N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2017

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of January 31, 2017

(Unaudited)

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

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

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2017.

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		China — 52.3%
	45	AAC Technologies Holdings, Inc.		462
	14	Alibaba Group Holding Ltd., ADR (a)		1,454
	344	Aluminum Corp. of China Ltd., Class H (a)		178
	316	BBMG Corp., Class H		121
	12	Beijing Originwater Technology Co. Ltd., Class A		27
	855	CGN Power Co. Ltd., Class H, Reg. S (e)		241
	60	China Conch Venture Holdings Ltd.		115
	1,191	China Construction Bank Corp., Class H		883
	9	China Medical System Holdings Ltd.		15
	207	China Merchants Bank Co. Ltd., Class H		517
	151	China Resources Phoenix Healthcare Holdings Co. Ltd. (a)		202
	446	China Telecom Corp. Ltd., Class H		211
	484	CNOOC Ltd.		604
	216	CSPC Pharmaceutical Group Ltd.		243
	8	Ctrip.com International Ltd., ADR (a)		328
	3	Hangzhou Hikvision Digital Technology Co. Ltd., Class A		10
	7	Hangzhou Robam Appliances Co. Ltd., Class A		40
	16	Han’s Laser Technology Industry Group Co. Ltd., Class A		51
	19	JD.com, Inc., ADR (a)		540
	37	Jiangsu Hengrui Medicine Co. Ltd., Class A		258
	95	MGM China Holdings Ltd.		184
	157	Ping An Insurance Group Co. of China Ltd., Class H		803
	316	Postal Savings Bank of China Co. Ltd., Class H, Reg. S (a) (e)		185
	56	SAIC Motor Corp. Ltd., Class A		205
	32	Sinopharm Group Co. Ltd., Class H		146
	19	Spring Airlines Co. Ltd., Class A		100
	76	Tencent Holdings Ltd.		1,974
	10	Tuniu Corp., ADR (a)		93
	11	Vipshop Holdings Ltd., ADR (a)		129
				10,319
		Hong Kong — 23.0%
	146	AIA Group Ltd.		902
	180	Brilliance China Automotive Holdings Ltd.		254
	38	Cafe de Coral Holdings Ltd.		126
	47	Cheung Kong Property Holdings Ltd.		307
	182	China Everbright International Ltd.		221
	106	China Resources Gas Group Ltd.		335
	86	China Resources Land Ltd.		213

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	129	China Taiping Insurance Holdings Co. Ltd. (a)		283
	17	Hong Kong Exchanges & Clearing Ltd.		413
	35	IMAX China Holding, Inc., Reg. S (a) (e)		162
	227	Nexteer Automotive Group Ltd.		282
	30	Orient Overseas International Ltd.		153
	147	Regina Miracle International Holdings Ltd., Reg. S (e)		116
	46	Sands China Ltd.		202
	186	Sino Biopharmaceutical Ltd.		146
	277	WH Group Ltd., Reg. S (e)		210
	28	Wharf Holdings Ltd. (The)		210
				4,535
		Singapore — 1.0%
	39	BOC Aviation Ltd., Reg. S (e)		195
		Taiwan — 20.1%
	177	Advanced Semiconductor Engineering, Inc.		195
	428	China Life Insurance Co. Ltd.		419
	364	E.Sun Financial Holding Co. Ltd.		215
	10	Eclat Textile Co. Ltd.		104
	4	Largan Precision Co. Ltd.		572
	29	President Chain Store Corp.		217
	5	Silicon Motion Technology Corp., ADR		210
	61	Taiwan Paiho Ltd.		187
	56	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,737
	35	Wistron NeWeb Corp.		100
				3,956
		Total Common Stocks (Cost $13,322)		19,005
	Structured Instruments — 4.4%
		China — 4.4%
		Low Exercise Cash Settled Call Warrants — 4.4%
	45	Beijing Originwater Technology Co. Ltd., expiring 07/17/17 (Strike Price $0.00) (issued through UBS AG) (a)		102
	29	GoerTek, Inc., expiring 07/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		115
	60	Hangzhou Hikvision Digital Technology Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		226
	29	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		164

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Structured Instruments — continued
		Low Exercise Cash Settled Call Warrants — continued
	49	Han’s Laser Technology Industry Group Co. Ltd., expiring 11/06/17 (Strike Price $0.00) (issued through Morgan Stanley) (a)		161
	36	Luxshare Precision Industry Co. Ltd., expiring 06/26/17 (Strike Price $0.00) (issued through UBS AG) (a)		105
		Total Structured Instruments (Cost $884)		873
		Total Investments — 100.8% (Cost $14,206)		19,878
		Liabilities in Excess of Other Assets — (0.8)%		(166	)
		NET ASSETS — 100.0%	$	19,712

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Internet Software & Services		17.2	%
Insurance		12.1
Semiconductors & Semiconductor Equipment		10.8
Banks		9.1
Capital Markets		6.5
Electronic Equipment, Instruments & Components		5.3
Internet & Direct Marketing Retail		5.0
Real Estate Management & Development		3.7
Pharmaceuticals		3.3
Hotels, Restaurants & Leisure		3.0
Oil, Gas & Consumable Fuels		3.0
Automobiles		2.3
Textiles, Apparel & Luxury Goods		2.0
Health Care Providers & Services		1.8
Gas Utilities		1.7
Auto Components		1.4
Commercial Services & Supplies		1.2
Independent Power & Renewable Electricity Producers		1.2
Food & Staples Retailing		1.1
Diversified Telecommunication Services		1.1
Food Products		1.1
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		5.1

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(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.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	5,880
Aggregate gross unrealized depreciation		(208	)
Net unrealized appreciation/depreciation	$	5,672
Federal income tax cost of investments	$	14,206

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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 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
China	$	2,672	$	7,647	$	—	$	10,319
Hong Kong		—		4,535		—		4,535
Singapore		—		195		—		195
Taiwan		1,947		2,009		—		3,956
Total Common Stocks		4,619		14,386		—		19,005
Structured Instruments
China		—		873		—		873
Total Investments in Securities	$	4,619	$	15,259	$	—	$	19,878

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $237,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 96.9%
		U.S. Government Agency Securities — 19.6%
		Federal Farm Credit Bank,
	3,400,000	DN, 0.490%, 02/02/17 (n)		3,399,963
		FHLB,
	1,493,000	DN, 0.520%, 02/23/17 (n)		1,492,636
	1,350,000	DN, 0.551%, 04/24/17 (n)		1,348,370
		FHLMC,
	1,384,000	DN, 0.450%, 02/01/17 (n)		1,384,000
	10,000,000	DN, 0.496%, 03/03/17 (n)		9,995,750
		FNMA,
	10,000,000	DN, 0.501%, 03/01/17 (n)		9,996,030
	4,000,000	DN, 0.520%, 02/22/17 (n)		3,999,068
		Total U.S. Government Agency Securities (Cost $31,615,553)		31,615,817
		U.S. Treasury Obligations — 57.9%
		U.S. Treasury Bill,
	33,550,000	0.483%, 02/02/17 (n)		33,549,597
	60,000,000	0.497%, 02/09/17 (n)		59,993,760
		Total U.S. Treasury Obligations (Cost $93,542,928)		93,543,357
SHARES
		Investment Company — 19.4%
	31,301,063	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.870% (b) (l) ^ † (Cost $31,305,184)		31,308,219
		Total Investments — 96.9% (Cost $156,463,665)		156,467,393
		Other Assets in Excess of Liabilities — 3.1%		5,024,740
		NET ASSETS — 100.0%	$	161,492,133

Percentages indicated are based on net assets.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Futures Contracts^
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
122	Lean Hogs Futures		02/14/17	USD	$	3,370,860		$	421,200
324	Natural Gas Futures		02/24/17	USD		10,099,080			(624,472	)
1,011	Brent Crude Oil Futures		02/28/17	USD		56,191,380			1,586,418
2	LME Nickel Futures		03/13/17	USD		119,136			(8,106	)
6	LME Primary Aluminum Futures		03/13/17	USD		272,175			9,919
2	LME Zinc Futures		03/13/17	USD		142,800			6,919
10	Soybean Futures		03/14/17	USD		512,250			(479	)
10	Soybean Meal Futures		03/14/17	USD		334,600			12,071
20	Copper Futures		03/29/17	USD		1,363,750			66,360
225	WTI Crude Oil Futures		04/19/17	USD		12,136,500			102,203
1,208	Crude Oil Financial Futures		05/19/17	USD		65,691,040			(551,996	)
1,292	Natural Gas Futures		05/26/17	USD		42,106,280			1,749,591
84	Natural Gas Futures		06/28/17	USD		2,772,000			(79,124	)
7	Soybean Oil Futures		07/14/17	USD		144,480			(7,119	)
	Short Futures Outstanding
(7)	Gasoline RBOB Futures		02/28/17	USD		(455,729	)		17,592
(15)	NY Harbor ULSD Futures		02/28/17	USD		(1,027,404	)		19,680
(30)	Sugar No. 11 Futures		02/28/17	USD		(687,120	)		1,313
(792)	Brent Crude Oil Futures		03/31/17	USD		(44,280,720	)		(1,582,780	)
(1,292)	Natural Gas Futures		04/26/17	USD		(41,447,360	)		(1,176,169	)
(8)	Corn Futures		05/12/17	USD		(146,800	)		987
(8)	Gold 100 OZ Futures		06/28/17	USD		(971,600	)		(10,041	)
(1,208)	Crude Oil Financial Futures		08/21/17			(66,500,400	)		607,414
								$	561,381

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Return Swaps on Commodities ^

SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	CBOT Soybean Meal March 2017 Futures		02/24/17	$	2,417,220	$	192,575
	CBOT Soybean Meal March 2017 Futures		02/24/17		1,937,360		103,654
	CBOT Soybean March 2017 Futures		02/24/17		4,745,475		(32,761	)
	CBOT Soybean March 2017 Futures		02/24/17		4,309,500		44,605
	CBOT Wheat March 2017 Futures		02/24/17		728,875		1,274
	CBOT Wheat March 2017 Futures		02/24/17		877,000		(17,992	)
	CBOT Wheat March 2017 Futures		02/24/17		2,064,000		(44,380	)
	CBOT Wheat March 2017 Futures		02/24/17		2,455,250		(35,922	)
	CBOT Wheat March 2017 Futures		02/24/17		1,065,938		(14,056	)
	CME Live Cattle April 2017 Futures		04/06/17		2,102,500		180,780
	CME Live Cattle April 2017 Futures		04/07/17		2,801,320		(106,658	)
	CME Live Cattle April 2017 Futures		04/07/17		1,415,550		(45,394	)
	CBOT Corn May 2017 Futures		04/26/17		5,285,250		36,191
	CBOT Corn May 2017 Futures		04/26/17		5,537,325		22,688
	CBOT Corn May 2017 Futures		04/26/17		1,554,969		4,774
	COMEX Gold June 2017 Futures		05/29/17		8,880,740		106,321
	COMEX Gold June 2017 Futures		05/29/17		8,340,500		160,639
	COMEX Silver July 2017 Futures		06/28/17		3,446,255		175,979
	COMEX Silver July 2017 Futures		06/28/17		3,140,005		128,930
	CBOT Soybean Oil July 2017 Futures		06/28/17		2,423,511		(90,919	)
	CBOT Soybean Oil July 2017 Futures		06/28/17		2,167,500		(103,192	)
	CBOT Soybean November 2017 Futures		10/27/17		2,026,375		125,011
	CBOT Soybean November 2017 Futures		10/27/17		2,000,500		1,491
	Short Positions
	CBOT Soybean July 2017 Futures		06/28/17		2,107,538		(132,367	)
	CBOT Soybean July 2017 Futures		06/28/17		2,059,000		(24,925	)
						$	636,346

Return Swaps on Commodities Indices ^
		TERMINATION		NOTIONAL
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	DATE		VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	BBG Industrial Metals Index		03/23/17	$	28,150,000	$	815,239
	BBG Softs Index		03/23/17		12,365,000		101,861
	BBG Heat Oil Index		12/04/17		6,800,000		29,097
	BBG Unleaded Gasoline Index		12/04/17		6,200,000		(93,186	)
						$	853,011

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
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
LME	—	London Metal Exchange
RBOB	—	Reformulated gasoline blendstock for oxygen blending
ULSD	—	Ultra Low Sulfur Diesel
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 January 31, 2017.
(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 $7,449,535.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,925
Aggregate gross unrealized depreciation		(197	)
Net unrealized appreciation/depreciation	$	3,728
Federal income tax cost of investments	$	156,463,665

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 January 31, 2017, net assets of the Fund were $161,492,133 of which $36,454,985 or approximately 22.6%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values or NAV per share as of the report date.

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.

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)	$	31,308,219		$	125,159,174		$	—	$	156,467,393
Appreciation in Other Financial Instruments
Futures Contracts	$	4,601,667		$	—		$	—	$	4,601,667
Swaps		—			2,231,109			—		2,231,109
Total Appreciation in Other Financial Instruments	$	4,601,667		$	2,231,109		$	—	$	6,832,776
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,040,286	)	$	—		$	—	$	(4,040,286	)
Swaps		—			(741,752	)		—		(741,752	)
Total Depreciation in Other Financial Instruments	$	(4,040,286	)	$	(741,752	)	$	—	$	(4,782,038	)

(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. Please refer to the CSOI for industry specifics of portfolio holdings.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

There were no transfers among any levels during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including futures 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) — (2) below describe the various derivatives used by the Fund.

(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.

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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

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

(2). Swaps — The Fund engaged in various swap transactions, including physical commodities, commodities futures and commodity futures indices to obtain long and short exposure to commodities markets. 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 and amortized over the term of the swap. The value of an OTC swap agreement is recorded 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 Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. 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 market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

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. 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/quarterly resets. Realized gain or loss is recorded on reset date of the swap and is based on the difference between contract and market price of underlying instrument.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 59.8%
		Consumer Discretionary — 10.0%
		Auto Components — 0.7%
	104,000	Calsonic Kansei Corp., (Japan)		1,653,348
	29,486	Gentex Corp.		615,963
	3,708	Linamar Corp., (Canada)		163,024
				2,432,335
		Automobiles — 0.2%
	14,300	Fuji Heavy Industries Ltd., (Japan)		572,231
		Diversified Consumer Services — 0.7%
	90,901	LifeLock, Inc. (a)		2,177,988
	13,500	Sotheby’s (a)		536,085
				2,714,073
		Hotels, Restaurants & Leisure — 1.2%
	30,100	Bloomin’ Brands, Inc.		515,011
	11,400	Brinker International, Inc.		507,300
	31,000	ILG, Inc.		587,450
	50,800	La Quinta Holdings, Inc. (a)		717,804
	4,400	McDonald’s Corp.		539,308
	38,100	Pinnacle Entertainment, Inc. (a)		586,740
	12,000	SeaWorld Entertainment, Inc.		217,320
	1,972	Wyndham Worldwide Corp.		155,906
	8,400	Yum Brands, Inc.		550,452
				4,377,291
		Household Durables — 1.4%
	30,624	Harman International Industries, Inc.		3,404,164
	46,500	Haseko Corp., (Japan)		512,500
	26,800	Iida Group Holdings Co. Ltd., (Japan)		501,568
	39,300	Sumitomo Forestry Co. Ltd., (Japan)		540,610
				4,958,842
		Internet & Direct Marketing Retail — 0.1%
	10,727	Blue Nile, Inc.		436,696
		Leisure Products — 0.5%
	26,995	American Outdoor Brands Corp. (a)		574,994
	18,700	Bandai Namco Holdings, Inc., (Japan)		515,012
	25,300	Heiwa Corp., (Japan)		609,963
				1,699,969
		Media — 2.0%
	8,600	CBS Corp. (Non-Voting), Class B		554,614
	20,900	Discovery Communications, Inc., Class C (a)		579,139
	29,255	Gannett Co., Inc.		281,433
	10,240	John Wiley & Sons, Inc., Class A		564,224
	15,600	Liberty Global plc, (United Kingdom), Class A (a)		569,088
	9,766	Meredith Corp.		598,656
	6,247	Omnicom Group, Inc.		535,056

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	7,976	Scripps Networks Interactive, Inc., Class A		607,452
	33,630	Sinclair Broadcast Group, Inc., Class A		1,135,012
	31,100	TEGNA, Inc.		712,501
	51,092	Time, Inc.		983,521
				7,120,696
		Multiline Retail — 0.1%
	10,600	Big Lots, Inc.		530,000
		Specialty Retail — 2.5%
	17,900	Adastria Co. Ltd., (Japan)		480,356
	7,560	American Eagle Outfitters, Inc.		114,232
	59,730	Cabela’s, Inc. (a)		3,338,310
	58,707	CST Brands, Inc.		2,828,503
	8,961	Dick’s Sporting Goods, Inc.		462,388
	29,100	Francesca’s Holdings Corp. (a)		507,504
	28,563	JB Hi-Fi Ltd., (Australia)		599,124
	6,500	Signet Jewelers Ltd.		504,855
				8,835,272
		Textiles, Apparel & Luxury Goods — 0.6%
	25,470	Michael Kors Holdings Ltd. (a)		1,090,371
	4,992	PVH Corp.		468,299
	22,877	Wolverine World Wide, Inc.		537,381
				2,096,051
		Total Consumer Discretionary		35,773,456
		Consumer Staples — 4.8%
		Beverages — 0.3%
	21,100	Coca-Cola West Co. Ltd., (Japan)		612,459
	4,844	PepsiCo, Inc.		502,710
				1,115,169
		Food & Staples Retailing — 1.5%
	7,733	Andersons, Inc. (The)		291,921
	10,600	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		526,992
	335,246	Metcash Ltd., (Australia) (a)		536,041
	409,463	Rite Aid Corp. (a)		2,301,182
	10,007	Sysco Corp.		524,967
	6,305	Walgreens Boots Alliance, Inc.		516,632
	8,266	Wal-Mart Stores, Inc.		551,673
				5,249,408
		Food Products — 2.5%
	12,609	Archer-Daniels-Midland Co.		558,074
	9,692	Campbell Soup Co.		603,133
	7,482	General Mills, Inc.		467,476
	5,496	Hershey Co. (The)		579,663
	3,520	JM Smucker Co. (The)		478,192
	5,000	Lamb Weston Holdings, Inc.		186,800

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — continued
	19,000	Megmilk Snow Brand Co. Ltd., (Japan)		498,686
	13,500	Morinaga & Co. Ltd., (Japan)		584,156
	23,600	Nichirei Corp., (Japan)		480,360
	6,560	Sanderson Farms, Inc.		596,960
	7,776	Tyson Foods, Inc., Class A		488,255
	63,937	WhiteWave Foods Co. (The) (a)		3,520,371
				9,042,126
		Household Products — 0.3%
	6,342	Procter & Gamble Co. (The)		555,559
	21,708	Svenska Cellulosa AB SCA, (Sweden), Class B		653,229
				1,208,788
		Tobacco — 0.2%
	8,078	Altria Group, Inc.		574,992
		Total Consumer Staples		17,190,483
		Energy — 2.8%
		Energy Equipment & Services — 1.7%
	41,925	Archrock, Inc.		612,105
	8,714	Baker Hughes, Inc.		549,679
	4,800	Basic Energy Services, Inc. (a)		196,176
	27,115	Forum Energy Technologies, Inc. (a)		588,395
	8,304	Helmerich & Payne, Inc.		590,913
	84,728	Noble Corp. plc		571,914
	22,489	Patterson-UTI Energy, Inc.		630,592
	26,982	RPC, Inc.		580,653
	6,617	Schlumberger Ltd.		553,909
	30,733	Superior Energy Services, Inc. (a)		543,052
	76,198	WorleyParsons Ltd., (Australia) (a)		572,945
				5,990,333
		Oil, Gas & Consumable Fuels — 1.1%
	29,867	ARC Resources Ltd., (Canada)		464,789
	13,547	CVR Energy, Inc.		300,879
	174,866	Denbury Resources, Inc. (a)		585,801
	6,751	Exxon Mobil Corp.		566,342
	11,596	Halcon Resources Corp. (a)		97,870
	40,111	Husky Energy, Inc., (Canada) (a)		517,551
	23,100	Idemitsu Kosan Co. Ltd., (Japan)		714,286
	602	PrairieSky Royalty Ltd., (Canada)		14,110
	3,800	SandRidge Energy, Inc. (a)		77,938
	61,100	Showa Shell Sekiyu KK, (Japan)		598,938
	1,234	Southwestern Energy Co. (a)		11,118
				3,949,622
		Total Energy		9,939,955
		Financials — 6.3%
		Banks — 1.1%
	7,880	Bank of Montreal, (Canada)		596,064
	10,240	Bank of Nova Scotia (The), (Canada)		611,921

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	18,700	CIT Group, Inc.		770,253
	13,264	Popular, Inc., (Puerto Rico)		589,319
	8,460	Royal Bank of Canada, (Canada)		608,275
	13,350	Toronto-Dominion Bank (The), (Canada)		691,584
				3,867,416
		Capital Markets — 0.4%
	19,242	IGM Financial, Inc., (Canada)		591,345
	7,700	Piper Jaffray Cos. (a)		542,850
	4,400	Virtus Investment Partners, Inc.		479,600
				1,613,795
		Consumer Finance — 0.4%
	6,100	Capital One Financial Corp.		533,079
	63,573	Navient Corp.		956,138
				1,489,217
		Insurance — 3.6%
	8,637	Aflac, Inc.		604,504
	7,745	Allstate Corp. (The)		582,501
	8,000	American International Group, Inc.		514,080
	5,700	Assurant, Inc.		553,641
	14,334	Assured Guaranty Ltd.		557,736
	9,267	Axis Capital Holdings Ltd.		593,181
	269,207	Delta Lloyd NV, (Netherlands)		1,549,927
	25,802	Endurance Specialty Holdings Ltd.		2,391,587
	2,947	Everest Re Group Ltd.		648,134
	13,685	First American Financial Corp.		514,282
	14,397	Industrial Alliance Insurance & Financial Services, Inc., (Canada)		605,753
	14,400	MetLife, Inc.		783,504
	9,430	Principal Financial Group, Inc.		538,359
	5,405	Prudential Financial, Inc.		568,119
	3,800	Stewart Information Services Corp.		165,984
	12,834	Unum Group		583,049
	600	White Mountains Insurance Group Ltd.		545,856
	14,600	XL Group Ltd., (Bermuda)		548,522
				12,848,719
		Thrifts & Mortgage Finance — 0.8%
	17,040	Essent Group Ltd. (a)		589,073
	33,499	EverBank Financial Corp.		650,885
	36,400	Kearny Financial Corp.		555,100
	27,800	Nationstar Mortgage Holdings, Inc. (a)		504,292
	35,580	Northwest Bancshares, Inc.		607,351
				2,906,701
		Total Financials		22,725,848
		Health Care — 6.6%
		Biotechnology — 1.2%
	394	AquaBounty Technologies, Inc. (a)		5,432
	150,801	ARIAD Pharmaceuticals, Inc. (a)		3,592,080

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	18,351	CoLucid Pharmaceuticals, Inc. (a)		850,569
				4,448,081
		Health Care Equipment & Supplies — 0.9%
	31,092	Ansell Ltd., (Australia)		560,418
	3,122	Becton Dickinson and Co.		553,499
	26,351	Getinge AB, (Sweden), Class B		425,702
	9,773	Hill-Rom Holdings, Inc.		575,337
	3,480	Teleflex, Inc.		583,701
	3,240	Varex Imaging Corp. (a)		93,150
	9,557	Vascular Solutions, Inc. (a)		534,714
				3,326,521
		Health Care Providers & Services — 2.7%
	2,166	Express Scripts Holding Co. (a)		149,194
	13,041	HealthSouth Corp.		506,251
	9,200	LifePoint Health, Inc. (a)		546,020
	7,000	Magellan Health, Inc. (a)		524,650
	82,847	Team Health Holdings, Inc. (a)		3,600,531
	39,495	VCA, Inc. (a)		3,578,247
	4,796	WellCare Health Plans, Inc. (a)		698,010
				9,602,903
		Health Care Technology — 0.2%
	50,300	Inovalon Holdings, Inc., Class A (a)		580,965
		Life Sciences Tools & Services — 0.8%
	11,282	Agilent Technologies, Inc.		552,479
	6,344	Charles River Laboratories International, Inc. (a)		512,595
	10,757	INC Research Holdings, Inc., Class A (a)		570,121
	9,915	PerkinElmer, Inc.		527,379
	3,759	Thermo Fisher Scientific, Inc.		572,834
				2,735,408
		Pharmaceuticals — 0.8%
	2,400	Allergan plc (a)		525,336
	9,000	Hisamitsu Pharmaceutical Co., Inc., (Japan)		469,807
	8,431	Merck & Co., Inc.		522,638
	24,500	Mitsubishi Tanabe Pharma Corp., (Japan)		491,400
	14,853	Pfizer, Inc.		471,286
	57,817	SciClone Pharmaceuticals, Inc. (a)		586,842
				3,067,309
		Total Health Care		23,761,187
		Industrials — 7.7%
		Aerospace & Defense — 0.5%
	9,800	Arconic, Inc.		223,342
	39,463	CAE, Inc., (Canada)		560,443
	18,965	DigitalGlobe, Inc. (a)		531,968

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	9,200	Spirit AeroSystems Holdings, Inc., Class A		552,460
				1,868,213
		Airlines — 0.5%
	11,099	Delta Air Lines, Inc.		524,316
	10,984	Hawaiian Holdings, Inc. (a)		559,635
	7,100	United Continental Holdings, Inc. (a)		500,337
				1,584,288
		Building Products — 0.4%
	12,611	Simpson Manufacturing Co., Inc.		548,831
	6,003	Universal Forest Products, Inc.		610,565
				1,159,396
		Commercial Services & Supplies — 1.0%
	48,306	ACCO Brands Corp. (a)		615,901
	16,146	Brady Corp., Class A		586,908
	142,496	Downer EDI Ltd., (Australia)		670,727
	6,614	G&K Services, Inc., Class A		635,341
	16,780	Herman Miller, Inc.		523,536
	22,557	Quad/Graphics, Inc.		590,768
				3,623,181
		Construction & Engineering — 1.0%
	30,600	COMSYS Holdings Corp., (Japan)		562,502
	7,594	EMCOR Group, Inc.		529,226
	75,900	Hazama Ando Corp., (Japan)		529,621
	57,000	Kandenko Co. Ltd., (Japan)		529,555
	92,700	Penta-Ocean Construction Co. Ltd., (Japan)		452,609
	16,665	Quanta Services, Inc. (a)		598,107
	54,300	Tokyu Construction Co. Ltd., (Japan)		427,127
				3,628,747
		Electrical Equipment — 0.8%
	8,378	Eaton Corp. plc		592,995
	6,817	EnerSys		531,385
	114,000	Fuji Electric Co. Ltd., (Japan)		675,385
	17,200	Furukawa Electric Co. Ltd., (Japan)		583,602
	46,800	Nissin Electric Co. Ltd., (Japan)		560,769
				2,944,136
		Machinery — 2.7%
	46,800	Amada Holdings Co. Ltd., (Japan)		550,072
	21,676	CLARCOR, Inc.		1,794,990
	14,324	Greenbrier Cos., Inc. (The)		626,675
	115,931	Joy Global, Inc.		3,259,980
	39,900	Meritor, Inc. (a)		575,757
	59,000	OKUMA Corp., (Japan)		612,902
	7,738	Oshkosh Corp.		538,797

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — continued
	4,412	Parker-Hannifin Corp.		649,138
	6,900	Terex Corp.		219,420
	14,573	Timken Co. (The)		647,041
	7,200	Trinity Industries, Inc.		198,288
				9,673,060
		Professional Services — 0.2%
	4,300	Advisory Board Co. (The) (a)		195,650
	5,900	ManpowerGroup, Inc.		563,214
				758,864
		Trading Companies & Distributors — 0.6%
	12,200	AerCap Holdings NV, (Ireland) (a)		540,094
	9,117	Applied Industrial Technologies, Inc.		551,123
	5,400	MSC Industrial Direct Co., Inc., Class A		551,610
	26,867	NOW, Inc. (a)		571,192
				2,214,019
		Total Industrials		27,453,904
		Information Technology — 11.1%
		Communications Equipment — 2.0%
	285,755	Brocade Communications Systems, Inc.		3,563,365
	4,292	Cisco Systems, Inc.		131,850
	4,005	F5 Networks, Inc. (a)		536,790
	36,448	Ixia (a)		708,914
	7,140	Motorola Solutions, Inc.		576,270
	10,099	NETGEAR, Inc. (a)		574,633
	16,900	NetScout Systems, Inc. (a)		562,770
	10,392	Plantronics, Inc.		587,979
				7,242,571
		Electronic Equipment, Instruments & Components — 1.8%
	27,796	Corning, Inc.		736,316
	11,548	Dolby Laboratories, Inc., Class A		553,265
	116,514	InvenSense, Inc. (a)		1,475,067
	28,000	Japan Aviation Electronics Industry Ltd., (Japan)		342,616
	18,288	Orbotech Ltd., (Israel) (a)		638,068
	16,609	Sanmina Corp. (a)		646,921
	3,994	SYNNEX Corp.		479,999
	5,100	V Technology Co. Ltd., (Japan)		802,571
	31,974	Vishay Intertechnology, Inc.		530,768
				6,205,591
		Internet Software & Services — 0.6%
	1,566	Alphabet, Inc., Class A (a)		1,284,417
	6,800	GrubHub, Inc. (a)		282,540
	15,500	Mixi, Inc., (Japan)		672,486
				2,239,443

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 1.0%
	800	Alliance Data Systems Corp.		182,704
	4,800	Blackhawk Network Holdings, Inc. (a)		171,360
	5,225	Convergys Corp.		129,684
	3,071	CSG Systems International, Inc.		148,636
	3,421	International Business Machines Corp.		597,033
	34,233	NeuStar, Inc., Class A (a)		1,136,536
	22,100	TIS, Inc., (Japan)		500,749
	3,004	Total System Services, Inc.		152,243
	6,130	Western Union Co. (The)		120,025
	4,487	WEX, Inc. (a)		512,999
				3,651,969
		Semiconductors & Semiconductor Equipment — 3.1%
	15,750	Applied Materials, Inc.		539,438
	9,756	Cabot Microelectronics Corp.		658,628
	3,606	Intel Corp.		132,773
	5,013	Lam Research Corp.		575,793
	111,243	Lattice Semiconductor Corp. (a)		799,837
	43,260	Marvell Technology Group Ltd., (Bermuda)		643,276
	12,038	Mellanox Technologies Ltd., (Israel) (a)		569,999
	8,535	Microchip Technology, Inc.		574,832
	31,725	NXP Semiconductors NV, (Netherlands) (a)		3,104,291
	9,193	Qorvo, Inc. (a)		590,283
	18,416	Semtech Corp. (a)		606,807
	10,100	Synaptics, Inc. (a)		569,438
	6,430	Teradyne, Inc.		182,483
	11,186	Tessera Holding Corp.		505,607
	7,601	Texas Instruments, Inc.		574,180
	16,400	Ulvac, Inc., (Japan)		580,950
				11,208,615
		Software — 2.3%
	9,700	Aspen Technology, Inc. (a)		515,167
	15,502	CA, Inc.		484,748
	4,973	Citrix Systems, Inc. (a)		453,488
	63,000	COLOPL, Inc., (Japan)		544,897
	3,100	Ebix, Inc.		172,050
	12,100	Konami Holdings Corp., (Japan)		483,870
	72,493	Mentor Graphics Corp.		2,675,717
	17,400	Nexon Co. Ltd., (Japan)		264,919
	14,926	Open Text Corp., (Canada)		510,897
	3,228	Oracle Corp.		129,475
	5,400	Progress Software Corp.		151,308
	8,524	Synopsys, Inc. (a)		536,074
	12,949	VMware, Inc., Class A (a)		1,133,555
				8,056,165

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — 0.3%
	41,500	Hewlett Packard Enterprise Co.		941,220
		Total Information Technology		39,545,574
		Materials — 8.5%
		Chemicals — 4.8%
	11,791	Cabot Corp.		652,868
	44,816	Chemtura Corp. (a)		1,483,410
	24,300	Hitachi Chemical Co. Ltd., (Japan)		689,903
	58,000	Huntsman Corp.		1,182,620
	9,993	Innophos Holdings, Inc.		486,060
	39,200	Kuraray Co. Ltd., (Japan)		621,320
	32,700	Mitsubishi Gas Chemical Co., Inc., (Japan)		627,197
	14,715	Monsanto Co.		1,593,782
	6,634	Stepan Co.		518,182
	8,133	Syngenta AG, (Switzerland) (a)		3,447,823
	27,800	Teijin Ltd., (Japan)		586,769
	91,000	Tosoh Corp., (Japan)		687,539
	8,800	Trinseo SA		569,800
	240,000	Ube Industries Ltd., (Japan)		577,051
	30,548	Valspar Corp. (The)		3,380,747
				17,105,071
		Construction Materials — 0.5%
	191,441	CSR Ltd., (Australia)		641,082
	56,347	Headwaters, Inc. (a)		1,305,560
				1,946,642
		Containers & Packaging — 0.9%
	6,673	Avery Dennison Corp.		487,263
	15,534	Multi Packaging Solutions International Ltd. (a)		276,816
	6,297	Packaging Corp. of America		580,457
	86,000	Rengo Co. Ltd., (Japan)		525,210
	14,900	Sealed Air Corp.		722,650
	9,761	Sonoco Products Co.		536,367
				3,128,763
		Metals & Mining — 2.3%
	86,765	BlueScope Steel Ltd., (Australia)		737,788
	24,447	Commercial Metals Co.		499,452
	138,569	Fortescue Metals Group Ltd., (Australia)		701,200
	39,100	Nisshin Steel Co. Ltd., (Japan)		529,792
	166,572	Northern Star Resources Ltd., (Australia)		484,586
	10,293	Nucor Corp.		597,920
	253,621	Regis Resources Ltd., (Australia)		614,665
	15,308	Steel Dynamics, Inc.		517,563
	133,076	Stillwater Mining Co. (a)		2,262,292
	70,278	Westgold Resources Ltd., (Australia) (a)		105,798

SHARES		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
	11,559	Worthington Industries, Inc.		552,405
	17,400	Yamato Kogyo Co. Ltd., (Japan)		520,287
				8,123,748
		Total Materials		30,304,224
		Real Estate — 0.2%
		Real Estate Management & Development — 0.2%
	35,817	First Capital Realty, Inc., (Canada)		569,769
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.1%
	14,822	Inteliquent, Inc.		339,424
		Wireless Telecommunication Services — 0.2%
	17,000	KDDI Corp., (Japan)		456,762
	19,700	NTT DOCOMO, Inc., (Japan)		471,029
				927,791
		Total Telecommunication Services		1,267,215
		Utilities — 1.5%
		Electric Utilities — 0.5%
	14,422	Exelon Corp.		517,461
	15,862	OGE Energy Corp.		532,012
	7,033	Pinnacle West Capital Corp.		545,972
				1,595,445
		Gas Utilities — 1.0%
	141,000	Osaka Gas Co. Ltd., (Japan)		528,527
	12,188	UGI Corp.		565,158
	31,614	WGL Holdings, Inc.		2,590,451
				3,684,136
		Total Utilities		5,279,581
		Total Common Stocks (Cost $200,173,606)		213,811,196
	Convertible Preferred Stocks — 1.8%
		Energy — 0.4%
		Oil, Gas & Consumable Fuels — 0.4%
	7,617	Hess Corp., 8.000%, 02/01/19 ($50 par value)		491,220
	10,323	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		509,234
	15,459	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		342,108
		Total Energy		1,342,562
		Financials — 0.2%
		Banks — 0.2%
	359	Bank of America Corp., Series L, 7.250% ($1,000 par value)		428,018
	360	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		432,378
		Total Financials		860,396

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Convertible Preferred Stocks — continued
		Health Care — 0.3%
		Health Care Providers & Services — 0.1%
	8,965	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		434,264
		Pharmaceuticals — 0.2%
	875	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		692,554
		Total Health Care		1,126,818
		Industrials — 0.1%
		Aerospace & Defense — 0.1%
	6,716	Arconic, Inc., 5.375%, 10/01/17 ($50 par value)		246,276
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		284,952
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.1%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		497,148
		Wireless Telecommunication Services — 0.3%
	8,800	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		899,008
		Total Telecommunication Services		1,396,156
		Utilities — 0.3%
		Electric Utilities — 0.3%
	10,125	Exelon Corp., 6.500%, 06/01/17 ($50 par value)		501,896
	6,900	NextEra Energy, Inc., 6.371%, 09/01/18 ($50 par value)		406,548
				908,444
		Multi-Utilities — 0.0% (g)
	3,750	Dominion Resources, Inc., 6.375%, 07/01/17 ($50 par value)		189,863
		Total Utilities		1,098,307
		Total Convertible Preferred Stocks (Cost $6,417,403)		6,355,467
	Preferred Stocks — 0.1%
		Consumer Staples — 0.1%
		Food Products — 0.1%
	6,279	Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value) (Cost $314,911)		427,977

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — 7.0%
		Consumer Discretionary — 0.7%
		Internet & Direct Marketing Retail — 0.5%
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		197,118
	150,000	1.000%, 03/15/18		252,000
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		650,981
	538,000	Vipshop Holdings Ltd., (China), 1.500%, 03/15/19		535,310
				1,635,409
		Media — 0.2%
	678,000	Liberty Media Corp., 1.375%, 10/15/23		733,087
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	194,000	Iconix Brand Group, Inc., 1.500%, 03/15/18		182,360
		Total Consumer Discretionary		2,550,856
		Financials — 0.5%
		Capital Markets — 0.3%
	478,000	Jefferies Group LLC, 3.875%, 11/01/29		481,585
	706,000	Prospect Capital Corp., 4.750%, 04/15/20		690,115
				1,171,700
		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.,
	387,000	4.000%, 01/15/19		435,375
	266,000	4.550%, 03/01/18		289,109
				724,484
		Total Financials		1,896,184
		Health Care — 1.8%
		Biotechnology — 0.6%
	779,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		612,002
		BioMarin Pharmaceutical, Inc.,
	412,000	0.750%, 10/15/18		474,830
	373,000	1.500%, 10/15/20		449,465
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		664,305
				2,200,602
		Health Care Equipment & Supplies — 0.1%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		205,800
	174,000	Series 2012, SUB, 2.000%, 03/01/42		237,727
				443,527
		Health Care Providers & Services — 0.6%
	133,000	Anthem, Inc., 2.750%, 10/15/42		282,459
	652,000	Brookdale Senior Living, Inc., 2.750%, 06/15/18		642,220
	408,000	HealthSouth Corp., 2.000%, 12/01/43		463,335

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Health Care Providers & Services — continued
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		408,431
	369,000	1.625%, 08/15/44		428,040
				2,224,485
		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		578,546
		Life Sciences Tools & Services — 0.0% (g)
	187,000	Illumina, Inc., 0.500%, 06/15/21		192,376
		Pharmaceuticals — 0.3%
	142,000	Impax Laboratories, Inc., 2.000%, 06/15/22		114,399
	800,000	Jazz Investments I Ltd., 1.875%, 08/15/21		803,500
				917,899
		Total Health Care		6,557,435
		Industrials — 0.2%
		Machinery — 0.2%
	465,000	Trinity Industries, Inc., 3.875%, 06/01/36		582,703
		Information Technology — 3.1%
		Communications Equipment — 0.2%
	520,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		522,600
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		270,470
				793,070
		Internet Software & Services — 0.6%
	643,000	Akamai Technologies, Inc., Zero Coupon, 02/15/19		673,944
	573,000	j2 Global, Inc., 3.250%, 06/15/29		776,057
	535,000	Yandex NV, (Russia), 1.125%, 12/15/18		506,913
				1,956,914
		IT Services — 0.1%
	414,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		471,442
		Semiconductors & Semiconductor Equipment — 1.5%
		Intel Corp.,
	221,000	2.950%, 12/15/35		301,389
	210,000	3.250%, 08/01/39		373,800
	273,000	Lam Research Corp., 1.250%, 05/15/18		515,970
	429,000	Microchip Technology, Inc., 1.625%, 02/15/25		581,027

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		953,552
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		343,463
	183,000	NVIDIA Corp., 1.000%, 12/01/18		990,259
	600,000	NXP Semiconductors NV, (Netherlands), 1.000%, 12/01/19		679,875
	286,000	Xilinx, Inc., 2.625%, 06/15/17		577,899
				5,317,234
		Software — 0.7%
	440,000	Citrix Systems, Inc., 0.500%, 04/15/19		508,750
	236,000	Nuance Communications, Inc., 2.750%, 11/01/31		237,033
	478,000	Red Hat, Inc., 0.250%, 10/01/19		575,990
	780,000	Rovi Corp., 0.500%, 03/01/20		767,325
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		511,583
				2,600,681
		Total Information Technology		11,139,341
		Materials — 0.3%
		Metals & Mining — 0.3%
	435,000	Newmont Mining Corp., Series B, 1.625%, 07/15/17		447,234
	438,000	Royal Gold, Inc., 2.875%, 06/15/19		477,420
		Total Materials		924,654
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		282,727
	305,000	3.750%, 05/15/21		318,344
		Total Real Estate		601,071
		Utilities — 0.2%
		Independent Power & Renewable Electricity Producers — 0.2%
	758,000	NRG Yield, Inc., 3.500%, 02/01/19 (e)		762,738
		Total Convertible Bonds (Cost $23,515,007)		25,014,982

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	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)		8,352
		Total Rights (Cost $ —)		8,352

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 27.3%
		Investment Company — 27.3%
	97,758,606	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) ^^ (Cost $97,758,606)		97,758,606
		Total Investments — 96.0% (Cost $328,179,533)		343,376,580
		Other Assets in Excess of Liabilities — 4.0%		14,151,192
		NET ASSETS — 100.0%	$	357,527,772

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	31	LME Primary Aluminum Futures^	02/13/17	USD	$	1,400,425	$	104,144
	25	LME Zinc Futures^	02/13/17	USD		1,782,969		202,424
	43	CAC 40 Index	02/17/17	EUR		2,206,736		(41,219	)
	18	IBEX 35 Index	02/17/17	EUR		1,821,972		2,896
	12	WTI Crude Oil Futures^	02/21/17	USD		633,720		5,849
	10	Natural Gas Futures^	02/24/17	USD		311,700		(23,696	)
	4	Sugar No. 11 (World Markets) Futures^	02/28/17	USD		91,616		5,398
	63	Euro Bobl	03/08/17	EUR		9,041,050		(11,625	)
	31	Cotton No. 2 Futures^	03/09/17	USD		1,161,570		60,545
	11	TOPIX Index	03/09/17	JPY		1,475,503		(10,570	)
	11	LME Nickel Futures^	03/13/17	USD		655,248		(69,201	)
	45	LME Primary Aluminum Futures^	03/13/17	USD		2,041,313		90,895
	48	LME Zinc Futures^	03/13/17	USD		3,427,200		53,974
	20	Soybean Futures^	03/14/17	USD		1,024,500		(12,596	)
	444	10 Year Australian Government Bond	03/15/17	AUD		43,201,169		42,597
	18	SPI 200 Index	03/16/17	AUD		1,897,571		(19,959	)
	7	DAX Index	03/17/17	EUR		2,197,977		20,238
	28	E-mini S&P 500	03/17/17	USD		3,184,300		16,531
	61	Euro STOXX 50 Index	03/17/17	EUR		2,138,453		(19,812	)
	23	FTSE 100 Index	03/17/17	GBP		2,046,427		2,010
	11	FTSE MIB Index	03/17/17	EUR		1,105,496		(37,341	)
	2	Coffee ‘C’ Futures^	03/21/17	USD		112,163		4,719
	9	WTI Crude Oil Futures^	03/21/17	USD		480,780		(3,084	)
	5	10 Year Canadian Government Bond	03/22/17	CAD		528,108		144
	332	10 Year U.S. Treasury Note	03/22/17	USD		41,323,625		(186,254	)
	22	Copper Futures^	03/29/17	USD		1,500,125		99,430
	19	Natural Gas Futures^	03/29/17	USD		601,350		(28,570	)
	7	LME Zinc Futures^	04/13/17	USD		500,456		(1,640	)
	2	Lean Hogs Futures^	04/17/17	USD		55,400		634
	12	Gold 100 OZ Futures^	04/26/17	USD		1,453,680		(5,191	)
	10	Feeder Cattle Futures^	04/27/17	USD		612,125		6,495
	58	Live Cattle Futures^	04/28/17	USD		2,648,860		14,559
	103	Sugar No. 11 (World Markets) Futures^	04/28/17	USD		2,360,266		86,187
	22	Feeder Cattle Futures^	05/25/17	USD		1,334,575		(8,802	)
	22	Copper Futures^	05/26/17	USD		1,506,175		131,118

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	14	Gold 100 OZ Futures^	06/28/17	USD	$	1,700,300		$	40,523
	34	Live Cattle Futures^	06/30/17	USD		1,417,120			(9,790	)
	23	Sugar No. 11 (World Markets) Futures^	06/30/17	USD		520,352			26,701
		Short Futures Outstanding
	(31)	LME Primary Aluminum Futures^	02/13/17	USD		(1,400,425	)		(94	)
	(25)	LME Zinc Futures^	02/13/17	USD		(1,782,969	)		5,393
	(209)	Euro Bund	03/08/17	EUR		(36,579,041	)		(16,265	)
	(4)	Euro-Buxl 30-Year Bond	03/08/17	EUR		(721,970	)		6,374
	(373)	10 Year Japanese Government Bond	03/10/17	JPY		(49,489,974	)		(987	)
	(5)	LME Nickel Futures^	03/13/17	USD		(297,840	)		(5,487	)
	(2)	LME Primary Aluminum Futures^	03/13/17	USD		(90,725	)		(868	)
	(1)	LME Zinc Futures^	03/13/17	USD		(71,400	)		(2,034	)
	(47)	CBOT Wheat Futures^	03/14/17	USD		(988,763	)		71,099
	(16)	Corn Futures^	03/14/17	USD		(287,800	)		1,703
	(155)	3 Year Australian Government Bond	03/15/17	AUD		(13,143,253	)		(30,257	)
	(26)	10 Year Australian Government Bond	03/15/17	AUD		(2,529,798	)		(12,360	)
	(48)	Cocoa Futures^	03/16/17	USD		(1,009,440	)		168,580
	(508)	E-mini S&P 500	03/17/17	USD		(57,772,300	)		(176,411	)
	(32)	10 Year Canadian Government Bond	03/22/17	CAD		(3,379,889	)		23,387
	(40)	10 Year U.S. Treasury Note	03/22/17	USD		(4,978,750	)		(5,815	)
	(15)	U.S. Treasury Long Bond	03/22/17	USD		(2,262,656	)		(6,032	)
	(10)	Long Gilt	03/29/17	GBP		(1,558,285	)		9,480
	(3)	Silver Futures^	03/29/17	USD		(263,145	)		(12,078	)
	(6)	Feeder Cattle Futures^	03/30/17	USD		(368,325	)		13,182
	(68)	5 Year U.S. Treasury Note	03/31/17	USD		(8,014,969	)		(13,162	)
	(108)	Lean Hogs Futures^	04/17/17	USD		(2,991,600	)		(173,478	)
	(10)	WTI Crude Oil Futures^	04/20/17	USD		(539,400	)		3,574
	(11)	Gold 100 OZ Futures^	04/26/17	USD		(1,332,540	)		2,101
	(187)	CBOT Wheat Futures^	05/12/17	USD		(4,053,225	)		(80,764	)
	(135)	Corn Futures^	05/12/17	USD		(2,477,250	)		(18,286	)
	(60)	Cocoa Futures^	05/15/17	USD		(1,261,200	)		14,976
	(16)	Coffee ‘C’ Futures^	05/18/17	USD		(912,000	)		(88,246	)
	(40)	Lean Hogs Futures^	06/14/17	USD		(1,241,600	)		5,762
	(72)	CBOT Wheat Futures^	07/14/17	USD		(1,610,100	)		(39,188	)
	(88)	Corn Futures^	07/14/17	USD		(1,644,500	)		(28,860	)
	(10)	Coffee ‘C’ Futures^	07/19/17	USD		(578,813	)		(54,892	)
								$	88,708

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,415,808	AUD	Merrill Lynch International	02/21/17	$	4,842,595	$	4,863,643	$	21,048
	8,620,537	BRL	Credit Suisse International†	02/21/17		2,657,296		2,722,991		65,695
	13,407,177	CAD	Citibank NA	02/21/17		10,270,482		10,304,978		34,496
	7,480,485,712	COP	Merrill Lynch International†	02/21/17		2,546,549		2,549,275		2,726
	1,640,423	EUR	Citibank NA	02/21/17		1,746,692		1,771,982		25,290
	3,138,815	GBP	Goldman Sachs International	02/21/17		3,815,571		3,949,823		134,252
	23,770,909	JPY	Morgan Stanley	02/21/17		208,863		210,627		1,764
	77,787,348	NOK	Goldman Sachs International	02/21/17		9,227,626		9,432,265		204,639
	12,534,734	NZD	Merrill Lynch International	02/21/17		9,002,960		9,191,714		188,754
	158,494,148	RUB	Credit Suisse International†	02/21/17		2,657,426		2,628,596		(28,830	)
	8,738,081	TRY	Citibank NA	02/21/17		2,280,811		2,304,396		23,585

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	34,978,012	ZAR	Citibank NA	02/21/17	$	2,574,972	$	2,587,686	$	12,714
					$	51,831,843	$	52,517,976	$	686,133
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,155,782	AUD	HSBC Bank NA	02/21/17	$	6,159,443	$	6,182,668	$	(23,225	)
	509,297	AUD	Merrill Lynch International	02/21/17		384,412		386,083		(1,671	)
	8,001,030	CAD	Royal Bank of Canada	02/21/17		6,129,033		6,149,724		(20,691	)
	21,135,921	CHF	State Street Corp.	02/21/17		21,165,532		21,377,879		(212,347	)
	11,274,377	EUR	Citibank NA	02/21/17		12,086,166		12,178,567		(92,401	)
	734,003,734	HUF	Citibank NA	02/21/17		2,544,990		2,557,293		(12,303	)
	9,507,370	ILS	Citibank NA	02/21/17		2,485,669		2,523,181		(37,512	)
	85,747,607	JPY	Standard Chartered Bank	02/21/17		745,210		759,784		(14,574	)
	3,018,091,147	JPY	State Street Corp.	02/21/17		26,686,162		26,742,431		(56,269	)
	3,016,827,605	KRW	Goldman Sachs International†	02/21/17		2,582,900		2,619,861		(36,961	)
	10,526,122	RON	Citibank NA	02/21/17		2,500,861		2,528,313		(27,452	)
	138,671,583	SEK	Citibank NA	02/21/17		15,608,662		15,865,518		(256,856	)
	90,087,570	THB	Goldman Sachs International	02/21/17		2,551,333		2,558,132		(6,799	)
					$	101,630,373	$	102,429,434	$	(799,061	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Total Return Basket Swaps* Outstanding at January 31, 2017

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	VALUE**
Bank of America NA	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	$	(4,199	)
Bank of America NA	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		9,033
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		29,494
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		21,707
			$	56,035

* See the accompanying “Additional Information — Total Return Basket Swaps” for further details.

** This represents the value of the swap subsequent to reset.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAC	—	Continuous Assisted Quotation
CAD	—	Canadian Dollar
CBOT	—	Chicago Board of Trade
CHF	—	Swiss Franc
COP	—	Colombian Peso
DAX	—	Deutscher Aktien 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
KRW	—	Korean Won
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 January 31, 2017.
THB	—	Thai Baht
TOPIX	—	Tokyo Stock Price Index
TRY	—	New Turkish Lira
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%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of January 31, 2017.
†	—	Non-deliverable forward.
^	—	Represents positions held in the Subsidiary.
^^	—	A portion of the position is held by the Subsidiary.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	21,251,268
Aggregate gross unrealized depreciation		(6,054,221	)
Net unrealized appreciation/depreciation	$	15,197,047
Federal income tax cost of investments	$	328,179,533

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary - 1.1%
Auto Components - 0.1%
TS Tech Co. Ltd. (Japan)		21,300		544,621		543,604		(1,017	)
Automobiles - 0.1%
Peugeot SA (France) (a)		12,121		225,055		225,579		524
Distributors - 0.0% (g)
Inchcape plc (United Kingdom)		14,625		132,007		132,368		361
Hotels, Restaurants & Leisure - 0.2%
GVC Holdings plc (Isle of Man)		65,562		499,811		499,811		—
Ladbrokes Coral Group plc (United Kingdom)		95,534		143,497		143,837		340
William Hill plc (United Kingdom)		40,526		131,991		132,192		201
		201,622		775,299		775,840		541
Household Durables - 0.2%
Barratt Developments plc (United Kingdom)		98,276		590,586		592,659		2,073
Media - 0.2%
Informa plc (United Kingdom)		14,593		119,694		119,960		266
Mediaset Espana Comunicacion SA (Spain)		46,403		566,541		567,952		1,411
		60,996		686,235		687,912		1,677
Specialty Retail - 0.1%
Kingfisher plc (United Kingdom)		108,884		460,514		461,973		1,459
Textiles, Apparel & Luxury Goods - 0.2%
Burberry Group plc (United Kingdom)		30,456		628,344		629,814		1,470
Total Consumer Discretionary		548,280		4,042,661		4,049,749		7,088
Consumer Staples - 0.3%
Household Products - 0.2%
Reckitt Benckiser Group plc (United Kingdom)		6,319		540,871		542,206		1,335
Personal Products - 0.1%
Unilever plc (United Kingdom)		11,463		465,420		464,318		(1,102	)
Total Consumer Staples		17,782		1,006,291		1,006,524		233
Financials - 0.5%
Banks - 0.1%
Resona Holdings, Inc. (Japan)		103,200		560,466		558,732		(1,734	)
Insurance - 0.2%
NN Group NV (Netherlands)		20,313		717,699		719,402		1,703
Thrifts & Mortgage Finance - 0.2%
Aareal Bank AG (Germany)		16,604		640,784		644,191		3,407
Total Financials		140,117		1,918,949		1,922,325		3,376
Health Care - 0.5%
Pharmaceuticals - 0.5%
Astellas Pharma, Inc. (Japan)		39,600		530,817		531,502		685
Hisamitsu Pharmaceutical Co., Inc. (Japan)		1,800		93,420		93,961		541
Kaken Pharmaceutical Co. Ltd. (Japan)		10,300		521,796		523,635		1,839
Recordati SpA (Italy)		17,366		493,223		493,223		—
Roche Holding AG (Switzerland)		488		117,025		117,601		576
Total Health Care		69,554		1,756,281		1,759,922		3,641
Industrials - 0.5%
Construction & Engineering - 0.0% (g)
Tokyu Construction Co. Ltd. (Japan)		14,300		112,465		112,484		19
Electrical Equipment - 0.2%
Schneider Electric SE (France)		8,773		627,133		627,744		611
Professional Services - 0.2%
RELX plc (United Kingdom)		28,462		509,508		510,896		1,388
Trading Companies & Distributors - 0.1%
Kloeckner & Co. SE (Germany) (a)		37,905		493,477		494,971		1,494
Total Industrials		89,440		1,742,583		1,746,095		3,512
Information Technology - 0.3%
Electronic Equipment, Instruments & Components - 0.2%
Spectris plc (United Kingdom)		20,834		633,476		633,956		480
Software - 0.1%
Playtech plc (United Kingdom)		47,218		492,428		493,373		945
Total Information Technology		68,052		1,125,904		1,127,329		1,425

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Materials - 0.8%
Chemicals - 0.4%
Covestro AG (Germany) (e)		9,136		685,332		687,519		2,187
Mitsui Chemicals, Inc. (Japan)		121,000		570,118		569,013		(1,105	)
		130,136		1,255,450		1,256,532		1,082
Metals & Mining - 0.4%
Glencore plc (Switzerland) (a)		187,769		771,119		777,680		6,561
Northern Star Resources Ltd. (Australia)		38,034		109,899		110,647		748
Rio Tinto plc (United Kingdom)		14,850		652,164		657,900		5,736
		240,653		1,533,182		1,546,227		13,045
Total Materials		370,789		2,788,632		2,802,759		14,127
Real Estate - 0.2%
Real Estate Management & Development - 0.2%
Swiss Prime Site AG (Switzerland) (a)		5,989		498,100		498,903		803
Telecommunication Services - 0.0% (g)
Wireless Telecommunication Services - 0.0% (g)
KDDI Corp. (Japan)		4,700		126,127		126,281		154
Utilities - 0.6%
Electric Utilities - 0.4%
Enel SpA (Italy)		117,863		491,629		492,742		1,113
Kansai Electric Power Co., Inc. (The) (Japan) (a)		51,100		545,124		546,067		943
SSE plc (United Kingdom)		25,277		473,479		475,173		1,694
		194,240		1,510,232		1,513,982		3,750
Multi-Utilities - 0.2%
Centrica plc (United Kingdom)		173,041		488,269		489,883		1,614
National Grid plc (United Kingdom)		12,917		150,747		151,299		552
		185,958		639,016		641,182		2,166
Total Utilities		380,198		2,149,248		2,155,164		5,916
Total Long Positions of Total Return Basket Swap		1,694,901		17,154,776		17,195,051		40,275
Short Positions
Common Stocks
Consumer Discretionary - 3.7%
Diversified Consumer Services - 0.1%
Bright Horizons Family Solutions, Inc. (a)		6,461		457,826		457,826		—
Hotels, Restaurants & Leisure - 0.8%
Chipotle Mexican Grill, Inc. (a)		530		223,363		223,363		—
ClubCorp Holdings, Inc.		9,617		158,681		158,681		—
Merlin Entertainments plc (United Kingdom) (e)		22,032		132,235		132,459		(224	)
MGM Resorts International (a)		15,349		442,051		442,051		—
NH Hotel Group SA (Spain) (a)		22,734		100,374		100,603		(229	)
Norwegian Cruise Line Holdings Ltd. (a)		11,995		563,765		563,765		—
Red Robin Gourmet Burgers, Inc. (a)		8,879		422,196		422,196		—
Resorttrust, Inc. (Japan)		5,200		95,885		95,804		81
Star Entertainment Grp Ltd. (The) (Australia)		112,513		407,024		407,592		(568	)
Whitbread plc (United Kingdom)		3,392		167,485		167,911		(426	)
		212,241		2,713,059		2,714,425		(1,366	)
Household Durables - 0.4%
Crest Nicholson Holdings plc (United Kingdom)		81,396		518,125		520,083		(1,958	)
Newell Brands, Inc.		9,335		441,826		441,826		—
TomTom NV (Netherlands) (a)		54,672		500,594		501,181		(587	)
		145,403		1,460,545		1,463,090		(2,545	)
Internet & Direct Marketing Retail - 0.3%
Expedia, Inc.		3,542		430,672		430,672		—
HSN, Inc.		5,693		200,678		200,678		—
Rakuten, Inc. (Japan)		11,000		109,844		109,805		39
TripAdvisor, Inc. (a)		2,831		149,760		149,760		—
		23,066		890,954		890,915		39
Leisure Products - 0.1%
Polaris Industries, Inc.		5,986		503,243		503,243		—
Media - 0.4%
Dentsu, Inc. (Japan)		9,100		420,707		420,594		113

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Media - continued
ITV plc (United Kingdom)		197,063		503,743		505,670		(1,927	)
JCDecaux SA (France)		17,085		545,736		546,934		(1,198	)
		223,248		1,470,186		1,473,198		(3,012	)
Multiline Retail - 0.4%
B&M European Value Retail SA (Luxembourg)		40,082		151,421		151,863		(442	)
Dollar Tree, Inc. (a)		6,242		481,820		481,820		—
Marui Group Co. Ltd. (Japan)		31,800		455,131		454,694		437
Next plc (United Kingdom)		2,036		98,097		98,239		(142	)
		80,160		1,186,469		1,186,616		(147	)
Specialty Retail - 0.5%
CarMax, Inc. (a)		8,785		586,047		586,047		—
L Brands, Inc.		6,336		381,491		381,491		—
Lithia Motors, Inc., Class A		4,833		498,379		498,379		—
Tractor Supply Co.		6,532		481,212		481,212		—
		26,486		1,947,129		1,947,129		—
Textiles, Apparel & Luxury Goods - 0.7%
Columbia Sportswear Co.		7,573		411,744		411,744		—
Crocs, Inc. (a)		32,819		239,579		239,579		—
G-III Apparel Group Ltd. (a)		5,887		154,593		154,593		—
Gildan Activewear, Inc. (Canada)		4,715		123,342		123,342		—
Hanesbrands, Inc.		21,944		520,292		520,292		—
Kate Spade & Co. (a)		6,334		117,242		117,242		—
Kering (France)		2,054		488,247		488,936		(689	)
NIKE, Inc., Class B		9,345		494,351		494,351		—
		90,671		2,549,390		2,550,079		(689	)
Total Consumer Discretionary		813,722		13,178,801		13,186,521		(7,720	)
Consumer Staples - 2.6%
Beverages - 0.4%
Britvic plc (United Kingdom)		69,183		544,387		545,408		(1,021	)
Remy Cointreau SA (France)		5,514		500,534		501,310		(776	)
Suntory Beverage & Food Ltd. (Japan)		10,200		433,168		433,986		(818	)
		84,897		1,478,089		1,480,704		(2,615	)
Food & Staples Retailing - 0.9%
Aeon Co. Ltd. (Japan)		34,000		491,135		491,397		(262	)
Carrefour SA (France)		20,059		490,564		490,709		(145	)
Casey’s General Stores, Inc.		3,866		444,203		444,203		—
Distribuidora Internacional de Alimentacion SA (Spain)		84,593		446,820		447,732		(912	)
Koninklijke Ahold Delhaize NV (Netherlands)		22,040		468,587		469,535		(948	)
Sugi Holdings Co. Ltd. (Japan)		9,400		437,074		437,462		(388	)
Woolworths Ltd. (Australia)		28,007		522,516		522,678		(162	)
		201,965		3,300,899		3,303,716		(2,817	)
Food Products - 0.6%
Associated British Foods plc (United Kingdom)		15,078		452,580		454,377		(1,797	)
Calbee, Inc. (Japan)		3,300		107,409		107,425		(16	)
Chocoladefabriken Lindt & Spruengli AG (Switzerland)		8		518,660		518,869		(209	)
Kewpie Corp. (Japan)		5,200		129,781		129,984		(203	)
Nissin Foods Holdings Co. Ltd. (Japan)		8,400		443,397		443,295		102
Pilgrim’s Pride Corp.		24,214		463,456		463,456		—
		56,200		2,115,283		2,117,406		(2,123	)
Household Products - 0.3%
Clorox Co. (The)		3,785		454,200		454,200		—
Kimberly-Clark Corp.		4,010		485,731		485,731		—
		7,795		939,931		939,931		—
Personal Products - 0.4%
Avon Products, Inc. (a)		79,624		467,393		467,393		—
Coty, Inc., Class A		22,666		435,187		435,187		—
Edgewell Personal Care Co. (a)		1,349		106,355		106,355		—
elf Beauty, Inc. (a)		17,107		426,991		426,991		—
		120,746		1,435,926		1,435,926		—
Total Consumer Staples		471,603		9,270,128		9,277,683		(7,555	)
Energy - 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Antero Resources Corp. (a)		20,135		491,495		491,495		—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Oil, Gas & Consumable Fuels - continued
Cabot Oil & Gas Corp.		22,169		476,190		476,190		—
Chesapeake Energy Corp. (a)		74,752		482,150		482,150		—
Golar LNG Ltd. (Bermuda)		20,265		524,053		524,053		—
Gulfport Energy Corp. (a)		7,559		157,983		157,983		—
Hess Corp.		8,008		433,873		433,873		—
Marathon Oil Corp.		30,962		518,614		518,614		—
MEG Energy Corp. (Canada) (a)		18,346		95,308		95,308		—
Oasis Petroleum, Inc. (a)		30,575		432,331		432,331		—
QEP Resources, Inc. (a)		25,843		450,702		450,702		—
Rice Energy, Inc. (a)		7,175		142,280		142,280		—
Santos Ltd. (Australia)		151,162		458,565		459,879		(1,314	)
SM Energy Co.		2,357		71,912		71,912		—
Total Energy		419,308		4,735,456		4,736,770		(1,314	)
Financials - 1.2%
Banks - 0.1%
Royal Bank of Scotland Group plc (United Kingdom) (a)		57,533		160,531		161,177		(646	)
Seven Bank Ltd. (Japan)		30,600		87,808		87,666		142
		88,133		248,339		248,843		(504	)
Capital Markets - 0.9%
Azimut Holding SpA (Italy)		24,604		440,896		442,730		(1,834	)
Banca Generali SpA (Italy)		23,280		592,835		593,841		(1,006	)
Deutsche Bank AG (Germany) (a)		30,977		614,956		618,641		(3,685	)
Hargreaves Lansdown plc (United Kingdom)		25,822		439,509		441,131		(1,622	)
Interactive Brokers Group, Inc., Class A		12,548		468,542		468,542		—
NEX Group plc (United Kingdom)		40,808		294,928		294,928		—
TP ICAP plc (United Kingdom)		33,350		194,962		194,962		—
		191,389		3,046,628		3,054,775		(8,147	)
Consumer Finance - 0.0% (g)
LendingClub Corp. (a)		23,715		146,322		146,322		—
Diversified Financial Services - 0.0% (g)
Element Fleet Management Corp. (Canada)		12,446		120,993		120,993		—
Insurance - 0.2%
Sony Financial Holdings, Inc. (Japan)		32,600		549,444		545,991		3,453
Total Financials		348,283		4,111,726		4,116,924		(5,198	)
Health Care - 1.5%
Health Care Equipment & Supplies - 0.6%
DexCom, Inc. (a)		3,359		265,865		265,865		—
Glaukos Corp. (a)		14,198		585,242		585,242		—
Insulet Corp. (a)		2,940		122,304		122,304		—
Penumbra, Inc. (a)		6,865		491,191		491,191		—
Spectranetics Corp. (The) (a)		19,997		516,922		516,922		—
		47,359		1,981,524		1,981,524		—
Health Care Providers & Services - 0.3%
Acadia Healthcare Co., Inc. (a)		12,297		471,836		471,836		—
Diplomat Pharmacy, Inc. (a)		24,203		332,549		332,549		—
Healthscope Ltd. (Australia)		66,279		110,083		110,067		16
		102,779		914,468		914,452		16
Health Care Technology - 0.2%
athenahealth, Inc. (a)		4,468		562,923		562,923		—
Life Sciences Tools & Services - 0.1%
Eurofins Scientific SE (Luxembourg)		1,140		510,711		511,816		(1,105	)
Pharmaceuticals - 0.3%
Dermira, Inc. (a)		14,168		417,106		417,106		—
Medicines Co. (The) (a)		2,953		106,456		106,456		—
Nektar Therapeutics (a)		11,687		141,530		141,530		—
Ono Pharmaceutical Co. Ltd. (Japan)		19,800		404,469		406,222		(1,753	)
Pacira Pharmaceuticals, Inc. (a)		2,240		86,128		86,128		—
TherapeuticsMD, Inc. (a)		15,875		92,234		92,234		—
		66,723		1,247,923		1,249,676		(1,753	)
Total Health Care		222,469		5,217,549		5,220,391		(2,842	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Industrials - 4.3%
Aerospace & Defense - 0.5%
Cobham plc (United Kingdom)		257,682		439,566		440,941		(1,375	)
Cubic Corp.		9,581		455,577		455,577		—
Mercury Systems, Inc. (a)		14,591		492,009		492,009		—
Rolls-Royce Holdings plc (United Kingdom) (a)		17,060		143,255		143,690		(435	)
TransDigm Group, Inc.		1,968		425,875		425,875		—
		300,882		1,956,282		1,958,092		(1,810	)
Air Freight & Logistics - 0.2%
Bollore SA (France)		124,926		498,838		499,639		(801	)
Yamato Holdings Co. Ltd. (Japan)		5,000		100,943		100,767		176
		129,926		599,781		600,406		(625	)
Airlines - 0.1%
American Airlines Group, Inc.		9,450		418,163		418,163		—
Commercial Services & Supplies - 0.3%
Sohgo Security Services Co. Ltd. (Japan)		12,600		473,714		474,084		(370	)
Stericycle, Inc. (a)		1,482		114,321		114,321		—
Team, Inc. (a)		14,091		473,458		473,458		—
		28,173		1,061,493		1,061,863		(370	)
Construction & Engineering - 0.4%
Bouygues SA (France)		13,889		504,595		504,670		(75	)
Ferrovial SA (Spain)		26,562		480,284		482,162		(1,878	)
SNC-Lavalin Group, Inc. (Canada)		10,583		456,096		456,096		—
		51,034		1,440,975		1,442,928		(1,953	)
Electrical Equipment - 0.3%
AMETEK, Inc.		8,985		459,134		459,134		—
Melrose Industries plc (United Kingdom)		223,401		548,727		550,005		(1,278	)
		232,386		1,007,861		1,009,139		(1,278	)
Industrial Conglomerates - 0.1%
Roper Technologies, Inc.		2,456		471,184		471,184		—
Machinery - 0.4%
FANUC Corp. (Japan)		2,700		530,028		530,082		(54	)
Middleby Corp. (The) (a)		3,603		483,451		483,451		—
Proto Labs, Inc. (a)		1,849		97,073		97,073		—
Wartsila OYJ Abp (Finland)		9,903		496,563		497,321		(758	)
		18,055		1,607,115		1,607,927		(812	)
Professional Services - 0.6%
Advisory Board Co. (The) (a)		14,826		674,583		674,583		—
Capita plc (United Kingdom)		76,742		483,190		484,177		(987	)
On Assignment, Inc. (a)		10,598		479,877		479,877		—
Verisk Analytics, Inc. (a)		5,159		426,340		426,340		—
		107,325		2,063,990		2,064,977		(987	)
Road & Rail - 0.7%
AMERCO		1,373		517,168		517,168		—
Avis Budget Group, Inc. (a)		13,683		509,281		509,281		—
Hertz Global Holdings, Inc. (a)		7,562		158,575		158,575		—
Kansas City Southern		1,384		118,899		118,899		—
Keio Corp. (Japan)		14,000		115,065		115,075		(10	)
Kintetsu Group Holdings Co. Ltd. (Japan)		105,000		403,596		403,647		(51	)
Odakyu Electric Railway Co. Ltd. (Japan)		6,400		126,799		126,749		50
Werner Enterprises, Inc.		16,442		462,020		462,020		—
		165,844		2,411,403		2,411,414		(11	)
Trading Companies & Distributors - 0.5%
Herc Holdings, Inc. (a)		10,213		507,280		507,280		—
MISUMI Group, Inc. (Japan)		5,800		108,387		108,365		22
SiteOne Landscape Supply, Inc. (a)		13,133		504,570		504,570		—
Univar, Inc. (a)		18,183		542,217		542,217		—
		47,329		1,662,454		1,662,432		22
Transportation Infrastructure - 0.2%
Aeroports de Paris (France)		4,544		503,769		504,236		(467	)
Groupe Eurotunnel SE (France)		12,351		114,756		114,892		(136	)
		16,895		618,525		619,128		(603	)
Total Industrials		1,109,755		15,319,226		15,327,653		(8,427	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Information Technology - 3.2%
Communications Equipment - 0.2%
EchoStar Corp., Class A (a)		8,818		449,101		449,101		—
Nokia OYJ (Finland)		47,570		213,109		213,596		(487	)
ViaSat, Inc. (a)		1,772		115,021		115,021		—
		58,160		777,231		777,718		(487	)
Internet Software & Services - 0.9%
2U, Inc. (a)		4,775		162,541		162,541		—
Benefitfocus, Inc. (a)		9,038		273,399		273,399		—
Cornerstone OnDemand, Inc. (a)		10,126		412,027		412,027		—
CoStar Group, Inc. (a)		791		159,861		159,861		—
Envestnet, Inc. (a)		3,089		116,764		116,764		—
New Relic, Inc. (a)		4,121		149,180		149,180		—
Pandora Media, Inc. (a)		13,434		174,642		174,642		—
Q2 Holdings, Inc. (a)		14,697		466,630		466,630		—
Quotient Technology, Inc. (a)		40,030		426,320		426,320		—
Stamps.com, Inc. (a)		3,851		468,089		468,089		—
WebMD Health Corp. (a)		7,645		381,409		381,409		—
Yelp, Inc. (a)		4,243		177,273		177,273		—
		115,840		3,368,135		3,368,135		—
IT Services - 0.5%
CSRA, Inc.		16,333		506,650		506,650		—
EPAM Systems, Inc. (a)		2,394		154,078		154,078		—
InterXion Holding NV (Netherlands) (a)		3,524		135,427		135,427		—
Sabre Corp.		17,023		417,064		417,064		—
Wirecard AG (Germany)		9,014		436,028		437,650		(1,622	)
Worldpay Group plc (United Kingdom) (e)		41,614		149,670		150,126		(456	)
		89,902		1,798,917		1,800,995		(2,078	)
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc. (a)		17,366		180,085		180,085		—
ams AG (Austria)		13,795		473,286		475,231		(1,945	)
First Solar, Inc. (a)		13,062		407,404		407,404		—
		44,223		1,060,775		1,062,720		(1,945	)
Software - 1.1%
Blackbaud, Inc.		6,686		438,669		438,669		—
FireEye, Inc. (a)		11,848		160,540		160,540		—
Globant SA (a)		3,356		111,251		111,251		—
Guidewire Software, Inc. (a)		7,143		373,793		373,793		—
HubSpot, Inc. (a)		2,262		116,041		116,041		—
Imperva, Inc. (a)		3,275		136,731		136,731		—
Nintendo Co. Ltd. (Japan)		1,200		245,719		245,619		100
Pegasystems, Inc.		12,378		480,266		480,267		(1	)
Proofpoint, Inc. (a)		1,182		94,749		94,749		—
RingCentral, Inc., Class A (a)		5,937		138,629		138,629		—
salesforce.com, Inc. (a)		5,578		441,220		441,220		—
Splunk, Inc. (a)		1,983		114,736		114,736		—
Tableau Software, Inc., Class A (a)		4,624		221,212		221,212		—
Tyler Technologies, Inc. (a)		2,642		385,785		385,785		—
Workday, Inc., Class A (a)		1,569		130,368		130,368		—
Zendesk, Inc. (a)		9,211		220,419		220,419		—
		80,874		3,810,128		3,810,029		99
Technology Hardware, Storage & Peripherals - 0.2%
Nimble Storage, Inc. (a)		16,835		144,276		144,276		—
Ricoh Co. Ltd. (Japan)		47,600		425,369		424,663		706
Stratasys Ltd. (a)		5,226		103,057		103,057		—
		69,661		672,702		671,996		706
Total Information Technology		458,660		11,487,888		11,491,593		(3,705	)
Materials - 2.0%
Chemicals - 1.1%
Air Liquide SA (France)		4,071		439,465		439,521		(56	)
Air Water, Inc. (Japan)		26,000		481,729		481,409		320

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Chemicals - continued
CF Industries Holdings, Inc.		16,843		594,389		594,389		—
Clariant AG (Switzerland) (a)		27,417		512,294		513,829		(1,535	)
Essentra plc (United Kingdom)		90,967		468,503		469,695		(1,192	)
Ferro Corp. (a)		31,951		451,787		451,787		—
Incitec Pivot Ltd. (Australia)		185,286		541,005		541,520		(515	)
Sensient Technologies Corp.		6,056		464,798		464,798		—
WR Grace & Co.		1,777		123,217		123,217		—
		390,368		4,077,187		4,080,165		(2,978	)
Construction Materials - 0.3%
Boral Ltd. (Australia)		125,000		551,736		552,412		(676	)
Vulcan Materials Co.		3,513		450,823		450,823		—
		128,513		1,002,559		1,003,235		(676	)
Metals & Mining - 0.6%
Alumina Ltd. (Australia)		387,526		570,166		571,003		(837	)
Compass Minerals International, Inc.		6,278		524,841		524,841		—
Franco-Nevada Corp. (Canada)		1,827		118,837		118,837		—
Fresnillo plc (Mexico)		9,420		172,186		172,918		(732	)
New Gold, Inc. (Canada) (a)		119,852		319,605		319,605		—
Randgold Resources Ltd. (Jersey)		6,214		528,053		528,943		(890	)
		531,117		2,233,688		2,236,147		(2,459	)
Total Materials		1,049,998		7,313,434		7,319,547		(6,113	)
Real Estate - 0.0% (g)
Real Estate Management & Development - 0.0% (g)
Capital & Counties Properties plc (United Kingdom)		26,205		89,667		89,902		(235	)
Telecommunication Services - 0.1%
Diversified Telecommunication Services - 0.1%
Iliad SA (France)		607		129,708		129,807		(99	)
Inmarsat plc (United Kingdom)		16,867		129,010		129,232		(222	)
SFR Group SA (France) (a)		4,249		123,201		123,458		(257	)
Total Telecommunication Services		21,723		381,919		382,497		(578	)
Utilities - 0.6%
Electric Utilities - 0.0% (g)
Hokuriku Electric Power Co. (Japan)		8,400		84,588		84,633		(45	)
Gas Utilities - 0.1%
New Jersey Resources Corp.		13,970		526,669		526,669		—
Independent Power and Renewable Electricity Producers - 0.4%
Calpine Corp. (a)		9,032		106,577		106,577		—
Dynegy, Inc. (a)		49,510		472,820		472,820		—
NRG Energy, Inc.		39,179		648,021		648,021		—
Pattern Energy Group, Inc.		8,628		170,317		170,317		—
		106,349		1,397,735		1,397,735		—
Water Utilities - 0.1%
Pennon Group plc (United Kingdom)		10,740		107,142		107,377		(235	)
United Utilities Group plc (United Kingdom)		11,337		130,782		131,289		(507	)
		22,077		237,924		238,666		(742	)
Total Utilities		150,796		2,246,916		2,247,703		(787	)
Total Short Positions of Total Return Basket Swap		5,092,522		73,352,710		73,397,184		(44,474	)
Total of Long and Short Positions of Total Return Basket Swap		3,397,621		56,197,934		56,202,133		(4,199	)
Outstanding swap contract, at value							$	(4,199	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary - 2.0%
Household Durables - 0.1%
PanaHome Corp. (Japan)		42,000		355,982		356,036		54
Media - 1.9%
Sky plc (United Kingdom)		281,985		3,550,918		3,562,784		11,866
Time Warner, Inc.		36,254		3,511,200		3,511,200		—
		318,239		7,062,118		7,073,984		11,866
Total Consumer Discretionary		360,239		7,418,100		7,430,020		11,920
Consumer Staples - 1.2%
Food & Staples Retailing - 0.2%
Booker Group plc (United Kingdom)		329,276		844,199		845,499		1,300
Tobacco - 1.0%
Reynolds American, Inc.		61,679		3,708,758		3,708,758		—
Total Consumer Staples		390,955		4,552,957		4,554,257		1,300
Energy - 1.4%
Oil, Gas & Consumable Fuels - 1.4%
Clayton Williams Energy, Inc. (a)		16,261		2,365,163		2,365,163		—
Western Refining, Inc.		70,607		2,471,951		2,471,951		—
Total Energy		86,868		4,837,114		4,837,114		—
Financials - 1.8%
Banks - 1.0%
BNC Bancorp		17,332		610,953		610,953		—
PrivateBancorp, Inc.		45,748		2,500,586		2,500,586		—
Yadkin Financial Corp.		16,003		512,096		512,096		—
		79,083		3,623,635		3,623,635		—
Capital Markets - 0.0% (g)
SVG Capital plc (United Kingdom) (a)		9,360		83,660		83,735		75
Insurance - 0.8%
Allied World Assurance Co. Holdings AG		54,332		2,886,659		2,886,659		—
Total Financials		142,775		6,593,954		6,594,029		75
Industrials - 1.4%
Aerospace & Defense - 0.9%
B/E Aerospace, Inc.		54,050		3,322,454		3,322,454		—
Professional Services - 0.5%
CEB, Inc.		20,734		1,585,114		1,585,114		—
Total Industrials		74,784		4,907,568		4,907,568		—
Information Technology - 1.0%
Semiconductors & Semiconductor Equipment - 1.0%
Linear Technology Corp.		54,012		3,409,778		3,409,778		—
Telecommunication Services - 0.1%
Diversified Telecommunication Services - 0.1%
FairPoint Communications, Inc. (a)		13,797		255,245		255,245		—
Total Long Positions of Total Return Basket Swap		1,123,430		31,974,716		31,988,011		13,295
Short Positions
Common Stocks
Consumer Discretionary - 0.1%
Household Durables - 0.1%
Panasonic Corp. (Japan)		33,300		347,569		346,484		1,085
Consumer Staples - 0.7%
Food & Staples Retailing - 0.2%
Tesco plc (United Kingdom) (a)		280,671		687,102		689,486		(2,384	)
Tobacco - 0.5%
British American Tobacco plc (United Kingdom)		32,119		1,979,677		1,982,640		(2,963	)
Total Consumer Staples		312,790		2,666,779		2,672,126		(5,347	)
Energy - 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Noble Energy, Inc.		44,733		1,778,584		1,778,584		—
Tesoro Corp.		35,225		2,847,941		2,847,941		—
Total Energy		79,958		4,626,525		4,626,525		—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Financials - 0.9%
Banks - 0.7%
Canadian Imperial Bank of Commerce (Canada)		16,563		1,410,448		1,410,448		—
FNB Corp.		34,220		511,247		511,247		—
Pinnacle Financial Partners, Inc.		8,982		600,447		600,447		—
		59,765		2,522,142		2,522,142		—
Insurance - 0.2%
Fairfax Financial Holdings Ltd. (Canada)		1,634		763,475		763,475		—
Total Financials		61,399		3,285,617		3,285,617		—
Information Technology - 0.4%
IT Services - 0.1%
Gartner, Inc. (a)		4,688		465,800		465,800		—
Semiconductors & Semiconductor Equipment - 0.3%
Analog Devices, Inc.		12,411		930,080		930,080		—
Total Information Technology		17,099		1,395,880		1,395,880		—
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		51,575		2,174,402		2,174,402		—
Consolidated Communications Holdings, Inc.		9,970		262,311		262,311		—
Total Telecommunication Services		61,545		2,436,713		2,436,713		—
Total Short Positions of Total Return Basket Swap		566,091		14,759,083		14,763,345		(4,262	)
Total of Long and Short Positions of Total Return Basket Swap		557,339		17,215,633		17,224,666		9,033
Outstanding swap contract, at value							$	9,033
TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary - 0.5%
Hotels, Restaurants & Leisure - 0.5%
Tatts Group Ltd. (Australia)		502,505		1,653,973		1,654,349		376
Consumer Staples - 0.2%
Food & Staples Retailing - 0.2%
METRO AG (Germany)		21,833		745,007		747,142		2,135
Financials - 0.9%
Capital Markets - 0.9%
London Stock Exchange Group plc (United Kingdom)		77,396		3,087,418		3,098,640		11,222
Health Care - 1.6%
Biotechnology - 1.0%
Actelion Ltd. (Switzerland) (a)		13,208		3,430,302		3,448,512		18,210
Health Care Providers & Services - 0.6%
Cigna Corp.		4,842		707,997		707,997		—
Surgical Care Affiliates, Inc. (a)		28,335		1,600,928		1,600,928		—
		33,177		2,308,925		2,308,925		—
Total Health Care		46,385		5,739,227		5,757,437		18,210
Industrials - 0.8%
Aerospace & Defense - 0.7%
Zodiac Aerospace (France)		89,698		2,720,895		2,726,294		5,399
Machinery - 0.1%
Pfeiffer Vacuum Technology AG (Germany)		3,073		333,057		334,247		1,190
Total Industrials		92,771		3,053,952		3,060,541		6,589

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Materials - 0.0% (g)
Metals & Mining - 0.0% (g)
Kirkland Lake Gold Ltd. (Canada) (a)		314		2,251		2,251		—
Telecommunication Services - 1.1%
Diversified Telecommunication Services - 1.1%
Level 3 Communications, Inc. (a)		55,963		3,327,560		3,327,560		—
Manitoba Telecom Services, Inc. (Canada)		21,539		621,714		621,714		—
Total Telecommunication Services		77,502		3,949,274		3,949,274		—
Utilities - 0.8%
Electric Utilities - 0.8%
Westar Energy, Inc.		54,894		3,002,153		3,002,153		—
Right
Consumer Discretionary - 0.0%
Media - 0.0%
Media Gen, Inc. (a)		48,548		—		—		—
Total Long Positions of Total Return Basket Swap		922,148		21,233,255		21,271,787		38,532
Short Positions
Common Stocks
Energy - 0.0% (g)
Oil, Gas & Consumable Fuels - 0.0% (g)
Royal Dutch Shell plc (Netherlands), Class A		32		865		868		(3	)
Financials - 0.8%
Capital Markets - 0.8%
Deutsche Boerse AG (Germany) (a)		18,983		1,746,751		1,751,628		(4,877	)
Deutsche Boerse AG (Germany)		14,891		1,323,119		1,327,277		(4,158	)
Total Financials		33,874		3,069,870		3,078,905		(9,035	)
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.7%
BCE, Inc. (Canada)		7,923		357,167		357,167		—
CenturyLink, Inc.		79,149		2,046,793		2,046,793		—
Total Telecommunication Services		87,072		2,403,960		2,403,960		—
Total Short Positions of Total Return Basket Swap		120,978		5,474,695		5,483,733		(9,038	)
Total of Long and Short Positions of Total Return Basket Swap		801,170		15,758,560		15,788,054		29,494
Outstanding swap contract, at value							$	29,494
TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions
Common Stocks
Consumer Discretionary - 3.7%
Auto Components - 1.1%
Cie Generale des Etablissements Michelin (France)		4,831		518,273		519,007		734
Cooper-Standard Holdings, Inc. (a)		5,373		565,669		565,669		—
GKN plc (United Kingdom)		126,986		548,576		550,585		2,009
Lear Corp.		4,108		583,706		583,706		—
Linamar Corp. (Canada)		10,802		474,914		474,914		—
Magna International, Inc. (Canada)		12,090		522,994		522,994		—
Valeo SA (France)		10,158		619,774		620,853		1,079
		174,348		3,833,906		3,837,728		3,822
Automobiles - 0.3%
Peugeot SA (France) (a)		22,253		413,180		414,142		962

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Automobiles - continued
Thor Industries, Inc.		6,512		673,992		673,992		—
		28,765		1,087,172		1,088,134		962
Distributors - 0.1%
Inchcape plc (United Kingdom)		46,863		422,993		424,147		1,154
Hotels, Restaurants & Leisure - 0.5%
Carnival plc		9,120		486,224		487,909		1,685
Ladbrokes Coral Group plc (United Kingdom)		255,321		383,505		384,415		910
William Hill plc (United Kingdom)		110,440		359,699		360,245		546
Wyndham Worldwide Corp.		6,202		490,330		490,330		—
		381,083		1,719,758		1,722,899		3,141
Household Durables - 0.2%
KB Home		36,297		594,545		594,545		—
Media - 0.2%
Informa plc (United Kingdom)		52,567		431,163		432,123		960
UBM plc (United Kingdom)		54,005		478,625		479,876		1,251
		106,572		909,788		911,999		2,211
Multiline Retail - 0.6%
Big Lots, Inc.		10,626		531,300		531,300		—
Canadian Tire Corp. Ltd. (Canada), Class A		5,307		564,408		564,408		—
Dillard’s, Inc., Class A		8,672		489,448		489,448		—
Target Corp.		7,067		455,680		455,680		—
		31,672		2,040,836		2,040,836		—
Specialty Retail - 0.6%
American Eagle Outfitters, Inc.		28,514		430,846		430,846		—
Best Buy Co., Inc.		11,821		526,271		526,271		—
Children’s Place, Inc. (The)		6,210		602,370		602,370		—
GameStop Corp., Class A		19,659		481,449		481,449		—
		66,204		2,040,936		2,040,936		—
Textiles, Apparel & Luxury Goods - 0.1%
Christian Dior SE (France)		2,767		593,662		593,979		317
Total Consumer Discretionary		874,571		13,243,596		13,255,203		11,607
Consumer Staples - 1.4%
Food & Staples Retailing - 0.5%
Metro, Inc. (Canada)		17,481		531,046		531,046		—
SpartanNash Co.		17,101		647,444		647,444		—
Wm Morrison Supermarkets plc (United Kingdom)		216,111		641,879		644,289		2,410
		250,693		1,820,369		1,822,779		2,410
Food Products - 0.7%
Dean Foods Co.		29,926		594,330		594,330		—
Ebro Foods SA (Spain)		21,996		453,525		453,963		438
Fresh Del Monte Produce, Inc.		8,788		503,113		503,113		—
Ingredion, Inc.		3,897		499,556		499,556		—
Pinnacle Foods, Inc.		11,039		587,164		587,164		—
		75,646		2,637,688		2,638,126		438
Tobacco - 0.2%
Universal Corp.		9,262		629,816		629,816		—
Total Consumer Staples		335,601		5,087,873		5,090,721		2,848
Energy - 2.7%
Energy Equipment & Services - 0.5%
John Wood Group plc (United Kingdom)		56,791		598,693		600,788		2,095
Petrofac Ltd. (United Kingdom)		43,489		501,683		503,568		1,885
Tenaris SA (Luxembourg)		31,441		548,819		550,751		1,932
		131,721		1,649,195		1,655,107		5,912
Oil, Gas & Consumable Fuels - 2.2%
BP plc (United Kingdom)		105,472		627,395		629,935		2,540
Clayton Williams Energy, Inc. (a)		4,501		654,670		654,670		—
CVR Energy, Inc.		9,112		202,378		202,378		—
Enbridge Income Fund Holdings, Inc. (Canada)		22,781		598,565		598,565		—
Galp Energia SGPS SA (Portugal)		40,307		592,625		593,893		1,268
Neste OYJ (Finland)		14,454		503,356		502,899		(457	)
OMV AG (Austria)		16,769		585,876		586,883		1,007
Repsol SA (Spain)		38,510		567,867		570,783		2,916

