	5,389	Philip Morris International, Inc.		519,715
				1,053,832
		Total Consumer Staples		17,106,582
		Energy — 2.3%
		Energy Equipment & Services — 1.3%
	41,925	Archrock, Inc.		486,330
	10,242	Forum Energy Technologies, Inc. (a)		184,356
	8,304	Helmerich & Payne, Inc.		524,066
	84,728	Noble Corp. plc, (United Kingdom)		418,556
	22,489	Patterson-UTI Energy, Inc.		505,553
	34,068	RPC, Inc. (a)		588,354
	6,617	Schlumberger Ltd.		517,648
	30,733	Superior Energy Services, Inc.		435,179
	95,697	WorleyParsons Ltd., (Australia) (a)		611,597
				4,271,639
		Oil, Gas & Consumable Fuels — 1.0%
	29,867	ARC Resources Ltd., (Canada)		507,024
	13,547	CVR Energy, Inc.		179,633

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	174,866	Denbury Resources, Inc. (a)		417,930
	6,751	Exxon Mobil Corp.		562,494
	11,596	Halcon Resources Corp. (a)		103,784
	40,111	Husky Energy, Inc., (Canada)		431,523
	23,100	Idemitsu Kosan Co., Ltd., (Japan)		530,836
	602	PrairieSky Royalty Ltd., (Canada)		13,092
	3,800	SandRidge Energy, Inc. (a)		87,514
	61,100	Showa Shell Sekiyu KK, (Japan)		569,287
	916	Southwestern Energy Co. (a)		9,515
				3,412,632
		Total Energy		7,684,271
		Financials — 5.9%
		Banks — 1.5%
	50,510	Banc of California, Inc.		671,783
	7,880	Bank of Montreal, (Canada)		501,481
	10,240	Bank of Nova Scotia (The), (Canada)		550,286
	4,600	Canadian Western Bank, (Canada)		87,281
	18,700	CIT Group, Inc.		679,371
	27,800	Investors Bancorp, Inc.		340,828
	16,538	Popular, Inc., (Puerto Rico)		600,329
	8,460	Royal Bank of Canada, (Canada)		528,553
	13,350	Toronto-Dominion Bank (The), (Canada)		605,742
	21,129	Trustmark Corp.		584,851
				5,150,505
		Capital Markets — 0.4%
	58,481	BGC Partners, Inc., Class A		502,352
	26,470	KCG Holdings, Inc., Class A (a)		337,757
	46,400	SBI Holdings, Inc., (Japan)		551,198
				1,391,307
		Consumer Finance — 0.2%
	56,847	Navient Corp.		726,505
		Insurance — 3.2%
	8,637	Aflac, Inc.		594,830
	5,700	American International Group, Inc.		351,690
	4,517	American National Insurance Co.		529,212
	3,800	Assurant, Inc.		305,976
	17,489	Assured Guaranty Ltd., (Bermuda)		522,746
	8,637	Axis Capital Holdings Ltd., (Bermuda)		492,050
	269,207	Delta Lloyd N.V., (Netherlands)		1,626,370
	25,802	Endurance Specialty Holdings Ltd., (Bermuda)		2,372,494
	2,947	Everest Re Group Ltd., (Bermuda)		599,773

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	6,309	First American Financial Corp.		246,430
	14,397	Industrial Alliance Insurance & Financial Services, Inc., (Canada)		557,504
	14,400	MetLife, Inc.		676,224
	28,077	Old Republic International Corp.		473,378
	16,435	Unum Group		581,799
	400	White Mountains Insurance Group Ltd.		331,888
	9,800	XL Group Ltd., (Bermuda)		340,060
				10,602,424
		Thrifts & Mortgage Finance — 0.6%
	33,499	EverBank Financial Corp.		646,866
	22,629	Home Capital Group, Inc., (Canada)		447,923
	19,100	Nationstar Mortgage Holdings, Inc. (a)		288,601
	35,580	Northwest Bancshares, Inc.		560,029
				1,943,419
		Total Financials		19,814,160
		Health Care — 4.4%
		Biotechnology — 1.0%
	61,102	Cepheid (a)		3,232,296
		Health Care Equipment & Supplies — 1.4%
	45,803	Alere, Inc. (a)		2,046,478
	31,092	Ansell Ltd., (Australia)		512,242
	6,092	Medtronic plc, (Ireland)		499,666
	9,165	ResMed, Inc.		547,792
	3,480	Teleflex, Inc.		498,092
	8,100	Varian Medical Systems, Inc. (a)		734,913
				4,839,183
		Health Care Providers & Services — 0.8%
	24,800	Alfresa Holdings Corp., (Japan)		524,123
	4,700	Express Scripts Holding Co. (a)		316,780
	13,041	HealthSouth Corp.		523,596
	3,865	Laboratory Corp. of America Holdings (a)		484,439
	10,400	Team Health Holdings, Inc. (a)		445,640
	4,796	WellCare Health Plans, Inc. (a)		544,394
				2,838,972
		Life Sciences Tools & Services — 0.6%
	11,282	Agilent Technologies, Inc.		491,557
	6,344	Charles River Laboratories International, Inc. (a)		481,383
	9,915	PerkinElmer, Inc.		504,574
	3,759	Thermo Fisher Scientific, Inc.		552,686
				2,030,200

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.6%
	9,000	Hisamitsu Pharmaceutical Co., Inc., (Japan)		480,079
	8,431	Merck & Co., Inc.		495,068
	24,500	Mitsubishi Tanabe Pharma Corp., (Japan)		476,880
	14,853	Pfizer, Inc.		470,988
				1,923,015
		Total Health Care		14,863,666
		Industrials — 7.7%
		Aerospace & Defense — 0.3%
	2,600	Boeing Co. (The)		370,318
	39,463	CAE, Inc., (Canada)		554,300
				924,618
		Airlines — 1.4%
	14,332	Delta Air Lines, Inc.		598,648
	10,984	Hawaiian Holdings, Inc. (a)		494,554
	5,500	United Continental Holdings, Inc. (a)		309,265
	58,357	Virgin America, Inc. (a)		3,171,703
				4,574,170
		Building Products — 0.2%
	6,003	Universal Forest Products, Inc.		516,198
		Commercial Services & Supplies — 1.1%
	48,306	ACCO Brands Corp. (a)		536,196
	16,146	Brady Corp., Class A		534,433
	142,496	Downer EDI Ltd., (Australia)		629,817
	6,614	G&K Services, Inc., Class A		626,346
	8,452	Gategroup Holding AG, (Switzerland) (a)		444,572
	16,780	Herman Miller, Inc.		466,484
	2,693	Quad/Graphics, Inc.		63,986
	24,932	West Corp.		491,659
				3,793,493
		Construction & Engineering — 0.8%
	30,600	COMSYS Holdings Corp., (Japan)		538,698
	10,170	EMCOR Group, Inc.		614,878
	92,700	Penta-Ocean Construction Co., Ltd., (Japan)		552,412
	10,400	Quanta Services, Inc. (a)		299,000
	54,300	Tokyu Construction Co., Ltd., (Japan)		548,691
				2,553,679
		Electrical Equipment — 0.8%
	8,378	Eaton Corp. plc		534,265
	8,838	EnerSys		575,619
	114,000	Fuji Electric Co., Ltd., (Japan)		569,269
	21,600	Furukawa Electric Co., Ltd., (Japan)		635,482

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 7

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — continued
	34,000	Nissin Electric Co., Ltd., (Japan)		453,387
				2,768,022
		Machinery — 2.2%
	46,800	Amada Holdings Co., Ltd., (Japan)		533,103
	27,312	Briggs & Stratton Corp.		508,549
	27,900	Energy Recovery, Inc. (a)		340,659
	115,931	Joy Global, Inc.		3,226,360
	6,468	KUKA AG, (Germany) (a)		733,994
	74,000	OKUMA Corp., (Japan)		619,266
	4,412	Parker-Hannifin Corp.		541,573
	9,991	SPX FLOW, Inc. (a)		250,674
	6,900	Terex Corp.		164,772
	14,573	Timken Co. (The)		481,638
	7,200	Trinity Industries, Inc.		153,720
				7,554,308
		Professional Services — 0.2%
	7,244	ManpowerGroup, Inc.		556,339
	56,702	SAI Global Ltd., (Australia)		201,628
				757,967
		Trading Companies & Distributors — 0.7%
	11,522	Applied Industrial Technologies, Inc.		585,318
	40,100	ITOCHU Corp., (Japan)		506,411
	24,000	MRC Global, Inc. (a)		353,760
	4,100	United Rentals, Inc. (a)		310,206
	9,980	WESCO International, Inc. (a)		540,916
				2,296,611
		Total Industrials		25,739,066
		Information Technology — 13.4%
		Communications Equipment — 0.7%
	4,292	Cisco Systems, Inc.		131,679
	4,005	F5 Networks, Inc. (a)		553,531
	7,140	Motorola Solutions, Inc.		518,221
	7,696	NETGEAR, Inc. (a)		388,648
	11,300	NetScout Systems, Inc. (a)		310,185
	10,392	Plantronics, Inc.		537,370
				2,439,634
		Electronic Equipment, Instruments & Components — 2.1%
	4,968	Coherent, Inc. (a)		517,268
	17,796	Corning, Inc.		404,147
	8,606	Dolby Laboratories, Inc., Class A		409,560
	3,700	ePlus, Inc. (a)		338,735
	88,873	Ingram Micro, Inc., Class A		3,306,076

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
	18,288	Orbotech Ltd., (Israel) (a)		501,091
	7,377	Rofin-Sinar Technologies, Inc. (a)		240,121
	16,609	Sanmina Corp. (a)		459,239
	3,994	SYNNEX Corp.		409,545
	31,974	Vishay Intertechnology, Inc.		450,833
				7,036,615
		Internet Software & Services — 2.5%
	566	Alphabet, Inc., Class A (a)		458,403
	12,351	Cvent, Inc. (a)		385,598
	6,800	GrubHub, Inc. (a)		259,148
	33,102	inContact, Inc. (a)		460,449
	16,223	LinkedIn Corp., Class A (a)		3,075,881
	15,500	Mixi, Inc., (Japan)		569,442
	101,875	Rackspace Hosting, Inc. (a)		3,253,887
				8,462,808
		IT Services — 1.0%
	800	Alliance Data Systems Corp. (a)		163,576
	4,800	Blackhawk Network Holdings, Inc. (a)		165,360
	3,071	CSG Systems International, Inc.		116,790
	3,421	International Business Machines Corp.		525,773
	17,100	NeuStar, Inc., Class A (a)		383,895
	2,227	Science Applications International Corp.		153,463
	18,206	Sykes Enterprises, Inc. (a)		486,828
	22,100	TIS, Inc., (Japan)		500,089
	3,004	Total System Services, Inc.		149,840
	6,130	Western Union Co. (The)		123,029
	65,600	Xerox Corp.		640,912
				3,409,555
		Semiconductors & Semiconductor Equipment — 2.9%
	53,129	AIXTRON SE, (Germany) (a)		252,711
	9,868	Cabot Microelectronics Corp.		545,306
	14,900	Cypress Semiconductor Corp.		148,553
	3,606	Intel Corp.		125,741
	38,294	Kulicke & Soffa Industries, Inc., (Singapore) (a)		507,012
	43,260	Marvell Technology Group Ltd., (Bermuda)		563,678
	10,039	MaxLinear, Inc., Class A (a)		187,830
	12,038	Mellanox Technologies Ltd., (Israel) (a)		522,449
	8,535	Microchip Technology, Inc.		516,794
	31,725	NXP Semiconductors N.V., (Netherlands) (a)		3,172,500
	3,828	Power Integrations, Inc.		246,715
	15,093	Qorvo, Inc. (a)		839,925

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	18,416	Semtech Corp. (a)		445,667
	5,800	Synaptics, Inc. (a)		302,296
	6,430	Teradyne, Inc.		149,755
	7,601	Texas Instruments, Inc.		538,531
	20,200	Ulvac, Inc., (Japan)		637,795
				9,703,258
		Software — 3.3%
	15,502	CA, Inc.		476,531
	4,973	Citrix Systems, Inc. (a)		421,710
	35,000	COLOPL, Inc., (Japan)		503,285
	3,100	Ebix, Inc.		173,600
	35,715	Fleetmatics Group plc, (Ireland) (a)		2,139,329
	24,003	Infoblox, Inc. (a)		636,080
	9,645	Interactive Intelligence Group, Inc. (a)		583,040
	14,900	Konami Holdings Corp., (Japan)		588,437
	18,000	Mentor Graphics Corp.		520,200
	29,788	NetSuite, Inc. (a)		2,773,859
	17,400	Nexon Co., Ltd., (Japan)		296,200
	28,679	Nuance Communications, Inc. (a)		402,080
	7,463	Open Text Corp., (Canada)		463,370
	3,228	Oracle Corp.		124,020
	14,400	Symantec Corp.		360,432
	6,349	VMware, Inc., Class A (a)		499,031
				10,961,204
		Technology Hardware, Storage & Peripherals — 0.9%
	41,500	Hewlett Packard Enterprise Co.		932,505
	45,774	Lexmark International, Inc., Class A		1,816,770
	8,100	NCR Corp. (a)		283,905
				3,033,180
		Total Information Technology		45,046,254
		Materials — 6.7%
		Chemicals — 4.3%
	11,791	Cabot Corp.		614,783
	31,681	Chemtura Corp. (a)		1,039,137
	58,000	Huntsman Corp.		983,100
	12,588	Innophos Holdings, Inc.		577,034
	39,200	Kuraray Co., Ltd., (Japan)		594,292
	40,500	Mitsubishi Gas Chemical Co., Inc., (Japan)		623,325
	14,715	Monsanto Co.		1,482,830
	8,972	Stepan Co.		637,281
	8,133	Syngenta AG, (Switzerland) (a)		3,237,414
	27,800	Teijin Ltd., (Japan)		537,135
	91,000	Tosoh Corp., (Japan)		594,276

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	240,000	Ube Industries Ltd., (Japan)		495,261
	30,548	Valspar Corp. (The)		3,042,581
				14,458,449
		Construction Materials — 0.3%
	191,441	CSR Ltd., (Australia)		531,576
	131,000	Sumitomo Osaka Cement Co., Ltd., (Japan)		542,565
				1,074,141
		Containers & Packaging — 0.5%
	6,673	Avery Dennison Corp.		465,709
	7,803	Packaging Corp. of America		643,748
	86,000	Rengo Co., Ltd., (Japan)		539,332
				1,648,789
		Metals & Mining — 1.6%
	86,765	BlueScope Steel Ltd., (Australia)		514,745
	34,203	Commercial Metals Co.		537,329
	138,569	Fortescue Metals Group Ltd., (Australia)		581,523
	39,100	Nisshin Steel Co., Ltd., (Japan)		520,114
	166,572	Northern Star Resources Ltd., (Australia)		538,767
	10,293	Nucor Corp.		502,813
	171,161	Regis Resources Ltd., (Australia)		431,659
	22,646	Steel Dynamics, Inc.		621,859
	12,258	Worthington Industries, Inc.		576,126
	17,400	Yamato Kogyo Co., Ltd., (Japan)		489,892
				5,314,827
		Total Materials		22,496,206
		Real Estate — 0.1%
		Real Estate Management & Development — 0.1%
	79,300	Leopalace21 Corp., (Japan)		515,592
		Telecommunication Services — 0.3%
		Wireless Telecommunication Services — 0.3%
	17,000	KDDI Corp., (Japan)		516,684
	19,700	NTT DOCOMO, Inc., (Japan)		494,746
		Total Telecommunication Services		1,011,430
		Utilities — 1.6%
		Electric Utilities — 0.7%
	3,093	ALLETE, Inc.		189,570
	8,050	American Electric Power Co., Inc.		521,962
	24,190	Empire District Electric Co. (The)		828,024
	14,422	Exelon Corp.		491,358
	15,862	OGE Energy Corp.		492,356
				2,523,270

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 9

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Gas Utilities — 0.2%
	114,405	Snam S.p.A., (Italy)		602,779
		Independent Power & Renewable Electricity Producers — 0.5%
	113,731	Talen Energy Corp. (a)		1,584,273
		Multi-Utilities — 0.2%
	38,641	AGL Energy Ltd., (Australia)		562,904
		Total Utilities		5,273,226
		Total Common Stocks (Cost $183,431,641)		186,400,056
	Preferred Stocks — 2.0%
		Consumer Staples — 0.1%
		Food Products — 0.1%
	6,279	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		483,923
		Energy — 0.4%
		Oil, Gas & Consumable Fuels — 0.4%
	7,617	Hess Corp., 8.000%, 02/01/19 ($50 par value)		450,546
	10,323	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		475,374
	15,459	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		387,557
		Total Energy		1,313,477
		Financials — 0.3%
		Banks — 0.3%
	359	Bank of America Corp., Series L, 7.250% ($1,000 par value)		441,929
	360	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		469,800
		Total Financials		911,729
		Health Care — 0.3%
		Health Care Providers & Services — 0.1%
	8,965	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		378,771
		Pharmaceuticals — 0.2%
	875	Allergan plc, (Ireland), Series A, 5.500%, 03/01/18 ($1,000 par value)		672,875
		Total Health Care		1,051,646
		Materials — 0.1%
		Metals & Mining — 0.1%
	6,716	Arconic, Inc., Series 1, 5.375%, 10/01/17 ($50 par value)		207,524

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		293,503
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.2%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		567,868
		Wireless Telecommunication Services — 0.2%
	8,800	T-Mobile U.S., Inc., 5.500%, 12/15/17 ($50 par value)		727,320
		Total Telecommunication Services		1,295,188
		Utilities — 0.3%
		Electric Utilities — 0.3%
	10,125	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		482,963
	6,900	NextEra Energy, Inc., 6.371%, 09/01/18 ($50 par value)		421,107
				904,070
		Multi-Utilities — 0.0% (g)
	3,750	Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		188,362
		Total Utilities		1,092,432
		Total Preferred Stocks (Cost $6,732,314)		6,649,422
PRINCIPAL AMOUNT($)/ UNITS
	Convertible Bonds — 7.6%
		Consumer Discretionary — 0.9%
		Automobiles — 0.1%
	650,000 Units	Fiat Chrysler Automobiles N.V., (Netherlands), 7.875%, 12/15/16		426,257
		Internet & Direct Marketing Retail — 0.5%
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		189,625
	150,000	1.000%, 03/15/18		237,750
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		639,399
	538,000	Vipshop Holdings Ltd., (Cayman Islands), 1.500%, 03/15/19		571,625
				1,638,399
		Media — 0.2%
	678,000	Liberty Media Corp., 1.375%, 10/15/23		693,679

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS OCTOBER 31, 2016

PRINCIPAL AMOUNT($)/ UNITS		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Textiles, Apparel & Luxury Goods — 0.1%
	194,000	Iconix Brand Group, Inc., 1.500%, 03/15/18		165,385
		Total Consumer Discretionary		2,923,720
		Energy — 0.1%
		Energy Equipment & Services — 0.1%
	816,000	Hornbeck Offshore Services, Inc., 1.500%, 09/01/19		508,470
		Financials — 0.6%
		Capital Markets — 0.4%
	478,000	Jefferies Group LLC, 3.875%, 11/01/29		484,572
	706,000	Prospect Capital Corp., 4.750%, 04/15/20		693,204
				1,177,776
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.,
	387,000	4.000%, 01/15/19		432,715
	266,000	4.550%, 03/01/18		290,106
				722,821
		Total Financials		1,900,597
		Health Care — 1.9%
		Biotechnology — 0.6%
	779,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		603,238
		BioMarin Pharmaceutical, Inc.,
	412,000	0.750%, 10/15/18		460,925
	373,000	1.500%, 10/15/20		434,545
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		541,194
				2,039,902
		Health Care Equipment & Supplies — 0.1%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		202,755
	174,000	Series 2012, SUB, 2.000%, 03/01/42		222,067
				424,822
		Health Care Providers & Services — 0.6%
	133,000	Anthem, Inc., 2.750%, 10/15/42		228,344
	652,000	Brookdale Senior Living, Inc., 2.750%, 06/15/18		634,478
	408,000	HealthSouth Corp., 2.000%, 12/01/43		474,300
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		393,533
	369,000	1.625%, 08/15/44		427,117
				2,157,772

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		585,958
		Life Sciences Tools & Services — 0.1%
	187,000	Illumina, Inc., 0.500%, 06/15/21		186,883
		Pharmaceuticals — 0.3%
	142,000	Impax Laboratories, Inc., 2.000%, 06/15/22		123,185
	800,000	Jazz Investments I Ltd., (Bermuda), 1.875%, 08/15/21		793,000
				916,185
		Total Health Care		6,311,522
		Industrials — 0.1%
		Machinery — 0.1%
	465,000	Trinity Industries, Inc., 3.875%, 06/01/36		517,603
		Information Technology — 3.3%
		Communications Equipment — 0.2%
	520,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		515,450
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		238,687
				754,137
		Internet Software & Services — 0.7%
	643,000	Akamai Technologies, Inc., Zero Coupon, 02/15/19		675,954
	573,000	j2 Global, Inc., 3.250%, 06/15/29		693,330
	597,000	SINA Corp., (Cayman Islands), 1.000%, 12/01/18		592,523
	535,000	Yandex N.V., (Netherlands), 1.125%, 12/15/18		512,262
				2,474,069
		IT Services — 0.2%
	414,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		511,549
		Semiconductors & Semiconductor Equipment — 1.4%
		Intel Corp.,
	221,000	2.950%, 12/15/35		287,438
	210,000	3.250%, 08/01/39		360,019
	273,000	Lam Research Corp., 1.250%, 05/15/18		442,772
	429,000	Microchip Technology, Inc., 1.625%, 02/15/25		532,496
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		821,908
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		287,534
	183,000	NVIDIA Corp., 1.000%, 12/01/18		644,274

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 11

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
	600,000	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19		688,500
	221,000	ON Semiconductor Corp., Series B, 2.625%, 12/15/26		253,736
	286,000	Xilinx, Inc., 2.625%, 06/15/17		503,360
				4,822,037
		Software — 0.8%
	440,000	Citrix Systems, Inc., 0.500%, 04/15/19		493,625
	236,000	Nuance Communications, Inc., 2.750%, 11/01/31		236,590
	478,000	Red Hat, Inc., 0.250%, 10/01/19		591,824
	780,000	Rovi Corp., 0.500%, 03/01/20		783,412
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		509,893
				2,615,344
		Total Information Technology		11,177,136
		Materials — 0.3%
		Metals & Mining — 0.3%
	435,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		466,266
	438,000	Royal Gold, Inc., 2.875%, 06/15/19		469,207
		Total Materials		935,473
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		291,180
	305,000	3.750%, 05/15/21		331,878
		Total Real Estate		623,058

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utilities — 0.2%
		Independent Power & Renewable Electricity Producers — 0.2%
	758,000	NRG Yield, Inc., 3.500%, 02/01/19 (e)		750,420
		Total Convertible Bonds (Cost $25,721,968)		25,647,999
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics International Ltd. (a)		—
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	3,314	Leap Wireless International, Inc. (a)		8,351
		Total Rights (Cost $—)		8,351
SHARES
	Short-Term Investment — 31.5%
		Investment Company — 31.5%
	105,894,211	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.290% (b) (l) ^^ (Cost $105,894,211)		105,894,211
		Total Investments — 96.6% (Cost 321,780,134)		324,600,039
		Other Assets in Excess of Liabilities — 3.4%		11,262,444
		NET ASSETS — 100.0%	$	335,862,483

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	21	LME Zinc Futures^		11/14/16		USD	$	1,287,825	$	61,599
	9	CAC 40 Index		11/18/16		EUR		445,169		(6,316	)
	1	WTI Crude Oil Futures^		11/21/16		USD		46,860		(3,502	)
	6	Cotton No.2 Futures^		12/07/16		USD		206,580		18,143
	59	Euro Bobl		12/08/16		EUR		8,491,634		(29,558	)
	14	Euro Bund		12/08/16		EUR		2,492,310		(31,712	)
	292	Euro Schatz		12/08/16		EUR		35,894,405		(18,516	)
	3	Euro-Buxl 30-Year Bond		12/08/16		EUR		592,390		(27,997	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS OCTOBER 31, 2016

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	298		10 Year Australian Government Bond		12/15/16	AUD	$	30,063,987		$	(629,061	)
	5		SPI 200 Index		12/15/16	AUD		501,827			6,887
	2		DAX Index		12/16/16	EUR		586,744			17,366
	5		E-mini S&P 500		12/16/16	USD		530,025			(11,120	)
	10		Euro STOXX 50 Index		12/16/16	EUR		335,284			6,197
	9		FTSE 100 Index		12/16/16	GBP		761,770			33,793
	12		10 Year Canadian Government Bond		12/19/16	CAD		1,293,849			(18,451	)
	8		Coffee ‘C’ Futures^		12/19/16	USD		492,450			72,558
	6		LME Nickel Futures^		12/19/16	USD		376,398			14,256
	70		LME Primary Aluminum Futures^		12/19/16	USD		3,033,625			43,303
	34		LME Zinc Futures^		12/19/16	USD		2,089,300			49,622
	285		10 Year U.S. Treasury Note		12/20/16	USD		36,943,125			(456,721	)
	3		U.S. Treasury Long Bond		12/20/16	USD		488,156			(21,757	)
	3		Gold 100 OZ Futures^		12/28/16	USD		381,930			(11,438	)
	13		Long Gilt		12/28/16	GBP		1,994,410			(74,396	)
	6		Natural Gas Futures^		12/28/16	USD		191,700			(17,426	)
	2		Silver Futures^		12/28/16	USD		177,960			(8,245	)
	15		5 Year U.S. Treasury Note		12/30/16	USD		1,811,953			(7,891	)
	32		Soybean Futures^		01/13/17	USD		1,618,800			(8,657	)
	33		LME Primary Aluminum Futures^		01/16/17	USD		1,431,581			(2,575	)
	4		Feeder Cattle Futures^		01/26/17	USD		232,000			188
	16		Sugar No. 11 (World Markets) Futures^		02/28/17	USD		386,534			28,625
	70		Cocoa Futures^		03/16/17	USD		1,850,100			(139,184	)
	20		Coffee ‘C’ Futures^		03/21/17	USD		1,256,625			(7,577	)
	20		Feeder Cattle Futures^		03/30/17	USD		1,122,750			(14,196	)
	55		Sugar No. 11 (World Markets) Futures^		04/28/17	USD		1,300,376			10,592
	49		Cocoa Futures^		05/15/17	USD		1,285,760			(51,553	)
	43		Sugar No. 11 (World Markets) Futures^		06/30/17	USD		990,170			(22,984	)
			Short Futures Outstanding
	(21	)	LME Zinc Futures^		11/14/16	USD		(1,287,825	)		7,812
	(157	)	Euro Bund		12/08/16	EUR		(27,949,472	)		424,631
	(4	)	10 Year Japanese Government Bond		12/13/16	JPY		(5,786,593	)		1,988
	(22	)	CBOT Wheat Futures^		12/14/16	USD		(457,875	)		84,635
	(18	)	Corn Futures^		12/14/16	USD		(319,275	)		6,347
	(29	)	Lean Hogs Futures^		12/14/16	USD		(556,220	)		69,534
	(2	)	3 Year Australian Government Bond		12/15/16	AUD		(171,243	)		45
	(475	)	E-mini S&P 500		12/16/16	USD		(50,352,375	)		1,256,190
	(3	)	FTSE/MIB Index		12/16/16	EUR		(281,743	)		(8,466	)
	(234	)	10 Year Canadian Government Bond		12/19/16	CAD		(25,230,060	)		362,847
	(2	)	LME Nickel Futures^		12/19/16	USD		(125,466	)		264
	(13	)	LME Primary Aluminum Futures^		12/19/16	USD		(563,388	)		(32,839	)
	(3	)	LME Zinc Futures^		12/19/16	USD		(184,350	)		(12,065	)
	(32	)	WTI Crude Oil Futures^		12/20/16	USD		(1,518,720	)		42,746
	(4	)	Copper Futures^		12/28/16	USD		(220,500	)		(7,135	)
	(47	)	Natural Gas Futures^		12/28/16	USD		(1,501,650	)		32,437

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 13

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT OCTOBER 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(1	)	2 Year U.S. Treasury Note		12/30/16		USD	$	(218,141	)	$	(158	)
	(51	)	Live Cattle Futures^		12/30/16		USD		(2,107,830	)		21,280
	(2	)	Soybean Futures^		01/13/17		USD		(101,175	)		(2,706	)
	(21	)	WTI Crude Oil Futures^		01/20/17		USD		(1,009,050	)		11,705
	(11	)	Feeder Cattle Futures^		01/26/17		USD		(638,000	)		11,693
	(15	)	Natural Gas Futures^		01/27/17		USD		(483,450	)		7,951
	(130	)	Lean Hogs Futures^		02/14/17		USD		(2,840,500	)		168,477
	(167	)	CBOT Wheat Futures^		03/14/17		USD		(3,621,813	)		(31,930	)
	(20	)	Cocoa Futures^		03/16/17		USD		(528,600	)		(4,128	)
	(46	)	Lean Hogs Futures^		04/17/17		USD		(1,141,720	)		(3,276	)
	(65	)	CBOT Wheat Futures^		05/12/17		USD		(1,456,812	)		(64,954	)
	(38	)	Corn Futures^		05/12/17		USD		(702,050	)		363
											$	1,085,584

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,419,592	AUD	State Street Corp.		11/22/16	$	10,111,482	$	10,202,894	$	91,412
	8,007,698	BRL	Merrill Lynch International†		11/22/16		2,471,054		2,493,020		21,966
	84,731	CAD	Royal Bank of Canada		11/22/16		63,964		63,179		(785	)
	7,343,032,900	COP	Merrill Lynch International†		11/22/16		2,492,543		2,434,046		(58,497	)
	2,955,485	EUR	Citibank, N.A.		11/22/16		3,261,921		3,246,960		(14,961	)
	103,111,360	JPY	Royal Bank of Scotland		11/22/16		983,022		983,871		849
	51,334,289	NOK	Citibank, N.A.		11/22/16		6,245,801		6,213,194		(32,607	)
	29,064,934	NZD	Standard Chartered Bank		11/22/16		20,507,950		20,767,222		259,272
	161,900,546	RUB	Merrill Lynch International†		11/22/16		2,536,116		2,540,734		4,618
	7,334,815	TRY	Standard Chartered Bank		11/22/16		2,348,041		2,360,455		12,414
	33,432,079	ZAR	Goldman Sachs International		11/22/16		2,314,549		2,469,643		155,094
						$	53,336,443	$	53,775,218	$	438,775

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,993,608	AUD	State Street Corp.		11/22/16	$	6,023,077	$	6,077,528	$	(54,451	)
	7,382,137	CAD	Standard Chartered Bank		11/22/16		5,572,433		5,504,426		68,007
	27,064,931	CHF	Citibank, N.A.		11/22/16		27,438,339		27,378,121		60,218
	59,586,601	CZK	Standard Chartered Bank		11/22/16		2,433,633		2,422,053		11,580
	2,731,029	EUR	Citibank, N.A.		11/22/16		3,014,192		3,000,367		13,825
	5,313,602	GBP	Citibank, N.A.		11/22/16		6,479,725		6,506,335		(26,610	)
	688,319,946	HUF	Standard Chartered Bank		11/22/16		2,474,403		2,447,379		27,024
	9,394,746	ILS	Citibank, N.A.		11/22/16		2,478,862		2,449,996		28,866

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS OCTOBER 31, 2016

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT OCTOBER 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	638,863,107	JPY	Citibank, N.A.		11/22/16	$	6,164,095	$	6,095,923	$	68,172
	2,547,535,397	JPY	HSBC Bank, N.A.		11/22/16		24,573,122		24,308,151		264,971
	9,886,349	RON	Goldman Sachs International		11/22/16		2,419,706		2,409,244		10,462
	83,240,860	SEK	Citibank, N.A.		11/22/16		9,438,593		9,224,264		214,329
	78,595,161	TWD	Standard Chartered Bank†		11/22/16		2,471,857		2,491,251		(19,394	)
						$	100,982,037	$	100,315,038	$	666,999

Total Return Basket Swaps* Outstanding at October 31, 2016
COUNTERPARTY	DESCRIPTION	TERMINATION DATE		VALUE**
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions within the swap.		08/29/17	$	18,615
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short positions and pays a specified LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the local currencies of the positions within the swap.		10/02/17		1,681
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in HKD which pays one day LIBOR plus a spread, or one day 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.		02/05/18		(9,541	)
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short positions and pays one month LIBOR plus a spread for long positions, with the exception of long positions denominated in ZAR which pays one day LIBOR plus a spread, or one day 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.		02/05/18		37,516
				$	48,271

* See the accompanying “Additional Information — Total Return Basket Swaps” for further details.

** This represents the value of the swap subsequent to reset.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 15

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAC	—  Continuous Assisted Quotation
CAD	—  Canadian Dollar
CBOT	—  Chicago Board of Trade
CHF	—  Swiss Franc
COP	—  Colombian Peso
CZK	—  Czech Republic Koruna
DAX	—  German Stock Index
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
ILS	—  Israeli Shekel
JPY	—  Japanese Yen
LIBOR	—  London Interbank Offered Rate
LME	—  London Metal Exchange
MIB	—  Milan, Italian Stock Exchange
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
RON	—  Romanian Leu
RUB	—  Russian Ruble
SEK	—  Swedish Krona

SPI	—  Australian Securities Exchange
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of October 31, 2016.
TRY	—  New Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
WTI	—  West Texas Intermediate
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 0.05%.
(l)	—  The rate shown is the current yield as of October 31, 2016.
†	—  Non-deliverable forward. See Note 2.C.(2) in the notes to consolidated financial statements.
^	—  Represents positions held in the Subsidiary.
^^	—  A portion of the position is held by the Subsidiary.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS OCTOBER 31, 2016

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 0.9%
Automobiles — 0.1%
Peugeot S.A. (France) (a)		12,121		181,558		181,512		(46	)
Renault S.A. (France)		1,680		145,896		146,096		200
		13,801		327,454		327,608		154
Distributors — 0.0% (g)
Inchcape plc (United Kingdom)		14,625		116,446		116,279		(167	)
Hotels, Restaurants & Leisure — 0.1%
William Hill plc (United Kingdom)		40,526		146,728		146,601		(127	)
Household Durables — 0.2%
Barratt Developments plc (United Kingdom)		98,276		545,755		544,983		(772	)
Bovis Homes Group plc (United Kingdom)		17,604		163,221		162,991		(230	)
		115,880		708,976		707,974		(1,002	)
Media — 0.3%
Mediaset Espana Comunicacion S.A. (Spain)		46,403		518,303		517,821		(482	)
Pearson plc (United Kingdom)		58,053		538,256		537,069		(1,187	)
		104,456		1,056,559		1,054,890		(1,669	)
Specialty Retail — 0.2%
Kingfisher plc (United Kingdom)		108,884		481,519		480,987		(532	)
Total Consumer Discretionary		398,172		2,837,682		2,834,339		(3,343	)
Consumer Staples — 0.1%
Personal Products — 0.1%
Unilever plc (United Kingdom)		11,463		479,570		478,571		(999	)
Financials — 0.8%
Capital Markets — 0.1%
Investec plc (South Africa)		87,347		543,117		542,092		(1,025	)
Insurance — 0.5%
NN Group N.V. (Netherlands)		20,313		612,096		611,881		(215	)
Phoenix Group Holdings (United Kingdom)		50,975		455,784		455,377		(407	)
Poste Italiane S.p.A (Italy)		78,253		520,997		520,908		(89	)
		149,541		1,588,877		1,588,166		(711	)
Thrifts & Mortgage Finance — 0.2%
Aareal Bank AG (Germany)		16,604		599,032		600,569		1,537
Total Financials		253,492		2,731,026		2,730,827		(199	)
Health Care — 0.2%
Pharmaceuticals — 0.2%
Recordati S.p.A. (Italy)		17,366		491,457		491,091		(366	)
Industrials — 0.8%
Commercial Services & Supplies — 0.2%
Babcock International Group plc (United Kingdom)		43,082		521,523		520,768		(755	)
Electrical Equipment — 0.2%
Schneider Electric SE (France)		8,773		588,812		589,985		1,173
Professional Services — 0.1%
RELX plc (United Kingdom)		28,462		508,976		508,051		(925	)
Trading Companies & Distributors — 0.3%
Kloeckner & Co. SE (Germany) (a)		37,905		473,108		473,353		245

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 17

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Trading Companies & Distributors — continued
Rexel S.A. (France)		41,171		571,045		571,010		(35	)
		79,076		1,044,153		1,044,363		210
Total Industrials		159,393		2,663,464		2,663,167		(297	)
Information Technology — 0.3%
Electronic Equipment, Instruments & Components — 0.1%
Spectris plc (United Kingdom)		20,834		522,512		521,653		(859	)
Software — 0.2%
Playtech plc (United Kingdom)		47,218		536,336		535,599		(737	)
Total Information Technology		68,052		1,058,848		1,057,252		(1,596	)
Materials — 0.3%
Chemicals — 0.1%
Covestro AG (Germany)		9,136		539,964		541,010		1,046
Metals & Mining — 0.2%
Glencore plc (Switzerland) (a)		187,769		574,573		574,781		208
Total Materials		196,905		1,114,537		1,115,791		1,254
Real Estate — 0.2%
Real Estate Management & Development — 0.2%
Swiss Prime Site AG (Switzerland) (a)		5,989		496,587		496,723		136
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
Sunrise Communications Group AG (Switzerland) (a)		6,914		472,322		472,401		79
Utilities — 0.4%
Electric Utilities — 0.3%
Enel S.p.A. (Italy)		117,863		507,186		506,733		(453	)
SSE plc (United Kingdom)		25,277		492,240		491,462		(778	)
		143,140		999,426		998,195		(1,231	)
Multi-Utilities — 0.1%
Centrica plc (United Kingdom)		173,041		453,680		453,238		(442	)
Total Utilities		316,181		1,453,106		1,451,433		(1,673	)
Right
Financials — 0.0% (g)
Insurance — 0.0% (g)
Phoenix Group Holdings (United Kingdom) (a)		29,735		80,798		80,798		—
Total Long Positions of Total Return Basket Swap		1,463,662		13,879,397		13,872,393		(7,004	)
Short Positions
Common Stocks
Consumer Discretionary — 2.7%
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions, Inc. (a)		6,461		432,306		432,306		—
Hotels, Restaurants & Leisure — 0.6%
Chipotle Mexican Grill, Inc. (a)		276		99,570		99,570		—
ClubCorp Holdings, Inc.		9,617		111,076		111,076		—
Norwegian Cruise Line Holdings Ltd. (a)		11,995		466,246		466,246		—
Red Robin Gourmet Burgers, Inc. (a)		8,879		408,434		408,434		—
Resorttrust, Inc. (Japan)		5,200		104,178		103,939		239
Starbucks Corp.		8,319		441,489		441,489		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Whitbread plc (United Kingdom)		3,392		149,535		149,843		(308	)
		47,678		1,780,528		1,780,597		(69	)
Internet & Direct Marketing Retail — 0.0% (g)
HSN, Inc.		2,760		104,052		104,052		—
Leisure Products — 0.3%
Polaris Industries, Inc.		5,986		458,587		458,587		—
Shimano, Inc. (Japan)		2,900		496,653		495,841		812
		8,886		955,240		954,428		812
Media — 0.3%
Dentsu, Inc. (Japan)		9,100		454,696		453,628		1,068
IMAX Corp. (Canada) (a)		15,275		462,069		462,069		—
REA Group Ltd. (Australia)		4,739		184,358		183,790		568
		29,114		1,101,123		1,099,487		1,636
Multiline Retail — 0.2%
B&M European Value Retail S.A. (Luxembourg)		40,082		115,210		115,074		136
Hudson’s Bay Co. (Canada)		33,483		411,392		411,392		—
Next plc (United Kingdom)		2,036		119,625		119,786		(161	)
		75,601		646,227		646,252		(25	)
Specialty Retail — 0.7%
Advance Auto Parts, Inc.		2,926		409,874		409,874		—
CarMax, Inc. (a)		8,785		438,723		438,723		—
L Brands, Inc.		6,336		457,396		457,396		—
Lithia Motors, Inc., Class A		5,976		512,621		512,621		—
Tractor Supply Co.		6,532		409,099		409,099		—
		30,555		2,227,713		2,227,713		—
Textiles, Apparel & Luxury Goods — 0.5%
Crocs, Inc. (a)		12,870		98,970		98,970		—
G-III Apparel Group Ltd. (a)		5,887		153,768		153,768		—
Hanesbrands, Inc.		17,549		451,009		451,009		—
Kate Spade & Co. (a)		6,334		106,095		106,095		—
Kering (France)		2,054		455,578		455,719		(141	)
NIKE, Inc., Class B		7,533		378,006		378,006		—
Under Armour, Inc., Class A (a)		4,125		128,288		128,288		—
		56,352		1,771,714		1,771,855		(141	)
Total Consumer Discretionary		257,407		9,018,903		9,016,690		2,213
Consumer Staples — 0.9%
Food & Staples Retailing — 0.4%
Aeon Co., Ltd. (Japan)		27,300		378,248		377,277		971
Casey’s General Stores, Inc.		3,866		436,819		436,819		—
Distribuidora Internacional de Alimentacion S.A. (Spain)		84,593		452,888		451,819		1,069
		115,759		1,267,955		1,265,915		2,040
Food Products — 0.3%
Associated British Foods plc (United Kingdom)		11,776		354,869		354,211		658
Calavo Growers, Inc.		7,420		438,893		438,893		—
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		6		372,290		372,290		—
		19,202		1,166,052		1,165,394		658