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Oil, Gas & Consumable Fuels - continued
Royal Dutch Shell plc (Netherlands), Class B		21,561		606,622		608,978		2,356
TOTAL SA (France)		11,339		571,139		573,699		2,560
Valero Energy Corp.		8,006		526,475		526,475		—
Veresen, Inc. (Canada)		53,107		539,947		539,947		—
Western Refining, Inc.		20,277		709,898		709,898		—
World Fuel Services Corp.		11,588		515,434		515,434		—
		377,784		7,802,247		7,814,437		12,190
Total Energy		509,505		9,451,442		9,469,544		18,102
Financials - 1.7%
Banks - 0.4%
BNP Paribas SA (France)		10,220		652,902		653,792		890
National Bank of Canada (Canada)		13,550		584,902		584,902		—
		23,770		1,237,804		1,238,694		890
Capital Markets - 0.3%
3i Group plc (United Kingdom)		74,223		653,608		655,669		2,061
Bats Global Markets, Inc.		13,094		464,182		464,182		—
		87,317		1,117,790		1,119,851		2,061
Insurance - 1.0%
CNP Assurances (France)		31,160		584,783		585,585		802
Mapfre SA (Spain)		200,159		605,001		606,893		1,892
Power Corp. of Canada (Canada)		24,659		578,551		578,551		—
Reinsurance Group of America, Inc.		5,400		677,538		677,538		—
Swiss Life Holding AG (Switzerland) (a)		2,024		611,771		614,461		2,690
Validus Holdings Ltd.		9,786		557,802		557,802		—
		273,188		3,615,446		3,620,830		5,384
Total Financials		384,275		5,971,040		5,979,375		8,335
Health Care - 2.1%
Health Care Equipment & Supplies - 0.2%
CR Bard, Inc.		2,557		606,853		606,853		—
Health Care Providers & Services - 1.2%
Aetna, Inc.		4,594		544,894		544,894		—
Chemed Corp.		3,857		640,609		640,609		—
Express Scripts Holding Co. (a)		5,765		397,093		397,093		—
Magellan Health, Inc. (a)		7,630		571,869		571,869		—
Owens & Minor, Inc.		12,823		460,089		460,089		—
Quest Diagnostics, Inc.		6,281		577,350		577,350		—
UnitedHealth Group, Inc.		3,787		613,873		613,873		—
Universal Health Services, Inc., Class B		4,511		508,074		508,074		—
		49,248		4,313,851		4,313,851		—
Life Sciences Tools & Services - 0.1%
Lonza Group AG (Switzerland) (a)		3,254		594,865		597,822		2,957
Pharmaceuticals - 0.6%
Johnson & Johnson		4,790		542,468		542,468		—
Merck KGaA (Germany)		5,085		557,983		561,038		3,055
Roche Holding AG (Switzerland)		1,878		450,355		452,572		2,217
STADA Arzneimittel AG (Germany)		10,892		558,442		561,016		2,574
		22,645		2,109,248		2,117,094		7,846
Total Health Care		77,704		7,624,817		7,635,620		10,803
Industrials - 3.5%
Aerospace & Defense - 0.4%
Huntington Ingalls Industries, Inc.		2,987		579,359		579,359		—
Meggitt plc (United Kingdom)		85,625		450,146		451,583		1,437
Thales SA (France)		5,497		514,953		515,699		746
		94,109		1,544,458		1,546,641		2,183
Air Freight & Logistics - 0.3%
Deutsche Post AG (Germany)		16,999		568,037		570,572		2,535
Royal Mail plc (United Kingdom)		81,752		423,306		424,568		1,262
		98,751		991,343		995,140		3,797
Airlines - 0.3%
Alaska Air Group, Inc.		7,477		701,492		701,492		—
WestJet Airlines Ltd. (Canada)		31,621		533,639		533,639		—
		39,098		1,235,131		1,235,131		—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Building Products - 0.2%
Owens Corning		10,963		605,706		605,706		—
Commercial Services & Supplies - 0.3%
Deluxe Corp.		7,781		566,846		566,846		—
Tetra Tech, Inc.		12,571		549,353		549,353		—
		20,352		1,116,199		1,116,199		—
Construction & Engineering - 0.6%
ACS Actividades de Construccion y Servicios SA (Spain)		17,618		541,650		542,994		1,344
Comfort Systems USA, Inc.		16,315		552,263		552,263		—
MasTec, Inc. (a)		17,467		650,646		650,646		—
Vinci SA (France)		7,118		498,684		498,947		263
		58,518		2,243,243		2,244,850		1,607
Electrical Equipment - 0.3%
Nexans SA (France) (a)		10,810		626,763		627,290		527
Prysmian SpA (Italy)		21,564		560,077		560,944		867
		32,374		1,186,840		1,188,234		1,394
Machinery - 0.7%
Barnes Group, Inc.		13,111		631,032		631,032		—
Georg Fischer AG (Switzerland)		621		509,891		511,788		1,897
Metso OYJ (Finland)		19,501		599,121		599,520		399
Wabash National Corp.		36,559		645,266		645,266		—
		69,792		2,385,310		2,387,606		2,296
Trading Companies & Distributors - 0.1%
Kloeckner & Co. SE (Germany) (a)		12,694		165,260		165,761		501
Transportation Infrastructure - 0.3%
Aena SA (Spain) (e)		3,583		519,645		521,066		1,421
Flughafen Zuerich AG (Switzerland)		2,843		557,654		559,104		1,450
		6,426		1,077,299		1,080,170		2,871
Total Industrials		443,077		12,550,789		12,565,438		14,649
Information Technology - 3.3%
Communications Equipment - 0.1%
Cisco Systems, Inc.		12,504		384,123		384,123		—
Electronic Equipment, Instruments & Components - 0.3%
Corning, Inc.		17,475		462,913		462,913		—
Methode Electronics, Inc.		13,416		564,143		564,143		—
		30,891		1,027,056		1,027,056		—
IT Services - 1.0%
Amdocs Ltd.		7,071		415,138		415,138		—
Atos SE (France)		4,464		474,611		474,944		333
CGI Group, Inc. (Canada), Class A (a)		8,940		429,876		429,876		—
Convergys Corp.		15,234		378,108		378,108		—
CSG Systems International, Inc.		9,064		438,698		438,698		—
NeuStar, Inc., Class A (a)		17,379		576,983		576,983		—
Total System Services, Inc.		7,847		397,686		397,686		—
Western Union Co. (The)		20,236		396,221		396,221		—
		90,235		3,507,321		3,507,654		333
Semiconductors & Semiconductor Equipment - 1.2%
Advanced Energy Industries, Inc. (a)		9,224		542,740		542,740		—
ASM International NV (Netherlands)		13,750		676,847		677,927		1,080
BE Semiconductor Industries NV (Netherlands)		13,995		504,896		505,331		435
Dialog Semiconductor plc (United Kingdom) (a)		13,449		623,557		625,810		2,253
Intel Corp.		11,466		422,178		422,178		—
MKS Instruments, Inc.		8,646		569,771		569,771		—
Teradyne, Inc.		13,417		380,774		380,774		—
Tessera Holding Corp.		12,944		585,069		585,069		—
		96,891		4,305,832		4,309,600		3,768
Software - 0.6%
Mentor Graphics Corp.		20,054		740,193		740,193		—
Nexon Co. Ltd. (Japan)		21,800		332,474		331,910		(564	)
Oracle Corp.		10,113		405,632		405,632		—
Software AG (Germany)		14,611		525,779		527,070		1,291

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued
Common Stocks - continued
Software - continued
		66,578		2,004,078		2,004,805		727
Technology Hardware, Storage & Peripherals - 0.1%
Apple, Inc.		4,214		511,369		511,369		—
Total Information Technology		301,313		11,739,779		11,744,607		4,828
Materials - 1.5%
Chemicals - 0.5%
Dow Chemical Co. (The)		9,979		595,048		595,048		—
LyondellBasell Industries NV, Class A		5,521		514,943		514,943		—
Trinseo SA		10,788		698,523		698,523		—
		26,288		1,808,514		1,808,514		—
Metals & Mining - 0.7%
APERAM SA (Luxembourg)		13,212		623,051		624,842		1,791
Centamin plc (Jersey)		296,424		584,710		586,144		1,434
OZ Minerals Ltd. (Australia)		91,845		625,504		626,713		1,209
Reliance Steel & Aluminum Co.		7,491		596,658		596,658		—
		408,972		2,429,923		2,434,357		4,434
Paper & Forest Products - 0.3%
Schweitzer-Mauduit International, Inc.		12,251		543,087		543,087		—
UPM-Kymmene OYJ (Finland)		27,153		615,545		615,828		283
		39,404		1,158,632		1,158,915		283
Total Materials		474,664		5,397,069		5,401,786		4,717
Real Estate - 0.6%
Real Estate Management & Development - 0.6%
BUWOG AG (Austria) (a)		24,424		582,155		582,817		662
Deutsche EuroShop AG (Germany)		11,283		468,382		469,018		636
Nexity SA (France) (a)		10,484		514,492		514,940		448
Vonovia SE (Germany)		17,238		563,277		564,767		1,490
Total Real Estate		63,429		2,128,306		2,131,542		3,236
Telecommunication Services - 0.6%
Diversified Telecommunication Services - 0.3%
Telefonica SA (Spain)		52,897		509,638		511,784		2,146
Verizon Communications, Inc.		9,584		469,712		469,712		—
		62,481		979,350		981,496		2,146
Wireless Telecommunication Services - 0.3%
Freenet AG (Germany)		18,323		549,084		550,870		1,786
Rogers Communications, Inc. (Canada), Class B		14,369		623,347		623,347		—
		32,692		1,172,431		1,174,217		1,786
Total Telecommunication Services		95,173		2,151,781		2,155,713		3,932
Utilities - 1.3%
Electric Utilities - 0.4%
EDP - Energias de Portugal SA (Portugal)		159,960		464,155		465,183		1,028
Endesa SA (Spain)		24,051		494,467		495,993		1,526
Entergy Corp.		6,538		468,382		468,382		—
		190,549		1,427,004		1,429,558		2,554
Gas Utilities - 0.3%
Gas Natural SDG SA (Spain)		31,079		597,857		599,515		1,658
ONE Gas, Inc.		8,483		548,171		548,171		—
		39,562		1,146,028		1,147,686		1,658
Multi-Utilities - 0.6%
A2A SpA (Italy)		359,557		478,967		480,247		1,280
CenterPoint Energy, Inc.		24,777		649,405		649,405		—
E.ON SE (Germany)		72,311		554,458		557,018		2,560
National Grid plc (United Kingdom)		36,232		422,845		424,392		1,547
		492,877		2,105,675		2,111,062		5,387
Total Utilities		722,988		4,678,707		4,688,306		9,599
Total Long Positions of Total Return Basket Swap		4,282,300		80,025,199		80,117,855		92,656

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions
Common Stocks
Consumer Discretionary - 4.2%
Auto Components - 0.1%
NGK Spark Plug Co. Ltd. (Japan)		21,300		479,915		479,744		171
Hotels, Restaurants & Leisure - 1.4%
Accor SA (France)		10,446		422,924		423,335		(411	)
Buffalo Wild Wings, Inc. (a)		2,616		395,016		395,016		—
Chipotle Mexican Grill, Inc. (a)		769		324,087		324,087		—
ClubCorp Holdings, Inc.		28,672		473,088		473,088		—
Domino’s Pizza Enterprises Ltd. (Australia)		9,130		411,643		411,888		(245	)
Fiesta Restaurant Group, Inc. (a)		17,915		471,165		471,165		—
Merlin Entertainments plc (United Kingdom) (e)		66,575		399,578		400,258		(680	)
NH Hotel Group SA (Spain) (a)		95,810		423,016		423,980		(964	)
Penn National Gaming, Inc. (a)		28,816		397,084		397,084		—
Resorttrust, Inc. (Japan)		17,000		313,471		313,206		265
Whitbread plc (United Kingdom)		7,190		355,017		355,920		(903	)
Wynn Resorts Ltd.		4,719		478,648		478,648		—
		289,658		4,864,737		4,867,675		(2,938	)
Internet & Direct Marketing Retail - 0.5%
HSN, Inc.		8,682		306,041		306,041		—
Rakuten, Inc. (Japan)		38,000		379,461		379,324		137
TripAdvisor, Inc. (a)		6,157		325,705		325,705		—
Yoox Net-A-Porter Group SpA (Italy) (a)		15,510		387,267		389,063		(1,796	)
Zalando SE (Germany) (a) (e)		11,509		453,537		455,168		(1,631	)
		79,858		1,852,011		1,855,301		(3,290	)
Media - 0.6%
Altice NV (Netherlands), Class A (a)		24,977		546,803		548,342		(1,539	)
Atresmedia Corp. de Medios de Comunicacion SA (Spain)		40,503		459,529		460,942		(1,413	)
EW Scripps Co. (The), Class A (a)		28,282		550,933		550,933		—
Live Nation Entertainment, Inc. (a)		16,330		467,365		467,365		—
		110,092		2,024,630		2,027,582		(2,952	)
Multiline Retail - 0.6%
B&M European Value Retail SA (Luxembourg)		115,471		436,224		437,498		(1,274	)
Isetan Mitsukoshi Holdings Ltd. (Japan)		47,800		560,510		559,130		1,380
Izumi Co. Ltd. (Japan)		11,400		483,624		483,391		233
Next plc (United Kingdom)		5,738		276,465		276,864		(399	)
Ollie’s Bargain Outlet Holdings, Inc. (a)		16,839		514,431		514,431		—
		197,248		2,271,254		2,271,314		(60	)
Specialty Retail - 0.3%
Dufry AG (Switzerland) (a)		3,912		556,231		558,464		(2,233	)
RH (a)		13,468		363,905		363,905		—
		17,380		920,136		922,369		(2,233	)
Textiles, Apparel & Luxury Goods - 0.7%
Asics Corp. (Japan)		19,700		384,020		383,752		268
Cie Financiere Richemont SA (Switzerland)		6,420		497,614		499,988		(2,374	)
Crocs, Inc. (a)		36,638		267,457		267,457		—
G-III Apparel Group Ltd. (a)		9,777		256,744		256,744		—
Gildan Activewear, Inc. (Canada)		14,500		379,312		379,312		—
HUGO BOSS AG (Germany)		6,781		434,082		435,664		(1,582	)
Kate Spade & Co. (a)		17,277		319,797		319,797		—
		111,093		2,539,026		2,542,714		(3,688	)
Total Consumer Discretionary		826,629		14,951,709		14,966,699		(14,990	)
Consumer Staples - 1.3%
Beverages - 0.2%
Anheuser-Busch InBev SA/NV (Belgium)		3,243		336,603		338,627		(2,024	)
Brown-Forman Corp., Class B		8,956		408,394		408,394		—
		12,199		744,997		747,021		(2,024	)
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		2,534		415,449		415,449		—
Food Products - 0.6%
Calbee, Inc. (Japan)		12,200		397,086		397,146		(60	)
Greencore Group plc (Ireland)		164,891		489,542		490,860		(1,318	)
Kerry Group plc (Ireland), Class A		6,213		436,621		436,621		—
Kewpie Corp. (Japan)		13,300		331,941		332,459		(518	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)			CURRENT VALUE($)(2)			VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Food Products - continued
Yakult Honsha Co. Ltd. (Japan)		10,200		523,957			524,189			(232	)
		206,804		2,179,147			2,181,275			(2,128	)
Household Products - 0.2%
Unicharm Corp. (Japan)		19,000		427,420			427,920			(500	)
Personal Products - 0.1%
Edgewell Personal Care Co. (a)		5,096		401,769			401,769			—
Tobacco - 0.1%
Vector Group Ltd.		22,216		490,085			490,085			—
Total Consumer Staples		267,849		4,658,867			4,663,519			(4,652	)
Energy - 2.7%
Energy Equipment & Services - 0.2%
Saipem SpA (Italy) (a)		885,879		451,854			454,882			(3,028	)
Weatherford International plc (a)		81,679		425,548			425,548			—
		967,558		877,402			880,430			(3,028	)
Oil, Gas & Consumable Fuels - 2.5%
Anadarko Petroleum Corp.		7,330		509,655			509,655			—
Cheniere Energy, Inc. (a)		11,621		553,741			553,741			—
Concho Resources, Inc. (a)		3,919		546,465			546,465			—
Continental Resources, Inc. (a)		10,751		522,069			522,069			—
EQT Corp.		6,555		397,430			397,430			—
Gulfport Energy Corp. (a)		15,702		328,172			328,172			—
Kosmos Energy Ltd. (a)		81,313		531,787			531,787			—
MEG Energy Corp. (Canada) (a)		51,514		267,615			267,615			—
Noble Energy, Inc.		12,559		499,346			499,346			—
PDC Energy, Inc. (a)		7,594		561,500			561,500			—
PrairieSky Royalty Ltd. (Canada)		22,640		530,659			530,659			—
Rice Energy, Inc. (a)		16,610		329,376			329,376			—
RSP Permian, Inc. (a)		10,783		458,924			458,924			—
Seven Generations Energy Ltd. (Canada), Class A (a)		22,400		447,742			447,742			—
SM Energy Co.		11,566		352,879			352,879			—
Synergy Resources Corp. (a)		65,935		567,700			567,700			—
Teekay Corp. (Bermuda)		59,880		601,794			601,794			—
Tullow Oil plc (United Kingdom) (a)		136,574		505,638			508,921			(3,283	)
WPX Energy, Inc. (a)		32,498		452,697			452,697			—
		587,744		8,965,189			8,968,472			(3,283	)
Total Energy		1,555,302		9,842,591			9,848,902			(6,311	)
Financials - 2.8%
Banks - 0.7%
Banco Espirito Santo SA (Portugal) (a)		35,937		—	(h)		—	(h)		—
Bank of Ireland (Ireland) (a)		2,054,485		550,018			551,955			(1,937	)
Bank of Kyoto Ltd. (The) (Japan)		65,000		509,477			508,134			1,343
Royal Bank of Scotland Group plc (United Kingdom) (a)		137,970		384,970			386,518			(1,548	)
Seven Bank Ltd. (Japan)		136,400		391,405			390,774			631
Standard Chartered plc (United Kingdom) (a)		51,531		501,818			504,610			(2,792	)
		2,481,323		2,337,688			2,341,991			(4,303	)
Capital Markets - 1.0%
CBOE Holdings, Inc.		4,149		330,343			330,343			—
Charles Schwab Corp. (The)		14,132		582,804			582,804			—
Financial Engines, Inc.		14,028		540,779			540,779			—
Julius Baer Group Ltd. (Switzerland) (a)		10,842		506,629			509,691			(3,062	)
Moody’s Corp.		4,908		508,812			508,812			—
Stifel Financial Corp. (a)		9,014		453,675			453,675			—
TD Ameritrade Holding Corp.		10,906		503,312			503,312			—
		67,979		3,426,354			3,429,416			(3,062	)
Consumer Finance - 0.2%
Aiful Corp. (Japan) (a)		135,200		408,318			407,804			514
LendingClub Corp. (a)		71,968		444,043			444,043			—
		207,168		852,361			851,847			514
Diversified Financial Services - 0.5%
Ackermans & van Haaren NV (Belgium)		3,472		472,626			473,480			(854	)
Element Fleet Management Corp. (Canada)		40,395		392,697			392,697			—
Onex Corp. (Canada)		6,942		485,793			485,793			—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Diversified Financial Services - continued
Wendel SA (France)		3,938		465,492		466,064		(572	)
		54,747		1,816,608		1,818,034		(1,426	)
Insurance - 0.3%
Japan Post Holdings Co. Ltd. (Japan)		38,600		485,449		484,692		757
St James’s Place plc (United Kingdom)		40,765		549,234		551,492		(2,258	)
		79,365		1,034,683		1,036,184		(1,501	)
Thrifts & Mortgage Finance - 0.1%
PHH Corp. (a)		31,891		464,971		464,971		—
Total Financials		2,922,473		9,932,665		9,942,443		(9,778	)
Health Care - 1.7%
Health Care Equipment & Supplies - 0.9%
DexCom, Inc. (a)		4,808		380,553		380,553		—
Insulet Corp. (a)		10,249		426,358		426,358		—
Neogen Corp. (a)		8,534		563,585		563,585		—
NxStage Medical, Inc. (a)		19,775		531,948		531,948		—
Olympus Corp. (Japan)		12,400		427,757		428,970		(1,213	)
Wright Medical Group NV (a)		21,517		541,798		541,798		—
Zeltiq Aesthetics, Inc. (a)		10,351		458,963		458,963		—
		87,634		3,330,962		3,332,175		(1,213	)
Health Care Providers & Services - 0.2%
Diplomat Pharmacy, Inc. (a)		12,075		165,911		165,911		—
Healthscope Ltd. (Australia)		221,778		368,350		368,299		51
		233,853		534,261		534,210		51
Life Sciences Tools & Services - 0.1%
MorphoSys AG (Germany) (a)		8,841		457,628		460,504		(2,876	)
Pharmaceuticals - 0.5%
Medicines Co. (The) (a)		11,096		400,011		400,011		—
Nektar Therapeutics (a)		25,415		307,776		307,776		—
Pacira Pharmaceuticals, Inc. (a)		11,255		432,755		432,755		—
Takeda Pharmaceutical Co. Ltd. (Japan)		10,600		443,488		443,986		(498	)
TherapeuticsMD, Inc. (a)		50,459		293,167		293,167		—
		108,825		1,877,197		1,877,695		(498	)
Total Health Care		439,153		6,200,048		6,204,584		(4,536	)
Industrials - 4.8%
Aerospace & Defense - 0.7%
Airbus SE (France)		6,848		463,948		464,192		(244	)
Bombardier, Inc. (Canada), Class B (a)		273,641		523,624		523,624		—
Hexcel Corp.		10,087		517,967		517,967		—
Leonardo SpA (Italy) (a)		38,524		495,713		496,321		(608	)
Rolls-Royce Holdings plc (United Kingdom) (a)		45,843		384,951		386,119		(1,168	)
		374,943		2,386,203		2,388,223		(2,020	)
Air Freight & Logistics - 0.1%
Yamato Holdings Co. Ltd. (Japan)		18,500		373,490		372,837		653
Airlines - 0.3%
Air France-KLM (France) (a)		82,024		433,604		433,381		223
Spirit Airlines, Inc. (a)		9,599		518,730		518,730		—
		91,623		952,334		952,111		223
Building Products - 0.2%
Armstrong World Industries, Inc. (a)		9,971		398,341		398,341		—
Nippon Sheet Glass Co. Ltd. (Japan) (a)		56,900		468,666		467,972		694
		66,871		867,007		866,313		694
Commercial Services & Supplies - 0.6%
Bilfinger SE (Germany) (a)		14,428		597,536		599,589		(2,053	)
Brambles Ltd. (Australia)		52,653		415,692		416,118		(426	)
Covanta Holding Corp.		28,580		460,138		460,138		—
G4S plc (United Kingdom)		153,347		492,308		494,032		(1,724	)
Stericycle, Inc. (a)		3,755		289,661		289,661		—
		252,763		2,255,335		2,259,538		(4,203	)
Construction & Engineering - 0.1%
OCI NV (Netherlands) (a)		24,209		456,424		456,930		(506	)
Electrical Equipment - 0.3%
Mabuchi Motor Co. Ltd. (Japan)		9,600		493,986		493,482		504
Sensata Technologies Holding NV (a)		11,098		465,561		465,561		—
		20,698		959,547		959,043		504

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Machinery - 0.8%
Alstom SA (France) (a)		17,378		492,438		493,091		(653	)
Deere & Co.		4,416		472,733		472,733		—
Flowserve Corp.		9,928		488,060		488,060		—
Konecranes OYJ (Finland)		12,826		503,290		504,056		(766	)
OC Oerlikon Corp. AG (Switzerland) (a)		43,048		487,229		488,363		(1,134	)
Proto Labs, Inc. (a)		5,719		300,248		300,248		—
		93,315		2,743,998		2,746,551		(2,553	)
Road & Rail - 0.8%
Genesee & Wyoming, Inc., Class A (a)		7,032		529,932		529,932		—
Heartland Express, Inc.		20,610		424,566		424,566		—
Hertz Global Holdings, Inc. (a)		10,213		214,154		214,154		—
Kansas City Southern		4,725		405,925		405,925		—
Keio Corp. (Japan)		45,000		369,852		369,882		(30	)
Knight Transportation, Inc.		14,653		489,410		489,410		—
Odakyu Electric Railway Co. Ltd. (Japan)		18,000		356,620		356,479		141
		120,233		2,790,459		2,790,348		111
Trading Companies & Distributors - 0.4%
Ashtead Group plc (United Kingdom)		26,823		541,918		543,820		(1,902	)
Brenntag AG (Germany)		8,564		496,817		498,230		(1,413	)
Herc Holdings, Inc. (a)		3,404		169,084		169,084		—
MISUMI Group, Inc. (Japan)		23,600		441,024		440,937		87
		62,391		1,648,843		1,652,071		(3,228	)
Transportation Infrastructure - 0.5%
Abertis Infraestructuras SA (Spain)		34,127		487,947		489,030		(1,083	)
Groupe Eurotunnel SE (France)		37,649		349,807		350,220		(413	)
Mitsubishi Logistics Corp. (Japan)		29,000		412,488		412,521		(33	)
Qube Holdings Ltd. (Australia)		238,453		415,938		416,189		(251	)
		339,229		1,666,180		1,667,960		(1,780	)
Total Industrials		1,464,775		17,099,820		17,111,925		(12,105	)
Information Technology - 3.0%
Communications Equipment - 0.1%
Nokia OYJ (Finland)		56,159		251,588		252,164		(576	)
ViaSat, Inc. (a)		4,652		301,961		301,961		—
		60,811		553,549		554,125		(576	)
Electronic Equipment, Instruments & Components - 0.4%
Japan Display, Inc. (Japan) (a)		146,700		398,874		398,291		583
Topcon Corp. (Japan)		32,400		498,152		496,637		1,515
Zebra Technologies Corp., Class A (a)		5,565		465,624		465,624		—
		184,665		1,362,650		1,360,552		2,098
Internet Software & Services - 0.8%
2U, Inc. (a)		10,054		342,238		342,238		—
Benefitfocus, Inc. (a)		6,816		206,184		206,184		—
CoStar Group, Inc. (a)		1,376		278,090		278,090		—
Envestnet, Inc. (a)		8,993		339,935		339,935		—
GMO internet, Inc. (Japan)		31,400		455,803		455,830		(27	)
New Relic, Inc. (a)		10,155		367,611		367,611		—
Pandora Media, Inc. (a)		26,645		346,385		346,385		—
Yelp, Inc. (a)		9,639		402,717		402,717		—
		105,078		2,738,963		2,738,990		(27	)
IT Services - 0.3%
EPAM Systems, Inc. (a)		4,243		273,079		273,079		—
InterXion Holding NV (Netherlands) (a)		8,440		324,349		324,349		—
Worldpay Group plc (United Kingdom) (e)		91,306		328,394		329,395		(1,001	)
		103,989		925,822		926,823		(1,001	)
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc. (a)		21,620		224,199		224,199		—
Software - 1.0%
Autodesk, Inc. (a)		5,863		476,896		476,896		—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Software - continued
FireEye, Inc. (a)		19,000		257,450		257,450		—
Globant SA (a)		8,103		268,614		268,614		—
HubSpot, Inc. (a)		5,593		286,921		286,921		—
Imperva, Inc. (a)		6,397		267,075		267,075		—
Nintendo Co. Ltd. (Japan)		1,000		204,766		204,683		83
Proofpoint, Inc. (a)		4,782		383,325		383,325		—
RingCentral, Inc., Class A (a)		16,072		375,281		375,281		—
Splunk, Inc. (a)		5,520		319,387		319,387		—
Tableau Software, Inc., Class A (a)		5,265		251,878		251,878		—
Workday, Inc., Class A (a)		3,690		306,602		306,602		—
Zendesk, Inc. (a)		11,256		269,356		269,356		—
		92,541		3,667,551		3,667,468		83
Technology Hardware, Storage & Peripherals - 0.3%
Nimble Storage, Inc. (a)		34,829		298,485		298,485		—
Pure Storage, Inc., Class A (a)		37,729		428,979		428,979		—
Stratasys Ltd. (a)		19,245		379,511		379,511		—
		91,803		1,106,975		1,106,975		—
Total Information Technology		660,507		10,579,709		10,579,132		577
Materials - 2.7%
Chemicals - 1.1%
Axalta Coating Systems Ltd. (a)		15,100		437,900		437,900		—
FMC Corp.		8,702		523,512		523,512		—
K+S AG (Germany)		19,824		501,616		503,595		(1,979	)
Methanex Corp. (Canada)		10,872		543,579		543,579		—
Nippon Kayaku Co. Ltd. (Japan)		43,000		562,493		561,989		504
Potash Corp. of Saskatchewan, Inc. (Canada)		25,969		483,158		483,158		—
Victrex plc (United Kingdom)		23,414		559,642		561,095		(1,453	)
WR Grace & Co.		5,376		372,772		372,772		—
		152,257		3,984,672		3,987,600		(2,928	)
Construction Materials - 0.2%
Summit Materials, Inc., Class A (a)		22,163		556,291		556,291		—
Metals & Mining - 1.3%
Acerinox SA (Spain)		38,305		524,941		526,759		(1,818	)
Antofagasta plc (Chile)		57,832		607,485		611,035		(3,550	)
First Quantum Minerals Ltd. (Canada)		40,717		513,480		513,480		—
Franco-Nevada Corp. (Canada)		5,646		367,245		367,245		—
Fresnillo plc (Mexico)		19,643		359,049		360,576		(1,527	)
Hecla Mining Co.		85,160		548,430		548,430		—
Independence Group NL (Australia)		144,620		413,493		415,667		(2,174	)
Kobe Steel Ltd. (Japan) (a)		50,300		490,482		489,263		1,219
Outokumpu OYJ (Finland) (a)		57,058		509,691		510,563		(872	)
thyssenkrupp AG (Germany)		20,024		504,732		507,265		(2,533	)
		519,305		4,839,028		4,850,283		(11,255	)
Paper & Forest Products - 0.1%
West Fraser Timber Co. Ltd. (Canada)		13,224		451,623		451,623		—
Total Materials		706,949		9,831,614		9,845,797		(14,183	)
Real Estate - 0.2%
Real Estate Management & Development - 0.2%
Capital & Counties Properties plc (United Kingdom)		91,190		312,030		312,848		(818	)
Mitsui Fudosan Co. Ltd. (Japan)		18,000		417,120		415,570		1,550
Total Real Estate		109,190		729,150		728,418		732
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.5%
Euskaltel SA (Spain) (e)		46,853		431,479		432,538		(1,059	)
Iliad SA (France)		1,728		369,251		369,535		(284	)
Inmarsat plc (United Kingdom)		32,895		251,602		252,035		(433	)
SFR Group SA (France) (a)		14,157		410,488		411,343		(855	)
Zayo Group Holdings, Inc. (a)		14,493		463,196		463,196		—
		110,126		1,926,016		1,928,647		(2,631	)
Wireless Telecommunication Services - 0.2%
Sprint Corp. (a)		67,942		627,105		627,105		—
Total Telecommunication Services		178,068		2,553,121		2,555,752		(2,631	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued
Common Stocks - continued
Utilities - 1.3%
Electric Utilities - 0.4%
Chugoku Electric Power Co., Inc. (The) (Japan)		37,500		421,796		422,251		(455	)
Hokkaido Electric Power Co., Inc. (Japan)		52,400		379,623		379,681		(58	)
Hokuriku Electric Power Co. (Japan)		34,700		349,428		349,612		(184	)
		124,600		1,150,847		1,151,544		(697	)
Independent Power and Renewable Electricity Producers - 0.3%
Calpine Corp. (a)		29,065		342,967		342,967		—
Northland Power, Inc. (Canada)		27,332		502,846		502,846		—
Pattern Energy Group, Inc.		17,255		340,613		340,613		—
		73,652		1,186,426		1,186,426		—
Multi-Utilities - 0.2%
Dominion Resources, Inc.		5,869		447,688		447,688		—
Sempra Energy		4,216		431,676		431,676		—
		10,085		879,364		879,364		—
Water Utilities - 0.4%
American States Water Co.		11,202		490,424		490,424		—
Pennon Group plc (United Kingdom)		38,695		386,019		386,868		(849	)
United Utilities Group plc (United Kingdom)		34,137		393,799		395,325		(1,526	)
		84,034		1,270,242		1,272,617		(2,375	)
Total Utilities		292,371		4,486,879		4,489,951		(3,072	)
Preferred Stock
Industrials - 0.0% (g)
Aerospace & Defense - 0.0% (g)
Rolls-Royce Holdings plc (Preference) (United Kingdom), Class C (a)		115,485		145		145		—
Total Short Positions of Total Return Basket Swap		9,538,751		90,866,318		90,937,267		(70,949	)
Total of Long and Short Positions of Total Return Basket Swap		5,256,451		10,841,119		10,819,412		21,707
Outstanding swap contract, at value							$	21,707

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 January 31, 2017 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%.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 January 31, 2017, net assets of the Fund were $357,527,802 of which $49,300,400 or approximately 13.8%, represented the Subsidiary’s net assets. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. 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.

A. Valuation of Investments - The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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 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 an international fair value factor 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 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.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 Condensed Schedule of Investments (“CSOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	29,788,744	$	5,984,712	$	—		$	35,773,456
Consumer Staples		13,298,560		3,891,923		—			17,190,483
Energy		8,053,786		1,886,169		—			9,939,955
Financials		21,175,921		1,549,927		—			22,725,848
Health Care		21,813,860		1,947,327		—			23,761,187
Industrials		21,299,033		6,154,871		—			27,453,904
Information Technology		35,352,516		4,193,058		—			39,545,574
Materials		21,759,835		8,544,389		—			30,304,224
Real Estate		569,769		—		—			569,769
Telecommunication Services		339,424		927,791		—			1,267,215
Utilities		4,751,054		528,527		—			5,279,581
Total Common Stocks		178,202,502		35,608,694		—			213,811,196
Convertible Preferred Stocks
Energy		1,342,562		—		—			1,342,562
Financials		860,396		—		—			860,396
Health Care		1,126,818		—		—			1,126,818
Industrials		246,276		—		—			246,276
Real Estate		284,952		—		—			284,952
Telecommunication Services		1,396,156		—		—			1,396,156
Utilities		1,098,307		—		—			1,098,307
Total Convertible Preferred Stocks		6,355,467		—		—			6,355,467
Preferred Stocks
Consumer Staples		427,977		—		—			427,977
Debt Securities
Convertible Bonds
Consumer Discretionary		—		2,550,856		—			2,550,856
Financials		—		1,896,184		—			1,896,184
Health Care		—		6,557,435		—			6,557,435
Industrials		—		582,703		—			582,703
Information Technology		—		11,139,341		—			11,139,341
Materials		—		924,654		—			924,654
Real Estate		—		601,071		—			601,071
Utilities		—		762,738		—			762,738
Total Convertible Bonds		—		25,014,982		—			25,014,982
Rights
Health Care		—		—		—	(a)		—	(a)
Telecommunication Services		—		—		8,352			8,352
Total Rights		—		—		8,352			8,352
Short-Term Investment
Investment Company		97,758,606		—		—			97,758,606
Total Investments in Securities	$	282,744,552	$	60,623,676	$	8,352		$	343,376,580
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	714,963	$	—		$	714,963
Futures Contracts		1,318,478		25,144		—			1,343,622
Swaps		—		60,234		—			60,234
Total Appreciation in Other Financial Instruments	$	1,318,478	$	800,341	$	—		$	2,118,819

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(827,891	)	$	—	$	(827,891	)
Futures Contracts		(1,126,013	)		(128,901	)		—		(1,254,914	)
Swaps		—		$	(4,199	)	$	—	$	(4,199	)
Total Depreciation in Other Financial Instruments	$	(1,126,013	)	$	(960,991	)	$	—	$	(2,087,004	)

(a) Value is zero.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 2 to level 1 in the amount of $3,237,047 are due to the non-application of the fair value factors to certain securities during the period ended January 31, 2017.

There were no significant transfers between levels 2 and 3 during the period ended January 31, 2017.

B. 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) — (3) 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 market value on open future contracts are recorded as changes in unrealized appreciation/depreciation.

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, 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 a 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 cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 or due across transactions. As of January 31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Total Return Basket Swaps — The Fund entered into a total return basket swap agreement 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 agreement, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the 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 may either be reset monthly or at least annually.

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. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank NA (“JPMCB”), an affiliate of the Fund.

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 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.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Brazil — 7.1%
	2,102	Banco Bradesco SA, ADR (a)		21,717
	2,216	Banco do Brasil SA (a)		21,882
	1,054	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (a)		10,501
	1,878	EDP - Energias do Brasil SA		8,375
	1,626	Itau Unibanco Holding SA, ADR		19,200
	109	M Dias Branco SA (a)		4,270
	2,406	MRV Engenharia e Participacoes SA		9,743
	808	Qualicorp SA		5,287
	829	Transmissora Alianca de Energia Eletrica SA		5,647
	2,181	Vale SA, ADR (a)		22,198
				128,820
		China — 23.1%
	1,870	AAC Technologies Holdings, Inc.		19,199
	276	Alibaba Group Holding Ltd., ADR (a)		27,973
	6,116	Anhui Conch Cement Co. Ltd., Class H		19,680
	58,193	Bank of China Ltd., Class H		26,357
	6,365	BYD Electronic International Co. Ltd.		5,106
	24,194	China CITIC Bank Corp. Ltd., Class H		15,913
	36,506	China Construction Bank Corp., Class H		27,065
	6,885	China Lesso Group Holdings Ltd.		4,695
	4,874	China Mengniu Dairy Co. Ltd.		9,098
	8,328	China Merchants Bank Co. Ltd., Class H		20,857
	4,796	China Overseas Land & Investment Ltd.		14,083
	18,706	China Power International Development Ltd.		6,741
	506	Chlitina Holding Ltd.		2,375
	4,038	COSCO SHIPPING Ports Ltd.		4,013
	13,350	Geely Automobile Holdings Ltd.		15,779
	8,414	Guangzhou Automobile Group Co. Ltd., Class H		11,475
	16,260	Huadian Power International Corp. Ltd., Class H		6,911
	16,434	Huaneng Power International, Inc., Class H		10,661
	66,860	Industrial & Commercial Bank of China Ltd., Class H		40,877
	103	NetEase, Inc., ADR		26,199
	11,728	PICC Property & Casualty Co. Ltd., Class H		17,729
	1,649	Ping An Insurance Group Co. of China Ltd., Class H		8,459
	2,089	Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,320
	6,236	Shenzhen Expressway Co. Ltd., Class H		5,682
	6,850	Sinopec Shanghai Petrochemical Co. Ltd., Class H		4,242

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	3,207	Sinopharm Group Co. Ltd., Class H		14,657
	901	Sunny Optical Technology Group Co. Ltd.		5,279
	1,095	Tencent Holdings Ltd.		28,634
	3,174	TravelSky Technology Ltd., Class H		7,129
	11,922	Xinyi Solar Holdings Ltd. (a)		4,122
	5,238	Zhejiang Expressway Co. Ltd., Class H		5,261
				421,571
		Hong Kong — 3.0%
	4,647	China High Speed Transmission Equipment Group Co. Ltd.		5,776
	1,720	Kingboard Chemical Holdings Ltd.		5,919
	3,969	Kingboard Laminates Holdings Ltd.		4,366
	6,501	Lee & Man Paper Manufacturing Ltd.		5,844
	5,963	Nine Dragons Paper Holdings Ltd.		6,863
	12,624	Truly International Holdings Ltd.		5,145
	20,353	WH Group Ltd., Reg. S (e)		15,459
	6,526	Xinyi Glass Holdings Ltd. (a)		5,870
				55,242
		Hungary — 1.5%
	135	MOL Hungarian Oil & Gas plc		9,480
	583	OTP Bank plc		17,918
				27,398
		India — 3.8%
	1,888	Apollo Tyres Ltd.		5,029
	1,540	Bharat Petroleum Corp. Ltd.		15,508
	2,181	Hindustan Petroleum Corp. Ltd.		16,799
	6,209	Oil & Natural Gas Corp. Ltd.		18,588
	353	Tata Motors Ltd., ADR		13,759
				69,683
		Indonesia — 0.7%
	15,145	Bank Rakyat Indonesia Persero Tbk. PT		13,299
		Malaysia — 1.2%
	14,521	AirAsia Bhd.		8,360
	4,271	Tenaga Nasional Bhd.		12,909
				21,269
		Mexico — 0.6%
	3,959	Grupo Mexico SAB de CV, Series B		11,873
		Panama — 0.3%
	57	Copa Holdings SA, Class A		5,509
		Poland — 2.4%
	497	KGHM Polska Miedz SA		15,423
	1,029	Polski Koncern Naftowy ORLEN SA		20,889

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — continued
	4,855	Polskie Gornictwo Naftowe i Gazownictwo SA		6,668
				42,980
		Russia — 9.7%
	7,316	Alrosa OJSC		12,853
	1,696	Gazprom PJSC, ADR		8,417
	315	LUKOIL PJSC, ADR		17,731
	56	Magnit PJSC		8,939
	10,991	Magnitogorsk Iron & Steel OJSC		7,195
	1,052	MMC Norilsk Nickel PJSC, ADR		17,066
	1,742	Mobile TeleSystems PJSC, ADR		18,236
	6,717	Moscow Exchange MICEX-RTS PJSC		14,975
	191	Ros Agro plc, Reg. S, GDR		2,744
	2,681	Rosneft Oil Co. PJSC, Reg. S, GDR		17,775
	1,449	Sberbank of Russia PJSC, ADR		16,996
	469	Sberbank of Russia PJSC, ADR		5,464
	397	Severstal PJSC, Reg. S, GDR		6,309
	326	Tatneft PJSC, ADR		13,276
	252	X5 Retail Group NV, Reg. S, GDR (a)		8,470
				176,446
		South Africa — 2.4%
	412	Barloworld Ltd.		3,386
	428	Imperial Holdings Ltd.		5,317
	545	Sappi Ltd.		3,505
	2,037	Standard Bank Group Ltd.		21,788
	333	Tiger Brands Ltd.		10,063
				44,059
		South Korea — 17.7%
	703	Hana Financial Group, Inc.		20,837
	260	Hankook Tire Co. Ltd. (a)		12,681
	109	Hyosung Corp. (a)		12,727
	278	Hyundai Marine & Fire Insurance Co. Ltd. (a)		7,206
	70	Hyundai Mobis Co. Ltd. (a)		14,531
	452	Korea Electric Power Corp. (a)		16,565
	28	KT Corp. (a)		711
	185	KT&G Corp.		16,039
	686	LG Display Co. Ltd.		18,109
	481	LG Uplus Corp. (a)		4,722
	45	Mando Corp. (a)		9,678
	74	NCSoft Corp. (a)		19,355
	328	Partron Co. Ltd.		3,131
	95	POSCO		22,295
	23	Samsung Electronics Co. Ltd.		39,108
	435	Shinhan Financial Group Co. Ltd. (a)		17,192
	585	SK Hynix, Inc.		27,039

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	157	SK Innovation Co. Ltd. (a)		21,275
	36	SK Materials Co. Ltd. (a)		6,253
	202	S-Oil Corp.		14,132
	1,689	Woori Bank (a)		19,065
				322,651
		Taiwan — 12.4%
	5,989	Accton Technology Corp.		10,866
	28,190	CTBC Financial Holding Co. Ltd.		16,057
	3,310	Elite Material Co. Ltd.		11,615
	2,863	FLEXium Interconnect, Inc.		8,225
	703	Grape King Bio Ltd.		3,995
	6,692	Hon Hai Precision Industry Co. Ltd.		17,945
	8,410	King Yuan Electronics Co. Ltd. (a)		7,263
	194	Largan Precision Co. Ltd.		27,749
	2,903	Merry Electronics Co. Ltd.		12,148
	7,527	Micro-Star International Co. Ltd.		18,262
	3,705	Pegatron Corp.		8,922
	3,759	Powertech Technology, Inc.		10,303
	1,555	Realtek Semiconductor Corp.		5,427
	391	Silicon Motion Technology Corp., ADR		15,295
	281	St Shine Optical Co. Ltd.		5,309
	629	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		19,432
	2,664	Tong Yang Industry Co. Ltd.		4,918
	7,515	Uni-President Enterprises Corp.		12,892
	1,789	Wistron NeWeb Corp.		5,121
	2,012	Zhen Ding Technology Holding Ltd.		4,226
				225,970
		Thailand — 6.3%
	19,637	Charoen Pokphand Foods PCL, NVDR		15,899
	5,223	CP ALL PCL, NVDR		8,970
	55,055	IRPC PCL, NVDR		8,133
	3,721	Kiatnakin Bank PCL, NVDR		6,026
	36,137	Krung Thai Bank PCL, NVDR		19,507
	1,887	PTT PCL, NVDR		21,656
	20,360	Star Petroleum Refining PCL, NVDR		7,171
	11,804	Thai Beverage PCL		7,239
	3,695	Thai Oil PCL, NVDR		7,531
	9,159	Thai Union Group PCL, NVDR		5,411
	4,891	Thanachart Capital PCL, NVDR		6,600
				114,143
		Turkey — 4.3%
	6,747	Akbank TAS		15,040
	911	Arcelik AS		5,524

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
		Turkey — continued
	19,246	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		15,674
	8,103	Eregli Demir ve Celik Fabrikalari TAS		12,486
	996	KOC Holding AS		4,013
	3,722	Tekfen Holding AS		7,434
	268	Tupras Turkiye Petrol Rafinerileri AS		5,832
	2,866	Turkiye Halk Bankasi AS		8,540
	3,907	Turkiye Sise ve Cam Fabrikalari AS		4,187
				78,730
		United Arab Emirates — 1.4%
	10,423	Aldar Properties PJSC		7,259
	9,329	Emaar Properties PJSC		18,853
				26,112
		Vietnam — 0.3%
	2,957	Hoa Phat Group JSC		5,528
		Total Common Stocks (Cost $1,615,419)		1,791,283
	Preferred Stocks — 1.9%
		Brazil — 1.2%
	682	Braskem SA (Preference), Class A		7,045
	1,798	Cia Energetica de Minas Gerais (Preference)		5,215
	5,839	Metalurgica Gerdau SA (Preference) (a)		10,413
				22,673
		Russia — 0.7%
	23,397	Surgutneftegas OJSC (Preference)		13,359
		Total Preferred Stocks (Cost $33,889)		36,032
	Short-Term Investment — 1.6%
		Investment Company — 1.6%
	28,798	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $28,798)		28,798
		Total Investments — 101.7% (Cost $1,678,106)		1,856,113
		Liabilities in Excess of Other Assets — (1.7)%		(31,619	)
		NET ASSETS — 100.0%	$	1,824,494

Percentages indicated are based on net assets.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		21.5	%
Oil, Gas & Consumable Fuels		13.2
Metals & Mining		7.7
Electronic Equipment, Instruments & Components		7.7
Semiconductors & Semiconductor Equipment		4.8
Internet Software & Services		4.5
Food Products		4.1
Technology Hardware, Storage & Peripherals		3.6
Auto Components		2.8
Electric Utilities		2.6
Automobiles		2.2
Real Estate Management & Development		2.2
Insurance		1.8
Chemicals		1.6
Food & Staples Retailing		1.4
Health Care Providers & Services		1.4
Independent Power & Renewable Electricity Producers		1.3
Communications Equipment		1.1
Construction Materials		1.1
Software		1.0
Wireless Telecommunication Services		1.0
Others (each less than 1.0%)		9.8
Short-Term Investment		1.6

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
260	Mini MSCI Emerging Markets Index		03/17/17		USD	$	11,896	$	532

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
24,626	HKD	Royal Bank of Canada	02/02/17	$	3,175	$	3,174	$	(1	)

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
HKD	—	Hong Kong Dollar
MSCI	—	Morgan Stanley Capital International
NVDR	—	Non Voting Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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.
(l)	—	The rate shown is the current yield as of January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	234,514
Aggregate gross unrealized depreciation		(56,507	)
Net unrealized appreciation/depreciation	$	178,007
Federal income tax cost of investments	$	1,678,106

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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 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 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 Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	128,820	$	—	$	—	$	128,820
China		54,172		367,399		—		421,571
Hong Kong		—		55,242		—		55,242
Hungary		—		27,398		—		27,398
India		13,759		55,924		—		69,683
Indonesia		—		13,299		—		13,299
Malaysia		8,360		12,909		—		21,269
Mexico		11,873		—		—		11,873
Panama		5,509		—		—		5,509
Poland		—		42,980		—		42,980
Russia		61,231		115,215		—		176,446
South Africa		—		44,059		—		44,059
South Korea		—		322,651		—		322,651
Taiwan		34,727		191,243		—		225,970
Thailand		—		114,143		—		114,143
Turkey		—		78,730		—		78,730
United Arab Emirates		—		26,112		—		26,112
Vietnam		—		5,528		—		5,528
Total Common Stocks		318,451		1,472,832		—		1,791,283

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

Preferred Stocks
Brazil		22,673		—			—		22,673
Russia		10,587		2,772			—		13,359
Total Preferred Stocks		33,260		2,772			—		36,032
Short-Term Investment
Investment Company		28,798		—			—		28,798
Total Investments in Securities	$	380,509	$	1,475,604		$	—	$	1,856,113
Appreciation in Other Financial Instruments
Futures Contracts	$	532	$	—		$	—	$	532
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(1	)	$	—	$	(1	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $14,600,000 and from level 2 to level 1 in the amount of approximately $9,587,000 are due to the application and non-application of the fair value factors to certain securities during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including futures and forward foreign currency exchange contracts, 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

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

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

(2) Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of a 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 cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. 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 or due across transactions). As of January 31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Argentina — 0.9%
	146	MercadoLibre, Inc.		27,048
		Australia — 0.7%
	4,119	Oil Search Ltd.		21,511
		Brazil — 9.8%
	5,254	Ambev SA, ADR		28,321
	5,009	BB Seguridade Participacoes SA		44,369
	4,891	CCR SA		24,075
	2,728	Cielo SA		22,931
	3,647	Itau Unibanco Holding SA, ADR		43,070
	4,759	Kroton Educacional SA		20,403
	5,578	Lojas Renner SA		42,270
	846	Marcopolo SA (a)		593
	1,313	Raia Drogasil SA (a)		27,283
	2,102	Ultrapar Participacoes SA		44,135
	2,451	WEG SA		12,375
				309,825
		China — 18.1%
	3,047	AAC Technologies Holdings, Inc.		31,287
	1,193	Alibaba Group Holding Ltd., ADR (a)		120,830
	200	Baidu, Inc., ADR (a)		34,989
	6,281	Chongqing Changan Automobile Co. Ltd., Class B		8,906
	12,474	CNOOC Ltd.		15,577
	2,222	JD.com, Inc., ADR (a)		63,113
	8,978	Ping An Insurance Group Co. of China Ltd., Class H		46,053
	4,527	Shenzhou International Group Holdings Ltd.		27,924
	7,535	Tencent Holdings Ltd.		197,013
	2,710	Vipshop Holdings Ltd., ADR (a)		30,680
				576,372
		Cyprus — 0.2%
	1,207	Globaltrans Investment plc, Reg. S, GDR		7,607
		Egypt — 0.7%
	5,592	Commercial International Bank Egypt SAE, Reg. S, GDR		22,229
		Hong Kong — 6.3%
	19,196	AIA Group Ltd.		118,849
	517	Jardine Matheson Holdings Ltd.		31,892
	11,573	Sands China Ltd.		50,920
				201,661
		India — 19.1%
	1,756	Asian Paints Ltd.		25,131
	2,198	HDFC Bank Ltd.		47,110

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — continued
	903	HDFC Bank Ltd., ADR		62,269
	5,303	Housing Development Finance Corp. Ltd.		107,075
	1,799	IndusInd Bank Ltd.		33,198
	3,681	Infosys Ltd., ADR		50,686
	16,999	ITC Ltd.		64,774
	2,407	Kotak Mahindra Bank Ltd.		27,489
	1,845	Lupin Ltd.		40,116
	2,334	Tata Consultancy Services Ltd.		76,754
	754	Tata Motors Ltd., ADR		29,359
	801	UltraTech Cement Ltd.		43,680
				607,641
		Indonesia — 3.0%
	71,609	Astra International Tbk. PT		42,690
	28,279	Bank Central Asia Tbk. PT		32,412
	23,468	Bank Rakyat Indonesia Persero Tbk. PT		20,607
				95,709
		Mexico — 1.0%
	3,708	Infraestructura Energetica Nova SAB de CV		16,369
	1,583	Promotora y Operadora de Infraestructura SAB de CV (a)		13,802
				30,171
		Panama — 1.2%
	375	Copa Holdings SA, Class A		36,521
		Peru — 1.3%
	246	Credicorp Ltd.		40,205
		Russia — 6.1%
	643	LUKOIL PJSC, ADR		36,242
	306	Magnit PJSC		49,112
	181	Magnit PJSC, Reg. S, GDR		6,641
	35,253	Sberbank of Russia PJSC		100,765
				192,760
		South Africa — 11.9%
	1,755	Aspen Pharmacare Holdings Ltd.		40,143
	4,360	Bid Corp. Ltd.		75,640
	3,907	Bidvest Group Ltd. (The)		46,006
	331	Capitec Bank Holdings Ltd.		17,296
	9,183	FirstRand Ltd.		34,207
	1,738	Mr Price Group Ltd.		21,044
	3,174	Remgro Ltd.		53,097
	9,054	Sanlam Ltd.		43,740
	8,592	Woolworths Holdings Ltd.		47,205
				378,378

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 4.2%
	213	Hyundai Motor Co.		25,596
	194	Samsung Biologics Co. Ltd. (a)		26,848
	48	Samsung Electronics Co. Ltd.		81,680
				134,124
		Taiwan — 8.0%
	5,761	Delta Electronics, Inc.		32,177
	1,732	Eclat Textile Co. Ltd.		18,091
	239	Largan Precision Co. Ltd.		34,186
	5,095	President Chain Store Corp.		38,111
	4,294	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		132,736
				255,301
		Thailand — 1.5%
	5,060	Kasikornbank PCL, NVDR		27,111
	1,048	Siam Cement PCL (The)		15,006
	284	Siam Cement PCL (The), NVDR		4,088
				46,205
		Turkey — 0.3%
	1,022	Ford Otomotiv Sanayi A/S		9,462
		United States — 2.5%
	445	EPAM Systems, Inc. (a)		28,663
	443	Luxoft Holding, Inc. (a)		26,059
	947	Yum China Holdings, Inc. (a)		26,035
				80,757
		Total Common Stocks (Cost $2,684,745)		3,073,487
	Preferred Stocks — 0.6%
		Brazil — 0.6%
	1,178	Itau Unibanco Holding SA (Preference)		13,919
	6,706	Marcopolo SA (Preference)		6,129
		Total Preferred Stocks (Cost $18,886)		20,048
	Structured Instruments — 1.3%
		China — 1.3%
		Low Exercise Cash Settled Call Warrants — 1.3%
	4,302	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		24,391

SHARES		SECURITY DESCRIPTION	VALUE($)
		Low Exercise Cash Settled Call Warrants — continued
	3,931	Chongqing Changan Automobile Co. Ltd., expiring 09/29/17 (Strike Price $0.00) (issued through BNP Paribas) (a)		9,018
	2,681	Chongqing Changan Automobile Co. Ltd., expiring 02/17/17 (Strike Price $1.00) (issued through UBS AG) (a)		6,151
		Total Structured Instruments (Cost $40,021)		39,560
NUMBER OF WARRANTS
	Warrant — 0.7%
		Saudi Arabia — 0.7%
	1,278	Almarai Co., expiring 07/24/17 (Strike Price $1.00) (Cost $17,678) (a)		23,625
SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	42,535	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $42,535)		42,535
		Total Investments — 100.7% (Cost $2,803,865)		3,199,255
		Liabilities in Excess of Other Assets — (0.7)%		(22,698	)
		NET ASSETS — 100.0%	$	3,176,557

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		15.5	%
Internet Software & Services		11.9
Insurance		7.9
IT Services		6.4
Food & Staples Retailing		6.2
Semiconductors & Semiconductor Equipment		4.1
Oil, Gas & Consumable Fuels		3.7
Automobiles		3.6
Thrifts & Mortgage Finance		3.3
Electronic Equipment, Instruments & Components		3.1
Internet & Direct Marketing Retail		2.9
Multiline Retail		2.8
Diversified Financial Services		2.7
Technology Hardware, Storage & Peripherals		2.6
Pharmaceuticals		2.5
Industrial Conglomerates		2.4
Hotels, Restaurants & Leisure		2.4
Tobacco		2.0
Construction Materials		2.0
Textiles, Apparel & Luxury Goods		1.4
Transportation Infrastructure		1.2
Airlines		1.1
Capital Markets		1.0
Others (each less than 1.0%)		6.0
Short-Term Investment		1.3

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	531,097
Aggregate gross unrealized depreciation		(135,707	)
Net unrealized appreciation/depreciation	$	395,390
Federal income tax cost of investments	$	2,803,865

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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 Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	27,048	$	—	$	—	$	27,048
Australia		—		21,511		—		21,511
Brazil		309,825		—		—		309,825
China		249,612		326,760		—		576,372
Cyprus		7,607		—		—		7,607
Egypt		22,229		—		—		22,229
Hong Kong		—		201,661		—		201,661
India		142,314		465,327		—		607,641
Indonesia		—		95,709		—		95,709
Mexico		30,171		—		—		30,171
Panama		36,521		—		—		36,521
Peru		40,205		—		—		40,205
Russia		—		192,760		—		192,760
South Africa		53,097		325,281		—		378,378
South Korea		26,848		107,276		—		134,124
Taiwan		132,736		122,565		—		255,301
Thailand		—		46,205		—		46,205
Turkey		—		9,462		—		9,462
United States		80,757		—		—		80,757
Total Common Stocks		1,158,970		1,914,517		—		3,073,487

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Brazil	$	20,048	$	—	$	—	$	20,048
Structured Instruments
China		—		39,560		—		39,560
Warrant
Saudi Arabia		—		23,625		—		23,625
Short-Term Investment
Investment Company		42,535		—		—		42,535
Total Investments in Securities	$	1,221,553	$	1,977,702	$	—	$	3,199,255

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $31,497,000 and from level 2 to level 1 in the amount of $52,698,000 are due to the application and non-application of the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.3%
		Brazil — 8.0%
	64	Ambev SA, ADR		343
	15	Banco Bradesco SA, ADR (a)		150
	37	BB Seguridade Participacoes SA		325
	21	Engie Brasil Energia SA		236
				1,054
		Chile — 2.8%
	17	Banco Santander Chile, ADR		370
		China — 7.6%
	31	China Mobile Ltd.		349
	146	China Resources Power Holdings Co. Ltd.		251
	97	Fuyao Glass Industry Group Co. Ltd., Class A		265
	16	Fuyao Glass Industry Group Co. Ltd., Class H, Reg. S (e)		48
	134	Lenovo Group Ltd.		88
				1,001
		Czech Republic — 3.4%
	8	Komercni banka AS		275
	53	Moneta Money Bank AS, Reg. S (a) (e)		176
				451
		Hong Kong — 5.8%
	11	Hang Seng Bank Ltd.		224
	177	HKT Trust & HKT Ltd.		247
	48	Sands China Ltd.		211
	7	VTech Holdings Ltd.		86
				768
		Hungary — 1.9%
	8	OTP Bank plc		256
		Indonesia — 0.9%
	427	Telekomunikasi Indonesia Persero Tbk. PT		124
		Mexico — 5.4%
	71	Bolsa Mexicana de Valores SAB de CV		97
	118	Fibra Uno Administracion SA de CV		169
	189	Kimberly-Clark de Mexico SAB de CV, Class A		339
	64	Wal-Mart de Mexico SAB de CV		113
				718
		Russia — 8.6%
	4	LUKOIL PJSC, ADR		245
	6	MegaFon PJSC, Reg. S, GDR		69
	7	MMC Norilsk Nickel PJSC, ADR		120
	9	Mobile TeleSystems PJSC, ADR		99
	172	Moscow Exchange MICEX-RTS PJSC		383
	1	PhosAgro PJSC, Reg. S, GDR		13
	6	PhosAgro PJSC, Reg. S, GDR		102

SHARES			SECURITY DESCRIPTION	VALUE($)
			Russia — continued
	7		Severstal PJSC, Reg. S, GDR		108
					1,139
			South Africa — 13.0%
	40		AVI Ltd.		272
	23		Barclays Africa Group Ltd.		275
	9		Bid Corp. Ltd.		160
	3		Bidvest Group Ltd. (The)		41
	75		FirstRand Ltd.		280
	109		MMI Holdings Ltd.		200
	21		Vodacom Group Ltd.		237
	45		Woolworths Holdings Ltd.		245
					1,710
			South Korea — 6.3%
	3		Kangwon Land, Inc. (a)		79
	3		KT&G Corp.		290
	—	(h)	Samsung Electronics Co. Ltd.		299
	7		SK Telecom Co. Ltd., ADR		159
					827
			Taiwan — 19.5%
	16		Asustek Computer, Inc.		143
	35		Cheng Shin Rubber Industry Co. Ltd.		70
	36		Chicony Electronics Co. Ltd.		85
	57		Delta Electronics, Inc.		317
	49		Far EasTone Telecommunications Co. Ltd.		116
	27		MediaTek, Inc.		185
	41		Novatek Microelectronics Corp.		145
	26		President Chain Store Corp.		194
	74		Quanta Computer, Inc.		151
	75		Taiwan Mobile Co. Ltd.		251
	21		Taiwan Semiconductor Manufacturing Co. Ltd., ADR		647
	145		Vanguard International Semiconductor Corp.		262
					2,566
			Thailand — 4.0%
	18		Siam Cement PCL (The)		262
	38		Siam Commercial Bank PCL (The), NVDR		161
	28		Thai Oil PCL		58
	19		Thai Oil PCL, NVDR		39
					520
			Turkey — 3.4%
	6		Eregli Demir ve Celik Fabrikalari TAS		10
	7		Ford Otomotiv Sanayi AS		62
	35		Tofas Turk Otomobil Fabrikasi AS		245
	6		Tupras Turkiye Petrol Rafinerileri AS		136
					453

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Arab Emirates — 1.7%
	65	First Gulf Bank PJSC		230
		Total Common Stocks (Cost $11,819)		12,187
	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)		144
	29	Midea Group Co. Ltd., expiring 10/13/2017 (Strike Price $0.00) (issued through BNP Paribas) (a)		126
		Total Structured Instruments (Cost $237)		270
NUMBER OF WARRANTS
	Warrants — 1.7%
		Saudi Arabia — 1.7%
	12	Al Rajhi Bank, expiring 01/22/18 (Strike Price $1.00) (a)		204
	1	Yanbu Cement Co., expiring 07/31/17 (Strike Price $1.00) (a)		14
		Total Warrants (Cost $185)		218
SHARES
	Short-Term Investment — 10.0%
		Investment Company — 10.0%
	1,315	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $1,315)		1,315
		Total Investments — 106.0% (Cost $13,556)		13,990
		Liabilities in Excess of Other Assets — (6.0)%		(791	)
		NET ASSETS — 100.0%	$	13,199

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2017 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		17.5	%
Wireless Telecommunication Services		9.2
Semiconductors & Semiconductor Equipment		8.9
Technology Hardware, Storage & Peripherals		5.5
Capital Markets		4.5
Insurance		3.8
Independent Power & Renewable Electricity Producers		3.5
Oil, Gas & Consumable Fuels		3.4
Food & Staples Retailing		3.3
Auto Components		2.7
Diversified Telecommunication Services		2.7
Beverages		2.5
Household Products		2.4
Electronic Equipment, Instruments & Components		2.3
Automobiles		2.2
Hotels, Restaurants & Leisure		2.1
Tobacco		2.1
Diversified Financial Services		2.0
Construction Materials		2.0
Food Products		1.9
Multiline Retail		1.8
Metals & Mining		1.7
Equity Real Estate Investment Trusts (REITs)		1.2
Others (each less than 1.0%)		1.4
Short-Term Investment		9.4

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	7	Mini MSCI Emerging Markets Index		03/17/17		USD	$	320	$	(1	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
570	CNY	TD Bank Financial Group†	02/06/17	$	83	$	83	$	—	(h)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CNY	—	China Yuan
GDR	—	Global Depositary Receipt
MSCI	—	Morgan Stanley Capital International
NVDR	—	Non Voting Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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. or JPMorgan Investment Advisors 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 January 31, 2017.
†	—	Non-deliverable forward.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	764
Aggregate gross unrealized depreciation		(330	)
Net unrealized appreciation/depreciation	$	434
Federal income tax cost of investments	$	13,556

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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 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 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 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
Brazil	$	1,054	$	—	$	—	$	1,054
Chile		370		—		—		370
China		—		1,001		—		1,001
Czech Republic		—		451		—		451
Hong Kong		—		768		—		768
Hungary		—		256		—		256
Indonesia		—		124		—		124
Mexico		718		—		—		718
Russia		666		473		—		1,139
South Africa		272		1,438		—		1,710
South Korea		238		589		—		827
Taiwan		647		1,919		—		2,566
Thailand		58		462		—		520
Turkey		—		453		—		453
United Arab Emirates		—		230		—		230
Total Common Stocks		4,023		8,164		—		12,187

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Structured Instruments
China	$	—		$	270		$	—	$	270
Warrants
Saudi Arabia		—			218			—		218
Short-Term Investment
Investment Company		1,315			—			—		1,315
Total Investments in Securities	$	5,338		$	8,652		$	—	$	13,990
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	—	(a)	$	—	$	—	(a)
Futures Contracts		(1	)		—			—		(1	)
Total Depreciation in Other Financial Instruments	$	(1	)	$	—		$	—	$	(1	)

(a) Amount rounds to less than 500.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $217,000 and from level 2 to level 1 in the amount of approximately $82,000 are due to the application and non-application of the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 30.4%
		Argentina — 2.0%
	150	Aeropuertos Argentina 2000 SA, 6.875%, 02/01/27 (e)		151
	270	Pampa Energia SA, 7.500%, 01/24/27 (e)		267
	100	Petrobras Argentina SA, Reg. S, 7.375%, 07/21/23		102
		YPF SA,
	100	Reg. S, 8.500%, 03/23/21		108
	250	Reg. S, 8.750%, 04/04/24		270
	200	Reg. S, 8.875%, 12/19/18		219
				1,117
		Brazil — 5.4%
	300	Caixa Economica Federal, Reg. S, 4.500%, 10/03/18		304
	200	GTL Trade Finance, Inc., Reg. S, 5.893%, 04/29/24		202
	200	Itau Unibanco Holding SA, Reg. S, 5.500%, 08/06/22		207
		Petrobras Global Finance BV,
	200	5.375%, 01/27/21		202
	340	6.125%, 01/17/22		350
	270	6.750%, 01/27/41		239
	470	7.375%, 01/17/27		487
	340	8.750%, 05/23/26		383
	200	Raizen Fuels Finance SA, 5.300%, 01/20/27 (e)		200
	200	Suzano Austria GmbH, Reg. S, 5.750%, 07/14/26		198
	200	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		193
				2,965
		Chile — 1.6%
	400	Corp. Nacional del Cobre de Chile, Reg. S, 4.500%, 09/16/25		413
	290	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		281
	200	Empresa Nacional del Petroleo, Reg. S, 3.750%, 08/05/26		191
				885
		China — 1.2%
	150	Sinochem Overseas Capital Co. Ltd., Reg. S, 4.500%, 11/12/20		158
	300	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.700%, 06/10/25		301
	200	Tianjin Infrastructure Construction & Investment Group Co. Ltd., Reg. S, 2.750%, 06/15/19		199
				658

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Colombia — 1.4%
		Ecopetrol SA,
	350	5.375%, 06/26/26		349
	150	5.875%, 09/18/23		160
	295	5.875%, 05/28/45		259
				768
		Guatemala — 0.6%
	300	Central American Bottling Corp., 5.750%, 01/31/27 (e)		302
		Hungary — 1.0%
	500	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.250%, 10/21/20		552
		India — 2.7%
	200	UPL Corp. Ltd., 3.250%, 10/13/21 (e)		196
		Vedanta Resources plc,
	670	6.375%, 07/30/22 (e)		671
	570	Reg. S, 6.000%, 01/31/19		583
				1,450
		Indonesia — 1.3%
	200	Listrindo Capital BV, 4.950%, 09/14/26 (e)		196
	300	Pertamina Persero PT, Reg. S, 6.450%, 05/30/44		314
	200	Theta Capital Pte. Ltd., Reg. S, 7.000%, 04/11/22		207
				717
		Jamaica — 0.3%
	200	Digicel Group Ltd., Reg. S, 8.250%, 09/30/20		177
		Kazakhstan — 1.2%
	450	KazMunayGas National Co. JSC, Reg. S, 6.375%, 04/09/21		489
	200	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.000%, 08/15/26		188
				677
		Kuwait — 0.7%
	380	Kuwait Projects Co., Reg. S, 5.000%, 03/15/23		397
		Luxembourg — 0.4%
	200	Millicom International Cellular SA, Reg. S, 4.750%, 05/22/20		203
		Malaysia — 0.4%
	180	Petroliam Nasional Bhd., Reg. S, 7.625%, 10/15/26		239

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico — 3.2%
	200	Banco Mercantil del Norte SA, VAR, 5.750%, 10/04/31 (e)		187
		Petroleos Mexicanos,
	90	5.375%, 03/13/22 (e)		92
	170	5.500%, 01/21/21		176
	100	5.500%, 06/27/44		82
	370	5.625%, 01/23/46		306
	310	6.375%, 02/04/21		332
	200	6.500%, 06/02/41		186
	250	6.625%, 06/15/35		242
	149	VAR, 4.606%, 03/11/22 (e)		155
				1,758
		Morocco — 0.7%
		OCP SA,
	200	Reg. S, 4.500%, 10/22/25		192
	200	Reg. S, 6.875%, 04/25/44		205
				397
		Netherlands — 0.4%
	200	VimpelCom Holdings BV, Reg. S, 5.950%, 02/13/23		210
		Peru — 0.3%
	150	Union Andina de Cementos SAA, Reg. S, 5.875%, 10/30/21		154
		Philippines — 0.4%
	150	Power Sector Assets & Liabilities Management Corp., Reg. S, 7.390%, 12/02/24		191
		Qatar — 0.7%
	200	ABQ Finance Ltd., Reg. S, 3.625%, 04/13/21		202
	200	Ooredoo International Finance Ltd., Reg. S, 3.250%, 02/21/23		197
				399
		Russia — 1.1%
	360	Alfa Bank AO, Reg. S, 7.500%, 09/26/19		392
	200	Lukoil International Finance BV, Reg. S, 6.125%, 11/09/20		217
				609
		South Africa — 1.4%
	300	Eskom Holdings SOC Ltd., Reg. S, 6.750%, 08/06/23		302
	450	MTN Mauritius Investment Ltd., Reg. S, 6.500%, 10/13/26		456
				758

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Trinidad and Tobago — 0.3%
	150	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.750%, 08/14/19		157
		United Arab Emirates — 1.2%
	380	DP World Ltd., Reg. S, 6.850%, 07/02/37		418
	200	MAF Global Securities Ltd., Reg. S, VAR, 7.125%, 10/29/18 (x)		211
				629
		Venezuela — 0.5%
		Petroleos de Venezuela SA,
	250	Reg. S, 5.375%, 04/12/27		96
	320	Reg. S, 6.000%, 11/15/26		120
	130	Reg. S, 9.000%, 11/17/21		74
				290
		Total Corporate Bonds (Cost $16,914)		16,659
	Foreign Government Securities — 64.2%
		Angola — 1.4%
		Republic of Angola,
	206	Reg. S, 7.000%, 08/16/19		210
	600	Reg. S, 9.500%, 11/12/25		571
				781
		Argentina — 5.3%
	300	Provincia de Buenos Aires, Reg. S, 9.950%, 06/09/21		337
		Republic of Argentina,
ARS	3,900	18.200%, 10/03/21		260
	300	Reg. S, 6.250%, 04/22/19		317
	520	Reg. S, 6.875%, 04/22/21		553
	300	Reg. S, 7.125%, 07/06/36		282
	360	Reg. S, 7.500%, 04/22/26		375
ARS	4,500	VAR, 26.625%, 03/01/18		285
	294	Series NY, 8.280%, 12/31/33		309
	300	Series NY, SUB, 2.500%, 12/31/38		185
				2,903
		Azerbaijan — 0.9%
	300	Republic of Azerbaijan, Reg. S, 4.750%, 03/18/24		298
	200	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.950%, 03/18/30		211
				509
		Belarus — 0.8%
	430	Republic of Belarus, Reg. S, 8.950%, 01/26/18		440

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Brazil — 2.8%
		Federative Republic of Brazil,
	250	6.000%, 04/07/26		268
	500	8.250%, 01/20/34		600
BRL	380	Series B, 6.000%, 08/15/22		358
BRL	1,000	Nota do Tesouro Nacional, Series F, 10.000%, 01/01/21		312
				1,538
		Cameroon — 0.6%
	300	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		323
		Colombia — 2.6%
		Republic of Colombia,
	400	4.500%, 01/28/26		419
	770	5.000%, 06/15/45		750
	200	7.375%, 09/18/37		249
				1,418
		Costa Rica — 1.0%
	300	Instituto Costarricense de Electricidad, Reg. S, 6.375%, 05/15/43		243
	300	Republic of Costa Rica, Reg. S, 7.000%, 04/04/44		288
				531
		Croatia — 1.6%
		Republic of Croatia,
EUR	200	Reg. S, 3.875%, 05/30/22		233
	600	Reg. S, 6.625%, 07/14/20		656
				889
		Dominican Republic — 1.8%
		Government of Dominican Republic,
	580	Reg. S, 6.875%, 01/29/26		619
	350	Reg. S, 7.450%, 04/30/44		368
				987
		Ecuador — 2.6%
		Republic of Ecuador,
	400	9.650%, 12/13/26 (e)		423
	300	Reg. S, 10.500%, 03/24/20		328
	600	Reg. S, 10.750%, 03/28/22		672
				1,423
		Egypt — 1.2%
		Republic of Egypt,
	200	6.125%, 01/31/22 (e)		201
	200	8.500%, 01/31/47 (e)		205
	300	Reg. S, 5.875%, 06/11/25		276
				682

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		El Salvador — 1.0%
		Republic of El Salvador,
	310	Reg. S, 5.875%, 01/30/25		271
	150	Reg. S, 6.375%, 01/18/27		131
	50	Reg. S, 7.750%, 01/24/23		50
	125	Reg. S, 8.250%, 04/10/32		120
				572
		Gabon — 0.7%
	400	Republic of Gabonese, Reg. S, 6.375%, 12/12/24		368
		Ghana — 0.6%
	340	Republic of Ghana, Reg. S, 7.875%, 08/07/23		332
		Honduras — 1.0%
		Republic of Honduras,
	300	6.250%, 01/19/27 (e)		299
	200	Reg. S, 8.750%, 12/16/20		224
				523
		Hungary — 0.8%
		Republic of Hungary,
	300	5.375%, 03/25/24		329
	74	5.750%, 11/22/23		83
				412
		India — 0.3%
	200	Export-Import Bank of India, Reg. S, 3.375%, 08/05/26		188
		Indonesia — 1.8%
		Republic of Indonesia,
	300	Reg. S, 5.875%, 01/15/24		335
	300	Reg. S, 5.950%, 01/08/46		338
	200	Reg. S, 6.625%, 02/17/37		237
IDR	1,302,000	Series FR70, 8.375%, 03/15/24		100
				1,010
		Iraq — 0.4%
	250	Republic of Iraq, Reg. S, 5.800%, 01/15/28		207
		Ivory Coast — 0.4%
	200	Republic of Ivory Coast, Reg. S, 5.375%, 07/23/24		189
		Jamaica — 0.8%
		Government of Jamaica,
	300	6.750%, 04/28/28		332

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Jamaica –– continued
	100	8.000%, 03/15/39		112
				444
		Kazakhstan — 1.2%
		Republic of Kazakhstan,
	300	Reg. S, 5.125%, 07/21/25		322
	300	Reg. S, 6.500%, 07/21/45		352
				674
		Lebanon — 3.7%
		Republic of Lebanon,
	200	6.250%, 05/27/22		199
	890	6.375%, 03/09/20		909
	275	6.600%, 11/27/26		269
	100	9.000%, 03/20/17		100
	232	Reg. S, 5.450%, 11/28/19		232
	350	Reg. S, 6.650%, 02/26/30		340
				2,049
		Mexico — 1.4%
		United Mexican States,
	300	3.600%, 01/30/25		291
	250	5.550%, 01/21/45		256
	100	5.750%, 10/12/10		93
MXN	2,900	Series M, 5.750%, 03/05/26		123
				763
		Mongolia — 0.5%
	300	Mongolia Government Bond, Reg. S, 5.125%, 12/05/22		260
		Morocco — 0.4%
	200	Kingdom of Morocco, Reg. S, 4.250%, 12/11/22		206
		Namibia — 0.7%
	380	Republic of Namibia, Reg. S, 5.250%, 10/29/25		378
		Oman — 0.9%
	500	Oman Government Bond, Reg. S, 4.750%, 06/15/26		479
		Pakistan — 1.2%
		Republic of Pakistan,
	320	Reg. S, 6.875%, 06/01/17		324
	300	Reg. S, 8.250%, 04/15/24		331
				655
		Panama — 1.7%
		Republic of Panama,
	200	3.875%, 03/17/28		200

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Panama –– continued
	250	6.700%, 01/26/36		310
	300	8.875%, 09/30/27		416
				926
		Paraguay — 1.1%
		Republic of Paraguay,
	300	Reg. S, 5.000%, 04/15/26		306
	300	Reg. S, 6.100%, 08/11/44		304
				610
		Peru — 2.3%
	300	Fondo MIVIVIENDA SA, Reg. S, 3.500%, 01/31/23		297
		Republic of Peru,
	100	4.125%, 08/25/27		106
	250	5.625%, 11/18/50		289
	200	8.750%, 11/21/33		296
PEN	791	Reg. S, 6.900%, 08/12/37		250
				1,238
		Philippines — 1.1%
		Republic of Philippines,
	150	7.750%, 01/14/31		213
	240	10.625%, 03/16/25		367
				580
		Poland — 0.4%
	240	Republic of Poland, 3.250%, 04/06/26		232
		Romania — 0.6%
	300	Republic of Romania, Reg. S, 4.875%, 01/22/24		319
		Russia — 2.8%
		Russian Federation,
	800	Reg. S, 4.875%, 09/16/23		848
	200	Reg. S, 5.000%, 04/29/20		213
RUB	30,000	Series 6211, 7.000%, 01/25/23		477
				1,538
		Serbia — 1.0%
	500	Republic of Serbia, Reg. S, 7.250%, 09/28/21		564
		South Africa — 1.4%
		Republic of South Africa,
	200	4.300%, 10/12/28		188
	100	5.500%, 03/09/20		106
	300	5.875%, 09/16/25		324
	100	6.250%, 03/08/41		112
ZAR	109	Series 2035, 8.875%, 02/28/35		8

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Options contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		South Africa –– continued
ZAR	1,000	Series R209, 6.250%, 03/31/36		53
				791
		Sri Lanka — 2.2%
		Republic of Sri Lanka,
	200	Reg. S, 6.250%, 10/04/20		207
	500	Reg. S, 6.250%, 07/27/21		514
	500	Reg. S, 6.825%, 07/18/26		501
				1,222
		Trinidad and Tobago — 0.5%
	300	Republic of Trinidad & Tobago, Reg. S, 4.500%, 08/04/26		298
		Turkey — 2.8%
		Republic of Turkey,
	200	4.875%, 04/16/43		163
	300	5.625%, 03/30/21		308
	700	6.625%, 02/17/45		704
	300	7.375%, 02/05/25		331
				1,506
		Ukraine — 2.2%
		Republic of Ukraine,
	500	Reg. S, 7.750%, 09/01/21		483
	500	Reg. S, 7.750%, 09/01/24		468
	300	Reg. S, 7.750%, 09/01/27		277
				1,228
		Uruguay — 0.9%
		Republic of Uruguay,
	250	5.100%, 06/18/50		233
	200	7.875%, 01/15/33		256
				489
		Venezuela — 0.8%
		Republic of Venezuela,
	90	9.250%, 09/15/27		47
	90	9.375%, 01/13/34		43
	150	Reg. S, 7.650%, 04/21/25		70
	110	Reg. S, 7.750%, 10/13/19		67
	90	Reg. S, 9.000%, 05/07/23		45
	170	Reg. S, 11.750%, 10/21/26		100
	80	Reg. S, 11.950%, 08/05/31		46
				418
		Zambia — 2.0%
		Republic of Zambia,
	220	Reg. S, 5.375%, 09/20/22		198

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Zambia –– continued
	200	Reg. S, 8.500%, 04/14/24		199
	700	Reg. S, 8.970%, 07/30/27		697
				1,094
		Total Foreign Government Securities (Cost $36,639)		35,186
NUMBER OF CONTRACTS
	Option Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
	688,850	MXN Put/USD Call, Expiring 04/12/17 @ 20.65 MXN to 1 USD, Vanilla, European Style (Cost $6)		14
PRINCIPAL AMOUNT
	U.S. Treasury Obligation — 1.6%
	900	U.S. Treasury Inflation Indexed Note, 0.125%, 07/15/26 (Cost $878)		886
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	812	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.870% (b) (l) (Cost $812)		812
		Total Investments — 97.7% (Cost $55,249)		53,557
		Other Assets in Excess of Liabilities — 2.3%		1,235
		NET ASSETS — 100.0%	$	54,792

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	21	10 Year U.S. Treasury Note		03/22/17		USD		2,614			5
		Short Futures Outstanding
	(3)	Euro Bund		03/08/17		EUR		(525	)		(1	)
	(5)	Euro Bobl		03/08/17		EUR		(718	)		1
	(6)	10 Year U.S. Treasury Note		03/22/17		USD		(747	)		4
	(8)	U.S. Treasury Long Bond		03/22/17		USD		(1,207	)		(7	)
	(3)	Ultra 10 Year U.S. Treasury Note		03/22/17		USD		(402	)		(1	)
	(8)	Ultra Long Term U.S. Treasury Bond		03/22/17		USD		(1,285	)		2
	(22)	90-Day Eurodollar		12/18/17		USD		(5,418	)		22
	(16)	90-Day Eurodollar		12/17/18		USD		(3,921	)		16
	(35)	90-Day Eurodollar		12/16/19		USD		(8,549	)		13
											54

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	261	CAD
	22,862	for JPY	Goldman Sachs International	03/22/17		202	#		200	#		(2	)
	527	BRL	Goldman Sachs International†	03/22/17		151			165			14
	893	BRL	Deutsche Bank AG†	04/20/17		270			278			8
	47	CAD	Australia and New Zealand Banking Group Ltd.	03/22/17		35			36			1
	168	CAD	Goldman Sachs International	04/20/17		127			130			3
	182,319	CLP	Goldman Sachs International†	03/22/17		275			280			5
	132,902	CLP	Merrill Lynch International†	03/22/17		202			204			2
	225,229	CLP	Credit Suisse International†	04/20/17		336			346			10
	601,171	COP	Deutsche Bank AG†	03/22/17		198			204			6
	630,069	COP	Merrill Lynch International†	03/22/17		208			214			6
	173	EUR	Australia and New Zealand Banking Group Ltd.	03/22/17		187			187			—	(h)
	186	EUR	Goldman Sachs International	04/20/17		200			202			2
	554,398	IDR	HSBC Bank, NA†	03/22/17		41			41			—	(h)
	3,720,618	IDR	Standard Chartered Bank†	03/22/17		275			278			3
	22,746,750	IDR	HSBC Bank, NA†	05/15/17		1,703			1,682			(21	)
	12,818	INR	Goldman Sachs International†	03/22/17		188			189			1
	22,862	JPY	Royal Bank of Canada	03/22/17		203			203			—	(h)
	7,808	MXN	Deutsche Bank AG	03/22/17		378			372			(6	)
	1,440	MXN	Goldman Sachs International	03/22/17		69			68			(1	)
	1,579	MXN	National Australia Bank Ltd.	03/22/17		71			75			4
	3,862	MXN	Royal Bank of Canada	03/22/17		188			184			(4	)
	2,451	MXN	Societe Generale	03/22/17		119			117			(2	)
	4,030	MXN	Standard Chartered Bank	03/22/17		193			192			(1	)
	2,869	MXN	Goldman Sachs International	04/20/17		137			136			(1	)
	1,869	PEN	Goldman Sachs International†	03/22/17		543			569			26
	564	PLN	Barclays Bank plc	03/22/17		138			141			3
	418	PLN	State Street Corp.	03/22/17		100			104			4
	802	PLN	HSBC Bank, NA	04/20/17		200			200			—	(h)
	16,325	RUB	Credit Suisse International†	04/20/17		267			267			—	(h)
	283	SGD	Deutsche Bank AG	03/22/17		197			200			3

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	15,584	THB	Deutsche Bank AG		03/22/17		441		442		1
	310	TRY	Citibank, NA		03/22/17		81		81		—	(h)
	1,333	TRY	Deutsche Bank AG		03/22/17		377		349		(28	)
	529	TRY	HSBC Bank, NA		03/22/17		137		138		1
	1,051	TRY	Merrill Lynch International		03/22/17		265		275		10
	2,748	ZAR	BNP Paribas		03/22/17		198		202		4
	854	ZAR	Deutsche Bank AG		03/22/17		61		63		2
	5,119	ZAR	State Street Corp.		03/22/17		367		377		10
							9,328		9,391		63
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	351	BRL	Goldman Sachs International†		03/22/17		102		110		(8	)
	1,583	BRL	Merrill Lynch International†		03/22/17		463		496		(33	)
	893	BRL	Credit Suisse International†		04/20/17		276		278		(2	)
	180	CAD	BNP Paribas		03/22/17		136		139		(3	)
	128	CAD	Credit Suisse International		03/22/17		97		98		(1	)
	349	CAD	HSBC Bank, NA		04/20/17		264		268		(4	)
	91,159	CLP	HSBC Bank, NA†		03/22/17		140		140		—	(h)
	132,902	CLP	Merrill Lynch International†		03/22/17		202		204		(2	)
	134,002	CLP	Credit Suisse International†		04/20/17		198		206		(8	)
	961	CNH	HSBC Bank, NA		04/20/17		137		139		(2	)
	932	CNY	HSBC Bank, NA†		04/20/17		133		135		(2	)
	409,219	COP	Credit Suisse International†		03/22/17		137		139		(2	)
	415,204	COP	Deutsche Bank AG†		03/22/17		138		141		(3	)
	423,417	COP	HSBC Bank, NA†		03/22/17		140		143		(3	)
	408,783	COP	Credit Suisse International†		04/20/17		137		138		(1	)
	89	EUR	Goldman Sachs International		03/22/17		95		96		(1	)
	91	EUR	State Street Corp.		03/22/17		98		98		—	(h)
	186	EUR	HSBC Bank, NA		04/20/17		197		202		(5	)
	220	EUR	State Street Corp.		04/20/17		237		239		(2	)
	9,630,140	IDR	Goldman Sachs International†		03/22/17		711		718		(7	)
	1,892,843	IDR	Standard Chartered Bank†		03/22/17		141		142		(1	)
	22,746,750	IDR	Deutsche Bank AG†		05/15/17		1,612		1,682		(70	)
	13,660	INR	Standard Chartered Bank†		03/22/17		199		201		(2	)
	4,052	MXN	BNP Paribas		03/22/17		198		193		5
	2,829	MXN	Deutsche Bank AG		03/22/17		129		134		(5	)
	8,519	MXN	Goldman Sachs International		03/22/17		414		406		8
	2,428	MXN	Societe Generale		03/22/17		118		116		2
	1,751	PEN	Goldman Sachs International†		03/22/17		509		533		(24	)
	413	PLN	Standard Chartered Bank		03/22/17		100		103		(3	)
	802	PLN	Deutsche Bank AG		04/20/17		193		200		(7	)
	8,800	RUB	Merrill Lynch International†		03/22/17		141		145		(4	)
	8,363	RUB	Credit Suisse International†		04/20/17		137		137		—	(h)
	283	SGD	Goldman Sachs International		03/22/17		198		201		(3	)
	15,584	THB	Societe Generale		03/22/17		437		443		(6	)
	353	TRY	Citibank, NA		03/22/17		99		93		6
	1,213	TRY	National Australia Bank Ltd.		03/22/17		336		317		19
	1,128	TRY	Royal Bank of Canada		03/22/17		316		295		21
	2,204	TWD	Standard Chartered Bank†		03/22/17		69		71		(2	)
	4,361	TWD	Citibank, NA†		04/20/17		137		140		(3	)
	1,054	ZAR	Citibank, NA		03/22/17		76		77		(1	)
	3,088	ZAR	Deutsche Bank AG		03/22/17		221		227		(6	)
							9,818		9,983		(165	)

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

Credit Default Swaps - Buy Protection ^[1]

Corporate and Sovereign Issuers:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF JANUARY 31, 2017 [2]			NOTIONAL AMOUNT [3]		VALUE		UPFRONT PREMIUMS (PAID)/ RECEIVED  [4]
Citibank NA:
Republic of South Africa, 5.500%, 03/09/20		1.000% quarterly		12/20/21		2.099	%		900		44		(64	)
Russian Federation, 2.250%, 03/31/30		1.000% quarterly		12/20/21		1.819			900		32		(56	)
Russian Federation, 2.250%, 03/31/30		1.000% quarterly		12/20/21		1.819			3000		108		(160	)
											184		(280	)
Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF JANUARY 31, 2017 [2]			NOTIONAL AMOUNT [3]		VALUE		UPFRONT PREMIUMS (PAID)/ RECEIVED  [4]
Bank of America NA:
CDX.EM.26-V1		1.000% quarterly		12/20/21		2.369	%		2100		124		(122	)
CDX.EM.26-V1		1.000% quarterly		12/20/21		2.369			3200		189		(190	)
Citibank NA.:
CDX.EM.26-V1		1.000% quarterly		12/20/21		2.369			4400		259		(329	)
iTraxx Asia ex-Japan IG 26-V1		1.000% quarterly		12/20/21		1.115			900		4		(7	)
											576		(648	)

[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.