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 19

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Personal Products — 0.2%
Avon Products, Inc. (a)		79,624		521,537		521,537		—
Total Consumer Staples		214,585		2,955,544		2,952,846		2,698
Energy — 0.8%
Oil, Gas & Consumable Fuels — 0.8%
Chesapeake Energy Corp. (a)		74,752		411,883		411,883		—
Cobalt International Energy, Inc. (a)		87,858		82,947		82,947		—
Enbridge, Inc. (Canada)		11,260		486,229		486,229		—
Golar LNG Ltd. (Bermuda)		20,265		443,601		443,601		—
Keyera Corp. (Canada)		10,000		300,157		300,157		—
Marathon Oil Corp.		30,962		408,079		408,079		—
MEG Energy Corp. (Canada) (a)		18,346		74,817		74,817		—
Oasis Petroleum, Inc. (a)		44,604		467,896		467,896		—
Total Energy		298,047		2,675,609		2,675,609		—
Financials — 1.2%
Banks — 0.1%
Banco Popular Espanol S.A. (Spain)		344,421		377,710		376,842		868
Royal Bank of Scotland Group plc (United Kingdom) (a)		57,533		133,165		132,954		211
		401,954		510,875		509,796		1,079
Capital Markets — 0.8%
Azimut Holding S.p.A. (Italy)		24,604		394,872		394,932		(60	)
Banca Generali S.p.A. (Italy)		23,280		516,990		517,668		(678	)
Deutsche Bank AG (Germany) (a)		30,977		447,336		447,978		(642	)
Hargreaves Lansdown plc (United Kingdom)		25,822		366,631		366,070		561
ICAP plc (United Kingdom)		71,414		423,505		423,446		59
Interactive Brokers Group, Inc., Class A		12,548		416,468		416,468		—
		188,645		2,565,802		2,566,562		(760	)
Consumer Finance — 0.2%
LendingClub Corp. (a)		23,715		116,915		116,915		—
Provident Financial plc (United Kingdom)		14,048		507,245		506,435		810
		37,763		624,160		623,350		810
Insurance — 0.1%
Sony Financial Holdings, Inc. (Japan)		32,600		458,831		457,849		982
Total Financials		660,962		4,159,668		4,157,557		2,111
Health Care — 0.6%
Health Care Equipment & Supplies — 0.0% (g)
Endologix, Inc. (a)		9,337		97,665		97,665		—
Health Care Providers & Services — 0.2%
Acadia Healthcare Co., Inc. (a)		12,297		442,200		442,200		—
Diplomat Pharmacy, Inc. (a)		3,861		89,459		89,459		—
		16,158		531,659		531,659		—
Health Care Technology — 0.1%
athenahealth, Inc. (a)		4,468		461,634		461,634		—
Life Sciences Tools & Services — 0.2%
Eurofins Scientific SE (Luxembourg)		1,140		517,970		518,069		(99	)
Pharmaceuticals — 0.1%
Dermira, Inc. (a)		1,500		47,025		47,025		—
Nektar Therapeutics (a)		11,687		144,919		144,919		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
TherapeuticsMD, Inc. (a)		15,875		91,122		91,122		—
		29,062		283,066		283,066		—
Total Health Care		60,165		1,891,994		1,892,093		(99	)
Industrials — 3.3%
Aerospace & Defense — 0.2%
Cobham plc (United Kingdom)		257,682		450,711		449,590		1,121
Air Freight & Logistics — 0.1%
Bollore S.A. (France)		124,926		411,412		411,287		125
Bollore S.A. (France) (a)		841		3,047		3,047		—
		125,767		414,459		414,334		125
Airlines — 0.1%
American Airlines Group, Inc.		12,067		489,920		489,920		—
Building Products — 0.0% (g)
Advanced Drainage Systems, Inc.		5,100		97,410		97,410		—
Commercial Services & Supplies — 0.6%
Rollins, Inc.		15,340		472,779		472,779		—
Societe BIC S.A. (France)		3,015		418,018		417,917		101
Sohgo Security Services Co., Ltd. (Japan)		8,600		392,810		391,673		1,137
Stericycle, Inc. (a)		1,482		118,693		118,693		—
Team, Inc. (a)		14,091		433,298		433,298		—
		42,528		1,835,598		1,834,360		1,238
Construction & Engineering — 0.1%
Ferrovial S.A. (Spain)		20,629		401,391		400,777		614
Electrical Equipment — 0.3%
AMETEK, Inc.		8,985		396,239		396,239		—
Melrose Industries plc (United Kingdom)		223,401		461,434		461,031		403
		232,386		857,673		857,270		403
Industrial Conglomerates — 0.1%
Roper Technologies, Inc.		2,456		425,649		425,649		—
Machinery — 0.4%
FANUC Corp. (Japan)		2,700		506,685		494,336		12,349
Middleby Corp. (The) (a)		3,603		403,932		403,932		—
Proto Labs, Inc. (a)		1,849		82,650		82,650		—
Wartsila OYJ Abp (Finland)		9,903		428,318		427,952		366
		18,055		1,421,585		1,408,870		12,715
Professional Services — 0.3%
Advisory Board Co. (The) (a)		10,344		411,691		411,691		—
Capita plc (United Kingdom)		32,567		233,592		233,112		480
Verisk Analytics, Inc. (a)		5,159		420,716		420,716		—
		48,070		1,065,999		1,065,519		480
Road & Rail — 0.7%
AMERCO		1,373		442,641		442,641		—
Aurizon Holdings Ltd. (Australia)		134,204		498,195		497,216		979
Avis Budget Group, Inc. (a)		13,683		442,782		442,782		—
Canadian Pacific Railway Ltd. (Canada)		2,967		424,135		424,135		—
Hertz Global Holdings, Inc. (a)		3,286		108,931		108,931		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 21

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Road & Rail — continued
Kintetsu Group Holdings Co., Ltd. (Japan)		105,000		424,526		423,835		691
		260,513		2,341,210		2,339,540		1,670
Trading Companies & Distributors — 0.2%
Herc Holdings, Inc. (a)		10,213		307,309		307,309		—
Univar, Inc. (a)		22,563		502,027		502,027		—
		32,776		809,336		809,336		—
Transportation Infrastructure — 0.2%
Aeroports de Paris (France)		4,544		458,962		458,976		(14	)
Total Industrials		1,062,573		11,069,903		11,051,551		18,352
Information Technology — 2.7%
Communications Equipment — 0.2%
EchoStar Corp., Class A (a)		11,438		534,612		534,612		—
Nokia OYJ (Finland)		21,436		95,725		95,702		23
ViaSat, Inc. (a)		1,772		125,210		125,210		—
		34,646		755,547		755,524		23
Electronic Equipment, Instruments & Components — 0.1%
OSI Systems, Inc. (a)		6,509		456,476		456,476		—
Internet Software & Services — 0.5%
Benefitfocus, Inc. (a)		4,143		134,648		134,648		—
comScore, Inc. (a)		14,500		417,455		417,455		—
Cornerstone OnDemand, Inc. (a)		10,126		418,204		418,204		—
CoStar Group, Inc. (a)		791		148,012		148,012		—
Envestnet, Inc. (a)		3,089		109,196		109,196		—
Pandora Media, Inc. (a)		13,434		152,207		152,207		—
Yelp, Inc. (a)		4,243		138,576		138,576		—
		50,326		1,518,298		1,518,298		—
IT Services — 0.3%
CSRA, Inc.		16,333		409,795		409,795		—
EPAM Systems, Inc. (a)		2,394		154,102		154,102		—
InterXion Holding N.V. (Netherlands) (a)		3,524		131,199		131,199		—
Wirecard AG (Germany)		9,014		427,617		427,884		(267	)
Worldpay Group plc (United Kingdom)		41,614		142,440		144,626		(2,186	)
		72,879		1,265,153		1,267,606		(2,453	)
Semiconductors & Semiconductor Equipment — 0.3%
Advanced Micro Devices, Inc. (a)		17,366		125,556		125,556		—
ams AG (Austria)		13,795		386,855		386,275		580
Cree, Inc. (a)		20,048		447,070		447,070		—
		51,209		959,481		958,901		580
Software — 1.1%
Barracuda Networks, Inc. (a)		5,219		121,707		121,707		—
FireEye, Inc. (a)		11,848		137,674		137,674		—
Fortinet, Inc. (a)		12,331		395,332		395,332		—
Globant S.A. (Luxembourg) (a)		3,356		145,986		145,986		—
Guidewire Software, Inc. (a)		7,143		410,365		410,365		—
HubSpot, Inc. (a)		2,262		118,642		118,642		—
Imperva, Inc. (a)		3,275		120,848		120,848		—
Mobileye N.V. (Israel) (a)		3,091		114,923		114,923		—
Nintendo Co., Ltd. (Japan)		700		169,810		168,742		1,068

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Software — continued
Pegasystems, Inc.		15,429		476,756		476,756		—
RingCentral, Inc., Class A (a)		5,937		122,896		122,896		—
salesforce.com, Inc. (a)		5,578		419,242		419,242		—
Splunk, Inc. (a)		1,983		119,357		119,357		—
Tableau Software, Inc., Class A (a)		2,285		109,794		109,794		—
Tyler Technologies, Inc. (a)		2,642		423,777		423,777		—
Workday, Inc., Class A (a)		1,569		136,001		136,001		—
Zendesk, Inc. (a)		3,235		85,048		85,048		—
		87,883		3,628,158		3,627,090		1,068
Technology Hardware, Storage & Peripherals — 0.2%
Nimble Storage, Inc. (a)		16,835		128,451		128,451		—
Ricoh Co., Ltd. (Japan)		47,600		388,535		387,951		584
Stratasys Ltd. (a)		5,226		99,921		99,921		—
		69,661		616,907		616,323		584
Total Information Technology		373,113		9,200,020		9,200,218		(198	)
Materials — 1.2%
Chemicals — 0.8%
Air Liquide S.A. (France)		4,071		414,181		413,665		516
Air Water, Inc. (Japan)		26,000		487,671		486,460		1,211
CF Industries Holdings, Inc.		16,843		404,400		404,400		—
Essentra plc (United Kingdom)		62,043		387,297		386,700		597
Ferro Corp. (a)		31,951		414,085		414,085		—
Sensient Technologies Corp.		6,056		451,233		451,233		—
		146,964		2,558,867		2,556,543		2,324
Metals & Mining — 0.4%
Alumina Ltd. (Australia)		387,526		465,770		465,759		11
Anglo American plc (United Kingdom) (a)		41,591		575,763		577,250		(1,487	)
Compass Minerals International, Inc.		6,278		451,074		451,074		—
		435,395		1,492,607		1,494,083		(1,476	)
Total Materials		582,359		4,051,474		4,050,626		848
Real Estate — 0.0% (g)
Real Estate Management & Development — 0.0% (g)
Capital & Counties Properties plc (United Kingdom)		26,205		92,472		92,407		65
Realogy Holdings Corp.		5,203		119,097		119,097		—
Total Real Estate		31,408		211,569		211,504		65
Telecommunication Services — 0.2%
Diversified Telecommunication Services — 0.2%
Inmarsat plc (United Kingdom)		16,867		144,826		144,686		140
SFR Group S.A. (France)		4,249		114,463		114,517		(54	)
Vivendi S.A. (France)		22,856		462,161		462,618		(457	)
Total Telecommunication Services		43,972		721,450		721,821		(371	)
Utilities — 0.3%
Independent Power & Renewable Electricity Producers — 0.3%
Calpine Corp. (a)		9,032		107,481		107,481		—
Dynegy, Inc. (a)		34,806		370,684		370,684		—
TransAlta Corp. (Canada)		99,397		437,960		437,960		—
Total Utilities		143,235		916,125		916,125		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 23

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Right
Industrials — 0.0% (g)
Construction & Engineering — 0.0% (g)
Ferrovial S.A. (Spain) (a)		20,629		8,832			8,832			—
Total Short Positions of Total Return Basket Swap		3,748,455		46,881,091			46,855,472			25,619
Total of Long and Short Positions of Total Return Basket Swap		2,284,793		(33,001,694	)		(32,983,079	)		18,615
Outstanding swap contract, at value									$	18,615

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 1.0%
Media — 1.0%
Time Warner, Inc.		36,254		3,226,243		3,226,243		—
Consumer Staples — 0.5%
Tobacco — 0.5%
Reynolds American, Inc.		28,969		1,595,613		1,595,613		—
Financials — 0.7%
Banks — 0.7%
PrivateBancorp, Inc.		45,748		2,069,640		2,069,640		—
Yadkin Financial Corp.		16,003		443,923		443,923		—
		61,751		2,513,563		2,513,563		—
Capital Markets — 0.0% (g)
SVG Capital plc (United Kingdom) (a)		15,500		133,278		133,207		(71	)
Total Financials		77,251		2,646,841		2,646,770		(71	)
Industrials — 1.0%
Aerospace & Defense — 1.0%
B/E Aerospace, Inc.		54,050		3,217,056		3,217,056		—
Information Technology — 1.0%
Semiconductors & Semiconductor Equipment — 1.0%
Linear Technology Corp.		54,012		3,243,961		3,243,961		—
Total Long Positions of Total Return Basket Swap		250,536		13,929,714		13,929,643		(71	)
Short Positions
Common Stocks
Consumer Staples — 0.3%
Tobacco — 0.3%
British American Tobacco plc (United Kingdom)		15,779		906,094		904,342		1,752
Financials — 0.5%
Banks — 0.5%
Canadian Imperial Bank of Commerce (Canada)		16,563		1,241,021		1,241,021		—
FNB Corp.		34,220		447,255		447,255		—
Total Financials		50,783		1,688,276		1,688,276		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Information Technology — 0.2%
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc.		12,411		795,545		795,545		—
Telecommunication Services — 0.6%
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		51,575		1,897,444		1,897,444		—
Total Short Positions of Total Return Basket Swap		130,548		5,287,359		5,285,607		1,752
Total of Long and Short Positions of Total Return Basket Swap		119,988		8,642,355		8,644,036		1,681
Outstanding swap contract, at value							$	1,681

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 1.0%
Hotels, Restaurants & Leisure — 0.4%
Tatts Group Ltd. (Australia)		502,505		1,551,957		1,549,000		(2,957	)
Media — 0.6%
Media General, Inc. (a)		48,548		818,034		818,034		—
Starz, Class A (a)		35,880		1,128,785		1,128,785		—
		84,428		1,946,819		1,946,819		—
Total Consumer Discretionary		586,933		3,498,776		3,495,819		(2,957	)
Consumer Staples — 0.2%
Food & Staples Retailing — 0.2%
METRO AG (Germany)		21,833		654,064		653,990		(74	)
Financials — 1.7%
Capital Markets — 0.8%
London Stock Exchange Group plc (United Kingdom)		77,396		2,661,989		2,658,436		(3,553	)
Insurance — 0.0% (g)
esure Group plc (United Kingdom)		25,587		85,155		85,155		—
Thrifts & Mortgage Finance — 0.9%
Astoria Financial Corp.		197,781		2,893,536		2,893,536		—
Total Financials		300,764		5,640,680		5,637,127		(3,553	)
Health Care — 0.9%
Health Care Equipment & Supplies — 0.7%
St. Jude Medical, Inc.		29,948		2,331,152		2,331,152		—
Health Care Providers & Services — 0.2%
Cigna Corp.		4,842		575,375		575,375		—
Total Health Care		34,790		2,906,527		2,906,527		—
Information Technology — 1.0%
Semiconductors & Semiconductor Equipment — 1.0%
KLA-Tencor Corp.		45,503		3,417,730		3,417,730		—
Materials — 0.1%
Metals & Mining — 0.1%
Newmarket Gold, Inc. (Canada) (a)		66,276		195,671		195,671		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 25