[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 indexes 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).

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

Interest Rate Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND		PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America NA		3 month CD_KSDA quarterly		1.525% quarterly		11/29/18		5,000,000		—	(h)
Citibank NA		Colombian IBR at maturity		5.940% at maturity		06/29/18		3,000,000		(3	)
Citibank NA		3 month CD_KSDA quarterly		1.328% quarterly		11/07/18		2,700,000		(9	)
Citibank NA		0.625% annually		6 month PRIBOR semi-annually		01/26/22		10,000		1
Citibank NA		1.548% quarterly		3 month CD_KSDA quarterly		11/07/26		500,000		13
Citibank NA		1.870% quarterly		3 month CD_KSDA quarterly		11/15/26		1,010,000		1
Citibank NA		2.705% annually		6 month BUBOR semi-annually		01/31/27		50,000		—	(h)
										3

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARS	—	Argentina Peso
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLP	—	Chilean Peso
CNH	—	China Renminbi
CNY	—	China Yuan
COP	—	Colombian Peso
EUR	—	Euro
IDR	—	Indonesian Rupiah
INR	—	Indian Rupee
JPY	—	Japanese Yen
MXN	—	Mexican Peso
PEN	—	Peruvian Nuevo Sol
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 January 31, 2017.
THB	—	Thai Baht
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2017.
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.
(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 January 31, 2017.
(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 January 31, 2017.
#	—	For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2017 of the currency being sold, and the value at January 31, 2017 is the U.S. dollar market value of the currency being purchased.
†	—	Non-deliverable forward.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	363
Aggregate gross unrealized depreciation		(2,055	)
Net unrealized appreciation/depreciation	$	(1,692	)
Federal income tax cost of investments	$	55,249

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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. 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.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

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 Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Argentina	$	—	$	1,117	$	—	$	1,117
Brazil		—		2,965		—		2,965
Chile		—		885		—		885
China		—		658		—		658
Colombia		—		768		—		768
Guatemala		—		302		—		302
Hungary		—		552		—		552
India		—		1,450		—		1,450
Indonesia		—		717		—		717
Jamaica		—		177		—		177
Kazakhstan		—		677		—		677
Kuwait		—		397		—		397
Luxembourg		—		203		—		203
Malaysia		—		239		—		239
Mexico		—		1,758		—		1,758
Morocco		—		397		—		397
Netherlands		—		210		—		210
Peru		—		154		—		154
Philippines		—		191		—		191
Qatar		—		399		—		399
Russia		—		609		—		609
South Africa		—		758		—		758
Trinidad and Tobago		—		157		—		157
United Arab Emirates		—		629		—		629
Venezuela		—		290		—		290
Total Corporate Bonds		—		16,659		—		16,659
Foreign Government Securities		—		35,186		—		35,186
U.S. Treasury Obligations		—		886		—		886
Options Purchased
Foreign Exchange Currency Options		—		14		—		14

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	812		$	—		$	—	$	812
Total Investments in Securities	$	812		$	52,745		$	—	$	53,557
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	190		$	—	$	190
Futures Contracts		63			—			—		63
Swaps		—			17			—		17
Total Appreciation in Other Financial Instruments	$	63		$	207		$	—	$	270
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(292	)	$	—	$	(292	)
Futures Contracts		(9	)		—			—		(9	)
Swaps		—			(182	)		—		(182	)
Total Depreciation in Other Financial Instruments	$	(9	)	$	(474	)	$	—	$	(483	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no significant transfers among the other levels during the period ended January 31, 2017.

	Balance as of October 31, 2016		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 January 31, 2017
Debt Securities — Foreign Government Securities	$	446	$	(197	)	$	155	$	—	$	—	$	(404	)	$	—	$	—	$	—
Total	$	446	$	(197	)	$	155	$	—	$	—	$	(404	)	$	—	$	—	$	—

(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.

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts, options 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) — (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 as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

The Fund’s futures contracts are not subject to master netting arrangements (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 a portfolio investments and, at times, 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. The fund used forward foreign currency exchange contracts, including non-deliverable forwards, mainly as a substitute for securities in which the Fund can invest to increase income or gain to the Fund and to hedge or manage the Fund’s exposure to foreign currency risks associated with portfolio investments. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. 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 or due across transactions. As of January 31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions, including interest rate and credit default swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation 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 are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded 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 Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. 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 market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

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 a 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. 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.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 99.5%
	Asset-Backed Securities — 4.3%
		United States — 4.3%
	529	ABFC Trust, Series 2004-HE1, Class M1, VAR, 1.671%, 03/25/34		495
		ACE Securities Corp. Home Equity Loan Trust,
	604	Series 2002-HE3, Class M1, VAR, 2.571%, 10/25/32		590
	1,538	Series 2003-HE1, Class M1, VAR, 1.746%, 11/25/33		1,455
	384	Series 2003-NC1, Class M1, VAR, 1.941%, 07/25/33		368
	468	Series 2003-OP1, Class M1, VAR, 1.821%, 12/25/33		448
	216	Series 2004-HE4, Class M2, VAR, 1.746%, 12/25/34		212
	550	Series 2004-OP1, Class M3, VAR, 2.646%, 04/25/34		504
	453	Ameriquest Mortgage Securities, Inc., Series 2004-FR1W, Class A6, VAR, 4.562%, 05/25/34		450
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	652	Series 2003-10, Class M1, VAR, 1.806%, 12/25/33		617
	286	Series 2003-10, Class M2, VAR, 3.306%, 12/25/33		277
	86	Series 2003-11, Class M3, VAR, 3.546%, 12/25/33		85
	393	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 2.646%, 10/25/34		372
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	950	Series 2003-W5, Class M2, VAR, 3.531%, 10/25/33		907
	1,644	Series 2003-W9, Class M2, VAR, 3.336%, 01/25/34		1,606
	981	Series 2004-W4, Class A, VAR, 1.276%, 03/25/34		891
	256	Series 2004-W5, Class M1, VAR, 1.656%, 04/25/34		243
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	834	Series 2004-HE1, Class M1, VAR, 1.818%, 01/15/34		809
	685	Series 2004-HE2, Class M2, VAR, 2.646%, 04/25/34		626
	1,205	Series 2004-HE3, Class M2, VAR, 2.451%, 06/25/34		1,091

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Bear Stearns Asset-Backed Securities I Trust,
	700	Series 2004-FR2, Class M3, VAR, 2.556%, 06/25/34		682
	951	Series 2004-HE6, Class M2, VAR, 2.631%, 08/25/34		908
		Bear Stearns Asset-Backed Securities Trust,
	640	Series 2004-1, Class M1, VAR, 1.746%, 06/25/34		590
	238	Series 2004-2, Class M1, VAR, 1.956%, 08/25/34		222
	1,018	Chase Funding Trust, Series 2002-2, Class 2M1, VAR, 1.671%, 02/25/32		990
		Countrywide Asset-Backed Certificates,
	34	Series 2002-3, Class M1, VAR, 1.896%, 03/25/32		33
	54	Series 2002-4, Class M1, VAR, 1.896%, 12/25/32		51
	218	Series 2003-BC4, Class M2, VAR, 2.121%, 06/25/33		210
	160	Series 2003-BC6, Class M2, VAR, 2.496%, 10/25/33		149
	112	Series 2004-2, Class M1, VAR, 1.521%, 05/25/34		107
	431	Series 2004-3, Class M1, VAR, 1.521%, 06/25/34		402
	1,000	Series 2005-12, Class M2, VAR, 1.261%, 02/25/36		926
	500	Series 2005-AB3, Class 1A1, VAR, 1.021%, 02/25/36		441
	730	Series 2006-4, Class 1A1M, VAR, 1.031%, 07/25/36		716
	965	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.716%, 01/25/35		890
		Credit-Based Asset Servicing & Securitization LLC,
	1,486	Series 2004-CB4, Class A5, SUB, 4.866%, 05/25/35		1,493
	604	Series 2004-CB5, Class M1, VAR, 1.686%, 01/25/34		565
	176	Series 2005-CB1, Class M2, VAR, 1.851%, 01/25/35		160
		CWABS, Inc. Asset-Backed Certificates Trust,
	578	Series 2003-BC1, Class A1, VAR, 1.571%, 03/25/33		549
	104	Series 2004-5, Class M3, VAR, 2.496%, 07/25/34		95
	524	Series 2004-6, Class M1, VAR, 1.671%, 10/25/34		495

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
	94	Series 2004-6, Class M2, VAR, 1.746%, 10/25/34		89
	38	Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.021%, 08/10/22		43
	320	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		308
	568	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 1.071%, 11/25/35		514
		Fremont Home Loan Trust,
	43	Series 2003-B, Class M2, VAR, 3.201%, 12/25/33		43
	824	Series 2004-2, Class M2, VAR, 1.701%, 07/25/34		796
	1,652	Series 2004-A, Class M1, VAR, 1.596%, 01/25/34		1,516
	182	Series 2004-B, Class M7, VAR, 3.771%, 05/25/34		154
		GSAMP Trust,
	707	Series 2004-OPT, Class M1, VAR, 1.626%, 11/25/34		654
	377	Series 2006-HE3, Class A2C, VAR, 0.931%, 05/25/46		350
		Home Equity Asset Trust,
	1,115	Series 2003-3, Class M1, VAR, 2.061%, 08/25/33		1,071
	353	Series 2004-7, Class M1, VAR, 1.701%, 01/25/35		340
	1,040	Series 2007-2, Class 2A2, VAR, 0.956%, 07/25/37		1,016
		Home Equity Mortgage Loan Asset-Backed Trust,
	293	Series 2004-B, Class M3, VAR, 1.956%, 11/25/34		267
	322	Series 2004-B, Class M8, VAR, 4.056%, 11/25/34		285
	1,070	Series 2006-B, Class 2A3, VAR, 0.961%, 06/25/36		1,016
		Long Beach Mortgage Loan Trust,
	1,057	Series 2004-3, Class M2, VAR, 1.671%, 07/25/34		998
	608	Series 2004-3, Class M4, VAR, 2.384%, 07/25/34		571
		MASTR Asset-Backed Securities Trust,
	148	Series 2003-NC1, Class M5, VAR, 5.235%, 04/25/33		125
	1,478	Series 2004-WMC2, Class M1, VAR, 1.671%, 04/25/34		1,379
	818	Series 2005-NC1, Class M2, VAR, 1.521%, 12/25/34		783

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Morgan Stanley ABS Capital I, Inc. Trust,
	244	Series 2003-HE2, Class M2, VAR, 3.231%, 08/25/33		239
	747	Series 2004-HE6, Class M1, VAR, 1.596%, 08/25/34		725
	33	Series 2004-HE8, Class M3, VAR, 1.896%, 09/25/34		31
	420	Series 2004-NC5, Class M1, VAR, 1.671%, 05/25/34		391
	513	Series 2004-NC6, Class M2, VAR, 2.646%, 07/25/34		483
	443	Series 2004-NC7, Class M2, VAR, 1.686%, 07/25/34		436
	58	Series 2005-HE1, Class M3, VAR, 1.551%, 12/25/34		47
	357	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 1.751%, 02/25/33		338
		New Century Home Equity Loan Trust,
	580	Series 2004-2, Class M3, VAR, 1.776%, 08/25/34		522
	1,217	Series 2004-4, Class M1, VAR, 1.536%, 02/25/35		1,133
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 4.146%, 09/25/33		486
	1,637	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 1.791%, 07/25/33		1,502
		Option One Mortgage Loan Trust,
	757	Series 2004-1, Class M1, VAR, 1.671%, 01/25/34		699
	705	Series 2004-1, Class M2, VAR, 2.421%, 01/25/34		627
	35	Series 2004-3, Class M2, VAR, 1.626%, 11/25/34		32
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, VAR, 2.016%, 01/25/36		461
		Pretium Mortgage Credit Partners I LLC,
	886	Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		894
	617	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		622
	964	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		964
	569	RAMP Trust, Series 2006-EFC2, Class A3, VAR, 0.931%, 12/25/36		550

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
		RASC Trust,
	201	Series 2001-KS2, Class AI5, SUB, 7.514%, 06/25/31		204
	1,480	Series 2005-EMX1, Class M1, VAR, 1.416%, 03/25/35		1,396
		Renaissance Home Equity Loan Trust,
	427	Series 2003-2, Class M1, VAR, 1.994%, 08/25/33		400
	803	Series 2004-1, Class M4, VAR, 2.571%, 05/25/34		641
	146	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		150
	441	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 1.731%, 12/25/33		419
	1,465	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M1, VAR, 1.746%, 08/25/34		1,388
	550	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, VAR, 1.446%, 06/25/35		508
	863	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.671%, 11/25/34		811
		Structured Asset Investment Loan Trust,
	360	Series 2003-BC11, Class M1, VAR, 1.746%, 10/25/33		354
	433	Series 2004-6, Class A3, VAR, 1.571%, 07/25/34		417
	448	Series 2004-7, Class M2, VAR, 1.896%, 08/25/34		414
	691	Series 2004-8, Class M9, VAR, 4.521%, 09/25/34		553
	42	Series 2004-BNC1, Class A5, VAR, 2.011%, 09/25/34		38
		Structured Asset Securities Corp. Mortgage Loan Trust,
	505	Series 2006-BC4, Class A4, VAR, 0.941%, 12/25/36		445
	885	Series 2006-BC6, Class A4, VAR, 0.941%, 01/25/37		832
	209	US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, 11/15/21		216
	1,367	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		1,375
	1,185	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,191
	1,238	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		1,239
	512	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		513

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,033	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,035
	877	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		877
	1,174	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		1,177
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	1,133	Series 2004-2, Class M2, VAR, 1.746%, 10/25/34		1,054
	442	Series 2004-2, Class M6, VAR, 3.591%, 10/25/34		426
	97	Series 2004-2, Class M8A, VAR, 5.271%, 10/25/34 (e)		90
		Total Asset-Backed Securities (Cost $63,737)		64,383
	Collateralized Mortgage Obligations — 2.4%
		United States — 2.4%
		Alternative Loan Trust
	610	Series 2004-27CB, Class A1, 6.000%, 12/25/34		602
	152	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		156
	119	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		115
	28	Series 2005-19CB, Class A2, IF, 15.244%, 06/25/35		34
	103	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		97
	535	Banc of America Mortgage Trust, Series 2004-D, Class 2A2, VAR, 3.245%, 05/25/34		536
		Bear Stearns ALT-A Trust
	111	Series 2005-4, Class 23A1, VAR, 3.094%, 05/25/35		107
	854	Series 2005-4, Class 23A2, VAR, 3.094%, 05/25/35		840
	280	Series 2005-7, Class 12A3, VAR, 1.451%, 08/25/35		265
		Bear Stearns ARM Trust
	655	Series 2004-3, Class 2A, VAR, 3.063%, 07/25/34		652
	776	Series 2005-5, Class A2, VAR, 2.820%, 08/25/35		773
	391	Series 2005-9, Class A1, VAR, 2.830%, 10/25/35		376
	733	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		729

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
	847	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, VAR, 1.596%, 06/25/34		681
		Chase Mortgage Finance Trust
	352	Series 2006-S4, Class A5, 6.000%, 12/25/36		289
	178	Series 2007-A1, Class 1A1, VAR, 3.216%, 02/25/37		179
	391	Series 2007-A1, Class 1A5, VAR, 3.216%, 02/25/37		384
	236	Series 2007-A1, Class 8A1, VAR, 3.229%, 02/25/37		239
		CHL Mortgage Pass-Through Trust
	127	Series 2004-9, Class A7, 5.250%, 06/25/34		130
	658	Series 2004-25, Class 2A1, VAR, 1.451%, 02/25/35		577
	287	Series 2006-21, Class A14, 6.000%, 02/25/37		253
	325	Series 2007-10, Class A4, 5.500%, 07/25/37		270
		Citigroup Mortgage Loan Trust, Inc.,
	700	Series 2005-3, Class 2A2A, VAR, 3.052%, 08/25/35		689
	772	Series 2005-4, Class A, VAR, 3.045%, 08/25/35		760
	218	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		219
		Credit Suisse First Boston Mortgage Securities Corp.
	28	Series 2003-25, Class 2A1, 4.500%, 10/25/18		27
	569	Series 2004-8, Class 5A1, 6.000%, 12/25/34		602
	527	GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, VAR, 3.315%, 09/25/34		520
		Impac CMB Trust
	128	Series 2004-6, Class 1A2, VAR, 1.551%, 10/25/34		123
	740	Series 2005-2, Class 2A2, VAR, 1.571%, 04/25/35		686
	403	Series 2005-4, Class 2A2, VAR, 1.531%, 05/25/35		348
	284	Series 2005-4, Class 2M2, VAR, 1.896%, 05/25/35		243
		JP Morgan Mortgage Trust
	494	Series 2005-A5, Class 2A2, VAR, 3.269%, 08/25/35		498
	349	Series 2005-A8, Class 2A3, VAR, 2.978%, 11/25/35		326

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
	439		MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.058%, 04/21/34		451
	185		MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.500%, 07/25/34		189
	110		Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A1, VAR, 2.851%, 04/25/35		107
			Merrill Lynch Mortgage Investors Trust MLMI
	125		Series 2003-A4, Class 3A, VAR, 3.368%, 05/25/33		121
	87		Series 2005-A2, Class A3, VAR, 2.932%, 02/25/35		86
	420		Series 2005-A5, Class A3, VAR, 2.981%, 06/25/35		411
			Morgan Stanley Mortgage Loan Trust
	211		Series 2004-5AR, Class 4A, VAR, 3.202%, 07/25/34		207
	493		Series 2004-7AR, Class 2A6, VAR, 3.147%, 09/25/34		502
	395		Series 2004-11AR, Class 1A2A, VAR, 1.081%, 01/25/35		370
	578		MortgageIT Trust, Series 2005-1, Class 1B1, VAR, 2.271%, 02/25/35		537
			Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	767		Series 2005-4, Class 1A2, VAR, 1.161%, 11/25/35		729
	1,063		Series 2005-5, Class 1APT, VAR, 1.051%, 12/25/35		970
			Opteum Mortgage Acceptance Corp. Trust
	843		Series 2006-1, Class 1AC1, VAR, 1.071%, 04/25/36		753
	1,179		Series 2006-1, Class 1APT, VAR, 0.981%, 04/25/36		1,044
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 0.000%, 04/25/18		—	(h)
	107		RALI Trust, Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		101
			Residential Asset Securitization Trust
	1		Series 2004-A3, Class A1, 4.500%, 06/25/34		1
	221		Series 2004-A8, Class A1, 5.250%, 11/25/34		221
			RFMSI Trust
	18		Series 2003-S15, Class A1, 4.500%, 08/25/18		19
	27		Series 2003-S16, Class A2, 4.500%, 09/25/18		27

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States –– continued
	72	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		72
	1,026	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		977
	1,133	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.977%, 07/20/36		1,037
	329	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, VAR, 3.250%, 08/25/35		323
		WaMu Mortgage Pass-Through Certificates Trust
	22	Series 2003-S8, Class A2, 5.000%, 09/25/18		22
	73	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		73
	1,076	Series 2005-AR3, Class A1, VAR, 2.822%, 03/25/35		1,049
	712	Series 2005-AR5, Class A6, VAR, 2.723%, 05/25/35		711
	544	Series 2005-AR7, Class A3, VAR, 2.807%, 08/25/35		538
	370	Series 2005-AR10, Class 1A3, VAR, 2.760%, 09/25/35		359
	497	Series 2005-AR14, Class 1A4, VAR, 2.796%, 12/25/35		481
	59	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		59
		Wells Fargo Mortgage Backed Securities Trust
	272	Series 2003-H, Class A1, VAR, 3.026%, 09/25/33		272
	299	Series 2003-K, Class 1A1, VAR, 2.902%, 11/25/33		300
	334	Series 2003-M, Class A1, VAR, 3.002%, 12/25/33		335
	1,029	Series 2004-CC, Class A1, VAR, 3.090%, 01/25/35		1,039
	462	Series 2004-DD, Class 1A1, VAR, 3.110%, 01/25/35		461
	157	Series 2004-EE, Class 2A2, VAR, 3.049%, 12/25/34		160
	193	Series 2004-H, Class A1, VAR, 3.049%, 06/25/34		195
	110	Series 2004-K, Class 1A2, VAR, 3.109%, 07/25/34		110
	386	Series 2004-K, Class 2A6, VAR, 3.098%, 07/25/34		393
	243	Series 2004-N, Class A7, VAR, 3.008%, 08/25/34		243

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	311	Series 2004-Z, Class 2A2, VAR, 3.001%, 12/25/34		315
	1,382	Series 2005-AR1, Class 1A1, VAR, 3.116%, 02/25/35		1,404
	399	Series 2005-AR2, Class 2A2, VAR, 3.039%, 03/25/35		403
	150	Series 2005-AR2, Class 3A1, VAR, 3.066%, 03/25/35		152
	560	Series 2005-AR3, Class 1A1, VAR, 3.081%, 03/25/35		572
	650	Series 2005-AR10, Class 2A1, VAR, 3.052%, 06/25/35		662
	711	Series 2005-AR14, Class A1, VAR, 3.007%, 08/25/35		714
	372	Series 2005-AR16, Class 6A3, VAR, 3.071%, 10/25/35		375
	791	Series 2006-AR2, Class 2A1, VAR, 3.055%, 03/25/36		792
	71	Series 2006-AR2, Class 2A3, VAR, 3.055%, 03/25/36		70
	260	Series 2006-AR3, Class A3, VAR, 3.054%, 03/25/36		256
	742	Series 2006-AR6, Class 7A1, VAR, 3.033%, 03/25/36		749
		Total Collateralized Mortgage Obligations (Cost $35,258)		35,844
	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, 5.759%, 06/15/49		1,013
	1,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		997
	1,700	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.918%, 07/15/44		1,668
	1,692	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,472
		Morgan Stanley Capital I Trust,
	173	Series 2006-HQ8, Class AJ, VAR, 5.460%, 03/12/44		174
	1,060	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		1,059
	1,000	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		999

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Commercial Mortgage-Backed Securities — continued
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, VAR, 5.684%, 04/15/47		979
		Total Commercial Mortgage-Backed Securities (Cost $8,508)		8,361
SHARES
	Common Stocks — 45.1%
		Australia — 1.3%
	233	AMP Ltd.		885
	147	Australia & New Zealand Banking Group Ltd.		3,260
	179	BHP Billiton Ltd.		3,641
	60	Commonwealth Bank of Australia		3,747
	11	CSL Ltd.		954
	135	Dexus Property Group		921
	284	Goodman Group		1,493
	26	Macquarie Group Ltd.		1,667
	5	National Australia Bank Ltd.		125
	32	Oil Search Ltd.		165
	78	Wesfarmers Ltd.		2,379
	39	Westpac Banking Corp.		942
				20,179
		Belgium — 0.3%
	33	Anheuser-Busch InBev SA/NV		3,463
	4	Anheuser-Busch InBev SA/NV, ADR		429
				3,892
		Bermuda — 0.0% (g)
	1	XL Group Ltd.		31
		Brazil — 0.3%
	160	Ambev SA, ADR		862
	109	CCR SA		539
	84	Cielo SA		707
	78	Lojas Renner SA		594
	41	Ultrapar Participacoes SA		858
	14	Vale SA, ADR		138
	110	WEG SA		553
				4,251
		Canada — 0.4%
	17	Canadian Pacific Railway Ltd.		2,603
	1	TransCanada Corp.		32
	49	Waste Connections, Inc.		3,959
				6,594
		Chile — 0.0% (g)
	24	Banco Santander Chile, ADR		524

SHARES		SECURITY DESCRIPTION	VALUE
		China — 0.5%
	16	Alibaba Group Holding Ltd., ADR (a)		1,576
	6	Baidu, Inc., ADR (a)		1,129
	417	CNOOC Ltd.		521
	580	Geely Automobile Holdings Ltd.		686
	110	Tencent Holdings Ltd.		2,863
	120	Tingyi Cayman Islands Holding Corp.		136
	114	Tsingtao Brewery Co. Ltd., Class H		455
				7,366
		Denmark — 0.2%
	16	Chr Hansen Holding A/S		1,003
	47	Novo Nordisk A/S, Class B		1,698
				2,701
		Finland — 0.4%
	24	Cargotec OYJ, Class B		1,146
	421	Nokia OYJ		1,888
	131	Outokumpu OYJ (a)		1,173
	32	UPM-Kymmene OYJ		736
	29	Wartsila OYJ Abp		1,469
				6,412
		France — 2.0%
	30	Air Liquide SA		3,254
	39	Airbus SE		2,618
	7	Arkema SA		734
	116	AXA SA		2,855
	41	BNP Paribas SA		2,629
	16	Capgemini SA		1,329
	86	Engie SA		1,031
	182	Natixis SA		1,080
	15	Pernod Ricard SA		1,798
	15	Renault SA		1,314
	40	Sanofi		3,210
	37	Schneider Electric SE		2,667
	13	Sodexo SA		1,471
	61	TOTAL SA		3,077
	89	Vivendi SA		1,626
				30,693
		Germany — 2.0%
	10	adidas AG		1,570
	4	Allianz SE		643
	3	BASF SE		262
	36	Bayer AG		4,010
	31	Brenntag AG		1,792
	45	Daimler AG		3,350
	6	Deutsche Bank AG (a)		118
	20	Deutsche Boerse AG (a)		1,830

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Germany –– continued
	64	Deutsche Post AG		2,132
	119	Deutsche Telekom AG		2,078
	9	HeidelbergCement AG		885
	85	Infineon Technologies AG		1,556
	9	Linde AG		1,491
	42	SAP SE		3,840
	36	Siemens AG		4,661
				30,218
		Hong Kong — 0.8%
	496	AIA Group Ltd.		3,074
	180	Cheung Kong Property Holdings Ltd.		1,182
	183	CK Hutchison Holdings Ltd.		2,192
	14	Hang Seng Bank Ltd.		275
	3	Hang Seng Bank Ltd.		51
	20	Jardine Matheson Holdings Ltd.		1,221
	182	Power Assets Holdings Ltd.		1,744
	262	Sands China Ltd.		1,151
	501	Sun Art Retail Group Ltd.		505
	167	Wharf Holdings Ltd. (The)		1,252
				12,647
		India — 0.5%
	20	Dr Reddy’s Laboratories Ltd., ADR		884
	55	HDFC Bank Ltd., ADR		3,768
	140	Infosys Ltd., ADR		1,925
	55	Mahindra & Mahindra Ltd., Reg. S, GDR		1,029
				7,606
		Indonesia — 0.1%
	1,225	Astra International Tbk. PT		730
	481	Bank Central Asia Tbk. PT		551
	671	Bank Rakyat Indonesia Persero Tbk. PT		589
	104	Unilever Indonesia Tbk. PT		322
				2,192
		Ireland — 0.1%
	1	AerCap Holdings NV (a)		31
	16	Ryanair Holdings plc, ADR (a)		1,333
				1,364
		Israel — 0.1%
	62	Teva Pharmaceutical Industries Ltd., ADR		2,076
		Italy — 0.6%
	94	Assicurazioni Generali SpA		1,500
	62	Atlantia SpA		1,421
	483	Enel SpA		2,019
	254	Intesa Sanpaolo SpA		596
	1,913	Telecom Italia SpA		1,645

SHARES		SECURITY DESCRIPTION	VALUE
		Italy –– continued
	40	UniCredit SpA (a)		1,103
				8,284
		Japan — 4.6%
	52	Bridgestone Corp.		1,892
	11	Central Japan Railway Co.		1,729
	19	Daikin Industries Ltd.		1,866
	19	Dentsu, Inc.		883
	77	DMG Mori Co. Ltd.		1,055
	26	East Japan Railway Co.		2,364
	18	Electric Power Development Co. Ltd.		425
	237	Fujitsu Ltd.		1,377
	340	Hitachi Ltd.		1,947
	73	Honda Motor Co. Ltd.		2,172
	85	J Front Retailing Co. Ltd.		1,224
	47	Japan Airlines Co. Ltd.		1,490
	8	Japan Tobacco, Inc.		245
	32	JFE Holdings, Inc.		564
	269	JX Holdings, Inc.		1,269
	196	Kajima Corp.		1,366
	42	KDDI Corp.		1,123
	2	Keyence Corp.		854
	106	Kirin Holdings Co. Ltd.		1,737
	73	Kyowa Hakko Kirin Co. Ltd.		994
	47	Kyushu Electric Power Co., Inc.		520
	33	LIXIL Group Corp.		778
	23	Mabuchi Motor Co. Ltd.		1,157
	104	Mazda Motor Corp.		1,532
	68	Medipal Holdings Corp.		1,102
	500	Mitsubishi UFJ Financial Group, Inc.		3,201
	35	Mitsui & Co. Ltd.		509
	79	Mitsui Fudosan Co. Ltd.		1,824
	41	MS&AD Insurance Group Holdings, Inc.		1,365
	28	NGK Spark Plug Co. Ltd.		628
	17	Nidec Corp.		1,568
	45	Nippon Steel & Sumitomo Metal Corp.		1,097
	55	Nippon Telegraph & Telephone Corp.		2,447
	20	Nishi-Nippon Financial Holdings, Inc. (a)		214
	11	Omron Corp.		443
	69	ORIX Corp.		1,041
	14	Otsuka Corp.		710
	23	Otsuka Holdings Co. Ltd.		1,060
	60	Seiko Epson Corp.		1,236
	61	Seven & i Holdings Co. Ltd.		2,420
	17	Shin-Etsu Chemical Co. Ltd.		1,475
	64	Sony Corp.		1,935

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Japan –– continued
	206	Sumitomo Bakelite Co. Ltd.		1,218
	68	Sumitomo Mitsui Financial Group, Inc.		2,660
	44	Sumitomo Realty & Development Co. Ltd.		1,190
	36	Suntory Beverage & Food Ltd.		1,545
	20	Suzuken Co. Ltd.		660
	78	Takashimaya Co. Ltd.		672
	211	Tokyo Gas Co. Ltd.		936
	72	Toyota Motor Corp.		4,210
	79	Yamato Holdings Co. Ltd.		1,598
				69,527
		Luxembourg — 0.1%
	158	ArcelorMittal (a)		1,235
		Malaysia — 0.0% (g)
	82	Public Bank Bhd.		372
		Mexico — 0.1%
	83	Grupo Financiero Banorte SAB de CV, Class O		398
	272	Wal-Mart de Mexico SAB de CV		481
				879
		Netherlands — 1.2%
	188	Aegon NV		1,022
	21	ASML Holding NV		2,529
	24	Heineken NV		1,803
	173	ING Groep NV		2,488
	348	Koninklijke KPN NV		1,003
	66	Koninklijke Philips NV		1,948
	37	NN Group NV		1,316
	101	Royal Dutch Shell plc, Class A		2,734
	137	Royal Dutch Shell plc, Class B		3,875
				18,718
		New Zealand — 0.1%
	406	Spark New Zealand Ltd.		1,045
		Norway — 0.1%
	210	Norsk Hydro ASA		1,199
		Peru — 0.1%
	4	Credicorp Ltd.		679
		Portugal — 0.1%
	71	Galp Energia SGPS SA		1,041
		Russia — 0.2%
	20	LUKOIL PJSC, ADR		1,148
	24	Magnit PJSC, Reg. S, GDR		875
	17	Mobile TeleSystems PJSC, ADR		179

SHARES		SECURITY DESCRIPTION	VALUE
		Russia –– continued
	104	Sberbank of Russia PJSC, ADR		1,208
				3,410
		Singapore — 0.2%
	197	DBS Group Holdings Ltd.		2,661
	39	Singapore Exchange Ltd.		202
				2,863
		South Africa — 0.4%
	24	Aspen Pharmacare Holdings Ltd.		542
	49	Bid Corp. Ltd.		849
	47	Bidvest Group Ltd. (The)		558
	7	Capitec Bank Holdings Ltd.		355
	223	FirstRand Ltd.		830
	25	Mr Price Group Ltd.		304
	51	MTN Group Ltd.		479
	56	Remgro Ltd.		943
	56	RMB Holdings Ltd.		269
	95	Sanlam Ltd.		457
	38	Shoprite Holdings Ltd.		502
	16	Tiger Brands Ltd.		495
				6,583
		South Korea — 0.2%
	7	Hyundai Motor Co.		871
	1	Samsung Electronics Co. Ltd.		2,534
				3,405
		Spain — 0.5%
	338	Banco Santander SA		1,886
	1,433	Bankia SA		1,515
	233	Iberdrola SA		1,471
	5	Iberdrola SA (a)		33
	38	Repsol SA		570
	162	Telefonica SA		1,569
				7,044
		Sweden — 0.2%
	193	Nordea Bank AB		2,331
	49	Sandvik AB		662
				2,993
		Switzerland — 1.9%
	33	Cie Financiere Richemont SA		2,606
	25	Credit Suisse Group AG (a)		378
	4	LafargeHolcim Ltd. (a)		190
	30	LafargeHolcim Ltd. (a)		1,637
	107	Nestle SA		7,874
	42	Novartis AG		3,068
	23	Roche Holding AG		5,533
	2	Syngenta AG (a)		868

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Switzerland — continued
	130	UBS Group AG		2,121
	39	Wolseley plc		2,420
	7	Zurich Insurance Group AG (a)		2,068
				28,763
		Taiwan — 0.3%
	143	Delta Electronics, Inc.		797
	113	President Chain Store Corp.		845
	102	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,160
				4,802
		Thailand — 0.1%
	47	Siam Cement PCL (The)		669
	176	Siam Commercial Bank PCL (The)		756
				1,425
		Turkey — 0.0% (g)
	65	KOC Holding AS		262
	118	Turkiye Garanti Bankasi A/S		260
				522
		United Kingdom — 3.2%
	140	3i Group plc		1,237
	37	Associated British Foods plc		1,105
	40	AstraZeneca plc		2,132
	274	Aviva plc		1,651
	751	Barclays plc		2,085
	118	Barratt Developments plc		710
	410	BP plc		2,447
	77	British American Tobacco plc		4,739
	667	Centrica plc		1,888
	165	Debenhams plc		109
	260	Dixons Carphone plc		1,039
	148	GlaxoSmithKline plc		2,867
	24	HSBC Holdings plc		208
	488	HSBC Holdings plc		4,162
	45	InterContinental Hotels Group plc		2,074
	467	ITV plc		1,198
	2,806	Lloyds Banking Group plc		2,302
	68	Prudential plc		1,316
	19	Reckitt Benckiser Group plc		1,606
	29	Rio Tinto Ltd.		1,453
	17	Rio Tinto plc		749
	207	Standard Chartered plc		2,027
	450	Taylor Wimpey plc		950
	35	TechnipFMC plc (a)		1,160
	34	Unilever NV, CVA		1,380
	1,198	Vodafone Group plc		2,935

SHARES			SECURITY DESCRIPTION	VALUE
			United Kingdom — continued
	13		Whitbread plc		641
	65		WPP plc		1,517
					47,687
			United States — 21.9%
	1		Abbott Laboratories		33
	52		Acadia Healthcare Co., Inc. (a)		1,995
	13		Acuity Brands, Inc.		2,672
	15		Adobe Systems, Inc. (a)		1,672
	17		AdvanSix, Inc. (a)		443
	21		Aetna, Inc.		2,444
	10		Affiliated Managers Group, Inc. (a)		1,509
	1		Agilent Technologies, Inc.		33
	1		Alleghany Corp. (a)		406
	4		Allergan plc (a)		918
	21		Allied World Assurance Co. Holdings AG		1,128
	2		Ally Financial, Inc.		33
	2		Alphabet, Inc., Class A (a)		1,492
	12		Alphabet, Inc., Class C (a)		9,680
	8		Amazon.com, Inc. (a) (j)		6,388
	1		Ameren Corp.		26
	24		American Electric Power Co., Inc.		1,560
	12		American Express Co.		879
	50		American Homes 4 Rent, Class A		1,118
	40		American International Group, Inc.		2,558
	—	(h)	Ameriprise Financial, Inc.		30
	28		Amphenol Corp., Class A		1,879
	3		Amplify Snack Brands, Inc. (a)		30
	—	(h)	Anadarko Petroleum Corp.		34
	—	(h)	Analog Devices, Inc.		35
	7		Anthem, Inc.		1,147
	39		Apple, Inc.		4,691
	35		Applied Materials, Inc.		1,191
	11		Arista Networks, Inc. (a)		1,007
	15		Arrow Electronics, Inc. (a)		1,099
	1		Arthur J Gallagher & Co.		32
	2		AutoZone, Inc. (a)		1,163
	—	(h)	AvalonBay Communities, Inc.		31
	20		Ball Corp.		1,540
	184		Bank of America Corp.		4,160
	1		Bank of New York Mellon Corp. (The)		29
	—	(h)	Becton Dickinson and Co.		31
	21		Bed Bath & Beyond, Inc.		828
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		984
	21		Berry Plastics Group, Inc. (a)		1,071
	25		Best Buy Co., Inc.		1,091

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States — continued
	—	(h)	Biogen, Inc. (a)		28
	4		BlackRock, Inc.		1,407
	1		Boston Scientific Corp. (a)		35
	13		Brinker International, Inc.		564
	1		Bristol-Myers Squibb Co.		26
	39		Brixmor Property Group, Inc.		942
	10		Broadcom Ltd.		1,896
	10		Brown-Forman Corp., Class B		441
	1		Cabot Oil & Gas Corp.		32
	41		Capital One Financial Corp.		3,591
	26		Carlisle Cos., Inc.		2,810
	8		Casey’s General Stores, Inc.		886
	8		Cavium, Inc. (a)		556
	72		CBRE Group, Inc., Class A (a)		2,173
	19		CBS Corp. (Non-Voting), Class B		1,204
	15		Celgene Corp. (a)		1,698
	93		Charles Schwab Corp. (The)		3,854
	4		Charter Communications, Inc., Class A (a)		1,339
	1		Cheniere Energy, Inc. (a)		42
	11		Chubb Ltd.		1,456
	4		Cigna Corp. (j)		580
	55		Cisco Systems, Inc.		1,686
	32		Citigroup, Inc.		1,793
	41		Citizens Financial Group, Inc.		1,498
	59		Clear Channel Outdoor Holdings, Inc., Class A		292
	33		CNO Financial Group, Inc.		626
	15		Columbia Sportswear Co.		810
	16		Concho Resources, Inc. (a)		2,245
	26		ConocoPhillips		1,285
	64		Corning, Inc.		1,683
	4		CoStar Group, Inc. (a)		723
	—	(h)	Costco Wholesale Corp.		32
	38		Coty, Inc., Class A		722
	1		Crown Holdings, Inc. (a)		30
	27		CSX Corp.		1,250
	19		CVS Health Corp.		1,473
	—	(h)	Delphi Automotive plc		33
	75		Delta Air Lines, Inc.		3,522
	—	(h)	Diamondback Energy, Inc. (a)		33
	46		DISH Network Corp., Class A (a)		2,727
	22		Dollar General Corp.		1,608
	15		Dover Corp.		1,167
	1		DR Horton, Inc.		36
	12		Dr Pepper Snapple Group, Inc.		1,050

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	17		Duke Energy Corp.		1,306
	16		Eagle Materials, Inc.		1,621
	29		East West Bancorp, Inc.		1,504
	10		EastGroup Properties, Inc.		708
	—	(h)	Eastman Chemical Co.		32
	—	(h)	Eaton Corp. plc		32
	4		Ecolab, Inc.		459
	16		Edison International		1,180
	—	(h)	EI du Pont de Nemours & Co.		32
	36		Electronic Arts, Inc. (a)		2,966
	—	(h)	Eli Lilly & Co. (j)		29
	12		Energizer Holdings, Inc.		603
	39		Entercom Communications Corp., Class A		557
	12		EOG Resources, Inc.		1,237
	18		EQT Corp.		1,100
	10		Equifax, Inc.		1,134
	—	(h)	Everest Re Group Ltd.		31
	16		Eversource Energy		865
	8		Exact Sciences Corp. (a)		154
	10		Expedia, Inc.		1,202
	40		Exxon Mobil Corp.		3,333
	53		Facebook, Inc., Class A (a)		6,930
	14		Fidelity National Information Services, Inc.		1,086
	39		Fifth Third Bancorp		1,024
	18		First Republic Bank		1,665
	5		Fiserv, Inc. (a)		567
	28		Fortune Brands Home & Security, Inc.		1,519
	30		Gap, Inc. (The)		690
	1		General Electric Co.		29
	13		Genuine Parts Co.		1,239
	26		Gilead Sciences, Inc.		1,876
	48		GoDaddy, Inc., Class A (a)		1,722
	4		Goldman Sachs Group, Inc. (The)		848
	59		Graphic Packaging Holding Co.		736
	14		Guidewire Software, Inc. (a)		741
	1		Halliburton Co.		35
	35		Hanesbrands, Inc.		831
	14		Harris Corp.		1,460
	39		Hartford Financial Services Group, Inc. (The)		1,881
	15		HCA Holdings, Inc. (a)		1,237
	1		HCP, Inc.		31
	39		HD Supply Holdings, Inc. (a)		1,642
	46		Hewlett Packard Enterprise Co.		1,035
	19		Hilton Grand Vacations, Inc. (a)		545

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States –– continued
	48		Hilton Worldwide Holdings, Inc.		2,791
	9		Home Depot, Inc. (The)		1,255
	14		Honeywell International, Inc.		1,634
	17		Hormel Foods Corp.		600
	2		HP, Inc.		30
	9		Humana, Inc.		1,763
	9		Illinois Tool Works, Inc.		1,133
	9		Illumina, Inc. (a)		1,387
	—	(h)	Incyte Corp. (a)		35
	5		Intercept Pharmaceuticals, Inc. (a)		597
	1		Intercontinental Exchange, Inc.		32
	25		Invesco Ltd.		714
	2		Jazz Pharmaceuticals plc (a)		239
	21		Johnson & Johnson		2,390
	—	(h)	Kansas City Southern		30
	27		KapStone Paper and Packaging Corp.		641
	13		KeyCorp		234
	35		Kimco Realty Corp.		881
	65		Kinder Morgan, Inc.		1,457
	19		Kite Pharma, Inc. (a)		968
	9		KLA-Tencor Corp.		785
	27		Kohl’s Corp.		1,074
	—	(h)	Kraft Heinz Co. (The)		32
	33		Kroger Co. (The)		1,135
	42		La Quinta Holdings, Inc. (a)		598
	10		Lam Research Corp.		1,142
	21		Lazard Ltd., Class A		876
	14		Lennox International, Inc.		2,214
	43		LKQ Corp. (a)		1,359
	70		Loews Corp. (j)		3,239
	—	(h)	Lowe’s Cos., Inc.		31
	9		M&T Bank Corp.		1,424
	29		Marathon Petroleum Corp.		1,413
	7		Marsh & McLennan Cos., Inc.		457
	5		Martin Marietta Materials, Inc.		1,170
	1		Masco Corp.		31
	30		Mastercard, Inc., Class A		3,172
	—	(h)	McKesson Corp.		30
	37		Merck & Co., Inc.		2,305
	1		MetLife, Inc.		30
	30		MGM Resorts International (a)		863
	1		Micron Technology, Inc. (a)		28
	93		Microsoft Corp.		5,982
	7		Middleby Corp. (The) (a)		968
	1		Mobileye NV (a)		35

SHARES			SECURITY DESCRIPTION	VALUE
			United States –– continued
	17		Mohawk Industries, Inc. (a)		3,605
	6		Molson Coors Brewing Co., Class B		549
	1		Mondelez International, Inc., Class A		31
	20		Monster Beverage Corp. (a)		872
	30		Morgan Stanley		1,260
	1		Mosaic Co. (The)		35
	2		Murphy USA, Inc. (a)		96
	16		Nasdaq, Inc.		1,096
	11		Netflix, Inc. (a)		1,486
	95		Newell Brands, Inc.		4,504
	14		Nexstar Broadcasting Group, Inc.		941
	14		NextEra Energy, Inc.		1,707
	1		NII Holdings, Inc. (a)		3
	1		NIKE, Inc., Class B		32
	1		NiSource, Inc.		27
	20		Nordstrom, Inc.		882
	4		Norfolk Southern Corp.		488
	12		Northern Trust Corp.		1,035
	—	(h)	Northrop Grumman Corp.		28
	30		Norwegian Cruise Line Holdings Ltd. (a)		1,422
	15		NVIDIA Corp.		1,676
	14		Old Dominion Freight Line, Inc. (a)		1,235
	1		Olin Corp.		31
	1		Omega Healthcare Investors, Inc.		32
	3		ON Semiconductor Corp. (a)		35
	—	(h)	O’Reilly Automotive, Inc. (a)		29
	34		Outfront Media, Inc.		934
	—	(h)	PACCAR, Inc.		33
	7		Palo Alto Networks, Inc. (a)		1,055
	22		Park Hotels & Resorts, Inc.		586
	65		PayPal Holdings, Inc. (a)		2,571
	33		PBF Energy, Inc., Class A		760
	1		Penn Virginia Corp. (a)		51
	5		PepsiCo, Inc.		517
	112		Pfizer, Inc.		3,543
	1		PG&E Corp.		31
	17		Phillips 66		1,354
	—	(h)	Pinnacle West Capital Corp.		31
	—	(h)	Pioneer Natural Resources Co.		31
	20		PNC Financial Services Group, Inc. (The)		2,365
	14		Post Holdings, Inc. (a)		1,158
	2		Priceline Group, Inc. (The) (a)		2,574
	19		Procter & Gamble Co. (The)		1,628
	8		Prudential Financial, Inc.		813
	23		PulteGroup, Inc.		491

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States –– continued
	20		QUALCOMM, Inc.		1,074
	1		Range Resources Corp.		31
	47		Rayonier, Inc.		1,317
	14		Red Rock Resorts, Inc., Class A		322
	25		Revance Therapeutics, Inc. (a)		494
	13		Royal Caribbean Cruises Ltd.		1,246
	14		S&P Global, Inc.		1,729
	17		salesforce.com, Inc. (a)		1,314
	—	(h)	SBA Communications Corp. (a)		27
	1		Sealed Air Corp.		31
	9		Sempra Energy		898
	17		ServiceNow, Inc. (a)		1,531
	46		Shire plc		2,553
	12		Signature Bank (a)		1,891
	17		Sinclair Broadcast Group, Inc., Class A		567
	—	(h)	Skyworks Solutions, Inc.		36
	—	(h)	SL Green Realty Corp.		31
	40		Southwest Airlines Co.		2,085
	3		Southwestern Energy Co. (a)		27
	13		Spark Therapeutics, Inc. (a)		826
	21		Splunk, Inc. (a)		1,214
	28		Sprouts Farmers Market, Inc. (a)		525
	16		Stanley Black & Decker, Inc.		2,001
	32		Starbucks Corp.		1,773
	1		STORE Capital Corp.		28
	35		SunTrust Banks, Inc.		1,988
	24		T Rowe Price Group, Inc.		1,591
	—	(h)	TE Connectivity Ltd.		33
	4		Tesla Motors, Inc. (a)		1,024
	26		Texas Instruments, Inc.		1,930
	86		TherapeuticsMD, Inc. (a)		497
	14		Thermo Fisher Scientific, Inc.		2,134
	18		Tiffany & Co.		1,412
	25		Time Warner, Inc.		2,398
	1		TimkenSteel Corp. (a)		23
	12		T-Mobile US, Inc. (a)		721
	13		Travelers Cos., Inc. (The)		1,570
	15		TreeHouse Foods, Inc. (a)		1,168
	1		TripAdvisor, Inc. (a)		27
	58		Twenty-First Century Fox, Inc., Class B		1,783
	15		Tyson Foods, Inc., Class A		967
	4		Ulta Salon Cosmetics & Fragrance, Inc. (a)		963
	—	(h)	Union Pacific Corp.		32
	—	(h)	United Continental Holdings, Inc. (a)		35
	16		United Technologies Corp.		1,743

SHARES			SECURITY DESCRIPTION	VALUE
			United States –– continued
	39		UnitedHealth Group, Inc.		6,324
	21		Unum Group		934
	33		US Bancorp		1,732
	35		Vantiv, Inc., Class A (a)		2,156
	17		Veeva Systems, Inc., Class A (a)		737
	26		Verizon Communications, Inc.		1,263
	16		Vertex Pharmaceuticals, Inc. (a)		1,409
	41		Visa, Inc., Class A		3,360
	17		Vistra Energy Corp.		278
	9		Vulcan Materials Co.		1,097
	13		VWR Corp. (a)		336
	13		WABCO Holdings, Inc. (a)		1,437
	—	(h)	Walt Disney Co. (The)		33
	21		Wayfair, Inc., Class A (a)		871
	112		Wells Fargo & Co. (j)		6,334
	27		WestRock Co.		1,438
	—	(h)	WEX, Inc. (a)		32
	21		Weyerhaeuser Co.		655
	—	(h)	Workday, Inc., Class A (a)		31
	38		Xcel Energy, Inc.		1,588
	12		Yum Brands, Inc.		781
	—	(h)	Zimmer Biomet Holdings, Inc.		35
	1		Zions Bancorporation		33
					331,799
			Total Common Stocks (Cost $613,583)		683,021
PRINCIPAL AMOUNT/UNITS
	Convertible Bond — 0.0% (g)
			United States — 0.0% (g)
	60		Liberty Interactive LLC, 3.750%, 02/15/30 (Cost $35)		36
	Corporate Bonds — 28.4%
			Bahamas — 0.0% (g)
	262		Ultrapetrol Bahamas Ltd., 8.875%, 06/15/219 (d)		46
			Belgium — 0.1%
	475		Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		509
EUR	750		Solvay Finance SA, Reg. S, VAR, 5.425%, 11/12/23 (x)		877
					1,386

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Brazil — 0.1%
		JBS USA LUX SA,
	736	5.750%, 06/15/25 (e)		749
	700	5.875%, 07/15/24 (e)		724
	250	7.250%, 06/01/21 (e)		259
				1,732
		Canada — 0.8%
		1011778 BC ULC,
	189	4.625%, 01/15/22 (e)		194
	440	6.000%, 04/01/22 (e)		458
	285	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		295
	80	Baytex Energy Corp., 5.625%, 06/01/24 (e)		74
		Bombardier, Inc.,
	6	4.750%, 04/15/19 (e)		6
	86	6.000%, 10/15/22 (e)		84
	192	6.125%, 01/15/23 (e)		188
	1,337	8.750%, 12/01/21 (e)		1,445
	329	Cascades, Inc., 5.750%, 07/15/23 (e)		333
		Cenovus Energy, Inc.,
	52	4.450%, 09/15/42		46
	312	6.750%, 11/15/39		350
		Concordia International Corp.,
	949	7.000%, 04/15/23 (e)		348
	109	9.000%, 04/01/22 (e)		93
	160	9.500%, 10/21/22 (e)		68
	250	Cott Beverages, Inc., 5.375%, 07/01/22		256
	250	Emera US Finance LP, 4.750%, 06/15/46		254
	20	Encana Corp., 3.900%, 11/15/21		20
	669	Garda World Security Corp., 7.250%, 11/15/21 (e)		641
	120	HudBay Minerals, Inc., 7.250%, 01/15/23 (e)		127
		Lundin Mining Corp.,
	270	7.500%, 11/01/20 (e)		287
	320	7.875%, 11/01/22 (e)		349
		Mattamy Group Corp.,
	267	6.500%, 11/15/20 (e)		273
	76	6.875%, 12/15/23 (e)		78
		MEG Energy Corp.,
	733	6.375%, 01/30/23 (e)		682
	825	6.500%, 03/15/21 (e)		847
	379	6.500%, 01/15/25 (e)		383
	25	7.000%, 03/31/24 (e)		23
		New Gold, Inc.,
	159	6.250%, 11/15/22 (e)		160
	115	7.000%, 04/15/20 (e)		116

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada –– continued
		NOVA Chemicals Corp.,
	54	5.000%, 05/01/25 (e)		54
	319	5.250%, 08/01/23 (e)		330
		Open Text Corp.,
	323	5.625%, 01/15/23 (e)		336
	313	5.875%, 06/01/26 (e)		328
		Precision Drilling Corp.,
	53	5.250%, 11/15/24		52
	140	6.500%, 12/15/21		144
	150	Quebecor Media, Inc., 5.750%, 01/15/23		157
		Teck Resources Ltd.,
	160	3.000%, 03/01/19		161
	233	4.750%, 01/15/22		239
	180	5.400%, 02/01/43		169
	330	6.000%, 08/15/40		331
	595	6.125%, 10/01/35		608
	45	8.000%, 06/01/21 (e)		49
	169	8.500%, 06/01/24 (e)		197
		Trinidad Drilling Ltd.,
	240	6.625%, 02/15/25 (e)		246
	73	7.875%, 01/15/19 (e)		73
	482	Videotron Ltd., 5.375%, 06/15/24 (e)		504
				12,456
		Finland — 0.0% (g)
	501	Nokia OYJ, 6.625%, 05/15/39		525
		France — 1.2%
	600	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		626
EUR	500	Arkema SA, Reg. S, VAR, 4.750%, 10/29/20 (x)		575
		Autodis SA,
EUR	200	4.375%, 05/01/22 (e)		224
EUR	200	Reg. S, 4.375%, 05/01/22		223
EUR	375	BiSoho SAS, Reg. S, 5.875%, 05/01/23		436
EUR	1,600	Casino Guichard Perrachon SA, Reg. S, 3.248%, 03/07/24		1,908
	248	Credit Agricole SA, VAR, 8.125%, 12/23/25 (e) (x)		263
EUR	450	Elis SA, Reg. S, 3.000%, 04/30/22		500
EUR	1,600	Europcar Groupe SA, Reg. S, 5.750%, 06/15/22		1,805
EUR	400	Groupe Fnac SA, Reg. S, 3.250%, 09/30/23		445
EUR	750	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		829

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		France –– continued
		NEW Areva Holding SA,
EUR	500	4.375%, 11/06/19		558
EUR	1,200	4.875%, 09/23/24		1,334
EUR	700	Novafives SAS, Reg. S, 4.500%, 06/30/21		719
EUR	1,000	Peugeot SA, Reg. S, 2.375%, 04/14/23		1,123
EUR	900	Rexel SA, Reg. S, 3.500%, 06/15/23		1,010
		SFR Group SA,
	800	6.000%, 05/15/22 (e)		823
	800	6.250%, 05/15/24 (e)		805
	334	7.375%, 05/01/26 (e)		343
EUR	1,100	Reg. S, 5.375%, 05/15/22		1,238
EUR	700	Reg. S, 5.625%, 05/15/24		798
		Societe Generale SA,
EUR	400	Reg. S, VAR, 9.375%, 09/04/19 (x)		515
	200	VAR, 7.375%, 09/13/21 (e) (x)		200
EUR	500	Vallourec SA, Reg. S, 2.250%, 09/30/24		449
EUR	850	Verallia Packaging SASU, Reg. S, 5.125%, 08/01/22		974
				18,723
		Germany — 0.9%
EUR	750	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		864
EUR	600	Douglas GmbH, Reg. S, 6.250%, 07/15/22		705
		Fresenius Medical Care U.S. Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		164
	220	4.750%, 10/15/24 (e)		223
	85	5.625%, 07/31/19 (e)		91
	25	6.500%, 09/15/18 (e)		26
	200	Fresenius Medical Care U.S. Finance II, Inc., 5.875%, 01/31/22 (e)		216
EUR	500	HP Pelzer Holding GmbH, Reg. S, 7.500%, 07/15/21		574
		IHO Verwaltungs GmbH,
	200	4.125% (cash), 09/15/21 (e) (v)		201
	200	4.500% (cash), 09/15/23 (e) (v)		198
EUR	1,150	Reg. S, 3.250% (cash), 09/15/23 (v)		1,273
EUR	350	ProGroup AG, Reg. S, 5.125%, 05/01/22		402
EUR	1,300	Schaeffler Finance BV, Reg. S, 3.250%, 05/15/25		1,495
		thyssenkrupp AG,
EUR	900	Reg. S, 1.750%, 11/25/20		992
EUR	700	Reg. S, 2.750%, 03/08/21		792
	600	Unitymedia GmbH, 6.125%, 01/15/25 (e)		620
		Unitymedia Hessen GmbH & Co. KG,
	535	5.500%, 01/15/23 (e)		557

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany –– continued
EUR	1,800	Reg. S, 4.000%, 01/15/25		2,016
EUR	446	Reg. S, 5.750%, 01/15/23		513
EUR	600	WEPA Hygieneprodukte GmbH, Reg. S, 3.750%, 05/15/24		676
		ZF North America Capital, Inc.,
	350	4.000%, 04/29/20 (e)		365
	572	4.500%, 04/29/22 (e)		587
	150	4.750%, 04/29/25 (e)		152
				13,702
		Greece — 0.0% (g)
EUR	400	OTE plc, Reg. S, 7.875%, 02/07/18		457
		Ireland — 0.4%
		Ardagh Packaging Finance plc,
	200	6.000%, 06/30/21 (e)		206
	235	7.250%, 05/15/24 (e)		252
EUR	350	Reg. S, 4.125%, 05/15/23		399
EUR	1,114	Reg. S, 6.750%, 05/15/24		1,309
EUR	700	Bank of Ireland, Reg. S, VAR, 4.250%, 06/11/24		780
EUR	961	eircom Finance DAC, Reg. S, 4.500%, 05/31/22		1,082
		Park Aerospace Holdings Ltd.,
	205	5.250%, 08/15/22 (e)		210
	213	5.500%, 02/15/24 (e)		219
EUR	900	Smurfit Kappa Acquisitions, Reg. S, 3.250%, 06/01/21		1,044
	780	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17 (x)		657
				6,158
		Israel — 0.0% (g)
	585	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		489
		Italy — 0.8%
EUR	850	Buzzi Unicem SpA, Reg. S, 2.125%, 04/28/23		941
EUR	1,200	Enel SpA, Reg. S, VAR, 5.000%, 01/15/75		1,370
EUR	1,800	Leonardo SpA, 4.500%, 01/19/21		2,193
EUR	500	N&W Global Vending SpA, Reg. S, 7.000%, 10/15/23		567
EUR	600	Saipem Finance International BV, Reg. S, 3.750%, 09/08/23		678
EUR	500	Snai SpA, Reg. S, 6.375%, 11/07/21		570
		Telecom Italia SpA,
EUR	2,900	Reg. S, 3.250%, 01/16/23		3,260
EUR	500	Reg. S, 3.625%, 05/25/26		549

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Italy –– continued
		Wind Acquisition Finance SA,
	200	4.750%, 07/15/20 (e)		203
EUR	1,800	Reg. S, 7.000%, 04/23/21		2,024
				12,355
		Japan — 0.2%
		SoftBank Group Corp.,
	600	4.500%, 04/15/20 (e)		615
EUR	800	Reg. S, 4.000%, 07/30/22		944
EUR	700	Reg. S, 4.750%, 07/30/25		829
				2,388
		Luxembourg — 1.4%
		Altice Financing SA,
	400	6.500%, 01/15/22 (e)		416
	300	6.625%, 02/15/23 (e)		313
	650	7.500%, 05/15/26 (e)		686
EUR	900	Reg. S, 5.250%, 02/15/23		1,030
		Altice Luxembourg SA,
	200	7.625%, 02/15/25 (e)		212
	600	7.750%, 05/15/22 (e)		637
EUR	700	Reg. S, 6.250%, 02/15/25		793
EUR	1,500	Reg. S, 7.250%, 05/15/22		1,722
		ArcelorMittal,
	250	6.125%, 06/01/25		275
	130	6.250%, 08/05/20		141
	1,934	7.250%, 02/25/22		2,180
	153	8.000%, 10/15/39		170
EUR	1,500	Reg. S, 3.125%, 01/14/22		1,705
EUR	600	Galapagos SA, Reg. S, 5.375%, 06/15/21		636
GBP	317	Garfunkelux Holdco 2 SA, Reg. S, 11.000%, 11/01/23		405
EUR	300	Garfunkelux Holdco 3 SA, Reg. S, 7.500%, 08/01/22		334
	12	Intelsat Connect Finance SA, 12.500%, 04/01/22 (e)		8
		Intelsat Jackson Holdings SA,
	480	5.500%, 08/01/23		336
	223	7.250%, 04/01/19		192
	407	7.250%, 10/15/20		320
	425	7.500%, 04/01/21		329
	880	8.000%, 02/15/24 (e)		913
EUR	550	Kloeckner Pentaplast of America, Inc., Reg. S, 7.125%, 11/01/20		620
EUR	500	Matterhorn Telecom Holding SA, Reg. S, 4.875%, 05/01/23		551
EUR	600	Matterhorn Telecom SA, Reg. S, 3.875%, 05/01/22		664

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg –– continued
EUR	900	SES SA, Reg. S, VAR, 4.625%, 01/02/22 (x)		988
EUR	1,550	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		1,797
EUR	700	Swissport Investments SA, Reg. S, 6.750%, 12/15/21		820
EUR	1,100	Telenet Finance V Luxembourg SCA, Reg. S, 6.250%, 08/15/22		1,256
EUR	550	Telenet Finance VI Luxembourg SCA, Reg. S, 4.875%, 07/15/27		621
EUR	400	Trionista TopCo GmbH, Reg. S, 6.875%, 04/30/21		453
				21,523
		Mexico — 0.3%
	600	Cemex Finance LLC, 6.000%, 04/01/24 (e)		615
		Cemex SAB de CV,
	1,095	5.700%, 01/11/25 (e)		1,095
	1,760	6.125%, 05/05/25 (e)		1,807
	200	7.750%, 04/16/26 (e)		221
				3,738
		Netherlands — 0.5%
	400	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		282
EUR	300	Hema Bondco I BV, Reg. S, 6.250%, 06/15/19		311
EUR	600	Lincoln Finance Ltd., Reg. S, 6.875%, 04/15/21		698
		NXP BV,
	200	4.125%, 06/15/20 (e)		207
	355	4.125%, 06/01/21 (e)		367
	400	4.625%, 06/15/22 (e)		421
	200	5.750%, 02/15/21 (e)		206
	565	Shell International Finance BV, 3.750%, 09/12/46		522
EUR	1,500	UPC Holding BV, Reg. S, 6.375%, 09/15/22		1,714
	520	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		528
		Ziggo Bond Finance BV,
	200	5.875%, 01/15/25 (e)		201
EUR	800	Reg. S, 4.625%, 01/15/25		905
	635	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		631
				6,993
		New Zealand — 0.1%
		Reynolds Group Issuer, Inc.,
	410	5.125%, 07/15/23 (e)		420
	410	5.750%, 10/15/20		422
	65	6.875%, 02/15/21		67

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		New Zealand –– continued
	87	8.250%, 02/15/21		89
				998
		Portugal — 0.0% (g)
EUR	500	EDP - Energias de Portugal SA, Reg. S, VAR, 5.375%, 09/16/75		561
		Spain — 0.7%
EUR	700	Campofrio Food Group SA, Reg. S, 3.375%, 03/15/22		786
EUR	1,000	Cirsa Funding Luxembourg SA, Reg. S, 5.750%, 05/15/21		1,135
		eDreams ODIGEO SA,
EUR	483	8.500%, 08/01/21 (e)		550
EUR	350	Reg. S, 8.500%, 08/01/21		399
EUR	1,100	Gas Natural Fenosa Finance BV, Reg. S, VAR, 4.125%, 11/18/22 (x)		1,205
EUR	600	Gestamp Funding Luxembourg SA, Reg. S, 3.500%, 05/15/23		675
EUR	1,000	Grupo Antolin Dutch BV, Reg. S, 5.125%, 06/30/22		1,158
EUR	900	Repsol International Finance BV, Reg. S, VAR, 4.500%, 03/25/75		936
		Telefonica Europe BV,
EUR	1,500	Reg. S, VAR, 5.000%, 03/31/20 (x)		1,687
EUR	1,500	Reg. S, VAR, 7.625%, 09/18/21 (x)		1,861
				10,392
		Sweden — 0.3%
EUR	1,200	Auris Luxembourg II SA, Reg. S, 8.000%, 01/15/23		1,410
EUR	1,450	Verisure Holding AB, Reg. S, 6.000%, 11/01/22		1,705
		Volvo Car AB,
EUR	500	Reg. S, 3.250%, 05/18/21		582
EUR	150	Reg. S, 3.250%, 05/18/21		175
EUR	900	Volvo Treasury AB, Reg. S, VAR, 4.200%, 06/10/75		1,014
				4,886
		Switzerland — 0.1%
EUR	800	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		923
		United Arab Emirates — 0.0% (g)
	159	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		144
		United Kingdom — 1.8%
EUR	700	Alliance Automotive Finance plc, Reg. S, 6.250%, 12/01/21		806
		Anglo American Capital plc,
	554	4.125%, 09/27/22 (e)		559

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
	625	4.450%, 09/27/20 (e)		647
	200	4.875%, 05/14/25 (e)		202
EUR	1,100	Reg. S, 2.500%, 04/29/21		1,240
EUR	1,100	Reg. S, 3.250%, 04/03/23		1,266
EUR	900	Reg. S, 3.500%, 03/28/22		1,052
	800	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		840
	400	Barclays plc, VAR, 8.250%, 12/15/18 (x)		417
GBP	650	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		830
		Fiat Chrysler Automobiles NV,
	437	4.500%, 04/15/20		447
	663	5.250%, 04/15/23		678
EUR	1,250	Reg. S, 3.750%, 03/29/24		1,398
GBP	400	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		518
GBP	250	Galaxy Finco Ltd., Reg. S, 7.875%, 11/15/21		318
GBP	750	Iceland Bondco plc, Reg. S, 6.250%, 07/15/21		974
EUR	1,700	Ineos Finance plc, Reg. S, 4.000%, 05/01/23		1,909
		Jaguar Land Rover Automotive plc,
	200	4.125%, 12/15/18 (e)		204
	409	4.250%, 11/15/19 (e)		423
	537	5.625%, 02/01/23 (e)		563
GBP	642	Reg. S, 3.875%, 03/01/23		830
EUR	300	Merlin Entertainments plc, Reg. S, 2.750%, 03/15/22		338
		Noble Holding International Ltd.,
	24	5.250%, 03/15/42		17
	160	6.200%, 08/01/40		125
	199	7.750%, 01/15/24		198
GBP	500	Pizzaexpress Financing 2 plc, Reg. S, 6.625%, 08/01/21		638
		Royal Bank of Scotland Group plc,
	1,147	6.100%, 06/10/23		1,212
	1,185	6.125%, 12/15/22		1,250
	200	VAR, 7.500%, 08/10/20 (x)		194
	200	VAR, 8.625%, 08/15/21 (x)		207
EUR	1,150	Synlab Unsecured Bondco plc, Reg. S, 8.250%, 07/01/23		1,372
EUR	2,250	Tesco Corporate Treasury Services plc, Reg. S, 2.500%, 07/01/24		2,489
		Virgin Media Finance plc,
	600	6.375%, 04/15/23 (e)		630
EUR	900	Reg. S, 4.500%, 01/15/25		994
EUR	500	Worldpay Finance plc, Reg. S, 3.750%, 11/15/22		573

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United Kingdom –– continued
				26,358
		United States — 18.7%
	485	21st Century Fox America, Inc., 4.950%, 10/15/45		490
	255	Abbott Laboratories, 4.900%, 11/30/46		257
	530	AbbVie, Inc., 4.450%, 05/14/46		495
		Acadia Healthcare Co., Inc.,
	25	5.125%, 07/01/22		25
	555	5.625%, 02/15/23		563
	40	6.125%, 03/15/21		41
	115	6.500%, 03/01/24		120
	193	ACCO Brands Corp., 5.250%, 12/15/24 (e)		194
	303	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		255
	510	Actavis Funding SCS, 4.750%, 03/15/45		503
		Adient Global Holdings Ltd.,
EUR	383	3.500%, 08/15/24 (e)		413
EUR	350	Reg. S, 3.500%, 08/15/24		377
		ADT Corp. (The),
	108	3.500%, 07/15/22		102
	1,390	4.125%, 06/15/23		1,326
	153	Advanced Micro Devices, Inc., 7.000%, 07/01/24		158
	1,180	AECOM, 5.875%, 10/15/24		1,271
		AES Corp.,
	1,000	5.500%, 04/15/25		1,012
	188	6.000%, 05/15/26		195
	556	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		520
		Aircastle Ltd.,
	410	5.125%, 03/15/21		431
	349	5.500%, 02/15/22		366
	161	7.625%, 04/15/20		182
	177	Airxcel, Inc., 8.500%, 02/15/22 (e)		181
	440	AK Steel Corp., 7.500%, 07/15/23		482
		Albertsons Cos. LLC,
	650	5.750%, 03/15/25 (e)		646
	875	6.625%, 06/15/24 (e)		912
	257	Alcoa Nederland Holding BV, 6.750%, 09/30/24 (e)		279
		Alere, Inc.,
	190	6.375%, 07/01/23 (e)		192
	292	6.500%, 06/15/20		292
		Aleris International, Inc.,
	60	7.875%, 11/01/20		61
	230	9.500%, 04/01/21 (e)		250

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Alliance Data Systems Corp.,
	218	5.375%, 08/01/22 (e)		213
	170	5.875%, 11/01/21 (e)		176
		Ally Financial, Inc.,
	319	3.250%, 11/05/18		321
	102	3.600%, 05/21/18		104
	670	4.125%, 03/30/20		682
	566	4.125%, 02/13/22		565
	778	4.625%, 05/19/22		790
	25	4.625%, 03/30/25		25
	710	5.125%, 09/30/24		729
	400	5.750%, 11/20/25		408
	23	6.250%, 12/01/17		24
	448	8.000%, 11/01/31		532
		Altice US Finance I Corp.,
	1,030	5.375%, 07/15/23 (e)		1,073
	457	5.500%, 05/15/26 (e)		468
	260	Altria Group, Inc., 3.875%, 09/16/46		238
	200	AMC Entertainment Holdings, Inc., 5.750%, 06/15/25		206
		AMC Networks, Inc.,
	300	4.750%, 12/15/22		306
	430	5.000%, 04/01/24		439
	325	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		337
	550	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		566
	525	American International Group, Inc., 4.800%, 07/10/45		535
	36	AmeriGas Finance LLC, 7.000%, 05/20/22		38
		AmeriGas Partners LP,
	227	5.500%, 05/20/25		232
	472	5.625%, 05/20/24		490
	127	5.875%, 08/20/26		132
	525	Amgen, Inc., 4.400%, 05/01/45		499
	164	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		164
	30	Analog Devices, Inc., 4.500%, 12/05/36		30
	425	Anixter, Inc., 5.500%, 03/01/23		443
		Antero Resources Corp.,
	186	5.000%, 03/01/25 (e)		182
	1,560	5.125%, 12/01/22		1,572
	387	5.375%, 11/01/21		396
	835	Apple, Inc., 3.850%, 08/04/46		776
	90	Arch Capital Finance LLC, 5.031%, 12/15/46		94
	45	Archrock Partners LP, 6.000%, 10/01/22		44

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		Arconic, Inc.,
	932	5.125%, 10/01/24		968
	220	5.400%, 04/15/21		234
	125	5.900%, 02/01/27		133
	370	6.150%, 08/15/20		402
	5	6.750%, 07/15/18		6
	120	6.750%, 01/15/28		130
		AT&T, Inc.,
	150	4.350%, 06/15/45		129
	850	4.500%, 03/09/48		742
		Avaya, Inc.,
	740	7.000%, 04/01/19 (e)		613
	287	10.500%, 03/01/21		78
EUR	550	Axalta Coating Systems LLC, Reg. S, 4.250%, 08/15/24		629
		Ball Corp.,
	100	4.000%, 11/15/23		99
EUR	600	4.375%, 12/15/23		724
	150	5.000%, 03/15/22		158
	410	5.250%, 07/01/25		431
		Bank of America Corp.,
	270	3.500%, 04/19/26		265
	360	4.875%, 04/01/44		380
	410	Series AA, VAR, 6.100%, 03/17/25 (x)		428
		Belden, Inc.,
	3	5.250%, 07/15/24 (e)		3
	226	5.500%, 09/01/22 (e)		233
	570	Berkshire Hathaway Energy Co., 4.500%, 02/01/45		592
		Berry Plastics Corp.,
	630	5.125%, 07/15/23		645
	190	5.500%, 05/15/22		197
		Blue Cube Spinco, Inc.,
	615	9.750%, 10/15/23		730
	1,319	10.000%, 10/15/25		1,596
	135	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		138
	630	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		622
		Boyd Gaming Corp.,
	120	6.375%, 04/01/26 (e)		129
	342	6.875%, 05/15/23		367
	923	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		921
		Cablevision Systems Corp.,
	852	8.000%, 04/15/20		941

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	74	8.625%, 09/15/17		77
		CalAtlantic Group, Inc.,
	90	5.375%, 10/01/22		93
	515	5.875%, 11/15/24		536
	652	Caleres, Inc., 6.250%, 08/15/23		681
		California Resources Corp.,
	3	5.500%, 09/15/21		2
	1,677	8.000%, 12/15/22 (e)		1,493
	277	Callon Petroleum Co., 6.125%, 10/01/24 (e)		293
		Calpine Corp.,
	370	5.250%, 06/01/26 (e)		373
	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)		790
	500	6.000%, 01/15/22 (e)		522
	526	Camelot Finance SA, 7.875%, 10/15/24 (e)		556
	161	Capsugel SA, 7.000% (cash), 05/15/19 (e) (v)		162
	345	CBS Corp., 4.600%, 01/15/45		332
	76	CCM Merger, Inc., 9.125%, 05/01/19 (e)		79
		CCO Holdings LLC,
	345	5.125%, 05/01/27 (e)		351
	480	5.500%, 05/01/26 (e)		503
	1,044	5.750%, 02/15/26 (e)		1,106
	1,981	5.875%, 04/01/24 (e)		2,119
		CDW LLC,
	105	5.000%, 09/01/23		107
	185	5.500%, 12/01/24		193
	444	6.000%, 08/15/22		468
	5	Cedar Fair LP, 5.375%, 06/01/24		5
		Centene Corp.,
	162	4.750%, 05/15/22		165
	355	4.750%, 01/15/25		350
	295	5.625%, 02/15/21		310
	260	6.125%, 02/15/24		276
	477	Central Garden & Pet Co., 6.125%, 11/15/23		510
		CF Industries, Inc.,
	100	3.400%, 12/01/21 (e)		100
	121	4.500%, 12/01/26 (e)		121
	516	5.150%, 03/15/34		473
	77	5.375%, 03/15/44		67
	15	7.125%, 05/01/20		17
		Change Healthcare Holdings, Inc.,
	565	6.000%, 02/15/21 (e)		598

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	405	11.000%, 12/31/19		417
	460	Charter Communications Operating LLC, 6.484%, 10/23/45		523
	270	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		301
		Chesapeake Energy Corp.,
	387	4.875%, 04/15/22		361
	113	5.750%, 03/15/23		108
	220	6.125%, 02/15/21		217
	178	8.000%, 12/15/22 (e)		190
	311	8.000%, 01/15/25 (e)		320
	320	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		338
	568	Cinemark USA, Inc., 5.125%, 12/15/22		584
	1,770	CIT Group, Inc., 5.000%, 08/15/22		1,854
	396	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		426
	362	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		375
		Citigroup, Inc.,
	275	3.400%, 05/01/26		265
	308	4.650%, 07/30/45		318
	230	VAR, 3.887%, 01/10/28		230
	95	VAR, 5.950%, 01/30/23 (x)		98
	15	Series P, VAR, 5.950%, 05/15/25 (x)		15
	415	Series Q, VAR, 5.950%, 08/15/20 (x)		431
	560	Series R, VAR, 6.125%, 11/15/20 (x)		588
	240	Series T, VAR, 6.250%, 08/15/26 (x)		253
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		72
	26	9.000%, 03/15/19 (e)		12
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.500%, 11/15/22		15
	55	Series A, 7.625%, 03/15/20		54
	1,345	Series B, 6.500%, 11/15/22		1,404
	465	Series B, 7.625%, 03/15/20		466
		Clearwater Paper Corp.,
	270	4.500%, 02/01/23		269
	91	5.375%, 02/01/25 (e)		90
	34	Cloud Peak Energy Resources LLC, 12.000%, 11/01/21		36
	499	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		420
		CNO Financial Group, Inc.,
	39	4.500%, 05/30/20		40
	645	5.250%, 05/30/25		649
	244	Coeur Mining, Inc., 7.875%, 02/01/21		251
	235	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		275

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	270	Comcast Corp., 3.400%, 07/15/46		228
	464	Commercial Metals Co., 4.875%, 05/15/23		473
	263	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		280
		CommScope, Inc.,
	23	4.375%, 06/15/20 (e)		24
	310	5.000%, 06/15/21 (e)		318
	335	5.500%, 06/15/24 (e)		346
	302	Communications Sales & Leasing, Inc., 6.000%, 04/15/23 (e)		317
		Community Health Systems, Inc.,
	4	5.125%, 08/15/18		4
	535	5.125%, 08/01/21		504
	334	6.875%, 02/01/22		244
	320	7.125%, 07/15/20		263
	354	8.000%, 11/15/19		314
	100	Concho Resources, Inc., 5.500%, 10/01/22		104
	30	CONSOL Energy, Inc., 5.875%, 04/15/22		29
	306	Consolidated Communications, Inc., 6.500%, 10/01/22		307
		Continental Resources, Inc.,
	91	3.800%, 06/01/24		85
	152	4.500%, 04/15/23		150
	1,255	5.000%, 09/15/22		1,283
	181	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		182
	1,471	Cortes NP Acquisition Corp., 9.250%, 10/15/24 (e)		1,555
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		99
	95	6.375%, 10/01/22		98
		Crestwood Midstream Partners LP,
	55	6.000%, 12/15/20		57
	9	6.125%, 03/01/22		9
	394	6.250%, 04/01/23		407
		Crown Americas LLC,
	225	4.250%, 09/30/26 (e)		215
	125	4.500%, 01/15/23		128
EUR	750	Crown European Holdings SA, Reg. S, 4.000%, 07/15/22		890
		CSC Holdings LLC,
	463	5.500%, 04/15/27 (e)		469
	580	6.750%, 11/15/21		630
	281	8.625%, 02/15/19		312
	20	CSI Compressco LP, 7.250%, 08/15/22		19
	1,476	CVR Partners LP, 9.250%, 06/15/23 (e)		1,572

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	71	Dana, Inc., 5.500%, 12/15/24		74
		DaVita, Inc.,
	335	5.000%, 05/01/25		327
	538	5.125%, 07/15/24		533
	115	5.750%, 08/15/22		120
		DCP Midstream Operating LP,
	356	3.875%, 03/15/23		344
	75	4.750%, 09/30/21 (e)		76
	87	4.950%, 04/01/22		90
	25	5.350%, 03/15/20 (e)		26
	270	6.750%, 09/15/37 (e)		281
	1,287	Dean Foods Co., 6.500%, 03/15/23 (e)		1,345
		Diamond 1 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)		498
	670	5.875%, 06/15/21 (e)		707
	464	6.020%, 06/15/26 (e)		501
	593	7.125%, 06/15/24 (e)		649
	460	8.350%, 07/15/46 (e)		575
	178	Diamondback Energy, Inc., 4.750%, 11/01/24 (e)		178
	371	Diebold Nixdorf, Inc., 8.500%, 04/15/24		405
		DISH DBS Corp.,
	145	5.875%, 07/15/22		151
	2,464	6.750%, 06/01/21		2,649
	117	7.750%, 07/01/26		130
	611	Dollar Tree, Inc., 5.750%, 03/01/23		646
	460	Dominion Gas Holdings LLC, 4.600%, 12/15/44		462
	316	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		316
	310	DuPont Fabros Technology LP, 5.875%, 09/15/21		324
		Dynegy, Inc.,
	792	5.875%, 06/01/23		721
	190	7.375%, 11/01/22		188
	330	7.625%, 11/01/24		314
	200	8.000%, 01/15/25 (e)		192
	115	E*TRADE Financial Corp., 5.375%, 11/15/22		122
	65	Eldorado Resorts, Inc., 7.000%, 08/01/23		69
	3,787	Embarq Corp., 7.995%, 06/01/36		3,683
		EMC Corp.,
	326	2.650%, 06/01/20		316

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	180	3.375%, 06/01/23		168
	220	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		240
		Endo Finance LLC,
	250	5.375%, 01/15/23 (e)		209
	546	5.750%, 01/15/22 (e)		476
	600	Endo Ltd., 6.000%, 07/15/23 (e)		511
	883	Energy Transfer Equity LP, 5.875%, 01/15/24		943
	420	EnerSys, 5.000%, 04/30/23 (e)		427
		Ensco plc,
	52	4.500%, 10/01/24		46
	115	5.200%, 03/15/25		105
	50	8.000%, 01/31/24 (e)		52
	525	Enterprise Products Operating LLC, 4.900%, 05/15/46		538
		Envision Healthcare Corp.,
	546	5.125%, 07/01/22 (e)		555
	524	5.625%, 07/15/22		540
		EP Energy LLC,
	104	6.375%, 06/15/23		91
	172	7.750%, 09/01/22		158
	258	8.000%, 11/29/24 (e)		279
	1,688	9.375%, 05/01/20		1,717
		Equinix, Inc.,
	750	5.375%, 01/01/22		793
	47	5.375%, 04/01/23		49
	183	5.750%, 01/01/25		193
	86	5.875%, 01/15/26		92
	478	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		480
	520	Exelon Corp., 4.450%, 04/15/46		517
	540	Express Scripts Holding Co., 4.800%, 07/15/46 (j)		507
	146	Ferrellgas LP, 6.750%, 06/15/23		146
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		201
		First Data Corp.,
	580	5.000%, 01/15/24 (e)		586
	150	5.375%, 08/15/23 (e)		154
	733	5.750%, 01/15/24 (e)		755
	20	6.750%, 11/01/20 (e)		21
	1,182	7.000%, 12/01/23 (e)		1,253
	97	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		99
		Flex Ltd.,
	15	4.625%, 02/15/20		16

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	195	5.000%, 02/15/23		207
		Ford Motor Co.,
	545	4.750%, 01/15/43		510
	265	5.291%, 12/08/46		263
		Freeport-McMoRan, Inc.,
	880	3.100%, 03/15/20		874
	260	3.550%, 03/01/22		243
	795	3.875%, 03/15/23		733
	392	5.400%, 11/14/34		342
	658	5.450%, 03/15/43		566
		Frontier Communications Corp.,
	840	6.250%, 09/15/21		785
	1,180	8.500%, 04/15/20		1,258
	614	9.250%, 07/01/21		641
	703	10.500%, 09/15/22		735
	1,177	11.000%, 09/15/25		1,190
	210	FTI Consulting, Inc., 6.000%, 11/15/22		218
	352	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		401
	525	General Motors Co., 5.200%, 04/01/45		513
		Genesis Energy LP,
	467	5.625%, 06/15/24		470
	65	5.750%, 02/15/21		67
	52	6.000%, 05/15/23		53
	30	6.750%, 08/01/22		32
	595	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		643
	720	GenOn Energy, Inc., 9.875%, 10/15/20		530
	550	Gilead Sciences, Inc., 4.150%, 03/01/47		515
		Global Partners LP,
	165	6.250%, 07/15/22		159
	155	7.000%, 06/15/23		152
		GLP Capital LP,
	20	4.375%, 04/15/21		21
	650	5.375%, 11/01/23		697
	275	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		295
		Goldman Sachs Group, Inc. (The),
	275	3.500%, 11/16/26		268
	375	4.750%, 10/21/45		389
	120	Goodman Networks, Inc., 12.125%, 07/01/18		50
		Goodyear Tire & Rubber Co. (The),
	290	5.000%, 05/31/26		292
	675	5.125%, 11/15/23		693
	140	7.000%, 05/15/22		146

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Graphic Packaging International, Inc.,
	100	4.125%, 08/15/24		97
	110	4.750%, 04/15/21		116
	150	4.875%, 11/15/22		155
		Gray Television, Inc.,
	285	5.125%, 10/15/24 (e)		280
	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)		1,002
	9	Guitar Center, Inc., 6.500%, 04/15/19 (e)		8
	235	H&E Equipment Services, Inc., 7.000%, 09/01/22		248
	520	Halliburton Co., 5.000%, 11/15/45		557
	463	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		407
		Harland Clarke Holdings Corp.,
	250	6.875%, 03/01/20 (e)		248
	5	9.750%, 08/01/18 (e)		5
	430	Harris Corp., 5.054%, 04/27/45		465
	525	HCA Holdings, Inc., 6.250%, 02/15/21		563
		HCA, Inc.,
	289	3.750%, 03/15/19		294
	205	4.250%, 10/15/19		212
	280	4.500%, 02/15/27		276
	55	4.750%, 05/01/23		57
	346	5.000%, 03/15/24		360
	165	5.250%, 04/15/25		174
	295	5.250%, 06/15/26		308
	551	5.375%, 02/01/25		562
	575	5.875%, 03/15/22		625
	891	5.875%, 05/01/23		951
	535	5.875%, 02/15/26		556
	125	6.500%, 02/15/20		137
	472	7.500%, 02/15/22		538
	5	8.000%, 10/01/18		5
		HD Supply, Inc.,
	200	5.250%, 12/15/21 (e)		210
	330	5.750%, 04/15/24 (e)		347
	455	Hecla Mining Co., 6.875%, 05/01/21		471
	550	Hess Corp., 5.800%, 04/01/47		585
	1,432	Hexion, Inc., 6.625%, 04/15/20		1,335
		Hilcorp Energy I LP,
	970	5.000%, 12/01/24 (e)		955
	60	5.750%, 10/01/25 (e)		61