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Telecommunication Services — 0.2%
Diversified Telecommunication Services — 0.2%
Manitoba Telecom Services, Inc. (Canada)		21,539		602,026		602,026		—
Utilities — 0.9%
Electric Utilities — 0.9%
Fortis, Inc. (Canada)		607		19,980		19,980		—
Westar Energy, Inc.		54,894		3,146,524		3,146,524		—
Total Utilities		55,501		3,166,504		3,166,504		—
Total Long Positions of Total Return Basket Swap		1,133,139		20,081,978		20,075,394		(6,584	)
Short Positions
Common Stocks
Consumer Discretionary — 1.1%
Hotels, Restaurants & Leisure — 1.0%
Marriott International, Inc., Class A		24,504		1,683,425		1,683,425		—
Tabcorp Holdings Ltd. (Australia)		397,984		1,465,292		1,462,188		3,104
		422,488		3,148,717		3,145,613		3,104
Media — 0.1%
Lions Gate Entertainment Corp.		8,518		173,426		173,426		—
Nexstar Broadcasting Group, Inc., Class A		6,002		292,898		292,898		—
		14,520		466,324		466,324		—
Total Consumer Discretionary		437,008		3,615,041		3,611,937		3,104
Energy — 0.0% (g)
Oil, Gas & Consumable Fuels — 0.0% (g)
Royal Dutch Shell plc (Netherlands), Class A		32		798		797		1
Financials — 1.6%
Capital Markets — 0.8%
Deutsche Boerse AG (Germany) (a)		18,983		1,477,039		1,482,353		(5,314	)
Deutsche Boerse AG (Germany)		14,891		1,112,713		1,113,461		(748	)
		33,874		2,589,752		2,595,814		(6,062	)
Thrifts & Mortgage Finance — 0.8%
New York Community Bancorp, Inc.		195,803		2,811,731		2,811,731		—
Total Financials		229,677		5,401,483		5,407,545		(6,062	)
Health Care — 0.3%
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories		25,817		1,013,059		1,013,059		—
Information Technology — 0.6%
Semiconductors & Semiconductor Equipment — 0.6%
Lam Research Corp.		22,523		2,181,578		2,181,578		—
Materials — 0.1%
Metals & Mining — 0.1%
Kirkland Lake Gold, Inc. (Canada) (a)		31,166		216,092		216,092		—
Telecommunication Services — 0.1%
Diversified Telecommunication Services — 0.1%
BCE, Inc. (Canada)		7,923		359,970		359,970		—
Total Short Positions of Total Return Basket Swap		754,146		12,788,021		12,790,978		(2,957	)
Total of Long and Short Positions of Total Return Basket Swap		378,993		7,293,957		7,284,416		(9,541	)
Outstanding swap contract, at value							$	(9,541	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions
Common Stocks
Consumer Discretionary — 3.9%
Auto Components — 1.2%
Cie Generale des Etablissements Michelin (France)		4,831		523,058		523,237		179
Cooper Tire & Rubber Co.		9,000		330,750		330,750		—
Cooper-Standard Holding, Inc. (a)		5,373		490,394		490,394		—
GKN plc (United Kingdom)		126,986		496,135		495,223		(912	)
Lear Corp.		4,108		504,380		504,380		—
Linamar Corp. (Canada)		10,802		439,312		439,312		—
Magna International, Inc. (Canada)		12,090		496,381		496,381		—
Valeo S.A. (France)		10,158		585,425		586,166		741
		183,348		3,865,835		3,865,843		8
Automobiles — 0.4%
Peugeot S.A. (France) (a)		22,253		333,323		333,239		(84	)
Renault S.A. (France)		5,134		445,852		446,462		610
Thor Industries, Inc.		6,512		516,467		516,467		—
		33,899		1,295,642		1,296,168		526
Distributors — 0.1%
Inchcape plc (United Kingdom)		46,863		373,129		372,594		(535	)
Hotels, Restaurants & Leisure — 0.5%
Carnival plc		9,120		439,371		439,884		513
Ladbrokes Coral Group plc (United Kingdom)		255,321		417,517		416,851		(666	)
William Hill plc (United Kingdom)		110,440		399,858		399,512		(346	)
Wyndham Worldwide Corp.		6,202		408,340		408,340		—
		381,083		1,665,086		1,664,587		(499	)
Household Durables — 0.3%
Bovis Homes Group plc (United Kingdom)		36,089		334,610		334,139		(471	)
KB Home		36,297		527,758		527,758		—
		72,386		862,368		861,897		(471	)
Media — 0.4%
Informa plc (United Kingdom)		52,567		432,700		432,474		(226	)
UBM plc (United Kingdom)		54,005		474,943		474,158		(785	)
WPP plc (United Kingdom)		21,962		477,953		476,862		(1,091	)
		128,534		1,385,596		1,383,494		(2,102	)
Multiline Retail — 0.4%
Big Lots, Inc.		10,626		461,168		461,168		—
Dillard’s, Inc., Class A		8,672		531,594		531,594		—
Target Corp.		7,067		485,715		485,715		—
		26,365		1,478,477		1,478,477		—
Specialty Retail — 0.6%
American Eagle Outfitters, Inc.		28,514		485,879		485,879		—
Best Buy Co., Inc.		14,742		573,611		573,611		—
Children’s Place, Inc. (The)		6,210		471,649		471,649		—
GameStop Corp., Class A		19,659		472,799		472,799		—
		69,125		2,003,938		2,003,938		—
Total Consumer Discretionary		941,603		12,930,071		12,926,998		(3,073	)
Consumer Staples — 1.7%
Beverages — 0.2%
Dr. Pepper Snapple Group, Inc.		6,433		564,753		564,753		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 27

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Food & Staples Retailing — 0.4%
Metro, Inc. (Canada)		17,481		540,343		540,343		—
SpartanNash Co.		17,101		478,828		478,828		—
Wm Morrison Supermarkets plc (United Kingdom)		216,111		599,138		598,252		(886	)
		250,693		1,618,309		1,617,423		(886	)
Food Products — 0.8%
Dean Foods Co.		29,926		546,449		546,449		—
Ebro Foods S.A. (Spain)		21,996		474,713		474,308		(405	)
Fresh Del Monte Produce, Inc.		8,788		530,356		530,356		—
Ingredion, Inc.		3,897		511,169		511,169		—
Pinnacle Foods, Inc.		11,039		567,625		567,625		—
		75,646		2,630,312		2,629,907		(405	)
Tobacco — 0.3%
Imperial Brands plc (United Kingdom)		9,976		482,991		482,558		(433	)
Universal Corp.		9,262		502,000		502,000		—
		19,238		984,991		984,558		(433	)
Total Consumer Staples		352,010		5,798,365		5,796,641		(1,724	)
Energy — 2.6%
Energy Equipment & Services — 0.3%
John Wood Group plc (United Kingdom)		56,791		534,549		533,788		(761	)
Petrofac Ltd. (United Kingdom)		43,489		429,304		428,303		(1,001	)
		100,280		963,853		962,091		(1,762	)
Oil, Gas & Consumable Fuels — 2.3%
BP plc (United Kingdom)		105,472		624,446		623,519		(927	)
Chevron Corp.		5,650		591,838		591,838		—
CVR Energy, Inc.		20,566		272,705		272,705		—
Enbridge Income Fund Holdings, Inc. (Canada)		22,781		578,145		578,145		—
Galp Energia SGPS S.A. (Portugal)		40,307		546,451		546,494		43
Koninklijke Vopak N.V. (Netherlands)		10,506		530,574		530,264		(310	)
Neste OYJ (Finland)		14,454		624,044		623,576		(468	)
OMV AG (Austria)		16,769		524,173		523,354		(819	)
Repsol S.A. (Spain)		38,510		539,632		537,696		(1,936	)
Royal Dutch Shell plc (Netherlands), Class B		21,561		558,162		556,112		(2,050	)
TOTAL S.A. (France)		11,339		544,200		543,194		(1,006	)
Valero Energy Corp.		8,006		474,275		474,275		—
Veresen, Inc. (Canada)		53,107		481,063		481,063		—
Western Refining, Inc.		20,277		584,991		584,991		—
World Fuel Services Corp.		11,588		466,417		466,417		—
		400,893		7,941,116		7,933,643		(7,473	)
Total Energy		501,173		8,904,969		8,895,734		(9,235	)
Financials — 2.0%
Banks — 0.5%
BNP Paribas S.A (France)		10,220		592,812		592,589		(223	)
National Bank of Canada (Canada)		17,644		629,833		629,833		—
Societe Generale S.A. (France)		15,066		588,116		587,687		(429	)
		42,930		1,810,761		1,810,109		(652	)
Capital Markets — 0.3%
3i Group plc (United Kingdom)		74,223		609,595		608,420		(1,175	)
Bats Global Markets, Inc.		13,094		385,095		385,095		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Capital Markets — continued
Donnelley Financial Solutions, Inc. (a)		3,950		84,728		84,728		—
		91,267		1,079,418		1,078,243		(1,175	)
Insurance — 1.2%
ASR Nederland N.V. (Netherlands) (a)		24,315		538,907		538,704		(203	)
CNP Assurances (France)		31,160		539,940		539,636		(304	)
Hanover Insurance Group, Inc. (The)		4,120		313,903		313,903		—
Mapfre S.A. (Spain)		200,159		594,795		593,757		(1,038	)
Power Corp. of Canada (Canada)		12,222		262,154		262,154		—
Reinsurance Group of America, Inc.		5,400		582,444		582,444		—
Swiss Life Holding AG (Switzerland) (a)		2,024		535,888		535,617		(271	)
Validus Holdings Ltd. (Bermuda)		12,394		633,333		633,333		—
		291,794		4,001,364		3,999,548		(1,816	)
Total Financials		425,991		6,891,543		6,887,900		(3,643	)
Health Care — 2.1%
Health Care Equipment & Supplies — 0.2%
CR Bard, Inc.		2,557		554,051		554,051		—
Health Care Providers & Services — 1.1%
Aetna, Inc.		4,594		493,166		493,166		—
Chemed Corp.		3,857		545,457		545,457		—
Express Scripts Holding Co. (a)		5,765		388,561		388,561		—
Magellan Health, Inc. (a)		7,630		392,563		392,563		—
Owens & Minor, Inc.		12,823		416,106		416,106		—
Quest Diagnostics, Inc.		6,281		511,525		511,525		—
UnitedHealth Group, Inc.		3,787		535,217		535,217		—
Universal Health Services, Inc., Class B		4,511		544,523		544,523		—
		49,248		3,827,118		3,827,118		—
Life Sciences Tools & Services — 0.2%
Lonza Group AG (Switzerland) (a)		3,254		614,266		614,035		(231	)
Pharmaceuticals — 0.6%
Johnson & Johnson		4,790		555,592		555,592		—
Merck KGaA (Germany)		5,085		522,816		523,399		583
Roche Holding AG (Switzerland)		1,878		436,691		436,476		(215	)
STADA Arzneimittel AG (Germany)		10,892		545,285		546,218		933
		22,645		2,060,384		2,061,685		1,301
Total Health Care		77,704		7,055,819		7,056,889		1,070
Industrials — 3.5%
Aerospace & Defense — 0.3%
Huntington Ingalls Industries, Inc.		3,848		620,913		620,913		—
Meggitt plc (United Kingdom)		85,625		456,217		455,522		(695	)
		89,473		1,077,130		1,076,435		(695	)
Air Freight & Logistics — 0.1%
Royal Mail plc (United Kingdom)		81,752		491,316		490,471		(845	)
Airlines — 0.2%
Alaska Air Group, Inc.		7,477		539,989		539,989		—
Building Products — 0.2%
Owens Corning		10,963		534,775		534,775		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 29

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		16,042		626,921		626,921		—
Deluxe Corp.		7,781		476,197		476,197		—
LSC Communications, Inc. (a)		3,950		95,748		95,748		—
RR Donnelley & Sons Co.		10,535		186,996		186,996		—
Tetra Tech, Inc.		16,330		627,889		627,889		—
		54,638		2,013,751		2,013,751		—
Construction & Engineering — 0.8%
ACS Actividades de Construccion y Servicios S.A. (Spain)		17,618		540,171		538,911		(1,260	)
Comfort Systems USA, Inc.		16,315		470,688		470,688		—
Eiffage S.A. (France)		6,940		513,784		513,800		16
MasTec, Inc. (a)		17,467		498,683		498,683		—
Vinci S.A. (France)		7,118		515,553		515,482		(71	)
		65,458		2,538,879		2,537,564		(1,315	)
Electrical Equipment — 0.5%
Nexans S.A. (France) (a)		10,810		614,457		614,466		9
OSRAM Licht AG (Germany)		9,235		523,613		524,518		905
Prysmian S.p.A. (Italy)		21,564		536,641		536,245		(396	)
		41,609		1,674,711		1,675,229		518
Machinery — 0.4%
Barnes Group, Inc.		13,111		522,342		522,342		—
Georg Fischer AG (Switzerland)		621		550,682		550,576		(106	)
Wabash National Corp. (a)		36,559		411,289		411,289		—
		50,291		1,484,313		1,484,207		(106	)
Professional Services — 0.1%
ManpowerGroup, Inc.		5,596		429,773		429,773		—
Transportation Infrastructure — 0.3%
Aena S.A. (Spain)		3,583		526,071		525,037		(1,034	)
Flughafen Zuerich AG (Switzerland)		2,843		522,890		522,612		(278	)
		6,426		1,048,961		1,047,649		(1,312	)
Total Industrials		413,683		11,833,598		11,829,843		(3,755	)
Information Technology — 3.2%
Communications Equipment — 0.1%
Cisco Systems, Inc.		12,504		383,623		383,623		—
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc.		17,475		396,857		396,857		—
Methode Electronics, Inc.		13,416		418,579		418,579		—
		30,891		815,436		815,436		—
IT Services — 1.1%
Amdocs Ltd.		7,071		413,300		413,300		—
Atos SE (France)		4,464		463,671		463,244		(427	)
CGI Group, Inc. (Canada), Class A (a)		8,940		424,638		424,638		—
Convergys Corp.		15,234		444,833		444,833		—
CSG Systems International, Inc.		9,064		344,704		344,704		—
NeuStar, Inc., Class A (a)		17,379		390,159		390,159		—
Science Applications International Corp.		6,083		419,180		419,180		—
Total System Services, Inc.		7,847		391,408		391,408		—
Western Union Co. (The)		20,236		406,137		406,137		—
		96,318		3,698,030		3,697,603		(427	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 1.1%
Advanced Energy Industries, Inc. (a)		9,224		439,985		439,985		—
ASM International N.V. (Netherlands)		13,750		586,555		586,513		(42	)
BE Semiconductor Industries N.V. (Netherlands)		13,995		455,744		455,913		169
Intel Corp.		11,466		399,819		399,819		—
MaxLinear, Inc., Class A (a)		17,589		329,090		329,090		—
MKS Instruments, Inc.		8,646		436,191		436,191		—
Teradyne, Inc.		18,310		426,440		426,440		—
Tessera Technologies, Inc.		12,944		480,222		480,222		—
		105,924		3,554,046		3,554,173		127
Software — 0.6%
Mentor Graphics Corp.		20,054		579,561		579,561		—
Nexon Co., Ltd. (Japan)		21,800		372,099		371,102		(997	)
Oracle Corp.		10,113		388,541		388,541		—
Software AG (Germany)		14,611		530,898		531,025		127
		66,578		1,871,099		1,870,229		(870	)
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.		4,214		478,458		478,458		—
Total Information Technology		316,429		10,800,692		10,799,522		(1,170	)
Materials — 1.8%
Chemicals — 0.5%
Dow Chemical Co. (The)		9,979		536,970		536,970		—
LyondellBasell Industries N.V., Class A		5,521		439,195		439,195		—
Trinseo S.A.		10,788		565,831		565,831		—
		26,288		1,541,996		1,541,996		—
Metals & Mining — 1.0%
APERAM S.A. (Luxembourg)		13,212		600,372		600,866		494
Aurubis AG (Germany)		9,199		478,554		479,603		1,049
Centamin plc (United Kingdom)		296,424		572,535		574,141		1,606
Kaiser Aluminum Corp.		6,558		475,389		475,389		—
OZ Minerals Ltd. (Australia)		133,450		680,153		681,843		1,690
Reliance Steel & Aluminum Co.		7,491		515,231		515,231		—
		466,334		3,322,234		3,327,073		4,839
Paper & Forest Products — 0.3%
Schweitzer-Mauduit International, Inc.		12,251		452,184		452,184		—
UPM-Kymmene OYJ (Finland)		27,153		631,913		631,621		(292	)
		39,404		1,084,097		1,083,805		(292	)
Total Materials		532,026		5,948,327		5,952,874		4,547
Real Estate — 0.4%
Real Estate Management & Development — 0.4%
BUWOG AG (Austria) (a)		19,447		469,975		470,030		55
Deutsche EuroShop AG (Germany)		11,283		487,386		487,654		268
Nexity S.A. (France)		9,812		492,725		492,646		(79	)
Total Real Estate		40,542		1,450,086		1,450,330		244
Telecommunication Services — 0.5%
Diversified Telecommunication Services — 0.3%
Telefonica S.A. (Spain)		52,897		537,707		537,466		(241	)
Verizon Communications, Inc.		9,584		460,990		460,990		—
		62,481		998,697		998,456		(241	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 31

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Long Positions — continued
Common Stocks — continued
Wireless Telecommunication Services — 0.2%
Freenet AG (Germany)		18,323		525,078		525,304		226
Total Telecommunication Services		80,804		1,523,775		1,523,760		(15	)
Utilities — 1.4%
Electric Utilities — 0.6%
EDP — Energias de Portugal S.A. (Portugal)		159,960		528,720		528,710		(10	)
Endesa S.A. (Spain)		24,051		511,274		510,498		(776	)
Entergy Corp.		6,538		481,720		481,720		—
Iberdrola S.A. (Spain)		76,798		523,450		522,645		(805	)
		267,347		2,045,164		2,043,573		(1,591	)
Gas Utilities — 0.2%
ONE Gas, Inc.		8,483		519,838		519,838		—
Multi-Utilities — 0.6%
A2A S.p.A. (Italy)		359,557		489,827		489,672		(155	)
CenterPoint Energy, Inc.		24,777		564,916		564,916		—
E.ON SE (Germany)		72,311		529,619		529,957		338
National Grid plc (United Kingdom)		36,232		472,306		471,298		(1,008	)
		492,877		2,056,668		2,055,843		(825	)
Total Utilities		768,707		4,621,670		4,619,254		(2,416	)
Right
Consumer Discretionary — 0.0% (g)
Media — 0.0% (g)
Informa plc (United Kingdom) (a)		13,142		36,515		37,182		667
Total Long Positions of Total Return Basket Swap		4,463,814		77,795,430		77,776,927		(18,503	)
Short Positions
Common Stocks
Consumer Discretionary — 5.2%
Auto Components — 0.1%
NGK Spark Plug Co., Ltd. (Japan)		21,300		421,654		422,706		(1,052	)
Hotels, Restaurants & Leisure — 1.7%
Accor S.A. (France)		10,446		396,590		396,388		202
Belmond Ltd. (United Kingdom), Class A (a)		37,119		480,691		480,691		—
Buffalo Wild Wings, Inc. (a)		3,257		474,382		474,382		—
Chipotle Mexican Grill, Inc. (a)		769		277,424		277,424		—
ClubCorp Holdings, Inc.		28,672		331,162		331,162		—
Domino’s Pizza Enterprises Ltd. (Australia)		9,130		446,229		444,777		1,452
Fiesta Restaurant Group, Inc. (a)		17,915		472,956		472,956		—
Merlin Entertainments plc (United Kingdom)		66,575		375,496		375,204		292
NH Hotel Group S.A. (Spain) (a)		95,810		423,331		422,746		585
Penn National Gaming, Inc. (a)		28,816		372,591		372,591		—
Resorttrust, Inc. (Japan)		17,000		340,584		339,801		783
Scientific Games Corp., Class A (a)		41,886		519,386		519,386		—
Whitbread plc (United Kingdom)		7,190		318,140		317,620		520
Wynn Resorts Ltd.		4,719		446,181		446,181		—
		369,304		5,675,143		5,671,309		3,834
Internet & Direct Marketing Retail — 0.6%
HSN, Inc.		8,682		327,311		327,311		—
Rakuten, Inc. (Japan)		38,000		439,354		438,089		1,265
TripAdvisor, Inc. (a)		6,157		397,003		397,003		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail — continued
Yoox Net-A-Porter Group S.p.A. (Italy) (a)		15,510		446,084		446,160		(76	)
Zalando SE (Germany) (a)		11,509		505,234		506,105		(871	)
		79,858		2,114,986		2,114,668		318
Media — 0.8%
Altice N.V. (Netherlands), Class A (a)		24,977		460,631		460,677		(46	)
Atresmedia Corp. de Medios de Comunicacion S.A. (Spain)		40,503		417,055		416,151		904
EW Scripps Co. (The), Class A (a)		28,282		375,019		375,019		—
Lions Gate Entertainment Corp.		20,146		410,173		410,173		—
Live Nation Entertainment, Inc. (a)		16,330		451,851		451,851		—
Telenet Group Holding N.V. (Belgium) (a)		9,217		493,402		493,492		(90	)
		139,455		2,608,131		2,607,363		768
Multiline Retail — 0.6%
B&M European Value Retail S.A. (Luxembourg)		115,471		331,575		331,515		60
Isetan Mitsukoshi Holdings Ltd. (Japan)		47,800		484,062		483,090		972
Izumi Co., Ltd. (Japan)		11,400		528,311		526,863		1,448
Next plc (United Kingdom)		5,738		338,243		337,588		655
Ollie’s Bargain Outlet Holdings, Inc. (a)		16,839		460,547		460,547		—
		197,248		2,142,738		2,139,603		3,135
Specialty Retail — 0.4%
Dufry AG (Switzerland) (a)		3,912		475,979		475,924		55
Fast Retailing Co., Ltd. (Japan)		1,500		507,199		505,345		1,854
Restoration Hardware Holdings, Inc. (a)		13,468		390,168		390,168		—
		18,880		1,373,346		1,371,437		1,909
Textiles, Apparel & Luxury Goods — 1.0%
Asics Corp. (Japan)		19,700		421,163		420,384		779
Cie Financiere Richemont S.A. (Switzerland)		6,420		412,948		412,741		207
Crocs, Inc. (a)		36,638		281,746		281,746		—
G-III Apparel Group Ltd. (a)		9,777		255,375		255,375		—
Gildan Activewear, Inc. (Canada)		14,500		372,419		372,419		—
HUGO BOSS AG (Germany)		6,781		425,862		426,392		(530	)
Kate Spade & Co. (a)		17,277		289,390		289,390		—
Luxottica Group S.p.A. (Italy)		8,019		399,210		399,286		(76	)
Under Armour, Inc., Class A (a)		10,349		321,854		321,854		—
		129,461		3,179,967		3,179,587		380
Total Consumer Discretionary		955,506		17,515,965		17,506,673		9,292
Consumer Staples — 2.1%
Beverages — 0.2%
Anheuser-Busch InBev S.A./N.V. (Belgium)		3,243		372,198		372,198		—
Brown-Forman Corp., Class B		8,956		413,499		413,499		—
		12,199		785,697		785,697		—
Food & Staples Retailing — 0.5%
Cosmos Pharmaceutical Corp. (Japan)		2,100		457,967		456,986		981
Costco Wholesale Corp.		2,534		374,703		374,703		—
PriceSmart, Inc.		5,136		467,119		467,119		—
Tesco plc (United Kingdom) (a)		161,924		417,696		417,065		631
		171,694		1,717,485		1,715,873		1,612
Food Products — 0.6%
Barry Callebaut AG (Switzerland) (a)		331		412,098		412,202		(104	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 33