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	375	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		368
	115	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		120
	409	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		428
	588	Hologic, Inc., 5.250%, 07/15/22 (e)		613
		Hughes Satellite Systems Corp.,
	624	5.250%, 08/01/26 (e)		624
	174	6.625%, 08/01/26 (e)		180
	50	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		52
	1,010	IASIS Healthcare LLC, 8.375%, 05/15/19		967
		Icahn Enterprises LP,
	35	4.875%, 03/15/19		35
	115	5.875%, 02/01/22		115
	315	6.000%, 08/01/20		323
	114	6.250%, 02/01/22 (e)		115
	114	6.750%, 02/01/24 (e)		114
	1,695	iHeartCommunications, Inc., 9.000%, 12/15/19		1,419
	825	IHS Markit Ltd., 5.000%, 11/01/22 (e)		855
	1,015	ILFC E-Capital Trust I, VAR, 4.670%, 12/21/65 (e)		891
	580	ILFC E-Capital Trust II, VAR, 4.920%, 12/21/65 (e)		526
	303	Infor Software Parent LLC, 7.125% (cash), 05/01/21 (e) (v)		311
		Infor US, Inc.,
	324	5.750%, 08/15/20 (e)		337
	524	6.500%, 05/15/22		538
	163	Informatica LLC, 7.125%, 07/15/23 (e)		157
	300	Ingles Markets, Inc., 5.750%, 06/15/23		307
	110	Intel Corp., 4.100%, 05/19/46		109
		International Game Technology plc,
	375	6.250%, 02/15/22 (e)		400
	400	6.500%, 02/15/25 (e)		432
EUR	1,500	Reg. S, 4.750%, 02/15/23		1,771
	315	International Wire Group, Inc., 10.750%, 08/01/21 (e)		302
		Iron Mountain, Inc.,
	454	5.750%, 08/15/24		461
	266	6.000%, 10/01/20 (e)		278
	235	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		243
	465	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		475

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	245	Jaguar Holding Co. II, 6.375%, 08/01/23 (e)		260
		JC Penney Corp., Inc.,
	450	5.875%, 07/01/23 (e)		458
	4	8.125%, 10/01/19		4
	59	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		59
	151	Kaiser Aluminum Corp., 5.875%, 05/15/24		158
	44	Kennedy-Wilson, Inc., 5.875%, 04/01/24		45
		KFC Holding Co.,
	250	5.000%, 06/01/24 (e)		254
	250	5.250%, 06/01/26 (e)		253
	171	Koppers, Inc., 6.000%, 02/15/25 (e)		177
	520	Kraft Heinz Foods Co., 4.375%, 06/01/46		486
	555	Kroger Co. (The), 3.875%, 10/15/46		499
		L Brands, Inc.,
	385	5.625%, 02/15/22		403
	300	5.625%, 10/15/23		312
	250	6.750%, 07/01/36		241
	325	6.875%, 11/01/35		317
	45	L-3 Communications Corp., 3.850%, 12/15/26		45
		Lamar Media Corp.,
	175	5.000%, 05/01/23		180
	432	5.375%, 01/15/24		450
	178	5.750%, 02/01/26		189
	294	Landry’s, Inc., 6.750%, 10/15/24 (e)		303
		Level 3 Financing, Inc.,
	384	5.125%, 05/01/23		387
	417	5.250%, 03/15/26 (e)		415
	50	5.375%, 08/15/22		52
	197	5.375%, 01/15/24		200
	306	5.375%, 05/01/25		312
	442	5.625%, 02/01/23		452
	5	VAR, 4.762%, 01/15/18		5
	5	Levi Strauss & Co., 5.000%, 05/01/25		5
	251	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		287
		LifePoint Health, Inc.,
	75	5.375%, 05/01/24 (e)		72
	254	5.500%, 12/01/21		260
	363	LIN Television Corp., 5.875%, 11/15/22		370
		Live Nation Entertainment, Inc.,
	360	4.875%, 11/01/24 (e)		360
	410	5.375%, 06/15/22 (e)		428
	EUR 750	LKQ Italia Bondco SpA, Reg. S, 3.875%, 04/01/24		855
	350	Lockheed Martin Corp., 3.800%, 03/01/45		326

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	338	M/I Homes, Inc., 6.750%, 01/15/21		354
		Mallinckrodt International Finance SA,
	63	4.750%, 04/15/23		52
	90	5.500%, 04/15/25 (e)		77
	916	5.625%, 10/15/23 (e)		812
	183	5.750%, 08/01/22 (e)		170
	158	Martin Midstream Partners LP, 7.250%, 02/15/21		160
	4	Masco Corp., 5.950%, 03/15/22		4
	305	Masonite International Corp., 5.625%, 03/15/23 (e)		316
	1,102	MasTec, Inc., 4.875%, 03/15/23		1,090
		Match Group, Inc.,
	110	6.375%, 06/01/24		118
	200	6.750%, 12/15/22		210
	359	Mediacom Broadband LLC, 6.375%, 04/01/23		376
	520	MetLife, Inc., 4.600%, 05/13/46		544
	95	MGM Growth Properties Operating Partnership LP, 5.625%, 05/01/24 (e)		99
		MGM Resorts International,
	296	4.625%, 09/01/26		287
	260	6.000%, 03/15/23		280
	1,075	6.625%, 12/15/21		1,199
	145	6.750%, 10/01/20		160
	280	7.750%, 03/15/22		326
		Micron Technology, Inc.,
	425	5.250%, 08/01/23 (e)		426
	529	5.250%, 01/15/24 (e)		531
	444	5.500%, 02/01/25		446
	14	5.625%, 01/15/26 (e)		14
	17	5.875%, 02/15/22		18
	121	7.500%, 09/15/23 (e)		134
	216	Microsemi Corp., 9.125%, 04/15/23 (e)		251
	550	Microsoft Corp., 3.700%, 08/08/46		505
	550	Milacron LLC, 7.750%, 02/15/21 (e)		573
	35	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		—
	307	Momentive Performance Materials, Inc., 3.880%, 10/24/21		298
	395	Morgan Stanley, 4.300%, 01/27/45		387
	640	MPG Holdco I, Inc., 7.375%, 10/15/22		690
	646	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		686
	404	MSCI, Inc., 5.250%, 11/15/24 (e)		419
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	525	Mylan NV, 5.250%, 06/15/46 (e)		493

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	460	Nabors Industries, Inc., 5.500%, 01/15/23 (e)		481
		Nationstar Mortgage LLC,
	300	6.500%, 08/01/18		305
	15	6.500%, 07/01/21		15
	483	6.500%, 06/01/22		482
	45	7.875%, 10/01/20		47
	300	Navistar International Corp., 8.250%, 11/01/21		303
	766	NBTY, Inc., 7.625%, 05/15/21 (e)		802
	280	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		305
	530	NCL Corp. Ltd., 4.750%, 12/15/21 (e)		534
		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)		217
		Netflix, Inc.,
	471	4.375%, 11/15/26 (e)		462
	150	5.500%, 02/15/22		161
	115	5.750%, 03/01/24		124
		New Albertsons, Inc.,
	121	6.625%, 06/01/28		110
	204	7.450%, 08/01/29		199
	30	7.750%, 06/15/26		30
	392	8.000%, 05/01/31		384
	225	8.700%, 05/01/30		231
		Newfield Exploration Co.,
	126	5.625%, 07/01/24		133
	193	5.750%, 01/30/22		205
		Nexstar Broadcasting, Inc.,
	35	6.125%, 02/15/22 (e)		36
	25	6.875%, 11/15/20		26
	245	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		245
	288	NFP Corp., 9.000%, 07/15/21 (e)		302
	2	NGL Energy Partners LP, 5.125%, 07/15/19		2
	425	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		444
	50	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		52
	1,033	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		1,051
	483	Noble Energy, Inc., 5.050%, 11/15/44		494
		Novelis Corp.,
	449	5.875%, 09/30/26 (e)		458
	446	6.250%, 08/15/24 (e)		471

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		NRG Energy, Inc.,
	850	6.250%, 05/01/24		865
	11	6.625%, 03/15/23		11
	215	7.250%, 05/15/26 (e)		225
		NRG Yield Operating LLC,
	180	5.000%, 09/15/26 (e)		175
	600	5.375%, 08/15/24		612
	228	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		234
		NuStar Logistics LP,
	156	4.800%, 09/01/20		159
	144	6.750%, 02/01/21		156
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		35
		Oasis Petroleum, Inc.,
	247	6.500%, 11/01/21		253
	89	6.875%, 03/15/22		91
	83	6.875%, 01/15/23		85
	505	ONEOK Partners LP, 6.200%, 09/15/43		578
		ONEOK, Inc.,
	279	4.250%, 02/01/22		285
	47	7.500%, 09/01/23		54
	430	Oracle Corp., 4.000%, 07/15/46		404
		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		68
		Outfront Media Capital LLC,
	33	5.250%, 02/15/22		34
	245	5.625%, 02/15/24		256
	405	5.875%, 03/15/25		423
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		83
	255	5.375%, 01/15/25 (e)		256
	267	6.375%, 08/15/25 (e)		284
	284	Parker Drilling Co., 6.750%, 07/15/22		246
	310	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		317
	268	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		273
	167	PBF Holding Co. LLC, 7.000%, 11/15/23		170
	157	PBF Logistics LP, 6.875%, 05/15/23		160
	75	Penn Virginia Corp., 8.500%, 05/01/20 (d)		2
	293	Penske Automotive Group, Inc., 5.500%, 05/15/26		292

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	80	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		82
	534	PetSmart, Inc., 7.125%, 03/15/23 (e)		525
	290	Philip Morris International, Inc., 4.875%, 11/15/43		309
	495	Phillips 66, 4.875%, 11/15/44		521
	150	Phillips 66 Partners LP, 4.900%, 10/01/46		147
	329	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		331
	311	Plantronics, Inc., 5.500%, 05/31/23 (e)		317
	1,135	PolyOne Corp., 5.250%, 03/15/23		1,163
		Post Holdings, Inc.,
	250	5.000%, 08/15/26 (e)		242
	100	8.000%, 07/15/25 (e)		112
	90	Prestige Brands, Inc., 6.375%, 03/01/24 (e)		94
	1,720	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		1,864
	115	Provident Funding Associates LP, 6.750%, 06/15/21 (e)		116
	525	Prudential Financial, Inc., 4.600%, 05/15/44		546
EUR	400	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		445
	15	PVH Corp., 4.500%, 12/15/22		15
		QEP Resources, Inc.,
	399	5.250%, 05/01/23		396
	601	5.375%, 10/01/22		607
	291	Qorvo, Inc., 6.750%, 12/01/23		317
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		10
	785	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		756
		Quintiles IMS, Inc.,
	230	4.875%, 05/15/23 (e)		233
	330	5.000%, 10/15/26 (e)		332
		Qwest Capital Funding, Inc.,
	7	6.875%, 07/15/28		7
	345	7.750%, 02/15/31		323
	145	Qwest Corp., 7.250%, 09/15/25		156
	294	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		305
	421	Radian Group, Inc., 7.000%, 03/15/21		466
	25	Radio Systems Corp., 8.375%, 11/01/19 (e)		26
	100	Rain CII Carbon LLC, 8.000%, 12/01/18 (e)		100
		Range Resources Corp.,
	305	4.875%, 05/15/25		297
	171	5.000%, 03/15/23 (e)		170
		Regal Entertainment Group,
	365	5.750%, 03/15/22		380
	50	5.750%, 06/15/23		52

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	250	5.750%, 02/01/25		254
		Revlon Consumer Products Corp.,
	110	5.750%, 02/15/21		111
	924	6.250%, 08/01/24		956
	186	Rice Energy, Inc., 7.250%, 05/01/23		199
		Rite Aid Corp.,
	911	6.125%, 04/01/23 (e)		949
	5	6.750%, 06/15/21		5
	10	9.250%, 03/15/20		10
		Rose Rock Midstream LP,
	228	5.625%, 07/15/22		227
	20	5.625%, 11/15/23		20
	442	Rowan Cos., Inc., 7.375%, 06/15/25		462
		Royal Caribbean Cruises Ltd.,
	15	5.250%, 11/15/22		16
	1	7.500%, 10/15/27		1
		RSP Permian, Inc.,
	150	5.250%, 01/15/25 (e)		154
	360	6.625%, 10/01/22		380
		Sabine Pass Liquefaction LLC,
	1,822	5.625%, 03/01/25		1,979
	160	5.625%, 02/01/21		173
	180	5.625%, 04/15/23		195
	100	5.750%, 05/15/24		109
	325	5.875%, 06/30/26 (e)		361
	430	6.250%, 03/15/22		480
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		40
	110	5.375%, 04/15/23 (e)		112
	11	Safeway, Inc., 5.000%, 08/15/19		11
		Sally Holdings LLC,
	75	5.500%, 11/01/23		78
	267	5.625%, 12/01/25		279
	250	5.750%, 06/01/22		259
		SBA Communications Corp.,
	228	4.875%, 07/15/22		231
	103	4.875%, 09/01/24 (e)		101
		Scientific Games International, Inc.,
	510	7.000%, 01/01/22 (e)		545
	970	10.000%, 12/01/22		994
		Scotts Miracle-Gro Co. (The),
	157	5.250%, 12/15/26 (e)		158
	200	6.000%, 10/15/23 (e)		212
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		108

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	410	5.125%, 12/01/24 (e)		424
	100	5.250%, 04/01/23 (e)		105
	400	5.500%, 09/15/25 (e)		422
	51	SemGroup Corp., 7.500%, 06/15/21		53
	1,100	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		1,117
		Sensata Technologies BV,
	388	4.875%, 10/15/23 (e)		396
	38	5.000%, 10/01/25 (e)		38
	7	5.625%, 11/01/24 (e)		8
	200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		215
		Service Corp. International,
	420	5.375%, 05/15/24		440
	80	8.000%, 11/15/21		93
	172	ServiceMaster Co. LLC (The), 5.125%, 11/15/24 (e)		174
	640	SESI LLC, 7.125%, 12/15/21		657
	305	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		332
		Sinclair Television Group, Inc.,
	170	5.125%, 02/15/27 (e)		160
	10	5.375%, 04/01/21		10
	247	5.625%, 08/01/24 (e)		252
	115	6.125%, 10/01/22		120
		Sirius XM Radio, Inc.,
	419	4.625%, 05/15/23 (e)		421
	430	5.375%, 04/15/25 (e)		439
	150	5.750%, 08/01/21 (e)		156
	266	6.000%, 07/15/24 (e)		283
	270	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		268
		SM Energy Co.,
	525	5.000%, 01/15/24		500
	241	5.625%, 06/01/25		236
	19	6.500%, 01/01/23		20
	100	6.750%, 09/15/26		104
	430	Solera LLC, 10.500%, 03/01/24 (e)		488
	440	Southern Power Co., Series F, 4.950%, 12/15/46		434
	55	Spectra Energy Partners LP, 4.500%, 03/15/45		53
		Spectrum Brands, Inc.,
	664	5.750%, 07/15/25		694
	14	6.125%, 12/15/24		15
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	300	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		307
	398	Springleaf Finance Corp., 7.750%, 10/01/21		415
		Sprint Capital Corp.,
	197	6.875%, 11/15/28		203
	177	6.900%, 05/01/19		189
	820	8.750%, 03/15/32		941
		Sprint Communications, Inc.,
	799	7.000%, 03/01/20 (e)		868
	630	7.000%, 08/15/20		674
	102	8.375%, 08/15/17		105
	750	9.000%, 11/15/18 (e)		821
		Sprint Corp.,
	1,731	7.125%, 06/15/24		1,826
	629	7.250%, 09/15/21		673
	580	7.625%, 02/15/25		623
	907	7.875%, 09/15/23		991
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		127
		Standard Industries, Inc.,
	94	5.125%, 02/15/21 (e)		98
	365	5.375%, 11/15/24 (e)		377
	158	5.500%, 02/15/23 (e)		164
	593	6.000%, 10/15/25 (e)		626
		Steel Dynamics, Inc.,
	140	5.000%, 12/15/26 (e)		143
	165	5.125%, 10/01/21		171
	301	5.500%, 10/01/24		319
	285	6.375%, 08/15/22		298
	255	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		259
	23	Stone Energy Corp., 7.500%, 11/15/22 (d)		14
	900	Summit Materials LLC, 6.125%, 07/15/23		929
		Summit Midstream Holdings LLC,
	208	5.500%, 08/15/22		209
	85	7.500%, 07/01/21		89
	540	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45		545
		Sunoco LP,
	489	6.250%, 04/15/21		501
	290	6.375%, 04/01/23		298
		SUPERVALU, Inc.,
	582	6.750%, 06/01/21		581
	1,400	7.750%, 11/15/22		1,361
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		122

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	15	4.625%, 07/15/19 (e)		14
	100	6.500%, 06/01/25		81
	310	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		315
		Targa Resources Partners LP,
	373	4.250%, 11/15/23		367
	365	5.125%, 02/01/25 (e)		378
	60	5.250%, 05/01/23		61
	125	5.375%, 02/01/27 (e)		130
	100	6.750%, 03/15/24		109
	400	Team Health, Inc., 7.250%, 12/15/23 (e)		458
		TEGNA, Inc.,
	155	4.875%, 09/15/21 (e)		159
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		202
	635	6.375%, 10/15/23		672
		Teleflex, Inc.,
	295	4.875%, 06/01/26		294
	310	5.250%, 06/15/24		319
	265	Tempur Sealy International, Inc., 5.625%, 10/15/23		267
		Tenet Healthcare Corp.,
	685	4.375%, 10/01/21		689
	558	4.500%, 04/01/21		561
	230	4.750%, 06/01/20		233
	130	5.500%, 03/01/19		129
	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		165
	115	7.500%, 01/01/22 (e)		123
	223	8.000%, 08/01/20		225
	116	8.125%, 04/01/22		117
	620	VAR, 4.463%, 06/15/20		628
	84	Tenneco, Inc., 5.375%, 12/15/24		87
	545	Tennessee Merger Sub, Inc., 6.375%, 02/01/25 (e)		533
	639	Terex Corp., 5.625%, 02/01/25 (e)		653
	637	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		702
		TerraForm Power Operating LLC,
	213	SUB, 6.375%, 02/01/23 (e)		219
	487	SUB, 6.625%, 06/15/25 (e)		506
	262	Tesoro Corp., 4.750%, 12/15/23 (e)		269
		Tesoro Logistics LP,
	265	5.250%, 01/15/25		276

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	576	6.250%, 10/15/22		614
	175	6.375%, 05/01/24		190
	1,000	Texas Competitive Electric Holdings Co. LLC, 11.500%, 10/01/20 (d)		37
	495	Time Warner, Inc., 4.850%, 07/15/45		484
		T-Mobile USA, Inc.,
	3	5.250%, 09/01/18		3
	121	6.000%, 03/01/23		128
	862	6.000%, 04/15/24		920
	665	6.125%, 01/15/22		703
	253	6.250%, 04/01/21		262
	281	6.375%, 03/01/25		304
	774	6.500%, 01/15/24		834
	182	6.500%, 01/15/26		200
	129	6.625%, 11/15/20		132
	526	6.625%, 04/01/23		559
	220	6.633%, 04/28/21		230
	674	6.731%, 04/28/22		701
	442	6.836%, 04/28/23		472
	235	Toll Brothers Finance Corp., 5.625%, 01/15/24		247
	134	Tops Holding LLC, 8.000%, 06/15/22 (e)		106
		TransDigm, Inc.,
	462	5.500%, 10/15/20		465
	821	6.000%, 07/15/22		825
	224	6.375%, 06/15/26 (e)		221
	10	6.500%, 07/15/24		10
	270	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		280
		Transocean, Inc.,
	223	5.550%, 10/15/22		203
	871	6.800%, 03/15/38		701
	251	7.500%, 04/15/31		222
	2,434	9.000%, 07/15/23 (e)		2,591
	178	9.100%, 12/15/41		172
EUR	600	Trinseo Materials Operating SCA, Reg. S, 6.375%, 05/01/22		692
	151	Tutor Perini Corp., 7.625%, 11/01/18		152
	412	Unifrax I LLC, 7.500%, 02/15/19 (e)		412
	131	Unit Corp., 6.625%, 05/15/21		130
	320	United Continental Holdings, Inc., 5.000%, 02/01/24		318
		United Rentals North America, Inc.,
	25	4.625%, 07/15/23		26
	700	5.500%, 07/15/25		726
	775	5.750%, 11/15/24		819

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	25	5.875%, 09/15/26		26
	135	6.125%, 06/15/23		142
	121	United States Steel Corp., 8.375%, 07/01/21 (e)		134
	334	Univar USA, Inc., 6.750%, 07/15/23 (e)		347
		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)		283
	550	5.125%, 02/15/25 (e)		524
	613	6.750%, 09/15/22 (e)		643
	300	US Concrete, Inc., 6.375%, 06/01/24		317
	190	US Foods, Inc., 5.875%, 06/15/24 (e)		199
		Valeant Pharmaceuticals International, Inc.,
	427	5.375%, 03/15/20 (e)		367
	126	5.625%, 12/01/21 (e)		99
	603	5.875%, 05/15/23 (e)		459
	411	6.125%, 04/15/25 (e)		308
	943	6.375%, 10/15/20 (e)		829
	385	6.750%, 08/15/18 (e)		380
	503	6.750%, 08/15/21 (e)		424
	492	7.000%, 10/01/20 (e)		445
	259	7.250%, 07/15/22 (e)		217
	299	7.500%, 07/15/21 (e)		260
	55	Valvoline, Inc., 5.500%, 07/15/24 (e)		58
		VEREIT Operating Partnership LP,
	68	4.125%, 06/01/21		69
	30	4.875%, 06/01/26		31
	54	VeriSign, Inc., 5.250%, 04/01/25		56
		Verizon Communications, Inc.,
	855	4.125%, 08/15/46		736
	130	4.862%, 08/21/46		125
	290	Versum Materials, Inc., 5.500%, 09/30/24 (e)		302
	290	Viacom, Inc., 4.375%, 03/15/43		238
	33	Weatherford International LLC, 6.800%, 06/15/37		28
		Weatherford International Ltd.,
	146	4.500%, 04/15/22		130
	120	5.950%, 04/15/42		94
	306	6.500%, 08/01/36		257
	77	6.750%, 09/15/40		65
	369	7.000%, 03/15/38		319
	68	7.750%, 06/15/21		70
	214	8.250%, 06/15/23		218

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	1,709	9.875%, 02/15/24 (e)		1,846
	7	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		7
	265	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		270
		West Corp.,
	167	4.750%, 07/15/21 (e)		171
	635	5.375%, 07/15/22 (e)		611
		Western Digital Corp.,
	246	7.375%, 04/01/23 (e)		271
	349	10.500%, 04/01/24 (e)		411
	40	Western Gas Partners LP, 5.450%, 04/01/44		42
	131	Western Refining Logistics LP, 7.500%, 02/15/23		142
		Whiting Petroleum Corp.,
	883	5.000%, 03/15/19		899
	300	5.750%, 03/15/21		303
	34	6.250%, 04/01/23		34
		Williams Cos., Inc. (The),
	275	3.700%, 01/15/23		270
	265	5.750%, 06/24/44		268
	21	Series A, 7.500%, 01/15/31		25
	142	7.750%, 06/15/31		168
		Windstream Services LLC,
	135	7.500%, 06/01/22		131
	194	7.500%, 04/01/23		185
	130	Wise Metals Group LLC, 8.750%, 12/15/18 (e)		134
		WMG Acquisition Corp.,
EUR	400	4.125%, 11/01/24 (e)		450
	60	4.875%, 11/01/24 (e)		60
	20	5.000%, 08/01/23 (e)		20
	605	5.625%, 04/15/22 (e)		623
	380	6.750%, 04/15/22 (e)		400
EUR	350	Reg. S, 4.125%, 11/01/24		394
		WPX Energy, Inc.,
	611	5.250%, 09/15/24		602
	55	6.000%, 01/15/22		57
	240	Wynn Las Vegas LLC, 5.375%, 03/15/22		245
		XPO Logistics, Inc.,
	275	6.125%, 09/01/23 (e)		285
	385	6.500%, 06/15/22 (e)		402
	20	Xylem, Inc., 4.375%, 11/01/46		20
		Zayo Group LLC,
	230	5.750%, 01/15/27 (e)		235
	505	6.000%, 04/01/23		527

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	180	6.375%, 05/15/25		190
				282,281
		Total Corporate Bonds (Cost $421,113)		429,214
	Foreign Government Securities — 3.2%
		Australia — 0.7%
AUD	12,925	Republic of Australia, Reg. S, Series 122, 5.250%, 03/15/19		10,505
		Canada — 0.4%
CAD	7,936	Republic of Canada, 1.750%, 03/01/19		6,221
		France — 0.3%
		Republic of France,
EUR	1,460	Reg. S, 3.250%, 05/25/45		1,994
EUR	2,060	Reg. S, 4.750%, 04/25/35		3,325
				5,319
		Italy — 0.4%
		Republic of Italy,
EUR	3,810	0.450%, 06/01/21		4,061
EUR	797	Reg. S, 3.500%, 03/01/30 (e)		946
EUR	562	Reg. S, 4.750%, 09/01/44 (e)		760
				5,767
		Japan — 0.9%
JPY	1,500,000	Government of Japan, Series 343, 0.100%, 06/20/26		13,314
		Spain — 0.2%
EUR	2,467	Kingdom of Spain, Reg. S, 4.000%, 04/30/20 (e)		2,999
		United Kingdom — 0.3%
GBP	4,026	United Kingdom Gilt, Reg. S, 1.000%, 09/07/17		5,093
		Total Foreign Government Securities (Cost $52,403)		49,218
SHARES
	Investment Company — 2.9%
	5,528	JPMorgan Emerging Markets Debt Fund, Class R6 Shares (b) (Cost $45,952)		44,443
PRINCIPAL AMOUNT
	Loan Assignments — 1.1%
		Australia — 0.0% (g)
	122	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19		123

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Loan Assignments — continued
		Canada — 0.1%
	238	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		185
	520	Dynegy, 1st Lien Term Loan C, VAR, 5.000%, 06/27/23		523
	318	MEG Energy Corp.,1st Lien Term B Loan, VAR, 4.540%, 12/31/00 ^		319
				1,027
		United States — 1.0%
	72	Avaya, Inc., DIP Term Loan, VAR, 4.983%, 01/19/18 ^		74
	145	Avaya, Inc., Extending Tranche Term Loan B-3, VAR, 5.537%, 10/26/17 ^		120
	185	Avaya, Inc., Term Loan B-6, VAR, 6.532%, 03/31/18		153
	75	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		75
	780	California Resources, 1st Lien Second Out Term Loan, VAR, 11.375%, 08/05/21		877
	1,085	Chesapeake Energy, 1st Lien Last Out, VAR, 8.500%, 08/23/21 ^		1,186
	212	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		213
	426	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		433
	211	Consolidated Communications, Inc., Term Loan B-2, VAR, 4.000%, 10/05/23 ^		213
	240	Cortes NP Acquisition Corp., 1st Lien Term Loan B, VAR, 6.029%, 09/26/23		241
	165	Dell Software Group, Term Loan, VAR, 7.000%, 09/15/22		167
	100	Delta 2 Sarl, USD Facility B-3, VAR, 5.068%, 07/30/21		100
	1,642	EP Energy LLC, 1st Lien Term Loan, VAR, 9.750%, 06/30/21 ^		1,711
	48	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		47
		First Data Corp., Term Loan,
	495	VAR, 3.775%, 03/24/21		498
	114	VAR, 6.250%, 12/01/23		115
	171	Genesys Telecom Holdings, Term Loan B, VAR, 5.000%, 12/01/23 ^		172
	226	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.554%, 09/01/22		228
	75	Gray Television, Inc., Initial Term Loan, VAR, 3.959%, 06/13/21		75
	1,576	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		1,593

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	71	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		72
	814	J Crew, Initial Loan, VAR, 4.000%, 03/05/21 ^		454
	155	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		156
	667	Lightstone Holdco LLC, Term Loan B, VAR, 6.000%, 12/31/23 ^		674
	63	Lightstone Holdco LLC, Term Loan C, VAR, 6.500%, 12/31/23 ^		64
	216	Microsemi Corp., Closing Date Term B Loan, VAR, 3.019%, 01/15/23		217
	800	Moran Foods LLC, Term Loan B, VAR, 7.000%, 11/29/23		795
	71	MTL Publishing LLC, Term B-4 Loan, VAR, 3.523%, 08/22/22		72
	338	MultiPlan, 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		343
	53	NXP BV, Tranche F Loan, VAR, 3.240%, 12/07/20		53
	142	ON Semiconductor, 1st Lien Term Loan B, VAR, 4.028%, 03/31/23		143
	206	Petco Animal Supplies, Inc., Tranche B-1 Term Loan, VAR, 5.000%, 01/26/23		203
	89	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.526%, 01/13/23 ^		89
	192	Revlon Consumer Products Corp., Term Loan B, VAR, 4.313%, 09/07/23		193
	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		243
	100	Solar Winds Holdings, Inc., 1st Lien Term loan, VAR, 5.500%, 02/03/23		100
	165	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.039%, 04/23/19		148
	8	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		7
	625	Texas Competitive Electric Holdings Co. LLC, Term Loan, VAR, 5.000%, 08/04/23		627
	142	Texas Competitive Electric Holdings Co. LLC, Term Loan C, VAR, 5.000%, 08/04/23		143
	461	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 3.767%, 08/31/24		461
	621	Viskase Cos, Initial Term Loan, VAR, 4.377%, 01/30/21		599
	200	Vistra Operations Co. LLC, Term Loan B-2, VAR, 4.017%, 12/14/23		202

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Options contracts)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Loan Assignments — continued
			United States –– continued
	450		Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		452
	180		XPO Logistics, Inc., Term loan, VAR, 4.250%, 10/31/21		181
					14,987
			Total Loan Assignments (Cost $15,886)		16,137
NUMBER OF CONTRACTS
	Options Purchased — 0.5%
			United States — 0.5%
			Call Options Purchased — 0.5%
	19,252		iShares MSCI Emerging Markets ETF, expiring 03/17/17 at $38.00, American Style		1,117
	4,556		iShares Russell 2000 Index, expiring 03/17/17 at $134.00, American Style		1,854
	135		Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style		48
	681		S&P 500 Index, expiring 03/17/17 at $2,225.00, European Style		4,682
			Total Options Purchased (Cost $7,401)		7,701
SHARES
	Preferred Stocks — 0.3%
			Brazil — 0.1%
	104		Itau Unibanco Holding SA (Preference)		1,231
			Germany — 0.2%
	18		Henkel AG & Co. KGaA (Preference)		2,212
	3		Volkswagen AG (Preference)		545
					2,757
			Ireland — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, VAR, 3.354%, 03/07/17 ($1,000 par value) @		68
			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, VAR, 6.691%, 02/15/40 ($25 par value)		16
			Total Preferred Stocks (Cost $3,413)		4,072

NUMBER OF RIGHTS			SECURITY DESCRIPTION	VALUE
	Right — 0.0% (g)
			United States — 0.0% (g)
	44		Media General, Inc. CVR, (a) (Cost $—)		—	(h)
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 1.5%
			U.S. Treasury Bond,
	2,952		3.625%, 08/15/43		3,277
	3,790		3.750%, 08/15/41		4,276
	580		5.375%, 02/15/31		773
	627		6.125%, 08/15/29		866
			U.S. Treasury Note,
	11,730		0.750%, 01/31/18 (k)		11,715
	2,088		2.125%, 05/15/25		2,047
			Total U.S. Treasury Obligations (Cost $24,527)		22,954
SHARES
	Short-Term Investments— 9.2%
			Foreign Government Treasury Bills — 2.6%
			Canadian Treasury Bill,
	CAD  11,809		0.562, 08/24/17 (n)		9,048
	CAD  13,580		0.605, 10/19/17 (n)		10,396
	CAD  13,588		0.626, 11/16/17 (n)		10,397
	CAD  13,596		0.635, 12/14/17 (n)		10,397
			Total Foreign Government Treasury Bills (Cost $39,568)		40,238
			Investment Company — 6.6%
	99,308		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l)		99,308
			Total Short-Term Investments (Cost $138,876)		139,546
			Total Investments — 99.5% (Cost $1,430,692)		1,504,930
			Other Assets in Excess of Liabilities — 0.5%		8,389
			NET ASSETS — 100.0%	$	1,513,319
	Short Positions — 0.8%
	Common Stocks — 0.8%
			Bermuda — 0.0% (g)
	—	(h)	RenaissanceRe Holdings Ltd.		31
			Canada — 0.0% (g)
	—	(h)	Agrium, Inc.		31
	6		Enbridge, Inc.		236
					267

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
			Sweden — 0.0% (g)
	—	(h)	Autoliv, Inc.		39
			Taiwan — 0.0% (g)
	1		Taiwan Semiconductor Manufacturing Co. Ltd., ADR		32
			United Kingdom — 0.0% (g)
	2		Pentair plc		108
			United States — 0.8%
	—	(h)	3M Co.		31
	—	(h)	AbbVie, Inc.		30
	—	(h)	Aflac, Inc.		30
	1		AGCO Corp.		39
	1		Air Lease Corp.		35
	—	(h)	Air Products & Chemicals, Inc.		30
	—	(h)	Amgen, Inc.		32
	1		Amphenol Corp., Class A		34
	—	(h)	Aon plc		34
	—	(h)	AptarGroup, Inc.		29
	2		Associated Banc-Corp.		39
	—	(h)	Axis Capital Holdings Ltd.		30
	1		Baxter International, Inc.		28
	1		Bed Bath & Beyond, Inc.		27
	1		Bemis Co., Inc.		29
	6		Berkshire Hathaway, Inc., Class B (a)		985
	—	(h)	Boeing Co. (The)		33
	—	(h)	Cardinal Health, Inc.		32
	—	(h)	CBS Corp. (Non-Voting), Class B		31
	1		Cerner Corp. (a)		33
	—	(h)	CH Robinson Worldwide, Inc.		31
	—	(h)	Chevron Corp.		31
	—	(h)	Chipotle Mexican Grill, Inc. (a)		32
	1		Church & Dwight Co., Inc.		30
	—	(h)	Cimarex Energy Co.		33
	1		Cisco Systems, Inc.		31
	—	(h)	Citrix Systems, Inc. (a)		31
	—	(h)	Clorox Co. (The)		32
	—	(h)	CME Group, Inc.		32
	—	(h)	Colgate-Palmolive Co.		25
	—	(h)	Consolidated Edison, Inc.		31
	—	(h)	CR Bard, Inc.		33
	—	(h)	Crown Castle International Corp.		31
	—	(h)	Darden Restaurants, Inc.		30
	—	(h)	Digital Realty Trust, Inc.		35
	1		Discovery Communications, Inc., Class A (a)		31

SHARES			SECURITY DESCRIPTION	VALUE
			United States — continued
	—	(h)	Dominion Resources, Inc.		35
	1		Domtar Corp.		34
	1		Donaldson Co., Inc.		32
	—	(h)	Duke Energy Corp.		31
	13		eBay, Inc. (a)		412
	—	(h)	Entergy Corp.		31
	—	(h)	Equifax, Inc.		30
	1		Eversource Energy		31
	—	(h)	Exxon Mobil Corp.		30
	1		Fastenal Co.		37
	—	(h)	Federal Realty Investment Trust		30
	1		Federated Investors, Inc., Class B		29
	1		Fifth Third Bancorp		31
	2		First Horizon National Corp.		32
	1		Franklin Resources, Inc.		30
	5		Garmin Ltd.		220
	7		General Mills, Inc.		441
	1		Greif, Inc., Class A		33
	—	(h)	Hasbro, Inc.		29
	5		Hawaiian Holdings, Inc. (a)		265
	1		Healthcare Realty Trust, Inc.		35
	1		Healthcare Trust of America, Inc., Class A		30
	1		Helmerich & Payne, Inc.		36
	—	(h)	Hershey Co. (The)		32
	1		Hess Corp.		33
	58		Host Hotels & Resorts, Inc.		1,045
	—	(h)	Illinois Tool Works, Inc.		31
	1		Intel Corp.		32
	1		International Paper Co.		40
	1		Interpublic Group of Cos., Inc. (The)		33
	—	(h)	JB Hunt Transport Services, Inc.		37
	—	(h)	Johnson & Johnson		30
	1		Juniper Networks, Inc.		35
	6		Kellogg Co.		442
	23		LKQ Corp. (a)		729
	1		Lululemon Athletica, Inc. (a)		35
	—	(h)	LyondellBasell Industries NV, Class A		34
	2		Marathon Oil Corp.		34
	—	(h)	Marriott International, Inc., Class A		37
	—	(h)	Medtronic plc		27
	5		Molson Coors Brewing Co., Class B		441
	1		Murphy Oil Corp.		34
	—	(h)	Nasdaq, Inc.		33
	1		National Oilwell Varco, Inc.		33
	1		NetApp, Inc.		32

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
			United States — continued
	1		Noble Energy, Inc.		35
	3		Omnicom Group, Inc.		229
	1		ONEOK, Inc.		36
	—	(h)	Packaging Corp. of America		33
	2		People’s United Financial, Inc.		31
	—	(h)	Praxair, Inc.		29
	1		Principal Financial Group, Inc.		30
	1		Progressive Corp. (The)		34
	1		Republic Services, Inc.		31
	—	(h)	Ross Stores, Inc.		25
	—	(h)	salesforce.com, Inc. (a)		33
	12		Sally Beauty Holdings, Inc. (a)		285
	—	(h)	Scripps Networks Interactive, Inc., Class A		33
	1		Seagate Technology plc		35
	—	(h)	Simon Property Group, Inc.		44
	1		Sonoco Products Co.		34
	1		Southern Co. (The)		31
	1		Spectra Energy Corp.		31
	—	(h)	Stryker Corp.		32
	1		Sysco Corp.		34
	—	(h)	Target Corp.		28
	4		TJX Cos., Inc. (The)		335
	—	(h)	Torchmark Corp.		32
	—	(h)	Travelers Cos., Inc. (The)		31
	57		Twenty-First Century Fox, Inc., Class A		1,790
	1		UDR, Inc.		31
	1		Under Armour, Inc., Class A (a)		21
	1		United Parcel Service, Inc., Class B		135
	—	(h)	United Technologies Corp.		30
	1		US Bancorp		37
	—	(h)	Varex Imaging Corp. (a)		4
	—	(h)	Varian Medical Systems, Inc. (a)		29
	—	(h)	Ventas, Inc.		31
	1		Verizon Communications, Inc.		28
	1		Versum Materials, Inc. (a)		34
	9		VWR Corp. (a)		227
	—	(h)	Wal-Mart Stores, Inc.		28
	—	(h)	Waste Management, Inc.		34
	—	(h)	Waters Corp. (a)		31
	1		Webster Financial Corp.		31
	—	(h)	Welltower, Inc.		31
	1		Whole Foods Market, Inc.		34
	—	(h)	WR Berkley Corp.		33
	1		Xilinx, Inc.		37
					11,480

SECURITY DESCRIPTION	VALUE
United States — continued
Total Securities Sold Short (Proceeds $11,677)		11,957

Percentages indicated are based on net assets.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2017

The following table represents the portfolio investments

of the Fund by industry classifications as a percentage of

total investments:

INDUSTRY (LONG)	PERCENTAGE
Banks		6.0	%
Oil, Gas & Consumable Fuels		4.9
Asset-Backed Securities		4.3
Media		3.7
Diversified Telecommunication Services		3.5
Foreign Government Securities		3.3
Pharmaceuticals		3.0
Mutual Funds		3.0
Insurance		2.5
Health Care Providers & Services		2.5
Collateralized Mortgage Obligations		2.4
Hotels, Restaurants & Leisure		2.2
Metals & Mining		2.1
Internet Software & Services		1.8
Capital Markets		1.8
Food & Staples Retailing		1.7
Chemicals		1.7
Automobiles		1.7
Software		1.6
Wireless Telecommunication Services		1.6
IT Services		1.5
Semiconductors & Semiconductor Equipment		1.5
Food Products		1.5
Electric Utilities		1.3
Containers & Packaging		1.2
Specialty Retail		1.1
Beverages		1.1
Industrial Conglomerates		1.0
Machinery		1.0
Technology Hardware, Storage & Peripherals		1.0
Auto Components		1.0
Internet & Direct Marketing Retail		1.0
Others (each less than 1.0%)		21.3
Short-Term Investments		9.2

INDUSTRY (SHORT)	PERCENTAGE
Media		18.0	%
Equity Real Estate Investment Trusts (REITs)		11.2
Diversified Financial Services		8.2
Food Products		7.7
Distributors		6.1
Specialty Retail		5.6
Oil, Gas & Consumable Fuels		4.5
Beverages		3.7
Internet Software & Services		3.4
Insurance		2.4
Airlines		2.2
Life Sciences Tools & Services		2.2
Household Durables		1.8
Machinery		1.8
Banks		1.7
Containers & Packaging		1.7
Air Freight & Logistics		1.4
Health Care Equipment & Supplies		1.3
Semiconductors & Semiconductor Equipment		1.1
Capital Markets		1.0
Chemicals		1.0
Electric Utilities		1.0
Others (each less than 1.0%)		11.0

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	231		TOPIX Index		03/09/17		JPY		30,985			(607	)
	365		E-mini S&P 500		03/17/17		USD		41,510			363
	34		Euro STOXX 50 Index		03/17/17		EUR		1,192			12
	12		FTSE 100 Index		03/17/17		GBP		1,068			23
	1,121		Mini MSCI Emerging Markets Index		03/17/17		USD		51,291			1,861
	155		10 Year U.S. Treasury Note		03/22/17		USD		19,293			36
			Short Futures Outstanding
	(19	)	Euro-Buxl 30-Year Bond		03/08/17		EUR		(3,429	)		36
	(585	)	JPY FX		03/13/17		USD		(64,957	)		(1,147	)
	(341	)	FTSE 100 Index		03/17/17		GBP		(30,341	)		(719	)
	(17	)	Canada 10 Year Bond		03/22/17		CAD		(1,795	)		18
	(47	)	U.S. Treasury Long Bond		03/22/17		USD		(7,090	)		(86	)
	(1,366	)	5 Year U.S. Treasury Note		03/31/17		USD		(161,007	)		137
												(73	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
328	EUR	Goldman Sachs International		03/31/17		351		355		4
32,023	EUR	Morgan Stanley		03/31/17		34,206		34,661		455
201	EUR	Standard Chartered Bank		03/31/17		217		218		1
1,179	GBP	Australia and New Zealand Banking Group Limited		03/31/17		1,450		1,485		35
516	GBP	Societe Generale		03/31/17		636		651		15
						36,860		37,370		510
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
14,044	AUD	Australia and New Zealand Banking Group Limited		03/31/17		10,098		10,637		(539	)
47,125	CAD	Deutsche Bank AG		02/28/17		35,952		36,223		(271	)
5,184	CAD	State Street Corp.		02/28/17		3,911		3,985		(74	)
8,155	CAD	Goldman Sachs International		03/31/17		6,053		6,270		(217	)
9,532	EUR	Australia and New Zealand Banking Group Limited		03/31/17		9,971		10,317		(346	)
821	EUR	Credit Suisse International		03/31/17		863		888		(25	)
141	EUR	Goldman Sachs International		03/31/17		149		152		(3	)
200	EUR	Merrill Lynch International		03/31/17		212		217		(5	)
129,715	EUR	National Australia Bank		03/31/17		136,320		140,398		(4,078	)
506	EUR	Standard Chartered Bank		03/31/17		528		547		(19	)
4,060	GBP	HSBC Bank, N.A.		02/28/17		5,120		5,110		10
363	GBP	Australia and New Zealand Banking Group Limited		03/31/17		446		457		(11	)
4,614	GBP	Barclays Bank plc		03/31/17		5,679		5,812		(133	)
128	GBP	Credit Suisse International		03/31/17		160		162		(2	)
289	GBP	Goldman Sachs International		03/31/17		351		364		(13	)
1,511,665	JPY	National Australia Bank		03/31/17		12,909		13,418		(509	)
						228,722		234,957		(6,235	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CVA	—	Dutch Certification
CVR	—	Contingent Value Rights
DIP	—	Debtor-in-possession
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
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 January 31, 2017. The rate may be subject to a cap and floor.
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
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.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2017.
TOPIX	—	Tokyo Price Index
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2017.
(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.
(j)	—	All or a portion of the security is segregated as collateral for short sales. The total value of securities is $14,668.
(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 January 31, 2017.
(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.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

(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 January 31, 2017.
^	—	All or a portion of the security is unsettled as of January 31, 2017. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC)by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC‘s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	105,513
Aggregate gross unrealized depreciation	(31,275	)
Net unrealized appreciation/depreciation	74,238
Federal income tax cost of investments	1,430,692

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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.

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 an international fair value factor 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 tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at January 31, 2017.

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

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 Schedules of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia		—		20,179		—		20,179
Belgium		429		3,463		—		3,892
Bermuda		31		—		—		31
Brazil		4,251		—		—		4,251
Canada		6,594		—		—		6,594
Chile		524		—		—		524
China		2,705		4,661		—		7,366
Denmark		—		2,701		—		2,701
Finland		—		6,412		—		6,412
France		—		30,693		—		30,693
Germany		—		30,218		—		30,218
Hong Kong		505		12,142		—		12,647
India		6,577		1,029		—		7,606
Indonesia		—		2,192		—		2,192
Ireland		1,364		—		—		1,364
Israel		2,076		—		—		2,076
Italy		—		8,284		—		8,284
Japan		—		69,527		—		69,527
Luxembourg		—		1,235		—		1,235
Malaysia		372		—		—		372
Mexico		879		—		—		879
Netherlands		—		18,718		—		18,718
New Zealand		—		1,045		—		1,045
Norway		—		1,199		—		1,199
Peru		679		—		—		679
Portugal		—		1,041		—		1,041
Russia		179		3,231		—		3,410
Singapore		—		2,863		—		2,863
South Africa		943		5,640		—		6,583
South Korea		—		3,405		—		3,405
Spain		33		7,011		—		7,044
Sweden		—		2,993		—		2,993
Switzerland		868		27,895		—		28,763
Taiwan		3,160		1,642		—		4,802
Thailand		756		669		—		1,425
Turkey		—		522		—		522
United Kingdom		1,269		46,418		—		47,687

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
United States		329,246		2,553		—		331,799
Total Common Stocks		363,440		319,581		—		683,021
Preferred Stocks
Brazil		1,231		—		—		1,231
Germany		—		2,757		—		2,757
Ireland		—		68		—		68
United States		16		—		—		16
Total Preferred Stocks		1,247		2,825		—		4,072
Investment Companies
United States		44,443		—		—		44,443
Debt Securities
Asset-Backed Securities
United States		—		19,152		45,231		64,383
Collateralized Mortgage Obligations
United States		—		35,307		537		35,844
Commercial Mortgage-Backed Securities
United States		—		8,361		—		8,361
Convertible Bonds
United States		—		36		—		36
Corporate Bonds
Bahamas		—		—		46		46
Belgium		—		1,386		—		1,386
Brazil		—		1,732		—		1,732
Canada		—		12,456		—		12,456
Finland		—		525		—		525
France		—		18,723		—		18,723
Germany		—		13,702		—		13,702
Greece		—		457		—		457
Ireland		—		6,158		—		6,158
Israel		—		489		—		489
Italy		—		12,355		—		12,355
Japan		—		2,388		—		2,388
Luxembourg		—		21,523		—		21,523
Mexico		—		3,738		—		3,738
Netherlands		—		6,993		—		6,993
New Zealand		—		998		—		998
Portugal		—		561		—		561
Spain		—		10,392		—		10,392
Sweden		—		4,886		—		4,886
Switzerland		—		923		—		923
United Arab Emirates		—		144		—		144
United Kingdom		—		26,358		—		26,358
United States		—		282,112		169		282,281
Total Corporate Bonds		—		428,999		215		429,214
Loan Assignments
Australia		—		123		—		123
Canada		—		1,027		—		1,027
United States		—		14,987		—		14,987
Total Loan Assignments		—		16,137		—		16,137
Foreign Government Securities		—		49,218		—		49,218
U.S. Treasury Obligations		—		22,954		—		22,954
Options Purchased
Call Options Purchased		7,701		—		—		7,701

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Right
United States		—			—			—	(a)		—	(a)
Short-Term Investment
Foreign Government Treasury Bills		—			40,238			—			40,238
Investment Company		99,308			—			—			99,308
Total Investments in Securities		516,139			942,808			45,983			1,504,930
Liabilities
Common Stocks
Bermuda		(31	)		—			—			(31	)
Canada		(267	)		—			—			(267	)
Sweden		(39	)		—			—			(39	)
Taiwan		(32	)		—			—			(32	)
United Kingdom		(108	)		—			—			(108	)
United States		(11,480	)		—			—			(11,480	)
Total Common Stocks		(11,957	)		—			—			(11,957	)
Total Liabilities in Securities Sold Short		(11,957	)		—			—			(11,957	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			520			—			520
Futures Contracts		2,451			35			—			2,486
Total Appreciation in Other Financial Instruments		2,451			555			—			3,006
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—			(6,245	)		—			(6,245	)
Futures Contracts		(1,233	)		(1,326	)		—			(2,559	)
Total Depreciation in Other Financial Instruments		(1,233	)		(7,571	)		—			(8,804	)

(a) Amount rounds to less than 500.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

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 or increase of available market inputs to determine the price for the period ended January 31, 2017.

There were no significant transfers among the other levels during the period ended January 31, 2017.

	Balance as of October 31, 2016		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 January 31, 2017
Asset-Backed Securities — United States	$	30,046	$	—	$	(43	)	$	45	$	1,161	$	(2,332	)	$	19,062	$	(2,708	)	$	45,231
Collateralized Mortgage Obligation — United States		—		—		—			—		—		(40	)		577		—			537
Common Stocks — United States		42		—		—			—		—		—			—		(42	)		—
Corporate Bonds — Bahamas		50		—		(4	)		—		—		—			—		—			46
Corporate Bonds — United States		278		—		10			—		—		—			—		(119	)		169
Preferred Stock — Ireland		67		—		—			—		—		—			—		(67	)		—
Right — United States		—		—		—	(a)		—		—		—			—		—			—	(a)
Total	$	30,483	$	—	$	(37	)	$	45	$	1,161	$	(2,372	)	$	19,639	$	(2,936	)	$	45,983

(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) Amount rounds to less than 500.

Transfers from level 2 to level 3 or from level 3 to level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price for the year ended January 31, 2017.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $(37,000).

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at January 31, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	45,231		Discounted Cash Flow	Constant Prepayment Rate	0.00% — 11.00% (4.11%)
					Constant Default Rate	2.50% — 38.00% (6.70%)
					Yield (Discount Rate of Cash Flows)	2.59% — 8.28% (4.51%)
Asset-Backed Securities		45,231
		537		Discounted Cash Flow	Constant Prepayment Rate	5.77% (5.77%)
					Constant Default Rate	3.00% (3.00%)
					Yield (Discount Rate of Cash Flows)	4.99% (4.99%)
Collateralized Mortgage Backed Securities		537
		130		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	6.83% (6.83%)
		0		Pending Distribution	Discount for Potential Outcome	100.00% (100.00%)
Corporate Bonds		130
		—	(a)	Pending Distribution	Discount for Potential Outcome	100.00% (100.00%)
Rights		—	(a)
Total	$	45,898

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2017, the value of these investments was approximately $85,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Amount rounds to less than 500.

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

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and options 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 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 contracts terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) — (3) 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 as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the 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.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(2). Futures Contracts — The Fund 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 positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

The Fund’s futures contracts are not subject to master netting arrangements (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 portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. 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 cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. 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 or due across transactions. As of January31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Belgium — 2.4%
	35	Anheuser-Busch InBev SA/NV		3,605
		Canada — 0.9%
	27	Toronto-Dominion Bank (The)		1,404
		China — 0.8%
	1,029	CNOOC Ltd.		1,285
		Czech Republic — 2.1%
	962	Moneta Money Bank AS, Reg. S, (a) (e)		3,180
		Denmark — 2.5%
	112	Danske Bank A/S		3,749
		Finland — 2.4%
	162	UPM-Kymmene OYJ		3,675
		France — 8.1%
	30	Cie Generale des Etablissements Michelin		3,194
	31	Sanofi		2,460
	16	Unibail-Rodamco SE		3,684
	40	Vinci SA		2,806
				12,144
		Germany — 11.4%
	17	Allianz SE		2,839
	23	BASF SE		2,209
	57	Daimler AG		4,266
	22	Deutsche Boerse AG (a)		2,033
	64	Deutsche Wohnen AG		2,081
	23	Evonik Industries AG		752
	23	Siemens AG (a)		3,012
				17,192
		Hong Kong — 0.9%
	323	Sands China Ltd.		1,422
		Israel — 1.0%
	841	Bezeq The Israeli Telecommunication Corp. Ltd.		1,469
		Japan — 15.1%
	90	Bridgestone Corp.		3,301
	104	Daiwa House Industry Co. Ltd.		2,819
	535	Daiwa Securities Group, Inc.		3,411
	72	Honda Motor Co. Ltd., ADR		2,154
	128	Mitsubishi Corp.		2,901
	592	Mitsubishi UFJ Financial Group, Inc., ADR		3,785
	66	Nippon Telegraph & Telephone Corp.		2,920
	148	Nissan Motor Co. Ltd.		1,463
				22,754

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 10.0%
	192	ING Groep NV		2,757
	135	Koninklijke Ahold Delhaize NV (a)		2,873
	168	NN Group NV		5,958
	129	Royal Dutch Shell plc, Class A		3,492
				15,080
		New Zealand — 1.0%
	582	Spark New Zealand Ltd.		1,500
		Norway — 1.9%
	172	DNB ASA		2,877
		Russia — 6.9%
	63	LUKOIL PJSC, ADR		3,536
	216	MMC Norilsk Nickel PJSC, ADR		3,497
	209	Severstal PJSC, Reg. S, GDR		3,325
				10,358
		South Korea — 2.0%
	2	Samsung Electronics Co. Ltd.		2,978
		Sweden — 1.0%
	56	Electrolux AB, Series B		1,479
		Switzerland — 5.7%
	482	Glencore plc (a)		1,996
	23	Novartis AG		1,708
	21	Swiss Re AG		1,917
	48	Wolseley plc		2,993
				8,614
		Taiwan — 0.9%
	43	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,342
		United Kingdom — 21.2%
	190	3i Group plc		1,681
	380	BAE Systems plc		2,793
	62	Berkeley Group Holdings plc		2,197
	49	British American Tobacco plc		3,011
	508	Direct Line Insurance Group plc		2,274
	261	GlaxoSmithKline plc		5,048
	97	HSBC Holdings plc, ADR		4,137
	61	Imperial Brands plc		2,829
	32	InterContinental Hotels Group plc		1,475
	561	ITV plc		1,440
	194	RSA Insurance Group plc		1,404
	154	WPP plc		3,589
				31,878
		Total Common Stocks (Cost $137,598)		147,985

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.6%
		Investment Company — 1.6%
	2,344	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $2,344)		2,344
		Total Investments — 99.8% (Cost $139,942)		150,329
		Other Assets in Excess of Liabilities — 0.2%		327
		NET ASSETS — 100.0%	$	150,656

Percentages indicated are based on net assets.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		14.6	%
Insurance		9.6
Pharmaceuticals		6.1
Metals & Mining		5.9
Oil, Gas & Consumable Fuels		5.5
Automobiles		5.2
Capital Markets		4.7
Auto Components		4.3
Trading Companies & Distributors		3.9
Diversified Telecommunication Services		3.9
Tobacco		3.9
Media		3.3
Real Estate Management & Development		3.3
Equity Real Estate Investment Trusts (REITs)		2.5
Household Durables		2.4
Paper & Forest Products		2.4
Beverages		2.4
Industrial Conglomerates		2.0
Technology Hardware, Storage & Peripherals		2.0
Chemicals		2.0
Hotels, Restaurants & Leisure		1.9
Food & Staples Retailing		1.9
Construction & Engineering		1.9
Aerospace & Defense		1.9
Others (each less than 1.0%)		0.9
Short-Term Investment		1.6

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	12,714
Aggregate gross unrealized depreciation		(2,327	)
Net unrealized appreciation/depreciation	$	10,387
Federal income tax cost of investments	$	139,942

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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, including J.P. Morgan Funds (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).

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	3,605	$	—	$	3,605
Canada		1,404		—		—		1,404
China		—		1,285		—		1,285
Czech Republic		—		3,180		—		3,180
Denmark		—		3,749		—		3,749
Finland		—		3,675		—		3,675
France		—		12,144		—		12,144
Germany		—		17,192		—		17,192
Hong Kong		—		1,422		—		1,422
Israel		—		1,469		—		1,469
Japan		5,939		16,815		—		22,754
Netherlands		—		15,080		—		15,080
New Zealand		—		1,500		—		1,500
Norway		—		2,877		—		2,877
Russia		—		10,358		—		10,358
South Korea		—		2,978		—		2,978
Sweden		—		1,479		—		1,479
Switzerland		—		8,614		—		8,614
Taiwan		1,342		—		—		1,342
United Kingdom		4,137		27,741		—		31,878
Total Common Stocks		12,822		135,163		—		147,985
Short-Term Investment
Investment Company		2,344		—		—		2,344
Total Investments in Securities	$	15,166	$	135,163	$	—	$	150,329

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of $4,724,956 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Australia — 2.7%
	119	AGL Energy Ltd.		2,045
	987	Alumina Ltd.		1,454
	299	Amcor Ltd.		3,245
	531	AMP Ltd.		2,016
	306	APA Group		1,955
	60	Aristocrat Leisure Ltd.		700
	19	ASX Ltd.		701
	637	Aurizon Holdings Ltd.		2,421
	683	Australia & New Zealand Banking Group Ltd.		15,178
	61	Bendigo & Adelaide Bank Ltd.		582
	649	BHP Billiton Ltd.		13,163
	459	BHP Billiton plc		8,380
	237	Boral Ltd.		1,048
	297	Brambles Ltd.		2,350
	71	Caltex Australia Ltd.		1,537
	71	Challenger Ltd.		594
	209	Coca-Cola Amatil Ltd.		1,544
	19	Cochlear Ltd.		1,765
	349	Commonwealth Bank of Australia		21,640
	166	Computershare Ltd.		1,628
	23	Crown Resorts Ltd.		201
	92	CSL Ltd.		7,826
	341	Dexus Property Group		2,325
	266	DUET Group		565
	127	Fortescue Metals Group Ltd.		644
	449	Goodman Group		2,358
	211	GPT Group (The)		751
	184	Incitec Pivot Ltd.		539
	352	Insurance Australia Group Ltd.		1,542
	175	LendLease Group		1,873
	72	Macquarie Group Ltd.		4,634
	487	Medibank Pvt Ltd.		997
	1,368	Mirvac Group		2,108
	521	National Australia Bank Ltd.		11,985
	148	Newcrest Mining Ltd.		2,427
	339	Oil Search Ltd.		1,771
	112	Orica Ltd.		1,597
	267	Origin Energy Ltd.		1,434
	341	Qantas Airways Ltd.		882
	357	QBE Insurance Group Ltd.		3,384
	40	Ramsay Health Care Ltd.		2,049
	25	REA Group Ltd.		983
	317	Santos Ltd.		964
	958	Scentre Group		3,196

SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	15		SEEK Ltd.		160
	44		Sonic Healthcare Ltd.		700
	1,438		South32 Ltd.		3,010
	490		Stockland		1,618
	338		Suncorp Group Ltd.		3,343
	319		Sydney Airport		1,416
	341		Tabcorp Holdings Ltd.		1,225
	166		Tatts Group Ltd.		545
	869		Telstra Corp. Ltd.		3,297
	131		TPG Telecom Ltd.		644
	499		Transurban Group		3,860
	110		Treasury Wine Estates Ltd.		968
	1,285		Vicinity Centres		2,787
	215		Wesfarmers Ltd.		6,562
	342		Westfield Corp.		2,280
	675		Westpac Banking Corp.		16,248
	156		Woodside Petroleum Ltd.		3,748
	293		Woolworths Ltd.		5,467
					198,859
			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)
			Belgium — 0.5%
	230		Anheuser-Busch InBev SA/NV		24,014
	166		KBC Group NV		10,778
					34,792
			Bermuda — 0.1%
	88		Marvell Technology Group Ltd.		1,315
	89		XL Group Ltd.		3,350
					4,665
			Canada — 3.8%
	52		Agnico Eagle Mines Ltd.		2,484
	33		Agrium, Inc.		3,353
	104		Alimentation Couche-Tard, Inc., Class B		4,773
	85		ARC Resources Ltd.		1,315
	155		Bank of Montreal		11,720
	280		Bank of Nova Scotia (The)		16,752
	275		Barrick Gold Corp.		5,077
	36		BCE, Inc.		1,638
	221		Brookfield Asset Management, Inc., Class A		7,636
	98		Canadian Imperial Bank of Commerce		8,344
	188		Canadian National Railway Co.		13,047
	270		Canadian Natural Resources Ltd.		8,170
	119		Canadian Pacific Railway Ltd.		17,946
	17		Canadian Tire Corp. Ltd., Class A		1,827

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Canada — continued
	209	Cenovus Energy, Inc.		2,851
	55	CGI Group, Inc., Class A (a)		2,634
	5	Constellation Software, Inc.		2,126
	126	Crescent Point Energy Corp.		1,464
	29	Dollarama, Inc.		2,175
	194	Enbridge, Inc.		8,260
	211	Encana Corp.		2,697
	6	Fairfax Financial Holdings Ltd.		2,581
	69	Fortis, Inc.		2,220
	43	Franco-Nevada Corp.		2,770
	57	Gildan Activewear, Inc.		1,487
	198	Goldcorp, Inc.		3,198
	73	Great-West Lifeco, Inc.		2,006
	73	Imperial Oil Ltd.		2,410
	32	Intact Financial Corp.		2,365
	84	Inter Pipeline Ltd.		1,815
	294	Kinross Gold Corp. (a)		1,145
	56	Loblaw Cos. Ltd.		2,941
	100	Magna International, Inc.		4,347
	486	Manulife Financial Corp.		9,316
	59	Metro, Inc.		1,803
	82	National Bank of Canada		3,547
	60	Open Text Corp.		2,045
	93	Pembina Pipeline Corp.		2,894
	207	Potash Corp. of Saskatchewan, Inc.		3,846
	92	Power Corp. of Canada		2,168
	62	Power Financial Corp.		1,602
	54	Restaurant Brands International, Inc.		2,655
	89	Rogers Communications, Inc., Class B		3,876
	336	Royal Bank of Canada		24,141
	63	Saputo, Inc.		2,326
	101	Shaw Communications, Inc., Class B		2,170
	103	Silver Wheaton Corp.		2,280
	37	SNC-Lavalin Group, Inc.		1,586
	152	Sun Life Financial, Inc.		5,995
	383	Suncor Energy, Inc.		11,871
	133	Teck Resources Ltd., Class B		3,254
	423	Toronto-Dominion Bank (The)		21,928
	175	TransCanada Corp.		8,247
	39	Waste Connections, Inc.		3,134
				276,258
		China — 0.0% (g)
	412	Yangzijiang Shipbuilding Holdings Ltd.		236

SHARES			SECURITY DESCRIPTION	VALUE($)
			Denmark — 0.8%
	6		AP Moller - Maersk A/S, Class B		10,494
	131		Chr Hansen Holding A/S		8,022
	241		Danske Bank A/S		8,052
	492		Novo Nordisk A/S, Class B		17,783
	75		Pandora A/S		9,775
	1,274		TDC A/S (a)		6,715
					60,841
			Finland — 0.3%
	153		Cargotec OYJ, Class B		7,350
	763		Nokia OYJ		3,424
	—	(h)	Nokian Renkaat OYJ		—	(h)
	345		UPM-Kymmene OYJ		7,814
	2		Wartsila OYJ Abp		87
					18,675
			France — 3.8%
	177		Air Liquide SA		19,106
	110		Airbus SE		7,424
	102		Arkema SA		10,097
	816		AXA SA		20,063
	358		BNP Paribas SA		22,894
	176		Bouygues SA		6,408
	109		Capgemini SA		8,855
	101		Cie de Saint-Gobain		4,963
	128		Cie Generale des Etablissements Michelin		13,779
	32		Danone SA		2,031
	101		Engie SA		1,207
	45		Kering		10,793
	23		L’Oreal SA		4,116
	13		LVMH Moet Hennessy Louis Vuitton SE		2,626
	1,735		Natixis SA		10,279
	69		Nexans SA (a)		4,001
	147		Renault SA		13,216
	252		Sanofi		20,243
	242		Schneider Electric SE		17,345
	178		Societe Generale SA		8,701
	102		Sodexo SA		11,295
	94		Thales SA		8,844
	606		TOTAL SA		30,666
	6		Unibail-Rodamco SE		1,467
	197		Vinci SA		13,780
	194		Vivendi SA		3,566
					277,765
			Germany — 3.2%
	92		adidas AG		14,553

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	65	Allianz SE		11,052
	185	BASF SE		17,835
	200	Bayer AG		22,198
	38	Bayerische Motoren Werke AG		3,468
	143	Brenntag AG		8,308
	36	Continental AG		7,061
	156	Daimler AG		11,702
	389	Deutsche Post AG		13,052
	642	Deutsche Telekom AG		11,233
	153	Evonik Industries AG		4,951
	165	Fresenius SE & Co. KGaA		13,024
	77	HeidelbergCement AG		7,450
	519	Infineon Technologies AG		9,544
	32	Linde AG		5,191
	78	Merck KGaA		8,621
	26	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,846
	271	SAP SE		24,777
	226	Siemens AG (a)		29,278
	1,335	Telefonica Deutschland Holding AG		5,584
	97	Uniper SE (a)		1,382
				235,110
		Hong Kong — 1.2%
	2,496	AIA Group Ltd.		15,456
	53	ASM Pacific Technology Ltd.		648
	85	Bank of East Asia Ltd. (The)		364
	925	BOC Hong Kong Holdings Ltd.		3,696
	572	Cathay Pacific Airways Ltd.		775
	176	Cheung Kong Infrastructure Holdings Ltd.		1,415
	464	Cheung Kong Property Holdings Ltd.		3,048
	650	CK Hutchison Holdings Ltd.		7,788
	446	CLP Holdings Ltd.		4,353
	409	Galaxy Entertainment Group Ltd.		1,943
	153	Hang Lung Properties Ltd.		376
	192	Hang Seng Bank Ltd.		3,920
	350	Henderson Land Development Co. Ltd.		1,933
	322	HKT Trust & HKT Ltd.		450
	1,806	Hong Kong & China Gas Co. Ltd.		3,400
	229	Hong Kong Exchanges & Clearing Ltd.		5,527
	49	Hongkong Land Holdings Ltd.		330
	2,431	Hutchison Port Holdings Trust, Class U		1,034
	38	Jardine Matheson Holdings Ltd.		2,362
	342	Kerry Properties Ltd.		968
	908	Li & Fung Ltd.		394
	349	Link REIT		2,381

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	240	MTR Corp. Ltd.		1,219
	499	New World Development Co. Ltd.		576
	311	NWS Holdings Ltd.		559
	293	Power Assets Holdings Ltd.		2,803
	653	Sands China Ltd.		2,874
	1,068	Sino Land Co. Ltd.		1,765
	330	Sun Hung Kai Properties Ltd.		4,541
	204	Swire Pacific Ltd., Class A		2,073
	99	Techtronic Industries Co. Ltd.		341
	699	WH Group Ltd., Reg. S (e)		530
	412	Wharf Holdings Ltd. (The)		3,089
	388	Wheelock & Co. Ltd.		2,358
	223	Yue Yuen Industrial Holdings Ltd.		814
				86,103
		Ireland — 0.0% (g)
	148	James Hardie Industries plc, CDI		2,325
		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		5,174
		Italy — 0.6%
	382	Atlantia SpA		8,707
	3,031	Enel SpA		12,673
	48	Eni SpA		737
	2,653	Intesa Sanpaolo SpA		6,231
	197	Italgas SpA (a)		748
	984	Snam SpA		3,746
	8,659	Telecom Italia SpA (a)		7,446
	232	UniCredit SpA (a)		6,325
				46,613
		Japan — 9.1%
	27	AEON Financial Service Co. Ltd.		482
	143	Aeon Mall Co. Ltd.		2,074
	193	Air Water, Inc.		3,574
	123	Ajinomoto Co., Inc.		2,424
	61	Alfresa Holdings Corp.		996
	245	Amada Holdings Co. Ltd.		2,884
	65	Aozora Bank Ltd.		237
	32	Asahi Group Holdings Ltd.		1,137
	135	Asahi Kasei Corp.		1,259
	302	Astellas Pharma, Inc.		4,059
	137	Bandai Namco Holdings, Inc.		3,762
	217	Bridgestone Corp.		7,970
	187	Canon, Inc.		5,542
	181	Casio Computer Co. Ltd.		2,498

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	19		Central Japan Railway Co.		3,135
	141		Chubu Electric Power Co., Inc.		1,885
	54		Chugai Pharmaceutical Co. Ltd.		1,581
	702		Concordia Financial Group Ltd.		3,702
	65		CYBERDYNE, Inc. (a)		912
	67		Dai Nippon Printing Co. Ltd.		682
	252		Daicel Corp.		2,784
	310		Dai-ichi Life Holdings, Inc.		5,618
	252		Daiichi Sankyo Co. Ltd.		5,634
	84		Daikin Industries Ltd.		8,328
	32		Daito Trust Construction Co. Ltd.		4,515
	226		Daiwa House Industry Co. Ltd.		6,121
	—	(h)	Daiwa House REIT Investment Corp.		813
	65		DeNA Co. Ltd.		1,450
	61		Denso Corp.		2,620
	52		Dentsu, Inc.		2,390
	58		DIC Corp.		1,802
	78		East Japan Railway Co.		7,018
	52		Eisai Co. Ltd.		2,844
	155		Electric Power Development Co. Ltd.		3,600
	32		FANUC Corp.		6,322
	13		Fast Retailing Co. Ltd.		4,026
	471		Fuji Electric Co. Ltd.		2,790
	103		Fuji Heavy Industries Ltd.		4,134
	161		FUJIFILM Holdings Corp.		6,250
	323		Fujitsu Ltd.		1,877
	104		Hankyu Hanshin Holdings, Inc.		3,529
	1,420		Hitachi Ltd.		8,130
	38		Hokuriku Electric Power Co.		384
	452		Honda Motor Co. Ltd.		13,448
	104		Hoya Corp.		4,529
	235		Hulic Co. Ltd.		2,295
	374		Inpex Corp.		3,674
	129		Isuzu Motors Ltd.		1,732
	530		ITOCHU Corp.		7,297
	32		Itochu Techno-Solutions Corp.		869
	207		J Front Retailing Co. Ltd.		2,982
	123		Japan Airlines Co. Ltd.		3,907
	58		Japan Exchange Group, Inc.		865
	—	(h)	Japan Prime Realty Investment Corp.		779
	—	(h)	Japan Real Estate Investment Corp.		1,807
	—	(h)	Japan Retail Fund Investment Corp.		1,007
	298		Japan Tobacco, Inc.		9,606
	135		JSR Corp.		2,305

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	54	JTEKT Corp.		884
	1,188	JX Holdings, Inc.		5,602
	646	Kajima Corp.		4,502
	296	Kansai Electric Power Co., Inc. (The) (a)		3,162
	129	Kao Corp.		6,388
	582	Kawasaki Heavy Industries Ltd.		1,821
	316	KDDI Corp.		8,501
	67	Keikyu Corp.		786
	78	Kewpie Corp.		1,945
	25	Keyence Corp.		9,865
	387	Kintetsu Group Holdings Co. Ltd.		1,488
	349	Kirin Holdings Co. Ltd.		5,712
	149	Komatsu Ltd.		3,516
	265	Kubota Corp.		4,208
	27	Kurita Water Industries Ltd.		638
	19	Kyocera Corp.		989
	239	Kyowa Hakko Kirin Co. Ltd.		3,235
	155	Kyushu Electric Power Co., Inc.		1,727
	7	Lawson, Inc.		489
	136	M3, Inc.		3,643
	45	Mabuchi Motor Co. Ltd.		2,323
	7	Makita Corp.		458
	399	Marubeni Corp.		2,426
	239	Mazda Motor Corp.		3,516
	575	Mebuki Financial Group, Inc.		2,207
	58	Mitsubishi Chemical Holdings Corp.		403
	441	Mitsubishi Corp.		9,967
	510	Mitsubishi Electric Corp.		7,761
	127	Mitsubishi Estate Co. Ltd.		2,417
	65	Mitsubishi Heavy Industries Ltd.		292
	52	Mitsubishi Tanabe Pharma Corp.		1,037
	3,247	Mitsubishi UFJ Financial Group, Inc.		20,794
	710	Mitsubishi UFJ Lease & Finance Co. Ltd.		3,785
	182	Mitsui & Co. Ltd.		2,665
	646	Mitsui Chemicals, Inc.		3,038
	135	Mitsui Fudosan Co. Ltd.		3,117
	271	Mitsui OSK Lines Ltd.		861
	3,641	Mizuho Financial Group, Inc.		6,756
	38	MS&AD Insurance Group Holdings, Inc.		1,265
	26	Murata Manufacturing Co. Ltd.		3,434
	187	NGK Insulators Ltd.		3,671
	136	NGK Spark Plug Co. Ltd.		3,059
	135	NH Foods Ltd.		3,674
	70	Nidec Corp.		6,601

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	26		Nintendo Co. Ltd.		5,219
	—	(h)	Nippon Building Fund, Inc.		1,843
	—	(h)	Nippon Prologis REIT, Inc.		537
	265		Nippon Steel & Sumitomo Metal Corp.		6,394
	226		Nippon Telegraph & Telephone Corp.		9,983
	258		Nippon Yusen KK		546
	603		Nissan Motor Co. Ltd.		5,966
	185		Nisshin Seifun Group, Inc.		2,819
	32		Nitori Holdings Co. Ltd.		3,631
	26		Nitto Denko Corp.		2,034
	633		Nomura Holdings, Inc.		3,922
	1		Nomura Real Estate Master Fund, Inc.		1,153
	214		NSK Ltd.		2,599
	359		NTT DOCOMO, Inc.		8,572
	65		Obayashi Corp.		615
	33		Obic Co. Ltd.		1,560
	110		Olympus Corp.		3,795
	75		Omron Corp.		3,081
	26		Ono Pharmaceutical Co. Ltd.		531
	84		Oriental Land Co. Ltd.		4,581
	460		ORIX Corp.		6,933
	65		Otsuka Corp.		3,325
	149		Otsuka Holdings Co. Ltd.		6,841
	478		Panasonic Corp.		4,971
	194		Rakuten, Inc.		1,939
	19		Recruit Holdings Co. Ltd.		827
	717		Resona Holdings, Inc.		3,880
	13		Rinnai Corp.		1,105
	65		Rohm Co. Ltd.		4,131
	13		Ryohin Keikaku Co. Ltd.		2,418
	61		Santen Pharmaceutical Co. Ltd.		760
	7		Secom Co. Ltd.		470
	13		Sekisui Chemical Co. Ltd.		212
	86		Sekisui House Ltd.		1,385
	149		Seven & i Holdings Co. Ltd.		5,929
	68		Shimadzu Corp.		1,148
	19		Shimamura Co. Ltd.		2,490
	13		Shimano, Inc.		2,113
	122		Shin-Etsu Chemical Co. Ltd.		10,534
	65		Shionogi & Co. Ltd.		3,126
	326		Shizuoka Bank Ltd. (The)		2,837
	7		SMC Corp.		1,856
	245		SoftBank Group Corp.		18,898
	161		Sompo Holdings, Inc.		5,844

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	278	Sony Corp.		8,405
	27	Stanley Electric Co. Ltd.		758
	358	Sumitomo Electric Industries Ltd.		5,202
	130	Sumitomo Metal Mining Co. Ltd.		1,761
	310	Sumitomo Mitsui Financial Group, Inc.		12,158
	116	Sumitomo Mitsui Trust Holdings, Inc.		4,335
	64	Sumitomo Realty & Development Co. Ltd.		1,731
	32	Sundrug Co. Ltd.		2,234
	34	Suntory Beverage & Food Ltd.		1,434
	33	Suruga Bank Ltd.		747
	84	Suzuken Co. Ltd.		2,757
	155	Suzuki Motor Corp.		5,982
	32	Sysmex Corp.		1,941
	84	T&D Holdings, Inc.		1,243
	90	Takeda Pharmaceutical Co. Ltd.		3,786
	61	Tohoku Electric Power Co., Inc.		739
	123	Tokio Marine Holdings, Inc.		5,116
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,082
	52	Tokyo Electron Ltd.		5,355
	259	Tokyo Gas Co. Ltd.		1,149
	87	Tokyo Tatemono Co. Ltd.		1,157
	581	Tokyu Corp.		4,279
	588	Tokyu Fudosan Holdings Corp.		3,434
	387	Toppan Printing Co. Ltd.		3,799
	452	Toshiba Corp. (a)		969
	19	Toyo Suisan Kaisha Ltd.		692
	67	Toyota Industries Corp.		3,243
	549	Toyota Motor Corp.		31,908
	27	Toyota Tsusho Corp.		740
	52	Trend Micro, Inc.		1,999
	1	United Urban Investment Corp.		858
	84	West Japan Railway Co.		5,466
	582	Yamada Denki Co. Ltd.		3,206
	13	Yamaha Motor Co. Ltd.		270
	116	Yamato Holdings Co. Ltd.		2,344
				661,136
		Jersey — 0.1%
	49	Randgold Resources Ltd.		4,168
		Luxembourg — 0.1%
	1,102	ArcelorMittal (a)		8,597
		Netherlands — 2.0%
	129	ASML Holding NV		15,702
	130	Heineken Holding NV		9,154
	39	Heineken NV		2,904

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Netherlands — continued
	1,284	ING Groep NV		18,439
	511	Koninklijke Ahold Delhaize NV (a)		10,879
	2,205	Koninklijke KPN NV		6,352
	317	Koninklijke Philips NV		9,296
	342	NN Group NV		12,128
	44	NXP Semiconductors NV (a)		4,327
	1,247	Royal Dutch Shell plc, Class A		33,814
	738	Royal Dutch Shell plc, Class B		20,836
				143,831
		New Zealand — 0.1%
	291	Auckland International Airport Ltd.		1,460
	192	Contact Energy Ltd.		672
	262	Fletcher Building Ltd.		2,021
	102	Ryman Healthcare Ltd.		653
	579	Spark New Zealand Ltd.		1,492
				6,298
		Norway — 0.1%
	942	Norsk Hydro ASA		5,371
		Portugal — 0.1%
	437	Galp Energia SGPS SA		6,445
		Singapore — 0.4%
	169	Ascendas Real Estate Investment Trust		295
	335	CapitaLand Ltd.		782
	379	CapitaLand Mall Trust		521
	390	ComfortDelGro Corp. Ltd.		667
	472	DBS Group Holdings Ltd.		6,387
	771	Genting Singapore plc		532
	866	Global Logistic Properties Ltd.		1,597
	17	Jardine Cycle & Carriage Ltd.		490
	449	Keppel Corp. Ltd.		1,971
	796	Oversea-Chinese Banking Corp. Ltd.		5,310
	79	Singapore Exchange Ltd.		417
	153	Singapore Press Holdings Ltd.		376
	1,756	Singapore Telecommunications Ltd.		4,829
	304	United Overseas Bank Ltd.		4,516
	618	Wilmar International Ltd.		1,701
				30,391
		Spain — 1.0%
	762	Banco Bilbao Vizcaya Argentaria SA		5,182
	2,517	Banco Santander SA		14,060
	10,081	Bankia SA		10,657
	1,157	Distribuidora Internacional de Alimentacion SA		6,122
	1,992	Iberdrola SA (a)		12,583

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — continued
	386	Industria de Diseno Textil SA		12,752
	1,020	Telefonica SA		9,872
				71,228
		Sweden — 0.8%
	63	Assa Abloy AB, Class B		1,198
	308	Electrolux AB, Series B		8,198
	1,283	Nordea Bank AB		15,488
	748	Sandvik AB		10,097
	978	Skandinaviska Enskilda Banken AB, Class A		10,983
	602	Telefonaktiebolaget LM Ericsson, Class B		3,565
	1,625	Telia Co. AB		6,592
				56,121
		Switzerland — 3.1%
	186	ABB Ltd. (a)		4,431
	32	Actelion Ltd. (a)		8,302
	125	Adecco Group AG		8,909
	91	Cie Financiere Richemont SA		7,087
	266	Credit Suisse Group AG (a)		4,061
	657	Glencore plc (a)		2,723
	276	LafargeHolcim Ltd. (a)		14,850
	747	Nestle SA		54,747
	389	Novartis AG		28,726
	168	Roche Holding AG		39,850
	125	Swiss Re AG		11,685
	10	Syngenta AG (a)		4,210
	485	UBS Group AG		7,877
	229	Wolseley plc		14,177
	47	Zurich Insurance Group AG (a)		13,595
				225,230
		United Kingdom — 5.3%
	1,196	3i Group plc		10,569
	82	Anglo American plc (a)		1,418
	324	Associated British Foods plc		9,779
	134	AstraZeneca plc		7,090
	515	BAE Systems plc		3,786
	1,804	Barclays plc		5,007
	852	Barratt Developments plc		5,136
	3,094	BP plc		18,476
	549	British American Tobacco plc		33,883
	615	BT Group plc		2,357
	11	Capita plc		66
	3,957	Centrica plc		11,203
	586	Compass Group plc		10,428
	281	Diageo plc		7,805

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	1,175	Dixons Carphone plc		4,686
	1,436	GlaxoSmithKline plc		27,753
	2,843	HSBC Holdings plc		24,251
	157	Imperial Brands plc		7,258
	228	InterContinental Hotels Group plc		10,596
	2,906	ITV plc		7,457
	1,265	Kingfisher plc		5,367
	52	Liberty Global plc, Class A (a)		1,881
	118	Liberty Global plc, Series C (a)		4,136
	2,000	Lloyds Banking Group plc		1,640
	182	London Stock Exchange Group plc		7,293
	450	National Grid plc		5,273
	38	Pentair plc		2,217
	34	Persimmon plc		829
	1,015	Prudential plc		19,675
	99	Reckitt Benckiser Group plc		8,485
	98	Rio Tinto Ltd.		4,996
	357	Rio Tinto plc		15,811
	1,401	RSA Insurance Group plc		10,142
	1,430	Standard Chartered plc (a)		14,000
	2,864	Taylor Wimpey plc		6,046
	189	TechnipFMC plc (a)		6,197
	486	Unilever NV, CVA		19,698
	7,948	Vodafone Group plc		19,469
	166	Whitbread plc		8,205
	755	WPP plc		17,571
				387,935
		United States — 59.4%
	5	3M Co.		802
	596	Abbott Laboratories		24,903
	310	Accenture plc, Class A		35,323
	46	Activision Blizzard, Inc.		1,838
	8	Acuity Brands, Inc.		1,747
	300	Adobe Systems, Inc. (a)		34,020
	190	Aetna, Inc.		22,536
	204	Agilent Technologies, Inc.		10,000
	99	Alexion Pharmaceuticals, Inc. (a)		12,973
	176	Allegion plc		11,528
	133	Allergan plc (a)		29,045
	68	Alphabet, Inc., Class A (a)		56,043
	84	Alphabet, Inc., Class C (a)		67,238
	344	Altria Group, Inc.		24,499
	98	Amazon.com, Inc. (a)		80,829
	298	Ameren Corp.		15,709

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	228	American International Group, Inc.		14,654
	37	American Water Works Co., Inc.		2,739
	36	Ameriprise Financial, Inc.		4,018
	14	Amgen, Inc.		2,186
	237	Anadarko Petroleum Corp.		16,481
	340	Analog Devices, Inc.		25,485
	31	Antero Resources Corp. (a)		766
	1,148	Apple, Inc.		139,333
	121	Archer-Daniels-Midland Co.		5,369
	20	Arrow Electronics, Inc. (a)		1,443
	260	Arthur J Gallagher & Co.		13,992
	11	Ashland Global Holdings, Inc.		1,332
	1,276	AT&T, Inc.		53,785
	45	Automatic Data Processing, Inc.		4,579
	6	AutoZone, Inc. (a)		4,357
	81	AvalonBay Communities, Inc.		13,981
	21	B/E Aerospace, Inc.		1,298
	3,084	Bank of America Corp.		69,821
	364	Bank of New York Mellon Corp. (The)		16,284
	48	BB&T Corp.		2,207
	44	Becton Dickinson and Co.		7,756
	248	Berkshire Hathaway, Inc., Class B (a)		40,716
	118	Best Buy Co., Inc.		5,250
	92	Biogen, Inc. (a)		25,634
	58	BioMarin Pharmaceutical, Inc. (a)		5,112
	48	BlackRock, Inc.		17,917
	887	Boston Scientific Corp. (a)		21,333
	582	Bristol-Myers Squibb Co.		28,625
	147	Brixmor Property Group, Inc.		3,546
	204	Broadcom Ltd.		40,609
	26	Broadridge Financial Solutions, Inc.		1,710
	245	Cabot Oil & Gas Corp.		5,253
	31	Cadence Design Systems, Inc. (a)		816
	16	Camden Property Trust		1,339
	248	Capital One Financial Corp.		21,671
	87	Carnival Corp.		4,792
	52	Caterpillar, Inc.		4,983
	66	CBRE Group, Inc., Class A (a)		1,995
	16	CBS Corp. (Non-Voting), Class B		1,001
	29	CDK Global, Inc.		1,791
	32	CDW Corp.		1,626
	31	Celanese Corp., Series A		2,633
	303	Celgene Corp. (a)		35,156
	37	Centene Corp. (a)		2,311

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	686	Charles Schwab Corp. (The)		28,295
	97	Charter Communications, Inc., Class A (a)		31,573
	43	Cheniere Energy, Inc. (a)		2,037
	337	Chevron Corp.		37,515
	184	Chubb Ltd.		24,194
	36	Cigna Corp.		5,213
	702	Cisco Systems, Inc.		21,571
	914	Citigroup, Inc.		51,012
	87	Citizens Financial Group, Inc.		3,157
	349	CMS Energy Corp.		14,850
	642	Coca-Cola Co. (The)		26,693
	209	Cognizant Technology Solutions Corp., Class A (a)		11,013
	672	Comcast Corp., Class A		50,679
	138	Concho Resources, Inc. (a)		19,223
	140	Constellation Brands, Inc., Class A		20,999
	10	Cooper Cos., Inc. (The)		1,863
	7	Core Laboratories NV		858
	219	Corning, Inc.		5,800
	168	Costco Wholesale Corp.		27,475
	204	Crown Holdings, Inc. (a)		11,026
	65	Cummins, Inc.		9,529
	53	CVS Health Corp.		4,190
	127	Danaher Corp.		10,632
	53	Deere & Co.		5,627
	139	Delphi Automotive plc		9,749
	281	Delta Air Lines, Inc.		13,255
	123	Diamondback Energy, Inc. (a)		12,917
	21	Dick’s Sporting Goods, Inc.		1,061
	287	Discover Financial Services		19,911
	257	DISH Network Corp., Class A (a)		15,221
	133	Dollar General Corp.		9,847
	369	Dow Chemical Co. (The)		21,977
	409	DR Horton, Inc.		12,236
	41	Dr Pepper Snapple Group, Inc.		3,726
	59	E*TRADE Financial Corp. (a)		2,199
	257	Eastman Chemical Co.		19,917
	323	Eaton Corp. plc		22,874
	11	Edgewell Personal Care Co. (a)		839
	217	Edison International		15,798
	359	EI du Pont de Nemours & Co.		27,129
	393	Eli Lilly & Co.		30,267
	296	EOG Resources, Inc.		30,096
	187	EQT Corp.		11,331
	26	Equinix, Inc.		10,020

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	31	Everest Re Group Ltd.		6,862
	198	Exelon Corp.		7,096
	36	Extra Space Storage, Inc.		2,608
	797	Exxon Mobil Corp.		66,896
	13	F5 Networks, Inc. (a)		1,787
	636	Facebook, Inc., Class A (a)		82,886
	54	FedEx Corp.		10,155
	308	Fidelity National Information Services, Inc.		24,439
	59	First Data Corp., Class A (a)		904
	15	First Republic Bank		1,385
	23	FLIR Systems, Inc.		824
	75	Fluor Corp.		4,140
	30	Foot Locker, Inc.		2,079
	294	Ford Motor Co.		3,631
	64	Fortive Corp.		3,552
	105	General Dynamics Corp.		19,037
	2,075	General Electric Co.		61,627
	288	General Motors Co.		10,560
	387	Gilead Sciences, Inc.		28,048
	25	Global Payments, Inc.		1,925
	104	Goldman Sachs Group, Inc. (The)		23,791
	181	Halliburton Co.		10,226
	328	Hartford Financial Services Group, Inc. (The)		15,995
	217	HCP, Inc.		6,568
	348	Hewlett Packard Enterprise Co.		7,893
	37	Hilton Worldwide Holdings, Inc.		2,133
	27	HollyFrontier Corp.		792
	39	Hologic, Inc. (a)		1,598
	372	Home Depot, Inc. (The)		51,241
	328	Honeywell International, Inc.		38,754
	777	HP, Inc.		11,688
	84	Humana, Inc.		16,698
	231	Huntington Bancshares, Inc.		3,128
	9	Huntington Ingalls Industries, Inc.		1,781
	18	IDEXX Laboratories, Inc. (a)		2,154
	65	Illumina, Inc. (a)		10,368
	34	Incyte Corp. (a)		4,160
	160	Ingersoll-Rand plc		12,686
	14	Ingredion, Inc.		1,765
	405	Intel Corp.		14,912
	301	Intercontinental Exchange, Inc.		17,595
	108	International Business Machines Corp.		18,892
	85	Jack Henry & Associates, Inc.		7,624
	410	Johnson & Johnson		46,478

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	189	Johnson Controls International plc		8,323
	8	Jones Lang LaSalle, Inc.		851
	24	Kansas City Southern		2,023
	920	KeyCorp		16,531
	143	Kimberly-Clark Corp.		17,360
	414	Kimco Realty Corp.		10,293
	250	Kinder Morgan, Inc.		5,581
	249	Kraft Heinz Co. (The)		22,275
	467	Kroger Co. (The)		15,870
	51	L3 Technologies, Inc.		8,127
	29	Laboratory Corp. of America Holdings (a)		3,880
	118	Lam Research Corp.		13,573
	16	Lear Corp.		2,242
	40	Lennox International, Inc.		6,239
	23	Liberty Broadband Corp., Class C (a)		2,005
	24	Liberty Media Corp.-Liberty SiriusXM, Class A (a)		871
	87	Liberty Property Trust		3,325
	79	Lincoln National Corp.		5,301
	436	Lowe’s Cos., Inc.		31,878
	24	Macerich Co. (The)		1,680
	204	Macy’s, Inc.		6,029
	16	ManpowerGroup, Inc.		1,482
	146	Marathon Petroleum Corp.		7,035
	387	Masco Corp.		12,757
	73	Mastercard, Inc., Class A		7,760
	40	McDonald’s Corp.		4,898
	46	McKesson Corp.		6,410
	56	Medtronic plc		4,240
	545	Merck & Co., Inc.		33,765
	527	MetLife, Inc.		28,689
	43	MGM Resorts International (a)		1,231
	100	Microchip Technology, Inc.		6,715
	1,874	Microsoft Corp.		121,158
	214	Molson Coors Brewing Co., Class B		20,621
	675	Mondelez International, Inc., Class A		29,909
	805	Morgan Stanley		34,213
	416	Mosaic Co. (The)		13,061
	14	Mylan NV (a)		524
	29	National Retail Properties, Inc.		1,281
	95	Newell Brands, Inc.		4,507
	44	Newfield Exploration Co. (a)		1,773
	108	Newmont Mining Corp.		3,915
	230	NextEra Energy, Inc.		28,407
	84	NIKE, Inc., Class B		4,453

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	57	NiSource, Inc.		1,280
	63	Northrop Grumman Corp.		14,324
	52	Nuance Communications, Inc. (a)		830
	71	NVIDIA Corp.		7,770
	89	Occidental Petroleum Corp.		6,033
	238	Oracle Corp.		9,556
	65	O’Reilly Automotive, Inc. (a)		17,040
	202	PACCAR, Inc.		13,585
	23	Parsley Energy, Inc., Class A (a)		815
	218	PayPal Holdings, Inc. (a)		8,686
	484	PepsiCo, Inc.		50,204
	1,725	Pfizer, Inc.		54,738
	329	PG&E Corp.		20,353
	246	Philip Morris International, Inc.		23,686
	162	Pinnacle West Capital Corp.		12,608
	132	Pioneer Natural Resources Co.		23,825
	25	Plains GP Holdings LP, Class A		804
	1	Priceline Group, Inc. (The) (a)		2,300
	447	Procter & Gamble Co. (The)		39,135
	279	Prologis, Inc.		13,627
	90	Prudential Financial, Inc.		9,436
	40	Public Storage		8,626
	493	PulteGroup, Inc.		10,597
	16	PVH Corp.		1,480
	81	QUALCOMM, Inc.		4,347
	42	Quest Diagnostics, Inc.		3,866
	11	Ralph Lauren Corp.		988
	36	Range Resources Corp.		1,178
	28	Raymond James Financial, Inc.		2,132
	20	Regency Centers Corp.		1,366
	3	Regeneron Pharmaceuticals, Inc. (a)		963
	565	Regions Financial Corp.		8,145
	14	Reinsurance Group of America, Inc.		1,704
	368	Reynolds American, Inc.		22,114
	27	Robert Half International, Inc.		1,259
	144	Ross Stores, Inc.		9,496
	148	Royal Caribbean Cruises Ltd.		13,874
	17	S&P Global, Inc.		2,057
	33	Sabre Corp.		805
	26	SBA Communications Corp. (a)		2,705
	366	Schlumberger Ltd.		30,650
	228	Sealed Air Corp.		11,057
	33	Sensata Technologies Holding NV (a)		1,370
	5	Sherwin-Williams Co. (The)		1,586

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	257	Shire plc		14,324
	13	Signet Jewelers Ltd.		1,041
	94	Simon Property Group, Inc.		17,304
	1,193	Sirius XM Holdings, Inc.		5,632
	50	SL Green Realty Corp.		5,499
	75	Snap-on, Inc.		13,633
	84	Southwestern Energy Co. (a)		758
	7	Spectrum Brands Holdings, Inc.		955
	381	Spirit Realty Capital, Inc.		4,004
	186	Stanley Black & Decker, Inc.		23,050
	560	Starbucks Corp.		30,897
	113	State Street Corp.		8,620
	167	STORE Capital Corp.		3,943
	244	SunTrust Banks, Inc.		13,850
	44	SVB Financial Group (a)		7,661
	31	Synopsys, Inc. (a)		1,975
	73	TD Ameritrade Holding Corp.		3,371
	336	TE Connectivity Ltd.		25,016
	37	TEGNA, Inc.		841
	8	Teleflex, Inc.		1,355
	491	Texas Instruments, Inc.		37,061
	65	Textron, Inc.		3,084
	122	Thermo Fisher Scientific, Inc.		18,572
	85	Thomson Reuters Corp.		3,805
	211	Time Warner, Inc.		20,473
	344	TJX Cos., Inc. (The)		25,757
	197	T-Mobile US, Inc. (a)		12,286
	26	TripAdvisor, Inc. (a)		1,371
	871	Twenty-First Century Fox, Inc., Class A		27,319
	89	Twenty-First Century Fox, Inc., Class B		2,755
	366	Union Pacific Corp.		39,047
	225	United Continental Holdings, Inc. (a)		15,869
	37	United Parcel Service, Inc., Class B		4,016
	12	United Rentals, Inc. (a)		1,485
	127	United Technologies Corp.		13,889
	10	United Therapeutics Corp. (a)		1,561
	326	UnitedHealth Group, Inc.		52,901
	49	Unum Group		2,210
	51	US Bancorp		2,687
	165	Valero Energy Corp.		10,822
	178	Vantiv, Inc., Class A (a)		11,079
	21	VeriSign, Inc. (a)		1,678
	435	Verizon Communications, Inc.		21,305
	156	Vertex Pharmaceuticals, Inc. (a)		13,370

SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	590	Visa, Inc., Class A		48,807
	34	Voya Financial, Inc.		1,370
	27	Vulcan Materials Co.		3,518
	346	Walgreens Boots Alliance, Inc.		28,346
	48	Wal-Mart Stores, Inc.		3,173
	379	Walt Disney Co. (The)		41,985
	48	WEC Energy Group, Inc.		2,837
	1,308	Wells Fargo & Co.		73,692
	74	Western Union Co. (The)		1,457
	196	WestRock Co.		10,459
	70	WEX, Inc. (a)		7,975
	102	Workday, Inc., Class A (a)		8,498
	9	WW Grainger, Inc.		2,210
	303	Xcel Energy, Inc.		12,502
	40	Yum Brands, Inc.		2,608
	40	Zimmer Biomet Holdings, Inc.		4,678
	20	Zoetis, Inc.		1,125
				4,310,905
		Total Common Stocks (Cost $6,173,712)		7,165,072
	Preferred Stocks — 0.4%
		Germany — 0.4%
	131	Henkel AG & Co. KGaA (Preference)		16,034
	77	Volkswagen AG (Preference)		12,005
		Total Preferred Stocks (Cost $26,314)		28,039
	Short-Term Investment — 0.7%
		Investment Company — 0.7%
	48,349	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $48,349)		48,349
		Total Investments — 99.8% (Cost $6,248,375)		7,241,460
		Other Assets in Excess of Liabilities — 0.2%		17,951
		NET ASSETS — 100.0%	$	7,259,411

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		9.4	%
Oil, Gas & Consumable Fuels		6.2
Pharmaceuticals		6.0
Insurance		4.1
Media		3.3
Capital Markets		3.0
Software		3.0
IT Services		3.0
Internet Software & Services		2.9
Chemicals		2.7
Semiconductors & Semiconductor Equipment		2.6
Specialty Retail		2.6
Beverages		2.4
Technology Hardware, Storage & Peripherals		2.4
Diversified Telecommunication Services		2.2
Biotechnology		2.2
Industrial Conglomerates		2.1
Electric Utilities		2.0
Food Products		2.0
Equity Real Estate Investment Trusts (REITs)		1.9
Machinery		1.9
Health Care Providers & Services		1.9
Food & Staples Retailing		1.7
Automobiles		1.7
Tobacco		1.7
Hotels, Restaurants & Leisure		1.6
Metals & Mining		1.4
Road & Rail		1.4
Health Care Equipment & Supplies		1.3
Internet & Direct Marketing Retail		1.2
Household Products		1.1
Aerospace & Defense		1.1
Wireless Telecommunication Services		1.0
Electrical Equipment		1.0
Others (each less than 1.0%)		13.3
Short-Term Investment		0.7

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CDI	—	CHESS Depository Interest
CVA	—	Dutch Certification
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
(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 (shares or dollars).
(l)	—	The rate shown is the current yield as of January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,156,889
Aggregate gross unrealized depreciation		(163,804	)
Net unrealized appreciation/depreciation	$	993,085
Federal income tax cost of investments	$	6,248,375

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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).

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	$	—		$	198,859	$	—	$	198,859
Austria		—	(a)		—		—		—	(a)
Belgium		—			34,792		—		34,792
Bermuda		4,665			—		—		4,665
Canada		276,258			—		—		276,258
China		—			236		—		236
Denmark		—			60,841		—		60,841
Finland		—			18,675		—		18,675
France		—			277,765		—		277,765
Germany		—			235,110		—		235,110
Hong Kong		814			85,289		—		86,103
Ireland		—			2,325		—		2,325
Israel		5,174			—		—		5,174
Italy		748			45,865		—		46,613
Japan		—			661,136		—		661,136
Jersey		—			4,168		—		4,168
Luxembourg		—			8,597		—		8,597
Netherlands		4,327			139,504		—		143,831
New Zealand		—			6,298		—		6,298
Norway		—			5,371		—		5,371
Portugal		—			6,445		—		6,445
Singapore		—			30,391		—		30,391
Spain		273			70,955		—		71,228
Sweden		—			56,121		—		56,121
Switzerland		4,210			221,020		—		225,230
United Kingdom		14,431			373,504		—		387,935
United States		4,296,581			14,324		—		4,310,905
Total Common Stocks		4,607,481			2,557,591		—		7,165,072
Preferred Stocks
Germany		—			28,039		—		28,039
Short-Term Investment
Investment Company		48,349			—		—		48,349
Total Investments in Securities	$	4,655,830		$	2,585,630	$	—	$	7,241,460

(a) Amount rounds to less than 500.

There were no significant transfers between level 1 and level 2 during the period ended January 31, 2017.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — 90.1%
	Canada — 1.4%
— (h)	Canadian Pacific Railway Ltd.		26
	China — 8.9%
— (h)	Baidu, Inc., ADR (a)		27
6	China Overseas Land & Investment Ltd.		18
16	China Unicom Hong Kong Ltd.		19
— (h)	CNOOC Ltd., ADR		28
1	JD.com, Inc., ADR (a)		27
4	Ping An Insurance Group Co. of China Ltd., Class H		18
2	Vipshop Holdings Ltd., ADR (a)		27
			164
	France — 4.6%
— (h)	Airbus SE		26
1	AXA SA		27
— (h)	Sanofi		33
			86
	Germany — 1.0%
5	Telefonica Deutschland Holding AG		20
	Hong Kong — 1.1%
3	AIA Group Ltd.		20
	India — 1.2%
3	ICICI Bank Ltd., ADR		23
	Israel — 2.9%
2	Teva Pharmaceutical Industries Ltd., ADR		53
	Japan — 3.7%
2	Inpex Corp.		15
1	Japan Airlines Co. Ltd.		19
1	Sumitomo Mitsui Financial Group, Inc.		35
			69
	Luxembourg — 1.3%
3	ArcelorMittal (a)		23
	Netherlands — 2.7%
1	ASR Nederland NV (a)		24
— (h)	NXP Semiconductors NV (a)		26
			50
	Russia — 0.8%
— (h)	Magnit PJSC, Reg. S, GDR		15
	Switzerland — 3.6%
— (h)	LafargeHolcim Ltd. (a)		26

SHARES	SECURITY DESCRIPTION	VALUE($)
	Switzerland — continued
1	Novartis AG		41
			67
	United Kingdom — 9.8%
1	British American Tobacco plc		39
9	BT Group plc		33
13	ITV plc		33
1	Liberty Global plc, Class A (a)		29
20	Vodafone Group plc		48
			182
	United States — 47.1%
— (h)	Activision Blizzard, Inc.		19
— (h)	Aetna, Inc.		17
— (h)	Affiliated Managers Group, Inc. (a)		18
— (h)	Alexion Pharmaceuticals, Inc. (a)		26
— (h)	Allergan plc (a)		34
— (h)	Alphabet, Inc., Class C (a)		81
— (h)	Amazon.com, Inc. (a)		62
— (h)	Broadcom Ltd.		37
1	CBRE Group, Inc., Class A (a)		23
— (h)	Chubb Ltd.		23
1	Citigroup, Inc.		56
1	DISH Network Corp., Class A (a)		31
— (h)	Eastman Chemical Co.		28
1	Ensco plc, Class A		13
— (h)	EQT Corp.		16
— (h)	Gilead Sciences, Inc.		21
1	Globant SA (a)		17
— (h)	Honeywell International, Inc.		27
1	Kroger Co. (The)		44
— (h)	MetLife, Inc.		27
— (h)	Molson Coors Brewing Co., Class B		23
1	Morgan Stanley		27
— (h)	Pioneer Natural Resources Co.		36
— (h)	Shire plc, ADR		38
1	Time, Inc.		27
1	TripAdvisor, Inc. (a)		29
1	Twenty-First Century Fox, Inc., Class A		41
— (h)	Vertex Pharmaceuticals, Inc. (a)		31
			872
	Total Common Stocks (Cost $1,603)		1,670

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Short-Term Investment — 2.9%
	Investment Company — 2.9%
54	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $54)		54
	Total Investments — 93.0% (Cost $1,657)		1,724
	Other Assets in Excess of Liabilities — 7.0%		129
	NET ASSETS — 100.0%	$	1,853

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.4	%
Media		9.3
Internet & Direct Marketing Retail		8.4
Insurance		8.0
Biotechnology		6.7
Banks		6.6
Internet Software & Services		6.3
Oil, Gas & Consumable Fuels		5.5
Diversified Telecommunication Services		4.2
Semiconductors & Semiconductor Equipment		3.6
Food & Staples Retailing		3.4
Wireless Telecommunication Services		2.8
Capital Markets		2.6
Real Estate Management & Development		2.4
Tobacco		2.3
Software		2.1
Chemicals		1.6
Industrial Conglomerates		1.6
Aerospace & Defense		1.5
Road & Rail		1.5
Construction Materials		1.5
Metals & Mining		1.4
Beverages		1.3
Airlines		1.1
Health Care Providers & Services		1.0
Others (each less than 1.0%)		0.8
Short-Term Investment		3.1

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—  American Depositary Receipt
GDR	—  Global Depositary Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	134
Aggregate gross unrealized depreciation		(67	)
Net unrealized appreciation/depreciation	$	67
Federal income tax cost of investments	$	1,657

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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).

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Canada	$	26	$	—	$	—	$	26
China		109		55		—		164
France		—		86		—		86
Germany		—		20		—		20
Hong Kong		—		20		—		20
India		23		—		—		23
Israel		53		—		—		53
Japan		—		69		—		69
Luxembourg		—		23		—		23
Netherlands		26		24		—		50
Russia		—		15		—		15
Switzerland		—		67		—		67
United Kingdom		29		153		—		182
United States		872		—		—		872
Total Common Stocks		1,138		532		—		1,670
Short-Term Investment
Investment Company		54		—		—		54
Total Investments in Securities	$	1,192	$	532	$	—	$	1,724

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.4%
		United States — 4.4%
		ABFC Trust,
	314	Series 2003-OPT1, Class A1A, VAR, 1.591%, 04/25/33		305
	1,946	Series 2004-HE1, Class M1, VAR, 1.671%, 03/25/34		1,824
	1,335	Series 2004-OPT3, Class M1, VAR, 1.521%, 09/25/33		1,258
	3,083	Series 2004-OPT5, Class A1, VAR, 1.471%, 06/25/34		2,915
	1,558	Series 2005-WF1, Class M1, VAR, 1.311%, 11/25/34		1,508
	1,267	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.626%, 01/25/35		1,173
		ACE Securities Corp. Home Equity Loan Trust,
	1,248	Series 2003-FM1, Class M1, VAR, 2.061%, 11/25/32		1,130
	1,444	Series 2003-HE1, Class M1, VAR, 1.746%, 11/25/33		1,366
	918	Series 2003-NC1, Class M1, VAR, 1.941%, 07/25/33		879
	4,258	Series 2003-OP1, Class M1, VAR, 1.821%, 12/25/33		4,069
	1,129	Series 2004-HE2, Class M1, VAR, 1.806%, 10/25/34		1,071
	2,335	Series 2004-HE4, Class M2, VAR, 1.746%, 12/25/34		2,288
	4,494	Series 2004-OP1, Class M2, VAR, 2.346%, 04/25/34		4,262
	1,090	American Homes 4 Rent, Series 2014-SFR1, Class D, VAR, 2.868%, 06/17/31		1,090
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	746	Series 2002-AR1, Class M1, VAR, 1.827%, 09/25/32		688
	1,374	Series 2003-13, Class M1, VAR, 1.776%, 01/25/34		1,259
	589	Series 2003-13, Class M2, VAR, 3.306%, 01/25/34		558
	916	Series 2004-R1, Class A2, VAR, 1.371%, 02/25/34		813
	4,633	Series 2004-R1, Class M1, VAR, 1.566%, 02/25/34		4,289
	535	Series 2004-R1, Class M2, VAR, 1.641%, 02/25/34		493
	70	Series 2004-R3, Class A1B, VAR, 1.471%, 05/25/34		70
	345	Series 2004-R8, Class M1, VAR, 1.731%, 09/25/34		343

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,281	Series 2003-W5, Class M2, VAR, 3.531%, 10/25/33		1,223
	802	Series 2004-W2, Class M2, VAR, 2.631%, 04/25/34		775
	591	Series 2004-W2, Class M3, VAR, 2.856%, 04/25/34		543
	2,137	Series 2004-W3, Class A3, VAR, 1.576%, 02/25/34		1,948
	1,918	Series 2004-W4, Class A, VAR, 1.276%, 03/25/34		1,742
	1,420	Series 2004-W6, Class M1, VAR, 1.596%, 05/25/34		1,363
	571	Series 2004-W7, Class M2, VAR, 1.656%, 05/25/34		531
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,516	Series 2001-HE3, Class A1, VAR, 1.308%, 11/15/31		2,377
	14	Series 2001-HE3, Class M1, VAR, 1.668%, 11/15/31		14
	202	Series 2003-HE3, Class M2, VAR, 3.768%, 06/15/33		194
	1,783	Series 2003-HE4, Class M1, VAR, 1.949%, 08/15/33		1,693
	1,891	Series 2004-HE2, Class M2, VAR, 2.646%, 04/25/34		1,727
	1,328	Series 2004-HE7, Class M2, VAR, 2.331%, 10/25/34		1,262
	1,050	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		1,030
	423	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		419
		Bear Stearns Asset-Backed Securities I Trust,
	5,703	Series 2004-HE6, Class M2, VAR, 2.631%, 08/25/34		5,448
	2,388	Series 2004-HE11, Class M2, VAR, 2.346%, 12/25/34		2,344
		Bear Stearns Asset-Backed Securities Trust,
	879	Series 2003-1, Class M1, VAR, 2.421%, 11/25/42		832
	585	Series 2003-SD1, Class A, VAR, 1.671%, 12/25/33		557
	997	Series 2003-SD1, Class M1, VAR, 2.046%, 12/25/33		948

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States –– continued
	1,599	Series 2004-HE2, Class M2, VAR, 2.556%, 03/25/34		1,536
	2,227	Series 2004-SD4, Class A1, VAR, 1.671%, 08/25/44		2,135
	699	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 2.106%, 08/25/33		674
		Centex Home Equity Loan Trust,
	6,297	Series 2004-A, Class M1, VAR, 1.371%, 01/25/34		5,946
	888	Series 2004-C, Class M2, VAR, 1.551%, 06/25/34		776
	603	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		550
	1,640	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,253
	271	Series 2004-D, Class MV2, VAR, 1.461%, 09/25/34		245
		Chase Funding Loan Acquisition Trust,
	1,263	Series 2004-AQ1, Class M1, VAR, 1.866%, 05/25/34		1,149
	1,968	Series 2004-OPT1, Class M2, VAR, 2.271%, 06/25/34		1,901
		Chase Funding Trust,
	1,521	Series 2003-4, Class 1A5, SUB, 5.317%, 05/25/33		1,560
	190	Series 2003-4, Class 2M1, VAR, 1.671%, 03/25/33		182
	568	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		508
	2,345	Series 2003-6, Class 2A2, VAR, 1.351%, 11/25/34		2,070
	2,573	Series 2003-6, Class 2M1, VAR, 1.521%, 11/25/34		2,408
	1,157	Series 2004-1, Class 1M1, 4.725%, 05/25/33		1,120
	1,134	Series 2004-1, Class 2M1, VAR, 1.521%, 09/25/33		1,048
	2,212	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		2,061
	1,523	CHEC Loan Trust, Series 2004-1, Class M1, VAR, 1.671%, 07/25/34		1,357
		Citigroup Mortgage Loan Trust, Inc.,
	309	Series 2005-OPT1, Class M4, VAR, 1.821%, 02/25/35		271
	148	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		137
	40	Continental Airlines Pass-Through Trust, Series 2004-ERJ1, 9.558%, 09/01/19		42

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Countrywide Asset-Backed Certificates,
	281	Series 2002-3, Class M1, VAR, 1.896%, 03/25/32		276
	1,026	Series 2002-4, Class M1, VAR, 1.896%, 12/25/32		955
	1,345	Series 2003-3, Class 3A, VAR, 1.311%, 11/25/33		1,254
	10,058	Series 2004-2, Class M1, VAR, 1.521%, 05/25/34		9,566
	3,239	Series 2004-3, Class M1, VAR, 1.521%, 06/25/34		3,017
	643	Series 2004-3, Class M2, VAR, 1.596%, 06/25/34		603
	1,297	Series 2004-BC1, Class M1, VAR, 1.521%, 02/25/34		1,232
	301	Series 2004-BC4, Class M1, VAR, 1.821%, 11/25/34		288
	966	Series 2004-ECC2, Class M2, VAR, 1.746%, 12/25/34		930
	3,000	Series 2005-12, Class M2, VAR, 1.261%, 02/25/36		2,779
	4,909	Series 2005-AB3, Class 1A1, VAR, 1.021%, 02/25/36		4,329
	9,706	Series 2006-19, Class 2A2, VAR, 0.931%, 03/25/37		9,361
	1,342	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 1.716%, 01/25/35		1,238
		Credit-Based Asset Servicing & Securitization LLC,
	2,859	Series 2003-CB6, Class M1, VAR, 1.806%, 12/25/33		2,652
	1,537	Series 2004-CB2, Class M1, VAR, 1.551%, 07/25/33		1,416
	661	Series 2005-CB8, Class AF2, SUB, 4.010%, 12/25/35		655
		CWABS, Inc. Asset-Backed Certificates Trust,
	4,324	Series 2003-BC1, Class A1, VAR, 1.571%, 03/25/33		4,111
	767	Series 2004-1, Class M2, VAR, 1.596%, 03/25/34		712
	1,377	Series 2004-1, Class M3, VAR, 1.746%, 02/25/34		1,284
	2,030	Series 2004-5, Class M2, VAR, 1.776%, 07/25/34		1,957
	855	Series 2004-6, Class M2, VAR, 1.746%, 10/25/34		809
	302	Series 2005-11, Class AF6, VAR, 4.707%, 02/25/36		313

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States –– continued
	471	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		453
		FFMLT Trust,
	66	Series 2005-FF11, Class A2D, VAR, 1.451%, 11/25/35		66
	10,500	Series 2005-FF11, Class M1, VAR, 1.416%, 11/25/35		9,961
	203	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.716%, 11/25/34		155
	991	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2004-FF3, Class M1, VAR, 1.596%, 05/25/34		925
		First Franklin Mortgage Loan Trust,
	5,456	Series 2003-FF5, Class M1, VAR, 1.671%, 03/25/34		5,105
	2,456	Series 2004-FF5, Class A1, VAR, 1.491%, 08/25/34		2,345
	12,375	Series 2005-FF10, Class A1, VAR, 1.071%, 11/25/35		11,200
	1,801	Series 2005-FF10, Class A4, VAR, 1.091%, 11/25/35		1,787
	1,436	Series 2006-FF8, Class IIA3, VAR, 0.921%, 07/25/36		1,380
		Fremont Home Loan Trust,
	2,160	Series 2003-A, Class M1, VAR, 1.746%, 08/25/33		2,026
	2,145	Series 2004-2, Class M2, VAR, 1.701%, 07/25/34		2,073
	3,993	Series 2004-A, Class M1, VAR, 1.596%, 01/25/34		3,664
	540	Series 2004-B, Class M2, VAR, 1.716%, 05/25/34		484
	961	Series 2004-C, Class M1, VAR, 1.746%, 08/25/34		907
	1,799	Series 2004-D, Class M1, VAR, 1.641%, 11/25/34		1,618
	1,116	Series 2004-D, Class M2, VAR, 1.671%, 11/25/34		1,064
	1,316	GSAA Trust, Series 2005-6, Class A3, VAR, 1.141%, 06/25/35		1,309
		GSAMP Trust,
	2,348	Series 2003-HE1, Class M1, VAR, 2.022%, 06/20/33		2,297
	1,526	Series 2003-SEA, Class A1, VAR, 1.171%, 02/25/33		1,416
	852	Series 2005-HE3, Class M2, VAR, 1.776%, 06/25/35		841

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,301	Series 2005-NC1, Class M1, VAR, 1.446%, 02/25/35		2,185
	3,269	Series 2006-FM1, Class A2C, VAR, 0.931%, 04/25/36		1,901
	7,075	Series 2006-HE3, Class A2C, VAR, 0.931%, 05/25/46		6,574
	2,464	Series 2006-HE4, Class A2C, VAR, 0.921%, 06/25/36		2,340
	6,813	Series 2007-SEA1, Class A, VAR, 1.071%, 12/25/36 (e)		6,305
		Home Equity Asset Trust,
	4,092	Series 2002-5, Class M1, VAR, 2.471%, 05/25/33		3,931
	1,026	Series 2003-3, Class M1, VAR, 2.061%, 08/25/33		985
	443	Series 2004-6, Class M2, VAR, 1.671%, 12/25/34		388
	4,100	Series 2005-7, Class M1, VAR, 1.221%, 01/25/36		3,956
		Home Equity Mortgage Loan Asset-Backed Trust,
	579	Series 2004-B, Class M2, VAR, 1.881%, 11/25/34		538
	9,712	Series 2004-C, Class M1, VAR, 1.596%, 03/25/35		9,043
	1,043	Series 2004-C, Class M2, VAR, 1.656%, 03/25/35		933
	1,319	Series 2006-B, Class 2A3, VAR, 0.961%, 06/25/36		1,252
		Invitation Homes Trust,
	2,520	Series 2013-SFR1, Class C, VAR, 2.605%, 12/17/30 (e)		2,520
	3,050	Series 2013-SFR1, Class E, VAR, 3.405%, 12/17/30 (e)		3,051
	364	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 0.926%, 04/25/36		358
		Long Beach Mortgage Loan Trust,
	919	Series 2001-2, Class M1, VAR, 1.611%, 07/25/31		885
	2,847	Series 2002-5, Class M1, VAR, 2.016%, 11/25/32		2,741
	416	Series 2003-4, Class M1, VAR, 1.791%, 08/25/33		397
	953	Series 2004-3, Class M2, VAR, 1.671%, 07/25/34		899
	622	Series 2004-3, Class M4, VAR, 2.384%, 07/25/34		584
	668	Series 2004-3, Class M6, VAR, 2.909%, 07/25/34		625

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States –– continued
	2,053	Series 2004-4, Class M1, VAR, 1.671%, 10/25/34		1,877
	290	Series 2005-WL2, Class M1, VAR, 1.476%, 08/25/35		289
		Mastr Asset-Backed Securities Trust,
	1,779	Series 2004-OPT2, Class M1, VAR, 1.671%, 09/25/34		1,672
	974	Series 2004-OPT2, Class M2, VAR, 1.746%, 09/25/34		865
	2,435	Series 2005-NC1, Class M2, VAR, 1.521%, 12/25/34		2,330
		Merrill Lynch Mortgage Investors Trust,
	582	Series 2003-OPT1, Class M1, VAR, 1.746%, 07/25/34		540
	432	Series 2004-HE2, Class M1, VAR, 1.971%, 08/25/35		413
	107	Series 2004-WMC5, Class M5, VAR, 2.496%, 07/25/35		103
	2,201	Series 2005-FM1, Class M1, VAR, 1.251%, 05/25/36		2,035
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,146	Series 2003-NC10, Class M1, VAR, 1.791%, 10/25/33		1,092
	8,070	Series 2004-HE1, Class M1, VAR, 1.626%, 01/25/34		7,692
	643	Series 2004-HE2, Class M2, VAR, 2.571%, 03/25/34		608
	1,033	Series 2004-HE2, Class M3, VAR, 2.946%, 03/25/34		610
	4,289	Series 2004-HE3, Class M1, VAR, 1.626%, 03/25/34		4,066
	1,440	Series 2004-HE3, Class M2, VAR, 2.646%, 03/25/34		1,379
	1,308	Series 2004-HE6, Class M1, VAR, 1.596%, 08/25/34		1,268
	1,357	Series 2004-HE6, Class M2, VAR, 1.671%, 08/25/34		1,287
	911	Series 2004-HE6, Class M3, VAR, 1.746%, 08/25/34		806
	1,084	Series 2004-HE7, Class M2, VAR, 1.716%, 08/25/34		1,074
	88	Series 2004-HE7, Class M3, VAR, 1.791%, 08/25/34		84
	2,600	Series 2004-HE8, Class M1, VAR, 1.731%, 09/25/34		2,459
	1,179	Series 2004-HE8, Class M2, VAR, 1.791%, 09/25/34		1,144
	819	Series 2004-HE8, Class M3, VAR, 1.896%, 09/25/34		773

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,837	Series 2004-NC3, Class M1, VAR, 1.566%, 03/25/34		2,671
	5,576	Series 2004-NC5, Class M1, VAR, 1.671%, 05/25/34		5,189
	743	Series 2004-NC6, Class M2, VAR, 2.646%, 07/25/34		699
	679	Series 2004-NC8, Class M3, VAR, 1.881%, 09/25/34		640
	1,725	Series 2004-OP1, Class M2, VAR, 1.686%, 11/25/34		1,676
	975	Series 2004-OP1, Class M3, VAR, 1.791%, 11/25/34		895
	2,231	Series 2004-WMC2, Class M1, VAR, 1.686%, 07/25/34		2,134
	1,121	Series 2004-WMC2, Class M2, VAR, 2.571%, 07/25/34		1,081
	3,341	Series 2004-WMC3, Class M2, VAR, 1.551%, 01/25/35		3,001
	472	Series 2005-HE1, Class M2, VAR, 1.476%, 12/25/34		410
	1,278	Series 2005-HE1, Class M3, VAR, 1.551%, 12/25/34		1,050
	303	Series 2005-NC1, Class M3, VAR, 1.536%, 01/25/35		230
		New Century Home Equity Loan Trust,
	544	Series 2003-3, Class M1, VAR, 1.956%, 07/25/33		526
	928	Series 2003-B, Class M2, VAR, 3.246%, 11/25/33		910
	3,261	Series 2004-1, Class M1, VAR, 1.656%, 05/25/34		3,024
	238	Series 2004-2, Class M2, VAR, 1.701%, 08/25/34		221
	1,106	Series 2004-2, Class M4, VAR, 2.571%, 08/25/34		1,037
	944	Series 2004-2, Class M6, VAR, 3.021%, 08/25/34		879
	2,413	Series 2004-3, Class M2, VAR, 1.746%, 11/25/34		2,351
	494	Series 2004-3, Class M3, VAR, 1.836%, 11/25/34		456
	5,478	Series 2004-4, Class M1, VAR, 1.536%, 02/25/35		5,098
	612	Series 2004-4, Class M2, VAR, 1.566%, 02/25/35		569
	295	Series 2005-1, Class M3, VAR, 1.551%, 03/25/35		233
	2,866	Series 2006-2, Class A2B, VAR, 0.931%, 08/25/36		2,395

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States –– continued
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 3.546%, 09/25/33		1,142
	564	Series 2003-3, Class M2, VAR, 2.421%, 12/25/33		559
	4,395	Series 2004-2, Class M4, VAR, 2.571%, 09/25/34		3,967
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	1,653	Series 2003-2, Class M1, VAR, 1.746%, 04/25/33		1,531
	1,479	Series 2003-3, Class M1A, VAR, 2.331%, 06/25/33		1,405
	6,615	Series 2003-5, Class A1, VAR, 1.411%, 08/25/33		6,294
	522	Series 2003-5, Class A2, VAR, 1.411%, 08/25/33		498
	365	Series 2003-5, Class M2, VAR, 3.096%, 08/25/33		328
		Option One Mortgage Loan Trust,
	5,185	Series 2002-3, Class A1, VAR, 1.271%, 08/25/32		4,923
	924	Series 2002-3, Class A2, VAR, 1.311%, 08/25/32		864
	1,624	Series 2003-1, Class A2, VAR, 1.611%, 02/25/33		1,559
	9,602	Series 2004-2, Class M1, VAR, 1.566%, 05/25/34		8,973
	731	Series 2004-3, Class M2, VAR, 1.626%, 11/25/34		666
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.496%, 10/25/34		1,422
		Pretium Mortgage Credit Partners I LLC,
	3,204	Series 2015-NPL4, Class A1, SUB, 4.375%, 11/27/30 (e)		3,228
	9,613	Series 2016-NPL3, Class A1, SUB, 4.375%, 05/27/31 (e)		9,690
	5,759	Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		5,811
	2,891	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		2,891
	2,508	RAAC Trust, Series 2005-RP3, Class M1, VAR, 1.571%, 05/25/39 (e)		2,448
		RAMP Trust,
	694	Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		707

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	79	Series 2004-RS11, Class M1, VAR, 1.701%, 11/25/34		79
		RASC Trust,
	776	Series 2001-KS3, Class AII, VAR, 1.231%, 09/25/31		743
	5,503	Series 2005-EMX1, Class M1, VAR, 1.416%, 03/25/35		5,256
	2,070	Series 2006-KS5, Class A3, VAR, 0.931%, 07/25/36		2,038
	76	Series 2006-KS7, Class A3, VAR, 0.921%, 09/25/36		76
		Renaissance Home Equity Loan Trust,
	1,843	Series 2002-3, Class M1, VAR, 2.271%, 12/25/32		1,810
	542	Series 2003-1, Class M1, VAR, 2.271%, 06/25/33		491
	1,620	Series 2003-3, Class M1, VAR, 1.501%, 12/25/33		1,474
	1,475	Series 2003-3, Class M2F, SUB, 6.181%, 12/25/33		1,429
	2,950	Series 2003-4, Class M1, VAR, 1.621%, 03/25/34		2,743
	1,275	Series 2003-4, Class M2F, SUB, 6.244%, 03/25/34		1,109
	837	Series 2004-1, Class M1, VAR, 1.351%, 05/25/34		771
	634	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		649
	1,139	Series 2005-2, Class AV3, VAR, 1.141%, 08/25/35		989
	1,115	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		1,116
	1,219	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 2.331%, 08/25/34		1,161
		Saxon Asset Securities Trust,
	5,605	Series 2003-3, Class M1, VAR, 1.731%, 12/25/33		5,327
	320	Series 2004-2, Class AF3, VAR, 4.582%, 08/25/35		322
	1,629	Series 2004-2, Class MV2, VAR, 2.556%, 08/25/35		1,595
	3,766	Series 2005-2, Class M2, VAR, 1.431%, 10/25/35		3,306
		Securitized Asset-Backed Receivables LLC Trust,
	2,880	Series 2004-NC1, Class M1, VAR, 1.551%, 02/25/34		2,709
	959	Series 2004-OP1, Class M2, VAR, 2.421%, 02/25/34		904

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
			United States –– continued
	4,205		Series 2004-OP2, Class M1, VAR, 1.746%, 08/25/34		3,987
	1,679		Series 2005-FR2, Class M2, VAR, 1.746%, 03/25/35		1,621
	2,411		Series 2005-OP1, Class M2, VAR, 1.446%, 01/25/35		2,297
	2,921		Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 0.941%, 06/25/36		2,706
			Specialty Underwriting & Residential Finance Trust,
	2,175		Series 2004-BC1, Class M2, VAR, 2.376%, 02/25/35		2,098
	1,561		Series 2004-BC3, Class M1, VAR, 1.701%, 07/25/35		1,503
			Structured Asset Investment Loan Trust,
	432		Series 2003-BC3, Class M1, VAR, 2.196%, 04/25/33		427
	3,150		Series 2003-BC6, Class M1, VAR, 1.896%, 07/25/33		2,985
	1,784		Series 2003-BC11, Class M2, VAR, 3.321%, 10/25/33		1,779
	1,510		Series 2003-BC12, Class M1, VAR, 1.746%, 11/25/33		1,439
	2,974		Series 2004-1, Class M1, VAR, 1.746%, 02/25/34		2,870
	—	(h)	Series 2004-1, Class M2, VAR, 3.471%, 02/25/34		—	(h)
	3,541		Series 2004-5, Class M3, VAR, 1.701%, 05/25/34		3,383
	13,670		Series 2004-6, Class A3, VAR, 1.571%, 07/25/34		13,172
	2,385		Series 2004-6, Class M1, VAR, 1.671%, 07/25/34		2,233
	1,702		Series 2004-7, Class M1, VAR, 1.821%, 08/25/34		1,544
	570		Series 2004-8, Class M2, VAR, 1.701%, 09/25/34		513
	270		Series 2004-BNC1, Class A5, VAR, 2.011%, 09/25/34		248
	2,652		Series 2005-HE2, Class M1, VAR, 1.491%, 07/25/35		2,549
			Structured Asset Securities Corp. Mortgage Loan Trust,
	5,499		Series 2006-BC4, Class A4, VAR, 0.941%, 12/25/36		4,842
	11,236		Series 2006-BC6, Class A4, VAR, 0.941%, 01/25/37		10,566
	512		UAL Pass-Through Trust, Series 2007-1A, 6.636%, 07/02/22		545

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,956	US Airways Pass-Through Trust, Series 2013-1, Class B, 5.375%, 11/15/21		3,052
	4,542	Vericrest Opportunity Loan Trust, Series 2016-NPL3, Class A1, SUB, 4.250%, 03/26/46 (e)		4,568
	2,824	VOLT XLII LLC, Series 2016-NPL2, Class A1, SUB, 4.250%, 03/26/46 (e)		2,840
	1,580	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,588
	4,541	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		4,541
	5,998	VOLT XLVIII LLC, Series 2016-NPL8, Class A1, SUB, 3.500%, 07/25/46 (e)		5,983
	4,067	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		4,075
	3,771	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		3,771
	2,325	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,329
	5,228	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		5,204
	3,327	VOLT XXXVI LLC, Series 2015-NP10, Class A1, SUB, 3.625%, 07/25/45 (e)		3,333
	6,751	VOLT XXXVII LLC, Series 2015-NP11, Class A1, SUB, 3.625%, 07/25/45 (e)		6,755
	5,935	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		5,949
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	87	Series 2004-2, Class A21B, VAR, 1.611%, 10/25/34		86
	1,057	Series 2004-2, Class M1, VAR, 1.671%, 10/25/34		1,014
	1,650	Series 2004-2, Class M4, VAR, 2.571%, 10/25/34		1,535
	801	Series 2004-2, Class M5, VAR, 2.646%, 10/25/34		747
	290	Series 2004-2, Class M8A, VAR, 5.271%, 10/25/34 (e)		269
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		260
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	514	Series 2004-1, Class M2, VAR, 1.401%, 04/25/34		469
	738	Series 2004-1, Class M4, VAR, 1.921%, 04/25/34		658
		Total Asset-Backed Securities (Cost $517,345)		531,931

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 3.2%
		United States — 3.2%
		Adjustable Rate Mortgage Trust
	5,324	Series 2004-2, Class 6A1, VAR, 3.114%, 02/25/35		5,289
	6,087	Series 2004-4, Class 4A1, VAR, 3.201%, 03/25/35		6,045
	2,053	Series 2005-2, Class 3A1, VAR, 3.467%, 06/25/35		1,952
		Alternative Loan Trust
	1,132	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,158
	71	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		72
	523	Series 2004-27CB, Class A1, 6.000%, 12/25/34		516
	787	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		774
	124	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		124
	1,489	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,523
	5,309	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		5,464
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,491
	302	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		294
	6,537	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		6,338
	730	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		750
	6,277	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		6,000
	3,609	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		3,562
	2,763	Series 2005-13CB, Class A4, 5.500%, 05/25/35		2,725
	331	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		300
	6,338	Series 2005-21CB, Class A17, 6.000%, 06/25/35		6,354
	1,424	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,372
	3,188	Series 2005-23CB, Class A15, 5.500%, 07/25/35		2,994
	60	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		59
	1,286	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,224
	3,255	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		3,098

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,007	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		971
	692	Series 2005-86CB, Class A4, 5.500%, 02/25/36		593
	318	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		314
	702	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		695
	449	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		443
	7	Series 2005-J7, Class 2A1, 6.000%, 10/25/17		7
	577	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		568
	587	Series 2005-J14, Class A3, 5.500%, 12/25/35		491
	1,673	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,573
	1,026	Series 2006-19CB, Class A15, 6.000%, 08/25/36		890
	462	Series 2006-25CB, Class A2, 6.000%, 10/25/36		404
	286	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		249
	809	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		716
	319	Series 2007-8CB, Class A9, 6.000%, 05/25/37		284
	262	Series 2007-19, Class 1A8, 6.000%, 08/25/37		205
	271	Series 2007-25, Class 2A1, 6.000%, 11/25/22		265
	136	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		98
	417	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 3.316%, 06/25/45		415
		Banc of America Alternative Loan Trust
	509	Series 2004-9, Class 4A1, 5.500%, 10/25/19		510
	979	Series 2004-12, Class 4A1, 5.500%, 01/25/20		974
	212	Series 2005-3, Class 2A1, 5.500%, 04/25/20		215
	170	Series 2005-4, Class 3A1, 5.500%, 05/25/20		168
	89	Series 2005-6, Class 5A4, 5.500%, 07/25/35		75
	117	Series 2005-6, Class 7A1, 5.500%, 07/25/20		112

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	1,077	Series 2005-11, Class 4A5, 5.750%, 12/25/35		935
	630	Series 2005-12, Class 5A1, 5.250%, 01/25/21		618
	16	Series 2006-4, Class 2A1, 6.000%, 05/25/21		16
	1,223	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,107
	846	Series 2006-5, Class CB7, 6.000%, 06/25/46		736
		Banc of America Funding Trust
	4,060	Series 2005-6, Class 1A2, 5.500%, 10/25/35		3,821
	1,179	Series 2005-7, Class 4A7, 6.000%, 11/25/35		1,189
	854	Series 2006-2, Class 2A20, 5.750%, 03/25/36		803
	2,314	Series 2006-A, Class 1A1, VAR, 3.074%, 02/20/36		2,290
	220	Series 2007-4, Class 8A1, 5.500%, 11/25/34		207
		Banc of America Mortgage Trust
	1,233	Series 2004-A, Class 2A2, VAR, 3.336%, 02/25/34		1,220
	597	Series 2007-3, Class 1A1, 6.000%, 09/25/37		576
	565	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, VAR, 0.931%, 02/25/34		517
	727	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 3.636%, 03/25/35		733
	912	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.441%, 10/25/34		356
		Chase Mortgage Finance Trust
	1,886	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,524
	1,359	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,114
	13,063	Series 2007-A2, Class 3A1, VAR, 3.243%, 07/25/37		13,067
	353	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		299
		CHL Mortgage Pass-Through Trust
	248	Series 2003-27, Class A1, VAR, 3.292%, 06/25/33		247
	524	Series 2003-37, Class 2A1, VAR, 3.172%, 09/25/33		503
	5,490	Series 2004-25, Class 2A1, VAR, 1.451%, 02/25/35		4,811

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	157	Series 2005-5, Class A2, 5.500%, 03/25/35		157
	279	Series 2005-20, Class A7, 5.250%, 12/25/27		265
	341	Series 2005-30, Class A5, 5.500%, 01/25/36		329
	2,520	Series 2006-10, Class 1A16, 6.000%, 05/25/36		2,146
	161	Series 2006-15, Class A1, 6.250%, 10/25/36		139
	739	Series 2006-17, Class A2, 6.000%, 12/25/36		644
	4,537	Series 2006-18, Class 2A4, 6.000%, 12/25/36		4,025
	261	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		234
	262	Series 2007-2, Class A2, 6.000%, 03/25/37		231
	2,144	Series 2007-3, Class A18, 6.000%, 04/25/37		1,828
	234	Series 2007-10, Class A4, 5.500%, 07/25/37		194
	575	Series 2007-13, Class A4, 6.000%, 08/25/37		497
	949	Series 2007-18, Class 2A1, 6.500%, 11/25/37		782
	1,405	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,352
		Citigroup Mortgage Loan Trust, Inc.
	485	Series 2005-3, Class 2A2A, VAR, 3.052%, 08/25/35		478
	1,155	Series 2005-4, Class A, VAR, 3.045%, 08/25/35		1,137
	1,331	Series 2005-6, Class A1, VAR, 2.690%, 09/25/35		1,370
	1,381	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,386
	932	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		937
	1,389	Series 2006-8, Class A3, VAR, 1.121%, 10/25/35 (e)		1,091
		Credit Suisse First Boston Mortgage Securities Corp.
	542	Series 2003-29, Class 3A1, 5.500%, 12/25/33		573
	6,871	Series 2004-4, Class 4A1, 5.500%, 08/25/34		7,022
	215	Series 2004-8, Class 4A3, 5.500%, 12/25/34		218

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	1,249	Series 2004-AR5, Class 6A1, VAR, 3.105%, 06/25/34		1,257
	160	Series 2005-2, Class 1A2, 5.250%, 01/25/28		160
	183	Series 2005-4, Class 3A17, 5.500%, 06/25/35		183
	2,845	Series 2005-10, Class 11A1, 5.500%, 11/25/20		2,510
	67	Series 2005-10, Class 12A1, 5.250%, 11/25/20		60
	621	Series 2005-10, Class 5A3, 5.500%, 11/25/35		573
		CSFB Mortgage-Backed Pass-Through Certificates
	1,032	Series 2004-AR4, Class 2A1, VAR, 3.099%, 05/25/34		1,023
	5,268	Series 2004-AR4, Class 4A1, VAR, 3.063%, 05/25/34		5,273
	2,813	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, VAR, 3.278%, 10/25/34		2,847
		CSMC Mortgage-Backed Trust
	104	Series 2006-8, Class 5A1, VAR, 5.800%, 10/25/26		99
	1,014	Series 2007-2, Class 3A13, 5.500%, 03/25/37		910
	190	Series 2007-3, Class 4A5, 5.000%, 04/25/37		182
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	221	Series 2005-1, Class 2A1, VAR, 5.860%, 02/25/20		223
	75	Series 2005-2, Class 2A1, VAR, 1.071%, 03/25/20		71
	4,494	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 1.029%, 08/19/45		3,845
	880	FHLMC Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 4.371%, 04/25/24		927
		First Horizon Alternative Mortgage Securities Trust
	154	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		149
	901	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		893
		First Horizon Mortgage Pass-Through Trust
	442	Series 2004-AR7, Class 4A1, VAR, 2.949%, 02/25/35		437
	3,301	Series 2005-5, Class 1A6, 5.500%, 10/25/35		3,168

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	728	Series 2006-2, Class 1A3, 6.000%, 08/25/36		664
	96	Series 2006-2, Class 1A7, 6.000%, 08/25/36		88
	714	Series 2006-3, Class 1A13, 6.250%, 11/25/36		674
	3,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, VAR, 2.771%, 12/25/28		3,053
		GMACM Mortgage Loan Trust
	1,096	Series 2004-AR2, Class 3A, VAR, 3.631%, 08/19/34		1,060
	686	Series 2005-AR1, Class 3A, VAR, 3.401%, 03/18/35		665
	1,656	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,348
		GSR Mortgage Loan Trust
	397	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		424
	503	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		498
	229	Series 2005-AR3, Class 6A1, VAR, 3.134%, 05/25/35		213
	5,088	Series 2005-AR4, Class 3A5, VAR, 3.237%, 07/25/35		4,749
	1,456	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,292
	2,358	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		2,087
	385	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		359
	760	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		712
	466	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 1.079%, 08/19/45		433
		Impac CMB Trust
	1,525	Series 2004-5, Class 1A1, VAR, 1.491%, 10/25/34		1,461
	555	Series 2004-5, Class 1M2, VAR, 1.641%, 10/25/34		509
	3,350	Series 2004-6, Class 1A2, VAR, 1.551%, 10/25/34		3,209
	1,302	Series 2004-7, Class 1A2, VAR, 1.691%, 11/25/34		1,210
	5,057	Series 2004-9, Class 1A1, VAR, 1.531%, 01/25/35		4,604
	1,135	Series 2004-10, Class 2A, VAR, 1.411%, 03/25/35		1,031

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	3,635	Series 2004-10, Class 3A1, VAR, 1.471%, 03/25/35		3,295
	771	Series 2005-1, Class 1A1, VAR, 1.291%, 04/25/35		713
	1,046	Series 2005-1, Class 1A2, VAR, 1.391%, 04/25/35		914
	986	Series 2005-2, Class 1A2, VAR, 1.391%, 04/25/35		859
	799	Series 2005-4, Class 1A1A, VAR, 1.311%, 05/25/35		747
	438	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		412
		IndyMac INDX Mortgage Loan Trust
	650	Series 2005-AR3, Class 3A1, VAR, 2.916%, 04/25/35		628
	1,822	Series 2005-AR14, Class 2A1A, VAR, 1.071%, 07/25/35		1,566
		JP Morgan Mortgage Trust
	315	Series 2004-A6, Class 1A1, VAR, 3.230%, 12/25/34		309
	921	Series 2005-A3, Class 6A6, VAR, 3.049%, 06/25/35		897
	349	Series 2005-A8, Class 1A1, VAR, 3.081%, 11/25/35		332
	204	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		192
	95	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		95
	656	Series 2007-A1, Class 2A2, VAR, 3.198%, 07/25/35		641
	99	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		97
	1,867	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,622
		Lehman XS Trust
	11,325	Series 2005-5N, Class 3A1A, VAR, 1.071%, 11/25/35		10,051
	7,456	Series 2005-7N, Class 1A1A, VAR, 1.041%, 12/25/35		6,686
		MASTR Alternative Loan Trust
	768	Series 2004-8, Class 1A1, 6.500%, 09/25/34		833
	2,055	Series 2004-12, Class 3A1, 6.000%, 12/25/34		2,137
	726	Series 2005-3, Class 1A1, 5.500%, 04/25/35		747
	401	Series 2005-5, Class 3A1, 5.750%, 08/25/35		339

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,178	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,063
	1,054	Series 2006-3, Class 3A1, 5.500%, 06/25/21		987
		Merrill Lynch Mortgage Investors Trust
	226	Series 2005-1, Class 2A1, VAR, 2.851%, 04/25/35		220
	715	Series 2005-1, Class 2A2, VAR, 2.851%, 04/25/35		694
	2,474	Series 2006-1, Class 2A1, VAR, 2.912%, 02/25/36		2,456
	482	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		393
		Morgan Stanley Mortgage Loan Trust
	1,773	Series 2004-8AR, Class 4A1, VAR, 3.093%, 10/25/34		1,786
	1,057	Series 2004-9, Class 1A, VAR, 5.760%, 11/25/34		1,110
	136	Series 2005-4, Class 1A, 5.000%, 08/25/35		136
	1,834	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,760
		MortgageIT Trust
	6,580	Series 2005-3, Class A1, VAR, 1.071%, 08/25/35		6,216
	902	Series 2005-5, Class A1, VAR, 1.031%, 12/25/35		837
	101	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		102
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	871	Series 2005-4, Class 1A2, VAR, 1.161%, 11/25/35		827
	3,457	Series 2005-5, Class 1APT, VAR, 1.051%, 12/25/35		3,157
		Opteum Mortgage Acceptance Corp. Trust
	1,264	Series 2006-1, Class 1AC1, VAR, 1.071%, 04/25/36		1,130
	1,042	Series 2006-1, Class 1APT, VAR, 0.981%, 04/25/36		922
	1,992	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 3.038%, 05/25/35		1,927
		RALI Trust
	52	Series 2003-QS20, Class CB, 5.000%, 11/25/18		52
	2,918	Series 2004-QA3, Class CB2, VAR, 4.196%, 08/25/34		2,951

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	451	Series 2004-QS15, Class A2, VAR, 1.171%, 11/25/34		440
	3,101	Series 2005-QA5, Class A2, VAR, 3.639%, 04/25/35		2,854
	183	Series 2005-QS2, Class A1, 5.500%, 02/25/35		179
	3,348	Series 2005-QS6, Class A1, 5.000%, 05/25/35		3,106
	1,603	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,481
	3,144	Series 2006-QS4, Class A2, 6.000%, 04/25/36		2,699
	107	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		101
		Residential Asset Securitization Trust
	198	Series 2004-A6, Class A1, 5.000%, 08/25/19		198
	188	Series 2004-A8, Class A1, 5.250%, 11/25/34		188
	4,981	Series 2005-A3, Class A2, 5.500%, 04/25/35		4,387
	2,953	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		2,772
	231	Series 2005-A14, Class A1, 5.500%, 12/25/35		202
		RFMSI Trust
	475	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		476
	214	Series 2005-S7, Class A6, 5.500%, 11/25/35		210
	1,124	Series 2005-SA1, Class 3A, VAR, 3.043%, 03/25/35		1,108
	4,189	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		3,989
	1,679	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 0.977%, 07/20/36		1,536
		Structured Adjustable Rate Mortgage Loan Trust
	1,296	Series 2004-16, Class 5A2, VAR, 3.128%, 11/25/34		1,297
	706	Series 2005-1, Class 1A1, VAR, 3.192%, 02/25/35		682
	466	Series 2005-17, Class 4A3, VAR, 3.250%, 08/25/35		458
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	939	Series 2003-35, Class B1, VAR, 5.483%, 12/25/33		791
	7,456	Series 2004-10, Class 1A1, VAR, 5.425%, 06/25/34		7,595

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Structured Asset Securities Corp. Trust
	509	Series 2005-6, Class 2A3, 5.500%, 05/25/35		517
	219	Series 2005-6, Class 5A2, 5.000%, 05/25/35		220
		WaMu Mortgage Pass-Through Certificates Trust
	2,011	Series 2004-AR10, Class A1B, VAR, 1.191%, 07/25/44		1,921
	2,380	Series 2004-AR11, Class A, VAR, 2.844%, 10/25/34		2,391
	6,669	Series 2005-AR5, Class A6, VAR, 2.723%, 05/25/35		6,655
	2,435	Series 2005-AR7, Class A3, VAR, 2.807%, 08/25/35		2,407
	3,781	Series 2005-AR14, Class 1A3, VAR, 2.796%, 12/25/35		3,642
	2,522	Series 2005-AR14, Class 1A4, VAR, 2.796%, 12/25/35		2,436
	76	Series 2005-AR15, Class A1A1, VAR, 1.031%, 11/25/45		71
	1,489	Series 2005-AR16, Class 1A1, VAR, 2.866%, 12/25/35		1,396
	174	Series 2005-AR18, Class 1A3A, VAR, 2.850%, 01/25/36		174
	656	Series 2006-AR2, Class 1A1, VAR, 2.726%, 03/25/36		610
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	1,790	Series 2005-1, Class 1A3, 5.500%, 03/25/35		1,701
	1,014	Series 2005-4, Class CB7, 5.500%, 06/25/35		935
	1,583	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,482
	1,179	Series 2006-3, Class 5A2, 5.500%, 03/25/21		1,111
	345	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		287
	1,874	Series 2007-1, Class 2A1, 6.000%, 01/25/22		1,789
		Wells Fargo Mortgage Backed Securities Trust
	843	Series 2004-BB, Class A5, VAR, 3.075%, 01/25/35		848
	8,580	Series 2004-DD, Class 1A1, VAR, 3.110%, 01/25/35		8,561
	1,020	Series 2004-DD, Class 2A6, VAR, 3.105%, 01/25/35		1,015

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States –– continued
	4,550	Series 2004-M, Class A1, VAR, 3.004%, 08/25/34		4,653
	6,004	Series 2004-N, Class A6, VAR, 3.008%, 08/25/34		6,011
	5,701	Series 2004-N, Class A7, VAR, 3.008%, 08/25/34		5,708
	1,074	Series 2004-Q, Class 1A1, VAR, 3.004%, 09/25/34		1,080
	662	Series 2004-Q, Class 1A2, VAR, 3.004%, 09/25/34		669
	187	Series 2005-AR2, Class 2A2, VAR, 3.039%, 03/25/35		189
	868	Series 2005-AR3, Class 2A1, VAR, 3.094%, 03/25/35		875
	499	Series 2005-AR4, Class 2A2, VAR, 3.156%, 04/25/35		500
	2,312	Series 2005-AR5, Class 1A1, VAR, 3.101%, 04/25/35		2,301
	187	Series 2005-AR7, Class 2A1, VAR, 3.079%, 05/25/35		184
	4,474	Series 2005-AR8, Class 1A1, VAR, 3.067%, 06/25/35		4,538
	2,992	Series 2005-AR10, Class 1A1, VAR, 3.052%, 06/25/35		3,101
	1,247	Series 2005-AR11, Class 1A1, VAR, 3.036%, 06/25/35		1,248
	813	Series 2005-AR15, Class 1A6, VAR, 2.983%, 09/25/35		770
	2,950	Series 2005-AR16, Class 6A3, VAR, 3.071%, 10/25/35		2,978
	368	Series 2005-AR16, Class 7A1, VAR, 3.080%, 10/25/35		355
	1,136	Series 2006-4, Class 1A9, 5.750%, 04/25/36		1,150
	2,388	Series 2006-AR2, Class 2A1, VAR, 3.055%, 03/25/36		2,389
	421	Series 2006-AR2, Class 2A3, VAR, 3.055%, 03/25/36		414
	2,615	Series 2006-AR6, Class 5A1, VAR, 3.054%, 03/25/36		2,604
	520	Series 2006-AR19, Class A3, VAR, 3.033%, 12/25/36		477
	409	Series 2007-2, Class 1A13, 6.000%, 03/25/37		405
	793	Series 2007-15, Class A1, 6.000%, 11/25/37		785
		Total Collateralized Mortgage Obligations (Cost $379,406)		382,710

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — 1.2%
		United States — 1.2%
		Banc of America Commercial Mortgage Trust,
	785	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		784
	473	Series 2006-2, Class B, VAR, 5.671%, 05/10/45		472
	2,350	Series 2007-3, Class AJ, VAR, 5.602%, 06/10/49		2,371
	5,000	Series 2007-3, Class B, VAR, 5.602%, 06/10/49		5,011
		Bear Stearns Commercial Mortgage Securities Trust,
	415	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		415
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,927
	11,480	Series 2007-PW16, Class AJ, VAR, 5.711%, 06/11/40		11,513
	5,790	Series 2007-PW17, Class AJ, VAR, 5.888%, 06/11/50		5,848
	5,769	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.283%, 07/15/44		5,761
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.122%, 11/15/44		2,432
	3,159	Series 2007-CD5, Class D, VAR, 6.122%, 11/15/44 (e)		3,063
		Commercial Mortgage Trust,
	3,784	Series 2006-C8, Class AJ, 5.377%, 12/10/46		3,776
	2,275	Series 2007-GG11, Class AJ, VAR , 6.033%, 12/10/49		2,273
	5,400	Series 2015-CR23, Class CMC, VAR, 3.685%, 05/10/48 (e)		5,255
	2,605	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.416%, 02/15/40		2,600
	1,843	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		1,841
	4,150	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		3,859
		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		4,821

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (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
	6,350	Series 2007-LD11, Class AM, VAR, 5.759%, 06/15/49		6,432
	5,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		4,987
	2,000	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.918%, 07/15/44		1,962
		LB-UBS Commercial Mortgage Trust,
	5,499	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		4,784
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		1,921
	183	Series 2007-C1, Class AJ, 5.484%, 02/15/40		183
	1,240	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		1,238
	9,200	Series 2007-C6, Class AJ, VAR, 6.175%, 07/15/40		9,265
		Morgan Stanley Capital I Trust,
	303	Series 2006-HQ8, Class AJ, VAR, 5.460%, 03/12/44		305
	3,480	Series 2006-HQ8, Class C, VAR, 5.460%, 03/12/44		3,148
	1,000	Series 2006-HQ8, Class D, VAR, 5.460%, 03/12/44		415
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,576
	4,174	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		4,168
	7,725	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		7,717
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,736
	3,255	Series 2007-HQ12, Class B, VAR, 5.770%, 04/12/49		3,249
		Wachovia Bank Commercial Mortgage Trust,
	2,166	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		2,165
	7,275	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		7,343
	1,200	Series 2007-C31, Class C, VAR, 5.684%, 04/15/47		1,175
	2,075	Series 2007-C33, Class AJ, VAR, 5.965%, 02/15/51		2,082
	2,650	Series 2007-C33, Class B, VAR, 5.965%, 02/15/51		2,587
	6,313	Series 2007-C33, Class C, VAR, 5.965%, 02/15/51		5,846

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,500	Series 2007-C34, Class AJ, VAR, 5.942%, 05/15/46		2,505
	1,500	Series 2007-C34, Class B, VAR, 6.017%, 05/15/46		1,495
		Total Commercial Mortgage-Backed Securities (Cost $157,114)		151,796
SHARES
	Common Stocks — 37.6%
		Australia — 0.5%
	408	BHP Billiton plc		7,445
	1,116	Dexus Property Group		7,599
	2,108	Goodman Group		11,070
	5,939	Mirvac Group		9,149
	4,400	Scentre Group		14,681
	2,096	Westfield Corp.		13,970
				63,914
		Belgium — 0.4%
	394	Anheuser-Busch InBev SA/NV		41,154
	82	KBC Group NV		5,343
	37	Warehouses De Pauw CVA		3,380
				49,877
		Brazil — 0.3%
	3,108	Ambev SA, ADR		16,750
	1,551	BB Seguridade Participacoes SA		13,739
	933	Engie Brasil Energia SA (a)		10,599
				41,088
		Canada — 0.3%
	369	Allied Properties REIT		9,612
	340	Canadian Apartment Properties REIT		8,277
	183	RioCan Real Estate Investment Trust		3,658
	341	TransCanada Corp.		16,075
				37,622
		Chile — 0.1%
	763	Banco Santander Chile, ADR		16,466
		China — 0.4%
	1,479	China Mobile Ltd.		16,637
	7,524	China Resources Power Holdings Co. Ltd.		12,922
	2,462	Fuyao Glass Industry Group Co. Ltd., Class A		6,708
	2,854	Fuyao Glass Industry Group Co. Ltd., Reg. S, Class H, (e)		8,436

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		China –– continued
	6,170	Lenovo Group Ltd.		4,041
				48,744
		Colombia — 0.0% (g)
	21	Pacific Exploration and Production Corp. (a)		888
	8	Pacific Exploration and Production Corp. (a)		337
				1,225
		Czech Republic — 0.3%
	321	Komercni banka AS		11,343
	9,261	Moneta Money Bank A/S, Reg. S, (a) (e)		30,621
				41,964
		Denmark — 0.4%
	1,289	Danske Bank A/S		43,000
	154	Tryg A/S		2,950
				45,950
		Finland — 0.6%
	132	Elisa OYJ		4,461
	291	Fortum OYJ		4,647
	121	Metso OYJ		3,735
	120	Nokian Renkaat OYJ		4,492
	76	Orion OYJ, Class B		3,542
	434	Stora Enso OYJ, Class R		4,920
	1,898	UPM-Kymmene OYJ		43,054
				68,851
		France — 1.7%
	353	AXA SA		8,664
	166	BNP Paribas SA		10,608
	103	Bouygues SA		3,749
	62	Casino Guichard Perrachon SA		3,369
	267	Cie Generale des Etablissements Michelin		28,705
	238	CNP Assurances		4,468
	421	Credit Agricole SA		5,592
	196	Edenred		4,272
	173	Eutelsat Communications SA		2,956
	46	Fonciere Des Regions		3,837
	32	Gecina SA		4,147
	190	Klepierre		7,205
	658	Natixis SA		3,897
	60	Renault SA		5,414
	130	Sanofi		10,462
	104	SCOR SE		3,518
	157	Societe Generale SA		7,682
	299	TOTAL SA		15,104
	314	Unibail-Rodamco SE		72,322
				205,971

SHARES		SECURITY DESCRIPTION	VALUE
		Germany — 1.2%
	177	Allianz SE		30,123
	671	alstria office REIT-AG (a)		8,397
	122	BASF SE		11,794
	68	Bayerische Motoren Werke AG		6,206
	148	Daimler AG		11,155
	536	Deutsche Telekom AG		9,381
	152	Deutsche Wohnen AG		4,972
	595	E.ON SE		4,585
	43	Hannover Rueck SE		4,790
	32	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,959
	377	Siemens AG		48,830
				146,192
		Hong Kong — 0.4%
	616	Hang Seng Bank Ltd.		12,564
	6,544	HKT Trust & HKT Ltd.		9,141
	1,136	Hongkong Land Holdings Ltd.		7,670
	1,355	Link REIT		9,260
	2,247	Sands China Ltd.		9,886
	311	VTech Holdings Ltd.		3,865
				52,386
		Hungary — 0.1%
	375	OTP Bank plc		11,519
		India — 0.2%
	1,786	Coal India Ltd.		8,150
	3,439	ITC Ltd.		13,105
				21,255
		Indonesia — 0.1%
	21,451	Telekomunikasi Indonesia Persero Tbk. PT		6,218
		Ireland — 0.0% (g)
	37	Paddy Power Betfair plc		3,864
		Italy — 0.3%
	394	Assicurazioni Generali SpA		6,286
	1,417	Enel SpA		5,923
	429	Eni SpA		6,593
	2,472	Intesa Sanpaolo SpA		5,805
	147	Italgas SpA (a)		558
	411	Mediobanca SpA		3,543
	511	Poste Italiane SpA, Reg. S, (e)		3,214
	826	Terna Rete Elettrica Nazionale SpA		3,622
				35,544

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Japan — 1.2%
	2	Activia Properties, Inc.		7,451
	661	Bridgestone Corp.		24,250
	611	Daiwa House Industry Co. Ltd.		16,558
	6	Japan Hotel REIT Investment Corp.		4,522
	1	Japan Real Estate Investment Corp.		6,274
	2	Japan Retail Fund Investment Corp.		3,532
	717	Mitsubishi Corp.		16,197
	2,948	Mitsubishi UFJ Financial Group, Inc.		18,880
	7	Nippon Prologis REIT, Inc.		13,804
	585	Nippon Telegraph & Telephone Corp.		25,854
	4	Orix JREIT, Inc.		5,953
				143,275
		Mexico — 0.2%
	2,474	Bolsa Mexicana de Valores SAB de CV		3,380
	4,456	Fibra Uno Administracion SA de CV		6,372
	7,597	Kimberly-Clark de Mexico SAB de CV, Class A		13,646
	2,759	Wal-Mart de Mexico SAB de CV		4,882
				28,280
		Netherlands — 1.1%
	183	ABN AMRO Group NV, Reg. S, CVA (e)		4,311
	728	Aegon NV		3,959
	61	Eurocommercial Properties NV, CVA		2,263
	662	ING Groep NV		9,515
	314	Koninklijke Ahold Delhaize NV (a)		6,690
	1,315	Koninklijke KPN NV		3,790
	726	NN Group NV		25,706
	1,859	Royal Dutch Shell plc, Class A		50,348
	873	Royal Dutch Shell plc, Class B		24,655
	164	Vastned Retail NV		6,053
				137,290
		Norway — 0.2%
	292	DNB ASA		4,868
	251	Marine Harvest ASA (a)		4,431
	393	Orkla ASA		3,664
	335	Statoil ASA		6,248
	103	Yara International ASA		4,353
				23,564
		Portugal — 0.1%
	1,492	EDP - Energias de Portugal SA		4,338
	247	Galp Energia SGPS SA		3,633
				7,971
		Russia — 0.4%
	176	LUKOIL PJSC, ADR		9,934

SHARES		SECURITY DESCRIPTION	VALUE
		Russia –– continued
	322	MegaFon PJSC, Reg. S, GDR		3,494
	370	MMC Norilsk Nickel PJSC, ADR		6,001
	376	Mobile TeleSystems PJSC, ADR		3,935
	112	Mobile TeleSystems PJSC, ADR		1,171
	5,376	Moscow Exchange MICEX-RTS PJSC		11,985
	257	PhosAgro PJSC, Reg. S, GDR		3,949
	280	Severstal PJSC, Reg. S, GDR		4,440
				44,909
		Singapore — 0.0% (g)
	992	Ascendas Real Estate Investment Trust		1,733
	1,584	CapitaLand Commercial Trust		1,716
				3,449
		South Africa — 0.6%
	1,462	AVI Ltd.		9,942
	1,113	Barclays Africa Group Ltd.		13,111
	445	Bid Corp. Ltd.		7,712
	109	Bidvest Group Ltd. (The)		1,279
	3,799	FirstRand Ltd.		14,153
	694	Investec plc		4,925
	3,884	MMI Holdings Ltd.		7,145
	724	Vodacom Group Ltd.		8,112
	1,536	Woolworths Holdings Ltd.		8,441
				74,820
		South Korea — 0.3%
	120	Kangwon Land, Inc. (a)		3,389
	126	KT&G Corp.		10,954
	7	Samsung Electronics Co. Ltd.		12,399
	357	SK Telecom Co. Ltd., ADR		7,669
				34,411
		Spain — 0.6%
	342	Abertis Infraestructuras SA		4,902
	121	ACS Actividades de Construccion y Servicios SA		3,719
	35	Aena SA, Reg. S, (e)		5,037
	1,095	Banco Bilbao Vizcaya Argentaria SA		7,450
	2,996	Banco de Sabadell SA		4,523
	2,177	Banco Santander SA		12,162
	1,180	CaixaBank SA		4,324
	473	Distribuidora Internacional de Alimentacion SA		2,503
	317	Endesa SA		7,080
	1,027	Iberdrola SA (a)		6,481
	1,396	Mapfre SA		4,232

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Spain –– continued
	330	Repsol SA		4,896
	775	Telefonica SA		7,496
				74,805
		Sweden — 0.3%
	142	ICA Gruppen AB		4,633
	607	Nordea Bank AB		7,331
	427	Skandinaviska Enskilda Banken AB, Class A		4,796
	131	Skanska AB, Class B		3,200
	372	Svenska Handelsbanken AB, Class A		5,553
	250	Swedbank AB, Class A		6,327
				31,840
		Switzerland — 0.7%
	319	ABB Ltd. (a)		7,612
	1	Banque Cantonale Vaudoise		1,005
	13	Cembra Money Bank AG (a)		981
	389	Credit Suisse Group AG (a)		5,934
	32	Roche Holding AG		7,536
	273	Swiss Re AG		25,494
	531	UBS Group AG		8,629
	273	Wolseley plc		16,888
	29	Zurich Insurance Group AG (a)		8,390
				82,469
		Taiwan — 1.0%
	586	Asustek Computer, Inc.		5,122
	1,405	Cheng Shin Rubber Industry Co. Ltd.		2,797
	1,269	Chicony Electronics Co. Ltd.		2,993
	2,719	Delta Electronics, Inc.		15,188
	2,325	Far EasTone Telecommunications Co. Ltd.		5,524
	902	MediaTek, Inc.		6,175
	2,097	Novatek Microelectronics Corp.		7,427
	1,484	President Chain Store Corp.		11,101
	5,400	Quanta Computer, Inc.		11,010
	3,675	Taiwan Mobile Co. Ltd.		12,276
	861	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		26,610
	6,170	Vanguard International Semiconductor Corp.		11,151
				117,374
		Thailand — 0.2%
	509	Siam Cement PCL (The)		7,289
	119	Siam Cement PCL (The), NVDR		1,708
	1,555	Siam Commercial Bank PCL (The), NVDR		6,672
	544	Thai Oil PCL		1,108

SHARES		SECURITY DESCRIPTION	VALUE
		Thailand –– continued
	1,026	Thai Oil PCL, NVDR		2,090
				18,867
		Turkey — 0.2%
	317	Eregli Demir ve Celik Fabrikalari TAS		488
	265	Ford Otomotiv Sanayi AS		2,452
	1,364	Tofas Turk Otomobil Fabrikasi AS		9,420
	275	Tupras Turkiye Petrol Rafinerileri AS		5,968
				18,328
		United Arab Emirates — 0.1%
	2,576	First Gulf Bank PJSC		9,071
		United Kingdom — 4.5%
	1,004	Aberdeen Asset Management plc		3,324
	161	Admiral Group plc		3,613
	903	Aviva plc		5,438
	4,516	BAE Systems plc		33,170
	701	Barratt Developments plc		4,227
	2,480	BP plc		14,813
	674	British American Tobacco plc		41,602
	1,545	British Land Co. plc (The)		11,356
	1,854	Centrica plc		5,249
	7,022	Direct Line Insurance Group plc		31,459
	1,380	G4S plc		4,447
	3,933	GlaxoSmithKline plc		76,001
	2,993	HSBC Holdings plc		25,481
	2,363	HSBC Holdings plc		20,162
	254	IMI plc		3,740
	169	Imperial Brands plc		7,823
	331	Inmarsat plc		2,533
	111	InterContinental Hotels Group plc		5,162
	585	International Consolidated Airlines Group SA		3,518
	1,457	J Sainsbury plc		4,739
	971	Kingfisher plc		4,121
	1,580	Legal & General Group plc		4,686
	10,534	Lloyds Banking Group plc		8,640
	552	Meggitt plc		2,913
	601	National Grid plc		7,040
	2,100	Old Mutual plc		5,515
	1,136	Persimmon plc		27,665
	805	Rio Tinto plc		35,683
	760	Royal Mail plc		3,948
	1,856	Safestore Holdings plc		8,640
	1,334	Segro plc		7,749
	141	Severn Trent plc		4,031
	253	SSE plc		4,755

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom –– continued
	281	St James’s Place plc		3,804
	891	Standard Life plc		3,891
	388	Tate & Lyle plc		3,284
	1,822	Taylor Wimpey plc		3,846
	107	TechnipFMC plc (a)		3,493
	2,251	Tritax Big Box REIT plc		3,919
	15,987	Vodafone Group plc		39,161
	718	William Hill plc		2,342
	1,802	WPP plc		41,949
				538,932
		United States — 18.6%
	90	3M Co.		15,647
	56	AbbVie, Inc.		3,432
	397	Accenture plc, Class A		45,250
	696	Altria Group, Inc.		49,575
	118	Analog Devices, Inc.		8,863
	310	Apartment Investment & Management Co., Class A		13,659
	207	Apple, Inc.		25,161
	68	Arthur J Gallagher & Co.		3,676
	896	AT&T, Inc.		37,792
	117	Automatic Data Processing, Inc.		11,840
	156	AvalonBay Communities, Inc.		27,025
	1,331	Bank of America Corp.		30,125
	377	BB&T Corp.		17,425
	636	Brandywine Realty Trust		10,240
	176	Bristol-Myers Squibb Co.		8,629
	724	Brixmor Property Group, Inc.		17,458
	266	Camden Property Trust		22,230
	155	Chevron Corp.		17,287
	104	Chubb Ltd.		13,655
	148	Cincinnati Financial Corp.		10,414
	113	Cinemark Holdings, Inc.		4,783
	636	CME Group, Inc.		77,041
	229	CMS Energy Corp.		9,769
	172	Coca-Cola Co. (The)		7,131
	671	Comcast Corp., Class A		50,639
	484	ConocoPhillips		23,609
	1	Constar International, Inc., Class A (a)		—
	35	Cullen/Frost Bankers, Inc.		3,106
	137	DDR Corp.		2,083
	223	Digital Realty Trust, Inc.		23,998
	111	Dr Pepper Snapple Group, Inc.		10,131

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	27	DTE Energy Co.		2,628
	186	Duke Realty Corp.		4,519
	3	Dynegy, Inc. (a)		24
	95	Edison International		6,937
	341	EI du Pont de Nemours & Co.		25,722
	105	Eli Lilly & Co.		8,122
	161	Equity One, Inc.		5,030
	108	Extra Space Storage, Inc.		7,753
	290	Exxon Mobil Corp.		24,292
	171	Fidelity National Information Services, Inc.		13,615
	1,279	General Motors Co.		46,818
	56	Gilead Sciences, Inc.		4,030
	279	Halcon Resources Corp. (a)		2,356
	919	HCP, Inc.		27,869
	248	Highwoods Properties, Inc.		12,767
	523	Home Depot, Inc. (The)		71,953
	220	Honeywell International, Inc.		26,080
	941	Host Hotels & Resorts, Inc.		17,012
	1,102	HP, Inc.		16,589
	183	Illinois Tool Works, Inc.		23,288
	108	International Business Machines Corp.		18,764
	740	Johnson & Johnson		83,811
	80	Kimberly-Clark Corp.		9,676
	1,224	Kimco Realty Corp.		30,463
	466	KLA-Tencor Corp.		39,634
	205	L Brands, Inc.		12,343
	376	LaSalle Hotel Properties		11,355
	368	Liberty Property Trust		14,119
	45	M&T Bank Corp.		7,344
	282	Macerich Co. (The)		19,397
	467	Merck & Co., Inc.		28,964
	978	MetLife, Inc.		53,227
	1,342	Microsoft Corp.		86,732
	82	Mid-America Apartment Communities, Inc.		7,820
	324	Mondelez International, Inc., Class A		14,346
	779	Morgan Stanley		33,096
	179	National Health Investors, Inc.		13,253
	136	National Retail Properties, Inc.		5,962
	3	Nebraska Book Holdings, Inc. (a)		—	(h)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (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, Class B (a) (e)		79
	347		NextEra Energy, Inc.		42,980
	178		NII Holdings, Inc. (a)		502
	302		NiSource, Inc.		6,759
	170		Northern Trust Corp.		14,139
	1,148		Occidental Petroleum Corp.		77,823
	22		Penn Virginia Corp. (a)		1,088
	89		PepsiCo, Inc.		9,285
	2,455		Pfizer, Inc.		77,893
	251		Philip Morris International, Inc.		24,153
	195		PNC Financial Services Group, Inc. (The)		23,489
	125		PPG Industries, Inc.		12,479
	49		Procter & Gamble Co. (The)		4,257
	842		Prologis, Inc.		41,119
	174		Public Storage		37,499
	182		Quality Care Properties, Inc. (a)		3,360
	20		Regency Centers Corp.		1,374
	116		Republic Services, Inc.		6,678
	169		Simon Property Group, Inc.		31,128
	164		SL Green Realty Corp.		17,909
	32		Snap-on, Inc.		5,865
	2,072		Spirit Realty Capital, Inc.		21,797
	718		STORE Capital Corp.		16,980
	98		Sunstone Hotel Investors, Inc.		1,444
	152		T Rowe Price Group, Inc.		10,242
	583		Texas Instruments, Inc.		44,041
	76		Time Warner, Inc.		7,332
	233		Travelers Cos., Inc. (The)		27,387
	235		UnitedHealth Group, Inc.		38,130
	510		US Bancorp		26,860
	313		Valero Energy Corp.		20,584
	49		Validus Holdings Ltd.		2,795
	120		Ventas, Inc.		7,428
	434		Verizon Communications, Inc.		21,283
	141		VF Corp.		7,283
	483		Vistra Energy Corp.		7,828
	186		Vornado Realty Trust		19,749
	1,490		Wells Fargo & Co.		83,945
	205		Xcel Energy, Inc.		8,476
					2,252,825
			Total Common Stocks (Cost $4,048,655)		4,541,130

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — 0.7%
		China — 0.1%
	800	Baosteel Hong Kong Investment Co. Ltd., Reg. S, Zero Coupon, 12/01/18		801
	600	Cosmos Boom Investment Ltd., Reg. S, 0.500%, 06/23/20		579
		Ctrip.com International Ltd.,
	1,296	1.250%, 09/15/22 (e)		1,276
	345	1.990%, 07/01/25		372
	500	ENN Energy Holdings Ltd., Reg. S, Zero Coupon, 02/26/18		517
HKD	6,000	Kingsoft Corp. Ltd., Reg. S, 1.250%, 04/11/19		768
	667	YY, Inc., 2.250%, 04/01/19		664
				4,977
		France — 0.0% (g)
EUR	867 Units	Air France-KLM, Reg. S, 2.030%, 02/15/23		931
EUR	576 Units	Rallye SA, Reg. S, 1.000%, 10/02/20		598
				1,529
		Germany — 0.1%
EUR	2,900	Bayer Capital Corp. BV, 5.625%, 11/22/19 (e)		3,504
	500	Brenntag Finance BV, Reg. S, 1.875%, 12/02/22		523
EUR	800	Rocket Internet SE, Reg. S, 3.000%, 07/22/22		821
				4,848
		Hong Kong — 0.0% (g)
	2,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/23		2,031
HKD	8,000	Shine Power International Ltd., Reg. S, Zero Coupon, 07/28/19		1,036
				3,067
		Japan — 0.0% (g)
	300	Mebuki Financial Group, Inc., Reg. S, Zero Coupon, 04/24/19		300
	500	Yamaguchi Financial Group, Inc., Reg. S, VAR, 0.497%, 03/26/20		520
				820
		Mexico — 0.0% (g)
EUR	1,700	America Movil BV, Reg. S, 5.500%, 09/17/18		1,536
		Netherlands — 0.0% (g)
EUR	600	OCI NV, Reg. S, 3.875%, 09/25/18		635
		Portugal — 0.0% (g)
EUR	900	Amorim Energia BV, Reg. S, 3.375%, 06/03/18		1,022

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT/ UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		Russia — 0.0% (g)
	1,368	Yandex NV, 1.125%, 12/15/18		1,296
		Singapore — 0.0% (g)
		CapitaLand Ltd.,
SGD	4,250	Reg. S, 1.850%, 06/19/20		2,878
SGD	750	Reg. S, 1.950%, 10/17/23		531
				3,409
		South Africa — 0.0% (g)
GBP	900	Brait SE, Reg. S, 2.750%, 09/18/20		1,048
GBP	400	Remgro Jersey GBP Ltd., Reg. S, 2.625%, 03/22/21		508
		Steinhoff Finance Holding GmbH,
EUR	400	Reg. S, Series SHF, 1.250%, 08/11/22		425
EUR	1,800	Reg. S, Series SNH, 1.250%, 10/21/23		1,881
				3,862
		Spain — 0.0% (g)
EUR	400	OHL Investments SA, Reg. S, 4.000%, 04/25/18		405
EUR	1,700	Telefonica Participaciones SAU, Reg. S, 4.900%, 09/25/17		1,628
EUR	1,300	Telefonica SA, Reg. S, 6.000%, 07/24/17		1,261
				3,294
		Taiwan — 0.0% (g)
	500	TPK Holding Co. Ltd., Reg. S, Zero Coupon, 04/08/20		479
	1,300	Zhen Ding Technology Holding Ltd., Reg. S, Zero Coupon, 06/26/19		1,297
				1,776
		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
EUR	2,000	Reg. S, 0.500%, 03/27/20		1,876
EUR	1,500	Reg. S, 1.000%, 03/27/22		1,278
	1,400	DP World Ltd., Reg. S, 1.750%, 06/19/24		1,376
	400	National Bank of Abu Dhabi PJSC, Reg. S, 1.000%, 03/12/18		394
				4,924
		United Kingdom — 0.1%
GBP	400	Balfour Beatty Finance No. 2 Ltd., Reg. S, 1.875%, 12/03/18		501
GBP	1,300	British Land White 2015 Ltd., Reg. S, Zero Coupon, 06/09/20		1,510
	800	Inmarsat plc, Reg. S, 3.875%, 09/09/23		803
		International Consolidated Airlines Group SA,
EUR	800	Reg. S, 0.250%, 11/17/20		808
EUR	1,000	Reg. S, 0.625%, 11/17/22		983

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
GBP	2,800	Vodafone Group plc, Reg. S, 2.000%, 02/25/19		3,404
				8,009
		United States — 0.3%
	398	Akamai Technologies, Inc., Zero Coupon, 02/15/19		417
	917	Ares Capital Corp., 4.750%, 01/15/18		932
	625	Blackhawk Network Holdings, Inc., 1.500%, 01/15/22 (e)		627
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		531
	939	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		1,001
	1,555	Cobalt International Energy, Inc., 3.125%, 05/15/24		389
	826	Colony Capital, Inc., 3.875%, 01/15/21		824
	2,385	DISH Network Corp., 3.375%, 08/15/26 (e)		2,786
	871	Ensco Jersey Finance Ltd., 3.000%, 01/31/24 (e)		952
	956	Extra Space Storage LP, 3.125%, 10/01/35 (e)		983
	387	Finisar Corp., 0.500%, 12/15/36 (e)		390
	1,870	FireEye, Inc., Series B, 1.625%, 06/01/35		1,665
	873	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		887
	542	Illumina, Inc., Zero Coupon, 06/15/19		537
	533	Impax Laboratories, Inc., 2.000%, 06/15/22		429
	1,486	Intel Corp., 2.950%, 12/15/35		2,027
	551	Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23		507
	456	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		458
	800	Jazz Investments I Ltd., 1.875%, 08/15/21		804
	492	JDS Uniphase Corp., 0.625%, 08/15/33		520
		Liberty Interactive LLC,
	1,117	1.750%, 09/30/46 (e)		1,253
	1,384	4.000%, 11/15/29		827
		Liberty Media Corp.,
	684	1.375%, 10/15/23		740
	625	2.250%, 09/30/46 (e)		668
	380	Liberty Media Corp.-Liberty Formula One, 1.000%, 01/30/23 (e)		386
	382	Medicines Co. (The), 2.750%, 07/15/23 (e)		384
	1,034	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,058
	501	Nabors Industries, Inc., 0.750%, 01/15/24 (e)		505