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Food Products — continued
Calbee, Inc. (Japan)		12,200		443,235		442,636		599
Kerry Group plc (Ireland), Class A		4,777		346,835		346,835		—
Kewpie Corp. (Japan)		13,300		378,569		377,730		839
Yakult Honsha Co., Ltd. (Japan)		10,200		476,590		475,558		1,032
		40,808		2,057,327		2,054,961		2,366
Household Products — 0.3%
Pigeon Corp. (Japan)		17,300		488,300		486,711		1,589
Unicharm Corp. (Japan)		19,000		452,670		451,805		865
		36,300		940,970		938,516		2,454
Personal Products — 0.4%
Beiersdorf AG (Germany)		4,469		393,449		393,986		(537	)
Edgewell Personal Care Co. (a)		5,096		384,238		384,238		—
Kose Corp. (Japan)		5,100		466,377		465,279		1,098
		14,665		1,244,064		1,243,503		561
Tobacco — 0.1%
Vector Group Ltd.		22,216		465,203		465,203		—
Total Consumer Staples		297,882		7,210,746		7,203,753		6,993
Energy — 2.8%
Energy Equipment & Services — 0.2%
Saipem S.p.A. (Italy) (a)		885,879		364,677		364,285		392
Weatherford International plc (Switzerland) (a)		81,679		393,693		393,693		—
		967,558		758,370		757,978		392
Oil, Gas & Consumable Fuels — 2.6%
Anadarko Petroleum Corp.		7,330		435,695		435,695		—
Cheniere Energy, Inc. (a)		11,621		438,112		438,112		—
Cobalt International Energy, Inc. (a)		178,947		168,944		168,944		—
Concho Resources, Inc. (a)		3,919		497,478		497,478		—
Continental Resources, Inc. (a)		10,751		525,831		525,831		—
EQT Corp.		6,555		432,630		432,630		—
Gulfport Energy Corp. (a)		15,702		378,575		378,575		—
Kosmos Energy Ltd. (a)		81,313		423,641		423,641		—
Matador Resources Co. (a)		18,419		401,718		401,718		—
MEG Energy Corp. (Canada) (a)		87,661		357,493		357,493		—
Noble Energy, Inc.		12,559		432,909		432,909		—
PDC Energy, Inc. (a)		7,594		465,740		465,740		—
PrairieSky Royalty Ltd. (Canada)		22,640		492,365		492,365		—
Rice Energy, Inc. (a)		16,610		366,915		366,915		—
RSP Permian, Inc. (a)		13,704		494,714		494,714		—
Seven Generations Energy Ltd. (Canada), Class A (a)		22,400		477,626		477,626		—
SM Energy Co.		11,566		388,965		388,965		—
Synergy Resources Corp. (a)		65,935		450,995		450,995		—
Tourmaline Oil Corp. (Canada) (a)		5,320		139,415		139,415		—
Tullow Oil plc (United Kingdom) (a)		136,574		442,491		440,961		1,530
WPX Energy, Inc. (a)		43,793		475,592		475,592		—
		780,913		8,687,844		8,686,314		1,530
Total Energy		1,748,471		9,446,214		9,444,292		1,922

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Financials — 2.8%
Banks — 0.6%
Banco Espirito Santo S.A. (Portugal) (a)		35,937		(19	)		—		(19	)
Bank of Ireland (Ireland) (a)		2,054,485		439,786			439,770		16
Bank of Kyoto Ltd. (The) (Japan)		65,000		477,877			476,665		1,212
Royal Bank of Scotland Group plc (United Kingdom) (a)		137,970		319,343			318,836		507
Seven Bank Ltd. (Japan)		136,400		420,113			419,319		794
Standard Chartered plc (United Kingdom) (a)		51,531		449,023			448,109		914
		2,481,323		2,106,123			2,102,699		3,424
Capital Markets — 1.0%
CBOE Holdings, Inc.		4,149		262,258			262,258		—
Charles Schwab Corp. (The)		14,132		447,984			447,984		—
Financial Engines, Inc.		14,028		387,874			387,874		—
Julius Baer Group Ltd. (Switzerland) (a)		10,842		439,466			438,902		564
Moody’s Corp.		4,908		493,352			493,352		—
Schroders plc (United Kingdom)		12,436		429,099			428,045		1,054
Stifel Financial Corp. (a)		11,216		438,994			438,994		—
TD Ameritrade Holding Corp.		13,984		478,393			478,393		—
		85,695		3,377,420			3,375,802		1,618
Consumer Finance — 0.2%
Aiful Corp. (Japan) (a)		135,200		412,549			411,211		1,338
LendingClub Corp. (a)		71,968		354,802			354,802		—
		207,168		767,351			766,013		1,338
Diversified Financial Services — 0.6%
Ackermans & van Haaren N.V. (Belgium)		3,472		482,331			481,914		417
ECN Capital Corp. (Canada) (a)		40,395		88,241			88,241		—
Element Fleet Management Corp. (Canada)		40,395		393,620			393,620		—
Onex Corp. (Canada)		6,942		449,033			449,033		—
Wendel S.A. (France)		3,938		453,044			453,050		(6	)
		95,142		1,866,269			1,865,858		411
Insurance — 0.3%
Japan Post Holdings Co., Ltd. (Japan)		38,600		492,484			491,347		1,137
St. James’s Place plc (United Kingdom)		40,765		471,521			470,787		734
		79,365		964,005			962,134		1,871
Thrifts & Mortgage Finance — 0.1%
PHH Corp. (a)		31,891		463,057			463,057		—
Total Financials		2,980,584		9,544,225			9,535,563		8,662
Health Care — 2.1%
Health Care Equipment & Supplies — 1.1%
Asahi Intecc Co., Ltd. (Japan)		9,400		407,839			407,100		739
DexCom, Inc. (a)		4,808		376,178			376,178		—
Endologix, Inc. (a)		30,116		315,013			315,013		—
Insulet Corp. (a)		10,249		380,443			380,443		—
Neogen Corp. (a)		8,534		449,656			449,656		—
NxStage Medical, Inc. (a)		19,775		449,684			449,684		—
Olympus Corp. (Japan)		12,400		443,406			442,005		1,401
Wright Medical Group N.V. (Netherlands) (a)		21,517		471,437			471,437		—
Zeltiq Aesthetics, Inc. (a)		12,737		421,595			421,595		—
		129,536		3,715,251			3,713,111		2,140

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 35

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Health Care Providers & Services — 0.2%
Diplomat Pharmacy, Inc. (a)		12,075		279,778		279,778		—
Healthscope Ltd. (Australia)		221,778		372,842		372,029		813
		233,853		652,620		651,807		813
Health Care Technology — 0.1%
Medidata Solutions, Inc. (a)		4,153		199,302		199,302		—
Life Sciences Tools & Services — 0.1%
MorphoSys AG (Germany) (a)		8,841		391,411		392,601		(1,190	)
Pharmaceuticals — 0.6%
Cempra, Inc. (a)		17,127		310,427		310,427		—
Medicines Co. (The) (a)		11,096		365,613		365,613		—
Nektar Therapeutics (a)		25,415		315,146		315,146		—
Pacira Pharmaceuticals, Inc. (a)		11,255		357,909		357,909		—
Takeda Pharmaceutical Co., Ltd. (Japan)		10,600		475,064		474,084		980
TherapeuticsMD, Inc. (a)		50,459		289,635		289,635		—
		125,952		2,113,794		2,112,814		980
Total Health Care		502,335		7,072,378		7,069,635		2,743
Industrials — 5.5%
Aerospace & Defense — 0.9%
Airbus Group SE (France)		6,848		407,067		406,634		433
Bombardier, Inc. (Canada), Class B (a)		360,944		478,998		478,998		—
Hexcel Corp.		10,087		458,858		458,858		—
Leonardo-Finmeccanica S.p.A. (Italy) (a)		38,524		469,416		469,085		331
Rolls-Royce Holdings plc (United Kingdom) (a)		2,108,778		2,581		2,581		—
Rolls-Royce Holdings plc (United Kingdom), Class C (a)		136,814		167		167		—
Rolls-Royce Holdings plc (United Kingdom) (a)		45,843		407,653		406,931		722
TASER International, Inc. (a)		13,003		291,007		291,007		—
Zodiac Aerospace (France)		22,790		554,643		553,847		796
		2,743,631		3,070,390		3,068,108		2,282
Air Freight & Logistics — 0.1%
Yamato Holdings Co., Ltd. (Japan)		18,500		422,499		421,487		1,012
Airlines — 0.1%
Spirit Airlines, Inc. (a)		9,599		460,080		460,080		—
Building Products — 0.4%
Advanced Drainage Systems, Inc.		16,006		305,715		305,715		—
Armstrong World Industries, Inc. (a)		9,971		373,913		373,913		—
Nippon Sheet Glass Co., Ltd. (Japan) (a)		56,900		463,902		462,159		1,743
		82,877		1,143,530		1,141,787		1,743
Commercial Services & Supplies — 0.6%
Bilfinger SE (Germany) (a)		14,428		508,331		508,067		264
Brambles Ltd. (Australia)		52,653		461,813		460,993		820
Covanta Holding Corp.		28,580		428,700		428,700		—
G4S plc (United Kingdom)		153,347		412,933		411,909		1,024
Stericycle, Inc. (a)		3,755		300,738		300,738		—
		252,763		2,112,515		2,110,407		2,108
Construction & Engineering — 0.1%
Balfour Beatty plc (United Kingdom)		31,422		104,228		104,180		48
OCI N.V. (Netherlands) (a)		24,209		336,179		336,032		147
		55,631		440,407		440,212		195

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Electrical Equipment — 0.4%
Mabuchi Motor Co., Ltd. (Japan)		9,600		559,321		558,054		1,267
Nidec Corp. (Japan)		4,900		475,188		474,124		1,064
Sensata Technologies Holding N.V. (a)		11,098		396,532		396,532		—
		25,598		1,431,041		1,428,710		2,331
Machinery — 0.8%
Alstom S.A. (France) (a)		17,378		466,807		466,976		(169	)
Deere & Co.		5,507		486,268		486,268		—
Flowserve Corp.		9,928		420,451		420,451		—
Konecranes OYJ (Finland)		12,826		437,176		436,884		292
OC Oerlikon Corp. AG (Switzerland) (a)		43,048		405,009		404,693		316
Proto Labs, Inc. (a)		5,719		255,639		255,639		—
		94,406		2,471,350		2,470,911		439
Road & Rail — 1.0%
Genesee & Wyoming, Inc., Class A (a)		7,032		477,754		477,754		—
Heartland Express, Inc.		26,450		486,680		486,680		—
Hertz Global Holdings, Inc. (a)		10,213		338,541		338,541		—
Kansas City Southern		4,725		414,666		414,666		—
Keio Corp. (Japan)		45,000		373,320		372,452		868
Knight Transportation, Inc.		14,653		428,600		428,600		—
Odakyu Electric Railway Co., Ltd. (Japan)		18,000		368,170		367,268		902
Old Dominion Freight Line, Inc. (a)		5,928		442,703		442,703		—
		132,001		3,330,434		3,328,664		1,770
Trading Companies & Distributors — 0.4%
Ashtead Group plc (United Kingdom)		26,823		419,584		417,943		1,641
Brenntag AG (Germany)		8,564		457,788		457,833		(45	)
Herc Holdings, Inc. (a)		3,404		102,431		102,431		—
MISUMI Group, Inc. (Japan)		23,600		431,403		430,415		988
		62,391		1,411,206		1,408,622		2,584
Transportation Infrastructure — 0.7%
Abertis Infraestructuras S.A. (Spain)		34,127		506,686		505,851		835
Groupe Eurotunnel SE (France)		37,649		352,579		352,370		209
Macquarie Infrastructure Corp.		6,352		519,657		519,657		—
Mitsubishi Logistics Corp. (Japan)		29,000		393,783		392,557		1,226
Qube Holdings Ltd. (Australia)		238,453		404,503		403,676		827
		345,581		2,177,208		2,174,111		3,097
Total Industrials		3,822,978		18,470,660		18,453,099		17,561
Information Technology — 3.8%
Communications Equipment — 0.3%
Nokia OYJ (Finland)		56,159		250,786		250,725		61
Palo Alto Networks, Inc. (a)		2,396		368,577		368,577		—
ViaSat, Inc. (a)		4,652		328,710		328,710		—
		63,207		948,073		948,012		61
Electronic Equipment, Instruments & Components — 0.5%
Hamamatsu Photonics KK (Japan)		12,700		385,105		384,283		822
Japan Display, Inc. (Japan)		233,300		460,504		459,304		1,200
Topcon Corp. (Japan)		32,400		485,367		488,854		(3,487	)
Zebra Technologies Corp., Class A (a)		5,565		366,400		366,400		—
		283,965		1,697,376		1,698,841		(1,465	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 37

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Internet Software & Services — 0.7%
2U, Inc. (a)		10,054		350,482		350,482		—
Benefitfocus, Inc. (a)		6,816		221,520		221,520		—
CoStar Group, Inc. (a)		1,376		257,477		257,477		—
Envestnet, Inc. (a)		8,993		317,903		317,903		—
GMO internet, Inc. (Japan)		31,400		420,682		419,169		1,513
New Relic, Inc. (a)		10,155		370,150		370,150		—
Pandora Media, Inc. (a)		26,645		301,888		301,888		—
Yelp, Inc. (a)		9,639		314,810		314,810		—
		105,078		2,554,912		2,553,399		1,513
IT Services — 0.3%
EPAM Systems, Inc. (a)		4,243		273,122		273,122		—
InterXion Holding N.V. (Netherlands) (a)		8,440		314,221		314,221		—
Worldpay Group plc (United Kingdom)		91,306		318,289		317,328		961
		103,989		905,632		904,671		961
Semiconductors & Semiconductor Equipment — 0.2%
Advanced Micro Devices, Inc. (a)		42,342		306,133		306,133		—
Veeco Instruments, Inc. (a)		17,853		387,410		387,410		—
		60,195		693,543		693,543		—
Software — 1.5%
Autodesk, Inc. (a)		5,863		423,778		423,778		—
Barracuda Networks, Inc. (a)		13,734		320,277		320,277		—
FireEye, Inc. (a)		19,000		220,780		220,780		—
Globant S.A. (Luxembourg) (a)		8,103		352,481		352,481		—
HubSpot, Inc. (a)		5,593		293,353		293,353		—
Imperva, Inc. (a)		6,397		236,049		236,049		—
Mobileye N.V. (Israel) (a)		6,225		231,446		231,446		—
Nintendo Co., Ltd. (Japan)		1,000		242,586		241,060		1,526
Proofpoint, Inc. (a)		4,782		374,813		374,813		—
PTC, Inc. (a)		8,892		421,836		421,836		—
RingCentral, Inc., Class A (a)		16,072		332,690		332,690		—
ServiceNow, Inc. (a)		5,065		445,264		445,264		—
Splunk, Inc. (a)		5,520		332,249		332,249		—
Tableau Software, Inc., Class A (a)		5,265		252,983		252,983		—
Workday, Inc., Class A (a)		3,690		319,849		319,849		—
Zendesk, Inc. (a)		11,256		295,920		295,920		—
		126,457		5,096,354		5,094,828		1,526
Technology Hardware, Storage & Peripherals — 0.3%
Nimble Storage, Inc. (a)		34,829		265,745		265,745		—
Pure Storage, Inc., Class A (a)		37,729		465,576		465,576		—
Stratasys Ltd. (a)		14,131		270,185		270,185		—
		86,689		1,001,506		1,001,506		—
Total Information Technology		829,580		12,897,396		12,894,800		2,596
Materials — 3.0%
Chemicals — 1.2%
Axalta Coating Systems Ltd. (Bermuda) (a)		15,100		379,312		379,312		—
FMC Corp.		8,702		408,037		408,037		—
K+S AG (Germany)		19,824		401,070		401,431		(361	)
Methanex Corp. (Canada)		13,756		499,966		499,966		—
Nippon Kayaku Co., Ltd. (Japan)		43,000		496,548		495,489		1,059

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS OCTOBER 31, 2016

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)		CURRENT VALUE($) (2)		VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Chemicals — continued
Potash Corp of Saskatchewan, Inc. (Canada)		25,969		422,265		422,265		—
Tokyo Ohka Kogyo Co., Ltd. (Japan)		14,300		508,620		506,765		1,855
Victrex plc (United Kingdom)		23,414		501,815		501,388		427
WR Grace & Co.		5,376		359,977		359,977		—
		169,441		3,977,610		3,974,630		2,980
Construction Materials — 0.1%
Summit Materials, Inc., Class A (a)		21,900		410,406		410,406		—
Containers & Packaging — 0.2%
Amcor Ltd. (Australia)		37,919		424,021		423,239		782
Metals & Mining — 1.4%
Acerinox S.A. (Spain)		38,305		471,793		471,374		419
Antofagasta plc (Chile)		57,832		384,370		384,644		(274	)
First Quantum Minerals Ltd. (Canada)		55,823		530,221		530,221		—
Franco-Nevada Corp. (Canada)		5,646		369,539		369,539		—
Fresnillo plc (Mexico)		19,643		394,306		395,201		(895	)
Hecla Mining Co.		85,160		510,108		510,108		—
Independence Group NL (Australia)		58,330		188,579		188,579		—
Kobe Steel Ltd. (Japan) (a)		50,300		416,329		415,092		1,237
Outokumpu OYJ (Finland) (a)		76,636		534,207		534,273		(66	)
Stillwater Mining Co. (a)		31,595		420,845		420,845		—
thyssenkrupp AG (Germany)		20,024		463,587		464,619		(1,032	)
		499,294		4,683,884		4,684,495		(611	)
Paper & Forest Products — 0.1%
West Fraser Timber Co., Ltd. (Canada)		13,224		452,730		452,730		—
Total Materials		741,778		9,948,651		9,945,500		3,151
Real Estate — 0.3%
Real Estate Management & Development — 0.3%
Capital & Counties Properties plc (United Kingdom)		91,190		321,790		321,566		224
Mitsui Fudosan Co., Ltd. (Japan)		18,000		410,308		409,930		378
Realogy Holdings Corp.		12,210		279,487		279,487		—
Total Real Estate		121,400		1,011,585		1,010,983		602
Telecommunication Services — 1.0%
Diversified Telecommunication Services — 0.7%
Euskaltel S.A. (Spain) (a)		46,853		472,154		471,459		695
Iliad S.A. (France)		1,728		362,500		362,249		251
Inmarsat plc (United Kingdom)		32,895		282,448		282,175		273
SFR Group S.A. (France)		14,157		381,372		381,551		(179	)
Telecom Italia S.p.A (Italy) (a)		458,657		398,010		398,708		(698	)
Zayo Group Holdings, Inc. (a)		14,493		466,385		466,385		—
		568,783		2,362,869		2,362,527		342
Wireless Telecommunication Services — 0.3%
SoftBank Group Corp. (Japan)		6,900		434,383		434,569		(186	)
Sprint Corp. (a)		67,942		418,523		418,523		—
		74,842		852,906		853,092		(186	)
Total Telecommunication Services		643,625		3,215,775		3,215,619		156

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 39

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF OCTOBER 31, 2016 (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($) (1)			CURRENT VALUE($) (2)			VALUE($) (3)
Short Positions — continued
Common Stocks — continued
Utilities — 1.4%
Electric Utilities — 0.4%
Chugoku Electric Power Co., Inc. (The) (Japan)		37,500		439,115			438,803			312
Hokkaido Electric Power Co., Inc. (Japan)		52,400		399,233			398,508			725
Hokuriku Electric Power Co. (Japan)		34,700		394,747			394,140			607
		124,600		1,233,095			1,231,451			1,644
Independent Power & Renewable Electricity Producers — 0.2%
Calpine Corp. (a)		29,065		345,874			345,874			—
Pattern Energy Group, Inc.		17,255		385,649			385,649			—
		46,320		731,523			731,523			—
Multi-Utilities — 0.4%
Canadian Utilities Ltd. (Canada), Class A		15,796		451,398			451,398			—
Dominion Resources, Inc.		5,869		441,349			441,349			—
Sempra Energy		4,216		451,534			451,534			—
		25,881		1,344,281			1,344,281			—
Water Utilities — 0.4%
American States Water Co.		11,202		447,856			447,856			—
Pennon Group plc (United Kingdom)		38,695		395,241			394,911			330
United Utilities Group plc (United Kingdom)		34,137		392,767			392,400			367
		84,034		1,235,864			1,235,167			697
Total Utilities		280,835		4,544,763			4,542,422			2,341
Total Short Positions of Total Return Basket Swap		12,924,974		100,878,358			100,822,339			56,019
Total of Long and Short Positions of Total Return Basket Swap		8,461,160		(23,082,928	)		(23,045,412	)		37,516
Outstanding swap contract, at value									$	37,516

Percentages indicated are based on net assets.

NOTES TO ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS:

(1) Notional value represents the market value (including any fees or commissions) of the long and short positions as of the reset date.

(2) Current value represents market value as of October 31, 2016 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 subsequent to the swap reset.

(a) Non-income producing security.

(g) Amount rounds to less than 0.05%.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS OCTOBER 31, 2016

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

	Systematic Alpha Fund
ASSETS:
Investments in non-affiliates, at value	$	218,705,828
Investments in affiliates, at value		105,894,211
Total investment securities, at value		324,600,039
Restricted cash		900,000
Cash		5,561,954
Foreign currency, at value		1,150,854
Deposits at broker for futures contracts		6,975,000
Receivables:
Investment securities sold		2,312,797
Fund shares sold		621,231
Interest and dividends from non-affiliates		400,112
Dividends from affiliates		26,317
Tax reclaims		39,855
Unrealized appreciation on forward foreign currency exchange contracts		1,313,079
Outstanding swap contracts, at value		57,812
Due from counterparty for swap contracts		1,959,049
Total Assets		345,918,099
LIABILITIES:
Payables:
Investment securities purchased		8,181,075
Due to broker		900,000
Fund shares redeemed		220,832
Variation margin on futures contracts		96,766
Unrealized depreciation on forward foreign currency exchange contracts		207,305
Outstanding swap contracts, at value		9,541
Accrued liabilities:
Investment advisory fees		140,945
Administration fees		3,454
Distribution fees		9,511
Shareholder servicing fees		11,496
Custodian and accounting fees		29,884
Trustees’ and Chief Compliance Officer’s fees		11,543
Other		233,264
Total Liabilities		10,055,616
Net Assets	$	335,862,483

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 41

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016 (continued)

	Systematic Alpha Fund
NET ASSETS:
Paid-in-Capital	$	337,733,242
Accumulated undistributed (distributions in excess of) net investment income		(6,080,342	)
Accumulated net realized gains (losses)		(842,989	)
Net unrealized appreciation (depreciation)		5,052,572
Total Net Assets	$	335,862,483
Net Assets:
Class A	$	43,075,837
Class C		764,511
Class R6		259,015,933
Select Class		33,006,202
Total	$	335,862,483
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2,900,143
Class C		52,260
Class R6		17,122,693
Select Class		2,162,970
Net Asset Value (a):
Class A — Redemption price per share	$	14.85
Class C — Offering price per share (b)		14.63
Class R6 — Offering and redemption price per share		15.13
Select Class — Offering and redemption price per share		15.26
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.55
Cost of investments in non-affiliates	$	215,885,923
Cost of investments in affiliates		105,894,211
Cost of foreign currency		1,140,214

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS OCTOBER 31, 2016

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

	Systematic Alpha Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,624,133
Dividend income from affiliates		293,583
Interest income from non-affiliates		716,857
Interest income from affiliates		2,730
Foreign taxes withheld		(88,397	)
Total investment income		4,548,906
EXPENSES:
Investment advisory fees		2,782,053
Administration fees		311,717
Distribution fees:
Class A		110,689
Class C		5,374
Shareholder servicing fees:
Class A		110,689
Class C		1,792
Select Class		81,574
Custodian and accounting fees		222,081
Interest expense to affiliates		2,470
Professional fees		189,526
Trustees’ and Chief Compliance Officer’s fees		37,015
Printing and mailing costs		36,494
Registration and filing fees		73,535
Transfer agency fees (See Note 2.F.)		6,471
Sub-transfer agency fees (See Note 2.F.)		26,222
Other		17,219
Total expenses		4,014,921
Less fees waived		(1,448,028	)
Less earnings credits		(271	)
Less expense reimbursements		(357	)
Net expenses		2,566,265
Net investment income (loss)		1,982,641
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,863,221
Futures		(5,237,392	)
Foreign currency transactions		796,660
Swaps		(7,346,593	)
Net realized gain (loss)		(7,924,104	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,316,067
Futures		2,247,096
Foreign currency translations		345,078
Swaps		48,271
Change in net unrealized appreciation/depreciation		4,956,512
Net realized/unrealized gains (losses)		(2,967,592	)
Change in net assets resulting from operations	$	(984,951	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 43

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Systematic Alpha Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,982,641		$	581,513
Net realized gain (loss)		(7,924,104	)		7,058,593
Change in net unrealized appreciation/depreciation		4,956,512			(802,491	)
Change in net assets resulting from operations		(984,951	)		6,837,615
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(988,643	)		(602,143	)
From net realized gains		—			(84,343	)
Class C
From net investment income		(13,623	)		(501	)
From net realized gains		—			(75	)
Class R6
From net investment income		(6,365,412	)		—
From net realized gains		—			(75	)
Select Class
From net investment income		—			(2,421,131	)
From net realized gains		—			(275,840	)
Total distributions to shareholders		(7,367,678	)		(3,384,108	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		23,949,299			123,857,479
NET ASSETS:
Change in net assets		15,596,670			127,310,986
Beginning of period		320,265,813			192,954,827
End of period	$	335,862,483		$	320,265,813
Accumulated undistributed (distributed in excess of) net investment income	$	(6,080,342	)	$	5,189,660

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS OCTOBER 31, 2016

	Systematic Alpha Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	34,490,135		$	19,065,321
Distributions reinvested		988,643			301,494
Cost of shares redeemed		(39,177,739	)		(33,011,158	)
Change in net assets resulting from Class A capital transactions	$	(3,698,961	)	$	(13,644,343	)
Class C
Proceeds from shares issued	$	587,296		$	427,538
Distributions reinvested		13,623			576
Cost of shares redeemed		(269,858	)		(33,402	)
Change in net assets resulting from Class C capital transactions	$	331,061		$	394,712
Class R6
Proceeds from shares issued	$	271,927,080		$	13,391,975
Distributions reinvested		6,365,412			75
Cost of shares redeemed		(22,368,464	)		(3,998,172	)
Change in net assets resulting from Class R6 capital transactions	$	255,924,028		$	9,393,878
Select Class
Proceeds from shares issued	$	39,913,331		$	141,739,914
Distributions reinvested		—			2,658,018
Cost of shares redeemed		(268,520,160	)		(16,684,700	)
Change in net assets resulting from Select Class capital transactions	$	(228,606,829	)	$	127,713,232
Total change in net assets resulting from capital transactions	$	23,949,299		$	123,857,479
SHARE TRANSACTIONS:
Class A
Issued		2,319,369			1,268,908
Reinvested		66,219			20,021
Redeemed		(2,633,244	)		(2,202,664	)
Change in Class A Shares		(247,656	)		(913,735	)
Class C
Issued		39,656			28,857
Reinvested		922			38
Redeemed		(18,540	)		(2,248	)
Change in Class C Shares		22,038			26,647
Class R6
Issued		17,544,824			886,788
Reinvested		420,437			5
Redeemed		(1,470,170	)		(262,792	)
Change in Class R6 Shares		16,495,091			624,001
Select Class
Issued		2,616,027			9,381,975
Reinvested		—			176,444
Redeemed		(17,537,819	)		(1,114,350	)
Change in Select Class Shares		(14,921,792	)		8,444,069

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 45

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Systematic Alpha Fund
Class A
Year Ended October 31, 2016	$	15.27	$	0.03	(f)	$	(0.14	)	$	(0.11	)	$	(0.31	)(g)	$	—		$	(0.31	)
Year Ended October 31, 2015		15.16		(0.01	)(f)		0.29			0.28			(0.15	)		(0.02	)		(0.17	)
Year Ended October 31, 2014		15.60		(0.11	)(f)(h)		0.79			0.68			(1.12	)		—			(1.12	)
February 12, 2013 (j) through October 31, 2013		15.00		0.03			0.57			0.60			—			—			—
Class C
Year Ended October 31, 2016		15.14		(0.04	)(f)		(0.14	)		(0.18	)		(0.33	)(g)		—			(0.33	)
Year Ended October 31, 2015		15.10		(0.07	)(f)		0.27			0.20			(0.14	)		(0.02	)		(0.16	)
Year Ended October 31, 2014		15.55		(0.12	)(f)(h)		0.72			0.60			(1.05	)		—			(1.05	)
February 12, 2013 (j) through October 31, 2013		15.00		(0.02	)		0.57			0.55			—			—			—
Class R6
Year Ended October 31, 2016		15.56		0.11	(f)		(0.15	)		(0.04	)		(0.39	)(g)		—			(0.39	)
Year Ended October 31, 2015		15.21		0.09	(f)		0.28			0.37			—			(0.02	)		(0.02	)
Year Ended October 31, 2014		15.64		0.01	(f)(h)		0.73			0.74			(1.17	)		—			(1.17	)
February 12, 2013 (j) through October 31, 2013		15.00		0.07			0.57			0.64			—			—			—
Select Class
Year Ended October 31, 2016		15.33		0.06	(f)		(0.13	)		(0.07	)		—	(g)		—			—
Year Ended October 31, 2015		15.19		0.04	(f)		0.28			0.32			(0.16	)		(0.02	)		(0.18	)
Year Ended October 31, 2014		15.63		(0.05	)(f)(h)		0.76			0.71			(1.15	)		—			(1.15	)
February 12, 2013 (j) through October 31, 2013		15.00		0.06			0.57			0.63			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Distributions of Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Expenses without waivers, reimbursements and earnings credits may appear disproportionate among classes due to changes in the relative size of the classes.

(j) Commencement of operations.

(k) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	14.85		(0.74	)%	$	43,075,837		1.18	%		0.18	%		1.66	%		151	%
	15.27		1.87			48,072,671		1.16			(0.05	)		1.69			164
	15.16		4.68			61,579,047		1.24			(0.71	)(h)		1.66	(i)		113
	15.60		4.00			52,013		1.30	(k)		0.28	(k)		6.93	(k)		112
	14.63		(1.23	)		764,511		1.69			(0.29	)		2.26			151
	15.14		1.34			457,517		1.62			(0.50	)		2.26			164
	15.10		4.16			53,974		1.77			(0.80	)(h)		5.85	(i)		113
	15.55		3.67			51,827		1.80	(k)		(0.22	)(k)		7.43	(k)		112
	15.13		(0.25	)		259,015,933		0.69			0.70			1.12			151
	15.56		2.44			9,762,583		0.64			0.59			1.10			164
	15.21		5.08			54,788		0.88			0.09	(h)		4.84	(i)		113
	15.64		4.27			52,144		0.95	(k)		0.63	(k)		6.44	(k)		112
	15.26		(0.46	)		33,006,202		0.94			0.42			1.40			151
	15.33		2.11			261,973,042		0.90			0.24			1.35			164
	15.19		4.91			131,267,018		1.00			(0.31	)(h)		2.97	(i)		113
	15.63		4.20			10,264,916		1.05	(k)		0.54	(k)		6.68	(k)		112

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Systematic Alpha Fund	Class A, Class C, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s administrator under the Administration Agreement.

Basis for Consolidation for the Fund

Systematic Alpha Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on October 11, 2012 and is currently 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 objectives and policies as described in the Fund’s prospectus. As of October 31, 2016, net assets of the Fund were $335,862,483 of which $40,749,649, or approximately 12.1% represented the Subsidiary’s net assets. The net realized loss in the Subsidiary amounted to $(376,829). 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. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

48 J.P. MORGAN FUNDS OCTOBER 31, 2016

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of fixed income instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the CSOI:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	22,392,315	$	4,457,288	$	—	$	26,849,603
Consumer Staples		13,689,841		3,416,741		—		17,106,582
Energy		5,972,551		1,711,720		—		7,684,271
Financials		17,636,592		2,177,568		—		19,814,160
Health Care		12,870,342		1,993,324		—		14,863,666
Industrials		19,216,908		6,522,158		—		25,739,066
Information Technology		41,951,006		3,095,248		—		45,046,254
Materials		11,724,330		10,771,876		—		22,496,206
Real Estate		—		515,592		—		515,592
Telecommunication Services		—		1,011,430		—		1,011,430
Utilities		4,107,543		1,165,683		—		5,273,226
Total Common Stocks		149,561,428		36,838,628		—		186,400,056
Preferred Stocks
Consumer Staples		483,923		—		—		483,923
Energy		1,313,477		—		—		1,313,477
Financials		911,729		—		—		911,729
Health Care		1,051,646		—		—		1,051,646
Materials		207,524		—		—		207,524
Real Estate		293,503		—		—		293,503
Telecommunication Services		1,295,188		—		—		1,295,188
Utilities		1,092,432		—		—		1,092,432
Total Preferred Stocks		6,649,422		—		—		6,649,422

OCTOBER 31, 2016 J.P. MORGAN FUNDS 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Debt Securities
Convertible Bonds
Consumer Discretionary	$	426,257		$	2,497,463		$	—	$	2,923,720
Energy		—			508,470			—		508,470
Financials		—			1,900,597			—		1,900,597
Health Care		—			6,311,522			—		6,311,522
Industrials		—			517,603			—		517,603
Information Technology		—			11,177,136			—		11,177,136
Materials		—			935,473			—		935,473
Real Estate		—			623,058			—		623,058
Utilities		—			750,420			—		750,420
Total Convertible Bonds		426,257			25,221,742			—		25,647,999
Rights
Health Care		—			—			—		—
Telecommunication Services		—			—			8,351		8,351
Total Rights	$	—		$	—		$	8,351	$	8,351
Short-Term Investment
Investment Company		105,894,211			—			—		105,894,211
Total Investments in Securities	$	262,531,318		$	62,060,370		$	8,351	$	324,600,039
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	1,313,079		$	—	$	1,313,079
Futures Contracts		2,809,831			64,243			—		2,874,074
Swaps		—			57,812			—		57,812
Total Appreciation in Other Financial Instruments	$	2,809,831		$	1,435,134		$	—	$	4,244,965
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(207,305	)	$	—	$	(207,305	)
Futures Contracts		(1,773,708	)		(14,782	)		—		(1,788,490	)
Swaps		—			(9,541	)		—		(9,541	)
Total Depreciation in Other Financial Instruments	$	(1,773,708	)	$	(231,628	)	$	—	$	(2,005,336	)

Transfers between fair value levels are valued utilizing values as of the beginning of the year.

There were no significant transfers among any levels during the year ended October 31, 2016.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2016, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gains to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

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 the 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 its value, as recorded in the Consolidated Statement of Assets and Liabilities (“CSAL”).

50 J.P. MORGAN FUNDS OCTOBER 31, 2016

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 agreements 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 C(1) — C(4) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury and commodity futures to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of futures contracts will tend to offset both positive and negative market price changes. The Fund also used 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.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Consolidated Statement of Operations (“CSOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the CSOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI and cash deposited is recorded on the CSAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL.

The use of futures contracts exposes the Fund to interest rate risk, commodities risk and equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the CSAL, 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 (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought 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 U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the 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. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of October 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Total Return Basket Swaps — The Fund entered into total return basket 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

OCTOBER 31, 2016 J.P. MORGAN FUNDS 51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

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, accrued financing costs and net dividends, are part of the monthly reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contract on the CSAL and as net realized gain (loss) on transactions from swaps on the CSOP.

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. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties cash collateral posted or received by the Fund is reported on the CSAL as Restricted cash.

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 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 positions; and, documentation risk relating to disagreement over contract terms. The total return basket 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 total return basket swap are 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 as recorded on the CSAL).

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 underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP.

The total return basket swaps contracts are subject to master netting arrangements.

(4). Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2016, by their primary underlying risk exposure and respective location on the CSAL:

Derivative Contracts	CSAL Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	789,511		$	—		$	—		$	789,511
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,320,433			—			57,812			1,378,245
Foreign exchange contracts	Receivables					1,313,079			—			1,313,079
Commodity contracts	Receivables, Net Assets — Unrealized Appreciation		764,130			—			—			764,130
Total		$	2,874,074		$	1,313,079		$	57,812		$	4,244,965
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,316,218	)	$	—		$	—		$	(1,316,218	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(25,902	)		—			(9,541	)		(35,443	)
Foreign exchange contracts	Payables					(207,305	)		—			(207,305	)
Commodity contracts	Payables, Net Assets — Unrealized Depreciation		(446,370	)		—			—			(446,370	)
Total		$	(1,788,490	)	$	(207,305	)	$	(9,541	)	$	(2,005,336	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI. The CSAL only reflects the current day variation margin receivable/payable from/to brokers.