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT/UNITS		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States –– continued
	67	Nebraska Book Holdings, Inc., 2.000%, (PIK), 04/01/26 (e) (v)		10
		Nuance Communications, Inc.,
	561	1.000%, 12/15/35		522
	488	2.750%, 11/01/31		490
	505	Redwood Trust, Inc., 4.625%, 04/15/18		505
	546	SolarCity Corp., 1.625%, 11/01/19		475
	826	SunPower Corp., 0.875%, 06/01/21		587
	362	Teradyne, Inc., 1.250%, 12/15/23 (e)		409
	2,526	Tesla Motors, Inc., 1.250%, 03/01/21		2,385
	199	Trinity Industries, Inc., 3.875%, 06/01/36		249
		Twitter, Inc.,
	1,382	0.250%, 09/15/19		1,295
	1,410	1.000%, 09/15/21		1,286
		VEREIT, Inc.,
	379	3.000%, 08/01/18		377
	2,098	3.750%, 12/15/20		2,089
	262	Verint Systems, Inc., 1.500%, 06/01/21		248
	285	Viavi Solutions, Inc., 0.625%, 08/15/33		301
	1,340	Weatherford International Ltd., 5.875%, 07/01/21		1,500
	646	Whiting Petroleum Corp., 1.250%, 04/01/20		574
	716	Wright Medical Group, Inc., 2.000%, 02/15/20		777
		Yahoo!, Inc.,
	84	Zero Coupon, 12/01/18		85
	1,162	Zero Coupon, 12/01/18		1,184
				38,835
		Total Convertible Bonds (Cost $87,883)		83,839
SHARES
	Convertible Preferred Stocks — 0.3%
		China — 0.0% (g)
	37	Mandatory Exchangeable Trust, 5.750%, 06/03/19 ($100 par value) (e)		4,588
		Israel — 0.0% (g)
	3	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1000 par value)		1,998
		United States — 0.3%
	5	Allergan plc, Series A, 5.500%, 03/01/18 ($1000 par value)		3,670
	16	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		1,627

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	7	American Tower Corp., Series A, 5.250%, 05/15/17 ($100 par value)		694
	28	Anthem, Inc., 5.250%, 05/01/18 ($ 50 par value)		1,334
	28	Arconic, Inc., 5.375%, 10/01/17($ 50 par value)		1,025
	3	Bank of America Corp., Series L, 7.250% ($ 1000 par value)		3,727
	5	Belden, Inc., 6.750%, 07/15/19 ($ 100 par value)		561
	9	Bunge Ltd., 4.875%% ($ 100 par value)		940
	51	Dominion Resources, Inc., 6.375%, 07/01/17 ($ 50 par value)		2,584
	17	DTE Energy Co., 6.500%, 10/01/19 ($ 50 par value)		923
	23	Exelon Corp., 6.500%, 06/01/17 ($ 50 par value)		1,165
	20	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($ 100 par value)		1,442
	7	Great Plains Energy, Inc., 7.000%, 09/15/19 ($ 50 par value)		375
	16	Hess Corp., 8.000%, 02/01/19 ($ 50 par value)		1,041
	35	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($ 49 par value)		1,725
	51	NextEra Energy, Inc., 6.123%, 09/01/19 ($ 25 par value)		2,534
	35	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($ 50 par value)		766
	5	Stericycle, Inc., 5.250%, 09/15/18 ($ 100 par value)		296
	18	T-Mobile US, Inc., 5.500%, 12/15/17 ($ 50 par value)		1,833
	3	Wells Fargo & Co., Series L, 7.500% ($ 1000 par value)		3,961
	15	Welltower, Inc., Series I, 6.500% ($ 50 par value)		872
				33,095
		Total Convertible Preferred Stocks (Cost $42,206)		39,681
PRINCIPAL AMOUNT
	Corporate Bonds — 46.7%
		Argentina — 0.0% (g)
	1,290	Petrobras Argentina SA, 7.375%, 07/21/23 (e)		1,314
	650	YPF SA, Reg. S, 8.750%, 04/04/24		703
				2,017

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Australia — 0.1%
	1,725	Australia & New Zealand Banking Group Ltd., VAR, 6.750%, 06/15/26 (e) (x)		1,830
	1,720	BHP Billiton Finance USA Ltd., VAR, 6.750%, 10/19/75 (e)		1,956
	3,835	FMG Resources August 2006 Pty. Ltd., 9.750%, 03/01/22 (e)		4,449
	1,560	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,609
				9,844
		Bahamas — 0.0% (g)
	5,100	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21 (d)		893
		Belgium — 0.1%
	6,805	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		7,287
EUR	6,175	KBC Group NV, Reg. S, VAR, 5.625%, 03/19/19 (x)		6,716
				14,003
		Brazil — 0.2%
	1,653	Banco Daycoval SA, Reg. S, 5.750%, 03/19/19		1,704
		JBS USA LUX SA,
	4,689	5.750%, 06/15/25 (e)		4,771
	4,448	5.875%, 07/15/24 (e)		4,604
	2,327	7.250%, 06/01/21 (e)		2,406
	2,701	8.250%, 02/01/20 (e)		2,752
		Petrobras Global Finance BV,
	1,440	6.125%, 01/17/22		1,482
	2,070	6.750%, 01/27/41		1,833
	1,090	7.375%, 01/17/27		1,131
	1,900	8.375%, 05/23/21		2,117
	1,056	Vale Overseas Ltd., 5.875%, 06/10/21		1,130
	1,820	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		1,756
				25,686
		Canada — 1.4%
		1011778 BC ULC,
	1,280	4.625%, 01/15/22 (e)		1,314
	10,110	6.000%, 04/01/22 (e)		10,527
	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)		313
	364	5.625%, 06/01/24 (e)		335
		Bombardier, Inc.,
	965	4.750%, 04/15/19 (e)		984
	1,201	6.000%, 10/15/22 (e)		1,174

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada –– continued
	3,228	6.125%, 01/15/23 (e)		3,155
	1,580	7.500%, 03/15/25 (e)		1,584
	188	7.750%, 03/15/20 (e)		200
	5,208	8.750%, 12/01/21 (e)		5,631
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,440
	1,450	5.750%, 07/15/23 (e)		1,466
		Cenovus Energy, Inc.,
	396	4.450%, 09/15/42		349
	4,511	6.750%, 11/15/39		5,061
		Concordia International Corp.,
	7,727	7.000%, 04/15/23 (e)		2,835
	874	9.000%, 04/01/22 (e)		742
	5,762	Cott Beverages, Inc., 6.750%, 01/01/20		5,972
	13,375	Emera, Inc., Series 16-A, VAR, 6.750%, 06/15/76		14,579
		Encana Corp.,
	178	3.900%, 11/15/21		182
	770	6.625%, 08/15/37		865
	4,584	Garda World Security Corp., 7.250%, 11/15/21 (e)		4,389
	930	HudBay Minerals, Inc., 7.250%, 01/15/23 (e)		983
		Lundin Mining Corp.,
	1,800	7.500%, 11/01/20 (e)		1,915
	2,180	7.875%, 11/01/22 (e)		2,376
		Mattamy Group Corp.,
	2,118	6.500%, 11/15/20 (e)		2,166
	532	6.875%, 12/15/23 (e)		548
		MEG Energy Corp.,
	13,270	6.375%, 01/30/23 (e)		12,341
	5,013	6.500%, 03/15/21 (e)		5,147
	4,175	6.500%, 01/15/25 (e)		4,222
	2,539	7.000%, 03/31/24 (e)		2,373
		New Gold, Inc.,
	1,052	6.250%, 11/15/22 (e)		1,057
	1,054	7.000%, 04/15/20 (e)		1,065
		NOVA Chemicals Corp.,
	685	5.000%, 05/01/25 (e)		687
	2,395	5.250%, 08/01/23 (e)		2,479
		Open Text Corp.,
	1,957	5.625%, 01/15/23 (e)		2,035
	2,388	5.875%, 06/01/26 (e)		2,502
		Precision Drilling Corp.,
	1,347	5.250%, 11/15/24		1,323

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada –– continued
	235	6.500%, 12/15/21		242
	10,208	Quebecor Media, Inc., 5.750%, 01/15/23		10,693
	50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)		—
	50	Quebecor, Inc., 9.750%, 01/15/16 (d)		—
		Teck Resources Ltd.,
	1,335	3.000%, 03/01/19		1,342
	1,635	4.750%, 01/15/22		1,676
	1,455	5.400%, 02/01/43		1,368
	2,670	6.000%, 08/15/40		2,677
	2,775	6.125%, 10/01/35		2,837
	355	8.000%, 06/01/21 (e)		391
	1,383	8.500%, 06/01/24 (e)		1,609
		Transcanada Trust,
	9,359	Series 16-A, VAR, 5.875%, 08/15/76		9,897
	9,855	VAR, 5.625%, 05/20/75		10,101
		Trinidad Drilling Ltd.,
	1,631	6.625%, 02/15/25 (e)		1,668
	1,651	7.875%, 01/15/19 (e)		1,659
		Videotron Ltd.,
	1,365	5.000%, 07/15/22		1,419
	7,328	5.375%, 06/15/24 (e)		7,658
				163,967
		Chile — 0.0% (g)
	2,140	Cencosud SA, Reg. S, 5.500%, 01/20/21		2,303
	1,350	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		1,310
				3,613
		Colombia — 0.0% (g)
		Ecopetrol SA,
	2,182	7.375%, 09/18/43		2,240
		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)		1,410
		Finland — 0.0% (g)
		Nokia OYJ,
	904	5.375%, 05/15/19		947
	1,452	6.625%, 05/15/39		1,521
				2,468
		France — 0.6%
	5,150	Albea Beauty Holdings SA, 8.375%, 11/01/19 (e)		5,349
	2,953	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		3,080

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France –– continued
		Credit Agricole SA,
	12,935	VAR, 6.625%, 09/23/19 (e) (x)		12,725
	4,435	VAR, 8.125%, 12/23/25 (e) (x)		4,715
		SFR Group SA,
	18,441	6.000%, 05/15/22 (e)		18,971
	3,730	6.250%, 05/15/24 (e)		3,754
	6,061	7.375%, 05/01/26 (e)		6,220
	12,990	Societe Generale SA, VAR, 7.375%, 09/13/21 (e) (x)		13,014
				67,828
		Georgia — 0.0% (g)
	988	Georgian Railway JSC, Reg. S, 7.750%, 07/11/22		1,076
		Germany — 0.4%
		Fresenius Medical Care U.S. Finance II, Inc.,
	860	4.125%, 10/15/20 (e)		881
	1,965	4.750%, 10/15/24 (e)		1,990
	978	5.625%, 07/31/19 (e)		1,044
	2,747	5.875%, 01/31/22 (e)		2,967
	400	6.500%, 09/15/18 (e)		424
	1,850	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		1,998
		IHO Verwaltungs GmbH,
	1,085	4.125%, (cash), 09/15/21 (e) (v)		1,092
	2,715	4.500%, (cash), 09/15/23 (e) (v)		2,688
	1,085	4.750%, (cash), 09/15/26 (e) (v)		1,066
		Schaeffler Finance BV,
	1,750	4.250%, 05/15/21 (e)		1,785
	2,755	4.750%, 05/15/23 (e)		2,809
	3,530	Unitymedia GmbH, 6.125%, 01/15/25 (e)		3,649
	2,888	Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (e)		3,003
		ZF North America Capital, Inc.,
	2,586	4.000%, 04/29/20 (e)		2,695
	10,105	4.500%, 04/29/22 (e)		10,370
	7,838	4.750%, 04/29/25 (e)		7,969
				46,430
		Guatemala — 0.0% (g)
	1,470	Comcel Trust, Reg. S, 6.875%, 02/06/24		1,533
		Hungary — 0.1%
	2,420	MFB Magyar Fejlesztesi Bank Zrt., 6.250%, 10/21/20 (e)		2,670
	2,250	MOL Group Finance SA, Reg. S, 6.250%, 09/26/19		2,436
				5,106

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		India — 0.0% (g)
	1,680	Bharti Airtel International Netherlands BV, Reg. S, 5.125%, 03/11/23		1,759
	1,030	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		1,114
				2,873
		Indonesia — 0.1%
	1,400	Majapahit Holding BV, Reg. S, 7.750%, 01/20/20		1,571
		Pertamina Persero PT,
	3,040	Reg. S, 5.250%, 05/23/21		3,208
	3,810	Reg. S, 6.450%, 05/30/44		3,991
	1,170	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,205
				9,975
		Ireland — 0.2%
		Ardagh Packaging Finance plc,
	3,360	6.000%, 02/15/25 (e)		3,381
	900	6.250%, 01/31/19 (e)		917
	1,000	6.750%, 01/31/21 (e)		1,034
	5,475	7.250%, 05/15/24 (e)		5,865
	765	VAR, 3.963%, 12/15/19 (e)		777
	425	Fly Leasing Ltd., 6.750%, 12/15/20		445
	3,830	James Hardie International Finance Ltd., 5.875%, 02/15/23 (e)		3,983
		Park Aerospace Holdings Ltd.,
	1,402	5.250%, 08/15/22 (e)		1,437
	1,454	5.500%, 02/15/24 (e)		1,494
	3,924	XLIT Ltd., Series E, VAR, 6.500%, 04/15/17 (x)		3,306
				22,639
		Israel — 0.1%
	16,355	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		13,679
		Italy — 0.2%
	8,600	Enel SpA, VAR, 8.750%, 09/24/73 (e)		9,804
	2,000	Telecom Italia SpA, 5.303%, 05/30/24 (e)		2,011
		Wind Acquisition Finance SA,
	4,500	4.750%, 07/15/20 (e)		4,579
	4,500	7.375%, 04/23/21 (e)		4,679
				21,073
		Jamaica — 0.0% (g)
	1,530	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		1,232

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Japan — 0.0% (g)
	4,299	SoftBank Group Corp., 4.500%, 04/15/20 (e)		4,407
		Kazakhstan — 0.1%
	1,325	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.950%, 07/10/42		1,338
		KazMunayGas National Co. JSC,
	3,396	Reg. S, 6.375%, 04/09/21		3,692
	1,100	Reg. S, 9.125%, 07/02/18		1,191
				6,221
		Luxembourg — 1.0%
		Altice Financing SA,
	724	6.500%, 01/15/22 (e)		752
	8,062	6.625%, 02/15/23 (e)		8,420
	7,885	7.500%, 05/15/26 (e)		8,324
		Altice Finco SA,
	200	7.625%, 02/15/25 (e)		207
	200	9.875%, 12/15/20 (e)		211
		Altice Luxembourg SA,
	415	7.625%, 02/15/25 (e)		439
	13,763	7.750%, 05/15/22 (e)		14,606
		ArcelorMittal,
	4,303	6.125%, 06/01/25		4,730
	17,202	7.250%, 02/25/22		19,395
	500	7.750%, 03/01/41		544
	2,000	8.000%, 10/15/39		2,225
		INEOS Group Holdings SA,
	6,920	5.625%, 08/01/24 (e)		6,903
	13,925	5.875%, 02/15/19 (e)		14,151
	869	Intelsat Connect Finance SA, 12.500%, 04/01/22 (e)		550
		Intelsat Jackson Holdings SA,
	9,711	5.500%, 08/01/23		6,798
	1,772	7.250%, 04/01/19		1,523
	28,212	7.250%, 10/15/20		22,146
	9,475	7.500%, 04/01/21		7,343
	6,115	8.000%, 02/15/24 (e)		6,344
				125,611
		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.500%, 03/18/45		1,230
		Mexico — 0.4%
		Alfa SAB de CV,
	2,412	6.875%, 03/25/44 (e)		2,285

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico –– continued
	2,700	Reg. S, 5.250%, 03/25/24		2,724
	600	Banco Nacional de Comercio Exterior SNC, VAR, 3.800%, 08/11/26 (e)		572
	2,600	BBVA Bancomer SA, Reg. S, 6.750%, 09/30/22		2,795
		Cemex Finance LLC,
	995	6.000%, 04/01/24 (e)		1,020
	6,300	9.375%, 10/12/22 (e)		6,865
		Cemex SAB de CV,
	3,104	5.700%, 01/11/25 (e)		3,104
	8,730	6.125%, 05/05/25 (e)		8,962
	5,190	7.250%, 01/15/21 (e)		5,540
	450	7.750%, 04/16/26 (e)		497
	1,200	Grupo KUO SAB De CV, Reg. S, 6.250%, 12/04/22		1,170
		Petroleos Mexicanos,
	2,749	5.625%, 01/23/46		2,273
	1,250	6.375%, 02/04/21		1,337
	5,050	6.625%, 06/15/35		4,888
				44,032
		Morocco — 0.0% (g)
		OCP SA,
	1,720	Reg. S, 5.625%, 04/25/24		1,792
	1,171	Reg. S, 6.875%, 04/25/44		1,203
				2,995
		Netherlands — 0.5%
		AerCap Ireland Capital DAC,
	500	3.750%, 05/15/19		512
	900	4.625%, 10/30/20		947
	4,600	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		3,243
		NXP BV,
	2,281	4.125%, 06/15/20 (e)		2,361
	2,905	4.125%, 06/01/21 (e)		2,999
	2,665	4.625%, 06/15/22 (e)		2,805
	5,525	4.625%, 06/01/23 (e)		5,842
	5,902	5.750%, 02/15/21 (e)		6,094
	6,874	5.750%, 03/15/23 (e)		7,235
		Shell International Finance BV,
	6,731	3.750%, 09/12/46		6,217
	1,620	4.375%, 05/11/45		1,647
	7,927	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		8,046
	1,425	Ziggo Bond Finance BV, 5.875%, 01/15/25 (e)		1,435
	4,470	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		4,442
				53,825

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		New Zealand — 0.1%
		Reynolds Group Issuer, Inc.,
	1,700	5.125%, 07/15/23 (e)		1,742
	8,885	5.750%, 10/15/20		9,148
	3,079	6.875%, 02/15/21		3,157
	1,745	7.000%, 07/15/24 (e)		1,859
	676	8.250%, 02/15/21		696
				16,602
		Nigeria — 0.0% (g)
	2,631	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (d) (e)		868
		Peru — 0.1%
	1,850	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		1,912
	1,800	BBVA Banco Continental SA, Reg. S, 5.000%, 08/26/22		1,917
	1,124	Consorcio Transmantaro SA, Reg. S, 4.375%, 05/07/23		1,140
	1,700	Southern Copper Corp., 5.875%, 04/23/45		1,732
				6,701
		Russia — 0.1%
	1,100	Gazprom OAO, Reg. S, 9.250%, 04/23/19		1,245
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.750%, 05/29/18		583
	1,100	Russian Railways, Reg. S, 5.700%, 04/05/22		1,174
	3,650	Sberbank of Russia, Reg. S, 4.950%, 02/07/17		3,649
	2,150	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23		2,260
	1,081	VTB Bank OJSC, Reg. S, 6.950%, 10/17/22		1,169
				10,080
		South Korea — 0.0% (g)
	3,805	MagnaChip Semiconductor Corp., 6.625%, 07/15/21		3,367
		Spain — 0.1%
		Banco Bilbao Vizcaya Argentaria SA,
EUR	1,000	Reg. S, VAR, 6.750%, 02/18/20 (x)		1,028
EUR	1,800	Reg. S, VAR, 7.000%, 02/19/19 (x)		1,856
	2,000	Reg. S, VAR, 9.000%, 05/09/18 (x)		2,087
	3,365	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		3,492
GBP	4,400	Telefonica Europe BV, Reg. S, VAR, 6.750%, 11/26/20 (x)		5,850
				14,313

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, VAR, 5.750%, 05/13/20 (x)		4,994
	5,000	Svenska Handelsbanken AB, Reg. S, VAR, 5.250%, 03/01/21 (x)		4,944
	5,000	Swedbank AB, Reg. S, VAR, 5.500%, 03/17/20 (x)		5,001
				14,939
		Switzerland — 0.2%
		Credit Suisse Group AG,
	6,385	VAR, 6.250%, 12/18/24 (e) (x)		6,297
	2,646	VAR, 7.500%, 12/11/23 (e) (x)		2,799
		UBS Group AG,
	5,000	Reg. S, VAR, 6.875%, 08/07/25 (x)		4,980
	5,000	Reg. S, VAR, 7.000%, 02/19/25 (x)		5,269
	2,000	Reg. S, VAR, 7.125%, 02/19/20 (x)		2,062
				21,407
		United Arab Emirates — 0.0% (g)
	500	DP World Ltd., Reg. S, 6.850%, 07/02/37		550
	2,047	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		1,842
				2,392
		United Kingdom — 0.9%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		4
		Anglo American Capital plc,
	2,170	3.625%, 05/14/20 (e)		2,186
	3,197	4.125%, 09/27/22 (e)		3,225
	739	4.450%, 09/27/20 (e)		765
	3,646	4.875%, 05/14/25 (e)		3,692
		Ashtead Capital, Inc.,
	3,560	5.625%, 10/01/24 (e)		3,738
	8,285	6.500%, 07/15/22 (e)		8,668
		Fiat Chrysler Automobiles NV,
	2,584	4.500%, 04/15/20		2,642
	8,442	5.250%, 04/15/23		8,632
		HSBC Holdings plc,
	4,840	VAR, 6.375%, 09/17/24 (x)		4,798
	6,000	VAR, 6.375%, 03/30/25 (x)		6,007
	6,852	VAR, 6.875%, 06/01/21 (x)		7,277
		Jaguar Land Rover Automotive plc,
	3,528	4.125%, 12/15/18 (e)		3,608
	1,814	4.250%, 11/15/19 (e)		1,875
	300	5.625%, 02/01/23 (e)		314
	12,498	Lloyds Banking Group plc, VAR, 7.500%, 06/27/24 (x)		12,964

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
GBP	3,809	Nationwide Building Society, Reg. S, VAR, 6.875%, 06/20/19 (x)		4,834
		Noble Holding International Ltd.,
	169	5.250%, 03/15/42		123
	1,121	6.200%, 08/01/40		875
	1,393	7.750%, 01/15/24		1,384
		Royal Bank of Scotland Group plc,
	1,610	5.125%, 05/28/24		1,605
	14,647	6.125%, 12/15/22		15,448
	5,545	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		5,961
		Virgin Media Finance plc,
	1,400	6.000%, 10/15/24 (e)		1,459
	2,548	6.375%, 04/15/23 (e)		2,675
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		978
	1,300	5.500%, 01/15/25 (e)		1,332
	1,100	5.500%, 08/15/26 (e)		1,117
				108,186
		United States — 39.6%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		6,787
	4,795	4.950%, 10/15/45		4,844
	7,220	Abbott Laboratories, 4.900%, 11/30/46		7,275
		AbbVie, Inc.,
	5,040	4.450%, 05/14/46		4,702
	6,334	4.700%, 05/14/45		6,144
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		521
	700	5.625%, 02/15/23		711
	528	6.125%, 03/15/21		544
	3,004	6.500%, 03/01/24		3,120
	3,495	ACCO Brands Corp., 5.250%, 12/15/24 (e)		3,517
	3,366	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		2,827
	3,420	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		3,523
		Actavis Funding SCS,
	6,730	4.750%, 03/15/45		6,637
	9,725	4.850%, 06/15/44		9,707
	3,720	Adient Global Holdings Ltd., 4.875%, 08/15/26 (e)		3,653
		ADT Corp. (The),
	7,178	3.500%, 07/15/22		6,783
	9,752	4.125%, 06/15/23		9,301

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,019	Advanced Micro Devices, Inc., 7.000%, 07/01/24		1,055
	870	AdvancePierre Foods Holdings, Inc., 5.500%, 12/15/24 (e)		887
	9,398	AECOM, 5.875%, 10/15/24		10,126
		AES Corp.,
	1,900	4.875%, 05/15/23		1,890
	6,285	5.500%, 04/15/25		6,364
	2,903	6.000%, 05/15/26		3,005
	6,704	7.375%, 07/01/21		7,542
	8,189	Aetna, Inc., 4.375%, 06/15/46		8,204
	3,731	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		3,486
	5,465	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		5,246
		Aircastle Ltd.,
	1,935	5.500%, 02/15/22		2,031
	3,400	6.750%, 04/15/17		3,434
	7,097	7.625%, 04/15/20		8,020
	1,200	Airxcel, Inc., 8.500%, 02/15/22 (e)		1,224
	3,020	AK Steel Corp., 7.500%, 07/15/23		3,308
		Albertsons Cos. LLC,
	4,442	5.750%, 03/15/25 (e)		4,414
	8,528	6.625%, 06/15/24 (e)		8,888
		Alcoa Nederland Holding BV,
	2,996	6.750%, 09/30/24 (e)		3,251
	900	7.000%, 09/30/26 (e)		986
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		503
	3,955	6.500%, 06/15/20		3,947
		Aleris International, Inc.,
	240	7.875%, 11/01/20		245
	1,975	9.500%, 04/01/21 (e)		2,148
		Alliance Data Systems Corp.,
	1,939	5.375%, 08/01/22 (e)		1,895
	970	5.875%, 11/01/21 (e)		1,002
	19,105	Allstate Corp. (The), VAR, 5.750%, 08/15/53		20,132
		Ally Financial, Inc.,
	2,460	3.500%, 01/27/19		2,485
	5,200	4.125%, 03/30/20		5,291
	3,039	4.125%, 02/13/22		3,035
	9,865	4.250%, 04/15/21		9,964
	14,872	4.625%, 05/19/22		15,095
	11,685	4.625%, 03/30/25		11,539
	1,600	4.750%, 09/10/18		1,652

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,835	5.125%, 09/30/24		3,940
	2,855	5.750%, 11/20/25		2,913
	3,435	8.000%, 11/01/31		4,079
	1,740	Alta Mesa Holdings LP, 7.875%, 12/15/24 (e)		1,870
		Altice US Finance I Corp.,
	6,480	5.375%, 07/15/23 (e)		6,747
	3,703	5.500%, 05/15/26 (e)		3,796
		AMC Entertainment Holdings, Inc.,
	6,435	5.750%, 06/15/25		6,644
	1,400	5.875%, 02/15/22		1,465
	875	5.875%, 11/15/26 (e)		892
		AMC Networks, Inc.,
	2,100	4.750%, 12/15/22		2,142
	9,150	5.000%, 04/01/24		9,333
	1,620	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		1,680
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,648
	3,925	6.625%, 10/15/22		4,043
	3,450	7.750%, 11/15/19		3,816
		American Express Co.,
	18,070	Series C, VAR, 4.900%, 03/15/20 (x)		17,729
	5,575	VAR, 5.200%, 11/15/19 (x)		5,631
		American International Group, Inc.,
	4,240	4.500%, 07/16/44		4,136
	10,770	4.800%, 07/10/45		10,968
	729	AmeriGas Finance LLC, 7.000%, 05/20/22		764
		AmeriGas Partners LP,
	4,278	5.500%, 05/20/25		4,385
	1,314	5.625%, 05/20/24		1,363
	1,039	5.875%, 08/20/26		1,078
	7,465	Amgen, Inc., 4.400%, 05/01/45		7,091
		Amkor Technology, Inc.,
	9,149	6.375%, 10/01/22		9,492
	4,556	6.625%, 06/01/21		4,650
	1,312	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		1,315
	805	Analog Devices, Inc., 4.500%, 12/05/36		800
	6,606	Anixter, Inc., 5.500%, 03/01/23		6,887
	2,380	Antero Midstream Partners LP, 5.375%, 09/15/24 (e)		2,434
		Antero Resources Corp.,
	1,311	5.000%, 03/01/25 (e)		1,282
	9,240	5.125%, 12/01/22		9,309
	3,548	5.375%, 11/01/21		3,637

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	4,205	5.625%, 06/01/23		4,289
		Anthem, Inc.,
	3,295	4.650%, 08/15/44		3,300
	3,640	5.100%, 01/15/44		3,879
	2,565	Arch Capital Finance LLC, 5.031%, 12/15/46		2,673
	930	Archrock Partners LP, 6.000%, 10/01/22		911
		Arconic, Inc.,
	9,295	5.125%, 10/01/24		9,655
	2,063	5.400%, 04/15/21		2,197
	3,092	5.870%, 02/23/22		3,320
	984	6.150%, 08/15/20		1,070
	1,469	6.750%, 01/15/28		1,594
	12,442	Ashland LLC, 4.750%, 08/15/22		12,722
		AT&T, Inc.,
	1,765	4.300%, 12/15/42		1,555
	6,380	4.350%, 06/15/45		5,478
	8,215	4.750%, 05/15/46		7,504
	3,850	5.150%, 03/15/42		3,790
	4,210	5.650%, 02/15/47		4,376
	275	AutoNation, Inc., 5.500%, 02/01/20		296
		Avaya, Inc.,
	3,420	7.000%, 04/01/19 (e)		2,830
	3,340	9.000%, 04/01/19 (e)		2,789
	2,160	10.500%, 03/01/21 (d)		589
		Avis Budget Car Rental LLC,
	6,050	5.500%, 04/01/23		5,868
	5,730	6.375%, 04/01/24 (e)		5,630
	2,408	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		2,438
	4,450	B&G Foods, Inc., 4.625%, 06/01/21		4,550
		Ball Corp.,
	495	4.000%, 11/15/23		491
	1,850	4.375%, 12/15/20		1,944
	905	5.000%, 03/15/22		952
	1,962	5.250%, 07/01/25		2,061
		Bank of America Corp.,
	15,338	Series AA, VAR, 6.100%, 03/17/25 (x)		15,990
	19,619	Series K, VAR, 8.000%, 01/30/18 (x)		20,256
	14,315	Series M, VAR, 8.125%, 05/15/18 (x)		14,928
	7,015	Series U, VAR, 5.200%, 06/01/23 (x)		6,883
	23,045	Series V, VAR, 5.125%, 06/17/19 (x)		23,074
	11,220	Series X, VAR, 6.250%, 09/05/24 (x)		11,714
	13,130	Series Z, VAR, 6.500%, 10/23/24 (x)		14,082

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Bank of New York Mellon Corp. (The),
	9,636	Series D, VAR, 4.500%, 06/20/23 (x)		8,818
	20,375	Series E, VAR, 4.950%, 06/20/20 (x)		20,859
	15,551	Series F, VAR, 4.625%, 09/20/26 (x)		14,778
	5,095	Baxalta, Inc., 5.250%, 06/23/45		5,420
		Belden, Inc.,
	445	5.250%, 07/15/24 (e)		447
	5,499	5.500%, 09/01/22 (e)		5,678
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,919
	500	6.000%, 10/15/22		529
	7,755	Biogen, Inc., 5.200%, 09/15/45		8,292
		Blue Cube Spinco, Inc.,
	5,012	9.750%, 10/15/23		5,952
	6,107	10.000%, 10/15/25		7,389
	5,667	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		5,810
	4,230	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		4,177
	3,185	Boardwalk Pipelines LP, 5.950%, 06/01/26		3,533
	920	Boise Cascade Co., 5.625%, 09/01/24 (e)		936
		Boyd Gaming Corp.,
	970	6.375%, 04/01/26 (e)		1,040
	7,395	6.875%, 05/15/23		7,941
	7,390	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		7,372
		Cablevision Systems Corp.,
	5,981	8.000%, 04/15/20		6,610
	629	8.625%, 09/15/17		652
		Caesars Entertainment Operating Co., Inc.,
	5,754	8.500%, 02/15/20 (d)		6,401
	10,622	9.125%, 02/15/20 (d)		11,791
	6,287	11.250%, 06/01/17 (d)		6,838
		CalAtlantic Group, Inc.,
	1,240	5.375%, 10/01/22		1,285
	1,538	5.875%, 11/15/24		1,600
	1,275	8.375%, 01/15/21		1,485
	2,759	Caleres, Inc., 6.250%, 08/15/23		2,883
		California Resources Corp.,
	55	5.500%, 09/15/21		43
	19	6.000%, 11/15/24		14
	11,281	8.000%, 12/15/22 (e)		10,040
	2,133	Callon Petroleum Co., 6.125%, 10/01/24 (e)		2,258
		Calpine Corp.,
	3,015	5.250%, 06/01/26 (e)		3,038

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,139	5.375%, 01/15/23		1,122
	1,500	5.500%, 02/01/24		1,462
	1,140	5.750%, 01/15/25		1,117
	4,467	5.875%, 01/15/24 (e)		4,679
	4,220	Camelot Finance SA, 7.875%, 10/15/24 (e)		4,463
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20 (x)		21,999
	788	Capsugel SA, 7.000%, (cash), 05/15/19 (e) (v)		792
	3,650	CBS Corp., 4.600%, 01/15/45		3,515
	1,090	CBS Radio, Inc., 7.250%, 11/01/24 (e)		1,136
	658	CCM Merger, Inc., 9.125%, 05/01/19 (e)		681
		CCO Holdings LLC,
	3,280	5.125%, 05/01/23 (e)		3,403
	2,410	5.125%, 05/01/27 (e)		2,452
	3,700	5.375%, 05/01/25 (e)		3,853
	9,140	5.500%, 05/01/26 (e)		9,574
	11,541	5.750%, 02/15/26 (e)		12,230
	35,257	5.875%, 04/01/24 (e)		37,714
		CDW LLC,
	2,242	5.000%, 09/01/23		2,287
	875	5.500%, 12/01/24		911
		Cedar Fair LP,
	1,095	5.250%, 03/15/21		1,129
	575	5.375%, 06/01/24		592
	8,615	Celgene Corp., 5.000%, 08/15/45		8,905
		Centene Corp.,
	100	4.750%, 05/15/22		101
	2,850	4.750%, 01/15/25		2,813
	2,570	5.625%, 02/15/21		2,698
	1,745	6.125%, 02/15/24		1,854
	2,600	Central Garden & Pet Co., 6.125%, 11/15/23		2,782
		CenturyLink, Inc.,
	13,146	Series T, 5.800%, 03/15/22		13,520
	8,375	Series W, 6.750%, 12/01/23		8,616
		CF Industries, Inc.,
	806	3.400%, 12/01/21 (e)		804
	981	4.500%, 12/01/26 (e)		982
	4,540	4.950%, 06/01/43		3,893
	3,224	5.150%, 03/15/34		2,958
	8,153	5.375%, 03/15/44		7,134
		Change Healthcare Holdings, Inc.,
	4,180	6.000%, 02/15/21 (e)		4,420
	2,435	11.000%, 12/31/19		2,508

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	18,945	Charter Communications Operating LLC, 6.484%, 10/23/45		21,537
		Chemours Co. (The),
	4,745	6.625%, 05/15/23		4,709
	1,500	7.000%, 05/15/25		1,495
		Cheniere Corpus Christi Holdings LLC,
	2,960	5.875%, 03/31/25 (e)		3,130
	2,120	7.000%, 06/30/24 (e)		2,367
		Chesapeake Energy Corp.,
	3,110	4.875%, 04/15/22		2,900
	918	5.750%, 03/15/23		881
	1,771	6.125%, 02/15/21		1,748
	8,728	8.000%, 12/15/22 (e)		9,317
	2,173	8.000%, 01/15/25 (e)		2,236
	142	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (d) (e)		60
	2,239	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		2,365
		Cinemark USA, Inc.,
	3,600	4.875%, 06/01/23		3,627
	2,412	5.125%, 12/15/22		2,478
		CIT Group, Inc.,
	1,085	3.875%, 02/19/19		1,108
	4,908	5.000%, 08/15/22		5,141
	9,242	5.375%, 05/15/20		9,831
	16,740	5.500%, 02/15/19 (e)		17,612
	3,131	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		3,366
	1,908	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		1,975
		Citigroup, Inc.,
	14,725	Series D, VAR, 5.350%, 05/15/23 (x)		14,375
	10,670	Series M, VAR, 6.300%, 05/15/24 (x)		10,897
	21,330	Series N, VAR, 5.800%, 11/15/19 (x)		21,917
	10,010	Series O, VAR, 5.875%, 03/27/20 (x)		10,323
	20,570	Series P, VAR, 5.950%, 05/15/25 (x)		20,925
	7,020	Series R, VAR, 6.125%, 11/15/20 (x)		7,374
	5,475	Series T, VAR, 6.250%, 08/15/26 (x)		5,783
	16,431	VAR, 5.950%, 01/30/23 (x)		16,961
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		517
	11,608	9.000%, 03/15/19 (e)		5,572
		Clean Harbors, Inc.,
	1,490	5.125%, 06/01/21		1,527
	6,200	5.250%, 08/01/20		6,360
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.500%, 11/15/22		1,690

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	115	Series A, 7.625%, 03/15/20		112
	35,645	Series B, 6.500%, 11/15/22		37,214
	21,033	Series B, 7.625%, 03/15/20		21,085
		Clearwater Paper Corp.,
	2,125	4.500%, 02/01/23		2,116
	900	5.375%, 02/01/25 (e)		894
	387	Cloud Peak Energy Resources LLC, 12.000%, 11/01/21		411
	4,235	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		3,563
		CNH Industrial Capital LLC,
	3,475	4.375%, 11/06/20		3,601
	5,420	4.875%, 04/01/21		5,644
	5,015	CNO Financial Group, Inc., 5.250%, 05/30/25		5,048
	1,434	Coeur Mining, Inc., 7.875%, 02/01/21		1,477
	2,669	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		2,722
	5,075	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		5,272
	3,290	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		3,855
	3,227	Commercial Metals Co., 4.875%, 05/15/23		3,292
	9,502	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		10,126
		CommScope, Inc.,
	358	4.375%, 06/15/20 (e)		368
	2,355	5.000%, 06/15/21 (e)		2,417
	5,188	5.500%, 06/15/24 (e)		5,356
		Communications Sales & Leasing, Inc.,
	4,380	6.000%, 04/15/23 (e)		4,599
	1,210	7.125%, 12/15/24 (e)		1,231
	8,255	8.250%, 10/15/23		8,957
		Community Health Systems, Inc.,
	151	5.125%, 08/15/18		151
	3,274	5.125%, 08/01/21		3,086
	2,757	6.875%, 02/01/22		2,013
	2,575	7.125%, 07/15/20		2,118
	2,889	8.000%, 11/15/19		2,564
	2,172	Concho Resources, Inc., 5.500%, 04/01/23		2,253
	1,855	CONSOL Energy, Inc., 5.875%, 04/15/22		1,795
	2,232	Consolidated Communications, Inc., 6.500%, 10/01/22		2,238
	26	Constar International, Inc., 11.000%, 12/31/17 (d)		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Continental Resources, Inc.,
	673	3.800%, 06/01/24		628
	7,296	4.500%, 04/15/23		7,205
	9,308	5.000%, 09/15/22		9,518
	3,623	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		3,643
		CoreCivic, Inc.,
	8,720	4.125%, 04/01/20		8,851
	2,400	4.625%, 05/01/23		2,388
	10,061	Cortes NP Acquisition Corp., 9.250%, 10/15/24 (e)		10,633
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		239
	577	6.375%, 10/01/22		595
		Crestwood Midstream Partners LP,
	854	6.000%, 12/15/20		880
	3,830	6.125%, 03/01/22		3,954
	1,409	6.250%, 04/01/23		1,455
		Crown Americas LLC,
	1,765	4.250%, 09/30/26 (e)		1,688
	1,770	4.500%, 01/15/23		1,807
		CSC Holdings LLC,
	2,515	5.500%, 04/15/27 (e)		2,549
	1,400	6.625%, 10/15/25 (e)		1,528
	4,065	6.750%, 11/15/21		4,415
	1,521	8.625%, 02/15/19		1,688
	7,700	10.125%, 01/15/23 (e)		8,927
	900	10.875%, 10/15/25 (e)		1,071
	1,600	CSI Compressco LP, 7.250%, 08/15/22		1,536
	4,820	CSX Corp., 4.250%, 11/01/66		4,291
	10,073	CVR Partners LP, 9.250%, 06/15/23 (e)		10,728
	3,340	CVS Health Corp., 5.125%, 07/20/45		3,663
	4,320	Dana Financing Luxembourg SARL, 6.500%, 06/01/26 (e)		4,569
		Dana, Inc.,
	3,230	5.500%, 12/15/24		3,359
	6,125	6.000%, 09/15/23		6,462
		DaVita, Inc.,
	7,480	5.000%, 05/01/25		7,307
	4,052	5.125%, 07/15/24		4,014
	1,275	5.750%, 08/15/22		1,324
		DCP Midstream Operating LP,
	2,715	3.875%, 03/15/23		2,620
	530	4.750%, 09/30/21 (e)		541
	702	4.950%, 04/01/22		728
	185	5.350%, 03/15/20 (e)		194
	1,825	6.750%, 09/15/37 (e)		1,898

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	6,738	Dean Foods Co., 6.500%, 03/15/23 (e)		7,041
		Denbury Resources, Inc.,
	3,495	4.625%, 07/15/23		2,791
	570	5.500%, 05/01/22		489
	6,625	Devon Energy Corp., 5.000%, 06/15/45		6,644
		Diamond 1 Finance Corp.,
	25	3.480%, 06/01/19 (e)		25
	1,310	4.420%, 06/15/21 (e)		1,367
	7,581	5.450%, 06/15/23 (e)		8,142
	2,895	5.875%, 06/15/21 (e)		3,054
	9,141	6.020%, 06/15/26 (e)		9,869
	1,465	7.125%, 06/15/24 (e)		1,604
	9,340	8.350%, 07/15/46 (e)		11,662
	1,247	Diamondback Energy, Inc., 4.750%, 11/01/24 (e)		1,245
	4,015	Diebold Nixdorf, Inc., 8.500%, 04/15/24		4,386
		DISH DBS Corp.,
	7,460	5.000%, 03/15/23		7,347
	21,800	5.875%, 07/15/22		22,661
	13,105	5.875%, 11/15/24		13,253
	24,614	6.750%, 06/01/21		26,460
	2,527	7.750%, 07/01/26		2,823
	6,950	DJO Finco, Inc., 8.125%, 06/15/21 (e)		6,012
	5,148	Dollar Tree, Inc., 5.750%, 03/01/23		5,439
	2,229	Dominion Gas Holdings LLC, 4.600%, 12/15/44		2,239
	17,485	Dominion Resources, Inc., VAR, 5.750%, 10/01/54		18,053
	2,164	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		2,161
	5,625	Duke Energy Corp., 3.750%, 09/01/46		5,102
	1,693	DuPont Fabros Technology LP, 5.875%, 09/15/21		1,769
		Dynegy, Inc.,
	5,787	5.875%, 06/01/23		5,266
	6,280	7.375%, 11/01/22		6,201
	8,155	7.625%, 11/01/24		7,768
	3,400	8.000%, 01/15/25 (e)		3,264
	720	E*TRADE Financial Corp., 5.375%, 11/15/22		763
	560	Eldorado Resorts, Inc., 7.000%, 08/01/23		596
	25,041	Embarq Corp., 7.995%, 06/01/36		24,352
	1,129	EMC Corp., 2.650%, 06/01/20		1,095

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		1,994
		Endo Finance LLC,
	3,026	5.750%, 01/15/22 (e)		2,636
	1,846	7.250%, 01/15/22 (e)		1,671
		Endo Ltd.,
	1,770	6.000%, 02/01/25 (e)		1,452
	10,650	6.000%, 07/15/23 (e)		9,079
	8,500	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		8,649
	6,302	Energy Transfer Equity LP, 5.875%, 01/15/24		6,727
		Energy Transfer Partners LP,
	3,020	5.150%, 02/01/43		2,874
	1,155	6.125%, 12/15/45		1,260
	3,211	EnerSys, 5.000%, 04/30/23 (e)		3,267
	455	EnLink Midstream Partners LP, 7.125%, 06/01/22		476
		Ensco plc,
	429	4.500%, 10/01/24		384
	808	5.200%, 03/15/25		735
	419	8.000%, 01/31/24 (e)		435
	4,938	Entegris, Inc., 6.000%, 04/01/22 (e)		5,160
		Enterprise Products Operating LLC,
	2,890	4.850%, 03/15/44		2,933
	12,190	4.900%, 05/15/46		12,481
		Envision Healthcare Corp.,
	1,754	5.125%, 07/01/22 (e)		1,785
	1,075	5.625%, 07/15/22		1,107
		EP Energy LLC,
	695	6.375%, 06/15/23		607
	3,286	7.750%, 09/01/22		3,023
	5,009	8.000%, 11/29/24 (e)		5,410
	16,760	9.375%, 05/01/20		17,053
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,357
	3,098	5.375%, 01/01/22		3,276
	950	5.375%, 04/01/23		994
	948	5.750%, 01/01/25		1,000
	3,555	5.875%, 01/15/26		3,772
	8,015	ERAC USA Finance LLC, 4.200%, 11/01/46 (e)		7,367
	5,852	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		5,872
		Exelon Corp.,
	6,060	4.450%, 04/15/46		6,021

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	3,750	5.100%, 06/15/45		4,025
		Express Scripts Holding Co.,
	7,130	4.800%, 07/15/46		6,700
	1,556	6.125%, 11/15/41		1,762
		FedEx Corp.,
	6,025	4.550%, 04/01/46		6,014
	2,215	4.750%, 11/15/45		2,284
	1,170	Ferrellgas LP, 6.750%, 06/15/23		1,167
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,611
		Fifth Third Bancorp,
	5,385	Series J, VAR, 4.900%, 09/30/19 (x)		5,203
	17,625	VAR, 5.100%, 06/30/23 (x)		16,841
		First Data Corp.,
	6,166	5.000%, 01/15/24 (e)		6,228
	14,099	5.375%, 08/15/23 (e)		14,522
	30,187	5.750%, 01/15/24 (e)		31,092
	1,561	6.750%, 11/01/20 (e)		1,614
	11,108	7.000%, 12/01/23 (e)		11,774
	681	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		692
	480	Flex Ltd., 5.000%, 02/15/23		511
	19,265	Ford Motor Co., 4.750%, 01/15/43		18,022
		Freeport-McMoRan, Inc.,
	2,395	3.100%, 03/15/20		2,377
	985	3.550%, 03/01/22		921
	7,550	3.875%, 03/15/23		6,965
	3,074	4.000%, 11/14/21		2,997
	1,145	4.550%, 11/14/24		1,073
	375	5.400%, 11/14/34		328
	5,805	5.450%, 03/15/43		4,992
		Frontier Communications Corp.,
	6,760	6.250%, 09/15/21		6,320
	6,030	6.875%, 01/15/25		5,058
	6,488	8.500%, 04/15/20		6,914
	5,281	9.250%, 07/01/21		5,512
	5,393	10.500%, 09/15/22		5,639
	25,252	11.000%, 09/15/25		25,536
	900	FTI Consulting, Inc., 6.000%, 11/15/22		936
	4,460	GCI, Inc., 6.750%, 06/01/21		4,594
	3,552	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		4,049
	5,100	General Cable Corp., 5.750%, 10/01/22		5,036
	48,057	General Electric Co., Series D, VAR, 5.000%, 01/21/21 (x)		49,823

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		General Motors Co.,
	12,250	4.875%, 10/02/23		12,988
	6,370	6.250%, 10/02/43		7,065
	9,930	6.750%, 04/01/46		11,708
		General Motors Financial Co., Inc.,
	1,621	3.250%, 05/15/18		1,643
	700	3.450%, 04/10/22		699
	205	4.250%, 05/15/23		210
	1,050	4.750%, 08/15/17		1,068
		Genesis Energy LP,
	2,418	5.625%, 06/15/24		2,436
	1,054	6.000%, 05/15/23		1,083
	780	6.750%, 08/01/22		825
	2,440	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		2,635
		GenOn Energy, Inc.,
	1,000	9.500%, 10/15/18		760
	4,859	9.875%, 10/15/20		3,574
		GEO Group, Inc. (The),
	8,165	5.875%, 01/15/22		8,359
	2,215	6.000%, 04/15/26		2,232
		Gilead Sciences, Inc.,
	3,135	4.150%, 03/01/47		2,935
	12,695	4.750%, 03/01/46		13,162
		Global Partners LP,
	1,085	6.250%, 07/15/22		1,044
	1,250	7.000%, 06/15/23		1,228
		GLP Capital LP,
	160	4.375%, 04/15/21		166
	4,035	5.375%, 11/01/23		4,328
	1,890	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		2,027
		Goldman Sachs Group, Inc. (The),
	25,078	Series L, VAR, 5.700%, 05/10/19 (x)		25,884
	21,703	Series M, VAR, 5.375%, 05/10/20 (x)		22,137
	16,295	Series O, VAR, 5.300%, 11/10/26 (x)		15,937
	2,585	Goodman Networks, Inc., 12.125%, 07/01/18		1,073
		Goodyear Tire & Rubber Co. (The),
	4,150	5.000%, 05/31/26		4,181
	2,085	5.125%, 11/15/23		2,140
	3,179	8.750%, 08/15/20		3,775
		Graphic Packaging International, Inc.,
	1,187	4.750%, 04/15/21		1,252
	570	4.875%, 11/15/22		588

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
		Gray Television, Inc.,
	2,285	5.125%, 10/15/24 (e)		2,245
	1,445	5.875%, 07/15/26 (e)		1,436
	3,425	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		3,434
	2,460	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		2,466
	983	Guitar Center, Inc., 6.500%, 04/15/19 (e)		882
	1,045	Gulfport Energy Corp., 6.000%, 10/15/24 (e)		1,065
	7,564	H&E Equipment Services, Inc., 7.000%, 09/01/22		7,971
	315	Halcon Resources Corp., 8.625%, 02/01/20 (e)		329
	10,280	Halliburton Co., 5.000%, 11/15/45		11,008
	3,046	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,680
		Harland Clarke Holdings Corp.,
	2,075	6.875%, 03/01/20 (e)		2,060
	395	9.750%, 08/01/18 (e)		406
	4,520	Harris Corp., 5.054%, 04/27/45		4,885
	3,847	HCA Holdings, Inc., 6.250%, 02/15/21		4,126
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,359
	1,410	4.250%, 10/15/19		1,459
	2,330	4.500%, 02/15/27		2,298
	1,976	5.000%, 03/15/24		2,057
	2,275	5.250%, 04/15/25		2,394
	2,985	5.250%, 06/15/26		3,112
	34,831	5.375%, 02/01/25		35,528
	15,079	5.875%, 03/15/22		16,380
	2,040	5.875%, 05/01/23		2,178
	6,435	5.875%, 02/15/26		6,692
	2,977	6.500%, 02/15/20		3,252
	30,168	7.500%, 02/15/22		34,354
	1,400	8.000%, 10/01/18		1,526
		HD Supply, Inc.,
	10,595	5.250%, 12/15/21 (e)		11,151
	2,010	5.750%, 04/15/24 (e)		2,111
		HealthSouth Corp.,
	3,470	5.750%, 11/01/24		3,522
	3,650	5.750%, 09/15/25		3,659
	3,151	Hecla Mining Co., 6.875%, 05/01/21		3,261
		Herc Rentals, Inc.,
	3,860	7.500%, 06/01/22 (e)		4,169
	4,775	7.750%, 06/01/24 (e)		5,169

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Hertz Corp. (The),
	5,810	5.500%, 10/15/24 (e)		4,880
	4,891	6.250%, 10/15/22		4,439
	7,850	7.375%, 01/15/21		7,595
	5,595	Hess Corp., 5.800%, 04/01/47		5,948
		Hexion, Inc.,
	20,109	6.625%, 04/15/20		18,752
	1,600	8.875%, 02/01/18		1,604
		Hilcorp Energy I LP,
	1,234	5.000%, 12/01/24 (e)		1,215
	4,222	5.750%, 10/01/25 (e)		4,259
	865	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		830
	6,428	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		6,669
	3,200	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		3,140
	1,890	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		1,975
	2,800	Hilton Worldwide Finance LLC, 5.625%, 10/15/21		2,884
	2,710	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		2,839
	4,617	Hologic, Inc., 5.250%, 07/15/22 (e)		4,813
	1,000	HRG Group, Inc., 7.875%, 07/15/19		1,045
		Hughes Satellite Systems Corp.,
	7,325	5.250%, 08/01/26 (e)		7,325
	1,570	6.500%, 06/15/19		1,688
	2,335	6.625%, 08/01/26 (e)		2,416
		Huntsman International LLC,
	560	4.875%, 11/15/20		578
	11,665	5.125%, 11/15/22		12,044
	7,805	IASIS Healthcare LLC, 8.375%, 05/15/19		7,473
		Icahn Enterprises LP,
	2,470	4.875%, 03/15/19		2,498
	919	5.875%, 02/01/22		919
	800	6.250%, 02/01/22 (e)		806
	800	6.750%, 02/01/24 (e)		798
		iHeartCommunications, Inc.,
	2,813	9.000%, 12/15/19		2,354
	2,067	9.000%, 03/01/21		1,545
	1,805	IHS Markit Ltd., 5.000%, 11/01/22 (e)		1,870
	8,163	ILFC E-Capital Trust I, VAR, 4.670%, 12/21/65 (e)		7,168
	4,720	ILFC E-Capital Trust II, VAR, 4.920%, 12/21/65 (e)		4,283

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	8,769	Infor Software Parent LLC, 7.125%, (cash), 05/01/21 (e) (v)		9,010
		Infor US, Inc.,
	1,248	5.750%, 08/15/20 (e)		1,298
	15,605	6.500%, 05/15/22		16,015
	5,893	Informatica LLC, 7.125%, 07/15/23 (e)		5,687
	2,065	Ingles Markets, Inc., 5.750%, 06/15/23		2,117
		International Game Technology plc,
	10,425	6.250%, 02/15/22 (e)		11,109
	9,560	6.500%, 02/15/25 (e)		10,325
		International Lease Finance Corp.,
	1,500	4.625%, 04/15/21		1,572
	825	5.875%, 04/01/19		879
	5,250	6.250%, 05/15/19		5,664
	2,150	International Wire Group, Inc., 10.750%, 08/01/21 (e)		2,064
	4,020	Interval Acquisition Corp., 5.625%, 04/15/23		4,100
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,553
	4,028	6.000%, 10/01/20 (e)		4,219
	1,250	6.000%, 08/15/23		1,325
	2,175	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		2,249
	1,915	ITC Holdings Corp., 5.300%, 07/01/43		2,095
	500	Jack Cooper Holdings Corp., 9.250%, 06/01/20		200
	7,570	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		7,740
	2,310	Jaguar Holding Co. II, 6.375%, 08/01/23 (e)		2,449
	1,007	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		1,060
		JC Penney Corp., Inc.,
	3,200	5.875%, 07/01/23 (e)		3,256
	449	8.125%, 10/01/19		475
	773	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		771
	993	Kaiser Aluminum Corp., 5.875%, 05/15/24		1,040
	2,070	KFC Holding Co., 5.000%, 06/01/24 (e)		2,102
	2,000	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		2,054
	7,460	Kindred Healthcare, Inc., 8.750%, 01/15/23		6,789
		Kinetic Concepts, Inc.,
	2,560	7.875%, 02/15/21 (e)		2,765
	10,065	9.625%, 10/01/21 (e)		10,789
	6,400	KLX, Inc., 5.875%, 12/01/22 (e)		6,704

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,755
	1,160	Koppers, Inc., 6.000%, 02/15/25 (e)		1,201
		Kraft Heinz Foods Co.,
	7,495	4.375%, 06/01/46		7,008
	8,927	5.200%, 07/15/45		9,378
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		3,476
	7,035	Kroger Co. (The), 3.875%, 10/15/46		6,328
		L Brands, Inc.,
	1,335	5.625%, 02/15/22		1,398
	2,600	5.625%, 10/15/23		2,704
	4,245	6.625%, 04/01/21		4,659
	6,385	6.750%, 07/01/36		6,146
	1,606	6.875%, 11/01/35		1,566
		Lamar Media Corp.,
	1,000	5.000%, 05/01/23		1,028
	258	5.375%, 01/15/24		269
	2,652	5.750%, 02/01/26		2,811
	1,340	Landry’s, Inc., 6.750%, 10/15/24 (e)		1,380
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		3,020
		Lear Corp.,
	3,400	5.250%, 01/15/25		3,608
	2,000	5.375%, 03/15/24		2,105
	1,000	Level 3 Communications, Inc., 5.750%, 12/01/22		1,035
		Level 3 Financing, Inc.,
	6,451	5.125%, 05/01/23		6,499
	3,753	5.250%, 03/15/26 (e)		3,739
	4,618	5.375%, 01/15/24		4,677
	10,230	5.375%, 05/01/25		10,441
	561	5.625%, 02/01/23		574
	75	Levi Strauss & Co., 5.000%, 05/01/25		75
	870	Liberty Interactive LLC, 8.250%, 02/01/30		913
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		2,900
		LifePoint Health, Inc.,
	609	5.375%, 05/01/24 (e)		583
	1,335	5.500%, 12/01/21		1,368
	1,887	LIN Television Corp., 5.875%, 11/15/22		1,925
		Live Nation Entertainment, Inc.,
	3,805	4.875%, 11/01/24 (e)		3,805
	1,365	5.375%, 06/15/22 (e)		1,425
	3,265	LSB Industries, Inc., SUB, 8.500%, 08/01/19		3,143
	5,837	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		6,129

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	4,372	LYB International Finance BV, 4.875%, 03/15/44		4,559
	2,495	M/I Homes, Inc., 6.750%, 01/15/21		2,611
	1,320	Magellan Midstream Partners LP, 4.250%, 09/15/46		1,244
		Mallinckrodt International Finance SA,
	160	3.500%, 04/15/18		159
	539	4.750%, 04/15/23		442
	6,105	5.500%, 04/15/25 (e)		5,258
	8,538	5.625%, 10/15/23 (e)		7,567
	2,189	5.750%, 08/01/22 (e)		2,030
	4,280	Markel Corp., 5.000%, 04/05/46		4,327
	1,117	Martin Midstream Partners LP, 7.250%, 02/15/21		1,128
	2,127	Masonite International Corp., 5.625%, 03/15/23 (e)		2,201
	4,837	MasTec, Inc., 4.875%, 03/15/23		4,783
	890	Match Group, Inc., 6.375%, 06/01/24		955
	7,280	McDonald’s Corp., 4.875%, 12/09/45		7,735
	2,500	Mediacom Broadband LLC, 6.375%, 04/01/23		2,619
		MetLife, Inc.,
	12,815	6.400%, 12/15/36		13,904
	17,944	Series C, VAR, 5.250%, 06/15/20 (x)		18,348
		MGM Growth Properties Operating Partnership LP,
	995	4.500%, 09/01/26 (e)		953
	2,630	5.625%, 05/01/24 (e)		2,745
		MGM Resorts International,
	2,430	4.625%, 09/01/26		2,354
	1,495	5.250%, 03/31/20		1,572
	21,765	6.000%, 03/15/23		23,445
	3,070	6.625%, 12/15/21		3,423
	350	6.750%, 10/01/20		388
	20,834	7.750%, 03/15/22		24,265
	2,165	Michael’s Stores, Inc., 5.875%, 12/15/20 (e)		2,225
		Micron Technology, Inc.,
	2,921	5.250%, 08/01/23 (e)		2,928
	10,302	5.250%, 01/15/24 (e)		10,343
	265	5.500%, 02/01/25		266
	847	5.625%, 01/15/26 (e)		848
	1,087	5.875%, 02/15/22		1,130
	6,314	7.500%, 09/15/23 (e)		7,009
	5,025	Microsemi Corp., 9.125%, 04/15/23 (e)		5,829
	8,580	Microsoft Corp., 4.500%, 02/06/57		8,693
	3,870	Milacron LLC, 7.750%, 02/15/21 (e)		4,030

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	4,645	Molson Coors Brewing Co., 4.200%, 07/15/46		4,289
	1,350	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		—	(h)
	2,135	Momentive Performance Materials, Inc., 3.880%, 10/24/21		2,071
		Morgan Stanley,
	29,170	Series H, VAR, 5.450%, 07/15/19 (x)		29,534
	31,955	Series J, VAR, 5.550%, 07/15/20 (x)		32,794
		Motors Liquidation Co.,
	10	6.750%, 05/01/28 (d)		—
	115	8.375%, 07/15/33 (d)		—
	11	7.750%, 03/15/36 (d)		—
	5,141	MPG Holdco I, Inc., 7.375%, 10/15/22		5,539
	5,316	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		5,642
		MPLX LP,
	5,720	4.875%, 12/01/24		6,000
	7,185	4.875%, 06/01/25		7,546
	1,900	5.500%, 02/15/23		1,981
	2,185	MSCI, Inc., 5.250%, 11/15/24 (e)		2,265
	12,694	Mylan NV, 5.250%, 06/15/46 (e)		11,932
	2,824	Nabors Industries, Inc., 5.500%, 01/15/23 (e)		2,951
	2,473	National Rural Utilities Cooperative Finance Corp., VAR, 5.250%, 04/20/46		2,571
		Nationstar Mortgage LLC,
	1,372	6.500%, 07/01/21		1,398
	1,028	6.500%, 06/01/22		1,027
	3,280	7.875%, 10/01/20		3,411
	421	9.625%, 05/01/19		438
	2,105	Navistar International Corp., 8.250%, 11/01/21		2,126
	3,087	NBTY, Inc., 7.625%, 05/15/21 (e)		3,234
	1,965	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		2,142
	3,708	NCL Corp. Ltd., 4.750%, 12/15/21 (e)		3,736
		NCR Corp.,
	686	5.000%, 07/15/22		702
	903	6.375%, 12/15/23		960
		Neiman Marcus Group Ltd. LLC,
	4,962	8.000%, 10/15/21 (e)		3,076
	4,925	8.750%, (cash), 10/15/21 (e) (v)		2,869
		Netflix, Inc.,
	1,786	4.375%, 11/15/26 (e)		1,753
	700	5.500%, 02/15/22		750
	645	5.750%, 03/01/24		694
	700	5.875%, 02/15/25		759

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	747	Neuberger Berman Group LLC, 5.875%, 03/15/22 (e)		771
		New Albertsons, Inc.,
	675	6.625%, 06/01/28		611
	864	7.450%, 08/01/29		843
	645	7.750%, 06/15/26		645
	2,280	8.000%, 05/01/31		2,234
	2,042	8.700%, 05/01/30		2,098
		Newfield Exploration Co.,
	3,882	5.625%, 07/01/24		4,086
	5,452	5.750%, 01/30/22		5,806
		Nexstar Broadcasting, Inc.,
	4,580	6.125%, 02/15/22 (e)		4,750
	6,533	6.875%, 11/15/20		6,775
	2,020	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		2,017
	1,985	NFP Corp., 9.000%, 07/15/21 (e)		2,082
		NGL Energy Partners LP,
	445	5.125%, 07/15/19		445
	750	6.875%, 10/15/21		772
	1,100	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		1,149
	5,240	Nielsen Co. Luxembourg SARL (The), 5.500%, 10/01/21 (e)		5,436
	12,144	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		12,357
		Noble Energy, Inc.,
	2,060	5.050%, 11/15/44		2,105
	3,150	5.250%, 11/15/43		3,278
	9,480	Northern Trust Corp., Series D, VAR, 4.600%, 10/01/26 (x)		9,243
		Novelis Corp.,
	5,165	5.875%, 09/30/26 (e)		5,262
	5,000	6.250%, 08/15/24 (e)		5,281
		NRG Energy, Inc.,
	2,500	6.250%, 05/01/24		2,544
	3,766	6.625%, 03/15/23		3,879
	10,503	6.625%, 01/15/27 (e)		10,437
		NRG Yield Operating LLC,
	2,465	5.000%, 09/15/26 (e)		2,403
	1,000	5.375%, 08/15/24		1,020
	1,229	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,260
	3,360	Nucor Corp., 6.400%, 12/01/37		4,286
		NuStar Logistics LP,
	1,240	4.800%, 09/01/20		1,261
	760	6.750%, 02/01/21		823

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	730	NWH Escrow Corp., 7.500%, 08/01/21 (e)		642
		Oasis Petroleum, Inc.,
	8,088	6.500%, 11/01/21		8,270
	5,814	6.875%, 03/15/22		5,960
	1,360	6.875%, 01/15/23		1,392
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		4,124
		ONEOK, Inc.,
	1,848	4.250%, 02/01/22		1,885
	383	7.500%, 09/01/23		444
		Orbital ATK, Inc.,
	672	5.250%, 10/01/21		697
	870	5.500%, 10/01/23		905
		Oshkosh Corp.,
	2,475	5.375%, 03/01/22		2,580
	4,609	5.375%, 03/01/25		4,765
		Outfront Media Capital LLC,
	748	5.250%, 02/15/22		774
	1,650	5.625%, 02/15/24		1,722
	750	5.875%, 03/15/25		784
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		837
	545	5.375%, 01/15/25 (e)		548
	584	5.875%, 08/15/23 (e)		615
	1,084	6.375%, 08/15/25 (e)		1,153
		Parker Drilling Co.,
	2,008	6.750%, 07/15/22		1,737
	660	7.500%, 08/01/20		604
	2,540	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,597
	1,874	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		1,911
	1,588	PBF Holding Co. LLC, 7.000%, 11/15/23		1,616
	1,089	PBF Logistics LP, 6.875%, 05/15/23		1,108
		Penn Virginia Corp.,
	500	7.250%, 04/15/19 (d)		12
	1,100	8.500%, 05/01/20 (d)		28
	2,399	Penske Automotive Group, Inc., 5.500%, 05/15/26		2,387
	660	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		675
	13,280	Perrigo Finance Unlimited Co., 4.900%, 12/15/44		12,252
	17,800	PetSmart, Inc., 7.125%, 03/15/23 (e)		17,488
	14,121	Phillips 66, 4.875%, 11/15/44		14,864
	3,815	Phillips 66 Partners LP, 4.900%, 10/01/46		3,733

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	2,096	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		2,110
		Pioneer Natural Resources Co.,
	425	6.875%, 05/01/18		450
	231	7.500%, 01/15/20		263
		Plains All American Pipeline LP,
	1,560	4.700%, 06/15/44		1,402
	1,490	4.900%, 02/15/45		1,391
	4,466	Plantronics, Inc., 5.500%, 05/31/23 (e)		4,555
		PNC Financial Services Group, Inc. (The),
	12,415	Series R, VAR, 4.850%, 06/01/23 (x)		12,291
	10,675	Series S, VAR, 5.000%, 11/01/26 (x)		10,515
	9,588	VAR, 6.750%, 08/01/21 (x)		10,535
	6,469	PolyOne Corp., 5.250%, 03/15/23		6,631
		Post Holdings, Inc.,
	1,997	5.000%, 08/15/26 (e)		1,931
	2,200	6.000%, 12/15/22 (e)		2,310
	6,595	7.750%, 03/15/24 (e)		7,300
	350	8.000%, 07/15/25 (e)		393
		Prestige Brands, Inc.,
	1,725	5.375%, 12/15/21 (e)		1,777
	805	6.375%, 03/01/24 (e)		839
	11,785	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		12,772
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		7,989
	5,006	VAR, 5.375%, 05/15/45		5,156
	23,245	VAR, 5.625%, 06/15/43		24,495
	20,685	VAR, 5.875%, 09/15/42		22,081
		QEP Resources, Inc.,
	2,072	5.250%, 05/01/23		2,056
	4,333	5.375%, 10/01/22		4,376
	478	6.875%, 03/01/21		506
	2,241	Qorvo, Inc., 6.750%, 12/01/23		2,443
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		977
	4,374	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		4,210
		Quintiles IMS, Inc.,
	1,255	4.875%, 05/15/23 (e)		1,269
	6,380	5.000%, 10/15/26 (e)		6,423
		Qwest Capital Funding, Inc.,
	239	6.875%, 07/15/28		223
	2,130	7.750%, 02/15/31		1,997
	1,015	Qwest Corp., 7.250%, 09/15/25		1,091
	6,027	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		6,253
	1,123	Radian Group, Inc., 7.000%, 03/15/21		1,244

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,655	Radio Systems Corp., 8.375%, 11/01/19 (e)		3,815
	695	Rain CII Carbon LLC, 8.000%, 12/01/18 (e)		693
		Range Resources Corp.,
	6,244	4.875%, 05/15/25		6,077
	2,947	5.000%, 03/15/23 (e)		2,939
	1,500	Realogy Group LLC, 5.250%, 12/01/21 (e)		1,545
		Regal Entertainment Group,
	8,689	5.750%, 03/15/22		9,037
	1,200	5.750%, 06/15/23		1,242
	315	5.750%, 02/01/25		320
	3,000	Regency Energy Partners LP, 5.500%, 04/15/23		3,121
		Revlon Consumer Products Corp.,
	600	5.750%, 02/15/21		602
	1,271	6.250%, 08/01/24		1,316
	6,790	Reynolds American, Inc., 5.850%, 08/15/45		7,890
		RHP Hotel Properties LP,
	2,950	5.000%, 04/15/21		3,009
	3,828	5.000%, 04/15/23		3,866
	1,145	Rice Energy, Inc., 7.250%, 05/01/23		1,228
		Rite Aid Corp.,
	11,397	6.125%, 04/01/23 (e)		11,867
	910	6.750%, 06/15/21		947
	1,600	9.250%, 03/15/20		1,654
	6,175	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		6,561
		Rose Rock Midstream LP,
	1,146	5.625%, 07/15/22		1,140
	1,070	5.625%, 11/15/23		1,058
	3,104	Rowan Cos., Inc., 7.375%, 06/15/25		3,244
	1,315	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		1,420
	58	RR Donnelley & Sons Co., 7.000%, 02/15/22		58
	7,778	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		8,109
		RSP Permian, Inc.,
	2,200	5.250%, 01/15/25 (e)		2,250
	3,043	6.625%, 10/01/22		3,214
		Sabine Pass Liquefaction LLC,
	2,420	5.000%, 03/15/27 (e)		2,535
	3,672	5.625%, 02/01/21		3,975
	17,047	5.625%, 04/15/23		18,496
	3,656	5.625%, 03/01/25		3,971
	975	5.750%, 05/15/24		1,062

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	4,785	5.875%, 06/30/26 (e)		5,317
	5,295	6.250%, 03/15/22		5,904
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,574
	8,087	5.375%, 04/15/23 (e)		8,226
		Sally Holdings LLC,
	575	5.500%, 11/01/23		598
	500	5.625%, 12/01/25		522
	6,400	5.750%, 06/01/22		6,621
	495	Sanchez Energy Corp., 6.125%, 01/15/23		475
		SBA Communications Corp.,
	2,791	4.875%, 07/15/22		2,829
	3,930	4.875%, 09/01/24 (e)		3,836
		Scientific Games International, Inc.,
	3,170	7.000%, 01/01/22 (e)		3,388
	6,795	10.000%, 12/01/22		6,962
		Scotts Miracle-Gro Co. (The),
	2,567	5.250%, 12/15/26 (e)		2,584
	7,683	6.000%, 10/15/23 (e)		8,125
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,444
	1,750	5.125%, 12/01/24 (e)		1,811
	1,233	5.250%, 04/01/23 (e)		1,288
	600	6.500%, 12/01/20 (e)		676
	4,326	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		4,391
		Sensata Technologies BV,
	4,678	4.875%, 10/15/23 (e)		4,777
	1,395	5.000%, 10/01/25 (e)		1,401
	2,034	5.625%, 11/01/24 (e)		2,135
	8,856	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		9,498
		Service Corp. International,
	2,865	5.375%, 01/15/22		2,979
	7,080	5.375%, 05/15/24		7,416
	2,735	7.500%, 04/01/27		3,216
	450	7.625%, 10/01/18		486
	1,240	8.000%, 11/15/21		1,448
	1,208	ServiceMaster Co. LLC (The), 5.125%, 11/15/24 (e)		1,223
	4,461	SESI LLC, 7.125%, 12/15/21		4,578
	408	Shearer’s Foods LLC, 9.000%, 11/01/19 (e)		428
	2,664	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,904
		Sinclair Television Group, Inc.,
	3,335	5.125%, 02/15/27 (e)		3,141

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	6,195	5.375%, 04/01/21		6,366
	2,589	5.625%, 08/01/24 (e)		2,634
	4,230	6.125%, 10/01/22		4,423
		Sirius XM Radio, Inc.,
	2,674	4.625%, 05/15/23 (e)		2,684
	10,110	5.375%, 04/15/25 (e)		10,325
	2,855	5.375%, 07/15/26 (e)		2,901
	3,275	5.750%, 08/01/21 (e)		3,410
	10,486	6.000%, 07/15/24 (e)		11,161
		Six Flags Entertainment Corp.,
	3,565	4.875%, 07/31/24 (e)		3,538
	2,230	5.250%, 01/15/21 (e)		2,292
		SM Energy Co.,
	1,760	5.000%, 01/15/24		1,676
	845	5.625%, 06/01/25		828
	1,957	6.500%, 11/15/21		2,018
	1,081	6.500%, 01/01/23		1,114
	945	6.750%, 09/15/26		983
	2,030	Solera LLC, 10.500%, 03/01/24 (e)		2,304
	9,015	Southern Power Co., Series F, 4.950%, 12/15/46		8,889
		Southwestern Energy Co.,
	985	4.100%, 03/15/22		914
	3,615	6.700%, 01/23/25		3,633
	1,605	Spectra Energy Partners LP, 4.500%, 03/15/45		1,537
		Spectrum Brands, Inc.,
	5,594	5.750%, 07/15/25		5,846
	2,159	6.125%, 12/15/24		2,283
	3,202	6.625%, 11/15/22		3,394
	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)		2,377
		Springleaf Finance Corp.,
	1,304	7.750%, 10/01/21		1,359
	1,688	8.250%, 12/15/20		1,813
		Sprint Capital Corp.,
	2,998	6.875%, 11/15/28		3,088
	1,336	6.900%, 05/01/19		1,426
	16,490	8.750%, 03/15/32		18,922
		Sprint Communications, Inc.,
	2,727	6.000%, 11/15/22		2,775
	8,626	7.000%, 03/01/20 (e)		9,370
	5,925	7.000%, 08/15/20		6,340
	478	8.375%, 08/15/17		493

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	14,460	9.000%, 11/15/18 (e)		15,833
	305	11.500%, 11/15/21		379
		Sprint Corp.,
	5,367	7.125%, 06/15/24		5,662
	17,348	7.250%, 09/15/21		18,562
	19,641	7.625%, 02/15/25		21,090
	36,262	7.875%, 09/15/23		39,638
		SPX FLOW, Inc.,
	1,370	5.625%, 08/15/24 (e)		1,398
	2,175	5.875%, 08/15/26 (e)		2,229
	1,560	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		1,622
		Standard Industries, Inc.,
	606	5.125%, 02/15/21 (e)		633
	1,606	5.375%, 11/15/24 (e)		1,656
	1,664	5.500%, 02/15/23 (e)		1,727
	4,376	6.000%, 10/15/25 (e)		4,622
	1,650	State Street Corp., Series F, VAR, 5.250%, 09/15/20 (x)		1,720
		Steel Dynamics, Inc.,
	1,085	5.000%, 12/15/26 (e)		1,104
	1,125	5.125%, 10/01/21		1,164
	625	5.250%, 04/15/23		651
	2,600	5.500%, 10/01/24		2,759
	1,935	6.375%, 08/15/22		2,025
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		1,974
	924	Stone Energy Corp., 7.500%, 11/15/22 (d)		578
	2,545	Stryker Corp., 4.625%, 03/15/46		2,604
	6,330	Summit Materials LLC, 6.125%, 07/15/23		6,536
		Summit Midstream Holdings LLC,
	1,559	5.500%, 08/15/22		1,563
	793	7.500%, 07/01/21		835
		Sunoco Logistics Partners Operations LP,
	5,150	5.300%, 04/01/44		5,170
	7,420	5.350%, 05/15/45		7,483
		Sunoco LP,
	1,288	5.500%, 08/01/20		1,317
	3,029	6.250%, 04/15/21		3,106
	1,055	6.375%, 04/01/23		1,083
	12,540	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19 (x)		12,948
		SUPERVALU, Inc.,
	3,979	6.750%, 06/01/21		3,969
	9,665	7.750%, 11/15/22		9,399

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	4,815	Sysco Corp., 4.500%, 04/01/46		4,806
		Talen Energy Supply LLC,
	878	4.625%, 07/15/19 (e)		850
	2,351	6.500%, 06/01/25		1,898
	2,150	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		2,182
		Targa Resources Partners LP,
	2,392	4.250%, 11/15/23		2,356
	3,930	5.125%, 02/01/25 (e)		4,068
	850	5.250%, 05/01/23		871
	1,500	6.375%, 08/01/22		1,551
	2,750	6.750%, 03/15/24		3,004
	1,665	Team Health, Inc., 7.250%, 12/15/23 (e)		1,906
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,450
	384	5.125%, 07/15/20		397
	2,210	5.500%, 09/15/24 (e)		2,237
	5,470	6.375%, 10/15/23		5,785
		Teleflex, Inc.,
	368	4.875%, 06/01/26		366
	875	5.250%, 06/15/24		901
		Tempur Sealy International, Inc.,
	5,300	5.500%, 06/15/26		5,220
	3,155	5.625%, 10/15/23		3,179
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		3,957
	7,681	4.500%, 04/01/21		7,720
	6,265	4.750%, 06/01/20		6,359
	2,995	5.500%, 03/01/19		2,978
	4,629	6.000%, 10/01/20		4,884
	510	6.250%, 11/01/18		536
	6,790	6.750%, 02/01/20		6,739
	9,795	6.750%, 06/15/23		9,256
	1,980	7.500%, 01/01/22 (e)		2,124
	10,318	8.000%, 08/01/20		10,395
	13,423	8.125%, 04/01/22		13,557
		Tenneco, Inc.,
	2,225	5.000%, 07/15/26		2,222
	1,097	5.375%, 12/15/24		1,141
	3,743	Tennessee Merger Sub, Inc., 6.375%, 02/01/25 (e)		3,659
		Terex Corp.,
	6,463	5.625%, 02/01/25 (e)		6,600
	3,665	6.000%, 05/15/21		3,779
	4,100	6.500%, 04/01/20		4,197

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	4,094	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		4,514
		TerraForm Power Operating LLC,
	3,741	SUB, 6.375%, 02/01/23 (e)		3,844
	4,273	SUB, 6.625%, 06/15/25 (e)		4,444
	1,842	Tesoro Corp., 4.750%, 12/15/23 (e)		1,893
		Tesoro Logistics LP,
	3,740	5.250%, 01/15/25		3,899
	893	5.500%, 10/15/19		948
	5,369	5.875%, 10/01/20		5,537
	4,815	6.125%, 10/15/21		5,037
	5,267	6.250%, 10/15/22		5,609
	1,540	6.375%, 05/01/24		1,673
	29,250	Texas Competitive Electric Holdings Co. LLC, 8.500%, 05/01/20 (d)		1,082
		Time Warner, Inc.,
	1,890	4.650%, 06/01/44		1,814
	4,765	4.850%, 07/15/45		4,663
	5,000	Time, Inc., 5.750%, 04/15/22 (e)		5,138
		T-Mobile USA, Inc.,
	595	5.250%, 09/01/18		603
	2,880	6.000%, 03/01/23		3,046
	944	6.000%, 04/15/24		1,008
	1,715	6.125%, 01/15/22		1,814
	1,296	6.250%, 04/01/21		1,343
	2,355	6.375%, 03/01/25		2,546
	1,360	6.500%, 01/15/24		1,466
	9,845	6.500%, 01/15/26		10,832
	1,571	6.625%, 11/15/20		1,610
	5,243	6.625%, 04/01/23		5,572
	14,994	6.633%, 04/28/21		15,631
	13,354	6.731%, 04/28/22		13,888
	4,532	6.836%, 04/28/23		4,838
		Toll Brothers Finance Corp.,
	670	4.875%, 11/15/25		672
	935	5.625%, 01/15/24		982
	1,215	Tops Holding LLC, 8.000%, 06/15/22 (e)		963
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,007
	3,320	6.000%, 07/15/22		3,337
	1,584	6.375%, 06/15/26 (e)		1,560
	4,272	6.500%, 07/15/24		4,277
	3,915	6.500%, 05/15/25		3,935

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	4,690	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		4,860
		Transocean, Inc.,
	1,546	5.550%, 10/15/22		1,407
	7,191	6.800%, 03/15/38		5,789
	827	7.500%, 04/15/31		733
	12,052	9.000%, 07/15/23 (e)		12,828
	1,247	9.100%, 12/15/41		1,203
	3,465	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		3,634
	2,200	Trinseo Materials Operating SCA, 6.750%, 05/01/22 (e)		2,324
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		4,329
	1,686	5.250%, 06/01/22		1,585
	3,170	Tutor Perini Corp., 7.625%, 11/01/18		3,194
	2,950	UCI International LLC, 8.625%, 02/15/19 (d)		760
	3,303	Unifrax I LLC, 7.500%, 02/15/19 (e)		3,303
	3,616	Unit Corp., 6.625%, 05/15/21		3,589
	2,180	United Continental Holdings, Inc., 5.000%, 02/01/24		2,166
		United Rentals North America, Inc.,
	828	4.625%, 07/15/23		846
	3,281	5.500%, 07/15/25		3,404
	3,665	5.500%, 05/15/27		3,697
	4,880	5.750%, 11/15/24		5,154
	1,275	5.875%, 09/15/26		1,324
	6,478	6.125%, 06/15/23		6,834
	3,148	7.625%, 04/15/22		3,298
	988	United States Steel Corp., 8.375%, 07/01/21 (e)		1,097
	2,125	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,210
		Univision Communications, Inc.,
	4,600	5.125%, 05/15/23 (e)		4,568
	3,030	5.125%, 02/15/25 (e)		2,889
	2,028	6.750%, 09/15/22 (e)		2,127
	9,885	US Bancorp, Series I, VAR, 5.125%, 01/15/21 (x)		10,243
	2,086	US Concrete, Inc., 6.375%, 06/01/24		2,201
	1,560	US Foods, Inc., 5.875%, 06/15/24 (e)		1,630
		Valeant Pharmaceuticals International, Inc.,
	4,490	5.375%, 03/15/20 (e)		3,861
	383	5.500%, 03/01/23 (e)		290
	28,914	5.875%, 05/15/23 (e)		22,011
	5,988	6.125%, 04/15/25 (e)		4,484

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	5,357	6.375%, 10/15/20 (e)		4,707
	9,817	6.750%, 08/15/21 (e)		8,283
	9,577	7.000%, 10/01/20 (e)		8,667
	8,965	7.250%, 07/15/22 (e)		7,532
	21,192	7.500%, 07/15/21 (e)		18,411
	455	Valvoline, Inc., 5.500%, 07/15/24 (e)		478
	3,475	Veritas U.S., Inc., 7.500%, 02/01/23 (e)		3,319
		Verizon Communications, Inc.,
	11,025	4.522%, 09/15/48		9,958
	14,815	4.862%, 08/21/46		14,250
	2,340	Versum Materials, Inc., 5.500%, 09/30/24 (e)		2,434
	7,675	Viacom, Inc., 4.375%, 03/15/43		6,288
	3,750	Vista Outdoor, Inc., 5.875%, 10/01/23		3,905
		Voya Financial, Inc.,
	4,645	4.800%, 06/15/46		4,505
	13,110	VAR, 5.650%, 05/15/53		13,176
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		1,152
		Wachovia Capital Trust III,
	11,565	VAR, 5.570%, 03/20/17 (x)		11,435
	9,770	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		9,938
	268	Weatherford International LLC, 6.800%, 06/15/37		229
		Weatherford International Ltd.,
	47	4.500%, 04/15/22		42
	813	5.950%, 04/15/42		636
	1,986	6.500%, 08/01/36		1,668
	421	6.750%, 09/15/40		353
	2,649	7.000%, 03/15/38		2,291
	559	7.750%, 06/15/21		577
	1,414	8.250%, 06/15/23		1,442
	8,235	9.875%, 02/15/24 (e)		8,894
		Wells Fargo & Co.,
	12,480	Series K, VAR, 7.980%, 03/15/18 (x)		13,104
	25,305	Series S, VAR, 5.900%, 06/15/24 (x)		26,019
	15,275	Series U, VAR, 5.875%, 06/15/25 (x)		16,239
	2,235	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		2,277
		West Corp.,
	1,377	4.750%, 07/15/21 (e)		1,408
	4,049	5.375%, 07/15/22 (e)		3,897
		Western Digital Corp.,
	8,763	7.375%, 04/01/23 (e)		9,650
	14,250	10.500%, 04/01/24 (e)		16,797

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	770	Western Gas Partners LP, 5.450%, 04/01/44		803
	1,071	Western Refining Logistics LP, 7.500%, 02/15/23		1,162
	353	Western Refining, Inc., 6.250%, 04/01/21		367
		Whiting Petroleum Corp.,
	7,137	5.000%, 03/15/19		7,265
	7,827	5.750%, 03/15/21		7,905
	3,768	6.250%, 04/01/23		3,806
	2,125	WildHorse Resource Development Corp., 6.875%, 02/01/25 (e)		2,117
		Williams Cos., Inc. (The),
	2,210	3.700%, 01/15/23		2,172
	1,790	5.750%, 06/24/44		1,812
	1,144	7.750%, 06/15/31		1,353
	162	Series A, 7.500%, 01/15/31		189
		Williams Partners LP,
	2,300	4.875%, 05/15/23		2,372
	1,495	6.125%, 07/15/22		1,544
		Windstream Services LLC,
	1,710	6.375%, 08/01/23		1,530
	14,569	7.500%, 06/01/22		14,096
	3,379	7.500%, 04/01/23		3,227
	9,490	7.750%, 10/01/21		9,682
	1,155	Wise Metals Group LLC, 8.750%, 12/15/18 (e)		1,194
		WMG Acquisition Corp.,
	1,345	4.875%, 11/01/24 (e)		1,336
	2,420	5.000%, 08/01/23 (e)		2,426
	3,823	5.625%, 04/15/22 (e)		3,938
	3,408	6.750%, 04/15/22 (e)		3,587
		WPX Energy, Inc.,
	896	6.000%, 01/15/22		932
	4,005	7.500%, 08/01/20		4,345
	800	8.250%, 08/01/23		910
		Wynn Las Vegas LLC,
	1,835	5.375%, 03/15/22		1,877
	9,290	5.500%, 03/01/25 (e)		9,313
		XPO Logistics, Inc.,
	2,365	6.125%, 09/01/23 (e)		2,451
	9,660	6.500%, 06/15/22 (e)		10,082
	540	Xylem, Inc., 4.375%, 11/01/46		530
		Zayo Group LLC,
	1,592	5.750%, 01/15/27 (e)		1,628
	12,745	6.000%, 04/01/23		13,302
	1,475	6.375%, 05/15/25		1,557

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	11,510	Zebra Technologies Corp., 7.250%, 10/15/22		12,402
				4,778,656
		Venezuela — 0.0% (g)
		Petroleos de Venezuela SA,
	1,871	6.000%, 11/15/26		706
	2,090	Reg. S, 5.375%, 04/12/27		800
	318	Reg. S, 6.000%, 11/15/26		120
	1,540	Reg. S, 9.000%, 11/17/21		874
	900	Reg. S, 12.750%, 02/17/22		590
				3,090
		Total Corporate Bonds (Cost $5,539,838)		5,638,507
	Foreign Government Securities — 1.1%
		Angola — 0.0% (g)
	1,788	Republic of Angola, Reg. S, 7.000%, 08/16/19		1,819
		Argentina — 0.1%
		Provincia de Buenos Aires,
	2,300	Reg. S, 9.950%, 06/09/21		2,587
	1,769	Reg. S, 10.875%, 01/26/21		2,012
		Republic of Argentina,
	1,910	6.250%, 04/22/19 (e)		2,018
	890	7.500%, 04/22/26 (e)		928
	1,400	Series X, 7.000%, 04/17/17 (d)		1,408
				8,953
		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.625%, 09/14/23 (e)		1,667
		Azerbaijan — 0.0% (g)
	1,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.950%, 03/18/30		1,791
		Belarus — 0.0% (g)
	2,200	Republic of Belarus, Reg. S, 8.950%, 01/26/18		2,253
		Brazil — 0.1%
		Republic of Brazil,
	3,140	4.250%, 01/07/25		3,046
	2,135	4.875%, 01/22/21		2,221
	4,630	8.250%, 01/20/34		5,556
				10,823

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		645
		Costa Rica — 0.1%
	870	Instituto Costarricense de Electricidad, Reg. S, 6.950%, 11/10/21		912
		Republic of Costa Rica,
	1,270	7.158%, 03/12/45 (e)		1,232
	1,930	Reg. S, 9.995%, 08/01/20		2,285
				4,429
		Croatia — 0.0% (g)
	890	Republic of Croatia, Reg. S, 6.750%, 11/05/19		969
		Dominican Republic — 0.0% (g)
		Government of Dominican Republic,
	890	6.875%, 01/29/26 (e)		949
	2,105	7.450%, 04/30/44 (e)		2,215
				3,164
		Ecuador — 0.1%
		Republic of Ecuador,
	1,080	9.650%, 12/13/26 (e)		1,142
	3,150	Reg. S, 10.500%, 03/24/20		3,441
	2,100	Reg. S, 10.750%, 03/28/22		2,352
				6,935
		Egypt — 0.0% (g)
	1,200	Republic of Egypt, 6.125%, 01/31/22 (e)		1,209
		El Salvador — 0.0% (g)
	2,590	Republic of El Salvador, Reg. S, 7.750%, 01/24/23		2,574
		Gabon — 0.0% (g)
	850	Republic of Gabonese, Reg. S, 6.375%, 12/12/24		782
		Honduras — 0.0% (g)
	1,380	Republic of Honduras, Reg. S, 8.750%, 12/16/20		1,546
		Hungary — 0.0% (g)
		Republic of Hungary,
	1,034	5.750%, 11/22/23		1,154
	852	7.625%, 03/29/41		1,185
				2,339