52 J.P. MORGAN FUNDS OCTOBER 31, 2016

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2016:

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the CSAL (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Bank of America N.A.	$	20,296	$	—		$	—	$	20,296
Citibank, N.A.		385,410		(74,178	)		—		311,232
Goldman Sachs International		165,556		—			—		165,556
HSBC Bank, N.A.		264,971		—			—		264,971
Merrill Lynch International		26,584		(26,584	)		—		—
Royal Bank of Scotland		849		—			—		849
Standard Chartered Bank		378,297		(19,394	)		—		358,903
State Street Corp.		91,412		(54,451	)		—		36,961
Union Bank of Switzerland AG		37,516		(9,541	)		—		27,975
	$	1,370,891	$	(184,148	)	$	—	$	1,186,743
Counterparty	Gross Amount of Derivative Liabilities Subject to  Netting Arrangements Presented on the CSAL (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
Citibank, N.A.	$	74,178	$	(74,178	)	$	—	$	—
Merrill Lynch International		58,497		(26,584	)		—		31,913
Royal Bank of Canada		785		—			—		785
Standard Chartered Bank		19,394		(19,394	)		—		—
State Street Corp.		54,451		(54,451	)		—		—
Union Bank of Switzerland AG		9,541		(9,541	)		—		—
	$	216,846	$	(184,148	)	$	—	$	32,698

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the CSAL.

The following tables present the effect of derivatives on the CSOP for the year ended October 31, 2016, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	2,363,439		$	—	$	—		$	2,363,439
Equity contracts		(7,156,049	)		—		(7,346,593	)		(14,502,642	)
Foreign exchange contracts		—			530,856		—			530,856
Commodity contracts		(444,782	)		—		—			(444,782	)
Total	$	(5,237,392	)	$	530,856	$	(7,346,593	)	$	(12,053,129	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	(243,821	)	$	—	$	—		$	(243,821	)
Equity contracts		2,888,666			—		48,271			2,936,937
Foreign exchange contracts		—			358,363		—			358,363
Commodity contracts		(397,749	)		—		—			(397,749	)
Total	$	2,247,096		$	358,363	$	48,271		$	2,653,730

OCTOBER 31, 2016 J.P. MORGAN FUNDS 53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

The Fund’s derivatives contracts held at October 31, 2016 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The table discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended October 31, 2016. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Commodity
Average Notional Balance Long	$	16,875,329
Average Notional Balance Short		19,229,034
Ending Notional Balance Long		19,759,324
Ending Notional Balance Short		21,366,269
Equity
Average Notional Balance Long	$	971,910
Average Notional Balance Short		49,263,486
Ending Notional Balance Long		3,160,819
Ending Notional Balance Short		50,634,118
Interest
Average Notional Balance Long	$	124,610,896
Average Notional Balance Short		59,328,608
Ending Notional Balance Long		120,066,219
Ending Notional Balance Short		59,355,509
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	41,193,740
Average Settlement Value Sold		82,948,569
Ending Settlement Value Purchased		53,336,443
Ending Settlement Value Sold		100,982,037
Total Return Basket Swaps:
Average Notional Balance Long	$	159,183,716
Average Notional Balance Short		177,094,544
Ending Notional Balance Long		125,686,519
Ending Notional Balance Short		165,834,829

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOP.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

54 J.P. MORGAN FUNDS OCTOBER 31, 2016

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended October 31, 2016 are as follows:

	Class A		Class C		Class R6		Select Class		Total
Transfer agency fees	$	2,343	$	503	$	1,552	$	2,073	$	6,471
Sub-transfer agency fees		15,647		506		—		10,069		26,222

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions and has determined that as of October 31, 2016, no liability for income tax is required in the Fund’s consolidated financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of the Fund and the Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

I. Distributions to Shareholders — Distributions from net investment income or net realized capital gains, if any, are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(1,409,966	)	$	(5,884,965	)	$	7,294,931

The reclassifications for the Fund relate primarily to foreign currency gains or losses, investments in contingent payment debt instruments, investments in swap contracts and investment in the Subsidiary.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and the Subsidiary and for such services is paid a fee. The fee for services to the Fund is accrued daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.75% of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund and the Subsidiary. In consideration of these services for the Fund, the Administrator receives a fee accrued daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2016, the effective rate was 0.09% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the average daily net assets of the Subsidiary.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2016, the Distributor retained the following:

Front-End Sales Charge		CDSC
$	117	$	—

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets for Class A, Class C and Select Class Shares.

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the CSOP. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the CSOP.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Fund to the extent total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R6			Select Class
	1.25	%		1.75	%		0.75	%		1.00	%

The expense limitation agreement was in effect for the year ended October 31, 2016, and is in place until at least February 28, 2017.

For the year ended October 31, 2016, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
$	938,491	$	269,928	$	30,723	$	1,239,142	$	357

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016 the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2016 was $208,886.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP.

56 J.P. MORGAN FUNDS OCTOBER 31, 2016

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund may use related party broker-dealers. For the year ended October 31, 2016, the Fund incurred $465 of brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	361,827,269	$	319,057,539

During the year ended October 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiary, held at October 31, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	327,306,941	$	13,635,787	$	11,365,780	$	2,270,007

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in contingent payment debt instruments and investment in the Subsidiary.

The Federal income tax net unrealized appreciation (depreciation) in value of investment securities includes unrealized depreciation of the Fund’s investment in its Subsidiary of $(2,135,638), which, if realized, is not deductible for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2016 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	7,367,678	$	—	$	7,367,678

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2015 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	3,087,930	$	296,178	$	3,384,108

* Short-term gains are treated as ordinary income for income tax purposes.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income	Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)		Unrealized Appreciation (Depreciation)
$1,192,922	$	88,367	$	2,092,966

The cumulative timing differences primarily consist of late year ordinary loss deferrals, mark to market of forward foreign currency contracts, mark to market of futures contracts and investments in convertible securities.

During the year ended October 31, 2016 the Subsidiary had $1,409,967 of net losses for tax purposes. The Subsidiary’s net losses for the current year is not available to offset its future losses.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

During the year ended October 31, 2016 the Fund utilized capital loss carryforwards of $1,807,945.

Late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended October 31, 2016, the Fund deferred to November 1, 2016 late year ordinary losses of $5,240,144.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Fund did not utilize the Credit Facility during the year ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2016, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, 72.0% of the net assets of the Fund.

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss.

Derivatives, including swap agreements, commodity options, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk and to the credit risk of the derivative counterparty.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

58 J.P. MORGAN FUNDS OCTOBER 31, 2016

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund’s investment in convertible bonds subjects the Fund to equity price risk. Due to their conversion feature, the value of convertible bonds tends to vary with fluctuations in the market value of the underlying security.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Systematic Alpha Fund:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Systematic Alpha Fund (a separate fund of JPMorgan Trust I) and its subsidiary (the “Fund”) as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of October 31, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

60 J.P. MORGAN FUNDS OCTOBER 31, 2016

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

OCTOBER 31, 2016 J.P. MORGAN FUNDS 61

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

62 J.P. MORGAN FUNDS OCTOBER 31, 2016

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 63

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016 and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Systematic Alpha Fund
Class A
Actual	$	1,000.00	$	1,010.90	$	6.07		1.20	%
Hypothetical		1,000.00		1,019.10		6.09		1.20
Class C
Actual		1,000.00		1,009.00		8.58		1.70
Hypothetical		1,000.00		1,016.59		8.62		1.70
Class R6
Actual		1,000.00		1,014.10		3.54		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Select Class
Actual		1,000.00		1,012.60		4.81		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

64 J.P. MORGAN FUNDS OCTOBER 31, 2016

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2016, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 17, 2016.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Fund’s expense ratios and those of its peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund in connection with the Trustees’ review of the Advisory Agreement. Before voting on the proposed Advisory Agreement, the Trustees reviewed the proposed Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreement. The Trustees also discussed the proposed Advisory Agreement in executive sessions with independent legal counsel at which no representatives of

the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement.

The Trustees considered information provided with respect to the Fund over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 65

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for the Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

66 J.P. MORGAN FUNDS OCTOBER 31, 2016

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-year period. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2015. The Trustees noted that the performance for Select Class shares was in the first quintile based upon the Universe for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund

with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by the Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe, and in the first quintile based upon the Universe for Select Class shares. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

OCTOBER 31, 2016 J.P. MORGAN FUNDS 67

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 14.91% or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2016.

Qualified Dividend Income (QDI)

The Fund had $2,761,386, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016.

68 J.P. MORGAN FUNDS OCTOBER 31, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾ Social Security number and account balances   ◾ transaction history and account transactions   ◾ checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-SA-1016

Annual Report

J.P. Morgan International Equity Funds

October 31, 2016

JPMorgan International Discovery Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	22
Trustees	23
Officers	25
Schedule of Shareholder Expenses	26
Tax Letter	27
Privacy Policy — Located at the back of this Annual Report

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

November 30, 2016 (Unaudited)

Dear Shareholder,

Slow but positive growth in the global economy continued over the past twelve months even as financial markets absorbed two sharp downturns and central bank efforts to stimulate growth appeared to have decreasing effectiveness.

  “Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets.”

The U.S. economy continued to lead the rest of the world in growth and by the end of 2015, it had strengthened sufficiently that in December the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in a decade. Financial markets appeared to digest the Fed’s action with little disruption, but weak economic data coming out of China sent markets into a tailspin in the first week of 2016.

Fears about weakness in China’s economy receded and by March global financial markets were rebounding and oil prices had bounced back from mid-February lows. These events, along with further stimulus from the European Central Bank supported asset prices even as economic growth in Europe remained slow.

At the end of June, financial markets were shocked when British voters chose in favor of the U.K.’s exit from the European Union (E.U.). Leading up to the June 23rd referendum in the U.K., many economists, political pundits and investors expected the U.K.-wide referendum would end up in favor of remaining in the E.U. and when the results showed the opposite, the shock sent financial market volatility upward and equity prices downward. While global financial markets rebounded rather quickly, lingering uncertainty about the impact of the so-called Brexit on companies in both the U.K. and the E.U. proved a drag on select equities.

Meanwhile, growth in emerging market economies, particularly in Asia and Latin America, continued to outpace growth in developed market economies. The general recovery in commodities prices, steady economic growth in China, political changes and favorable currency exchange rates relative to the U.S. dollar all contributed to a favorable investment environment and asset valuations proved attractive to investors during the latter half of the reporting period.

By the end of the third quarter of 2016, gross domestic product growth in the E.U. held steady at 0.4%, while in the U.K. growth was 0.5% for the third quarter. In early October 2016, the International Monetary Fund trimmed its forecast for global growth by 0.1% to 3.1% for the full year 2016. The organization cited the drag from the U.K.’s Brexit vote and weaker-than-expected economic growth in the U.S. Meanwhile, the British pound fell to a 31-year low against the U.S. dollar in October after Prime Minister Theresa May said she would give official notice of separation from the E.U. in March 2017 and target 2019 for implementation. Elsewhere, the Turkish government in October extended the state of emergency that was imposed following a failed military coup in July 2016.

While the results of the U.S. election on November 8th initially surprised financial markets, President-elect Donald Trump’s conciliatory tone in his acceptance speech provided support for U.S. equities.

While President-elect Trump will not be inaugurated into office until January 20, 2017, voters, investors and economists have been left to wonder the extent to which he will carry out pledges made during the campaign, including labeling China a currency manipulator and renegotiating or withdrawing from the North American Free Trade Agreement.

Investors who endured two financial market downturns during the past year were rewarded with generally positive returns in global equity and bond markets. We believe the results clearly illustrate the prudence of holding a well-diversified portfolio and a long-term vision.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

JPMorgan International Discovery Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 21, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		-0.47%
MSCI Europe, Australasia and Far East Small and Mid Cap Index (“MSCI EAFE SMID Cap Index”)		3.08%
Net Assets as of 10/31/2016	$	5,894,412

INVESTMENT OBJECTIVE**

The JPMorgan International Discovery Fund (the “Fund”) seeks to provide long-term capital appreciation.

HOW DID THE MARKET PERFORM?

Global financial markets weathered two distinct sell-offs during the period and rebounded to provide positive returns over the reporting period amid continued economic stimulus from leading central banks. Markets appeared to absorb the Federal Reserve’s December interest rate increase — the first in a decade — with little disruption. But investor concerns about the health of China’s economy sparked a sell-off in global financial markets.

By the end of March 2016, global prices for both equities and crude oil had rebounded from mid-February lows and emerging market equities in particular generally experienced a brief but significant rise in prices. However, British voters confounded the expectations of some at the end of June 2016 and voted to exit the European Union (EU). The unexpected result of the so-called Brexit referendum led to a sell-off in financial markets. Within days, financial markets recovered and volatility subsided. Notably, crude oil prices reached 15-month highs in October 2016 amid expectations that the Organization of Petroleum Exporting Countries would agree to production caps that would reduce global inventories.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the MSCI EAFE SMID Cap Index (the “Benchmark”) for the period from Fund inception to October 31, 2016.

Relative to the Benchmark, the Fund’s security selection in the software & services sector and its security selection and underweight position in the automobiles & components sector were leading detractors from performance. The Fund’s security selection and underweight position in the banks sector and its security selection in the energy sector were leading contributors to relative performance. By Region, the Fund’s security

selection in the U.K. was a leading detractor from relative performance, while its overweight position in Australia was a leading contributor to relative performance.

The Fund’s overweight positions in Provident Financial PLC, ITV PLC and Flow Traders NV were leading detractors from relative performance. Shares of Provident Financial, a U.K. lending company, fell amid investor expectations that the U.K.’s exit from the EU would lead to an increase in impaired loans. Shares of ITV, a U.K. broadcasting company, fell due to reduced prospects for the U.K. economy and advertising spending in the wake of the Brexit vote. Shares of Flow Traders, a Dutch high-speed exchange-traded securities trading company, fell amid declines in its market share.

The Fund’s overweight positions in Whitehaven Coal Ltd., Aristocrat Leisure Ltd. and South32 Ltd. were leading individual contributors to relative performance. Shares of Whitehaven Coal and South32, both Australian coal and metals mining companies, benefitted from a rebound in global coal prices. Shares of Aristocrat Leisure, an Australian maker of gambling machines, rose after the company reported profit growth and raised its earnings forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s assets were primarily invested in equity and equity-like securities of foreign companies, including foreign subsidiaries of U.S. companies. At October 31, 2016, the Fund’s largest sector holdings were in the industrials, consumer discretionary and materials sectors, while the Fund’s smallest sector holdings were in utilities, telecommunications services and energy sectors. By region, the Fund’s largest positions were in Europe and Japan.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Ashtead Group plc (United Kingdom)	1.6	%
	2.	Micro Focus International plc (United Kingdom)	1.5
	3.	Aristocrat Leisure Ltd. (Australia)	1.4
	4.	JD Sports Fashion plc (United Kingdom)	1.4
	5.	NSK Ltd. (Japan)	1.3
	6.	Plus500 Ltd. (Israel)	1.3
	7.	Nitori Holdings Co., Ltd. (Japan)	1.3
	8.	Fortescue Metals Group Ltd. (Australia)	1.2
	9.	Treasury Wine Estates Ltd. (Australia)	1.2
	10.	Challenger Ltd. (Australia)	1.2

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	30.4	%
United Kingdom	14.8
Australia	11.1
France	9.4
Sweden	4.6
Switzerland	4.0
Italy	3.4
Denmark	3.2
Finland	2.9
Germany	2.8
Spain	2.5
Hong Kong	2.4
Ireland	1.8
China	1.4
Israel	1.3
Belgium	1.2
Others (each less than 1.0%)	2.8

*** Percentages indicated are based upon total investments as of October 31, 2016. The Fund’s composition is subject to change.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan International Discovery Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 21, 2015 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2016 (Unaudited) (continued)

TOTAL RETURNS AS OF OCTOBER 31, 2016
	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS A SHARES	December 21, 2015
With Sales Charge**			(5.95	)%
Without Sales Charge			(0.75	)
CLASS C SHARES	December 21, 2015
With CDSC***			(2.16	)
Without CDSC			(1.16	)
CLASS R5 SHARES	December 21, 2015		(0.33	)
CLASS R6 SHARES	December 21, 2015		(0.26	)
SELECT CLASS SHARES	December 21, 2015		(0.47	)

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (12/21/15 TO 10/31/16)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on December 21, 2015.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Discovery Fund and the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) from December 21, 2015 to October 31, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE SMID Cap Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI EAFE SMID Cap Index captures mid and small cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. With 2,749 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to

make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.8%
		Australia — 10.8%
	10,507	ALS Ltd.		49,646
	7,054	Aristocrat Leisure Ltd.		82,129
	7,180	BlueScope Steel Ltd.		42,596
	8,189	Challenger Ltd.		66,851
	1,334	Domino’s Pizza Enterprises Ltd.		64,987
	28,767	Evolution Mining Ltd.		50,730
	16,538	Fortescue Metals Group Ltd.		69,404
	490	Ramsay Health Care Ltd.		27,286
	5,181	Regis Resources Ltd.		13,066
	22,999	South32 Ltd.		44,883
	2,422	TPG Telecom Ltd.		13,888
	8,497	Treasury Wine Estates Ltd.		69,271
	17,680	Whitehaven Coal Ltd. (a)		40,659
				635,396
		Belgium — 1.1%
	438	D’ieteren S.A.		19,309
	796	Umicore S.A.		48,383
				67,692
		China — 1.4%
	4,000	AAC Technologies Holdings, Inc.		38,112
	270,000	Lonking Holdings Ltd.		44,137
				82,249
		Denmark — 3.1%
	818	Bakkafrost P/F		34,296
	692	Royal Unibrew A/S		32,373
	598	SimCorp A/S		33,023
	5,881	TDC A/S (a)		32,425
	605	Vestas Wind Systems A/S		48,470
				180,587
		Finland — 2.8%
	1,269	Cramo OYJ		33,259
	805	Huhtamaki OYJ		32,488
	6,945	Sponda OYJ		32,881
	1,414	UPM-Kymmene OYJ		32,892
	3,864	YIT OYJ		32,225
				163,745
		France — 9.1%
	721	Ipsen S.A.		49,843
	1,521	IPSOS		49,677
	1,464	Korian S.A.		44,841
	604	Remy Cointreau S.A.		48,974
	331	SEB S.A.		48,715
	436	Sopra Steria Group		44,356

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	1,423	Tarkett S.A.		50,676
	764	Technip S.A.		50,707
	560	Thales S.A.		52,688
	732	Trigano S.A.		51,777
	1,278	Ubisoft Entertainment S.A. (a)		43,485
				535,739
		Germany — 1.7%
	299	Bechtle AG		31,446
	576	Covestro AG (e)		34,109
	311	MTU Aero Engines AG		32,476
				98,031
		Hong Kong — 2.3%
	24,000	Lee & Man Paper Manufacturing Ltd.		18,033
	4,000	Link REIT		28,456
	33,000	New World Development Co., Ltd.		41,027
	13,500	Techtronic Industries Co., Ltd.		50,722
				138,238
		Ireland — 1.7%
	640	DCC plc		52,070
	1,143	James Hardie Industries plc, CDI		17,012
	335	Paddy Power Betfair plc		34,703
				103,785
		Israel — 1.3%
	10,000	Plus500 Ltd.		75,704
		Italy — 3.3%
	4,751	Amplifon S.p.A.		50,200
	788	Industria Macchine Automatiche S.p.A.		48,736
	1,652	Recordati S.p.A.		46,717
	1,996	Salvatore Ferragamo S.p.A		48,791
				194,444
		Japan — 29.5%
	1,800	Alps Electric Co., Ltd.		43,178
	3,000	Aozora Bank Ltd.		9,912
	1,700	Cawachi Ltd.		43,751
	800	Don Quijote Holdings Co., Ltd.		30,408
	1,800	Ebara Corp.		53,436
	4,700	EDION Corp.		41,639
	2,000	Electric Power Development Co., Ltd.		46,574
	2,000	Fujitsu General Ltd.		45,893
	15,000	Fukuoka Financial Group, Inc.		64,912
	1,900	Goldcrest Co., Ltd.		34,521
	2,500	Iida Group Holdings Co., Ltd.		48,324
	1,400	Japan Exchange Group, Inc.		20,787

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2016 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	700	Kansai Paint Co., Ltd.		15,043
	3,100	Kyowa Exeo Corp.		46,548
	2,600	LIXIL Group Corp.		59,718
	2,000	M3, Inc.		60,862
	2,500	Minebea Co., Ltd.		25,511
	7,400	Mitsubishi Chemical Holdings Corp.		48,588
	6,100	Next Co., Ltd.		51,198
	1,400	Nihon M&A Center, Inc.		45,435
	18,500	Nippon Light Metal Holdings Co., Ltd.		42,125
	600	Nitori Holdings Co., Ltd.		71,671
	6,900	NSK Ltd.		76,704
	13,000	NTN Corp.		49,208
	5,200	Obayashi Corp.		50,093
	1,500	Open House Co., Ltd.		31,685
	1,600	Park24 Co., Ltd.		49,438
	2,700	Raito Kogyo Co. Ltd.		32,504
	6,400	Rengo Co., Ltd.		40,136
	7,000	Ryobi Ltd.		28,218
	500	SCREEN Holdings Co., Ltd.		34,205
	31,000	Shinsei Bank Ltd.		50,120
	200	Sosei Group Corp. (a)		29,986
	1,400	Sumitomo Seika Chemicals Co. Ltd.		52,344
	1,800	Suruga Bank Ltd.		43,943
	8,000	Taisei Corp.		59,960
	5,600	Takara Leben Co., Ltd.		37,987
	2,100	Toridoll Holdings Corp.		48,654
	300	Trend Micro, Inc.		10,564
	19,000	UACJ Corp.		61,749
				1,737,532
		Luxembourg — 0.5%
	599	Stabilus S.A. (a)		31,245
		Netherlands — 0.8%
	2,219	Intertrust N.V. (a) (e)		46,778
		Norway — 0.6%
	4,554	Skandiabanken ASA (a) (e)		33,871
		South Africa — 0.4%
	1,310	Mondi plc		25,565
		Spain — 2.4%
	234	Aena S.A. (e)		34,289
	1,774	CIE Automotive S.A.		36,521
	1,498	Gamesa Corp., Tecnologica S.A.		34,587
	11,529	Mapfre S.A.		34,200
				139,597

SHARES		SECURITY DESCRIPTION	VALUE($)
		Sweden — 4.5%
	9,115	Cloetta AB, Class B		32,293
	3,320	Granges AB		32,262
	293	Indutrade AB		5,450
	2,157	Inwido AB		23,572
	6,441	KappAhl AB		33,586
	1,262	NCC AB, Class B (a)		32,070
	5,063	Nobina AB (e)		33,913
	981	Nordax Group AB (e)		6,164
	2,907	Sandvik AB		33,028
	2,036	Thule Group AB (e)		31,429
				263,767
		Switzerland — 3.8%
	67	dorma+kaba Holding AG, Class B (a)		46,557
	4,965	OC Oerlikon Corp. AG (a)		46,676
	916	Oriflame Holding AG (a)		33,653
	11	Sika AG		52,871
	467	Sulzer AG		45,991
				225,748
		United Kingdom — 14.3%
	3,600	3i Group plc		29,510
	6,800	888 Holdings plc		18,103
	1,280	Admiral Group plc		29,989
	1,900	Anglo American plc (a)		26,370
	6,000	Ashtead Group plc		93,489
	2,500	Beazley plc		11,131
	1,410	BGEO Group plc		51,016
	4,400	Electrocomponents plc		20,067
	2,887	Informa plc		23,752
	1,442	Intermediate Capital Group plc		10,681
	8,200	ITV plc		17,095
	4,200	JD Sports Fashion plc		78,088
	670	Johnson Matthey plc		27,928
	4,200	Just Eat plc (a)		28,851
	13,800	Melrose Industries plc		28,479
	3,260	Micro Focus International plc		85,365
	2,850	Old Mutual plc		7,011
	3,000	Paysafe Group plc (a)		15,857
	850	Provident Financial plc		30,643
	260	Randgold Resources Ltd.		23,090
	1,660	RPC Group plc		19,250
	5,650	Sage Group plc (The)		49,850
	2,160	Smiths Group plc		37,429
	2,982	Subsea 7 S.A. (a)		33,381
	2,620	Tate & Lyle plc		24,987

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	1,030	Weir Group plc (The)		21,396
				842,808
		United States — 0.4%
	470	Carnival plc		22,669
		Total Common Stocks (Cost $5,224,795)		5,645,190
	Preferred Stocks — 1.1%
		Germany — 1.1%
	1,035	Jungheinrich AG		32,677
	396	Sartorius AG		31,172
		Total Preferred Stocks (Cost $55,015)		63,849
		Total Investments — 96.9% (Cost $5,279,810)		5,709,039
		Other Assets in Excess of Liabilities — 3.1%		185,373
		NET ASSETS — 100.0%	$	5,894,412

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2016

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

INDUSTRY	PERCENTAGE
Machinery		9.4	%
Metals & Mining		7.1
Chemicals		4.9
Hotels, Restaurants & Leisure		4.8
Banks		4.6
Construction & Engineering		4.4
Specialty Retail		3.9
Software		3.9
Household Durables		3.4
Real Estate Management & Development		3.1
Capital Markets		2.7
Beverages		2.6
Diversified Financial Services		2.5
Media		2.5
Building Products		2.3
Trading Companies & Distributors		2.3
Pharmaceuticals		2.2
Health Care Providers & Services		2.1
Electrical Equipment		2.0
Electronic Equipment, Instruments & Components		1.8
Commercial Services & Supplies		1.7
Containers & Packaging		1.6
IT Services		1.6
Food Products		1.6
Industrial Conglomerates		1.6
Aerospace & Defense		1.5
Energy Equipment & Services		1.5
Leisure Products		1.5
Insurance		1.4
Paper & Forest Products		1.3
Health Care Technology		1.1
Others (each less than 1.0%)		11.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:

CDI	—  CHESS Depository Interest
REIT	—  Real Estate Investment Trust
(a)	—  Non-income producing 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.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2016

	International Discovery Fund
ASSETS:
Investments in non-affiliates, at value	$	5,709,039
Cash		254,908
Foreign currency, at value		2,794
Receivables:
Investment securities sold		30,940
Interest from non-affiliates		15,010
Tax reclaims		1,637
Due from Adviser		10,649
Deferred offering cost		3,196
Total Assets		6,028,173
LIABILITIES:
Payables:
Investment securities purchased		40,063
Accrued liabilities:
Administration fees		3,080
Distribution fees		17
Shareholder servicing fees		1,005
Custodian and accounting fees		16,000
Trustees’ and Chief Compliance Officer’s fees		1
Audit fees		69,500
Other		4,095
Total Liabilities		133,761
Net Assets	$	5,894,412

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

	International Discovery Fund
NET ASSETS:
Paid-in-Capital	$	5,835,748
Accumulated undistributed (distributions in excess of) net investment income		55,678
Accumulated net realized gains (losses)		(425,808	)
Net unrealized appreciation (depreciation)		428,794
Total Net Assets	$	5,894,412
Net Assets:
Class A	$	19,853
Class C		19,769
Class R5		19,930
Class R6		19,939
Select Class		5,814,921
Total	$	5,894,412
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,334
Class C		1,334
Class R5		1,334
Class R6		1,334
Select Class		389,745
Net Asset Value (a):
Class A — Redemption price per share	$	14.88
Class C — Offering price per share (b)		14.82
Class R5 — Offering and redemption price per share		14.94
Class R6 — Offering and redemption price per share		14.94
Select Class — Offering and redemption price per share		14.92
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.70
Cost of investments in non-affiliates	$	5,279,810
Cost of foreign currency		2,792

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

STATEMENT OF OPERATIONS

FOR THE PERIOD ENDED OCTOBER 31, 2016

	International Discovery Fund (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	112,969
Interest income from non-affiliates		61
Foreign taxes withheld		(10,333	)
Total investment income		102,697
EXPENSES:
Investment advisory fees		31,417
Administration fees		3,680
Distribution fees:
Class A		42
Class C		125
Shareholder servicing fees:
Class A		42
Class C		42
Class R5		9
Select Class		11,053
Custodian and accounting fees		93,425
Interest expense to affiliates		13
Professional fees		71,568
Trustees’ and Chief Compliance Officer’s fees		14,596
Printing and mailing costs		1,934
Registration and filing fees		250
Transfer agency fees (See Note 2.F.)		2,981
Offering costs		19,547
Other		2,766
Total expenses		253,490
Less fees waived		(34,921	)
Less expense reimbursements		(175,794	)
Net expenses		42,775
Net investment income (loss)		59,922
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(431,892	)
Payment by affiliate (See Note 3.G.)		10,214
Foreign currency transactions		(5,194	)
Net realized gain (loss)		(426,872	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		429,229
Foreign currency translations		(435	)
Change in net unrealized appreciation/depreciation		428,794
Net realized/unrealized gains (losses)		1,922
Change in net assets resulting from operations	$	61,844

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED

	International Discovery Fund
	Period Ended October 31, 2016 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	59,922
Net realized gain (loss)		(426,872	)
Change in net unrealized appreciation/depreciation		428,794
Change in net assets resulting from operations		61,844
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(11	)
Class C
From net investment income		(9	)
Class R5
From net investment income		(14	)
Class R6
From net investment income		(14	)
Select Class
From net investment income		(3,155	)
Total distributions to shareholders		(3,203	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,835,771
NET ASSETS:
Change in net assets		5,894,412
Beginning of period		—
End of period	$	5,894,412
Accumulated undistributed (distributions in excess of) net investment income	$	55,678

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED (continued)

	International Discovery Fund
	Period Ended October 31, 2016 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,000
Distributions reinvested		11
Change in net assets resulting from Class A capital transactions	$	20,011
Class C
Proceeds from shares issued	$	20,000
Distributions reinvested		9
Change in net assets resulting from Class C capital transactions	$	20,009
Class R5
Proceeds from shares issued	$	20,000
Distributions reinvested		14
Change in net assets resulting from Class R5 capital transactions	$	20,014
Class R6
Proceeds from shares issued	$	20,000
Distributions reinvested		14
Change in net assets resulting from Class R6 capital transactions	$	20,014
Select Class
Proceeds from shares issued	$	5,752,568
Distributions reinvested		3,155
Change in net assets resulting from Select Class capital transactions	$	5,755,723
Total change in net assets resulting from capital transactions	$	5,835,771
SHARE TRANSACTIONS:
Class A
Issued		1,333
Reinvested		1
Change in Class A Shares		1,334
Class C
Issued		1,333
Reinvested		1
Change in Class C Shares		1,334
Class R5
Issued		1,333
Reinvested		1
Change in Class R5 Shares		1,334
Class R6
Issued		1,333
Reinvested		1
Change in Class R6 Shares		1,334
Select Class
Issued		389,536
Reinvested		209
Change in Select Class Shares		389,745

(a) Commencement of operations was December 21, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

FINANCIAL HIGHLIGHTS

FOR THE PERIOD INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
International Discovery Fund
Class A
December 21, 2015 (h) through October 31, 2016	$	15.00	$	0.13	$	(0.24	)(i)(j)	$	(0.11	)	$	(0.01	)
Class C
December 21, 2015 (h) through October 31, 2016		15.00		0.07		(0.24	)(i)(j)		(0.17	)		(0.01	)
Class R5
December 21, 2015 (h) through October 31, 2016		15.00		0.19		(0.24	)(i)(j)		(0.05	)		(0.01	)
Class R6
December 21, 2015 (h) through October 31, 2016		15.00		0.20		(0.25	)(i)(j)		(0.05	)		(0.01	)
Select Class
December 21, 2015 (h) through October 31, 2016		15.00		0.17		(0.24	)(i)(j)		(0.07	)		(0.01	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2016.

(g) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(h) Commencement of operations.

(i) An affiliate of JPMorgan Chase & Co. reimbursed the Fund for losses incurred from an operational error. Without the reimbursement, the net realized and unrealized gains (losses) on investments per share would have been $(0.26), $(0.27), $(0.27), $(0.28) and $(0.27), and the total return would have been (0.88)%, (1.36)%, (0.53)%, (0.53)% and (0.67)% for Class A, Class C, Class R5, Class R6 and Select Class, respectively (See Note 3.G.).

(j) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)(f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)(g)
$	14.88		(0.75	)%(i)	$	19,853		1.25	%		1.07	%		9.33	%		200	%
	14.82		(1.16	)(i)		19,769		1.75			0.57			9.78			200
	14.94		(0.33	)(i)		19,930		0.80			1.52			8.83			200
	14.94		(0.33	)(i)		19,939		0.75			1.57			8.77			200
	14.92		(0.47	)(i)		5,814,921		0.95			1.34			5.54			200

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
International Discovery Fund	Class A, Class C, Class R5, Class R6 and Select Class	Diversified

The investment objective of the Fund is to seek to provide long-term capital appreciation.

The Fund commenced operations on December 21, 2015. Prior to November 14, 2016 the Fund was not publicly offered for investment.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R5, Class R6 and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Fund’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Fund’s Administrator under the Administration Agreement.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	635,396	$	—	$	635,396
Belgium		—		67,692		—		67,692
China		—		82,249		—		82,249
Denmark		—		180,587		—		180,587
Finland		—		163,745		—		163,745
France		—		535,739		—		535,739
Germany		—		98,031		—		98,031
Hong Kong		—		138,238		—		138,238
Ireland		—		103,785		—		103,785
Israel		75,704		—		—		75,704
Italy		—		194,444		—		194,444
Japan		—		1,737,532		—		1,737,532
Luxembourg		—		31,245		—		31,245
Netherlands		—		46,778		—		46,778
Norway		—		33,871		—		33,871
South Africa		—		25,565		—		25,565
Spain		—		139,597		—		139,597
Sweden		72,370		191,397		—		263,767
Switzerland		—		225,748		—		225,748
United Kingdom		89,186		753,622		—		842,808
United States		—		22,669		—		22,669
Total Common Stocks		237,260		5,407,930		—		5,645,190
Preferred Stocks
Germany		—		63,849		—		63,849
Total Investments in Securities	$	237,260	$	5,471,779	$	—	$	5,709,039

There were no transfers among any levels for the period ended October 31, 2016.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Fund.

As of October 31, 2016, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

D. Offering and Organizational Costs — Total offering costs of approximately $22,743 incurred in connection with the offering of shares of the Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statement of Operations. For the period ended October 31, 2016, total offering costs amortized were $19,547.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amounts of the transfer agency fees charged to each class of the Fund for the period ended October 31, 2016 are as follows:

	Class A		Class C		Class R5		Class R6		Select Class		Total
Transfer agency fees	$	586	$	586	$	586	$	586	$	637	$	2,981

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of October 31, 2016, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

H. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	(23	)	$	(1,041	)	$	1,064

The reclassifications for the Fund relate primarily to foreign currency gains or losses and investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at the annual rate of 0.70% of the Fund’s average daily net assets.

The Adviser, on behalf of the Fund, has entered into investment sub-advisory agreement with JF International Management, Inc. (“JFIMI”), a wholly-owned subsidiary of JPMorgan Asset Management (Asia) Inc., which is wholly-owned by J.P. Morgan Asset Management Holdings Inc. For its services as sub-adviser, JFIMI receives a portion of the fees payable to the Adviser. The fee is accrued daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets managed by JFIMI.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the period ended October 31, 2016, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to the Distributor, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the period ended October 31, 2016, the Distributor did not retain any front-end sales charges or CDSC.

D. Shareholder Servicing Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class R5			Select Class
	0.25	%		0.25	%		0.05	%		0.25	%

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses of the Fund (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class R5			Class R6			Select Class
	1.25	%		1.75	%		0.80	%		0.75	%		0.95	%

The expense limitation agreement was in effect for the period ended October 31, 2016 and is in place until at least February 28, 2017.

For the period ended October 31, 2016, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursement
$	31,417	$	600	$	2,904	$	34,921	$	175,794

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2016 (continued)

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

There were no waivers/reimbursements resulting from investments in these money market funds for the period ended October 31, 2016.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund may use related party broker-dealers. For the period ended October 31, 2016, the Fund incurred $149 of brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

An affiliate of JPMCB made a payment to the Fund in the amount of $10,214 relating to an operational error.

4. Investment Transactions

During the period ended October 31, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	15,994,351	$	10,282,586

During the period ended October 31, 2016, there were no purchases or sales of U.S. Government Securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	5,313,691	$	556,178	$	160,830	$	395,348

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the period ended October 31, 2016 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	3,203	$	—	$	3,203

* Short-term gains are treated as ordinary income for income tax purposes.

As of October 31, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
$	59,609	$	(391,979	)	$	394,914

For the Fund the cumulative timing differences primarily consist of wash sale loss deferrals and trustee deferred compensation.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

As of October 31, 2016, the Fund had post-enactment net capital loss carryforwards as follows:

Post-enactment net capital loss
Short-Term		Long-Term
$	391,979	$	—

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the period ended October 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the Fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended. The Fund did not utilize the Credit Facility during the period ended October 31, 2016.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2016, all of the Fund’s shares were held by the Adviser.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2016, the Fund had the following non-U.S. country allocations representing greater than 10% of the Fund’s total investments:

Australia			Japan			United Kingdom
	11.1	%		30.4	%		14.8	%

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan International Discovery Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan International Discovery Fund (a separate fund of JPMorgan Trust I) (the “Fund”) as of October 31, 2016, and the results of its operations, the changes in its net assets and the financial highlights for the period December 21, 2015 (commencement of operations) through October 31, 2016, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of October 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2016

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	152	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	152	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	152	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	152	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	152	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	152	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	152	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	152	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	152	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	152	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	152	None

⁽¹⁾ The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

⁽²⁾ A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (152 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2016, and continued to hold your shares at the end of the reporting period, October 31, 2016.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value May 1, 2016		Ending Account Value October 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
International Discovery Fund
Class A
Actual	$	1,000.00	$	1,033.30	$	6.39		1.25	%
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		1,031.30		8.94		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R5
Actual		1,000.00		1,036.10		4.09		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80
Class R6
Actual		1,000.00		1,036.80		3.84		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		1,035.40		4.86		0.95
Hypothetical		1,000.00		1,020.36		4.82		0.95

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2016

Tax Letter

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Qualified Dividend Income (QDI)

The Fund had $13,280, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2016.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2016, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are $112,342 and $10,077, respectively.

OCTOBER 31, 2016 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾Social Security number and account balances   ◾transaction history and account transactions   ◾checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾open an account or provide contact information ◾give us your account information or pay us by check ◾make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾affiliates from using your information to market to you ◾sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. October 2016. AN-ID-1016

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Effective January 1, 2016, James Schonbachler replaced Mitchell Merin as the audit committee financial expert. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2016 – $1,524,080

2015 – $1,570,410

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2016 – $298,597

2015 – $318,007

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2016 – $329,655

2015 – $339,550

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2016 and 2015, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2016 – Not applicable

2015 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the

services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2016 – 0.0%

2015 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2015 - $29.8 million

2014 - $31.3 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	December 30, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	December 30, 2016

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	December 30, 2016