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Indonesia — 0.1%
		Republic of Indonesia,
	2,480	6.750%, 01/15/44 (e)		3,060
	2,392	Reg. S, 11.625%, 03/04/19		2,858
				5,918
		Iraq — 0.0% (g)
	3,785	Republic of Iraq, Reg. S, 5.800%, 01/15/28		3,127
		Jamaica — 0.0% (g)
	2,250	Government of Jamaica, 8.000%, 03/15/39		2,520
		Kenya — 0.0% (g)
	420	Republic of Kenya, Reg. S, 6.875%, 06/24/24		406
		Lebanon — 0.1%
		Republic of Lebanon,
	2,500	6.600%, 11/27/26		2,450
	842	Reg. S, 5.450%, 11/28/19		842
	4,550	Reg. S, 8.250%, 04/12/21		4,920
				8,212
		Mexico — 0.0% (g)
	3,150	United Mexican States, 4.600%, 01/23/46		2,843
		Morocco — 0.0% (g)
	1,050	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		1,100
		Pakistan — 0.0% (g)
	1,150	Republic of Pakistan, Reg. S, 6.750%, 12/03/19		1,229
		Panama — 0.0% (g)
		Republic of Panama,
	1,100	3.750%, 03/16/25		1,112
	1,450	4.300%, 04/29/53		1,340
	700	6.700%, 01/26/36		867
				3,319
		Peru — 0.0% (g)
	1,500	Republic of Peru, 5.625%, 11/18/50		1,734
		Philippines — 0.0% (g)
	2,330	Republic of the Philippines, 10.625%, 03/16/25		3,562
		Romania — 0.0% (g)
	2,080	Republic of Romania, Reg. S, 6.125%, 01/22/44		2,465

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Russia — 0.1%
		Russian Federation,
	3,000	Reg. S, 5.875%, 09/16/43		3,365
	3,340	Reg. S, 12.750%, 06/24/28		5,728
				9,093
		Serbia — 0.0% (g)
	3,280	Republic of Serbia, Reg. S, 7.250%, 09/28/21		3,698
		Slovenia — 0.0% (g)
	1,720	Republic of Slovenia, Reg. S, 5.850%, 05/10/23		1,946
		South Africa — 0.1%
		Republic of South Africa,
	1,210	4.875%, 04/14/26		1,216
	2,450	5.875%, 05/30/22		2,689
	3,134	5.875%, 09/16/25		3,381
				7,286
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	2,750	Reg. S, 5.875%, 07/25/22		2,757
	1,890	Reg. S, 6.250%, 10/04/20		1,954
				4,711
		Turkey — 0.1%
		Republic of Turkey,
	2,650	6.000%, 01/14/41		2,474
	5,640	7.375%, 02/05/25		6,218
				8,692
		Ukraine — 0.0% (g)
		Republic of Ukraine,
	978	7.750%, 09/01/22 (e)		938
	3,200	Reg. S, 7.750%, 09/01/20		3,133
				4,071
		Uruguay — 0.0% (g)
		Republic of Uruguay,
	1,260	5.100%, 06/18/50		1,177
	880	7.625%, 03/21/36		1,116
	430	8.000%, 11/18/22		533
				2,826
		Venezuela — 0.1%
		Republic of Venezuela,
	1,190	9.250%, 09/15/27		625
	1,470	Reg. S, 7.750%, 10/13/19		889
	3,580	Reg. S, 9.000%, 05/07/23		1,808
	1,630	Reg. S, 11.750%, 10/21/26		954

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Venezuela –– continued
	1,530	Reg. S, 11.950%, 08/05/31		887
				5,163
		Zambia — 0.0% (g)
	1,910	Republic of Zambia, Reg. S, 8.970%, 07/30/27		1,903
		Total Foreign Government Securities (Cost $134,647)		137,722
	Loan Assignments — 1.1%
		Australia — 0.0% (g)
	852	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19		857
		Bermuda — 0.0% (g)
	1,312	Floatel Delaware LLC, Initial Term Loan, VAR, 6.000%, 06/27/20 ^		1,074
		Canada — 0.1%
	2,351	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.250%, 10/21/21		1,828
		MEG Energy Corp., 1st Lien Term B Loan,
	2,230	VAR, 4.540%, 12/31/00 ^		2,237
	4,290	VAR, 5.000%, 06/27/23		4,318
	2,300	MEG Energy Corp., Incremental Term Loan, VAR, 3.750%, 03/31/20 ^		2,307
				10,690
		Luxembourg — 0.0% (g)
	959	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.000%, 03/11/22		966
		United States — 1.0%
	181	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		181
	829	Avaya, Inc., DIP Term Loan, VAR, 4.983%, 01/19/18 ^		853
	1,020	Avaya, Inc., Term Loan B-3, VAR, 5.537%, 10/26/17 ^		843
	1,565	Avaya, Inc., Term Loan B-6, VAR, 6.532%, 03/31/18		1,293
	1,260	Avaya, Inc., Term Loan B-7, VAR, 6.282%, 05/29/20		1,043
	640	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		642
	1,457	Berry Plastics Corp., Term Loan I, VAR, 3.287%, 10/01/22		1,465
	7,002	Chesapeake Energy Corp., 1st Lien Last Out, VAR, 8.500%, 08/23/21 ^		7,656

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	845	Chrysler Group LLC, Term Loan B, VAR, 3.528%, 05/24/17		846
	1,856	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.270%, 12/31/18		1,858
	730	Cincinnati Bell, Term Loan, VAR, 4.000%, 09/10/20		733
	3,232	Citgo Holding, Inc., Term B Loan, VAR, 4.500%, 07/29/21		3,233
	3,485	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		3,543
	5,407	Clear Channel Communications, Inc., Term Loan D, VAR, 7.528%, 01/30/19		4,478
	1,873	Clear Channel Communications, Inc., Tranche E Term Loan, VAR, 8.278%, 07/30/19		1,559
	1,931	Cortes NP Acquisition Corp., 1st Lien Term Loan B, VAR, 6.029%, 09/26/23		1,941
	1,305	Dell Software Group, Term Loan, VAR, 7.000%, 09/15/22		1,322
	1,700	Delta 2 SARL, 2nd Lien Facility, VAR, 8.068%, 07/29/22		1,706
	1,375	Delta 2 SARL, USD Facility B-3, VAR, 5.068%, 07/30/21		1,382
	1,600	Dole Food Co., Tranche B Term Loan, VAR, 4.598%, 11/01/18		1,607
	799	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.563%, 07/25/21		705
	800	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		780
	1,510	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		1,185
	2,234	First Data Corp., Term Loan, VAR, 3.775%, 03/24/21		2,247
	640	Gray Television, Inc., Initial Term Loan, VAR, 3.959%, 06/13/21		640
	10,628	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		10,743
	497	Infor US, Inc., Tranche B-5 Term Loan, VAR, 3.750%, 06/03/20		497
	1,076	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		1,085
	6,055	J Crew, Initial Loan, VAR, 4.000%, 03/05/21 ^		3,374
	1,246	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		1,256
		Lila Mexican Holdings LLC, Tranche B,
	1,473	VAR, 4.000%, 10/05/23 ^		1,484
	1,681	VAR, 4.554%, 09/01/22		1,694
	2,125	VAR, 4.875%, 06/21/21		2,132
	910	VAR, 6.250%, 12/01/23		918

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States –– continued
	8,559	VAR, 9.750%, 06/30/21 ^		8,917
	3,186	VAR, 11.375%, 08/05/21		3,582
	1,287	Microsemi Corp., Closing Date Term B Loan, VAR, 3.019%, 01/15/23		1,294
	5,500	Moran Foods LLC, Term Loan B, VAR, 7.000%, 11/29/23		5,466
	610	MTL Publishing LLC, Term B-4 Loan, VAR, 3.523%, 08/22/22		611
	2,762	MultiPlan, 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		2,801
	464	NXP BV, Tranche F Loan, VAR, 3.240%, 12/07/20		466
	1,244	ON Semiconductor, 1st Lien Term Loan B, VAR, 4.028%, 03/31/23		1,257
	1,266	PetSmart, Inc., Term Loan B, VAR, 4.000%, 03/11/22		1,254
	379	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.526%, 01/13/23 ^		379
	1,598	Revlon Consumer Products Corp., Term Loan B, VAR, 4.313%, 09/07/23		1,611
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		396
	788	Sabine Oil & Gas, Term Loan, VAR, 12.000%, 12/31/18 (d) ^		19
	707	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		713
	1,577	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,549
	809	Signode Industrial Group Lux SA, Initial Term B Loan, VAR, 4.000%, 05/01/21		815
	1,036	Syniverse Holdings, Inc., VAR, 4.039%, 04/23/19		930
	306	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		274
	5,189	Texas Competitive Electric Holdings Co. LLC, Term Loan, VAR, 5.000%, 08/04/23		5,211
	1,183	Texas Competitive Electric Holdings Co. LLC, Term Loan C, VAR, 5.000%, 08/04/23		1,188
	846	The Go Daddy Group, Inc., Initial Term Loan, VAR, 4.250%, 05/13/21		848
	760	Tribune, Term Loan B, VAR, 3.770%, 12/27/20		763
	3,840	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 3.767%, 08/31/24		3,840
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 12.000%, 03/21/17 (d)		—

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States –– continued
	2,136		Viskase Cos, Inc., Initial Term Loan, VAR, 4.377%, 01/30/21		2,061
	1,863		Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		1,871
	1,499		XPO Logistics, Inc., Term loan, VAR, 4.250%, 10/31/21		1,509
					116,549
			Total Loan Assignments (Cost 132,763)		130,136
SHARES
	Preferred Stocks — 0.9%
			Brazil — 0.1%
	475		Banco Bradesco SA (Preference Shares)		4,929
			Ireland — 0.0% (g)
	3		XLIT Ltd., Series D, VAR, 3.354%, 03/07/17 ($1,000 par value) @		2,688
			United States — 0.8%
	508		BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,326
	52		BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,279
	156		Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		4,248
	—	(h)	Constar International, Inc., Class A		—
	71		Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		1,823
	213		Dominion Resources, Inc., Series A, 5.250%, 07/30/76 ($25 par value)		4,922
	12		GMAC Capital Trust I, Series 2, VAR, 6.691%, 02/15/40 ($25 par value)		308
	575		Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		14,713
	60		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		1,841
	500		Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		13,245
	508		Morgan Stanley, Series K, VAR, 5.850%, 04/15/27 ($25 par value) @		12,756
	239		SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		5,741
	281		Southern Co. (The), 5.250%, 10/01/76 ($25 par value)		6,477
	301		State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		7,916

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — continued
			United States –– continued
	315		State Street Corp., Series E, 6.000%, 12/15/19 ($25 par value) @		8,319
	128		State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		3,260
	6		Tyson Foods, Inc., 4.750%, 07/15/17 ($50 par value)		432
	42		Vornado Realty Trust, Series G, 6.625%, 11/30/16 ($25 par value) @		1,074
					100,680
			Total Preferred Stocks (Cost $104,262)		108,297
NUMBER OF RIGHTS
	Right — 0.0% (g)
			Spain — 0.0% (g)
	118		ACS Actividades de Construccion y Servicios SA, expiring 02/03/17 (a) (Cost $54)		53
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 — 0.3%
	35,374		U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $35,329)		35,330
SHARES
	Short-Term Investments— 2.0%
			Investment Company — 1.7%
	209,338		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l)		209,338

SHARES		SECURITY DESCRIPTION	VALUE
		Time Deposit — 0.3%
	34,900	Credit Agricole Corporate & Investment Bank SA, 0.670%, 02/01/17 (n)		34,900
		Total Short-Term Investments (Cost $244,238)		244,238
		Total Investments — 99.5% (Cost $11,423,740)		12,025,370
		Other Assets in Excess of Liabilities — 0.5%		57,864
		NET ASSETS — 100.0%	$	12,083,234

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		9.0	%
Oil, Gas & Consumable Fuels		7.4
Equity Real Estate Investment Trusts (REITs)		7.1
Diversified Telecommunication Services		5.0
Media		4.7
Asset-Backed Securities		4.4
Insurance		4.0
Pharmaceuticals		3.9
Capital Markets		3.7
Collateralized Mortgage Obligations		3.2
Health Care Providers & Services		2.8
Wireless Telecommunication Services		2.5
Hotels, Restaurants & Leisure		2.3
Semiconductors & Semiconductor Equipment		2.0
Chemicals		1.8
Electric Utilities		1.5
Auto Components		1.5
Metals & Mining		1.4
IT Services		1.4
Specialty Retail		1.3
Software		1.3
Tobacco		1.3
Automobiles		1.3
Commercial Mortgage-Backed Securities		1.3
Industrial Conglomerates		1.2
Technology Hardware, Storage & Peripherals		1.2
Foreign Government Securities		1.1
Food & Staples Retailing		1.0
Independent Power & Renewable Electricity Producers		1.0
Consumer Finance		1.0
Others (each less than 1.0%)		15.4
Short-Term Investments		2.0

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
188	Euro STOXX 50 Index		03/17/17		EUR		6,591			(52	)
	Short Futures Outstanding
(2,657)	Euro FX		03/13/17		USD		(359,393	)		(4,937	)
(3,336)	GBP FX		03/13/17		USD		(262,522	)		3,018
(12,317)	5 Year U.S. Treasury Note		03/31/17		USD		(1,451,770	)		3,304
										1,333

ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
CSMC	—	Credit Suisse Mortgage Trust
CVA	—	Dutch Certification
EUR	—	Euro
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 January 31, 2017. The rate may be subject to a cap and floor.
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
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2017.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of January 31, 2017.
(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.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

(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 January 31, 2017.
(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 January 31, 2017.
^	—	All or a portion of the security is unsettled as of January 31, 2017. 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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	830,298
Aggregate gross unrealized depreciation	(228,668	)
Net unrealized appreciation/depreciation	601,630
Federal income tax cost of investments	11,423,740

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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.

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

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at January 31, 2017.

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 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	$	—	$	63,914	$	—	$	63,914
Belgium		—		49,877		—		49,877
Brazil		41,088		—		—		41,088
Canada		37,622		—		—		37,622
Chile		16,466		—		—		16,466
China		—		48,744		—		48,744
Colombia		1,225		—		—		1,225
Czech Republic		—		41,964		—		41,964
Denmark		—		45,950		—		45,950

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Finland		—		68,851		—			68,851
France		—		205,971		—			205,971
Germany		—		146,192		—			146,192
Hong Kong		—		52,386		—			52,386
Hungary		—		11,519		—			11,519
India		—		21,255		—			21,255
Indonesia		—		6,218		—			6,218
Ireland		3,864		—		—			3,864
Italy		558		34,986		—			35,544
Japan		—		143,275		—			143,275
Mexico		28,280		—		—			28,280
Netherlands		6,053		131,237		—			137,290
Norway		—		23,564		—			23,564
Portugal		—		7,971		—			7,971
Russia		24,534		20,375		—			44,909
Singapore		—		3,449		—			3,449
South Africa		9,942		64,878		—			74,820
South Korea		11,058		23,353		—			34,411
Spain		123		74,682		—			74,805
Sweden		—		31,840		—			31,840
Switzerland		—		82,469		—			82,469
Taiwan		26,610		90,764		—			117,374
Thailand		1,108		17,759		—			18,867
Turkey		—		18,328		—			18,328
United Arab Emirates		—		9,071		—			9,071
United Kingdom		16,052		522,880		—			538,932
United States		2,252,746		—		79			2,252,825
Total Common Stocks		2,477,329		2,063,722		79			4,541,130
Convertible Preferred Stocks
China		—		4,588		—			4,588
Israel		1,998		—		—			1,998
United States		33,095		—		—			33,095
Total Convertible Preferred Stocks		35,093		4,588		—			39,681
Preferred Stocks
Brazil		4,929		—		—			4,929
Ireland		—		2,688		—			2,688
United States		100,680		—		—	(a)		100,680
Total Preferred Stocks		105,609		2,688		—	(a)		108,297
Debt Securities
Asset-Backed Securities
United States		—		103,139		428,792			531,931
Collateralized Mortgage Obligations
United States		—		380,127		2,583			382,710
Commercial Mortgage-Backed Securities
United States		—		89,569		62,227			151,796
Convertible Bonds
China		—		4,977		—			4,977
France		—		1,529		—			1,529
Germany		—		4,848		—			4,848
Hong Kong		—		3,067		—			3,067
Japan		—		820		—			820
Mexico		—		1,536		—			1,536
Netherlands		—		635		—			635
Portugal		—		1,022		—			1,022
Russia		—		1,296		—			1,296
Singapore		—		3,409		—			3,409
South Africa		—		3,862		—			3,862
Spain		—		3,294		—			3,294
Taiwan		—		1,776		—			1,776
United Arab Emirates		—		4,924		—			4,924

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
United Kingdom		—		8,009		—			8,009
United States		—		38,825		10			38,835
Total Convertible Bonds		—		83,829		10			83,839
Corporate Bonds
Argentina		—		2,017		—			2,017
Australia		—		9,844		—			9,844
Bahamas		—		—		893			893
Belgium		—		14,003		—			14,003
Brazil		—		25,686		—			25,686
Canada		—		163,967		—	(a)		163,967
Chile		—		3,613		—			3,613
Colombia		—		2,240		—			2,240
Croatia		—		1,410		—			1,410
Finland		—		2,468		—			2,468
France		—		67,828		—			67,828
Georgia		—		1,076		—			1,076
Germany		—		46,430		—			46,430
Guatemala		—		1,533		—			1,533
Hungary		—		5,106		—			5,106
India		—		2,873		—			2,873
Indonesia		—		9,975		—			9,975
Ireland		—		22,639		—			22,639
Israel		—		13,679		—			13,679
Italy		—		21,073		—			21,073
Jamaica		—		1,232		—			1,232
Japan		—		4,407		—			4,407
Kazakhstan		—		6,221		—			6,221
Luxembourg		—		125,611		—			125,611
Malaysia		—		1,230		—			1,230
Mexico		—		44,032		—			44,032
Morocco		—		2,995		—			2,995
Netherlands		—		53,825		—			53,825
New Zealand		—		16,602		—			16,602
Nigeria		—		868		—			868
Peru		—		6,701		—			6,701
Russia		—		10,080		—			10,080
South Korea		—		3,367		—			3,367
Spain		—		14,313		—			14,313
Sweden		—		14,939		—			14,939
Switzerland		—		21,407		—			21,407
United Arab Emirates		—		2,392		—			2,392
United Kingdom		—		108,186		—			108,186
United States		—		4,773,125		5,531			4,778,656
Venezuela		—		3,090		—			3,090
Total Corporate Bonds		—		5,632,083		6,424			5,638,507
Loan Assignments
Australia		—		857		—			857
Bermuda		—		1,074		—			1,074
Canada		—		10,690		—			10,690
Luxembourg		—		966		—			966
United States		—		116,549		—	(a)		116,549
Total Loan Assignments		—		130,136		—			130,136
Foreign Government Securities		—		137,722		—			137,722
U.S. Treasury Obligations		—		35,330		—			35,330
Right
Spain		53		—		—			53
Warrants
United States		—		—		—	(a)		—	(a)
Short-Term Investment
Investment Company		209,338		—		—			209,338

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Time Deposit		—			34,900			—		34,900
Total Investments in Securities	$	2,827,422		$	8,697,833		$	500,115	$	12,025,370
Appreciation in Other Financial Instruments
Futures Contracts	$	6,322		$	—		$	—	$	6,322
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,937	)	$	(52	)	$	—	$	(4,989	)

(a) Value is zero.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

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 or increase of available market inputs to determine the price for the period ended January 31, 2017.

There were no significant transfers among the other levels during the period ended January 31, 2017.

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, 2016			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 January 31, 2017
Asset-Backed Securities — United States	$	382,859		$	(6	)	$	(801	)	$	448		$	4,831	$	(22,393	)	$	90,680	$	(26,826	)	$	428,792
Collateralized Mortgage Obligations — United States		3,134			—			3			5			—		(113	)		—		(446	)		2,583
Commercial Mortgage-Backed Securities — United States		59,561			—			64			(1	)		—		(2,895	)		5,498		—			62,227
Common Stocks — United States — United States		963			—			6			—			—		—			—		(890	)		79
Convertible Bond — United States		10			—			—			—			—		—			—		—			10
Corporate Bonds — Bahamas		969			—			(76	)		—			—		—			—		—			893
Corporate Bonds — Canada		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — United States		30,254			—			402			(3	)		—		(4	)		—		(25,118	)		5,531
Foreign Government Security		558			(246	)		193			—			—		(505	)		—		—			—
Loan Assignment — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Ireland		2,655			—			—			—			—		—			—		(2,655	)		—
Preferred Stocks — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — United States		—	(a)		—			—			—			—		—			—		—			—	(a)
Total	$	480,963		$	(252	)	$	(209	)	$	449		$	4,831	$	(25,910	)	$	96,178	$	(55,935	)	$	500,115

(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.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Transfers from level 2 to level 3 or from level 3 to level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price for the year ended January 31, 2017.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $(402,000).

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at January 31, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	Pending Distribution Amount (a)	Expected Recovery	0.00% (0.00%)
Common Stock		—
		—	Pending Distribution Amount (a)	Expected Recovery	0.00% (0.00%)
Preferred Stock		—
		10	Market Comparable Companies	EBITDA Multiple (c)	1.0x (1.0x)
Convertible Bond		10
		4,408	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	0.00%—6.83% (5.56%)
		—	Pending Distribution	Expected Recovery	0.49% of par
				Discount for potential outcome (b)	100% (100%)
Corporate Bond		4,408
		428,792	Discounted Cash Flow	Constant Prepayment Rate	0.00%—18.00% (5.06%)
				Constant Default Rate	0.00%—38.00% (5.83%)
				Yield (Discount Rate of Cash Flows)	1.71%—12.90% (4.28%)
Asset-Backed Securities		428,792
		2,583	Discounted Cash Flow	Constant Prepayment Rate	4.00%—21.26% (12.27%)
				Constant Default Rate	0.00%—7.82% (2.23%)
				Yield (Discount Rate of Cash Flows)	3.48%—10.41% (6.09%)
Collateralized Mortgage Obligations		2,583
		56,556	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	3.22%—199.00% (44.11%)
Commercial Mortgage-Backed Securities		56,556
		—	Pending Distribution	Projected Losses	100% (100%)
Loan Assignments		—
Warrants		—	Intrinsic Value	Issue Price vs. Stock Price	(N/A)
Total	$	492,349

# The table above does not include level 3 investments that are valued by brokers and pricing services. At January 31, 2017, the value of these investments was approximately $7,766,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Senior-ranking securities in the issuing entity capital structure result in this security being valued at zero.

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

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

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		Australia — 12.1%
	10,507	ALS Ltd.		47,231
	20,136	Alumina Ltd.		29,669
	6,223	Aristocrat Leisure Ltd.		72,167
	39,455	Ausdrill Ltd. (a)		41,869
	8,461	BlueScope Steel Ltd.		71,946
	8,189	Challenger Ltd.		68,521
	1,435	Domino’s Pizza Enterprises Ltd.		64,738
	16,102	Fortescue Metals Group Ltd.		81,481
	156,000	MMG Ltd. (a)		51,763
	721	Ramsay Health Care Ltd.		36,544
	19,370	South32 Ltd.		40,541
	9,240	Treasury Wine Estates Ltd.		81,515
	5,428	WorleyParsons Ltd. (a)		40,814
				728,799
		Belgium — 0.7%
	796	Umicore SA		44,588
		Chile — 0.3%
	1,450	Antofagasta plc		15,320
		China — 2.1%
	5,500	AAC Technologies Holdings, Inc.		56,484
	271,000	Lonking Holdings Ltd.		71,001
				127,485
		Denmark — 1.5%
	479	FLSmidth & Co. A/S		22,292
	305	Jyske Bank A/S		15,714
	4,407	Spar Nord Bank A/S		51,471
				89,477
		Faroe Islands — 0.5%
	818	Bakkafrost P/F		31,439
		Finland — 3.4%
	544	Cramo OYJ		13,536
	1,653	Metso OYJ		50,818
	1,342	Nokian Renkaat OYJ		50,343
	2,490	Valmet OYJ		39,369
	6,156	YIT OYJ		48,848
				202,914
		France — 8.2%
	527	Arkema SA		52,048
	658	Ipsen SA		50,986
	1,521	IPSOS		50,414
	540	Remy Cointreau SA		49,095
	2,890	Rexel SA		50,404

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	331	SEB SA		41,625
	443	Sopra Steria Group		51,363
	1,311	Tarkett SA		50,824
	590	Trigano SA		52,948
	1,278	Ubisoft Entertainment SA (a)		42,018
				491,725
		Georgia — 1.0%
	1,600	BGEO Group plc		59,569
		Germany — 3.0%
	675	Covestro AG, Reg. S (e)		50,796
	783	HUGO BOSS AG		50,306
	326	MTU Aero Engines AG		39,051
	691	Stabilus SA (a)		41,773
				181,926
		Hong Kong — 2.5%
	40,000	HKT Trust & HKT Ltd.		55,877
	69,000	SJM Holdings Ltd.		54,825
	10,500	Techtronic Industries Co. Ltd.		36,315
				147,017
		Ireland — 0.5%
	300	Paddy Power Betfair plc		31,566
		Israel — 0.8%
	9,214	Plus500 Ltd.		47,524
		Italy — 6.6%
	5,088	Amplifon SpA		51,660
	1,851	Banca Generali SpA		47,216
	6,583	Banca Mediolanum SpA		50,501
	1,977	Buzzi Unicem SpA		48,749
	788	Industria Macchine Automatiche SpA		52,187
	3,583	Leonardo SpA (a)		46,161
	1,767	Recordati SpA		50,186
	1,996	Salvatore Ferragamo SpA		52,682
				399,342
		Japan — 26.0%
	2,600	Alps Electric Co. Ltd.		69,253
	800	Don Quijote Holdings Co. Ltd.		29,036
	2,100	Ebara Corp.		64,767
	2,000	Electric Power Development Co. Ltd.		46,486
	14,000	Fukuoka Financial Group, Inc.		61,800
	1,600	Goldcrest Co. Ltd.		28,430
	4,800	Hitachi Metals Ltd.		66,543
	2,300	Iida Group Holdings Co. Ltd.		43,045

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	1,500	Japan Exchange Group, Inc.		22,295
	2,600	LIXIL Group Corp.		60,707
	2,000	M3, Inc.		53,734
	8,000	Mitsubishi Chemical Holdings Corp.		55,800
	11,000	Mitsui Chemicals, Inc.		51,728
	15,000	Mitsui OSK Lines Ltd.		47,668
	4,800	Next Co. Ltd.		32,437
	1,400	Nihon M&A Center, Inc.		40,832
	18,500	Nippon Light Metal Holdings Co. Ltd.		45,189
	600	Nitori Holdings Co. Ltd.		67,243
	600	NOK Corp.		12,193
	5,500	NSK Ltd.		66,766
	13,000	NTN Corp.		54,905
	5,600	Obayashi Corp.		53,347
	1,500	Open House Co. Ltd.		35,110
	1,000	Rohm Co. Ltd.		63,946
	1,200	SBI Holdings, Inc.		16,564
	3,000	Sekisui Chemical Co. Ltd.		48,953
	800	Sumitomo Seika Chemicals Co. Ltd.		33,298
	1,800	Suruga Bank Ltd.		41,008
	4,700	Tadano Ltd.		57,636
	5,000	Takara Leben Co. Ltd.		27,991
	900	TDK Corp.		64,689
	2,500	Toridoll Holdings Corp.		54,657
	2,300	Yamaha Motor Co. Ltd.		47,839
				1,565,895
		Norway — 1.2%
	5,245	Skandiabanken ASA, Reg. S (a) (e)		45,997
	1,141	TGS Nopec Geophysical Co. ASA		27,395
				73,392
		South Africa — 0.9%
	2,800	Investec plc		19,866
	1,460	Mondi plc		32,269
				52,135
		Spain — 1.1%
	1,206	CIE Automotive SA		22,437
	15,197	Mapfre SA		46,078
				68,515
		Sweden — 4.6%
	4,525	Granges AB		50,232
	6,441	KappAhl AB		38,534
	3,727	Sandvik AB		50,309
	2,124	Skanska AB, Class B		51,932

SHARES		SECURITY DESCRIPTION	VALUE($)
		Sweden — continued
	2,165	Thule Group AB, Reg. S (e)		35,123
	2,447	Trelleborg AB, Class B,		50,765
				276,895
		Switzerland — 4.2%
	371	Baloise Holding AG		47,771
	63	dormakaba Holding AG (a)		48,915
	10	Sika AG		52,553
	467	Sulzer AG		52,854
	678	Temenos Group AG (a)		49,300
				251,393
		United Kingdom — 16.3%
	4,000	3i Group plc		35,335
	6,800	888 Holdings plc		19,199
	2,850	Anglo American plc (a)		49,129
	5,400	Ashtead Group plc		109,482
	7,000	BBA Aviation plc		24,688
	1,040	Burberry Group plc		21,507
	5,377	CNH Industrial NV		47,768
	290	DCC plc		23,392
	14,700	Electrocomponents plc		89,902
	555	InterContinental Hotels Group plc		25,772
	1,820	Intermediate Capital Group plc		15,891
	10,850	ITV plc		27,841
	22,800	JD Sports Fashion plc		99,862
	1,950	John Wood Group plc		20,629
	500	Johnson Matthey plc		20,509
	4,200	Just Eat plc (a)		28,604
	19,900	Melrose Industries plc		48,993
	3,260	Micro Focus International plc		88,182
	6,000	OneSavings Bank plc		25,565
	1,660	RPC Group plc		22,417
	1,600	Smiths Group plc		30,326
	3,634	Subsea 7 SA (a)		49,450
	1,358	TechnipFMC plc (a)		44,507
	2,400	Vesuvius plc		14,257
				983,207
		United States — 2.1%
	550	Carnival plc		29,424
	43,000	Nexteer Automotive Group Ltd.		53,412
	1,677	Yum China Holdings, Inc. (a)		46,084

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
	United States — continued
			128,920
	Total Investments —99.6% (Cost $5,415,462)		5,999,043
	Other Assets in Excess of Liabilities — 0.4%		22,477
	NET ASSETS — 100.0%	$	6,021,520

Percentages indicated are based on net assets.

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Machinery		11.9	%
Metals & Mining		8.4
Hotels, Restaurants & Leisure		6.6
Chemicals		6.0
Electronic Equipment, Instruments & Components		4.7
Banks		4.6
Construction & Engineering		3.6
Specialty Retail		3.4
Energy Equipment & Services		3.0
Software		3.0
Trading Companies & Distributors		2.9
Household Durables		2.8
Diversified Financial Services		2.8
Capital Markets		2.6
Auto Components		2.3
Beverages		2.2
Textiles, Apparel & Luxury Goods		2.1
Building Products		1.9
Media		1.8
Pharmaceuticals		1.7
Insurance		1.6
Real Estate Management & Development		1.5
Health Care Providers & Services		1.5
Leisure Products		1.5
Professional Services		1.5
Aerospace & Defense		1.4
Semiconductors & Semiconductor Equipment		1.1
Others (each less than 1.0%)		11.6

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT

Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(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.

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	685,305
Aggregate gross unrealized depreciation		(101,724	)
Net unrealized appreciation/depreciation	$	583,581
Federal income tax cost of investments	$	5,415,462

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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).

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	728,799	$	—	$	728,799
Belgium		—		44,588		—		44,588
Chile		—		15,320		—		15,320
China		—		127,485		—		127,485
Denmark		—		89,477		—		89,477
Faroe Islands		—		31,439		—		31,439
Finland		13,536		189,378		—		202,914
France		—		491,725		—		491,725
Georgia		—		59,569		—		59,569

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Germany	$	41,773	$	140,153	$	—	$	181,926
Hong Kong		—		147,017		—		147,017
Ireland		—		31,566		—		31,566
Israel		47,524		—		—		47,524
Italy		155,055		244,287		—		399,342
Japan		—		1,565,895		—		1,565,895
Norway		—		73,392		—		73,392
South Africa		—		52,135		—		52,135
Spain		—		68,515		—		68,515
Sweden		—		276,895		—		276,895
Switzerland		—		251,393		—		251,393
United Kingdom		84,329		898,878		—		983,207
United States		46,084		82,836		—		128,920
Total Common Stocks		388,301		5,610,742		—		5,999,043
Total Investments in Securities	$	388,301	$	5,610,742	$	—	$	5,999,043

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $89,000 and from level 2 to level 1 in the amount of approximately $209,000 are due to the application and non-application of the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Australia — 1.4%
	1,574	BHP Billiton Ltd.		31,940
	768	BHP Billiton plc		14,015
	1,794	South32 Ltd.		3,755
				49,710
		Belgium — 1.5%
	511	Anheuser-Busch InBev SA/NV		53,398
		China — 3.6%
	181	Baidu, Inc., ADR (a)		31,606
	7,872	China Overseas Land & Investment Ltd.		23,116
	30,300	CNOOC Ltd.		37,837
	6,079	Ping An Insurance Group Co. of China Ltd., Class H		31,182
				123,741
		Denmark — 1.0%
	974	Novo Nordisk A/S, Class B		35,194
		France — 11.2%
	855	Accor SA		34,650
	1,834	AXA SA		45,063
	361	BNP Paribas SA		23,101
	265	Essilor International SA		31,082
	305	Imerys SA		24,458
	121	Kering		28,799
	213	LVMH Moet Hennessy Louis Vuitton SE		42,981
	273	Pernod Ricard SA		31,877
	346	Safran SA		23,421
	603	Sanofi		48,481
	733	Schneider Electric SE		52,458
				386,371
		Germany — 6.4%
	338	Allianz SE		57,375
	405	Bayer AG		45,034
	219	Continental AG		42,817
	165	Fresenius Medical Care AG & Co. KGaA		13,463
	700	SAP SE		63,998
				222,687
		Hong Kong — 3.9%
	5,301	Cheung Kong Property Holdings Ltd.		34,843
	4,030	CK Hutchison Holdings Ltd.		48,294
	6,606	Hang Lung Properties Ltd.		16,258
	7,735	Sands China Ltd.		34,033
				133,428
		India — 1.1%
	549	HDFC Bank Ltd., ADR		37,840
		Indonesia — 0.7%
	40,823	Astra International Tbk. PT		24,337

SHARES		SECURITY DESCRIPTION	VALUE($)
		Israel — 0.7%
	699	Teva Pharmaceutical Industries Ltd., ADR		23,366
		Japan — 23.0%
	2,593	Astellas Pharma, Inc.		34,797
	328	Daikin Industries Ltd.		32,548
	214	FANUC Corp.		42,034
	1,490	Honda Motor Co. Ltd.		44,347
	3,819	Inpex Corp.		37,476
	1,702	Japan Tobacco, Inc.		54,886
	1,311	KDDI Corp.		35,216
	93	Keyence Corp.		35,963
	1,346	Komatsu Ltd.		31,860
	3,232	Kubota Corp.		51,382
	631	Makita Corp.		43,827
	1,362	Mitsui Fudosan Co. Ltd.		31,445
	397	Nidec Corp.		37,313
	235	Nitto Denko Corp.		18,571
	581	Shin-Etsu Chemical Co. Ltd.		50,080
	187	SMC Corp.		51,101
	1,874	Sumitomo Mitsui Financial Group, Inc.		73,501
	357	Tokyo Electron Ltd.		37,021
	912	Toyota Motor Corp.		53,053
				796,421
		Macau — 0.7%
	12,614	Wynn Macau Ltd.		22,940
		Netherlands — 5.9%
	646	Akzo Nobel NV		43,829
	357	ASML Holding NV		43,359
	3,621	ING Groep NV		52,023
	2,413	Royal Dutch Shell plc, Class A		65,456
				204,667
		South Africa — 1.0%
	216	Naspers Ltd., Class N		34,477
		South Korea — 2.7%
	95	Hyundai Mobis Co. Ltd. (a)		19,687
	86	Samsung Electronics Co. Ltd., Reg. S, GDR		73,390
				93,077
		Spain — 0.8%
	4,072	Banco Bilbao Vizcaya Argentaria SA		27,690
		Switzerland — 10.9%
	505	Cie Financiere Richemont SA		39,295
	9,313	Glencore plc (a)		38,573
	355	LafargeHolcim Ltd. (a)		18,999
	480	LafargeHolcim Ltd. (a)		25,834
	945	Novartis AG		69,775

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	307	Roche Holding AG		72,795
	3,814	UBS Group AG		61,982
	170	Zurich Insurance Group AG (a)		48,964
				376,217
		Taiwan — 1.2%
	1,388	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		42,915
		United Kingdom — 19.2%
	7,541	Barclays plc		20,930
	890	British American Tobacco plc		54,927
	2,137	Burberry Group plc		44,183
	9,626	HSBC Holdings plc		81,955
	717	Imperial Brands plc		33,211
	32,579	Lloyds Banking Group plc		26,721
	4,681	Meggitt plc		24,688
	890	Persimmon plc		21,689
	3,465	Prudential plc		67,141
	703	Rio Tinto Ltd.		35,639
	543	Rio Tinto plc		24,049
	4,743	Standard Chartered plc (a)		46,443
	716	TechnipFMC plc (a)		23,467
	865	Travis Perkins plc		15,871
	949	Unilever plc		38,455
	24,977	Vodafone Group plc		61,182
	1,839	WPP plc		42,791
				663,342
		United States — 1.0%
	600	Shire plc		33,422
		Total Common Stocks (Cost $3,046,626)		3,385,240
	Preferred Stock — 1.2%
		Germany — 1.2%
	332	Henkel AG & Co. KGaA (Preference) (Cost $29,506)		40,476
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	33,312	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $33,312)		33,312

SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 100.1% (Cost $3,109,444)		3,459,028
	Liabilities in Excess of Other Assets — (0.1)%		(3,343	)
	NET ASSETS — 100.0%	$	3,455,685

Percentages indicated are based on net assets.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		11.3	%
Pharmaceuticals		9.5
Insurance		7.2
Machinery		6.4
Textiles, Apparel & Luxury Goods		4.5
Metals & Mining		4.3
Tobacco		4.1
Oil, Gas & Consumable Fuels		4.1
Semiconductors & Semiconductor Equipment		3.6
Automobiles		3.5
Chemicals		3.3
Real Estate Management & Development		3.1
Wireless Telecommunication Services		2.8
Hotels, Restaurants & Leisure		2.6
Electrical Equipment		2.6
Beverages		2.5
Media		2.2
Technology Hardware, Storage & Peripherals		2.1
Construction Materials		2.0
Software		1.9
Auto Components		1.8
Capital Markets		1.8
Industrial Conglomerates		1.4
Aerospace & Defense		1.4
Household Products		1.2
Personal Products		1.1
Electronic Equipment, Instruments & Components		1.0
Biotechnology		1.0
Others (each less than 1.0%)		4.7
Short-Term Investment		1.0

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	508,072
Aggregate gross unrealized depreciation		(158,488	)
Net unrealized appreciation/depreciation	$	349,584
Federal income tax cost of investments	$	3,109,444

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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 Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	49,710	$	—	$	49,710
Belgium		—		53,398		—		53,398
China		31,606		92,135		—		123,741
Denmark		—		35,194		—		35,194
France		—		386,371		—		386,371
Germany		—		222,687		—		222,687
Hong Kong		—		133,428		—		133,428
India		37,840		—		—		37,840
Indonesia		—		24,337		—		24,337
Israel		23,366		—		—		23,366
Japan		—		796,421		—		796,421
Macau		—		22,940		—		22,940
Netherlands		—		204,667		—		204,667
South Africa		—		34,477		—		34,477
South Korea		—		93,077		—		93,077
Spain		—		27,690		—		27,690
Switzerland		—		376,217		—		376,217
Taiwan		42,915		—		—		42,915
United Kingdom		23,467		639,875		—		663,342

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
United States	$	—	$	33,422	$	—	$	33,422
Total Common Stocks		159,194		3,226,046		—		3,385,240
Preferred Stocks
Germany		—		40,476		—		40,476
Short-Term Investment
Investment Company		33,312		—		—		33,312
Total Investments in Securities	$	192,506	$	3,266,522	$	—	$	3,459,028

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $60,798,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Australia — 3.7%
	2,086	Australia & New Zealand Banking Group Ltd.		46,358
	7,948	Goodman Group		41,737
	2,832	Oil Search Ltd.		14,789
				102,884
		Belgium — 1.6%
	428	Anheuser-Busch InBev SA/NV		44,700
		China — 2.4%
	8,508	China Resources Gas Group Ltd.		26,889
	8,402	China Resources Land Ltd.		20,783
	681	Tencent Holdings Ltd.		17,810
				65,482
		Denmark — 2.6%
	449	Chr Hansen Holding A/S		27,381
	225	Genmab A/S (a)		43,535
				70,916
		Finland — 1.8%
	1,061	UPM-Kymmene OYJ		24,072
	493	Wartsila OYJ Abp		24,771
				48,843
		France — 13.4%
	550	Airbus SE		37,264
	1,392	AXA SA		34,202
	729	BNP Paribas SA		46,651
	404	Capgemini SA		32,880
	105	Kering		25,049
	1,074	Klepierre		40,773
	209	Pernod Ricard SA		24,505
	443	Renault SA		39,887
	259	Sanofi		20,855
	290	Thales SA		27,199
	781	TOTAL SA		39,533
				368,798
		Germany — 8.9%
	180	adidas AG		28,465
	144	Continental AG		28,220
	455	Daimler AG		34,238
	279	Deutsche Boerse AG (a)		25,723
	418	Fresenius SE & Co. KGaA		33,054
	2,018	Infineon Technologies AG		37,127
	446	Siemens AG (a)		57,744
				244,571

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.5%
	582	HDFC Bank Ltd., ADR		40,136
		Italy — 2.5%
	8,971	Enel SpA		37,505
	36,089	Telecom Italia SpA (a)		31,034
				68,539
		Japan — 26.5%
	395	Daikin Industries Ltd.		39,219
	403	Dentsu, Inc.		18,645
	1,866	DMG Mori Co. Ltd.		25,492
	481	Izumi Co. Ltd.		20,400
	1,167	Japan Airlines Co. Ltd.		37,148
	4,287	Kajima Corp.		29,880
	111	Keyence Corp.		43,264
	1,619	Marui Group Co. Ltd.		23,148
	1,823	Mitsubishi Corp.		41,177
	8,433	Mitsubishi UFJ Financial Group, Inc.		53,999
	1,640	Mitsui Fudosan Co. Ltd.		37,863
	862	NH Foods Ltd.		23,460
	1,370	Nippon Steel & Sumitomo Metal Corp.		33,091
	923	Nippon Telegraph & Telephone Corp.		40,771
	440	Oriental Land Co. Ltd.		24,128
	2,707	ORIX Corp.		40,844
	617	Sompo Holdings, Inc.		22,352
	1,133	Sumitomo Mitsui Financial Group, Inc.		44,462
	468	Suntory Beverage & Food Ltd.		19,895
	1,057	Suzuki Motor Corp.		40,773
	988	Tokio Marine Holdings, Inc.		41,181
	1,426	Yamato Holdings Co. Ltd.		28,733
				729,925
		Netherlands — 7.4%
	361	ASML Holding NV		43,835
	3,173	ING Groep NV		45,581
	1,531	Koninklijke Ahold Delhaize NV (a)		32,616
	3,074	Royal Dutch Shell plc, Class A		83,280
				205,312
		Norway — 2.0%
	9,578	Norsk Hydro ASA		54,638
		Spain — 0.6%
	3,008	Distribuidora Internacional de Alimentacion SA		15,921

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — 1.4%
	3,179	Nordea Bank AB		38,373
		Switzerland — 6.0%
	300	Nestle SA		21,995
	276	Roche Holding AG		65,482
	2,613	UBS Group AG		42,472
	569	Wolseley plc		35,247
				165,196
		United Kingdom — 15.3%
	901	Associated British Foods plc		27,166
	569	AstraZeneca plc		30,213
	975	British American Tobacco plc		60,157
	7,211	Dixons Carphone plc		28,763
	1,776	GlaxoSmithKline plc		34,321
	458	InterContinental Hotels Group plc		21,264
	3,815	Kingfisher plc		16,186
	1,549	Prudential plc		30,016
	1,207	Rio Tinto plc		53,480
	2,884	Standard Chartered plc (a)		28,240
	8,830	Taylor Wimpey plc		18,642
	956	TechnipFMC plc (a)		31,331
	17,038	Vodafone Group plc		41,735
				421,514
		United States — 1.4%
	718	Shire plc		39,995
		Total Common Stocks (Cost $2,487,420)		2,725,743
	Preferred Stock — 1.2%
		Germany — 1.2%
	273	Henkel AG & Co. KGaA (Preference) (Cost $24,380)		33,276
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	14,829	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.44%, (b) (l) (Cost $14,829)		14,829
		Total Investments — 100.7% (Cost $2,526,629)		2,773,848
		Liabilities in Excess of Other Assets — (0.7)%		(20,389	)
		NET ASSETS — 100.0%	$	2,753,459

Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		12.4	%
Pharmaceuticals		5.4
Metals & Mining		5.1
Oil, Gas & Consumable Fuels		5.0
Insurance		4.6
Automobiles		4.1
Beverages		3.2
Biotechnology		3.0
Equity Real Estate Investment Trusts (REITs)		3.0
Semiconductors & Semiconductor Equipment		2.9
Trading Companies & Distributors		2.8
Food Products		2.6
Diversified Telecommunication Services		2.6
Capital Markets		2.5
Aerospace & Defense		2.3
Tobacco		2.2
Real Estate Management & Development		2.1
Industrial Conglomerates		2.1
Textiles, Apparel & Luxury Goods		1.9
Machinery		1.8
Food & Staples Retailing		1.7
Hotels, Restaurants & Leisure		1.6
Specialty Retail		1.6
Multiline Retail		1.6
Electronic Equipment, Instruments & Components		1.6
Wireless Telecommunication Services		1.5
Diversified Financial Services		1.5
Building Products		1.4
Electric Utilities		1.4
Airlines		1.3
Household Products		1.2
Health Care Providers & Services		1.2
IT Services		1.2
Energy Equipment & Services		1.1
Construction & Engineering		1.1
Air Freight & Logistics		1.0
Auto Components		1.0
Chemicals		1.0
Gas Utilities		1.0
Others (each less than 1.0%)		2.9
Short-Term Investment		0.5

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
15,659	AUD
9,469	for GBP	BNP Paribas		02/14/17	$	11,915	#	$	11,872	#	$	(43	)
124,291	SEK
1,450,222	for JPY	Standard Chartered Bank		02/14/17		12,847	#		14,216	#		1,369
135,728	AUD	Australia and New Zealand Banking Group Ltd.		02/14/17		103,983			102,907			(1,076	)
110,325	CHF	Standard Chartered Bank		02/14/17		113,707			111,552			(2,155	)
77,983	DKK	Goldman Sachs International		02/14/17		11,161			11,326			165
73,126	DKK	TD Bank Financial Group		02/14/17		10,777			10,620			(157	)
8,509	EUR	Australia and New Zealand Banking Group Ltd.		02/14/17		9,024			9,190			166
34,557	EUR	Citibank, NA		02/14/17		36,812			37,319			507
18,407	EUR	Credit Suisse International		02/14/17		19,811			19,878			67
20,704	EUR	TD Bank Financial Group		02/14/17		21,819			22,359			540
6,259	GBP	Barclays Bank plc		02/14/17		7,757			7,876			119
19,089	GBP	Goldman Sachs International		02/14/17		23,565			24,018			453
16,241	GBP	National Australia Bank Ltd.		02/14/17		19,941			20,435			494
7,054	GBP	Standard Chartered Bank		02/14/17		8,576			8,876			300
50,506	GBP	TD Bank Financial Group		02/14/17		63,762			63,548			(214	)
201,399	HKD	Australia and New Zealand Banking Group Ltd.		02/14/17		25,992			25,960			(32	)
47,200	HKD	HSBC Bank, NA		02/14/17		6,088			6,084			(4	)
46,615	HKD	TD Bank Financial Group		02/14/17		6,013			6,009			(4	)
1,042,734	JPY	Australia and New Zealand Banking Group Ltd.		02/14/17		9,099			9,238			139
3,609,447	JPY	Barclays Bank plc		02/14/17		32,047			31,977			(70	)
1,512,742	JPY	Goldman Sachs International		02/14/17		12,855			13,402			547
823,151	JPY	HSBC Bank, NA		02/14/17		7,158			7,292			134
1,574,925	JPY	National Australia Bank Ltd.		02/14/17		13,828			13,952			124
182,238	SEK	TD Bank Financial Group		02/14/17		20,396			20,844			448
48,233	SGD	Standard Chartered Bank		02/14/17		34,557			34,228			(329	)
					$	643,490		$	644,978		$	1,488
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
9,460	AUD	Australia and New Zealand Banking Group Ltd.		02/14/17	$	7,051		$	7,173		$	(122	)
6,309	CHF	HSBC Bank, NA		02/14/17		6,272			6,379			(107	)
336,438	DKK	TD Bank Financial Group		02/14/17		50,173			48,861			1,312
7,009	EUR	Australia and New Zealand Banking Group Ltd.		02/14/17		7,448			7,569			(121	)
111,188	EUR	Barclays Bank plc		02/14/17		123,377			120,075			3,302
26,180	EUR	Citibank, NA		02/14/17		28,086			28,273			(187	)
53,859	EUR	Goldman Sachs International		02/14/17		57,269			58,165			(896	)
54,538	EUR	HSBC Bank, NA		02/14/17		58,310			58,898			(588	)
7,011	EUR	Merrill Lynch International		02/14/17		7,463			7,571			(108	)
22,658	EUR	Standard Chartered Bank		02/14/17		24,052			24,469			(417	)
7,081	EUR	State Street Corp.		02/14/17		7,575			7,647			(72	)

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
13,812	GBP	Australia and New Zealand Banking Group Ltd.		02/14/17	$	16,864	$	17,378	$	(514	)
16,648	GBP	BNP Paribas		02/14/17		20,764		20,948		(184	)
5,672	GBP	Citibank, NA		02/14/17		6,990		7,136		(146	)
24,654	GBP	Goldman Sachs International		02/14/17		31,155		31,021		134
134,245	HKD	State Street Corp.		02/14/17		17,318		17,304		14
1,938,375	JPY	Citibank, NA		02/14/17		18,893		17,172		1,721
4,071,733	JPY	Goldman Sachs International		02/14/17		36,520		36,072		448
3,559,617	JPY	National Australia Bank Ltd.		02/14/17		31,321		31,536		(215	)
1,283,082	JPY	State Street Corp.		02/14/17		11,437		11,367		70
1,957,092	JPY	TD Bank Financial Group		02/14/17		16,545		17,338		(793	)
190,241	NOK	Goldman Sachs International		02/14/17		23,144		23,067		77
					$	608,027	$	605,419	$	2,608

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2017 of the currency being sold, and the value at January 31, 2017 is the U.S. dollar market value of the currency being purchased.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	337,705
Aggregate gross unrealized depreciation		(90,486	)
Net unrealized appreciation/depreciation	$	247,219
Federal income tax cost of investments	$	2,526,629

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

Forward Foreign Currency 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 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	$	—	$	102,884	$	—	$	102,884
Belgium		—		44,700		—		44,700
China		—		65,482		—		65,482
Denmark		—		70,916		—		70,916
Finland		—		48,843		—		48,843
France		—		368,798		—		368,798
Germany		—		244,571		—		244,571
India		40,136		—		—		40,136
Italy		—		68,539		—		68,539
Japan		—		729,925		—		729,925
Netherlands		—		205,312		—		205,312
Norway		—		54,638		—		54,638
Spain		—		15,921		—		15,921
Sweden		—		38,373		—		38,373
Switzerland		—		165,196		—		165,196
United Kingdom		31,331		390,183		—		421,514
United States		—		39,995		—		39,995
Total Common Stocks		71,467		2,654,276		—		2,725,743
Preferred Stocks
Germany		—		33,276		—		33,276
Short-Term Investment
Investment Company		14,829		—		—		14,829
Total Investments in Securities		86,296		2,687,552		—		2,773,848

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	12,650		$	—	$	12,650
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(8,554	)	$	—	$	(8,554	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $56,617,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including forward foreign currency exchange contracts 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) below describe the various derivatives used by the Fund.

(1) Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of a portfolio investments and therefore, at times, 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 cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. 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 or due across transactions. As of January 31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Belgium — 2.0%
	23	Anheuser-Busch InBev SA/NV		2,365
		Canada — 3.8%
	60	Alimentation Couche-Tard, Inc., Class B		2,759
	24	Canadian National Railway Co.		1,674
				4,433
		China — 9.5%
	17	Baidu, Inc., ADR (a)		3,033
	2,026	China Unicom Hong Kong Ltd.		2,391
	3,101	CNOOC Ltd.		3,872
	63	JD.com, Inc., ADR (a)		1,795
				11,091
		Denmark — 1.9%
	61	Novo Nordisk A/S, Class B		2,208
		Finland — 4.2%
	608	Nokia OYJ		2,729
	44	Wartsila OYJ Abp		2,197
				4,926
		Germany — 3.5%
	13	Continental AG		2,574
	38	Zalando SE, Reg. S (a) (e)		1,503
				4,077
		Hong Kong — 6.1%
	484	AIA Group Ltd.		2,999
	312	Cheung Kong Property Holdings Ltd.		2,051
	178	CK Hutchison Holdings Ltd.		2,127
				7,177
		India — 2.6%
	45	HDFC Bank Ltd., ADR		3,092
		Israel — 2.3%
	80	Teva Pharmaceutical Industries Ltd., ADR		2,669
		Italy — 2.5%
	194	Eni SpA		2,982
		Japan — 12.8%
	4	Keyence Corp.		1,709
	101	Komatsu Ltd.		2,392
	196	Kubota Corp.		3,117
	157	ORIX Corp.		2,373
	33	Shin-Etsu Chemical Co. Ltd.		2,821
	92	Shiseido Co. Ltd.		2,557
				14,969

SHARES		SECURITY DESCRIPTION	VALUE($)
		Macau — 1.9%
	1,234	Wynn Macau Ltd.		2,244
		Netherlands — 10.9%
	41	Akzo Nobel NV		2,774
	203	Altice NV, Class A (a)		4,457
	192	ING Groep NV		2,759
	80	NN Group NV		2,848
				12,838
		South Africa — 1.4%
	10	Naspers Ltd., Class N		1,656
		South Korea — 3.3%
	9	LG Chem Ltd.		1,970
	2	Samsung Electronics Co. Ltd., Reg. S, GDR		1,934
				3,904
		Spain — 2.2%
	371	Banco Bilbao Vizcaya Argentaria SA		2,523
		Switzerland — 8.5%
	45	Cie Financiere Richemont SA		3,522
	74	LafargeHolcim Ltd. (a)		4,000
	152	UBS Group AG		2,468
				9,990
		United Kingdom — 17.8%
	39	British American Tobacco plc		2,414
	968	ITV plc		2,484
	338	Meggitt plc		1,781
	96	RELX NV		1,619
	91	Rio Tinto plc		4,033
	115	Smith & Nephew plc		1,719
	347	Standard Chartered plc (a)		3,401
	1,400	Vodafone Group plc		3,430
				20,881
		United States — 1.5%
	31	Shire plc		1,719
		Total Common Stocks (Cost $110,493)		115,744
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	1,505	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $1,505)		1,505

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 100.0% (Cost $111,998)		117,249
	Other Assets in Excess of Liabilities — 0.0% (g)		46
	NET ASSETS — 100.0%	$	117,295

Percentages indicated are based on net assets.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		10.0	%
Media		7.3
Machinery		6.6
Chemicals		6.5
Oil, Gas & Consumable Fuels		5.8
Insurance		5.0
Pharmaceuticals		4.2
Metals & Mining		3.5
Construction Materials		3.4
Textiles, Apparel & Luxury Goods		3.0
Wireless Telecommunication Services		2.9
Internet & Direct Marketing Retail		2.8
Internet Software & Services		2.6
Food & Staples Retailing		2.4
Communications Equipment		2.3
Auto Components		2.2
Personal Products		2.2
Capital Markets		2.1
Tobacco		2.1
Diversified Telecommunication Services		2.0
Diversified Financial Services		2.0
Beverages		2.0
Hotels, Restaurants & Leisure		1.9
Industrial Conglomerates		1.8
Real Estate Management & Development		1.7
Technology Hardware, Storage & Peripherals		1.6
Aerospace & Defense		1.5
Health Care Equipment & Supplies		1.5
Biotechnology		1.5
Electronic Equipment, Instruments & Components		1.5
Road & Rail		1.4
Professional Services		1.4
Short-Term Investment		1.3

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	11,474
Aggregate gross unrealized depreciation		(6,223	)
Net unrealized appreciation/depreciation	$	5,251
Federal income tax cost of investments	$	111,998

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	2,365	$	—	$	2,365
Canada		4,433		—		—		4,433
China		4,828		6,263		—		11,091
Denmark		—		2,208		—		2,208
Finland		—		4,926		—		4,926
Germany		—		4,077		—		4,077
Hong Kong		—		7,177		—		7,177
India		3,092		—		—		3,092
Israel		2,669		—		—		2,669
Italy		—		2,982		—		2,982
Japan		—		14,969		—		14,969
Macau		—		2,244		—		2,244
Netherlands		—		12,839		—		12,839
South Africa		—		1,656		—		1,656
South Korea		—		3,904		—		3,904
Spain		—		2,523		—		2,523
Switzerland		—		9,990		—		9,990

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
United Kingdom	$	—	$	20,881	$	—	$	20,881
United States		—		1,719		—		1,719
Total Common Stocks		15,022		100,723		—		115,745
Short-Term Investment
Investment Company		1,504		—		—		1,504
Total Investments in Securities	$	16,526	$	100,723	$	—	$	117,249

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $2,901,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 3.7%
	1,219	Australia & New Zealand Banking Group Ltd.		27,090
	1,994	Goodman Group		10,469
				37,559
		Austria — 0.6%
	199	Erste Group Bank AG (a)		6,068
		Belgium — 2.1%
	104	Anheuser-Busch InBev SA/NV		10,825
	163	KBC Group NV		10,576
				21,401
		Canada — 1.1%
	241	TransCanada Corp.		11,380
		Chile — 0.5%
	261	Banco Santander Chile, ADR		5,626
		China — 0.9%
	7,411	CNOOC Ltd.		9,254
		Finland — 1.3%
	1,114	Outokumpu OYJ (a)		9,972
	171	UPM-Kymmene OYJ		3,870
				13,842
		France — 15.8%
	101	Air Liquide SA		10,893
	160	Airbus SE		10,831
	870	AXA SA		21,373
	376	BNP Paribas SA		24,080
	57	Capgemini SA		4,609
	1,954	Natixis SA		11,577
	165	Renault SA		14,816
	189	Sanofi		15,229
	169	Schneider Electric SE		12,066
	711	TOTAL SA		35,967
				161,441
		Germany — 8.3%
	76	Bayer AG		8,487
	157	Brenntag AG		9,131
	240	Daimler AG		18,066
	123	Deutsche Boerse AG (a)		11,319
	43	HeidelbergCement AG		4,177
	306	Infineon Technologies AG		5,639
	214	Siemens AG (a)		27,624
				84,443
		Hong Kong — 1.3%
	1,125	CK Hutchison Holdings Ltd.		13,479

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 0.7%
	81	Ryanair Holdings plc, ADR (a)		6,739
		Israel — 1.3%
	385	Teva Pharmaceutical Industries Ltd., ADR		12,868
		Italy — 3.0%
	3,873	Enel SpA		16,192
	3,256	Intesa Sanpaolo SpA		7,649
	8,413	Telecom Italia SpA (a)		7,235
				31,076
		Japan — 23.0%
	389	Bridgestone Corp.		14,252
	128	Daikin Industries Ltd.		12,735
	162	Dentsu, Inc.		7,469
	457	DMG Mori Co. Ltd.		6,245
	513	Honda Motor Co. Ltd.		15,275
	358	Japan Airlines Co. Ltd.		11,406
	171	Mabuchi Motor Co. Ltd.		8,785
	647	Mitsubishi Corp.		14,625
	4,699	Mitsubishi UFJ Financial Group, Inc.		30,093
	345	Mitsui Fudosan Co. Ltd.		7,965
	332	NGK Spark Plug Co. Ltd.		7,480
	226	NH Foods Ltd.		6,151
	424	Nippon Telegraph & Telephone Corp.		18,742
	95	Otsuka Corp.		4,899
	206	Sompo Holdings, Inc.		7,466
	223	Sony Corp.		6,764
	934	Sumitomo Electric Industries Ltd.		13,589
	235	Sumitomo Mitsui Financial Group, Inc.		9,220
	303	Sumitomo Mitsui Trust Holdings, Inc.		11,298
	31	Suzuken Co. Ltd.		1,010
	322	Suzuki Motor Corp.		12,412
	342	Yamato Holdings Co. Ltd.		6,884
				234,765
		Luxembourg — 1.0%
	1,353	ArcelorMittal (a)		10,550
		Netherlands — 8.1%
	349	ASR Nederland NV (a)		9,571
	1,313	ING Groep NV		18,864
	277	NN Group NV		9,793
	1,627	Royal Dutch Shell plc, Class A		44,124
				82,352
		Norway — 1.5%
	2,624	Norsk Hydro ASA		14,966

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — 1.3%
	966	DBS Group Holdings Ltd.		13,064
		South Korea — 1.0%
	6	Samsung Electronics Co. Ltd.		10,409
		Spain — 1.4%
	13,462	Bankia SA		14,231
		Sweden — 1.8%
	1,537	Nordea Bank AB		18,559
		Switzerland — 4.7%
	134	LafargeHolcim Ltd. (a)		7,194
	38	Roche Holding AG		8,947
	166	Wolseley plc		10,289
	74	Zurich Insurance Group AG (a)		21,270
				47,700
		United Kingdom — 11.6%
	981	Barratt Developments plc		5,913
	3,456	Centrica plc		9,783
	128	InterContinental Hotels Group plc		5,922
	3,326	ITV plc		8,534
	5,072	Lloyds Banking Group plc		4,160
	579	National Grid plc		6,779
	790	Prudential plc		15,318
	483	Rio Tinto plc		21,406
	1,901	Standard Chartered plc (a)		18,612
	212	TechnipFMC plc (a)		6,938
	6,050	Vodafone Group plc		14,819
				118,184
		United States — 1.1%
	211	Shire plc		11,765
		Total Common Stocks (Cost $974,235)		991,721
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	22,420	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $22,420)		22,420
		Total Investments — 99.3% (Cost $996,655)		1,014,141
		Other Assets in Excess of Liabilities — 0.7%		6,894
		NET ASSETS — 100.0%	$	1,021,035

Percentages indicated are based on net assets.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2017

The following table represents the portfolio investments of the

Fund by industry classifications as a percentage of total

investments:

INDUSTRY	PERCENTAGE
Banks		22.8	%
Oil, Gas & Consumable Fuels		9.9
Insurance		8.4
Automobiles		6.0
Metals & Mining		5.6
Pharmaceuticals		4.5
Industrial Conglomerates		4.1
Auto Components		3.5
Trading Companies & Distributors		3.4
Diversified Telecommunication Services		2.6
Electrical Equipment		2.1
Airlines		1.8
Multi-Utilities		1.6
Electric Utilities		1.6
Media		1.6
Wireless Telecommunication Services		1.5
Building Products		1.3
Household Durables		1.3
Biotechnology		1.2
Construction Materials		1.1
Capital Markets		1.1
Chemicals		1.1
Aerospace & Defense		1.1
Beverages		1.1
Equity Real Estate Investment Trusts (REITs)		1.0
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		5.5
Short-Term Investment		2.2

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	26	TOPIX Index	03/09/17	JPY	$	3,488	$	(19	)
	130	Euro STOXX 50 Index	03/17/17	EUR		4,557		(19	)
	46	FTSE 100 Index	03/17/17	GBP		4,093		2
							$	(36	)

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	13,736	EUR
	11,611	for GBP	TD Bank Financial Group	02/23/17	$	14,612	#	$	14,839	#	$	227
	466,133	JPY
	3,840	for EUR	Australia & New Zealand Banking Group Ltd.	02/23/17		4,148	#		4,130	#		(18	)
	869,256	JPY
	6,016	for GBP	Deutsche Bank AG	02/23/17		7,571	#		7,703	#		132
	3,650	AUD	Australia & New Zealand Banking Group Ltd.	02/23/17		2,721			2,767			46
	53,293	AUD	HSBC Bank NA	02/23/17		39,369			40,398			1,029
	3,503	CAD	Australia & New Zealand Banking Group Ltd.	02/23/17		2,613			2,692			79
	4,967	CHF	Royal Bank of Canada	02/23/17		4,931			5,024			93
	10,318	CHF	State Street Corp.	02/23/17		10,290			10,437			147
	40,063	DKK	TD Bank Financial Group	02/23/17		5,760			5,821			61
	3,405	EUR	Barclays Bank plc	02/23/17		3,645			3,679			34
	17,566	EUR	Citibank NA	02/23/17		18,652			18,977			325
	82,467	EUR	Deutsche Bank AG	02/23/17		88,744			89,087			343
	9,201	EUR	Goldman Sachs International	02/23/17		9,681			9,940			259
	15,181	EUR	National Australia Bank	02/23/17		16,195			16,399			204
	6,839	EUR	State Street Corp.	02/23/17		7,287			7,388			101
	7,164	GBP	Australia & New Zealand Banking Group Ltd.	02/23/17		9,029			9,015			(14	)
	14,758	GBP	Goldman Sachs International	02/23/17		18,410			18,572			162
	2,467	GBP	National Australia Bank	02/23/17		3,030			3,105			75
	8,577	GBP	Royal Bank of Canada	02/23/17		10,686			10,793			107
	20,049	GBP	State Street Corp.	02/23/17		25,068			25,230			162
	6,939	GBP	UBS AG	02/23/17		8,418			8,732			314
	17,426	HKD	Australia & New Zealand Banking Group Ltd.	02/23/17		2,248			2,246			(2	)
	36,931	HKD	State Street Corp.	02/23/17		4,766			4,761			(5	)
	1,091,271	JPY	Australia & New Zealand Banking Group Ltd.	02/23/17		9,554			9,670			116
	1,317,290	JPY	Citibank NA	02/23/17		11,367			11,673			306
	682,943	JPY	HSBC Bank NA	02/23/17		6,195			6,051			(144	)
	159,340	JPY	Standard Chartered Bank	02/23/17		1,402			1,412			10
	804,943	JPY	State Street Corp.	02/23/17		6,948			7,133			185
	102,553	SEK	Merrill Lynch International	02/23/17		11,183			11,734			551
	23,143	SGD	Societe Generale	02/23/17		16,257			16,424			167
					$	380,780		$	385,832		$	5,052
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,624	AUD	TD Bank Financial Group	02/23/17	$	3,440		$	3,505		$	(65	)
	14,000	CAD	State Street Corp.	02/23/17		10,468			10,760			(292	)
	4,346	EUR	Australia & New Zealand Banking Group Ltd.	02/23/17		4,642			4,694			(52	)
	2,054	EUR	Citibank NA	02/23/17		2,185			2,219			(34	)
	9,714	EUR	Merrill Lynch International	02/23/17		10,341			10,493			(152	)
	2,339	EUR	National Australia Bank	02/23/17		2,444			2,527			(83	)
	6,985	EUR	Societe Generale	02/23/17		7,345			7,546			(201	)
	161,389	EUR	Standard Chartered Bank	02/23/17		172,591			174,344			(1,753	)

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	18,179	EUR	TD Bank Financial Group	02/23/17	$	19,264	$	19,639	$	(375	)
	5,840	GBP	BNP Paribas	02/23/17		7,303		7,349		(46	)
	16,240	GBP	Goldman Sachs International	02/23/17		20,052		20,437		(385	)
	3,905	GBP	HSBC Bank NA	02/23/17		4,872		4,915		(43	)
	1,916	GBP	State Street Corp.	02/23/17		2,393		2,411		(18	)
	5,056	GBP	TD Bank Financial Group	02/23/17		6,247		6,362		(115	)
	509,361	JPY	Australia & New Zealand Banking Group Ltd.	02/23/17		4,493		4,514		(21	)
	2,376,531	JPY	Goldman Sachs International	02/23/17		20,469		21,058		(589	)
	482,531	JPY	HSBC Bank NA	02/23/17		4,378		4,276		102
	568,096	JPY	National Australia Bank	02/23/17		5,136		5,034		102
	473,943	JPY	Standard Chartered Bank	02/23/17		4,302		4,199		103
	388,183	JPY	State Street Corp.	02/23/17		3,450		3,440		10
	40,565	NOK	Merrill Lynch International	02/23/17		4,771		4,919		(148	)
	4,301	SGD	Australia & New Zealand Banking Group Ltd.	02/23/17		3,037		3,053		(16	)
	2,947	SGD	HSBC Bank NA	02/23/17		2,064		2,091		(27	)
	10,316	SGD	National Australia Bank	02/23/17		7,217		7,321		(104	)
	3,646	SGD	Societe Generale	02/23/17		2,568		2,587		(19	)
					$	335,472	$	339,693	$	(4,221	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2017 of the currency being sold, and the value at January 31, 2017 is the U.S. Dollar market value of the currency being purchased.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
DKK	—	Danish Krone
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
TOPIX	—	Tokyo Stock Price Index

(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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	80,453
Aggregate gross unrealized depreciation		(62,967	)
Net unrealized appreciation/depreciation	$	17,486
Federal income tax cost of investments	$	996,655

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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 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 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.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	37,559		$	—	$	37,559
Austria		—		6,068			—		6,068
Belgium		—		21,401			—		21,401
Canada		11,380		—			—		11,380
Chile		5,626		—			—		5,626
China		—		9,254			—		9,254
Finland		—		13,842			—		13,842
France		—		161,441			—		161,441
Germany		—		84,443			—		84,443
Hong Kong		—		13,479			—		13,479
Ireland		6,739		—			—		6,739
Israel		12,868		—			—		12,868
Italy		—		31,076			—		31,076
Japan		—		234,765			—		234,765
Luxembourg		—		10,550			—		10,550
Netherlands		—		82,352			—		82,352
Norway		—		14,966			—		14,966
Singapore		—		13,064			—		13,064
South Korea		—		10,409			—		10,409
Spain		—		14,231			—		14,231
Sweden		—		18,559			—		18,559
Switzerland		—		47,700			—		47,700
United Kingdom		6,938		111,246			—		118,184
United States		—		11,765			—		11,765
Total Common Stocks		43,551		948,170			—		991,721
Short-Term Investment
Investment Company		22,420		—			—		22,420
Total Investments in Securities	$	65,971	$	948,170		$	—	$	1,014,141
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	5,552		$	—	$	5,552
Futures Contracts		—		2			—		2
Total Appreciation in Other Financial Instruments	$	—	$	5,554		$	—	$	5,554
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(4,721	)	$	—	$	(4,721	)
Futures Contracts		—		(38	)		—		(38	)
Total Depreciation in Other Financial Instruments	$	—	$	(4,759	)	$	—	$	(4,759	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

Transfers from level 1 to level 2 in the amount of approximately $13,046,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 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 (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

The Fund’s futures contracts are not subject to master netting arrangements (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 a portfolio investments and therefore, at times, 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 cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. 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 or due across transactions. As of January 31, 2017, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Australia — 3.5%
	457	Goodman Group		2,402
		Finland — 4.4%
	242	Outokumpu OYJ (a)		2,163
	37	UPM-Kymmene OYJ		832
				2,995
		France — 9.9%
	12	Capgemini SA		994
	416	Natixis SA		2,466
	37	Renault SA		3,326
				6,786
		Germany — 13.8%
	36	Brenntag AG		2,096
	55	Daimler AG		4,101
	26	Deutsche Boerse AG (a)		2,416
	9	HeidelbergCement AG		863
				9,476
		Japan — 41.3%
	29	Daikin Industries Ltd.		2,889
	37	Dentsu, Inc.		1,687
	85	DMG Mori Co. Ltd.		1,166
	76	Japan Airlines Co. Ltd.		2,430
	37	Mabuchi Motor Co. Ltd.		1,892
	144	Mitsubishi Corp.		3,248
	76	Mitsui Fudosan Co. Ltd.		1,755
	71	NGK Spark Plug Co. Ltd.		1,590
	47	NH Foods Ltd.		1,279
	21	Otsuka Corp.		1,060
	45	Sompo Holdings, Inc.		1,640
	210	Sumitomo Electric Industries Ltd.		3,053
	7	Suzuken Co. Ltd.		224
	72	Suzuki Motor Corp.		2,786
	78	Yamato Holdings Co. Ltd.		1,562
				28,261
		Netherlands — 6.2%
	73	ASR Nederland NV (a)		1,995
	63	NN Group NV		2,247
				4,242
		South Korea — 3.4%
	1	Samsung Electronics Co. Ltd.		2,294
		Spain — 4.5%
	2,920	Bankia SA		3,087
		United Kingdom — 6.6%
	210	Barratt Developments plc		1,266
	335	Standard Chartered plc (a)		3,278
				4,544

SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 93.6% (Cost $54,105)		64,087
	Other Assets in Excess of Liabilities — 6.4%		4,377
	NET ASSETS — 100.0%	$	68,464

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Automobiles		15.9	%
Banks		13.8
Insurance		9.2
Trading Companies & Distributors		8.3
Auto Components		7.2
Building Products		4.5
Airlines		3.8
Capital Markets		3.8
Equity Real Estate Investment Trusts (REITs)		3.7
Technology Hardware, Storage & Peripherals		3.6
Metals & Mining		3.4
IT Services		3.2
Electrical Equipment		3.0
Real Estate Management & Development		2.7
Media		2.6
Air Freight & Logistics		2.4
Food Products		2.0
Household Durables		2.0
Machinery		1.8
Construction Materials		1.3
Paper & Forest Products		1.3
Others (each less than 1.0%)		0.5

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	5	TOPIX Index		03/09/17		JPY	$	671	$	(4	)
	28	Euro STOXX 50 Index		03/17/17		EUR		981		(4	)
	10	FTSE 100 Index		03/17/17		GBP		890		1
									$	(7	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
JPY	—	Japanese Yen
TOPIX	—	Tokyo Stock Price Index
(a)	—	Non-income producing security.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	10,743
Aggregate gross unrealized depreciation		(761	)
Net unrealized appreciation/depreciation	$	9,982
Federal income tax cost of investments	$	54,105

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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.

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 Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	64,087		$	—	$	64,087
Appreciation in Other Financial Instruments
Futures Contracts	$	—	$	1		$	—	$	1
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(8	)	$	—	$	(8	)

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

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)                

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.9%
		Belgium — 1.5%
	182	KBC Group NV		11,824
		Denmark — 3.1%
	224	H Lundbeck A/S (a)		9,633
	72	Pandora A/S		9,399
	70	Vestas Wind Systems A/S		4,875
				23,907
		Finland — 0.8%
	269	UPM-Kymmene OYJ		6,090
		France — 18.0%
	576	AXA SA		14,164
	290	BNP Paribas SA		18,576
	55	Kering		13,158
	691	Orange SA		10,734
	108	Renault SA		9,739
	189	Sanofi		15,170
	316	Societe Generale SA		15,461
	61	Sodexo SA		6,776
	413	TOTAL SA		20,881
	215	Valeo SA		13,171
				137,830
		Germany — 9.7%
	111	Allianz SE		18,816
	157	Covestro AG, Reg. S (e)		11,847
	159	Evonik Industries AG		5,155
	58	HeidelbergCement AG		5,637
	45	HOCHTIEF AG		6,384
	154	Siemens AG (a)		19,881
	56	Wacker Chemie AG		6,734
				74,454
		Ireland — 1.5%
	445	Smurfit Kappa Group plc		11,722
		Italy — 5.1%
	1,543	Enav SpA, Reg. S (a) (e)		5,406
	3,179	Enel SpA		13,291
	206	Ferrari NV		12,847
	276	Prysmian SpA		7,176
				38,720
		Luxembourg — 1.9%
	164	APERAM SA		7,744
	821	ArcelorMittal (a)		6,401
				14,145
		Netherlands — 5.0%
	1,217	ING Groep NV		17,481

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — continued
	231	NN Group NV		8,193
	215	Randstad Holding NV		12,488
				38,162
		Norway — 4.9%
	417	Aker BP ASA		7,589
	105	Leroy Seafood Group ASA		5,849
	627	Marine Harvest ASA (a)		11,063
	2,297	Norsk Hydro ASA		13,105
				37,606
		Spain — 3.4%
	2,146	Banco Santander SA		11,988
	649	Gamesa Corp. Tecnologica SA		13,640
				25,628
		Sweden — 3.3%
	386	Boliden AB		11,254
	531	Electrolux AB, Series B		14,108
				25,362
		Switzerland — 15.9%
	21	Actelion Ltd. (a)		5,476
	168	Adecco Group AG		12,039
	164	Cie Financiere Richemont SA		12,741
	5,859	Glencore plc (a)		24,267
	433	Logitech International SA		12,405
	39	Lonza Group AG (a)		7,235
	153	Nestle SA		11,189
	1,771	STMicroelectronics NV		23,373
	18	Swiss Life Holding AG (a)		5,605
	435	UBS Group AG		7,070
				121,400
		United Kingdom — 18.8%
	448	Ashtead Group plc		9,083
	689	Auto Trader Group plc, Reg. S (e)		3,482
	177	British American Tobacco plc		10,907
	2,736	Centrica plc		7,747
	170	Dialog Semiconductor plc (a)		7,903
	1,725	GKN plc		7,478
	1,654	HSBC Holdings plc		14,114
	1,477	Legal & General Group plc		4,381
	13,074	Lloyds Banking Group plc		10,723
	379	Persimmon plc		9,225
	357	Rio Tinto plc		15,799
	927	Tate & Lyle plc		7,838
	3,568	Taylor Wimpey plc		7,533
	314	TechnipFMC plc (a)		10,284

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	3,020	Tesco plc (a)		7,420
	446	WPP plc		10,383
				144,300
		Total Common Stocks (Cost $662,441)		711,150
	Preferred Stock — 1.5%
		Germany — 1.5%
	76	Volkswagen AG (Preference) (Cost $11,109)		11,945
	Short-Term Investment — 3.8%
		Investment Company — 3.8%
	28,729	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $28,729)		28,729
		Total Investments — 98.2% (Cost $702,279)		751,824
		Other Assets in Excess of Liabilities — 1.8%		13,929
		NET ASSETS — 100.0%	$	765,753

Percentages indicated are based on net assets.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2017
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		13.3	%
Metals & Mining		10.5
Insurance		6.8
Food Products		4.8
Textiles, Apparel & Luxury Goods		4.7
Automobiles		4.6
Semiconductors & Semiconductor Equipment		4.2
Household Durables		4.1
Oil, Gas & Consumable Fuels		3.8
Electrical Equipment		3.4
Pharmaceuticals		3.3
Professional Services		3.3
Chemicals		3.2
Auto Components		2.7
Industrial Conglomerates		2.6
Electric Utilities		1.8
Technology Hardware, Storage & Peripherals		1.7
Containers & Packaging		1.6
Tobacco		1.5
Diversified Telecommunication Services		1.4
Media		1.4
Energy Equipment & Services		1.4
Trading Companies & Distributors		1.2
Multi-Utilities		1.0
Food & Staples Retailing		1.0
Life Sciences Tools & Services		1.0
Others (each less than 1.0%)		5.9
Short-Term Investment		3.8

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
399	Euro STOXX 50 Index		03/17/17		EUR	$	13,988	$	(177	)
63	FTSE 100 Index		03/17/17		GBP		5,605		(58	)
								$	(235	)

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation	$	66,208
Aggregate gross unrealized depreciation		(16,663	)
Net unrealized appreciation/depreciation	$	49,545
Federal income tax cost of investments	$	702,279

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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.

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

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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 Schedule of Portfolio Investments:

		Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	11,824		$	—	$	11,824
Denmark		—		23,907			—		23,907
Finland		—		6,090			—		6,090
France		—		137,830			—		137,830
Germany		—		74,454			—		74,454
Ireland		11,722		—			—		11,722
Italy		—		38,720			—		38,720
Luxembourg		—		14,145			—		14,145
Netherlands		—		38,162			—		38,162
Norway		—		37,606			—		37,606
Spain		—		25,628			—		25,628
Sweden		—		25,362			—		25,362
Switzerland		—		121,400			—		121,400
United Kingdom		10,284		134,016			—		144,300
Total Common Stocks		22,006		689,144			—		711,150
Preferred Stocks
Germany		—		11,945			—		11,945
Short-Term Investment
Investment Company		28,729		—			—		28,729
Total Investments in Securities	$	50,735	$	701,089		$	—	$	751,824
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(235	)	$	—	$	(235	)
Transfers between fair value levels are valued utilizing values as of beginning of the period. Transfers from level 1 to level 2 in the amount of approximately $6,265,000 are due to applying the fair value factors to certain securities during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including futures contracts, 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

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 (1) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. 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 market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

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

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

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
		Australia — 6.5%
	941	Australia & New Zealand Banking Group Ltd.		20,898
	1,183	Bendigo & Adelaide Bank Ltd.		11,267
	1,580	BHP Billiton Ltd.		32,048
	1,177	Challenger Ltd.		9,853
	313	Flight Centre Travel Group Ltd.		7,116
	2,109	Fortescue Metals Group Ltd.		10,674
	2,615	GPT Group (The)		9,285
	2,799	Harvey Norman Holdings Ltd.		10,616
	985	LendLease Group		10,536
	180	Macquarie Group Ltd.		11,569
	4,945	South32 Ltd.		10,349
	1,036	Westpac Banking Corp.		24,942
	544	Woodside Petroleum Ltd.		13,052
				182,205
		Austria — 0.3%
	241	Erste Group Bank AG (a)		7,333
		Belgium — 0.7%
	332	bpost SA		8,034
	162	KBC Group NV		10,506
				18,540
		China — 0.6%
	11,797	China Construction Bank Corp., Class H		8,746
	2,954	China Overseas Land & Investment Ltd.		8,675
				17,421
		Denmark — 2.2%
	447	Danske Bank A/S		14,901
	599	Novo Nordisk A/S, Class B		21,652
	59	Pandora A/S		7,718
	1,826	TDC A/S (a)		9,624
	107	Vestas Wind Systems A/S		7,530
				61,425
		Finland — 0.4%
	436	UPM-Kymmene OYJ		9,899
		France — 9.9%
	107	Arkema SA		10,552
	710	AXA SA		17,462
	354	BNP Paribas SA		22,634
	109	Capgemini SA		8,870
	227	Faurecia		9,884
	1,767	Natixis SA		10,472
	163	Nexans SA (a)		9,443
	912	Orange SA		14,152
	553	Peugeot SA (a)		10,292

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	107	Renault SA		9,624
	356	Sanofi		28,586
	247	Schneider Electric SE		17,690
	355	Societe Generale SA		17,351
	85	Sodexo SA		9,444
	87	Teleperformance		9,273
	106	Thales SA		9,971
	666	TOTAL SA		33,705
	200	Valeo SA		12,204
	220	Vinci SA		15,436
				277,045
		Germany — 6.6%
	147	Allianz SE		25,067
	222	Bayer AG		24,676
	133	Bayerische Motoren Werke AG		12,135
	139	Covestro AG, Reg. S (e)		10,444
	280	Evonik Industries AG		9,089
	181	Freenet AG		5,439
	171	Fresenius SE & Co. KGaA		13,522
	91	Hannover Rueck SE		9,994
	117	HeidelbergCement AG		11,276
	532	Infineon Technologies AG		9,796
	97	Merck KGaA		10,750
	159	OSRAM Licht AG		9,236
	241	Siemens AG (a)		31,133
				182,557
		Hong Kong — 2.8%
	2,956	BOC Hong Kong Holdings Ltd.		11,818
	1,453	Cheung Kong Property Holdings Ltd.		9,547
	1,090	CK Hutchison Holdings Ltd.		13,058
	7,884	New World Development Co. Ltd.		9,096
	2,121	Sands China Ltd.		9,331
	1,143	Wharf Holdings Ltd. (The)		8,571
	1,304	Wheelock & Co. Ltd.		7,926
	10,528	Xinyi Glass Holdings Ltd. (a)		9,470
				78,817
		India — 0.3%
	137	HDFC Bank Ltd., ADR		9,451
		Indonesia — 0.4%
	339	Telekomunikasi Indonesia Persero Tbk. PT, ADR		9,966
		Italy — 1.6%
	3,392	Enel SpA		14,179
	4,671	Intesa Sanpaolo SpA		10,972

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Italy — continued
	1,214	Mediobanca SpA		10,449
	349	Prysmian SpA		9,081
				44,681
		Japan — 24.4%
	754	Amada Holdings Co. Ltd.		8,860
	1,525	Asahi Glass Co. Ltd.		11,330
	934	Astellas Pharma, Inc.		12,535
	353	Bandai Namco Holdings, Inc.		9,730
	329	Bridgestone Corp.		12,048
	72	Central Japan Railway Co.		11,586
	2,033	Concordia Financial Group Ltd.		10,724
	99	Daikin Industries Ltd.		9,787
	148	FamilyMart UNY Holdings Co. Ltd.		9,371
	1,945	Fuji Electric Co. Ltd.		11,523
	285	Fuji Heavy Industries Ltd.		11,421
	109	Hikari Tsushin, Inc.		9,915
	398	Hitachi Chemical Co. Ltd.		11,291
	2,189	Hitachi Ltd.		12,533
	836	Hitachi Metals Ltd.		11,585
	617	Honda Motor Co. Ltd.		18,358
	268	Hoya Corp.		11,686
	326	Idemitsu Kosan Co. Ltd.		10,093
	909	ITOCHU Corp.		12,528
	628	KDDI Corp.		16,871
	209	Koito Manufacturing Co. Ltd.		11,071
	730	Kuraray Co. Ltd.		11,564
	350	LIXIL Group Corp.		8,181
	196	Matsumotokiyoshi Holdings Co. Ltd.		9,720
	659	Mazda Motor Corp.		9,702
	643	Mitsubishi Corp.		14,514
	880	Mitsubishi Electric Corp.		13,397
	4,248	Mitsubishi UFJ Financial Group, Inc.		27,202
	1,954	Mitsubishi UFJ Lease & Finance Co. Ltd.		10,415
	465	Mitsui Fudosan Co. Ltd.		10,736
	314	NH Foods Ltd.		8,546
	324	Nippon Telegraph & Telephone Corp.		14,329
	62	Nitori Holdings Co. Ltd.		6,915
	110	Nitto Denko Corp.		8,672
	548	NTT DOCOMO, Inc.		13,110
	1,008	Obayashi Corp.		9,602
	766	ORIX Corp.		11,557
	244	Otsuka Holdings Co. Ltd.		11,245
	110	Pola Orbis Holdings, Inc.		10,403
	151	SCREEN Holdings Co. Ltd.		9,425

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	618	Sekisui Chemical Co. Ltd.		10,089
	180	Shin-Etsu Chemical Co. Ltd.		15,520
	222	Shionogi & Co. Ltd.		10,682
	241	SoftBank Group Corp.		18,551
	354	Sompo Holdings, Inc.		12,833
	479	Sony Corp.		14,497
	2,086	Sumitomo Chemical Co. Ltd.		11,114
	695	Sumitomo Electric Industries Ltd.		10,110
	1,764	Sumitomo Heavy Industries Ltd.		12,128
	485	Sumitomo Mitsui Financial Group, Inc.		19,031
	265	Sumitomo Mitsui Trust Holdings, Inc.		9,874
	689	T&D Holdings, Inc.		10,207
	2,285	Taiheiyo Cement Corp.		7,984
	1,185	Taisei Corp.		8,418
	118	Tokyo Electron Ltd.		12,244
	813	Tokyo Tatemono Co. Ltd.		10,771
	344	Toyota Motor Corp.		19,993
				678,127
		Luxembourg — 0.7%
	222	APERAM SA		10,479
	1,041	ArcelorMittal (a)		8,114
				18,593
		Netherlands — 4.0%
	1,443	Aegon NV		7,846
	1,514	ING Groep NV		21,748
	597	Koninklijke Ahold Delhaize NV (a)		12,726
	305	NN Group NV		10,798
	2,093	Royal Dutch Shell plc, Class B		59,114
				112,232
		Norway — 1.1%
	753	DNB ASA		12,568
	1,891	Norsk Hydro ASA		10,790
	529	Telenor ASA		8,387
				31,745
		Portugal — 0.3%
	3,095	EDP - Energias de Portugal SA		9,000
		Singapore — 0.6%
	800	DBS Group Holdings Ltd.		10,821
	213	Jardine Cycle & Carriage Ltd.		6,249
				17,070
		South Africa — 0.3%
	1,878	Steinhoff International Holdings NV (a)		9,035
		South Korea — 0.2%
	117	POSCO, ADR		6,775

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — 2.9%
	348	ACS Actividades de Construccion y Servicios SA		10,717
	240	Amadeus IT Group SA		11,121
	4,018	Banco Santander SA		22,450
	463	Gas Natural SDG SA		8,922
	2,163	Iberdrola SA (a)		13,664
	890	Repsol SA		13,189
				80,063
		Sweden — 2.4%
	380	Atlas Copco AB, Class A		12,183
	384	Boliden AB		11,203
	637	Castellum AB		8,774
	417	Skanska AB, Class B		10,204
	519	Swedbank AB, Class A		13,120
	538	Trelleborg AB, Class B		11,152
				66,636
		Switzerland — 10.0%
	618	ABB Ltd. (a)		14,725
	154	Adecco Group AG		11,037
	181	Cie Financiere Richemont SA		14,123
	307	Coca-Cola HBC AG (a)		7,011
	11	Georg Fischer AG		8,906
	4,147	Glencore plc (a)		17,177
	274	Logitech International SA		7,844
	50	Lonza Group AG (a)		9,222
	556	Nestle SA		40,710
	351	Novartis AG		25,925
	197	Roche Holding AG		46,645
	53	Schindler Holding AG		10,100
	2	Sika AG		10,652
	36	Swiss Life Holding AG (a)		11,037
	145	Swiss Re AG		13,523
	1,262	UBS Group AG		20,508
	135	Wolseley plc		8,373
				277,518
		Taiwan — 0.4%
	355	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		10,968
		United Kingdom — 17.7%
	1,182	3i Group plc		10,442
	657	Anglo American plc (a)		11,327
	1,677	Aviva plc		10,095
	1,702	Barratt Developments plc		10,262

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	2,675	Booker Group plc		6,870
	5,227	BP plc		31,216
	616	British American Tobacco plc		38,005
	3,065	BT Group plc		11,756
	535	Burberry Group plc		11,056
	440	Carillion plc		1,197
	2,942	Centrica plc		8,327
	107	DCC plc		8,667
	673	Diageo plc		18,684
	207	Dialog Semiconductor plc (a)		9,624
	498	GlaxoSmithKline plc		9,629
	4,656	HSBC Holdings plc		39,720
	400	Imperial Brands plc		18,510
	1,036	John Wood Group plc		10,964
	18,088	Lloyds Banking Group plc		14,836
	421	Persimmon plc		10,249
	1,024	Prudential plc		19,845
	246	Reckitt Benckiser Group plc		21,150
	597	RELX NV		10,081
	665	Rio Tinto plc		29,467
	264	Schroders plc		9,808
	1,214	Segro plc		7,055
	701	Subsea 7 SA (a)		9,542
	292	TechnipFMC plc (a)		9,583
	4,006	Tesco plc (a)		9,840
	993	UBM plc		8,823
	798	Unilever NV, CVA		32,366
	7,780	Vodafone Group plc		19,057
	623	WPP plc		14,507
				492,560
		United States — 1.0%
	197	Carnival plc		10,513
	318	Shire plc		17,729
				28,242
		Total Common Stocks (Cost $2,647,244)		2,737,904
	Preferred Stock — 0.5%
		Germany — 0.5%
	112	Henkel AG & Co. KGaA (Preference) (Cost $12,021)		13,703

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	354	ACS Actividades de Construccion y Servicios SA, expiring 02/03/17 (a) (Cost $163)		159
SHARES
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	25,134	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $25,134)		25,134
		Total Investments — 99.7% (Cost $2,684,562)		2,776,900
		Other Assets in Excess of Liabilities — 0.3%		7,098
		NET ASSETS — 100.0%	$	2,783,998

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2017
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		14.2	%
Pharmaceuticals		7.3
Metals & Mining		6.1
Oil, Gas & Consumable Fuels		5.8
Insurance		5.4
Chemicals		3.6
Electrical Equipment		3.3
Automobiles		3.3
Real Estate Management & Development		3.0
Wireless Telecommunication Services		2.6
Diversified Telecommunication Services		2.5
Auto Components		2.3
Machinery		2.3
Tobacco		2.0
Construction & Engineering		2.0
Household Durables		1.9
Industrial Conglomerates		1.9
Capital Markets		1.9
Semiconductors & Semiconductor Equipment		1.9
Food Products		1.8
Food & Staples Retailing		1.7
Personal Products		1.5
Electric Utilities		1.3
Hotels, Restaurants & Leisure		1.3
Trading Companies & Distributors		1.3
Household Products		1.3
Textiles, Apparel & Luxury Goods		1.2
Diversified Financial Services		1.1
Professional Services		1.1
Energy Equipment & Services		1.1
Building Products		1.1
Others (each less than 1.0%)		10.0
Short-Term Investment		0.9

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

(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 January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	224,410
Aggregate gross unrealized depreciation		(132,072	)
Net unrealized appreciation/depreciation	$	92,338
Federal income tax cost of investments	$	2,684,562

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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. 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).

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	182,205	$	—	$	182,205
Austria		—		7,333		—		7,333
Belgium		—		18,540		—		18,540
China		—		17,421		—		17,421
Denmark		—		61,425		—		61,425
Finland		—		9,899		—		9,899
France		—		277,045		—		277,045
Germany		—		182,557		—		182,557
Hong Kong		—		78,817		—		78,817
India		9,451		—		—		9,451
Indonesia		9,966		—		—		9,966
Italy		—		44,681		—		44,681
Japan		—		678,127		—		678,127
Luxembourg		—		18,593		—		18,593
Netherlands		—		112,232		—		112,232
Norway		—		31,745		—		31,745
Portugal		—		9,000		—		9,000

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

		Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Singapore	$	—	$	17,070	$	—	$	17,070
South Africa		—		9,035		—		9,035
South Korea		6,775		—		—		6,775
Spain		311		79,752		—		80,063
Sweden		—		66,636		—		66,636
Switzerland		—		277,518		—		277,518
Taiwan		10,968		—		—		10,968
United Kingdom		9,583		482,977		—		492,560
United States		—		28,242		—		28,242
Total Common Stocks		47,054		2,690,850		—		2,737,904
Preferred Stocks
Germany		—		13,703		—		13,703
Right
Spain		159		—		—		159
Short-Term Investment
Investment Company		25,134		—		—		25,134
Total Investments in Securities	$	72,347	$	2,704,553	$	—	$	2,776,900

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 90.6%
		Argentina — 3.5%
	3	MercadoLibre, Inc.		596
	21	Pampa Energia SA, ADR (a)		975
				1,571
		Brazil — 52.5%
	122	Ambev SA, ADR		656
	27	Arezzo Industria e Comercio SA		248
	280	Banco Bradesco SA, ADR (a)		2,888
	1	BB Seguridade Participacoes SA		6
	188	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (a)		1,104
	180	CCR SA		884
	42	CVC Brasil Operadora e Agencia de Viagens SA		350
	83	Engie Brasil Energia SA		944
	92	Ez Tec Empreendimentos e Participacoes SA		535
	128	Fleury SA		1,538
	77	Gerdau SA, ADR		293
	24	Iguatemi Empresa de Shopping Centers SA		226
	75	Iochpe Maxion SA		309
	256	Itau Unibanco Holding SA, ADR		3,017
	240	Kroton Educacional SA		1,028
	72	Linx SA		415
	57	Localiza Rent a Car SA		669
	189	Lojas Renner SA		1,434
	15	M Dias Branco SA (a)		594
	16	Ouro Fino Saude Animal Participacoes SA		142
	190	Petroleo Brasileiro SA (Preference), ADR (a)		1,807
	77	Raia Drogasil SA (a)		1,593
	107	Transmissora Alianca de Energia Eletrica SA		732
	32	Ultrapar Participacoes SA		666
	63	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		478
	210	WEG SA		1,062
	22	Wilson Sons Ltd., BDR		216
				23,834
		Chile — 1.3%
	70	SACI Falabella		570
		Luxembourg — 0.5%
	10	Ternium SA, ADR		238

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — 21.5%
	329	Alfa SAB de CV, Class A		427
	61	Alsea SAB de CV		177
	197	Bolsa Mexicana de Valores SAB de CV		269
	306	Corp. Inmobiliaria Vesta SAB de CV		337
	17	Fomento Economico Mexicano SAB de CV, ADR		1,300
	519	Gentera SAB de CV		758
	56	Gruma SAB de CV, Class B		747
	87	Grupo Aeroportuario del Centro Norte SAB de CV		369
	111	Grupo Aeroportuario del Pacifico SAB de CV, Class B		857
	7	Grupo Aeroportuario del Sureste SAB de CV, ADR		953
	177	Grupo Financiero Banorte SAB de CV, Class O		848
	154	Infraestructura Energetica Nova SAB de CV		679
	258	Kimberly-Clark de Mexico SAB de CV, Class A		463
	104	Organizacion Soriana SAB de CV, Class B (a)		220
	75	Promotora y Operadora de Infraestructura SAB de CV (a)		655
	157	Qualitas Controladora SAB de CV		235
	193	Unifin Financiera SAB de CV SOFOM ENR		459
				9,753
		Panama — 1.6%
	8	Copa Holdings SA, Class A		733
		Peru — 5.2%
	11	Credicorp Ltd.		1,868
	16	Intercorp Financial Services, Inc., Reg. S		515
				2,383
		United States — 4.5%
	18	FirstCash, Inc.		748
	38	Globant SA (a)		1,274
				2,022
		Total Common Stocks (Cost $38,934)		41,104
	Preferred Stocks — 10.2%
		Brazil — 10.2%
	38	Cia Paranaense de Energia (Preference)		390
	575	Itausa - Investimentos Itau SA (Preference)		1,694

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — continued
		Brazil — continued
	112	Suzano Papel e Celulose SA (Preference), Class A		475
	214	Vale SA (Preference) (a)		2,072
		Total Preferred Stocks (Cost $4,261)		4,631
		Total Investments — 100.8% (Cost $43,195)		45,735
		Liabilities in Excess of Other Assets — (0.8)%		(377	)
		NET ASSETS — 100.0%	$	45,358

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2017

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

INDUSTRY	PERCENTAGE
Banks		23.7	%
Transportation Infrastructure		8.6
Metals & Mining		5.7
Oil, Gas & Consumable Fuels		5.4
Electric Utilities		4.6
Multiline Retail		4.4
Consumer Finance		4.3
Beverages		4.3
Food & Staples Retailing		4.0
Software		3.7
Health Care Providers & Services		3.4
Capital Markets		3.0
Machinery		3.0
Food Products		2.9
Diversified Consumer Services		2.2
Independent Power & Renewable Electricity Producers		2.1
Airlines		1.6
Gas Utilities		1.5
Road & Rail		1.5
Internet Software & Services		1.3
Real Estate Management & Development		1.2
Household Durables		1.2
Hotels, Restaurants & Leisure		1.2
Commercial Services & Supplies		1.0
Paper & Forest Products		1.0
Household Products		1.0
Others (each less than 1.0%)		2.2

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
BDR	—	Brazilian Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	6,075
Aggregate gross unrealized depreciation		(3,535	)
Net unrealized appreciation/depreciation	$	2,540
Federal income tax cost of investments	$	43,195

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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.

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 Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	45,735	$	—	$	—	$	45,735

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

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 93.6%
	Common Stocks — 77.2%
			Consumer Discretionary — 26.3%
			Auto Components — 0.1%
	2		Delphi Automotive plc		143
			Hotels, Restaurants & Leisure — 6.7%
	2		Hilton Worldwide Holdings, Inc.		121
	138		MGM Resorts International (a)		3,961
	61		Royal Caribbean Cruises Ltd.		5,684
	3		Starbucks Corp.		156
	55		Yum Brands, Inc.		3,586
					13,508
			Household Durables — 9.8%
	6		DR Horton, Inc.		173
	367		Newell Brands, Inc. (j)		17,385
	105		PulteGroup, Inc.		2,257
					19,815
			Internet & Direct Marketing Retail — 0.1%
	—	(h)	Amazon.com, Inc. (a)		125
	2		TripAdvisor, Inc. (a)		125
					250
			Media — 9.1%
	1		Charter Communications, Inc., Class A (a)		176
	49		DISH Network Corp., Class A (a)		2,872
	73		Time Warner, Inc.		7,065
	266		Twenty-First Century Fox, Inc., Class B (j)		8,248
	1		Walt Disney Co. (The)		143
					18,504
			Multiline Retail — 0.1%
	2		Dollar General Corp.		142
			Specialty Retail — 0.3%
	4		Best Buy Co., Inc.		168
	1		Home Depot, Inc. (The)		146
	2		Lowe’s Cos., Inc.		145
	1		O’Reilly Automotive, Inc. (a)		132
					591
			Textiles, Apparel & Luxury Goods — 0.1%
	3		NIKE, Inc., Class B		139
			Total Consumer Discretionary		53,092
			Consumer Staples — 4.8%
			Beverages — 3.2%
	19		Anheuser-Busch InBev SA/NV, (Belgium), ADR		1,976
	44		Brown-Forman Corp., Class B		2,022
	23		PepsiCo, Inc.		2,376
					6,374

SHARES			SECURITY DESCRIPTION	VALUE($)
			Food & Staples Retailing — 0.1%
	1		Costco Wholesale Corp.		142
	4		Kroger Co. (The)		145
					287
			Food Products — 1.5%
	76		Hormel Foods Corp.		2,753
	2		Kraft Heinz Co. (The)		167
	4		Mondelez International, Inc., Class A		159
					3,079
			Total Consumer Staples		9,740
			Energy — 1.0%
			Energy Equipment & Services — 0.1%
	3		Halliburton Co.		161
			Oil, Gas & Consumable Fuels — 0.9%
	2		Anadarko Petroleum Corp.		157
	7		Cabot Oil & Gas Corp.		152
	4		Cheniere Energy, Inc. (a)		171
	1		Concho Resources, Inc. (a)		166
	2		Diamondback Energy, Inc. (a)		164
	2		EOG Resources, Inc.		156
	2		EQT Corp.		112
	6		Kinder Morgan, Inc.		145
	1		Pioneer Natural Resources Co.		138
	4		Range Resources Corp.		133
	16		Southwestern Energy Co. (a)		142
	3		TransCanada Corp., (Canada)		145
					1,781
			Total Energy		1,942
			Financials — 7.7%
			Banks — 0.9%
	7		Bank of America Corp.		161
	3		Citigroup, Inc.		149
	2		First Republic Bank		144
	59		KeyCorp (j)		1,068
	3		Wells Fargo & Co.		145
	4		Zions Bancorporation		157
					1,824
			Capital Markets — 2.3%
	1		Ameriprise Financial, Inc.		157
	3		Bank of New York Mellon Corp. (The)		131
	—	(h)	BlackRock, Inc.		118
	3		Charles Schwab Corp. (The)		141
	17		Goldman Sachs Group, Inc. (The)		3,871
	2		Intercontinental Exchange, Inc.		144

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Capital Markets — continued
	3		Morgan Stanley		137
					4,699
			Consumer Finance — 2.1%
	7		Ally Financial, Inc.		150
	53		American Express Co.		4,033
	2		Capital One Financial Corp.		139
					4,322
			Diversified Financial Services — 2.0%
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		3,936
			Insurance — 0.4%
	2		Arthur J Gallagher & Co.		123
	1		Chubb Ltd.		141
	1		Everest Re Group Ltd.		142
	3		Hartford Financial Services Group, Inc. (The)		142
	3		MetLife, Inc.		142
	3		XL Group Ltd., (Bermuda)		122
					812
			Total Financials		15,593
			Health Care — 8.9%
			Biotechnology — 0.3%
	—	(h)	Biogen, Inc. (a)		133
	1		Celgene Corp. (a)		137
	1		Incyte Corp. (a)		158
	2		Vertex Pharmaceuticals, Inc. (a)		131
					559
			Health Care Equipment & Supplies — 0.3%
	3		Abbott Laboratories (j)		145
	1		Becton Dickinson and Co.		128
	6		Boston Scientific Corp. (a)		154
	1		Zimmer Biomet Holdings, Inc.		159
					586
			Health Care Providers & Services — 3.1%
	34		Anthem, Inc.		5,232
	5		Humana, Inc.		1,000
	1		McKesson Corp.		134
					6,366
			Life Sciences Tools & Services — 5.0%
	3		Agilent Technologies, Inc.		157
	1		Illumina, Inc. (a)		137
	64		Thermo Fisher Scientific, Inc.		9,738
					10,032
			Pharmaceuticals — 0.2%
	1		Allergan plc (a)		120

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	3	Bristol-Myers Squibb Co.		132
	2	Eli Lilly & Co.		144
				396
		Total Health Care		17,939
		Industrials — 12.8%
		Aerospace & Defense — 0.1%
	1	Northrop Grumman Corp.		137
		Airlines — 0.1%
	2	United Continental Holdings, Inc. (a)		160
		Building Products — 0.1%
	1	Lennox International, Inc.		146
	4	Masco Corp.		143
				289
		Commercial Services & Supplies — 0.1%
	2	Waste Connections, Inc., (Canada)		139
		Electrical Equipment — 2.1%
	20	Acuity Brands, Inc.		4,225
	2	Eaton Corp. plc		147
				4,372
		Industrial Conglomerates — 0.1%
	4	General Electric Co.		133
	1	Honeywell International, Inc.		141
				274
		Machinery — 0.1%
	2	PACCAR, Inc.		165
		Road & Rail — 10.0%
	79	Canadian Pacific Railway Ltd., (Canada) (j)		11,953
	123	CSX Corp.		5,727
	2	Kansas City Southern		145
	19	Norfolk Southern Corp.		2,254
	2	Union Pacific Corp.		167
				20,246
		Trading Companies & Distributors — 0.1%
	3	AerCap Holdings NV, (Ireland) (a)		143
		Total Industrials		25,925
		Information Technology — 10.7%
		Electronic Equipment, Instruments & Components — 0.1%
	2	TE Connectivity Ltd.		154
		Internet Software & Services — 3.4%
	8	Alphabet, Inc., Class A (a) (j)		6,812

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Options contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — 6.4%
	63	Fidelity National Information Services, Inc.		4,988
	24	Fiserv, Inc. (a) (j)		2,605
	24	Mastercard, Inc., Class A (j)		2,564
	32	Visa, Inc., Class A (j)		2,622
	1	WEX, Inc. (a)		163
				12,942
		Semiconductors & Semiconductor Equipment — 0.5%
	2	Analog Devices, Inc.		169
	1	Broadcom Ltd.		183
	5	Micron Technology, Inc. (a)		130
	12	ON Semiconductor Corp. (a)		165
	2	QUALCOMM, Inc.		115
	2	Skyworks Solutions, Inc.		173
	2	Texas Instruments, Inc. (j)		144
				1,079
		Software — 0.2%
	1	Adobe Systems, Inc. (a)		148
	4	Mobileye NV (a)		166
	2	Workday, Inc., Class A (a)		159
				473
		Technology Hardware, Storage & Peripherals — 0.1%
	9	HP, Inc.		142
		Total Information Technology		21,602
		Materials — 4.1%
		Chemicals — 1.4%
	2	Eastman Chemical Co.		141
	18	Ecolab, Inc. (j)		2,162
	2	EI du Pont de Nemours & Co.		145
	5	Mosaic Co. (The)		165
	6	Olin Corp.		161
				2,774
		Construction Materials — 0.1%
	1	Martin Marietta Materials, Inc.		148
		Containers & Packaging — 2.6%
	96	Berry Plastics Group, Inc. (a) (j)		4,918
	3	Crown Holdings, Inc. (a)		141
	3	Sealed Air Corp.		145
	3	WestRock Co.		164
				5,368
		Metals & Mining — 0.0% (g)
	6	TimkenSteel Corp. (a)		109
		Total Materials		8,399

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 0.4%
		Equity Real Estate Investment Trusts (REITs) — 0.4%
	1	AvalonBay Communities, Inc.		136
	5	HCP, Inc.		137
	5	Kimco Realty Corp.		136
	5	Omega Healthcare Investors, Inc.		159
	1	SL Green Realty Corp.		139
	6	STORE Capital Corp.		132
		Total Real Estate		839
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	1	SBA Communications Corp. (a)		123
		Utilities — 0.4%
		Electric Utilities — 0.3%
	2	Edison International		144
	1	NextEra Energy, Inc.		147
	2	PG&E Corp.		143
	2	Pinnacle West Capital Corp.		140
				574
		Multi-Utilities — 0.1%
	2	Ameren Corp.		122
	5	NiSource, Inc.		122
				244
		Total Utilities		818
		Total Common Stocks (Cost $143,258)		156,012
NUMBER OF CONTRACTS
	Options Purchased — 0.1%
		Call Options Purchased: — 0.1%
	620	Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style (Cost $226)		220
SHARES
	Short-Term Investment — 16.3%
		Investment Company — 16.3%
	32,855	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $32,855)		32,855

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
			Total Investments — 93.6% (Cost $176,339)		189,087
			Other Assets in Excess of Liabilities — 6.4%		12,967
			NET ASSETS — 100.0%	$	202,054
	Short Positions — 27.1%
	Common Stocks — 27.1%
			Consumer Discretionary — 9.1%
			Auto Components — 0.1%
	1		Autoliv, Inc., (Sweden)		165
			Distributors — 1.6%
	104		LKQ Corp. (a)		3,329
			Hotels, Restaurants & Leisure — 0.2%
	—	(h)	Chipotle Mexican Grill, Inc. (a)		150
	2		Darden Restaurants, Inc.		165
	2		Marriott International, Inc., Class A		166
					481
			Household Durables — 0.5%
	21		Garmin Ltd.		1,002
			Leisure Products — 0.1%
	1		Hasbro, Inc.		121
			Media — 4.9%
	2		CBS Corp. (Non-Voting), Class B		143
	6		Discovery Communications, Inc., Class A (a)		166
	6		Interpublic Group of Cos., Inc. (The)		141
	12		Omnicom Group, Inc.		1,068
	2		Scripps Networks Interactive, Inc., Class A		145
	263		Twenty-First Century Fox, Inc., Class A		8,264
					9,927
			Multiline Retail — 0.1%
	2		Target Corp.		146
			Specialty Retail — 1.5%
	3		Bed Bath & Beyond, Inc.		121
	2		Ross Stores, Inc.		108
	55		Sally Beauty Holdings, Inc. (a)		1,314
	20		TJX Cos., Inc. (The)		1,532
					3,075
			Textiles, Apparel & Luxury Goods — 0.1%
	2		Lululemon Athletica, Inc. (a)		160
	4		Under Armour, Inc., Class A (a)		85
					245
			Total Consumer Discretionary		18,491

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 3.5%
		Beverages — 1.0%
	21	Molson Coors Brewing Co., Class B		2,022
		Food & Staples Retailing — 0.2%
	3	Sysco Corp.		153
	2	Wal-Mart Stores, Inc.		138
	5	Whole Foods Market, Inc.		159
				450
		Food Products — 2.1%
	32	General Mills, Inc.		2,025
	2	Hershey Co. (The)		163
	28	Kellogg Co.		2,030
				4,218
		Household Products — 0.2%
	3	Church & Dwight Co., Inc.		142
	1	Clorox Co. (The)		158
	2	Colgate-Palmolive Co.		136
				436
		Total Consumer Staples		7,126
		Energy — 1.4%
		Energy Equipment & Services — 0.2%
	2	Helmerich & Payne, Inc.		159
	4	National Oilwell Varco, Inc.		157
				316
		Oil, Gas & Consumable Fuels — 1.2%
	1	Chevron Corp.		154
	1	Cimarex Energy Co.		156
	26	Enbridge, Inc., (Canada)		1,105
	2	Exxon Mobil Corp.		134
	3	Hess Corp.		177
	10	Marathon Oil Corp.		170
	5	Murphy Oil Corp.		149
	4	Noble Energy, Inc.		168
	3	ONEOK, Inc.		154
	3	Spectra Energy Corp.		138
				2,505
		Total Energy		2,821
		Financials — 3.3%
		Banks — 0.4%
	6	Associated Banc-Corp		163
	5	Fifth Third Bancorp		137
	7	First Horizon National Corp.		140
	7	People’s United Financial, Inc.		136
	3	US Bancorp		166
	3	Webster Financial Corp.		137
				879
		Capital Markets — 0.3%
	1	CME Group, Inc.		146

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	5	Federated Investors, Inc., Class B		130
	3	Franklin Resources, Inc.		138
	2	Nasdaq, Inc.		145
				559
		Diversified Financial Services — 1.9%
	24	Berkshire Hathaway, Inc., Class B (a)		3,939
		Insurance — 0.7%
	2	Aflac, Inc.		141
	1	Aon plc		139
	2	Axis Capital Holdings Ltd.		139
	2	Principal Financial Group, Inc.		137
	4	Progressive Corp. (The)		168
	1	RenaissanceRe Holdings Ltd., (Bermuda)		141
	2	Torchmark Corp.		139
	1	Travelers Cos., Inc. (The)		141
	3	WR Berkley Corp.		182
				1,327
		Total Financials		6,704
		Health Care — 1.3%
		Biotechnology — 0.1%
	3	AbbVie, Inc.		155
	1	Amgen, Inc.		161
				316
		Health Care Equipment & Supplies — 0.4%
	3	Baxter International, Inc.		128
	1	CR Bard, Inc.		167
	2	Medtronic plc		126
	1	Stryker Corp.		169
	1	Varex Imaging Corp. (a)		21
	2	Varian Medical Systems, Inc. (a)		141
				752
		Health Care Providers & Services — 0.1%
	2	Cardinal Health, Inc.		141
		Health Care Technology — 0.1%
	3	Cerner Corp. (a)		160
		Life Sciences Tools & Services — 0.6%
	40	VWR Corp. (a)		1,035
	1	Waters Corp. (a)		123
				1,158
		Pharmaceuticals — 0.0% (g)
	1	Johnson & Johnson		137
		Total Health Care		2,664

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 2.1%
		Aerospace & Defense — 0.1%
	1	Boeing Co. (The)		145
	1	United Technologies Corp.		138
				283
		Air Freight & Logistics — 0.4%
	2	CH Robinson Worldwide, Inc.		145
	6	United Parcel Service, Inc., Class B		607
				752
		Airlines — 0.6%
	24	Hawaiian Holdings, Inc. (a)		1,205
		Commercial Services & Supplies — 0.1%
	2	Republic Services, Inc.		142
	2	Waste Management, Inc.		160
				302
		Industrial Conglomerates — 0.1%
	1	3M Co.		138
		Machinery — 0.5%
	3	AGCO Corp.		168
	4	Donaldson Co., Inc.		163
	1	Illinois Tool Works, Inc.		146
	8	Pentair plc, (United Kingdom)		493
				970
		Professional Services — 0.1%
	1	Equifax, Inc.		137
		Road & Rail — 0.1%
	2	JB Hunt Transport Services, Inc.		164
		Trading Companies & Distributors — 0.1%
	4	Air Lease Corp.		145
	3	Fastenal Co.		172
				317
		Total Industrials		4,268
		Information Technology — 1.8%
		Communications Equipment — 0.1%
	5	Cisco Systems, Inc.		144
	6	Juniper Networks, Inc.		150
				294
		Electronic Equipment, Instruments & Components — 0.1%
	2	Amphenol Corp., Class A		160
		Internet Software & Services — 0.9%
	59	eBay, Inc. (a)		1,885

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 0.3%
	4	Intel Corp.		143
	5	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		147
	6	Versum Materials, Inc. (a)		179
	3	Xilinx, Inc.		159
				628
		Software — 0.2%
	2	Citrix Systems, Inc. (a)		162
	2	salesforce.com, Inc. (a)		151
				313
		Technology Hardware, Storage & Peripherals — 0.2%
	4	NetApp, Inc.		154
	4	Seagate Technology plc		166
				320
		Total Information Technology		3,600
		Materials — 0.9%
		Chemicals — 0.3%
	2	Agrium, Inc., (Canada)		162
	1	Air Products & Chemicals, Inc.		156
	2	LyondellBasell Industries NV, Class A		171
	1	Praxair, Inc.		165
				654
		Containers & Packaging — 0.5%
	2	AptarGroup, Inc.		140
	3	Bemis Co., Inc.		138
	3	Greif, Inc., Class A		158
	3	International Paper Co.		170
	2	Packaging Corp. of America		150
	3	Sonoco Products Co.		144
				900
		Paper & Forest Products — 0.1%
	4	Domtar Corp.		175
		Total Materials		1,729
		Real Estate — 3.1%
		Equity Real Estate Investment Trusts (REITs) — 3.1%
	2	Crown Castle International Corp.		144
	2	Digital Realty Trust, Inc.		167
	1	Federal Realty Investment Trust		137
	5	Healthcare Realty Trust, Inc.		139
	5	Healthcare Trust of America, Inc., Class A		139
	266	Host Hotels & Resorts, Inc.		4,802
	1	Simon Property Group, Inc.		199

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	4	UDR, Inc.		155
	3	Ventas, Inc.		158
	2	Welltower, Inc.		157
		Total Real Estate		6,197
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	3	Verizon Communications, Inc.		131
		Utilities — 0.5%
		Electric Utilities — 0.3%
	2	Duke Energy Corp.		143
	2	Entergy Corp.		142
	3	Eversource Energy		142
	3	Southern Co. (The)		163
				590
		Multi-Utilities — 0.2%
	2	Consolidated Edison, Inc.		163
	2	Dominion Resources, Inc.		160
				323
		Total Utilities		913
		Total Securities Sold Short (Proceeds $52,035)	$	54,644

Percentages indicated are based on net assets.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 as collateral for short sales. The total value of securities is 34,572.
(l)	—	The rate shown is the current yield as of January 31, 2017.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	13,065
Aggregate gross unrealized depreciation		(317	)
Net unrealized appreciation/depreciation	$	12,748
Federal income tax cost of investments	$	176,339

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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.

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

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

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

The various inputs that are used in determining the valuation of the 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.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	189,087		$	—	$	—	$	189,087
Total Liabilities for Securities Sold Short (a)	$	(54,644	)	$	—	$	—	$	(54,644	)

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

There were no transfers among any levels during the period ended January 31, 2017.

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

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 99.1%
	Common Stocks — 95.3%
		Consumer Discretionary — 16.3%
		Auto Components — 0.2%
	7	Delphi Automotive plc		501
		Hotels, Restaurants & Leisure — 3.0%
	8	Carnival Corp.		458
	29	Royal Caribbean Cruises Ltd.		2,719
	77	Starbucks Corp.		4,256
	19	Yum Brands, Inc.		1,250
				8,683
		Household Durables — 0.8%
	30	DR Horton, Inc.		907
	29	MDC Holdings, Inc.		770
	24	PulteGroup, Inc.		506
	10	Toll Brothers, Inc. (a)		321
				2,504
		Internet & Direct Marketing Retail — 1.2%
	4	Amazon.com, Inc. (a)		3,152
	9	TripAdvisor, Inc. (a)		486
				3,638
		Media — 5.8%
	6	Charter Communications, Inc., Class A (a)		2,058
	37	Comcast Corp., Class A		2,777
	22	DISH Network Corp., Class A (a)		1,309
	366	Sirius XM Holdings, Inc.		1,728
	112	Twenty-First Century Fox, Inc., Class B		3,472
	48	Walt Disney Co. (The) (j)		5,364
				16,708
		Multiline Retail — 0.4%
	11	Dollar General Corp.		805
	10	Macy’s, Inc.		306
				1,111
		Specialty Retail — 4.9%
	46	Best Buy Co., Inc. (j)		2,031
	24	Home Depot, Inc. (The)		3,325
	56	Lowe’s Cos., Inc.		4,101
	8	O’Reilly Automotive, Inc. (a)		2,143
	33	TJX Cos., Inc. (The)		2,494
				14,094
		Total Consumer Discretionary		47,239
		Consumer Staples — 8.7%
		Beverages — 3.0%
	17	Constellation Brands, Inc., Class A		2,471
	25	Molson Coors Brewing Co., Class B		2,451

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	37	PepsiCo, Inc.		3,793
				8,715
		Food & Staples Retailing — 1.9%
	16	Costco Wholesale Corp.		2,628
	24	Kroger Co. (The)		798
	25	Walgreens Boots Alliance, Inc.		2,010
				5,436
		Food Products — 1.8%
	9	Kraft Heinz Co. (The)		817
	67	Mondelez International, Inc., Class A		2,950
	16	Post Holdings, Inc. (a)		1,364
				5,131
		Household Products — 0.1%
	2	Kimberly-Clark Corp.		297
		Tobacco — 1.9%
	52	Altria Group, Inc.		3,699
	10	Philip Morris International, Inc.		960
	15	Reynolds American, Inc.		895
				5,554
		Total Consumer Staples		25,133
		Energy — 5.9%
		Energy Equipment & Services — 0.2%
	5	Schlumberger Ltd.		456
		Oil, Gas & Consumable Fuels — 5.7%
	24	Anadarko Petroleum Corp.		1,684
	15	Cabot Oil & Gas Corp.		324
	13	Concho Resources, Inc. (a)		1,829
	37	Diamondback Energy, Inc. (a)		3,876
	27	EOG Resources, Inc.		2,703
	28	Pioneer Natural Resources Co.		5,056
	30	Southwestern Energy Co. (a)		272
	15	TransCanada Corp., (Canada)		697
				16,441
		Total Energy		16,897
		Financials — 12.3%
		Banks — 3.4%
	141	Bank of America Corp. (j)		3,185
	27	Citigroup, Inc.		1,482
	17	East West Bancorp, Inc.		889
	84	KeyCorp		1,509
	5	PNC Financial Services Group, Inc. (The)		578
	56	Regions Financial Corp.		804

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Banks — continued
	5	SunTrust Banks, Inc.		299
	5	SVB Financial Group (a)		814
	5	Wells Fargo & Co.		288
				9,848
		Capital Markets — 3.6%
	6	Ameriprise Financial, Inc.		663
	16	Bank of New York Mellon Corp. (The)		719
	76	Charles Schwab Corp. (The)		3,136
	2	Goldman Sachs Group, Inc. (The)		541
	41	Intercontinental Exchange, Inc.		2,375
	71	Morgan Stanley (j)		3,004
				10,438
		Insurance — 5.3%
	16	American International Group, Inc.		1,059
	47	Arthur J Gallagher & Co.		2,517
	23	Chubb Ltd. (j)		3,045
	60	Hartford Financial Services Group, Inc. (The)		2,911
	23	Lincoln National Corp.		1,550
	79	MetLife, Inc.		4,281
				15,363
		Total Financials		35,649
		Health Care — 7.5%
		Biotechnology — 2.0%
	5	Alexion Pharmaceuticals, Inc. (a)		625
	6	Biogen, Inc. (a)		1,751
	3	BioMarin Pharmaceutical, Inc. (a)		305
	13	Celgene Corp. (a) (j)		1,500
	4	Incyte Corp. (a)		470
	15	Vertex Pharmaceuticals, Inc. (a)		1,246
				5,897
		Health Care Equipment & Supplies — 0.4%
	47	Boston Scientific Corp. (a)		1,135
		Health Care Providers & Services — 3.6%
	8	Aetna, Inc. (j)		997
	28	Humana, Inc.		5,476
	24	UnitedHealth Group, Inc.		3,878
				10,351
		Pharmaceuticals — 1.5%
	4	Allergan plc (a)		896
	24	Bristol-Myers Squibb Co.		1,166
	15	Eli Lilly & Co.		1,170

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	30	Pfizer, Inc.		937
				4,169
		Total Health Care		21,552
		Industrials — 13.6%
		Aerospace & Defense — 1.5%
	12	General Dynamics Corp.		2,247
	7	Huntington Ingalls Industries, Inc.		1,292
	12	Textron, Inc.		556
	2	United Technologies Corp.		247
				4,342
		Air Freight & Logistics — 0.3%
	4	FedEx Corp.		767
		Airlines — 1.4%
	19	Alaska Air Group, Inc.		1,742
	18	Delta Air Lines, Inc.		844
	20	United Continental Holdings, Inc. (a)		1,427
				4,013
		Building Products — 0.5%
	7	Allegion plc (j)		486
	4	Lennox International, Inc.		680
	10	Masco Corp.		335
				1,501
		Commercial Services & Supplies — 0.2%
	9	Waste Management, Inc.		631
		Electrical Equipment — 1.3%
	23	Eaton Corp. plc (j)		1,661
	15	Rockwell Automation, Inc.		2,195
				3,856
		Industrial Conglomerates — 1.6%
	40	Honeywell International, Inc.		4,707
		Machinery — 2.1%
	16	Ingersoll-Rand plc		1,296
	7	Snap-on, Inc.		1,298
	27	Stanley Black & Decker, Inc. (j)		3,378
				5,972
		Road & Rail — 4.7%
	30	Canadian Pacific Railway Ltd., (Canada) (j)		4,609
	10	Norfolk Southern Corp.		1,167
	73	Union Pacific Corp.		7,809
				13,585
		Total Industrials		39,374

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Information Technology — 16.5%
		Electronic Equipment, Instruments & Components — 0.8%
	32	TE Connectivity Ltd.		2,375
		Internet Software & Services — 3.4%
	9	Alphabet, Inc., Class C (a) (j)		7,563
	17	Facebook, Inc., Class A (a)		2,190
				9,753
		IT Services — 3.9%
	17	Accenture plc, Class A (j)		1,923
	32	Fidelity National Information Services, Inc. (j)		2,545
	61	First Data Corp., Class A (a)		933
	7	Jack Henry & Associates, Inc.		639
	17	Vantiv, Inc., Class A (a)		1,027
	12	Visa, Inc., Class A		963
	28	WEX, Inc. (a) (j)		3,199
				11,229
		Semiconductors & Semiconductor Equipment — 5.3%
	44	Analog Devices, Inc.		3,281
	33	Broadcom Ltd. (j)		6,527
	14	Micron Technology, Inc. (a)		338
	3	NVIDIA Corp.		324
	45	ON Semiconductor Corp. (a)		595
	58	Texas Instruments, Inc.		4,400
				15,465
		Software — 2.9%
	28	Adobe Systems, Inc. (a) (j)		3,231
	43	Microsoft Corp.		2,794
	31	Mobileye NV (a)		1,352
	14	Workday, Inc., Class A (a)		1,152
				8,529
		Technology Hardware, Storage & Peripherals — 0.2%
	6	Western Digital Corp.		480
		Total Information Technology		47,831
		Materials — 6.1%
		Chemicals — 3.9%
	37	Dow Chemical Co. (The)		2,210
	57	Eastman Chemical Co.		4,453
	25	EI du Pont de Nemours & Co.		1,864
	27	Mosaic Co. (The)		843
	26	Olin Corp.		686
	20	Westlake Chemical Corp.		1,237
				11,293

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 1.7%
	38	Crown Holdings, Inc. (a)		2,045
	16	Sealed Air Corp.		788
	37	WestRock Co.		1,990
				4,823
		Metals & Mining — 0.5%
	28	Alcoa Corp.		1,034
	22	Freeport-McMoRan, Inc. (a)		368
				1,402
		Total Materials		17,518
		Real Estate — 1.6%
		Equity Real Estate Investment Trusts (REITs) — 1.6%
	6	AvalonBay Communities, Inc.		1,117
	34	Brandywine Realty Trust		552
	31	Prologis, Inc.		1,525
	9	SL Green Realty Corp.		987
	17	STORE Capital Corp.		399
		Total Real Estate		4,580
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.5%
	13	SBA Communications Corp. (a)		1,365
		Wireless Telecommunication Services — 0.4%
	21	T-Mobile US, Inc. (a) (j)		1,303
		Total Telecommunication Services		2,668
		Utilities — 5.9%
		Electric Utilities — 3.6%
	23	Edison International		1,641
	18	NextEra Energy, Inc. (j)		2,244
	51	PG&E Corp.		3,148
	21	Pinnacle West Capital Corp.		1,622
	40	Xcel Energy, Inc.		1,647
				10,302
		Multi-Utilities — 2.0%
	55	Ameren Corp.		2,882
	39	CMS Energy Corp. (j)		1,647
	54	NiSource, Inc.		1,208
				5,737
		Water Utilities — 0.3%
	13	American Water Works Co., Inc.		926
		Total Utilities		16,965
		Total Common Stocks (Cost $208,758)		275,406

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 3.8%
		Investment Company — 3.6%
	10,476	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l)		10,476
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.2%
	605	U.S. Treasury Bill, 0.482%, 03/30/17 (k) (n)		605
		Total Short-Term Investments (Cost $11,081)		11,081
		Total Investments — 99.1% (Cost $219,839)		286,487
		Other Assets in Excess of Liabilities — 0.9%		2,693
		NET ASSETS — 100.0%	$	289,180
SHARES
	Short Positions — 93.9%
	Common Stocks — 93.9%
		Consumer Discretionary — 16.3%
		Auto Components — 0.2%
	5	Autoliv, Inc., (Sweden)		631
		Automobiles — 0.6%
	48	Ford Motor Co.		589
	24	General Motors Co.		890
	3	Harley-Davidson, Inc.		154
				1,633
		Hotels, Restaurants & Leisure — 3.3%
	4	Aramark		149
	9	Brinker International, Inc.		418
	5	Cheesecake Factory, Inc. (The)		295
	4	Chipotle Mexican Grill, Inc. (a)		1,601
	7	Choice Hotels International, Inc.		411
	17	Darden Restaurants, Inc.		1,273
	12	Hyatt Hotels Corp., Class A (a)		656
	12	Marriott International, Inc., Class A		1,054
	30	McDonald’s Corp.		3,616
				9,473
		Household Durables — 0.2%
	12	Garmin Ltd.		570
		Internet & Direct Marketing Retail — 1.9%
	7	Expedia, Inc.		839
	25	Netflix, Inc. (a)		3,578
	1	Priceline Group, Inc. (The) (a)		945
				5,362

SHARES		SECURITY DESCRIPTION	VALUE($)
		Leisure Products — 1.2%
	17	Hasbro, Inc.		1,361
	78	Mattel, Inc.		2,041
				3,402
		Media — 4.4%
	6	AMC Networks, Inc., Class A (a)		370
	27	Cinemark Holdings, Inc.		1,135
	37	Discovery Communications, Inc., Class A (a)		1,045
	87	Interpublic Group of Cos., Inc. (The)		2,037
	150	News Corp., Class A		1,845
	28	Omnicom Group, Inc.		2,439
	64	Regal Entertainment Group, Class A		1,452
	33	Scripps Networks Interactive, Inc., Class A		2,503
				12,826
		Multiline Retail — 1.6%
	28	Kohl’s Corp.		1,114
	18	Nordstrom, Inc.		805
	44	Target Corp.		2,824
				4,743
		Specialty Retail — 1.6%
	21	Abercrombie & Fitch Co., Class A		244
	29	Ascena Retail Group, Inc. (a)		141
	63	Bed Bath & Beyond, Inc.		2,555
	5	CarMax, Inc. (a)		313
	26	DSW, Inc., Class A		559
	33	Gap, Inc. (The)		760
				4,572
		Textiles, Apparel & Luxury Goods — 1.3%
	11	Lululemon Athletica, Inc. (a)		723
	13	NIKE, Inc., Class B		661
	51	Under Armour, Inc., Class A (a)		1,085
	19	Under Armour, Inc., Class C (a)		358
	20	VF Corp.		1,030
				3,857
		Total Consumer Discretionary		47,069
		Consumer Staples — 9.7%
		Beverages — 1.5%
	6	Brown-Forman Corp., Class B		286
	98	Coca-Cola Co. (The)		4,070
				4,356
		Food & Staples Retailing — 2.4%
	30	CVS Health Corp.		2,350
	24	Sysco Corp.		1,279

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Food & Staples Retailing — continued
	17	Wal-Mart Stores, Inc.		1,134
	73	Whole Foods Market, Inc.		2,194
				6,957
		Food Products — 2.0%
	19	Campbell Soup Co.		1,170
	32	General Mills, Inc.		2,018
	8	Hershey Co. (The)		812
	22	Kellogg Co.		1,623
				5,623
		Household Products — 3.8%
	70	Church & Dwight Co., Inc.		3,153
	26	Clorox Co. (The)		3,120
	32	Colgate-Palmolive Co.		2,041
	31	Procter & Gamble Co. (The)		2,689
				11,003
		Total Consumer Staples		27,939
		Energy — 5.7%
		Energy Equipment & Services — 0.3%
	14	Helmerich & Payne, Inc.		968
		Oil, Gas & Consumable Fuels — 5.4%
	35	Chevron Corp.		3,942
	19	ConocoPhillips		912
	74	Exxon Mobil Corp.		6,191
	23	Hess Corp.		1,262
	44	Marathon Oil Corp.		729
	12	Murphy Oil Corp.		350
	14	Noble Energy, Inc.		568
	22	Occidental Petroleum Corp.		1,498
				15,452
		Total Energy		16,420
		Financials — 12.0%
		Banks — 4.2%
	13	Associated Banc-Corp.		336
	17	Bank of Hawaii Corp.		1,461
	52	Fifth Third Bancorp		1,368
	33	First Horizon National Corp.		664
	43	Fulton Financial Corp.		773
	7	M&T Bank Corp.		1,170
	54	People’s United Financial, Inc.		1,016
	5	PNC Financial Services Group, Inc. (The)		602
	73	US Bancorp		3,822
	15	Webster Financial Corp.		762
				11,974

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.3%
	1	BlackRock, Inc.		299
	13	CME Group, Inc.		1,574
	25	Federated Investors, Inc., Class B		637
	37	Franklin Resources, Inc.		1,487
	11	Nasdaq, Inc.		741
	15	Northern Trust Corp.		1,236
	11	T Rowe Price Group, Inc.		728
				6,702
		Consumer Finance — 0.1%
	5	American Express Co.		344
		Insurance — 5.4%
	34	Aflac, Inc.		2,366
	14	Allstate Corp. (The)		1,023
	7	Aon plc		744
	16	Arch Capital Group Ltd. (a)		1,372
	3	Assurant, Inc.		291
	13	Axis Capital Holdings Ltd.		813
	11	Principal Financial Group, Inc.		599
	20	Progressive Corp. (The)		743
	10	RenaissanceRe Holdings Ltd., (Bermuda)		1,322
	22	Torchmark Corp.		1,607
	17	Travelers Cos., Inc. (The)		1,943
	5	Unum Group		232
	8	Willis Towers Watson plc		963
	25	WR Berkley Corp.		1,700
				15,718
		Total Financials		34,738
		Health Care — 7.6%
		Biotechnology — 2.1%
	46	AbbVie, Inc.		2,804
	18	Amgen, Inc.		2,883
	1	Regeneron Pharmaceuticals, Inc. (a)		323
				6,010
		Health Care Equipment & Supplies — 2.4%
	22	Baxter International, Inc.		1,030
	5	CR Bard, Inc.		1,234
	6	Edwards Lifesciences Corp. (a)		549
	34	Medtronic plc		2,597
	7	Stryker Corp.		902
	3	Varex Imaging Corp. (a)		84
	7	Varian Medical Systems, Inc. (a)		567
				6,963

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Health Care Providers & Services — 1.6%
	8	AmerisourceBergen Corp.		707
	23	Cardinal Health, Inc.		1,746
	22	DaVita, Inc. (a)		1,386
	1	Henry Schein, Inc. (a)		224
	2	Laboratory Corp. of America Holdings (a)		322
	2	Quest Diagnostics, Inc.		193
				4,578
		Health Care Technology — 0.1%
	8	Cerner Corp. (a)		413
		Pharmaceuticals — 1.4%
	30	Johnson & Johnson		3,424
	10	Merck & Co., Inc.		632
				4,056
		Total Health Care		22,020
		Industrials — 12.8%
		Aerospace & Defense — 3.2%
	29	Arconic, Inc.		657
	29	Boeing Co. (The)		4,818
	13	Lockheed Martin Corp.		3,211
	5	Raytheon Co.		649
				9,335
		Air Freight & Logistics — 1.0%
	10	CH Robinson Worldwide, Inc.		745
	18	Expeditors International of Washington, Inc.		953
	10	United Parcel Service, Inc., Class B		1,059
				2,757
		Electrical Equipment — 0.4%
	17	Emerson Electric Co.		1,015
		Industrial Conglomerates — 2.1%
	27	3M Co.		4,720
	50	General Electric Co.		1,476
				6,196
		Machinery — 1.6%
	31	AGCO Corp.		1,922
	11	Donaldson Co., Inc.		456
	17	Flowserve Corp.		826
	11	Illinois Tool Works, Inc.		1,457
				4,661
		Professional Services — 0.5%
	8	Equifax, Inc.		927
	11	Nielsen Holdings plc		462
				1,389

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 2.1%
	179	Heartland Express, Inc.		3,686
	40	Knight Transportation, Inc.		1,334
	39	Werner Enterprises, Inc.		1,095
				6,115
		Trading Companies & Distributors — 1.9%
	9	Air Lease Corp.		313
	53	Fastenal Co.		2,650
	10	WW Grainger, Inc.		2,500
				5,463
		Total Industrials		36,931
		Information Technology — 12.3%
		Communications Equipment — 2.2%
	148	Cisco Systems, Inc.		4,549
	69	Juniper Networks, Inc.		1,856
				6,405
		Electronic Equipment, Instruments & Components — 0.3%
	15	Amphenol Corp., Class A		985
		Internet Software & Services — 1.3%
	65	eBay, Inc. (a)		2,079
	10	GrubHub, Inc. (a)		407
	63	Twitter, Inc. (a)		1,115
				3,601
		IT Services — 1.4%
	3	Alliance Data Systems Corp.		594
	5	Automatic Data Processing, Inc.		525
	14	International Business Machines Corp.		2,402
	8	Paychex, Inc.		464
				3,985
		Semiconductors & Semiconductor Equipment — 5.2%
	29	Applied Materials, Inc.		1,003
	148	Intel Corp.		5,446
	5	KLA-Tencor Corp.		460
	8	Lam Research Corp.		861
	8	Qorvo, Inc. (a)		520
	28	QUALCOMM, Inc.		1,475
	83	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		2,575
	13	Versum Materials, Inc. (a)		375
	40	Xilinx, Inc.		2,334
				15,049
		Software — 1.2%
	44	Oracle Corp.		1,781

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Software — continued
	12	salesforce.com, Inc. (a)		973
	7	SAP SE, (Germany), ADR		632
				3,386
		Technology Hardware, Storage & Peripherals — 0.7%
	13	NetApp, Inc.		483
	36	Seagate Technology plc		1,639
				2,122
		Total Information Technology		35,533
		Materials — 6.0%
		Chemicals — 3.9%
	10	Air Products & Chemicals, Inc.		1,383
	13	CF Industries Holdings, Inc.		448
	6	Ecolab, Inc.		661
	52	LyondellBasell Industries NV, Class A		4,887
	10	PPG Industries, Inc.		1,020
	16	Praxair, Inc.		1,848
	3	Sherwin-Williams Co. (The)		1,033
				11,280
		Construction Materials — 0.2%
	2	Martin Marietta Materials, Inc.		482
		Containers & Packaging — 0.8%
	14	AptarGroup, Inc.		1,014
	7	Bemis Co., Inc.		317
	6	Greif, Inc., Class A		346
	14	Sonoco Products Co.		791
				2,468
		Metals & Mining — 0.6%
	18	Compass Minerals International, Inc.		1,496
	9	United States Steel Corp.		288
				1,784
		Paper & Forest Products — 0.5%
	33	Domtar Corp.		1,442
		Total Materials		17,456
		Real Estate — 2.4%
		Equity Real Estate Investment Trusts (REITs) — 2.4%
	7	Alexandria Real Estate Equities, Inc.		798
	5	American Tower Corp.		497
	24	CBL & Associates Properties, Inc.		265
	4	Crown Castle International Corp.		343
	10	Federal Realty Investment Trust		1,446

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	21	Healthcare Trust of America, Inc., Class A		610
	3	Taubman Centers, Inc.		177
	10	UDR, Inc.		342
	27	Ventas, Inc.		1,635
	12	Welltower, Inc.		824
		Total Real Estate		6,937
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.8%
	47	AT&T, Inc.		1,999
	124	Verizon Communications, Inc.		6,075
		Total Telecommunication Services		8,074
		Utilities — 6.3%
		Electric Utilities — 3.9%
	23	Duke Energy Corp.		1,838
	16	Entergy Corp.		1,146
	33	Eversource Energy		1,809
	132	Southern Co. (The)		6,511
				11,304
		Gas Utilities — 0.2%
	11	UGI Corp.		492
		Multi-Utilities — 2.1%
	32	Consolidated Edison, Inc.		2,372
	30	Dominion Resources, Inc.		2,310
	25	WEC Energy Group, Inc.		1,488
				6,170
		Water Utilities — 0.1%
	11	Aqua America, Inc.		319
		Total Utilities		18,285
		Total Securities Sold Short (Proceeds $267,424)	$	271,402

Percentages indicated are based on net assets.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JANUARY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(42	)	E-mini S&P 500		03/17/17		USD	$	(4,776	)	$	(14	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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.
(j)	—	All or a portion of the security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $49,092 and $18 respectively.
(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 January 31, 2017.
(n)	—	The rate shown is the effective yield at the date of purchase.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	67,396
Aggregate gross unrealized depreciation		(748	)
Net unrealized appreciation/depreciation	$	66,648
Federal income tax cost of investments	$	219,839

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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.

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.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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 Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	285,882		$	605	$	—	$	286,487
Total Liabilities for Securities Sold Short (b)	$	(271,402	)	$	—	$	—	$	(271,402	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(14	)	$	—	$	—	$	(14	)

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

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

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.9%
		Consumer Discretionary — 14.4%
		Automobiles — 1.1%
	327	General Motors Co.		11,969
		Hotels, Restaurants & Leisure — 0.4%
	64	Yum Brands, Inc.		4,168
		Internet & Direct Marketing Retail — 3.0%
	42	Amazon.com, Inc. (a)		34,639
		Media — 4.6%
	40	Charter Communications, Inc., Class A (a)		13,012
	173	Comcast Corp., Class A		13,011
	110	DISH Network Corp., Class A (a)		6,491
	36	Time Warner, Inc.		3,449
	151	Walt Disney Co. (The)		16,741
				52,704
		Specialty Retail — 5.3%
	13	AutoZone, Inc. (a)		9,476
	195	Home Depot, Inc. (The)		26,860
	274	Lowe’s Cos., Inc.		20,017
	56	TJX Cos., Inc. (The)		4,158
				60,511
		Total Consumer Discretionary		163,991
		Consumer Staples — 4.9%
		Beverages — 3.0%
	64	Constellation Brands, Inc., Class A		9,600
	131	Molson Coors Brewing Co., Class B		12,649
	112	PepsiCo, Inc.		11,620
				33,869
		Food & Staples Retailing — 1.0%
	73	Costco Wholesale Corp.		11,998
		Food Products — 0.9%
	220	Mondelez International, Inc., Class A		9,760
		Total Consumer Staples		55,627
		Energy — 7.6%
		Oil, Gas & Consumable Fuels — 7.6%
	109	Anadarko Petroleum Corp.		7,551
	545	Cabot Oil & Gas Corp.		11,700
	28	Concho Resources, Inc. (a)		3,863
	52	Diamondback Energy, Inc. (a)		5,437
	216	EOG Resources, Inc.		21,906
	161	Occidental Petroleum Corp.		10,898
	105	Pioneer Natural Resources Co.		18,888
	124	TransCanada Corp., (Canada)		5,837
		Total Energy		86,080

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 19.8%
		Banks — 8.6%
	1,464	Bank of America Corp.		33,146
	457	Citigroup, Inc.		25,538
	65	First Republic Bank		6,131
	107	KeyCorp		1,916
	552	Wells Fargo & Co.		31,075
				97,806
		Capital Markets — 4.9%
	33	BlackRock, Inc.		12,422
	31	Goldman Sachs Group, Inc. (The)		7,017
	234	Intercontinental Exchange, Inc.		13,674
	527	Morgan Stanley		22,400
				55,513
		Consumer Finance — 1.4%
	53	Capital One Financial Corp.		4,589
	167	Discover Financial Services		11,548
				16,137
		Insurance — 4.9%
	182	American International Group, Inc.		11,702
	190	Chubb Ltd.		25,044
	110	Hartford Financial Services Group, Inc. (The)		5,343
	257	MetLife, Inc.		13,984
				56,073
		Total Financials		225,529
		Health Care — 14.1%
		Biotechnology — 2.8%
	25	Alexion Pharmaceuticals, Inc. (a)		3,285
	44	Biogen, Inc. (a)		12,273
	97	Celgene Corp. (a)		11,239
	55	Vertex Pharmaceuticals, Inc. (a)		4,712
				31,509
		Health Care Equipment & Supplies — 0.8%
	375	Boston Scientific Corp. (a)		9,015
		Health Care Providers & Services — 4.0%
	7	Aetna, Inc.		783
	23	Humana, Inc.		4,630
	249	UnitedHealth Group, Inc.		40,416
				45,829
		Life Sciences Tools & Services — 0.5%
	124	Agilent Technologies, Inc.		6,048
		Pharmaceuticals — 6.0%
	70	Allergan plc (a)		15,381
	247	Bristol-Myers Squibb Co.		12,149
	152	Eli Lilly & Co.		11,732

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	70	Merck & Co., Inc.		4,339
	755	Pfizer, Inc.		23,947
				67,548
		Total Health Care		159,949
		Industrials — 11.4%
		Airlines — 1.2%
	102	Southwest Airlines Co.		5,315
	123	United Continental Holdings, Inc. (a)		8,669
				13,984
		Building Products — 3.2%
	92	Allegion plc		6,042
	114	Johnson Controls International plc		5,021
	36	Lennox International, Inc.		5,582
	580	Masco Corp.		19,106
				35,751
		Commercial Services & Supplies — 0.7%
	98	Waste Connections, Inc., (Canada)		7,901
		Industrial Conglomerates — 4.6%
	688	General Electric Co.		20,438
	268	Honeywell International, Inc.		31,751
				52,189
		Machinery — 1.3%
	121	Stanley Black & Decker, Inc.		15,054
		Road & Rail — 0.4%
	44	Union Pacific Corp.		4,711
		Total Industrials		129,590
		Information Technology — 24.2%
		Internet Software & Services — 6.3%
	30	Alphabet, Inc., Class A (a)		24,959
	33	Alphabet, Inc., Class C (a)		26,490
	157	Facebook, Inc., Class A (a)		20,442
				71,891
		IT Services — 4.9%
	65	Accenture plc, Class A		7,428
	192	Fidelity National Information Services, Inc.		15,263
	157	Mastercard, Inc., Class A		16,746
	119	Visa, Inc., Class A		9,875
	57	WEX, Inc. (a)		6,540
				55,852
		Semiconductors & Semiconductor Equipment — 5.2%
	73	Analog Devices, Inc.		5,448
	225	Broadcom Ltd.		44,858
	111	Texas Instruments, Inc.		8,400
				58,706

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — 4.8%
	122	Adobe Systems, Inc. (a)		13,871
	630	Microsoft Corp.		40,704
				54,575
		Technology Hardware, Storage & Peripherals — 3.0%
	283	Apple, Inc.		34,306
		Total Information Technology		275,330
		Materials — 2.3%
		Chemicals — 1.5%
	221	Dow Chemical Co. (The)		13,199
	48	EI du Pont de Nemours & Co.		3,594
				16,793
		Construction Materials — 0.8%
	39	Martin Marietta Materials, Inc.		8,842
		Total Materials		25,635
		Utilities — 1.2%
		Multi-Utilities — 1.2%
	156	CMS Energy Corp.		6,629
	302	NiSource, Inc.		6,747
		Total Utilities		13,376
		Total Common Stocks (Cost $649,462)		1,135,107
	Short-Term Investment — 0.1%
		Investment Company — 0.1%
	1,471	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $1,471)		1,471
		Total Investments — 100.0% (Cost $650,933)		1,136,578
		Liabilities in Excess of Other Assets — 0.0% (g)		(174	)
		NET ASSETS — 100.0%	$	1,136,404

Percentages indicated are based on net assets.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(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 January 31, 2017.
(g)	—	Amount rounds to less than 0.05%.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	487,597
Aggregate gross unrealized depreciation		(1,952	)
Net unrealized appreciation/depreciation	$	485,645
Federal income tax cost of investments	$	650,933

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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.

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).

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
Total Investments in Securities (a)	$	1,136,578	$	—	$	—	$	1,136,578

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

There were no transfers among any levels during the period ended January 31, 2017.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 91.6% (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		15,431
		Arizona — 3.4%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,498
		Other Revenue — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,225
	1,000	Series C, Rev., 5.000%, 07/01/24		1,127
				2,352
		Prerefunded — 3.0%
	33,840	Arizona State Transportation Board, Series A, Rev., GAN, 5.250%, 07/01/20 (p)		38,159
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,358
				41,517
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,611
		Total Arizona		46,978
		Arkansas — 0.1%
		Prerefunded — 0.0% (g)
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/18 (p)		756
		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		1,169
		Total Arkansas		1,925
		California — 16.7%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		90
		Education — 1.1%
	3,000	California State University, Systemwide, Series A, Rev., 5.000%, 11/01/24		3,602
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,805

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education –– continued
	2,910	Simi Valley School Financing Authority, Unified School District, Rev., AGM, 5.000%, 08/01/21		3,025
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,826
				15,258
		General Obligation — 6.2%
	1,490	Carlsbad Unified School District, Series B, GO, Zero Coupon, 05/01/19		1,436
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		485
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,433
	1,000	GO, 5.000%, 08/01/22		1,141
	1,000	GO, 5.000%, 08/01/24		1,131
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		150
		Los Angeles Unified School District,
	1,000	Series A-1, GO, AGM, 5.000%, 07/01/19		1,017
	10,010	Series B, GO, 5.000%, 07/01/26		12,273
	9,000	Series C, GO, 5.000%, 07/01/26		10,712
	5,000	Series D, GO, 5.250%, 07/01/24		5,451
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		638
	725	GO, AGM, 5.000%, 09/01/23		849
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,658
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,232
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,157
		State of California, Various Purpose,
	310	GO, 5.000%, 04/01/17		312
	5,000	GO, 5.000%, 04/01/20		5,423
	10,370	GO, 5.000%, 08/01/30		11,954
	5,000	GO, 5.500%, 04/01/18		5,266
	5,000	GO, 5.500%, 04/01/21		5,480
	5,000	GO, 5.625%, 04/01/26		5,463
	6,600	GO, 6.500%, 04/01/33		7,332
				85,993
		Other Revenue — 0.5%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,517

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.000%, 07/01/24		211
	395	Series A, Rev., 5.000%, 07/01/25		483
	225	Series A, Rev., 5.000%, 07/01/26		271
				6,482
		Prerefunded — 2.3%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/18 (p)		2,134
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		3,799
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/18 (p)		2,175
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/23 (p)		10,336
	2,695	Center Unified School District, Election of 1991, GO, NATL-RE, Zero Coupon, 08/01/17 (p)		1,747
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.000%, 01/01/23 (p)		18
	200	Simi Valley School Financing Authority, Unified School District, Rev., AGM, 5.000%, 08/01/17 (p)		208
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		11,348
				31,765
		Transportation — 0.2%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		398
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,818
				3,216
		Utility — 5.3%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		2,999
	1,010	Series A, Rev., 5.000%, 07/01/30		1,154
	2,050	Series A, Rev., 5.000%, 07/01/31 (w)		2,431
	2,550	Series A, Rev., 5.000%, 07/01/32 (w)		3,010
	5,000	Series A, Rev., 5.000%, 07/01/33 (w)		5,874

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility –– continued
	10,710	Series A, Rev., 5.000%, 07/01/34 (w)		12,522
	25,385	Series B, Rev., 5.000%, 07/01/28		29,600
	2,100	Series B, Rev., 5.000%, 07/01/31		2,403
	1,925	Series B, Rev., 5.000%, 07/01/32		2,195
	3,300	Series D, Rev., 5.000%, 07/01/32		3,793
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,595
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.000%, 07/01/28		1,525
				73,101
		Water & Sewer — 1.1%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		490
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		3,943
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		2,953
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		6,892
				14,278
		Total California		230,183
		Colorado — 2.2%
		General Obligation — 1.9%
	4,250	Dawson Ridge Metropolitan District No. 1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,769
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,337
	2,345	GO, 5.250%, 12/15/25		2,875
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,700
				26,681
		Prerefunded — 0.3%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,335
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/19 (p)		1,332
				3,667
		Total Colorado		30,348
		Connecticut — 0.9%
		General Obligation — 0.7%
	200	City of Greenwich, GO, 5.000%, 06/01/20		210
	8,200	State of Connecticut, Series E, GO, 5.000%, 08/15/30		9,256
				9,466

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.1%
	1,000	Connecticut State Health & Educational Facility Authority, Quinnipiac University, Series I, Rev., NATL-RE, 5.000%, 07/01/17 (p)		1,017
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		274
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,452
				1,726
		Total Connecticut		12,209
		Delaware — 0.2%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,092
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,139
		Total Delaware		2,231
		District of Columbia — 1.0%
		Special Tax — 0.2%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,262
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,743
	5,000	Series C, Rev., 5.000%, 10/01/29		5,621
				11,364
		Total District of Columbia		13,626
		Florida — 3.1%
		General Obligation — 3.1%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,660
	32,375	Series D, GO, 5.000%, 06/01/25		36,677
		Total Florida		42,337
		Georgia — 1.9%
		General Obligation — 0.4%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		336

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation –– continued
	1,000	Series B, GO, 5.750%, 08/01/17		1,025
	3,960	Series E, GO, 5.000%, 12/01/25		4,852
				6,213
		Transportation — 0.5%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,757
		Water & Sewer — 1.0%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,459
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,600
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		141
				13,200
		Total Georgia		26,170
		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		8,702
		Illinois — 0.9%
		General Obligation — 0.1%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series F, GO, AGM-CR, FGIC, 6.250%, 12/30/21		169
	625	Village of Schaumburg, Series A, GO, 4.000%, 12/01/20		679
				848
		Other Revenue — 0.2%
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.000%, 01/01/20		79
	200	Rev., 5.000%, 01/01/21		211
	105	Rev., 5.000%, 01/01/22		112
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,041
				3,443
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,468
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		926
				4,394

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.3%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.250%, 01/01/30		1,158
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,107
	400	Rev., 5.000%, 11/01/22		448
	1,000	Rev., 5.000%, 11/01/29		1,106
				3,819
		Total Illinois		12,504
		Indiana — 1.5%
		Education — 0.1%
	1,030	South Bend Community School Corp., First Mortgage, Rev., AGM, 5.000%, 07/05/17		1,048
		Other Revenue — 1.0%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,278
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,130
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		1,924
				14,332
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,652
		Water & Sewer — 0.1%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		368
	375	Series B, Rev., 5.000%, 01/01/23		423
				791
		Total Indiana		20,823
		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,199
		Kentucky — 1.6%
		Education — 0.6%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.000%, 09/01/26		1,394
	6,000	Oldham County, School District Finance Corp., School Building, Rev., 5.000%, 06/01/26		7,052
				8,446

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.6%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		7,628
		Transportation — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		5,812
		Total Kentucky		21,886
		Louisiana — 0.9%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,111
		Other Revenue — 0.6%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,414
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,179
				7,593
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,380
		Total Louisiana		12,084
		Massachusetts — 4.5%
		General Obligation — 3.0%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		9,890
	200	Series C, GO, AGM, 5.500%, 12/01/22		240
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,248
	2,500	Series C, GO, 5.000%, 07/01/23		2,885
	6,875	Series F, GO, 5.000%, 11/01/26		8,060
	13,300	Series F, GO, 5.000%, 11/01/27		15,570
				41,893
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,411

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.9%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,348
		Total Massachusetts		62,652
		Michigan — 1.3%
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,229
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,394
		Prerefunded — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/19 (p)		4,509
		Water & Sewer — 0.7%
	8,545	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.500%, 01/01/22		9,561
		Total Michigan		17,693
		Minnesota — 1.5%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		879
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,294
				10,173
		Other Revenue — 0.8%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,042
		Total Minnesota		21,215
		Missouri — 0.9%
		Other Revenue — 0.6%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.000%, 09/01/21		7,416
		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		4,396

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		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		410
				426
		Total Missouri		12,260
		Nebraska — 0.4%
		Prerefunded — 0.0% (g)
	155	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 07/01/17 (p)		158
		Utility — 0.4%
	445	Nebraska Public Power District, Series B, Rev., AGM, 5.000%, 01/01/18		452
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,266
				5,718
		Total Nebraska		5,876
		New Hampshire — 0.4%
		Prerefunded — 0.4%
	4,505	New Hampshire Municipal Bond Bank, Series E, Rev., 5.000%, 01/15/20 (p)		4,975
		New Jersey — 2.4%
		Education — 1.4%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,199
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,669
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,422
				19,290
		General Obligation — 0.3%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		953
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,219
	1,200	GO, 5.000%, 07/15/23		1,328
				3,500
		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		2,500
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,382
				7,882

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,845
		Total New Jersey		32,517
		New Mexico — 1.0%
		Other Revenue — 0.9%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,701
	1,690	Series B, Rev., 5.000%, 06/01/23		1,768
	1,820	Series B, Rev., 5.000%, 06/01/25		1,902
	1,965	Series B, Rev., 5.000%, 06/01/27		2,051
	4,200	Series C, Rev., 5.000%, 06/01/22		4,759
				12,181
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,555
		Total New Mexico		13,736
		New York — 21.0%
		General Obligation — 1.2%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,472
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.000%, 08/01/28		6,966
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,617
				17,055
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.000%, 02/15/18		512
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.000%, 09/15/30		10,714
		Other Revenue — 7.2%
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, 5.000%, 01/15/22		6,771

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue –– continued
	3,750	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,132
	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		10,141
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,325
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5/6, Rev., 5.500%, 04/01/19		8,606
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,208
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,509
	5,000	Series A, Rev., 5.000%, 03/15/29		5,814
	1,000	Series A, Rev., 5.000%, 03/15/33		1,139
	4,225	Series A, Rev., 5.000%, 03/15/34		4,798
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		15,840
	5,000	Series D, Rev., 5.500%, 01/01/19		5,406
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.000%, 10/15/28		2,128
	7,500	Series A, Rev., 5.000%, 10/15/29		8,819
	1,850	Series A, Rev., 5.000%, 10/15/31		2,158
				99,794
		Prerefunded — 1.3%
	805	Metropolitan Transportation Authority, Series C, Rev., 6.500%, 11/15/18 (p)		883
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/18 (p)		369
	10,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/18 (p)		10,452
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,643
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/17 (p)		1,036
				17,383

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Special Tax — 3.0%
		New York State Dormitory Authority, State Personal Income Tax,
	7,250	Series C, Rev., 5.000%, 03/15/31		8,318
	12,500	Series C, Rev., 5.000%, 03/15/33		14,178
	4,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/23		4,309
	3,500	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.000%, 03/15/41		3,845
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,209
				41,859
		Transportation — 4.3%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 11/15/41		1,670
	195	Series C, Rev., 6.500%, 11/15/28		213
	5,000	Subseries C-1, Rev., 5.250%, 11/15/28		5,913
	2,530	New York Transportation Development Corp., Special Facilities, Laguardia Airport Terminal B Redevelopment Project, Series A, Rev., AMT, 4.000%, 07/01/31		2,570
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,260
	2,000	Rev., 5.000%, 05/01/35		2,197
	6,500	Rev., 5.000%, 10/15/41		7,361
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		28,609
	4,970	Series A-2, Rev., 5.000%, 11/15/28		5,290
	1,250	Series B, Rev., 5.000%, 11/15/31		1,420
				58,503
		Utility — 0.7%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,678
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,811
				9,489

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		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)		386
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/29		2,271
	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		18,246
	3,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.000%, 06/15/31		3,485
	10,225	New York State Environmental Facilities Corp., State Clean Water & Drinking Water, Series C, Rev., 5.000%, 06/15/21		10,384
				34,772
		Total New York		290,081
		North Carolina — 0.6%
		Prerefunded — 0.6%
	2,170	City of High Point, Combined Enterprise System, Rev., AGM, 5.000%, 11/01/18 (p)		2,318
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.000%, 06/01/19 (p)		6,469
		Total North Carolina		8,787
		Ohio — 0.9%
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		587
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,454
				3,041
		Prerefunded — 0.5%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		5,637
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		691
				6,328

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		660
	1,500	Rev., 5.000%, 11/15/27		1,766
				2,426
		Total Ohio		11,795
		Oklahoma — 0.5%
		Transportation — 0.4%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,366
	2,000	Series A, Rev., 5.000%, 01/01/24		2,244
				5,610
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,605
		Total Oklahoma		7,215
		Oregon — 1.1%
		General Obligation — 0.0% (g)
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		121
		Other Revenue — 0.1%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/27		1,726
		Prerefunded — 0.8%
		Oregon State Department of Administrative Services,
	6,965	Series A, COP, 5.000%, 05/01/19 (p)		7,544
	3,425	Series A, COP, 5.000%, 05/01/19 (p)		3,714
				11,258
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,273
		Total Oregon		15,378
		Pennsylvania — 1.0%
		General Obligation — 0.5%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		4,802
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/20		1,944
				6,746

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.404%, 12/01/24		2,956
		Prerefunded — 0.3%
	3,225	Pennsylvania State University, Series A, Rev., 5.000%, 03/01/19 (p)		3,477
		Total Pennsylvania		13,179
		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		739
		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		1,177
		Total Rhode Island		1,916
		South Carolina — 0.8%
		Prerefunded — 0.2%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/19 (p)		2,380
		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,247
		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,711
		Total South Carolina		11,338
		Tennessee — 0.1%
		General Obligation — 0.1%
	835	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		956
		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/22 (p)		228
		Total Tennessee		1,184
		Texas — 9.9%
		Education — 0.3%
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		530
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,365

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education –– continued
	1,215	Series C, Rev., 5.000%, 03/01/22		1,263
				4,158
		General Obligation — 4.3%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,075
	945	Series C, GO, 5.000%, 02/15/22		1,016
	325	Series C, GO, 5.000%, 02/15/23		349
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/23		4,651
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,567
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,700
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		781
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		795
	3,500	GO, 5.000%, 08/01/24		3,974
	4,735	GO, 5.000%, 08/01/26		5,369
	2,735	GO, 5.000%, 08/01/27		3,099
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,451
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		914
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,646
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,593
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,508
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/24		2,108
	1,000	Hays County, GO, 5.000%, 02/15/23		1,095
		Hays County, Pass-Through Toll,
	1,500	GO, 5.000%, 02/15/23		1,643
	1,785	GO, 5.000%, 02/15/24		1,949
	2,410	GO, 5.000%, 02/15/25		2,625
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		391
	2,600	GO, 5.000%, 02/15/40		2,864
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,648
	4,340	Series A, GO, 5.000%, 08/01/21		4,593
				59,404

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 2.9%
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/18 (p)		3,227
	7,660	Series A, Rev., 5.000%, 06/01/19 (p)		8,325
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/19 (p)		1,999
	9,055	North Texas Municipal Water District, Rev., 5.000%, 06/01/18 (p)		9,531
	5,000	San Jacinto Community College District, GO, 5.000%, 02/15/19 (p)		5,385
	5,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.000%, 10/01/19 (p)		5,485
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/18 (p)		1,903
	3,755	University of North Texas, Financing System, Series A, Rev., 5.000%, 04/15/19 (p)		4,064
				39,919
		Transportation — 0.9%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,363
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,635
				11,998
		Utility — 0.3%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,621
		Water & Sewer — 1.2%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,581
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.000%, 05/15/24		1,462
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		105
	3,315	Rev., 5.000%, 12/15/23		3,692
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,164
				17,004
		Total Texas		136,104
		Utah — 0.7%
		Prerefunded — 0.7%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/19 (p)		8,124

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded –– continued
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.000%, 06/01/19 (p)		1,250
		Total Utah		9,374
		Vermont — 0.5%
		Education — 0.2%
		University of Vermont & State Agricultural College,
	2,115	Rev., AMBAC, 5.000%, 10/01/21		2,168
	1,175	Rev., AMBAC, 5.000%, 10/01/22		1,205
				3,373
		Prerefunded — 0.3%
	3,295	University of Vermont & State Agricultural College, Rev., AMBAC, 5.000%, 10/01/17 (p)		3,386
		Total Vermont		6,759
		Virginia — 2.6%
		Education — 0.8%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		11,009
		General Obligation — 1.4%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/26		227
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		19,138
				19,365
		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		446
				473
		Prerefunded — 0.0% (g)
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		616
		Utility — 0.4%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/28		4,872
		Total Virginia		36,335

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Washington — 2.9%
		General Obligation — 0.3%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,242
	2,000	State of Washington, Various Purpose, Series D, GO, 5.000%, 02/01/24		2,339
	275	Yakima County School District No. 7, GO, 5.500%, 12/01/23		304
				3,885
		Prerefunded — 2.1%
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/19 (p)		10,925
	12,400	Series R-2010A, GO, 5.000%, 01/01/19 (p)		13,307
	4,415	Yakima County School District No. 7, GO, 5.500%, 12/01/19 (p)		4,932
				29,164
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,231
	1,000	Series B, Rev., 5.000%, 03/01/34		1,124
				5,355
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,505
		Total Washington		39,909
		Total Municipal Bonds (Cost $1,200,560)		1,263,914
SHARES
	Short-Term Investment — 9.1%
		Investment Company — 9.1%
	124,828	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) † (Cost $124,828)		124,828
		Total Investments — 100.7% (Cost $1,325,388)		1,388,742
		Liabilities in Excess of Other Assets — (0.7)%		(9,583	)
		NET ASSETS — 100.0%	$	1,379,159

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps
	RATE TYPE (r)
	PAYMENTS MADE	PAYMENTS RECEIVED	TERMINATION		NOTIONAL
SWAP COUNTERPARTY	BY THE FUND	BY THE FUND	DATE		AMOUNT		VALUE
Barclays Bank plc	2.812% at termination	CPI-U at termination		10/12/19		25,000	$	(3,796	)
Barclays Bank plc	2.590% at termination	CPI-U at termination		12/31/19		35,000		(2,652	)
Barclays Bank plc	1.823% at termination	CPI-U at termination		11/08/21		25,000		561
Barclays Bank plc	2.439% at termination	CPI-U at termination		05/15/24		18,000		(994	)
Barclays Bank plc	2.700% at termination	CPI-U at termination		09/03/44		5,000		(757	)
BNP Paribas	2.100% at termination	CPI-U at termination		08/26/18		25,000		(789	)
BNP Paribas	2.105% at termination	CPI-U at termination		08/26/18		12,000		(382	)
BNP Paribas	2.190% at termination	CPI-U at termination		09/03/19		13,000		(435	)
BNP Paribas	2.350% at termination	CPI-U at termination		07/06/20		25,000		(1,413	)
BNP Paribas	1.997% at termination	CPI-U at termination		11/07/26		25,000		843
Citibank NA	2.190% at termination	CPI-U at termination		09/02/19		9,000		(302	)
Citibank NA	2.420% at termination	CPI-U at termination		05/24/20		25,000		(1,680	)
Citibank NA	2.420% at termination	CPI-U at termination		06/30/20		50,000		(3,257	)
Citibank NA	2.410% at termination	CPI-U at termination		07/01/20		50,000		(3,194	)
Citibank NA	2.330% at termination	CPI-U at termination		07/06/20		50,000		(2,709	)
Citibank NA	2.492% at termination	CPI-U at termination		08/27/24		22,000		(1,372	)
Citibank NA	2.477% at termination	CPI-U at termination		09/02/24		15,000		(911	)
Citibank NA	2.623% at termination	CPI-U at termination		10/07/24		14,000		(243	)
Credit Suisse International	2.250% at termination	CPI-U at termination		05/09/17		50,000		(2,576	)
Credit Suisse International	2.178% at termination	CPI-U at termination		05/28/18		65,000		(2,680	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination		02/25/18		50,000		(2,848	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination		09/10/19		55,000		(1,676	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination		06/30/20		20,000		(1,279	)
Deutsche Bank AG, New York	1.823% at termination	CPI-U at termination		11/08/21		25,000		561
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination		02/21/24		40,000		(2,345	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination		12/15/24		54,000		(393	)
Deutsche Bank AG, New York	2.003% at termination	CPI-U at termination		11/07/26		25,000		828
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination		02/25/44		5,000		(770	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination		10/10/44		8,000		(638	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination		10/13/45		5,000		477
Goldman Sachs International	2.211% at termination	CPI-U at termination		08/29/19		20,000		(695	)
Goldman Sachs International	2.185% at termination	CPI-U at termination		09/02/19		12,000		(399	)
Goldman Sachs International	2.194% at termination	CPI-U at termination		09/02/19		19,000		(641	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination		10/01/18		20,000		(697	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination		06/23/19		20,000		(791	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination		01/27/24		30,000		(1,925	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination		02/04/24		34,000		(2,075	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination		09/12/44		3,000		(424	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination		06/28/20		25,000		(1,660	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination		06/30/20		75,000		(4,915	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination		03/17/24		7,000		(410	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination		07/31/29		49,000		(18,236	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination		02/10/44		9,000		(1,466	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination		04/22/18		50,000		(2,065	)
							$	(73,220	)

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
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 January 31, 2017.
(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 January 31, 2017.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
(w)	—	When-issued security.
†	—	Approximately $1,960,000 of this investment is restricted as collateral for swaps to various brokers.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	65,494
Aggregate gross unrealized depreciation		(2,140	)
Net unrealized appreciation/depreciation	$	63,354
Federal income tax cost of investments	$	1,325,388

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values 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.

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 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 (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	124,828	$	1,263,914		$	—	$	1,388,742
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	3,270		$	—	$	3,270
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(76,490	)	$	—	$	(76,490	)

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

There were no transfers among any levels during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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 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 (1) below describe the various derivatives used by the Fund.

(1). Swaps — The Fund engaged in various swap transactions, including inflation-linked swaps to manage inflation 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 are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded 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 Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. 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 market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio.

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

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 91.3% (t)
		California — 3.8%
		Education — 1.8%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		62
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		84
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		30
				176
		General Obligation — 2.0%
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.000%, 08/01/31		194
		Total California		370
		Connecticut — 4.3%
		Water & Sewer — 4.3%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		116
	150	Series A, Rev., 6.000%, 08/15/21		180
	100	Series A, Rev., 6.000%, 08/15/22		123
		Total Connecticut		419
		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		116
		Florida — 7.7%
		General Obligation — 2.9%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		283
		Utility — 4.8%
	100	JEA, St. Johns River Power Park System, Series 8, Rev., 4.000%, 10/01/17 (p)		102
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.000%, 10/01/25		364
				466
		Total Florida		749
		Georgia — 7.6%
		General Obligation — 3.7%
	300	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.000%, 12/01/26		365

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 3.9%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		309
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		66
				375
		Total Georgia		740
		Illinois — 0.7%
		General Obligation — 0.7%
	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		116
		Massachusetts — 5.0%
		Transportation — 5.0%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		185
	250	Series B, Rev., 5.250%, 07/01/23		299
		Total Massachusetts		484
		Nevada — 2.4%
		Water & Sewer — 2.4%
	200	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/31		232
		New Jersey — 1.5%
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		85
	60	Series A, Rev., 5.500%, 12/15/21		65
		Total New Jersey		150
		New Mexico — 10.0%
		Other Revenue — 4.3%
	340	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		385
	30	New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Series B, Rev., NATL-RE, 5.000%, 06/15/17		31
				416
		Transportation — 5.7%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		277

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (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		280
				557
		Total New Mexico		973
		New York — 11.3%
		Education — 0.6%
	55	New York State Dormitory Authority, Series A, Rev., 5.000%, 07/01/17		56
		General Obligation — 0.9%
	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		22
	50	Eastport South Manor Central School District, GO, 4.000%, 08/01/17		51
				84
		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		117
		Prerefunded — 1.0%
	85	City of New York, Subseries E-1, GO, 6.250%, 10/15/18 (p)		92
		Special Tax — 1.7%
	150	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.000%, 03/15/33		170
		Transportation — 5.9%
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	410	Series A, Rev., 5.000%, 01/01/26		469
	100	Series D, Rev., 5.000%, 11/15/18		107
				576
		Total New York		1,095
		Ohio — 5.7%
		General Obligation — 2.7%
	100	Franklin County, Various Purpose, GO, 5.000%, 12/01/19		107
	125	State of Ohio, Common Schools, Series A, GO, 5.000%, 09/15/26		152
				259
		Prerefunded — 3.0%
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		297
		Total Ohio		556

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		264
		Pennsylvania — 0.2%
		General Obligation — 0.2%
	15	Central Bucks School District, Series A, GO, 5.000%, 05/15/23		17
		South Carolina — 3.5%
		General Obligation — 3.5%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		340
		Tennessee — 0.5%
		Prerefunded — 0.5%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		52
		Texas — 10.4%
		General Obligation — 2.8%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		274
		Prerefunded — 3.1%
	70	City of Mesquite, Waterworks & Sewer System, Rev., AGM, 5.000%, 03/01/17 (p)		70
	210	Harris County, Series C, Rev., 5.000%, 08/15/19 (p)		230
				300
		Utility — 4.2%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/24		405
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		34
		Total Texas		1,013
		Utah — 2.4%
		Other Revenue — 2.4%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.000%, 06/15/29		236

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — 7.4%
		Education — 0.6%
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		59
		General Obligation — 3.7%
	300	County of Chesterfield, Public Improvement, GO, 5.000%, 01/01/24		359
		Utility — 3.1%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/25		299
		Total Virginia		717
		Washington — 1.8%
		Transportation — 1.8%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		171
		Total Municipal Bonds (Cost $8,566)		8,874
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	138	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.440% (b) (l) (Cost $138)		138
		Total Investments — 92.7% (Cost $8,704)		9,012
		Other Assets in Excess of Liabilities — 7.3%		715
		NET ASSETS — 100.0%	$	9,727

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 NA	1.700% at termination	CPI-U at termination		04/04/18	$	500	$	5
BNP Paribas	1.695% at termination	CPI-U at termination		06/02/19		1,250		25
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/21		6,000		(598	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/25		1,000		(109	)
							$	(677	)

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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
(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 January 31, 2017.
(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.

As of January 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	390
Aggregate gross unrealized depreciation		(82	)
Net unrealized appreciation/depreciation	$	308
Federal income tax cost of investments	$	8,704

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Investment 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 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.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values 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.

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).

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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
Total Investments in Securities (a)	$	138	$	8,874		$	—	$	9,012
Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	30		$	—	$	30
Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(707	)	$	—	$	(707	)

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

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no transfers among any levels during the period ended January 31, 2017.

B. Derivatives — The Fund used derivative instruments including 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 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 a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements 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.

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

Notes (1) below describe the various derivatives used by the Fund.

(1). Swaps — The Fund engaged in various swap transactions, including inflation-linked swaps to manage inflation 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 are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded 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 Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

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 market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, NA (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio.

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.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 28, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 28, 2017
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	March 28, 2017

EX-99.CERT

EXHIBIT 99.302CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-Q of JPMorgan China Region Fund, JPMorgan Commodities Strategy Fund, JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Equity Income Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Global Allocation Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan Income Builder Fund, JPMorgan International Discovery Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund, JPMorgan International Value SMA Fund, JPMorgan Intrepid European Fund, JPMorgan Intrepid International Fund, JPMorgan Latin America Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Systematic Alpha Fund, JPMorgan Tax Aware Equity Fund, JPMorgan Tax Aware Real Return Fund and JPMorgan Tax Aware Real Return SMA Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: March 28, 2017	By:	/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-Q of JPMorgan China Region Fund, JPMorgan Commodities Strategy Fund, JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Emerging Markets Equity Income Fund, JPMorgan Emerging Markets Strategic Debt Fund, JPMorgan Global Allocation Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan Income Builder Fund, JPMorgan International Discovery Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund, JPMorgan International Value SMA Fund, JPMorgan Intrepid European Fund, JPMorgan Intrepid International Fund, JPMorgan Latin America Fund, JPMorgan Opportunistic Equity Long/Short Fund, JPMorgan Research Market Neutral Fund, JPMorgan Systematic Alpha Fund, JPMorgan Tax Aware Equity Fund, JPMorgan Tax Aware Real Return Fund and JPMorgan Tax Aware Real Return SMA Fund (the “Funds”), each a series of JPMorgan Trust I (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Funds as of the end of the fiscal quarter for which the report is filed;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Funds’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the Funds’ internal control over financial reporting that occurred during the Funds’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Funds’ auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Funds’ ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Funds’ internal control over financial reporting.

Date: March 28, 2017	By:	/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer