JPMorgan Trust I

N-Q 1 d426226dnq.htm JPMORGAN TRUST I JPMorgan Trust I

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: July 31, 2017

ITEM 1.

SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of July 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 JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.8%
		China — 65.3%
	152	3SBio, Inc. (a) (e)		191
	38	AAC Technologies Holdings, Inc.		504
	12	Alibaba Group Holding Ltd., ADR (a)		1,854
	80	ANTA Sports Products Ltd.		274
	1,375	Bank of China Ltd., Class H		676
	138	Brilliance China Automotive Holdings Ltd.		349
	687	CGN Power Co. Ltd., Class H (e)		188
	173	China Everbright International Ltd.		226
	113	China Medical System Holdings Ltd.		193
	162	China Merchants Bank Co. Ltd., Class H		532
	92	China Resources Gas Group Ltd.		348
	72	China Resources Land Ltd.		231
	96	China State Construction International Holdings Ltd.		155
	72	China Taiping Insurance Holdings Co. Ltd.		215
	70	China Yangtze Power Co. Ltd., Class A		158
	352	CNOOC Ltd.		394
	150	CSPC Pharmaceutical Group Ltd.		234
	6	Ctrip.com International Ltd., ADR (a)		364
	17	Dong-E-E-Jiao Co. Ltd., Class A		162
	192	Guangdong Investment Ltd.		270
	11	Hangzhou Robam Appliances Co. Ltd., Class A		64
	16	Han’s Laser Technology Industry Group Co. Ltd., Class A		84
	17	JD.com, Inc., ADR (a)		781
	35	Jiangsu Hengrui Medicine Co. Ltd., Class A		268
	2	Kweichow Moutai Co. Ltd., Class A		122
	206	Nexteer Automotive Group Ltd. (a)		355
	5	Noah Holdings Ltd., ADR (a)		169
	134	Ping An Insurance Group Co. of China Ltd., Class H		988
	115	Qingdao Haier Co. Ltd., Class A		241
	30	SAIC Motor Corp. Ltd., Class A		134
	24	Shenzhen Sunway Communication Co. Ltd., Class A		136
	30	Shenzhou International Group Holdings Ltd.		200
	10	Silergy Corp.		196
	21	Spring Airlines Co. Ltd., Class A		99
	21	Suofeiya Home Collection Co. Ltd., Class A		124
	54	Tencent Holdings Ltd.		2,163
	11	Yunnan Baiyao Group Co. Ltd., Class A		149
	59	Zhejiang Weixing New Building Materials Co. Ltd., Class A		162

				13,953


SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — 10.8%
	129	AIA Group Ltd.		1,012
	52	Cheung Kong Property Holdings Ltd.		422
	60	IMAX China Holding, Inc. (a) (e)		159
	54	Sands China Ltd.		252
	460	Truly International Holdings Ltd.		154
	331	WH Group Ltd. (e)		310

				2,309

		Macau — 1.1%
	133	MGM China Holdings Ltd.		243

		Singapore — 1.0%
	40	BOC Aviation Ltd. (e)		206

		Taiwan — 16.6%
	237	China Life Insurance Co. Ltd.		251
	12	Global PMX Co. Ltd.		68
	3	Largan Precision Co. Ltd.		547
	33	Macauto Industrial Co. Ltd.		216
	30	President Chain Store Corp.		254
	5	Silicon Motion Technology Corp., ADR		206
	46	Taiwan Paiho Ltd.		192
	47	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1,679
	332	Yuanta Financial Holding Co. Ltd.		142

				3,555


		Total Common Stocks (Cost $12,279)		20,266

	Structured Instruments — 4.3%
		China — 4.3%
		Low Exercise Cash Settled Call Warrants — 4.3%
	58	GoerTek, Inc., expiring 07/26/18 (Strike Price $1.00) (issued through UBS AG) (a)		166
	65	Hangzhou Hikvision Digital Technology Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		288
	23	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a)		140
	33	Han’s Laser Technology Industry Group Co. Ltd., expiring 11/06/17 (Strike Price $0.00) (issued through Morgan Stanley) (a) (e)		178
	46	Luxshare Precision Industry Co. Ltd., expiring 07/27/18 (Strike Price $1.00) (issued through UBS AG) (a)		144

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Structured Instruments (Cost $674)		916

	Total Investments — 99.1% (Cost $12,953)		21,182
	Other Assets in Excess of Liabilities — 0.9%		185

	NET ASSETS — 100.0%	$	21,367

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 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		19.0	%
Insurance		11.6
Semiconductors & Semiconductor Equipment		9.8
Capital Markets		5.8
Banks		5.7
Electronic Equipment, Instruments & Components		5.7
Internet & Direct Marketing Retail		5.4
Pharmaceuticals		4.7
Textiles, Apparel & Luxury Goods		3.1
Real Estate Management & Development		3.1
Auto Components		3.0
Hotels, Restaurants & Leisure		2.3
Automobiles		2.3
Household Durables		2.0
Oil, Gas & Consumable Fuels		1.9
Gas Utilities		1.6
Independent Power and Renewable Electricity Producers		1.6
Food Products		1.5
Water Utilities		1.3
Food & Staples Retailing		1.2
Commercial Services & Supplies		1.1
Trading Companies & Distributors		1.0
Others (each less than 1.0%)		5.3

JPMorgan China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
(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 July 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	$	8,438
Aggregate gross unrealized depreciation		(209	)

Net unrealized appreciation/depreciation	$	8,229

Federal income tax cost of investments	$	12,953

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.

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 China Region Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
China	$	4,354	$	9,599	$	—	$	13,953
Hong Kong		—		2,309		—		2,309
Macau		—		243		—		243
Singapore		29		177		—		206
Taiwan		1,885		1,670		—		3,555

Total Common Stocks		6,268		13,998		—		20,266

Structured Instruments
China		—		916		—		916

Total Investments in Securities	$	6,268	$	14,914	$	—	$	21,182

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 approximately $590,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 94.0%
		Certificates of Deposit — 10.5%
	2,400,000	China Construction Bank Corp., (China), 1.550%, 08/18/17		2,400,214
	500,000	Credit Industriel et Commercial, (France), VAR, 1.394%, 03/09/18		499,973
	2,400,000	Industrial & Commercial Bank of China Ltd., (China), 1.550%, 08/21/17		2,400,236
	2,000,000	Landesbk Hessen-thur Fixed, (Germany), 1.250%, 09/19/17		2,000,122
	1,000,000	Mitsubishi UFJ Trust & Banking Corp., (Japan), VAR, 1.417%, 12/04/17		1,000,002
	1,100,000	Natixis SA, (France), 1.340%, 10/19/17		1,100,197
	3,600,000	Norinchukin Bank, (Japan), VAR, 1.394%, 11/30/17		3,600,490
	3,500,000	Wells Fargo Bank NA, VAR, 1.424%, 06/01/18		3,500,378

		Total Certificates of Deposit (Cost $16,500,000)		16,501,612

		Commercial Paper — 61.9% (n)
	3,600,000	3M Co., 1.071%, 08/07/17		3,599,251
	2,000,000	ABN AMRO Funding USA LLC, (Netherlands), 1.225%, 09/12/17 (e)		1,997,040
	2,300,000	Alpine Securitization Corp., (Switzerland), VAR, 1.527%, 12/01/17 (e)		2,301,596
	3,000,000	American Honda Finance Corp., 1.132%, 09/12/17		2,995,954
	2,300,000	Antalis SA, (Jersey), 1.254%, 09/06/17 (e)		2,297,033
	3,600,000	Apple, Inc., 1.101%, 08/09/17 (e)		3,599,035
	1,000,000	ASB Finance Ltd., (New Zealand), VAR, 1.324%, 12/12/17 (e)		1,000,015
	3,700,000	Automatic Data Processing, Inc., 1.140%, 08/03/17 (e)		3,699,672
	1,225,000	Bank of China Ltd., (China), 1.553%, 08/22/17 (e)		1,223,892
	3,600,000	BMW US Capital LLC, (Germany), 1.090%, 08/02/17		3,599,781
	6,000,000	Bridgestone Americas, Inc., (Japan), 1.090%, 08/01/17 (e)		5,999,810
	2,000,000	Cancara Asset Securitisation LLC, 1.143%, 08/15/17		1,998,992
	2,500,000	CDP Financial, Inc., (Canada), 1.215%, 09/07/17 (e)		2,496,952
	3,550,000	Cedar Springs Capital Company LLC, 1.224%, 08/25/17 (e)		3,546,753
		Coca-Cola Co. (The),
	1,595,000	1.121%, 08/11/17 (e)		1,594,476
	2,000,000	1.121%, 08/16/17 (e)		1,999,039
	1,998,000	Colgate-Palmolive Co., 1.071%, 08/04/17		1,997,763
	2,000,000	Danske Corp., (Denmark), 1.154%, 08/21/17 (e)		1,998,346
	1,200,000	DCAT LLC, 1.321%, 08/03/17		1,199,873


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,575,000	Exxon Mobil Corp., 1.071%, 08/10/17		3,573,943
	3,000,000	Fairway Finance Co. LLC, VAR, 1.346%, 12/18/17 (e)		3,000,243
	3,600,000	General Electric Co., 1.101%, 08/18/17		3,598,031
	2,400,000	Honeywell International, Inc., 1.090%, 08/09/17 (e)		2,399,339
	3,000,000	La Fayette Asset Securitization LLC, 1.174%, 08/15/17 (e)		2,998,488
	3,000,000	Liberty Street Funding LLC, 1.235%, 09/12/17 (e)		2,995,489
	2,400,000	Macquarie Bank Ltd., (Australia), 1.345%, 10/25/17		2,392,357
		Nieuw Amsterdam Receivables Corp.,
	3,000,000	1.163%, 08/15/17 (e)		2,998,462
	500,000	1.244%, 09/06/17 (e)		499,345
	3,000,000	Ontario Teachers’ Finance Trust, (Canada), 1.411%, 01/08/18 (e)		2,981,686
		PACCAR Financial Corp.,
	1,530,000	1.121%, 08/09/17		1,529,559
	2,071,000	1.131%, 08/03/17		2,070,803
	3,500,000	Ridgefield Funding Co. LLC, 1.306%, 10/03/17 (e)		3,492,067
	3,500,000	Thunder Bay Funding LLC, VAR, 1.452%, 05/31/18 (e)		3,499,713
	1,300,000	Toronto-Dominion Bank (The), (Canada), VAR, 1.357%, 03/02/18 (e)		1,299,951
	3,500,000	Toyota Credit Canada, Inc., (Canada), 1.274%, 09/14/17		3,495,100
	2,400,000	Unilever Capital Corp., (United Kingdom), 1.060%, 08/02/17 (e)		2,399,854
	3,600,000	Wal-Mart Stores, Inc., 1.131%, 08/21/17 (e)		3,597,724

		Total Commercial Paper (Cost $97,967,946)		97,967,427

		U.S. Government Agency Security — 5.5%
	8,770,000	FHLMC, 0.950%, 08/01/17 (n) (Cost $8,770,000)		8,770,000

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Companies — 16.1%
	3,061,093	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.180% (b) (l) †		3,062,011
	22,384,808	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l)		22,384,808

		Total Investment Companies (Cost $25,808,288)		25,446,819

		Total Investments — 94.0% (Cost $149,046,234)		148,685,858
		Other Assets in Excess of Liabilities — 6.0%		9,550,235

		NET ASSETS — 100.0%	$	158,236,093

Percentages indicated are based on net assets.


Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
101	Lean Hogs Futures		08/14/17	USD	$	3,244,120		$	149,712
207	WTI Crude Oil Futures		08/21/17	USD		10,385,190			181,200
215	Natural Gas Futures		08/29/17	USD		6,007,100			(1,383,011	)
3	Gasoline RBOB Futures		08/31/17	USD		211,252			26,175
3	LME Nickel Futures		09/18/17	USD		183,465			22,680
9	LME Primary Aluminum Futures		09/18/17	USD		429,413			1,298
3	LME Zinc Futures		09/18/17	USD		209,231			8,929
1,330	Crude Oil Futures		09/19/17	USD		66,845,800			5,263,328
364	Globex Gasoline RBOB Futures		09/28/17	USD		23,844,694			2,119,496
109	Brent Crude Oil Futures		09/29/17	USD		5,762,830			615,605
220	Natural Gas Futures		10/27/17	USD		6,424,000			(1,012,574	)
2	NY Harbor ULSD Futures		10/31/17	USD		140,414			5,413
587	WTI Crude Oil Futures		11/17/17	USD		29,620,020			855,488
6	Copper Futures		12/27/17	USD		436,875			19,522
4	Gold 100 OZ Futures		12/27/17	USD		509,360			780
115	Brent Crude Oil Futures		01/31/18	USD		6,129,500			491,453
	Short Futures Outstanding
(27)	Natural Gas Futures		08/29/17	USD		(754,380	)		112,969
(9)	Live Cattle Futures		08/31/17	USD		(403,200	)		14,063
(3)	LME Nickel Futures		09/18/17	USD		(183,465	)		594
(9)	LME Primary Aluminum Futures		09/18/17	USD		(429,413	)		5,766
(3)	LME Zinc Futures		09/18/17	USD		(209,231	)		(12,422	)
(15)	Sugar No. 11 (World) Futures		09/29/17	USD		(250,488	)		(22,221	)
(1,330)	Crude Oil Futures		10/19/17	USD		(66,992,100	)		(5,150,571	)
(364)	Globex Gasoline RBOB Futures		10/30/17	USD		(23,338,661	)		(1,953,228	)
(587)	Brent Crude Oil Futures		10/31/17	USD		(31,122,740	)		(981,446	)
(8)	Wheat Futures		03/14/18	USD		(208,300	)		3,176

								$	(617,826	)

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


Return Swaps on Commodities
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	CME Live Cattle June 2017 Futures		08/03/2017	$	5,400,000	$	(415,030	)
	COMEX Gold June 2017 Futures		11/28/2017		14,600		153,933
	CBOT Corn July 2017 Futures		11/28/2017		3,225,000		(116,447	)
	CBOT Soybean Oil December 2017 Futures		02/26/2018		13,080,000		311,708
	CBOT Soybean July 2017 Futures		10/27/2017		920,000		624,896
	CBOT Wheat July 2017 Futures		02/26/2018		1,300,000		(33,885	)
	CBOT Wheat July 2017 Futures		08/29/2017		420,000		(75,000	)
	CBOT Soybean Meal July 2017 Futures		11/28/2017		14,600		277,036
	COMEX Silver July 2017 Futures		11/28/2017		390,000		(7,575	)
	CBOT Wheat July 2017 Futures		10/31/2017		3,570,000		729,816

						$	1,449,452

Return Swaps on Commodities Indices
SWAP COUNTERPARTY	UNDERLYING REFERENCE INSTRUMENT	TERMINATION DATE		NOTIONAL VALUE		VALUE
Macquarie Bank Ltd.
	Long Positions
	BBG Industrial Metals Index		12/04/2017	$	5,211,000	$	625,163
	BBG Softs Index		09/21/2017		8,633,000		1,158,192
	BBG Industrial Metals Index		09/21/2017		28,023,000		2,152,419

						$	3,935,774

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:


Brent	—	Broom, Rannoch, Etieve, Ness, Tarbat
FHLMC	—	Federal Home Loan Mortgage Corp.
LME	—	London Metal Exchange
RBOB	—	Reformulated Blendstock for Oxygenate Blending
ULSD	—	Ultra Low Sulfur Diesel
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2017.
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.
(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 July 31, 2017.
(n)	—	The rate shown is the effective yield as of July 31, 2017.
†	—	The value of investments restricted as collateral for swaps to the broker is $3,051,029.


As of July 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	$	4,469
Aggregate gross unrealized depreciation		(364,845	)

Net unrealized appreciation/depreciation	$	(360,376	)

Federal income tax cost of investments	$	149,046,234

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. All significant intercompany balances and transactions have been eliminated in consolidation.

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.

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.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	25,446,819		$	123,239,039		$	—	$	148,685,858

Appreciation in Other Financial Instruments
Futures Contracts	$	9,897,647		$	—		$	—	$	9,897,647
Swaps		—			6,033,163			—		6,033,163

Total Appreciation in Other Financial Instruments	$	9,897,647		$	6,033,163		$	—	$	15,930,810

Depreciation in Other Financial Instruments
Futures Contracts	$	(10,515,473	)	$	—		$	—	$	(10,515,473	)
Swaps		—			(647,937	)		—		(647,937	)

Total Depreciation in Other Financial Instruments	$	(10,515,473	)	$	(647,937	)	$	—	$	(11,163,410	)

(a)	Portfolio holdings designated as level 1 and level 2 are disclosed individually on the CSOI. Level 1 consists of money market mutual funds that are held for daily investments of cash. Please refer to the CSOI for industry 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 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 (e.g., 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.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 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 may be required to post or receive collateral for Over the Counter Swaps.

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 JULY 31, 2017 (Unaudited)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 54.2%
		Consumer Discretionary — 8.3%
		Auto Components — 0.4%
	10,500	Delphi Automotive plc		949,410
	29,486	Gentex Corp.		501,852
	3,708	Linamar Corp., (Canada)		203,222

				1,654,484

		Diversified Consumer Services — 0.3%
	26,200	H&R Block, Inc.		799,100
	10,974	Nord Anglia Education, Inc., (Hong Kong) (a)		361,154

				1,160,254

		Hotels, Restaurants & Leisure — 1.1%
	4,500	Buffalo Wild Wings, Inc. (a)		483,750
	77,960	ClubCorp Holdings, Inc.		1,321,422
	50,800	La Quinta Holdings, Inc. (a)		757,428
	10,700	SeaWorld Entertainment, Inc.		164,566
	23,600	Sonic Corp.		558,376
	1,972	Wyndham Worldwide Corp.		205,818
	10,200	Yum Brands, Inc.		769,896

				4,261,256

		Household Durables — 0.2%
	27,059	Taylor Morrison Home Corp., Class A (a)		612,075

		Leisure Products — 0.5%
	15,300	Bandai Namco Holdings, Inc., (Japan)		531,879
	25,300	Heiwa Corp., (Japan)		556,585
	10,800	Sturm Ruger & Co., Inc.		622,080

				1,710,544

		Media — 2.4%
	12,900	AMC Networks, Inc., Class A (a)		824,955
	10,100	CBS Corp. (Non-Voting), Class B		664,883
	21,837	Discovery Communications, Inc., Class C (a)		505,090
	10,240	John Wiley & Sons, Inc., Class A		565,760
	9,766	Meredith Corp.		580,589
	6,247	Omnicom Group, Inc.		491,889
	52,818	Scripps Networks Interactive, Inc., Class A		4,616,821
	14,366	Sinclair Broadcast Group, Inc., Class A		517,894

				8,767,881

		Multiline Retail — 0.4%
	16,075	Dillard’s, Inc., Class A		1,186,656
	3,504	Target Corp.		198,572

				1,385,228

		Specialty Retail — 2.6%
	14,503	Aaron’s, Inc.		671,199
	21,762	American Eagle Outfitters, Inc.		257,662
	86,537	Cabela’s, Inc. (a)		4,930,878


SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	60,418	Chico’s FAS, Inc.		552,825
	11,748	Dick’s Sporting Goods, Inc.		438,670
	34,600	Michael’s Cos., Inc. (The) (a)		696,844
	93,913	Rent-A-Center, Inc.		1,241,530
	23,500	Select Comfort Corp. (a)		794,535

				9,584,143

		Textiles, Apparel & Luxury Goods — 0.4%
	3,400	Deckers Outdoor Corp. (a)		220,524
	4,915	PVH Corp.		586,310
	22,877	Wolverine World Wide, Inc.		645,132

				1,451,966

		Total Consumer Discretionary		30,587,831

		Consumer Staples — 4.3%
		Beverages — 0.3%
	6,212	Dr Pepper Snapple Group, Inc.		566,286
	4,844	PepsiCo, Inc.		564,859

				1,131,145

		Food & Staples Retailing — 2.2%
	7,000	CVS Health Corp.		559,510
	10,600	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		653,657
	335,246	Metcash Ltd., (Australia)		702,891
	4,720	SpartanNash Co.		130,933
	10,007	Sysco Corp.		526,568
	6,305	Walgreens Boots Alliance, Inc.		508,624
	8,266	Wal-Mart Stores, Inc.		661,197
	110,918	Whole Foods Market, Inc.		4,631,936

				8,375,316

		Food Products — 1.2%
	7,234	Bunge Ltd.		567,073
	9,692	Campbell Soup Co.		512,028
	4,169	J&J Snack Foods Corp.		547,807
	13,674	Lamb Weston Holdings, Inc.		601,382
	8,500	Morinaga & Co. Ltd., (Japan)		487,164
	18,500	Nichirei Corp., (Japan)		519,952
	4,616	Sanderson Farms, Inc.		603,542
	7,776	Tyson Foods, Inc., Class A		492,687

				4,331,635

		Household Products — 0.6%
	16,754	Central Garden & Pet Co., Class A (a)		515,353
	4,334	Kimberly-Clark Corp.		533,776
	6,342	Procter & Gamble Co. (The)		575,980
	4,045	Spectrum Brands Holdings, Inc.		466,955

				2,092,064

		Total Consumer Staples		15,930,160

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy — 2.4%
		Energy Equipment & Services — 1.1%
	47,826	Archrock, Inc.		523,695
	8,714	Baker Hughes a GE Co.		321,459
	4,800	Basic Energy Services, Inc. (a)		107,520
	10,451	Helmerich & Payne, Inc.		529,030
	59,735	Nabors Industries Ltd.		460,557
	14,474	National Oilwell Varco, Inc.		473,444
	84,728	Noble Corp. plc		338,912
	19,703	Patterson-UTI Energy, Inc.		381,056
	26,982	RPC, Inc.		558,797
	20,957	Unit Corp. (a)		376,807

				4,071,277

		Oil, Gas & Consumable Fuels — 1.3%
	29,867	ARC Resources Ltd., (Canada)		411,802
	5,000	Bonanza Creek Energy, Inc. (a)		145,200
	34,888	CONSOL Energy, Inc. (a)		584,723
	24,165	Delek US Energy, Inc.		630,948
	3,300	Energen Corp. (a)		175,824
	11,596	Halcon Resources Corp. (a)		76,070
	23,134	HollyFrontier Corp.		667,184
	17,100	Idemitsu Kosan Co. Ltd., (Japan)		415,043
	11,469	Marathon Petroleum Corp.		642,149
	6,800	Peabody Energy Corp. (a)		190,672
	602	PrairieSky Royalty Ltd., (Canada)		14,949
	3,800	SandRidge Energy, Inc. (a)		73,378
	61,100	Showa Shell Sekiyu KK, (Japan)		665,547
	—(h)	Southwestern Energy Co. (a)		2
	9,900	Stone Energy Corp. (a)		213,642

				4,907,133

		Total Energy		8,978,410

		Financials — 4.3%
		Banks — 1.0%
	7,880	Bank of Montreal, (Canada)		597,660
	10,240	Bank of Nova Scotia (The), (Canada)		637,931
	18,700	CIT Group, Inc.		891,055
	8,460	Royal Bank of Canada, (Canada)		631,133
	10,446	Toronto-Dominion Bank (The), (Canada)		538,491
	46,278	Valley National Bancorp		549,783

				3,846,053

		Capital Markets — 0.5%
	46,076	BGC Partners, Inc., Class A		581,019
	19,242	IGM Financial, Inc., (Canada)		647,599
	17,800	Legg Mason, Inc.		712,178

				1,940,796


SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — 0.2%
	47,200	Navient Corp.		696,200

		Insurance — 2.4%
	5,484	American Financial Group, Inc.		556,078
	10,400	American International Group, Inc.		680,680
	30,234	Assured Guaranty Ltd.		1,360,832
	11,545	Athene Holding Ltd., Class A (a)		583,369
	9,267	Axis Capital Holdings Ltd.		598,463
	2,356	Everest Re Group Ltd.		618,191
	23,569	Fidelity & Guaranty Life		734,174
	14,397	Industrial Alliance Insurance & Financial Services, Inc., (Canada)		667,915
	14,400	MetLife, Inc.		792,000
	9,430	Principal Financial Group, Inc.		629,452
	5,405	Prudential Financial, Inc.		612,008
	10,400	State National Cos., Inc.		217,152
	3,800	Stewart Information Services Corp.		149,340
	12,834	Unum Group		643,368

				8,843,022

		Thrifts & Mortgage Finance — 0.2%
	11,126	Walker & Dunlop, Inc. (a)		559,082

		Total Financials		15,885,153

		Health Care — 9.9%
		Biotechnology — 0.0% (g)
	393	AquaBounty Technologies, Inc. (a)		2,708

		Health Care Equipment & Supplies — 1.6%
	31,092	Ansell Ltd., (Australia)		546,292
	2,306	Cooper Cos., Inc. (The)		562,364
	26,351	Getinge AB, (Sweden), Class B		457,423
	15,264	Halyard Health, Inc. (a)		613,918
	8,120	Hill-Rom Holdings, Inc.		605,103
	13,430	Hologic, Inc. (a)		593,740
	6,173	Masimo Corp. (a)		583,966
	37,592	Spectranetics Corp. (The) (a)		1,447,292
	2,985	Teleflex, Inc.		618,552

				6,028,650

		Health Care Providers & Services — 2.2%
	4,700	Aetna, Inc.		725,257
	3,822	Cigna Corp.		663,346
	20,300	Community Health Systems, Inc. (a)		145,145
	2,166	Express Scripts Holding Co. (a)		135,678
	13,041	HealthSouth Corp.		555,025
	4,400	McKesson Corp.		712,228
	3,899	Owens & Minor, Inc.		125,665
	50,371	VCA, Inc. (a)		4,663,347

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	3,058	WellCare Health Plans, Inc. (a)		541,236

				8,266,927

		Life Sciences Tools & Services — 3.6%
	9,269	Agilent Technologies, Inc.		554,193
	10,530	Cambrex Corp. (a)		642,330
	53,852	PAREXEL International Corp. (a)		4,713,127
	65,923	Patheon NV (a)		2,304,668
	8,171	PerkinElmer, Inc.		537,897
	8,000	Quintiles IMS Holdings, Inc. (a)		724,400
	113,809	VWR Corp. (a)		3,755,697

				13,232,312

		Pharmaceuticals — 2.5%
	140,113	Akorn, Inc. (a)		4,710,599
	3,100	Allergan plc		782,223
	15,800	Mallinckrodt plc (a)		723,640
	8,431	Merck & Co., Inc.		538,572
	24,500	Mitsubishi Tanabe Pharma Corp., (Japan)		583,239
	16,034	Neuroderm Ltd., (Israel) (a)		620,516
	14,853	Pfizer, Inc.		492,526
	57,817	SciClone Pharmaceuticals, Inc. (a)		633,096

				9,084,411

		Total Health Care		36,615,008

		Industrials — 5.3%
		Aerospace & Defense — 0.3%
	39,463	CAE, Inc., (Canada)		668,821
	18,965	DigitalGlobe, Inc. (a)		661,879

				1,330,700

		Airlines — 0.3%
	11,099	Delta Air Lines, Inc.		547,847
	10,984	Hawaiian Holdings, Inc. (a)		454,737

				1,002,584

		Commercial Services & Supplies — 0.9%
	41,419	ACCO Brands Corp. (a)		482,531
	16,146	Brady Corp., Class A		536,047
	104,948	Downer EDI Ltd., (Australia)		534,194
	16,780	Herman Miller, Inc.		565,067
	22,557	Quad/Graphics, Inc.		506,630
	8,717	Republic Services, Inc.		559,806

				3,184,275

		Construction & Engineering — 0.4%
	28,879	Chicago Bridge & Iron Co. NV		541,193
	92,700	Penta-Ocean Construction Co. Ltd., (Japan)		552,220
	54,300	Tokyu Construction Co. Ltd., (Japan)		434,234

				1,527,647


SHARES		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — 0.6%
	7,092	Eaton Corp. plc		554,949
	6,817	EnerSys		492,664
	90,000	Fuji Electric Co. Ltd., (Japan)		495,519
	7,662	Regal Beloit Corp.		638,628

				2,181,760

		Machinery — 2.0%
	34,018	Allison Transmission Holdings, Inc.		1,285,880
	7,798	Crane Co.		588,749
	3,855	Cummins, Inc.		647,255
	12,268	Greenbrier Cos., Inc. (The)		552,060
	7,088	Ingersoll-Rand plc		622,893
	7,738	Oshkosh Corp.		532,839
	3,627	Parker-Hannifin Corp.		602,009
	14,700	Pentair plc, (United Kingdom)		927,129
	20,800	Terex Corp.		818,896
	12,075	Timken Co. (The)		549,413
	7,200	Trinity Industries, Inc.		197,352

				7,324,475

		Professional Services — 0.1%
	5,462	ManpowerGroup, Inc.		585,253

		Trading Companies & Distributors — 0.7%
	14,600	AerCap Holdings NV, (Ireland) (a)		716,860
	9,117	Applied Industrial Technologies, Inc.		515,111
	14,694	Rush Enterprises, Inc., Class A (a)		633,752
	5,239	United Rentals, Inc. (a)		623,231

				2,488,954

		Total Industrials		19,625,648

		Information Technology — 11.7%
		Communications Equipment — 1.8%
	369,046	Brocade Communications Systems, Inc.		4,661,051
	4,292	Cisco Systems, Inc.		134,983
	4,005	F5 Networks, Inc. (a)		483,604
	6,743	InterDigital, Inc.		491,228
	18,531	Juniper Networks, Inc.		517,941
	10,392	Plantronics, Inc.		469,511

				6,758,318

		Electronic Equipment, Instruments & Components — 1.3%
	18,277	Benchmark Electronics, Inc. (a)		615,021
	5,796	Corning, Inc.		168,895
	11,548	Dolby Laboratories, Inc., Class A		597,609
	13,188	Insight Enterprises, Inc. (a)		534,378
	15,335	Orbotech Ltd., (Israel) (a)		543,779
	13,409	Sanmina Corp. (a)		480,713
	5,459	Tech Data Corp. (a)		559,002
	36,766	TTM Technologies, Inc. (a)		638,993

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — continued
	31,974	Vishay Intertechnology, Inc.		570,736

				4,709,126

		Internet Software & Services — 1.9%
	566	Alphabet, Inc., Class A (a)		535,153
	48,555	Bankrate, Inc. (a)		674,915
	6,980	j2 Global, Inc.		590,717
	9,800	Match Group, Inc. (a)		178,850
	8,500	Mixi, Inc., (Japan)		467,157
	68,460	WebMD Health Corp. (a)		4,535,475

				6,982,267

		IT Services — 1.0%
	2,040	Amdocs Ltd.		137,027
	4,800	Blackhawk Network Holdings, Inc. (a)		209,520
	12,213	Convergys Corp.		292,746
	11,400	DST Systems, Inc.		625,860
	3,421	International Business Machines Corp.		494,916
	50,223	NeuStar, Inc., Class A (a)		1,677,448
	6,130	Western Union Co. (The)		121,067

				3,558,584

		Semiconductors & Semiconductor Equipment — 3.2%
	7,092	Analog Devices, Inc.		560,339
	11,962	Applied Materials, Inc.		530,036
	7,856	Cabot Microelectronics Corp.		582,522
	3,606	Intel Corp.		127,905
	28,440	Kulicke & Soffa Industries, Inc., (Singapore) (a)		612,598
	3,822	Lam Research Corp.		609,456
	111,243	Lattice Semiconductor Corp. (a)		774,251
	11,474	Maxim Integrated Products, Inc.		521,379
	6,539	Microchip Technology, Inc.		523,382
	31,725	NXP Semiconductors NV, (Netherlands) (a)		3,500,219
	15,325	Semtech Corp. (a)		606,870
	7,352	Silicon Laboratories, Inc. (a)		552,135
	5,165	Skyworks Solutions, Inc.		541,653
	6,430	Teradyne, Inc.		222,414
	7,601	Texas Instruments, Inc.		618,569
	9,800	Ulvac, Inc., (Japan)		525,432
	16,803	Xperi Corp.		491,488

				11,900,648

		Software — 2.2%
	6,200	Check Point Software Technologies Ltd., (Israel) (a)		655,836
	6,927	Citrix Systems, Inc. (a)		547,094
	4,616	Gigamon, Inc. (a)		183,486
	60,912	Mobileye NV (a)		3,855,730
	17,400	Nexon Co. Ltd., (Japan)		361,650


SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	14,926	Open Text Corp., (Canada)		499,229
	3,228	Oracle Corp.		161,174
	19,634	Progress Software Corp.		628,484
	8,524	Synopsys, Inc. (a)		652,683
	6,349	VMware, Inc., Class A (a)		588,616

				8,133,982

		Technology Hardware, Storage & Peripherals — 0.3%
	41,500	Hewlett Packard Enterprise Co.		726,665
	12,992	NCR Corp. (a)		491,747

				1,218,412

		Total Information Technology		43,261,337

		Materials — 4.5%
		Chemicals — 2.5%
	9,373	Cabot Corp.		509,235
	6,674	Eastman Chemical Co.		555,010
	18,800	Hitachi Chemical Co. Ltd., (Japan)		534,480
	23,745	Huntsman Corp.		632,092
	9,993	Innophos Holdings, Inc.		417,408
	30,200	Kuraray Co. Ltd., (Japan)		587,131
	26,600	Mitsubishi Gas Chemical Co., Inc., (Japan)		613,704
	39,630	Monsanto Co.		4,629,577
	54,000	Tosoh Corp., (Japan)		639,367

				9,118,004

		Construction Materials — 0.1%
	153,579	CSR Ltd., (Australia)		481,889

		Containers & Packaging — 0.6%
	10,634	Greif, Inc., Class A		596,461
	4,984	Packaging Corp. of America		545,648
	14,900	Sealed Air Corp.		648,299
	11,167	WestRock Co.		641,209

				2,431,617

		Metals & Mining — 1.3%
	52,802	BlueScope Steel Ltd., (Australia)		556,245
	30,560	Commercial Metals Co.		568,416
	106,376	Fortescue Metals Group Ltd., (Australia)		488,927
	6,700	Nisshin Steel Co. Ltd., (Japan)		82,091
	10,293	Nucor Corp.		593,597
	196,410	Regis Resources Ltd., (Australia)		605,324
	44,200	Sandstorm Gold Ltd., (Canada) (a)		182,224
	15,308	Steel Dynamics, Inc.		542,056
	70,278	Westgold Resources Ltd., (Australia) (a)		88,897
	11,559	Worthington Industries, Inc.		585,695
	17,400	Yamato Kogyo Co. Ltd., (Japan)		487,728

				4,781,200

		Total Materials		16,812,710

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 0.5%
		Real Estate Management & Development — 0.5%
	5,300	CBRE Group, Inc., Class A (a)		201,347
	35,817	First Capital Realty, Inc., (Canada)		586,057
	32,713	Forestar Group, Inc. (a)		561,028
	15,937	HFF, Inc., Class A		585,207

		Total Real Estate		1,933,639

		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.7%
	13,207	Straight Path Communications, Inc., Class B (a)		2,369,336

		Wireless Telecommunication Services — 0.1%
	19,700	NTT DOCOMO, Inc., (Japan)		457,473

		Total Telecommunication Services		2,826,809

		Utilities — 2.2%
		Electric Utilities — 0.3%
	8,558	ALLETE, Inc.		627,045
	17,402	Hawaiian Electric Industries, Inc.		574,092

				1,201,137

		Gas Utilities — 1.1%
	12,188	UGI Corp.		615,128
	39,747	WGL Holdings, Inc.		3,407,113

				4,022,241

		Independent Power and Renewable Electricity Producers — 0.3%
	51,564	AES Corp.		576,486
	33,174	NRG Yield, Inc., Class C		617,036

				1,193,522

		Multi-Utilities — 0.5%
	36,266	Avista Corp.		1,907,954

		Total Utilities		8,324,854

		Total Common Stocks (Cost $185,740,095)		200,781,559

	Convertible Preferred Stocks — 1.4%
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	7,617	Hess Corp., 8.000%, 02/01/19 ($50 par value)		428,457
	10,323	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		456,999
	15,459	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		213,798

		Total Energy		1,099,254

		Financials — 0.3%
		Banks — 0.3%
	359	Bank of America Corp., Series L, 7.250% ($1,000 par value)		465,982


SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	360	Wells Fargo & Co., Series L, 7.500% ($1,000 par value)		477,900

		Total Financials		943,882

		Health Care — 0.3%
		Health Care Providers & Services — 0.1%
	8,965	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		461,518

				461,518

		Pharmaceuticals — 0.2%
	875	Allergan plc, Series A, 5.500%, 03/01/18 ($1,000 par value)		782,259

		Total Health Care		1,243,777

		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	4,750	Welltower, Inc., Series I, 6.500% ($50 par value)		310,650

		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.1%
	6,800	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		172,516

		Wireless Telecommunication Services — 0.2%
	8,800	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		882,200

		Total Telecommunication Services		1,054,716

		Utilities — 0.1%
		Electric Utilities — 0.1%
	6,900	NextEra Energy, Inc., 6.371%, 09/01/18 ($50 par value)		456,987

		Total Convertible Preferred Stocks (Cost $5,387,043)		5,109,266


PRINCIPAL AMOUNT($)
	Convertible Bonds — 6.8%
		Consumer Discretionary — 0.5%
		Internet & Direct Marketing Retail — 0.5%
		Priceline Group, Inc. (The),
	148,000	0.350%, 06/15/20		232,545
	150,000	1.000%, 03/15/18		320,813
	639,000	Shutterfly, Inc., 0.250%, 05/15/18		638,601
	538,000	Vipshop Holdings Ltd., (China), 1.500%, 03/15/19		538,336

				1,730,295

		Textiles, Apparel & Luxury Goods — 0.0% (g)
	194,000	Iconix Brand Group, Inc., 1.500%, 03/15/18		189,150

		Total Consumer Discretionary		1,919,445

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Financials — 0.7%
		Capital Markets — 0.3%
	478,000	Jefferies Group LLC, 3.875%, 11/01/29		480,091
	706,000	Prospect Capital Corp., 4.750%, 04/15/20		712,178

				1,192,269

		Insurance — 0.2%
	448,000	Old Republic International Corp., 3.750%, 03/15/18		568,120

		Mortgage Real Estate Investment Trusts (REITs) — 0.2%
		Starwood Property Trust, Inc.,
	387,000	4.000%, 01/15/19		432,714
	266,000	4.550%, 03/01/18		284,620

				717,334

		Total Financials		2,477,723

		Health Care — 1.9%
		Biotechnology — 0.8%
	779,000	Acorda Therapeutics, Inc., 1.750%, 06/15/21		688,928
		BioMarin Pharmaceutical, Inc.,
	412,000	0.750%, 10/15/18		452,942
	373,000	1.500%, 10/15/20		439,674
	602,000	Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23		602,000
	661,000	Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21		712,228

				2,895,772

		Health Care Equipment & Supplies — 0.1%
		Hologic, Inc.,
	168,000	SUB, 0.000%, 12/15/43		209,895
	174,000	SUB, 2.000%, 03/01/42		249,037

				458,932

		Health Care Providers & Services — 0.5%
	133,000	Anthem, Inc., 2.750%, 10/15/42		338,734
	652,000	Brookdale Senior Living, Inc., 2.750%, 06/15/18		648,740
		Molina Healthcare, Inc.,
	274,000	1.125%, 01/15/20		464,430
	369,000	1.625%, 08/15/44		458,483

				1,910,387

		Health Care Technology — 0.2%
	593,000	Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20		595,224

		Life Sciences Tools & Services — 0.0% (g)
	187,000	Illumina, Inc., 0.500%, 06/15/21		200,207


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.3%
	142,000	Impax Laboratories, Inc., 2.000%, 06/15/22		124,516
	800,000	Jazz Investments I Ltd., 1.875%, 08/15/21		873,000

				997,516

		Total Health Care		7,058,038

		Industrials — 0.1%
		Machinery — 0.1%
	465,000	Trinity Industries, Inc., 3.875%, 06/01/36		568,172

		Information Technology — 3.1%
		Communications Equipment — 0.4%
	520,000	Brocade Communications Systems, Inc., 1.375%, 01/01/20		526,500
	201,000	Ciena Corp., 3.750%, 10/15/18 (e)		276,375
	461,000	InterDigital, Inc., 1.500%, 03/01/20		540,522

				1,343,397

		Internet Software & Services — 0.5%
	643,000	Akamai Technologies, Inc., Zero Coupon, 02/15/19		627,327
	573,000	j2 Global, Inc., 3.250%, 06/15/29		779,996
	535,000	Yandex NV, (Russia), 1.125%, 12/15/18		523,297

				1,930,620

		IT Services — 0.2%
	414,000	Euronet Worldwide, Inc., 1.500%, 10/01/44		569,250

		Semiconductors & Semiconductor Equipment — 1.1%
		Intel Corp.,
	221,000	2.950%, 12/15/35		298,764
	210,000	3.250%, 08/01/39		361,988
	273,000	Lam Research Corp., 1.250%, 05/15/18		719,355
	429,000	Microchip Technology, Inc., 1.625%, 02/15/25		670,312
	932,000	Micron Technology, Inc., Series G, 3.000%, 11/15/43		1,002,483
	101,000	Novellus Systems, Inc., 2.625%, 05/15/41		477,225
	600,000	NXP Semiconductors NV, (Netherlands), 1.000%, 12/01/19		718,500

				4,248,627

		Software — 0.7%
	440,000	Citrix Systems, Inc., 0.500%, 04/15/19		523,325
	236,000	Nuance Communications, Inc., 2.750%, 11/01/31		236,148
	478,000	Red Hat, Inc., 0.250%, 10/01/19		676,967

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Software — continued
	780,000	Rovi Corp., 0.500%, 03/01/20		779,512
	541,000	Verint Systems, Inc., 1.500%, 06/01/21		523,756

				2,739,708

		Technology Hardware, Storage & Peripherals — 0.2%
	537,000	Electronics For Imaging, Inc., 0.750%, 09/01/19		579,289

		Total Information Technology		11,410,891

		Materials — 0.1%
		Metals & Mining — 0.1%
	438,000	Royal Gold, Inc., 2.875%, 06/15/19		485,085

		Total Materials
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Spirit Realty Capital, Inc.,
	276,000	2.875%, 05/15/19		275,137
	305,000	3.750%, 05/15/21		305,572

		Total Real Estate		580,709

		Utilities — 0.2%
		Independent Power and Renewable Electricity Producers — 0.2%
	758,000	NRG Yield, Inc., 3.500%, 02/01/19 (e)		768,423

		Total Convertible Bonds (Cost $23,680,733)		25,268,486


NUMBER OF RIGHTS
	Rights — 0.0%
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics, Inc., (Denmark) (a) (Cost $ —)		—


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 34.6%
		Investment Company — 34.6%
	127,909,569	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $127,909,569)		127,909,569

		Total Investments — 97.0% (Cost $342,717,440)		359,068,880
		Other Assets in Excess of Liabilities — 3.0%		10,955,395

		NET ASSETS — 100.0%	$	370,024,275

Percentages indicated are based on net assets.

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures Contracts


NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	27	Lean Hogs Futures	08/14/17	USD	$	867,240		$	(4,989	)
	36	LME Primary Aluminum Futures	08/14/17	USD		1,709,775			(20,215	)
	27	LME Zinc Futures	08/14/17	USD		1,880,550			(1,378	)
	28	CAC 40 Index	08/18/17	EUR		1,685,697			(30,215	)
	13	IBEX 35 Index	08/18/17	EUR		1,612,772			(4,852	)
	23	Natural Gas Futures	08/29/17	USD		642,620			(49,971	)
	14	Hang Seng Index	08/30/17	HKD		2,436,834			27,478
	6	Feeder Cattle Futures	08/31/17	USD		438,525			9,458
	4	Euro Bobl	09/07/17	EUR		625,331			(4,485	)
	14	TOPIX Index	09/07/17	JPY		2,053,445			19,884
	10	CBOT Wheat Futures	09/14/17	USD		237,250			(17,604	)
	521	10 Year Australian Government Bond	09/15/17	AUD		53,748,258			(735,787	)
	54	3 Year Australian Government Bond	09/15/17	AUD		4,827,424			(15,312	)
	5	DAX Index	09/15/17	EUR		1,789,438			(97,435	)
	31	E-mini S&P 500	09/15/17	USD		3,825,400			60,642
	43	Euro STOXX 50 Index	09/15/17	EUR		1,752,387			(52,316	)
	31	FTSE 100 Index	09/15/17	GBP		2,990,537			(47,249	)
	13	FTSE MIB Index	09/15/17	EUR		1,651,292			29,657
	21	LME Primary Aluminum Futures	09/18/17	USD		1,001,962			5,755
	16	LME Zinc Futures	09/18/17	USD		1,115,900			147
	95	10 Year Canadian Government Bond	09/20/17	CAD		10,461,240			(173,391	)
	405	10 Year U.S. Treeasury Note	09/20/17	USD		50,992,031			21,703
	10	U.S. Long Bond	09/20/17	USD		1,531,250			(16,429	)
	3	SPI 200 Index	09/21/17	AUD		339,937			(3,478	)
	25	Copper Futures	09/27/17	USD		1,807,188			181,161
	8	Long Gilt	09/27/17	GBP		1,330,166			(14,366	)
	12	Feeder Cattle Futures	09/28/17	USD		879,900			(62,273	)
	20	5 Year U.S. Treeasury Note	09/29/17	USD		2,363,125			(2,675	)
	64	Lean Hogs Futures	10/13/17	USD		1,690,240			(83,949	)
	15	Feeder Cattle Futures	10/26/17	USD		1,096,688			(64,007	)
	96	Live Cattle Futures	10/31/17	USD		4,298,880			(161,453	)
	108	Cotton No. 2 Futures	12/06/17	USD		3,718,440			(247,889	)
	30	Live Cattle Futures	12/29/17	USD		1,357,800			(27,389	)
		Short Futures Outstanding
	(33)	WTI Crude Oil	08/22/17	USD		(1,655,610	)		(111,008	)
	(21)	Natural Gas Futures	08/29/17	USD		(586,740	)		55,274
	(207)	Euro Bund	09/07/17	EUR		(39,685,297	)		527,443
	(6)	Euro-Buxl 30-Year Bond	09/07/17	EUR		(1,151,506	)		17,205
	(350)	10 Year Japanese Government Bond	09/11/17	JPY		(47,665,654	)		(86,251	)
	(67)	CBOT Wheat Futures	09/14/17	USD		(1,589,575	)		(26,223	)
	(154)	Cocoa Futures	09/14/17	USD		(3,172,400	)		(118,333	)
	(123)	Corn Futures	09/14/17	USD		(2,280,112	)		62,024
	(391)	E-mini S&P 500	09/15/17	USD		(48,249,400	)		(814,074	)
	(16)	LME Nickel Futures	09/18/17	USD		(978,480	)		(99,440	)
	(8)	LME Primary Aluminum Futures	09/18/17	USD		(381,700	)		3,694
	(5)	LME Zinc Futures	09/18/17	USD		(348,719	)		(34,121	)
	(50)	Coffee ‘C’ Futures	09/19/17	USD		(2,610,937	)		(199,107	)
	(9)	10 Year Canadian Government Bond	09/20/17	CAD		(991,065	)		16,437
	(107)	Long Gilt	09/27/17	GBP		(17,790,974	)		84,323
	(17)	Natural Gas Futures	09/27/17	USD		(481,780	)		29,405
	(15)	Silver Futures	09/27/17	USD		(1,258,950	)		(19,565	)
	(53)	Sugar No. 11 (World Markets) Futures	09/29/17	USD		(885,058	)		(72,310	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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


NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	(87)	Soybean Futures	11/14/17	USD	$	(4,381,538	)	$	(68,219	)
	(43)	CBOT Wheat Futures	12/14/17	USD		(1,074,463	)		(89	)
	(73)	Corn Futures	12/14/17	USD		(1,404,338	)		19,585
	(15)	Coffee ‘C’ Futures	12/18/17	USD		(802,969	)		(52,714	)
	(4)	Gold 100 OZ Futures	12/27/17	USD		(509,360	)		(1,371	)
	(9)	Silver Futures	12/27/17	USD		(759,780	)		(31,479	)
	(62)	Sugar No. 11 (World Markets) Futures	02/28/18	USD		(1,083,264	)		(70,792	)
	(31)	Sugar No. 11 (World Markets) Futures	04/30/18	USD		(545,798	)		(39,125	)

								$	(2,612,053	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

Forward Foreign Currency Exchange Contracts


CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	713,848	AUD	Standard Chartered Bank		08/23/17	$	541,537	$	570,919	$	29,382

	10,960,346	BRL	Goldman Sachs International†		08/23/17		3,326,256		3,499,069		172,813

	1,085,841	CAD	Citibank, NA		08/23/17		866,486		871,228		4,742

	6,910,262	CHF	National Australia Bank Ltd.		08/23/17		7,147,709		7,156,638		8,929

	5,436,656	EUR	State Street Corp.		08/23/17		6,207,944		6,443,712		235,768

	616,850,966	JPY	State Street Corp.		08/23/17		5,410,866		5,600,798		189,932
	276,746,011	JPY	Union Bank of Switzerland AG		08/23/17		2,448,018		2,512,760		64,742

	64,952,563	MXN	Union Bank of Switzerland AG		08/23/17		3,579,875		3,634,797		54,922

	5,963,085	NOK	National Australia Bank Ltd.		08/23/17		744,764		758,779		14,015

	18,052,971	NZD	Australia & New Zealand Banking Group Ltd.		08/23/17		13,019,875		13,552,109		532,234

	196,826,228	RUB	Merrill Lynch International†		08/23/17		3,208,592		3,277,279		68,687

	5,944,310	SEK	Barclays Bank plc		08/23/17		719,260		737,201		17,941
	82,329,179	SEK	State Street Corp.		08/23/17		9,755,713		10,210,291		454,578

	12,268,137	TRY	Citibank, NA		08/23/17		3,335,968		3,461,390		125,422

	250,274	TWD	Merrill Lynch International†		08/23/17		8,188		8,292		104

	46,138,868	ZAR	Citibank, NA		08/23/17		3,378,456		3,487,386		108,930

						$	63,699,507	$	65,782,648	$	2,083,141


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	10,568,970	AUD	State Street Corp.		08/23/17	$	8,037,808	$	8,452,815	$	(415,007	)

	14,492,276	CAD	State Street Corp.		08/23/17		11,226,333		11,627,921		(401,588	)

	2,479,804	GBP	Australia & New Zealand Banking Group Ltd.		08/23/17		3,205,149		3,274,351		(69,202	)

	876,469,064	HUF	Royal Bank of Canada		08/23/17		3,245,753		3,415,917		(170,164	)

	12,485,523	ILS	Deutsche Bank AG		08/23/17		3,504,757		3,509,069		(4,312	)

	119,701,846	JPY	Australia & New Zealand Banking Group Ltd.		08/23/17		1,059,817		1,086,853		(27,036	)
	1,988,334,716	JPY	Standard Chartered Bank		08/23/17		17,438,351		18,053,407		(615,056	)
	898,387,265	JPY	State Street Corp.		08/23/17		7,879,947		8,157,052		(277,105	)

	3,895,602,740	KRW	Merrill Lynch International†		08/23/17		3,386,214		3,478,317		(92,103	)

	6,729,794	MXN	HSBC Bank, NA		08/23/17		372,845		376,605		(3,760	)

	138,686,962	NOK	Standard Chartered Bank		08/23/17		16,605,592		17,647,371		(1,041,779	)

	12,089,941	PLN	Citibank, NA		08/23/17		3,246,974		3,362,190		(115,216	)

	12,898,601	RON	Deutsche Bank AG		08/23/17		3,220,900		3,350,142		(129,242	)

	9,839,604	SEK	State Street Corp.		08/23/17		1,165,958		1,220,287		(54,329	)

						$	83,596,398	$	87,012,297	$	(3,415,899	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

Total Return Basket Swaps* Outstanding at July 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.	05/07/18	$	48,426

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.	01/26/18		2,838

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.	12/03/19		69,481

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.	03/20/18		(29,821	)

			$	90,924

*	See the accompanying “Additional Information — Total Return Basket Swap” 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 JULY 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
DAX	—	Deutscher Aktien Index
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IBEX	—	Spanish Exchange Index
ILS	—	Israeli Shekel
JPY	—	Japanese Yen
KRW	—	Korean Won
LIBOR	—	London Interbank Offered Rate
LME	—	London Metal Exchange
MIB	—	Milan, Italian Stock Exchange
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PLN	—	Polish Zloty
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 July 31, 2017.
TOPIX	—	Tokyo Stock Price Index
TRY	—	New Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
WTI	—	West Texas Intermediate
ZAR	—	South African Rand

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 1.
(l)	—	The rate shown is the current yield as of July 31, 2017.
†	—	Non-deliverable forward.

As of July 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	$	22,585,531
Aggregate gross unrealized depreciation		(6,234,091	)

Net unrealized appreciation/depreciation	$	16,351,440

Federal income tax cost of investments	$	342,717,440

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2017 (Unaudited)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions

Common Stocks
Consumer Discretionary - 1.5%
Auto Components - 0.2%
TS Tech Co. Ltd. (Japan)		21,300		632,750		631,281		(1,469	)
Automobiles - 0.1%
Peugeot SA (France)		12,121		260,934		260,732		(202	)
Hotels, Restaurants & Leisure - 0.0% (g)
William Hill plc (United Kingdom)		40,526		133,942		133,942		—
Household Durables - 1.0%
Barratt Developments plc (United Kingdom)		75,975		616,986		617,047		61
Bellway plc (United Kingdom)		15,628		657,765		658,074		309
Crest Nicholson Holdings plc (United Kingdom)		73,108		518,948		518,948		—
Persimmon plc (United Kingdom)		18,115		598,479		598,537		58
Redrow plc (United Kingdom)		79,215		618,736		618,736		—
Taylor Wimpey plc (United Kingdom)		226,766		569,667		569,546		(121	)

		488,807		3,580,581		3,580,888		307

Media - 0.1%
Mediaset Espana Comunicacion SA (Spain)		46,403		585,025		584,854		(171	)
Textiles, Apparel & Luxury Goods - 0.1%
Burberry Group plc (United Kingdom)		24,619		555,772		555,342		(430	)

Total Consumer Discretionary		633,776		5,749,004		5,747,039		(1,965	)

Energy - 0.4%
Energy Equipment & Services - 0.1%
Petrofac Ltd. (United Kingdom)		50,642		298,672		299,232		560
Oil, Gas & Consumable Fuels - 0.3%
Caltex Australia Ltd. (Australia)		25,308		630,473		630,695		222
Woodside Petroleum Ltd. (Australia)		23,487		548,093		548,905		812

		48,795		1,178,566		1,179,600		1,034

Total Energy		99,437		1,477,238		1,478,832		1,594

Financials - 0.5%
Capital Markets - 0.3%
Close Brothers Group plc (United Kingdom)		27,720		563,236		563,630		394
Investec plc (South Africa)		79,339		602,956		602,420		(536	)

		107,059		1,166,192		1,166,050		(142	)

Insurance - 0.2%
Baloise Holding AG (Registered) (Switzerland)		3,625		582,579		582,414		(165	)

Total Financials		110,684		1,748,771		1,748,464		(307	)

Health Care - 0.5%
Pharmaceuticals - 0.5%
Astellas Pharma, Inc. (Japan)		39,600		505,753		504,327		(1,426	)
Kaken Pharmaceutical Co. Ltd. (Japan)		10,300		549,358		548,231		(1,127	)
Novartis AG (Registered) (Switzerland)		6,792		578,790		578,528		(262	)
Roche Holding AG (Switzerland)		488		125,918		125,818		(100	)

		57,180		1,759,819		1,756,904		(2,915	)

Total Health Care		57,180		1,759,819		1,756,904		(2,915	)

Industrials - 1.0%
Aerospace & Defense - 0.1%
QinetiQ Group plc (United Kingdom) (a)		150,285		478,266		478,009		(257	)
Commercial Services & Supplies - 0.0% (g)
Downer EDI Ltd. (Australia)		29,181		148,473		148,534		61
Construction & Engineering - 0.0% (g)
Tokyu Construction Co. Ltd. (Japan)		14,300		114,405		114,356		(49	)
Electrical Equipment - 0.3%
ABB Ltd. (Registered) (Switzerland)		21,937		514,990		513,904		(1,086	)
Schneider Electric SE (France) (a)		7,462		586,104		585,641		(463	)

		29,399		1,101,094		1,099,545		(1,549	)

Machinery - 0.2%
VAT Group AG (Switzerland) (a)		4,495		591,307		591,307		—
Professional Services - 0.2%
Pagegroup plc (United Kingdom)		92,440		597,264		597,534		270
Trading Companies & Distributors - 0.2%
Sumitomo Corp. (Japan)		42,800		579,040		578,519		(521	)

Total Industrials		362,900		3,609,849		3,607,804		(2,045	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued

Common Stocks - continued
Information Technology - 0.3%
Electronic Equipment, Instruments & Components - 0.1%
Spectris plc (United Kingdom)		17,632		572,286		572,290		4
Internet Software & Services - 0.2%
Moneysupermarket.com Group plc (United Kingdom)		139,074		609,384		608,911		(473	)

Total Information Technology		156,706		1,181,670		1,181,201		(469	)

Materials - 1.1%
Chemicals - 0.3%
Covestro AG (Germany)		7,169		556,895		555,944		(951	)
Mitsui Chemicals, Inc. (Japan)		121,000		691,460		687,416		(4,044	)

		128,169		1,248,355		1,243,360		(4,995	)

Metals & Mining - 0.8%
Fortescue Metals Group Ltd. (Australia)		41,613		191,087		191,262		175
Mitsui Mining & Smelting Co. Ltd. (Japan)		141,000		617,742		615,948		(1,794	)
OZ Minerals Ltd. (Australia)		21,925		146,284		146,526		242
Rio Tinto plc (United Kingdom)		12,484		579,793		585,088		5,295
South32 Ltd. (Australia)		270,484		629,687		630,864		1,177
Vedanta Resources plc (India)		71,352		724,421		724,699		278

		558,858		2,889,014		2,894,387		5,373

Total Materials		687,027		4,137,369		4,137,747		378

Real Estate - 0.1%
Real Estate Management & Development - 0.1%
Swiss Prime Site AG (Registered) (Switzerland) (a)		5,989		540,400		540,400		—
Telecommunication Services - 0.2%
Diversified Telecommunication Services - 0.2%
BT Group plc (United Kingdom)		141,977		587,262		587,543		281
Utilities - 0.5%
Electric Utilities - 0.3%
Enel SpA (Italy)		117,863		673,074		672,326		(748	)
Kansai Electric Power Co., Inc. (The) (Japan)		42,400		569,590		569,310		(280	)

		160,263		1,242,664		1,241,636		(1,028	)

Multi-Utilities - 0.2%
Centrica plc (United Kingdom)		222,464		582,635		582,782		147

Total Utilities		382,727		1,825,299		1,824,418		(881	)

Total Long Positions of Total Return Basket Swap		2,638,403		22,616,681		22,610,352		(6,329	)

Short Positions

Common Stocks
Consumer Discretionary - 5.8%
Auto Components - 0.2%
Visteon Corp. (a)		5,378		599,862		599,862		—
Distributors - 0.5%
Bapcor Ltd. (Australia)		139,610		631,037		630,726		311
Core-Mark Holding Co., Inc.		16,918		620,383		620,383		—
LKQ Corp. (a)		17,463		603,521		603,521		—

		173,991		1,854,941		1,854,630		311

Diversified Consumer Services - 0.2%
Houghton Mifflin Harcourt Co. (a)		47,744		570,541		570,541		—
Hotels, Restaurants & Leisure - 1.4%
Chipotle Mexican Grill, Inc. (a)		530		182,198		182,198		—
Domino’s Pizza Enterprises Ltd. (Australia)		2,544		108,496		108,455		41
Domino’s Pizza Group plc (United Kingdom)		166,356		584,722		584,631		91
Fiesta Restaurant Group, Inc. (a)		9,511		159,785		159,785		—
Greene King plc (United Kingdom)		59,551		538,215		537,966		249
Melia Hotels International SA (Spain)		36,149		561,233		560,313		920
Merlin Entertainments plc (United Kingdom)		22,032		136,421		136,422		(1	)
MGM Resorts International		18,714		616,252		616,252		—
NH Hotel Group SA (Spain)		22,734		151,517		151,460		57
Planet Fitness, Inc., Class A		26,251		594,848		594,848		—
Red Robin Gourmet Burgers, Inc. (a)		8,879		530,964		530,964		—
Resorttrust, Inc. (Japan)		12,300		226,933		226,733		200
Star Entertainment Grp Ltd. (The) (Australia)		139,164		561,109		561,399		(290	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Hotels, Restaurants & Leisure - continued
Whitbread plc (United Kingdom)		3,392		172,214		172,246		(32	)

		528,107		5,124,907		5,123,672		1,235

Household Durables - 0.3%
Meritage Homes Corp. (a)		11,910		485,332		485,332		—
Universal Electronics, Inc. (a)		8,195		560,948		560,948		—

		20,105		1,046,280		1,046,280		—

Internet & Direct Marketing Retail - 0.6%
Etsy, Inc. (a)		41,294		593,395		593,395		—
Groupon, Inc. (a)		151,242		568,670		568,670		—
Netflix, Inc. (a)		3,534		641,986		641,986		—
Rakuten, Inc. (Japan)		11,000		134,500		134,367		133
TripAdvisor, Inc. (a)		9,095		354,887		354,887		—

		216,165		2,293,438		2,293,305		133

Leisure Products - 0.5%
Amer Sports OYJ (Finland) (a)		25,428		683,308		683,025		283
Mattel, Inc.		25,860		517,717		517,717		—
Sankyo Co. Ltd. (Japan)		16,200		531,943		531,723		220

		67,488		1,732,968		1,732,465		503

Media - 0.6%
Axel Springer SE (Germany)		9,651		613,972		612,828		1,144
JCDecaux SA (France)		17,085		607,869		608,428		(559	)
Lions Gate Entertainment Corp., Class A (a)		19,640		577,416		577,416		—
Telenet Group Holding NV (Belgium) (a)		8,224		574,301		574,153		148

		54,600		2,373,558		2,372,825		733

Multiline Retail - 0.3%
B&M European Value Retail SA (Luxembourg)		40,082		190,383		190,493		(110	)
Don Quijote Holdings Co. Ltd. (Japan)		14,200		517,148		515,727		1,421
Marui Group Co. Ltd. (Japan)		41,500		565,405		564,391		1,014

		95,782		1,272,936		1,270,611		2,325

Specialty Retail - 0.7%
Advance Auto Parts, Inc.		5,477		613,479		613,479		—
CarMax, Inc. (a)		9,607		636,464		636,464		—
Fast Retailing Co. Ltd. (Japan)		1,500		450,632		450,073		559
L Brands, Inc.		11,144		516,970		516,970		—
Murphy USA, Inc. (a)		7,434		562,977		562,977		—

		35,162		2,780,522		2,779,963		559

Textiles, Apparel & Luxury Goods - 0.5%
G-III Apparel Group Ltd. (a)		14,527		378,138		378,138		—
Hanesbrands, Inc.		10,944		250,837		250,837		—
Lululemon Athletica, Inc. (a)		10,702		659,671		659,671		—
NIKE, Inc., Class B		9,345		551,822		551,822		—

		45,518		1,840,468		1,840,468		—

Total Consumer Discretionary		1,290,040		21,490,421		21,484,622		5,799

Consumer Staples - 3.7%
Beverages - 1.0%
Anheuser-Busch InBev SA/NV (Belgium)		1,344		161,966		162,130		(164	)
Britvic plc (United Kingdom)		69,183		651,739		651,484		255
Brown-Forman Corp., Class B		2,314		114,312		114,312		—
Coca-Cola Bottling Co. Consolidated		2,794		670,811		670,811		—
Davide Campari-Milano SpA (Italy)		78,127		578,505		577,543		962
Monster Beverage Corp. (a)		12,482		658,426		658,426		—
Remy Cointreau SA (France)		5,514		634,927		634,283		644

		171,758		3,470,686		3,468,989		1,697

Food & Staples Retailing - 0.6%
Aeon Co. Ltd. (Japan)		34,000		512,722		512,312		410
Carrefour SA (France)		20,756		498,913		498,562		351
Casey’s General Stores, Inc.		5,088		543,144		543,144		—
Costco Wholesale Corp.		592		93,838		93,838		—
Sugi Holdings Co. Ltd. (Japan)		11,900		607,710		607,171		539
Woolworths Ltd. (Australia)		151		3,225		3,223		2

		72,487		2,259,552		2,258,250		1,302

Food Products - 1.5%
Associated British Foods plc (United Kingdom)		15,078		589,656		589,847		(191	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 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
Blue Buffalo Pet Products, Inc. (a)		23,124		517,284		517,284		—
Calbee, Inc. (Japan)		3,300		136,945		136,811		134
Chocoladefabriken Lindt & Spruengli AG (Registered) (Switzerland)		8		545,302		545,223		79
Ezaki Glico Co. Ltd. (Japan)		10,300		541,884		541,580		304
Kewpie Corp. (Japan)		10,100		254,138		254,051		87
Kikkoman Corp. (Japan)		18,800		576,389		575,795		594
Lancaster Colony Corp.		4,731		580,115		580,115		—
Nissin Foods Holdings Co. Ltd. (Japan)		8,400		528,024		527,728		296
Viscofan SA (Spain)		10,122		603,794		602,196		1,598
Yamazaki Baking Co. Ltd. (Japan)		28,700		576,369		575,740		629

		132,663		5,449,900		5,446,370		3,530

Personal Products - 0.6%
Avon Products, Inc. (United Kingdom) (a)		156,477		569,576		569,576		—
Coty, Inc., Class A		29,339		600,863		600,863		—
Edgewell Personal Care Co. (a)		1,349		97,398		97,398		—
elf Beauty, Inc. (a)		20,985		532,389		532,389		—
Shiseido Co. Ltd. (Japan)		15,600		551,862		551,046		816

		223,750		2,352,088		2,351,272		816

Tobacco - 0.0% (g)
Vector Group Ltd.		5,237		105,421		105,421		—

Total Consumer Staples		605,895		13,637,647		13,630,302		7,345

Energy - 2.7%
Energy Equipment & Services - 0.5%
Halliburton Co.		12,110		513,948		513,948		—
Precision Drilling Corp. (Canada) (a)		183,110		531,669		531,669		—
Vallourec SA (France) (a)		70,796		418,372		418,802		(430	)
Weatherford International plc (a)		64,203		286,345		286,345		—

		330,219		1,750,334		1,750,764		(430	)

Oil, Gas & Consumable Fuels - 2.2%
Antero Resources Corp. (a)		26,593		548,348		548,348		—
Carrizo Oil & Gas, Inc. (a)		34,828		548,889		548,889		—
Chesapeake Energy Corp. (a)		101,478		503,331		503,331		—
EQT Corp.		2,062		131,349		131,349		—
Extraction Oil & Gas, Inc. (a)		37,542		457,262		457,262		—
Hess Corp.		11,086		493,770		493,770		—
Laredo Petroleum, Inc. (a)		45,848		594,190		594,190		—
Matador Resources Co. (a)		22,312		541,289		541,289		—
MEG Energy Corp. (Canada) (a)		42,691		175,318		175,318		—
Oasis Petroleum, Inc. (a)		71,760		558,293		558,293		—
Occidental Petroleum Corp.		8,204		508,074		508,074		—
Parsley Energy, Inc., Class A (a)		20,870		611,074		611,074		—
PDC Energy, Inc. (a)		4,909		231,508		231,508		—
QEP Resources, Inc. (a)		54,667		468,496		468,496		—
Range Resources Corp.		24,725		521,945		521,945		—
RSP Permian, Inc. (a)		7,179		246,670		246,670		—
Seven Generations Energy Ltd. (Canada), Class A (a)		12,312		213,997		213,997		—
SM Energy Co.		17,660		307,107		307,107		—
Tullow Oil plc (Ghana) (a)		105,200		233,325		233,982		(657	)
WPX Energy, Inc. (a)		26,969		290,726		290,726		—

		678,895		8,184,961		8,185,618		(657	)

Total Energy		1,009,114		9,935,295		9,936,382		(1,087	)

Financials - 2.8%
Banks - 0.6%
Banco BPM SpA (Italy) (a)		177,624		649,738		646,943		2,795
Banco de Sabadell SA (Spain)		295,041		661,167		658,863		2,304
Seven Bank Ltd. (Japan)		30,600		121,296		121,095		201
UniCredit SpA (Italy) (a)		34,394		677,508		675,978		1,530

		537,659		2,109,709		2,102,879		6,830

Capital Markets - 1.2%
Ashmore Group plc (United Kingdom)		131,785		625,958		625,627		331
Deutsche Bank AG (Registered) (Germany)		30,899		551,966		550,239		1,727
Financial Engines, Inc.		3,679		141,458		141,458		—
Hargreaves Lansdown plc (United Kingdom)		31,737		577,858		577,473		385

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Capital Markets - continued
Interactive Brokers Group, Inc., Class A		15,634		626,142		626,142		—
Japan Exchange Group, Inc. (Japan) (a)		31,900		573,213		572,519		694
London Stock Exchange Group plc (United Kingdom)		12,963		641,035		641,757		(722	)
NEX Group plc (United Kingdom)		66,872		588,941		588,056		885
TD Ameritrade Holding Corp.		3,269		149,491		149,491		—

		328,738		4,476,062		4,472,762		3,300

Consumer Finance - 0.1%
Aiful Corp. (Japan) (a)		29,400		101,871		101,794		77
LendingClub Corp. (a)		44,112		223,648		223,648		—

		73,512		325,519		325,442		77

Diversified Financial Services - 0.4%
Element Fleet Management Corp. (Canada)		36,357		275,284		275,284		—
Groupe Bruxelles Lambert SA (Belgium)		6,004		616,010		615,785		225
Pargesa Holding SA (Switzerland)		7,217		576,195		575,949		246

		49,578		1,467,489		1,467,018		471

Insurance - 0.5%
Admiral Group plc (United Kingdom)		21,133		576,618		576,507		111
Markel Corp. (a)		525		562,543		562,543		—
Sony Financial Holdings, Inc. (Japan)		35,100		608,427		606,811		1,616

		56,758		1,747,588		1,745,861		1,727

Thrifts & Mortgage Finance - 0.0% (g)
PHH Corp. (a)		9,038		124,544		124,544		—

Total Financials		1,055,283		10,250,911		10,238,506		12,405

Health Care - 2.2%
Health Care Equipment & Supplies - 0.6%
DexCom, Inc. (a)		5,319		354,299		354,299		—
Glaukos Corp. (a)		14,276		573,610		573,610		—
Insulet Corp. (a)		818		41,154		41,154		—
Penumbra, Inc. (a)		6,865		560,527		560,527		—
Sysmex Corp. (Japan)		10,100		579,001		578,176		825
Wright Medical Group NV (a)		3,782		99,353		99,353		—

		41,160		2,207,944		2,207,119		825

Health Care Providers & Services - 0.5%
Acadia Healthcare Co., Inc. (a)		12,297		650,880		650,880		—
Diplomat Pharmacy, Inc. (a)		32,453		515,029		515,029		—
Healthscope Ltd. (Australia)		66,279		110,288		110,323		(35	)
Tenet Healthcare Corp. (a)		29,702		515,330		515,330		—

		140,731		1,791,527		1,791,562		(35	)

Health Care Technology - 0.2%
athenahealth, Inc. (a)		4,042		559,089		559,089		—
Life Sciences Tools & Services - 0.1%
Eurofins Scientific SE (Luxembourg)		1,140		634,820		635,036		(216	)
Pharmaceuticals - 0.8%
Chugai Pharmaceutical Co. Ltd. (Japan)		14,500		583,315		581,509		1,806
Dermira, Inc. (a)		20,685		569,458		569,458		—
Medicines Co. (The) (a)		6,777		260,576		260,576		—
Nektar Therapeutics (a)		19,493		425,532		425,532		—
Pacira Pharmaceuticals, Inc. (a)		2,240		88,480		88,480		—
Santen Pharmaceutical Co. Ltd. (Japan)		41,800		590,345		588,894		1,451
Vifor Pharma AG (Switzerland)		4,993		533,406		532,972		434

		110,488		3,051,112		3,047,421		3,691

Total Health Care		297,561		8,244,492		8,240,227		4,265

Industrials - 6.8%
Aerospace & Defense - 0.7%
Bombardier, Inc. (Canada), Class B (a)		67,162		135,213		135,213		—
Cobham plc (United Kingdom)		312,363		546,899		546,899		—
Cubic Corp.		12,058		574,564		574,564		—
Mercury Systems, Inc. (a)		14,591		640,691		640,691		—
TransDigm Group, Inc.		1,968		555,251		555,251		—

		408,142		2,452,618		2,452,618		—

Air Freight & Logistics - 0.4%
Bollore SA (France)		126,325		586,211		586,102		109
Hub Group, Inc., Class A (a)		15,692		534,313		534,313		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Air Freight & Logistics - continued
Yamato Holdings Co. Ltd. (Japan)		10,300		206,943		206,745		198

		152,317		1,327,467		1,327,160		307

Building Products - 0.0% (g)
Armstrong World Industries, Inc. (a)		2,543		123,463		123,463		—
Commercial Services & Supplies - 0.9%
Aggreko plc (United Kingdom)		52,204		584,430		583,597		833
Brambles Ltd. (Australia)		19,648		145,238		145,273		(35	)
Clean Harbors, Inc. (a)		9,361		531,705		531,705		—
Covanta Holding Corp.		10,872		164,167		164,167		—
Healthcare Services Group, Inc.		12,176		636,196		636,196		—
Societe BIC SA (France)		4,856		569,507		569,589		(82	)
Sohgo Security Services Co. Ltd. (Japan)		12,600		534,310		534,100		210
Team, Inc. (a)		12,321		176,806		176,806		—

		134,038		3,342,359		3,341,433		926

Construction & Engineering - 0.8%
Dycom Industries, Inc. (a)		6,371		577,213		577,213		—
Ferrovial SA (Spain)		26,562		573,697		572,804		893
Granite Construction, Inc.		10,599		519,563		519,563		—
Primoris Services Corp.		21,589		537,998		537,998		—
SNC-Lavalin Group, Inc. (Canada)		13,259		583,960		583,960		—

		78,380		2,792,431		2,791,538		893

Electrical Equipment - 0.5%
Acuity Brands, Inc.		3,171		642,603		642,603		—
Melrose Industries plc (United Kingdom)		184,959		567,137		567,137		—
OSRAM Licht AG (Germany)		8,207		685,036		683,925		1,111

		196,337		1,894,776		1,893,665		1,111

Industrial Conglomerates - 0.1%
DCC plc (United Kingdom)		6,036		530,794		530,639		155
Machinery - 1.1%
CIRCOR International, Inc.		9,675		484,331		484,331		—
EnPro Industries, Inc.		7,334		564,865		564,865		—
FANUC Corp. (Japan)		2,700		552,637		552,028		609
Flowserve Corp.		2,406		98,959		98,959		—
GEA Group AG (Germany)		11,666		474,311		474,119		192
Kone OYJ (Finland), Class B		11,702		609,663		609,526		137
Proto Labs, Inc. (a)		4,716		348,512		348,512		—
REV Group, Inc.		20,705		553,859		553,859		—
Welbilt, Inc. (a)		27,029		526,795		526,795		—

		97,933		4,213,932		4,212,994		938

Marine - 0.1%
Matson, Inc.		16,177		456,191		456,191		—
Professional Services - 0.5%
Advisory Board Co. (The) (a)		10,377		583,187		583,187		—
Bureau Veritas SA (France)		24,548		559,258		559,317		(59	)
SGS SA (Registered) (Switzerland)		243		537,292		537,075		217

		35,168		1,679,737		1,679,579		158

Road & Rail - 0.9%
AMERCO		1,373		533,493		533,493		—
Avis Budget Group, Inc. (a)		20,698		637,084		637,084		—
Genesee & Wyoming, Inc., Class A (a)		1,667		108,622		108,622		—
Hertz Global Holdings, Inc. (a)		46,227		631,923		631,923		—
Keio Corp. (Japan)		14,000		117,338		117,240		98
Kintetsu Group Holdings Co. Ltd. (Japan)		128,000		491,124		490,846		278
Odakyu Electric Railway Co. Ltd. (Japan)		6,400		126,845		126,774		71
Werner Enterprises, Inc.		20,707		613,963		613,963		—

		239,072		3,260,392		3,259,945		447

Trading Companies & Distributors - 0.6%
Beacon Roofing Supply, Inc. (a)		10,591		486,445		486,445		—
Herc Holdings, Inc. (a)		14,951		678,476		678,476		—
MISUMI Group, Inc. (Japan)		5,800		143,941		143,839		102
MonotaRO Co. Ltd. (Japan)		16,000		528,278		527,761		517

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Trading Companies & Distributors - continued
SiteOne Landscape Supply, Inc. (a)		10,742		563,955		563,955		—

		58,084		2,401,095		2,400,476		619

Transportation Infrastructure - 0.2%
Aeroports de Paris (France)		3,526		597,102		596,722		380
Groupe Eurotunnel SE (Registered) (France)		12,351		136,883		136,955		(72	)
Mitsubishi Logistics Corp. (Japan)		9,000		115,679		115,539		140

		24,877		849,664		849,216		448

Total Industrials		1,449,104		25,324,919		25,318,917		6,002

Information Technology - 5.4%
Communications Equipment - 0.3%
Infinera Corp. (a)		51,166		600,177		600,177		—
Nokia OYJ (Finland)		47,570		302,966		303,553		(587	)
ViaSat, Inc. (a)		3,525		232,967		232,967		—

		102,261		1,136,110		1,136,697		(587	)

Electronic Equipment, Instruments & Components - 0.2%
Ai Holdings Corp. (Japan)		22,200		612,164		611,655		509
Internet Software & Services - 1.5%
2U, Inc. (a)		4,775		247,106		247,106		—
Benefitfocus, Inc. (a)		9,038		323,109		323,109		—
Box, Inc., Class A (a)		31,534		594,416		594,416		—
Cornerstone OnDemand, Inc. (a)		16,573		668,058		668,058		—
GMO internet, Inc. (Japan)		12,600		162,636		162,494		142
GrubHub, Inc. (a)		12,730		587,235		587,235		—
New Relic, Inc. (a)		4,121		193,522		193,522		—
Pandora Media, Inc. (a)		38,173		341,648		341,648		—
Q2 Holdings, Inc. (a)		14,697		571,713		571,713		—
Quotient Technology, Inc. (a)		55,095		639,102		639,102		—
Yahoo Japan Corp. (Japan)		132,300		600,027		598,781		1,246
Zillow Group, Inc., Class C (a)		12,322		556,462		556,462		—

		343,958		5,485,034		5,483,646		1,388

IT Services - 0.5%
Digital Garage, Inc. (Japan) (a)		25,600		487,409		486,375		1,034
InterXion Holding NV (Netherlands) (a)		3,524		168,694		168,694		—
Syntel, Inc.		30,929		602,806		602,806		—
Wirecard AG (Germany)		9,014		690,292		689,829		463

		69,067		1,949,201		1,947,704		1,497

Semiconductors & Semiconductor Equipment - 0.7%
ams AG (Austria) (a)		9,467		682,893		682,254		639
ASML Holding NV (Netherlands)		4,226		641,102		637,286		3,816
Cavium, Inc. (a)		9,263		573,750		573,750		—
First Solar, Inc. (a)		14,879		733,683		733,683		—

		37,835		2,631,428		2,626,973		4,455

Software - 2.0%
Capcom Co. Ltd. (Japan) (a)		25,400		630,593		629,162		1,431
FireEye, Inc. (a)		24,873		363,892		363,892		—
Globant SA (a)		6,269		288,186		288,186		—
Guidewire Software, Inc. (a)		8,978		647,852		647,852		—
HubSpot, Inc. (a)		2,262		163,656		163,656		—
Imperva, Inc. (a)		6,404		288,500		288,500		—
Nintendo Co. Ltd. (Japan)		1,200		407,964		407,538		426
Paycom Software, Inc. (a)		8,901		623,871		623,871		—
Paylocity Holding Corp. (a)		13,381		608,434		608,434		—
Pegasystems, Inc.		9,192		555,656		555,656		—
RingCentral, Inc., Class A (a)		5,937		206,608		206,608		—
Sage Group plc (The) (United Kingdom)		61,268		544,841		544,854		(13	)
salesforce.com, Inc. (a)		5,578		506,482		506,482		—
ServiceNow, Inc. (a)		5,970		659,387		659,387		—
Splunk, Inc. (a)		4,682		280,967		280,967		—
Tableau Software, Inc., Class A (a)		4,624		298,017		298,017		—
Workday, Inc., Class A (a)		1,569		160,211		160,211		—
Zendesk, Inc. (a)		9,211		270,067		270,067		—

		205,699		7,505,184		7,503,340		1,844

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Technology Hardware, Storage & Peripherals - 0.2%
Pure Storage, Inc., Class A (a)		13,055		157,574		157,574		—
Ricoh Co. Ltd. (Japan)		62,800		590,717		590,478		239
Stratasys Ltd. (a)		5,226		125,372		125,372		—

		81,081		873,663		873,424		239

Total Information Technology		862,101		20,192,784		20,183,439		9,345

Materials - 5.4%
Chemicals - 2.4%
Air Liquide SA (France)		4,071		499,756		499,160		596
CF Industries Holdings, Inc.		18,114		531,646		531,646		—
Clariant AG (Registered) (Switzerland) (a)		27,417		637,967		637,103		864
Croda International plc (United Kingdom)		11,434		558,333		557,932		401
DuluxGroup Ltd. (Australia)		103,236		544,260		544,346		(86	)
Essentra plc (United Kingdom)		74,948		529,537		529,537		—
Ferro Corp. (a)		31,951		614,737		614,737		—
GCP Applied Technologies, Inc. (a)		18,770		568,731		568,731		—
Givaudan SA (Registered) (Switzerland)		294		585,294		584,945		349
Johnson Matthey plc (United Kingdom)		15,832		586,974		586,772		202
Kansai Paint Co. Ltd. (Japan)		25,400		583,132		580,991		2,141
Potash Corp. of Saskatchewan, Inc. (Canada)		8,564		153,180		153,180		—
Symrise AG (Germany)		7,839		549,643		548,853		790
Taiyo Nippon Sanso Corp. (Japan)		51,900		601,644		599,806		1,838
Toray Industries, Inc. (Japan)		66,000		596,871		595,975		896
Umicore SA (Belgium)		9,034		725,939		725,269		670
WR Grace & Co.		1,777		122,542		122,542		—

		476,581		8,990,186		8,981,525		8,661

Construction Materials - 0.3%
Boral Ltd. (Australia)		125,000		692,000		692,710		(710	)
Vulcan Materials Co.		4,378		539,019		539,019		—

		129,378		1,231,019		1,231,729		(710	)

Containers & Packaging - 0.5%
Amcor Ltd. (Australia)		45,039		552,719		552,875		(156	)
Ball Corp.		14,046		588,527		588,527		—
Huhtamaki OYJ (Finland)		13,324		516,406		516,315		91

		72,409		1,657,652		1,657,717		(65	)

Metals & Mining - 2.2%
Alamos Gold, Inc. (Canada), Class A		84,438		598,025		598,025		—
Alcoa Corp.		16,911		615,560		615,560		—
Coeur Mining, Inc. (a)		68,845		570,037		570,037		—
Compass Minerals International, Inc.		8,938		617,169		617,169		—
Eldorado Gold Corp. (Canada)		222,465		471,071		471,071		—
First Quantum Minerals Ltd. (Zambia)		23,440		259,076		259,076		—
Franco-Nevada Corp. (Canada)		1,827		132,370		132,370		—
Fresnillo plc (Mexico)		9,420		190,906		191,171		(265	)
Goldcorp, Inc. (Canada)		44,787		588,060		588,060		—
Hecla Mining Co.		21,517		116,407		116,407		—
Iluka Resources Ltd. (Australia)		90,197		650,861		651,156		(295	)
Independence Group NL (Australia)		50,117		120,682		121,071		(389	)
New Gold, Inc. (Canada) (a)		172,872		578,204		578,204		—
Pan American Silver Corp. (Canada)		35,761		602,351		602,351		—
Randgold Resources Ltd. (Jersey)		6,214		578,832		578,425		407
Royal Gold, Inc.		7,354		637,298		637,298		—
Sumitomo Metal Mining Co. Ltd. (Japan)		43,000		650,782		649,415		1,367

		908,103		7,977,691		7,976,866		825

Total Materials		1,586,471		19,856,548		19,847,837		8,711

Real Estate - 0.2%
Real Estate Management & Development - 0.2%
Capital & Counties Properties plc (United Kingdom)		53,952		204,726		205,090		(364	)
Ichigo, Inc. (Japan) (a)		175,900		537,696		537,250		446

		229,852		742,422		742,340		82

Total Real Estate		229,852		742,422		742,340		82

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)			CURRENT VALUE($)(2)			VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.3%
Iliad SA (France)		607		150,647			150,581			66
SFR Group SA (France) (a)		4,249		158,444			158,158			286
Vivendi SA (France)		27,138		628,705			627,264			1,441
Zayo Group Holdings, Inc. (a)		4,240		139,030			139,030			—

		36,234		1,076,826			1,075,033			1,793

Total Telecommunication Services		36,234		1,076,826			1,075,033			1,793

Utilities - 1.3%
Electric Utilities - 0.3%
Chugoku Electric Power Co., Inc. (The) (Japan)		8,500		93,215			93,185			30
Hokkaido Electric Power Co., Inc. (Japan)		14,700		110,805			110,706			99
Hokuriku Electric Power Co. (Japan)		18,400		170,406			170,355			51
Hydro One Ltd. (Canada)		33,378		598,622			598,622			—

		74,978		973,048			972,868			180

Gas Utilities - 0.2%
New Jersey Resources Corp.		13,970		588,836			588,836			—
Independent Power and Renewable Electricity Producers - 0.2%
Algonquin Power & Utilities Corp. (Canada)		58,147		621,696			621,696			—
Calpine Corp. (a)		18,672		268,503			268,503			—

		76,819		890,199			890,199			—

Multi-Utilities - 0.2%
Dominion Energy, Inc.		1,473		113,686			113,686			—
NiSource, Inc.		21,886		570,349			570,349			—
Sempra Energy		969		109,507			109,507			—

		24,328		793,542			793,542			—

Water Utilities - 0.4%
American Water Works Co., Inc.		6,650		539,315			539,315			—
Aqua America, Inc.		16,091		537,118			537,118			—
California Water Service Group (a)		11,600		451,240			451,240			—
Pennon Group plc (United Kingdom)		10,890		115,664			115,749			(85	)

		45,231		1,643,337			1,643,422			(85	)

Total Utilities		235,326		4,888,962			4,888,867			95

Total Short Positions of Total Return Basket Swap		8,656,981		135,641,227			135,586,472			54,755

Total of Long and Short Positions of Total Return Basket Swap		6,018,578		(113,024,546	)		(112,976,120	)		48,426

Outstanding swap contract, at value									$	48,426

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions

Common Stocks
Consumer Discretionary - 3.1%
Hotels, Restaurants & Leisure - 0.2%
Tatts Group Ltd. (Australia)		187,621		600,387		600,420		33
Internet & Direct Marketing Retail - 0.6%
HSN, Inc.		59,382		2,354,496		2,354,496		—
Media - 2.3%
Sky plc (United Kingdom)		281,985		3,590,293		3,593,657		3,364
Time Warner, Inc.		46,015		4,712,856		4,712,856		—

		328,000		8,303,149		8,306,513		3,364

Total Consumer Discretionary		575,003		11,258,032		11,261,429		3,397

Consumer Staples - 0.9%
Food & Staples Retailing - 0.3%
Booker Group plc (United Kingdom)		443,284		1,125,873		1,125,873		—
Tobacco - 0.6%
British American Tobacco plc (United Kingdom) (a)		37,944		2,372,259		2,372,259		—

Total Consumer Staples		481,228		3,498,132		3,498,132		—

Energy - 2.3%
Energy Equipment & Services - 0.9%
Amec Foster Wheeler plc (United Kingdom)		346,242		2,027,418		2,031,027		3,609
Atwood Oceanics, Inc. (a)		152,394		1,197,817		1,197,817		—

		498,636		3,225,235		3,228,844		3,609

Oil, Gas & Consumable Fuels - 1.4%
Rice Energy, Inc. (a)		188,271		5,265,940		5,265,940		—

Total Energy		686,907		8,491,175		8,494,784		3,609

Financials - 0.6%
Banks - 0.1%
MainSource Financial Group, Inc.		8,467		295,837		295,837		—
Capital Markets - 0.0% (g)
Sole Realisation Co. plc (United Kingdom) (a)		5,123		4,732		4,732		—
Thrifts & Mortgage Finance - 0.5%
Astoria Financial Corp.		104,124		2,101,222		2,101,222		—

Total Financials		117,714		2,401,791		2,401,791		—

Health Care - 1.3%
Health Care Equipment & Supplies - 1.3%
CR Bard, Inc.		14,820		4,751,292		4,751,292		—
Industrials - 1.3%
Aerospace & Defense - 0.1%
DigitalGlobe, Inc. (a)		11,823		412,623		412,623		—
Commercial Services & Supplies - 0.1%
Berendsen plc (United Kingdom)		30,471		512,593		512,567		(26	)
Road & Rail - 1.1%
Swift Transportation Co. (a)		155,161		3,956,606		3,956,605		(1	)

Total Industrials		197,455		4,881,822		4,881,795		(27	)

Total Long Positions of Total Return Basket Swap		2,073,127		35,282,244		35,289,223		6,979

Short Positions

Common Stocks
Consumer Discretionary - 0.8%
Hotels, Restaurants & Leisure - 0.2%
Tabcorp Holdings Ltd. (Australia)		148,596		496,905		496,522		383
Internet & Direct Marketing Retail - 0.6%
Liberty Interactive Corp. QVC Group (a)		97,000		2,322,180		2,322,180		—

Total Consumer Discretionary		245,596		2,819,085		2,818,702		383

Consumer Staples - 0.9%
Food & Staples Retailing - 0.3%
Tesco plc (United Kingdom) (a)		377,850		868,448		868,494		(46	)
Tobacco - 0.6%
British American Tobacco plc (United Kingdom)		37,564		2,336,102		2,336,696		(594	)

Total Consumer Staples		415,414		3,204,550		3,205,190		(640	)

Energy - 1.9%
Energy Equipment & Services - 0.9%
Ensco plc, Class A		241,392		1,276,964		1,276,964		—
John Wood Group plc (United Kingdom)		257,084		2,070,795		2,074,811		(4,016	)

		498,476		3,347,759		3,351,775		(4,016	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 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 - 1.0%
EQT Corp.		60,346		3,844,040		3,844,040		—

Total Energy		558,822		7,191,799		7,195,815		(4,016	)

Financials - 0.6%
Banks - 0.6%
First Financial Bancorp (a)		11,630		297,728		297,728		—
Sterling Bancorp		90,197		2,083,551		2,083,551		—

		101,827		2,381,279		2,381,279		—

Total Financials		101,827		2,381,279		2,381,279		—

Health Care - 0.4%
Health Care Equipment & Supplies - 0.4%
Becton Dickinson and Co.		7,449		1,500,229		1,500,229		—
Industrials - 1.2%
Aerospace & Defense - 0.1%
MacDonald Dettwiler & Associates Ltd. (Canada)		3,666		207,919		207,919		—
Commercial Services & Supplies - 0.0% (g)
Elis SA (France)		10,636		257,295		257,163		132
Road & Rail - 1.1%
Knight Transportation, Inc.		110,598		3,942,819		3,942,819		—

Total Industrials		124,900		4,408,033		4,407,901		132

Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.		65,462		2,553,018		2,553,018		—

Total Short Positions of Total Return Basket Swap		1,519,470		24,057,993		24,062,134		(4,141	)

Total of Long and Short Positions of Total Return Basket Swap		553,657		11,224,251		11,227,089		2,838

Outstanding Swap contract, at value							$	2,838

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions

Common Stocks
Consumer Discretionary - 0.9%
Hotels, Restaurants & Leisure - 0.5%
Tatts Group Ltd. (Australia)		577,881		1,849,219		1,849,321		102
Media - 0.4%
Havas SA (France)		23,465		256,806		257,002		196
Sky plc (United Kingdom)		81,975		1,043,723		1,044,701		978

		105,440		1,300,529		1,301,703		1,174

Total Consumer Discretionary		683,321		3,149,748		3,151,024		1,276

Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
Metro Wholesale & Food Specialist AG (Germany) (a)		21,833		441,060		441,060		—
Health Care - 1.0%
Pharmaceuticals - 1.0%
STADA Arzneimittel AG (Germany)		47,175		3,674,651		3,674,651		—
Industrials - 3.0%
Aerospace & Defense - 1.2%
DigitalGlobe, Inc. (a)		28,119		981,353		981,353		—
Zodiac Aerospace (France)		125,724		3,594,295		3,595,414		1,119

		153,843		4,575,648		4,576,767		1,119

Commercial Services & Supplies - 0.3%
Berendsen plc (United Kingdom)		66,835		1,124,322		1,124,264		(58	)
Machinery - 0.1%
Pfeiffer Vacuum Technology AG (Germany)		3,373		571,991		571,998		7
Transportation Infrastructure - 1.4%
Abertis Infraestructuras SA (Spain)		254,503		5,028,374		5,018,102		(10,272	)

Total Industrials		478,554		11,300,335		11,291,131		(9,204	)

Information Technology - 0.3%
IT Services - 0.3%
Paysafe Group plc (Isle of Man) (a)		153,261		1,193,054		1,192,866		(188	)
Materials - 0.0% (g)
Metals & Mining - 0.0% (g)
Kirkland Lake Gold Ltd. (Canada)		314		3,254		3,254		—
Telecommunication Services - 2.1%
Diversified Telecommunication Services - 2.1%
Level 3 Communications, Inc. (a)		79,052		4,638,771		4,638,771		—
Vocus Group Ltd. (Australia)		1,085,728		3,031,353		3,028,782		(2,571	)

		1,164,780		7,670,124		7,667,553		(2,571	)

Total Telecommunication Services		1,164,780		7,670,124		7,667,553		(2,571	)

Right
Consumer Discretionary - 0.0% (g)
Media - 0.0% (g)
Media General, Inc., CVR (a)		48,548		—		78,648		78,648

Total Long Positions of Total Return Basket Swap		2,597,786		27,432,226		27,500,187		67,961

Short Positions

Common Stocks
Consumer Discretionary - 0.4%
Hotels, Restaurants & Leisure - 0.4%
Tabcorp Holdings Ltd. (Australia)		457,681		1,530,485		1,529,307		1,178
Energy - 0.0% (g)
Oil, Gas & Consumable Fuels - 0.0% (g)
Royal Dutch Shell plc (Netherlands), Class A		33		929		933		(4	)
Industrials - 0.4%
Aerospace & Defense - 0.2%
MacDonald Dettwiler & Associates Ltd. (Canada)		14,599		827,989		827,989		—
Commercial Services & Supplies - 0.2%
Elis SA (France)		28,186		681,846		681,500		346

Total Industrials		42,785		1,509,835		1,509,489		346

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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

TOTAL RETURN BASKET
SWAP POSITIONS

SHARES

NOTIONAL
VALUE($)(1)

CURRENT
VALUE($)(2)

VALUE($)(3)

Short Positions - continued

Common Stocks - continued

Telecommunication Services - 0.7%

Diversified Telecommunication Services - 0.7%

CenturyLink, Inc.

111,804

2,601,679

—

Total Short Positions of Total Return Basket Swap

612,303

5,642,928

5,641,408

1,520

Total of Long and Short Positions of Total Return Basket Swap

1,985,483

21,789,298

21,858,779

69,481

Outstanding swap contract, at value

69,481

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions

Common Stocks
Consumer Discretionary - 3.8%
Auto Components - 1.8%
Bridgestone Corp. (Japan)		13,100		553,374		551,137		(2,237	)
Cie Generale des Etablissements Michelin (France)		4,831		653,961		654,292		331
Cooper-Standard Holdings, Inc. (a)		5,373		549,443		549,443		—
Faurecia (France)		10,860		603,335		603,035		(300	)
GKN plc (United Kingdom)		126,986		538,658		538,720		62
Lear Corp.		4,108		608,765		608,765		—
Linamar Corp. (Canada)		8,479		464,704		464,704		—
Magna International, Inc. (Canada)		12,090		576,596		576,596		—
NHK Spring Co. Ltd. (Japan)		52,200		564,875		563,790		(1,085	)
Sumitomo Rubber Industries Ltd. (Japan)		31,100		540,502		539,280		(1,222	)
Unipres Corp. (Japan) (a)		24,800		578,355		576,782		(1,573	)
Valeo SA (France)		8,017		555,575		555,086		(489	)

		301,944		6,788,143		6,781,630		(6,513	)

Automobiles - 0.2%
Peugeot SA (France)		17,280		371,994		371,706		(288	)
Thor Industries, Inc.		5,144		541,920		541,920		—

		22,424		913,914		913,626		(288	)

Hotels, Restaurants & Leisure - 0.5%
Aristocrat Leisure Ltd. (Australia)		32,965		534,033		534,575		542
Carnival plc		9,120		616,086		615,567		(519	)
William Hill plc (United Kingdom)		110,440		365,015		365,015		—
Wyndham Worldwide Corp.		3,617		377,506		377,506		—

		156,142		1,892,640		1,892,663		23

Household Durables - 0.5%
KB Home		23,381		535,893		535,893		—
MDC Holdings, Inc.		15,775		540,925		540,925		—
Sekisui Chemical Co. Ltd. (Japan)		31,900		587,970		587,608		(362	)

		71,056		1,664,788		1,664,426		(362	)

Multiline Retail - 0.4%
Big Lots, Inc.		10,626		527,793		527,793		—
Dillard’s, Inc., Class A		6,785		500,869		500,869		—
Target Corp.		7,067		400,487		400,487		—

		24,478		1,429,149		1,429,149		—

Specialty Retail - 0.4%
American Eagle Outfitters, Inc.		28,514		337,606		337,606		—
Best Buy Co., Inc.		9,517		555,222		555,222		—
Children’s Place, Inc. (The)		4,841		511,451		511,451		—

		42,872		1,404,279		1,404,279		—

Total Consumer Discretionary		618,916		14,092,913		14,085,773		(7,140	)

Consumer Staples - 1.6%
Beverages - 0.3%
Kirin Holdings Co. Ltd. (Japan)		25,000		551,158		550,594		(564	)
Suntory Beverage & Food Ltd. (Japan)		12,300		603,592		602,939		(653	)

		37,300		1,154,750		1,153,533		(1,217	)

Food & Staples Retailing - 0.6%
J Sainsbury plc (United Kingdom)		174,647		564,091		564,277		186
Loblaw Cos. Ltd. (Canada)		10,245		557,959		557,959		—
SpartanNash Co.		14,221		394,491		394,491		—
Wm Morrison Supermarkets plc (United Kingdom)		176,035		558,354		558,313		(41	)

		375,148		2,074,895		2,075,040		145

Food Products - 0.5%
Fresh Del Monte Produce, Inc.		11,032		567,817		567,817		—
Pinnacle Foods, Inc.		9,055		537,686		537,686		—
Saputo, Inc. (Canada)		17,322		587,149		587,149		—

		37,409		1,692,652		1,692,652		—

Personal Products - 0.1%
USANA Health Sciences, Inc. (a)		9,641		550,501		550,501		—
Tobacco - 0.1%
Universal Corp.		7,662		489,985		489,985		—

Total Consumer Staples		467,160		5,962,783		5,961,711		(1,072	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued

Common Stocks - continued
Energy - 2.7%
Energy Equipment & Services - 0.5%
Nabors Industries Ltd.		12,126		93,491		93,491		—
Noble Corp. plc (a)		41,907		167,628		167,628		—
Patterson-UTI Energy, Inc.		6,868		132,827		132,827		—
Petrofac Ltd. (United Kingdom)		43,489		256,486		256,966		480
SBM Offshore NV (European Union)		35,127		607,533		607,459		(74	)
Tecnicas Reunidas SA (Spain)		14,404		510,947		510,781		(166	)
Unit Corp. (a)		5,012		90,116		90,116		—

		158,933		1,859,028		1,859,268		240

Oil, Gas & Consumable Fuels - 2.2%
ARC Resources Ltd. (Canada)		11,021		151,956		151,956		—
Enbridge Income Fund Holdings, Inc. (Canada)		22,781		585,445		585,445		—
Enerplus Corp. (Canada)		73,140		659,976		659,976		—
Idemitsu Kosan Co. Ltd. (Japan)		5,200		126,268		126,212		(56	)
Imperial Oil Ltd. (Canada)		18,999		545,245		545,245		—
Inter Pipeline Ltd. (Canada)		27,837		549,707		549,707		—
Neste OYJ (Finland)		14,454		626,763		626,639		(124	)
OMV AG (Austria)		10,127		573,282		573,666		384
Repsol SA (Spain)		38,510		645,528		644,961		(567	)
Royal Dutch Shell plc (Netherlands), Class B		21,561		612,192		614,223		2,031
Saras SpA (Italy)		227,510		523,301		523,477		176
TOTAL SA (France)		11,339		576,656		576,630		(26	)
Valero Energy Corp.		8,006		552,174		552,174		—
Veresen, Inc. (Canada)		42,686		623,471		623,471		—
Vermilion Energy, Inc. (Canada)		17,472		575,416		575,416		—

		550,643		7,927,380		7,929,198		1,818

Total Energy		709,576		9,786,408		9,788,466		2,058

Financials - 2.7%
Banks - 0.9%
Credit Agricole SA (France)		35,385		622,048		621,090		(958	)
ING Groep NV (Netherlands)		38,709		724,702		723,232		(1,470	)
Laurentian Bank of Canada (Canada)		13,294		577,611		577,611		—
National Australia Bank Ltd. (Australia)		24,440		585,582		585,895		313
National Bank of Canada (Canada)		13,550		610,253		610,253		—

		125,378		3,120,196		3,118,081		(2,115	)

Capital Markets - 0.3%
3i Group plc (United Kingdom)		45,595		563,079		562,876		(203	)
SBI Holdings, Inc. (Japan)		41,200		590,093		589,431		(662	)

		86,795		1,153,172		1,152,307		(865	)

Insurance - 1.5%
Allianz SE (Registered) (Germany)		2,883		614,321		614,534		213
ASR Nederland NV (Netherlands)		16,281		615,787		615,787		—
CNP Assurances (France)		25,465		614,967		614,768		(199	)
Manulife Financial Corp. (Canada)		32,991		679,534		679,534		—
Mapfre SA (Spain)		170,529		636,099		635,190		(909	)
SCOR SE (France)		15,169		639,541		639,765		224
Swiss Life Holding AG (Registered) (Switzerland) (a)		1,679		612,945		612,755		(190	)
Validus Holdings Ltd.		9,786		526,389		526,389		—
Zurich Insurance Group AG (Switzerland)		2,078		633,533		633,332		(201	)

		276,861		5,573,116		5,572,054		(1,062	)

Total Financials		489,034		9,846,484		9,842,442		(4,042	)

Health Care - 2.5%
Health Care Equipment & Supplies - 0.2%
Natus Medical, Inc. (a)		16,484		580,237		580,237		—
Health Care Providers & Services - 1.0%
Aetna, Inc.		3,764		580,823		580,823		—
Chemed Corp.		2,690		531,275		531,275		—
Express Scripts Holding Co. (a)		5,765		361,120		361,120		—
Humana, Inc.		2,558		591,409		591,409		—
Owens & Minor, Inc.		12,823		413,285		413,285		—
Quest Diagnostics, Inc.		5,104		552,814		552,814		—
UnitedHealth Group, Inc.		3,081		590,967		590,967		—

		35,785		3,621,693		3,621,693		—

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued

Common Stocks - continued
Life Sciences Tools & Services - 0.1%
Evotec AG (Germany) (a)		39,048		563,945		562,675		(1,270	)
Pharmaceuticals - 1.2%
Bayer AG (Registered) (Germany)		4,212		534,268		533,497		(771	)
Ipsen SA (France)		4,165		533,730		533,098		(632	)
Johnson & Johnson		4,790		635,729		635,729		—
Mallinckrodt plc (a)		12,793		585,919		585,919		—
Merck KGaA (Germany)		5,085		558,922		557,985		(937	)
Roche Holding AG (Switzerland)		1,878		484,576		484,193		(383	)
Sanofi (France)		6,369		608,598		606,896		(1,702	)
Tsumura & Co. (Japan) (a)		14,700		572,693		571,338		(1,355	)

		53,992		4,514,435		4,508,655		(5,780	)

Total Health Care		145,309		9,280,310		9,273,260		(7,050	)

Industrials - 4.9%
Aerospace & Defense - 0.1%
Dassault Aviation SA (France)		404		605,638		606,565		927
Airlines - 0.4%
Alaska Air Group, Inc.		5,694		485,300		485,300		—
Deutsche Lufthansa AG (Registered) (Germany)		27,586		593,528		592,410		(1,118	)
International Consolidated Airlines Group SA (United Kingdom)		71,187		542,881		542,905		24

		104,467		1,621,709		1,620,615		(1,094	)

Building Products - 0.5%
Asahi Glass Co. Ltd. (Japan)		13,000		548,324		547,163		(1,161	)
Nichias Corp. (Japan) (a)		54,000		655,866		655,800		(66	)
Owens Corning		8,774		588,297		588,297		—

		75,774		1,792,487		1,791,260		(1,227	)

Commercial Services & Supplies - 0.2%
Deluxe Corp.		7,781		561,788		561,788		—
Construction & Engineering - 1.1%
ACS Actividades de Construccion y Servicios SA (Spain)		14,583		559,764		558,478		(1,286	)
Argan, Inc.		8,424		542,927		542,927		—
Bouygues SA (France)		12,955		555,858		555,434		(424	)
HOCHTIEF AG (Germany)		3,464		619,203		618,302		(901	)
Kinden Corp. (Japan) (a)		34,500		537,630		537,009		(621	)
Maeda Corp. (Japan) (a)		49,000		593,360		592,450		(910	)
Nishimatsu Construction Co. Ltd. (Japan) (a)		103,000		593,270		592,758		(512	)

		225,926		4,002,012		3,997,358		(4,654	)

Electrical Equipment - 0.3%
Philips Lighting NV (Netherlands)		16,663		633,194		633,272		78
Prysmian SpA (Italy)		21,564		690,518		689,744		(774	)

		38,227		1,323,712		1,323,016		(696	)

Machinery - 1.3%
Barnes Group, Inc.		10,574		636,343		636,343		—
Cargotec OYJ (Finland), Class B		10,033		612,857		612,541		(316	)
Georg Fischer AG (Registered) (Switzerland)		621		706,448		706,289		(159	)
Hillenbrand, Inc.		15,757		567,252		567,252		—
Metso OYJ (Finland)		15,763		501,588		501,480		(108	)
Valmet OYJ (Finland)		31,182		568,464		568,401		(63	)
Wabash National Corp.		25,127		479,423		479,423		—
Wartsila OYJ Abp (Finland)		9,280		616,845		616,732		(113	)

		118,337		4,689,220		4,688,461		(759	)

Road & Rail - 0.3%
Canadian National Railway Co. (Canada)		7,772		614,155		614,155		—
Sankyu, Inc. (Japan) (a)		85,000		641,480		640,206		(1,274	)

		92,772		1,255,635		1,254,361		(1,274	)

Trading Companies & Distributors - 0.5%
Finning International, Inc. (Canada)		27,337		550,139		550,139		—
Howden Joinery Group plc (United Kingdom)		104,585		586,317		586,602		285
Kanamoto Co. Ltd. (Japan) (a)		17,000		610,640		609,438		(1,202	)

		148,922		1,747,096		1,746,179		(917	)

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued

Common Stocks - continued
Transportation Infrastructure - 0.2%
Fraport AG Frankfurt Airport Services Worldwide (Germany)		6,584		659,540		659,316		(224	)

Total Industrials		819,194		18,258,837		18,248,919		(9,918	)

Information Technology - 3.5%
Communications Equipment - 0.1%
Cisco Systems, Inc.		12,504		393,251		393,251		—
Electronic Equipment, Instruments & Components - 0.6%
Corning, Inc.		13,043		380,073		380,073		—
Methode Electronics, Inc.		13,416		533,286		533,286		—
Oki Electric Industry Co. Ltd. (Japan) (a)		39,500		541,739		540,840		(899	)
Omron Corp. (Japan)		14,100		704,712		703,478		(1,234	)

		80,059		2,159,810		2,157,677		(2,133	)

Internet Software & Services - 0.0% (g)
Mixi, Inc. (Japan)		1,900		104,612		104,423		(189	)
IT Services - 1.0%
Amdocs Ltd.		7,071		474,959		474,959		—
Atos SE (France)		4,464		678,791		678,687		(104	)
CGI Group, Inc. (Canada), Class A (a)		11,193		591,005		591,005		—
Convergys Corp.		10,901		261,297		261,297		—
NeuStar, Inc., Class A (a)		17,379		580,459		580,459		—
Science Applications International Corp.		7,893		555,746		555,746		—
Western Union Co. (The)		20,236		399,661		399,661		—

		79,137		3,541,918		3,541,814		(104	)

Semiconductors & Semiconductor Equipment - 1.3%
Advanced Energy Industries, Inc. (a)		7,825		567,704		567,704		—
ASM International NV (Netherlands)		8,928		537,537		537,267		(270	)
BE Semiconductor Industries NV (Netherlands)		11,258		731,531		732,317		786
Dialog Semiconductor plc (United Kingdom) (a)		12,574		549,335		547,938		(1,397	)
Disco Corp. (Japan)		3,000		532,541		531,702		(839	)
Intel Corp.		11,466		406,699		406,699		—
MKS Instruments, Inc.		7,144		597,596		597,596		—
SCREEN Holdings Co. Ltd. (Japan) (a)		8,300		557,123		554,792		(2,331	)
Teradyne, Inc.		9,766		337,806		337,806		—
Ulvac, Inc. (Japan)		2,200		118,137		117,954		(183	)
Xperi Corp.		708		20,709		20,709		—

		83,169		4,956,718		4,952,484		(4,234	)

Software - 0.2%
Nexon Co. Ltd. (Japan)		10,200		212,336		212,001		(335	)
Oracle Corp.		8,047		401,787		401,787		—

		18,247		614,123		613,788		(335	)

Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.		4,214		626,748		626,748		—
Brother Industries Ltd. (Japan)		23,900		611,348		609,796		(1,552	)

		28,114		1,238,096		1,236,544		(1,552	)

Total Information Technology		303,130		13,008,528		12,999,981		(8,547	)

Materials - 2.1%
Chemicals - 1.0%
Innophos Holdings, Inc.		2,881		120,339		120,339		—
LyondellBasell Industries NV, Class A		7,006		631,171		631,171		—
Mitsubishi Chemical Holdings Corp. (Japan)		69,600		586,497		582,709		(3,788	)
Stepan Co.		6,735		553,415		553,415		—
Sumitomo Bakelite Co. Ltd. (Japan) (a)		79,000		575,418		573,907		(1,511	)
Tokai Carbon Co. Ltd. (Japan) (a)		100,800		653,744		650,504		(3,240	)
Trinseo SA		7,762		545,669		545,669		—

		273,784		3,666,253		3,657,714		(8,539	)

Metals & Mining - 0.6%
Aperam SA (Luxembourg)		10,738		522,004		521,901		(103	)
Centamin plc (Jersey)		296,424		649,229		650,168		939
Nisshin Steel Co. Ltd. (Japan)		21,500		263,667		263,427		(240	)
OZ Minerals Ltd. (Australia)		91,845		612,790		613,806		1,016
Yamato Kogyo Co. Ltd. (Japan)		4,900		137,562		137,349		(213	)

		425,407		2,185,252		2,186,651		1,399

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions - continued

Common Stocks - continued
Paper & Forest Products - 0.5%
Schweitzer-Mauduit International, Inc.		12,251		470,683		470,683		—
UPM-Kymmene OYJ (Finland)		19,318		526,208		525,896		(312	)
West Fraser Timber Co. Ltd. (Canada)		13,215		702,221		702,221		—

		44,784		1,699,112		1,698,800		(312	)

Total Materials		743,975		7,550,617		7,543,165		(7,452	)

Real Estate - 0.5%
Real Estate Management & Development - 0.5%
BUWOG AG (Austria) (a)		20,465		601,664		601,664		—
Deutsche EuroShop AG (Germany)		14,070		585,877		585,943		66
Tokyo Tatemono Co. Ltd. (Japan) (a)		38,500		524,532		523,856		(676	)

		73,035		1,712,073		1,711,463		(610	)

Total Real Estate		73,035		1,712,073		1,711,463		(610	)

Telecommunication Services - 0.5%
Diversified Telecommunication Services - 0.3%
Deutsche Telekom AG (Registered) (Germany)		32,766		599,087		598,593		(494	)
Telefonica SA (Spain)		52,897		598,642		598,951		309

		85,663		1,197,729		1,197,544		(185	)

Wireless Telecommunication Services - 0.2%
NTT DOCOMO, Inc. (Japan)		4,600		106,941		106,821		(120	)
Rogers Communications, Inc. (Canada), Class B		11,833		615,307		615,307		—

		16,433		722,248		722,128		(120	)

Total Telecommunication Services		102,096		1,919,977		1,919,672		(305	)

Utilities - 1.2%
Electric Utilities - 0.5%
EDP - Energias de Portugal SA (Portugal)		159,960		568,082		567,929		(153	)
Endesa SA (Spain)		24,051		569,716		569,367		(349	)
Tokyo Electric Power Co. Holdings, Inc. (Japan) (a)		136,900		581,153		580,688		(465	)

		320,911		1,718,951		1,717,984		(967	)

Gas Utilities - 0.1%
Gas Natural SDG SA (Spain)		22,370		524,071		523,549		(522	)
Multi-Utilities - 0.6%
A2A SpA (Italy)		359,557		612,075		611,650		(425	)
Ameren Corp.		10,571		593,033		593,033		—
CenterPoint Energy, Inc.		20,509		578,149		578,149		—
Hera SpA (Italy)		169,928		549,169		549,477		308

		560,565		2,332,426		2,332,309		(117	)

Total Utilities		903,846		4,575,448		4,573,842		(1,606	)

Total Long Positions of Total Return Basket Swap		5,375,271		95,994,378		95,948,694		(45,684	)

Short Positions

Common Stocks
Consumer Discretionary - 2.6%
Hotels, Restaurants & Leisure - 1.1%
Accor SA (France)		10,741		499,199		498,960		239
Chipotle Mexican Grill, Inc. (a)		769		264,359		264,359		—
Domino’s Pizza Enterprises Ltd. (Australia)		12,084		515,358		515,162		196
Fiesta Restaurant Group, Inc. (a)		16,015		269,052		269,052		—
Merlin Entertainments plc (United Kingdom)		66,575		412,229		412,232		(3	)
NH Hotel Group SA (Spain)		70,152		467,549		467,372		177
Resorttrust, Inc. (Japan)		17,000		313,647		313,371		276
Shake Shack, Inc., Class A (a)		15,474		510,797		510,797		—
Whitbread plc (United Kingdom)		7,190		365,040		365,108		(68	)
Wynn Resorts Ltd.		4,719		610,355		610,355		—

		220,719		4,227,585		4,226,768		817

Internet & Direct Marketing Retail - 0.7%
Ocado Group plc (United Kingdom) (a)		141,930		563,847		563,837		10
Rakuten, Inc. (Japan)		38,000		464,638		464,177		461
TripAdvisor, Inc. (a)		6,157		240,246		240,246		—
Yoox Net-A-Porter Group SpA (Italy) (a)		21,541		712,732		713,490		(758	)
Zalando SE (Germany) (a)		11,509		515,205		515,112		93

		219,137		2,496,668		2,496,862		(194	)

Media - 0.2%
Altice NV (Netherlands), Class A (a)		24,977		616,636		615,370		1,266

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Multiline Retail - 0.2%
B&M European Value Retail SA (Luxembourg)		86,622		411,440		411,677		(237	)
Isetan Mitsukoshi Holdings Ltd. (Japan)		47,800		466,532		465,818		714

		134,422		877,972		877,495		477

Specialty Retail - 0.3%
Bic Camera, Inc. (Japan) (a)		50,000		580,979		580,315		664
Dufry AG (Registered) (Switzerland) (a)		3,320		529,098		528,895		203

		53,320		1,110,077		1,109,210		867

Textiles, Apparel & Luxury Goods - 0.1%
G-III Apparel Group Ltd. (a)		9,777		254,495		254,495		—

Total Consumer Discretionary		662,352		9,583,433		9,580,200		3,233

Consumer Staples - 0.8%
Beverages - 0.2%
Anheuser-Busch InBev SA/NV (Belgium)		3,243		390,818		391,212		(394	)
Brown-Forman Corp., Class B		8,956		442,426		442,426		—

		12,199		833,244		833,638		(394	)

Food & Staples Retailing - 0.1%
Costco Wholesale Corp.		2,534		401,664		401,664		—
Food Products - 0.3%
Calbee, Inc. (Japan)		12,200		506,282		505,787		495
Kewpie Corp. (Japan)		13,300		334,656		334,543		113

		25,500		840,938		840,330		608

Personal Products - 0.1%
Edgewell Personal Care Co. (a)		5,096		367,931		367,931		—
Tobacco - 0.1%
Vector Group Ltd.		22,216		447,208		447,208		—

Total Consumer Staples		67,545		2,890,985		2,890,771		214

Energy - 1.3%
Energy Equipment & Services - 0.1%
Weatherford International plc (a)		81,679		364,288		364,288		—
Oil, Gas & Consumable Fuels - 1.2%
Cheniere Energy, Inc. (a)		10,159		459,187		459,187		—
Concho Resources, Inc. (a)		3,919		510,489		510,489		—
EQT Corp.		6,555		417,554		417,554		—
Kosmos Energy Ltd. (Ghana) (a)		81,313		536,666		536,666		—
MEG Energy Corp. (Canada) (a)		167,834		689,240		689,240		—
PDC Energy, Inc. (a)		6,742		317,953		317,953		—
PrairieSky Royalty Ltd. (Canada)		602		14,949		14,949		—
RSP Permian, Inc. (a)		10,783		370,504		370,504		—
Seven Generations Energy Ltd. (Canada), Class A (a)		22,400		389,339		389,339		—
SM Energy Co.		11,566		201,133		201,133		—
Tullow Oil plc (Ghana) (a)		136,574		302,908		303,761		(853	)
WPX Energy, Inc. (a)		32,498		350,328		350,328		—

		490,945		4,560,250		4,561,103		(853	)

Total Energy		572,624		4,924,538		4,925,391		(853	)

Financials - 2.5%
Banks - 0.8%
Banco Comercial Portugues SA (Portugal), Class R (a)		2,298,537		656,851		655,178		1,673
Banco Espirito Santo SA (Registered) (Portugal) (a)		35,937		—		—		—
Bank of Ireland Group plc (Ireland) (a)		68,483		571,545		571,545		—
Bank of Kyoto Ltd. (The) (Japan)		65,000		623,793		623,032		761
Seven Bank Ltd. (Japan)		136,400		540,676		539,784		892
Standard Chartered plc (United Kingdom) (a)		51,531		575,671		576,027		(356	)

		2,655,888		2,968,536		2,965,566		2,970

Capital Markets - 0.6%
Charles Schwab Corp. (The)		14,132		606,263		606,263		—
Financial Engines, Inc.		12,372		475,704		475,704		—
Moody’s Corp.		4,908		646,040		646,040		—
TD Ameritrade Holding Corp.		10,906		498,731		498,731		—

		42,318		2,226,738		2,226,738		—

Consumer Finance - 0.4%
Acom Co. Ltd. (Japan) (a)		123,900		528,214		527,648		566
Aiful Corp. (Japan) (a)		135,200		468,469		468,116		353

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Consumer Finance - continued
LendingClub Corp. (a)		53,253		269,993		269,993		—

		312,353		1,266,676		1,265,757		919

Diversified Financial Services - 0.4%
AMP Ltd. (Australia)		147,723		636,982		636,828		154
Element Fleet Management Corp. (Canada)		40,395		305,858		305,858		—
Wendel SA (France)		3,938		592,981		592,520		461

		192,056		1,535,821		1,535,206		615

Insurance - 0.2%
St James’s Place plc (United Kingdom)		40,765		654,568		654,782		(214	)
Thrifts & Mortgage Finance - 0.1%
PHH Corp. (a)		31,891		439,458		439,458		—

Total Financials		3,275,271		9,091,797		9,087,507		4,290

Health Care - 1.1%
Health Care Equipment & Supplies - 0.5%
DexCom, Inc. (a)		2,669		177,782		177,782		—
Insulet Corp. (a)		10,249		515,627		515,627		—
Neogen Corp. (a)		8,534		562,134		562,134		—
Wright Medical Group NV (a)		16,743		439,839		439,839		—

		38,195		1,695,382		1,695,382		—

Health Care Providers & Services - 0.1%
Diplomat Pharmacy, Inc. (a)		6,455		102,441		102,441		—
Healthscope Ltd. (Australia)		221,778		369,039		369,153		(114	)

		228,233		471,480		471,594		(114	)

Life Sciences Tools & Services - 0.1%
MorphoSys AG (Germany) (a)		8,841		646,065		645,899		166
Pharmaceuticals - 0.4%
Mayne Pharma Group Ltd. (Australia) (a)		641,865		492,952		493,142		(190	)
Medicines Co. (The) (a)		7,434		285,837		285,837		—
Nektar Therapeutics (a)		11,077		241,811		241,811		—
Pacira Pharmaceuticals, Inc. (a)		9,247		365,257		365,257		—

		669,623		1,385,857		1,386,047		(190	)

Total Health Care		944,892		4,198,784		4,198,922		(138	)

Industrials - 3.1%
Aerospace & Defense - 0.1%
Bombardier, Inc. (Canada), Class B (a)		273,641		550,903		550,903		—
Air Freight & Logistics - 0.1%
Yamato Holdings Co. Ltd. (Japan)		18,500		371,695		371,338		357
Airlines - 0.1%
Spirit Airlines, Inc. (a)		9,599		372,921		372,921		—
Building Products - 0.3%
Armstrong World Industries, Inc. (a)		9,971		484,092		484,092		—
Kingspan Group plc (Ireland)		15,861		527,988		527,988		—

		25,832		1,012,080		1,012,080		—

Commercial Services & Supplies - 0.4%
Bilfinger SE (Germany)		12,095		494,761		494,211		550
Brambles Ltd. (Australia)		52,653		389,211		389,305		(94	)
Covanta Holding Corp.		28,580		431,558		431,558		—

		93,328		1,315,530		1,315,074		456

Construction & Engineering - 0.1%
OCI NV (Netherlands) (a)		24,209		519,151		518,644		507
Machinery - 0.5%
Alstom SA (France)		17,378		623,025		622,586		439
Flowserve Corp.		9,928		408,339		408,339		—
Konecranes OYJ (Finland)		12,826		572,718		572,244		474
Proto Labs, Inc. (a)		3,821		282,372		282,372		—

		43,953		1,886,454		1,885,541		913

Professional Services - 0.2%
ALS Ltd. (Australia)		108,723		645,380		645,521		(141	)
Road & Rail - 0.5%
Aurizon Holdings Ltd. (Australia)		140,176		562,946		562,632		314
Genesee & Wyoming, Inc., Class A (a)		7,032		458,205		458,205		—
Hertz Global Holdings, Inc. (a)		10,213		139,604		139,604		—
Keio Corp. (Japan)		45,000		377,160		376,844		316

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Road & Rail - continued
Odakyu Electric Railway Co. Ltd. (Japan)		18,000		356,751		356,554		197

		220,421		1,894,666		1,893,839		827

Trading Companies & Distributors - 0.4%
Ashtead Group plc (United Kingdom)		26,823		576,507		576,274		233
Brenntag AG (Germany)		8,564		486,069		485,298		771
Herc Holdings, Inc. (a)		—		7		7		—
MISUMI Group, Inc. (Japan)		18,600		461,605		461,277		328

		53,987		1,524,188		1,522,856		1,332

Transportation Infrastructure - 0.4%
Groupe Eurotunnel SE (Registered) (France)		37,649		417,254		417,474		(220	)
Mitsubishi Logistics Corp. (Japan)		29,000		372,743		372,294		449
Qube Holdings Ltd. (Australia)		255,407		543,506		542,958		548

		322,056		1,333,503		1,332,726		777

Total Industrials		1,194,249		11,426,471		11,421,443		5,028

Information Technology - 2.5%
Communications Equipment - 0.2%
Nokia OYJ (Finland)		37,702		240,118		240,583		(465	)
ViaSat, Inc. (a)		4,652		307,451		307,451		—

		42,354		547,569		548,034		(465	)

Electronic Equipment, Instruments & Components - 0.2%
Fitbit, Inc., Class A (a)		104,318		538,281		538,281		—
Japan Display, Inc. (Japan) (a)		146,700		263,473		262,550		923

		251,018		801,754		800,831		923

Internet Software & Services - 0.6%
2U, Inc. (a)		7,693		398,113		398,113		—
Benefitfocus, Inc. (a)		6,816		243,672		243,672		—
Cimpress NV (Netherlands) (a)		6,674		588,914		588,914		—
GMO internet, Inc. (Japan)		31,400		405,298		404,944		354
New Relic, Inc. (a)		10,155		476,879		476,879		—
Pandora Media, Inc. (a)		26,645		238,473		238,473		—

		89,383		2,351,349		2,350,995		354

IT Services - 0.1%
InterXion Holding NV (Netherlands) (a)		8,440		404,023		404,023		—
Software - 1.2%
Autodesk, Inc. (a)		5,863		649,562		649,562		—
Blackline, Inc. (a)		17,563		680,917		680,917		—
FireEye, Inc. (a)		10,406		152,240		152,240		—
Globant SA (a)		8,103		372,495		372,495		—
HubSpot, Inc. (a)		5,593		404,654		404,654		—
Imperva, Inc. (a)		6,397		288,185		288,185		—
Nintendo Co. Ltd. (Japan)		600		203,981		203,768		213
RingCentral, Inc., Class A (a)		9,242		321,622		321,622		—
Splunk, Inc. (a)		5,520		331,255		331,255		—
Tableau Software, Inc., Class A (a)		5,265		339,329		339,329		—
Workday, Inc., Class A (a)		3,690		376,786		376,786		—
Zendesk, Inc. (a)		11,256		330,026		330,026		—

		89,498		4,451,052		4,450,839		213

Technology Hardware, Storage & Peripherals - 0.2%
Pure Storage, Inc., Class A (a)		29,371		354,508		354,508		—
Stratasys Ltd. (a)		14,921		357,955		357,955		—

		44,292		712,463		712,463		—

Total Information Technology		524,985		9,268,210		9,267,185		1,025

Materials - 2.0%
Chemicals - 0.6%
Axalta Coating Systems Ltd. (a)		15,100		475,650		475,650		—
K+S AG (Registered) (Germany)		19,824		516,171		515,487		684
Potash Corp. of Saskatchewan, Inc. (Canada)		25,969		464,495		464,495		—
Tokyo Ohka Kogyo Co. Ltd. (Japan) (a)		15,400		502,181		501,297		884
WR Grace & Co.		5,376		370,729		370,729		—

		81,669		2,329,226		2,327,658		1,568

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Short Positions - continued

Common Stocks - continued
Construction Materials - 0.2%
Summit Materials, Inc., Class A (a)		22,163		630,316		630,316		—
Metals & Mining - 1.2%
Endeavour Mining Corp. (Monaco) (a)		32,952		627,456		627,456		—
First Quantum Minerals Ltd. (Zambia)		40,717		450,034		450,034		—
Franco-Nevada Corp. (Canada)		5,646		409,066		409,066		—
Fresnillo plc (Mexico)		19,643		398,085		398,638		(553	)
Hecla Mining Co.		85,160		460,716		460,716		—
Independence Group NL (Australia)		156,945		377,923		379,145		(1,222	)
Kobe Steel Ltd. (Japan) (a)		50,300		630,546		629,153		1,393
thyssenkrupp AG (Germany)		20,024		594,625		594,742		(117	)
UACJ Corp. (Japan) (a)		212,000		626,895		625,730		1,165

		623,387		4,575,346		4,574,680		666

Total Materials		727,219		7,534,888		7,532,654		2,234

Real Estate - 0.1%
Real Estate Management & Development - 0.1%
Capital & Counties Properties plc (United Kingdom)		91,500		347,205		347,823		(618	)
Telecommunication Services - 0.7%
Diversified Telecommunication Services - 0.6%
Iliad SA (France)		1,728		428,862		428,673		189
SFR Group SA (France) (a)		14,157		527,910		526,958		952
TalkTalk Telecom Group plc (United Kingdom)		229,335		544,652		544,652		—
Zayo Group Holdings, Inc. (a)		14,493		475,225		475,225		—

		259,713		1,976,649		1,975,508		1,141

Wireless Telecommunication Services - 0.1%
Sprint Corp. (a)		58,023		463,024		463,024		—

Total Telecommunication Services		317,736		2,439,673		2,438,532		1,141

Utilities - 1.1%
Electric Utilities - 0.3%
Chugoku Electric Power Co., Inc. (The) (Japan)		37,500		411,243		411,110		133
Hokkaido Electric Power Co., Inc. (Japan)		52,400		394,979		394,626		353
Hokuriku Electric Power Co. (Japan)		46,500		430,645		430,516		129

		136,400		1,236,867		1,236,252		615

Independent Power and Renewable Electricity Producers - 0.3%
Calpine Corp. (a)		29,065		417,954		417,954		—
Northland Power, Inc. (Canada)		27,332		509,043		509,043		—

		56,397		926,997		926,997		—

Multi-Utilities - 0.3%
Dominion Energy, Inc.		5,869		452,970		452,970		—
Sempra Energy		4,216		476,450		476,450		—

		10,085		929,420		929,420		—

Water Utilities - 0.2%
American States Water Co.		11,202		553,939		553,939		—
Pennon Group plc (United Kingdom)		39,236		416,732		417,040		(308	)

		50,438		970,671		970,979		(308	)

Total Utilities		253,320		4,063,955		4,063,648		307

Preferred Stock
Industrials - 0.0% (g)
Aerospace & Defense - 0.0% (g)
Rolls-Royce Holdings plc (Preference) (United Kingdom), Class C (a)		28,556		38		38		—

Total Short Positions of Total Return Basket Swap		8,660,249		65,769,977		65,754,114		15,863

Total of Long and Short Positions of Total Return Basket Swap		3,284,978		30,224,401		30,194,580		(29,821	)

Outstanding swap contract, at value							$	(29,821	)

Percentages indicated are based on net assets.

JPMorgan Systematic Alpha Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

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

NOTES TO ADDITIONAL INFORMATION-TOTAL RETURN BASKET SWAPS:


CVR		—		Contingent Value Rights

(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 July 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 JULY 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 July 31, 2017, net assets of the Fund were $370,024,275 of which $49,425,766 or approximately 13.4%, 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.

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 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 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.

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 Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	29,499,367		$	1,088,464		$	—		$	30,587,831
Consumer Staples		13,566,496			2,363,664			—			15,930,160
Energy		7,821,750			1,080,590			76,070			8,978,410
Financials		15,885,153			—			—			15,885,153
Health Care		35,028,054			1,586,954			—			36,615,008
Industrials		17,609,481			2,016,167			—			19,625,648
Information Technology		41,907,098			1,354,239			—			43,261,337
Materials		11,646,927			5,165,783			—			16,812,710
Real Estate		1,933,639			—			—			1,933,639
Telecommunication Services		2,369,336			457,473			—			2,826,809
Utilities		8,324,854			—			—			8,324,854

Total Common Stocks		185,592,155			15,113,334			76,070			200,781,559

Convertible Preferred Stocks
Energy		1,099,254			—			—			1,099,254
Financials		943,882			—			—			943,882
Health Care		1,243,777			—			—			1,243,777
Real Estate		310,650			—			—			310,650
Telecommunication Services		1,054,716			—			—			1,054,716
Utilities		456,987			—			—			456,987

Total Convertible Preferred Stocks		5,109,266			—			—			5,109,266

Debt Securities
Convertible Bonds
Consumer Discretionary		—			1,919,445			—			1,919,445
Financials		—			2,477,723			—			2,477,723
Health Care		—			7,058,038			—			7,058,038
Industrials		—			568,172			—			568,172
Information Technology		—			11,410,891			—			11,410,891
Materials		—			485,085			—			485,085
Real Estate		—			580,709			—			580,709
Utilities		—			768,423			—			768,423

Total Convertible Bonds		—			25,268,486			—			25,268,486

Rights
Health Care		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Companies		127,909,569			—			—			127,909,569

Total Investments in Securities	$	318,610,990		$	40,381,820		$	76,070		$	359,068,880

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,083,141		$	—		$	2,083,141
Futures Contracts		1,094,256			77,019			—			1,171,275
Swaps		—			120,745			—			120,745

Total Appreciation in Other Financial Instruments	$	1,094,256		$	2,280,905		$	—		$	3,375,161

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,415,899	)	$	—		$	(3,415,899	)
Futures Contracts		(3,547,783	)		(235,545	)		—			(3,783,328	)
Swaps		—			(29,821	)		—			(29,821	)

Total Depreciation in Other Financial Instruments	$	(3,547,783	)	$	(3,681,265	)	$	—		$	(7,229,048	)

(a)	Value is zero.

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

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

NQ – Tickmark to the Leveling Table

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

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.

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in 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. The Fund may be required to post or receive collateral for non-deliverable 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.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Argentina — 0.3%
	64	Banco Macro SA, ADR		5,541

		Brazil — 8.0%
	2,092	Banco Bradesco SA, ADR (a)		20,121
	2,327	Banco do Brasil SA (a)		21,422
	1,225	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (a)		13,182
	239	Cia de Saneamento de Minas Gerais-COPASA (a)		3,253
	1,699	EDP - Energias do Brasil SA (a)		7,835
	516	Fibria Celulose SA		5,477
	2,721	Itau Unibanco Holding SA, ADR		32,406
	2,131	Kroton Educacional SA		10,334
	295	M Dias Branco SA (a)		4,780
	2,176	MRV Engenharia e Participacoes SA		10,042
	750	Transmissora Alianca de Energia Eletrica SA		5,532
	2,535	Vale SA, ADR (a)		25,427

				159,811

		China — 21.6%
	1,910	AAC Technologies Holdings, Inc.		25,658
	250	Alibaba Group Holding Ltd., ADR (a)		38,698
	2,904	Anhui Conch Cement Co. Ltd., Class H		10,726
	4,712	BYD Electronic International Co. Ltd.		11,885
	33,667	China Construction Bank Corp., Class H		27,954
	6,920	China Merchants Bank Co. Ltd., Class H		22,721
	17,253	China Power International Development Ltd.		5,914
	284	Chlitina Holding Ltd.		1,209
	3,726	COSCO SHIPPING Ports Ltd.		4,558
	5,815	Geely Automobile Holdings Ltd.		13,428
	9,372	Guangzhou Automobile Group Co. Ltd., Class H		20,140
	14,998	Huadian Power International Corp. Ltd., Class H		6,330
	15,158	Huaneng Power International, Inc., Class H		10,685
	61,659	Industrial & Commercial Bank of China Ltd., Class H		43,085
	372	Momo, Inc., ADR (a)		16,324
	102	NetEase, Inc., ADR		31,902
	10,276	PICC Property & Casualty Co. Ltd., Class H		19,117
	3,205	Ping An Insurance Group Co. of China Ltd., Class H		23,724
	6,916	Qingdao Haier Co. Ltd., Class A		14,431
	5,754	Shenzhen Expressway Co. Ltd., Class H		5,138
	13,467	Sihuan Pharmaceutical Holdings Group Ltd.		5,667


SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	2,958	Sinopharm Group Co. Ltd., Class H		12,381
	1,010	Tencent Holdings Ltd.		40,317
	2,928	TravelSky Technology Ltd., Class H		7,753
	10,996	Xinyi Solar Holdings Ltd.		3,461
	4,832	Zhejiang Expressway Co. Ltd., Class H		6,028

				429,234

		Hong Kong — 3.6%
	1,591	Haier Electronics Group Co. Ltd. (a)		4,097
	2,148	Kingboard Chemical Holdings Ltd.		9,671
	4,026	Kingboard Laminates Holdings Ltd.		5,611
	5,997	Lee & Man Paper Manufacturing Ltd.		6,386
	7,880	Nine Dragons Paper Holdings Ltd.		11,724
	31,490	Tongda Group Holdings Ltd.		9,135
	18,770	WH Group Ltd. (e)		17,599
	6,020	Xinyi Glass Holdings Ltd.		6,220

				70,443

		Hungary — 1.7%
	124	MOL Hungarian Oil & Gas plc		10,752
	630	OTP Bank plc		23,436

				34,188

		India — 3.3%
	1,741	Apollo Tyres Ltd.		7,236
	1,652	Hindustan Petroleum Corp. Ltd.		9,866
	7,527	Oil & Natural Gas Corp. Ltd.		19,878
	2,870	Rural Electrification Corp. Ltd.		7,830
	4,690	Vedanta Ltd.		20,455

				65,265

		Indonesia — 1.3%
	19,324	Bank Negara Indonesia Persero Tbk. PT		10,797
	13,966	Bank Rakyat Indonesia Persero Tbk. PT		15,474

				26,271

		Luxembourg — 0.4%
	225	Ternium SA, ADR		6,882

		Malaysia — 2.5%
	13,392	AirAsia Bhd.		10,097
	8,845	CIMB Group Holdings Bhd.		13,529
	6,223	Malayan Banking Bhd.		13,866
	3,939	Tenaga Nasional Bhd.		12,986

				50,478

		Panama — 1.4%
	218	Copa Holdings SA, Class A		27,370

		Poland — 1.9%
	337	KGHM Polska Miedz SA		11,452

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Poland — continued
	593	Polski Koncern Naftowy ORLEN SA		17,559
	4,478	Polskie Gornictwo Naftowe i Gazownictwo SA		8,322

				37,333

		Qatar — 0.4%
	218	Qatar National Bank QPSC		8,276

		Russia — 6.6%
	1,714	Aeroflot PJSC		5,781
	10,177	Alrosa PJSC		14,245
	290	LUKOIL PJSC, ADR		13,520
	10,993	Magnitogorsk Iron & Steel OJSC		6,217
	1,037	MMC Norilsk Nickel PJSC, ADR		15,395
	1,390	Mobile TeleSystems PJSC, ADR		11,911
	1,660	Moscow Exchange MICEX-RTS PJSC		2,974
	1,455	Moscow Exchange MICEX-RTS PJSC		2,606
	176	Ros Agro plc, GDR		2,117
	348,759	RusHydro PJSC		4,474
	1,769	Sberbank of Russia PJSC, ADR		20,627
	955	Severstal PJSC, GDR		13,131
	300	Tatneft PJSC, ADR		11,599
	159	X5 Retail Group NV, GDR (a)		6,166

				130,763

		Singapore — 0.8%
	9,536	IGG, Inc.		16,042

		South Africa — 2.4%
	633	Barloworld Ltd.		5,698
	395	Imperial Holdings Ltd.		5,217
	656	Nedbank Group Ltd.		10,918
	503	Sappi Ltd.		3,330
	1,879	Standard Bank Group Ltd.		23,342

				48,505

		South Korea — 18.9%
	573	Hana Financial Group, Inc.		26,148
	122	Hyosung Corp.		18,322
	248	Hyundai Engineering & Construction Co. Ltd.		10,034
	256	Hyundai Marine & Fire Insurance Co. Ltd.		10,402
	1,188	Industrial Bank of Korea		16,404
	500	Korea Electric Power Corp.		19,949
	26	KT Corp.		915
	171	KT&G Corp.		17,394
	70	LG Chem Ltd.		20,402
	702	LG Uplus Corp.		10,437
	41	Mando Corp.		9,510


SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	68	NCSoft Corp.		21,997
	33	Partron Co. Ltd.		251
	88	POSCO		26,293
	21	Samsung Electronics Co. Ltd.		45,642
	157	SFA Engineering Corp.		5,270
	401	Shinhan Financial Group Co. Ltd.		19,066
	415	SK Hynix, Inc.		24,412
	145	SK Innovation Co. Ltd.		22,858
	34	SK Materials Co. Ltd.		5,547
	187	S-Oil Corp.		19,439
	1,460	Woori Bank		24,933

				375,625

		Taiwan — 13.6%
	5,525	Accton Technology Corp.		14,719
	1,573	Catcher Technology Co. Ltd.		18,078
	36,932	CTBC Financial Holding Co. Ltd.		23,728
	1,878	Elite Material Co. Ltd.		9,288
	2,642	FLEXium Interconnect, Inc.		12,338
	12,432	Fubon Financial Holding Co. Ltd.		19,312
	2,056	General Interface Solution Holding Ltd.		19,711
	650	Grape King Bio Ltd.		4,119
	7,810	Hon Hai Precision Industry Co. Ltd.		30,372
	145	Largan Precision Co. Ltd.		26,457
	1,730	Merry Electronics Co. Ltd.		14,265
	3,418	Pegatron Corp.		11,148
	395	Phison Electronics Corp.		5,487
	3,469	Powertech Technology, Inc. (a)		11,241
	1,435	Realtek Semiconductor Corp.		5,370
	260	St Shine Optical Co. Ltd. (a)		5,357
	569	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		20,448
	1,652	Wistron NeWeb Corp.		5,284
	22,047	Yuanta Financial Holding Co. Ltd.		9,451
	1,857	Zhen Ding Technology Holding Ltd.		4,320

				270,493

		Thailand — 3.5%
	3,432	Kiatnakin Bank PCL, NVDR		6,882
	33,325	Krung Thai Bank PCL, NVDR		18,127
	1,740	PTT PCL, NVDR		20,295
	18,775	Star Petroleum Refining PCL, NVDR		8,693
	3,408	Thai Oil PCL, NVDR		8,784
	2,936	Tisco Financial Group PCL, NVDR		6,507

				69,288

		Turkey — 5.0%
	5,748	Akbank TAS		17,100

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
Common Stocks — continued
		Turkey — continued
	17,749	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (a)		16,054
	5,351	Eregli Demir ve Celik Fabrikalari TAS		11,931
	919	KOC Holding A/S		4,278
	4,594	Petkim Petrokimya Holding A/S		8,398
	2,222	Tekfen Holding A/S		6,908
	661	Tupras Turkiye Petrol Rafinerileri A/S		20,371
	3,263	Turkiye Halk Bankasi A/S		13,998
	896	Turkiye Sise ve Cam Fabrikalari A/S		1,147

				100,185

		Vietnam — 0.4%
	4,927	Hoa Phat Group JSC		6,999

		Total Common Stocks (Cost $1,558,973)		1,938,992

	Preferred Stocks — 2.3%
		Brazil — 1.8%
	617	Braskem SA (Preference), Class A		7,401
	2,479	Cia de Saneamento do Parana (Preference)		8,362
	7,970	Metalurgica Gerdau SA (Preference)		13,520
	1,348	Suzano Papel e Celulose SA (Preference), Class A		6,073

				35,356

		Russia — 0.5%
	21,576	Surgutneftegas OJSC (Preference)		10,393

		Total Preferred Stocks (Cost $45,402)		45,749

	Short-Term Investment — 0.1%
		Investment Company — 0.1%
	1,687	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $1,687)		1,687

		Total Investments — 100.0% (Cost $1,606,062)		1,986,428
		Other Assets in Excess of Liabilities — 0.0% (g)		34

		NET ASSETS — 100.0%	$	1,986,462

Percentages indicated are based on net assets.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		24.5	%
Oil, Gas & Consumable Fuels		10.2
Electronic Equipment, Instruments & Components		8.7
Metals & Mining		8.6
Internet Software & Services		6.4
Technology Hardware, Storage & Peripherals		3.8
Semiconductors & Semiconductor Equipment		3.5
Chemicals		3.0
Insurance		2.7
Electric Utilities		2.6
Airlines		2.2
Software		1.9
Automobiles		1.7
Paper & Forest Products		1.7
Communications Equipment		1.6
Household Durables		1.4
Diversified Financial Services		1.4
Water Utilities		1.2
Food Products		1.2
Auto Components		1.2
Independent Power and Renewable Electricity Producers		1.1
Others (each less than 1.0%)		9.3
Short-Term Investment		0.1

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
(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 July 31, 2017.

As of July 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	$	425,087
Aggregate gross unrealized depreciation		(44,721	)

Net unrealized appreciation/depreciation	$	380,366

Federal income tax cost of investments	$	1,606,062

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.

•

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
Argentina	$	5,541	$	—	$	—	$	5,541
Brazil		159,811		—		—		159,811
China		86,924		342,310		—		429,234
Hong Kong		—		70,443		—		70,443
Hungary		—		34,188		—		34,188
India		—		65,265		—		65,265
Indonesia		—		26,271		—		26,271
Luxembourg		6,882		—		—		6,882
Malaysia		—		50,478		—		50,478
Panama		27,370		—		—		27,370
Poland		—		37,333		—		37,333
Qatar		8,276		—		—		8,276
Russia		53,885		76,878		—		130,763
Singapore		—		16,042		—		16,042
South Africa		—		48,505		—		48,505
South Korea		—		375,625		—		375,625
Taiwan		20,448		250,045		—		270,493
Thailand		—		69,288		—		69,288
Turkey		—		100,185		—		100,185
Vietnam		—		6,999		—		6,999

Total Common Stocks		369,137		1,569,855		—		1,938,992

Preferred Stocks
Brazil		35,356		—		—		35,356
Russia		10,393		—		—		10,393

Total Preferred Stocks		45,749		—		—		45,749

Short-Term Investment
Investment Company		1,687		—		—		1,687

Total Investments in Securities	$	416,573	$	1,569,855	$	—	$	1,986,428

Transfers from level 1 to level 2 in the amount of approximately $14,600,000 are due to applying the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Argentina — 1.8%
	257	MercadoLibre, Inc.		74,196

		Australia — 0.5%
	4,119	Oil Search Ltd.		21,915

		Brazil — 10.1%
	7,247	Ambev SA, ADR		44,060
	3,895	BB Seguridade Participacoes SA		34,236
	5,596	CCR SA		30,651
	3,273	Cielo SA		27,575
	4,002	Itau Unibanco Holding SA, ADR		47,669
	14,457	Kroton Educacional SA		70,097
	6,136	Lojas Renner SA (a)		57,748
	846	Marcopolo SA (a)		692
	1,313	Raia Drogasil SA (a)		29,101
	2,258	Ultrapar Participacoes SA		53,687
	2,451	WEG SA		14,887

				410,403

		China — 23.1%
	2,326	AAC Technologies Holdings, Inc.		31,247
	1,284	Alibaba Group Holding Ltd., ADR (a)		198,933
	908	Hangzhou Robam Appliances Co. Ltd., Class A		5,442
	2,606	JD.com, Inc., ADR (a)		117,693
	388	Kweichow Moutai Co. Ltd., Class A		27,755
	8,774	Midea Group Co. Ltd., Class A		53,685
	328	New Oriental Education & Technology Group, Inc., ADR (a)		26,144
	11,717	Ping An Insurance Group Co. of China Ltd., Class H		86,727
	4,527	Shenzhou International Group Holdings Ltd.		30,241
	178	TAL Education Group, ADR		27,914
	7,358	Tencent Holdings Ltd.		293,675
	2,710	Vipshop Holdings Ltd., ADR (a)		33,336

				932,792

		Cyprus — 0.2%
	935	Globaltrans Investment plc, GDR		7,206

		Egypt — 0.7%
	6,449	Commercial International Bank Egypt SAE, GDR		29,795

		Hong Kong — 6.4%
	20,800	AIA Group Ltd.		163,601
	517	Jardine Matheson Holdings Ltd.		32,985
	6,144	Sands China Ltd.		28,458
	7,133	Techtronic Industries Co. Ltd.		31,694


SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued

				256,738

		India — 18.1%
	1,756	Asian Paints Ltd.		31,825
	2,789	HDFC Bank Ltd.		79,913
	903	HDFC Bank Ltd., ADR		87,427
	5,536	Housing Development Finance Corp. Ltd.		154,408
	2,255	IndusInd Bank Ltd.		57,855
	2,686	Infosys Ltd., ADR		42,443
	15,007	ITC Ltd.		66,682
	2,407	Kotak Mahindra Bank Ltd.		38,342
	2,525	Tata Consultancy Services Ltd.		98,066
	754	Tata Motors Ltd., ADR (a)		25,953
	801	UltraTech Cement Ltd.		50,643

				733,557

		Indonesia — 2.8%
	71,609	Astra International Tbk. PT		42,847
	31,120	Bank Central Asia Tbk. PT		43,694
	23,468	Bank Rakyat Indonesia Persero Tbk. PT		26,002

				112,543

		Mexico — 2.5%
	9,980	Becle SAB de CV (a)		16,823
	8,760	Grupo Financiero Banorte SAB de CV, Class O		58,075
	4,853	Infraestructura Energetica Nova SAB de CV		27,508

				102,406

		Panama — 1.3%
	406	Copa Holdings SA, Class A		50,949

		Peru — 1.4%
	311	Credicorp Ltd.		57,520

		Russia — 4.4%
	446	Magnit PJSC		70,996
	181	Magnit PJSC, GDR		6,640
	36,744	Sberbank of Russia PJSC		101,211

				178,847

		South Africa — 9.0%
	805	Aspen Pharmacare Holdings Ltd.		16,876
	4,378	Bid Corp. Ltd.		105,134
	3,907	Bidvest Group Ltd. (The)		49,729
	331	Capitec Bank Holdings Ltd.		21,590
	9,183	FirstRand Ltd.		36,121
	1,738	Mr Price Group Ltd.		22,845
	1,484	Remgro Ltd.		24,076
	8,830	Sanlam Ltd.		44,475
	8,592	Woolworths Holdings Ltd.		41,064

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Africa — continued

				361,910

		South Korea — 4.6%
	127	Netmarble Games Corp. (a) (e)		16,245
	119	Samsung Biologics Co. Ltd. (a) (e)		28,927
	65	Samsung Electronics Co. Ltd.		140,609

				185,781

		Spain — 0.5%
	2,775	Prosegur Cia de Seguridad SA		18,966

		Taiwan — 7.4%
	3,994	Delta Electronics, Inc.		21,222
	1,547	Eclat Textile Co. Ltd.		17,806
	350	Largan Precision Co. Ltd.		63,861
	5,095	President Chain Store Corp.		43,174
	4,294	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		154,422

				300,485

		Thailand — 0.7%
	5,060	Kasikornbank PCL, NVDR		29,272

		Turkey — 0.3%
	1,022	Ford Otomotiv Sanayi A/S		13,080

		United States — 2.3%
	493	EPAM Systems, Inc. (a)		42,391
	311	Luxoft Holding, Inc. (a)		19,592
	836	Yum China Holdings, Inc. (a)		29,929

				91,912

		Total Common Stocks (Cost $2,870,278)		3,970,273

	Preferred Stocks — 0.5%
		Brazil — 0.5%
	1,178	Itau Unibanco Holding SA (Preference)		14,107
	6,706	Marcopolo SA (Preference)		7,011

		Total Preferred Stocks (Cost $18,886)		21,118

	Structured Instruments — 0.9%
		China — 0.9%
		Low Exercise Cash Settled Call Warrants — 0.9%
	5,592	Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a) (Cost $23,518)		33,511


NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrants — 0.7%
		United States — 0.7%
		Almarai Co.
	1,278	expiring 07/11/2019 (Strike Price $1.00) (a)		26,682
	72	expiring 07/20/2020 (Strike Price $1.00) (a)		1,507

		Total Warrants (Cost $30,284)		28,189


SHARES
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	13,251	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $13,251)		13,251

		Total Investments — 100.5% (Cost $2,956,217)		4,066,342
		Liabilities in Excess of Other Assets — (0.5)%		(19,874	)

		NET ASSETS — 100.0%	$	4,046,468

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		17.0	%
Internet Software & Services		13.9
Insurance		8.1
Food & Staples Retailing		6.3
IT Services		5.7
Semiconductors & Semiconductor Equipment		3.8
Thrifts & Mortgage Finance		3.8
Internet & Direct Marketing Retail		3.7
Technology Hardware, Storage & Peripherals		3.5
Diversified Consumer Services		3.1
Electronic Equipment, Instruments & Components		2.9
Multiline Retail		2.4
Household Durables		2.2
Beverages		2.2
Industrial Conglomerates		2.0
Automobiles		2.0
Oil, Gas & Consumable Fuels		1.9
Tobacco		1.6
Diversified Financial Services		1.5
Hotels, Restaurants & Leisure		1.4
Airlines		1.3
Construction Materials		1.2
Textiles, Apparel & Luxury Goods		1.2
Others (each less than 1.0%)		7.0
Short-Term Investment		0.3

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
(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 July 31, 2017.

As of July 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	$	1,195,768
Aggregate gross unrealized depreciation		(85,643	)

Net unrealized appreciation/depreciation	$	1,110,125

Federal income tax cost of investments	$	2,956,217

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

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.

•

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	$	74,196	$	—	$	—	$	74,196
Australia		—		21,915		—		21,915
Brazil		410,403		—		—		410,403
China		409,462		523,330		—		932,792
Cyprus		7,206		—		—		7,206
Egypt		29,795		—		—		29,795
Hong Kong		—		256,738		—		256,738
India		155,823		577,734		—		733,557
Indonesia		—		112,543		—		112,543
Mexico		102,406		—		—		102,406
Panama		50,949		—		—		50,949
Peru		57,520		—		—		57,520
Russia		—		178,847		—		178,847
South Africa		—		361,910		—		361,910
South Korea		16,245		169,536		—		185,781
Spain		—		18,966		—		18,966
Taiwan		154,422		146,063		—		300,485
Thailand		—		29,272		—		29,272
Turkey		—		13,080		—		13,080

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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	$	91,912	$	—	$	—	$	91,912

Total Common Stocks		1,560,339		2,409,934		—		3,970,273

Preferred Stocks
Brazil		21,118		—		—		21,118
Structured Instruments
China		—		33,511		—		33,511
Warrants
United States		—		28,189		—		28,189
Short-Term Investment
Investment Company		13,251		—		—		13,251

Total Investments in Securities	$	1,594,708	$	2,471,634	$	—	$	4,066,342

Transfers from level 1 to level 2 in the amount of approximately $31,497,000 are due to applying the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.0%
		Brazil — 7.0%
	83	Ambev SA, ADR		507
	46	BB Seguridade Participacoes SA		405
	24	Engie Brasil Energia SA		269
	5	Smiles SA (a)		97

				1,278

		Chile — 2.8%
	18	Banco Santander Chile, ADR		522

		China — 13.3%
	29	China Mobile Ltd.		305
	232	China Resources Power Holdings Co. Ltd.		442
	253	CNOOC Ltd.		283
	132	Fuyao Glass Industry Group Co. Ltd., Class A		456
	7	Fuyao Glass Industry Group Co. Ltd., Class H (e)		24
	29	Henan Shuanghui Investment & Development Co. Ltd., Class A		92
	8	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		110
	208	Lenovo Group Ltd.		129
	66	Midea Group Co. Ltd., Class A		405
	61	Zhengzhou Yutong Bus Co. Ltd., Class A		200

				2,446

		Czech Republic — 2.9%
	9	Komercni banka A/S		384
	40	Moneta Money Bank A/S (e)		145

				529

		Hong Kong — 5.2%
	16	Hang Seng Bank Ltd.		339
	250	HKT Trust & HKT Ltd.		328
	60	Sands China Ltd.		276
	1	VTech Holdings Ltd.		14

				957

		Hungary — 2.1%
	10	OTP Bank plc		389

		India — 3.2%
	38	Infosys Ltd., ADR		592

		Indonesia — 2.2%
	1,169	Telekomunikasi Indonesia Persero Tbk. PT		411

		Mexico — 6.2%
	61	Bolsa Mexicana de Valores SAB de CV		105
	148	Fibra Uno Administracion SA de CV		274
	221	Kimberly-Clark de Mexico SAB de CV, Class A		445


SHARES			SECURITY DESCRIPTION	VALUE($)
			Mexico — continued
	135		Wal-Mart de Mexico SAB de CV		311

					1,135

			Russia — 7.8%
	5		LUKOIL PJSC, ADR		240
	9		MMC Norilsk Nickel PJSC, ADR		137
	232		Moscow Exchange MICEX-RTS PJSC		416
	9		PhosAgro PJSC, GDR		119
	69		Sberbank of Russia PJSC		191
	18		Sberbank of Russia PJSC, ADR		209
	8		Severstal PJSC, GDR		109
	1		Severstal PJSC, GDR		9

					1,430

			South Africa — 11.1%
	45		AVI Ltd.		337
	25		Barclays Africa Group Ltd.		272
	9		Bid Corp. Ltd.		222
	105		FirstRand Ltd.		413
	84		MMI Holdings Ltd.		132
	7		SPAR Group Ltd. (The)		83
	24		Vodacom Group Ltd.		323
	56		Woolworths Holdings Ltd.		267

					2,049

			South Korea — 6.3%
	4		Kangwon Land, Inc.		116
	4		KT&G Corp.		427
	—	(h)	Samsung Electronics Co. Ltd.		353
	9		SK Telecom Co. Ltd., ADR		253

					1,149

			Taiwan — 17.3%
	28		Asustek Computer, Inc.		264
	41		Chicony Electronics Co. Ltd.		106
	40		Delta Electronics, Inc.		211
	3		Far EasTone Telecommunications Co. Ltd.		7
	35		MediaTek, Inc.		308
	154		Mega Financial Holding Co. Ltd.		130
	53		Novatek Microelectronics Corp.		202
	23		President Chain Store Corp.		195
	104		Quanta Computer, Inc.		247
	105		Taiwan Mobile Co. Ltd.		376
	25		Taiwan Semiconductor Manufacturing Co. Ltd., ADR		890
	132		Vanguard International Semiconductor Corp.		247

					3,183

			Thailand — 4.0%
	21		Siam Cement PCL (The) (Registered)		313

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Thailand — continued
	60	Siam Commercial Bank PCL (The)		267
	60	Thai Oil PCL		154

				734

		Turkey — 3.2%
	8	Ford Otomotiv Sanayi A/S		101
	28	Tofas Turk Otomobil Fabrikasi A/S		245
	8	Tupras Turkiye Petrol Rafinerileri A/S		242

				588

		United Arab Emirates — 1.4%
	89	National Bank of Abu Dhabi PJSC		257

		Total Common Stocks (Cost $15,938)		17,649

	Structured Instruments — 0.9%
		France — 0.9%
		Low Exercise Cash Settled Call Warrants — 0.9%
	29	Midea Group Co. Ltd., expiring 10/13/2017 (issued through BNP Paribas) (a) (Cost $115)		177


NUMBER OF WARRANTS
	Warrants — 2.0%
		United States — 2.0%
	22	Al Rajhi Bank, expiring 01/22/18 (Strike Price $ 1.00) (a) (Cost $355)		363

		Total Investments — 98.9% (Cost $16,408)		18,189
		Other Assets in Excess of Liabilities — 1.1%		194

		NET ASSETS — 100.0%	$	18,383

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		20.0	%
Semiconductors & Semiconductor Equipment		9.1
Wireless Telecommunication Services		6.9
Technology Hardware, Storage & Peripherals		6.0
Oil, Gas & Consumable Fuels		5.0
Food & Staples Retailing		4.5
Diversified Telecommunication Services		4.1
Independent Power and Renewable Electricity Producers		3.9
Beverages		3.4
IT Services		3.3
Insurance		2.9
Capital Markets		2.9
Auto Components		2.6
Household Products		2.4
Food Products		2.4
Tobacco		2.3
Diversified Financial Services		2.3
Household Durables		2.2
Hotels, Restaurants & Leisure		2.2
Automobiles		1.9
Construction Materials		1.7
Equity Real Estate Investment Trusts (REITs)		1.5
Multiline Retail		1.5
Metals & Mining		1.4
Electronic Equipment, Instruments & Components		1.2
Machinery		1.1
Others (each less than 1.0%)		1.3

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


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

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.
(h)	—	Amount rounds to less than 500.

As of July 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	$	1,947
Aggregate gross unrealized depreciation		(166	)

Net unrealized appreciation/depreciation	$	1,781

Federal income tax cost of investments	$	16,408

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.

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.

•

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	1,278	$	—	$	—	$	1,278
Chile		522		—		—		522
China		92		2,354		—		2,446

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Czech Republic		529		—		—		529
Hong Kong		328		629		—		957
Hungary		—		389		—		389
India		592		—		—		592
Indonesia		—		411		—		411
Mexico		1,135		—		—		1,135
Russia		625		805		—		1,430
South Africa		469		1,580		—		2,049
South Korea		253		896		—		1,149
Taiwan		890		2,293		—		3,183
Thailand		421		313		—		734
Turkey		—		588		—		588
United Arab Emirates		257		—		—		257

Total Common Stocks		7,391		10,258		—		17,649

Structured Instruments
France		—		177		—		177
Warrant
United States		—		363		—		363

Total Investments in Securities	$	7,391	$	10,798	$	—	$	18,189

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 approximately $577,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 24.8%
		Argentina — 1.2%
		Pampa Energia SA,
	270	7.500%, 01/24/27 (e)		280
	620	Reg. S, 7.375%, 07/21/23		645
	600	Reg. S, 7.500%, 01/24/27		623
		YPF SA,
	540	6.950%, 07/21/27 (e)		545
	2,800	Reg. S, 8.500%, 03/23/21		3,093
	2,050	Reg. S, 8.750%, 04/04/24		2,297

				7,483

		Brazil — 2.6%
		Banco do Brasil SA,
	660	Reg. S, VAR, 9.000%, 06/18/24 (x) (y)		688
	200	Reg. S, VAR, 9.250%, 04/15/23 (x) (y)		208
	1,300	Caixa Economica Federal, Reg. S, 4.500%, 10/03/18		1,321
	330	Centrais Eletricas Brasileiras SA, Reg. S, 6.875%, 07/30/19		351
	2,610	JSL Europe SA, 7.750%, 07/26/24 (e)		2,597
	660	Minerva Luxembourg SA, Reg. S, 6.500%, 09/20/26		660
		Petrobras Global Finance BV,
	3,725	6.850%, 06/05/15		3,408
	1,338	7.375%, 01/17/27		1,461
	3,066	8.375%, 05/23/21		3,449
		Suzano Austria GmbH,
	560	7.000%, 03/16/47 (e)		597
	940	Reg. S, 5.750%, 07/14/26		995
	750	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		774

				16,509

		Chile — 0.6%
	1,500	Corp. Nacional del Cobre de Chile, Reg. S, 4.500%, 09/16/25		1,598
	1,110	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		1,137
	400	Empresa Nacional del Petroleo, Reg. S, 3.750%, 08/05/26		398
	660	VTR Finance BV, Reg. S, 6.875%, 01/15/24		704

				3,837

		China — 1.7%
	440	Baoxin Auto Finance I Ltd., VAR, 8.750%, 12/15/19 (x) (y)		464
	270	Bluestar Finance Holdings Ltd., Reg. S, 3.125%, 09/30/19		272
	470	CCCI Treasure Ltd., Reg. S, VAR, 3.500%, 04/21/20 (x) (y)		475


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		China — continued
	200	Central Plaza Development Ltd., Reg. S, VAR, 7.125%, 12/02/19 (x) (y)		212
	580	Fortune Star BVI Ltd., Reg. S, 5.250%, 03/23/22		563
	200	GOME Electrical Appliances Holding Ltd., 5.000%, 03/10/20		202
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.000%, 11/04/19		198
	200	Huarong Finance II Co. Ltd., Reg. S, 2.750%, 06/03/19		199
	760	Keen Idea Global Ltd., 4.375%, 03/08/20		760
	280	Moon Wise Global Ltd., Reg. S, VAR, 9.000%, 01/28/19 (x) (y)		297
		Rock International Investment, Inc.,
	1,020	6.625%, 03/27/20		957
	250	Reg. S, 6.625%, 03/27/20		234
	720	Shui On Development Holding Ltd., Reg. S, 5.700%, 02/06/21		734
	150	Sinochem Overseas Capital Co. Ltd., Reg. S, 4.500%, 11/12/20		159
	800	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.100%, 04/28/45		784
	1,000	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.700%, 06/10/25		1,021
	200	Tianjin Infrastructure Construction & Investment Group Co. Ltd., Reg. S, 2.750%, 06/15/19		200
	450	Times Property Holdings Ltd., Reg. S, 6.250%, 01/23/20		454
	900	Top Wise Excellence Enterprise Co. Ltd., Reg. S, 6.000%, 03/16/20		907
	640	Vanke Real Estate Hong Kong Co. Ltd., Reg. S, 3.950%, 12/23/19		655
	270	Wealth Driven Ltd., Reg. S, 5.500%, 08/17/23		265
	610	Yuzhou Properties Co. Ltd., Reg. S, 6.000%, 01/25/22		616

				10,628

		Colombia — 0.7%
	910	Banco GNB Sudameris SA, VAR, 6.500%, 04/03/27 (e)		942
		Ecopetrol SA,
	1,940	5.375%, 06/26/26		2,035
	1,300	5.875%, 09/18/23		1,432

				4,409

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Congo, Democratic Republic of the — 0.2%
		HTA Group Ltd.,
	309	9.125%, 03/08/22 (e)		318
	1,080	Reg. S, 9.125%, 03/08/22		1,106

				1,424

		Costa Rica — 0.1%
	500	Republic of Costa Rica, Reg. S, 5.875%, 04/25/21		517

		Ecuador — 0.2%
	1,510	Petroamazonas EP, 4.625%, 02/16/20 (e)		1,403

		El Salvador — 0.0% (g)
	300	Grupo Unicomer Co. Ltd., 7.875%, 04/01/24 (e)		325

		Guatemala — 0.2%
		Central American Bottling Corp.,
	300	5.750%, 01/31/27 (e)		318
	380	Reg. S, 5.750%, 01/31/27		403
	670	Comcel Trust, Reg. S, 6.875%, 02/06/24		703

				1,424

		Hong Kong — 0.6%
	1,050	Bank of East Asia Ltd. (The), Reg. S, VAR, 5.625%, 05/18/22 (x) (y)		1,062
	600	King Power Capital Ltd., Reg. S, 5.625%, 11/03/24		669
	1,190	Radiant Access Ltd., Reg. S, 4.600%, 05/18/20 (x) (y)		1,159
	660	Shimao Property Holdings Ltd., Reg. S, 8.375%, 02/10/22		728

				3,618

		Hungary — 0.1%
	600	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.250%, 10/21/20		662

		India — 1.0%
	1,949	Azure Power Energy Ltd., 5.500%, 11/03/22 (e)		1,949
	1,200	Greenko Dutch BV, 5.250%, 07/24/24 (e)		1,202
	500	IDBI Bank Ltd., Reg. S, 3.750%, 01/25/19		499
	1,480	JSW Steel Ltd., 5.250%, 04/13/22		1,495
		UPL Corp. Ltd.,
	200	3.250%, 10/13/21 (e)		200
	690	Reg. S, 3.250%, 10/13/21		692
	240	Vedanta Resources plc, 6.375%, 07/30/22 (e)		249

				6,286


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Indonesia — 1.8%
	1,610	APL Realty Holdings Pte. Ltd., Reg. S, 5.950%, 06/02/24		1,570
		Listrindo Capital BV,
	200	4.950%, 09/14/26 (e)		202
	410	Reg. S, 4.950%, 09/14/26		413
	500	Majapahit Holding BV, Reg. S, 7.750%, 01/20/20		561
		Pertamina Persero PT,
	2,930	Reg. S, 6.000%, 05/03/42		3,231
	1,500	Reg. S, 6.450%, 05/30/44		1,745
	800	Reg. S, 6.500%, 05/27/41		938
	700	Perusahaan Listrik Negara PT, Reg. S, 4.125%, 05/15/27		698
	1,155	Saka Energi Indonesia PT, 4.450%, 05/05/24 (e)		1,177
	660	Theta Capital Pte. Ltd., Reg. S, 7.000%, 04/11/22		689

				11,224

		Israel — 0.1%
	580	Israel Electric Corp. Ltd., Reg. S, Series 6, 5.000%, 11/12/24 (e)		623

		Jamaica — 0.1%
		Digicel Group Ltd.,
	580	Reg. S, 7.125%, 04/01/22		515
	200	Reg. S, 8.250%, 09/30/20		191

				706

		Kazakhstan — 1.3%
	500	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.950%, 07/10/42		540
		KazMunayGas National Co. JSC,
	1,000	Reg. S, 4.750%, 04/19/27		993
	450	Reg. S, 6.375%, 04/09/21		492
	1,700	Reg. S, 7.000%, 05/05/20		1,857
	2,880	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.000%, 08/15/26		2,827
	1,200	Zhaikmunai LLP, Reg. S, 7.125%, 11/13/19		1,209

				7,918

		Kuwait — 0.2%
	1,500	Kuwait Projects Co. SPC Ltd., Reg. S, 5.000%, 03/15/23		1,603

		Mauritius — 0.4%
	1,628	Liquid Telecommunications Financing plc, 8.500%, 07/13/22 (e)		1,658

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mauritius –– continued
		Neerg Energy Ltd.,
	200	6.000%, 02/13/22 (e)		205
	550	Reg. S, 6.000%, 02/13/22		565

				2,428

		Mexico — 4.8%
	1,470	Banco Inbursa SA Institucion de Banca Multiple, 4.375%, 04/11/27 (e)		1,470
		Banco Mercantil del Norte SA,
	910	Reg. S, VAR, 5.750%, 10/04/31		918
	1,200	VAR, 5.750%, 10/04/31 (e)		1,210
	1,500	VAR, 7.625%, 01/10/28 (e) (x) (y)		1,580
		Banco Nacional de Comercio Exterior SNC,
	500	Reg. S, 4.375%, 10/14/25		518
	500	Reg. S, VAR, 3.800%, 08/11/26		499
	350	Grupo Kaltex SA de CV, 8.875%, 04/11/22 (e)		313
	2,300	Grupo KUO SAB de CV, 5.750%, 07/07/27 (e)		2,320
		Mexichem SAB de CV,
	1,990	Reg. S, 5.875%, 09/17/44		2,018
		Petroleos Mexicanos,
	400	4.875%, 01/24/22		418
	1,150	5.500%, 01/21/21		1,234
	2,510	6.500%, 03/13/27 (e)		2,763
	250	6.625%, 06/15/35		266
	5,663	6.750%, 09/21/47 (e)		5,958
	1,550	6.875%, 08/04/26		1,753
	2,400	Reg. S, 5.375%, 03/13/22		2,557
	2,800	Reg. S, 6.500%, 03/13/27		3,083
	500	Reg. S, VAR, 4.878%, 03/11/22		545
	149	VAR, 4.878%, 03/11/22 (e)		162
	267	Unifin Financiera SAB de CV, 7.000%, 01/15/25 (e)		263

				29,848

		Morocco — 0.1%
		OCP SA,
	900	Reg. S, 6.875%, 04/25/44		1,001

		Netherlands — 0.3%
	200	GTH Finance BV, Reg. S, 7.250%, 04/26/23		224
	1,590	Nostrum Oil & Gas Finance BV, 8.000%, 07/25/22 (e)		1,598

				1,822

		Nigeria — 0.6%
		IHS Netherlands Holdco BV,
	1,720	Reg. S, 9.500%, 10/27/21		1,756


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Nigeria –– continued
	1,960	United Bank for Africa plc, 7.750%, 06/08/22 (e)		1,926

				3,682

		Panama — 0.2%
	1,290	Banco General SA, 4.125%, 08/07/27 (e)		1,278
	330	Global Bank Corp., Reg. S, 4.500%, 10/20/21		337

				1,615

		Peru — 0.6%
	800	Fondo MIVIVIENDA SA, Reg. S, 3.500%, 01/31/23		811
		Petroleos del Peru SA,
	730	4.750%, 06/19/32 (e)		747
	400	5.625%, 06/19/47 (e)		415
	460	Transportadora de Gas del Peru SA, Reg. S, 4.250%, 04/30/28		476
		Union Andina de Cementos SAA,
	460	Reg. S, 5.875%, 10/30/21		479
		VM Holding SA,
	260	5.375%, 05/04/27 (e)		270
	400	Reg. S, 5.375%, 05/04/27		416

				3,614

		Qatar — 0.8%
		ABQ Finance Ltd.,
	2,610	3.500%, 02/22/22		2,581
	760	Reg. S, 3.625%, 04/13/21		759
	1,650	Ooredoo Tamweel Ltd., Reg. S, 3.039%, 12/03/18		1,658

				4,998

		Russia — 0.8%
	1,500	GTLK Europe DAC, Reg. S, 5.125%, 05/31/24		1,510
	836	Metalloinvest Finance DAC, 4.850%, 05/02/24 (e)		838
	400	Sberbank of Russia, Reg. S, 6.125%, 02/07/22		436
	1,900	Vnesheconombank, Reg. S, 6.025%, 07/05/22		2,028

				4,812

		South Africa — 0.7%
		Eskom Holdings SOC Ltd.,
	1,100	Reg. S, 6.750%, 08/06/23		1,113
	800	Reg. S, 7.125%, 02/11/25		810
		MTN Mauritius Investment Ltd.,
	2,020	Reg. S, 6.500%, 10/13/26		2,108
	200	Transnet SOC Ltd., Reg. S, 4.000%, 07/26/22		195

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		South Africa –– continued

				4,226

		South Korea — 0.2%
		Woori Bank,
	270	Reg. S, VAR, 4.500%, 09/27/21 (x) (y)		270
	860	Reg. S, VAR, 5.250%, 05/16/22 (x) (y)		878

				1,148

		Spain — 0.1%
	750	Atento Luxco 1 SA, 6.125%, 08/10/22 (e) (w)		750


		Sri Lanka — 0.1%
	400	National Savings Bank, Reg. S, 8.875%, 09/18/18		423


		Trinidad and Tobago — 0.3%
		Petroleum Co. of Trinidad & Tobago Ltd.,
	1,650	Reg. S, 9.750%, 08/14/19		1,770

		Tunisia — 0.1%
	200	Banque Centrale de Tunisie International Bond, Reg. S, 5.750%, 01/30/25		192
	300	Republic of Banque Centrale de Tunisie, Reg. S, 5.750%, 01/30/25		289

				481

		Turkey — 0.9%
	3,670	Finansbank A/S, Reg. S, 4.875%, 05/19/22		3,656
	460	KOC Holding A/S, Reg. S, 5.250%, 03/15/23		485
		Turkiye Sise ve Cam Fabrikalari A/S,
	1,330	Reg. S, 4.250%, 05/09/20		1,350

				5,491

		Ukraine — 0.4%
		Oschadbank Via SSB #1 plc,
	500	Reg. S, SUB, 9.375%, 03/10/23		522
	1,800	Reg. S, SUB, 9.625%, 03/20/25		1,879

				2,401

		United Arab Emirates — 0.4%
	400	EA Partners I BV, Reg. S, 6.875%, 09/28/20		385
	1,050	MAF Global Securities Ltd., Reg. S, VAR, 7.125%, 10/29/18 (x) (y)		1,092
	950	MDC-GMTN BV, Reg. S, 3.750%, 04/19/29		946

				2,423

		Venezuela, Bolivarian Republic of — 0.3%
		Petroleos de Venezuela SA,
	2,170	Reg. S, 5.375%, 04/12/27		707
	200	Reg. S, 5.500%, 04/12/37		65
	1,670	Reg. S, 6.000%, 11/15/26		537


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Venezuela, Bolivarian Republic of –– continued
	247	Reg. S, 8.500%, 10/27/20		163
	1,750	Reg. S, 9.750%, 05/17/35		687

				2,159

		Total Corporate Bonds (Cost $154,767)		155,691

	Foreign Government Securities — 65.8%
		Angola — 1.2%
		Republic of Angola,
	3,184	9.500%, 11/12/25		3,387
	2,981	Reg. S, 7.000%, 08/17/19		3,086
	1,130	Reg. S, 9.500%, 11/12/25		1,202

				7,675

		Argentina — 4.9%
		Provincia de Buenos Aires,
	3,639	7.875%, 06/15/27 (e)		3,712
	2,750	Reg. S, 9.950%, 06/09/21		3,114
		Provincia de Cordoba,
	1,870	7.125%, 08/01/27 (e)		1,828
	2,700	7.450%, 09/01/24 (e)		2,801
	500	Reg. S, 7.125%, 06/10/21		524
	700	Reg. S, 7.450%, 09/01/24		726
	700	Provincia de Mendoza Argentina, Reg. S, 8.375%, 05/19/24		742
		Republic of Argentina,
	4,370	6.875%, 04/22/21		4,698
	7,970	7.125%, 06/28/17 (e)		7,237
	1,907	8.280%, 12/31/33		2,069
ARS	1,900	15.500%, 10/17/26		119
ARS	4,300	16.000%, 10/17/23		247
ARS	32,900	18.200%, 10/03/21		1,926
	1,400	SUB, 2.500%, 12/31/38		906

				30,649

		Armenia — 0.3%
	1,900	Republic of Armenia, Reg. S, 7.150%, 03/26/25		2,092


		Azerbaijan — 0.1%
		Republic of Azerbaijan,
	300	4.750%, 03/18/24		306
	400	Reg. S, 4.750%, 03/18/24		407

				713

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Belarus — 2.4%
		Republic of Belarus,
	2,130	6.875%, 02/28/23 (e)		2,261
	3,330	7.625%, 06/29/27 (e)		3,570
	8,880	Reg. S, 8.950%, 01/26/18		9,106

				14,937

		Bermuda — 0.2%
		Republic of Bermuda,
	1,100	Reg. S, 4.854%, 02/06/24		1,194

		Brazil — 2.7%
		Brazil Notas do Tesouro Nacional,
BRL	6,500	6.000%, 08/15/22		6,546
BRL	5,380	6.000%, 08/15/50		5,645
		Federative Republic of Brazil,
	2,550	6.000%, 04/07/26		2,800
	1,770	8.250%, 01/20/34		2,257

				17,248

		Cameroon — 0.1%
		Republic of Cameroon,
	200	9.500%, 11/19/25		235
	300	Reg. S, 9.500%, 11/19/25		352

				587

		Colombia — 0.8%
		Republic of Colombia,
	1,600	3.875%, 04/25/27		1,613
	400	4.500%, 01/28/26		426
	2,100	7.375%, 09/18/37		2,719

				4,758

		Costa Rica — 0.8%
	800	Instituto Costarricense de Electricidad, Reg. S, 6.375%, 05/15/43		716
		Republic of Costa Rica,
	616	4.375%, 04/30/25		591
	1,000	7.000%, 04/04/44		1,044
	300	7.158%, 03/12/45		317
	500	Reg. S, 4.250%, 01/26/23		489
	300	Reg. S, 7.000%, 04/04/44		313
	1,400	Reg. S, 7.158%, 03/12/45		1,481

				4,951

		Croatia — 1.0%
		Republic of Croatia,
	800	Reg. S, 6.000%, 01/26/24		912
	1,300	Reg. S, 6.375%, 03/24/21		1,447
	1,400	Reg. S, 6.625%, 07/14/20		1,547
	1,900	Reg. S, 6.750%, 11/05/19		2,069


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Croatia — continued
				5,975

		Dominican Republic — 2.8%
		Government of Dominican Republic,
DOP	131,000	11.250%, 02/05/27 (e)		2,853
	1,200	Reg. S, 5.875%, 04/18/24		1,289
	6,100	Reg. S, 6.875%, 01/29/26		6,931
	4,140	Reg. S, 7.450%, 04/30/44		4,833
	1,000	Reg. S, 7.500%, 05/06/21		1,106
	500	Reg. S, 7.500%, 05/06/21		553

				17,565

		Ecuador — 1.4%
		Republic of Ecuador,
	4,780	8.750%, 06/02/23 (e)		4,774
	2,400	Reg. S, 7.950%, 06/20/24		2,295
	1,380	Reg. S, 10.750%, 03/28/22		1,490

				8,559

		Egypt — 2.5%
		Republic of Egypt,
	200	6.125%, 01/31/22 (e)		206
	1,300	7.500%, 01/31/27		1,398
	8,150	8.500%, 01/31/47 (e)		8,873
	3,240	Reg. S, 5.750%, 04/29/20		3,357
	1,000	Reg. S, 5.875%, 06/11/25		990
	300	Reg. S, 6.125%, 01/31/22		310
	700	Reg. S, 7.500%, 01/31/27		753

				15,887

		El Salvador — 1.0%
		Republic of El Salvador,
	960	Reg. S, 5.875%, 01/30/25		862
	150	Reg. S, 6.375%, 01/18/27		136
	1,550	Reg. S, 7.625%, 02/01/41		1,414
	1,620	Reg. S, 7.650%, 06/15/35		1,498
	1,470	Reg. S, 7.750%, 01/24/23		1,485
	1,158	Reg. S, 8.250%, 04/10/32		1,141

				6,536

		Ethiopia — 0.8%
		Republic of Ethiopia,
	3,750	6.625%, 12/11/24		3,764
	1,280	Reg. S, 6.625%, 12/11/24		1,285

				5,049

		Gabon — 0.1%
	383	Republic of Gabonese, Reg. S, 6.375%, 12/12/24		375

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ghana — 0.2%
		Republic of Ghana,
	506	10.750%, 10/14/30		630
	494	Reg. S, 10.750%, 10/14/30		615

				1,245

		Honduras — 0.4%
		Republic of Honduras,
	1,200	Reg. S, 7.500%, 03/15/24		1,344
	1,000	Reg. S, 8.750%, 12/16/20		1,145

				2,489

		Hungary — 1.3%
		Republic of Hungary,
	1,600	5.375%, 02/21/23		1,792
	1,700	5.375%, 03/25/24		1,932
	3,724	5.750%, 11/22/23		4,292

				8,016

		India — 0.0% (g)
	200	Export-Import Bank of India, Reg. S, 3.375%, 08/05/26		196

		Indonesia — 4.0%
		Republic of Indonesia,
IDR	61,612,000	7.000%, 05/15/22		4,651
IDR	99,906,000	8.250%, 05/15/36		7,937
IDR	1,302,000	8.375%, 03/15/24		105
IDR	66,711,000	9.000%, 03/15/29		5,651
	1,000	Reg. S, 4.125%, 01/15/25		1,039
	1,500	Reg. S, 4.350%, 01/08/27		1,575
	300	Reg. S, 5.875%, 01/15/24		343
	300	Reg. S, 5.950%, 01/08/46		361
	1,600	Reg. S, 6.625%, 02/17/37		2,020
	1,100	Reg. S, 6.750%, 01/15/44		1,448

				25,130

		Iraq — 0.2%
		Republic of Iraq,
	1,600	Reg. S, 5.800%, 01/15/28		1,468

		Ivory Coast — 0.2%
		Republic of Ivory Coast,
	200	Reg. S, 5.375%, 07/23/24		197
	772	Reg. S, SUB, 5.750%, 12/31/32		756

				953

		Jamaica — 0.6%
		Government of Jamaica,
	800	6.750%, 04/28/28		911
	335	8.000%, 06/24/19		351


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Jamaica — continued
	2,211	8.000%, 03/15/39		2,631

				3,893

		Jordan — 0.9%
		Kingdom of Jordan,
	1,400	Reg. S, 5.750%, 01/31/27		1,393
	4,050	Reg. S, 6.125%, 01/29/26		4,161

				5,554

		Kazakhstan — 0.5%
		Republic of Kazakhstan,
	752	Reg. S, 3.875%, 10/14/24		773
	1,500	Reg. S, 5.125%, 07/21/25		1,650
	600	Reg. S, 6.500%, 07/21/45		722

				3,145

		Kenya — 0.4%
		Republic of Kenya,
	2,300	6.875%, 06/24/24		2,352

		Lebanon — 2.7%
		Republic of Lebanon,
	1,000	6.250%, 05/27/22		1,009
	1,450	6.250%, 05/27/22		1,463
	3,360	6.375%, 03/09/20		3,406
	1,650	Reg. S, 5.150%, 06/12/18		1,655
	3,782	Reg. S, 5.450%, 11/28/19		3,782
	2,575	Reg. S, 6.600%, 11/27/26		2,562
	2,100	Reg. S, 6.650%, 02/26/30		2,068
	1,200	Reg. S, 8.250%, 04/12/21		1,286

				17,231

		Malaysia — 0.1%
	1,000	1MDB Global Investments Ltd., Reg. S, 4.400%, 03/09/23		928

		Mexico — 2.2%
		United Mexican States,
	1,300	4.150%, 03/28/27		1,357
	2,950	5.550%, 01/21/45		3,342
	100	5.750%, 10/12/10		106
MXN	93,700	7.750%, 05/29/31		5,588
MXN	52,000	7.750%, 11/23/34		3,105

				13,498

		Mongolia — 0.6%
		Mongolia Government Bond,
	200	8.750%, 03/09/24 (e)		224
	2,659	Reg. S, 8.750%, 03/09/24		2,978
	600	Reg. S, 10.875%, 04/06/21		696

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Mongolia –– continued

				3,898

		Morocco — 0.1%
		Kingdom of Morocco,
	400	Reg. S, 5.500%, 12/11/42		446

		Nigeria — 0.3%
		Republic of Nigeria,
	1,500	7.875%, 02/16/32 (e)		1,657

		Oman — 1.6%
		Oman Government Bond,
	1,800	4.750%, 06/15/26		1,789
	1,100	5.375%, 03/08/27		1,138
	5,470	6.500%, 03/08/47 (e)		5,708
	1,240	Reg. S, 4.750%, 06/15/26		1,232

				9,867

		Pakistan — 1.5%
		Republic of Pakistan,
	2,984	8.250%, 09/30/25		3,372
	1,000	Reg. S, 7.250%, 04/15/19		1,044
	4,278	Reg. S, 8.250%, 04/15/24		4,768

				9,184

		Panama — 0.7%
		Republic of Panama,
	500	4.500%, 05/15/47		516
	1,200	6.700%, 01/26/36		1,569
	200	8.875%, 09/30/27		286
	1,400	9.375%, 04/01/29		2,084

				4,455

		Paraguay — 0.5%
		Republic of Paraguay,
	200	4.700%, 03/27/27 (e)		207
	200	Reg. S, 4.625%, 01/25/23		211
	1,100	Reg. S, 5.000%, 04/15/26		1,172
	1,500	Reg. S, 6.100%, 08/11/44		1,687

				3,277

		Peru — 1.5%
		Republic of Peru,
	800	4.125%, 08/25/27		876
	1,750	5.625%, 11/18/50		2,157
	1,300	8.750%, 11/21/33		2,012
PEN	8,000	Reg. S, 6.150%, 08/12/32 (e)		2,566
PEN	4,900	Reg. S, 6.350%, 08/12/28		1,609
PEN	1,000	Reg. S, 6.950%, 08/12/31		343


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Peru — continued

				9,563

		Philippines — 0.5%
	2,050	Republic of Philippines, 7.750%, 01/14/31		2,967


		Poland — 0.8%
		Republic of Poland,
PLN	9,000	2.500%, 07/25/27		2,323
PLN	10,100	3.250%, 07/25/25		2,824

				5,147

		Qatar — 0.5%
		Republic of Qatar,
	2,400	3.250%, 06/02/26		2,376
	800	4.625%, 06/02/46		833

				3,209

		Romania — 0.5%
		Republic of Romania,
	2,150	Reg. S, 4.375%, 08/22/23		2,300
	700	Reg. S, 4.875%, 01/22/24		770

				3,070

		Russia — 1.0%
		Russian Federation,
RUB	30,000	7.000%, 01/25/23		482
RUB	142,000	7.750%, 09/16/26		2,374
	1,800	Reg. S, 4.875%, 09/16/23		1,944
	200	Reg. S, 5.000%, 04/29/20		211
	1,000	Reg. S, 5.625%, 04/04/42		1,088

				6,099

		Senegal — 0.2%
		Republic of Senegal,
	900	6.250%, 05/23/33 (e)		923
	300	Reg. S, 6.250%, 07/30/24		319

				1,242

		Serbia — 0.7%
		Republic of Serbia,
	1,800	Reg. S, 4.875%, 02/25/20		1,886
	2,100	Reg. S, 7.250%, 09/28/21		2,436

				4,322

		South Africa — 3.9%
		Republic of South Africa,
	1,200	4.300%, 10/12/28		1,140
	600	5.000%, 10/12/46		562
	900	5.375%, 07/24/44		885
	1,000	5.500%, 03/09/20		1,066
	600	5.875%, 05/30/22		659
	1,400	5.875%, 09/16/25		1,519

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	100	6.250%, 03/08/41		109
ZAR	84,600	7.000%, 02/28/31		5,311
ZAR	52,253	7.750%, 02/28/23		3,928
ZAR	47,294	8.000%, 01/31/30		3,279
ZAR	42,300	8.750%, 02/28/48		2,865
ZAR	39,690	10.500%, 12/21/26		3,371

				24,694

		Sri Lanka — 2.5%
		Republic of Sri Lanka,
	2,600	6.200%, 05/11/27 (e)		2,684
	3,800	Reg. S, 6.250%, 10/04/20		4,037
	3,300	Reg. S, 6.250%, 07/27/21		3,519
	3,000	Reg. S, 6.825%, 07/18/26		3,229
	1,800	Reg. S, 6.850%, 11/03/25		1,944

				15,413

		Turkey — 5.3%
		Republic of Turkey,
	3,200	4.875%, 04/16/43		2,884
	300	5.625%, 03/30/21		320
	500	5.750%, 05/11/47		497
	3,850	6.000%, 03/25/27		4,148
	1,700	6.000%, 01/14/41		1,760
	1,000	6.250%, 09/26/22		1,098
	2,200	6.625%, 02/17/45		2,447
	2,600	7.375%, 02/05/25		3,042
	100	8.000%, 02/14/34		125
TRY	26,450	8.000%, 03/12/25		6,605
TRY	14,010	10.600%, 02/11/26		4,038
TRY	20,640	11.000%, 02/24/27		6,089

				33,053

		Ukraine — 4.2%
		Republic of Ukraine,
	4,500	7.750%, 09/01/19		4,669
	3,110	7.750%, 09/01/24		3,101
	4,300	Reg. S, 7.750%, 09/01/19		4,461
	4,900	Reg. S, 7.750%, 09/01/20		5,081
	2,950	Reg. S, 7.750%, 09/01/21		3,038
	500	Reg. S, 7.750%, 09/01/23		505
	3,000	Reg. S, 7.750%, 09/01/24		2,991
	1,950	Reg. S, 7.750%, 09/01/27		1,910
		Ukreximbank Via Biz Finance plc,
	700	Reg. S, 9.750%, 01/22/25		732

				26,488


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Uruguay — 1.4%
		Republic of Uruguay,
	1,000	4.375%, 10/27/27		1,069
	2,800	5.100%, 06/18/50		2,884
	2,200	7.875%, 01/15/33		3,028
UYU	43,270	9.875%, 06/20/22 (e)		1,622

				8,603

		Venezuela, Bolivarian Republic of — 0.3%
		Republic of Venezuela,
	170	9.375%, 01/13/34		69
	1,680	Reg. S, 7.000%, 03/31/38		651
	1,030	Reg. S, 7.650%, 04/21/25		394
	291	Reg. S, 7.750%, 10/13/19		124
	870	Reg. S, 8.250%, 10/13/24		333
	90	Reg. S, 9.000%, 05/07/23		35
	800	Reg. S, 9.250%, 05/07/28		308
	170	Reg. S, 11.750%, 10/21/26		71

				1,985

		Zambia — 0.4%
		Republic of Zambia,
	2,600	Reg. S, 8.970%, 07/30/27		2,814

		Total Foreign Government Securities (Cost $409,859)		412,301


NUMBER OF CONTRACTS
	Options Purchased — 0.0% (g)
		Foreign Exchange Currency Options — 0.0% (g)
	5,712,345	KRW Put/USD Call, Expiring 09/14/17 @ 1173.05 KRW to 1 USD, Vanilla, European Style 09/14/17 (a)		12
	2,801,238	MXN Put/USD Call, Expiring 08/28/17 @ 19.88 MXN to 1 USD, Vanilla, European Style 08/28/17 (a)		1
	5,572,641	TWD Put/USD Call, Expiring 11/16/17 @ 31.20 TWD to 1 USD, Vanilla, European Style11/16/17 (a)		16

		Total Options Purchased (Cost $95)		29

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 9.1%
		Investment Company — 9.1%
	56,813	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.180% (b) (l) (Cost $56,830)		56,830

		Total Investments — 99.7% (Cost $621,551)		624,851
		Other Assets in Excess of Liabilities — 0.3%		2,182

		NET ASSETS — 100.0%	$	627,033

Percentages indicated are based on net assets.


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	67,992	CZK
	2,611	for EUR	HSBC Bank, NA	09/21/17		3,099	#		3,098	#		(1	)
	3,997	EUR
	16,966	for PLN	HSBC Bank, NA	09/21/17		4,718	#		4,744	#		26
	1,040	EUR
	4,754	for RON	HSBC Bank, NA	09/21/17		1,236	#		1,235	#		(1	)
	4,310	PLN
	1,017	for EUR	BNP Paribas	09/21/17		1,207	#		1,199	#		(8	)
	15,774	ARS	Goldman Sachs International†	09/21/17		938			867			(71	)
	2,151	AUD	Goldman Sachs International	09/21/17		1,605			1,719			114
	1,130	AUD	Merrill Lynch International	09/21/17		859			904			45
	9,737	BRL	Citibank, NA†	09/21/17		2,916			3,094			178
	15,521	BRL	Deutsche Bank AG†	09/21/17		4,852			4,931			79
	5,075	BRL	Goldman Sachs International†	09/21/17		1,531			1,613			82
	1,097	CAD	HSBC Bank, NA	09/21/17		817			880			63
	1,086	CAD	Union Bank of Switzerland AG	09/21/17		819			872			53
	546,536	CLP	Goldman Sachs International†	09/21/17		825			840			15
	535,402	CLP	Merrill Lynch International†	09/21/17		798			823			25
	10,368	CNH	Goldman Sachs International	09/21/17		1,535			1,537			2
	28,528	CNH	HSBC Bank, NA	09/21/17		4,201			4,229			28
	25,013	CNH	Societe Generale	09/21/17		3,696			3,708			12
	5,630	CNH	Standard Chartered Bank	09/21/17		824			835			11
	11,097,037	COP	Goldman Sachs International†	09/21/17		3,669			3,694			25
	128,104	CZK	Deutsche Bank AG	09/21/17		5,666			5,837			171
	17,037	CZK	Royal Bank of Canada	09/21/17		746			776			30
	136,758	CZK	State Street Bank & Trust	09/21/17		6,095			6,231			136
	1,031	EUR	BNP Paribas	09/21/17		1,158			1,224			66
	754	EUR	HSBC Bank, NA	09/21/17		867			895			28
	5,077	EUR	Royal Bank of Canada	09/21/17		5,968			6,026			58
	954	EUR	State Street Corp.	09/21/17		1,113			1,132			19
	1,862	EUR	Union Bank of Switzerland AG	09/21/17		2,176			2,210			34

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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 JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	111	EUR	Australia & New Zealand Banking Group Ltd.	10/18/17		128		133		5
	671,468	HUF	Deutsche Bank AG	09/21/17		2,484		2,620		136
	57,231,621	IDR	Citibank, NA†	09/22/17		4,279		4,275		(4	)
	10,704,181	IDR	Merrill Lynch International†	09/22/17		796		799		3
	2,362	ILS	TD Bank Financial Group	09/25/17		668		665		(3	)
	75,871	INR	Citibank, NA†	09/21/17		1,171		1,177		6
	247,537	INR	Deutsche Bank AG†	09/21/17		3,838		3,840		2
	161,073	INR	Merrill Lynch International†	09/21/17		2,474		2,498		24
	93,189	JPY	Goldman Sachs International	09/21/17		823		847		24
	1,318,788	KRW	Deutsche Bank AG†	09/21/17		1,152		1,178		26
	7,477,420	KRW	Goldman Sachs International†	09/21/17		6,701		6,678		(23	)
	29,130	MXN	Citibank, NA	09/21/17		1,620		1,623		3
	35,692	MXN	Deutsche Bank AG	09/21/17		1,957		1,988		31
	70,730	MXN	Goldman Sachs International	09/21/17		3,911		3,940		29
	10,232	MXN	HSBC Bank, NA	09/21/17		569		570		1
	25,949	MXN	State Street Corp.	09/21/17		1,464		1,446		(18	)
	52,672	MXN	TD Bank Financial Group	09/21/17		2,977		2,934		(43	)
	16,739	MYR	Goldman Sachs International†	09/21/17		3,932		3,904		(28	)
	40,087	PHP	Merrill Lynch International†	09/21/17		786		792		6
	1,315	PLN	Barclays Bank plc	09/21/17		359		365		6
	4,828	PLN	Citibank, NA	09/21/17		1,304		1,343		39
	4,724	PLN	Goldman Sachs International	09/21/17		1,303		1,314		11
	21,387	PLN	HSBC Bank, NA	09/21/17		5,874		5,948		74
	8,688	PLN	Merrill Lynch International	09/21/17		2,329		2,416		87
	6,125	PLN	Societe Generale	09/21/17		1,644		1,703		59
	3,380	RON	Barclays Bank plc	09/21/17		839		879		40
	1,375	RON	Standard Chartered Bank	09/21/17		339		357		18
	339,480	RUB	Goldman Sachs International†	09/21/17		5,677		5,614		(63	)
	188,161	RUB	Merrill Lynch International†	09/21/17		3,143		3,112		(31	)
	1,771	SGD	Australia & New Zealand Banking Group Limited	09/21/17		1,284		1,308		24
	18,026	TRY	Barclays Bank plc	09/21/17		5,024		5,043		19
	8,758	TRY	Citibank, NA	09/21/17		2,397		2,450		53
	17,223	TRY	Goldman Sachs International	09/21/17		4,784		4,819		35
	5,584	TRY	TD Bank Financial Group	09/21/17		1,537		1,562		25
	62,774	ZAR	Barclays Bank plc	09/21/17		4,806		4,723		(83	)
	82,885	ZAR	Goldman Sachs International	09/21/17		6,330		6,237		(93	)
	15,444	ZAR	HSBC Bank, NA	09/21/17		1,159		1,162		3
						155,796		157,415		1,619


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	15,774	ARS	Goldman Sachs International†	09/21/17		934		867		67
	3,870	AUD	Australia & New Zealand Banking Group Limited	09/21/17		2,957		3,094		(137	)
	2,205	AUD	Goldman Sachs International	09/21/17		1,688		1,763		(75	)
	883	AUD	Royal Bank of Canada	09/21/17		698		706		(8	)
	30,333	BRL	Goldman Sachs International†	09/21/17		9,034		9,638		(604	)
	1,097	CAD	State Street Corp.	09/21/17		850		880		(30	)

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,086	CAD	Union Bank of Switzerland AG		09/21/17		805		872		(67	)
	1,081,938	CLP	Goldman Sachs International†		09/21/17		1,617		1,663		(46	)
	5,438,451	COP	Citibank, NA†		09/21/17		1,791		1,810		(19	)
	956,731	COP	Goldman Sachs International†		09/21/17		326		319		7
	4,725,738	COP	Merrill Lynch International†		09/21/17		1,513		1,573		(60	)
	24,533	CZK	State Street Corp.		09/21/17		1,099		1,118		(19	)
	914	EUR	Goldman Sachs International		09/21/17		1,061		1,085		(24	)
	1,679	EUR	Royal Bank of Canada		09/21/17		1,933		1,992		(59	)
	2,164	EUR	TD Bank Financial Group		09/21/17		2,473		2,569		(96	)
	116	EUR	National Australia Bank Ltd.		10/18/17		133		138		(5	)
	28	EUR	Royal Bank of Canada		10/18/17		32		33		(1	)
	670,322	HUF	Citibank, NA		09/21/17		2,498		2,616		(118	)
	10,704,181	IDR	Goldman Sachs International†		09/22/17		791		799		(8	)
	57,231,621	IDR	Merrill Lynch International†		09/22/17		4,264		4,275		(11	)
	2,362	ILS	Goldman Sachs International		09/25/17		668		664		4
	103,136	INR	Goldman Sachs International†		09/21/17		1,585		1,600		(15	)
	93,189	JPY	Citibank, NA		09/21/17		827		847		(20	)
	6,585,549	KRW	Citibank, NA†		09/21/17		5,859		5,882		(23	)
	1,318,788	KRW	Deutsche Bank AG†		09/21/17		1,152		1,177		(25	)
	2,585,686	KRW	Goldman Sachs International†		09/21/17		2,263		2,310		(47	)
	20,673	MXN	Credit Suisse International		09/21/17		1,163		1,152		11
	24,028	MXN	Deutsche Bank AG		09/21/17		1,310		1,338		(28	)
	50,492	MXN	Goldman Sachs International		09/21/17		2,701		2,813		(112	)
	57,336	MXN	HSBC Bank, NA		09/21/17		3,237		3,194		43
	2,628	MXN	TD Bank Financial Group		09/21/17		142		146		(4	)
	16,739	MYR	Goldman Sachs International†		09/21/17		3,874		3,904		(30	)
	40,087	PHP	Merrill Lynch International†		09/21/17		808		792		16
	11,994	PLN	Barclays Bank plc		09/21/17		3,223		3,335		(112	)
	3,051	PLN	HSBC Bank, NA		09/21/17		830		848		(18	)
	12,015	PLN	TD Bank Financial Group		09/21/17		3,203		3,342		(139	)
	44,353	RUB	Citibank, NA†		09/21/17		763		734		29
	622,942	RUB	Goldman Sachs International†		09/21/17		10,585		10,302		283
	33,422	RUB	Merrill Lynch International†		09/21/17		558		553		5
	1,771	SGD	HSBC Bank, NA		09/21/17		1,278		1,308		(30	)
	22,968	TRY	Citibank, NA		09/21/17		6,374		6,426		(52	)
	15,551	TRY	Deutsche Bank AG		09/21/17		4,328		4,351		(23	)
	11,192	TRY	HSBC Bank, NA		09/21/17		3,099		3,131		(32	)
	4,234	TRY	Societe Generale		09/21/17		1,182		1,184		(2	)
	46,874	TWD	Goldman Sachs International†		09/21/17		1,556		1,555		1
	39,363	ZAR	Citibank, NA		09/21/17		2,948		2,961		(13	)
	33,375	ZAR	Goldman Sachs International		09/21/17		2,560		2,512		48
	131,032	ZAR	HSBC Bank, NA		09/21/17		9,944		9,858		86
	6,278	ZAR	Merrill Lynch International		09/21/17		481		473		8
	108,775	ZAR	National Australia Bank Ltd.		09/21/17		8,316		8,184		132
	39,452	ZAR	Royal Bank of Canada		09/21/17		3,000		2,969		31
	97,313	ZAR	State Street Corp.		09/21/17		7,424		7,322		102
							133,738		134,977		(1,239	)

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

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Options contracts)

Credit Default Swaps - Sell Protection ^[1]

Sovereign Issuer:

SWAP COUNTERPARTY/
REFERENCE OBLIGATION

FUND RECEIVES
FIXED RATE (r)

TERMINATION
DATE

IMPLIED CREDIT
SPREAD
AS OF
JULY 31, 2017^[2]

NOTIONAL
AMOUNT^[3]

VALUE

UPFRONT
PREMIUMS (PAID)/
RECEIVED^[4]

Citibank NA:

State of Qatar, 9.750%, 06/15/30

1.000% quarterly

06/20/22

93.355

3,500

)

[1]

The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make 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).

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

0.573 annually

6 months PRIBOR semi-annually

06/29/19

CZK200,000

Bank of America NA

Brazilian CDI at maturity

9.690% at maturity

01/04/21

BRL7,264

Bank of America NA

1.158 annually

6 months PRIBOR semi-annually

06/22/27

CZK 40,000

Bank of America NA

1.185 annually

6 months PRIBOR semi-annually

06/30/27

CZK 40,000

Goldman Sachs International

Brazilian CDI at maturity

9.340% at maturity

01/04/21

BRL20,616

199

Centrally Cleared Interest Rate Swaps

RATE TYPE (r)

PAYMENTS MADE
BY THE FUND

PAYMENTS RECEIVED
BY THE FUND

TERMINATION
DATE

NOTIONAL
AMOUNT

VALUE

1 month TIIE monthly

7.1000% monthly

06/17/27

MXN 40,000

)

FOREIGN EXCHANGE CURRENCY OPTIONS WRITTEN

Call Options Written

DESCRIPTION

EXERCISE
PRICE

EXPIRATION
DATE

NUMBER OF
CONTRACTS

VALUE

KRW Put/USD Call, Vanilla, European Style

KRW1,173.050

09/14/17

2,856,173

)

(Premiums received of $28)

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLP	—	Chilean Peso
CNH	—	China Renminbi
COP	—	Colombian Peso
CZK	—	Czech Republic Koruna
DOP	—	Dominican Republic Peso
EUR	—	Euro
GMTN	—	Global Medium Term Note
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippine Peso
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RON	—	Romanian Leu
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 31, 2017.
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
UYU	—	Uruguayan Peso
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2017.
ZAR	—	South African Rand
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of July 31, 2017.
(r)	—	Rates shown are per annum and payments are as described.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2017.
(y)	—	Preferred Security.
†	—	Non-deliverable forward.

As of July 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	6,066
Aggregate gross unrealized depreciation	(2,766	)

Net unrealized appreciation/depreciation	3,300

Federal income tax cost of investments	621,551

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.

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.

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.

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.

•

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
Debt Securities
Corporate Bonds
Argentina	$	—	$	7,483	$	—	$	7,483
Brazil		—		16,509		—		16,509
Chile		—		3,837		—		3,837
China		—		10,628		—		10,628
Colombia		—		4,409		—		4,409
Congo, Democratic Republic of the		—		1,424		—		1,424
Costa Rica		—		517		—		517
Ecuador		—		1,403		—		1,403
El Salvador		—		325		—		325
Guatemala		—		1,424		—		1,424
Hong Kong		—		3,618		—		3,618
Hungary		—		662		—		662
India		—		6,286		—		6,286
Indonesia		—		11,224		—		11,224
Israel		—		623		—		623
Jamaica		—		706		—		706
Kazakhstan		—		7,918		—		7,918
Kuwait		—		1,603		—		1,603
Mauritius		—		2,428		—		2,428
Mexico		—		29,848		—		29,848
Morocco		—		1,001		—		1,001
Netherlands		—		1,822		—		1,822
Nigeria		—		3,682		—		3,682
Panama		—		1,615		—		1,615
Peru		—		3,614		—		3,614
Qatar		—		4,998		—		4,998
Russia		—		4,812		—		4,812
South Africa		—		4,226		—		4,226
South Korea		—		1,148		—		1,148
Spain		—		750		—		750
Sri Lanka		—		423		—		423
Trinidad and Tobago		—		1,770		—		1,770
Tunisia		—		481		—		481
Turkey		—		5,491		—		5,491
Ukraine		—		2,401		—		2,401
United Arab Emirates		—		2,423		—		2,423
Venezuela, Bolivarian Republic of		—		2,159		—		2,159

Total Corporate Bonds		—		155,691		—		155,691

Foreign Government Securities		—		412,301		—		412,301
Options Purchased
Foreign Exchange Currency Options		—		29		—		29
Short-Term Investment
Investment Company		56,830		—		—		56,830

Total Investments in Securities	$	56,830	$	568,021	$	—	$	624,851

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	2,962	$	—	$	2,962
Swaps		—		211		—		211

Total Appreciation in Other Financial Instruments	$	—	$	3,173	$	—	$	3,173

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(2,582	)	$	—	$	(2,582	)
Swaps		—		(6	)		—		(6	)
Options Written
Foreign Exchange Currency Options		—		(6	)		—		(6	)

Total Depreciation in Other Financial Instruments	$	—	$	(2,594	)	$	—	$	(2,594	)

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

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


	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 July 31, 2017
Debt Securities — Foreign Government Securities	$	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 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 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.

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

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

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

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

The Fund may be required to post or receive collateral for over the counter options.

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of a portfolio investments, 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.

(3). 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.

The Fund may be required to post or receive collateral for Over the Counter Swaps.

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/or short bond positions or to take an active long and/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.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 JULY 31, 2017 (Unaudited)

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 100.3%
	Asset-Backed Securities — 2.3%
		United States — 2.3%
	482	ABFC Trust, Series 2004-HE1, Class M1, VAR, 2.132%, 03/25/34		473
		ACE Securities Corp. Home Equity Loan Trust,
	494	Series 2002-HE3, Class M1, VAR, 3.032%, 10/25/32		493
	360	Series 2003-NC1, Class M1, VAR, 2.402%, 07/25/33		357
	436	Series 2003-OP1, Class M1, VAR, 2.282%, 12/25/33		419
	138	Series 2004-HE4, Class M2, VAR, 2.207%, 12/25/34		135
	550	Series 2004-OP1, Class M3, VAR, 3.107%, 04/25/34		511
	407	Ameriquest Mortgage Securities, Inc., Series 2004-FR1W, Class A6, VAR, 4.453%, 05/25/34		404
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	587	Series 2003-10, Class M1, VAR, 2.282%, 12/25/33		579
	257	Series 2003-10, Class M2, VAR, 3.782%, 12/25/33		252
	38	Series 2003-11, Class M3, VAR, 4.022%, 12/25/33		36
	356	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, VAR, 3.107%, 10/25/34		349
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	878	Series 2003-W5, Class M2, VAR, 4.007%, 10/25/33		843
	1,558	Series 2003-W9, Class M2, VAR, 3.812%, 01/25/34		1,526
	904	Series 2004-W4, Class A, VAR, 1.752%, 03/25/34		853
	212	Series 2004-W5, Class M1, VAR, 2.132%, 04/25/34		209
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	644	Series 2004-HE2, Class M2, VAR, 3.107%, 04/25/34		593
	1,181	Series 2004-HE3, Class M2, VAR, 2.912%, 06/25/34		1,118
		Bear Stearns Asset-Backed Securities I Trust,
	561	Series 2004-FR2, Class M3, VAR, 3.032%, 06/25/34		548


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	870	Series 2004-HE6, Class M2, VAR, 3.107%, 08/25/34		836
		Bear Stearns Asset-Backed Securities Trust,
	609	Series 2004-1, Class M1, VAR, 2.207%, 06/25/34		565
	238	Series 2004-2, Class M1, VAR, 2.432%, 08/25/34		229
		Countrywide Asset-Backed Certificates,
	10	Series 2002-3, Class M1, VAR, 2.357%, 03/25/32		10
	52	Series 2002-4, Class M1, VAR, 2.357%, 12/25/32		52
	106	Series 2003-BC4, Class M2, VAR, 2.582%, 06/25/33		103
	70	Series 2003-BC6, Class M2, VAR, 2.957%, 10/25/33		70
	97	Series 2004-2, Class M1, VAR, 1.982%, 05/25/34		97
	357	Series 2004-3, Class M1, VAR, 1.982%, 06/25/34		337
	1,000	Series 2005-12, Class M2, VAR, 1.722%, 02/25/36		987
	455	Series 2005-AB3, Class 1A1, VAR, 1.482%, 02/25/36		434
	828	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 2.177%, 01/25/35		814
		Credit-Based Asset Servicing & Securitization LLC,
	1,433	Series 2004-CB4, Class A5, SUB, 6.780%, 05/25/35		1,428
	169	Series 2005-CB1, Class M2, VAR, 2.327%, 01/25/35		163
		CWABS, Inc. Asset-Backed Certificates Trust,
	510	Series 2003-BC1, Class A1, VAR, 2.032%, 03/25/33		499
	97	Series 2004-5, Class M3, VAR, 2.957%, 07/25/34		96
	364	Series 2004-6, Class M1, VAR, 2.132%, 10/25/34		351
	79	Series 2004-6, Class M2, VAR, 2.207%, 10/25/34		77
	290	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		285
	535	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, VAR, 1.532%, 11/25/35		506

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
		Fremont Home Loan Trust,
	33	Series 2003-B, Class M2, VAR, 3.662%, 12/25/33		33
	708	Series 2004-2, Class M2, VAR, 2.162%, 07/25/34		710
	128	Series 2004-B, Class M7, VAR, 4.232%, 05/25/34		108
		GSAMP Trust,
	648	Series 2004-OPT, Class M1, VAR, 2.102%, 11/25/34		613
	342	Series 2006-HE3, Class A2C, VAR, 1.392%, 05/25/46		332
	311	Home Equity Asset Trust, Series 2004-7, Class M1, VAR, 2.162%, 01/25/35		306
		Home Equity Mortgage Loan Asset-Backed Trust,
	274	Series 2004-B, Class M3, VAR, 2.432%, 11/25/34		265
	238	Series 2004-B, Class M8, VAR, 4.532%, 11/25/34		219
		Long Beach Mortgage Loan Trust,
	968	Series 2004-3, Class M2, VAR, 2.132%, 07/25/34		944
	556	Series 2004-3, Class M4, VAR, 2.845%, 07/25/34		554
		Mastr Asset-Backed Securities Trust,
	87	Series 2003-NC1, Class M5, VAR, 5.148%, 04/25/33		78
	703	Series 2005-NC1, Class M2, VAR, 1.982%, 12/25/34		704
		Morgan Stanley ABS Capital I, Inc. Trust,
	220	Series 2003-HE2, Class M2, VAR, 3.707%, 08/25/33		214
	665	Series 2004-HE6, Class M1, VAR, 2.057%, 08/25/34		664
	31	Series 2004-HE8, Class M3, VAR, 2.357%, 09/25/34		31
	390	Series 2004-NC5, Class M1, VAR, 2.132%, 05/25/34		376
	479	Series 2004-NC6, Class M2, VAR, 3.107%, 07/25/34		454
	380	Series 2004-NC7, Class M2, VAR, 2.162%, 07/25/34		381
	53	Series 2005-HE1, Class M3, VAR, 1.996%, 12/25/34		45
	345	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, VAR, 2.212%, 02/25/33		337


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	524	New Century Home Equity Loan Trust, Series 2004-2, Class M3, VAR, 2.237%, 08/25/34		510
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, VAR, 4.607%, 09/25/33		504
	1,547	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, VAR, 2.252%, 07/25/33		1,428
		Option One Mortgage Loan Trust,
	730	Series 2004-1, Class M1, VAR, 2.132%, 01/25/34		692
	681	Series 2004-1, Class M2, VAR, 2.882%, 01/25/34		661
	34	Series 2004-3, Class M2, VAR, 2.087%, 11/25/34		32
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, VAR, 2.477%, 01/25/36		498
		Pretium Mortgage Credit Partners I LLC,
	860	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		860
	1,879	Series 2017-NPL1, Class A1, SUB, 3.500%, 04/29/32 (e)		1,886
	965	Series 2017-NPL2, Class A1, SUB, 3.250%, 03/28/57 (e)		966
	1,000	Series 2017-NPL2, Class A2, SUB, 5.500%, 03/28/57 (e)		998
		Renaissance Home Equity Loan Trust,
	381	Series 2003-2, Class M1, VAR, 2.470%, 08/25/33		377
	762	Series 2004-1, Class M4, VAR, 3.932%, 05/25/34		635
	112	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		115
	411	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 2.207%, 12/25/33		396
	921	Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M2, VAR, 2.957%, 02/25/34		914
	550	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, VAR, 1.907%, 06/25/35		539
	788	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 2.132%, 11/25/34		755

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
		Structured Asset Investment Loan Trust,
	261	Series 2003-BC11, Class M1, VAR, 2.207%, 10/25/33		261
	403	Series 2004-6, Class A3, VAR, 2.032%, 07/25/34		399
	434	Series 2004-7, Class M2, VAR, 2.357%, 08/25/34		410
	644	Series 2004-8, Class M9, VAR, 4.982%, 09/25/34		530
	40	Series 2004-BNC1, Class A5, VAR, 2.472%, 09/25/34		39
	459	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, VAR, 1.402%, 12/25/36		428
	1,377	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		1,384
	1,226	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		1,231
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	393	Series 2004-2, Class M6, VAR, 4.052%, 10/25/34		390
	97	Series 2004-2, Class M8A, VAR, 5.732%, 10/25/34 (e)		93

		Total Asset-Backed Securities (Cost $41,662)		42,936

	Collateralized Mortgage Obligations — 1.7%
		United States — 1.7%
		Alternative Loan Trust
	572	Series 2004-27CB, Class A1, 6.000%, 12/25/34		564
	142	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		142
	108	Series 2005-11CB, Class 2A1, 5.500%, 06/25/35		105
	26	Series 2005-19CB, Class A2, IF, 14.229%, 06/25/35		31
	1,347	Series 2005-28CB, Class 2A6, 5.000%, 08/25/35		1,187
	954	Series 2006-14CB, Class A1, 6.000%, 06/25/36		823
	88	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.500%, 10/25/35		84
		Bear Stearns ALT-A Trust
	99	Series 2005-4, Class 23A1, VAR, 3.479%, 05/25/35		98
	762	Series 2005-4, Class 23A2, VAR, 3.479%, 05/25/35		765


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	235	Series 2005-7, Class 12A3, VAR, 1.912%, 08/25/35		224
		Bear Stearns ARM Trust
	704	Series 2005-5, Class A2, VAR, 2.820%, 08/25/35		701
	346	Series 2005-9, Class A1, VAR, 2.830%, 10/25/35		339
	650	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		648
	767	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, VAR, 2.057%, 06/25/34		620
		Chase Mortgage Finance Trust
	334	Series 2006-S4, Class A5, 6.000%, 12/25/36		278
	154	Series 2007-A1, Class 1A1, VAR, 3.476%, 02/25/37		154
	217	Series 2007-A1, Class 8A1, VAR, 3.239%, 02/25/37		221
		CHL Mortgage Pass-Through Trust
	119	Series 2004-9, Class A7, 5.250%, 06/25/34		121
	598	Series 2004-25, Class 2A1, VAR, 1.912%, 02/25/35		563
	863	Series 2005-26, Class 1A11, 5.500%, 11/25/35		787
	701	Series 2005-31, Class 2A1, VAR, 3.149%, 01/25/36		640
	257	Series 2006-21, Class A14, 6.000%, 02/25/37		233
	283	Series 2007-10, Class A4, 5.500%, 07/25/37		233
		Citigroup Mortgage Loan Trust, Inc.
	578	Series 2005-3, Class 2A2A, VAR, 3.331%, 08/25/35		578
	704	Series 2005-4, Class A, VAR, 3.298%, 08/25/35		696
	176	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		178
		Credit Suisse First Boston Mortgage Securities Corp.
	13	Series 2003-25, Class 2A1, 4.500%, 10/25/18		13
	549	Series 2004-8, Class 5A1, 6.000%, 12/25/34		581
	468	GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, VAR, 3.538%, 09/25/34		469

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
		Impac CMB Trust
	112	Series 2004-6, Class 1A2, VAR, 2.012%, 10/25/34		107
	705	Series 2005-2, Class 2A2, VAR, 2.032%, 04/25/35		661
	386	Series 2005-4, Class 2A2, VAR, 1.992%, 05/25/35		354
	409	Series 2005-4, Class 2B1, VAR, 3.707%, 05/25/35		392
	273	Series 2005-4, Class 2M2, VAR, 2.357%, 05/25/35		250
	303	JP Morgan Mortgage Trust, Series 2005-A8, Class 2A3, VAR, 3.036%, 11/25/35		291
	369	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.108%, 04/21/34		377
	161	MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.500%, 07/25/34		165
		Merrill Lynch Mortgage Investors Trust
	122	Series 2003-A4, Class 3A, VAR, 3.878%, 05/25/33		120
	79	Merrill Lynch Mortgage Investors Trust Series 2005-1, Class 2A1, VAR, 3.076%, 04/25/35		77
	75	Series 2005-A2, Class A3, VAR, 2.976%, 02/25/35		74
		Morgan Stanley Mortgage Loan Trust
	170	Series 2004-5AR, Class 4A, VAR, 3.481%, 07/25/34		167
	442	Series 2004-7AR, Class 2A6, VAR, 3.336%, 09/25/34		452
	342	Series 2004-11AR, Class 1A2A, VAR, 1.542%, 01/25/35		323
	505	MortgageIT Trust, Series 2005-1, Class 1B1, VAR, 2.732%, 02/25/35		469
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	635	Series 2005-4, Class 1A2, VAR, 1.622%, 11/25/35		609
	951	Series 2005-5, Class 1APT, VAR, 1.512%, 12/25/35		882
		Opteum Mortgage Acceptance Corp. Trust
	771	Series 2006-1, Class 1AC1, VAR, 1.532%, 04/25/36		719
	1,079	Series 2006-1, Class 1APT, VAR, 1.442%, 04/25/36		994


PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States –– continued
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, VAR, 04/25/18		—	(h)
			RALI Trust
	944		Series 2006-QS3, Class 1A10, 6.000%, 03/25/36		880
	90		Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		86
	93		Residential Asset Securitization Trust, Series 2004-A8, Class A1, 5.250%, 11/25/34		93
			RFMSI Trust
	12		Series 2003-S15, Class A1, 4.500%, 08/25/18		12
	16		Series 2003-S16, Class A2, 4.500%, 09/25/18		16
	886		Series 2006-S10, Class 1A1, 6.000%, 10/25/36		845
	170		Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, VAR, 3.383%, 08/25/35		168
			WaMu Mortgage Pass-Through Certificates Trust
	11		Series 2003-S8, Class A2, 5.000%, 09/25/18		11
	54		Series 2004-CB2, Class 5A, 5.000%, 07/25/19		55
	928		Series 2005-AR3, Class A1, VAR, 3.042%, 03/25/35		908
	636		Series 2005-AR5, Class A6, VAR, 2.999%, 05/25/35		639
	493		Series 2005-AR7, Class A3, VAR, 3.162%, 08/25/35		494
	335		Series 2005-AR10, Class 1A3, VAR, 2.824%, 09/25/35		341
	433		Series 2005-AR14, Class 1A4, VAR, 2.852%, 12/25/35		420
	26		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.500%, 03/25/18		26
			Wells Fargo Mortgage-Backed Securities Trust
	213		Series 2003-H, Class A1, VAR, 3.092%, 09/25/33		216
	170		Series 2004-H, Class A1, VAR, 3.352%, 06/25/34		172
	261		Series 2003-K, Class 1A1, VAR, 2.914%, 11/25/33		263

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States –– continued
	88	Series 2004-K, Class 1A2, VAR, 3.478%, 07/25/34		88
	285	Series 2003-M, Class A1, VAR, 2.999%, 12/25/33		287
	209	Series 2004-N, Class A7, VAR, 3.474%, 08/25/34		210
	260	Series 2004-Z, Class 2A2, VAR, 2.999%, 12/25/34		264
	842	Series 2004-CC, Class A1, VAR, 3.098%, 01/25/35		857
	394	Series 2004-DD, Class 1A1, VAR, 3.113%, 01/25/35		407
	138	Series 2004-EE, Class 2A2, VAR, 3.278%, 12/25/34		141
	1,174	Series 2005-AR1, Class 1A1, VAR, 3.119%, 02/25/35		1,191
	343	Series 2005-AR2, Class 2A2, VAR, 3.162%, 03/25/35		347
	124	Series 2005-AR2, Class 3A1, VAR, 3.147%, 03/25/35		125
	472	Series 2005-AR3, Class 1A1, VAR, 3.338%, 03/25/35		483
	569	Series 2005-AR10, Class 2A1, VAR, 3.199%, 06/25/35		581
	629	Series 2005-AR14, Class A1, VAR, 3.475%, 08/25/35		635
	298	Series 2005-AR16, Class 6A3, VAR, 3.346%, 10/25/35		298
	61	Series 2006-AR2, Class 2A3, VAR, 3.126%, 03/25/36		61
	223	Series 2006-AR3, Class A3, VAR, 3.254%, 03/25/36		220
	591	Series 2006-AR6, Class 7A1, VAR, 3.071%, 03/25/36		596

		Total Collateralized Mortgage Obligations (Cost $31,280)		31,995

	Commercial Mortgage-Backed Securities — 0.3%
		United States — 0.3%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	657	Series 2007-LD11, Class AM, VAR, 5.948%, 06/15/49		672
	317	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		317
	424	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.908%, 07/15/44		426


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,540	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		1,232
		Morgan Stanley Capital I Trust,
	895	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		895
	498	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		488
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, VAR, 5.935%, 04/15/47		1,015

		Total Commercial Mortgage-Backed Securities (Cost $5,252)		5,045


SHARES
	Common Stocks — 50.2%
		Australia — 1.4%
	253	AMP Ltd.		1,092
	168	Australia & New Zealand Banking Group Ltd.		3,991
	204	BHP Billiton Ltd.		4,258
	66	Commonwealth Bank of Australia		4,402
	12	CSL Ltd.		1,225
	223	Dexus		1,674
	399	Goodman Group		2,545
	28	Macquarie Group Ltd.		1,936
	12	National Australia Bank Ltd.		278
	32	Oil Search Ltd.		168
	85	Wesfarmers Ltd.		2,757
	37	Westpac Banking Corp.		946

				25,272

		Austria — 0.2%
	17	ams AG (a)		1,195
	47	Erste Group Bank AG (a)		1,940

				3,135

		Belgium — 0.3%
	38	Anheuser-Busch InBev SA/NV		4,571
	17	KBC Group NV		1,378

				5,949

		Brazil — 0.3%
	160	Ambev SA, ADR		972
	109	CCR SA		600

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Brazil –– continued
	101	Cielo SA		850
	86	Lojas Renner SA (a)		812
	41	Ultrapar Participacoes SA		971
	14	Vale SA, ADR (a)		134
	110	WEG SA		665

				5,004

		Canada — 0.6%
	58	Brookfield Asset Management, Inc., Class A		2,274
	16	Canadian Pacific Railway Ltd.		2,499
	1	Fairfax Financial Holdings Ltd.		654
	75	Waste Connections, Inc.		4,905

				10,332

		Chile — 0.0% (g)
	24	Banco Santander Chile, ADR		686

		China — 0.7%
	19	Alibaba Group Holding Ltd., ADR (a)		2,901
	6	Baidu, Inc., ADR (a)		1,460
	417	CNOOC Ltd.		467
	22	JD.com, Inc., ADR (a)		1,000
	244	Ping An Insurance Group Co. of China Ltd., Class H		1,802
	106	Tencent Holdings Ltd.		4,235
	114	Tsingtao Brewery Co. Ltd., Class H		488

				12,353

		Denmark — 0.7%
	1	AP Moller - Maersk A/S, Class B		1,818
	18	Chr Hansen Holding A/S		1,438
	28	Danske Bank A/S		1,153
	19	Dfds A/S		1,093
	116	Novo Nordisk A/S, Class B		4,941
	24	Vestas Wind Systems A/S		2,315

				12,758

		Finland — 0.5%
	26	Cargotec OYJ, Class B		1,586
	457	Nokia OYJ		2,916
	142	Outokumpu OYJ		1,196
	50	UPM-Kymmene OYJ		1,357
	32	Wartsila OYJ Abp		2,111

				9,166

		France — 3.0%
	34	Air Liquide SA		4,228
	44	Airbus SE		3,657
	10	Atos SE		1,589


SHARES		SECURITY DESCRIPTION	VALUE
		France –– continued
	197	AXA SA		5,831
	59	BNP Paribas SA		4,611
	15	Capgemini SE		1,638
	177	Engie SA		2,852
	167	Natixis SA		1,215
	17	Pernod Ricard SA		2,316
	33	Renault SA		2,966
	79	Sanofi		7,510
	41	Schneider Electric SE (a)		3,179
	26	Societe Generale SA		1,520
	14	Sodexo SA		1,708
	70	TOTAL SA		3,566
	30	Vinci SA		2,659
	190	Vivendi SA		4,394

				55,439

		Germany — 2.8%
	23	adidas AG		5,273
	19	Allianz SE (Registered)		3,948
	10	Aurubis AG		920
	6	BASF SE		542
	41	Bayer AG (Registered)		5,134
	33	Brenntag AG		1,896
	53	Daimler AG (Registered)		3,688
	13	Delivery Hero AG (a) (e)		428
	18	Deutsche Bank AG (Registered)		323
	22	Deutsche Boerse AG		2,250
	69	Deutsche Post AG (Registered)		2,677
	129	Deutsche Telekom AG (Registered)		2,356
	28	Deutsche Wohnen AG		1,102
	66	Evotec AG (a)		948
	13	Fraport AG Frankfurt Airport Services Worldwide		1,252
	7	Hannover Rueck SE		923
	10	HeidelbergCement AG		985
	5	HOCHTIEF AG		873
	92	Infineon Technologies AG		1,994
	9	Linde AG		1,695
	46	SAP SE		4,830
	44	Siemens AG (Registered)		5,970
	4	Siltronic AG (a)		414
	5	Software AG		211
	21	Vapiano SE (a) (e)		542

				51,174

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Hong Kong — 0.8%
	511	AIA Group Ltd.		4,018
	154	Cheung Kong Property Holdings Ltd.		1,244
	212	CK Hutchison Holdings Ltd.		2,795
	34	Hang Seng Bank Ltd.		737
	20	Jardine Matheson Holdings Ltd.		1,263
	182	Power Assets Holdings Ltd.		1,956
	355	Sands China Ltd.		1,643
	181	Wharf Holdings Ltd. (The)		1,538

				15,194

		India — 0.5%
	20	Dr Reddy’s Laboratories Ltd., ADR		716
	52	HDFC Bank Ltd., ADR		5,029
	140	Infosys Ltd., ADR		2,209
	55	Mahindra & Mahindra Ltd., GDR		1,195

				9,149

		Indonesia — 0.1%
	1,225	Astra International Tbk. PT		733
	481	Bank Central Asia Tbk. PT		675
	671	Bank Rakyat Indonesia Persero Tbk. PT		744
	104	Unilever Indonesia Tbk. PT		383

				2,535

		Ireland — 0.1%
	18	Ryanair Holdings plc, ADR (a)		2,079

		Israel — 0.1%
	71	Teva Pharmaceutical Industries Ltd., ADR		2,299

		Italy — 1.0%
	102	Assicurazioni Generali SpA		1,852
	68	Atlantia SpA		2,061
	39	Azimut Holding SpA		867
	563	Enel SpA		3,209
	16	Ferrari NV		1,688
	769	Intesa Sanpaolo SpA		2,647
	52	Moncler SpA		1,398
	2,078	Telecom Italia SpA (a)		2,138
	158	UniCredit SpA (a)		3,108

				18,968

		Japan — 4.5%
	53	Bridgestone Corp.		2,209
	12	Central Japan Railway Co.		1,867
	20	Daikin Industries Ltd.		2,160
	21	Dentsu, Inc.		973
	77	DMG Mori Co. Ltd.		1,281


SHARES		SECURITY DESCRIPTION	VALUE
		Japan –– continued
	28	East Japan Railway Co.		2,663
	20	Electric Power Development Co. Ltd.		504
	257	Fujitsu Ltd.		1,914
	369	Hitachi Ltd.		2,539
	79	Honda Motor Co. Ltd.		2,220
	92	J Front Retailing Co. Ltd.		1,316
	51	Japan Airlines Co. Ltd.		1,641
	16	Japan Tobacco, Inc.		563
	57	JFE Holdings, Inc.		1,107
	292	JXTG Holdings, Inc.		1,300
	213	Kajima Corp.		1,857
	45	KDDI Corp.		1,203
	2	Keyence Corp.		1,109
	124	Kirin Holdings Co. Ltd.		2,733
	80	Kyowa Hakko Kirin Co. Ltd.		1,443
	72	Kyushu Electric Power Co., Inc.		854
	32	Mabuchi Motor Co. Ltd.		1,676
	113	Mazda Motor Corp.		1,700
	74	Medipal Holdings Corp.		1,352
	516	Mitsubishi UFJ Financial Group, Inc.		3,274
	86	Mitsui Fudosan Co. Ltd.		1,974
	44	MS&AD Insurance Group Holdings, Inc.		1,554
	92	NGK Spark Plug Co. Ltd.		1,851
	18	Nidec Corp.		1,995
	49	Nippon Steel & Sumitomo Metal Corp.		1,210
	60	Nippon Telegraph & Telephone Corp.		2,946
	75	ORIX Corp.		1,190
	27	Otsuka Corp.		1,775
	25	Otsuka Holdings Co. Ltd.		1,101
	94	Renesas Electronics Corp. (a)		881
	65	Seiko Epson Corp.		1,716
	69	Seven & i Holdings Co. Ltd.		2,789
	19	Shin-Etsu Chemical Co. Ltd.		1,701
	69	Sony Corp.		2,851
	224	Sumitomo Bakelite Co. Ltd.		1,627
	74	Sumitomo Mitsui Financial Group, Inc.		2,844
	48	Sumitomo Realty & Development Co. Ltd.		1,453
	39	Suntory Beverage & Food Ltd.		1,931
	85	Takashimaya Co. Ltd.		778
	229	Tokyo Gas Co. Ltd.		1,215
	82	Toyota Motor Corp.		4,622
	86	Yamato Holdings Co. Ltd.		1,730

				83,192

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Luxembourg — 0.1%
	83	ArcelorMittal (a)		2,192

		Malaysia — 0.0% (g)
	82	Public Bank Bhd.		388

		Mexico — 0.1%
	83	Grupo Financiero Banorte SAB de CV, Class O		551
	272	Wal-Mart de Mexico SAB de CV		627

				1,178

		Netherlands — 1.3%
	15	ASML Holding NV		2,262
	22	BE Semiconductor Industries NV		1,429
	28	Heineken NV		2,935
	353	ING Groep NV		6,590
	54	Koninklijke Philips NV		2,051
	42	NN Group NV		1,686
	110	Royal Dutch Shell plc, Class A		3,093
	156	Royal Dutch Shell plc, Class B		4,435

				24,481

		New Zealand — 0.1%
	496	Spark New Zealand Ltd.		1,396

		Norway — 0.1%
	228	Norsk Hydro ASA		1,473

		Peru — 0.0% (g)
	4	Credicorp Ltd.		768

		Portugal — 0.1%
	77	Galp Energia SGPS SA		1,230

		Russia — 0.1%
	12	LUKOIL PJSC, ADR		574
	24	Magnit PJSC, GDR		875
	20	Sberbank of Russia PJSC		56
	11	Sberbank of Russia PJSC, ADR		122
	93	Sberbank of Russia PJSC, ADR		1,093

				2,720

		Singapore — 0.2%
	214	DBS Group Holdings Ltd.		3,411
	83	Singapore Exchange Ltd.		464

				3,875

		South Africa — 0.4%
	24	Aspen Pharmacare Holdings Ltd.		496
	49	Bid Corp. Ltd.		1,175
	47	Bidvest Group Ltd. (The)		603


SHARES		SECURITY DESCRIPTION	VALUE
		South Africa –– continued
	7	Capitec Bank Holdings Ltd.		443
	223	FirstRand Ltd.		877
	25	Mr Price Group Ltd.		330
	51	MTN Group Ltd.		462
	56	Remgro Ltd.		915
	56	RMB Holdings Ltd.		269
	95	Sanlam Ltd.		476
	38	Shoprite Holdings Ltd.		579
	16	Tiger Brands Ltd.		497

				7,122

		South Korea — 0.2%
	7	Hyundai Motor Co.		936
	1	Samsung Electronics Co. Ltd.		2,867

				3,803

		Spain — 0.7%
	19	ACS Actividades de Construccion y Servicios SA		718
	6	Aena SA (e)		1,110
	599	Banco Santander SA		4,078
	419	Bankia SA		2,119
	301	Iberdrola SA		2,375
	68	Repsol SA		1,146
	146	Telefonica SA		1,648

				13,194

		Sweden — 0.4%
	63	Electrolux AB, Series B		2,155
	240	Nordea Bank AB		3,030
	75	Volvo AB, Class B		1,272

				6,457

		Switzerland — 2.9%
	38	Cie Financiere Richemont SA (Registered)		3,238
	43	Credit Suisse Group AG (Registered) (a)		664
	45	Ferguson PLC		2,681
	1	Georg Fischer AG (Registered)		1,685
	44	LafargeHolcim Ltd. (Registered) (a)		2,660
	58	Logitech International SA (Registered)		2,097
	8	Lonza Group AG (Registered) (a)		1,805
	146	Nestle SA (Registered)		12,285
	61	Novartis AG (Registered)		5,197
	3	Partners Group Holding AG		2,086
	32	Roche Holding AG		8,175
	102	STMicroelectronics NV		1,722
	4	Swiss Life Holding AG (Registered) (a)		1,459

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Switzerland –– continued
	167	UBS Group AG (Registered) (a)		2,896
	11	VAT Group AG (a) (e)		1,402
	8	Zurich Insurance Group AG		2,378

				52,430

		Taiwan — 0.3%
	143	Delta Electronics, Inc.		758
	113	President Chain Store Corp.		958
	96	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3,437

				5,153

		Thailand — 0.1%
	47	Siam Cement PCL (The) (Registered)		711
	176	Siam Commercial Bank PCL (The)		776

				1,487

		Turkey — 0.0% (g)
	65	KOC Holding A/S		303

		United Kingdom — 3.5%
	152	3i Group plc		1,879
	40	Associated British Foods plc		1,558
	44	AstraZeneca plc		2,601
	298	Aviva plc		2,117
	176	Barratt Developments plc		1,426
	445	BP plc		2,615
	88	British American Tobacco plc		5,502
	806	Centrica plc		2,111
	283	Dixons Carphone plc		1,005
	161	GlaxoSmithKline plc		3,208
	603	HSBC Holdings plc		6,042
	46	InterContinental Hotels Group plc		2,629
	141	International Consolidated Airlines Group SA		1,073
	607	ITV plc		1,388
	2,345	Lloyds Banking Group plc		2,027
	138	Prudential plc		3,363
	22	Reckitt Benckiser Group plc		2,134
	31	Rio Tinto Ltd.		1,641
	18	Rio Tinto plc		861
	287	Standard Chartered plc (a)		3,213
	489	Taylor Wimpey plc		1,228
	38	TechnipFMC plc (a)		1,096
	93	Unilever NV, CVA		5,440
	1,501	Vodafone Group plc		4,400
	18	Whitbread plc		910


SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
	92	WPP plc		1,872

				63,339

		United States — 22.0%
	47	Acadia Healthcare Co., Inc. (a)		2,491
	8	Acuity Brands, Inc.		1,523
	14	Adobe Systems, Inc. (a)		2,118
	7	Advance Auto Parts, Inc.		798
	11	AdvanSix, Inc. (a)		369
	22	Aetna, Inc. (j)		3,344
	1	Alleghany Corp. (a)		469
	5	Allergan plc		1,258
	10	Alliance Data Systems Corp.		2,334
	2	Alphabet, Inc., Class A (a)		1,666
	12	Alphabet, Inc., Class C (a)		11,305
	39	Altice USA, Inc., Class A (a)		1,309
	8	Amazon.com, Inc. (j) (a)		7,630
	26	American Electric Power Co., Inc.		1,802
	49	American Express Co. (j)		4,191
	53	American Homes 4 Rent, Class A		1,208
	43	American International Group, Inc.		2,832
	28	Amphenol Corp., Class A		2,133
	28	Apache Corp.		1,389
	60	Apple, Inc.		8,854
	35	Applied Materials, Inc.		1,540
	9	Arista Networks, Inc. (a)		1,414
	14	Arrow Electronics, Inc. (a)		1,141
	14	Athene Holding Ltd., Class A (a)		725
	3	AutoZone, Inc. (a)		1,434
	51	Ball Corp.		2,133
	192	Bank of America Corp.		4,626
	65	Bed Bath & Beyond, Inc.		1,955
	23	Berry Global Group, Inc. (a)		1,267
	16	Best Buy Co., Inc.		943
	4	BlackRock, Inc.		1,570
	1	Boston Beer Co., Inc. (The), Class A (a)		142
	25	Brinker International, Inc.		891
	61	Brixmor Property Group, Inc.		1,190
	9	Broadcom Ltd.		2,302
	59	Capital One Financial Corp. (j)		5,063
	17	Carlisle Cos., Inc.		1,611
	19	Carnival plc		1,254
	21	Cavium, Inc. (a)		1,301
	79	CBRE Group, Inc., Class A (a)		3,016

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States –– continued
	25	CBS Corp. (Non-Voting), Class B		1,676
	108	Charles Schwab Corp. (The)		4,612
	4	Charter Communications, Inc., Class A (a)		1,690
	11	Chubb Ltd.		1,653
	5	Cigna Corp. (j)		787
	68	Cisco Systems, Inc.		2,127
	35	Citigroup, Inc.		2,388
	54	Citizens Financial Group, Inc.		1,903
	63	Clear Channel Outdoor Holdings, Inc., Class A		318
	33	CNO Financial Group, Inc.		761
	29	Coca-Cola Co. (The)		1,329
	19	Columbia Sportswear Co.		1,131
	17	Comerica, Inc.		1,220
	21	CommScope Holding Co., Inc. (a)		789
	10	Concho Resources, Inc. (a)		1,339
	30	ConocoPhillips		1,362
	29	Copart, Inc. (a)		908
	64	Corning, Inc.		1,872
	49	Coty, Inc., Class A		1,004
	17	CVS Health Corp.		1,345
	3	Deere & Co.		437
	86	Delta Air Lines, Inc.		4,256
	13	DENTSPLY SIRONA, Inc.		827
	64	DISH Network Corp., Class A (a)		4,120
	17	Dover Corp.		1,394
	13	Dr Pepper Snapple Group, Inc.		1,172
	11	Duke Energy Corp.		920
	17	Eagle Materials, Inc.		1,620
	33	East West Bancorp, Inc.		1,862
	11	EastGroup Properties, Inc.		967
	10	Eaton Corp. plc		800
	10	Ecolab, Inc.		1,376
	16	Edison International		1,297
	31	Electronic Arts, Inc. (a)		3,564
	7	Energizer Holdings, Inc.		337
	51	Entercom Communications Corp., Class A (j)		498
	12	EOG Resources, Inc.		1,128
	22	EQT Corp.		1,374
	10	Equifax, Inc.		1,406
	16	Eversource Energy		1,001
	42	Evolent Health, Inc., Class A (a)		1,030


SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	29	Exact Sciences Corp. (a)		1,130
	10	Expedia, Inc.		1,538
	42	Exxon Mobil Corp. (j)		3,323
	45	Facebook, Inc., Class A (a)		7,616
	19	Fidelity National Information Services, Inc.		1,713
	44	Fifth Third Bancorp		1,166
	23	First Republic Bank		2,327
	13	Fiserv, Inc. (a)		1,727
	28	Fortune Brands Home & Security, Inc.		1,809
	29	Gap, Inc. (The)		692
	15	Genuine Parts Co.		1,289
	21	Gilead Sciences, Inc.		1,614
	24	Global Payments, Inc.		2,227
	45	GoDaddy, Inc., Class A (a)		1,916
	2	Goodman Private (a)		—
	68	Graphic Packaging Holding Co.		902
	14	Guidewire Software, Inc. (a)		1,022
	5	Hanesbrands, Inc.		125
	33	Hartford Financial Services Group, Inc. (The)		1,801
	16	HCA Healthcare, Inc. (a)		1,315
	65	Hewlett Packard Enterprise Co.		1,134
	28	Hilton Grand Vacations, Inc. (a)		1,018
	50	Hilton Worldwide Holdings, Inc.		3,124
	8	Home Depot, Inc. (The)		1,209
	15	Honeywell International, Inc.		2,030
	17	Humana, Inc.		3,850
	8	Illinois Tool Works, Inc. (j)		1,140
	8	Illumina, Inc. (a)		1,467
	1	Intuitive Surgical, Inc. (a)		1,276
	27	Invesco Ltd.		949
	11	Jazz Pharmaceuticals plc (a)		1,616
	9	John Bean Technologies Corp.		852
	23	Johnson & Johnson		3,035
	28	KapStone Paper and Packaging Corp.		650
	70	KeyCorp		1,258
	61	Kimco Realty Corp.		1,221
	73	Kinder Morgan, Inc.		1,487
	17	Kite Pharma, Inc. (a)		1,857
	7	KLA-Tencor Corp.		615
	36	Kohl’s Corp.		1,500
	41	Kroger Co. (The)		1,011
	65	La Quinta Holdings, Inc. (a)		973

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States –– continued
	7		Lam Research Corp.		1,185
	17		Lazard Ltd., Class A		787
	12		Lennox International, Inc.		2,095
	46		LKQ Corp. (a)		1,606
	68		Loews Corp. (j)		3,300
	9		M&T Bank Corp.		1,430
	28		Marathon Petroleum Corp.		1,544
	7		Marsh & McLennan Cos., Inc.		542
	6		Martin Marietta Materials, Inc.		1,446
	32		Mastercard, Inc., Class A		4,094
	41		Merck & Co., Inc.		2,620
	15		MetLife, Inc.		849
	86		Microsoft Corp.		6,278
	10		Mid-America Apartment Communities, Inc.		1,054
	7		Middleby Corp. (The) (a)		943
	29		Mohawk Industries, Inc. (a)		7,261
	15		Molson Coors Brewing Co., Class B		1,305
	20		Monster Beverage Corp. (a)		1,080
	28		Morgan Stanley		1,298
	11		Murphy USA, Inc. (a)		866
	16		Nasdaq, Inc.		1,155
	11		Netflix, Inc. (a)		1,919
	76		Newell Brands, Inc.		4,010
	17		Nexstar Media Group, Inc., Class A		1,134
	20		NextEra Energy, Inc.		2,854
	1		NII Holdings, Inc. (a)		1
	8		Nordstrom, Inc.		395
	12		Northern Trust Corp.		1,091
	3		Northrop Grumman Corp.		883
	25		Norwegian Cruise Line Holdings Ltd. (a)		1,383
	15		NVIDIA Corp. (j)		2,495
	26		Occidental Petroleum Corp.		1,580
	14		Old Dominion Freight Line, Inc.		1,342
	13		Oshkosh Corp.		929
	44		Outfront Media, Inc.		1,006
	7		Palo Alto Networks, Inc. (a)		942
	14		Park Hotels & Resorts, Inc.		368
	5		Parker-Hannifin Corp.		842
	51		PayPal Holdings, Inc. (a)		2,983
	40		PBF Energy, Inc., Class A		913
	—	(h)	Penn Virginia Corp. (a)		18
	1		Penn Virginia Corp. (a)		22
	11		PepsiCo, Inc.		1,283


SHARES			SECURITY DESCRIPTION	VALUE
			United States –– continued
	123		Pfizer, Inc.		4,088
	9		Philip Morris International, Inc.		1,106
	18		Phillips 66		1,538
	22		PNC Financial Services Group, Inc. (The)		2,781
	17		Post Holdings, Inc. (a)		1,423
	2		Priceline Group, Inc. (The) (j) (a)		3,315
	21		Procter & Gamble Co. (The)		1,871
	8		Prudential Financial, Inc.		891
	19		QUALCOMM, Inc.		1,014
	50		Rayonier, Inc.		1,440
	5		Raytheon Co.		902
	7		Red Rock Resorts, Inc., Class A		175
	25		Revance Therapeutics, Inc. (a)		561
	8		Royal Caribbean Cruises Ltd.		850
	16		S&P Global, Inc.		2,486
	5		Sage Therapeutics, Inc. (a)		382
	24		salesforce.com, Inc. (a)		2,139
	9		Sempra Energy		1,054
	13		ServiceNow, Inc. (a)		1,465
	67		Shire plc		3,761
	20		Sinclair Broadcast Group, Inc., Class A		712
	40		Snap, Inc., Class A (a)		540
	40		Southwest Airlines Co.		2,212
	13		Spark Therapeutics, Inc. (a)		930
	25		Splunk, Inc. (a)		1,473
	17		Stanley Black & Decker, Inc.		2,392
	28		Starbucks Corp.		1,523
	—	(h)	Stone Energy Corp. (a)		9
	37		SunTrust Banks, Inc.		2,104
	30		T. Rowe Price Group, Inc.		2,453
	13		Take-Two Interactive Software, Inc. (a)		1,065
	20		Teladoc, Inc. (a)		644
	3		Tesla, Inc. (a)		969
	25		Texas Instruments, Inc.		2,003
	121		TherapeuticsMD, Inc. (a)		681
	2		Thermo Fisher Scientific, Inc.		396
	12		Tiffany & Co.		1,112
	36		Time Warner, Inc.		3,644
	14		Travelers Cos., Inc. (The)		1,785
	15		TreeHouse Foods, Inc. (a)		1,272
	4		Ulta Beauty, Inc. (a)		889
	12		Union Pacific Corp.		1,279
	18		United Technologies Corp.		2,087

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States –– continued
	56	UnitedHealth Group, Inc.		10,767
	22	Unum Group		1,095
	36	US Bancorp		1,919
	33	Vantiv, Inc., Class A (a)		2,124
	17	Veeva Systems, Inc., Class A (a)		1,110
	29	Verizon Communications, Inc.		1,388
	13	Vertex Pharmaceuticals, Inc. (a)		1,917
	44	Visa, Inc., Class A		4,341
	17	Vistra Energy Corp.		281
	11	Vulcan Materials Co.		1,311
	15	VWR Corp. (a)		479
	13	WABCO Holdings, Inc. (a)		1,813
	12	Walgreens Boots Alliance, Inc.		974
	11	Wal-Mart Stores, Inc.		855
	13	Wayfair, Inc., Class A (a)		996
	113	Wells Fargo & Co. (j)		6,100
	29	WestRock Co.		1,637
	22	Weyerhaeuser Co.		717
	37	Xcel Energy, Inc.		1,773

				402,809

		Total Common Stocks (Cost $768,902)		920,482


PRINCIPAL AMOUNT/UNIT
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
		Liberty Interactive LLC,
	100	3.750%, 02/15/30		68
	55	4.000%, 11/15/29		38

		Total Convertible Bonds (Cost $95)		106

	Corporate Bonds — 17.8%
		Australia — 0.0% (g)
		FMG Resources August 2006 Pty. Ltd.,
	158	4.750%, 05/15/22 (e)		162
	170	5.125%, 05/15/24 (e)		177

				339

		Belgium — 0.1%
	900	Anheuser-Busch InBev Finance, Inc., 3.650%, 02/01/26		931


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Belgium –– continued
EUR	215	Nyrstar Netherlands Holdings BV, Reg. S, 6.875%, 03/15/24		261
EUR	750	Solvay Finance SA, Reg. S, VAR, 5.425%, 11/12/23 (x) (y)		1,015

				2,207

		Brazil — 0.1%
		JBS USA LUX SA,
	260	5.875%, 07/15/24 (e)		258
	1,073	7.250%, 06/01/21 (e)		1,091
	600	8.250%, 02/01/20 (e)		609

				1,958

		Canada — 0.7%
	528	1011778 BC ULC, 4.250%, 05/15/24 (e)		531
	285	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		300
		Baytex Energy Corp.,
	23	5.125%, 06/01/21 (e)		21
	49	5.625%, 06/01/24 (e)		43
		Bombardier, Inc.,
	134	6.000%, 10/15/22 (e)		136
	192	6.125%, 01/15/23 (e)		196
	1,012	8.750%, 12/01/21 (e)		1,154
	166	Cascades, Inc., 5.750%, 07/15/23 (e)		173
		Cenovus Energy, Inc.,
	92	4.250%, 04/15/27 (e)		90
	750	5.400%, 06/15/47 (e)		721
		Concordia International Corp.,
	756	7.000%, 04/15/23 (e)		136
	74	9.000%, 04/01/22 (e)		56
	387	Cott Holdings, Inc., 5.500%, 04/01/25 (e)		407
	250	Emera US Finance LP, 4.750%, 06/15/46		268
	175	Gateway Casinos & Entertainment Ltd., 8.250%, 03/01/24 (e)		182
	1,285	GW Honos Security Corp., 8.750%, 05/15/25 (e)		1,368
	120	Hudbay Minerals, Inc., 7.250%, 01/15/23 (e)		130
	579	Kronos Acquisition Holdings, Inc., 9.000%, 08/15/23 (e)		582
		Lundin Mining Corp.,
	99	7.500%, 11/01/20 (e)		104
	95	7.875%, 11/01/22 (e)		103
		Mattamy Group Corp.,
	227	6.500%, 11/15/20 (e)		232
	76	6.875%, 12/15/23 (e)		77

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Canada –– continued
		MEG Energy Corp.,
	318	6.375%, 01/30/23 (e)		267
	177	6.500%, 01/15/25 (e)		171
		NOVA Chemicals Corp.,
	192	4.875%, 06/01/24 (e)		193
	147	5.000%, 05/01/25 (e)		148
	319	5.250%, 08/01/23 (e)		329
	96	5.250%, 06/01/27 (e)		96
		Open Text Corp.,
	323	5.625%, 01/15/23 (e)		339
	113	5.875%, 06/01/26 (e)		122
		Precision Drilling Corp.,
	120	5.250%, 11/15/24		108
	65	6.500%, 12/15/21		64
	150	Quebecor Media, Inc., 5.750%, 01/15/23		162
		Teck Resources Ltd.,
	233	4.750%, 01/15/22		245
	180	5.400%, 02/01/43		176
	330	6.000%, 08/15/40		352
	630	6.125%, 10/01/35		684
	169	8.500%, 06/01/24 (e)		196
	625	TransCanada PipeLines Ltd., 4.625%, 03/01/34		682
	119	Trinidad Drilling Ltd., 6.625%, 02/15/25 (e)		112
		Videotron Ltd.,
	47	5.125%, 04/15/27 (e)		48
	455	5.375%, 06/15/24 (e)		485

				11,989

		China — 0.0% (g)
EUR	338	SMCP Group SAS, Reg. S, 5.875%, 05/01/23		434

		Finland — 0.0% (g)
		Nokia OYJ,
	15	3.375%, 06/12/22		15
	15	4.375%, 06/12/27		16
	251	6.625%, 05/15/39		291

				322

		France — 0.9%
EUR	500	Arkema SA, Reg. S, VAR, 4.750%, 10/29/20 (x) (y)		645
EUR	200	Autodis SA, Reg. S, 4.375%, 05/01/22		245
EUR	1,200	Casino Guichard Perrachon SA, Reg. S, 4.498%, 03/07/24		1,591


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France –– continued
EUR	450	Elis SA, Reg. S, 3.000%, 04/30/22		550
EUR	1,000	Europcar Groupe SA, Reg. S, 5.750%, 06/15/22		1,254
EUR	500	Faurecia, Reg. S, 3.625%, 06/15/23		624
EUR	400	Fnac Darty SA, Reg. S, 3.250%, 09/30/23		501
EUR	500	Horizon Holdings I SAS, Reg. S, 7.250%, 08/01/23		632
EUR	400	Loxam SAS, Reg. S, 3.500%, 05/03/23		493
EUR	1,200	NEW Areva Holding SA, 4.875%, 09/23/24		1,604
EUR	450	Novafives SAS, Reg. S, 4.500%, 06/30/21		542
EUR	1,000	Peugeot SA, Reg. S, 2.375%, 04/14/23		1,258
		Rexel SA,
EUR	100	Reg. S, 2.625%, 06/15/24		120
EUR	900	Reg. S, 3.500%, 06/15/23		1,121
		SFR Group SA,
	400	6.000%, 05/15/22 (e)		418
	800	6.250%, 05/15/24 (e)		845
	334	7.375%, 05/01/26 (e)		362
EUR	500	Reg. S, 5.375%, 05/15/22		618
EUR	750	Reg. S, 5.625%, 05/15/24		965
	200	Societe Generale SA, VAR, 7.375%, 09/13/21 (e) (x) (y)		218
EUR	200	Vallourec SA, Reg. S, 2.250%, 09/30/24		189
EUR	650	Verallia Packaging SASU, Reg. S, 5.125%, 08/01/22		816

				15,611

		Germany — 0.6%
EUR	750	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		928
EUR	300	Douglas GmbH, Reg. S, 6.250%, 07/15/22		384
		Fresenius Medical Care US Finance II, Inc.,
	160	4.125%, 10/15/20 (e)		167
	220	4.750%, 10/15/24 (e)		237
	85	5.625%, 07/31/19 (e)		90
	25	6.500%, 09/15/18 (e)		26
	155	Fresenius Medical Care US Finance, Inc., 5.750%, 02/15/21 (e)		171
		Hapag-Lloyd AG,
EUR	180	5.125%, 07/15/24		217
EUR	350	Reg. S, 6.750%, 02/01/22		444
EUR	220	HP Pelzer Holding GmbH, Reg. S, 4.125%, 04/01/24		268
EUR	1,100	IHO Verwaltungs GmbH, 3.250% (Cash), 09/15/23 (v)		1,344
EUR	400	K+S AG, Reg. S, 3.000%, 06/20/22		505

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Germany — continued
EUR	350	ProGroup AG, Reg. S, 5.125%, 05/01/22		437
		thyssenkrupp AG,
EUR	400	Reg. S, 1.750%, 11/25/20		490
EUR	1,200	Reg. S, 2.750%, 03/08/21		1,504
		Unitymedia GmbH,
	255	6.125%, 01/15/25 (e)		274
EUR	450	Reg. S, 3.750%, 01/15/27		543
EUR	1,150	Unitymedia Hessen GmbH & Co. KG, Reg. S, 4.000%, 01/15/25		1,443
EUR	600	WEPA Hygieneprodukte GmbH, Reg. S, 3.750%, 05/15/24		743

				10,215

		Greece — 0.0% (g)
EUR	400	OTE plc, Reg. S, 7.875%, 02/07/18		490

		Ireland — 0.3%
EUR	300	Allied Irish Banks plc, Reg. S, VAR, 4.125%, 11/26/25		383
		Ardagh Packaging Finance plc,
	200	6.000%, 06/30/21 (e)		206
EUR	500	Reg. S, 4.125%, 05/15/23		629
EUR	814	Reg. S, 6.750%, 05/15/24		1,081
EUR	350	Bank of Ireland, Reg. S, VAR, 4.250%, 06/11/24		439
EUR	561	eircom Finance DAC, Reg. S, 4.500%, 05/31/22		694
		Park Aerospace Holdings Ltd.,
	205	5.250%, 08/15/22 (e)		208
	213	5.500%, 02/15/24 (e)		217
EUR	900	Smurfit Kappa Acquisitions Unltd Co., Reg. S, 3.250%, 06/01/21		1,152

				5,009

		Israel — 0.0% (g)
	680	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		617

		Italy — 0.6%
EUR	650	Buzzi Unicem SpA, Reg. S, 2.125%, 04/28/23		807
EUR	700	Enel SpA, Reg. S, VAR, 5.000%, 01/15/75		899
		Leonardo SpA,
EUR	1,000	4.500%, 01/19/21		1,336
EUR	650	4.875%, 03/24/25		938
EUR	550	N&W Global Vending SpA, Reg. S, 7.000%, 10/15/23		684


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Italy –– continued
EUR	125	Saipem Finance International BV, Reg. S, 3.750%, 09/08/23		152
EUR	250	Snaitech SpA, Reg. S, 6.375%, 11/07/21		319
		Telecom Italia Capital SA,
	12	6.000%, 09/30/34		13
	23	6.375%, 11/15/33		26
		Telecom Italia SpA,
EUR	1,000	Reg. S, 3.250%, 01/16/23		1,320
EUR	1,350	Reg. S, 3.625%, 05/25/26		1,801
EUR	1,600	Wind Acquisition Finance SA, Reg. S, 7.000%, 04/23/21		1,979

				10,274

		Japan — 0.1%
		SoftBank Group Corp.,
	200	4.500%, 04/15/20 (e)		206
EUR	400	Reg. S, 4.000%, 07/30/22		519
EUR	700	Reg. S, 4.750%, 07/30/25		938

				1,663

		Luxembourg — 0.8%
		Altice Financing SA,
	200	6.500%, 01/15/22 (e)		208
	650	7.500%, 05/15/26 (e)		721
EUR	500	Reg. S, 5.250%, 02/15/23		626
		Altice Luxembourg SA,
	200	7.625%, 02/15/25 (e)		219
	400	7.750%, 05/15/22 (e)		425
EUR	600	Reg. S, 6.250%, 02/15/25		779
EUR	1,000	Reg. S, 7.250%, 05/15/22		1,257
		ArcelorMittal,
	950	6.750%, 02/25/22		1,071
	63	7.250%, 03/01/41		73
	268	7.500%, 10/15/39 (w)		316
EUR	1,250	Reg. S, 3.125%, 01/14/22		1,612
EUR	700	Auris Luxembourg II SA, Reg. S, 8.000%, 01/15/23		886
EUR	300	Galapagos SA, Reg. S, 5.375%, 06/15/21		362
GBP	317	Garfunkelux Holdco 2 SA, Reg. S, 11.000%, 11/01/23		452
EUR	300	INEOS Group Holdings SA, Reg. S, 5.375%, 08/01/24		380
		Intelsat Jackson Holdings SA,
	370	5.500%, 08/01/23		319
	262	7.250%, 10/15/20		251
	425	7.500%, 04/01/21		402

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Luxembourg –– continued
	567	8.000%, 02/15/24 (e)		616
	147	9.750%, 07/15/25 (e)		152
EUR	500	Matterhorn Telecom Holding SA, Reg. S, 4.875%, 05/01/23		599
EUR	350	Matterhorn Telecom SA, Reg. S, 3.875%, 05/01/22		426
EUR	350	Monitchem HoldCo 2 SA, Reg. S, 6.875%, 06/15/22		414
EUR	700	SES SA, Reg. S, VAR, 4.625%, 01/02/22 (x) (y)		891
EUR	800	SIG Combibloc Holdings SCA, Reg. S, 7.750%, 02/15/23		1,005
EUR	400	Telenet Finance VI Luxembourg SCA, Reg. S, 4.875%, 07/15/27		519

				14,981

		Mexico — 0.1%
		Cemex SAB de CV,
	645	5.700%, 01/11/25 (e)		687
	1,260	6.125%, 05/05/25 (e)		1,363
	400	7.750%, 04/16/26 (e)		460

				2,510

		Netherlands — 0.2%
	400	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		366
	250	Constellium NV, 6.625%, 03/01/25 (e)		250
EUR	666	Hema Bondco II BV, 8.500%, 01/15/23		773
EUR	300	Lincoln Finance Ltd., Reg. S, 6.875%, 04/15/21		381
	400	NXP BV, 4.625%, 06/15/22 (e)		430
EUR	250	UPCB Finance IV Ltd., Reg. S, 4.000%, 01/15/27		310
EUR	200	UPCB Finance VII Ltd., 3.625%, 06/15/29 (e)		235
		Ziggo Bond Finance BV,
	200	5.875%, 01/15/25 (e)		207
EUR	1,000	Reg. S, 4.625%, 01/15/25		1,255
	180	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		186

				4,393

		New Zealand — 0.0% (g)
		Reynolds Group Issuer, Inc.,
	410	5.125%, 07/15/23 (e)		431
	65	6.875%, 02/15/21		67

				498


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Portugal — 0.0% (g)
EUR	300	EDP - Energias de Portugal SA, Reg. S, VAR, 5.375%, 09/16/75		393

		Spain — 0.5%
EUR	300	CaixaBank SA, Reg. S, VAR, 3.500%, 02/15/27		379
EUR	500	Cellnex Telecom SA, Reg. S, 2.875%, 04/18/25		617
EUR	1,000	Cirsa Funding Luxembourg SA, Reg. S, 5.750%, 05/15/21		1,255
EUR	583	eDreams ODIGEO SA, Reg. S, 8.500%, 08/01/21		752
EUR	800	Gas Natural Fenosa Finance BV, Reg. S, VAR, 4.125%, 11/18/22 (x) (y)		1,020
EUR	250	Gestamp Funding Luxembourg SA, Reg. S, 3.500%, 05/15/23		310
EUR	500	Repsol International Finance BV, Reg. S, VAR, 4.500%, 03/25/75		630
	810	Telefonica Emisiones SAU, 5.213%, 03/08/47		896
		Telefonica Europe BV,
EUR	1,000	Reg. S, VAR, 5.000%, 03/31/20 (x) (y)		1,279
EUR	1,000	Reg. S, VAR, 7.625%, 09/18/21 (x) (y)		1,422

				8,560

		Sweden — 0.1%
EUR	990	Verisure Holding AB, Reg. S, 6.000%, 11/01/22		1,270
		Volvo Car AB,
EUR	200	Reg. S, 3.250%, 05/18/21		257
EUR	700	Volvo Treasury AB, Reg. S, VAR, 4.200%, 06/10/75		895

				2,422

		Switzerland — 0.1%
EUR	800	Dufry Finance SCA, Reg. S, 4.500%, 08/01/23		1,011

		United Arab Emirates — 0.1%
		DAE Funding LLC,
	141	4.500%, 08/01/22 (e)		143
	151	5.000%, 08/01/24 (e)		154
	746	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		734

				1,031

		United Kingdom — 0.9%
		Anglo American Capital plc,
	554	4.125%, 09/27/22 (e)		575
	185	4.450%, 09/27/20 (e)		194

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United Kingdom –– continued
	200	4.750%, 04/10/27 (e)		213
	200	4.875%, 05/14/25 (e)		214
EUR	500	Reg. S, 2.500%, 04/29/21		633
EUR	1,100	Reg. S, 3.250%, 04/03/23		1,448
EUR	400	Reg. S, 3.500%, 03/28/22		528
	400	Ashtead Capital, Inc., 5.625%, 10/01/24 (e)		430
	300	Barclays plc, VAR, 8.250%, 12/15/18 (x) (y)		319
GBP	650	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		862
EUR	350	CNH Industrial Finance Europe SA, Reg. S, 2.875%, 05/17/23		449
		Fiat Chrysler Automobiles NV,
	663	5.250%, 04/15/23		689
EUR	750	Reg. S, 3.750%, 03/29/24		956
GBP	400	Galaxy Bidco Ltd., Reg. S, 6.375%, 11/15/20		540
GBP	400	Iceland Bondco plc, Reg. S, 6.750%, 07/15/24		583
GBP	400	Jaguar Land Rover Automotive plc, Reg. S, 3.875%, 03/01/23		554
		KCA Deutag UK Finance plc,
	282	7.250%, 05/15/21 (e)		264
	216	9.875%, 04/01/22 (e)		217
		Noble Holding International Ltd.,
	24	5.250%, 03/15/42		14
	135	6.200%, 08/01/40		82
GBP	100	Pizzaexpress Financing 1 plc, Reg. S, 8.625%, 08/01/22		123
		Royal Bank of Scotland Group plc,
	1,147	6.100%, 06/10/23		1,278
	475	6.125%, 12/15/22		526
	400	VAR, 7.500%, 08/10/20 (x) (y)		422
	200	VAR, 8.625%, 08/15/21 (x) (y)		221
EUR	800	Synlab Unsecured Bondco plc, Reg. S, 8.250%, 07/01/23		1,054
EUR	1,500	Tesco Corporate Treasury Services plc, Reg. S, 2.500%, 07/01/24		1,827
		Virgin Media Finance plc,
	600	6.375%, 04/15/23 (e)		630
EUR	600	Reg. S, 4.500%, 01/15/25		748
EUR	500	Worldpay Finance plc, Reg. S, 3.750%, 11/15/22		660

				17,253


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — 11.6%
	820	21st Century Fox America, Inc., 4.950%, 10/15/45		900
	305	Abbott Laboratories, 4.750%, 11/30/36		332
	935	AbbVie, Inc., 4.450%, 05/14/46		976
		Acadia Healthcare Co., Inc.,
	336	5.625%, 02/15/23		351
	40	6.125%, 03/15/21		41
	115	6.500%, 03/01/24		124
	723	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		723
EUR	400	Adient Global Holdings Ltd., Reg. S, 3.500%, 08/15/24		487
	925	ADT Corp. (The), 4.125%, 06/15/23		935
		AECOM,
	548	5.125%, 03/15/27		552
	615	5.875%, 10/15/24		671
	500	AES Corp., 5.500%, 04/15/25		524
	491	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		435
	157	Airxcel, Inc., 8.500%, 02/15/22 (e)		166
		AK Steel Corp.,
	270	7.000%, 03/15/27		283
	98	7.500%, 07/15/23		107
		Albertsons Cos. LLC,
	270	5.750%, 03/15/25 (e)		244
	735	6.625%, 06/15/24 (e)		691
	257	Alcoa Nederland Holding BV, 6.750%, 09/30/24 (e)		283
		Alere, Inc.,
	190	6.375%, 07/01/23 (e)		204
	292	6.500%, 06/15/20		297
		Aleris International, Inc.,
	60	7.875%, 11/01/20		58
	150	9.500%, 04/01/21 (e)		158
		Allergan Funding SCS,
	725	4.550%, 03/15/35		777
	104	4.750%, 03/15/45		113
		Alliance Data Systems Corp.,
	323	5.375%, 08/01/22 (e)		327
	170	5.875%, 11/01/21 (e)		177
		Ally Financial, Inc.,
	891	4.125%, 02/13/22		917
	515	4.625%, 03/30/25		532
	710	5.125%, 09/30/24		760
	400	5.750%, 11/20/25		428

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	253	8.000%, 11/01/31		314
		Altice US Finance I Corp.,
	790	5.375%, 07/15/23 (e)		830
	372	5.500%, 05/15/26 (e)		394
	670	Altria Group, Inc., 3.875%, 09/16/46		643
		AMC Entertainment Holdings, Inc.,
	145	5.750%, 06/15/25		149
	123	5.875%, 11/15/26		125
	171	6.125%, 05/15/27		176
		AMC Networks, Inc.,
	300	4.750%, 12/15/22		309
	203	4.750%, 08/01/25		205
	130	5.000%, 04/01/24		134
		American Axle & Manufacturing, Inc.,
	807	6.250%, 04/01/25 (e)		804
	685	6.500%, 04/01/27 (e)		679
	50	6.625%, 10/15/22		52
	197	American Greetings Corp., 7.875%, 02/15/25 (e)		214
		American International Group, Inc.,
	540	3.875%, 01/15/35		530
	525	4.800%, 07/10/45		569
		AmeriGas Partners LP,
	252	5.625%, 05/20/24		262
	193	5.750%, 05/20/27		195
	127	5.875%, 08/20/26		130
	525	Amgen, Inc., 4.400%, 05/01/45		552
	164	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		169
	30	Analog Devices, Inc., 4.500%, 12/05/36		31
		Antero Resources Corp.,
	753	5.125%, 12/01/22		765
	308	5.375%, 11/01/21		317
	90	Arch Capital Finance LLC, 5.031%, 12/15/46		100
	45	Archrock Partners LP, 6.000%, 10/01/22		44
		Arconic, Inc.,
	408	5.125%, 10/01/24		434
	100	5.950%, 02/01/37		103
	48	AssuredPartners Inc, 7.000%, 08/15/25 (e)		48
		AT&T, Inc.,
	600	4.350%, 06/15/45		544
	395	4.500%, 03/09/48		360
	305	5.250%, 03/01/37		320


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	440	5.300%, 08/14/58		438
	290	AvalonBay Communities, Inc., 4.150%, 07/01/47		291
		Avaya, Inc.,
	861	7.000%, 04/01/19 (d) (e)		710
	205	10.500%, 03/01/21 (d) (e)		19
		Axalta Coating Systems LLC,
	270	4.875%, 08/15/24 (e)		279
EUR	400	Reg. S, 4.250%, 08/15/24		508
	213	B&G Foods, Inc., 5.250%, 04/01/25		222
		Ball Corp.,
	100	4.000%, 11/15/23		102
EUR	600	4.375%, 12/15/23		808
		Bank of America Corp.,
	360	4.875%, 04/01/44		407
	378	Series AA, VAR, 6.100%, 03/17/25 (x) (y)		417
	930	VAR, 3.824%, 01/20/28		949
	560	Becton Dickinson and Co., 4.669%, 06/06/47		585
		Berry Plastics Corp.,
	330	5.125%, 07/15/23		344
	40	5.500%, 05/15/22		42
	664	Blue Cube Spinco, Inc., 10.000%, 10/15/25		823
	115	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		118
	109	Booz Allen Hamilton, Inc., 5.125%, 05/01/25 (e)		109
		Boyd Gaming Corp.,
	120	6.375%, 04/01/26		131
	212	6.875%, 05/15/23		228
	720	Brighthouse Financial, Inc., 4.700%, 06/22/47 (e)		712
	923	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		921
	315	BWAY Holding Co., 5.500%, 04/15/24 (e)		330
	623	Cablevision Systems Corp., 8.000%, 04/15/20		698
		CalAtlantic Group, Inc.,
	83	5.250%, 06/01/26		86
	404	5.875%, 11/15/24		439
	302	Caleres, Inc., 6.250%, 08/15/23		315
	358	California Resources Corp., 8.000%, 12/15/22 (e)		229

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		Callon Petroleum Co.,
	144	6.125%, 10/01/24 (e)		150
		Calpine Corp.,
	370	5.250%, 06/01/26 (e)		363
	4	5.375%, 01/15/23		4
	20	5.500%, 02/01/24		19
	7	5.750%, 01/15/25		6
	600	5.875%, 01/15/24 (e)		618
	22	Calumet Specialty Products Partners LP, 6.500%, 04/15/21		20
	601	Camelot Finance SA, 7.875%, 10/15/24 (e)		654
	345	CBS Corp., 4.600%, 01/15/45		355
	103	CCM Merger, Inc., 6.000%, 03/15/22 (e)		108
		CCO Holdings LLC,
	155	5.125%, 05/01/27 (e)		160
	355	5.375%, 05/01/25 (e)		378
	385	5.500%, 05/01/26 (e)		409
	644	5.750%, 02/15/26 (e)		692
	1,224	5.875%, 04/01/24 (e)		1,315
	105	CD&R Waterworks Merger Sub LLC, 6.125%, 08/15/25 (e)		107
	105	CDW LLC, 5.000%, 09/01/23		109
		Cedar Fair LP,
	5	5.375%, 06/01/24		5
	60	5.375%, 04/15/27 (e)		64
		Centene Corp.,
	455	4.750%, 01/15/25		474
	295	5.625%, 02/15/21		307
	220	6.125%, 02/15/24		239
		CF Industries, Inc.,
	121	4.500%, 12/01/26 (e)		125
	360	5.150%, 03/15/34		330
	77	5.375%, 03/15/44		70
		Charter Communications Operating LLC,
	690	6.384%, 10/23/35		808
	460	6.484%, 10/23/45		543
	250	Chemours Co. (The), 7.000%, 05/15/25		279
		Cheniere Corpus Christi Holdings LLC,
	270	5.875%, 03/31/25		293
	270	7.000%, 06/30/24		307
		Chesapeake Energy Corp.,
	339	4.875%, 04/15/22		312
	127	6.125%, 02/15/21		124


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	61	6.625%, 08/15/20		62
	186	8.000%, 01/15/25 (e)		186
	213	8.000%, 06/15/27 (e)		213
	210	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		213
	63	Cinemark USA, Inc., 5.125%, 12/15/22		65
	575	CIT Group, Inc., 5.000%, 08/15/22		622
	404	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		411
		Citigroup, Inc.,
	308	4.650%, 07/30/45		336
	240	Series T, VAR, 6.250%, 08/15/26 (x) (y)		270
	750	VAR, 3.887%, 01/10/28		768
	155	VAR, 5.950%, 01/30/23 (x) (y)		168
		Claire’s Stores, Inc.,
	159	6.125%, 03/15/20 (e)		73
	26	9.000%, 03/15/19 (e)		13
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.500%, 11/15/22		16
	55	Series A, 7.625%, 03/15/20		55
	795	Series B, 6.500%, 11/15/22		824
	525	Series B, 7.625%, 03/15/20		528
	390	Clearwater Paper Corp., 4.500%, 02/01/23		386
	559	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		503
	144	CNO Financial Group, Inc., 5.250%, 05/30/25		153
	235	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		280
	270	Comcast Corp., 3.400%, 07/15/46		246
		Commercial Metals Co.,
	479	4.875%, 05/15/23		490
	81	5.375%, 07/15/27		84
		CommScope Technologies LLC,
	237	5.000%, 03/15/27 (e)		238
	393	6.000%, 06/15/25 (e)		422
	200	CommScope, Inc., 5.500%, 06/15/24 (e)		211
		Community Health Systems, Inc.,
	122	6.250%, 03/31/23		125
	334	6.875%, 02/01/22		284
	220	7.125%, 07/15/20		213
	166	CONSOL Energy, Inc., 5.875%, 04/15/22		167
	201	Consolidated Communications, Inc., 6.500%, 10/01/22		197
		Continental Resources, Inc.,
	174	4.500%, 04/15/23		170

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	526	5.000%, 09/15/22		521
		Covanta Holding Corp.,
	100	5.875%, 03/01/24		98
	60	5.875%, 07/01/25		58
	335	Cox Communications, Inc., 4.600%, 08/15/47 (e)		335
		Crestwood Midstream Partners LP,
	116	5.750%, 04/01/25		116
	269	6.250%, 04/01/23		274
EUR	750	Crown European Holdings SA, Reg. S, 4.000%, 07/15/22		990
		CSC Holdings LLC,
	270	5.250%, 06/01/24		280
	63	5.500%, 04/15/27 (e)		67
	484	6.750%, 11/15/21		539
	205	10.125%, 01/15/23 (e)		239
	157	CSI Compressco LP, 7.250%, 08/15/22		147
	80	Cumberland Farms, Inc., 6.750%, 05/01/25 (e)		86
	192	CURO Financial Technologies Corp., 12.000%, 03/01/22 (e)		203
	961	CVR Partners LP, 9.250%, 06/15/23 (e)		979
		CyrusOne LP,
	255	5.000%, 03/15/24 (e)		265
	60	5.375%, 03/15/27 (e)		64
		DaVita, Inc.,
	458	5.125%, 07/15/24		471
	240	5.750%, 08/15/22		248
		DCP Midstream Operating LP,
	430	3.875%, 03/15/23		419
	87	4.950%, 04/01/22		89
	270	6.750%, 09/15/37 (e)		292
	587	Dean Foods Co., 6.500%, 03/15/23 (e)		608
	406	Delek Logistics Partners LP, 6.750%, 05/15/25 (e)		411
		Dell International LLC,
	370	5.875%, 06/15/21 (e)		388
	688	7.125%, 06/15/24 (e)		765
	400	8.350%, 07/15/46 (e)		524
	83	Diamondback Energy, Inc., 4.750%, 11/01/24		84
	558	Diebold Nixdorf, Inc., 8.500%, 04/15/24		609
		DISH DBS Corp.,
	93	5.000%, 03/15/23		96


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	145	5.875%, 07/15/22		158
	285	5.875%, 11/15/24		309
	2,139	6.750%, 06/01/21		2,361
	399	Dole Food Co., Inc., 7.250%, 06/15/25 (e)		423
	111	Dollar Tree, Inc., 5.750%, 03/01/23		118
	460	Dominion Energy Gas Holdings LLC, 4.600%, 12/15/44		484
	316	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		305
	362	Dr Pepper Snapple Group, Inc., 4.500%, 11/15/45 (e)		386
	210	DuPont Fabros Technology LP, 5.875%, 09/15/21		218
		Dynegy, Inc.,
	1,007	5.875%, 06/01/23		968
	330	7.625%, 11/01/24		327
	200	8.000%, 01/15/25 (e)		198
		Eldorado Resorts, Inc.,
	66	6.000%, 04/01/25		71
	65	7.000%, 08/01/23		70
	2,232	Embarq Corp., 7.995%, 06/01/36		2,268
		EMC Corp.,
	326	2.650%, 06/01/20		322
	385	3.375%, 06/01/23		373
	220	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		244
		Endo Dac,
	200	5.875%, 10/15/24 (e)		207
	600	6.000%, 07/15/23 (e)		520
		Endo Finance LLC,
	250	5.375%, 01/15/23 (e)		214
	220	5.750%, 01/15/22 (e)		203
		Energy Transfer Equity LP,
	115	5.500%, 06/01/27		121
	673	5.875%, 01/15/24		725
	205	Energy Transfer LP, 5.150%, 02/01/43		196
	115	Ensco plc, 5.200%, 03/15/25		91
	1,095	Enterprise Products Operating LLC, 4.900%, 05/15/46		1,187
		Envision Healthcare Corp.,
	162	5.125%, 07/01/22 (e)		167
	524	5.625%, 07/15/22		545

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		EP Energy LLC,
	114	7.750%, 09/01/22		77
	78	8.000%, 11/29/24 (e)		79
	676	8.000%, 02/15/25 (e)		525
	369	9.375%, 05/01/20		314
		Equinix, Inc.,
	500	5.375%, 01/01/22		524
	47	5.375%, 04/01/23		49
	183	5.750%, 01/01/25		197
	86	5.875%, 01/15/26		94
	328	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		343
	88	EW Scripps Co. (The), 5.125%, 05/15/25 (e)		91
	390	Exela Intermediate LLC, 10.000%, 07/15/23 (e)		380
	520	Exelon Corp., 4.450%, 04/15/46		540
	540	Express Scripts Holding Co., 4.800%, 07/15/46 (j)		564
EUR	100	Federal-Mogul LLC, 5.000%, 07/15/24		113
	200	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		205
		First Data Corp.,
	614	5.000%, 01/15/24 (e)		639
	112	5.750%, 01/15/24 (e)		118
	803	7.000%, 12/01/23 (e)		866
	235	FirstEnergy Corp., Series C, 4.850%, 07/15/47		241
	97	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		102
		Ford Motor Co.,
	1,180	4.750%, 01/15/43		1,143
	265	5.291%, 12/08/46		274
		Freeport-McMoRan, Inc.,
	620	3.550%, 03/01/22		601
	955	3.875%, 03/15/23		925
	392	5.400%, 11/14/34		369
	528	5.450%, 03/15/43		486
		Frontier Communications Corp.,
	164	6.250%, 09/15/21		144
	126	8.500%, 04/15/20		128
	403	9.250%, 07/01/21		383
	208	10.500%, 09/15/22		196
	237	11.000%, 09/15/25		216
	311	Gartner, Inc., 5.125%, 04/01/25 (e)		329
	732	Gates Global LLC, 6.000%, 07/15/22 (e)		748


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	327	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		372
		General Motors Co.,
	600	5.000%, 04/01/35		612
	830	5.200%, 04/01/45		830
	497	Genesis Energy LP, 5.625%, 06/15/24		480
	644	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		731
	845	GenOn Energy, Inc., 9.875%, 10/15/20 (d)		562
		Gilead Sciences, Inc.,
	550	4.150%, 03/01/47		556
	370	4.600%, 09/01/35		403
		Global Partners LP,
	165	6.250%, 07/15/22		166
	210	7.000%, 06/15/23		212
	290	GLP Capital LP, 5.375%, 11/01/23		313
		Goldman Sachs Group, Inc. (The),
	275	3.500%, 11/16/26		274
	460	3.850%, 01/26/27		469
	375	4.750%, 10/21/45		416
	42	Goodman Networks, Inc., 8.000%, 05/11/22		35
	513	Goodyear Tire & Rubber Co. (The), 4.875%, 03/15/27		520
	100	Graphic Packaging International, Inc., 4.125%, 08/15/24		103
		Gray Television, Inc.,
	285	5.125%, 10/15/24 (e)		292
	165	5.875%, 07/15/26 (e)		171
	395	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		396
	9	Guitar Center, Inc., 6.500%, 04/15/19 (e)		8
	520	Halliburton Co., 5.000%, 11/15/45		563
	463	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		410
		Harland Clarke Holdings Corp.,
	200	6.875%, 03/01/20 (e)		206
	216	8.375%, 08/15/22 (e)		231
	430	Harris Corp., 5.054%, 04/27/45		486
	525	HCA Healthcare, Inc., 6.250%, 02/15/21		570
		HCA, Inc.,
	289	3.750%, 03/15/19		296
	205	4.250%, 10/15/19		212
	435	5.500%, 06/15/47		453
	575	5.875%, 03/15/22		636

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	747	5.875%, 05/01/23		817
	535	5.875%, 02/15/26		583
	125	6.500%, 02/15/20		137
	472	7.500%, 02/15/22		545
	216	HD Supply, Inc., 5.750%, 04/15/24 (e)		231
	335	Hecla Mining Co., 6.875%, 05/01/21		346
	550	Hess Corp., 5.800%, 04/01/47		560
	882	Hexion, Inc., 6.625%, 04/15/20		830
	270	Hilcorp Energy I LP, 5.000%, 12/01/24 (e)		256
	125	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		126
	165	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		180
		Hilton Worldwide Finance LLC,
	161	4.625%, 04/01/25 (e)		167
	108	4.875%, 04/01/27 (e)		112
	224	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		233
	313	Hologic, Inc., 5.250%, 07/15/22 (e)		331
		Hughes Satellite Systems Corp.,
	354	5.250%, 08/01/26		371
	159	6.625%, 08/01/26		174
		Icahn Enterprises LP,
	375	5.875%, 02/01/22		385
	114	6.250%, 02/01/22		119
	114	6.750%, 02/01/24		120
	1,282	iHeartCommunications, Inc., 9.000%, 12/15/19		1,035
	204	IHS Markit Ltd., 4.750%, 02/15/25 (e)		215
	1,015	ILFC E-Capital Trust I, VAR, 4.340%, 12/21/65 (e)		969
	580	ILFC E-Capital Trust II, VAR, 4.590%, 12/21/65 (e)		559
	485	Infor Software Parent LLC, 7.125% (Cash), 05/01/21 (e) (v)		502
	324	Infor US, Inc., 6.500%, 05/15/22		337
	198	Informatica LLC, 7.125%, 07/15/23 (e)		202
	110	Intel Corp., 4.100%, 05/19/46		114
		International Game Technology plc,
	375	6.250%, 02/15/22 (e)		411
	400	6.500%, 02/15/25 (e)		441
EUR	1,000	Reg. S, 4.750%, 02/15/23		1,289
	454	Iron Mountain, Inc., 5.750%, 08/15/24		466
	90	j2 Cloud Services LLC, 6.000%, 07/15/25 (e)		94


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	340	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		354
	1	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		1
	45	Johnson Controls International plc, 4.500%, 02/15/47		48
	111	Kaiser Aluminum Corp., 5.875%, 05/15/24		118
	521	KFC Holding Co., 4.750%, 06/01/27 (e)		537
	171	Koppers, Inc., 6.000%, 02/15/25 (e)		182
		Kraft Heinz Foods Co.,
	1,360	4.375%, 06/01/46		1,324
	300	5.000%, 06/04/42		317
		Kroger Co. (The),
	800	3.875%, 10/15/46		708
	260	4.650%, 01/15/48		259
		L Brands, Inc.,
	250	6.750%, 07/01/36		237
	325	6.875%, 11/01/35		312
	45	L3 Technologies, Inc., 3.850%, 12/15/26		47
	239	Ladder Capital Finance Holdings LLLP, 5.250%, 03/15/22 (e)		246
		Lamar Media Corp.,
	64	5.000%, 05/01/23		67
	232	5.375%, 01/15/24		244
	608	Landry’s, Inc., 6.750%, 10/15/24 (e)		623
		Level 3 Financing, Inc.,
	268	5.125%, 05/01/23		279
	60	5.250%, 03/15/26		64
	197	5.375%, 01/15/24		207
	171	5.375%, 05/01/25		182
	312	5.625%, 02/01/23		325
	5	VAR, 4.939%, 01/15/18		5
	5	Levi Strauss & Co., 5.000%, 05/01/25		5
	136	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		171
	114	LifePoint Health, Inc., 5.500%, 12/01/21		118
		Live Nation Entertainment, Inc.,
	300	4.875%, 11/01/24 (e)		307
	255	5.375%, 06/15/22 (e)		266
EUR	550	LKQ Italia Bondco SpA, Reg. S, 3.875%, 04/01/24		705
	258	LPL Holdings, Inc., 5.750%, 09/15/25 (e)		270
	74	M/I Homes, Inc., 5.625%, 08/01/25 (e)		74
		Mallinckrodt International Finance SA,
	63	4.750%, 04/15/23		56

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	90	5.500%, 04/15/25 (e)		83
	98	5.625%, 10/15/23 (e)		94
	183	5.750%, 08/01/22 (e)		178
	255	Marathon Petroleum Corp., 4.750%, 09/15/44		249
	178	Martin Midstream Partners LP, 7.250%, 02/15/21		182
	140	Masco Corp., 4.500%, 05/15/47		140
	292	MasTec, Inc., 4.875%, 03/15/23		292
	189	Mediacom Broadband LLC, 6.375%, 04/01/23		198
	520	MetLife, Inc., 4.600%, 05/13/46		576
	95	MGM Growth Properties Operating Partnership LP, 5.625%, 05/01/24		104
		MGM Resorts International,
	296	4.625%, 09/01/26		300
	190	6.000%, 03/15/23		210
	280	7.750%, 03/15/22		329
		Micron Technology, Inc.,
	660	5.250%, 08/01/23 (e)		689
	60	5.500%, 02/01/25		63
	300	Microsoft Corp., 4.100%, 02/06/37		324
	35	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		—
	247	Momentive Performance Materials, Inc., 3.880%, 10/24/21		248
		Morgan Stanley,
	310	3.625%, 01/20/27		314
	710	4.300%, 01/27/45		731
	686	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		743
	155	MPLX LP, 5.200%, 03/01/47		160
	4	Murphy Oil USA, Inc., 6.000%, 08/15/23		4
	525	Mylan NV, 5.250%, 06/15/46		572
	398	Nationstar Mortgage LLC, 6.500%, 06/01/22		407
	766	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		825
	941	Navistar International Corp., 8.250%, 11/01/21		949
	190	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		205
	525	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		290
		Netflix, Inc.,
EUR	324	3.625%, 05/15/27		394


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	96	4.375%, 11/15/26 (e)		97
	115	5.750%, 03/01/24		127
		New Albertson’s, Inc.,
	51	Series C, 6.625%, 06/01/28		44
	23	7.450%, 08/01/29		21
	30	7.750%, 06/15/26		29
	437	8.000%, 05/01/31		400
	225	8.700%, 05/01/30		215
	297	New Home Co., Inc. (The), 7.250%, 04/01/22 (e)		307
		Nexstar Broadcasting, Inc.,
	145	5.625%, 08/01/24 (e)		150
	35	6.125%, 02/15/22 (e)		36
		NGL Energy Partners LP,
	2	5.125%, 07/15/19		2
	421	6.125%, 03/01/25 (e)		382
	140	NGPL PipeCo LLC, 4.875%, 08/15/27 (e)		144
	325	Nielsen Co. Luxembourg SARL (The), 5.000%, 02/01/25 (e)		336
	283	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		292
	483	Noble Energy, Inc., 5.050%, 11/15/44		501
		Novelis Corp.,
	509	5.875%, 09/30/26 (e)		536
	341	6.250%, 08/15/24 (e)		365
	850	NRG Energy, Inc., 6.250%, 05/01/24		882
	180	NRG Yield Operating LLC, 5.000%, 09/15/26		184
	47	Nuance Communications, Inc., 5.625%, 12/15/26 (e)		50
		NuStar Logistics LP,
	156	4.800%, 09/01/20		162
	129	5.625%, 04/28/27		137
	144	6.750%, 02/01/21		157
	40	NWH Escrow Corp., 7.500%, 08/01/21 (e)		35
	524	Oasis Petroleum, Inc., 6.500%, 11/01/21		517
	198	Olin Corp., 5.125%, 09/15/27		208
	505	ONEOK Partners LP, 6.200%, 09/15/43		590
	430	Oracle Corp., 4.000%, 07/15/46		437
		Outfront Media Capital LLC,
	33	5.250%, 02/15/22		34
	195	5.625%, 02/15/24		204
	205	5.875%, 03/15/25		215
	580	Owens Corning, 4.300%, 07/15/47		563

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		Owens-Brockway Glass Container, Inc.,
	80	5.000%, 01/15/22 (e)		84
	105	5.375%, 01/15/25 (e)		113
	117	6.375%, 08/15/25 (e)		132
	392	Parker Drilling Co., 6.750%, 07/15/22		302
	140	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		147
	100	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		105
		PBF Holding Co. LLC,
	167	7.000%, 11/15/23		168
	250	7.250%, 06/15/25 (e)		245
	157	PBF Logistics LP, 6.875%, 05/15/23		162
	92	Peabody Energy Corp., 6.000%, 03/31/22 (e)		94
	75	Penn Virginia Corp., 8.500%, 05/01/20 (d)		1
	293	Penske Automotive Group, Inc., 5.500%, 05/15/26		294
		PetSmart, Inc.,
	94	5.875%, 06/01/25 (e)		90
	249	7.125%, 03/15/23 (e)		225
	180	8.875%, 06/01/25 (e)		170
	290	Philip Morris International, Inc., 4.875%, 11/15/43		328
	725	Phillips 66, 4.875%, 11/15/44		787
	150	Phillips 66 Partners LP, 4.900%, 10/01/46		151
	23	Plantronics, Inc., 5.500%, 05/31/23 (e)		24
	300	PolyOne Corp., 5.250%, 03/15/23		316
		Post Holdings, Inc.,
	250	5.000%, 08/15/26 (e)		256
	265	5.500%, 03/01/25 (e)		280
	1,245	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		1,390
	525	Prudential Financial, Inc., 4.600%, 05/15/44		578
EUR	200	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		249
	15	PVH Corp., 4.500%, 12/15/22		15
		QEP Resources, Inc.,
	22	5.250%, 05/01/23		21
	338	5.375%, 10/01/22		332
	118	6.875%, 03/01/21		124
	291	Qorvo, Inc., 6.750%, 12/01/23		319
	10	Quad/Graphics, Inc., 7.000%, 05/01/22		10
	492	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		515


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Quintiles IMS, Inc.,
	230	4.875%, 05/15/23 (e)		239
EUR	500	Reg. S, 3.250%, 03/15/25		608
EUR	200	Reg. S, 3.500%, 10/15/24		246
	210	Qwest Capital Funding, Inc., 7.750%, 02/15/31		194
	120	Qwest Corp., 7.250%, 09/15/25		134
	354	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		382
	211	Radian Group, Inc., 7.000%, 03/15/21		236
		Range Resources Corp.,
	217	4.875%, 05/15/25		211
	156	5.000%, 03/15/23 (e)		154
		Regal Entertainment Group,
	125	5.750%, 03/15/22		131
	50	5.750%, 06/15/23		52
	40	5.750%, 02/01/25		41
		Revlon Consumer Products Corp.,
	110	5.750%, 02/15/21		91
	647	6.250%, 08/01/24		492
	555	Reynolds American, Inc., 4.450%, 06/12/25		597
	611	Rite Aid Corp., 6.125%, 04/01/23 (e)		606
	270	Rowan Cos., Inc., 7.375%, 06/15/25		254
	39	RSP Permian, Inc., 6.625%, 10/01/22		41
		Sabre GLBL, Inc.,
	40	5.250%, 11/15/23 (e)		42
	110	5.375%, 04/15/23 (e)		115
		Sally Holdings LLC,
	75	5.500%, 11/01/23		77
	92	5.625%, 12/01/25		94
		SBA Communications Corp.,
	228	4.875%, 07/15/22		237
	103	4.875%, 09/01/24		107
		Scientific Games International, Inc.,
	380	7.000%, 01/01/22 (e)		405
	430	10.000%, 12/01/22		479
	202	Scotts Miracle-Gro Co. (The), 5.250%, 12/15/26		213
		Sealed Air Corp.,
	105	4.875%, 12/01/22 (e)		111
	410	5.125%, 12/01/24 (e)		438
	100	5.250%, 04/01/23 (e)		108
	200	5.500%, 09/15/25 (e)		219

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		SemGroup Corp.,
	228	5.625%, 07/15/22		226
	65	5.625%, 11/15/23		64
	515	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		524
	288	Sensata Technologies BV, 4.875%, 10/15/23 (e)		298
	200	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		218
		Service Corp. International,
	235	5.375%, 05/15/24		249
	80	8.000%, 11/15/21		95
	160	Sherwin-Williams Co. (The), 4.500%, 06/01/47		169
EUR	500	Silgan Holdings, Inc., Reg. S, 3.250%, 03/15/25		609
		Sinclair Television Group, Inc.,
	10	5.375%, 04/01/21		10
	247	5.625%, 08/01/24 (e)		257
	115	6.125%, 10/01/22		119
		Sirius XM Radio, Inc.,
	148	4.625%, 05/15/23 (e)		152
	203	5.000%, 08/01/27 (e)		208
	285	5.375%, 04/15/25 (e)		299
	431	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		439
	249	SM Energy Co., 5.000%, 01/15/24		232
	330	Solera LLC, 10.500%, 03/01/24 (e)		379
	440	Southern Power Co., Series F, 4.950%, 12/15/46		461
	465	Spectra Energy Partners LP, 4.500%, 03/15/45		459
	10	Speedway Motorsports, Inc., 5.125%, 02/01/23		10
	378	Springleaf Finance Corp., 7.750%, 10/01/21		424
	598	Sprint Capital Corp., 8.750%, 03/15/32		742
		Sprint Communications, Inc.,
	350	7.000%, 03/01/20 (e)		382
	236	7.000%, 08/15/20		258
	278	9.000%, 11/15/18 (e)		301
		Sprint Corp.,
	854	7.125%, 06/15/24		936
	697	7.250%, 09/15/21		770
	580	7.625%, 02/15/25		654
	907	7.875%, 09/15/23		1,030


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	122	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		130
	395	Standard Industries, Inc., 6.000%, 10/15/25 (e)		424
		Steel Dynamics, Inc.,
	121	5.000%, 12/15/26		127
	196	5.500%, 10/01/24		210
	155	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		160
	5	Stone Energy Corp., 7.500%, 05/31/22		5
		Summit Materials LLC,
	175	5.125%, 06/01/25 (e)		180
	585	6.125%, 07/15/23		613
		Summit Midstream Holdings LLC,
	208	5.500%, 08/15/22		209
	304	5.750%, 04/15/25		308
	730	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45 (j)		725
		Sunoco LP,
	229	6.250%, 04/15/21		239
	320	6.375%, 04/01/23		337
		SUPERVALU, Inc.,
	577	6.750%, 06/01/21		573
	1,174	7.750%, 11/15/22		1,165
	42	Surgery Center Holdings, Inc., 6.750%, 07/01/25 (e)		43
	364	Symantec Corp., 5.000%, 04/15/25 (e)		381
		Talen Energy Supply LLC,
	150	4.600%, 12/15/21		120
	3	4.625%, 07/15/19 (e)		3
	100	6.500%, 06/01/25		72
	375	9.500%, 07/15/22 (e)		331
	310	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		317
		Targa Resources Partners LP,
	431	4.250%, 11/15/23		424
	422	5.125%, 02/01/25 (e)		435
	60	5.250%, 05/01/23		62
	125	5.375%, 02/01/27 (e)		130
	100	6.750%, 03/15/24		108
	553	Team Health Holdings, Inc., 6.375%, 02/01/25 (e)		542
		TEGNA, Inc.,
	30	5.125%, 07/15/20		31
	200	5.500%, 09/15/24 (e)		208

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	605	6.375%, 10/15/23		641
	310	Teleflex, Inc., 5.250%, 06/15/24		324
	265	Tempur Sealy International, Inc., 5.625%, 10/15/23		277
		Tenet Healthcare Corp.,
	420	4.375%, 10/01/21		427
	132	4.500%, 04/01/21		134
	401	4.625%, 07/15/24 (e)		399
	90	4.750%, 06/01/20		93
	603	5.125%, 05/01/25 (e)		607
	49	6.000%, 10/01/20		53
	18	6.750%, 02/01/20		19
	175	6.750%, 06/15/23		173
	115	7.500%, 01/01/22 (e)		124
	75	8.000%, 08/01/20		76
	116	8.125%, 04/01/22		125
	148	Tennant Co., 5.625%, 05/01/25 (e)		157
	482	Terex Corp., 5.625%, 02/01/25 (e)		502
	300	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		334
	487	TerraForm Power Operating LLC, SUB, 6.625%, 06/15/25 (e)		519
		Tesoro Logistics LP,
	315	5.250%, 01/15/25		337
	576	6.250%, 10/15/22		612
	175	6.375%, 05/01/24		191
	1,000	Texas Competitive Electric Holdings Co. LLC, 11.500%, 10/01/20 (d)		2
	150	THC Escrow Corp. III, 7.000%, 08/01/25 (e)		148
	261	Titan International, Inc., 6.875%, 10/01/20		270
		T-Mobile USA, Inc.,
	862	6.000%, 04/15/24		927
	696	6.375%, 03/01/25		749
	400	6.500%, 01/15/26		445
	346	6.625%, 04/01/23		366
	175	Toll Brothers Finance Corp., 5.625%, 01/15/24		190
	181	Tops Holding LLC, 8.000%, 06/15/22 (e)		147
		TransDigm, Inc.,
	462	5.500%, 10/15/20		470
	821	6.000%, 07/15/22		858
	369	6.375%, 06/15/26		386
	10	6.500%, 07/15/24		11
	259	6.500%, 05/15/25		272


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	611	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		640
		Transocean, Inc.,
	178	5.800%, 10/15/22		168
	507	6.800%, 03/15/38		378
	51	7.500%, 04/15/31		42
	433	9.000%, 07/15/23 (e)		452
	141	9.350%, 12/15/41		126
EUR	600	Trinseo Materials Operating SCA, Reg. S, 6.375%, 05/01/22		756
	393	Tutor Perini Corp., 6.875%, 05/01/25 (e)		422
	207	Tyson Foods, Inc., 4.550%, 06/02/47		220
		Ultra Resources, Inc.,
	1,222	6.875%, 04/15/22 (e)		1,259
	205	7.125%, 04/15/25 (e)		209
	389	Unit Corp., 6.625%, 05/15/21		384
	407	United Continental Holdings, Inc., 5.000%, 02/01/24		412
		United Rentals North America, Inc.,
	210	4.875%, 01/15/28 (w)		211
	700	5.500%, 07/15/25		738
	190	5.500%, 05/15/27		200
	395	5.750%, 11/15/24		420
	121	United States Steel Corp., 8.375%, 07/01/21 (e)		134
	257	Uniti Group LP, 6.000%, 04/15/23 (e)		265
	119	Uniti Group, Inc., 7.125%, 12/15/24 (e)		116
	254	Univar USA, Inc., 6.750%, 07/15/23 (e)		266
		Univision Communications, Inc.,
	35	5.125%, 05/15/23 (e)		35
	782	5.125%, 02/15/25 (e)		784
	613	6.750%, 09/15/22 (e)		637
	360	US Concrete, Inc., 6.375%, 06/01/24 (e)		384
	196	USIS Merger Sub, Inc., 6.875%, 05/01/25 (e)		203
		Valeant Pharmaceuticals International, Inc.,
	603	5.875%, 05/15/23 (e)		519
	211	6.125%, 04/15/25 (e)		180
	824	6.375%, 10/15/20 (e)		801
	162	6.500%, 03/15/22 (e)		171
	253	6.750%, 08/15/21 (e)		239
	492	7.000%, 10/01/20 (e)		486
	353	7.000%, 03/15/24 (e)		376

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	259	7.250%, 07/15/22 (e)		244
	299	7.500%, 07/15/21 (e)		290
EUR	325	Reg. S, 4.500%, 05/15/23		317
	40	VeriSign, Inc., 4.750%, 07/15/27 (e)		41
		Verizon Communications, Inc.,
	855	4.125%, 08/15/46		757
	330	4.272%, 01/15/36		316
	415	5.012%, 04/15/49		414
	290	Versum Materials, Inc., 5.500%, 09/30/24 (e)		308
	1,246	Vertiv Group Corp., 9.250%, 10/15/24 (e)		1,377
	290	Viacom, Inc., 4.375%, 03/15/43		256
	235	Vulcan Materials Co., 4.500%, 06/15/47		240
	151	W&T Offshore, Inc., 8.500%, 06/15/19		106
		Weatherford International Ltd.,
	214	4.500%, 04/15/22		197
	96	6.500%, 08/01/36		85
	34	6.750%, 09/15/40		30
	120	7.000%, 03/15/38		108
	63	8.250%, 06/15/23		64
		Western Digital Corp.,
	146	7.375%, 04/01/23 (e)		160
	349	10.500%, 04/01/24		413
	40	Western Gas Partners LP, 5.450%, 04/01/44		42
	221	Western Refining Logistics LP, 7.500%, 02/15/23		238
	735	Whiting Petroleum Corp., 5.000%, 03/15/19		728
		Williams Cos., Inc. (The),
	275	3.700%, 01/15/23		272
	265	5.750%, 06/24/44		276
	142	7.750%, 06/15/31		172
	21	Series A, 7.500%, 01/15/31		25
		Windstream Services LLC,
	106	7.500%, 06/01/22		91
	109	7.500%, 04/01/23		92
	170	7.750%, 10/01/21		152
		WMG Acquisition Corp.,
	75	4.875%, 11/01/24 (e)		77
	55	5.000%, 08/01/23 (e)		57
	205	5.625%, 04/15/22 (e)		213
	380	6.750%, 04/15/22 (e)		399
EUR	550	Reg. S, 4.125%, 11/01/24		690


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		XPO Logistics, Inc.,
	245	6.125%, 09/01/23 (e)		255
	95	6.500%, 06/15/22 (e)		98
	20	Xylem, Inc., 4.375%, 11/01/46		21
		Zayo Group LLC,
	442	5.750%, 01/15/27 (e)		469
	196	6.000%, 04/01/23		207
	245	6.375%, 05/15/25		265

				211,758
		Total Corporate Bonds (Cost $307,827)		325,938

	Foreign Government Securities — 9.2%
		Australia — 2.2%
AUD	47,604	Republic of Australia, Reg. S, 5.250%, 03/15/19		40,252

		Canada — 0.8%
CAD	18,365	Republic of Canada, 1.750%, 03/01/19		14,841

		France — 0.4%
EUR	4,798	Republic of France, Reg. S, 3.250%, 05/25/45		7,538

		Italy — 1.1%
		Republic of Italy,
EUR	11,046	0.450%, 06/01/21		13,085
EUR	2,712	Reg. S, 3.500%, 03/01/30 (e)		3,587
EUR	1,675	Reg. S, 4.750%, 09/01/44 (e)		2,545

				19,217
		Japan — 2.9%
		Government of Japan,
JPY	5,141,900	0.100%, 06/20/26		46,852
JPY	735,200	0.100%, 12/20/26		6,693

				53,545
		Spain — 0.7%
EUR	9,183	Kingdom of Spain, Reg. S, 4.000%, 04/30/20 (e)		12,117

		United Kingdom — 1.1%
GBP	14,874	United Kingdom Gilt, Reg. S, 1.500%, 07/22/26		20,261

		Total Foreign Government Securities (Cost $162,846)		167,771

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Investment Company — 2.8%
	6,151		JPMorgan Emerging Markets Debt Fund, Class R6 Shares (b) (Cost $51,106)		50,991


PRINCIPAL AMOUNT
	Loan Assignments — 0.5%
			Canada — 0.1%
	286		Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.501%, 10/21/21		212
	75		MacDonald, Dettwiler and Assicates Ltd., Term Loan B, VAR, 3.750%, 07/05/24 ^		75
	682		MEG Energy Corp., 1st Lien Term B Loan, VAR, 4.733%, 12/31/23 ^		678

					965

			United States — 0.4%
	43		Avaya, Inc., DIP Term Loan, VAR, 8.729%, 01/24/18 (d) ^		44
	145		Avaya, Inc., Extending Tranche Term Loan B-3, VAR, 5.670%, 10/26/17 (d)		118
	185		Avaya, Inc., Term Loan B-6, VAR, 6.667%, 03/31/18 (d)		150
	75		Berry Plastics Corp., Term Loan L, VAR, 3.474%, 01/06/21		75
	914		California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.601%, 12/31/21		983
	1,053		Chesapeake Energy Corp., 1st Lien Last Out Term Loan, VAR, 8.686%, 08/23/21 ^		1,129
	212		Cincinnati Bell, Inc., Term Loan, VAR, 4.227%, 09/10/20		212
	—	(h)	Citgo Holding, Inc., Term Loan, VAR, 9.796%, 05/12/18		—	(h)
	211		Consolidated Communications, Inc., Term Loan B, VAR, 4.240%, 10/05/23		211
	232		Cortes NP Acquisition Corp., Term B Loan, VAR, 5.234%, 11/30/23		234
	48		FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		44
	495		First Data Corp., 1st Lien Term Loan, VAR, 3.727%, 04/26/24		498
	200		Genesys Telecom Holdings, 1st Lien Term Loan B-2, VAR, 5.007%, 12/01/23		202
	131		Landry’s, Inc., 1st Lien Term Loan, VAR, 3.971%, 10/04/23		131
	201		Microsemi Corp., Closing Date Term B Loan, VAR, 3.553%, 01/15/23		201
	572		Moran Foods LLC, Term Loan B, VAR, 7.234%, 11/29/23		561


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	68	MTL Publishing LLC, 1st Lien Term Loan, VAR, 3.724%, 08/21/23		68
	107	On Semiconductor, 1st Lien Term Loan B, VAR, 3.484%, 03/31/23		108
	205	Petco Animal Supplies, Inc., 1st Lien Term Loan B-1, VAR, 4.311%, 01/26/23		185
	124	PetSmart, Inc., Term Loan B, VAR, 4.230%, 03/11/22		117
	164	Quest Software U.S. Holdings, Inc., Term Loan, VAR, 7.257%, 10/31/22		167
	191	Revlon Consumer Products Corp., Term Loan B, VAR, 4.734%, 09/07/23		172
	5	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.990%, 08/21/20		5
	272	Securus Technologies Holdings, Inc., 1st Lien Term Loan, VAR, 4.500%, 06/20/24 ^		275
	94	Supervalu, Inc., Term B, Delayed Draw Term Loan, VAR, 4.734%, 06/02/24		93
	156	Supervalu, Inc., Term Loan B, VAR, 4.734%, 06/08/24		155
	343	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.311%, 04/23/19		330
	87	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.296%, 04/23/19		84
	313	Ultra Resources, Inc., Term Loan, VAR, 4.224%, 04/12/24 ^		314
	617	Viskase Cos., Inc., Initial Term Loan, VAR, 4.546%, 01/30/21		596

				7,462

		Total Loan Assignments (Cost $8,441)		8,427


NUMBER OF CONTRACTS
	Options Purchased — 0.5%
		United States — 0.5%
		Call Options Purchased — 0.5%
	2,484	Euro STOXX 50 Index, expiring 09/15/17 at EUR 3,525.00, European Style (a)		700
	26,406	iShares MSCI Emerging Markets Index, expiring 09/15/17 at $42.00, American Style (a)		5,638
	9,210	iShares MSCI Emerging Markets Index, expiring 09/15/17 at $43.00, American Style (a)		1,234
	301	Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style (a)		146

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


NUMBER OF CONTRACTS			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Options Purchased — continued
			Call Options Purchased –– continued
	510		S&P 500 Index, expiring 09/15/17 at $2,450.00, European Style (a)		2,027

			Total Options Purchased (Cost $8,086)		9,745


SHARES
	Preferred Stocks — 0.3%
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, VAR, 3.354%, 09/05/17 ($1,000 par value) @		79

			Brazil — 0.1%
	104		Itau Unibanco Holding SA (Preference)		1,248

			Germany — 0.2%
	22		Henkel AG & Co. KGaA (Preference)		3,056
	5		Volkswagen AG (Preference)		818

					3,874

			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, VAR, 6.967%, 02/15/40 ($25 par value)		17
	3		Goodman Private (Preference)		10

					27

			Total Preferred Stocks (Cost $4,169)		5,228


NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United States — 0.0% (g)
	44		Media General, Inc. CVR (a)		71
	17		Vistra Energy Corp. (a)		19

			Total Rights (Cost $—)		90


PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 2.8%
			U.S. Treasury Bonds,
	9,966		3.625%, 08/15/43		11,378
	12,946		3.750%, 08/15/41		15,053
	2,208		5.375%, 02/15/31		2,961
	2,391		6.125%, 08/15/29		3,328


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligations — continued
		U.S. Treasury Notes,
	12,125	0.750%, 01/31/18 (k)		12,100
	6,827	2.125%, 05/15/25		6,801

		Total U.S. Treasury Obligations (Cost $52,824)		51,621

	Short-Term Investments — 11.9%
		Foreign Government Treasury Bills — 1.5%
		Canadian Treasury Bills,
CAD	11,470	0.632%, 10/19/17 (n)		9,186
CAD	11,475	0.653%, 11/16/17 (n)		9,184
CAD	11,481	0.663%, 12/14/17 (n)		9,181

		Total Foreign Government Treasury Bills (Cost $25,981)		27,551


SHARES
		Investment Company — 10.4%
	190,932	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $190,932)		190,932

		Total Short-Term Investments (Cost $216,913)		218,483

		Total Investments — 100.3% (Cost $1,659,403)		1,838,858
		Liabilities in Excess of Other Assets — (0.3)%		(5,393	)

		NET ASSETS — 100.0%	$	1,833,465

	Short Positions — 1.0%
	Common Stocks — 1.0%
		Sweden — 0.0% (g)
	1	Autoliv, Inc.		126

		United States — 1.0%
	1	Air Products & Chemicals, Inc.		125
	6	Apple, Inc.		942
	10	Cardinal Health, Inc.		790
	2	Church & Dwight Co., Inc.		127
	6	Clorox Co. (The)		798
	1	CME Group, Inc.		119
	2	Consolidated Edison, Inc.		136
	7	Coty, Inc., Class A		152
	1	Crown Castle International Corp.		127
	19	Dean Foods Co.		278
	2	Dominion Energy, Inc.		135
	3	Domtar Corp.		117
	7	Emerson Electric Co.		423

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
		United States –– continued
	31	General Electric Co.		804
	29	General Mills, Inc.		1,596
	13	Harley-Davidson, Inc.		647
	2	International Paper Co.		136
	5	Interpublic Group of Cos., Inc. (The)		101
	4	Juniper Networks, Inc.		119
	6	Kellogg Co.		424
	11	Kimberly-Clark Corp.		1,367
	6	Lam Research Corp.		883
	2	National Fuel Gas Co.		126
	3	NetApp, Inc.		118
	19	Omnicom Group, Inc.		1,508
	1	Packaging Corp. of America		135
	11	Papa John’s International, Inc.		784
	1	Praxair, Inc.		133
	6	Ross Stores, Inc.		357
	10	SCANA Corp.		665
	5	Seagate Technology plc		171
	12	Sealed Air Corp.		536
	3	Southern Co. (The)		128
	2	Sysco Corp.		110
	6	TJX Cos., Inc. (The)		401
	8	United Parcel Service, Inc., Class B		832
	2	Ventas, Inc.		136
	2	Welltower, Inc.		136
	5	Western Digital Corp.		389
	2	WR Berkley Corp.		127
	3	Xilinx, Inc.		210

				17,348

		Total Securities Sold Short (Proceeds $17,808)		(17,474	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY (LONG)	PERCENTAGE
Foreign Government Securities		9.2	%
Banks		6.4
Oil, Gas & Consumable Fuels		3.7
Pharmaceuticals		3.5
Insurance		2.9
Mutual Funds		2.8
Media		2.7
Diversified Telecommunication Services		2.4
Asset-Backed Securities		2.3
Health Care Providers & Services		2.1
Capital Markets		1.9
IT Services		1.9
Internet Software & Services		1.8
U.S. Treasury Bonds		1.8
Collateralized Mortgage Obligations		1.8
Metals & Mining		1.7
Hotels, Restaurants & Leisure		1.7
Software		1.6
Automobiles		1.5
Semiconductors & Semiconductor Equipment		1.5
Machinery		1.4
Chemicals		1.3
Beverages		1.3
Food & Staples Retailing		1.3
Food Products		1.3
Electric Utilities		1.2
Household Durables		1.1
Wireless Telecommunication Services		1.1
U.S. Treasury Notes		1.0
Technology Hardware, Storage & Peripherals		1.0
Internet & Direct Marketing Retail		1.0
Others (each less than 1.0%)		19.8
Short-Term Investments		12.0

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Futures contracts )


INDUSTRY (SHORT)	PERCENTAGE
Food Products		13.2	%
Household Products		13.1
Technology Hardware, Storage & Peripherals		9.3
Media		9.2
Semiconductors & Semiconductor Equipment		6.3
Multi-Utilities		5.4
Air Freight & Logistics		4.8
Containers & Packaging		4.6
Industrial Conglomerates		4.6
Health Care Providers & Services		4.5
Hotels, Restaurants & Leisure		4.5
Specialty Retail		4.3
Automobiles		3.7
Electrical Equipment		2.4
Equity Real Estate Investment Trusts (REITs)		2.3
Chemicals		1.5
Others (each less than 1.0%)		6.3


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	288	TOPIX Index		09/07/17		JPY		42,242			301
	74	10 Year Australian Government Bond		09/15/17		AUD		7,634			(112	)
	199	Euro STOXX 50 Index		09/15/17		EUR		8,110			(174	)
	55	FTSE 100 Index		09/15/17		GBP		5,305			(46	)
	133	Mini MSCI Emerging Markets Index		09/15/17		USD		7,079			463
	219	Mini Russell 2000		09/15/17		USD		15,597			51
	725	Euro FX		09/18/17		USD		107,486			5,504
		Short Futures Outstanding
	(63)	Euro-Buxl 30-Year Bond		09/07/17		EUR		(12,091	)		338
	(234)	10 Year Japanese Government Bond		09/11/17		JPY		(31,868	)		86
	(174)	E-mini S&P 500		09/15/17		USD		(21,471	)		(52	)
	(447)	Euro STOXX 50 Index		09/15/17		EUR		(18,217	)		368
	(137)	FTSE 100 Index		09/15/17		GBP		(13,216	)		232
	(3,822)	MSCI Europe Index		09/15/17		EUR		(94,324	)		2,365
	(259)	10 Year U.S. Treasury Note		09/20/17		USD		(32,610	)		10
	(48)	US Treasury Long Bond		09/20/17		USD		(7,350	)		(10	)
	(43)	Long Gilt		09/27/17		GBP		(7,149	)		89

											9,413

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
934	CHF
854	for EUR	Royal Bank of Canada		09/27/17		1,014	#		969	#		(45	)
1,695	EUR	Australia & New Zealand Banking
1,841	for CHF	Group Ltd.		09/27/17		1,911	#		2,012	#		101
2,990	EUR
2,631	for GBP	Royal Bank of Canada		09/27/17		3,478	#		3,551	#		73
640	EUR
6,245	for SEK	Barclays Bank plc		09/27/17		776	#		760	#		(16	)
1,183	GBP
1,346	for EUR	Royal Bank of Canada		09/27/17		1,599	#		1,564	#		(35	)
13,258	CAD	National Australia Bank Ltd.		09/27/17		10,043			10,642			599
3,523	CHF	Goldman Sachs International		09/27/17		3,668			3,657			(11	)
1,255	CHF	State Street Corp.		09/27/17		1,312			1,303			(9	)
8,610	EUR	Australia & New Zealand Banking Group Ltd.		09/27/17		9,904			10,223			319
124	EUR	Citibank, NA		09/27/17		141			147			6
1,238	EUR	Deutsche Bank AG		09/27/17		1,419			1,470			51
1,892	EUR	Goldman Sachs International		09/27/17		2,181			2,247			66
1,288	EUR	Merrill Lynch International		09/27/17		1,501			1,529			28
3,284	EUR	National Australia Bank Ltd.		09/27/17		3,769			3,901			132
864	EUR	Royal Bank of Canada		09/27/17		989			1,025			36
2,382	EUR	State Street Corp.		09/27/17		2,745			2,829			84
1,550	EUR	Union Bank of Switzerland AG		09/27/17		1,821			1,841			20
19,336	GBP	Australia & New Zealand Banking Group Ltd.		09/27/17		24,732			25,561			829
7,499	NOK	Goldman Sachs International		09/27/17		887			955			68
2,586	SEK	Merrill Lynch International		09/27/17		299			321			22
10,794	SEK	State Street Corp.		09/27/17		1,303			1,341			38
3,907	SEK	TD Bank Financial Group		09/27/17		475			486			11
7,257	SEK	Union Bank of Switzerland AG		09/27/17		882			902			20
						76,849			79,236			2,387

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
49,583	AUD	Australia & New Zealand Banking Group Ltd.		09/27/17		37,769			39,638			(1,869	)
2,279	AUD	National Australia Bank Ltd.		09/27/17		1,732			1,822			(90	)
34,336	CAD	State Street Corp.		08/29/17		27,446			27,552			(106	)
1,586	CAD	Australia & New Zealand Banking Group Ltd.		09/27/17		1,241			1,272			(31	)
30,528	CAD	National Australia Bank Ltd.		09/27/17		23,108			24,506			(1,398	)
5,793	CHF	Australia & New Zealand Banking Group Ltd.		09/27/17		6,084			6,013			71
368	CHF	State Street Corp.		09/27/17		385			381			4
563	CHF	TD Bank Financial Group		09/27/17		590			585			5
2,211	DKK	Barclays Bank plc		09/27/17		339			353			(14	)
5,464	DKK	Goldman Sachs International		09/27/17		837			872			(35	)
1,799	DKK	Merrill Lynch International		09/27/17		283			288			(5	)
6,818	DKK	State Street Corp.		09/27/17		1,055			1,089			(34	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
17,183	DKK	TD Bank Financial Group		09/27/17		2,607		2,744		(137	)
2,832	EUR	Australia & New Zealand Banking Group Ltd.		09/27/17		3,257		3,364		(107	)
99	EUR	Citibank, NA		09/27/17		112		117		(5	)
209	EUR	Deutsche Bank AG		09/27/17		240		248		(8	)
197,938	EUR	Goldman Sachs International		09/27/17		223,909		235,043		(11,134	)
965	EUR	HSBC Bank, NA		09/27/17		1,100		1,146		(46	)
2,163	EUR	Merrill Lynch International		09/27/17		2,503		2,569		(66	)
722	EUR	National Australia Bank Ltd.		09/27/17		816		858		(42	)
4,579	EUR	Royal Bank of Canada		09/27/17		5,238		5,438		(200	)
186	EUR	Societe Generale		09/27/17		219		221		(2	)
550	EUR	State Street Corp.		09/27/17		646		652		(6	)
455	EUR	TD Bank Financial Group		09/27/17		527		541		(14	)
577	EUR	Union Bank of Switzerland AG		09/27/17		669		685		(16	)
17,286	GBP	Australia & New Zealand Banking Group Ltd.		09/27/17		22,128		22,851		(723	)
542	GBP	State Street Corp.		09/27/17		703		717		(14	)
5,667,420	JPY	HSBC Bank, NA		09/27/17		50,961		51,543		(582	)
259,963	JPY	State Street Corp.		09/27/17		2,326		2,364		(38	)
2,563	SEK	Royal Bank of Canada		09/27/17		302		319		(17	)
12,543	SEK	State Street Corp.		09/27/17		1,485		1,558		(73	)
						420,617		437,349		(16,732	)

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

Total Return Basket Swaps* Outstanding at July 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.	10/31/2018		(48	)

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
CVR	—	Contingent Value Rights
DIP	—	Debtor-in-possession
DKK	—	Danish Krone
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 July 31, 2017. The rate may be subject to a cap and floor.
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
NOK	—	Norwegian Krone
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
SEK	—	Swedish Krona
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 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 July 31, 2017.
(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.
(d)	—	Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(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 this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $35,075,000.
(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 July 31, 2017.
(n)	—	The rate shown is the effective yield as of July 31, 2017.
(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 JULY 31, 2017 (Unaudited) (continued)

(Amounts in thousands)


(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2017.
(y)	—	Preferred Security.
^	—	All or a portion of the security is unsettled as of July 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 July 31, 2017.

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 July 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	$	196,224
Aggregate gross unrealized depreciation		(16,769	)

Net unrealized appreciation/depreciation	$	179,455

Federal income tax cost of investments	$	1,659,403

JPMorgan Global Allocation Fund

ADDITIONAL INFORMATION — TOTAL RETURN BASKET SWAPS

AS OF JULY 31, 2017 (Unaudited)


TOTAL RETURN BASKET SWAP POSITIONS	SHARES		NOTIONAL VALUE($)(1)		CURRENT VALUE($)(2)		VALUE($)(3)
Long Positions

Common Stocks
Ireland - 0.2%
Allied Irish Banks plc		178		1,057		1,047		(10	)
Smurfit Kappa Group plc		54		1,723		1,612		(111	)

		232		2,780		2,659		(121	)

Switzerland - 0.1%
Glencore plc (a)		270		1,154		1,192		38

United kingdom - 0.9%
Ashtead Group plc		44		903		949		46
Aviva plc		186		1,311		1,320		9
Barratt Developments plc		130		1,015		1,057		42
British American Tobacco plc		23		1,586		1,438		(148	)
easyJet plc		27		511		448		(63	)
GKN plc		197		849		834		(15	)
HSBC Holdings plc		61		584		607		23
InterContinental Hotels Group plc		25		1,413		1,421		8
Lloyds Banking Group plc		2,426		2,128		2,097		(31	)
Melrose Industries plc		209		655		642		(13	)
Persimmon plc		45		1,394		1,471		77
Rio Tinto plc		36		1,613		1,700		87
Taylor Wimpey plc		407		961		1,022		61
Weir Group plc (The)		32		828		773		(55	)

		3,848		15,751		15,779		28

Total Long Positions of Total Return Basket Swap		4,350		19,685		19,630		(55	)

Cash and Other Receivables/(Payables)(4)								(86	)

Financing Costs								(6	)

Net Dividends Receivable/(Payable)								44

Outstanding Swap contract, at value								(48	)

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 July 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.

(4)	Cash and other receivables/(payables) includes the gains (or losses) realized from purchases and sales within the swap.

(a)	Non-income producing security.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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

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.

•

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	$	—	$	25,272	$	—	$	25,272
Austria		—		3,135		—		3,135

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Belgium	$	—	$	5,949	$	—		$	5,949
Brazil		5,004		—		—			5,004
Canada		10,332		—		—			10,332
Chile		686		—		—			686
China		5,361		6,992		—			12,353
Denmark		—		12,758		—			12,758
Finland		—		9,166		—			9,166
France		—		55,439		—			55,439
Germany		1,384		49,790		—			51,174
Hong Kong		—		15,194		—			15,194
India		7,954		1,195		—			9,149
Indonesia		383		2,152		—			2,535
Ireland		2,079		—		—			2,079
Israel		2,299		—		—			2,299
Italy		—		18,968		—			18,968
Japan		—		83,192		—			83,192
Luxembourg		—		2,192		—			2,192
Malaysia		—		388		—			388
Mexico		1,178		—		—			1,178
Netherlands		—		24,481		—			24,481
New Zealand		—		1,396		—			1,396
Norway		—		1,473		—			1,473
Peru		768		—		—			768
Portugal		—		1,230		—			1,230
Russia		—		2,720		—			2,720
Singapore		—		3,875		—			3,875
South Africa		579		6,543		—			7,122
South Korea		—		3,803		—			3,803
Spain		—		13,194		—			13,194
Sweden		—		6,457		—			6,457
Switzerland		1,402		51,028		—			52,430
Taiwan		3,437		1,716		—			5,153
Thailand		776		711		—			1,487
Turkey		—		303		—			303
United Kingdom		—		63,339		—			63,339
United States		397,794		5,015		—	(a)		402,809

Total Common Stocks		441,416		479,066		—	(a)		920,482

Preferred Stocks
Bermuda		—		79		—			79
Brazil		1,248		—		—			1,248
Germany		—		3,874		—			3,874
United States		17		—		10			27

Total Preferred Stocks		1,265		3,953		10			5,228

Investment Companies
United States		50,991		—		—			50,991
Debt Securities
Asset-Backed Securities
United States		—		6,937		35,999			42,936
Collateralized Mortgage Obligations
United States		—		30,514		1,481			31,995
Commercial Mortgage-Backed Securities
United States		—		5,045		—			5,045
Convertible Bonds
United States		—		106		—			106
Corporate Bonds
Australia		—		339		—			339
Belgium		—		2,207		—			2,207
Brazil		—		1,958		—			1,958
Canada		—		11,989		—			11,989
China		—		434		—			434
Finland		—		322		—			322
France		—		15,611		—			15,611

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Germany	$	—		$	10,215		$	—	$	10,215
Greece		—			490			—		490
Ireland		—			5,009			—		5,009
Israel		—			617			—		617
Italy		—			10,274			—		10,274
Japan		—			1,663			—		1,663
Luxembourg		—			14,981			—		14,981
Mexico		—			2,510			—		2,510
Netherlands		—			4,393			—		4,393
New Zealand		—			498			—		498
Portugal		—			393			—		393
Spain		—			8,560			—		8,560
Sweden		—			2,422			—		2,422
Switzerland		—			1,011			—		1,011
United Arab Emirates		—			1,031			—		1,031
United Kingdom		—			17,253			—		17,253
United States		—			211,063			695		211,758

Total Corporate Bonds		—			325,243			695		325,938

Loan Assignments
Canada		—			965			—		965
United States		—			7,462			—		7,462

Total Loan Assignments		—			8,427			—		8,427

Foreign Government Securities		—			167,771			—		167,771
U.S. Treasury Obligations		—			51,621			—		51,621
Options Purchased
Call Options Purchased		9,045			700			—		9,745
Rights
United States		—			—			90		90
Short-Term Investment
Foreign Government Treasury Bills		—			27,551			—		27,551
Investment Company		190,932			—			—		190,932

Total Short-Term Investment	$	190,932		$	27,551		$	—	$	218,483

Total Investments in Securities	$	693,649		$	1,106,934		$	38,275	$	1,838,858

Liabilities
Common Stocks
Sweden	$	(126	)	$	—		$	—	$	(126	)
United States		(17,348	)		—			—		(17,348	)

Total Liabilities in Securities Sold Short	$	(17,474	)	$	—		$	—	$	(17,474	)

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,583		$	—	$	2,583
Futures Contracts		6,541			3,266			—		9,807

Total Appreciation in Other Financial Instruments	$	6,541		$	5,849		$	—	$	12,390

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(16,928	)	$	—	$	(16,928	)
Futures Contracts		(174	)		(220	)		—		(394	)
Swaps		—			(48	)		—		(48	)

Total Depreciation in Other Financial Instruments	$	(174	)	$	(17,196	)	$	—	$	(17,370	)

(a)	Value is zero

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

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 July 31, 2017
Asset-Backed Securities — United States	$	30,046		$	158		$	704		$	90	$	9,020		$	(11,103	)	$	7,176	$	(92	)	$	35,999
Collateralized Mortgage Obligations — United States		—			—			(10	)		5		1,098			(189	)		577		—			1,481
Common Stocks — United States		42			—			—			—		—			—			—		(42	)		—	(a)
Corporate Bonds — Bahamas		50			(142	)		166			—		—			(74	)		—		—			—	(a)
Corporate Bonds — United States		278			—			32			5		233			—			268		(121	)		695
Preferred Stocks — Ireland		67			—			—			—		—			—			—		(67	)		—	(a)
Preferred Stocks — United States		—	(a)		—			—			—		10			—			—		—			10
Rights — United States		—	(a)		—			90			—		—	(b)		—			—		—			90

Total	$	30,483		$	16		$	982		$	100	$	10,361		$	(11,366	)	$	8,021	$	(322	)	$	38,275

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.

The change in net unrealized appreciation (depreciation) attributable to securities owned at July 31, 2017, which were valued using significant unobservable inputs (level 3), amounted to approximately $912,000.

Quantitative Information about Level 3 Fair Value Measurements #


	Fair Value at July 31, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	35,999	Discounted Cash Flow	Constant Prepayment Rate	1.00% — 20.00% (7.09%)
				Constant Default Rate	0.00% — 10.00% (3.63%)
				Yield (Discount Rate of Cash Flows)	2.56% — 7.77% (4.14%)

Asset-Backed Securities		35,999

		1,481	Discounted Cash Flow	Constant Prepayment Rate	5.77% — 15.54% (11.28%)
				Constant Default Rate	3.00% — 4.08% (3.45%)
				Yield (Discount Rate of Cash Flows)	5.08% — 6.60% (5.72%)

Collateralized Mortgage Backed Securities		1,481

		692	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	6.70% — 12.72% (9.87%)
		—	Pending Distribution	Discount for Potential Outcome	100.00% (100.00%)

Corporate Bonds		692

		10	Market Comparable Companies	EBITDA Multiple (a)	6.4x (6.4x)
				Liquidity Discount	30.00% (30.00%)

Preferred Stocks		10

		71	Pending Distribution	Expected Distribution Amount	$1.62 ($1.62)
Rights		71

Total	$	38,253

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

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At July 31, 2017, the value of these investments was $22. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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 prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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.

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.

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 Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

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

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment stategy. 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.

(4). Total Return Basket Swaps — The Portfolio 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 Portfolio’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 Portfolio 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 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 or annual periodic reset.

The total return basket swap contracts are subject to master netting arrangements. The fund may be required to post or receive collateral for total return basket swap swaps.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Australia — 2.0%
	30	Commonwealth Bank of Australia		1,989
	200	Transurban Group		1,829

				3,818

		Belgium — 2.9%
	46	Anheuser-Busch InBev SA/NV		5,537

		Canada — 1.1%
	43	TransCanada Corp.		2,174

		China — 1.4%
	2,343	CNOOC Ltd.		2,623

		Czech Republic — 1.8%
	962	Moneta Money Bank A/S (e)		3,466

		Denmark — 2.7%
	131	Danske Bank A/S		5,289

		Finland — 3.7%
	31	Cargotec OYJ, Class B		1,905
	231	Nokia OYJ, ADR		1,478
	139	UPM-Kymmene OYJ		3,782

				7,165

		France — 8.1%
	11	Airbus SE		891
	26	Amundi SA (e)		1,995
	27	Cie Generale des Etablissements Michelin		3,723
	40	Sanofi		3,779
	7	Unibail-Rodamco SE		1,778
	38	Vinci SA		3,408

				15,574

		Germany — 10.9%
	18	Allianz SE (Registered)		3,759
	25	BASF SE		2,394
	11	Continental AG		2,588
	46	Daimler AG (Registered)		3,216
	22	Deutsche Boerse AG		2,300
	55	Deutsche Wohnen AG		2,185
	25	Evonik Industries AG		865
	28	Siemens AG (Registered)		3,759

				21,066

		Hong Kong — 1.0%
	406	Sands China Ltd.		1,882

		Ireland — 0.9%
	313	Allied Irish Banks plc (e)		1,839

		Israel — 0.5%
	33	Teva Pharmaceutical Industries Ltd., ADR		1,060


SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 10.9%
	90	Bridgestone Corp.		3,786
	104	Daiwa House Industry Co. Ltd.		3,631
	446	Daiwa Securities Group, Inc.		2,569
	30	Japan Airlines Co. Ltd.		960
	55	Japan Tobacco, Inc.		1,922
	128	Mitsubishi Corp.		2,788
	434	Mitsubishi UFJ Financial Group, Inc., ADR		2,766
	52	Nippon Telegraph & Telephone Corp.		2,554

				20,976

		Netherlands — 5.8%
	203	ING Groep NV		3,797
	165	Koninklijke Ahold Delhaize NV		3,374
	99	NN Group NV		4,026

				11,197

		New Zealand — 1.3%
	879	Spark New Zealand Ltd.		2,477

		Norway — 1.8%
	172	DNB ASA		3,388

		Russia — 4.2%
	63	LUKOIL PJSC, ADR		2,938
	164	MMC Norilsk Nickel PJSC, ADR		2,427
	195	Severstal PJSC, GDR		2,677

				8,042

		South Korea — 1.9%
	2	Samsung Electronics Co. Ltd.		3,766

		Spain — 1.9%
	471	Iberdrola SA		3,716

		Sweden — 0.4%
	121	Telefonaktiebolaget LM Ericsson, Class B		785

		Switzerland — 8.3%
	56	Ferguson PLC		3,319
	27	Galenica Sante Ltd. (a) (e)		1,269
	522	Glencore plc (a)		2,303
	30	LafargeHolcim Ltd. (Registered) (a)		1,773
	44	Novartis AG (Registered)		3,736
	38	Swiss Re AG		3,698

				16,098

		Taiwan — 1.2%
	63	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,271

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — 23.1%
	190	3i Group plc		2,350
	351	BAE Systems plc		2,783
	275	Beazley plc		1,858
	67	Berkeley Group Holdings plc		3,110
	79	British American Tobacco plc		4,944
	695	Direct Line Insurance Group plc		3,435
	300	GlaxoSmithKline plc		5,966
	118	HSBC Holdings plc, ADR		5,912
	62	Imperial Brands plc		2,550
	30	InterContinental Hotels Group plc		1,720
	628	ITV plc		1,436
	31	Persimmon plc		1,016
	73	Prudential plc		1,792
	219	RSA Insurance Group plc		1,890
	187	WPP plc		3,820

				44,582

		Total Common Stocks (Cost $165,274)		188,791

	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	5,034	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $5,034)		5,034

		Total Investments — 100.4% (Cost $170,308)		193,825
		Liabilities in Excess of Other Assets — (0.4)%		(694	)

		NET ASSETS — 100.0%	$	193,131

Percentages indicated are based on net assets.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		14.7	%
Insurance		10.5
Pharmaceuticals		8.2
Auto Components		5.2
Tobacco		4.9
Capital Markets		4.7
Oil, Gas & Consumable Fuels		4.0
Metals & Mining		3.8
Trading Companies & Distributors		3.1
Real Estate Management & Development		3.0
Beverages		2.9
Media		2.7
Diversified Telecommunication Services		2.6
Household Durables		2.1
Paper & Forest Products		1.9
Technology Hardware, Storage & Peripherals		1.9
Industrial Conglomerates		1.9
Electric Utilities		1.9
Aerospace & Defense		1.9
Hotels, Restaurants & Leisure		1.9
Construction & Engineering		1.8
Food & Staples Retailing		1.7
Chemicals		1.7
Automobiles		1.7
Semiconductors & Semiconductor Equipment		1.2
Communications Equipment		1.2
Machinery		1.0
Others (each less than 1.0%)		3.3
Short-Term Investment		2.6

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 July 31, 2017.

As of July 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	$	26,265
Aggregate gross unrealized depreciation		(2,748	)

Net unrealized appreciation/depreciation	$	23,517

Federal income tax cost of investments	$	170,308

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

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.

•

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	$	—	$	3,818	$	—	$	3,818
Belgium		—		5,537		—		5,537
Canada		2,174		—		—		2,174
China		—		2,623		—		2,623
Czech Republic		3,466		—		—		3,466
Denmark		—		5,289		—		5,289
Finland		1,478		5,687		—		7,165
France		—		15,574		—		15,574
Germany		—		21,066		—		21,066
Hong Kong		—		1,882		—		1,882
Ireland		1,839		—		—		1,839
Israel		1,060		—		—		1,060
Japan		2,766		18,210		—		20,976
Netherlands		—		11,197		—		11,197

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
New Zealand	$	—	$	2,477	$	—	$	2,477
Norway		—		3,388		—		3,388
Russia		—		8,042		—		8,042
South Korea		—		3,766		—		3,766
Spain		—		3,716		—		3,716
Sweden		—		785		—		785
Switzerland		—		16,098		—		16,098
Taiwan		2,271		—		—		2,271
United Kingdom		5,912		38,670		—		44,582

Total Common Stocks		20,966		167,825		—		188,791

Short-Term Investment
Investment Company		5,034		—		—		5,034

Total Investments in Securities	$	26,000	$	167,825	$	—	$	193,825

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 $4,725,000 and from level 2 to level 1 in the amount of approximately $3,378,000 are due to the application and non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Australia — 2.5%
	119	AGL Energy Ltd.		2,300
	987	Alumina Ltd.		1,499
	299	Amcor Ltd.		3,670
	531	AMP Ltd.		2,289
	306	APA Group		2,111
	60	Aristocrat Leisure Ltd.		979
	19	ASX Ltd.		774
	637	Aurizon Holdings Ltd.		2,558
	683	Australia & New Zealand Banking Group Ltd.		16,197
	61	Bendigo & Adelaide Bank Ltd.		544
	649	BHP Billiton Ltd.		13,512
	131	BHP Billiton plc		2,383
	237	Boral Ltd.		1,315
	297	Brambles Ltd.		2,198
	71	Caltex Australia Ltd.		1,765
	71	Challenger Ltd.		729
	209	Coca-Cola Amatil Ltd.		1,375
	19	Cochlear Ltd.		2,122
	349	Commonwealth Bank of Australia		23,398
	166	Computershare Ltd.		1,873
	23	Crown Resorts Ltd.		236
	92	CSL Ltd.		9,249
	341	Dexus		2,563
	127	Fortescue Metals Group Ltd.		585
	449	Goodman Group		2,862
	211	GPT Group (The)		811
	184	Incitec Pivot Ltd.		471
	352	Insurance Australia Group Ltd.		1,879
	175	LendLease Group		2,362
	72	Macquarie Group Ltd.		4,954
	487	Medibank Pvt Ltd.		1,059
	1,368	Mirvac Group		2,377
	521	National Australia Bank Ltd.		12,494
	148	Newcrest Mining Ltd.		2,405
	339	Oil Search Ltd.		1,804
	112	Orica Ltd.		1,784
	267	Origin Energy Ltd. (a)		1,481
	341	Qantas Airways Ltd.		1,451
	357	QBE Insurance Group Ltd.		3,379
	40	Ramsay Health Care Ltd.		2,283
	25	REA Group Ltd.		1,359
	317	Santos Ltd. (a)		861
	958	Scentre Group		3,167
	15	SEEK Ltd.		199
	44	Sonic Healthcare Ltd.		792


SHARES			SECURITY DESCRIPTION	VALUE($)
			Australia — continued
	1,438		South32 Ltd.		3,354
	490		Stockland		1,648
	338		Suncorp Group Ltd.		3,865
	319		Sydney Airport		1,720
	341		Tabcorp Holdings Ltd.		1,139
	166		Tatts Group Ltd.		530
	869		Telstra Corp. Ltd.		2,851
	131		TPG Telecom Ltd.		588
	499		Transurban Group		4,556
	110		Treasury Wine Estates Ltd.		1,068
	1,285		Vicinity Centres		2,827
	215		Wesfarmers Ltd.		6,999
	342		Westfield Corp.		2,103
	675		Westpac Banking Corp.		17,205
	156		Woodside Petroleum Ltd.		3,653
	293		Woolworths Ltd.		6,252

					206,816

			Austria — 0.2%
	317		Erste Group Bank AG (a)		13,117
	—	(h)	Telekom Austria AG (a)		—	(h)

					13,117

			Belgium — 0.5%
	215		Anheuser-Busch InBev SA/NV		25,930
	166		KBC Group NV		13,720
	80		UCB SA		5,845

					45,495

			Bermuda — 0.0% (g)
	92		Marvell Technology Group Ltd.		1,424
	37		XL Group Ltd.		1,630

					3,054

			Canada — 3.4%
	52		Agnico Eagle Mines Ltd.		2,431
	33		Agrium, Inc.		3,258
	104		Alimentation Couche-Tard, Inc., Class B		4,941
	85		ARC Resources Ltd.		1,165
	155		Bank of Montreal		11,751
	280		Bank of Nova Scotia (The)		17,464
	275		Barrick Gold Corp.		4,658
	36		BCE, Inc.		1,706
	221		Brookfield Asset Management, Inc., Class A		8,588
	98		Canadian Imperial Bank of Commerce		8,505
	188		Canadian National Railway Co.		14,834
	270		Canadian Natural Resources Ltd.		8,265
	34		Canadian Pacific Railway Ltd.		5,260
	36		Canadian Pacific Railway Ltd.		5,626

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Canada — continued
	17	Canadian Tire Corp. Ltd., Class A		1,961
	209	Cenovus Energy, Inc.		1,754
	55	CGI Group, Inc., Class A (a)		2,892
	5	Constellation Software, Inc.		2,536
	126	Crescent Point Energy Corp.		987
	29	Dollarama, Inc.		2,807
	194	Enbridge, Inc.		8,042
	211	Encana Corp.		2,127
	6	Fairfax Financial Holdings Ltd.		2,634
	69	Fortis, Inc.		2,517
	43	Franco-Nevada Corp.		3,085
	57	Gildan Activewear, Inc.		1,713
	198	Goldcorp, Inc.		2,597
	73	Great-West Lifeco, Inc.		2,089
	73	Imperial Oil Ltd.		2,104
	32	Intact Financial Corp.		2,516
	84	Inter Pipeline Ltd.		1,653
	294	Kinross Gold Corp. (a)		1,212
	56	Loblaw Cos. Ltd.		3,047
	98	Magna International, Inc.		4,687
	486	Manulife Financial Corp.		10,008
	59	Metro, Inc.		2,010
	82	National Bank of Canada		3,701
	60	Open Text Corp.		1,999
	93	Pembina Pipeline Corp.		3,179
	207	Potash Corp. of Saskatchewan, Inc.		3,698
	92	Power Corp. of Canada		2,247
	62	Power Financial Corp.		1,671
	54	Restaurant Brands International, Inc.		3,225
	89	Rogers Communications, Inc., Class B		4,646
	336	Royal Bank of Canada		25,048
	63	Saputo, Inc.		2,141
	101	Shaw Communications, Inc., Class B		2,240
	37	SNC-Lavalin Group, Inc.		1,620
	152	Sun Life Financial, Inc.		5,821
	383	Suncor Energy, Inc.		12,485
	133	Teck Resources Ltd., Class B		2,882
	85	Thomson Reuters Corp.		3,887
	423	Toronto-Dominion Bank (The)		21,821
	175	TransCanada Corp.		8,931
	1	Trisura Group Ltd (a)		27
	61	Waste Connections, Inc.		3,936
	103	Wheaton Precious Metals Corp.		2,091

				280,726


SHARES			SECURITY DESCRIPTION	VALUE($)
			China — 0.1%
	925		BOC Hong Kong Holdings Ltd.		4,545
	412		Yangzijiang Shipbuilding Holdings Ltd.		430

					4,975

			Denmark — 0.7%
	76		Chr Hansen Holding A/S		6,108
	241		Danske Bank A/S		9,776
	503		Novo Nordisk A/S, Class B		21,399
	94		Pandora A/S		10,825
	1,274		TDC A/S		7,864

					55,972

			Finland — 0.2%
	153		Cargotec OYJ, Class B		9,360
	—	(h)	Nokian Renkaat OYJ		—	(h)
	474		Outokumpu OYJ		3,986
	199		UPM-Kymmene OYJ		5,416
	2		Wartsila OYJ Abp		115

					18,877

			France — 3.8%
	180		Air Liquide SA		22,080
	256		Airbus SE		21,384
	102		Arkema SA		11,638
	933		AXA SA		27,563
	359		BNP Paribas SA		27,855
	82		Capgemini SE		8,905
	28		Cie Generale des Etablissements Michelin		3,838
	45		Kering		15,848
	23		L’Oreal SA		4,691
	47		LVMH Moet Hennessy Louis Vuitton SE		11,845
	1,472		Natixis SA		10,699
	105		Pernod Ricard SA		14,605
	128		Renault SA		11,571
	337		Sanofi		32,155
	256		Schneider Electric SE (a)		20,072
	110		Sodexo SA		12,961
	58		Thales SA		6,445
	656		TOTAL SA		33,382
	6		Unibail-Rodamco SE		1,592
	170		Vinci SA		15,219

					314,348

			Germany — 3.3%
	80		adidas AG		18,166
	46		Allianz SE (Registered)		9,794
	140		BASF SE		13,375
	241		Bayer AG (Registered)		30,486
	96		Bayerische Motoren Werke AG		8,796

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	97	Brenntag AG		5,473
	64	Continental AG		14,471
	115	Daimler AG (Registered)		8,041
	36	Deutsche Boerse AG		3,751
	285	Deutsche Post AG (Registered)		11,044
	691	Deutsche Telekom AG (Registered)		12,627
	153	Evonik Industries AG		5,195
	165	Fresenius SE & Co. KGaA		13,890
	519	Infineon Technologies AG		11,264
	137	Innogy SE (e)		5,746
	32	Linde AG		6,089
	73	Muenchener Rueckversicherungs Gesellschaft AG in Muenchen (Registered)		15,753
	310	SAP SE		32,799
	217	Siemens AG (Registered)		29,386
	1,335	Telefonica Deutschland Holding AG		6,895
	97	Uniper SE		1,999
	198	Vonovia SE		8,040

				273,080

		Hong Kong — 1.1%
	2,496	AIA Group Ltd.		19,635
	53	ASM Pacific Technology Ltd.		689
	85	Bank of East Asia Ltd. (The)		365
	572	Cathay Pacific Airways Ltd.		896
	464	Cheung Kong Property Holdings Ltd.		3,751
	650	CK Hutchison Holdings Ltd.		8,551
	176	CK Infrastructure Holdings Ltd.		1,640
	446	CLP Holdings Ltd.		4,752
	409	Galaxy Entertainment Group Ltd.		2,525
	153	Hang Lung Properties Ltd.		380
	192	Hang Seng Bank Ltd.		4,181
	385	Henderson Land Development Co. Ltd.		2,227
	322	HKT Trust & HKT Ltd.		422
	1,986	Hong Kong & China Gas Co. Ltd.		3,754
	229	Hong Kong Exchanges & Clearing Ltd.		6,510
	49	Hongkong Land Holdings Ltd.		367
	2,431	Hutchison Port Holdings Trust, Class U		1,154
	38	Jardine Matheson Holdings Ltd.		2,443
	342	Kerry Properties Ltd.		1,198
	908	Li & Fung Ltd.		332
	349	Link REIT		2,829
	240	MTR Corp. Ltd.		1,386
	499	New World Development Co. Ltd.		674
	311	NWS Holdings Ltd.		595


SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — continued
	293	Power Assets Holdings Ltd.		2,897
	653	Sands China Ltd.		3,025
	1,068	Sino Land Co. Ltd.		1,761
	330	Sun Hung Kai Properties Ltd.		5,106
	204	Swire Pacific Ltd., Class A		2,028
	99	Techtronic Industries Co. Ltd.		438
	699	WH Group Ltd. (e)		655
	412	Wharf Holdings Ltd. (The)		3,502
	388	Wheelock & Co. Ltd.		2,924
	223	Yue Yuen Industrial Holdings Ltd.		919

				94,511

		Ireland — 0.3%
	258	CRH plc		9,073
	148	James Hardie Industries plc, CDI		2,266
	104	Ryanair Holdings plc, ADR (a)		11,818

				23,157

		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		4,979

		Italy — 0.8%
	452	Atlantia SpA		13,738
	3,778	Enel SpA		21,551
	160	Eni SpA		2,537
	644	Intesa Sanpaolo SpA		2,217
	8,659	Telecom Italia SpA (a)		8,908
	834	UniCredit SpA (a)		16,393

				65,344

		Japan — 8.7%
	227	Air Water, Inc.		4,385
	227	Ajinomoto Co., Inc.		4,564
	61	Alfresa Holdings Corp.		1,113
	245	Amada Holdings Co. Ltd.		2,803
	91	Asahi Group Holdings Ltd.		3,693
	347	Asahi Kasei Corp.		3,963
	181	Astellas Pharma, Inc.		2,308
	123	Bandai Namco Holdings, Inc.		4,272
	217	Bridgestone Corp.		9,142
	128	Canon, Inc.		4,460
	11	Central Japan Railway Co.		1,722
	112	Chubu Electric Power Co., Inc.		1,470
	54	Chugai Pharmaceutical Co. Ltd.		2,158
	83	Coca-Cola Bottlers Japan, Inc.		2,491
	765	Concordia Financial Group Ltd.		3,856
	67	Dai Nippon Printing Co. Ltd.		739
	370	Daicel Corp.		4,813

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	336		Dai-ichi Life Holdings, Inc.		5,811
	272		Daiichi Sankyo Co. Ltd.		5,939
	84		Daikin Industries Ltd.		8,883
	32		Daito Trust Construction Co. Ltd.		5,409
	235		Daiwa House Industry Co. Ltd.		8,180
	—	(h)	Daiwa House REIT Investment Corp.		801
	104		DeNA Co. Ltd.		2,287
	61		Denso Corp.		2,906
	52		Dentsu, Inc.		2,417
	75		East Japan Railway Co.		6,996
	3		Eisai Co. Ltd.		145
	173		Electric Power Development Co. Ltd.		4,388
	32		FANUC Corp.		6,583
	8		Fast Retailing Co. Ltd.		2,430
	160		Fuji Electric Co. Ltd.		881
	171		FUJIFILM Holdings Corp.		6,282
	427		Fujitsu Ltd.		3,180
	72		Hankyu Hanshin Holdings, Inc.		2,573
	21		Hitachi High-Technologies Corp.		784
	1,625		Hitachi Ltd.		11,180
	452		Honda Motor Co. Ltd.		12,649
	104		Hoya Corp.		5,859
	318		Hulic Co. Ltd.		3,354
	521		Inpex Corp.		5,066
	510		ITOCHU Corp.		7,998
	280		J Front Retailing Co. Ltd.		3,998
	123		Japan Airlines Co. Ltd.		3,964
	40		Japan Exchange Group, Inc.		718
	—	(h)	Japan Prime Realty Investment Corp.		729
	—	(h)	Japan Real Estate Investment Corp.		1,670
	1		Japan Retail Fund Investment Corp.		1,274
	339		Japan Tobacco, Inc.		11,780
	115		JFE Holdings, Inc.		2,210
	195		JGC Corp.		3,116
	54		JTEKT Corp.		766
	1,380		JXTG Holdings, Inc.		6,135
	588		Kajima Corp.		5,127
	267		Kansai Electric Power Co., Inc. (The)		3,578
	62		Kao Corp.		3,744
	961		Kawasaki Heavy Industries Ltd.		3,060
	307		KDDI Corp.		8,137
	67		Keikyu Corp.		778
	27		Keyence Corp.		12,333
	214		Kintetsu Group Holdings Co. Ltd.		821
	259		Kirin Holdings Co. Ltd.		5,693


SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — continued
	149		Kobe Steel Ltd. (a)		1,866
	128		Komatsu Ltd.		3,438
	43		Kubota Corp.		743
	13		Kyocera Corp.		814
	248		Kyowa Hakko Kirin Co. Ltd.		4,488
	155		Kyushu Electric Power Co., Inc.		1,832
	155		M3, Inc.		4,168
	45		Mabuchi Motor Co. Ltd.		2,382
	195		Marubeni Corp.		1,289
	264		Marui Group Co. Ltd.		3,588
	334		Mazda Motor Corp.		5,016
	809		Mebuki Financial Group, Inc.		3,114
	24		Mitsubishi Chemical Holdings Corp.		202
	498		Mitsubishi Corp.		10,817
	609		Mitsubishi Electric Corp.		9,423
	88		Mitsubishi Estate Co. Ltd.		1,600
	203		Mitsubishi Tanabe Pharma Corp.		4,821
	3,152		Mitsubishi UFJ Financial Group, Inc.		19,995
	633		Mitsubishi UFJ Lease & Finance Co. Ltd.		3,371
	216		Mitsui & Co. Ltd.		3,144
	693		Mitsui Chemicals, Inc.		3,937
	81		Mitsui Fudosan Co. Ltd.		1,859
	3,513		Mizuho Financial Group, Inc.		6,248
	38		MS&AD Insurance Group Holdings, Inc.		1,326
	45		Murata Manufacturing Co. Ltd.		7,047
	192		NGK Insulators Ltd.		3,857
	197		NGK Spark Plug Co. Ltd.		3,981
	135		NH Foods Ltd.		3,993
	83		Nidec Corp.		9,102
	27		Nintendo Co. Ltd.		9,068
	—	(h)	Nippon Building Fund, Inc.		1,732
	—	(h)	Nippon Prologis REIT, Inc.		542
	265		Nippon Steel & Sumitomo Metal Corp.		6,498
	227		Nippon Telegraph & Telephone Corp.		11,084
	1,172		Nippon Yusen KK (a)		2,237
	641		Nissan Motor Co. Ltd.		6,362
	176		Nisshin Seifun Group, Inc.		2,889
	32		Nitori Holdings Co. Ltd.		4,572
	45		Nitto Denko Corp.		4,048
	633		Nomura Holdings, Inc.		3,759
	1		Nomura Real Estate Master Fund, Inc.		1,049
	118		NSK Ltd.		1,515
	359		NTT DOCOMO, Inc.		8,325
	65		Obayashi Corp.		778
	139		Olympus Corp.		5,027

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	8	Omron Corp.		399
	64	Ono Pharmaceutical Co. Ltd.		1,398
	84	Oriental Land Co. Ltd.		6,060
	506	ORIX Corp.		8,033
	64	Otsuka Corp.		4,192
	163	Otsuka Holdings Co. Ltd.		7,156
	478	Panasonic Corp.		6,581
	133	Rakuten, Inc.		1,628
	96	Recruit Holdings Co. Ltd.		1,660
	363	Resona Holdings, Inc.		1,871
	65	Rohm Co. Ltd.		4,993
	3	Ryohin Keikaku Co. Ltd.		690
	61	Santen Pharmaceutical Co. Ltd.		852
	7	Secom Co. Ltd.		488
	147	Seibu Holdings, Inc.		2,561
	179	Sekisui House Ltd.		3,090
	149	Seven & i Holdings Co. Ltd.		5,985
	53	Shimadzu Corp.		1,051
	19	Shimamura Co. Ltd.		2,363
	11	Shimano, Inc.		1,569
	107	Shin-Etsu Chemical Co. Ltd.		9,750
	65	Shionogi & Co. Ltd.		3,465
	267	Shizuoka Bank Ltd. (The)		2,382
	13	SMC Corp.		4,228
	219	SoftBank Group Corp.		17,611
	72	Sompo Holdings, Inc.		2,820
	349	Sony Corp.		14,338
	27	Stanley Electric Co. Ltd.		889
	59	Subaru Corp.		2,118
	533	Sumitomo Chemical Co. Ltd.		3,115
	35	Sumitomo Corp.		469
	139	Sumitomo Electric Industries Ltd.		2,240
	27	Sumitomo Metal Mining Co. Ltd.		408
	368	Sumitomo Mitsui Financial Group, Inc.		14,215
	133	Sumitomo Mitsui Trust Holdings, Inc.		4,895
	187	Sumitomo Realty & Development Co. Ltd.		5,661
	101	Suntory Beverage & Food Ltd.		4,971
	11	Suzuken Co. Ltd.		357
	144	Suzuki Motor Corp.		6,835
	40	Sysmex Corp.		2,290
	96	Takeda Pharmaceutical Co. Ltd.		5,066
	51	THK Co. Ltd.		1,545
	61	Tohoku Electric Power Co., Inc.		824
	208	Tokio Marine Holdings, Inc.		8,755
	282	Tokyo Electric Power Co. Holdings, Inc. (a)		1,198


SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	48	Tokyo Electron Ltd.		6,765
	259	Tokyo Gas Co. Ltd.		1,374
	301	Tokyo Tatemono Co. Ltd.		4,097
	347	Tokyu Corp.		5,099
	134	Toppan Printing Co. Ltd.		1,416
	67	Toyota Industries Corp.		3,605
	573	Toyota Motor Corp.		32,289
	27	Toyota Tsusho Corp.		865
	72	Trend Micro, Inc.		3,596
	1	United Urban Investment Corp.		802
	84	West Japan Railway Co.		6,022
	192	Yahoo Japan Corp.		870
	630	Yamada Denki Co. Ltd.		3,365
	77	Yamato Holdings Co. Ltd.		1,552

				712,292

		Jersey — 0.0% (g)
	49	Randgold Resources Ltd.		4,558

		Luxembourg — 0.1%
	367	ArcelorMittal (a)		9,676

		Netherlands — 2.2%
	136	ASML Holding NV		20,574
	140	ASR Nederland NV		5,289
	120	Heineken Holding NV		11,795
	39	Heineken NV		4,052
	1,410	ING Groep NV		26,348
	701	Koninklijke Ahold Delhaize NV		14,333
	3,643	Koninklijke KPN NV		13,210
	100	Koninklijke Philips NV		3,807
	353	NN Group NV		14,296
	1,384	Royal Dutch Shell plc, Class A		39,077
	839	Royal Dutch Shell plc, Class B		23,889

				176,670

		New Zealand — 0.1%
	291	Auckland International Airport Ltd.		1,522
	192	Contact Energy Ltd.		772
	262	Fletcher Building Ltd.		1,575
	102	Ryman Healthcare Ltd.		677
	579	Spark New Zealand Ltd.		1,630

				6,176

		Norway — 0.1%
	942	Norsk Hydro ASA		6,076

		Singapore — 0.4%
	169	Ascendas REIT		336

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — continued
	335	CapitaLand Ltd.		912
	379	CapitaLand Mall Trust		562
	390	ComfortDelGro Corp. Ltd.		665
	472	DBS Group Holdings Ltd.		7,537
	771	Genting Singapore plc		663
	17	Jardine Cycle & Carriage Ltd.		497
	449	Keppel Corp. Ltd.		2,124
	796	Oversea-Chinese Banking Corp. Ltd.		6,668
	79	Singapore Exchange Ltd.		443
	153	Singapore Press Holdings Ltd.		329
	1,756	Singapore Telecommunications Ltd.		5,141
	304	United Overseas Bank Ltd.		5,374
	618	Wilmar International Ltd.		1,521

				32,772

		Spain — 1.4%
	762	Banco Bilbao Vizcaya Argentaria SA		6,894
	1,908	Banco Santander SA		12,990
	1,394	Bankia SA		7,046
	699	Distribuidora Internacional de Alimentacion SA		4,707
	3,013	Iberdrola SA		23,752
	513	Industria de Diseno Textil SA		20,353
	579	Red Electrica Corp. SA		12,397
	688	Repsol SA		11,526
	1,020	Telefonica SA		11,554

				111,219

		Sweden — 0.7%
	63	Assa Abloy AB, Class B		1,357
	265	Atlas Copco AB, Class A		9,593
	748	Sandvik AB		11,787
	978	Skandinaviska Enskilda Banken AB, Class A		12,382
	988	Svenska Handelsbanken AB, Class A		14,711
	650	Telefonaktiebolaget LM Ericsson, Class B		4,206

				54,036

		Switzerland — 3.1%
	410	ABB Ltd. (Registered)		9,607
	125	Adecco Group AG (Registered) (a)		9,499
	91	Cie Financiere Richemont SA (Registered)		7,736
	694	Credit Suisse Group AG (Registered) (a)		10,661
	151	Ferguson PLC		8,993
	657	Glencore plc (a)		2,900
	291	LafargeHolcim Ltd. (Registered) (a)		17,386
	37	Lonza Group AG (Registered) (a)		8,912
	772	Nestle SA (Registered)		65,139


SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — continued
	469	Novartis AG (Registered)		39,919
	185	Roche Holding AG		46,942
	485	UBS Group AG (Registered) (a)		8,430
	47	Zurich Insurance Group AG		14,388

				250,512

		United Kingdom — 5.4%
	1,116	3i Group plc		13,782
	82	Anglo American plc (a)		1,360
	191	Associated British Foods plc		7,463
	191	AstraZeneca plc		11,386
	515	BAE Systems plc		4,090
	30	Barclays plc		80
	852	Barratt Developments plc		6,917
	2,539	BP plc		14,916
	610	British American Tobacco plc		37,935
	1,912	BT Group plc		7,911
	11	Capita plc		91
	563	Compass Group plc		12,021
	281	Diageo plc		9,074
	1,175	Dixons Carphone plc		4,172
	774	GlaxoSmithKline plc		15,412
	3,689	HSBC Holdings plc		36,944
	157	Imperial Brands plc		6,452
	135	InterContinental Hotels Group plc		7,643
	147	Johnson Matthey plc		5,441
	88	Liberty Global plc, Class C (a)		2,874
	14,558	Lloyds Banking Group plc		12,586
	275	London Stock Exchange Group plc		13,590
	1,161	Prudential plc		28,323
	99	Reckitt Benckiser Group plc		9,614
	666	RELX plc		14,512
	98	Rio Tinto Ltd.		5,192
	423	Rio Tinto plc		19,812
	793	RSA Insurance Group plc		6,828
	906	Sage Group plc (The)		8,053
	1,517	Standard Chartered plc (a)		16,953
	4,085	Taylor Wimpey plc		10,261
	553	Unilever NV, CVA		32,211
	9,087	Vodafone Group plc		26,637
	273	Whitbread plc		13,866
	797	WPP plc		16,244

				440,646

		United States — 58.8%
	20	3M Co.		3,929
	533	Abbott Laboratories		26,235

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	43	AbbVie, Inc.		2,986
	325	Accenture plc, Class A		41,826
	47	Activision Blizzard, Inc.		2,922
	282	Adobe Systems, Inc. (a)		41,268
	154	Aetna, Inc.		23,728
	223	Agilent Technologies, Inc.		13,353
	46	Albemarle Corp.		5,344
	69	Alcoa Corp.		2,523
	74	Alexion Pharmaceuticals, Inc. (a)		10,164
	230	Allegion plc		18,713
	137	Allergan plc		34,633
	70	Alphabet, Inc., Class A (a)		66,392
	87	Alphabet, Inc., Class C (a)		80,754
	288	Altria Group, Inc.		18,720
	105	Amazon.com, Inc. (a)		103,267
	175	American Express Co.		14,878
	354	American International Group, Inc.		23,190
	39	American Water Works Co., Inc.		3,129
	87	Ameriprise Financial, Inc.		12,570
	38	Amgen, Inc.		6,595
	225	Anadarko Petroleum Corp.		10,293
	346	Analog Devices, Inc.		27,305
	32	Antero Resources Corp. (a)		669
	1,245	Apple, Inc.		185,152
	39	Aramark		1,549
	20	Arrow Electronics, Inc. (a)		1,650
	286	Arthur J Gallagher & Co.		16,799
	1,031	AT&T, Inc.		40,196
	117	Automatic Data Processing, Inc.		13,947
	17	AutoZone, Inc. (a)		9,382
	83	AvalonBay Communities, Inc.		16,054
	29	Avery Dennison Corp.		2,711
	76	Ball Corp.		3,190
	3,118	Bank of America Corp.		75,207
	437	Bank of New York Mellon Corp. (The)		23,164
	95	Becton Dickinson and Co.		19,123
	267	Berkshire Hathaway, Inc., Class B (a)		46,802
	61	Best Buy Co., Inc.		3,586
	77	Biogen, Inc. (a)		22,154
	60	BioMarin Pharmaceutical, Inc. (a)		5,294
	50	BlackRock, Inc.		21,143
	14	Boeing Co. (The)		3,346
	65	Boston Properties, Inc.		7,892
	917	Boston Scientific Corp. (a)		24,416
	543	Bristol-Myers Squibb Co.		30,872


SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	68		Brixmor Property Group, Inc.		1,325
	182		Broadcom Ltd.		44,957
	27		Broadridge Financial Solutions, Inc.		2,016
	98		Brown-Forman Corp., Class B		4,856
	72		CA, Inc.		2,235
	62		Cadence Design Systems, Inc. (a)		2,300
	17		Camden Property Trust		1,487
	287		Capital One Financial Corp.		24,732
	—	(h)	Cars.com, Inc. (a)		3
	13		Cars.com, Inc. (a)		305
	68		CBRE Group, Inc., Class A (a)		2,583
	30		CDK Global, Inc.		1,948
	33		CDW Corp.		2,071
	178		Celanese Corp., Series A		17,142
	315		Celgene Corp. (a)		42,603
	38		Centene Corp. (a)		3,000
	714		Charles Schwab Corp. (The)		30,630
	101		Charter Communications, Inc., Class A (a)		39,514
	349		Chevron Corp.		38,055
	190		Chubb Ltd.		27,879
	152		Cigna Corp.		26,345
	20		Cintas Corp.		2,661
	576		Cisco Systems, Inc.		18,121
	961		Citigroup, Inc.		65,747
	381		CMS Energy Corp.		17,630
	445		Coca-Cola Co. (The)		20,417
	131		Cognizant Technology Solutions Corp., Class A		9,047
	63		Colgate-Palmolive Co.		4,540
	1,447		Comcast Corp., Class A		58,542
	181		Concho Resources, Inc. (a)		23,528
	145		Constellation Brands, Inc., Class A		28,045
	22		Continental Resources, Inc. (a)		746
	10		Cooper Cos., Inc. (The)		2,546
	8		Core Laboratories NV		763
	210		Corning, Inc.		6,115
	157		Costco Wholesale Corp.		24,929
	170		Crown Holdings, Inc. (a)		10,127
	41		CVS Health Corp.		3,268
	136		Danaher Corp.		11,108
	180		Deere & Co.		23,084
	144		Delphi Automotive plc		13,016
	273		Delta Air Lines, Inc.		13,488
	155		Diamondback Energy, Inc. (a)		14,897
	21		Dick’s Sporting Goods, Inc.		794

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	37	Digital Realty Trust, Inc.		4,231
	140	Discover Financial Services		8,515
	242	DISH Network Corp., Class A (a)		15,498
	86	Dollar Tree, Inc. (a)		6,212
	338	Dow Chemical Co. (The)		21,702
	304	DR Horton, Inc.		10,853
	296	Duke Energy Corp.		25,155
	64	DXC Technology Co.		5,053
	61	E*TRADE Fintwenancial Corp. (a)		2,491
	266	Eastman Chemical Co.		22,107
	314	Eaton Corp. plc		24,589
	11	Edgewell Personal Care Co. (a)		794
	248	Edison International		19,493
	401	EI du Pont de Nemours & Co.		32,932
	406	Eli Lilly & Co.		33,599
	356	EOG Resources, Inc.		33,865
	108	EQT Corp.		6,867
	27	Equinix, Inc.		12,137
	82	Equity Residential		5,612
	9	Everest Re Group Ltd.		2,322
	68	Extra Space Storage, Inc.		5,391
	770	Exxon Mobil Corp.		61,612
	14	F5 Networks, Inc. (a)		1,665
	632	Facebook, Inc., Class A (a)		107,002
	35	Federal Realty Investment Trust		4,635
	56	FedEx Corp.		11,556
	189	Fidelity National Information Services, Inc.		17,242
	61	First Data Corp., Class A (a)		1,137
	24	FLIR Systems, Inc.		900
	31	Foot Locker, Inc.		1,480
	822	Ford Motor Co.		9,218
	66	Fortive Corp.		4,302
	128	General Dynamics Corp.		25,116
	2,184	General Electric Co.		55,944
	353	Gilead Sciences, Inc.		26,882
	32	Global Payments, Inc.		3,026
	68	Goldman Sachs Group, Inc. (The)		15,299
	187	Halliburton Co.		7,936
	340	Hartford Financial Services Group, Inc. (The)		18,683
	398	HCP, Inc.		12,612
	117	HD Supply Holdings, Inc. (a)		3,817
	199	Hilton Worldwide Holdings, Inc.		12,457
	41	Hologic, Inc. (a)		1,803
	378	Home Depot, Inc. (The)		56,481


SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — continued
	339		Honeywell International, Inc.		46,119
	1,139		HP, Inc.		21,764
	33		Humana, Inc.		7,539
	10		Huntington Ingalls Industries, Inc.		1,958
	9		IDEXX Laboratories, Inc. (a)		1,566
	67		Illumina, Inc. (a)		11,646
	36		Incyte Corp. (a)		4,733
	308		Ingersoll-Rand plc		27,046
	14		Ingredion, Inc.		1,756
	419		Intel Corp.		14,861
	389		Intercontinental Exchange, Inc.		25,967
	146		International Business Machines Corp.		21,138
	465		Johnson & Johnson		61,763
	196		Johnson Controls International plc		7,625
	9		Jones Lang LaSalle, Inc.		1,088
	730		KeyCorp		13,163
	114		Kimberly-Clark Corp.		13,990
	431		Kinder Morgan, Inc.		8,812
	185		Kraft Heinz Co. (The)		16,173
	36		L3 Technologies, Inc.		6,308
	23		Laboratory Corp. of America Holdings (a)		3,731
	35		Lam Research Corp.		5,530
	16		Lear Corp.		2,420
	—	(h)	Lennox International, Inc.		24
	24		Liberty Broadband Corp., Class C (a)		2,409
	25		Liberty Media Corp.-Liberty SiriusXM, Class A (a)		1,147
	30		Liberty Property Trust		1,268
	48		Lincoln National Corp.		3,531
	451		Lowe’s Cos., Inc.		34,925
	16		ManpowerGroup, Inc.		1,721
	362		Masco Corp.		13,807
	76		Mastercard, Inc., Class A		9,649
	59		Maxim Integrated Products, Inc.		2,680
	85		McDonald’s Corp.		13,184
	21		McKesson Corp.		3,383
	103		Medtronic plc		8,658
	563		Merck & Co., Inc.		35,993
	461		MetLife, Inc.		25,344
	237		Microchip Technology, Inc.		18,945
	1,949		Microsoft Corp.		141,703
	23		Mid-America Apartment Communities, Inc.		2,342
	241		Molson Coors Brewing Co., Class B		21,470
	741		Mondelez International, Inc., Class A		32,605
	773		Morgan Stanley		36,247

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	174	Mosaic Co. (The)		4,205
	30	National Retail Properties, Inc.		1,215
	146	Newell Brands, Inc.		7,685
	46	Newfield Exploration Co. (a)		1,315
	53	Newmont Mining Corp.		1,953
	238	NextEra Energy, Inc.		34,698
	236	NIKE, Inc., Class B		13,965
	363	NiSource, Inc.		9,457
	117	Norfolk Southern Corp.		13,165
	91	Northrop Grumman Corp.		24,050
	54	Nuance Communications, Inc. (a)		936
	115	NVIDIA Corp.		18,768
	366	Occidental Petroleum Corp.		22,647
	345	Oracle Corp.		17,237
	82	O’Reilly Automotive, Inc. (a)		16,742
	231	PACCAR, Inc.		15,794
	17	Palo Alto Networks, Inc. (a)		2,242
	54	Parsley Energy, Inc., Class A (a)		1,571
	71	Paychex, Inc.		4,085
	467	PepsiCo, Inc.		54,506
	1,785	Pfizer, Inc.		59,176
	289	PG&E Corp.		19,581
	488	Philip Morris International, Inc.		56,967
	182	Phillips 66		15,273
	157	Pioneer Natural Resources Co.		25,628
	26	Plains GP Holdings LP, Class A		701
	151	PNC Financial Services Group, Inc. (The)		19,417
	15	Priceline Group, Inc. (The) (a)		31,259
	330	Procter & Gamble Co. (The)		29,926
	247	Prologis, Inc.		15,013
	93	Prudential Financial, Inc.		10,514
	65	Public Storage		13,290
	263	PulteGroup, Inc.		6,416
	16	PVH Corp.		1,948
	29	Quest Diagnostics, Inc.		3,162
	29	Raymond James Financial, Inc.		2,448
	54	Realty Income Corp.		3,095
	20	Red Hat, Inc. (a)		1,938
	751	Regions Financial Corp.		10,960
	14	Reinsurance Group of America, Inc.		1,970
	28	Robert Half International, Inc.		1,253
	7	Rockwell Collins, Inc.		722
	217	Ross Stores, Inc.		12,030
	153	Royal Caribbean Cruises Ltd.		17,333
	16	S&P Global, Inc.		2,442


SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	34	Sabre Corp.		752
	27	SBA Communications Corp. (a)		3,656
	76	Schlumberger Ltd.		5,184
	38	ServiceNow, Inc. (a)		4,184
	5	Sherwin-Williams Co. (The)		1,825
	330	Shire plc		18,456
	12	Simon Property Group, Inc.		1,840
	877	Sirius XM Holdings, Inc.		5,142
	60	Snap-on, Inc.		9,213
	7	Spectrum Brands Holdings, Inc.		854
	203	Stanley Black & Decker, Inc.		28,614
	548	Starbucks Corp.		29,583
	231	State Street Corp.		21,522
	236	SunTrust Banks, Inc.		13,501
	26	SVB Financial Group (a)		4,643
	131	Symantec Corp.		4,053
	32	Synopsys, Inc. (a)		2,487
	52	TD Ameritrade Holding Corp.		2,381
	221	TE Connectivity Ltd.		17,732
	8	Teleflex, Inc.		1,730
	6	Tesla, Inc. (a)		2,054
	519	Texas Instruments, Inc.		42,220
	129	Thermo Fisher Scientific, Inc.		22,643
	55	Time Warner, Inc.		5,662
	388	TJX Cos., Inc. (The)		27,304
	175	T-Mobile US, Inc. (a)		10,764
	271	Toll Brothers, Inc.		10,448
	571	Twenty-First Century Fox, Inc., Class A		16,621
	92	Twenty-First Century Fox, Inc., Class B		2,637
	379	Union Pacific Corp.		39,021
	183	United Continental Holdings, Inc. (a)		12,396
	38	United Parcel Service, Inc., Class B		4,199
	131	United Technologies Corp.		15,533
	10	United Therapeutics Corp. (a)		1,266
	346	UnitedHealth Group, Inc.		66,402
	50	Unum Group		2,522
	53	US Bancorp		2,786
	129	Valero Energy Corp.		8,868
	128	Vantiv, Inc., Class A (a)		8,161
	265	VEREIT, Inc.		2,200
	22	VeriSign, Inc. (a)		2,189
	575	Verizon Communications, Inc.		27,812
	119	Vertex Pharmaceuticals, Inc. (a)		18,030
	621	Visa, Inc., Class A		61,843
	85	Vornado Realty Trust		6,734

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	35	Voya Financial, Inc.		1,383
	28	Vulcan Materials Co.		3,492
	358	Walgreens Boots Alliance, Inc.		28,868
	113	Wal-Mart Stores, Inc.		9,008
	464	Walt Disney Co. (The)		50,974
	1,310	Wells Fargo & Co.		70,683
	203	WestRock Co.		11,642
	42	WEX, Inc. (a)		4,529
	70	Weyerhaeuser Co.		2,314
	114	Workday, Inc., Class A (a)		11,679
	483	Xcel Energy, Inc.		22,858
	48	Xerox Corp.		1,461
	71	Yum Brands, Inc.		5,349
	118	Zimmer Biomet Holdings, Inc.		14,294

				4,821,013

		Total Common Stocks (Cost $6,432,523)		8,030,097

	Preferred Stocks — 0.4%
		Germany — 0.4%
	139	Henkel AG & Co. KGaA (Preference)		19,629
	104	Volkswagen AG (Preference)		15,969

		Total Preferred Stocks (Cost $31,296)		35,598

	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	105,874	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $105,874)		105,874

		Total Investments — 99.7% (Cost $6,569,693)		8,171,569
		Other Assets in Excess of Liabilities — 0.3%		23,494

		NET ASSETS — 100.0%	$	8,195,063

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)


Summary of Investments by Industry, July 31, 2017 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		9.3	%
Pharmaceuticals		6.1
Oil, Gas & Consumable Fuels		5.8
Insurance		4.1
Software		3.6
Capital Markets		3.4
Internet Software & Services		3.2
IT Services		2.7
Media		2.7
Semiconductors & Semiconductor Equipment		2.7
Technology Hardware, Storage & Peripherals		2.7
Chemicals		2.7
Beverages		2.6
Electric Utilities		2.5
Specialty Retail		2.4
Biotechnology		2.1
Machinery		2.0
Diversified Telecommunication Services		2.0
Equity Real Estate Investment Trusts (REITs)		1.9
Health Care Providers & Services		1.9
Industrial Conglomerates		1.9
Hotels, Restaurants & Leisure		1.8
Food Products		1.7
Internet & Direct Marketing Retail		1.7
Tobacco		1.6
Health Care Equipment & Supplies		1.5
Automobiles		1.5
Food & Staples Retailing		1.4
Metals & Mining		1.4
Aerospace & Defense		1.3
Road & Rail		1.3
Textiles, Apparel & Luxury Goods		1.0
Household Products		1.0
Others (each less than 1.0%)		13.2
Short-Term Investment		1.3

Futures Contracts

NUMBER OF
CONTRACTS

DESCRIPTION

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
VALUE AT
JULY 31, 2017

NET
UNREALIZED
APPRECIATION
(DEPRECIATION)

Long Futures Outstanding

1,450

Euro STOXX 50 Index

09/15/17

EUR

59,092

(976

)

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


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

As of July 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	$	1,698,475
Aggregate gross unrealized depreciation		(96,599	)

Net unrealized appreciation/depreciation	$	1,601,876

Federal income tax cost of investments	$	6,569,693

Futures are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

•

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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	$	—	$	206,816		$	—	$	206,816
Austria		—		13,117			—		13,117
Belgium		—		45,495			—		45,495
Bermuda		3,054		—			—		3,054
Canada		280,726		—			—		280,726
China		—		4,975			—		4,975
Denmark		—		55,972			—		55,972
Finland		—		18,877			—		18,877
France		—		314,348			—		314,348
Germany		—		273,080			—		273,080
Hong Kong		422		94,089			—		94,511
Ireland		11,818		11,339			—		23,157
Israel		4,979		—			—		4,979
Italy		—		65,344			—		65,344
Japan		5,982		706,310			—		712,292
Jersey		—		4,558			—		4,558
Luxembourg		—		9,676			—		9,676
Netherlands		5,289		171,381			—		176,670
New Zealand		677		5,499			—		6,176
Norway		—		6,076			—		6,076
Singapore		—		32,772			—		32,772
Spain		—		111,219			—		111,219
Sweden		—		54,036			—		54,036
Switzerland		—		250,512			—		250,512
United Kingdom		2,874		437,772			—		440,646
United States		4,802,557		18,456			—		4,821,013
Total Common Stocks		5,118,378		2,911,719			—		8,030,097
Preferred Stocks
Germany		—		35,598			—		35,598
Short-Term Investment
Investment Company		105,874		—			—		105,874

Total Investments in Securities	$	5,224,252	$	2,947,317		$	—	$	8,171,569

Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(976	)	$	—	$	(976	)

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

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — 96.1%
	Canada — 1.5%
— (h)	Canadian Pacific Railway Ltd.		43

	China — 8.2%
— (h)	Baidu, Inc., ADR (a)		49
6	China Overseas Land & Investment Ltd.		20
26	China Unicom Hong Kong Ltd. (a)		38
— (h)	CNOOC Ltd., ADR		49
1	JD.com, Inc., ADR (a)		41
6	Ping An Insurance Group Co. of China Ltd., Class H		44

			241

	Denmark — 2.4%
1	Novo Nordisk A/S, Class B		28
— (h)	Pandora A/S		41

			69

	France — 6.0%
— (h)	Airbus SE		38
2	AXA SA		72
1	Schneider Electric SE (a)		66

			176

	Hong Kong — 1.8%
7	AIA Group Ltd.		52

	India — 1.1%
3	ICICI Bank Ltd., ADR		31

	Italy — 1.2%
2	UniCredit SpA (a)		35

	Japan — 8.2%
3	Inpex Corp.		30
1	Japan Airlines Co. Ltd.		35
2	Japan Tobacco, Inc.		59
5	Renesas Electronics Corp. (a)		51
2	Sumitomo Mitsui Financial Group, Inc.		66

			241

	Luxembourg — 1.6%
2	ArcelorMittal (a)		47

	Netherlands — 1.5%
2	Altice NV, Class A (a)		43

	South Africa — 1.2%
— (h)	Naspers Ltd., Class N		34


	Switzerland — 3.9%
1	LafargeHolcim Ltd. (Registered) (a)		39
1	Novartis AG (Registered)		75

			114


SHARES	SECURITY DESCRIPTION	VALUE($)
	United Kingdom — 8.0%
1	British American Tobacco plc		50
15	BT Group plc		64
1	Liberty Global plc, Class A (a)		35
30	Vodafone Group plc		87

			236

	United States — 49.5%
1	Activision Blizzard, Inc.		36
— (h)	Aetna, Inc.		38
— (h)	Affiliated Managers Group, Inc.		39
— (h)	Alexion Pharmaceuticals, Inc. (a)		44
— (h)	Allergan plc		64
— (h)	Alphabet, Inc., Class C (a)		126
— (h)	Amazon.com, Inc. (a)		53
— (h)	Broadcom Ltd.		50
— (h)	Celgene Corp. (a)		50
2	Citigroup, Inc.		103
1	DISH Network Corp., Class A (a)		41
1	Eastman Chemical Co.		47
1	EQT Corp.		34
— (h)	Facebook, Inc., Class A (a)		30
— (h)	First Republic Bank		45
1	Globant SA (a)		30
— (h)	Honeywell International, Inc.		43
2	Kroger Co. (The)		57
1	MetLife, Inc.		44
1	Molson Coors Brewing Co., Class B		88
1	Mosaic Co. (The)		29
1	Occidental Petroleum Corp.		63
— (h)	Pioneer Natural Resources Co.		52
— (h)	Shire plc, ADR		66
2	Synchrony Financial		46
2	Twenty-First Century Fox, Inc., Class A		65
— (h)	UnitedHealth Group, Inc.		67

			1,450

	Total Common Stocks (Cost $2,570)		2,812

Short-Term Investment — 1.7%
	Investment Company — 1.7%
49	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $49)		49

	Total Investments — 97.8% (Cost $2,619)		2,861
	Other Assets in Excess of Liabilities — 2.2%		65

	NET ASSETS — 100.0%	$	2,926

Percentages indicated are based on net assets.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

Summary of Investments by Industry, July 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	%
Oil, Gas & Consumable Fuels		7.9
Media		7.6
Insurance		7.4
Internet Software & Services		7.2
Pharmaceuticals		5.8
Biotechnology		5.6
Tobacco		3.8
Health Care Providers & Services		3.7
Diversified Telecommunication Services		3.5
Semiconductors & Semiconductor Equipment		3.5
Internet & Direct Marketing Retail		3.3
Beverages		3.1
Wireless Telecommunication Services		3.0
Chemicals		2.7
Software		2.3
Electrical Equipment		2.3
Food & Staples Retailing		2.0
Metals & Mining		1.6
Consumer Finance		1.6
Road & Rail		1.5
Industrial Conglomerates		1.5
Textiles, Apparel & Luxury Goods		1.4
Construction Materials		1.4
Capital Markets		1.4
Aerospace & Defense		1.3
Airlines		1.2
Others (each less than 1.0%)		0.7
Short-Term Investment		1.7

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.
(h)		— Amount rounds to less than 500.
(l)		— The rate shown is the current yield as of July 31, 2017.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

As of July 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	$	276
Aggregate gross unrealized depreciation		(34	)

Net unrealized appreciation/depreciation	$	242

Federal income tax cost of investments	$	2,619

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.

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.

•

The following table represents 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
Canada	$	43	$	—	$	—	$	43
China		139		102		—		241
Denmark		—		69		—		69
France		—		176		—		176
Hong Kong		—		52		—		52
India		31		—		—		31
Italy		—		35		—		35
Japan		—		241		—		241
Luxembourg		—		47		—		47
Netherlands		—		43		—		43

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Africa	$	—	$	34	$	—	$	34
Switzerland		—		114		—		114
United Kingdom		35		201		—		236
United States		1,450		—		—		1,450

Total Common Stocks		1,698		1,114		—		2,812

Short-Term Investment
Investment Company		49		—		—		49

Total Investments in Securities	$	1,747	$	1,114	$	—	$	2,861

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

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.6%
		United States — 4.6%
		ABFC Trust,
	307	Series 2003-OPT1, Class A1A, VAR, 2.052%, 04/25/33		302
	1,773	Series 2004-HE1, Class M1, VAR, 2.132%, 03/25/34		1,741
	1,196	Series 2004-OPT3, Class M1, VAR, 1.982%, 09/25/33		1,137
	2,872	Series 2004-OPT5, Class A1, VAR, 1.932%, 06/25/34		2,830
	1,558	Series 2005-WF1, Class M1, VAR, 1.772%, 11/25/34		1,538
	1,099	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 2.102%, 01/25/35		1,039
		ACE Securities Corp. Home Equity Loan Trust,
	1,135	Series 2003-FM1, Class M1, VAR, 2.522%, 11/25/32		1,125
	1,354	Series 2003-HE1, Class M1, VAR, 2.207%, 11/25/33		1,328
	860	Series 2003-NC1, Class M1, VAR, 2.402%, 07/25/33		852
	3,967	Series 2003-OP1, Class M1, VAR, 2.282%, 12/25/33		3,813
	1,051	Series 2004-HE2, Class M1, VAR, 2.267%, 10/25/34		1,026
	1,498	Series 2004-HE4, Class M2, VAR, 2.207%, 12/25/34		1,455
	4,201	Series 2004-OP1, Class M2, VAR, 2.807%, 04/25/34		4,010
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	650	Series 2002-AR1, Class M1, VAR, 2.287%, 09/25/32		641
	1,255	Series 2003-13, Class M1, VAR, 2.252%, 01/25/34		1,194
	538	Series 2003-13, Class M2, VAR, 3.782%, 01/25/34		528
	906	Series 2004-R1, Class A2, VAR, 1.832%, 02/25/34		839
	3,842	Series 2004-R1, Class M1, VAR, 2.027%, 02/25/34		3,809
	496	Series 2004-R1, Class M2, VAR, 2.102%, 02/25/34		472
	281	Series 2004-R8, Class M1, VAR, 2.192%, 09/25/34		282
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,184	Series 2003-W5, Class M2, VAR, 4.007%, 10/25/33		1,138


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	738	Series 2004-W2, Class M2, VAR, 3.107%, 04/25/34		734
	544	Series 2004-W2, Class M3, VAR, 3.332%, 04/25/34		507
	2,015	Series 2004-W3, Class A3, VAR, 2.036%, 02/25/34		1,856
	1,768	Series 2004-W4, Class A, VAR, 1.752%, 03/25/34		1,669
	1,271	Series 2004-W6, Class M1, VAR, 2.057%, 05/25/34		1,234
	541	Series 2004-W7, Class M2, VAR, 2.132%, 05/25/34		533
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,226	Series 2001-HE3, Class A1, VAR, 1.766%, 11/15/31		2,153
	162	Series 2003-HE3, Class M2, VAR, 4.226%, 06/15/33		157
	1,647	Series 2003-HE4, Class M1, VAR, 2.471%, 08/15/33		1,630
	1,402	Series 2003-HE4, Class M2, VAR, 4.226%, 08/15/33		1,397
	1,776	Series 2004-HE2, Class M2, VAR, 3.107%, 04/25/34		1,638
	1,224	Series 2004-HE7, Class M2, VAR, 2.807%, 10/25/34		1,222
	785	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.668%, 12/28/36		798
	359	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.638%, 11/28/36		356
		Bear Stearns Asset-Backed Securities I Trust,
	5,218	Series 2004-HE6, Class M2, VAR, 3.107%, 08/25/34		5,015
	2,145	Series 2004-HE11, Class M2, VAR, 2.807%, 12/25/34		2,182
		Bear Stearns Asset-Backed Securities Trust,
	820	Series 2003-1, Class M1, VAR, 2.882%, 11/25/42		782
	532	Series 2003-SD1, Class A, VAR, 2.132%, 12/25/33		524
	869	Series 2003-SD1, Class M1, VAR, 2.507%, 12/25/33		831
	1,566	Series 2004-HE2, Class M2, VAR, 3.032%, 03/25/34		1,513
	2,008	Series 2004-SD4, Class A1, VAR, 2.132%, 08/25/44		1,935

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	616	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, VAR, 2.582%, 08/25/33		614
		Centex Home Equity Loan Trust,
	5,676	Series 2004-A, Class M1, VAR, 1.832%, 01/25/34		5,494
	784	Series 2004-C, Class M2, VAR, 2.027%, 06/25/34		747
	603	Series 2004-D, Class MF2, SUB, 5.560%, 09/25/34		579
	1,640	Series 2004-D, Class MF3, SUB, 5.760%, 09/25/34		1,301
	248	Series 2004-D, Class MV2, VAR, 1.922%, 09/25/34		246
		Chase Funding Loan Acquisition Trust,
	1,263	Series 2004-AQ1, Class M1, VAR, 2.327%, 05/25/34		1,196
	1,611	Series 2004-OPT1, Class M2, VAR, 2.732%, 06/25/34		1,593
		Chase Funding Trust,
	1,373	Series 2003-4, Class 1A5, SUB, 5.310%, 05/25/33		1,394
	151	Series 2003-4, Class 2M1, VAR, 2.132%, 03/25/33		145
	404	Series 2003-5, Class 1M2, VAR, 5.641%, 09/25/32		349
	2,345	Series 2003-6, Class 2A2, VAR, 1.812%, 11/25/34		2,278
	2,343	Series 2003-6, Class 2M1, VAR, 1.982%, 11/25/34		2,205
	841	Series 2004-1, Class 1M1, 4.725%, 05/25/33		809
	965	Series 2004-1, Class 2M1, VAR, 1.982%, 09/25/33		896
	2,050	Series 2004-2, Class 1M1, VAR, 5.700%, 02/26/35		1,905
	1,427	CHEC Loan Trust, Series 2004-1, Class M1, VAR, 2.132%, 07/25/34		1,297
		Citigroup Mortgage Loan Trust, Inc.,
	289	Series 2005-OPT1, Class M4, VAR, 2.282%, 02/25/35		264
	120	Series 2005-WF2, Class AF7, SUB, 5.249%, 08/25/35		120
	32	Continental Airlines Pass-Through Trust, Series 2004-ERJ1, 9.558%, 09/01/19		34
		Countrywide Asset-Backed Certificates,
	85	Series 2002-3, Class M1, VAR, 2.357%, 03/25/32		84
	992	Series 2002-4, Class M1, VAR, 2.357%, 12/25/32		980


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,345	Series 2003-3, Class 3A, VAR, 1.772%, 11/25/33		1,268
	8,685	Series 2004-2, Class M1, VAR, 1.982%, 05/25/34		8,656
	2,684	Series 2004-3, Class M1, VAR, 1.982%, 06/25/34		2,531
	593	Series 2004-3, Class M2, VAR, 2.057%, 06/25/34		577
	1,234	Series 2004-BC1, Class M1, VAR, 1.982%, 02/25/34		1,190
	277	Series 2004-BC4, Class M1, VAR, 2.282%, 11/25/34		274
	849	Series 2004-ECC2, Class M2, VAR, 2.207%, 12/25/34		837
	3,000	Series 2005-12, Class M2, VAR, 1.722%, 02/25/36		2,962
	4,466	Series 2005-AB3, Class 1A1, VAR, 1.482%, 02/25/36		4,265
	9,068	Series 2006-19, Class 2A2, VAR, 1.392%, 03/25/37		8,905
	1,151	Countrywide Partnership Trust, Series 2004-EC1, Class M2, VAR, 2.177%, 01/25/35		1,132
		Credit-Based Asset Servicing & Securitization LLC,
	2,619	Series 2003-CB6, Class M1, VAR, 2.282%, 12/25/33		2,577
	1,464	Series 2004-CB2, Class M1, VAR, 2.012%, 07/25/33		1,381
	415	Series 2005-CB8, Class AF2, SUB, 3.882%, 12/25/35		413
		CWABS, Inc. Asset-Backed Certificates Trust,
	3,816	Series 2003-BC1, Class A1, VAR, 2.032%, 03/25/33		3,729
	713	Series 2004-1, Class M2, VAR, 2.057%, 03/25/34		693
	1,279	Series 2004-1, Class M3, VAR, 2.207%, 02/25/34		1,259
	1,895	Series 2004-5, Class M2, VAR, 2.237%, 07/25/34		1,885
	722	Series 2004-6, Class M2, VAR, 2.207%, 10/25/34		704
	1,790	Series 2005-11, Class AF6, VAR, 4.673%, 02/25/36		1,838
	427	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.869%, 10/25/34		420

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	9,073	FFMLT Trust, Series 2005-FF11, Class M1, VAR, 1.877%, 11/25/35		9,063
	198	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 2.177%, 11/25/34		183
	902	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2004-FF3, Class M1, VAR, 2.057%, 05/25/34		873
		First Franklin Mortgage Loan Trust,
	4,874	Series 2003-FF5, Class M1, VAR, 2.132%, 03/25/34		4,749
	2,195	Series 2004-FF5, Class A1, VAR, 1.952%, 08/25/34		2,137
	11,654	Series 2005-FF10, Class A1, VAR, 1.532%, 11/25/35		11,033
	1,320	Series 2005-FF10, Class A4, VAR, 1.552%, 11/25/35		1,320
	1,221	Series 2006-FF8, Class IIA3, VAR, 1.382%, 07/25/36		1,202
		Fremont Home Loan Trust,
	2,092	Series 2003-A, Class M1, VAR, 2.207%, 08/25/33		2,018
	1,841	Series 2004-2, Class M2, VAR, 2.162%, 07/25/34		1,846
	3,871	Series 2004-A, Class M1, VAR, 2.057%, 01/25/34		3,703
	537	Series 2004-B, Class M2, VAR, 2.177%, 05/25/34		514
	883	Series 2004-C, Class M1, VAR, 2.207%, 08/25/34		860
	1,799	Series 2004-D, Class M1, VAR, 2.102%, 11/25/34		1,692
	845	Series 2004-D, Class M2, VAR, 2.132%, 11/25/34		832
		GCAT LLC,
	6,590	Series 2017-3, Class A1, SUB, 3.352%, 04/25/47 (e)		6,589
	6,525	Series 2017-5, Class A1, SUB, 3.228%, 07/25/47 (e)		6,519
	991	GSAA Trust, Series 2005-6, Class A3, VAR, 1.602%, 06/25/35		991
		GSAMP Trust,
	2,211	Series 2003-HE1, Class M1, VAR, 2.473%, 06/20/33		2,217
	1,399	Series 2003-SEA, Class A1, VAR, 1.632%, 02/25/33		1,324
	656	Series 2005-HE3, Class M2, VAR, 2.237%, 06/25/35		659
	2,019	Series 2005-NC1, Class M1, VAR, 1.907%, 02/25/35		1,978


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,197	Series 2006-FM1, Class A2C, VAR, 1.392%, 04/25/36		2,311
	6,417	Series 2006-HE3, Class A2C, VAR, 1.392%, 05/25/46		6,240
	2,173	Series 2006-HE4, Class A2C, VAR, 1.382%, 06/25/36		2,148
	6,470	Series 2007-SEA1, Class A, VAR, 1.532%, 12/25/36 (e)		6,239
		Home Equity Asset Trust,
	3,826	Series 2002-5, Class M1, VAR, 2.932%, 05/25/33		3,809
	934	Series 2003-3, Class M1, VAR, 2.522%, 08/25/33		920
	443	Series 2004-6, Class M2, VAR, 2.132%, 12/25/34		419
	4,100	Series 2005-7, Class M1, VAR, 1.682%, 01/25/36		4,081
		Home Equity Mortgage Loan Asset-Backed Trust,
	547	Series 2004-B, Class M2, VAR, 2.357%, 11/25/34		531
	8,991	Series 2004-C, Class M1, VAR, 2.072%, 03/25/35		8,735
	974	Series 2004-C, Class M2, VAR, 2.132%, 03/25/35		910
	1,203	Series 2006-B, Class 2A3, VAR, 1.422%, 06/25/36		1,168
	277	JP Morgan Mortgage Acquisition Trust, Series 2006-NC1, Class A4, VAR, 1.402%, 04/25/36		275
		Long Beach Mortgage Loan Trust,
	847	Series 2001-2, Class M1, VAR, 2.072%, 07/25/31		840
	2,751	Series 2002-5, Class M1, VAR, 2.477%, 11/25/32		2,697
	359	Series 2003-4, Class M1, VAR, 2.252%, 08/25/33		354
	873	Series 2004-3, Class M2, VAR, 2.132%, 07/25/34		851
	569	Series 2004-3, Class M4, VAR, 2.845%, 07/25/34		566
	612	Series 2004-3, Class M6, VAR, 3.370%, 07/25/34		580
	1,909	Series 2004-4, Class M1, VAR, 2.132%, 10/25/34		1,826
	215	Series 2005-WL2, Class M1, VAR, 1.937%, 08/25/35		216
		Mastr Asset-Backed Securities Trust,
	2,750	Series 2003-OPT1, Class M3, VAR, 5.357%, 12/25/32		2,824

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	1,292	Series 2004-OPT2, Class M1, VAR, 2.132%, 09/25/34		1,263
	911	Series 2004-OPT2, Class M2, VAR, 2.207%, 09/25/34		889
	2,093	Series 2005-NC1, Class M2, VAR, 1.982%, 12/25/34		2,095
	1,001	Series 2005-NC1, Class M4, VAR, 2.372%, 12/25/34		962
		Merrill Lynch Mortgage Investors Trust,
	455	Series 2003-OPT1, Class M1, VAR, 2.207%, 07/25/34		447
	361	Series 2004-HE2, Class M1, VAR, 2.432%, 08/25/35		359
	96	Series 2004-WMC5, Class M5, VAR, 2.957%, 07/25/35		93
	2,025	Series 2005-FM1, Class M1, VAR, 1.712%, 05/25/36		1,923
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,054	Series 2003-NC10, Class M1, VAR, 2.252%, 10/25/33		1,044
	6,960	Series 2004-HE1, Class M1, VAR, 2.087%, 01/25/34		6,837
	454	Series 2004-HE2, Class M2, VAR, 3.032%, 03/25/34		432
	1,033	Series 2004-HE2, Class M3, VAR, 3.407%, 03/25/34		635
	4,016	Series 2004-HE3, Class M1, VAR, 2.087%, 03/25/34		3,904
	1,366	Series 2004-HE3, Class M2, VAR, 3.107%, 03/25/34		1,319
	1,164	Series 2004-HE6, Class M1, VAR, 2.057%, 08/25/34		1,162
	1,265	Series 2004-HE6, Class M2, VAR, 2.132%, 08/25/34		1,231
	837	Series 2004-HE6, Class M3, VAR, 2.207%, 08/25/34		820
	768	Series 2004-HE7, Class M2, VAR, 2.177%, 08/25/34		770
	82	Series 2004-HE7, Class M3, VAR, 2.252%, 08/25/34		81
	2,600	Series 2004-HE8, Class M1, VAR, 2.192%, 09/25/34		2,525
	773	Series 2004-HE8, Class M2, VAR, 2.252%, 09/25/34		776
	763	Series 2004-HE8, Class M3, VAR, 2.357%, 09/25/34		755
	2,593	Series 2004-NC3, Class M1, VAR, 2.027%, 03/25/34		2,519
	5,167	Series 2004-NC5, Class M1, VAR, 2.132%, 05/25/34		4,986


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	694	Series 2004-NC6, Class M2, VAR, 3.107%, 07/25/34		659
	638	Series 2004-NC8, Class M3, VAR, 2.342%, 09/25/34		612
	1,360	Series 2004-OP1, Class M2, VAR, 2.147%, 11/25/34		1,362
	919	Series 2004-OP1, Class M3, VAR, 2.252%, 11/25/34		896
	2,123	Series 2004-WMC2, Class M1, VAR, 2.147%, 07/25/34		2,076
	1,001	Series 2004-WMC2, Class M2, VAR, 3.032%, 07/25/34		984
	3,341	Series 2004-WMC3, Class M2, VAR, 2.027%, 01/25/35		3,172
	436	Series 2005-HE1, Class M2, VAR, 1.921%, 12/25/34		384
	1,179	Series 2005-HE1, Class M3, VAR, 1.996%, 12/25/34		1,009
	277	Series 2005-NC1, Class M3, VAR, 1.997%, 01/25/35		251
		New Century Home Equity Loan Trust,
	472	Series 2003-3, Class M1, VAR, 2.417%, 07/25/33		469
	888	Series 2003-B, Class M2, VAR, 3.707%, 11/25/33		870
	3,052	Series 2004-1, Class M1, VAR, 2.117%, 05/25/34		2,939
	215	Series 2004-2, Class M2, VAR, 2.162%, 08/25/34		208
	1,000	Series 2004-2, Class M4, VAR, 3.032%, 08/25/34		997
	876	Series 2004-2, Class M6, VAR, 3.482%, 08/25/34		856
	1,884	Series 2004-3, Class M2, VAR, 2.207%, 11/25/34		1,879
	457	Series 2004-3, Class M3, VAR, 2.297%, 11/25/34		451
	5,067	Series 2004-4, Class M1, VAR, 1.997%, 02/25/35		4,874
	566	Series 2004-4, Class M2, VAR, 2.027%, 02/25/35		547
	292	Series 2005-1, Class M3, VAR, 2.012%, 03/25/35		247
	2,667	Series 2006-2, Class A2B, VAR, 1.392%, 08/25/36		2,453
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, VAR, 4.007%, 09/25/33		1,182
	317	Series 2003-3, Class M2, VAR, 2.882%, 12/25/33		316

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	4,395	Series 2004-2, Class M4, VAR, 3.032%, 09/25/34		4,318
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	6,259	Series 2003-5, Class A1, VAR, 1.872%, 08/25/33		5,983
	498	Series 2003-5, Class A2, VAR, 1.872%, 08/25/33		482
	317	Series 2003-5, Class M2, VAR, 3.557%, 08/25/33		287
		Option One Mortgage Loan Trust,
	4,705	Series 2002-3, Class A1, VAR, 1.732%, 08/25/32		4,543
	817	Series 2002-3, Class A2, VAR, 1.772%, 08/25/32		788
	8,937	Series 2004-2, Class M1, VAR, 2.027%, 05/25/34		8,612
	692	Series 2004-3, Class M2, VAR, 2.087%, 11/25/34		664
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, VAR, 2.957%, 10/25/34		1,765
		Pretium Mortgage Credit Partners I LLC,
	4,302	Series 2016-NPL6, Class A1, SUB, 3.500%, 10/27/31 (e)		4,302
	15,312	Series 2017-NPL1, Class A1, SUB, 3.500%, 04/29/32 (e)		15,370
	6,000	Series 2017-NPL1, Class A2, SUB, 5.500%, 04/29/32 (e)		5,881
	11,339	Series 2017-NPL2, Class A1, SUB, 3.250%, 03/28/57 (e)		11,356
	2,696	Series 2017-NPL2, Class A2, SUB, 5.500%, 03/28/57 (e)		2,689
	5,750	Series 2017-NPL3, Class A1, SUB, 3.250%, 06/29/32 (e)		5,748
	1,472	RAAC Trust, Series 2005-RP3, Class M1, VAR, 2.032%, 05/25/39 (e)		1,451
	624	RAMP Trust, Series 2002-RS2, Class AI5, VAR, 6.030%, 03/25/32		635
		RASC Trust,
	711	Series 2001-KS3, Class AII, VAR, 1.692%, 09/25/31		696
	1,655	Series 2005-KS2, Class M1, VAR, 1.636%, 03/25/35		1,623
	3,352	Series 2005-EMX1, Class M1, VAR, 1.877%, 03/25/35		3,328
	1,561	Series 2006-KS5, Class A3, VAR, 1.392%, 07/25/36		1,556


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Renaissance Home Equity Loan Trust,
	1,581	Series 2002-3, Class M1, VAR, 2.732%, 12/25/32		1,574
	448	Series 2003-1, Class M1, VAR, 2.732%, 06/25/33		440
	1,505	Series 2003-3, Class M1, VAR, 1.962%, 12/25/33		1,466
	1,369	Series 2003-3, Class M2F, SUB, 5.681%, 12/25/33		1,292
	2,725	Series 2003-4, Class M1, VAR, 2.082%, 03/25/34		2,651
	1,058	Series 2003-4, Class M2F, SUB, 6.244%, 03/25/34		1,016
	734	Series 2004-1, Class M1, VAR, 2.102%, 05/25/34		708
	487	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		498
	1,094	Series 2005-2, Class AV3, VAR, 1.602%, 08/25/35		994
	893	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		895
	885	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, VAR, 2.807%, 08/25/34		882
		Saxon Asset Securities Trust,
	5,227	Series 2003-3, Class M1, VAR, 2.207%, 12/25/33		5,030
	267	Series 2004-2, Class AF3, VAR, 4.716%, 08/25/35		269
	1,618	Series 2004-2, Class MV2, VAR, 3.032%, 08/25/35		1,606
	3,766	Series 2005-2, Class M2, VAR, 1.892%, 10/25/35		3,438
		Securitized Asset-Backed Receivables LLC Trust,
	2,652	Series 2004-NC1, Class M1, VAR, 2.012%, 02/25/34		2,607
	897	Series 2004-OP1, Class M2, VAR, 2.882%, 02/25/34		858
	3,849	Series 2004-OP2, Class M1, VAR, 2.207%, 08/25/34		3,766
	1,333	Series 2005-FR2, Class M2, VAR, 2.207%, 03/25/35		1,336
	2,011	Series 2005-OP1, Class M2, VAR, 1.907%, 01/25/35		1,954
	2,616	Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, VAR, 1.402%, 06/25/36		2,498

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
			Specialty Underwriting & Residential Finance Trust,
	1,928		Series 2004-BC1, Class M2, VAR, 2.837%, 02/25/35		1,916
	1,380		Series 2004-BC3, Class M1, VAR, 2.162%, 07/25/35		1,357
	5,966		Stanwich Mortgage Loan Co. LLC, Series 2017-NPA1, Class A1, SUB, 3.598%, 03/16/22 (e)		5,966
			Structured Asset Investment Loan Trust,
	367		Series 2003-BC3, Class M1, VAR, 2.657%, 04/25/33		365
	2,348		Series 2003-BC6, Class M1, VAR, 2.357%, 07/25/33		2,311
	1,228		Series 2003-BC11, Class M2, VAR, 3.782%, 10/25/33		1,231
	1,244		Series 2003-BC12, Class M1, VAR, 2.207%, 11/25/33		1,192
	2,118		Series 2004-1, Class M1, VAR, 2.207%, 02/25/34		2,045
	—	(h)	Series 2004-1, Class M2, VAR, 3.932%, 02/25/34		—	(h)
	2,793		Series 2004-5, Class M3, VAR, 2.162%, 05/25/34		2,692
	12,744		Series 2004-6, Class A3, VAR, 2.032%, 07/25/34		12,607
	2,223		Series 2004-6, Class M1, VAR, 2.132%, 07/25/34		2,190
	1,485		Series 2004-7, Class M1, VAR, 2.282%, 08/25/34		1,359
	533		Series 2004-8, Class M2, VAR, 2.146%, 09/25/34		521
	255		Series 2004-BNC1, Class A5, VAR, 2.472%, 09/25/34		252
	2,289		Series 2005-HE2, Class M1, VAR, 1.952%, 07/25/35		2,288
			Structured Asset Securities Corp. Mortgage Loan Trust,
	4,992		Series 2006-BC4, Class A4, VAR, 1.402%, 12/25/36		4,661
	10,543		Series 2006-BC6, Class A4, VAR, 1.402%, 01/25/37		9,970
	4,363		Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-AL1, Class A3, 3.450%, 02/25/32		4,286
	3,214		VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		3,230
	7,218		VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.500%, 03/25/47 (e)		7,254


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	7,767	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		7,795
	4,403	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.375%, 05/28/47 (e)		4,402
	6,679	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.250%, 05/25/47 (e)		6,687
	2,000	VOLT LIX LLC, Series 2017-NPL6, Class A2, SUB, 5.375%, 05/25/47 (e)		1,995
		VOLT LX LLC,
	9,662	Series 2017-NPL7, Class A1, SUB, 3.250%, 04/25/59 (e)		9,707
	14,000	Series 2017-NPL7, Class A2, SUB, 5.375%, 04/25/59 (e)		13,966
		VOLT LXI LLC,
	8,359	Series 2017-NPL8, Class A1, SUB, 3.125%, 06/25/47 (e)		8,358
	8,500	Series 2017-NPL8, Class A2, SUB, 5.000%, 06/25/47 (e)		8,449
	6,143	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		6,164
	3,507	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		3,517
	1,855	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,861
	4,194	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		4,211
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	58	Series 2004-2, Class A21B, VAR, 2.072%, 10/25/34		58
	956	Series 2004-2, Class M1, VAR, 2.132%, 10/25/34		939
	1,477	Series 2004-2, Class M4, VAR, 3.032%, 10/25/34		1,427
	711	Series 2004-2, Class M5, VAR, 3.107%, 10/25/34		691
	290	Series 2004-2, Class M8A, VAR, 5.732%, 10/25/34 (e)		278
	290	Series 2004-2, Class M8B, VAR, 5.000%, 10/25/34 (e)		252
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	481	Series 2004-1, Class M2, VAR, 1.862%, 04/25/34		445
	717	Series 2004-1, Class M4, VAR, 2.382%, 04/25/34		674

		Total Asset-Backed Securities (Cost $551,882)		577,577

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 3.0%
		United States — 3.0%
		Adjustable Rate Mortgage Trust,
	4,541	Series 2004-2, Class 6A1, VAR, 3.403%, 02/25/35		4,531
	5,144	Series 2004-4, Class 4A1, VAR, 3.327%, 03/25/35		5,126
	1,823	Series 2005-2, Class 3A1, VAR, 3.496%, 06/25/35		1,741
		Alternative Loan Trust,
	1,005	Series 2004-12CB, Class 2A1, 6.000%, 06/25/34		1,028
	52	Series 2004-16CB, Class 2A1, 5.000%, 08/25/19		52
	491	Series 2004-27CB, Class A1, 6.000%, 12/25/34		484
	726	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		718
	96	Series 2004-28CB, Class 4A1, 5.000%, 01/25/20		97
	1,387	Series 2004-28CB, Class 6A1, 6.000%, 01/25/35		1,388
	4,869	Series 2004-32CB, Class 2A5, 5.500%, 02/25/35		4,988
	12,520	Series 2005-3CB, Class 1A13, 5.500%, 03/25/35		11,624
	215	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		213
	5,997	Series 2005-6CB, Class 1A4, 5.500%, 04/25/35		5,851
	675	Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		686
	5,734	Series 2005-10CB, Class 1A5, 5.500%, 05/25/35		5,459
	3,296	Series 2005-10CB, Class 1A8, 5.500%, 05/25/35		3,244
	2,522	Series 2005-13CB, Class A4, 5.500%, 05/25/35		2,467
	295	Series 2005-20CB, Class 1A1, 5.500%, 07/25/35		280
	5,807	Series 2005-21CB, Class A17, 6.000%, 06/25/35		5,886
	1,305	Series 2005-21CB, Class A4, 5.250%, 06/25/35		1,272
	2,913	Series 2005-23CB, Class A15, 5.500%, 07/25/35		2,721
	51	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		51
	1,162	Series 2005-64CB, Class 1A1, 5.500%, 12/25/35		1,142
	2,942	Series 2005-64CB, Class 1A15, 5.500%, 12/25/35		2,891


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	866	Series 2005-85CB, Class 3A2, 5.250%, 02/25/21		840
	628	Series 2005-86CB, Class A4, 5.500%, 02/25/36		537
	298	Series 2005-J1, Class 3A1, 6.500%, 08/25/32		296
	320	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		309
	404	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		399
	508	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		498
	549	Series 2005-J14, Class A3, 5.500%, 12/25/35		461
	1,477	Series 2006-4CB, Class 2A5, 5.500%, 04/25/36		1,399
	2,271	Series 2006-14CB, Class A1, 6.000%, 06/25/36		1,959
	933	Series 2006-19CB, Class A15, 6.000%, 08/25/36		818
	421	Series 2006-25CB, Class A2, 6.000%, 10/25/36		369
	260	Series 2006-J1, Class 1A13, 5.500%, 02/25/36		235
	578	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		504
	290	Series 2007-8CB, Class A9, 6.000%, 05/25/37		251
	240	Series 2007-19, Class 1A8, 6.000%, 08/25/37		194
	252	Series 2007-25, Class 2A1, 6.000%, 11/25/22		240
	66	Series 2007-9T1, Class 3A1, 5.500%, 05/25/22		48
	367	American Home Mortgage Investment, Trust, Series 2005-1, Class 6A, VAR, 3.449%, 06/25/45		372
		Banc of America Alternative Loan Trust,
	673	Series 2004-12, Class 4A1, 5.500%, 01/25/20		678
	159	Series 2005-3, Class 2A1, 5.500%, 04/25/20		160
	128	Series 2005-4, Class 3A1, 5.500%, 05/25/20		127
	81	Series 2005-6, Class 5A4, 5.500%, 07/25/35		72
	94	Series 2005-6, Class 7A1, 5.500%, 07/25/20		91

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	966	Series 2005-11, Class 4A5, 5.750%, 12/25/35		863
	536	Series 2005-12, Class 5A1, 5.250%, 01/25/21		522
	15	Series 2006-4, Class 2A1, 6.000%, 05/25/21		14
	1,122	Series 2006-4, Class 3CB4, 6.000%, 05/25/46		1,038
	748	Series 2006-5, Class CB7, 6.000%, 06/25/46		653
		Banc of America Funding Trust,
	3,472	Series 2005-6, Class 1A2, 5.500%, 10/25/35		3,327
	921	Series 2005-7, Class 4A7, 6.000%, 11/25/35		928
	760	Series 2006-2, Class 2A20, 5.750%, 03/25/36		718
	1,918	Series 2006-A, Class 1A1, VAR, 3.145%, 02/20/36		1,896
	172	Series 2007-4, Class 8A1, 5.500%, 11/25/34		162
		Banc of America Mortgage Trust,
	1,011	Series 2004-A, Class 2A2, VAR, 3.589%, 02/25/34		1,009
	529	Series 2007-3, Class 1A1, 6.000%, 09/25/37		514
	525	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, VAR, 1.392%, 02/25/34		487
	636	Bear Stearns ARM Trust, Series 2005-2, Class A2, VAR, 3.636%, 03/25/35		643
	822	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, VAR, 1.902%, 10/25/34		334
		Chase Mortgage Finance Trust,
	1,801	Series 2006-S3, Class 1A2, 6.000%, 11/25/36		1,480
	1,291	Series 2006-S4, Class A5, 6.000%, 12/25/36		1,071
	11,400	Series 2007-A2, Class 3A1, VAR, 3.553%, 07/25/37		11,427
	336	Series 2007-S2, Class 1A8, 6.000%, 03/25/37		288
		CHL Mortgage Pass-Through Trust
	216	Series 2003-27, Class A1, VAR, 3.823%, 06/25/33		217
	448	Series 2003-37, Class 2A1, VAR, 3.297%, 09/25/33		447
	4,991	Series 2004-25, Class 2A1, VAR, 1.912%, 02/25/35		4,693


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	41	Series 2005-5, Class A2, 5.500%, 03/25/35		41
	240	Series 2005-20, Class A7, 5.250%, 12/25/27		227
	3,453	Series 2005-26, Class 1A11, 5.500%, 11/25/35		3,146
	317	Series 2005-30, Class A5, 5.500%, 01/25/36		305
	1,893	Series 2005-31, Class 2A1, VAR, 3.149%, 01/25/36		1,730
	2,227	Series 2006-10, Class 1A16, 6.000%, 05/25/36		1,873
	155	Series 2006-15, Class A1, 6.250%, 10/25/36		132
	648	Series 2006-17, Class A2, 6.000%, 12/25/36		561
	4,150	Series 2006-18, Class 2A4, 6.000%, 12/25/36		3,792
	5,000	Series 2006-HYB1, Class 2A2C, VAR, 3.136%, 03/20/36		4,446
	228	Series 2006-J2, Class 1A1, 6.000%, 04/25/36		214
	228	Series 2007-2, Class A2, 6.000%, 03/25/37		203
	1,917	Series 2007-3, Class A18, 6.000%, 04/25/37		1,643
	204	Series 2007-10, Class A4, 5.500%, 07/25/37		168
	543	Series 2007-13, Class A4, 6.000%, 08/25/37		472
	857	Series 2007-18, Class 2A1, 6.500%, 11/25/37		704
	1,193	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.000%, 05/25/37		1,140
		Citigroup Mortgage Loan Trust,
	400	Series 2005-3, Class 2A2A, VAR, 3.331%, 08/25/35		401
	754	Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		759
		Citigroup Mortgage Loan Trust, Inc.,
	1,054	Series 2005-4, Class A, VAR, 3.298%, 08/25/35		1,041
	1,224	Series 2005-6, Class A1, VAR, 2.690%, 09/25/35		1,261
	1,118	Series 2005-9, Class 2A2, 5.500%, 11/25/35		1,121
	1,225	Series 2006-8, Class A3, VAR, 1.582%, 10/25/35 (e)		938

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
		Credit Suisse First Boston Mortgage Securities Corp.,
	505	Series 2003-29, Class 3A1, 5.500%, 12/25/33		536
	6,341	Series 2004-4, Class 4A1, 5.500%, 08/25/34		6,479
	201	Series 2004-8, Class 4A3, 5.500%, 12/25/34		204
	1,108	Series 2004-AR5, Class 6A1, VAR, 3.471%, 06/25/34		1,119
	4	Series 2005-4, Class 3A17, 5.500%, 06/25/35		4
	589	Series 2005-10, Class 5A3, 5.500%, 11/25/35		577
	2,391	Series 2005-10, Class 11A1, 5.500%, 11/25/20		2,050
	62	Series 2005-10, Class 12A1, 5.250%, 11/25/20		56
		CSFB Mortgage-Backed Pass-Through Certificates,
	805	Series 2004-AR4, Class 2A1, VAR, 3.435%, 05/25/34		806
	4,726	Series 2004-AR4, Class 4A1, VAR, 3.386%, 05/25/34		4,774
	2,556	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, VAR, 3.475%, 10/25/34		2,589
		CSMC Mortgage-Backed Trust,
	97	Series 2006-8, Class 5A1, VAR, 5.848%, 10/25/26		93
	873	Series 2007-2, Class 3A13, 5.500%, 03/25/37		797
	171	Series 2007-3, Class 4A5, 5.000%, 04/25/37		164
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
	169	Series 2005-1, Class 2A1, VAR, 5.718%, 02/25/20		169
	60	Series 2005-2, Class 2A1, VAR, 1.532%, 03/25/20		58
	3,858	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 1.488%, 08/19/45		3,623
		FHLMC Structured Agency Credit Risk Debt Notes,
	880	Series 2014-DN2, Class M3, VAR, 4.832%, 04/25/24		983
	3,000	Series 2017-DNA1, Class M2, VAR, 4.482%, 07/25/29		3,187
	4,000	Series 2017-DNA2, Class M2, VAR, 4.682%, 10/25/29		4,308


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		First Horizon Alternative Mortgage Securities Trust,
	121	Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		116
	791	Series 2006-FA6, Class 3A1, 5.750%, 11/25/21		768
		First Horizon Mortgage Pass-Through Trust,
	383	Series 2004-AR7, Class 4A1, VAR, 3.050%, 02/25/35		381
	2,569	Series 2005-5, Class 1A6, 5.500%, 10/25/35		2,486
	648	Series 2006-2, Class 1A3, 6.000%, 08/25/36		588
	85	Series 2006-2, Class 1A7, 6.000%, 08/25/36		78
	573	Series 2006-3, Class 1A13, 6.250%, 11/25/36		535
		FNMA, Connecticut Avenue Securities,
	4,800	Series 2017-C05, Class 1M1, VAR, 1.774%, 01/25/30		4,800
	3,000	Series 2017-C05, Class 1M2, VAR, 3.424%, 01/25/30		2,990
	3,000	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, VAR, 3.232%, 12/25/28		3,080
		GMACM Mortgage Loan Trust,
	974	Series 2004-AR2, Class 3A, VAR, 3.957%, 08/19/34		942
	609	Series 2005-AR1, Class 3A, VAR, 3.897%, 03/18/35		602
	1,604	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		1,151
		GSR Mortgage Loan Trust,
	373	Series 2004-15F, Class 1A2, 5.500%, 12/25/34		401
	424	Series 2005-1F, Class 2A3, 6.000%, 02/25/35		421
	2,023	Series 2005-6F, Class 3A18, 5.500%, 07/25/35		2,084
	208	Series 2005-AR3, Class 6A1, VAR, 3.522%, 05/25/35		205
	4,314	Series 2005-AR4, Class 3A5, VAR, 3.380%, 07/25/35		4,028
	1,304	Series 2006-1F, Class 2A16, 6.000%, 02/25/36		1,160
	2,112	Series 2006-1F, Class 2A9, 6.000%, 02/25/36		1,874
	314	Series 2006-9F, Class 8A1, 5.500%, 08/25/21		294

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	679	Series 2007-1F, Class 3A13, 6.000%, 01/25/37		642
	432	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, VAR, 1.538%, 08/19/45		419
		Impac CMB Trust,
	1,303	Series 2004-5, Class 1A1, VAR, 1.952%, 10/25/34		1,255
	475	Series 2004-5, Class 1M2, VAR, 2.102%, 10/25/34		447
	2,920	Series 2004-6, Class 1A2, VAR, 2.012%, 10/25/34		2,795
	1,162	Series 2004-7, Class 1A2, VAR, 2.152%, 11/25/34		1,088
	4,759	Series 2004-9, Class 1A1, VAR, 1.992%, 01/25/35		4,380
	1,291	Series 2004-10, Class 2A, VAR, 1.872%, 03/25/35		1,171
	3,548	Series 2004-10, Class 3A1, VAR, 1.932%, 03/25/35		3,233
	699	Series 2005-1, Class 1A1, VAR, 1.752%, 04/25/35		666
	948	Series 2005-1, Class 1A2, VAR, 1.852%, 04/25/35		881
	901	Series 2005-2, Class 1A2, VAR, 1.852%, 04/25/35		793
	732	Series 2005-4, Class 1A1A, VAR, 1.772%, 05/25/35		715
	418	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.750%, 08/25/33		398
		IndyMac INDX Mortgage Loan Trust,
	597	Series 2005-AR3, Class 3A1, VAR, 3.054%, 04/25/35		573
	1,628	Series 2005-AR14, Class 2A1A, VAR, 1.532%, 07/25/35		1,536
		JP Morgan Mortgage Trust,
	265	Series 2004-A6, Class 1A1, VAR, 3.197%, 12/25/34		260
	845	Series 2005-A3, Class 6A6, VAR, 3.544%, 06/25/35		828
	1,048	Series 2005-A6, Class 1A2, VAR, 3.224%, 09/25/35		1,054
	301	Series 2005-A8, Class 1A1, VAR, 3.080%, 11/25/35		286
	1,395	Series 2006-A7, Class 2A4, VAR, 3.290%, 01/25/37		1,387
	176	Series 2006-S2, Class 2A1, 5.000%, 06/25/21		169


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	81	Series 2006-S3, Class 2A4, 5.500%, 08/25/21		80
	520	Series 2007-A1, Class 2A2, VAR, 3.212%, 07/25/35		510
	81	Series 2007-S3, Class 2A3, 6.000%, 08/25/22		80
	1,699	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		1,489
		Lehman XS Trust,
	10,485	Series 2005-5N, Class 3A1A, VAR, 1.532%, 11/25/35		9,930
	6,980	Series 2005-7N, Class 1A1A, VAR, 1.502%, 12/25/35		6,733
		MASTR Alternative Loan Trust,
	697	Series 2004-8, Class 1A1, 6.500%, 09/25/34		757
	1,795	Series 2004-12, Class 3A1, 6.000%, 12/25/34		1,868
	609	Series 2005-3, Class 1A1, 5.500%, 04/25/35		625
	376	Series 2005-5, Class 3A1, 5.750%, 08/25/35		320
	1,069	Series 2005-6, Class 1A2, 5.500%, 12/25/35		1,017
	916	Series 2006-3, Class 3A1, 5.500%, 06/25/21		864
		Merrill Lynch Mortgage Investors Trust,
	163	Series 2005-1, Class 2A1, VAR, 3.076%, 04/25/35		160
	516	Series 2005-1, Class 2A2, VAR, 3.076%, 04/25/35		500
	2,161	Series 2006-1, Class 2A1, VAR, 3.061%, 02/25/36		2,150
	458	Series 2006-AF2, Class AF2, 6.250%, 10/25/36		379
		Morgan Stanley Mortgage Loan Trust,
	1,540	Series 2004-8AR, Class 4A1, VAR, 3.295%, 10/25/34		1,553
	956	Series 2004-9, Class 1A, VAR, 5.446%, 11/25/34		1,002
	115	Series 2005-4, Class 1A, 5.000%, 08/25/35		115
	1,553	Series 2006-2, Class 1A, 5.250%, 02/25/21		1,501
		MortgageIT Trust,
	5,742	Series 2005-3, Class A1, VAR, 1.832%, 08/25/35		5,459
	798	Series 2005-5, Class A1, VAR, 1.492%, 12/25/35		747

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	79	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.159%, 03/25/35		81
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates,
	721	Series 2005-4, Class 1A2, VAR, 1.622%, 11/25/35		691
	3,094	Series 2005-5, Class 1APT, VAR, 1.512%, 12/25/35		2,871
		Opteum Mortgage Acceptance Corp. Trust,
	3,411	Series 2006-1, Class 1AC1, VAR, 1.532%, 04/25/36		3,180
	954	Series 2006-1, Class 1APT, VAR, 1.442%, 04/25/36		878
	1,407	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 3.424%, 05/25/35		1,369
		RALI Trust,
	36	Series 2003-QS20, Class CB, 5.000%, 11/25/18		36
	328	Series 2004-QS15, Class A2, VAR, 1.632%, 11/25/34		322
	3,023	Series 2005-QA5, Class A2, VAR, 4.592%, 04/25/35		2,769
	156	Series 2005-QS2, Class A1, 5.500%, 02/25/35		154
	2,903	Series 2005-QS6, Class A1, 5.000%, 05/25/35		2,718
	1,477	Series 2005-QS17, Class A3, 6.000%, 12/25/35		1,436
	2,577	Series 2006-QS3, Class 1A10, 6.000%, 03/25/36		2,400
	2,865	Series 2006-QS4, Class A2, 6.000%, 04/25/36		2,582
	90	Series 2006-QS18, Class 3A1, 5.750%, 12/25/21		86
		Residential Asset Securitization Trust,
	142	Series 2004-A6, Class A1, 5.000%, 08/25/19		142
	79	Series 2004-A8, Class A1, 5.250%, 11/25/34		79
	4,621	Series 2005-A3, Class A2, 5.500%, 04/25/35		4,033
	2,700	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		2,530
	214	Series 2005-A14, Class A1, 5.500%, 12/25/35		187
		RFMSI Trust
	371	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		372


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	185	Series 2005-S7, Class A6, 5.500%, 11/25/35		180
	923	Series 2005-SA1, Class 3A, VAR, 3.157%, 03/25/35		920
	3,615	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		3,452
	3,747	Series 2006-SA4, Class 2A1, VAR, 4.496%, 11/25/36		3,559
	1,475	Sequoia Mortgage Trust, Series 2007-3, Class 1A1, VAR, 1.428%, 07/20/36		1,403
		Structured Adjustable Rate Mortgage Loan Trust,
	1,125	Series 2004-16, Class 5A2, VAR, 3.325%, 11/25/34		1,129
	664	Series 2005-1, Class 1A1, VAR, 3.351%, 02/25/35		642
	241	Series 2005-17, Class 4A3, VAR, 3.383%, 08/25/35		238
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	904	Series 2003-35, Class B1, VAR, 5.461%, 12/25/33		778
	6,822	Series 2004-10, Class 1A1, VAR, 5.384%, 06/25/34		6,938
		WaMu Mortgage Pass-Through Certificates Trust,
	1,845	Series 2004-AR10, Class A1B, VAR, 1.652%, 07/25/44		1,788
	2,315	Series 2004-AR11, Class A, VAR, 2.942%, 10/25/34		2,314
	5,958	Series 2005-AR5, Class A6, VAR, 2.999%, 05/25/35		5,979
	2,208	Series 2005-AR7, Class A3, VAR, 3.162%, 08/25/35		2,212
	3,291	Series 2005-AR14, Class 1A3, VAR, 2.852%, 12/25/35		3,181
	2,195	Series 2005-AR14, Class 1A4, VAR, 2.852%, 12/25/35		2,128
	71	Series 2005-AR15, Class A1A1, VAR, 1.492%, 11/25/45		68
	1,315	Series 2005-AR16, Class 1A1, VAR, 2.910%, 12/25/35		1,272
	156	Series 2005-AR18, Class 1A3A, VAR, 2.882%, 01/25/36		156
	602	Series 2006-AR2, Class 1A1, VAR, 2.920%, 03/25/36		569
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,483	Series 2005-1, Class 1A3, 5.500%, 03/25/35		1,435

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	922	Series 2005-4, Class CB7, 5.500%, 06/25/35		862
	1,439	Series 2005-10, Class 4CB1, 5.750%, 12/25/35		1,400
	1,041	Series 2006-3, Class 5A2, 5.500%, 03/25/21		991
	314	Series 2006-5, Class 2CB5, 6.500%, 07/25/36		275
	1,708	Series 2007-1, Class 2A1, 6.000%, 01/25/22		1,644
		Wells Fargo Mortgage-Backed Securities Trust,
	3,539	Series 2004-M, Class A1, VAR, 3.401%, 08/25/34		3,621
	5,162	Series 2004-N, Class A6, VAR, 3.474%, 08/25/34		5,183
	4,902	Series 2004-N, Class A7, VAR, 3.474%, 08/25/34		4,921
	937	Series 2004-Q, Class 1A1, VAR, 3.061%, 09/25/34		944
	578	Series 2004-Q, Class 1A2, VAR, 3.061%, 09/25/34		585
	731	Series 2004-BB, Class A5, VAR, 3.083%, 01/25/35		738
	7,315	Series 2004-DD, Class 1A1, VAR, 3.113%, 01/25/35		7,553
	776	Series 2004-DD, Class 2A6, VAR, 3.111%, 01/25/35		794
	161	Series 2005-AR2, Class 2A2, VAR, 3.162%, 03/25/35		162
	729	Series 2005-AR3, Class 2A1, VAR, 3.362%, 03/25/35		735
	418	Series 2005-AR4, Class 2A2, VAR, 3.320%, 04/25/35		420
	2,039	Series 2005-AR5, Class 1A1, VAR, 3.274%, 04/25/35		2,032
	139	Series 2005-AR7, Class 2A1, VAR, 3.302%, 05/25/35		138
	3,817	Series 2005-AR8, Class 1A1, VAR, 3.291%, 06/25/35		3,878
	2,665	Series 2005-AR10, Class 1A1, VAR, 3.218%, 06/25/35		2,779
	1,140	Series 2005-AR11, Class 1A1, VAR, 3.049%, 06/25/35		1,145
	674	Series 2005-AR15, Class 1A6, VAR, 3.041%, 09/25/35		641
	2,365	Series 2005-AR16, Class 6A3, VAR, 3.346%, 10/25/35		2,367
	323	Series 2005-AR16, Class 7A1, VAR, 3.104%, 10/25/35		316


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	630	Series 2006-4, Class 1A9, 5.750%, 04/25/36		635
	2,041	Series 2006-AR2, Class 2A1, VAR, 3.126%, 03/25/36		2,056
	360	Series 2006-AR2, Class 2A3, VAR, 3.126%, 03/25/36		361
	2,073	Series 2006-AR6, Class 5A1, VAR, 3.208%, 03/25/36		2,068
	482	Series 2006-AR19, Class A3, VAR, 3.046%, 12/25/36		445
	342	Series 2007-2, Class 1A13, 6.000%, 03/25/37		338
	656	Series 2007-15, Class A1, 6.000%, 11/25/37		652

		Total Collateralized Mortgage Obligations (Cost $371,127)		378,157

	Commercial Mortgage-Backed Securities — 0.8%
		United States — 0.8%
		Banc of America Commercial Mortgage Trust,
	679	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		678
	59	Series 2007-3, Class AJ, VAR, 5.676%, 06/10/49		60
	5,000	Series 2007-3, Class B, VAR, 5.676%, 06/10/49		5,056
		Bear Stearns Commercial Mortgage Securities Trust,
	7,165	Series 2006-PW13, Class C, VAR, 5.680%, 09/11/41 (e)		6,893
	257	Series 2007-PW16, Class AJ, VAR, 5.652%, 06/11/40		257
	5,790	Series 2007-PW17, Class AJ, VAR, 5.933%, 06/11/50		5,808
	1,373	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.262%, 07/15/44		1,371
		CD Mortgage Trust,
	2,400	Series 2007-CD5, Class B, VAR, 6.325%, 11/15/44		2,405
	3,159	Series 2007-CD5, Class D, VAR, 6.325%, 11/15/44 (e)		3,163
		Commercial Mortgage Trust,
	2,275	Series 2007-GG11, Class AJ, VAR, 6.113%, 12/10/49		2,283
	5,400	Series 2015-CR23, Class CMC, VAR, 3.685%, 05/10/48 (e)		5,387

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	2,148	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.416%, 02/15/40		2,146
	2,597	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		2,377
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,500	Series 2005-LDP2, Class E, VAR, 4.981%, 07/15/42		1,513
	4,900	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		4,884
	4,749	Series 2007-LD11, Class AM, VAR, 5.948%, 06/15/49		4,862
	1,584	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		1,583
	499	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 5.908%, 07/15/44		501
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, VAR, 5.472%, 09/15/39		217
	6,701	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		5,361
	103	Series 2007-C1, Class C, VAR, 5.533%, 02/15/40		102
	9,200	Series 2007-C6, Class AJ, VAR, 6.239%, 07/15/40		9,338
		Morgan Stanley Capital I Trust,
	3,480	Series 2006-HQ8, Class C, VAR, 5.461%, 03/12/44		3,419
	1,000	Series 2006-HQ8, Class D, VAR, 5.461%, 03/12/44		866
	3,584	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		3,577
	3,523	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		3,525
	2,922	Series 2007-HQ11, Class B, VAR, 5.538%, 02/12/44		2,729
	3,848	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		3,766
		Wachovia Bank Commercial Mortgage Trust,
	485	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		486
	5,577	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		5,695
	1,200	Series 2007-C31, Class C, VAR, 5.935%, 04/15/47		1,218
	2,650	Series 2007-C33, Class B, VAR, 5.996%, 02/15/51		2,541


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	6,313	Series 2007-C33, Class C, VAR, 5.996%, 02/15/51		5,571
	2,075	Series 2007-C33, Class AJ, VAR, 5.996%, 02/15/51		2,116
	2,500	Series 2007-C34, Class AJ, VAR, 6.093%, 05/15/46		2,498
	1,500	Series 2007-C34, Class B, VAR, 6.168%, 05/15/46		1,500

		Total Commercial Mortgage-Backed Securities (Cost $111,657)		105,752


SHARES
	Common Stocks — 43.9%
		Australia — 0.5%
	477	BHP Billiton plc		8,698
	2,406	Goodman Group		15,334
	8,660	Mirvac Group		15,042
	6,906	Scentre Group		22,836

				61,910

		Belgium — 0.5%
	432	Anheuser-Busch InBev SA/NV		52,135
	84	KBC Group NV		6,952
	116	Proximus SADP		4,072
	37	Warehouses De Pauw, CVA		4,132

				67,291

		Brazil — 0.5%
	4,024	Ambev SA, ADR		24,463
	2,144	BB Seguridade Participacoes SA		18,845
	1,291	Engie Brasil Energia SA		14,463
	183	Smiles SA (a)		3,800

				61,571

		Canada — 0.4%
	369	Allied Properties REIT		11,290
	340	Canadian Apartment Properties REIT		8,826
	484	TransCanada Corp.		24,745

				44,861

		Chile — 0.2%
	830	Banco Santander Chile, ADR		23,474

		China — 1.1%
	1,421	China Mobile Ltd.		15,189
	10,400	China Resources Power Holdings Co. Ltd.		19,803
	29,495	CNOOC Ltd.		33,013
	4,485	Fuyao Glass Industry Group Co. Ltd., Class A		15,476

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		China –– continued
	2,470	Fuyao Glass Industry Group Co. Ltd., Class H (e)		8,408
	1,300	Henan Shuanghui Investment & Development Co. Ltd., Class A		4,094
	413	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		5,487
	9,494	Lenovo Group Ltd.		5,872
	3,592	Midea Group Co. Ltd., Class A		21,979
	2,784	Zhengzhou Yutong Bus Co. Ltd., Class A		9,148

				138,469

		Czech Republic — 0.3%
	380	Komercni banka A/S		16,369
	7,199	Moneta Money Bank A/S (e)		25,944

				42,313

		Denmark — 0.4%
	689	Danske Bank A/S		27,922
	99	ISS A/S		4,068
	273	Novo Nordisk A/S, Class B		11,604
	46	Pandora A/S		5,318
	231	Tryg A/S		5,199

				54,111

		Finland — 0.7%
	135	Elisa OYJ		5,570
	124	Metso OYJ		3,950
	105	Neste OYJ		4,551
	1,299	Nokia OYJ		8,291
	117	Nokian Renkaat OYJ		4,766
	70	Orion OYJ, Class B		3,562
	173	Sampo OYJ, Class A		9,464
	443	Stora Enso OYJ, Class R		5,926
	1,583	UPM-Kymmene OYJ		43,085

				89,165

		France — 2.4%
	472	AXA SA		13,929
	197	BNP Paribas SA		15,229
	102	Bouygues SA		4,377
	186	Bureau Veritas SA		4,228
	128	Cie de Saint-Gobain		7,096
	203	Cie Generale des Etablissements Michelin		27,447
	243	CNP Assurances		5,866
	369	Credit Agricole SA		6,484
	159	Edenred		4,178
	386	Electricite de France SA		3,916
	645	Engie SA		10,381


SHARES		SECURITY DESCRIPTION	VALUE
		France –– continued
	251	Eutelsat Communications SA		6,784
	72	Fonciere Des Regions		6,979
	44	Imerys SA		3,822
	190	Klepierre		7,722
	113	Mercialys SA		2,280
	1,078	Natixis SA		7,832
	238	Peugeot SA		5,121
	61	Renault SA		5,537
	188	Sanofi		17,882
	119	Schneider Electric SE (a)		9,353
	170	SCOR SE		7,150
	210	Societe Generale SA		12,342
	341	TOTAL SA		17,357
	313	Unibail-Rodamco SE		78,208
	57	Veolia Environnement S.A.		1,282
	106	Vinci SA		9,474

				302,256

		Germany — 2.2%
	202	Allianz SE (Registered)		43,076
	700	Aroundtown Property Holdings plc		4,145
	60	Axel Springer SE		3,806
	157	BASF SE		14,945
	86	Bayerische Motoren Werke AG		7,888
	446	Daimler AG (Registered)		31,241
	225	Deutsche Post AG (Registered)		8,734
	608	Deutsche Telekom AG (Registered)		11,108
	435	Deutsche Wohnen AG		17,241
	685	E.ON SE		6,781
	115	Evonik Industries AG		3,929
	42	Hannover Rueck SE		5,334
	51	HUGO BOSS AG		3,860
	107	Innogy SE (e)		4,495
	123	Metro Wholesale & Food Specialist AG (a)		2,479
	32	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		6,948
	252	RWE AG (a)		5,314
	508	Siemens AG (Registered)		68,964
	1,262	Telefonica Deutschland Holding AG		6,517
	458	TUI AG		7,194
	140	Vonovia SE		5,693

				269,692

		Hong Kong — 0.5%
	776	Hang Seng Bank Ltd.		16,873
	9,044	HKT Trust & HKT Ltd.		11,857

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Hong Kong –– continued
	1,136	Hongkong Land Holdings Ltd.		8,533
	1,539	Link REIT		12,491
	3,106	Sands China Ltd.		14,384
	59	VTech Holdings Ltd.		856

				64,994

		Hungary — 0.2%
	518	OTP Bank plc		19,268

		India — 0.4%
	2,468	Coal India Ltd.		9,583
	1,076	Infosys Ltd., ADR		17,001
	2,081	ITC Ltd.		9,249
	221	Tata Consultancy Services Ltd.		8,573

				44,406

		Indonesia — 0.2%
	52,103	Telekomunikasi Indonesia Persero Tbk. PT		18,313

		Ireland — 0.0% (g)
	561	Bank of Ireland Group plc (a)		4,680
	8	Frontera Energy Corp. (a)		233
	21	Frontera Energy Corp. (a)		573

				5,486

		Italy — 0.3%
	380	Assicurazioni Generali SpA		6,892
	174	Atlantia SpA		5,306
	1,710	Enel SpA		9,752
	2,526	Intesa Sanpaolo SpA		8,697
	421	Mediobanca SpA		4,388
	844	Terna Rete Elettrica Nazionale SpA		4,823

				39,858

		Japan — 1.1%
	2	Activia Properties, Inc.		10,320
	487	Bridgestone Corp.		20,497
	462	Daiwa House Industry Co. Ltd.		16,112
	3	Daiwa House REIT Investment Corp.		7,046
	279	Japan Airlines Co. Ltd.		9,014
	16	Japan Hotel REIT Investment Corp.		11,518
	633	Japan Tobacco, Inc.		22,007
	7	Nippon Prologis REIT, Inc.		13,930
	336	Nippon Telegraph & Telephone Corp.		16,438
	4	Orix JREIT, Inc.		5,525

				132,407

		Mexico — 0.4%
	2,046	Bolsa Mexicana de Valores SAB de CV		3,522
	6,159	Fibra Uno Administracion SA de CV		11,381


SHARES		SECURITY DESCRIPTION	VALUE
		Mexico –– continued
	8,874	Kimberly-Clark de Mexico SAB de CV, Class A		17,865
	4,903	Wal-Mart de Mexico SAB de CV		11,313

				44,081

		Netherlands — 1.2%
	174	ABN AMRO Group NV, CVA (e)		4,916
	1,373	Aegon NV		7,694
	70	Akzo Nobel NV		6,378
	61	Eurocommercial Properties NV, CVA		2,467
	1,543	ING Groep NV		28,834
	1,003	Koninklijke Ahold Delhaize NV		20,510
	1,861	Koninklijke KPN NV		6,748
	766	NN Group NV		31,053
	76	Randstad Holding NV		4,577
	892	Royal Dutch Shell plc, Class B		25,419
	164	Vastned Retail NV		7,500

				146,096

		New Zealand — 0.0% (g)
	65	UCI International Holdings (a)		971

		Norway — 0.3%
	335	DNB ASA		6,582
	163	Gjensidige Forsikring ASA		2,815
	822	Norsk Hydro ASA		5,307
	446	Orkla ASA		4,590
	335	Statoil ASA		6,296
	376	Telenor ASA		7,514

				33,104

		Portugal — 0.0% (g)
	1,200	EDP - Energias de Portugal SA		4,259

		Russia — 0.5%
	229	LUKOIL PJSC, ADR		10,682
	511	MMC Norilsk Nickel PJSC, ADR		7,589
	9,966	Moscow Exchange MICEX-RTS PJSC		17,856
	330	PhosAgro PJSC, GDR		4,520
	3,690	Sberbank of Russia PJSC		10,164
	794	Sberbank of Russia PJSC, ADR		9,326
	59	Severstal PJSC, GDR		829
	327	Severstal PJSC, GDR		4,488

				65,454

		Singapore — 0.1%
	992	Ascendas REIT		1,976
	1,584	CapitaLand Commercial Trust		2,009
	694	DBS Group Holdings Ltd.		11,064

				15,049

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		South Africa — 0.8%
	1,873	AVI Ltd.		13,928
	1,231	Barclays Africa Group Ltd.		13,518
	446	Bid Corp. Ltd.		10,720
	5,334	FirstRand Ltd.		20,981
	631	Investec plc		4,790
	2,678	MMI Holdings Ltd.		4,196
	179	Mondi plc		4,714
	302	SPAR Group Ltd. (The)		3,785
	880	Vodacom Group Ltd.		11,891
	2,124	Woolworths Holdings Ltd.		10,149

				98,672

		South Korea — 0.4%
	166	Kangwon Land, Inc.		5,505
	175	KT&G Corp.		17,804
	8	Samsung Electronics Co. Ltd.		17,720
	493	SK Telecom Co. Ltd., ADR		13,439

				54,468

		Spain — 1.2%
	350	Abertis Infraestructuras SA		6,895
	128	ACS Actividades de Construccion y Servicios SA		4,891
	26	Aena SA (e)		5,121
	1,305	Banco Bilbao Vizcaya Argentaria SA		11,809
	2,981	Banco de Sabadell SA		6,658
	2,689	Banco Santander SA		18,305
	819	Bankia SA		4,141
	459	Bankinter SA		4,472
	1,206	CaixaBank SA		6,281
	639	Distribuidora Internacional de Alimentacion SA		4,305
	327	Endesa SA		7,730
	295	Gas Natural SDG SA		6,901
	4,297	Iberdrola SA		33,875
	1,806	Mapfre SA		6,728
	577	Repsol SA		9,665
	901	Telefonica SA		10,206

				147,983

		Sweden — 0.5%
	141	Electrolux AB, Series B		4,824
	134	ICA Gruppen AB		5,382
	147	Kinnevik AB, Class B		4,523
	930	Nordea Bank AB		11,731


SHARES		SECURITY DESCRIPTION	VALUE
		Sweden –– continued
	728	Skandinaviska Enskilda Banken AB, Class A		9,221
	208	SKF AB, Class B		4,127
	448	Svenska Handelsbanken AB, Class A		6,664
	375	Swedbank AB, Class A		9,790
	125	Swedish Match AB		4,402
	603	Tele2 AB, Class B		7,173

				67,837

		Switzerland — 1.4%
	397	ABB Ltd. (Registered)		9,309
	549	Credit Suisse Group AG (Registered) (a)		8,438
	285	Ferguson PLC		17,009
	2,555	Glencore plc (a)		11,269
	250	LafargeHolcim Ltd. (Registered) (a)		14,952
	498	Novartis AG (Registered)		42,461
	496	Swiss Re AG		47,781
	697	UBS Group AG (Registered) (a)		12,127
	32	Zurich Insurance Group AG		9,612

				172,958

		Taiwan — 1.1%
	897	Asustek Computer, Inc.		8,342
	1,275	Chicony Electronics Co. Ltd.		3,281
	1,582	Delta Electronics, Inc.		8,408
	291	Far EasTone Telecommunications Co. Ltd.		704
	1,247	MediaTek, Inc.		10,977
	5,089	Mega Financial Holding Co. Ltd.		4,307
	2,644	Novatek Microelectronics Corp.		10,054
	1,424	President Chain Store Corp.		12,067
	7,464	Quanta Computer, Inc.		17,697
	4,634	Taiwan Mobile Co. Ltd.		16,585
	1121	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		40,305
	5,228	Vanguard International Semiconductor Corp.		9,787

				142,514

		Thailand — 0.2%
	868	Siam Cement PCL (The) (Registered)		13,190
	2,506	Siam Commercial Bank PCL (The)		11,072
	2,169	Thai Oil PCL		5,590

				29,852

		Turkey — 0.2%
	323	Ford Otomotiv Sanayi A/S		4,138
	973	Tofas Turk Otomobil Fabrikasi A/S		8,553

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Turkey — continued
	379	Tupras Turkiye Petrol Rafinerileri A/S		11,694

				24,385

		United Arab Emirates — 0.1%
	3,822	National Bank of Abu Dhabi PJSC		11,081

		United Kingdom — 5.7%
	425	3i Group plc		5,243
	491	Anglo American plc (a)		8,117
	1,676	Assura plc		1,417
	168	AstraZeneca plc		10,013
	1,044	Aviva plc		7,422
	313	Babcock International Group plc		3,491
	2,773	BAE Systems plc		21,998
	716	Barratt Developments plc		5,819
	260	Berkeley Group Holdings plc		11,980
	955	British American Tobacco plc		59,408
	2,413	British Land Co. plc (The)		19,443
	1,993	Centrica plc		5,220
	361	Compass Group plc		7,706
	7,772	Direct Line Insurance Group plc		38,412
	896	Dixons Carphone plc		3,181
	221	easyJet plc		3,602
	1,411	G4S plc		6,124
	945	GKN plc		4,008
	3,656	GlaxoSmithKline plc		72,783
	566	Hammerson plc		4,288
	6,719	HSBC Holdings plc		67,310
	256	IMI plc		4,061
	246	Imperial Brands plc		10,146
	99	InterContinental Hotels Group plc		5,606
	598	International Consolidated Airlines Group SA		4,564
	1,406	J Sainsbury plc		4,543
	356	Land Securities Group plc		4,798
	2,718	Legal & General Group plc		9,624
	13,824	Lloyds Banking Group plc		11,951
	574	LondonMetric Property plc		1,275
	623	Meggitt plc		4,136
	1,033	NewRiver REIT plc		4,812
	1,991	Old Mutual plc		5,165
	1,201	Persimmon plc		39,679
	493	Prudential plc		12,024
	984	Rio Tinto plc		46,117
	574	RSA Insurance Group plc		4,945


SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
	1,856	Safestore Holdings plc		10,342
	95	Schroders plc		4,335
	1,617	Segro plc		11,255
	144	Severn Trent plc		4,251
	220	Smiths Group plc		4,452
	287	St James’s Place plc		4,617
	910	Standard Life plc		5,240
	397	Tate & Lyle plc		3,521
	4,960	Taylor Wimpey plc		12,459
	2,455	Tritax Big Box REIT plc		4,853
	448	Unilever plc		25,531
	19,787	Vodafone Group plc		58,002
	1,305	WPP plc		26,620

				715,909

		United States — 17.9%
	56	3M Co.		11,186
	43	AbbVie, Inc.		3,036
	384	Accenture plc, Class A		49,494
	42	Air Products & Chemicals, Inc.		5,979
	118	Alexandria Real Estate Equities, Inc.		14,256
	800	Altria Group, Inc.		51,990
	99	Analog Devices, Inc.		7,832
	310	Apartment Investment & Management Co., Class A		14,117
	288	Apple, Inc.		42,787
	61	Arthur J Gallagher & Co.		3,597
	970	AT&T, Inc.		37,845
	79	Automatic Data Processing, Inc.		9,342
	180	AvalonBay Communities, Inc.		34,626
	1,086	Bank of America Corp.		26,184
	311	BB&T Corp.		14,698
	636	Brandywine Realty Trust		10,692
	142	Bristol-Myers Squibb Co.		8,054
	433	Brixmor Property Group, Inc.		8,486
	248	Camden Property Trust		22,255
	170	Chevron Corp.		18,550
	81	Chubb Ltd.		11,890
	110	Cincinnati Financial Corp.		8,371
	57	Cinemark Holdings, Inc.		2,206
	300	CME Group, Inc.		36,791
	207	CMS Energy Corp.		9,559
	154	Coca-Cola Co. (The)		7,080
	1,269	Comcast Corp., Class A		51,321
	417	ConocoPhillips		18,897

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	282	Digital Realty Trust, Inc.		32,570
	135	Dr Pepper Snapple Group, Inc.		12,331
	23	DTE Energy Co.		2,502
	186	Duke Realty Corp.		5,310
	3	Dynegy, Inc. (a)		22
	86	Edison International		6,741
	376	EI du Pont de Nemours & Co.		30,904
	84	Eli Lilly & Co.		6,972
	107	Extra Space Storage, Inc.		8,535
	178	Exxon Mobil Corp.		14,210
	138	Fidelity National Information Services, Inc.		12,625
	49	General Dynamics Corp.		9,570
	633	General Motors Co.		22,785
	45	Gilead Sciences, Inc.		3,444
	53	Goodman Private (a)		—	(h)
	171	Gramercy Property Trust		5,167
	279	Halcon Resources Corp. (a)		1,831
	1,152	HCP, Inc.		36,447
	287	Healthcare Trust of America, Inc., Class A		8,788
	278	Highwoods Properties, Inc.		14,316
	430	Home Depot, Inc. (The)		64,260
	119	Honeywell International, Inc.		16,266
	1,140	Host Hotels & Resorts, Inc.		21,276
	1,153	HP, Inc.		22,027
	135	Illinois Tool Works, Inc.		18,968
	129	International Business Machines Corp.		18,727
	92	JBG SMITH Properties (a)		3,254
	681	Johnson & Johnson		90,340
	63	Kimberly-Clark Corp.		7,750
	718	Kimco Realty Corp.		14,497
	487	Kinder Morgan, Inc.		9,944
	381	KLA-Tencor Corp.		35,247
	253	LaSalle Hotel Properties		7,480
	368	Liberty Property Trust		15,454
	45	M&T Bank Corp.		7,371
	224	Macerich Co. (The)		12,882
	417	Merck & Co., Inc.		26,633
	405	MetLife, Inc.		22,273
	1,189	Microsoft Corp.		86,419
	140	Mid-America Apartment Communities, Inc.		14,533
	258	Mondelez International, Inc., Class A		11,349
	886	Morgan Stanley		41,537
	219	National Health Investors, Inc.		16,921
	3	Nebraska Book Holdings, Inc. (a)		—	(h)


SHARES			SECURITY DESCRIPTION	VALUE
			United States –– continued
	348		NextEra Energy, Inc.		50,900
	178		NII Holdings, Inc. (a)		101
	259		NiSource, Inc.		6,751
	170		Northern Trust Corp.		14,914
	1,426		Occidental Petroleum Corp.		88,325
	22		Penn Virginia Corp. (a)		847
	445		PepsiCo, Inc.		51,912
	2,563		Pfizer, Inc.		84,988
	424		Philip Morris International, Inc.		49,432
	175		PNC Financial Services Group, Inc. (The)		22,494
	120		PPG Industries, Inc.		12,613
	44		Procter & Gamble Co. (The)		3,960
	654		Prologis, Inc.		39,772
	159		Prudential Financial, Inc.		17,974
	135		Public Storage		27,760
	182		Quality Care Properties, Inc. (a)		3,062
	93		Realty Income Corp.		5,287
	115		Regency Centers Corp.		7,587
	131		Republic Services, Inc.		8,427
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a)		19
	275		Senior Housing Properties Trust		5,355
	148		Simon Property Group, Inc.		23,466
	93		SL Green Realty Corp.		9,584
	16		Snap-on, Inc.		2,409
	1,182		Spirit Realty Capital, Inc.		9,370
	17		Stone Energy Corp. (a)		356
	154		STORE Capital Corp.		3,613
	146		Sunstone Hotel Investors, Inc.		2,381
	137		T Rowe Price Group, Inc.		11,330
	600		Texas Instruments, Inc.		48,841
	59		Time Warner, Inc.		6,084
	191		Travelers Cos., Inc. (The)		24,468
	250		UnitedHealth Group, Inc.		47,906
	457		US Bancorp		24,111
	340		Valero Energy Corp.		23,468
	40		Validus Holdings Ltd.		2,131
	241		Ventas, Inc.		16,205
	382		Verizon Communications, Inc.		18,480
	483		Vistra Energy Corp.		7,934
	183		Vornado Realty Trust		14,556
	1,072		Wells Fargo & Co.		57,830
	612		Xcel Energy, Inc.		28,969

					2,247,571

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
		Total Common Stocks (Cost $4,693,699)		5,502,089


PRINCIPAL AMOUNT/UNITS
	Convertible Bonds — 1.3%
		Bermuda — 0.0% (g)
	1,071	Golar LNG Ltd., 2.750%, 02/15/22 (e)		1,038

		China — 0.0% (g)
	600	Cosmos Boom Investment Ltd., Reg. S, 0.500%, 06/23/20		591
	250	Shui On Development Holding Ltd., Reg. S, VAR, 7.500%, 06/04/20		266

				857

		Cyprus — 0.0% (g)
GBP	3,200	Volcan Holdings plc, Reg. S, 4.125%, 04/11/20		4,345

		France — 0.0% (g)
EUR	576Units	Rallye SA, Reg. S, 1.000%, 10/02/20		713


		Germany — 0.1%
EUR	3,300	Bayer Capital Corp. BV, 5.625%, 11/22/19 (e)		4,549
EUR	3,400	Rocket Internet SE, Reg. S, 3.000%, 07/22/22		3,985

				8,534

		Hong Kong — 0.1%
	6,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/23		6,292
	1,531	PB Issuer No. 4 Ltd., Reg. S, 3.250%, 07/03/21		1,499

				7,791

		Japan — 0.0% (g)
	1,300	Shizuoka Bank Ltd. (The), Reg. S, Zero Coupon, 04/25/18		1,277


		Malaysia — 0.0% (g)
	2,558	Cahaya Capital Ltd., Reg. S, Zero Coupon, 09/18/21		2,499

		Mexico — 0.0% (g)
EUR	3,500	America Movil BV, Reg. S, Series KPN, 5.500%, 09/17/18		3,853

		Monaco — 0.0% (g)
	2,769	Scorpio Tankers, Inc., 2.375%, 07/01/19 (e)		2,478


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Netherlands — 0.0% (g)
EUR	1,100	OCI NV, Reg. S, 3.875%, 09/25/18		1,320


		Russia — 0.0% (g)
	1,368	Yandex NV, 1.125%, 12/15/18		1,338


		Singapore — 0.1%
	2,600	BW Group Ltd., Reg. S, 1.750%, 09/10/19		2,450
		CapitaLand Ltd.,
SGD	4,250	Reg. S, 1.850%, 06/19/20		3,120
SGD	5,000	Reg. S, Series CAPL, 2.950%, 06/20/22		3,699

				9,269

		South Africa — 0.1%
GBP	4,200	Brait SE, Reg. S, 2.750%, 09/18/20		5,126
GBP	900	Remgro Jersey GBP Ltd., Reg. S, 2.625%, 03/22/21		1,196
EUR	1,800	Steinhoff Finance Holding GmbH, Reg. S, 1.250%, 10/21/23		2,097

				8,419

		Spain — 0.0% (g)
EUR	2,200	Sacyr SA, Reg. S, 4.000%, 05/08/19		2,592
EUR	1,300	Telefonica Participaciones SAU, Reg. S, 4.900%, 09/25/17		1,481

				4,073

		Sweden — 0.0% (g)
SEK	11,000	SAS AB, Reg. S, 3.625%, 04/01/19		1,371


		Taiwan — 0.0% (g)
	2,500	TPK Holding Co. Ltd., Reg. S, Zero Coupon, 04/08/20		2,534
	700	Zhen Ding Technology Holding Ltd., Reg. S, Zero Coupon, 06/26/19		712

				3,246

		United Arab Emirates — 0.1%
		Aabar Investments PJSC,
EUR	5,000	Reg. S, 0.500%, 03/27/20		5,221
EUR	2,600	Reg. S, 1.000%, 03/27/22		2,596
	4,800	DP World Ltd., Reg. S, 1.750%, 06/19/24		4,968

				12,785

		United Kingdom — 0.1%
GBP	3,000	Intu Jersey 2 Ltd., Reg. S, 2.875%, 11/01/22		3,792
GBP	2,800	Vodafone Group plc, Reg. S, 2.000%, 02/25/19		4,218

				8,010

		United States — 0.7%
		Ares Capital Corp.,
	917	4.750%, 01/15/18		926

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States –– continued
	1,246	BlackRock Capital Investment Corp., 5.000%, 06/15/22		1,287
	807	Cheniere Energy, Inc., 4.250%, 03/15/45		553
	2,613	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		2,469
		Colony NorthStar, Inc.,
	1,455	3.875%, 01/15/21		1,491
	950	5.000%, 04/15/23		1,004
	4,554	DISH Network Corp., 2.375%, 03/15/24 (e)		4,861
	1,573	Echo Global Logistics, Inc., 2.500%, 05/01/20		1,467
	2,979	Ensco Jersey Finance Ltd., 3.000%, 01/31/24 (e)		2,357
	3,578	Extra Space Storage LP, 3.125%, 10/01/35 (e)		3,873
	5,481	FireEye, Inc., Series B, 1.625%, 06/01/35		4,977
	1,218	IAS Operating Partnership LP, 5.000%, 03/15/18 (e)		1,232
	533	Impax Laboratories, Inc., 2.000%, 06/15/22		467
	1,293	Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23		1,293
		Liberty Interactive LLC,
	320	3.750%, 02/15/30		218
	6,288	4.000%, 11/15/29		4,276
	3,772	Macquarie Infrastructure Corp., 2.000%, 10/01/23		3,720
	2,114	Microchip Technology, Inc., 1.625%, 02/15/27 (e)		2,341
	755	Micron Technology, Inc., Series G, 3.000%, 11/15/43		812
	2,457	Nabors Industries, Inc., 0.750%, 01/15/24 (e)		1,933
	1,004	Navistar International Corp., 4.500%, 10/15/18		1,010
	67	Nebraska Book Holdings, Inc., 2.000% (PIK), 04/01/26 (d) (e) (v)		7
	1,018	Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (e)		1,038
	2,003	NRG Yield, Inc., 3.250%, 06/01/20 (e)		1,992
		Nuance Communications, Inc.,
	561	1.000%, 12/15/35		541
	488	2.750%, 11/01/31		488
	650	ON Semiconductor Corp., 1.625%, 10/15/23 (e)		672
	1,336	Pandora Media, Inc., 1.750%, 12/01/20		1,272


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Prospect Capital Corp.,
	1,242	4.750%, 04/15/20		1,253
	1,208	5.750%, 03/15/18		1,237
	1,202	5.875%, 01/15/19		1,238
	505	Redwood Trust, Inc., 4.625%, 04/15/18		511
	1,680	RWT Holdings, Inc., 5.625%, 11/15/19		1,762
	1,083	SolarCity Corp., 1.625%, 11/01/19		1,018
		Spirit Realty Capital, Inc.,
	1,350	2.875%, 05/15/19		1,346
	3,821	3.750%, 05/15/21		3,828
	1,251	Starwood Property Trust, Inc., 4.375%, 04/01/23		1,267
		SunPower Corp.,
	6	0.750%, 06/01/18		6
	1,278	0.875%, 06/01/21		1,033
	1,131	TCP Capital Corp., 4.625%, 03/01/22 (e)		1,156
	1,736	5.250%, 12/15/19		1,836
	959	TPG Specialty Lending, Inc., 4.500%, 08/01/22 (e)		997
		Twitter, Inc.,
	2,642	0.250%, 09/15/19		2,497
	4,079	1.000%, 09/15/21		3,727
		VEREIT, Inc.,
	379	3.000%, 08/01/18		381
	3,104	3.750%, 12/15/20		3,205
	262	Verint Systems, Inc., 1.500%, 06/01/21		254
	3,407	Weatherford International Ltd., 5.875%, 07/01/21		3,616
	2,020	WebMD Health Corp., 2.625%, 06/15/23		2,017
	1,441	Whiting Petroleum Corp., 1.250%, 04/01/20		1,244

				84,006

		Total Convertible Bonds (Cost $165,476)		167,222


SHARES
	Convertible Preferred Stocks — 0.7%
		China — 0.1%
	43	Mandatory Exchangeable Trust, 5.750%, 06/03/19 ($100 par value) (e)		7,601

		Israel — 0.0% (g)
	5	Teva Pharmaceutical Industries Ltd., 7.000%, 12/15/18 ($1000 par value)		2,763

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE
	Convertible Preferred Stocks — continued
		United States — 0.6%
	4	Allergan plc, Series A, 5.500%, 03/01/18 ($1000 par value)		3,857
	42	American Tower Corp., 5.500%, 02/15/18 ($100 par value)		5,033
	71	Anthem, Inc., 5.250%, 05/01/18 ($50 par value)		3,680
	28	Arconic, Inc., 5.375%, 10/01/17 ($50 par value)		1,099
	7	Bank of America Corp., Series L, 7.250% ($1000 par value)		9,069
	69	Becton Dickinson and Co., Series A, 6.125%, 05/01/20 ($50 par value)		3,867
	23	Belden, Inc., 6.750%, 07/15/19 ($100 par value)		2,346
	8	Bunge Ltd., 4.875% ($100 par value)		853
	1	Crown Castle International Corp., Series A, 6.875%, 08/01/20 ($1000 par value)		1,283
	97	Dominion Energy, Inc., Series A, 6.750%, 08/15/19 ($50 par value)		4,961
	67	DTE Energy Co., 6.500%, 10/01/19 ($50 par value)		3,658
	20	Frontier Communications Corp., Series A, 11.125%, 06/29/18 ($100 par value)		501
	47	Great Plains Energy, Inc., 7.000%, 09/15/19 ($50 par value)		2,627
	46	Hess Corp., 8.000%, 02/01/19 ($50 par value)		2,591
	59	Kinder Morgan, Inc., Series A, 9.750%, 10/26/18 ($49 par value)		2,595
	92	NextEra Energy, Inc., 6.123%, 09/01/19 ($25 par value)		5,125
	35	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		479
	47	Stanley Black & Decker, Inc., 5.375%, 05/15/20 ($100 par value)		5,014
	22	Stericycle, Inc., 5.250%, 09/15/18 ($100 par value)		1,380
	18	T-Mobile US, Inc., 5.500%, 12/15/17 ($50 par value)		1,799
	7	Wells Fargo & Co., Series L, 7.500% ($1000 par value)		9,076
	38	Welltower, Inc., Series I, 6.500% ($50 par value)		2,487

				73,380

		Total Convertible Preferred Stocks (Cost $83,504)		83,744


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 38.6%
		Argentina — 0.1%
	1,290	Pampa Energia SA, 7.375%, 07/21/23 (e)		1,343
		YPF SA,
	2,800	Reg. S, 8.500%, 03/23/21		3,093
	2,750	Reg. S, 8.750%, 04/04/24		3,081

				7,517

		Australia — 0.2%
	7,521	Australia & New Zealand Banking Group Ltd., VAR, 6.750%, 06/15/26 (e) (x) (y)		8,416
	1,720	BHP Billiton Finance USA Ltd., VAR, 6.750%, 10/19/75 (e)		1,974
		FMG Resources August 2006 Pty. Ltd.,
	1,285	4.750%, 05/15/22 (e)		1,320
	1,389	5.125%, 05/15/24 (e)		1,445
	3,835	9.750%, 03/01/22 (e)		4,357
	1,215	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		1,245

				18,757

		Azerbaijan — 0.0% (g)
	1,700	Southern Gas Corridor CJSC, Reg. S, 6.875%, 03/24/26		1,867
	1,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.950%, 03/18/30		1,808

				3,675

		Barbados — 0.0% (g)
	1,713	Columbus Cable Barbados Ltd., Reg. S, 7.375%, 03/30/21		1,826

		Belgium — 0.1%
	2,025	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		2,278
	4,870	Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/48 (e)		5,147
EUR	6,175	KBC Group NV, Reg. S, VAR, 5.625%, 03/19/19 (x) (y)		7,657

				15,082

		Brazil — 0.3%
	1,954	Banco Daycoval SA, Reg. S, 5.750%, 03/19/19		2,004
	1,400	GTL Trade Finance, Inc., Reg. S, 5.893%, 04/29/24		1,453
		JBS USA LUX SA,
	4,689	5.750%, 06/15/25 (e)		4,629
	4,448	5.875%, 07/15/24 (e)		4,415
	6,065	7.250%, 06/01/21 (e)		6,163
	538	8.250%, 02/01/20 (e)		546
		Petrobras Global Finance BV,
	1,700	6.850%, 06/05/15		1,555

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Brazil — continued
	5,790	7.375%, 01/17/27		6,321
	4,950	8.375%, 05/23/21		5,569
	1,500	Suzano Austria GmbH, Reg. S, 5.750%, 07/14/26		1,588
	1,306	Vale Overseas Ltd., 5.875%, 06/10/21		1,423
	2,090	Votorantim Cimentos SA, Reg. S, 7.250%, 04/05/41		2,158

				37,824

		Canada — 1.6%
		1011778 BC ULC,
	4,604	4.250%, 05/15/24 (e)		4,630
	7,515	6.000%, 04/01/22 (e)		7,755
	2,332	ATS Automation Tooling Systems, Inc., 6.500%, 06/15/23 (e)		2,454
		Baytex Energy Corp.,
	200	5.125%, 06/01/21 (e)		182
	364	5.625%, 06/01/24 (e)		319
		Bombardier, Inc.,
	1,868	6.000%, 10/15/22 (e)		1,903
	3,228	6.125%, 01/15/23 (e)		3,301
	5,401	7.500%, 03/15/25 (e)		5,725
	188	7.750%, 03/15/20 (e)		205
	5,208	8.750%, 12/01/21 (e)		5,937
		Cascades, Inc.,
	1,420	5.500%, 07/15/22 (e)		1,470
	585	5.750%, 07/15/23 (e)		608
		Cenovus Energy, Inc.,
	8,290	5.400%, 06/15/47 (e)		7,970
	4,425	6.750%, 11/15/39		4,784
		Concordia International Corp.,
	6,381	7.000%, 04/15/23 (e)		1,148
	874	9.000%, 04/01/22 (e)		664
	2,468	Cott Holdings, Inc., 5.500%, 04/01/25 (e)		2,594
	13,375	Emera, Inc., Series 16-A, VAR, 6.750%, 06/15/76		15,248
	4,375	Enbridge, Inc., VAR, 5.500%, 07/15/77		4,441
	1,200	Gateway Casinos & Entertainment Ltd., 8.250%, 03/01/24 (e)		1,248
	10,055	GW Honos Security Corp., 8.750%, 05/15/25 (e)		10,709
	930	Hudbay Minerals, Inc., 7.250%, 01/15/23 (e)		1,008
	5,207	Kronos Acquisition Holdings, Inc., 9.000%, 08/15/23 (e)		5,233
		Mattamy Group Corp.,
	1,908	6.500%, 11/15/20 (e)		1,946


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada –– continued
	532	6.875%, 12/15/23 (e)		541
		MEG Energy Corp.,
	12,946	6.375%, 01/30/23 (e)		10,842
	4,506	6.500%, 01/15/25 (e)		4,360
	1,000	7.000%, 03/31/24 (e)		822
		NOVA Chemicals Corp.,
	3,320	4.875%, 06/01/24 (e)		3,341
	2,646	5.000%, 05/01/25 (e)		2,659
	1,500	5.250%, 06/01/27 (e)		1,504
		Open Text Corp.,
	1,957	5.625%, 01/15/23 (e)		2,055
	1,065	5.875%, 06/01/26 (e)		1,153
		Precision Drilling Corp.,
	1,025	5.250%, 11/15/24		920
	555	6.500%, 12/15/21		545
	10,208	Quebecor Media, Inc., 5.750%, 01/15/23		10,999
	50	Quebecor World Capital Corp., 6.125%, 01/15/16 (d)		—
	50	Quebecor, Inc., 9.750%, 01/15/16 (d)		—
		Teck Resources Ltd.,
	1,635	4.750%, 01/15/22		1,720
	1,455	5.400%, 02/01/43		1,426
	2,670	6.000%, 08/15/40		2,844
	2,775	6.125%, 10/01/35		3,011
	1,383	8.500%, 06/01/24 (e)		1,604
	5,610	TransCanada PipeLines Ltd., 4.625%, 03/01/34		6,124
		Transcanada Trust,
	9,359	Series 16-A, VAR, 5.875%, 08/15/76		10,241
	13,375	VAR, 5.300%, 03/15/77		13,843
	9,855	VAR, 5.625%, 05/20/75		10,495
	1,098	Trinidad Drilling Ltd., 6.625%, 02/15/25 (e)		1,035
		Videotron Ltd.,
	1,365	5.000%, 07/15/22		1,460
	1,560	5.125%, 04/15/27 (e)		1,607
	6,818	5.375%, 06/15/24 (e)		7,270

				193,903

		Chile — 0.0% (g)
	1,550	Empresa Electrica Angamos SA, Reg. S, 4.875%, 05/25/29		1,588
	2,950	VTR Finance BV, Reg. S, 6.875%, 01/15/24		3,146

				4,734

		Colombia — 0.1%
		Ecopetrol SA,
	2,400	5.375%, 06/26/26		2,518

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Colombia — continued
	2,862	7.375%, 09/18/43		3,137

				5,655

		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.875%, 10/23/22 (e)		1,464

		Finland — 0.0% (g)
		Nokia OYJ,
	335	3.375%, 06/12/22		339
	335	4.375%, 06/12/27		345
	276	5.375%, 05/15/19		291
	1,452	6.625%, 05/15/39		1,685

				2,660

		France — 0.5%
		Credit Agricole SA,
	10,535	VAR, 6.625%, 09/23/19 (e) (x) (y)		11,056
	6,835	VAR, 8.125%, 12/23/25 (e) (x) (y)		8,159
		SFR Group SA,
	18,441	6.000%, 05/15/22 (e)		19,294
	3,730	6.250%, 05/15/24 (e)		3,940
	3,201	7.375%, 05/01/26 (e)		3,465
		Societe Generale SA,
	12,990	VAR, 7.375%, 09/13/21 (e) (x) (y)		14,191
	4,730	VAR, 8.000%, 09/29/25 (e) (x) (y)		5,500

				65,605

		Germany — 0.1%
		Fresenius Medical Care US Finance II, Inc.,
	1,160	4.750%, 10/15/24 (e)		1,249
	1,152	5.875%, 01/31/22 (e)		1,300
	400	6.500%, 09/15/18 (e)		419
	1,850	Fresenius Medical Care US Finance, Inc., 5.750%, 02/15/21 (e)		2,040
	1,630	IHO Verwaltungs GmbH, 4.500% (cash), 09/15/23 (e) (v)		1,679
	2,988	Unitymedia GmbH, 6.125%, 01/15/25 (e)		3,212
	2,010	Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (e)		2,085
	5,090	ZF North America Capital, Inc., 4.500%, 04/29/22 (e)		5,344

				17,328

		Guatemala — 0.0% (g)
	3,420	Comcel Trust, Reg. S, 6.875%, 02/06/24		3,586
	1,847	Energuate Trust, Reg. S, 5.875%, 05/03/27		1,894

				5,480


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hungary — 0.0% (g)
	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		2,430

				5,100

		India — 0.1%
		Axis Bank Ltd.,
	1,550	Reg. S, 2.875%, 06/01/21		1,544
	1,748	Reg. S, 3.250%, 05/21/20		1,772
	1,130	Bharti Airtel International Netherlands BV, Reg. S, 5.125%, 03/11/23		1,193
	2,830	Reliance Holding USA, Inc., Reg. S, 5.400%, 02/14/22		3,111

				7,620

		Indonesia — 0.2%
	1,400	Majapahit Holding BV, Reg. S, 7.750%, 01/20/20		1,570
		Pertamina Persero PT,
	4,500	Reg. S, 4.300%, 05/20/23		4,682
	4,540	Reg. S, 5.250%, 05/23/21		4,903
	4,250	Reg. S, 6.000%, 05/03/42		4,686
	5,190	Reg. S, 6.450%, 05/30/44		6,038

				21,879

		Ireland — 0.2%
		Ardagh Packaging Finance plc,
	6,560	6.000%, 02/15/25 (e)		7,007
	5,375	7.250%, 05/15/24 (e)		5,932
	425	Fly Leasing Ltd., 6.750%, 12/15/20		445
	3,365	James Hardie International Finance DAC, 5.875%, 02/15/23 (e)		3,546
		Park Aerospace Holdings Ltd.,
	1,402	5.250%, 08/15/22 (e)		1,427
	2,234	5.500%, 02/15/24 (e)		2,274

				20,631

		Israel — 0.1%
	10,210	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		9,267

		Italy — 0.2%
	3,605	Enel Finance International NV, 4.750%, 05/25/47 (e)		3,848
	8,600	Enel SpA, VAR, 8.750%, 09/24/73 (e)		10,363
		Telecom Italia Capital SA,
	93	6.000%, 09/30/34		103
	177	6.375%, 11/15/33		200

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Italy — continued
		Wind Acquisition Finance SA,
	4,500	4.750%, 07/15/20 (e)		4,551
	4,500	7.375%, 04/23/21 (e)		4,685

				23,750

		Jamaica — 0.0% (g)
	2,098	Digicel Group Ltd., Reg. S, 7.125%, 04/01/22		1,865

		Japan — 0.0% (g)
	2,849	SoftBank Group Corp., 4.500%, 04/15/20 (e)		2,935

		Kazakhstan — 0.1%
	1,325	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.950%, 07/10/42		1,431
		KazMunayGas National Co. JSC,
	4,650	Reg. S, 4.750%, 04/19/27		4,618
	3,776	Reg. S, 6.375%, 04/09/21		4,125
	1,100	Reg. S, 9.125%, 07/02/18		1,166
	2,350	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.000%, 08/15/26		2,306

				13,646

		Luxembourg — 0.8%
		Altice Financing SA,
	724	6.500%, 01/15/22 (e)		753
	6,577	6.625%, 02/15/23 (e)		6,968
	6,985	7.500%, 05/15/26 (e)		7,745
		Altice Luxembourg SA,
	415	7.625%, 02/15/25 (e)		455
	13,763	7.750%, 05/15/22 (e)		14,623
		ArcelorMittal,
	2,478	6.125%, 06/01/25		2,828
	4,858	6.750%, 02/25/22		5,477
	927	7.250%, 03/01/41		1,071
	2,770	7.500%, 10/15/39 (w)		3,269
	6,920	INEOS Group Holdings SA, 5.625%, 08/01/24 (e)		7,162
		Intelsat Jackson Holdings SA,
	7,138	5.500%, 08/01/23		6,156
	25,017	7.250%, 10/15/20		24,016
	9,475	7.500%, 04/01/21		8,954
	4,255	8.000%, 02/15/24 (e)		4,622
	1,145	9.750%, 07/15/25 (e)		1,184

				95,283

		Malaysia — 0.0% (g)
	1,200	Petronas Capital Ltd., Reg. S, 4.500%, 03/18/45		1,301


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — 0.6%
		Alfa SAB de CV,
	2,412	6.875%, 03/25/44 (e)		2,677
	2,700	Reg. S, 5.250%, 03/25/24		2,929
	600	Banco Nacional de Comercio Exterior SNC, VAR, 3.800%, 08/11/26 (e)		599
	2,600	BBVA Bancomer SA, Reg. S, 6.750%, 09/30/22		2,951
		CEMEX Finance LLC,
	995	6.000%, 04/01/24 (e)		1,057
	905	9.375%, 10/12/22 (e)		960
		Cemex SAB de CV,
	3,104	5.700%, 01/11/25 (e)		3,305
	8,730	6.125%, 05/05/25 (e)		9,448
	4,400	7.750%, 04/16/26 (e)		5,060
	3,100	Grupo KUO SAB de CV, 5.750%, 07/07/27 (e)		3,127
		Petroleos Mexicanos,
	5,499	5.625%, 01/23/46		5,049
	5,650	6.375%, 02/04/21		6,187
	1,500	6.375%, 01/23/45		1,512
	340	6.500%, 03/13/27 (e)		374
	7,450	6.625%, 06/15/35		7,930
	5,940	6.750%, 09/21/47 (e)		6,249
	5,850	Reg. S, 5.375%, 03/13/22		6,233
	3,900	Reg. S, 6.500%, 03/13/27		4,294

				69,941

		Morocco — 0.0% (g)
		OCP SA,
	2,020	Reg. S, 5.625%, 04/25/24		2,181
	1,171	Reg. S, 6.875%, 04/25/44		1,303

				3,484

		Netherlands — 0.3%
	3,900	Bluewater Holding BV, Reg. S, 10.000%, 12/10/19 (e)		3,569
	2,185	Constellium NV, 6.625%, 03/01/25 (e)		2,185
	5,458	ING Groep NV, Reg. S, VAR, 6.875%, 04/16/22 (x) (y)		5,927
		NXP BV,
	2,665	4.625%, 06/15/22 (e)		2,861
	2,780	4.625%, 06/01/23 (e)		3,003
	6,874	5.750%, 03/15/23 (e)		7,228
	7,770	UPCB Finance IV Ltd., 5.375%, 01/15/25 (e)		8,100
	940	Ziggo Bond Finance BV, 5.875%, 01/15/25 (e)		973

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Netherlands — continued
	1,694	Ziggo Secured Finance BV, 5.500%, 01/15/27 (e)		1,753

				35,599

		New Zealand — 0.1%
		Reynolds Group Issuer, Inc.,
	1,000	5.125%, 07/15/23 (e)		1,052
	9,725	5.750%, 10/15/20		9,932
	3,079	6.875%, 02/15/21		3,163
	1,745	7.000%, 07/15/24 (e)		1,889

				16,036

		Nigeria — 0.0% (g)
	2,631	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (d) (e)		789

		Peru — 0.1%
	1,850	Banco de Credito del Peru, Reg. S, 4.250%, 04/01/23		1,961
	1,800	BBVA Banco Continental SA, Reg. S, 5.000%, 08/26/22		1,955
	1,124	Consorcio Transmantaro SA, Reg. S, 4.375%, 05/07/23		1,165
	3,100	Petroleos del Peru SA, 5.625%, 06/19/47 (e)		3,215
	2,830	Southern Copper Corp., 5.875%, 04/23/45		3,134
	1,500	VM Holding SA, Reg. S, 5.375%, 05/04/27		1,560

				12,990

		Qatar — 0.0% (g)
		ABQ Finance Ltd.,
	2,570	3.500%, 02/22/22		2,541
	1,550	Reg. S, 3.625%, 04/13/21		1,548

				4,089

		Russia — 0.1%
	1,100	Gazprom OAO Via Gaz Capital SA, Reg. S, 9.250%, 04/23/19		1,213
	2,750	MMC Norilsk Nickel OJSC, Reg. S, 6.625%, 10/14/22		3,066
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.750%, 05/29/18		572
	1,100	Russian Railways via RZD Capital plc, Reg. S, 5.700%, 04/05/22		1,180
	3,050	Severstal OAO, Reg. S, 3.850%, 08/27/21		3,080
	2,350	Vnesheconombank Via VEB Finance plc, Reg. S, 5.942%, 11/21/23		2,509
	1,081	VTB Bank OJSC Via VTB Capital SA, Reg. S, 6.950%, 10/17/22		1,169

				12,789


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea — 0.0% (g)
	3,805	MagnaChip Semiconductor Corp., 6.625%, 07/15/21		3,624

		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria SA,
EUR	1,000	Reg. S, VAR, 6.750%, 02/18/20 (x) (y)		1,265
EUR	1,800	Reg. S, VAR, 7.000%, 02/19/19 (x) (y)		2,237
	2,000	Reg. S, VAR, 9.000%, 05/09/18 (x) (y)		2,087
	9,530	Telefonica Emisiones SAU, 5.213%, 03/08/47		10,547
GBP	4,400	Telefonica Europe BV, Reg. S, VAR, 6.750%, 11/26/20 (x) (y)		6,422

				22,558

		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, VAR, 5.750%, 05/13/20 (x) (y)		5,190
	5,000	Svenska Handelsbanken AB, Reg. S, VAR, 5.250%, 03/01/21 (x) (y)		5,113
	5,000	Swedbank AB, Reg. S, VAR, 5.500%, 03/17/20 (x) (y)		5,156

				15,459

		Switzerland — 0.2%
		Credit Suisse Group AG,
	8,385	VAR, 6.250%, 12/18/24 (e) (x) (y)		9,001
	4,646	VAR, 7.500%, 12/11/23 (e) (x) (y)		5,285
		UBS Group AG,
	5,000	Reg. S, VAR, 6.875%, 08/07/25 (x) (y)		5,481
	5,000	Reg. S, VAR, 7.000%, 02/19/25 (x) (y)		5,606
	2,000	Reg. S, VAR, 7.125%, 02/19/20 (x) (y)		2,143

				27,516

		Trinidad and Tobago — 0.0% (g)
	365	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.750%, 08/14/19		391

		Turkey — 0.1%
	2,350	Finansbank A/S, Reg. S, 4.875%, 05/19/22		2,341
	2,900	KOC Holding A/S, Reg. S, 5.250%, 03/15/23		3,059
	2,300	Turkiye Is Bankasi, Reg. S, 5.000%, 04/30/20		2,332
	3,050	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.250%, 05/09/20		3,096

				10,828

		United Arab Emirates — 0.1%
		DAE Funding LLC,
	1,205	4.500%, 08/01/22 (e)		1,223
	1,284	5.000%, 08/01/24 (e)		1,311

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Arab Emirates — continued
	6,376	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		6,270

				8,804

		United Kingdom — 0.9%
	3,075	Afren plc, Reg. S, 6.625%, 12/09/20 (d)		1
		Anglo American Capital plc,
	1,362	4.750%, 04/10/27 (e)		1,449
	1,455	4.875%, 05/14/25 (e)		1,553
		Ashtead Capital, Inc.,
	3,560	5.625%, 10/01/24 (e)		3,827
	6,900	6.500%, 07/15/22 (e)		7,159
		Barclays plc,
GBP	6,299	Reg. S, VAR, 7.250%, 03/15/23 (x) (y)		8,988
	1,377	Reg. S, VAR, 7.875%, 03/15/22 (x) (y)		1,506
	11,384	Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		11,825
		HSBC Holdings plc,
	4,840	VAR, 6.375%, 09/17/24 (x) (y)		5,167
	6,000	VAR, 6.375%, 03/30/25 (x) (y)		6,442
	6,852	VAR, 6.875%, 06/01/21 (x) (y)		7,515
		KCA Deutag UK Finance plc,
	2,208	7.250%, 05/15/21 (e)		2,064
	2,560	9.875%, 04/01/22 (e)		2,573
	12,498	Lloyds Banking Group plc, VAR, 7.500%, 06/27/24 (x) (y)		13,904
GBP	3,809	Nationwide Building Society, Reg. S, VAR, 6.875%, 06/20/19 (x) (y)		5,264
		Noble Holding International Ltd.,
	169	5.250%, 03/15/42		98
	1,121	6.200%, 08/01/40		684
		Royal Bank of Scotland Group plc,
	2,130	5.125%, 05/28/24		2,259
	514	6.000%, 12/19/23		572
	14,647	6.125%, 12/15/22		16,208
	5,660	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		5,986
	2,548	Virgin Media Finance plc, 6.375%, 04/15/23 (e)		2,675
		Virgin Media Secured Finance plc,
	975	5.250%, 01/15/26 (e)		1,014
	1,300	5.500%, 01/15/25 (e)		1,360
	640	5.500%, 08/15/26 (e)		678

				110,771


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — 31.1%
		21st Century Fox America, Inc.,
	6,795	4.750%, 09/15/44		7,226
	4,795	4.950%, 10/15/45		5,262
	5,720	Abbott Laboratories, 4.900%, 11/30/46		6,322
		AbbVie, Inc.,
	5,040	4.450%, 05/14/46		5,259
	3,359	4.700%, 05/14/45		3,606
		Acadia Healthcare Co., Inc.,
	520	5.125%, 07/01/22		537
	700	5.625%, 02/15/23		731
	528	6.125%, 03/15/21		544
	3,004	6.500%, 03/01/24		3,229
	3,495	ACCO Brands Corp., 5.250%, 12/15/24 (e)		3,635
	4,931	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		4,931
	3,420	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		3,493
	3,720	Adient Global Holdings Ltd., 4.875%, 08/15/26 (e)		3,773
		ADT Corp. (The),
	2,335	3.500%, 07/15/22		2,309
	9,092	4.125%, 06/15/23		9,194
	519	Advanced Micro Devices, Inc., 7.000%, 07/01/24		557
		AECOM,
	2,414	5.125%, 03/15/27		2,432
	9,298	5.875%, 10/15/24		10,147
		AES Corp.,
	1,900	4.875%, 05/15/23		1,943
	1,800	5.500%, 04/15/25		1,885
	1,500	6.000%, 05/15/26		1,611
	3,731	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		3,302
	4,805	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		4,613
	1,200	Airxcel, Inc., 8.500%, 02/15/22 (e)		1,272
		AK Steel Corp.,
	1,878	7.000%, 03/15/27		1,965
	1,159	7.500%, 07/15/23		1,268
		Albertsons Cos. LLC,
	3,292	5.750%, 03/15/25 (e)		2,979
	10,253	6.625%, 06/15/24 (e)		9,638
		Alcoa Nederland Holding BV,
	2,996	6.750%, 09/30/24 (e)		3,303
	900	7.000%, 09/30/26 (e)		1,001
		Alere, Inc.,
	497	6.375%, 07/01/23 (e)		535

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	3,955	6.500%, 06/15/20		4,019
		Aleris International, Inc.,
	240	7.875%, 11/01/20		232
	1,505	9.500%, 04/01/21 (e)		1,588
	7,310	Allergan Funding SCS, 4.850%, 06/15/44		8,069
		Alliance Data Systems Corp.,
	1,939	5.375%, 08/01/22 (e)		1,963
	1,505	5.875%, 11/01/21 (e)		1,565
	19,105	Allstate Corp. (The), VAR, 5.750%, 08/15/53		21,039
		Ally Financial, Inc.,
	4,599	4.125%, 02/13/22		4,731
	20,407	4.625%, 05/19/22		21,351
	11,685	4.625%, 03/30/25		12,078
	4,730	5.125%, 09/30/24		5,061
	2,855	5.750%, 11/20/25		3,055
	2,760	8.000%, 11/01/31		3,426
	1,740	Alta Mesa Holdings LP, 7.875%, 12/15/24 (e)		1,827
		Altice US Finance I Corp.,
	3,800	5.375%, 07/15/23 (e)		3,990
	3,893	5.500%, 05/15/26 (e)		4,127
		AMC Entertainment Holdings, Inc.,
	5,765	5.750%, 06/15/25		5,904
	1,000	5.875%, 02/15/22		1,041
	1,665	5.875%, 11/15/26		1,698
	1,079	6.125%, 05/15/27		1,110
		AMC Networks, Inc.,
	2,100	4.750%, 12/15/22		2,162
	831	4.750%, 08/01/25		838
	7,430	5.000%, 04/01/24		7,653
		American Axle & Manufacturing, Inc.,
	1,600	6.250%, 03/15/21		1,652
	6,537	6.250%, 04/01/25 (e)		6,513
	6,391	6.500%, 04/01/27 (e)		6,335
	2,184	6.625%, 10/15/22		2,266
	3,450	7.750%, 11/15/19		3,786
		American Express Co.,
	18,070	Series C, VAR, 4.900%, 03/15/20 (x) (y)		18,522
	5,575	VAR, 5.200%, 11/15/19 (x) (y)		5,791
	1,946	American Greetings Corp., 7.875%, 02/15/25 (e)		2,116
		American International Group, Inc.,
	4,240	4.500%, 07/16/44		4,399
	8,805	4.800%, 07/10/45		9,539


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		AmeriGas Partners LP,
	4,278	5.500%, 05/20/25		4,321
	1,309	5.750%, 05/20/27		1,322
	1,039	5.875%, 08/20/26		1,065
	4,850	Amgen, Inc., 4.400%, 05/01/45		5,098
		Amkor Technology, Inc.,
	8,949	6.375%, 10/01/22		9,307
	2,278	6.625%, 06/01/21		2,326
	1,312	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		1,348
	805	Analog Devices, Inc., 4.500%, 12/05/36		832
	5,026	Anixter, Inc., 5.500%, 03/01/23		5,390
	2,380	Antero Midstream Partners LP, 5.375%, 09/15/24		2,457
		Antero Resources Corp.,
	6,204	5.125%, 12/01/22		6,297
	2,644	5.375%, 11/01/21		2,724
	4,205	5.625%, 06/01/23		4,310
		Anthem, Inc.,
	3,295	4.650%, 08/15/44		3,592
	2,280	5.100%, 01/15/44		2,650
	2,565	Arch Capital Finance LLC, 5.031%, 12/15/46		2,861
	930	Archrock Partners LP, 6.000%, 10/01/22		907
		Arconic, Inc.,
	9,295	5.125%, 10/01/24		9,887
	2,540	5.870%, 02/23/22		2,788
	3,992	Ashland LLC, 4.750%, 08/15/22		4,182
	378	AssuredPartners Inc, 7.000%, 08/15/25 (e)		381
		AT&T, Inc.,
	5,380	4.350%, 06/15/45		4,881
	8,215	4.750%, 05/15/46		7,900
	1,175	5.150%, 03/15/42		1,191
	5,175	5.300%, 08/14/58		5,149
	4,210	5.650%, 02/15/47		4,564
	3,395	AvalonBay Communities, Inc., 4.150%, 07/01/47		3,409
		Avaya, Inc.,
	5,950	7.000%, 04/01/19 (d) (e)		4,909
	2,160	10.500%, 03/01/21 (d) (e)		194
		Avis Budget Car Rental LLC,
	5,840	5.500%, 04/01/23		5,869
	5,730	6.375%, 04/01/24 (e)		5,884
	3,030	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		3,128
	1,764	B&G Foods, Inc., 5.250%, 04/01/25		1,839

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	1,962	Ball Corp., 5.250%, 07/01/25		2,158
		Bank of America Corp.,
	12,340	Series K, VAR, 8.000%, 01/30/18 (x) (y)		12,679
	13,000	Series M, VAR, 8.125%, 05/15/18 (x) (y)		13,581
	7,015	Series U, VAR, 5.200%, 06/01/23 (x) (y)		7,261
	23,045	Series V, VAR, 5.125%, 06/17/19 (x) (y)		23,503
	11,220	Series X, VAR, 6.250%, 09/05/24 (x) (y)		12,370
	13,130	Series Z, VAR, 6.500%, 10/23/24 (x) (y)		14,820
	16,093	Series AA, VAR, 6.100%, 03/17/25 (x) (y)		17,743
		Bank of New York Mellon Corp. (The),
	9,636	Series D, VAR, 4.500%, 06/20/23 (x) (y)		9,654
	20,375	Series E, VAR, 4.950%, 06/20/20 (x) (y)		21,135
	15,551	Series F, VAR, 4.625%, 09/20/26 (x) (y)		15,807
	4,260	Becton Dickinson and Co., 4.669%, 06/06/47		4,452
		Berry Plastics Corp.,
	1,875	5.125%, 07/15/23		1,955
	500	6.000%, 10/15/22		531
	2,620	Biogen, Inc., 5.200%, 09/15/45		3,012
	4,722	Blue Cube Spinco, Inc., 10.000%, 10/15/25		5,855
	6,162	Blue Racer Midstream LLC, 6.125%, 11/15/22 (e)		6,301
	920	Boise Cascade Co., 5.625%, 09/01/24 (e)		957
	870	Booz Allen Hamilton, Inc., 5.125%, 05/01/25 (e)		868
		Boyd Gaming Corp.,
	970	6.375%, 04/01/26		1,057
	6,100	6.875%, 05/15/23		6,558
	8,435	Brighthouse Financial, Inc., 4.700%, 06/22/47 (e)		8,336
	3,379	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		3,371
	4,295	BWAY Holding Co., 5.500%, 04/15/24 (e)		4,504
	4,322	Cablevision Systems Corp., 8.000%, 04/15/20		4,845
		Caesars Entertainment Operating Co., Inc.,
	5,754	8.500%, 02/15/20 (d)		7,451
	10,622	9.125%, 02/15/20 (d)		13,809
	6,287	11.250%, 06/01/17 (d)		7,985
		CalAtlantic Group, Inc.,
	682	5.250%, 06/01/26		707
	600	5.375%, 10/01/22		651
	2,247	5.875%, 11/15/24		2,441
	295	8.375%, 01/15/21		346
	1,259	Caleres, Inc., 6.250%, 08/15/23		1,313


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,065	California Resources Corp., 8.000%, 12/15/22 (e)		1,958
	1,243	Callon Petroleum Co., 6.125%, 10/01/24 (e)		1,293
		Calpine Corp.,
	3,015	5.250%, 06/01/26 (e)		2,955
	1,500	5.500%, 02/01/24		1,406
	1,140	5.750%, 01/15/25		1,060
	2,000	5.875%, 01/15/24 (e)		2,060
	175	Calumet Specialty Products Partners LP, 6.500%, 04/15/21		160
	2,720	Camelot Finance SA, 7.875%, 10/15/24 (e)		2,958
	21,570	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20 (x) (y)		22,729
	3,650	CBS Corp., 4.600%, 01/15/45		3,755
	1,090	CBS Radio, Inc., 7.250%, 11/01/24 (e)		1,149
	662	CCM Merger, Inc., 6.000%, 03/15/22 (e)		694
		CCO Holdings LLC,
	3,280	5.125%, 05/01/23 (e)		3,444
	2,517	5.125%, 05/01/27 (e)		2,602
	2,565	5.375%, 05/01/25 (e)		2,729
	8,835	5.500%, 05/01/26 (e)		9,390
	11,576	5.750%, 02/15/26 (e)		12,444
	30,997	5.875%, 04/01/24 (e)		33,293
	864	CD&R Waterworks Merger Sub LLC, 6.125%, 08/15/25 (e)		881
	875	CDK Global, Inc., 4.875%, 06/01/27 (e)		899
		CDW LLC,
	2,242	5.000%, 09/01/23		2,337
	635	5.500%, 12/01/24		696
		Cedar Fair LP,
	575	5.375%, 06/01/24		604
	490	5.375%, 04/15/27 (e)		517
		Centene Corp.,
	100	4.750%, 05/15/22		105
	2,850	4.750%, 01/15/25		2,971
	2,570	5.625%, 02/15/21		2,673
	1,745	6.125%, 02/15/24		1,898
	1,925	Central Garden & Pet Co., 6.125%, 11/15/23		2,060
		CenturyLink, Inc.,
	6,606	Series T, 5.800%, 03/15/22		6,862
	7,115	Series W, 6.750%, 12/01/23		7,551
		CF Industries, Inc.,
	881	4.500%, 12/01/26 (e)		912
	2,835	4.950%, 06/01/43		2,424

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	3,310	5.150%, 03/15/34		3,037
	7,555	5.375%, 03/15/44		6,799
	13,850	Charter Communications Operating LLC, 6.484%, 10/23/45		16,348
		Chemours Co. (The),
	3,080	6.625%, 05/15/23		3,308
	1,665	7.000%, 05/15/25		1,856
		Cheniere Corpus Christi Holdings LLC,
	2,195	5.125%, 06/30/27 (e)		2,286
	4,945	5.875%, 03/31/25		5,359
	492	7.000%, 06/30/24		560
		Chesapeake Energy Corp.,
	2,898	4.875%, 04/15/22		2,666
	1,771	6.125%, 02/15/21		1,731
	525	6.625%, 08/15/20		532
	5,306	8.000%, 12/15/22 (e)		5,624
	1,457	8.000%, 01/15/25 (e)		1,461
	4,260	8.000%, 06/15/27 (e)		4,260
	1,989	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		2,014
	3,600	Cinemark USA, Inc., 4.875%, 06/01/23		3,658
	4,908	CIT Group, Inc., 5.000%, 08/15/22		5,307
	3,460	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		3,521
		Citigroup, Inc.,
	14,725	Series D, VAR, 5.350%, 05/15/23 (x) (y)		15,214
	18,705	Series N, VAR, 5.800%, 11/15/19 (x) (y)		19,570
	10,010	Series O, VAR, 5.875%, 03/27/20 (x) (y)		10,523
	20,570	Series P, VAR, 5.950%, 05/15/25 (x) (y)		22,092
	1,670	Series R, VAR, 6.125%, 11/15/20 (x) (y)		1,793
	5,475	Series T, VAR, 6.250%, 08/15/26 (x) (y)		6,151
	10,670	Series M, VAR, 6.300%, 05/15/24 (x) (y)		11,630
	15,330	VAR, 5.950%, 01/30/23 (x) (y)		16,595
		Claire’s Stores, Inc.,
	1,150	6.125%, 03/15/20 (e)		529
	11,608	9.000%, 03/15/19 (e)		5,891
	1,490	Clean Harbors, Inc., 5.125%, 06/01/21		1,520
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.500%, 11/15/22		1,725
	115	Series A, 7.625%, 03/15/20		115
	31,795	Series B, 6.500%, 11/15/22		32,948
	17,307	Series B, 7.625%, 03/15/20		17,415
		Clearwater Paper Corp.,
	2,125	4.500%, 02/01/23		2,104
	900	5.375%, 02/01/25 (e)		891


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	4,235	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		3,811
	3,065	CNO Financial Group, Inc., 5.250%, 05/30/25		3,257
	2,669	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		2,736
	5,075	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		5,316
	3,290	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		3,924
		Commercial Metals Co.,
	2,482	4.875%, 05/15/23		2,538
	690	5.375%, 07/15/27		719
		CommScope Technologies LLC,
	1,505	5.000%, 03/15/27 (e)		1,509
	9,092	6.000%, 06/15/25 (e)		9,774
		CommScope, Inc.,
	2,355	5.000%, 06/15/21 (e)		2,414
	4,348	5.500%, 06/15/24 (e)		4,582
		Community Health Systems, Inc.,
	990	6.250%, 03/31/23		1,013
	2,082	6.875%, 02/01/22		1,772
	2,575	7.125%, 07/15/20		2,490
	2,172	Concho Resources, Inc., 5.500%, 04/01/23		2,243
	1,418	CONSOL Energy, Inc., 5.875%, 04/15/22		1,423
	652	Consolidated Communications, Inc., 6.500%, 10/01/22		639
		Continental Resources, Inc.,
	7,557	4.500%, 04/15/23		7,368
	1,833	5.000%, 09/15/22		1,817
	2,925	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		2,951
	2,400	CoreCivic, Inc., 4.625%, 05/01/23		2,448
		Covanta Holding Corp.,
	240	5.875%, 03/01/24		234
	379	5.875%, 07/01/25		369
	1,180	Covey Park Energy LLC, 7.500%, 05/15/25 (e)		1,209
	3,940	Cox Communications, Inc., 4.600%, 08/15/47 (e)		3,945
		Crestwood Midstream Partners LP,
	2,091	5.750%, 04/01/25		2,099
	319	6.250%, 04/01/23		325
	1,065	Crown Americas LLC, 4.250%, 09/30/26 (e)		1,073
		CSC Holdings LLC,
	1,553	5.250%, 06/01/24		1,613
	1,840	5.500%, 04/15/27 (e)		1,960

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	1,400	6.625%, 10/15/25 (e)		1,550
	2,504	6.750%, 11/15/21		2,787
	942	8.625%, 02/15/19		1,031
	7,952	10.125%, 01/15/23 (e)		9,254
	1,182	10.875%, 10/15/25 (e)		1,475
	1,341	CSI Compressco LP, 7.250%, 08/15/22		1,256
	4,820	CSX Corp., 4.250%, 11/01/66		4,644
	640	Cumberland Farms, Inc., 6.750%, 05/01/25 (e)		685
	1,641	CURO Financial Technologies Corp., 12.000%, 03/01/22 (e)		1,735
	6,818	CVR Partners LP, 9.250%, 06/15/23 (e)		6,946
		CyrusOne LP,
	1,408	5.000%, 03/15/24 (e)		1,464
	985	5.375%, 03/15/27 (e)		1,041
		Dana Financing Luxembourg SARL,
	1,375	5.750%, 04/15/25 (e)		1,430
	4,320	6.500%, 06/01/26 (e)		4,628
		Dana, Inc.,
	1,250	5.500%, 12/15/24		1,296
	6,125	6.000%, 09/15/23		6,408
		DaVita, Inc.,
	4,830	5.000%, 05/01/25		4,901
	3,502	5.125%, 07/15/24		3,601
	1,275	5.750%, 08/15/22		1,316
		DCP Midstream Operating LP,
	4,359	3.875%, 03/15/23		4,250
	702	4.950%, 04/01/22		720
	1,825	6.750%, 09/15/37 (e)		1,971
	5,558	Dean Foods Co., 6.500%, 03/15/23 (e)		5,759
	3,243	Delek Logistics Partners LP, 6.750%, 05/15/25 (e)		3,284
		Dell International LLC,
	7,581	5.450%, 06/15/23 (e)		8,356
	1,420	5.875%, 06/15/21 (e)		1,489
	9,926	6.020%, 06/15/26 (e)		11,084
	1,465	7.125%, 06/15/24 (e)		1,630
	6,310	8.350%, 07/15/46 (e)		8,261
		Denbury Resources, Inc.,
	3,495	4.625%, 07/15/23		1,782
	570	5.500%, 05/01/22		308
	715	Diamondback Energy, Inc., 4.750%, 11/01/24		722
	4,400	Diebold Nixdorf, Inc., 8.500%, 04/15/24		4,801


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		DISH DBS Corp.,
	8,364	5.000%, 03/15/23		8,675
	22,240	5.875%, 07/15/22		24,207
	14,506	5.875%, 11/15/24		15,739
	13,201	6.750%, 06/01/21		14,571
	3,029	7.750%, 07/01/26		3,627
	6,950	DJO Finco, Inc., 8.125%, 06/15/21 (e)		6,550
	2,774	Dole Food Co., Inc., 7.250%, 06/15/25 (e)		2,940
	4,748	Dollar Tree, Inc., 5.750%, 03/01/23		5,027
	2,229	Dominion Energy Gas Holdings LLC, 4.600%, 12/15/44		2,343
	17,485	Dominion Energy, Inc., VAR, 5.750%, 10/01/54		19,037
	2,164	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		2,088
	2,738	Dr Pepper Snapple Group, Inc., 4.500%, 11/15/45 (e)		2,920
		Dynegy, Inc.,
	6,393	5.875%, 06/01/23		6,145
	3,990	7.375%, 11/01/22		4,045
	4,130	7.625%, 11/01/24		4,089
	3,400	8.000%, 01/15/25 (e)		3,366
		Eldorado Resorts, Inc.,
	366	6.000%, 04/01/25		391
	560	7.000%, 08/01/23		605
	19,182	Embarq Corp., 7.995%, 06/01/36		19,494
		EMC Corp.,
	1,129	2.650%, 06/01/20		1,114
	133	3.375%, 06/01/23		129
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		2,026
		Endo Dac,
	930	5.875%, 10/15/24 (e)		963
	10,650	6.000%, 07/15/23 (e)		9,232
	1,770	6.000%, 02/01/25 (e)		1,491
		Endo Finance LLC,
	2,306	5.750%, 01/15/22 (e)		2,130
	46	7.250%, 01/15/22 (e)		45
	6,565	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		6,910
	4,522	Energy Transfer Equity LP, 5.875%, 01/15/24		4,872
	3,020	Energy Transfer LP, 5.150%, 02/01/43		2,891
	808	Ensco plc, 5.200%, 03/15/25		642

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	4,938	Entegris, Inc., 6.000%, 04/01/22 (e)		5,171
		Enterprise Products Operating LLC,
	2,890	4.850%, 03/15/44		3,095
	10,280	4.900%, 05/15/46		11,141
		Envision Healthcare Corp.,
	1,754	5.125%, 07/01/22 (e)		1,811
	1,075	5.625%, 07/15/22		1,117
		EP Energy LLC,
	2,327	7.750%, 09/01/22		1,571
	3,583	8.000%, 11/29/24 (e)		3,619
	8,590	8.000%, 02/15/25 (e)		6,673
	6,996	9.375%, 05/01/20		5,955
		Equinix, Inc.,
	1,320	4.875%, 04/01/20		1,356
	3,098	5.375%, 01/01/22		3,245
	950	5.375%, 04/01/23		988
	948	5.750%, 01/01/25		1,019
	293	5.875%, 01/15/26		321
	8,015	ERAC USA Finance LLC, 4.200%, 11/01/46 (e)		7,637
	5,352	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		5,593
	720	EW Scripps Co. (The), 5.125%, 05/15/25 (e)		745
	3,365	Exela Intermediate LLC, 10.000%, 07/15/23 (e)		3,279
		Exelon Corp.,
	4,100	4.450%, 04/15/46		4,258
	3,750	5.100%, 06/15/45		4,296
		Express Scripts Holding Co.,
	7,130	4.800%, 07/15/46		7,452
	1,556	6.125%, 11/15/41		1,846
		FedEx Corp.,
	4,090	4.550%, 04/01/46		4,343
	2,215	4.750%, 11/15/45		2,414
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		1,649
		Fifth Third Bancorp,
	2,385	Series J, VAR, 4.900%, 09/30/19 (x) (y)		2,418
	17,625	VAR, 5.100%, 06/30/23 (x) (y)		18,198
		First Data Corp.,
	4,520	5.000%, 01/15/24 (e)		4,701
	17,493	5.375%, 08/15/23 (e)		18,302
	22,483	5.750%, 01/15/24 (e)		23,747
	3,478	7.000%, 12/01/23 (e)		3,752
	542	FirstCash, Inc., 5.375%, 06/01/24 (e)		570


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,750	FirstEnergy Corp., Series C, 4.850%, 07/15/47		2,817
	681	Flex Acquisition Co., Inc., 6.875%, 01/15/25 (e)		715
	19,265	Ford Motor Co., 4.750%, 01/15/43		18,669
		Freeport-McMoRan, Inc.,
	3,380	3.550%, 03/01/22		3,278
	10,070	3.875%, 03/15/23		9,755
	1,714	4.000%, 11/14/21		1,712
	5,505	4.550%, 11/14/24		5,381
	375	5.400%, 11/14/34		353
	5,805	5.450%, 03/15/43		5,341
		Frontier Communications Corp.,
	1,428	6.250%, 09/15/21		1,256
	7,180	6.875%, 01/15/25		5,672
	692	8.500%, 04/15/20		704
	3,217	9.250%, 07/01/21		3,056
	1,526	10.500%, 09/15/22		1,435
	12,542	11.000%, 09/15/25		11,445
	3,429	Gartner, Inc., 5.125%, 04/01/25 (e)		3,626
	5,143	Gates Global LLC, 6.000%, 07/15/22 (e)		5,252
	4,460	GCI, Inc., 6.750%, 06/01/21		4,599
	2,522	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		2,872
	5,695	General Cable Corp., 5.750%, 10/01/22		5,837
	38,057	General Electric Co., Series D, VAR, 5.000%, 01/21/21 (x) (y)		40,123
		General Motors Co.,
	6,370	6.250%, 10/02/43		7,217
	8,720	6.750%, 04/01/46		10,438
		Genesis Energy LP,
	1,553	5.625%, 06/15/24		1,499
	1,054	6.000%, 05/15/23		1,043
	780	6.750%, 08/01/22		792
	3,640	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		4,131
		GenOn Energy, Inc.,
	975	9.500%, 10/15/18 (d)		646
	3,355	9.875%, 10/15/20 (d)		2,231
		GEO Group, Inc. (The),
	8,165	5.875%, 01/15/22		8,482
	2,215	6.000%, 04/15/26		2,306
		Gilead Sciences, Inc.,
	755	4.150%, 03/01/47		762
	8,795	4.750%, 03/01/46		9,702

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
		Global Partners LP,
	1,085	6.250%, 07/15/22		1,093
	1,995	7.000%, 06/15/23		2,015
	2,370	GLP Capital LP, 5.375%, 11/01/23		2,560
	1,890	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		2,001
		Goldman Sachs Group, Inc. (The),
	23,810	Series L, VAR, 5.700%, 05/10/19 (x) (y)		24,869
	19,960	Series M, VAR, 5.375%, 05/10/20 (x) (y)		20,958
	16,295	Series O, VAR, 5.300%, 11/10/26 (x) (y)		17,377
	895	Goodman Networks, Inc., 8.000%, 05/11/22		747
		Goodyear Tire & Rubber Co. (The),
	5,526	4.875%, 03/15/27		5,598
	2,385	5.000%, 05/31/26		2,457
		Gray Television, Inc.,
	2,285	5.125%, 10/15/24 (e)		2,339
	1,445	5.875%, 07/15/26 (e)		1,496
	1,905	Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22 (e)		1,948
	1,310	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		1,313
	293	Guitar Center, Inc., 6.500%, 04/15/19 (e)		261
	1,045	Gulfport Energy Corp., 6.000%, 10/15/24 (e)		1,034
	5,600	H&E Equipment Services, Inc., 7.000%, 09/01/22		5,796
	5,150	Halcon Resources Corp., 6.750%, 02/15/25 (e)		5,266
	7,955	Halliburton Co., 5.000%, 11/15/45		8,617
	3,046	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		2,696
	1,466	Harland Clarke Holdings Corp., 8.375%, 08/15/22 (e)		1,569
	4,520	Harris Corp., 5.054%, 04/27/45		5,108
	3,847	HCA Healthcare, Inc., 6.250%, 02/15/21		4,174
		HCA, Inc.,
	2,318	3.750%, 03/15/19		2,373
	1,410	4.250%, 10/15/19		1,456
	1,976	5.000%, 03/15/24		2,098
	2,175	5.250%, 04/15/25		2,360
	400	5.250%, 06/15/26		433
	34,831	5.375%, 02/01/25		37,064
	3,230	5.500%, 06/15/47		3,367
	4,959	5.875%, 03/15/22		5,485
	2,040	5.875%, 05/01/23		2,231
	6,435	5.875%, 02/15/26		7,014
	16,768	7.500%, 02/15/22		19,367


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		HD Supply, Inc.,
	4,175	5.250%, 12/15/21 (e)		4,381
	1,317	5.750%, 04/15/24 (e)		1,411
		HealthSouth Corp.,
	3,470	5.750%, 11/01/24		3,539
	3,650	5.750%, 09/15/25		3,760
	2,986	Hecla Mining Co., 6.875%, 05/01/21		3,083
		Herc Rentals, Inc.,
	3,474	7.500%, 06/01/22 (e)		3,761
	4,293	7.750%, 06/01/24 (e)		4,658
		Hertz Corp. (The),
	6,255	5.500%, 10/15/24 (e)		5,098
	2,036	6.250%, 10/15/22		1,776
	7,435	7.375%, 01/15/21		7,137
	5,140	7.625%, 06/01/22 (e)		5,089
	5,595	Hess Corp., 5.800%, 04/01/47		5,695
	13,494	Hexion, Inc., 6.625%, 04/15/20		12,701
	2,309	Hilcorp Energy I LP, 5.000%, 12/01/24 (e)		2,192
	865	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		833
		Hill-Rom Holdings, Inc.,
	685	5.000%, 02/15/25 (e)		704
	6,428	5.750%, 09/01/23 (e)		6,781
	2,235	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		2,257
	1,890	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		2,067
		Hilton Worldwide Finance LLC,
	3,023	4.625%, 04/01/25 (e)		3,133
	1,512	4.875%, 04/01/27 (e)		1,576
	1,540	Holly Energy Partners LP, 6.000%, 08/01/24 (e)		1,604
	1,000	HRG Group, Inc., 7.875%, 07/15/19		1,020
		Hughes Satellite Systems Corp.,
	5,855	5.250%, 08/01/26		6,140
	1,690	6.625%, 08/01/26		1,849
		Huntsman International LLC,
	560	4.875%, 11/15/20		588
	8,665	5.125%, 11/15/22		9,196
	6,110	IASIS Healthcare LLC, 8.375%, 05/15/19		6,133
		Icahn Enterprises LP,
	3,124	5.875%, 02/01/22		3,211
	800	6.250%, 02/01/22		833
	800	6.750%, 02/01/24		840

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
		iHeartCommunications, Inc.,
	2,116	9.000%, 12/15/19		1,709
	2,067	9.000%, 03/01/21		1,540
	900	IHS Markit Ltd., 4.750%, 02/15/25 (e)		947
	8,163	ILFC E-Capital Trust I, VAR, 4.340%, 12/21/65 (e)		7,791
	2,205	ILFC E-Capital Trust II, VAR, 4.590%, 12/21/65 (e)		2,127
	8,769	Infor Software Parent LLC, 7.125% (cash), 05/01/21 (e) (v)		9,076
		Infor US, Inc.,
	1,248	5.750%, 08/15/20 (e)		1,285
	16,065	6.500%, 05/15/22		16,728
	5,823	Informatica LLC, 7.125%, 07/15/23 (e)		5,932
		International Game Technology plc,
	925	6.250%, 02/15/22 (e)		1,013
	9,020	6.500%, 02/15/25 (e)		9,956
	4,020	Interval Acquisition Corp., 5.625%, 04/15/23		4,181
		Iron Mountain, Inc.,
	1,530	5.750%, 08/15/24		1,572
	2,337	6.000%, 10/01/20 (e)		2,419
	1,250	6.000%, 08/15/23		1,322
	1,915	ITC Holdings Corp., 5.300%, 07/01/43		2,215
	782	j2 Cloud Services LLC, 6.000%, 07/15/25 (e)		814
	8,360	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		8,715
	1,000	JC Penney Corp., Inc., 5.875%, 07/01/23 (e)		1,012
	15	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		15
	955	Johnson Controls International plc, 4.500%, 02/15/47		1,022
	993	Kaiser Aluminum Corp., 5.875%, 05/15/24		1,055
	2,892	KFC Holding Co., 4.750%, 06/01/27 (e)		2,982
	2,000	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		2,076
	7,460	Kindred Healthcare, Inc., 8.750%, 01/15/23		7,432
	3,075	Kinetic Concepts, Inc., 7.875%, 02/15/21 (e)		3,252
	6,400	KLX, Inc., 5.875%, 12/01/22 (e)		6,728
	2,065	Kohl’s Corp., 5.550%, 07/17/45		1,934
	1,160	Koppers, Inc., 6.000%, 02/15/25 (e)		1,235
		Kraft Heinz Foods Co.,
	7,495	4.375%, 06/01/46		7,294
	1,045	5.000%, 06/04/42		1,105
	8,927	5.200%, 07/15/45		9,693


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	3,574	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		3,645
		Kroger Co. (The),
	10,245	3.875%, 10/15/46		9,065
	2,375	4.650%, 01/15/48		2,363
		L Brands, Inc.,
	5,195	6.750%, 07/01/36		4,935
	1,606	6.875%, 11/01/35		1,542
	1,514	Ladder Capital Finance Holdings LLLP, 5.250%, 03/15/22 (e)		1,561
		Lamar Media Corp.,
	363	5.000%, 05/01/23		377
	258	5.375%, 01/15/24		272
	467	5.750%, 02/01/26		507
	5,204	Landry’s, Inc., 6.750%, 10/15/24 (e)		5,336
	2,900	Laredo Petroleum, Inc., 7.375%, 05/01/22		3,005
	1,000	Level 3 Communications, Inc., 5.750%, 12/01/22		1,037
		Level 3 Financing, Inc.,
	5,636	5.125%, 05/01/23		5,862
	1,943	5.250%, 03/15/26		2,064
	4,086	5.375%, 01/15/24		4,301
	10,230	5.375%, 05/01/25		10,869
	561	5.625%, 02/01/23		585
	75	Levi Strauss & Co., 5.000%, 05/01/25		79
	870	Liberty Interactive LLC, 8.250%, 02/01/30		948
	2,538	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		3,185
	500	LifePoint Health, Inc., 5.500%, 12/01/21		519
	1,387	LIN Television Corp., 5.875%, 11/15/22		1,455
	3,805	Live Nation Entertainment, Inc., 4.875%, 11/01/24 (e)		3,900
	1,634	LPL Holdings, Inc., 5.750%, 09/15/25 (e)		1,712
	3,265	LSB Industries, Inc., SUB, 8.500%, 08/01/19		3,216
	5,407	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		5,765
	4,372	LYB International Finance BV, 4.875%, 03/15/44		4,746
	582	M/I Homes, Inc., 5.625%, 08/01/25 (e)		582
		Mallinckrodt International Finance SA,
	160	3.500%, 04/15/18		161
	539	4.750%, 04/15/23		477
	6,105	5.500%, 04/15/25 (e)		5,647
	4,590	5.625%, 10/15/23 (e)		4,395
	1,610	5.750%, 08/01/22 (e)		1,572

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	5,645	Marathon Petroleum Corp., 4.750%, 09/15/44		5,508
	4,280	Markel Corp., 5.000%, 04/05/46		4,642
	1,527	Martin Midstream Partners LP, 7.250%, 02/15/21		1,558
	1,625	Masco Corp., 4.500%, 05/15/47		1,630
	3,357	MasTec, Inc., 4.875%, 03/15/23		3,357
	890	Match Group, Inc., 6.375%, 06/01/24		969
	1,840	Mediacom Broadband LLC, 6.375%, 04/01/23		1,927
		MetLife, Inc.,
	12,815	6.400%, 12/15/36		14,816
	17,944	Series C, VAR, 5.250%, 06/15/20 (x) (y)		18,759
		MGM Growth Properties Operating Partnership LP,
	995	4.500%, 09/01/26		1,002
	2,630	5.625%, 05/01/24		2,867
		MGM Resorts International,
	15,020	6.000%, 03/15/23		16,634
	2,630	6.625%, 12/15/21		2,959
	15,259	7.750%, 03/15/22		17,928
		Micron Technology, Inc.,
	3,706	5.250%, 08/01/23 (e)		3,867
	7,227	5.250%, 01/15/24 (e)		7,532
	70	5.500%, 02/01/25		74
	302	5.875%, 02/15/22		314
	3,805	7.500%, 09/15/23		4,244
	1,628	Microsemi Corp., 9.125%, 04/15/23 (e)		1,872
	1,350	Momentive Performance Materials USA, Inc., 8.875%, 10/15/20 (d)		—	(h)
	1,520	Momentive Performance Materials, Inc., 3.880%, 10/24/21		1,524
		Morgan Stanley,
	29,170	Series H, VAR, 5.450%, 07/15/19 (x) (y)		30,191
	26,955	Series J, VAR, 5.550%, 07/15/20 (x) (y)		28,235
		Motors Liquidation Co.,
	11	7.750%, 03/15/36 (d)		—
	115	8.375%, 07/15/33 (d)		—
	10	VAR, 6.750%, 05/01/28 (d)		—
	5,316	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		5,755
		MPLX LP,
	3,485	5.200%, 03/01/47		3,606
	1,900	5.500%, 02/15/23		1,955
	1,939	MSCI, Inc., 5.250%, 11/15/24 (e)		2,070
	10,774	Mylan NV, 5.250%, 06/15/46		11,747


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,070	Nabors Industries, Inc., 5.500%, 01/15/23		1,019
	2,473	National Rural Utilities Cooperative Finance Corp., VAR, 5.250%, 04/20/46		2,649
		Nationstar Mortgage LLC,
	1,372	6.500%, 07/01/21		1,406
	1,028	6.500%, 06/01/22		1,051
	3,280	7.875%, 10/01/20		3,364
	3,804	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		4,099
	7,029	Navistar International Corp., 8.250%, 11/01/21		7,086
	1,460	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		1,577
		Neiman Marcus Group Ltd. LLC,
	5,712	8.000%, 10/15/21 (e)		3,156
	4,925	8.750% (PIK), 10/15/21 (e) (v)		2,413
		Netflix, Inc.,
	1,786	4.375%, 11/15/26 (e)		1,808
	645	5.750%, 03/01/24		710
	200	5.875%, 02/15/25		224
		New Albertson’s, Inc.,
	455	Series C, 6.625%, 06/01/28		398
	645	7.750%, 06/15/26		623
	2,280	8.000%, 05/01/31		2,086
	2,042	8.700%, 05/01/30		1,950
	2,332	New Home Co., Inc. (The), 7.250%, 04/01/22 (e)		2,414
		Newfield Exploration Co.,
	2,010	5.625%, 07/01/24		2,108
	2,620	5.750%, 01/30/22		2,767
	880	Nexstar Broadcasting, Inc., 6.125%, 02/15/22 (e)		920
		NGL Energy Partners LP,
	445	5.125%, 07/15/19		441
	1,977	6.125%, 03/01/25 (e)		1,794
	750	6.875%, 10/15/21		743
	1,109	NGPL PipeCo LLC, 4.875%, 08/15/27 (e)		1,142
	7,664	Nielsen Finance LLC, 5.000%, 04/15/22 (e)		7,903
	3,150	Noble Energy, Inc., 5.250%, 11/15/43		3,307
	9,480	Northern Trust Corp., Series D, VAR, 4.600%, 10/01/26 (x) (y)		9,575
		Novelis Corp.,
	4,835	5.875%, 09/30/26 (e)		5,089
	4,455	6.250%, 08/15/24 (e)		4,767
		NRG Energy, Inc.,
	2,000	6.250%, 05/01/24		2,075

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	500	6.625%, 03/15/23		517
	5,313	6.625%, 01/15/27		5,459
	2,465	NRG Yield Operating LLC, 5.000%, 09/15/26		2,516
	1,229	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		1,247
	730	NWH Escrow Corp., 7.500%, 08/01/21 (e)		644
		Oasis Petroleum, Inc.,
	9,157	6.500%, 11/01/21		9,043
	4,450	6.875%, 03/15/22		4,405
	1,130	6.875%, 01/15/23		1,110
	2,185	Olin Corp., 5.125%, 09/15/27		2,294
	3,600	ONEOK Partners LP, 6.200%, 09/15/43		4,208
		Oshkosh Corp.,
	1,300	5.375%, 03/01/22		1,349
	4,609	5.375%, 03/01/25		4,851
		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		787
	6,810	Owens Corning, 4.300%, 07/15/47		6,608
		Owens-Brockway Glass Container, Inc.,
	810	5.000%, 01/15/22 (e)		856
	545	5.375%, 01/15/25 (e)		585
	584	5.875%, 08/15/23 (e)		647
	1,084	6.375%, 08/15/25 (e)		1,223
	3,452	Parker Drilling Co., 6.750%, 07/15/22		2,662
	1,235	Parsley Energy LLC, 5.250%, 08/15/25 (e)		1,257
	1,940	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		2,037
		PBF Holding Co. LLC,
	1,431	7.000%, 11/15/23		1,438
	1,885	7.250%, 06/15/25 (e)		1,847
	1,089	PBF Logistics LP, 6.875%, 05/15/23		1,122
	627	Peabody Energy Corp., 6.000%, 03/31/22 (e)		640
		Penn Virginia Corp.,
	500	7.250%, 04/15/19 (d)		7
	1,100	8.500%, 05/01/20 (d)		17
	2,399	Penske Automotive Group, Inc., 5.500%, 05/15/26		2,405
		PetSmart, Inc.,
	2,949	5.875%, 06/01/25 (e)		2,833
	13,220	7.125%, 03/15/23 (e)		11,948
	1,360	8.875%, 06/01/25 (e)		1,283


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	9,426	Phillips 66, 4.875%, 11/15/44		10,230
	3,815	Phillips 66 Partners LP, 4.900%, 10/01/46		3,831
	1,847	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		1,893
		Plains All American Pipeline LP,
	1,560	4.700%, 06/15/44		1,428
	1,490	4.900%, 02/15/45		1,395
	3,521	Plantronics, Inc., 5.500%, 05/31/23 (e)		3,684
		PNC Financial Services Group, Inc. (The),
	9,215	Series R, VAR, 4.850%, 06/01/23 (x) (y)		9,491
	10,675	Series S, VAR, 5.000%, 11/01/26 (x) (y)		11,049
	5,874	VAR, 6.750%, 08/01/21 (x) (y)		6,608
	3,084	PolyOne Corp., 5.250%, 03/15/23		3,246
		Post Holdings, Inc.,
	1,997	5.000%, 08/15/26 (e)		2,049
	3,954	5.500%, 03/01/25 (e)		4,172
	1,644	5.750%, 03/01/27 (e)		1,743
	1,725	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		1,772
	9,675	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		10,800
		Prudential Financial, Inc.,
	7,920	VAR, 5.200%, 03/15/44		8,425
	5,006	VAR, 5.375%, 05/15/45		5,426
	23,245	VAR, 5.625%, 06/15/43		25,453
	20,685	VAR, 5.875%, 09/15/42		23,038
		QEP Resources, Inc.,
	186	5.250%, 05/01/23		181
	2,652	5.375%, 10/01/22		2,605
	1,010	6.875%, 03/01/21		1,058
	2,241	Qorvo, Inc., 6.750%, 12/01/23		2,459
	1,000	Quad/Graphics, Inc., 7.000%, 05/01/22		1,022
	4,479	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		4,686
		Quintiles IMS, Inc.,
	1,255	4.875%, 05/15/23 (e)		1,302
	5,110	5.000%, 10/15/26 (e)		5,353
	1,115	Qwest Capital Funding, Inc., 7.750%, 02/15/31		1,032
	580	Qwest Corp., 7.250%, 09/15/25		648
	7,082	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		7,649
	1,123	Radian Group, Inc., 7.000%, 03/15/21		1,256
	3,985	Rain CII Carbon LLC, 7.250%, 04/01/25 (e)		4,144
		Range Resources Corp.,
	6,810	4.875%, 05/15/25		6,605
	1,383	5.000%, 03/15/23 (e)		1,366
	1,500	Realogy Group LLC, 5.250%, 12/01/21 (e)		1,564

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
		Regal Entertainment Group,
	5,455	5.750%, 03/15/22		5,686
	1,200	5.750%, 06/15/23		1,251
	315	5.750%, 02/01/25		325
	1,885	Regency Energy Partners LP, 5.500%, 04/15/23		1,942
		Revlon Consumer Products Corp.,
	1,340	5.750%, 02/15/21		1,112
	1,271	6.250%, 08/01/24		965
	6,790	Reynolds American, Inc., 5.850%, 08/15/45		8,262
		RHP Hotel Properties LP,
	2,950	5.000%, 04/15/21		3,013
	3,828	5.000%, 04/15/23		3,943
	10,742	Rite Aid Corp., 6.125%, 04/01/23 (e)		10,648
	6,175	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		6,113
	2,309	Rowan Cos., Inc., 7.375%, 06/15/25		2,176
	58	RR Donnelley & Sons Co., 7.000%, 02/15/22		61
	7,778	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		8,167
	1,135	RSP Permian, Inc., 5.250%, 01/15/25 (e)		1,152
		Sabre GLBL, Inc.,
	2,542	5.250%, 11/15/23 (e)		2,644
	8,087	5.375%, 04/15/23 (e)		8,451
		Sally Holdings LLC,
	575	5.500%, 11/01/23		588
	325	5.625%, 12/01/25		331
	495	Sanchez Energy Corp., 6.125%, 01/15/23		405
		SBA Communications Corp.,
	2,791	4.875%, 07/15/22		2,898
	3,930	4.875%, 09/01/24		4,082
		Scientific Games International, Inc.,
	9,100	7.000%, 01/01/22 (e)		9,692
	3,325	10.000%, 12/01/22		3,707
		Scotts Miracle-Gro Co. (The),
	2,567	5.250%, 12/15/26		2,705
	7,683	6.000%, 10/15/23		8,250
		Sealed Air Corp.,
	1,400	4.875%, 12/01/22 (e)		1,484
	1,750	5.125%, 12/01/24 (e)		1,870
	1,233	5.250%, 04/01/23 (e)		1,324
	379	Sea-TRK, 14.000%, 06/30/18		349
		SemGroup Corp.,
	1,146	5.625%, 07/15/22		1,137


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,070	5.625%, 11/15/23		1,051
	4,456	Seminole Hard Rock Entertainment, Inc., 5.875%, 05/15/21 (e)		4,534
		Sensata Technologies BV,
	4,678	4.875%, 10/15/23 (e)		4,842
	2,034	5.625%, 11/01/24 (e)		2,212
	8,376	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		9,130
		Service Corp. International,
	2,865	5.375%, 01/15/22		2,937
	5,865	5.375%, 05/15/24		6,224
	2,735	7.500%, 04/01/27		3,255
	1,240	8.000%, 11/15/21		1,469
	408	Shearer’s Foods LLC, 9.000%, 11/01/19 (e)		422
	2,050	Sherwin-Williams Co. (The), 4.500%, 06/01/47		2,166
	2,664	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		2,804
		Sinclair Television Group, Inc.,
	2,835	5.125%, 02/15/27 (e)		2,807
	6,195	5.375%, 04/01/21		6,365
	2,589	5.625%, 08/01/24 (e)		2,693
	3,230	6.125%, 10/01/22		3,343
		Sirius XM Radio, Inc.,
	2,336	4.625%, 05/15/23 (e)		2,398
	1,728	5.000%, 08/01/27 (e)		1,765
	10,110	5.375%, 04/15/25 (e)		10,616
	2,855	5.375%, 07/15/26 (e)		2,992
	2,864	5.750%, 08/01/21 (e)		2,946
	7,571	6.000%, 07/15/24 (e)		8,167
	4,855	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		4,940
		SM Energy Co.,
	2,142	5.000%, 01/15/24		1,992
	1,248	6.500%, 11/15/21		1,242
	2,915	Solera LLC, 10.500%, 03/01/24 (e)		3,352
	671	Sonic Automotive, Inc., 6.125%, 03/15/27		674
	7,550	Southern Power Co., Series F, 4.950%, 12/15/46		7,916
		Southwestern Energy Co.,
	1,510	4.100%, 03/15/22		1,408
	3,615	6.700%, 01/23/25		3,560
	1,605	Spectra Energy Partners LP, 4.500%, 03/15/45		1,583
		Spectrum Brands, Inc.,
	2,159	6.125%, 12/15/24		2,310

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	3,202	6.625%, 11/15/22		3,350
	1,075	Speedway Motorsports, Inc., 5.125%, 02/01/23		1,102
		Springleaf Finance Corp.,
	2,264	7.750%, 10/01/21		2,538
	1,688	8.250%, 12/15/20		1,895
	15,840	Sprint Capital Corp., 8.750%, 03/15/32		19,642
		Sprint Communications, Inc.,
	5,328	6.000%, 11/15/22		5,621
	3,660	7.000%, 03/01/20 (e)		3,999
	2,524	7.000%, 08/15/20		2,757
	305	11.500%, 11/15/21		391
		Sprint Corp.,
	2,829	7.125%, 06/15/24		3,101
	3,678	7.250%, 09/15/21		4,064
	19,641	7.625%, 02/15/25		22,145
	34,952	7.875%, 09/15/23		39,671
		SPX FLOW, Inc.,
	1,370	5.625%, 08/15/24 (e)		1,418
	2,175	5.875%, 08/15/26 (e)		2,257
	1,439	Standard Industries, Inc., 6.000%, 10/15/25 (e)		1,543
	1,650	State Street Corp., Series F, VAR, 5.250%, 09/15/20 (x) (y)		1,732
		Steel Dynamics, Inc.,
	1,085	5.000%, 12/15/26		1,144
	625	5.250%, 04/15/23		651
	2,600	5.500%, 10/01/24		2,782
	1,945	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		2,013
	195	Stone Energy Corp., 7.500%, 05/31/22		186
	5,180	Summit Materials LLC, 6.125%, 07/15/23		5,426
		Summit Midstream Holdings LLC,
	1,559	5.500%, 08/15/22		1,567
	4,125	5.750%, 04/15/25		4,176
		Sunoco Logistics Partners Operations LP,
	3,655	5.300%, 04/01/44		3,577
	5,915	5.350%, 05/15/45		5,878
		Sunoco LP,
	3,029	6.250%, 04/15/21		3,165
	1,055	6.375%, 04/01/23		1,111
		SunTrust Banks, Inc.,
	8,680	Series G, VAR, 5.050%, 06/15/22 (x) (y)		8,778
	12,540	VAR, 5.625%, 12/15/19 (x) (y)		13,135


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		SUPERVALU, Inc.,
	4,952	6.750%, 06/01/21		4,915
	9,210	7.750%, 11/15/22		9,141
	367	Surgery Center Holdings, Inc., 6.750%, 07/01/25 (e)		377
	2,330	Symantec Corp., 5.000%, 04/15/25 (e)		2,441
	4,815	Sysco Corp., 4.500%, 04/01/46		5,144
		Talen Energy Supply LLC,
	2,351	6.500%, 06/01/25		1,699
	2,985	9.500%, 07/15/22 (e)		2,634
	2,150	Tallgrass Energy Partners LP, 5.500%, 09/15/24 (e)		2,201
		Targa Resources Partners LP,
	2,483	4.250%, 11/15/23		2,446
	4,214	5.125%, 02/01/25 (e)		4,340
	850	5.250%, 05/01/23		877
	2,750	6.750%, 03/15/24		2,977
	3,743	Team Health Holdings, Inc., 6.375%, 02/01/25 (e)		3,668
		TEGNA, Inc.,
	1,415	4.875%, 09/15/21 (e)		1,456
	2,210	5.500%, 09/15/24 (e)		2,301
	5,470	6.375%, 10/15/23		5,791
		Teleflex, Inc.,
	368	4.875%, 06/01/26		379
	875	5.250%, 06/15/24		914
		Tempur Sealy International, Inc.,
	6,355	5.500%, 06/15/26		6,546
	2,786	5.625%, 10/15/23		2,908
		Tenet Healthcare Corp.,
	3,935	4.375%, 10/01/21		4,004
	10,946	4.500%, 04/01/21		11,137
	3,003	4.625%, 07/15/24 (e)		2,988
	1,220	4.750%, 06/01/20		1,264
	4,486	5.125%, 05/01/25 (e)		4,514
	995	5.500%, 03/01/19		1,025
	1,329	6.000%, 10/01/20		1,424
	1,070	6.750%, 02/01/20		1,118
	9,620	6.750%, 06/15/23		9,524
	1,980	7.500%, 01/01/22 (e)		2,138
	3,439	8.000%, 08/01/20		3,495
	13,423	8.125%, 04/01/22		14,430
	1,223	Tennant Co., 5.625%, 05/01/25 (e)		1,301
	5,243	Terex Corp., 5.625%, 02/01/25 (e)		5,466

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	1,939	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		2,157
		TerraForm Power Operating LLC,
	1,000	SUB, 6.375%, 02/01/23 (e)		1,040
	1,500	SUB, 6.625%, 06/15/25 (e)		1,597
		Tesoro Logistics LP,
	3,871	5.875%, 10/01/20		3,948
	4,415	6.125%, 10/15/21		4,575
	5,267	6.250%, 10/15/22		5,596
	1,540	6.375%, 05/01/24		1,683
	29,249	Texas Competitive Electric Holdings Co. LLC, 8.500%, 05/01/20 (d)		73
	1,085	THC Escrow Corp. III, 7.000%, 08/01/25 (e)		1,070
	4,160	Time, Inc., 5.750%, 04/15/22 (e)		4,316
	1,887	Titan International, Inc., 6.875%, 10/01/20		1,953
		T-Mobile USA, Inc.,
	3,110	6.000%, 03/01/23		3,292
	4,162	6.375%, 03/01/25		4,479
	2,440	6.500%, 01/15/24		2,628
	11,360	6.500%, 01/15/26		12,638
	3,388	6.625%, 04/01/23		3,583
	2,682	6.836%, 04/28/23		2,846
		Toll Brothers Finance Corp.,
	345	4.875%, 11/15/25		359
	935	5.625%, 01/15/24		1,017
	1,517	Tops Holding LLC, 8.000%, 06/15/22 (e)		1,229
		TransDigm, Inc.,
	1,000	5.500%, 10/15/20		1,018
	2,325	6.000%, 07/15/22		2,430
	1,584	6.375%, 06/15/26		1,655
	4,272	6.500%, 07/15/24		4,534
	4,015	6.500%, 05/15/25		4,226
	3,996	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		4,185
		Transocean, Inc.,
	1,525	5.800%, 10/15/22		1,441
	4,317	6.800%, 03/15/38		3,216
	447	7.500%, 04/15/31		365
	3,771	9.000%, 07/15/23 (e)		3,941
	1,211	9.350%, 12/15/41		1,084
	3,815	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		4,092
	2,200	Trinseo Materials Operating SCA, 6.750%, 05/01/22 (e)		2,332


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Triumph Group, Inc.,
	4,545	4.875%, 04/01/21		4,301
	1,686	5.250%, 06/01/22		1,589
	2,148	Tutor Perini Corp., 6.875%, 05/01/25 (e)		2,309
	2,435	Tyson Foods, Inc., 4.550%, 06/02/47		2,584
		Ultra Resources, Inc.,
	7,131	6.875%, 04/15/22 (e)		7,345
	1,608	7.125%, 04/15/25 (e)		1,640
	3,327	Unit Corp., 6.625%, 05/15/21		3,285
	3,454	United Continental Holdings, Inc., 5.000%, 02/01/24		3,497
		United Rentals North America, Inc.,
	6,045	4.875%, 01/15/28 (w)		6,060
	3,281	5.500%, 07/15/25		3,461
	4,235	5.500%, 05/15/27		4,468
	4,880	5.750%, 11/15/24		5,185
	1,845	5.875%, 09/15/26		1,986
	5,028	6.125%, 06/15/23		5,260
	1,432	7.625%, 04/15/22		1,495
	988	United States Steel Corp., 8.375%, 07/01/21 (e)		1,093
		Uniti Group LP,
	4,380	6.000%, 04/15/23 (e)		4,511
	1,210	7.125%, 12/15/24 (e)		1,183
	8,255	8.250%, 10/15/23		8,503
	665	Uniti Group, Inc., 7.125%, 12/15/24 (e)		650
	2,125	Univar USA, Inc., 6.750%, 07/15/23 (e)		2,226
		Univision Communications, Inc.,
	3,600	5.125%, 05/15/23 (e)		3,672
	3,492	5.125%, 02/15/25 (e)		3,501
	2,028	6.750%, 09/15/22 (e)		2,106
		US Bancorp,
	9,885	Series I, VAR, 5.125%, 01/15/21 (x) (y)		10,540
	10,800	Series J, VAR, 5.300%, 04/15/27 (x) (y)		11,448
		US Concrete, Inc.,
	2,251	6.375%, 06/01/24 (e)		2,403
	1,632	USIS Merger Sub, Inc., 6.875%, 05/01/25 (e)		1,689
		Valeant Pharmaceuticals International, Inc.,
	4,490	5.375%, 03/15/20 (e)		4,355
	383	5.500%, 03/01/23 (e)		326
	26,954	5.875%, 05/15/23 (e)		23,180
	4,748	6.125%, 04/15/25 (e)		4,042
	5,357	6.375%, 10/15/20 (e)		5,210
	2,551	6.500%, 03/15/22 (e)		2,691

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
	7,317	6.750%, 08/15/21 (e)		6,915
	4,432	7.000%, 10/01/20 (e)		4,377
	5,817	7.000%, 03/15/24 (e)		6,195
	8,965	7.250%, 07/15/22 (e)		8,449
	14,482	7.500%, 07/15/21 (e)		14,066
	1,115	Veritas US, Inc., 7.500%, 02/01/23 (e)		1,207
		Verizon Communications, Inc.,
	11,025	4.522%, 09/15/48		10,258
	9,145	5.012%, 04/15/49		9,127
	1,525	Versum Materials, Inc., 5.500%, 09/30/24 (e)		1,620
	8,971	Vertiv Group Corp., 9.250%, 10/15/24 (e)		9,913
		Viacom, Inc.,
	6,675	4.375%, 03/15/43		5,903
	4,865	VAR, 5.875%, 02/28/57		4,984
	4,385	VAR, 6.250%, 02/28/57		4,500
	7,330	Vista Outdoor, Inc., 5.875%, 10/01/23		7,513
		Voya Financial, Inc.,
	3,660	4.800%, 06/15/46		3,841
	13,110	VAR, 5.650%, 05/15/53		14,060
	2,755	Vulcan Materials Co., 4.500%, 06/15/47		2,817
	1,567	W&T Offshore, Inc., 8.500%, 06/15/19		1,101
	11,565	Wachovia Capital Trust III, VAR, 5.570%, 09/05/17 (x) (y)		11,672
	4,870	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		5,210
		Weatherford International Ltd.,
	1,822	4.500%, 04/15/22		1,676
	777	6.500%, 08/01/36		684
	233	6.750%, 09/15/40		207
	1,011	7.000%, 03/15/38		914
	549	8.250%, 06/15/23		557
	800	9.875%, 02/15/24 (e)		858
		Wells Fargo & Co.,
	2,880	Series K, VAR, 7.980%, 03/15/18 (x) (y)		2,984
	25,305	Series S, VAR, 5.900%, 06/15/24 (x) (y)		27,488
	15,275	Series U, VAR, 5.875%, 06/15/25 (x) (y)		16,936
		Western Digital Corp.,
	7,666	7.375%, 04/01/23 (e)		8,413
	14,250	10.500%, 04/01/24		16,869
	770	Western Gas Partners LP, 5.450%, 04/01/44		807
	1,831	Western Refining Logistics LP, 7.500%, 02/15/23		1,973
		Whiting Petroleum Corp.,
	6,763	5.000%, 03/15/19		6,696


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,935	5.750%, 03/15/21		3,733
	3,500	6.250%, 04/01/23		3,290
	2,125	WildHorse Resource Development Corp., 6.875%, 02/01/25 (e)		2,082
		Williams Cos., Inc. (The),
	2,210	3.700%, 01/15/23		2,187
	1,790	5.750%, 06/24/44		1,862
	1,144	7.750%, 06/15/31		1,384
	162	Series A, 7.500%, 01/15/31		193
		Windstream Services LLC,
	3,900	6.375%, 08/01/23		3,188
	15,021	7.500%, 06/01/22		12,843
	854	7.500%, 04/01/23		724
	6,935	7.750%, 10/01/21		6,207
		WMG Acquisition Corp.,
	865	4.875%, 11/01/24 (e)		889
	2,420	5.000%, 08/01/23 (e)		2,505
	3,823	5.625%, 04/15/22 (e)		3,976
	3,408	6.750%, 04/15/22 (e)		3,578
		WPX Energy, Inc.,
	3,475	6.000%, 01/15/22		3,571
	4,005	7.500%, 08/01/20		4,285
	800	8.250%, 08/01/23		880
	9,290	Wynn Las Vegas LLC, 5.500%, 03/01/25 (e)		9,776
		XPO Logistics, Inc.,
	1,865	6.125%, 09/01/23 (e)		1,939
	8,485	6.500%, 06/15/22 (e)		8,814
	540	Xylem, Inc., 4.375%, 11/01/46		559
		Zayo Group LLC,
	3,665	5.750%, 01/15/27 (e)		3,885
	12,312	6.000%, 04/01/23		12,974
	1,053	6.375%, 05/15/25		1,141
	5,715	Zebra Technologies Corp., 7.250%, 10/15/22		6,083

				3,897,631

		Venezuela, Bolivarian Republic of — 0.0% (g)
		Petroleos de Venezuela SA,
	1,871	6.000%, 11/15/26		602
	1,890	Reg. S, 5.375%, 04/12/27		616
	318	Reg. S, 6.000%, 11/15/26		102
	1,540	Reg. S, 9.000%, 11/17/21		603
	900	Reg. S, 12.750%, 02/17/22		414

				2,337

		Total Corporate Bonds (Cost $4,645,243)		4,840,423

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 3.2%
		Angola — 0.1%
		Republic of Angola,
	5,050	9.500%, 11/12/25		5,372
	2,222	Reg. S, 7.000%, 08/17/19		2,300

				7,672

		Argentina — 0.3%
		Provincia de Buenos Aires,
	4,900	7.875%, 06/15/27 (e)		4,998
	4,910	Reg. S, 9.950%, 06/09/21		5,560
	3,159	Reg. S, 10.875%, 01/26/21		3,570
	5,000	Provincia de Cordoba, Reg. S, 7.450%, 09/01/24		5,188
		Republic of Argentina,
	2,860	6.250%, 04/22/19		3,017
	6,140	7.125%, 06/28/17 (e)		5,575
	890	7.500%, 04/22/26		956
	3,365	8.280%, 12/31/33		3,651

				32,515

		Armenia — 0.0% (g)
	600	Republic of Armenia, Reg. S, 7.150%, 03/26/25		661

		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.625%, 09/14/23 (e)		1,685

		Bahrain — 0.0% (g)
	3,000	Kingdom of Bahrain, 7.000%, 10/12/28		3,082

		Belarus — 0.1%
		Republic of Belarus,
	2,710	6.875%, 02/28/23 (e)		2,876
	3,571	7.625%, 06/29/27 (e)		3,828
	2,200	Reg. S, 8.950%, 01/26/18		2,256

				8,960

		Brazil — 0.1%
		Federative Republic of Brazil,
	2,140	4.250%, 01/07/25		2,140
	2,280	4.875%, 01/22/21		2,416
	2,810	6.000%, 04/07/26		3,085
	4,305	8.250%, 01/20/34		5,489

				13,130


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, 9.500%, 11/19/25		704

		Colombia — 0.0% (g)
		Republic of Colombia,
	1,100	6.125%, 01/18/41		1,275
	2,400	7.375%, 09/18/37		3,108

				4,383

		Costa Rica — 0.1%
		Republic of Costa Rica,
	4,720	7.158%, 03/12/45 (e)		4,991
	2,920	Reg. S, 6.950%, 11/10/21		3,117
	1,930	Reg. S, 9.995%, 08/01/20		2,263

				10,371

		Croatia — 0.1%
		Republic of Croatia,
	2,150	Reg. S, 6.000%, 01/26/24		2,451
	1,700	Reg. S, 6.625%, 07/14/20		1,879
	1,590	Reg. S, 6.750%, 11/05/19		1,731

				6,061

		Dominican Republic — 0.2%
		Government of Dominican Republic,
	890	6.875%, 01/29/26 (e)		1,011
	2,105	7.450%, 04/30/44 (e)		2,457
	4,600	Reg. S, 6.876%, 01/29/26		5,227
	4,620	Reg. S, 7.451%, 04/30/44		5,394
	3,340	Reg. S, 7.500%, 05/06/21		3,695

				17,784

		Ecuador — 0.1%
		Republic of Ecuador,
	4,980	8.750%, 06/02/23		4,974
	3,150	Reg. S, 10.500%, 03/24/20		3,335
	4,500	Reg. S, 10.750%, 03/28/22		4,860

				13,169

		Egypt — 0.1%
		Republic of Egypt,
	4,160	6.125%, 01/31/22 (e)		4,295
	3,350	7.500%, 01/31/27		3,601
	6,700	8.500%, 01/31/47		7,295

				15,191

		El Salvador — 0.1%
		Republic of El Salvador,
	700	Reg. S, 6.375%, 01/18/27		634
	1,200	Reg. S, 7.375%, 12/01/19		1,213
	2,400	Reg. S, 7.625%, 02/01/41		2,190

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		El Salvador — continued
	3,450	Reg. S, 7.750%, 01/24/23		3,484

				7,521

		Ethiopia — 0.0% (g)
	4,707	Republic of Ethiopia, 6.625%, 12/11/24		4,725

		Gabon — 0.0% (g)
	850	Republic of Gabonese, 6.375%, 12/12/24		832

		Ghana — 0.0% (g)
	2,750	Republic of Ghana, 10.750%, 10/14/30		3,424

		Honduras — 0.1%
		Republic of Honduras,
	2,050	Reg. S, 7.500%, 03/15/24		2,296
	2,730	Reg. S, 8.750%, 12/16/20		3,126

				5,422

		Hungary — 0.0% (g)
		Republic of Hungary,
	1,434	5.750%, 11/22/23		1,652
	852	7.625%, 03/29/41		1,292

				2,944

		Indonesia — 0.1%
		Republic of Indonesia,
	2,480	6.750%, 01/15/44 (e)		3,264
	3,000	Reg. S, 4.125%, 01/15/25		3,116
	3,000	Reg. S, 4.350%, 01/08/27		3,150
	400	Reg. S, 6.751%, 01/15/44		527
	2,392	Reg. S, 11.625%, 03/04/19		2,751

				12,808

		Iraq — 0.0% (g)
		Republic of Iraq,
	5,055	Reg. S, 5.800%, 01/15/28		4,638

		Jamaica — 0.0% (g)
	4,173	Government of Jamaica, 8.000%, 03/15/39		4,966

		Jordan — 0.1%
		Kingdom of Jordan,
	1,250	Reg. S, 5.750%, 01/31/27		1,244
	4,170	Reg. S, 6.125%, 01/29/26		4,284

				5,528

		Kenya — 0.0% (g)
		Republic of Kenya,
	600	5.875%, 06/24/19		614
	1,500	6.875%, 06/24/24		1,534
	420	Reg. S, 6.875%, 06/24/24		429

				2,577


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Lebanon — 0.2%
		Republic of Lebanon,
	4,970	6.650%, 02/26/30		4,895
	3,392	Reg. S, 5.450%, 11/28/19		3,392
	3,870	Reg. S, 6.600%, 11/27/26		3,851
	7,180	Reg. S, 8.250%, 04/12/21		7,692

				19,830

		Mexico — 0.1%
		United Mexican States,
	4,750	4.600%, 01/23/46		4,703
	2,500	5.550%, 01/21/45		2,832

				7,535

		Mongolia — 0.0% (g)
	1,634	Mongolia Government Bond, Reg. S, 8.750%, 03/09/24		1,830

		Morocco — 0.0% (g)
	1,050	Kingdom of Morocco, Reg. S, 5.500%, 12/11/42		1,172

		Nigeria — 0.0% (g)
	1,200	Republic of Nigeria, 7.875%, 02/16/32		1,326

		Oman — 0.1%
		Oman Government Bond,
	3,150	4.750%, 06/15/26		3,130
	2,950	5.375%, 03/08/27		3,053
	7,790	6.500%, 03/08/47 (e)		8,129

				14,312

		Pakistan — 0.1%
		Republic of Pakistan,
	2,870	8.250%, 09/30/25		3,243
	1,150	Reg. S, 6.750%, 12/03/19		1,203
	2,650	Reg. S, 7.250%, 04/15/19		2,767
	3,850	Reg. S, 8.250%, 04/15/24		4,291

				11,504

		Panama — 0.1%
		Republic of Panama,
	1,400	3.750%, 03/16/25		1,456
	2,150	4.300%, 04/29/53		2,147
	3,000	4.500%, 05/15/47		3,094
	1,400	6.700%, 01/26/36		1,831
	680	8.875%, 09/30/27		974

				9,502

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Paraguay — 0.0% (g)
	879	Republic of Paraguay, Reg. S, 4.700%, 03/27/27		912

		Peru — 0.0% (g)
	3,000	Republic of Peru, 5.625%, 11/18/50		3,697

		Philippines — 0.0% (g)
	1,860	Republic of the Philippines,10.625%, 03/16/25		2,853

		Romania — 0.0% (g)
		Republic of Romania,
	2,780	Reg. S, 6.125%, 01/22/44		3,527

		Russia — 0.1%
		Russian Federation,
	4,400	Reg. S, 5.875%, 09/16/43		4,954
	3,340	Reg. S, 12.750%, 06/24/28		5,858

				10,812

		Serbia — 0.1%
		Republic of Serbia,
	2,950	Reg. S, 4.875%, 02/25/20		3,090
	5,180	Reg. S, 7.250%, 09/28/21		6,009

				9,099

		Slovenia — 0.0% (g)
	2,190	Republic of Slovenia, Reg. S, 5.850%, 05/10/23		2,534

		South Africa — 0.1%
		Republic of South Africa,
	5,360	4.875%, 04/14/26		5,420
	3,150	5.875%, 05/30/22		3,457
	4,244	5.875%, 09/16/25		4,605
	3,800	6.250%, 03/08/41		4,152

				17,634

		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	4,350	Reg. S, 5.875%, 07/25/22		4,551
	2,690	Reg. S, 6.250%, 10/04/20		2,858
	2,000	Reg. S, 6.250%, 07/27/21		2,133
	2,900	Reg. S, 6.850%, 11/03/25		3,132

				12,674

		Turkey — 0.3%
		Republic of Turkey,
	6,850	6.000%, 03/25/27		7,381


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Turkey — continued
	7,620	6.000%, 01/14/41		7,887
	2,800	6.250%, 09/26/22		3,073
	5,800	6.625%, 02/17/45		6,452
	8,240	7.375%, 02/05/25		9,641

				34,434

		Ukraine — 0.2%
		Republic of Ukraine,
	4,150	7.750%, 09/01/19		4,306
	4,450	7.750%, 09/01/24		4,437
	6,800	Reg. S, 7.750%, 09/01/20		7,052
	2,540	Reg. S, 7.750%, 09/01/21		2,616
	5,200	Reg. S, 7.750%, 09/01/22		5,317
	3,650	Reg. S, 7.750%, 09/01/23		3,686

				27,414

		Uruguay — 0.1%
		Republic of Uruguay,
	570	4.375%, 10/27/27		609
	4,210	5.100%, 06/18/50		4,336
	1,680	7.625%, 03/21/36		2,287
	960	8.000%, 11/18/22		1,174

				8,406

		Venezuela, Bolivarian Republic of — 0.0% (g)
		Republic of Venezuela,
	1,190	9.250%, 09/15/27		500
	2,880	Reg. S, 9.000%, 05/07/23		1,109
	1,630	Reg. S, 11.750%, 10/21/26		684
	1,530	Reg. S, 11.950%, 08/05/31		639

				2,932

		Zambia — 0.0% (g)
		Republic of Zambia,
	750	8.500%, 04/14/24		797
	810	Reg. S, 8.970%, 07/30/27		877

				1,674

		Total Foreign Government Securities (Cost $390,055)		396,366

	Loan Assignments — 0.6%
		Canada — 0.1%
	2,387	Concordia Healthcare Corp., Initial Dollar Term Loan, VAR, 5.501%, 10/21/21		1,765
	635	MacDonald, Dettwiler and Associates Ltd., Term Loan B, VAR, 3.750%, 07/05/24 ^		635
	5,807	MEG Energy Corp., 1st Lien Term B Loan, VAR, 4.733%, 12/31/23 ^		5,774

				8,174

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Luxembourg — 0.0% (g)
	954	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, VAR, 4.234%, 03/11/22		960

		United States — 0.5%
	180	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		181
	495	Avaya, Inc., DIP Term Loan, VAR, 8.729%, 01/24/18 (d) ^		508
	1,020	Avaya, Inc., Extending Tranche Term Loan B-3, VAR, 5.670%, 10/26/17 (d)		828
	1,565	Avaya, Inc., Term Loan B-6, VAR, 6.667%, 03/31/18 (d)		1,272
	1,260	Avaya, Inc., Term Loan B-7, VAR, 6.417%, 05/29/20 (d)		1,029
	397	Berry Plastics Corp., Term Loan I, VAR, 3.730%, 10/01/22		398
	640	Berry Plastics Corp., Term Loan L, VAR, 3.474%, 01/06/21		642
	7,733	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.601%, 12/31/21		8,317
	7,442	Chesapeake Energy Corp., 1st Lien Last Out Term Loan, VAR, 8.686%, 08/23/21 ^		7,984
	730	Cincinnati Bell, Inc., Term Loan, VAR, 4.227%, 09/10/20		732
	1,473	Consolidated Communications, Inc., Term Loan B, VAR, 4.240%, 10/05/23		1,473
	1,869	Cortes NP Acquisition Corp., Term B Loan, VAR, 5.234%, 11/30/23		1,885
	510	Delta 2 SARL, 2nd Lien Term Loan, VAR, 8.004%, 07/29/22		511
	796	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		734
	2,234	First Data Corp., 1st Lien Term Loan, VAR, 3.727%, 04/26/24		2,246
	639	Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B-2, VAR, 5.007%, 12/01/23		644
	5,407	iHeartCommunications, Inc., Term Loan D, VAR, 7.984%, 01/30/19		4,364
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.734%, 07/30/19		1,506
	375	Infor US, Inc., Tranche B-6 Term Loan, VAR, 4.046%, 02/01/22		375
	1,056	Landry’s, Inc., 1st Lien Term Loan, VAR, 3.971%, 10/04/23		1,057


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	4,880	Moran Foods LLC, Term Loan B, VAR, 7.234%, 11/29/23		4,789
	580	MTL Publishing LLC, 1st Lien Term Loan, VAR, 3.724%, 08/21/23		583
	943	ON Semiconductor Corp., 1st Lien Term Loan B, VAR, 3.484%, 03/31/23		947
	1,108	PetSmart, Inc., Term Loan B, VAR, 4.230%, 03/11/22		1,046
	1,296	Quest Software U.S. Holdings, Inc., Term Loan, VAR, 7.257%, 10/31/22		1,317
	1,590	Revlon Consumer Products Corp., Term Loan B, VAR, 4.734%, 09/07/23		1,434
	395	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.990%, 08/21/20		400
	554	Scientific Games Corp., Term Loan B-3, VAR, 5.233%, 10/01/21		554
	2,381	Securus Technologies Holdings, Inc., 1st Lien Term Loan, VAR, 4.500%, 06/20/24 ^		2,404
	511	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, VAR, 9.000%, 06/20/25 ^		513
	771	Signode Industrial Group Lux SA, Initial Term B Loan, VAR, 4.012%, 05/01/21		773
	682	Supervalu, Inc., Delayed Draw Term Loan, VAR, 4.734%, 06/02/24		676
	1,136	Supervalu, Inc., Term Loan B, VAR, 4.734%, 06/08/24		1,127
	2,296	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.311%, 04/23/19		2,210
	803	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.296%, 04/23/19		770
	844	The Go Daddy Group, Inc., Term Loan B, VAR, 3.734%, 02/15/24		848
	253	Tribune Media Co., Term Loan B, VAR, 4.234%, 12/27/20		254
	3,609	Ultra Resources, Inc., Term Loan, VAR, 4.224%, 04/12/24 ^		3,622
	754	Vertis, Inc., 1st Lien Term Loan, VAR, 0.000%, 12/20/15 (d)		—	(h)
	2,125	Viskase Cos., Inc., Initial Term Loan, VAR, 4.546%, 01/30/21		2,050

				63,003

		Total Loan Assignments (Cost $74,302)		72,137

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


SHARES	SECURITY DESCRIPTION	VALUE
Preferred Stocks — 0.9%
	Bermuda — 0.0% (g)
3	XLIT Ltd., Series D, VAR, 3.354%, 09/11/17 ($1,000 par value) @		3,130

	Germany — 0.0% (g)
221	Schaeffler AG (Preference)		3,083

	United States — 0.9%
508	BB&T Corp., Series F, 5.200%, 11/01/17 ($25 par value) @		12,706
52	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		1,306
156	Capital One Financial Corp., Series D, 6.700%, 12/01/19 ($25 par value) @		4,298
71	Discover Financial Services, Series B, 6.500%, 12/01/17 ($25 par value) @		1,815
213	Dominion Energy, Inc., Series A, 5.250%, 07/30/76 ($25 par value)		5,410
12	GMAC Capital Trust I, Series 2, VAR, 6.967%, 02/15/40 ($25 par value)		319
460	Goldman Sachs Group, Inc. (The), Series J, VAR, 5.500%, 05/10/23 ($25 par value) @		12,765
64	Goodman Private (Preference)		218
23	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		694
310	Morgan Stanley, Series I, VAR, 6.375%, 10/15/24 ($25 par value) @		8,931
508	Morgan Stanley, Series K, VAR, 5.850%, 04/15/27 ($25 par value) @		13,843
239	SCE Trust II, 5.100%, 03/15/18 ($25 par value) @		6,090
281	Southern Co. (The), 5.250%, 10/01/76 ($25 par value)		7,166
301	State Street Corp., Series D, VAR, 5.900%, 03/15/24 ($25 par value) @		8,599
315	State Street Corp., Series E, 6.000%, 12/15/19 ($25 par value) @		8,436
128	State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		3,564
42	Vornado Realty Trust, Series G, 6.625%, 09/11/17 ($25 par value) @		1,089
269	Wells Fargo & Co., Series Y, 5.625%, 06/15/22 ($25 par value) @		6,914

			104,163

	Total Preferred Stocks (Cost $102,183)		110,376


NUMBER OF RIGHTS	SECURITY DESCRIPTION	VALUE
Rights — 0.0% (g)
	United States — 0.0% (g)
483	Vistra Energy Corp., expiring 12/31/49 (a) (Cost $ —)		531


NUMBER OF WARRANTS
Warrants — 0.0% (g)
	United States — 0.0% (g)
— (h)	Jack Cooper Holdings Corp., expiring 10/29/27 (Strike Price $1.00) (a)		—
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)		—
	Sabine Oil & Gas Holdings, Inc.,
— (h)	expiring 04/13/2026 (a)		1
1	expiring 04/13/2026 (Strike Price $1.00) (a)		10

	Total Warrants (Cost $9)		11


PRINCIPAL AMOUNT
U.S. Treasury Obligation — 0.3%
35,374	U.S. Treasury Notes, 0.750%, 01/31/18 (k) (Cost $35,352)		35,301


SHARES
Short-Term Investments — 1.9%
	Investment Company — 1.8%
228,670	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l)		228,670

	Time Deposit — 0.1%
11,100	Credit Agricole Corporate & Investment Bank SA, 1.170%, 08/01/17 (n)		11,100

	Total Short-Term Investments (Cost $239,770)		239,770

	Total Investments — 99.8% (Cost $11,464,259)		12,509,456
	Other Assets in Excess of Liabilities — 0.2%		30,835

	NET ASSETS — 100.0%	$	12,540,291

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		9.6	%
Equity Real Estate Investment Trusts (REITs)		7.2
Oil, Gas & Consumable Fuels		7.2
Asset-Backed Securities		4.6
Insurance		4.6
Media		4.2
Pharmaceuticals		4.1
Diversified Telecommunication Services		4.0
Capital Markets		3.7
Foreign Government Securities		3.2
Collateralized Mortgage Obligations		3.0
Health Care Providers & Services		2.3
Wireless Telecommunication Services		2.2
Hotels, Restaurants & Leisure		2.0
Semiconductors & Semiconductor Equipment		1.9
Tobacco		1.9
Electric Utilities		1.8
Chemicals		1.6
Metals & Mining		1.6
IT Services		1.4
Technology Hardware, Storage & Peripherals		1.4
Beverages		1.3
Industrial Conglomerates		1.2
Software		1.2
Auto Components		1.2
Food & Staples Retailing		1.1
Automobiles		1.1
Household Durables		1.0
Others (each less than 1.0%)		16.5
Short-Term Investments		1.9

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 JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
42	Euro STOXX 50 Index		09/15/17	EUR	$	1,712		$	(53	)
17	FTSE 100 Index		09/15/17	GBP		1,640			(18	)
	Short Futures Outstanding
(2,657)	Euro FX		09/18/17	USD		(393,917	)		(19,762	)
(3,336)	GBP FX		09/18/17	USD		(275,574	)		(9,179	)
(8,024)	5 Year U.S. Treasury Note		09/29/17	USD		(948,086	)		(518	)

								$	(29,530	)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
CSMC	—	Credit Suisse Mortgage Trust
CVA	—	Dutch Certification
DIP	—	Debtor-in-possession
EUR	—	Euro
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
HKD	—	Hong Kong Dollar
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.
REIT	—	Real Estate Investment Trust
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of July 31, 2017.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of July 31, 2017.
(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.
(d)	—	Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(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 July 31, 2017.
(n)	—	The rate shown is the effective yield as of July 31, 2017.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)


(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2017.
(y)	—	Preferred Security.
^	—	All or a portion of the security is unsettled as of July 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 July 31, 2017.

As of July 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	$	1,197,725
Aggregate gross unrealized depreciation		(152,528	)

Net unrealized appreciation/depreciation	$	1,045,197

Federal income tax cost of investments	$	11,464,259

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 multiple 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.

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

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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	$	—	$	61,910	$	—	$	61,910
Belgium		4,132		63,159		—		67,291
Brazil		61,571		—		—		61,571
Canada		44,861		—		—		44,861
Chile		23,474		—		—		23,474
China		4,094		134,375		—		138,469
Czech Republic		42,313		—		—		42,313
Denmark		—		54,111		—		54,111
Finland		—		89,165		—		89,165
France		3,562		298,694		—		302,256
Germany		6,624		263,068		—		269,692
Hong Kong		11,857		53,137		—		64,994
Hungary		—		19,268		—		19,268
India		17,001		27,405		—		44,406
Indonesia		—		18,313		—		18,313
Ireland		5,486		—		—		5,486
Italy		—		39,858		—		39,858
Japan		10,320		122,087		—		132,407
Mexico		44,081		—		—		44,081
Netherlands		9,967		136,129		—		146,096
New Zealand		—		—		971		971
Norway		—		33,104		—		33,104
Portugal		—		4,259		—		4,259
Russia		27,182		38,272		—		65,454
Singapore		—		15,049		—		15,049
South Africa		18,124		80,548		—		98,672
South Korea		13,439		41,029		—		54,468
Spain		—		147,983		—		147,983
Sweden		—		67,837		—		67,837
Switzerland		—		172,958		—		172,958
Taiwan		40,305		102,209		—		142,514
Thailand		16,662		13,190		—		29,852
Turkey		—		24,385		—		24,385
United Arab Emirates		11,081		—		—		11,081

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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	$	22,699	$	693,210	$	—		$	715,909
United States		2,245,721		19		1,831			2,247,571

Total Common Stocks		2,684,556		2,814,731		2,802			5,502,089

Convertible Preferred Stocks
China		—		7,601		—			7,601
Israel		2,763		—		—			2,763
United States		73,380		—		—			73,380

Total Convertible Preferred Stocks		76,143		7,601		—			83,744

Preferred Stocks
Bermuda		—		3,130		—	(b)		3,130
Germany		—		3,083		—			3,083
United States		103,945		—		218			104,163

Total Preferred Stocks		103,945		6,213		218			110,376

Debt Securities
Asset-Backed Securities
United States		—		108,386		469,191			577,577
Collateralized Mortgage Obligations
United States		—		375,615		2,542			378,157
Commercial Mortgage-Backed Securities
United States		—		57,299		48,453			105,752
Convertible Bonds
Bermuda		—		1,038		—			1,038
China		—		857		—			857
Cyprus		—		4,345		—			4,345
France		—		713		—			713
Germany		—		8,534		—			8,534
Hong Kong		—		7,791		—			7,791
Japan		—		1,277		—			1,277
Malaysia		—		2,499		—			2,499
Mexico		—		3,853		—			3,853
Monaco		—		2,478		—			2,478
Netherlands		—		1,320		—			1,320
Russia		—		1,338		—			1,338
Singapore		—		9,269		—			9,269
South Africa		—		8,419		—			8,419
Spain		—		4,073		—			4,073
Sweden		—		1,371		—			1,371
Taiwan		—		3,246		—			3,246
United Arab Emirates		—		12,785		—			12,785
United Kingdom		—		8,010		—			8,010
United States		—		83,999		7			84,006

Total Convertible Bonds		—		167,215		7			167,222

Corporate Bonds
Argentina		—		7,517		—			7,517
Australia		—		18,757		—			18,757
Azerbaijan		—		3,675		—			3,675
Barbados		—		1,826		—			1,826
Belgium		—		15,082		—			15,082
Brazil		—		37,824		—			37,824
Canada		—		193,903		—	(b)		193,903
Chile		—		4,734		—			4,734
Colombia		—		5,655		—			5,655
Croatia		—		1,464		—			1,464
Finland		—		2,660		—			2,660

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
France	$	—		$	65,605		$	—		$	65,605
Germany		—			17,328			—			17,328
Guatemala		—			5,480			—			5,480
Hungary		—			5,100			—			5,100
India		—			7,620			—			7,620
Indonesia		—			21,879			—			21,879
Ireland		—			20,631			—			20,631
Israel		—			9,267			—			9,267
Italy		—			23,750			—			23,750
Jamaica		—			1,865			—			1,865
Japan		—			2,935			—			2,935
Kazakhstan		—			13,646			—			13,646
Luxembourg		—			95,283			—			95,283
Malaysia		—			1,301			—			1,301
Mexico		—			69,941			—			69,941
Morocco		—			3,484			—			3,484
Netherlands		—			35,599			—			35,599
New Zealand		—			16,036			—			16,036
Nigeria		—			789			—			789
Peru		—			12,990			—			12,990
Qatar		—			4,089			—			4,089
Russia		—			12,789			—			12,789
South Korea		—			3,624			—			3,624
Spain		—			22,558			—			22,558
Sweden		—			15,459			—			15,459
Switzerland		—			27,516			—			27,516
Trinidad and Tobago		—			391			—			391
Turkey		—			10,828			—			10,828
United Arab Emirates		—			8,804			—			8,804
United Kingdom		—			110,771			—			110,771
United States		—			3,872,008			25,623			3,897,631
Venezuela, Bolivarian Republic of		—			2,337			—			2,337

Total Corporate Bonds		—			4,814,800			25,623			4,840,423

Loan Assignments
Canada		—			8,174			—			8,174
Luxembourg		—			960			—			960
United States		—			63,003			—	(a)		63,003

Total Loan Assignments		—			72,137			—			72,137

Foreign Government Securities		—			396,366			—			396,366
U.S. Treasury Obligations		—			35,301			—			35,301
Rights
United States		—			—			531			531
Warrants
United States		10			1			—	(b)		11
Short-Term Investments
Investment Company		228,670			—			—			228,670
Time Deposit		—			11,100			—			11,100

Total Short-Term Investments		228,670			11,100			—			239,770

Total Investments in Securities	$	3,093,324		$	8,866,765		$	549,367		$	12,509,456

Depreciation in Other Financial Instruments
Futures Contracts	$	(29,459	)	$	(71	)	$	—		$	(29,530	)

(a)	Amount rounds to less than 500.

(b)	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 July 31, 2017.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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


JPMorgan Income Builder Fund	Balance as of October 31, 2016			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of July 31, 2017
Investments in Securities
Asset-Backed Securities	$	382,859		$	(40	)	$	8,823		$	1,322		$	116,755	$	(122,010	)	$	85,518	$	(4,036	)	$	469,191
Collateralized Mortgage Obligations		3,134			(5	)		106			13			—		(706	)		—		—			2,542
Commercial Mortgage-Backed Securities		59,561			—			(1,080	)		(1	)		—		(12,364	)		5,498		(3,161	)		48,453
Common Stocks — New Zealand		—			—			194			—			777		—			—		—			971
Common Stocks — United States		963			(92	)		(647	)		—			—		(1	)		2,498		(890	)		1,831
Convertible Bond — United States		10			—			(4	)		—			1		—			—		—			7
Corporate Bonds — Bahamas		969			(3,363	)		3,825			—			—		(1,431	)		—		—			—	(a)
Corporate Bonds — Canada		—	(a)		—			—			—			—		—			—		—			—	(a)
Corporate Bonds — United States		30,254			(1,928	)		4,591			30			7,188		(1,534	)		2,813		(15,791	)		25,623
Foreign Government Security		558			(246	)		193			—			—		(505	)		—		—			—	(a)
Loan Assignment — United States		—	(b)		—			—			—			—		—			—		—			—	(b)
Preferred Stocks — Bermuda		2,655			—			—			—			—		—			—		(2,655	)		—	(a)
Preferred Stocks — United States		—	(a)		(12	)		12			—			218		—			—		—			218
Right — United States		—			—			531			—			—		—			—		—			531
Warrants — United States		—	(a)		—			—			—			—		—			—		—			—	(a)

Total	$	480,963		$	(5,686	)	$	16,544		$	1,364		$	124,939	$	(138,551	)	$	96,327	$	(26,533	)	$	549,367

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at July 31, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $ 10,847,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at July 31, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Common Stock	$	0	(a)	Market Comparable Companies	EBITDA Multiple (b)	6.4x (6.4x)
		218		Market Comparable Companies	EBITDA Multiple (b)	6.4x (6.4x)
					Liquidity Discount	30.00% (30.00%)

Preferred Stock		218
		7		Comparable Transaction	Transaction Price	$10.00 ($10.00)

Convertible Bond		7
		11,368		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	6.26%—12.72% (8.20%)
		—	(c)	Pending Distribution	Discount for potential outcome (d)	100.00% (100.00%)

Corporate Bond		11,368
		469,191		Discounted Cash Flow	Constant Prepayment Rate	0.00%—20.00% (7.96%)
					Constant Default Rate	0.00%—11.25% (3.58%)
					Yield (Discount Rate of Cash Flows)	1.69%—11.75% (3.69%)

Asset-Backed Securities		469,191
		2,541		Discounted Cash Flow	Constant Prepayment Rate	4.00%—21.26% (12.39%)
					Constant Default Rate	0.00%—7.82% (2.12%)
					Yield (Discount Rate of Cash Flows)	(0.75)%—9.68% (4.65%)

Collateralized Mortgage Obligations		2,541
		48,453		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	(36.41)%—199.00% (19.73%)

Commercial Mortgage-Backed Securities		48,453
Warrants		0	(e)	Intrinsic Value	Expected Recovery	0.00% (0.00%)
Loan Assignments		—	(c)	Pending Distribution	Projected Losses	100.00% (100.00%)
Total	$	531,778

The table above does not include certain level 3 investments that are valued by brokers and pricing services. At July 31, 2017, the value of these investments was approximately $17,589,000. 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 such multiples when pricing the investments.

(c)	Amount rounds to less than 500.

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

(e)	Value is zero.

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — 99.0%
	Australia — 7.4%
4	Aristocrat Leisure Ltd.		62
7	BlueScope Steel Ltd.		73
9	Challenger Ltd.		88
3	Corporate Travel Management Ltd.		49
2	Domino’s Pizza Enterprises Ltd.		86
10	Fortescue Metals Group Ltd.		45
14	South32 Ltd.		32
9	Treasury Wine Estates Ltd.		90

			525

	Austria — 0.9%
1	ams AG (a)		66

	Belgium — 0.6%
— (h)	Melexis NV		41

	China — 2.2%
5	AAC Technologies Holdings, Inc.		60
181	Lonking Holdings Ltd.		59
80	MMG Ltd. (a)		36

			155

	Denmark — 4.1%
1	FLSmidth & Co. A/S		57
1	Jyske Bank A/S (Registered)		44
1	Royal Unibrew A/S		65
1	SimCorp A/S		63
2	William Demant Holding A/S (a)		65

			294

	Faroe Islands — 0.4%
1	Bakkafrost P/F		31

	Finland — 2.3%
1	Huhtamaki OYJ		58
2	Metso OYJ		52
1	Nokian Renkaat OYJ		52

			162

	France — 7.8%
1	Alten SA		60
— (h)	Ipsen SA		62
1	IPSOS		50
1	Remy Cointreau SA		65
— (h)	SEB SA		65
— (h)	Sopra Steria Group		66
1	Tarkett SA		48
— (h)	Trigano SA		65
1	Ubisoft Entertainment SA (a)		74

			555


SHARES	SECURITY DESCRIPTION	VALUE($)
	Georgia — 1.0%
2	BGEO Group plc		73

	Germany — 4.7%
1	Hella KGaA Hueck & Co.		41
1	HUGO BOSS AG		55
— (h)	MTU Aero Engines AG		61
2	SAF-Holland SA		38
1	Stabilus SA		65
3	Wacker Neuson SE		71

			331

	Hong Kong — 2.0%
4	Link REIT		32
38	New World Development Co. Ltd.		51
13	Techtronic Industries Co. Ltd.		56

			139

	Israel — 0.8%
7	Plus500 Ltd.		59

	Italy — 5.4%
5	Amplifon SpA		68
4	Brembo SpA		62
— (h)	Datalogic SpA		1
2	De’ Longhi SpA		59
8	FinecoBank Banca Fineco SpA		68
1	Industria Macchine Automatiche SpA		60
2	Recordati SpA		67

			385

	Japan — 29.1%
3	Alps Electric Co. Ltd.		68
5	Chiba Bank Ltd. (The)		36
3	D.A. Consortium Holdings, Inc.		43
— (h)	Disco Corp.		18
3	en-japan, Inc.		80
18	Fukuoka Financial Group, Inc.		83
1	Furukawa Electric Co. Ltd.		50
2	Goldcrest Co. Ltd.		42
1	Idemitsu Kosan Co. Ltd.		32
2	Japan Exchange Group, Inc.		27
4	Kajima Corp.		35
3	Kuraray Co. Ltd.		56
1	Kureha Corp.		40
4	Kyushu Electric Power Co., Inc.		49
3	M3, Inc.		81
4	MINEBEA MITSUMI, Inc.		66
9	Mitsubishi Chemical Holdings Corp.		74
14	Mitsui Chemicals, Inc.		80

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — (continued)
		Japan — continued
	15	Mitsui Mining & Smelting Co. Ltd.		65
	1	Nihon M&A Center, Inc.		56
	2	Nippon Electric Glass Co. Ltd.		53
	2	Nishio Rent All Co. Ltd.		57
	1	Nitori Holdings Co. Ltd.		71
	3	NSK Ltd.		35
	3	Pacific Industrial Co. Ltd.		35
	4	Persol Holdings Co. Ltd.		76
	1	Rohm Co. Ltd.		77
	— (h)	Ryohin Keikaku Co. Ltd.		51
	2	Sekisui Chemical Co. Ltd.		29
	5	Shimizu Corp.		53
	12	Shinsei Bank Ltd.		20
	4	Sumco Corp.		68
	9	Sumitomo Chemical Co. Ltd.		53
	2	Suruga Bank Ltd.		55
	3	Tadano Ltd.		36
	17	Taiheiyo Cement Corp.		64
	3	Tokai Carbon Co. Ltd.		19
	5	Toppan Printing Co. Ltd.		53
	4	Tosoh Corp.		47
	1	Ulvac, Inc.		37

				2,070

		Netherlands — 1.8%
	1	Aalberts Industries NV		60
	1	TKH Group NV, CVA		69

				129

		New Zealand — 0.7%
	15	a2 Milk Co. Ltd. (a)		51

		Norway — 1.6%
	2	Salmar ASA		43
	6	Skandiabanken ASA (e)		72

				115

		Singapore — 0.3%
	18	Yanlord Land Group Ltd.		24

		South Africa — 0.4%
	1	Mondi plc		28

		Sweden — 3.1%
	6	Husqvarna AB, Class B		61
	4	Sandvik AB		58
	2	Thule Group AB (e)		42
	2	Trelleborg AB, Class B,		58

				219


SHARES		SECURITY DESCRIPTION	VALUE($)
		Switzerland — 6.1%
	— (h)	Baloise Holding AG (Registered)		60
	— (h)	Bucher Industries AG (Registered)		61
	1	Coca-Cola HBC AG (a)		19
	— (h)	dormakaba Holding AG (Registered) (a)		56
	— (h)	Forbo Holding AG (Registered)		53
	2	Oriflame Holding AG		61
	— (h)	Sika AG		62
	1	Temenos Group AG (Registered)		60

				432

		United Arab Emirates — 0.2%
	1	NMC Health plc		16

		United Kingdom — 15.5%
	7	3i Group plc		84
	1	Anglo American plc (a)		21
	6	Ashtead Group plc		131
	4	Barratt Developments plc		36
	5	CNH Industrial NV		62
	15	Electrocomponents plc		124
	5	Fenner plc		21
	2	Fevertree Drinks plc		67
	10	G4S plc		42
	3	Intermediate Capital Group plc		32
	10	ITV plc		24
	22	JD Sports Fashion plc		106
	4	Just Eat plc (a)		34
	22	Melrose Industries plc		69
	2	Micro Focus International plc		66
	16	OneSavings Bank plc		86
	1	Persimmon plc		25
	1	Smiths Group plc		24
	5	Vesuvius plc		36
	1	Victoria plc (a)		5
	5	Watkin Jones plc		13

				1,108

		United States — 0.6%
	1	Carnival plc		46

		Total Common Stocks (Cost $5,765)		7,054

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES	SECURITY DESCRIPTION	VALUE($)
Preferred Stock — 0.6%
	Germany — 0.6%
1	Jungheinrich AG (Preference) (Cost $39)		43

	Total Investments — 99.6% (Cost $5,804)		7,097
	Other Assets in Excess of Liabilities — 0.4%		25

	NET ASSETS — 100.0%	$	7,122

Percentages indicated are based on net assets.

Summary of Investments by Industry, July 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	%
Banks		6.4
Chemicals		6.1
Household Durables		5.5
Semiconductors & Semiconductor Equipment		4.3
Electronic Equipment, Instruments & Components		4.3
Beverages		4.3
Metals & Mining		3.8
Software		3.7
Hotels, Restaurants & Leisure		3.4
Auto Components		3.2
Professional Services		3.0
Trading Companies & Distributors		2.6
Electrical Equipment		2.6
Specialty Retail		2.5
Commercial Services & Supplies		2.1
Diversified Financial Services		2.1
Construction & Engineering		2.0
Capital Markets		2.0
Real Estate Management & Development		1.8
Pharmaceuticals		1.8
IT Services		1.8
Food Products		1.8
Media		1.7
Leisure Products		1.5
Thrifts & Mortgage Finance		1.2
Health Care Providers & Services		1.2
Health Care Technology		1.1
Others (each less than 1.0%)		10.3

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:


CVA	—	Dutch Certification
REIT	—	Real Estate Investment Trust
(a)	—	Non-income producing security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(h)	—	Amount rounds to less than 500.

As of July 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	$	1,333
Aggregate gross unrealized depreciation		(40	)

Net unrealized appreciation/depreciation	$	1,293

Federal income tax cost of investments	$	5,804

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

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.

•

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

JPMorgan International Discovery Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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	$	—	$	525	$	—	$	525
Austria		—		66		—		66
Belgium		—		41		—		41
China		—		155		—		155
Denmark		128		166		—		294
Faroe Islands		31		—		—		31
Finland		—		162		—		162
France		115		440		—		555
Georgia		—		73		—		73
Germany		65		266		—		331
Hong Kong		—		139		—		139
Israel		59		—		—		59
Italy		127		258		—		385
Japan		—		2,070		—		2,070
Netherlands		—		129		—		129
New Zealand		—		51		—		51
Norway		—		115		—		115
Singapore		—		24		—		24
South Africa		—		28		—		28
Sweden		—		219		—		219
Switzerland		—		432		—		432
United Arab Emirates		—		16		—		16
United Kingdom		230		878		—		1,108
United States		—		46		—		46

Total Common Stocks		755		6,299		—		7,054

Preferred Stocks
Germany		—		43		—		43

Total Investments in Securities	$	755	$	6,342	$	—	$	7,097

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 approximately $356,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.9%
		Australia — 1.2%
	1,574	BHP Billiton Ltd.		32,788
	768	BHP Billiton plc		14,012

				46,800

		Belgium — 1.6%
	511	Anheuser-Busch InBev SA/NV		61,690

		China — 3.4%
	181	Baidu, Inc., ADR (a)		40,864
	5,578	China Overseas Land & Investment Ltd.		18,897
	30,300	CNOOC Ltd.		33,914
	5,321	Ping An Insurance Group Co. of China Ltd., Class H		39,383

				133,058

		Denmark — 1.1%
	974	Novo Nordisk A/S, Class B		41,416

		France — 13.3%
	855	Accor SA		39,719
	1,834	AXA SA		54,150
	854	BNP Paribas SA		66,208
	226	Essilor International SA		28,643
	305	Imerys SA		26,401
	45	Kering		15,703
	183	LVMH Moet Hennessy Louis Vuitton SE		46,072
	2,355	Orange SA		39,631
	273	Pernod Ricard SA		37,810
	583	Safran SA		55,199
	543	Sanofi		51,772
	679	Schneider Electric SE (a)		53,312

				514,620

		Germany — 8.4%
	303	Allianz SE (Registered)		64,523
	453	Bayer AG (Registered)		57,394
	249	Continental AG		56,179
	374	Fresenius Medical Care AG & Co. KGaA		35,280
	202	Linde AG		38,554
	700	SAP SE		74,100

				326,030

		Hong Kong — 4.8%
	8,490	AIA Group Ltd.		66,781
	5,301	Cheung Kong Property Holdings Ltd.		42,868
	4,030	CK Hutchison Holdings Ltd.		53,025
	5,110	Sands China Ltd.		23,665

				186,339

		India — 1.2%
	497	HDFC Bank Ltd., ADR		48,111


SHARES		SECURITY DESCRIPTION	VALUE($)
		Indonesia — 0.6%
	40,823	Astra International Tbk. PT		24,426

		Israel — 0.6%
	699	Teva Pharmaceutical Industries Ltd., ADR		22,485

		Japan — 20.0%
	2,593	Astellas Pharma, Inc.		33,018
	363	Daikin Industries Ltd.		38,474
	214	FANUC Corp.		43,774
	1,867	Honda Motor Co. Ltd.		52,258
	3,680	Inpex Corp.		35,807
	1,625	Japan Tobacco, Inc.		56,471
	1,514	KDDI Corp.		40,106
	78	Keyence Corp.		36,214
	1,700	Komatsu Ltd.		45,601
	3,232	Kubota Corp.		56,126
	1,014	Makita Corp.		39,671
	1,362	Mitsui Fudosan Co. Ltd.		31,258
	397	Nidec Corp.		43,789
	301	Nitto Denko Corp.		26,849
	581	Shin-Etsu Chemical Co. Ltd.		53,096
	143	SMC Corp.		45,556
	1,692	Sumitomo Mitsui Financial Group, Inc.		65,283
	220	Tokyo Electron Ltd.		30,926

				774,277

		Macau — 0.6%
	10,009	Wynn Macau Ltd.		21,626

		Netherlands — 5.8%
	436	Akzo Nobel NV		39,446
	332	ASML Holding NV		50,002
	3,621	ING Groep NV		67,659
	2,413	Royal Dutch Shell plc, Class A		68,159

				225,266

		Singapore — 1.1%
	2,560	DBS Group Holdings Ltd.		40,841

		South Africa — 1.0%
	183	Naspers Ltd., Class N		40,516

		South Korea — 2.5%
	95	Hyundai Mobis Co. Ltd.		20,797
	72	Samsung Electronics Co. Ltd., GDR		77,351

				98,148

		Spain — 1.5%
	6,277	Banco Bilbao Vizcaya Argentaria SA		56,795

		Switzerland — 10.7%
	595	Cie Financiere Richemont SA (Registered)		50,608
	9,313	Glencore plc (a)		41,085

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	480	LafargeHolcim Ltd. (Registered) (a)		28,668
	355	LafargeHolcim Ltd. (Registered) (a)		21,343
	945	Novartis AG (Registered)		80,502
	286	Roche Holding AG		72,293
	3,814	UBS Group AG (Registered) (a)		66,327
	170	Zurich Insurance Group AG		51,821

				412,647

		Taiwan — 1.0%
	1,020	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		36,695

		United Kingdom — 17.6%
	890	British American Tobacco plc		55,352
	1,937	Burberry Group plc		43,685
	717	Imperial Brands plc		29,523
	28,291	Lloyds Banking Group plc		24,459
	4,681	Meggitt plc		31,069
	890	Persimmon plc		29,422
	3,465	Prudential plc		84,540
	1,655	RELX NV		34,772
	703	Rio Tinto Ltd.		37,034
	543	Rio Tinto plc		25,441
	4,743	Standard Chartered plc (a)		53,016
	975	TechnipFMC plc (a)		27,790
	865	Travis Perkins plc		17,332
	1,576	Unilever plc		89,866
	20,051	Vodafone Group plc		58,777
	1,839	WPP plc		37,495

				679,573

		United States — 0.9%
	600	Shire plc		33,558

		Total Common Stocks (Cost $3,056,927)		3,824,917

	Preferred Stock — 1.1%
		Germany — 1.1%
	293	Henkel AG & Co. KGaA (Preference) (Cost $25,132)		41,451

	Short-Term Investment — 0.2%
		Investment Company — 0.2%
	9,508	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $9,508)		9,508


SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 100.2% (Cost $3,091,567)		3,875,876
	Liabilities in Excess of Other Assets — (0.2)%		(9,052	)

	NET ASSETS — 100.0%	$	3,866,824

Percentages indicated are based on net assets.

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		10.9	%
Insurance		9.3
Pharmaceuticals		9.3
Machinery		5.9
Chemicals		4.1
Textiles, Apparel & Luxury Goods		4.0
Metals & Mining		3.9
Tobacco		3.6
Oil, Gas & Consumable Fuels		3.6
Semiconductors & Semiconductor Equipment		3.0
Beverages		2.6
Wireless Telecommunication Services		2.5
Electrical Equipment		2.5
Real Estate Management & Development		2.4
Personal Products		2.3
Aerospace & Defense		2.2
Hotels, Restaurants & Leisure		2.2
Media		2.0
Technology Hardware, Storage & Peripherals		2.0
Auto Components		2.0
Automobiles		2.0
Construction Materials		2.0
Software		1.9
Capital Markets		1.7
Industrial Conglomerates		1.4
Household Products		1.1
Internet Software & Services		1.1
Diversified Telecommunication Services		1.0
Building Products		1.0
Others (each less than 1.0%)		6.3
Short-Term Investment		0.2

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund 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 July 31, 2017.

As of July 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	$	874,343
Aggregate gross unrealized depreciation		(90,034	)

Net unrealized appreciation/depreciation	$	784,309

Federal income tax cost of investments	$	3,091,567

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

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.

•

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	$	—	$	46,800	$	—	$	46,800
Belgium		—		61,690		—		61,690
China		40,864		92,194		—		133,058
Denmark		—		41,416		—		41,416
France		—		514,620		—		514,620
Germany		—		326,030		—		326,030
Hong Kong		—		186,339		—		186,339
India		48,111		—		—		48,111
Indonesia		—		24,426		—		24,426
Israel		22,485		—		—		22,485
Japan		—		774,277		—		774,277
Macau		—		21,626		—		21,626
Netherlands		—		225,266		—		225,266
Singapore		—		40,841		—		40,841
South Africa		—		40,516		—		40,516
South Korea		—		98,148		—		98,148
Spain		—		56,795		—		56,795
Switzerland		—		412,647		—		412,647
Taiwan		36,695		—		—		36,695
United Kingdom		—		679,573		—		679,573
United States		—		33,558		—		33,558

Total Common Stocks		148,155		3,676,762		—		3,824,917

Preferred Stocks
Germany		—		41,451		—		41,451

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	9,508	$	—	$	—	$	9,508

Total Investments in Securities	$	157,663	$	3,718,213	$	—	$	3,875,876

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 July 31, 2017.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.1%
		Australia — 3.3%
	747	Commonwealth Bank of Australia		50,044
	6,127	Goodman Group		39,046
	2,832	Oil Search Ltd.		15,067

				104,157

		Belgium — 1.9%
	486	Anheuser-Busch InBev SA/NV		58,604

		Chile — 1.4%
	3,519	Antofagasta plc		43,949

		China — 3.0%
	8,100	China Resources Gas Group Ltd.		30,676
	11,842	China Resources Land Ltd.		38,000
	649	Tencent Holdings Ltd.		25,888

				94,564

		Denmark — 2.1%
	340	Chr Hansen Holding A/S		27,375
	173	Genmab A/S (a)		39,333

				66,708

		Finland — 1.9%
	1,272	UPM-Kymmene OYJ		34,635
	384	Wartsila OYJ Abp		25,542

				60,177

		France — 12.7%
	523	Airbus SE		43,710
	1,757	AXA SA		51,886
	775	BNP Paribas SA		60,062
	270	Capgemini SE		29,402
	82	Kering		28,722
	579	Klepierre		23,558
	247	Pernod Ricard SA		34,240
	295	Renault SA		26,552
	362	Thales SA		40,059
	1,127	TOTAL SA		57,312

				395,503

		Germany — 8.2%
	193	adidas AG		44,124
	192	Continental AG		43,174
	285	Deutsche Boerse AG		29,787
	397	Fresenius SE & Co. KGaA		33,545
	1,551	Infineon Technologies AG		33,679
	222	SAP SE		23,517
	357	Siemens AG (Registered)		48,461

				256,287


SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.7%
	554	HDFC Bank Ltd., ADR		53,623

		Italy — 3.2%
	8,537	Enel SpA		48,696
	18,949	Telecom Italia SpA (a)		19,495
	1,626	UniCredit SpA (a)		31,967

				100,158

		Japan — 22.7%
	376	Daikin Industries Ltd.		39,830
	1,815	DMG Mori Co. Ltd.		30,110
	957	Honda Motor Co. Ltd.		26,783
	355	Izumi Co. Ltd.		18,526
	1,410	Japan Airlines Co. Ltd.		45,556
	2,405	Kajima Corp.		20,971
	106	Keyence Corp.		49,009
	2,172	Marui Group Co. Ltd.		29,544
	1,735	Mitsubishi Corp.		37,664
	8,025	Mitsubishi UFJ Financial Group, Inc.		50,909
	1,562	Mitsui Fudosan Co. Ltd.		35,844
	1,855	Nippon Steel & Sumitomo Metal Corp.		45,539
	878	Nippon Telegraph & Telephone Corp.		42,987
	1,296	ORIX Corp.		20,561
	3,350	Renesas Electronics Corp. (a)		31,425
	453	Sompo Holdings, Inc.		17,756
	1,079	Sumitomo Mitsui Financial Group, Inc.		41,615
	445	Suntory Beverage & Food Ltd.		21,823
	698	Suzuki Motor Corp.		33,081
	940	Tokio Marine Holdings, Inc.		39,530
	1,357	Yamato Holdings Co. Ltd.		27,232

				706,295

		Netherlands — 6.8%
	272	ASML Holding NV		41,005
	2,323	ING Groep NV		43,402
	1,845	Koninklijke Ahold Delhaize NV		37,731
	3,143	Royal Dutch Shell plc, Class A		88,914

				211,052

		Norway — 1.5%
	7,057	Norsk Hydro ASA		45,534

		Singapore — 0.8%
	1,637	DBS Group Holdings Ltd.		26,118

		Spain — 1.9%
	3,693	Distribuidora Internacional de Alimentacion SA		24,874
	883	Industria de Diseno Textil SA		35,052

				59,926

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — 1.3%
	2,694	Svenska Handelsbanken AB, Class A		40,092

		Switzerland — 6.1%
	702	Ferguson PLC		41,926
	263	Roche Holding AG		66,578
	396	Swiss Re AG		38,190
	2,487	UBS Group AG (Registered) (a)		43,249

				189,943

		United Kingdom — 14.4%
	772	Associated British Foods plc		30,207
	254	AstraZeneca plc		15,124
	927	British American Tobacco plc		57,688
	6,862	Dixons Carphone plc		24,371
	1,690	GlaxoSmithKline plc		33,643
	2,016	Prudential plc		49,200
	1,149	Rio Tinto plc		53,836
	5,274	Standard Chartered plc (a)		58,949
	910	TechnipFMC plc (a)		25,920
	887	Unilever NV, CVA		51,665
	16,213	Vodafone Group plc		47,526

				448,129

		United States — 1.2%
	684	Shire plc		38,213

		Total Common Stocks (Cost $2,464,293)		2,999,032

	Preferred Stocks — 2.1%
		Germany — 2.1%
	259	Henkel AG & Co. KGaA (Preference)		36,742
	182	Volkswagen AG (Preference)		27,973

		Total Preferred Stocks (Cost $50,594)		64,715

	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	55,968	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $55,968)		55,968

		Total Investments — 100.0% (Cost $2,570,855)		3,119,715
		Liabilities in Excess of Other Assets — 0.0% (g)		(11	)

		NET ASSETS — 100.0%	$	3,119,704

Percentages indicated are based on net assets.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, July 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		6.3
Metals & Mining		6.0
Oil, Gas & Consumable Fuels		5.2
Pharmaceuticals		3.7
Beverages		3.7
Automobiles		3.7
Semiconductors & Semiconductor Equipment		3.4
Aerospace & Defense		2.7
Trading Companies & Distributors		2.5
Biotechnology		2.5
Real Estate Management & Development		2.4
Capital Markets		2.3
Textiles, Apparel & Luxury Goods		2.3
Food & Staples Retailing		2.0
Equity Real Estate Investment Trusts (REITs)		2.0
Diversified Telecommunication Services		2.0
Specialty Retail		1.9
Tobacco		1.8
Machinery		1.8
Personal Products		1.7
Electronic Equipment, Instruments & Components		1.6
Electric Utilities		1.6
Industrial Conglomerates		1.5
Multiline Retail		1.5
Wireless Telecommunication Services		1.5
Airlines		1.5
Auto Components		1.4
Building Products		1.3
Household Products		1.2
Paper & Forest Products		1.1
Health Care Providers & Services		1.1
Gas Utilities		1.0
Food Products		1.0
Others (each less than 1.0%)		6.4
Short-Term Investment		1.8

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Forward Foreign Currency Exchange Contracts


CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
11,973	AUD	Australia & New Zealand Banking Group Limited		08/16/17	$	8,824	$	9,576	$	752
141,926	AUD	HSBC Bank, NA		08/16/17		105,001		113,521		8,520
140,561	CHF	TD Bank Financial Group		08/16/17		143,101		145,501		2,400
7,292	EUR	Australia & New Zealand Banking Group Limited		08/16/17		8,200		8,639		439
13,588	EUR	Citibank, NA		08/16/17		15,551		16,098		547
7,899	EUR	Goldman Sachs International		08/16/17		9,010		9,358		348
10,595	EUR	National Australia Bank		08/16/17		11,596		12,552		956
17,024	EUR	Standard Chartered Bank		08/16/17		19,218		20,168		950
21,447	EUR	State Street Bank Corp.		08/16/17		24,964		25,408		444
7,710	EUR	Union Bank of Switzerland AG		08/16/17		9,029		9,134		105
7,279	GBP	Barclays Bank plc		08/16/17		9,348		9,609		261
7,997	GBP	BNP Paribas		08/16/17		10,463		10,557		94
13,747	GBP	Citibank, NA		08/16/17		17,822		18,147		325
5,344	GBP	National Australia Bank		08/16/17		6,794		7,054		260
4,649	GBP	State Street Corp.		08/16/17		6,005		6,137		132
75,407	HKD	TD Bank Financial Group		08/16/17		9,709		9,658		(51	)
1,789,988	JPY	HSBC Bank, NA		08/16/17		16,204		16,247		43
2,946,585	JPY	National Australia Bank		08/16/17		26,703		26,745		42
831,452	JPY	Societe Generale		08/16/17		7,398		7,547		149
1,639,001	JPY	TD Bank Financial Group		08/16/17		14,702		14,876		174
1,339,046	JPY	Union Bank of Switzerland AG		08/16/17		11,989		12,154		165
484,766	SEK	Standard Chartered Bank		08/16/17		55,133		60,092		4,959
48,233	SGD	Barclays Bank plc		08/16/17		34,359		35,599		1,240
					$	581,123	$	604,377	$	23,254

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
14,498	CHF	Societe Generale		08/16/17	$	15,161	$	15,007	$	154
14,456	CHF	State Street Corp.		08/16/17		14,541		14,964		(423	)
185,329	DKK	TD Bank Financial Group		08/16/17		27,453		29,525		(2,072	)
214,434	EUR	Barclays Bank plc		08/16/17		236,182		254,047		(17,865	)
31,526	EUR	Citibank, NA		08/16/17		35,608		37,350		(1,742	)
6,848	EUR	Goldman Sachs International		08/16/17		7,657		8,113		(456	)
8,184	EUR	HSBC Bank, NA		08/16/17		9,192		9,696		(504	)
17,918	EUR	National Australia Bank		08/16/17		20,387		21,229		(842	)
26,152	EUR	Societe Generale		08/16/17		29,762		30,983		(1,221	)
8,488	EUR	Union Bank of Switzerland AG		08/16/17		9,778		10,056		(278	)
4,780	GBP	Australia & New Zealand Banking Group Limited		08/16/17		6,197		6,309		(112	)
7,830	GBP	National Australia Bank		08/16/17		10,141		10,337		(196	)
1,711,295	JPY	Goldman Sachs International		08/16/17		15,446		15,533		(87	)
1,667,895	JPY	National Australia Bank		08/16/17		15,290		15,138		152
2,036,539	JPY	Standard Chartered Bank		08/16/17		18,341		18,485		(144	)
3,168,334	JPY	TD Bank Financial Group		08/16/17		28,351		28,757		(406	)
190,241	NOK	Goldman Sachs International		08/16/17		21,983		24,203		(2,220	)

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
9,336	SGD	HSBC Bank, NA		08/16/17	$	6,753	$	6,891	$	(138	)
9,296	SGD	Royal Bank of Canada		08/16/17		6,723		6,861		(138	)
9,697	SGD	TD Bank Financial Group		08/16/17		7,048		7,157		(109	)
					$	541,994	$	570,641	$	(28,647	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENT:


ADR	—	American Depositary Receipt
AUD	—	Australian Dollar
CHF	—	Swiss Franc
CVA	—	Dutch Certification
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of July 31, 2017.

As of July 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	$	583,297
Aggregate gross unrealized depreciation		(34,437	)

Net unrealized appreciation/depreciation	$	548,860

Federal income tax cost of investments	$	2,570,855

Forward Foreign Currency Contracts are valued utilizing market quotations from approved Pricing Services.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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	$	—	$	104,157		$	—	$	104,157
Belgium		—		58,604			—		58,604
Chile		—		43,949			—		43,949
China		—		94,564			—		94,564
Denmark		—		66,708			—		66,708
Finland		—		60,177			—		60,177
France		—		395,503			—		395,503
Germany		—		256,287			—		256,287
India		53,623		—			—		53,623
Italy		—		100,158			—		100,158
Japan		—		706,295			—		706,295
Netherlands		—		211,052			—		211,052
Norway		—		45,534			—		45,534
Singapore		—		26,118			—		26,118
Spain		—		59,926			—		59,926
Sweden		—		40,092			—		40,092
Switzerland		—		189,943			—		189,943
United Kingdom		—		448,129			—		448,129
United States		—		38,213			—		38,213

Total Common Stocks		53,623		2,945,409			—		2,999,032

Preferred Stocks
Germany		—		64,715			—		64,715
Short-Term Investment
Investment Company		55,968		—			—		55,968

Total Investments in Securities	$	109,591	$	3,010,124		$	—	$	3,119,715

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	23,611		$	—	$	23,611

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(29,004	)	$	—	$	(29,004	)

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 July 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.

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.5%
		Belgium — 1.9%
	41	Anheuser-Busch InBev SA/NV		4,965

		Canada — 3.2%
	76	Alimentation Couche-Tard, Inc., Class B		3,584
	57	Canadian National Railway Co.		4,523

				8,107

		China — 7.4%
	21	Baidu, Inc., ADR (a)		4,826
	3,504	China Unicom Hong Kong Ltd. (a)		5,078
	614	CNOOC Ltd.		686
	3,367	CNOOC Ltd.		3,769
	99	JD.com, Inc., ADR (a)		4,481

				18,840

		Denmark — 1.6%
	97	Novo Nordisk A/S, Class B		4,141

		Finland — 1.7%
	64	Wartsila OYJ Abp		4,279

		France — 2.0%
	53	Safran SA		5,019

		Germany — 10.4%
	60	Bayer AG (Registered)		7,556
	33	Continental AG		7,437
	46	Delivery Hero AG (a)		1,501
	53	Delivery Hero AG (a) (e)		1,750
	26	Linde AG		4,989
	75	Zalando SE (a) (e)		3,340

				26,573

		Hong Kong — 6.7%
	1,042	AIA Group Ltd.		8,193
	413	Cheung Kong Property Holdings Ltd.		3,340
	428	CK Hutchison Holdings Ltd.		5,632

				17,165

		India — 3.0%
	79	HDFC Bank Ltd., ADR		7,666

		Israel — 1.8%
	145	Teva Pharmaceutical Industries Ltd., ADR		4,668

		Italy — 1.7%
	229	UniCredit SpA (a)		4,493

		Japan — 8.8%
	182	Komatsu Ltd.		4,875
	248	Kubota Corp.		4,303
	280	ORIX Corp.		4,438


SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	145	Recruit Holdings Co. Ltd.		2,505
	69	Shin-Etsu Chemical Co. Ltd.		6,284

				22,405

		Netherlands — 9.9%
	313	Altice NV, Class A (a)		7,711
	42	ASML Holding NV		6,313
	254	ING Groep NV		4,749
	164	NN Group NV		6,648

				25,421

		South Africa — 2.0%
	23	Naspers Ltd., Class N		5,144

		South Korea — 6.1%
	30	Hyundai Motor Co.		3,947
	18	LG Chem Ltd.		5,324
	6	Samsung Electronics Co. Ltd., GDR		6,315

				15,586

		Spain — 1.9%
	536	Banco Bilbao Vizcaya Argentaria SA		4,851

		Switzerland — 6.5%
	41	Cie Financiere Richemont SA (Registered)		3,521
	1,148	Glencore plc (a)		5,066
	68	LafargeHolcim Ltd. (Registered) (a)		4,048
	232	UBS Group AG (Registered) (a)		4,038

				16,673

		United Kingdom — 17.9%
	117	British American Tobacco plc		7,297
	1,807	ITV plc		4,131
	567	Meggitt plc		3,765
	180	RELX NV		3,779
	109	Rio Tinto plc		5,121
	250	Smith & Nephew plc		4,349
	457	Standard Chartered plc (a)		5,113
	104	TechnipFMC plc (a)		2,950
	158	Unilever NV, CVA		9,188

				45,693

		Total Common Stocks (Cost $214,903)		241,689

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 6.9%
		Short-Term Investment — 6.9%
	17,671	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $17,671)		17,671

		Total Investments — 101.4% (Cost $232,574)		259,360
		Liabilities in Excess of Other Assets — (1.4)%		(3,508	)

		NET ASSETS — 100.0%	$	255,852

Percentages indicated are based on net assets.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		10.4	%
Media		6.6
Chemicals		6.4
Pharmaceuticals		6.3
Insurance		5.7
Machinery		5.2
Metals & Mining		3.9
Personal Products		3.5
Aerospace & Defense		3.4
Internet Software & Services		3.1
Internet & Direct Marketing Retail		3.0
Auto Components		2.9
Tobacco		2.8
Technology Hardware, Storage & Peripherals		2.4
Semiconductors & Semiconductor Equipment		2.4
Professional Services		2.4
Industrial Conglomerates		2.2
Diversified Telecommunication Services		2.0
Beverages		1.9
Road & Rail		1.7
Oil, Gas & Consumable Fuels		1.7
Diversified Financial Services		1.7
Health Care Equipment & Supplies		1.7
Construction Materials		1.6
Capital Markets		1.6
Automobiles		1.5
Food & Staples Retailing		1.4
Textiles, Apparel & Luxury Goods		1.4
Real Estate Management & Development		1.3
Energy Equipment & Services		1.1
Short-Term Investment		6.8

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global 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.
(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 July 31, 2017.

As of July 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	$	30,731
Aggregate gross unrealized depreciation		(3,945	)

Net unrealized appreciation/depreciation	$	26,786

Federal income tax cost of investments	$	232,574

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

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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	$	—	$	4,965	$	—	$	4,965
Canada		8,107		—		—		8,107
China		9,307		9,533		—		18,840
Denmark		—		4,141		—		4,141
Finland		—		4,279		—		4,279
France		—		5,019		—		5,019
Germany		3,251		23,322		—		26,573
Hong Kong		—		17,165		—		17,165
India		7,666		—		—		7,666
Israel		4,668		—		—		4,668
Italy		—		4,493		—		4,493
Japan		—		22,405		—		22,405
Netherlands		—		25,421		—		25,421
South Africa		—		5,144		—		5,144
South Korea		—		15,586		—		15,586
Spain		—		4,851		—		4,851
Switzerland		—		16,673		—		16,673
United Kingdom		—		45,693		—		45,693

Total Common Stocks		32,999		208,690		—		241,689

Short-Term Investment
Investment Company		17,671		—		—		17,671

Total Investments in Securities	$	50,670	$	208,690	$	—	$	259,360

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 July 31, 2017.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.6%
		Australia — 3.7%
	898	Australia & New Zealand Banking Group Ltd.		21,283
	1,468	Goodman Group		9,354

				30,637

		Austria — 1.8%
	351	Erste Group Bank AG (a)		14,527

		Belgium — 2.5%
	114	Anheuser-Busch InBev SA/NV		13,741
	88	KBC Group NV		7,303

				21,044

		Canada — 1.5%
	251	TransCanada Corp.		12,827

		Chile — 0.7%
	200	Banco Santander Chile, ADR		5,649

		China — 0.8%
	5,560	CNOOC Ltd.		6,223

		Finland — 1.2%
	1,133	Outokumpu OYJ		9,520

		France — 14.8%
	123	Air Liquide SA		15,067
	118	Airbus SE		9,830
	640	AXA SA		18,910
	234	BNP Paribas SA		18,100
	121	Renault SA		10,914
	140	Sanofi		13,293
	124	Schneider Electric SE (a)		9,744
	523	TOTAL SA		26,617

				122,475

		Germany — 7.6%
	56	Bayer AG (Registered)		7,126
	116	Brenntag AG		6,548
	177	Daimler AG (Registered)		12,392
	83	Deutsche Boerse AG		8,635
	33	HeidelbergCement AG		3,283
	235	Infineon Technologies AG		5,104
	143	Siemens AG (Registered)		19,437

				62,525

		Ireland — 0.9%
	67	Ryanair Holdings plc, ADR (a)		7,649

		Israel — 1.7%
	439	Teva Pharmaceutical Industries Ltd., ADR		14,118


SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — 3.7%
	2,852	Enel SpA		16,267
	2,398	Intesa Sanpaolo SpA		8,253
	6,311	Telecom Italia SpA (a)		6,493

				31,013

		Japan — 21.9%
	286	Bridgestone Corp.		12,045
	95	Daikin Industries Ltd.		10,005
	343	DMG Mori Co. Ltd.		5,688
	546	Honda Motor Co. Ltd.		15,289
	297	Japan Airlines Co. Ltd.		9,590
	349	Japan Tobacco, Inc.		12,110
	171	Mabuchi Motor Co. Ltd.		8,985
	477	Mitsubishi Corp.		10,353
	3,460	Mitsubishi UFJ Financial Group, Inc.		21,951
	259	Mitsui Fudosan Co. Ltd.		5,951
	440	NGK Spark Plug Co. Ltd.		8,875
	313	Nippon Telegraph & Telephone Corp.		15,293
	145	Otsuka Corp.		9,472
	301	Renesas Electronics Corp. (a)		2,824
	502	Sumitomo Electric Industries Ltd.		8,115
	176	Sumitomo Mitsui Financial Group, Inc.		6,807
	223	Sumitomo Mitsui Trust Holdings, Inc.		8,204
	71	Toyota Motor Corp.		4,024
	262	Yamato Holdings Co. Ltd.		5,259

				180,840

		Luxembourg — 1.3%
	420	ArcelorMittal (a)		11,067

		Netherlands — 8.2%
	233	ASR Nederland NV		8,814
	919	ING Groep NV		17,171
	204	NN Group NV		8,252
	1,198	Royal Dutch Shell plc, Class A		33,828

				68,065

		Norway — 1.1%
	1,437	Norsk Hydro ASA		9,272

		Singapore — 1.4%
	712	DBS Group Holdings Ltd.		11,354

		South Korea — 1.0%
	4	Samsung Electronics Co. Ltd.		8,675

		Spain — 3.1%
	2,478	Bankia SA		12,523
	1,630	Iberdrola SA		12,848

				25,371

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — (continued)
		Sweden — 0.8%
	509	Nordea Bank AB		6,419

		Switzerland — 6.8%
	913	Credit Suisse Group AG (Registered) (a)		14,035
	122	Ferguson PLC		7,304
	100	LafargeHolcim Ltd. (Registered) (a)		5,988
	40	Novartis AG (Registered)		3,378
	43	Roche Holding AG		11,004
	49	Zurich Insurance Group AG		14,923

				56,632

		United Kingdom — 11.5%
	752	Barratt Developments plc		6,107
	902	HSBC Holdings plc		9,031
	94	InterContinental Hotels Group plc		5,298
	3,477	ITV plc		7,950
	582	Prudential plc		14,201
	246	Rio Tinto plc		11,539
	1,399	Standard Chartered plc (a)		15,642
	248	TechnipFMC plc (a)		7,077
	6,255	Vodafone Group plc		18,336

				95,181

		United States — 1.6%
	244	Shire plc		13,658

		Total Common Stocks (Cost $756,373)		824,741

	Short-Term Investment — 0.2%
		Short-Term Investment — 0.2%
	1,302	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $1,302)		1,302

		Total Investments — 99.8% (Cost $757,675)		826,043
		Other Assets in Excess of Liabilities — 0.2%		1,551

		NET ASSETS — 100.0%	$	827,594

Percentages indicated are based on net assets.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		22.3	%
Oil, Gas & Consumable Fuels		9.6
Insurance		7.9
Pharmaceuticals		5.9
Automobiles		5.2
Metals & Mining		5.0
Electric Utilities		3.5
Auto Components		3.5
Trading Companies & Distributors		2.9
Capital Markets		2.7
Diversified Telecommunication Services		2.6
Industrial Conglomerates		2.4
Electrical Equipment		2.3
Wireless Telecommunication Services		2.2
Airlines		2.1
Chemicals		1.8
Beverages		1.7
Biotechnology		1.7
Tobacco		1.5
Building Products		1.2
Aerospace & Defense		1.2
IT Services		1.1
Equity Real Estate Investment Trusts (REITs)		1.1
Construction Materials		1.1
Technology Hardware, Storage & Peripherals		1.1
Media		1.0
Semiconductors & Semiconductor Equipment		1.0
Others (each less than 1.0%)		4.2
Short-Term Investment		0.2

Forward Foreign Currency Exchange Contracts


CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE			VALUE AT JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	16,502	CHF
	15,167	for EUR	Royal Bank of Canada	08/24/17	$	17,977	#	$	17,092	#	$	(885	)

	3,877	GBP
	4,453	for EUR	Royal Bank of Canada	08/24/17		5,278	#		5,120	#		(158	)

	370,328	JPY
	25,553	for HKD	Royal Bank of Canada	08/24/17		3,273	#		3,362	#		89

	39,260	AUD	Goldman Sachs International	08/24/17		29,404			31,398			1,994

	3,492	CAD	National Australia Bank	08/24/17		2,570			2,802			232

	10,542	CHF	HSBC Bank, NA	08/24/17		10,890			10,919			29

	40,063	DKK	HSBC Bank, NA	08/24/17		6,048			6,386			338

	2,144	EUR	Australia & New Zealand Banking Group Ltd.	08/24/17		2,425			2,541			116
	6,516	EUR	Citibank, NA	08/24/17		7,288			7,723			435
	8,515	EUR	National Australia Bank	08/24/17		9,550			10,093			543
	8,405	EUR	State Street Corp.	08/24/17		9,471			9,962			491

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,895	GBP	Australia & New Zealand Banking Group Ltd.	08/24/17	$	3,762	$	3,823	$	61
	2,142	GBP	National Australia Bank	08/24/17		2,718		2,828		110
	19,864	GBP	State Street Corp.	08/24/17		25,847		26,230		383

	36,743	HKD	Australia & New Zealand Banking Group Ltd.	08/24/17		4,725		4,707		(18	)
	95,664	HKD	HSBC Bank, NA	08/24/17		12,311		12,256		(55	)
	52,286	HKD	Societe Generale	08/24/17		6,724		6,699		(25	)

	396,414	JPY	Australia & New Zealand Banking Group Ltd.	08/24/17		3,572		3,600		28
	948,715	JPY	National Australia Bank	08/24/17		8,580		8,614		34

	70,814	SEK	HSBC Bank, NA	08/24/17		8,152		8,783		631
	102,351	SEK	National Australia Bank	08/24/17		11,780		12,694		914

					$	192,345	$	197,632	$	5,287



CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,780	AUD	Royal Bank of Canada	08/24/17	$	2,849	$	3,023	$	(174	)
	5,288	AUD	State Street Corp.	08/24/17		3,951		4,229		(278	)

	11,660	CAD	Deutsche Bank AG	08/24/17		8,677		9,355		(678	)
	2,356	CAD	Merrill Lynch International	08/24/17		1,881		1,890		(9	)
	4,762	CAD	National Australia Bank	08/24/17		3,532		3,821		(289	)

	2,353	CHF	Australia & New Zealand Banking Group Ltd.	08/24/17		2,454		2,437		17
	8,737	CHF	National Australia Bank	08/24/17		8,989		9,049		(60	)
	4,138	CHF	State Street Corp.	08/24/17		4,285		4,286		(1	)

	2,182	EUR	Australia & New Zealand Banking Group Ltd.	08/24/17		2,462		2,586		(124	)
	2,385	EUR	Credit Suisse International	08/24/17		2,781		2,827		(46	)
	3,862	EUR	HSBC Bank, NA	08/24/17		4,343		4,577		(234	)
	3,740	EUR	Merrill Lynch International	08/24/17		4,228		4,433		(205	)
	4,409	EUR	National Australia Bank	08/24/17		4,970		5,227		(257	)
	11,455	EUR	Royal Bank of Canada	08/24/17		12,999		13,577		(578	)
	46,680	EUR	Union Bank of Switzerland AG	08/24/17		52,748		55,329		(2,581	)

	1,004	GBP	Australia & New Zealand Banking Group Ltd.	08/24/17		1,286		1,325		(39	)
	4,581	GBP	National Australia Bank	08/24/17		5,913		6,049		(136	)
	3,214	GBP	Societe Generale	08/24/17		4,198		4,245		(47	)
	6,366	GBP	State Street Corp.	08/24/17		8,227		8,406		(179	)

	1,132,159	JPY	Australia & New Zealand Banking Group Ltd.	08/24/17		10,264		10,280		(16	)
	370,814	JPY	Goldman Sachs International	08/24/17		3,349		3,367		(18	)
	105,184	JPY	State Street Corp.	08/24/17		949		955		(6	)

	27,478	NOK	Merrill Lynch International	08/24/17		3,284		3,496		(212	)
	27,485	NOK	Royal Bank of Canada	08/24/17		3,253		3,498		(245	)

	31,342	SEK	Citibank, NA	08/24/17		3,756		3,888		(132	)

					$	165,628	$	172,155	$	(6,527	)

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

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
GBP	—	British Pound
HKD	—	Hong Kong Dollar
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
SEK	—	Swedish Krona
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.
(l)	—	The rate shown is the current yield as of July 31, 2017.

As of July 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	$	104,686
Aggregate gross unrealized depreciation		(36,318	)

Net unrealized appreciation/depreciation	$	68,368

Federal income tax cost of investments	$	757,675

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 exchange contracts are valued utilizing market quotations from approved Pricing Services.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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	$	—	$	30,637		$	—	$	30,637
Austria		—		14,527			—		14,527
Belgium		—		21,044			—		21,044
Canada		12,827		—			—		12,827
Chile		5,649		—			—		5,649
China		—		6,223			—		6,223
Finland		—		9,520			—		9,520
France		—		122,475			—		122,475
Germany		—		62,525			—		62,525
Ireland		7,649		—			—		7,649
Israel		14,118		—			—		14,118
Italy		—		31,013			—		31,013
Japan		—		180,840			—		180,840
Luxembourg		—		11,067			—		11,067
Netherlands		8,814		59,251			—		68,065
Norway		—		9,272			—		9,272
Singapore		—		11,354			—		11,354
South Korea		—		8,675			—		8,675
Spain		—		25,371			—		25,371
Sweden		—		6,419			—		6,419
Switzerland		—		56,632			—		56,632
United Kingdom		—		95,181			—		95,181
United States		—		13,658			—		13,658

Total Common Stocks		49,057		775,684			—		824,741

Short-Term Investment
Investment Company		1,302		—			—		1,302

Total Investments in Securities	$	50,359	$	775,684		$	—	$	826,043

Appreciation in Other Financial Instruments

Forward Foreign Currency Exchange Contracts	$	—	$	6,445		$	—	$	6,445

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(7,685	)	$	—	$	(7,685	)

Transfers from level 1 to level 2 in the amount of approximately $13,046,000 and from level 2 to level 1 in the amount of approximately $10,062,000 are due to the application and non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

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.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Australia — 4.6%
	450	Goodman Group		2,870

		Austria — 5.0%
	75	Erste Group Bank AG (a)		3,098

		Finland — 4.3%
	316	Outokumpu OYJ		2,658

		France — 5.3%
	36	Renault SA		3,276

		Germany — 14.7%
	35	Brenntag AG		2,010
	54	Daimler AG (Registered)		3,762
	24	Deutsche Boerse AG		2,467
	9	HeidelbergCement AG		871

				9,110

		Japan — 39.1%
	29	Daikin Industries Ltd.		3,039
	80	DMG Mori Co. Ltd.		1,334
	83	Japan Airlines Co. Ltd.		2,678
	49	Mabuchi Motor Co. Ltd.		2,572
	142	Mitsubishi Corp.		3,074
	75	Mitsui Fudosan Co. Ltd.		1,710
	126	NGK Spark Plug Co. Ltd.		2,540
	41	Otsuka Corp.		2,712
	79	Renesas Electronics Corp. (a)		744
	145	Sumitomo Electric Industries Ltd.		2,345
	76	Yamato Holdings Co. Ltd.		1,533

				24,281

		Netherlands — 8.1%
	67	ASR Nederland NV		2,521
	62	NN Group NV		2,533

				5,054

		South Korea — 4.0%
	1	Samsung Electronics Co. Ltd.		2,482

		Spain — 5.8%
	719	Bankia SA		3,633


SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — 7.9%
	207	Barratt Developments plc		1,678
	286	Standard Chartered plc (a)		3,197

				4,875

		Total Investments — 98.8% (Cost $49,014)		61,337
		Other Assets in Excess of Liabilities — 1.2%		753

		NET ASSETS — 100.0%	$	62,090

Percentages indicated are based on net assets.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		16.2	%
Automobiles		11.5
Trading Companies & Distributors		8.3
Insurance		8.2
Auto Components		8.0
Building Products		5.0
Equity Real Estate Investment Trusts (REITs)		4.7
IT Services		4.4
Airlines		4.4
Metals & Mining		4.3
Electrical Equipment		4.2
Technology Hardware, Storage & Peripherals		4.0
Capital Markets		4.0
Real Estate Management & Development		2.8
Household Durables		2.7
Air Freight & Logistics		2.5
Machinery		2.2
Construction Materials		1.4
Semiconductors & Semiconductor Equipment		1.2


Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
4	Euro STOXX 50 Index		09/15/17		EUR	$	163	$	(5	)
2	FTSE 100 Index		09/15/17		GBP		193		(3	)

								$	(8	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


EUR	–	Euro
FTSE	–	Financial Times and the London Stock Exchange
GBP	–	British Pound
(a)	–	Non-income producing security.

As of July 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	$	13,005
Aggregate gross unrealized depreciation		(682	)

Net unrealized appreciation/depreciation	$	12,323

Federal income tax cost of investments	$	49,014

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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.

•

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)	$	2,521	$	58,816		$	—	$	61,337

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.

Transfers from level 2 to level 1 in the amount of approximately $1,814,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.6%
		Austria — 1.2%
	153	ams AG (a)		11,054

		Belgium — 1.3%
	145	KBC Group NV		12,009

		Denmark — 7.0%
	8	AP Moller - Maersk A/S, Class B		16,487
	254	Danske Bank A/S		10,304
	399	Novo Nordisk A/S, Class B		16,990
	217	Vestas Wind Systems A/S		21,226

				65,007

		Finland — 1.3%
	437	UPM-Kymmene OYJ		11,897

		France — 17.1%
	91	Atos SE		13,815
	561	AXA SA		16,578
	107	BNP Paribas SA		8,329
	1,605	Engie SA		25,858
	73	Renault SA		6,571
	321	Sanofi		30,603
	235	Societe Generale SA		13,783
	260	Vinci SA		23,322
	822	Vivendi SA		18,990

				157,849

		Germany — 12.1%
	111	adidas AG		25,424
	134	Allianz SE (Registered)		28,458
	90	Aurubis AG		8,016
	124	Delivery Hero AG (a) (e)		4,057
	249	Deutsche Wohnen AG		9,855
	474	Evotec AG (a)		6,825
	64	Hannover Rueck SE		8,101
	49	HOCHTIEF AG		8,694
	79	Siemens AG (Registered)		10,741
	45	Software AG		1,968

				112,139

		Ireland — 2.6%
	1,637	Allied Irish Banks plc (e)		9,611
	485	Smurfit Kappa Group plc		14,422

				24,033

		Italy — 5.5%
	345	Azimut Holding SpA		7,723
	141	Ferrari NV		14,800
	4,475	Intesa Sanpaolo SpA		15,404
	487	Moncler SpA		13,084

				51,011


SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — 2.9%
	1,410	ING Groep NV		26,337

		Spain — 3.5%
	169	ACS Actividades de Construccion y Servicios SA		6,489
	50	Aena SA (e)		9,731
	2,348	Banco Santander SA		15,987

				32,207

		Sweden — 3.4%
	577	Electrolux AB, Series B		19,738
	687	Volvo AB, Class B		11,672

				31,410

		Switzerland — 14.7%
	2,475	Glencore plc (a)		10,917
	517	Logitech International SA (Registered)		18,780
	69	Lonza Group AG (Registered) (a)		16,321
	209	Nestle SA (Registered)		17,641
	127	Novartis AG (Registered)		10,821
	30	Partners Group Holding AG		19,241
	50	Roche Holding AG		12,710
	934	STMicroelectronics NV		15,821
	36	Swiss Life Holding AG (Registered) (a)		13,163

				135,415

		United Kingdom — 19.8%
	403	Ashtead Group plc		8,648
	1,637	Aviva plc		11,636
	1,161	Barratt Developments plc		9,432
	192	British American Tobacco plc		11,954
	252	easyJet plc		4,108
	1,779	GKN plc		7,546
	527	HSBC Holdings plc		5,282
	221	InterContinental Hotels Group plc		12,493
	1,313	International Consolidated Airlines Group SA		10,017
	22,007	Lloyds Banking Group plc		19,026
	2,407	Melrose Industries plc		7,382
	449	Persimmon plc		14,826
	322	Rio Tinto plc		15,111
	3,881	Taylor Wimpey plc		9,746
	495	Unilever NV, CVA		28,843
	292	Weir Group plc (The)		7,078

				183,128

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — 1.2%
	163	Carnival plc		11,006

		Total Common Stocks (Cost $781,313)		864,502

	Short-Term Investment — 8.1%
		Investment Company — 8.1%
	74,464	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $74,464)		74,464

		Total Investments — 101.7% (Cost $855,777)		938,966
		Liabilities in Excess of Other Assets — (1.7)%		(15,308	)

		NET ASSETS — 100.0%	$	923,658

Percentages indicated are based on net assets.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		14.5	%
Insurance		8.3
Pharmaceuticals		7.6
Household Durables		5.7
Textiles, Apparel & Luxury Goods		4.1
Construction & Engineering		4.1
Metals & Mining		3.6
Personal Products		3.1
Electrical Equipment		3.0
Capital Markets		2.9
Semiconductors & Semiconductor Equipment		2.9
Multi-Utilities		2.8
Hotels, Restaurants & Leisure		2.5
Life Sciences Tools & Services		2.5
Automobiles		2.3
Diversified Telecommunication Services		2.0
Technology Hardware, Storage & Peripherals		2.0
Machinery		2.0
Food Products		1.9
Marine		1.8
Containers & Packaging		1.5
Airlines		1.5
IT Services		1.5
Tobacco		1.3
Paper & Forest Products		1.3
Industrial Conglomerates		1.1
Real Estate Management & Development		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		2.3
Short-Term Investment		7.9


Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
826	Euro STOXX 50 Index		09/15/17		EUR	$	33,662	$	(665	)
169	FTSE 100 Index		09/15/17		GBP		16,303		(241	)

								$	(906	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


CVA	—	Dutch Certification
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.
(l)	—	The rate shown is the current yield as of July 31, 2017.

As of July 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	$	88,964
Aggregate gross unrealized depreciation		(5,775	)

Net unrealized appreciation/depreciation	$	83,189

Federal income tax cost of investments	$	855,777

Futures are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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.

•

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
Austria	$	—	$	11,054		$	—	$	11,054
Belgium		—		12,009			—		12,009
Denmark		—		65,007			—		65,007
Finland		—		11,897			—		11,897
France		—		157,849			—		157,849
Germany		4,057		108,082			—		112,139
Ireland		24,033		—			—		24,033
Italy		—		51,011			—		51,011
Netherlands		—		26,337			—		26,337
Spain		—		32,207			—		32,207
Sweden		—		31,410			—		31,410
Switzerland		—		135,415			—		135,415
United Kingdom		7,382		175,746			—		183,128
United States		—		11,006			—		11,006

Total Common Stocks		35,472		829,030			—		864,502

Short-Term Investment
Investment Company		74,464		—			—		74,464

Total Investments in Securities	$	109,936	$	829,030		$	—	$	938,966

Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(906	)	$	—	$	(906	)

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

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Australia — 4.1%
	1,267	AGL Energy Ltd.		24,437
	1,387	Aristocrat Leisure Ltd.		22,500
	1,170	Computershare Ltd.		13,163
	2,155	Fortescue Metals Group Ltd.		9,903
	2,726	Metcash Ltd.		5,715
	882	Orica Ltd.		14,020
	5,654	Qantas Airways Ltd.		24,031
	4,858	South32 Ltd.		11,331

				125,100

		Austria — 1.3%
	254	Erste Group Bank AG (a)		10,505
	23	Lenzing AG		4,174
	458	OMV AG		25,931

				40,610

		Belgium — 1.0%
	355	KBC Group NV		29,370

		China — 0.9%
	5,850	BOC Hong Kong Holdings Ltd.		28,759

		Denmark — 3.7%
	754	Danske Bank A/S		30,525
	122	Dfds A/S		6,975
	598	Novo Nordisk A/S, Class B		25,417
	32	Schouw & Co. AB		3,520
	258	Sydbank A/S		10,765
	118	Topdanmark A/S (a)		4,044
	299	Vestas Wind Systems A/S		29,254

				110,500

		Finland — 0.4%
	429	UPM-Kymmene OYJ		11,674

		France — 10.9%
	1,032	Air France-KLM (a)		13,975
	105	Arkema SA		11,949
	176	Atos SE		26,763
	371	BNP Paribas SA		28,779
	107	Capgemini SE		11,653
	205	Cie Generale des Etablissements Michelin		27,793
	420	Faurecia		23,339
	64	LVMH Moet Hennessy Louis Vuitton SE		16,162
	174	Metropole Television SA		4,201
	1,546	Natixis SA		11,237
	177	Neopost SA		8,119
	990	Peugeot SA		21,298
	467	Sanofi		44,482


SHARES		SECURITY DESCRIPTION	VALUE($)
		France — continued
	243	Schneider Electric SE (a)		19,063
	81	Sodexo SA		9,617
	25	Sopra Steria Group		4,327
	318	SPIE SA		8,930
	75	TOTAL SA		3,808
	207	Valeo SA		14,319
	221	Vinci SA		19,812

				329,626

		Germany — 8.6%
	204	Allianz SE (Registered)		43,585
	218	Aurubis AG		19,414
	234	Bayer AG (Registered)		29,588
	316	Covestro AG (e)		24,490
	606	Deutsche Lufthansa AG (Registered)		13,020
	275	Evonik Industries AG		9,369
	93	Hannover Rueck SE		11,729
	94	HOCHTIEF AG		16,721
	532	Infineon Technologies AG		11,554
	574	Innogy SE (e)		24,107
	188	Jenoptik AG		5,171
	232	Siemens AG (Registered)		31,439
	1,029	Uniper SE		21,214

				261,401

		Hong Kong — 2.2%
	1,375	Cheung Kong Property Holdings Ltd.		11,116
	1,903	Hongkong Land Holdings Ltd.		14,308
	1,451	Luk Fook Holdings International Ltd.		5,327
	14,281	WH Group Ltd. (e)		13,390
	1,123	Wharf Holdings Ltd. (The)		9,545
	11,166	Xinyi Glass Holdings Ltd.		11,538

				65,224

		Israel — 0.7%
	203	Check Point Software Technologies Ltd. (a)		21,430

		Japan — 23.1%
	274	Aisin Seiki Co. Ltd.		14,235
	300	Asahi Glass Co. Ltd.		12,610
	918	Astellas Pharma, Inc.		11,686
	347	Bandai Namco Holdings, Inc.		12,070
	419	Bridgestone Corp.		17,641
	578	Brother Industries Ltd.		14,737
	98	Central Japan Railway Co.		15,739
	1,998	Concordia Financial Group Ltd.		10,074
	1,911	Fuji Electric Co. Ltd.		10,522
	391	Hitachi Chemical Co. Ltd.		11,110

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	2,909	Hitachi Ltd.		20,013
	375	Idemitsu Kosan Co. Ltd.		9,092
	1,582	Kajima Corp.		13,794
	965	Kansai Electric Power Co., Inc. (The)		12,963
	617	KDDI Corp.		16,346
	744	Kirin Holdings Co. Ltd.		16,383
	205	Koito Manufacturing Co. Ltd.		11,981
	680	Kuraray Co. Ltd.		13,212
	179	Matsumotokiyoshi Holdings Co. Ltd.		11,051
	79	Meitec Corp.		3,717
	1,253	Mitsubishi Chemical Holdings Corp.		10,491
	648	Mitsubishi Corp.		14,078
	889	Mitsubishi Electric Corp.		13,755
	4,287	Mitsubishi UFJ Financial Group, Inc.		27,195
	1,920	Mitsubishi UFJ Lease & Finance Co. Ltd.		10,226
	2,527	Mitsui Chemicals, Inc.		14,356
	434	MS&AD Insurance Group Holdings, Inc.		15,236
	164	Nichias Corp.		1,992
	414	Nichirei Corp.		11,641
	310	Nippon Telegraph & Telephone Corp.		15,181
	791	NTT DOCOMO, Inc.		18,376
	1,241	Obayashi Corp.		14,940
	1,030	ORIX Corp.		16,351
	1,623	Penta-Ocean Construction Co. Ltd.		9,667
	160	SCREEN Holdings Co. Ltd.		10,681
	608	Sekisui Chemical Co. Ltd.		11,190
	891	Shimizu Corp.		9,414
	209	Shionogi & Co. Ltd.		11,153
	237	SoftBank Group Corp.		19,069
	380	Sompo Holdings, Inc.		14,889
	569	Sony Corp.		23,369
	280	Subaru Corp.		10,116
	511	Sumitomo Bakelite Co. Ltd.		3,712
	2,050	Sumitomo Chemical Co. Ltd.		11,980
	626	Sumitomo Corp.		8,460
	236	Sumitomo Electric Industries Ltd.		3,810
	477	Sumitomo Mitsui Financial Group, Inc.		18,390
	721	Sumitomo Rubber Industries Ltd.		12,506
	2,376	Taiheiyo Cement Corp.		8,915
	1,624	Taisei Corp.		15,545
	100	Tokyo Electron Ltd.		14,120
	821	Tokyo Tatemono Co. Ltd.		11,167
	351	Toyota Motor Corp.		19,794
	175	TS Tech Co. Ltd.		5,190
	49	Ulvac, Inc.		2,611

				698,542


SHARES		SECURITY DESCRIPTION	VALUE($)
		Luxembourg — 0.5%
	135	Aperam SA		6,558
	341	ArcelorMittal (a)		8,972

				15,530

		Netherlands — 4.1%
	547	ASR Nederland NV		20,697
	265	EXOR NV		15,867
	2,103	ING Groep NV		39,293
	591	Philips Lighting NV (e)		22,454
	918	Royal Dutch Shell plc, Class B		26,151

				124,462

		Norway — 0.8%
	740	DNB ASA		14,540
	1,459	Norsk Hydro ASA		9,413

				23,953

		Singapore — 2.4%
	998	City Developments Ltd.		8,284
	1,873	DBS Group Holdings Ltd.		29,884
	3,485	Oversea-Chinese Banking Corp. Ltd.		29,190
	567	Venture Corp. Ltd.		5,506

				72,864

		South Africa — 0.8%
	906	Mondi plc		23,873

		Spain — 3.1%
	310	ACS Actividades de Construccion y Servicios SA		11,863
	124	Aena SA (e)		24,222
	242	Amadeus IT Group SA		14,867
	4,248	Banco Santander SA		28,922
	900	Repsol SA		15,072

				94,946

		Sweden — 4.3%
	373	Atlas Copco AB, Class A		13,498
	610	Electrolux AB, Series B		20,872
	309	JM AB		10,856
	221	Loomis AB, Class B		8,211
	444	NCC AB, Class B		11,545
	654	Peab AB		7,674
	2,173	Skandinaviska Enskilda Banken AB, Class A		27,514
	1,095	Swedbank AB, Class A		28,565

				128,735

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — 9.4%
	1,274	ABB Ltd. (Registered)		29,841
	333	Adecco Group AG (Registered) (a)		25,372
	356	Coca-Cola HBC AG (a)		10,773
	19	Flughafen Zurich AG		4,719
	3	Forbo Holding AG (Registered)		4,257
	11	Georg Fischer AG (Registered)		12,076
	446	Logitech International SA (Registered)		16,194
	638	Nestle SA (Registered)		53,886
	211	Novartis AG (Registered)		18,008
	194	Roche Holding AG		49,028
	4	Sika AG		25,146
	36	Swiss Life Holding AG (Registered) (a)		13,035
	1,258	UBS Group AG (Registered) (a)		21,885

				284,220

		United Kingdom — 15.6%
	2,061	3i Group plc		25,438
	1,688	Aviva plc		11,996
	2,212	Barratt Developments plc		17,963
	1,206	Beazley plc		8,150
	372	BP plc		2,188
	586	British American Tobacco plc		36,479
	492	Burberry Group plc		11,090
	4,248	ConvaTec Group plc (a) (e)		17,413
	233	Dialog Semiconductor plc (a)		10,160
	510	GlaxoSmithKline plc		10,144
	526	Hiscox Ltd.		9,004
	1,639	HSBC Holdings plc		16,414
	2,807	Indivior plc (a)		14,207
	312	InterContinental Hotels Group plc		17,644
	2,781	International Consolidated Airlines Group SA		21,209
	1,127	JD Sports Fashion plc		5,326
	39,637	Lloyds Banking Group plc		34,267
	1,207	Pagegroup plc		7,802
	770	Persimmon plc		25,457
	707	Playtech plc		8,954
	667	Polypipe Group plc		3,530
	977	Prudential plc		23,838
	1,901	QinetiQ Group plc		6,046
	1,453	Redrow plc		11,353
	619	Rio Tinto plc		28,997
	372	Savills plc		4,481
	260	Schroders plc		11,807
	802	Subsea 7 SA		11,888
	982	Unilever NV, CVA		57,216

				470,461


SHARES		SECURITY DESCRIPTION	VALUE($)
		United States — 0.8%
	379	Carnival plc		25,610

		Total Common Stocks (Cost $2,686,725)		2,986,890

	Preferred Stocks — 0.5%
		Germany — 0.5%
	40	Draegerwerk AG & Co. KGaA (Preference)		4,271
	746	Schaeffler AG (Preference)		10,401

		Total Preferred Stocks (Cost $17,397)		14,672

	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	30,151	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $30,151)		30,151

		Total Investments — 100.2% (Cost $2,734,273)		3,031,713
		Liabilities in Excess of Other Assets — (0.2)%		(6,515	)

		NET ASSETS — 100.0%	$	3,025,198

Percentages indicated are based on net assets.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


Summary of Investments by Industry, July 31, 2017
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY	PERCENTAGE
Banks		15.0	%
Pharmaceuticals		7.1
Insurance		5.8
Chemicals		5.1
Auto Components		5.0
Construction & Engineering		4.3
Household Durables		4.1
Electrical Equipment		4.1
Metals & Mining		3.1
Food Products		2.7
Oil, Gas & Consumable Fuels		2.7
Hotels, Restaurants & Leisure		2.5
Airlines		2.4
IT Services		2.3
Capital Markets		2.0
Real Estate Management & Development		1.9
Personal Products		1.9
Wireless Telecommunication Services		1.8
Automobiles		1.7
Semiconductors & Semiconductor Equipment		1.6
Multi-Utilities		1.6
Diversified Financial Services		1.4
Technology Hardware, Storage & Peripherals		1.3
Professional Services		1.2
Tobacco		1.2
Paper & Forest Products		1.2
Industrial Conglomerates		1.0
Electronic Equipment, Instruments & Components		1.0
Software		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		10.0
Short-Term Investment		1.0


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JULY 31, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	33	TOPIX Index		09/07/17		JPY	$	4,840	$	(9	)
	162	Euro STOXX 50 Index		09/15/17		EUR		6,602		(19	)
	50	FTSE 100 Index		09/15/17		GBP		4,824		(12	)

									$	(40	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


CVA	—	Dutch Certification
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
JPY	—	Japanese Yen
TOPIX	—	Tokyo Price Index
USD	—	United States Dollar

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)


(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 July 31, 2017.

As of July 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	$	353,571
Aggregate gross unrealized depreciation		(56,131	)

Net unrealized appreciation/depreciation	$	297,440

Federal income tax cost of investments	$	2,734,273

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.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.

•

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	$	—	$	125,100		$	—	$	125,100
Austria		4,174		36,436			—		40,610
Belgium		—		29,370			—		29,370
China		—		28,759			—		28,759
Denmark		—		110,500			—		110,500
Finland		—		11,674			—		11,674
France		—		329,626			—		329,626
Germany		—		261,401			—		261,401
Hong Kong		14,308		50,916			—		65,224
Israel		21,430		—			—		21,430
Japan		—		698,542			—		698,542
Luxembourg		—		15,530			—		15,530
Netherlands		20,697		103,765			—		124,462
Norway		—		23,953			—		23,953
Singapore		—		72,864			—		72,864
South Africa		—		23,873			—		23,873
Spain		—		94,946			—		94,946
Sweden		8,211		120,524			—		128,735
Switzerland		—		284,220			—		284,220
United Kingdom		45,731		424,730			—		470,461
United States		—		25,610			—		25,610

Total Common Stocks		114,551		2,872,339			—		2,986,890

Preferred Stocks
Germany		—		14,672			—		14,672
Short-Term Investment
Investment Company		30,151		—			—		30,151

Total Investments in Securities	$	144,702	$	2,887,011		$	—	$	3,031,713

Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(40	)	$	—	$	(40	)

Transfers from level 2 to level 1 in the amount of approximately $6,164,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.1%
		Argentina — 4.0%
	3	MercadoLibre, Inc.		890
	20	Pampa Energia SA, ADR (a)		1,092

				1,982

		Brazil — 51.1%
	45	AES Tiete SA		205
	251	Ambev SA, ADR		1,523
	26	Arezzo Industria e Comercio SA		297
	52	Atacadao Distribuicao Comercio e Industria LTDA (a)		253
	218	B3 SA - Brasil Bolsa Balcao (a)		1,437
	212	Banco Bradesco SA, ADR (a)		2,042
	90	BB Seguridade Participacoes SA		787
	197	CCR SA		1,077
	44	Cia de Saneamento Basico do Estado de Sao Paulo (a)		475
	80	Engie Brasil Energia SA		891
	244	Fleury SA		2,319
	77	Gerdau SA, ADR		258
	47	Iguatemi Empresa de Shopping Centers SA		555
	121	Iochpe Maxion SA		655
	190	Itau Unibanco Holding SA, ADR		2,259
	207	Kroton Educacional SA		1,004
	69	Linx SA		383
	57	Localiza Rent a Car SA (a)		954
	183	Lojas Renner SA (a)		1,725
	43	M Dias Branco SA (a)		703
	16	Ouro Fino Saude Animal Participacoes SA (a)		136
	94	Petroleo Brasileiro SA, ADR (a)		800
	49	Raia Drogasil SA (a)		1,091
	24	Smiles SA (a)		497
	37	Transmissora Alianca de Energia Eletrica SA		272
	96	Tupy SA (a)		448
	30	Ultrapar Participacoes SA		722
	201	WEG SA		1,223
	21	Wilson Sons Ltd., BDR		236

				25,227

		Chile — 1.1%
	56	SACI Falabella		517

		Luxembourg — 0.6%
	10	Ternium SA, ADR		306

		Mexico — 26.6%
	157	Alfa SAB de CV, Class A		218


SHARES		SECURITY DESCRIPTION	VALUE($)
		Mexico — continued
	58	Alsea SAB de CV		227
	169	Becle SAB de CV (a)		286
	188	Bolsa Mexicana de Valores SAB de CV		324
	373	Corp. Inmobiliaria Vesta SAB de CV		562
	17	Fomento Economico Mexicano SAB de CV, ADR		1,669
	497	Gentera SAB de CV		756
	53	Gruma SAB de CV, Class B		734
	83	Grupo Aeroportuario del Centro Norte SAB de CV		524
	106	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,212
	6	Grupo Aeroportuario del Sureste SAB de CV, ADR		1,338
	169	Grupo Financiero Banorte SAB de CV, Class O		1,122
	147	Infraestructura Energetica Nova SAB de CV		834
	389	Kimberly-Clark de Mexico SAB de CV, Class A		782
	396	Mexichem SAB de CV		1,127
	100	Organizacion Soriana SAB de CV, Class B (a)		247
	297	Qualitas Controladora SAB de CV		493
	212	Unifin Financiera SAB de CV SOFOM ENR		691

				13,146

		Panama — 1.6%
	6	Copa Holdings SA, Class A		798

		Peru — 4.7%
	10	Credicorp Ltd.		1,919
	11	Intercorp Financial Services, Inc.		380

				2,299

		United States — 5.4%
	17	FirstCash, Inc.		975
	37	Globant SA (a)		1,690

				2,665

		Total Common Stocks (Cost $37,247)		46,940

	Preferred Stocks — 4.4%
		Brazil — 4.4%
	58	Itau Unibanco Holding SA (Preference)		699
	484	Itausa - Investimentos Itau SA (Preference)		1,440

		Total Preferred Stocks (Cost $2,161)		2,139

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SECURITY DESCRIPTION	VALUE($)
Total Investments — 99.5% (Cost $39,408)		49,079
Other Assets in Excess of Liabilities — 0.5%		263

NET ASSETS — 100.0%	$	49,342

Percentages indicated are based on net assets.

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Summary of Investments by Industry, July 31, 2017

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


INDUSTRY	PERCENTAGE
Banks		20.1	%
Transportation Infrastructure		8.9
Beverages		7.1
Consumer Finance		4.9
Health Care Providers & Services		4.7
Multiline Retail		4.6
Software		4.2
Machinery		3.8
Capital Markets		3.6
Food & Staples Retailing		3.2
Oil, Gas & Consumable Fuels		3.1
Food Products		2.9
Electric Utilities		2.8
Insurance		2.6
Chemicals		2.3
Real Estate Management & Development		2.3
Independent Power and Renewable Electricity Producers		2.2
Diversified Consumer Services		2.1
Road & Rail		2.0
Internet Software & Services		1.8
Gas Utilities		1.7
Airlines		1.6
Household Products		1.6
Metals & Mining		1.2
Media		1.0
Water Utilities		1.0
Others (each less than 1.0%)		2.7

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


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

JPMorgan Latin America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

As of July 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	$	10,846
Aggregate gross unrealized depreciation		(1,175	)

Net unrealized appreciation/depreciation	$	9,671

Federal income tax cost of investments	$	39,408

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.

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.

•

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)	$	49,079	$	—	$	—	$	49,079

(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 July 31, 2017.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 108.6%
	Common Stocks — 68.5%
		Consumer Discretionary — 17.3%
		Hotels, Restaurants & Leisure — 1.0%
	17	Royal Caribbean Cruises Ltd. (j)		1,972

		Household Durables — 7.4%
	29	Mohawk Industries, Inc. (a)		7,207
	140	Newell Brands, Inc. (j)		7,381

				14,588

		Media — 6.5%
	91	Altice USA, Inc., Class A (a)		3,042
	56	DISH Network Corp., Class A (a)		3,595
	60	Time Warner, Inc.		6,111

				12,748

		Specialty Retail — 2.4%
	17	Advance Auto Parts, Inc.		1,854
	96	Bed Bath & Beyond, Inc.		2,870

				4,724

		Total Consumer Discretionary		34,032

		Consumer Staples — 5.4%
		Beverages — 3.1%
	67	Coca-Cola Co. (The)		3,077
	26	PepsiCo, Inc.		2,977

				6,054

		Food & Staples Retailing — 1.0%
	25	Wal-Mart Stores, Inc.		1,990

		Tobacco — 1.3%
	22	Philip Morris International, Inc.		2,560

		Total Consumer Staples		10,604

		Energy — 1.0%
		Oil, Gas & Consumable Fuels — 1.0%
	32	Occidental Petroleum Corp.		1,967

		Financials — 11.5%
		Banks — 1.5%
	162	KeyCorp		2,930

		Capital Markets — 2.7%
	136	Brookfield Asset Management, Inc., (Canada), Class A		5,286

		Consumer Finance — 6.3%
	114	American Express Co. (j)		9,727
	30	Capital One Financial Corp.		2,581

				12,308

		Insurance — 1.0%
	36	MetLife, Inc.		1,972

		Total Financials		22,496


SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 8.9%
		Health Care Equipment & Supplies — 1.0%
	31	DENTSPLY SIRONA, Inc.		1,917

		Health Care Providers & Services — 7.4%
	19	Aetna, Inc.		2,970
	21	Humana, Inc.		4,760
	36	UnitedHealth Group, Inc.		6,910

				14,640

		Life Sciences Tools & Services — 0.5%
	5	Thermo Fisher Scientific, Inc. (j)		917

		Total Health Care		17,474

		Industrials — 9.0%
		Aerospace & Defense — 2.1%
	8	Northrop Grumman Corp.		2,047
	12	Raytheon Co.		2,093

				4,140

		Electrical Equipment — 0.9%
	24	Eaton Corp. plc (j)		1,866

		Machinery — 1.5%
	8	Deere & Co.		1,005
	12	Parker-Hannifin Corp.		1,959

				2,964

		Road & Rail — 4.5%
	37	Canadian Pacific Railway Ltd., (Canada) (j)		5,797
	29	Union Pacific Corp.		2,981

				8,778

		Total Industrials		17,748

		Information Technology — 11.1%
		Internet Software & Services — 2.0%
	4	Alphabet, Inc., Class A (a) (j)		3,874

		IT Services — 9.1%
	22	Alliance Data Systems Corp.		5,412
	44	Fidelity National Information Services, Inc.		3,979
	31	Fiserv, Inc. (a) (j)		4,011
	17	Mastercard, Inc., Class A (j)		2,210
	23	Visa, Inc., Class A (j)		2,286

				17,898

		Total Information Technology		21,772

		Materials — 3.2%
		Chemicals — 1.7%
	26	Ecolab, Inc. (j)		3,419

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Options contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Containers & Packaging — 1.5%
	53	Berry Global Group, Inc. (a)		2,948

		Total Materials		6,367

		Utilities — 1.1%
		Electric Utilities — 1.1%
	14	NextEra Energy, Inc. (j)		2,060

		Total Common Stocks (Cost $120,997)		134,520


NUMBER OF CONTRACTS
	Options Purchased — 0.2%
		Call Options Purchased: — 0.2%
	701	Newell Brands, Inc., expiring 01/19/18 at $50.00, American Style (a)		340

		Total Options Purchased (Cost $258)		340


SHARES
	Short-Term Investment — 39.9%
		Investment Company — 39.9%
	78,304	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $78,304)		78,304

		Total Investments — 108.6% (Cost $199,559)		213,164
		Liabilities in Excess of Other Assets — (8.6)%		(16,886	)

		NET ASSETS — 100.0%	$	196,278

	Short Positions — 20.7%
	Common Stocks — 20.7%
		Consumer Discretionary — 4.7%
		Auto Components — 0.1%
	3	Autoliv, Inc., (Sweden)		284

		Automobiles — 0.8%
	31	Harley-Davidson, Inc.		1,512

		Hotels, Restaurants & Leisure — 1.0%
	28	Papa John’s International, Inc.		1,965

		Media — 1.9%
	11	Interpublic Group of Cos., Inc. (The)		231
	45	Omnicom Group, Inc.		3,509

				3,740


SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.9%
	15	Ross Stores, Inc.		824
	13	TJX Cos., Inc. (The)		923

				1,747

		Total Consumer Discretionary		9,248

		Consumer Staples — 5.8%
		Food & Staples Retailing — 0.2%
	5	Sysco Corp.		263

		Food Products — 2.7%
	43	Dean Foods Co.		652
	67	General Mills, Inc.		3,709
	14	Kellogg Co.		981

				5,342

		Household Products — 2.7%
	6	Church & Dwight Co., Inc.		298
	14	Clorox Co. (The)		1,856
	26	Kimberly-Clark Corp.		3,171

				5,325

		Personal Products — 0.2%
	17	Coty, Inc., Class A		345

		Total Consumer Staples		11,275

		Financials — 0.3%
		Capital Markets — 0.1%
	2	CME Group, Inc.		274

		Insurance — 0.2%
	4	WR Berkley Corp.		295

		Total Financials		569

		Health Care — 0.9%
		Health Care Providers & Services — 0.9%
	24	Cardinal Health, Inc.		1,832

		Industrials — 2.4%
		Air Freight & Logistics — 1.0%
	17	United Parcel Service, Inc., Class B		1,928

		Electrical Equipment — 0.5%
	16	Emerson Electric Co.		973

		Industrial Conglomerates — 0.9%
	73	General Electric Co.		1,878

		Total Industrials		4,779

		Information Technology — 3.4%
		Communications Equipment — 0.1%
	10	Juniper Networks, Inc.		283

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 1.3%
	13	Lam Research Corp.		2,060
	8	Xilinx, Inc.		485

				2,545

		Technology Hardware, Storage & Peripherals — 2.0%
	16	Apple, Inc.		2,327
	6	NetApp, Inc.		277
	12	Seagate Technology plc		396
	11	Western Digital Corp.		897

				3,897

		Total Information Technology		6,725

		Materials — 1.4%
		Chemicals — 0.3%
	2	Air Products & Chemicals, Inc.		288
	2	Praxair, Inc.		304

				592

		Containers & Packaging — 1.0%
	6	International Paper Co.		316
	3	Packaging Corp. of America		306
	29	Sealed Air Corp.		1,254

				1,876

		Paper & Forest Products — 0.1%
	7	Domtar Corp.		271

		Total Materials		2,739

		Real Estate — 0.5%
		Equity Real Estate Investment Trusts (REITs) — 0.5%
	3	Crown Castle International Corp.		291
	5	Ventas, Inc.		317
	4	Welltower, Inc.		316

		Total Real Estate		924

		Utilities — 1.3%
		Gas Utilities — 0.2%
	5	National Fuel Gas Co.		288

		Multi-Utilities — 1.1%
	4	Consolidated Edison, Inc.		315
	4	Dominion Energy, Inc.		308


SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	24	SCANA Corp.		1,540

				2,163

		Total Utilities		2,451

		Total Securities Sold Short (Proceeds $41,388)	$	40,542

Percentages indicated are based on net assets.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.
(j)	—	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $26,673,000.
(l)	—	The rate shown is the current yield as of July 31, 2017.

As of July 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	$	14,044
Aggregate gross unrealized depreciation		(439	)

Net unrealized appreciation/depreciation	$	13,605

Federal income tax cost of investments	$	199,559

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.

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.

•

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)	$	213,164		$	—	$	—	$	213,164

Total Liabilities for Securities Sold Short (a)	$	(40,542	)	$	—	$	—	$	(40,542	)

(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 July 31, 2017.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.6%
	Common Stocks — 89.0%
		Consumer Discretionary — 12.7%
		Auto Components — 0.5%
	11	Delphi Automotive plc		1,010

		Hotels, Restaurants & Leisure — 3.0%
	15	Hilton Worldwide Holdings, Inc.		953
	5	McDonald’s Corp.		714
	22	Royal Caribbean Cruises Ltd.		2,484
	31	Starbucks Corp. (j)		1,687
	9	Yum Brands, Inc.		708

				6,546

		Household Durables — 0.7%
	19	MDC Holdings, Inc.		659
	38	PulteGroup, Inc.		929

				1,588

		Internet & Direct Marketing Retail — 0.9%
	2	Amazon.com, Inc. (a)		2,060

		Media — 4.2%
	4	Charter Communications, Inc., Class A (a)		1,720
	37	Comcast Corp., Class A		1,496
	23	DISH Network Corp., Class A (a)		1,459
	46	Sirius XM Holdings, Inc.		268
	12	Time Warner, Inc.		1,246
	43	Twenty-First Century Fox, Inc., Class B		1,222
	16	Walt Disney Co. (The) (j)		1,786

				9,197

		Specialty Retail — 3.4%
	12	Home Depot, Inc. (The)		1,833
	21	Lowe’s Cos., Inc.		1,637
	8	O’Reilly Automotive, Inc. (a)		1,691
	6	Ross Stores, Inc.		324
	29	TJX Cos., Inc. (The)		2,044

				7,529

		Total Consumer Discretionary		27,930

		Consumer Staples — 6.8%
		Beverages — 3.0%
	10	Constellation Brands, Inc., Class A		1,989
	10	Molson Coors Brewing Co., Class B		918
	32	PepsiCo, Inc. (j)		3,717

				6,624

		Food & Staples Retailing — 0.8%
	3	Costco Wholesale Corp.		545


SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	15	Walgreens Boots Alliance, Inc.		1,197

				1,742

		Food Products — 1.8%
	8	Kraft Heinz Co. (The)		691
	52	Mondelez International, Inc., Class A		2,290
	11	Post Holdings, Inc. (a)		923

				3,904

		Household Products — 0.3%
	5	Kimberly-Clark Corp.		659

		Personal Products — 0.3%
	8	Estee Lauder Cos., Inc. (The), Class A		787

		Tobacco — 0.6%
	11	Philip Morris International, Inc. (j)		1,260

		Total Consumer Staples		14,976

		Energy — 5.2%
		Oil, Gas & Consumable Fuels — 5.2%
	10	Concho Resources, Inc. (a)		1,304
	21	Diamondback Energy, Inc. (a)		1,972
	42	EOG Resources, Inc.		4,000
	11	Marathon Petroleum Corp.		635
	18	Pioneer Natural Resources Co.		2,893
	11	Valero Energy Corp.		781

		Total Energy		11,585

		Financials — 14.5%
		Banks — 5.0%
	124	Bank of America Corp. (j)		2,996
	66	Citigroup, Inc.		4,495
	8	Comerica, Inc.		571
	74	KeyCorp		1,335
	8	Prosperity Bancshares, Inc.		488
	6	SVB Financial Group (a)		1,097

				10,982

		Capital Markets — 5.1%
	4	Ameriprise Financial, Inc.		628
	14	Bank of New York Mellon Corp. (The)		737
	50	Charles Schwab Corp. (The)		2,164
	26	Intercontinental Exchange, Inc.		1,733
	95	Morgan Stanley (j)		4,443
	16	State Street Corp.		1,469

				11,174

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Diversified Financial Services — 0.1%
	8	Voya Financial, Inc.		302

		Insurance — 4.3%
	18	American International Group, Inc.		1,207
	39	Arthur J Gallagher & Co.		2,295
	16	Chubb Ltd.		2,405
	32	Hartford Financial Services Group, Inc. (The)		1,785
	9	Lincoln National Corp.		624
	16	MetLife, Inc.		862
	7	Validus Holdings Ltd.		368

				9,546

		Total Financials		32,004

		Health Care — 8.0%
		Biotechnology — 1.8%
	1	Biogen, Inc. (a)		299
	3	BioMarin Pharmaceutical, Inc. (a)		256
	5	Bioverativ, Inc. (a)		330
	7	Celgene Corp. (a) (j)		1,003
	2	Incyte Corp. (a)		231
	12	Vertex Pharmaceuticals, Inc. (a)		1,779

				3,898

		Health Care Equipment & Supplies — 0.8%
	39	Boston Scientific Corp. (a)		1,051
	6	Zimmer Biomet Holdings, Inc.		784

				1,835

		Health Care Providers & Services — 3.4%
	5	Aetna, Inc. (j)		781
	1	Cigna Corp.		241
	10	Humana, Inc.		2,286
	22	UnitedHealth Group, Inc.		4,162

				7,470

		Life Sciences Tools & Services — 0.3%
	11	Agilent Technologies, Inc.		634

		Pharmaceuticals — 1.7%
	6	Allergan plc		1,467
	9	Bristol-Myers Squibb Co.		501
	13	Eli Lilly & Co.		1,051
	25	Pfizer, Inc.		820

				3,839

		Total Health Care		17,676

		Industrials — 12.9%
		Aerospace & Defense — 1.3%
	7	General Dynamics Corp.		1,385
	2	L3 Technologies, Inc.		263


SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	5	Northrop Grumman Corp.		1,279

				2,927

		Air Freight & Logistics — 0.1%
	1	FedEx Corp.		232

		Airlines — 1.3%
	9	Alaska Air Group, Inc.		802
	16	Delta Air Lines, Inc.		786
	17	United Continental Holdings, Inc. (a)		1,136

				2,724

		Building Products — 0.3%
	9	Allegion plc		727

		Electrical Equipment — 1.3%
	14	Eaton Corp. plc (j)		1,095
	11	Rockwell Automation, Inc.		1,828

				2,923

		Industrial Conglomerates — 0.7%
	12	Honeywell International, Inc.		1,587

		Machinery — 3.2%
	2	Deere & Co.		296
	31	Ingersoll-Rand plc		2,740
	13	PACCAR, Inc.		878
	21	Stanley Black & Decker, Inc. (j)		3,003

				6,917

		Road & Rail — 4.7%
	22	Canadian Pacific Railway Ltd., (Canada) (j)		3,364
	13	Norfolk Southern Corp.		1,432
	55	Union Pacific Corp.		5,634

				10,430

		Total Industrials		28,467

		Information Technology — 14.6%
		Internet Software & Services — 3.6%
	7	Alphabet, Inc., Class C (a) (j)		6,109
	12	Facebook, Inc., Class A (a)		1,952

				8,061

		IT Services — 3.0%
	20	Accenture plc, Class A (j)		2,594
	2	International Business Machines Corp.		237
	26	Visa, Inc., Class A		2,571
	10	WEX, Inc. (a) (j)		1,127

				6,529

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — 5.0%
	11	Analog Devices, Inc.		875
	20	Broadcom Ltd.		4,928
	6	Maxim Integrated Products, Inc.		276
	17	Microchip Technology, Inc.		1,396
	33	ON Semiconductor Corp. (a)		496
	38	Texas Instruments, Inc. (j)		3,071

				11,042

		Software — 2.7%
	14	Adobe Systems, Inc. (a) (j)		2,074
	34	Microsoft Corp.		2,458
	19	Symantec Corp.		588
	8	Workday, Inc., Class A (a)		864

				5,984

		Technology Hardware, Storage & Peripherals — 0.3%
	4	Apple, Inc.		638

		Total Information Technology		32,254

		Materials — 5.2%
		Chemicals — 3.0%
	4	Albemarle Corp.		499
	21	Celanese Corp., Series A		2,039
	15	Eastman Chemical Co.		1,273
	22	EI du Pont de Nemours & Co.		1,787
	17	Olin Corp.		487
	9	Westlake Chemical Corp.		604

				6,689

		Containers & Packaging — 1.6%
	10	Avery Dennison Corp.		904
	16	Crown Holdings, Inc. (a)		963
	27	WestRock Co.		1,560

				3,427

		Metals & Mining — 0.6%
	37	Alcoa Corp.		1,352

		Total Materials		11,468

		Real Estate — 1.4%
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	5	AvalonBay Communities, Inc.		1,038
	6	Extra Space Storage, Inc.		493
	5	Public Storage		962
	7	Vornado Realty Trust		520

		Total Real Estate		3,013


SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 0.1%
		Wireless Telecommunication Services — 0.1%
	5	T-Mobile US, Inc. (a) (j)		312

		Utilities — 7.6%
		Electric Utilities — 5.9%
	6	American Electric Power Co., Inc.		452
	42	Duke Energy Corp.		3,539
	13	Edison International		1,039
	12	Exelon Corp.		462
	24	NextEra Energy, Inc. (j)		3,502
	13	PG&E Corp.		869
	67	Xcel Energy, Inc.		3,155

				13,018

		Multi-Utilities — 1.7%
	46	CMS Energy Corp. (j)		2,150
	64	NiSource, Inc.		1,670

				3,820

		Total Utilities		16,838

		Total Common Stocks (Cost $145,594)		196,523

	Short-Term Investments — 11.6%
		Investment Company — 11.4%
	25,250	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l)		25,250


PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.2%
	318	U.S. Treasury Bill, 0.970%, 03/01/18 (k) (n)		316

		Total Short-Term Investments (Cost $25,566)		25,566

		Total Investments — 100.6% (Cost $171,160)		222,089
		Liabilities in Excess of Other Assets — (0.6)%		(1,347	)

		NET ASSETS — 100.0%	$	220,742

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — 87.7%
	Common Stocks — 87.7%
		Consumer Discretionary — 13.6%
		Auto Components — 0.7%
	14	Autoliv, Inc., (Sweden)		1,497

		Automobiles — 0.9%
	42	Ford Motor Co.		470
	36	General Motors Co.		1,280
	2	Harley-Davidson, Inc.		116

				1,866

		Hotels, Restaurants & Leisure — 1.2%
	14	Aramark		555
	9	Bloomin’ Brands, Inc.		149
	14	Brinker International, Inc.		483
	5	Cheesecake Factory, Inc. (The)		230
	2	Chipotle Mexican Grill, Inc. (a)		598
	9	Hyatt Hotels Corp., Class A (a)		523

				2,538

		Household Durables — 0.2%
	10	Garmin Ltd.		524

		Internet & Direct Marketing Retail — 0.5%
	6	Netflix, Inc. (a)		1,111

		Leisure Products — 0.7%
	4	Hasbro, Inc.		471
	58	Mattel, Inc.		1,170

				1,641

		Media — 5.3%
	7	CBS Corp. (Non-Voting), Class B		458
	52	Discovery Communications, Inc., Class A (a)		1,283
	66	Interpublic Group of Cos., Inc. (The)		1,434
	123	News Corp., Class A		1,761
	38	Omnicom Group, Inc.		3,012
	56	Regal Entertainment Group, Class A		1,070
	30	Scripps Networks Interactive, Inc., Class A		2,655

				11,673

		Multiline Retail — 1.8%
	31	Kohl’s Corp.		1,298
	13	Nordstrom, Inc.		615
	36	Target Corp.		2,064

				3,977

		Specialty Retail — 1.4%
	20	Abercrombie & Fitch Co., Class A		193
	17	American Eagle Outfitters, Inc.		201
	107	Ascena Retail Group, Inc. (a)		250


SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	5	AutoNation, Inc. (a)		191
	34	Bed Bath & Beyond, Inc.		1,018
	29	DSW, Inc., Class A		516
	44	Express, Inc. (a)		268
	4	L Brands, Inc.		169
	10	Urban Outfitters, Inc. (a)		203

				3,009

		Textiles, Apparel & Luxury Goods — 0.9%
	15	Hanesbrands, Inc.		351
	9	Michael Kors Holdings Ltd. (a)		340
	5	Ralph Lauren Corp.		378
	34	Under Armour, Inc., Class A (a)		672
	18	Under Armour, Inc., Class C (a)		325

				2,066

		Total Consumer Discretionary		29,902

		Consumer Staples — 8.1%
		Beverages — 0.8%
	40	Coca-Cola Co. (The)		1,821

		Food & Staples Retailing — 1.6%
	25	CVS Health Corp.		1,997
	12	Kroger Co. (The)		300
	7	Sysco Corp.		370
	9	Wal-Mart Stores, Inc.		755
	4	Whole Foods Market, Inc.		165

				3,587

		Food Products — 2.1%
	12	Campbell Soup Co.		656
	41	General Mills, Inc.		2,268
	25	Kellogg Co.		1,683

				4,607

		Household Products — 3.0%
	29	Church & Dwight Co., Inc.		1,547
	20	Clorox Co. (The)		2,734
	5	Colgate-Palmolive Co.		380
	22	Procter & Gamble Co. (The)		1,991

				6,652

		Personal Products — 0.3%
	26	Coty, Inc., Class A		534

		Tobacco — 0.3%
	9	Altria Group, Inc.		584

		Total Consumer Staples		17,785

		Energy — 5.3%
		Energy Equipment & Services — 1.7%
	12	Helmerich & Payne, Inc.		613

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Energy Equipment & Services — continued
	47	Schlumberger Ltd.		3,211

				3,824

		Oil, Gas & Consumable Fuels — 3.6%
	21	ConocoPhillips		964
	7	Enbridge, Inc., (Canada)		300
	62	Exxon Mobil Corp.		4,975
	20	Hess Corp.		912
	18	Murphy Oil Corp.		474
	8	Noble Energy, Inc.		235

				7,860

		Total Energy		11,684

		Financials — 13.5%
		Banks — 5.6%
	11	Associated Banc-Corp.		261
	24	Bank of Hawaii Corp.		1,996
	44	Fifth Third Bancorp		1,182
	58	First Hawaiian, Inc.		1,710
	70	Fulton Financial Corp.		1,285
	4	M&T Bank Corp.		645
	121	People’s United Financial, Inc.		2,105
	45	US Bancorp		2,377
	13	Webster Financial Corp.		650

				12,211

		Capital Markets — 3.1%
	2	BlackRock, Inc.		746
	7	CME Group, Inc.		863
	37	Federated Investors, Inc., Class B		1,061
	12	Franklin Resources, Inc.		553
	7	Goldman Sachs Group, Inc. (The)		1,492
	12	Invesco Ltd.		403
	9	Nasdaq, Inc.		685
	9	Northern Trust Corp.		774
	4	T. Rowe Price Group, Inc.		332

				6,909

		Consumer Finance — 0.1%
	4	Discover Financial Services		266

		Insurance — 4.7%
	11	Aflac, Inc.		908
	7	Allstate Corp. (The)		625
	14	Arch Capital Group Ltd. (a)		1,321
	11	Axis Capital Holdings Ltd.		721
	11	Principal Financial Group, Inc.		738
	22	Progressive Corp. (The)		1,030


SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	5	RenaissanceRe Holdings Ltd., (Bermuda)		745
	19	Torchmark Corp.		1,515
	10	Travelers Cos., Inc. (The)		1,280
	21	WR Berkley Corp.		1,419

				10,302

		Total Financials		29,688

		Health Care — 6.9%
		Biotechnology — 2.0%
	29	AbbVie, Inc.		2,001
	13	Amgen, Inc.		2,335

				4,336

		Health Care Equipment & Supplies — 1.2%
	1	CR Bard, Inc.		350
	15	Medtronic plc		1,254
	11	Varian Medical Systems, Inc. (a)		1,107

				2,711

		Health Care Providers & Services — 2.4%
	9	AmerisourceBergen Corp.		870
	27	Cardinal Health, Inc.		2,061
	18	DaVita, Inc. (a)		1,184
	15	Express Scripts Holding Co. (a)		919
	6	Patterson Cos., Inc.		265

				5,299

		Pharmaceuticals — 1.3%
	18	Johnson & Johnson		2,385
	9	Merck & Co., Inc.		568

				2,953

		Total Health Care		15,299

		Industrials — 12.8%
		Aerospace & Defense — 3.6%
	20	Arconic, Inc.		485
	19	Boeing Co. (The)		4,605
	10	Lockheed Martin Corp.		2,923

				8,013

		Air Freight & Logistics — 1.8%
	23	CH Robinson Worldwide, Inc.		1,534
	16	Expeditors International of Washington, Inc.		956
	13	United Parcel Service, Inc., Class B		1,449

				3,939

		Electrical Equipment — 0.7%
	17	Emerson Electric Co.		1,013

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Electrical Equipment — continued
	12	Sensata Technologies Holding NV (a)		555

				1,568

		Industrial Conglomerates — 1.2%
	12	3M Co.		2,393
	10	General Electric Co.		266

				2,659

		Machinery — 0.9%
	3	AGCO Corp.		239
	10	Donaldson Co., Inc.		452
	19	Flowserve Corp.		800
	3	Illinois Tool Works, Inc.		444

				1,935

		Professional Services — 0.9%
	12	Equifax, Inc.		1,805
	6	Nielsen Holdings plc		276

				2,081

		Road & Rail — 2.8%
	7	Canadian National Railway Co., (Canada)		523
	157	Heartland Express, Inc.		3,327
	35	Knight Transportation, Inc.		1,252
	34	Werner Enterprises, Inc.		1,017

				6,119

		Trading Companies & Distributors — 0.9%
	25	Air Lease Corp.		975
	6	WW Grainger, Inc.		1,035

				2,010

		Total Industrials		28,324

		Information Technology — 11.3%
		Communications Equipment — 1.4%
	60	Cisco Systems, Inc.		1,892
	46	Juniper Networks, Inc.		1,282

				3,174

		Electronic Equipment, Instruments & Components — 0.4%
	13	Amphenol Corp., Class A		983

		Internet Software & Services — 1.0%
	31	eBay, Inc. (a)		1,106
	11	GrubHub, Inc. (a)		506
	34	Twitter, Inc. (a)		545

				2,157

		IT Services — 1.1%
	2	Alliance Data Systems Corp.		459
	7	Automatic Data Processing, Inc.		861


SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	9	Mastercard, Inc., Class A		1,098

				2,418

		Semiconductors & Semiconductor Equipment — 5.2%
	13	Applied Materials, Inc.		591
	143	Intel Corp.		5,080
	2	KLA-Tencor Corp.		192
	2	Lam Research Corp.		363
	28	QUALCOMM, Inc.		1,508
	3	Skyworks Solutions, Inc.		272
	53	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		1,903
	23	Xilinx, Inc.		1,479

				11,388

		Software — 1.1%
	29	Oracle Corp.		1,463
	10	salesforce.com, Inc. (a)		873

				2,336

		Technology Hardware, Storage & Peripherals — 1.1%
	11	NetApp, Inc.		480
	60	Seagate Technology plc		1,984

				2,464

		Total Information Technology		24,920

		Materials — 4.6%
		Chemicals — 3.5%
	10	Air Products & Chemicals, Inc.		1,367
	21	CF Industries Holdings, Inc.		604
	46	LyondellBasell Industries NV, Class A		4,156
	13	Praxair, Inc.		1,643

				7,770

		Containers & Packaging — 0.3%
	13	Sonoco Products Co.		612

		Metals & Mining — 0.3%
	10	Compass Minerals International, Inc.		686

		Paper & Forest Products — 0.5%
	29	Domtar Corp.		1,115

		Total Materials		10,183

		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	18	Apple Hospitality REIT, Inc.		333
	33	CBL & Associates Properties, Inc.		292

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	25	Host Hotels & Resorts, Inc.		474
	16	Pennsylvania REIT		194
	3	Prologis, Inc.		207
	7	Regency Centers Corp.		485
	2	Simon Property Group, Inc.		346
	5	SL Green Realty Corp.		471
	4	Taubman Centers, Inc.		214
	6	Ventas, Inc.		374
	34	Washington Prime Group, Inc.		310
	8	Welltower, Inc.		577

		Total Real Estate		4,277

		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.9%
	54	AT&T, Inc.		2,122
	44	Verizon Communications, Inc.		2,149

		Total Telecommunication Services		4,271

		Utilities — 7.8%
		Electric Utilities — 2.8%
	14	FirstEnergy Corp.		461
	121	Southern Co. (The)		5,801

				6,262

		Gas Utilities — 0.4%
	6	National Fuel Gas Co.		365
	9	UGI Corp.		470

				835

		Multi-Utilities — 4.6%
	23	Ameren Corp.		1,267
	21	Consolidated Edison, Inc.		1,766
	45	Dominion Energy, Inc.		3,464
	26	SCANA Corp.		1,677
	18	Sempra Energy		2,011

				10,185

		Total Utilities		17,282

		Total Securities Sold Short (Proceeds $194,631)	$	193,615

Percentages indicated are based on net assets.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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 JULY 31, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(21	)	E-mini S&P 500		09/15/17		USD	$	(2,591	)	$	(10	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:


ADR	—	American Depositary Receipt
REIT	—	Real Estate Investment Trust
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	—	All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $37,146,000 and $15,000, 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 July 31, 2017.
(n)	—	The rate shown is the effective yield as of July 31, 2017.

As of July 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	$	51,581
Aggregate gross unrealized depreciation		(652	)
Net unrealized appreciation/depreciation	$	50,929

Federal income tax cost of investments	$	171,160

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

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

The various inputs that are used in determining the valuation of the 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.

•

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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)	$	221,773		$	316	$	—	$	222,089

Total Liabilities for Securities Sold Short (b)		(193,615	)		—		—		(193,615	)

Depreciation in Other Financial Instruments
Futures Contracts	$	(10	)	$	—	$	—	$	(10	)

(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.

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

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 13.5%
		Auto Components — 0.4%
	60	Delphi Automotive plc		5,389

		Automobiles — 0.5%
	333	Ford Motor Co.		3,734
	75	General Motors Co.		2,684

				6,418

		Hotels, Restaurants & Leisure — 1.1%
	150	Starbucks Corp.		8,102
	64	Yum Brands, Inc.		4,801

				12,903

		Internet & Direct Marketing Retail — 3.4%
	42	Amazon.com, Inc. (a)		41,550

		Media — 4.6%
	44	Charter Communications, Inc., Class A (a)		17,113
	345	Comcast Corp., Class A		13,957
	110	DISH Network Corp., Class A (a)		7,024
	79	Twenty-First Century Fox, Inc., Class A		2,311
	140	Walt Disney Co. (The)		15,335

				55,740

		Specialty Retail — 3.5%
	10	AutoZone, Inc. (a)		5,329
	151	Home Depot, Inc. (The)		22,624
	195	Lowe’s Cos., Inc.		15,078

				43,031

		Total Consumer Discretionary		165,031

		Consumer Staples — 4.4%
		Beverages — 2.4%
	34	Constellation Brands, Inc., Class A		6,517
	117	Molson Coors Brewing Co., Class B		10,442
	112	PepsiCo, Inc.		13,056

				30,015

		Food Products — 0.8%
	220	Mondelez International, Inc., Class A		9,702

		Tobacco — 1.2%
	121	Philip Morris International, Inc.		14,134

		Total Consumer Staples		53,851

		Energy — 6.4%
		Oil, Gas & Consumable Fuels — 6.4%
	420	Cabot Oil & Gas Corp.		10,455
	48	Concho Resources, Inc. (a)		6,187
	52	Diamondback Energy, Inc. (a)		4,948
	134	EOG Resources, Inc.		12,792


SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	81	EQT Corp.		5,185
	159	Occidental Petroleum Corp.		9,860
	143	Pioneer Natural Resources Co.		23,291
	124	TransCanada Corp., (Canada)		6,319

		Total Energy		79,037

		Financials — 18.3%
		Banks — 8.4%
	1,464	Bank of America Corp.		35,313
	457	Citigroup, Inc.		31,311
	65	First Republic Bank		6,521
	552	Wells Fargo & Co.		29,757

				102,902

		Capital Markets — 4.9%
	33	BlackRock, Inc.		14,167
	23	Goldman Sachs Group, Inc. (The)		5,160
	234	Intercontinental Exchange, Inc.		15,631
	527	Morgan Stanley		24,724

				59,682

		Consumer Finance — 0.8%
	53	Capital One Financial Corp.		4,525
	88	Discover Financial Services		5,368

				9,893

		Insurance — 4.2%
	154	American International Group, Inc.		10,060
	190	Chubb Ltd.		27,896
	110	Hartford Financial Services Group, Inc. (The)		6,033
	138	MetLife, Inc.		7,596

				51,585

		Total Financials		224,062

		Health Care — 15.9%
		Biotechnology — 2.8%
	39	Biogen, Inc. (a)		11,429
	22	Bioverativ, Inc. (a)		1,372
	97	Celgene Corp. (a)		13,103
	55	Vertex Pharmaceuticals, Inc. (a)		8,332

				34,236

		Health Care Equipment & Supplies — 1.9%
	375	Boston Scientific Corp. (a)		9,975
	98	Danaher Corp.		8,010
	42	Zimmer Biomet Holdings, Inc.		5,083

				23,068

		Health Care Providers & Services — 4.4%
	23	Humana, Inc.		5,393
	249	UnitedHealth Group, Inc.		47,824

				53,217

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 0.6%
	124	Agilent Technologies, Inc.		7,384

		Pharmaceuticals — 6.2%
	80	Allergan plc		20,179
	247	Bristol-Myers Squibb Co.		14,062
	152	Eli Lilly & Co.		12,589
	125	Merck & Co., Inc.		8,004
	650	Pfizer, Inc.		21,544

				76,378

		Total Health Care		194,283

		Industrials — 9.3%
		Aerospace & Defense — 0.3%
	19	General Dynamics Corp.		3,652

		Airlines — 1.1%
	102	Southwest Airlines Co.		5,640
	123	United Continental Holdings, Inc. (a)		8,326

				13,966

		Building Products — 1.6%
	92	Allegion plc		7,474
	330	Masco Corp.		12,569

				20,043

		Commercial Services & Supplies — 0.8%
	148	Waste Connections, Inc., (Canada)		9,591

		Industrial Conglomerates — 4.1%
	536	General Electric Co.		13,734
	268	Honeywell International, Inc.		36,527

				50,261

		Machinery — 1.4%
	121	Stanley Black & Decker, Inc.		17,080

		Total Industrials		114,593

		Information Technology — 27.2%
		Internet Software & Services — 7.0%
	30	Alphabet, Inc., Class A (a)		28,773
	33	Alphabet, Inc., Class C (a)		30,935
	157	Facebook, Inc., Class A (a)		26,548

				86,256

		IT Services — 5.2%
	65	Accenture plc, Class A		8,403
	192	Fidelity National Information Services, Inc.		17,531
	157	Mastercard, Inc., Class A		20,127
	119	Visa, Inc., Class A		11,888
	57	WEX, Inc. (a)		6,162

				64,111


SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 6.0%
	73	Analog Devices, Inc.		5,744
	219	Broadcom Ltd.		54,081
	56	Microchip Technology, Inc.		4,486
	111	Texas Instruments, Inc.		9,049

				73,360

		Software — 5.2%
	122	Adobe Systems, Inc. (a)		17,921
	630	Microsoft Corp.		45,773

				63,694

		Technology Hardware, Storage & Peripherals — 3.8%
	308	Apple, Inc.		45,883

		Total Information Technology		333,304

		Materials — 2.7%
		Chemicals — 2.0%
	278	Dow Chemical Co. (The)		17,843
	77	EI du Pont de Nemours & Co.		6,289

				24,132

		Construction Materials — 0.7%
	39	Martin Marietta Materials, Inc.		8,719

		Total Materials		32,851

		Utilities — 1.3%
		Multi-Utilities — 1.3%
	156	CMS Energy Corp.		7,195
	354	NiSource, Inc.		9,228

		Total Utilities		16,423

		Total Common Stocks (Cost $640,031)		1,213,435

	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	12,181	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $12,181)		12,181

		Total Investments — 100.0% (Cost $652,212)		1,225,616
		Liabilities in Excess of Other Assets — 0.0% (g)		(389	)

		NET ASSETS — 100.0%	$	1,225,227

Percentages indicated are based on net assets.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of July 31, 2017.

As of July 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	$	574,242
Aggregate gross unrealized depreciation		(838	)

Net unrealized appreciation/depreciation	$	573,404

Federal income tax cost of investments	$	652,212

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

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.

•

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)	$	1,225,616	$	—	$	—	$	1,225,616

(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 July 31, 2017.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — 1.7%
		New York — 0.8%
		General Obligation — 0.8%
	12,500	City of New York, Fiscal Year 2006, Series I, Sub Series I-4, GO, VRDO, LOC: TD Bank NA, 0.590%, 08/01/17		12,500

		Texas — 0.9%
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	12,500	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Rev., VRDO, 0.600%, 08/01/17		12,500

		Total Daily Demand Notes (Cost $25,000)		25,000

	Municipal Bonds — 92.5% (t)
		Alabama — 0.6%
		Transportation — 0.6%
		Alabama Federal Aid Highway Finance Authority,
	3,900	Series A, Rev., 5.000%, 09/01/30		4,787
	3,500	Series A, Rev., 5.000%, 09/01/31		4,269

		Total Alabama		9,056

		Alaska — 1.1%
		Other Revenue — 1.1%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.250%, 09/01/29		15,763

		Arizona — 3.1%
		General Obligation — 0.1%
	1,400	City of Goodyear, GO, AGM, 6.000%, 07/01/19		1,465

		Other Revenue — 0.2%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.000%, 07/01/22		1,238
	1,000	Series C, Rev., 5.000%, 07/01/24		1,139

				2,377

		Prerefunded — 2.7%
	33,840	Arizona State Transportation Board,
		Series A, Rev., GAN, 5.250%, 07/01/20 (p)		37,922
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.000%, 07/01/20 (p)		3,340

				41,262


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.1%
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/22		1,587

		Total Arizona		46,691

		Arkansas — 0.1%
		Prerefunded — 0.0% (g)
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/18 (p)		743

		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.000%, 10/01/22		1,156

		Total Arkansas		1,899

		California — 17.7%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/31		92

		Education — 1.0%
	3,000	California State University, Systemwide, Series A, Rev., 5.000%, 11/01/24		3,713
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.500%, 08/01/20		2,789
	2,910	Simi Valley School Financing Authority, Unified School District, Rev., AGM, 5.000%, 08/01/21		2,968
	5,000	University of California, Series AF, Rev., 5.000%, 05/15/27		5,960

				15,430

		General Obligation — 6.7%
	5,775	Arcadia Unified School District, County of Los Angeles, GO, 4.000%, 08/01/41		6,115
	1,490	Carlsbad Unified School District, Series B, GO, Zero Coupon, 05/01/19		1,461
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/26		497
		Contra Costa Community College District,
	2,115	GO, 5.000%, 08/01/21		2,438
	1,000	GO, 5.000%, 08/01/22		1,152
	1,000	GO, 5.000%, 08/01/24		1,149
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		153
		Los Angeles Unified School District,
	4,850	Series A, GO, 5.000%, 07/01/26		6,110
	2,350	Series A, GO, 5.000%, 07/01/27		2,979

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	10,010	Series B, GO, 5.000%, 07/01/26		12,610
	9,000	Series C, GO, 5.000%, 07/01/26		10,924
	5,000	Series D, GO, 5.250%, 07/01/24		5,411
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.000%, 09/01/22		649
	725	GO, AGM, 5.000%, 09/01/23		871
		San Diego Unified School District, Election of 1998,
	3,800	Series C-2, GO, AGM, 5.500%, 07/01/24		4,812
	1,000	Series F-1, GO, AGM, 5.250%, 07/01/28		1,275
	1,000	State Center Community College District, GO, 5.000%, 08/01/24		1,178
		State of California, Various Purpose,
	5,000	GO, 5.000%, 04/01/20		5,342
	10,370	GO, 5.000%, 08/01/30		12,289
	5,000	GO, 5.500%, 04/01/18		5,158
	5,000	GO, 5.500%, 04/01/21		5,385
	5,000	GO, 5.625%, 04/01/26		5,391
	6,600	GO, 6.500%, 04/01/33		7,223

				100,572

		Hospital — 0.2%
	1,000	California Health Facilities Financing Authority, Kaiser Permanente, Series A, Sub Series A-2, Rev., 4.000%, 11/01/38		1,056
	1,750	California Municipal Finance Authority, Community Medical Centers, Series A, Rev., 5.000%, 02/01/31		2,028

				3,084

		Other Revenue — 0.4%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/34		5,726
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.000%, 07/01/24		215
	395	Series A, Rev., 5.000%, 07/01/25		492
	225	Series A, Rev., 5.000%, 07/01/26		278

				6,711

		Prerefunded — 2.1%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/18 (p)		2,096
	3,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		3,723


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — continued
	2,070	California State Department of Water Resources, Power Supply, Series H, Rev., AGM-CR, 5.000%, 05/01/18 (p)		2,135
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.000%, 09/01/23 (p)		10,567
	2,695	Center Unified School District, Election of 1991, GO, NATL-RE, Zero Coupon, 08/01/17 (p)		1,756
	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)		204
	10,285	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		11,171

				31,670

		Transportation — 0.6%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.000%, 07/01/22 (p)		402
	2,315	Series A, Rev., FGIC, 5.000%, 07/01/25 (p)		2,893
		San Joaquin County Transportation Authority, Measure K,
	2,285	Rev., 5.000%, 03/01/29		2,828
	2,000	Rev., 5.000%, 03/01/30		2,448

				8,571

		Utility — 5.7%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.000%, 07/01/23		3,008
	1,010	Series A, Rev., 5.000%, 07/01/30		1,177
	2,050	Series A, Rev., 5.000%, 07/01/31		2,489
	2,550	Series A, Rev., 5.000%, 07/01/32		3,080
	5,000	Series A, Rev., 5.000%, 07/01/33		6,010
	10,710	Series A, Rev., 5.000%, 07/01/34		12,825
	25,385	Series B, Rev., 5.000%, 07/01/28		30,207
	8,580	Series B, Rev., 5.000%, 07/01/29		10,568
	2,100	Series B, Rev., 5.000%, 07/01/31		2,460
	1,925	Series B, Rev., 5.000%, 07/01/32		2,245
	3,300	Series D, Rev., 5.000%, 07/01/32		3,887
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/21		5,594

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility –– continued
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.000%, 07/01/28		1,554

				85,104

		Water & Sewer — 1.0%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/19		484
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		4,255
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.000%, 10/01/25		2,983
	6,000	San Diego County Water Authority, Series A, Rev., 5.000%, 05/01/30		7,059

				14,781

		Total California		266,015

		Colorado — 2.1%
		General Obligation — 1.8%
	4,250	Dawson Ridge Metropolitan District No.1, Series A, GO, Zero Coupon, 10/01/22 (p)		3,927
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.250%, 12/15/23		8,488
	2,345	GO, 5.250%, 12/15/25		2,937
	10,000	Jefferson County School District No. R-1, GO, 5.000%, 12/15/22		11,843

				27,195

		Prerefunded — 0.3%
	2,170	Colorado Higher Education, COP, 5.500%, 11/01/18 (p)		2,293
	1,225	Platte River Power Authority, Series HH, Rev., 5.000%, 06/01/19 (p)		1,315

				3,608

		Total Colorado		30,803

		Connecticut — 0.7%
		General Obligation — 0.6%
	200	City of Greenwich, GO, 5.000%, 06/01/20		207
	8,200	State of Connecticut, Series E, GO, 5.000%, 08/15/30		9,145

				9,352

		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.250%, 08/01/19		271


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	1,290	Series A, Rev., NATL-RE, 5.250%, 08/01/20		1,446

				1,717

		Total Connecticut		11,069

		Delaware — 0.2%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.000%, 11/01/21		1,087

		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.000%, 03/01/21		1,138

		Total Delaware		2,225

		District of Columbia — 1.8%
		General Obligation — 0.2%
		District of Columbia,
	290	Series A, GO, 5.000%, 06/01/29		358
	400	Series A, GO, 5.000%, 06/01/30		491
	600	Series A, GO, 5.000%, 06/01/31		731
	620	Series A, GO, 5.000%, 06/01/32		751
	950	Series A, GO, 5.000%, 06/01/33		1,146

				3,477

		Special Tax — 0.2%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.000%, 12/01/20		2,254

		Transportation — 0.6%
	7,920	Washington Metropolitan Area Transit Authority, Series A-1, Rev., 5.000%, 07/01/29		9,712

		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.000%, 10/01/25		5,857
	5,000	Series C, Rev., 5.000%, 10/01/29		5,809

				11,666

		Total District of Columbia		27,109

		Florida — 2.8%
		General Obligation — 2.8%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.000%, 06/01/24		5,693
	32,375	Series D, GO, 5.000%, 06/01/25		36,928

		Total Florida		42,621

		Georgia — 3.9%
		General Obligation — 2.5%
		State of Georgia,
	300	Series B, GO, 5.000%, 07/01/20		334

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	1,000	Series B, GO, 5.750%, 08/01/17		1,000
	13,820	Series C, GO, 5.000%, 07/01/26		17,442
	3,960	Series E, GO, 5.000%, 12/01/25		4,965
	11,510	Series F, GO, 5.000%, 07/01/26		14,526

				38,267

		Transportation — 0.5%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/21		6,757

		Water & Sewer — 0.9%
	6,895	Cobb County, Water & Sewer, Rev., 5.000%, 07/01/22		7,407
	5,000	Fulton County, Water & Sewerage, Rev., 5.000%, 01/01/23		5,636
	125	Henry County Water & Sewerage Authority, Rev., 5.000%, 02/01/29		143

				13,186

		Total Georgia		58,210

		Idaho — 0.6%
		Prerefunded — 0.6%
	8,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		8,532

		Illinois — 0.8%
		General Obligation — 0.0% (g)
	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		680

				849

		Other Revenue — 0.2%
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.000%, 01/01/20		77
	200	Rev., 5.000%, 01/01/21		205
	105	Rev., 5.000%, 01/01/22		108
	3,000	City of Chicago, Sales Tax, Rev., AGM, 5.000%, 01/01/18		3,035

				3,425

		Prerefunded — 0.1%
	1,125	City of Chicago, Wastewater Transmission, Series A, Rev., BHAC-CR, 5.250%, 01/01/18 (p)		1,146


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,528
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		936

				4,464

		Water & Sewer — 0.2%
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.000%, 11/01/21		1,120
	400	Rev., 5.000%, 11/01/22		454
	1,000	Rev., 5.000%, 11/01/29		1,114

				2,688

		Total Illinois		12,572

		Indiana — 1.3%
		Other Revenue — 1.0%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.000%, 02/01/26		1,316
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.000%, 02/01/26		11,331
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/22		1,913

				14,560

		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.000%, 01/01/26		4,698

		Water & Sewer — 0.0% (g)
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		371
	375	Series B, Rev., 5.000%, 01/01/23		428

				799

		Total Indiana		20,057

		Iowa — 0.4%
		Other Revenue — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.000%, 08/01/26		6,232

		Kentucky — 1.0%
		Education — 0.1%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.000%, 09/01/26		1,436

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.5%
	7,145	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		7,510

		Transportation — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/28		5,879

		Total Kentucky		14,825

		Louisiana — 0.8%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		3,169

		Other Revenue — 0.5%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.000%, 10/01/32		3,470
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		4,252

				7,722

		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,399

		Total Louisiana		12,290

		Massachusetts — 4.9%
		General Obligation — 1.8%
		Commonwealth of Massachusetts,
	9,000	Series A, GO, 5.250%, 08/01/19		9,761
	200	Series C, GO, AGM, 5.500%, 12/01/22		243
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	5,000	Series C, GO, 4.000%, 07/01/31		5,326
	2,500	Series C, GO, 5.000%, 07/01/23		2,935
	6,875	Series F, GO, 5.000%, 11/01/26		8,107

				26,372

		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.000%, 08/15/30		8,614

		Prerefunded — 1.1%
	13,300	Commonwealth of Massachusetts, Consolidated Loan of 2014, Series F, GO, 5.000%, 11/01/22 (p)		15,788


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.8%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.250%, 07/01/27		12,709

		Water & Sewer — 0.6%
	8,280	Massachusetts Clean Water Trust (The), Green Bond, Series 20, Rev., 5.000%, 02/01/36		9,694

		Total Massachusetts		73,177

		Michigan — 1.2%
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/24		2,253

		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.000%, 11/15/28		1,418

		Prerefunded — 0.3%
	4,170	University of Michigan, Series A, Rev., 5.000%, 04/01/19 (p)		4,448

		Water & Sewer — 0.6%
	8,545	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.500%, 01/01/22		9,468

		Total Michigan		17,587

		Minnesota — 1.4%
		General Obligation — 0.7%
	775	Olmsted County, Crossover, Series A, GO, 5.000%, 02/01/21		878
	8,275	State of Minnesota, Various Purpose, Series F, GO, 5.000%, 08/01/20		9,234

				10,112

		Other Revenue — 0.7%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.000%, 03/01/25		11,228

		Total Minnesota		21,340

		Missouri — 0.8%
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	365	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 07/01/25		411

		Other Revenue — 0.5%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.000%, 09/01/21		7,458

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	20	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, 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		4,346

		Water & Sewer — 0.0% (g)
	15	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Rev., 5.000%, 01/01/19 (p)		16

		Total Missouri		12,253

		Nebraska — 0.4%
		Utility — 0.4%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.000%, 02/01/32		5,324

		New Hampshire — 0.3%
		Prerefunded — 0.3%
	4,505	New Hampshire Municipal Bond Bank, Series E, Rev., 5.000%, 01/15/20 (p)		4,933

		New Jersey — 2.2%
		Education — 1.3%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Series PP, Rev., 5.000%, 06/15/29		10,460
	3,500	Series XX, Rev., 5.000%, 06/15/19		3,666
	5,145	Series XX, Rev., 5.000%, 06/15/21		5,514

				19,640

		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.000%, 07/15/22		951
		Township of Woodbridge,
	1,100	GO, 5.000%, 07/15/22		1,221
	1,200	GO, 5.000%, 07/15/23		1,331

				3,503

		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		2,602
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.250%, 12/15/22		5,540

				8,142


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/20		1,894

		Total New Jersey		33,179

		New Mexico — 0.9%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.000%, 06/01/22		1,679
	1,690	Series B, Rev., 5.000%, 06/01/23		1,746
	1,820	Series B, Rev., 5.000%, 06/01/25		1,879
	1,965	Series B, Rev., 5.000%, 06/01/27		2,028
	4,200	Series C, Rev., 5.000%, 06/01/22		4,785

				12,117

		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,557

		Total New Mexico		13,674

		New York — 20.8%
		Education — 0.4%
		Monroe County IDA, School Facility, Modernization Project,
	1,470	Series 2017, Rev., 5.000%, 05/01/29		1,801
	2,100	Series 2017, Rev., 5.000%, 05/01/30		2,559
	1,440	Series 2017, Rev., 5.000%, 05/01/31		1,743

				6,103

		General Obligation — 1.2%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,401
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.000%, 08/01/28		7,096
	4,050	Series F, Sub Series F-1, GO, 5.000%, 03/01/30		4,717

				17,214

		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

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.000%, 09/15/30		10,923

		Other Revenue — 7.5%
		Hudson Yards Infrastructure Corp.,
	2,000	Series A, Rev., 5.000%, 02/15/32		2,386
	1,500	Series A, Rev., 5.000%, 02/15/33		1,782
	6,750	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-2, Rev., NATL-RE, 5.000%, 01/15/22		6,766
	3,745	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/21		4,083
	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		10,274
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.000%, 02/01/31		11,566
	10,000	New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., AGM-CR, Zero Coupon, 11/15/52		2,474
	7,875	New York Local Government Assistance Corp., Sub Lien, Series A-5/6, Rev., 5.500%, 04/01/19		8,474
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		9,152
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.000%, 03/15/28		3,612
	5,000	Series A, Rev., 5.000%, 03/15/29		5,992
	5,000	Series A, Rev., 5.000%, 03/15/30		6,135
	1,000	Series A, Rev., 5.000%, 03/15/33		1,170
	4,225	Series A, Rev., 5.000%, 03/15/34		4,916
		New York State Urban Development Corp., Service Contract,
	15,000	Series B, Rev., 5.250%, 01/01/25		15,596
	5,000	Series D, Rev., 5.500%, 01/01/19		5,318
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.000%, 10/15/28		2,192
	7,500	Series A, Rev., 5.000%, 10/15/29		9,061
	1,850	Series A, Rev., 5.000%, 10/15/31		2,218

				113,167


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 1.6%
	805	Metropolitan Transportation Authority, Series C, Rev., 6.500%, 11/15/18 (p)		863
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/18 (p)		363
	5	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.000%, 11/01/19 (p)		5
		New York State Dormitory Authority, State Personal Income Tax, Education,
	10,000	Series A, Rev., 5.000%, 03/15/18 (p)		10,258
	4,000	Series A, Rev., 5.000%, 03/15/19 (p)		4,260
	4,395	New York State Dormitory Authority, University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/18 (p)		4,561
	1,000	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/17 (p)		1,016
	1,865	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.000%, 11/15/18 (p)		1,963

				23,289

		Special Tax — 2.5%
	7,250	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.000%, 03/15/31		8,465
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	12,500	Series C, Rev., 5.000%, 03/15/33		14,537
	3,500	Series C, Rev., 5.000%, 03/15/41		3,899
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 03/15/26		11,175

				38,076

		Transportation — 3.8%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 11/15/41		1,691
	195	Series C, Rev., 6.500%, 11/15/28		209
	5,000	Sub Series C-1, Rev., 5.250%, 11/15/28		6,111
	2,530	New York Transportation Development Corp., Special Facilities, Laguardia Airport Terminal B Redevelopment Project, Series A, Rev., AMT, 4.000%, 07/01/31		2,625

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.000%, 05/01/34		3,254
	2,000	Rev., 5.000%, 05/01/35		2,194
	6,500	Rev., 5.000%, 10/15/41		7,547
	3,105	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.000%, 11/15/28		3,265
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,000	Series A, Rev., 5.000%, 01/01/26		28,911
	1,250	Series B, Rev., 5.000%, 11/15/31		1,465

				57,272

		Utility — 0.7%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.000%, 12/15/28		4,763
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,923

				9,686

		Water & Sewer — 2.4%
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.000%, 06/15/29		2,230
	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		18,153
	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		3,587
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects—Second Resolution,
	2,750	Series A, Rev., 5.000%, 06/15/26		3,482
	3,500	Series A, Rev., 5.000%, 06/15/27		4,461
	3,000	Series A, Rev., 5.000%, 06/15/28		3,778

				35,691

		Total New York		311,933

		North Carolina — 0.6%
		Prerefunded — 0.6%
	2,170	City of High Point, Combined Enterprise System, Rev., AGM, 5.000%, 11/01/18 (p)		2,280
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.000%, 06/01/19 (p)		6,389

				8,669


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.0% (g)
	700	North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.000%, 01/01/29		836

		Total North Carolina		9,505

		Ohio — 0.8%
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/18 (p)		577
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/22		2,428

				3,005

		Prerefunded — 0.4%
	4,750	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		5,727
	670	State of Ohio, Higher Educational Facility, Denison University 2007 Project, Rev., 5.000%, 11/01/17 (p)		677

				6,404

		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.000%, 11/15/25		673
	1,500	Rev., 5.000%, 11/15/27		1,798

				2,471

		Total Ohio		11,880

		Oklahoma — 0.6%
		Transportation — 0.5%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.000%, 01/01/22		3,382
	2,000	Series A, Rev., 5.000%, 01/01/24		2,254
	2,000	Series A, Rev., 5.000%, 01/01/38		2,326

				7,962

		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.000%, 07/01/27		1,638

		Total Oklahoma		9,600

		Oregon — 1.8%
		General Obligation — 0.8%
		Linn & Benton Counties, School District No. 8J, Greater Albany,
	1,725	GO, 5.000%, 06/15/29		2,127

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	500	GO, 5.000%, 06/15/30		612
	1,180	GO, 5.000%, 06/15/31		1,435
	1,765	GO, 5.000%, 06/15/32		2,135
	4,000	GO, 5.000%, 06/15/33		4,816
	100	Marion County, GO, AMBAC, 5.500%, 06/01/23		122

				11,247

		Other Revenue — 0.1%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/27		1,758

		Prerefunded — 0.7%
		Oregon State Department of Administrative Services,
	6,965	Series A, COP, 5.000%, 05/01/19 (p)		7,448
	3,425	Series A, COP, 5.000%, 05/01/19 (p)		3,666

				11,114

		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.000%, 10/01/36		2,326

		Total Oregon		26,445

		Pennsylvania — 0.7%
		General Obligation — 0.3%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.375%, 07/01/21		4,825

		Prerefunded — 0.4%
	3,225	Pennsylvania State University, Series A, Rev., 5.000%, 03/01/19 (p)		3,429
	1,860	Red Lion Area School District, GO, AGM, 5.000%, 05/01/18 (p)		1,917

				5,346

		Total Pennsylvania		10,171

		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		749

		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		1,199

		Total Rhode Island		1,948


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		South Carolina — 0.7%
		Prerefunded — 0.1%
	2,220	City of Charleston, Waterworks & Sewer System, Series A, Rev., 5.000%, 01/01/19 (p)		2,347

		Utility — 0.5%
	7,000	Piedmont Municipal Power Agency, Series A-3, Rev., AGC, 5.000%, 01/01/18		7,116

		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.000%, 02/01/26		1,735

		Total South Carolina		11,198

		Tennessee — 0.1%
		General Obligation — 0.1%
	835	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/24		977

		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 07/01/22 (p)		229

		Total Tennessee		1,206

		Texas — 9.1%
		Education — 0.3%
	500	University of Texas, Financing System, Series C, Rev., 5.000%, 08/15/18		522
		Waco Educational Finance Corp., Baylor University,
	2,275	Series C, Rev., 5.000%, 03/01/21		2,330
	1,215	Series C, Rev., 5.000%, 03/01/22		1,244

				4,096

		General Obligation — 3.5%
		Carroll Independent School District,
	1,000	Series C, GO, 5.000%, 02/15/20		1,062
	945	Series C, GO, 5.000%, 02/15/22		1,002
	325	Series C, GO, 5.000%, 02/15/23		344
	4,000	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/30		4,634
	3,150	City of Lubbock, GO, 5.000%, 02/15/25		3,783
	680	City of Pflugerville, Limited Tax, GO, 5.000%, 08/01/23		794
		City of San Antonio, General Improvement,
	700	GO, 5.000%, 08/01/23		802
	2,000	GO, 5.000%, 08/01/24		2,288
	1,500	GO, 5.000%, 08/01/24		1,718
	4,735	GO, 5.000%, 08/01/26		5,412
	2,735	GO, 5.000%, 08/01/27		3,127

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.000%, 02/15/29		4,548
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/25		942
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/26		1,692
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/27		1,631
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/28		1,541
		Hays County, Pass-Through Toll,
	1,500	GO, 5.000%, 02/15/23		1,643
	1,785	GO, 5.000%, 02/15/24		1,952
	2,410	GO, 5.000%, 02/15/25		2,631
		San Jacinto Community College District,
	390	GO, AMBAC, 5.000%, 02/15/20		391
	2,600	GO, 5.000%, 02/15/40		2,883
		State of Texas, Water Financial Assistance,
	2,500	Series A, GO, 5.000%, 08/01/20		2,606
	4,340	Series A, GO, 5.000%, 08/01/21		4,522

				51,948

		Prerefunded — 3.1%
	4,485	City of Garland, Series A, GO, 5.000%, 02/15/18 (p)		4,585
		Dallas Area Rapid Transit, Senior Lien,
	3,000	Rev., 5.250%, 12/01/18 (p)		3,172
	7,660	Series A, Rev., 5.000%, 06/01/19 (p)		8,220
	1,965	Dallas County Community College District, GO, 5.000%, 02/15/19 (p)		2,087
	1,830	Harlandale Independent School District, GO, AGC, 5.000%, 08/01/19 (p)		1,975
	1,000	Hays County, GO, 5.000%, 02/15/20 (p)		1,095
	9,055	North Texas Municipal Water District, Rev., 5.000%, 06/01/18 (p)		9,364
	5,000	San Jacinto Community College District, GO, 5.000%, 02/15/19 (p)		5,309
	5,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.000%, 10/01/19 (p)		5,431
	1,800	Tarrant County, Limited Tax, GO, 5.000%, 07/15/18 (p)		1,870
	3,755	University of North Texas, Financing System, Series A, Rev., 5.000%, 04/15/19 (p)		4,012

				47,120


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.8%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.000%, 07/01/26		3,405
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.250%, 10/01/51		8,895

				12,300

		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		3,714

		Water & Sewer — 1.2%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		7,853
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.000%, 05/15/24		1,490
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.000%, 12/15/18		104
	3,315	Rev., 5.000%, 12/15/23		3,717
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.000%, 07/15/20		4,120

				17,284

		Total Texas		136,462

		Utah — 0.6%
		Prerefunded — 0.6%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/19 (p)		8,029
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.000%, 06/01/19 (p)		1,234

		Total Utah		9,263

		Vermont — 0.4%
		Education — 0.2%
		University of Vermont & State Agricultural College,
	2,115	Rev., AMBAC, 5.000%, 10/01/21		2,130
	1,175	Rev., AMBAC, 5.000%, 10/01/22		1,183

				3,313

		Prerefunded — 0.2%
	3,295	University of Vermont & State Agricultural College, Rev., AMBAC, 5.000%, 10/01/17 (p)		3,317

		Total Vermont		6,630

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — 2.4%
		Education — 0.7%
	10,050	Virginia College Building Authority, Public Higher Education Financing Program, Series B, Rev., 5.000%, 09/01/19		10,879

		General Obligation — 1.3%
	17,575	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		18,891

		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.000%, 08/01/18 (p)		26
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.000%, 11/01/23		441

				467

		Prerefunded — 0.1%
	205	City of Richmond, Public Improvement, Series D, GO, 5.000%, 07/15/20 (p)		229
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Series A, Rev., 5.000%, 11/01/19 (p)		610

				839

		Utility — 0.3%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/28		5,004

		Total Virginia		36,080

		Washington — 2.7%
		General Obligation — 0.3%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.000%, 12/01/33		1,279
	2,000	State of Washington, Various Purpose, Series D, GO, 5.000%, 02/01/24		2,372
	275	Yakima County School District No. 7, GO, 5.500%, 12/01/23		302

				3,953

		Prerefunded — 1.9%
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/19 (p)		10,803
	12,400	Series R-2010A, GO, 5.000%, 01/01/19 (p)		13,114
	4,415	Yakima County School District No. 7, GO, 5.500%, 12/01/19 (p)		4,873

				28,790

		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.000%, 03/01/33		4,303


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — continued
	1,000	Series B, Rev., 5.000%, 03/01/34		1,143

				5,446

		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.000%, 09/01/26		1,534

		Total Washington		39,723

		Total Municipal Bonds (Cost $1,310,334)		1,389,480

	Quarterly Demand Note — 0.2%
		Pennsylvania — 0.2%
		Hospital — 0.2%
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.585%, 09/01/17 (Cost $3,000)		2,917


SHARES
	Short-Term Investment — 5.2%
		Investment Company — 5.2%
	78,055	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) † (Cost $78,055)		78,055

		Total Investments — 99.6% (Cost $1,416,389)		1,495,452
		Other Assets in Excess of Liabilities — 0.4%		5,745

		NET ASSETS — 100.0%	$	1,501,197

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.812% at termination	CPI-U at termination		10/12/19		25,000	$	(4,165	)
Barclays Bank plc	2.590% at termination	CPI-U at termination		12/31/19		35,000		(3,159	)
Barclays Bank plc	1.823% at termination	CPI-U at termination		11/08/21		25,000		139
Barclays Bank plc	2.439% at termination	CPI-U at termination		05/15/24		18,000		(1,405	)
Barclays Bank plc	2.700% at termination	CPI-U at termination		09/03/44		5,000		(1,063	)
BNP Paribas	2.100% at termination	CPI-U at termination		08/26/18		25,000		(1,035	)
BNP Paribas	2.105% at termination	CPI-U at termination		08/26/18		12,000		(501	)
BNP Paribas	2.190% at termination	CPI-U at termination		09/03/19		13,000		(602	)
BNP Paribas	2.350% at termination	CPI-U at termination		07/06/20		25,000		(1,825	)
BNP Paribas	2.265% at termination	CPI-U at termination		02/06/24		25,000		(541	)
BNP Paribas	2.165% at termination	CPI-U at termination		04/04/24		24,000		(424	)
BNP Paribas	1.997% at termination	CPI-U at termination		11/07/26		25,000		187
Citibank NA	2.190% at termination	CPI-U at termination		09/02/19		9,000		(418	)
Citibank NA	2.420% at termination	CPI-U at termination		05/24/20		25,000		(2,078	)
Citibank NA	2.420% at termination	CPI-U at termination		06/30/20		50,000		(4,082	)
Citibank NA	2.410% at termination	CPI-U at termination		07/01/20		50,000		(4,019	)
Citibank NA	2.330% at termination	CPI-U at termination		07/06/20		50,000		(3,533	)
Citibank NA	2.492% at termination	CPI-U at termination		08/27/24		22,000		(1,884	)
Citibank NA	2.477% at termination	CPI-U at termination		09/02/24		15,000		(1,260	)
Citibank NA	2.623% at termination	CPI-U at termination		10/07/24		14,000		(369	)
Credit Suisse International	2.178% at termination	CPI-U at termination		05/28/18		65,000		(3,218	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination		02/25/18		50,000		(3,187	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination		09/10/19		55,000		(2,386	)
Deutsche Bank AG, New York	2.410% at termination	CPI-U at termination		06/30/20		20,000		(1,610	)
Deutsche Bank AG, New York	1.823% at termination	CPI-U at termination		11/08/21		25,000		139
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination		02/21/24		40,000		(3,251	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination		12/15/24		54,000		(851	)
Deutsche Bank AG, New York	2.003% at termination	CPI-U at termination		11/07/26		25,000		172
Deutsche Bank AG, New York	2.708% at termination	CPI-U at termination		02/25/44		5,000		(1,073	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination		10/10/44		8,000		(1,122	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination		10/13/45		5,000		174
Goldman Sachs International	2.211% at termination	CPI-U at termination		08/29/19		20,000		(951	)
Goldman Sachs International	2.185% at termination	CPI-U at termination		09/02/19		12,000		(554	)
Goldman Sachs International	2.194% at termination	CPI-U at termination		09/02/19		19,000		(886	)
Morgan Stanley Capital Services	2.175% at termination	CPI-U at termination		10/01/18		20,000		(901	)
Morgan Stanley Capital Services	2.323% at termination	CPI-U at termination		06/23/19		20,000		(1,037	)
Morgan Stanley Capital Services	2.525% at termination	CPI-U at termination		01/27/24		30,000		(2,603	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination		02/04/24		34,000		(2,846	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination		09/12/44		3,000		(607	)
Royal Bank of Scotland	2.430% at termination	CPI-U at termination		06/28/20		25,000		(2,070	)
Royal Bank of Scotland	2.423% at termination	CPI-U at termination		06/30/20		75,000		(6,152	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination		03/17/24		7,000		(569	)
Royal Bank of Scotland	3.556% at termination	CPI-U at termination		07/31/29		49,000		(20,275	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination		02/10/44		9,000		(2,012	)
Union Bank of Switzerland AG	2.170% at termination	CPI-U at termination		04/22/18		50,000		(2,441	)
Union Bank of Switzerland AG	2.200% at termination	CPI-U at termination		03/09/22		10,000		(166	)

							$	(92,320	)

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
IDA	—	Industrial Development Authority
LOC	—	Letter of Credit
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 July 31, 2017.
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of July 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 July 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.
†	—	Approximately $2,340,000 of this investment is restricted as collateral for certain derivatives to various brokers.

As of July 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	$	79,508
Aggregate gross unrealized depreciation		(445	)

Net unrealized appreciation/depreciation	$	79,063

Federal income tax cost of investments	$	1,416,389

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

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.

•

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)	$	78,055	$	1,417,397		$	—	$	1,495,452

Appreciation in Other Financial Instruments
Swaps	$	—	$	811		$	—	$	811

Depreciation in Other Financial Instruments
Swaps	$	—	$	(93,131	)	$	—	$	(93,131	)

(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 July 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.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

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 and/or held as Restricted cash. 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’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 JULY 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.7% (t)
		California — 7.9%
		Education — 1.9%
	60	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/18		61
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.800%, 02/01/20		83
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, FGIC, 5.250%, 08/01/23		31

				175

		General Obligation — 2.1%
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.000%, 08/01/31		199

		Utility — 3.9%
	300	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.000%, 07/01/29		369

		Total California		743

		Connecticut — 4.4%
		Water & Sewer — 4.4%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.000%, 08/15/20		115
	150	Series A, Rev., 6.000%, 08/15/21		179
	100	Series A, Rev., 6.000%, 08/15/22		123

		Total Connecticut		417

		Florida — 7.8%
		General Obligation — 3.0%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.000%, 06/01/25		285

		Utility — 4.0%
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.000%, 10/01/25		372

		Water & Sewer — 0.8%
	75	City of Auburndale, Water & Sewer, Rev., AGC-ICC, AMBAC, 5.250%, 12/01/18		79

		Total Florida		736

		Georgia — 7.4%
		General Obligation — 3.3%
	150	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.000%, 12/01/26		187


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	100	State of Georgia, Series C, GO, 5.000%, 07/01/26		126

				313

		Water & Sewer — 4.1%
	250	DeKalb County, Water & Sewerage, Series B, Rev., 5.250%, 10/01/26		317
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.250%, 09/01/21		67

				384

		Total Georgia		697

		Hawaii — 0.2%
		General Obligation — 0.2%
	15	County of Kauai, Series B, GO, AMT, 4.000%, 08/01/17		15

		Illinois — 0.7%
		General Obligation — 0.7%
	60	City of Chicago, Series A, GO, AGM, 5.500%, 01/01/19		63

		Indiana — 1.2%
		Education — 1.2%
	100	Purdue University, Student Fee, Series U, Rev., 5.250%, 07/01/21		116

		Kansas — 0.5%
		Prerefunded — 0.5%
	50	Sedgwick County Unified School District No. 259 Wichita, School Building, Series A, GO, 4.500%, 10/01/18 (p)		52

		Louisiana — 0.3%
		Water & Sewer — 0.3%
	25	Tangipahoa Water District, Series A, Rev., AGM, 3.000%, 11/01/18		26

		Massachusetts — 5.3%
		Transportation — 5.3%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.250%, 07/01/27		191
	250	Series B, Rev., 5.250%, 07/01/23		304

		Total Massachusetts		495

		Nevada — 2.5%
		Water & Sewer — 2.5%
	200	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/31		240

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 1.6%
		Transportation — 1.6%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.250%, 12/15/20		86
	60	Series A, Rev., 5.500%, 12/15/21		66

		Total New Jersey		152

		New Mexico — 7.2%
		Other Revenue — 2.4%
	200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.000%, 06/01/22		228

		Transportation — 4.8%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		277
	150	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		168

				445

		Total New Mexico		673

		New York — 9.9%
		Education — 0.3%
	30	New York State Dormitory Authority, The New School, Rev., 5.000%, 07/01/18		31

		General Obligation — 1.2%
		City of New York,
	25	Sub Series E-1, GO, 5.375%, 10/15/18		26
	10	Sub Series 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		50

				109

		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		116

		Prerefunded — 0.3%
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,, Series B, Rev., 5.000%, 10/01/18 (p)		31

		Special Tax — 1.9%
	150	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.000%, 03/15/33		175


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 5.0%
	410	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.000%, 01/01/26		474

		Total New York		936

		Ohio — 5.4%
		General Obligation — 1.7%
	125	State of Ohio, Common Schools, Series A, GO, 5.000%, 09/15/26		157

		Prerefunded — 3.7%
	25	Barberton City School District, GO, 5.250%, 06/01/18 (p)		26
	250	City of Columbus, Series 1, GO, 5.000%, 07/01/23 (p)		302
	20	Village of New Albany, GO, AMBAC, 5.000%, 12/01/17 (p)		20

				348

		Total Ohio		505

		Oregon — 2.9%
		General Obligation — 2.9%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		270

		Pennsylvania — 1.4%
		General Obligation — 1.4%
	25	Bethel Park School District, GO, 4.000%, 08/01/17		25
		Central Bucks School District,
	80	Series A, GO, 4.500%, 05/15/21 (p)		90
	15	Series A, GO, 5.000%, 05/15/23		17

		Total Pennsylvania		132

		South Carolina — 3.6%
		General Obligation — 3.6%
	300	State of South Carolina, Series C, GO, 5.000%, 03/01/22		340

		Tennessee — 0.9%
		Prerefunded — 0.6%
	50	Metropolitan Government of Nashville & Davidson County, GO, 5.000%, 01/01/18 (p)		51

		Water & Sewer — 0.3%
	30	City of Knoxville, Water System, Series BB, Rev., 5.000%, 03/01/19		32

		Total Tennessee		83

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — 14.1%
		Education — 3.8%
	30	Harris County Cultural Education Facilities Finance Corp., Methodist Hospital System, Series B, Rev., 5.500%, 12/01/18		31
	250	Permanent University Fund - University of Texas System, Series B, Rev., 5.250%, 07/01/28		322

				353

		General Obligation — 2.9%
	250	Hays County, Pass-Through Toll, GO, 5.000%, 02/15/23		274

		Prerefunded — 7.1%
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.000%, 11/15/21 (p)		411
	30	City of Rockwall, GO, AMBAC, 5.000%, 08/01/17 (p)		30
	210	Harris County, Series C, Rev., 5.000%, 08/15/19 (p)		227

				668

		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.250%, 09/01/20		34

		Total Texas		1,329

		Utah — 2.5%
		Other Revenue — 2.5%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.000%, 06/15/29		240

		Virginia — 5.1%
		Education — 1.2%
	50	University of Virginia, Rev., 4.000%, 09/01/21		56
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.000%, 02/01/23		59

				115

		General Obligation — 0.6%
	50	City of Alexandria, Series A, GO, 4.500%, 06/15/20		55

		Utility — 3.3%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.000%, 01/15/25		306

		Total Virginia		476


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Washington — 1.9%
		Transportation — 1.9%
	150	Central Puget Sound Regional Transportation Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.000%, 02/01/25		175

		Total Municipal Bonds (Cost $8,426)		8,911


SHARES
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	422	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.860% (b) (l) (Cost $422)		422

		Total Investments — 99.2% (Cost $8,848)		9,333
		Other Assets in Excess of Liabilities — 0.8%		71

		NET ASSETS — 100.0%	$	9,404

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
BNP Paribas	1.695% at termination	CPI-U at termination		06/02/19	$	1,250	$	10
BNP Paribas	2.720% at termination	CPI-U at termination		04/01/21		5,400		(636	)
BNP Paribas	2.165% at termination	CPI-U at termination		04/04/24		600		(10	)
Royal Bank of Scotland	2.620% at termination	CPI-U at termination		06/28/25		1,000		(137	)
Union Bank of Switzerland AG	2.275% at termination	CPI-U at termination		03/16/27		700		(16	)

							$	(789	)

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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
CPI-U	—	Consumer Price Index for All Urban Consumers
FGIC	—	Insured by Financial Guaranty Insurance Co.
GO	—	General Obligation
ICC	—	Insured Custody Certificates
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 July 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 July 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	$	498
Aggregate gross unrealized depreciation		(13	)

Net unrealized appreciation/depreciation	$	485

Federal income tax cost of investments	$	8,848

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the 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.

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.

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.

•

The following table represents 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)	$	422	$	8,911		$	—	$	9,333

Appreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	10		$	—	$	10

Depreciation in Other Financial Instruments
Inflation-Linked Swaps	$	—	$	(799	)	$	—	$	(799	)

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

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

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 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) below describe the various derivatives used by the Fund.

The Fund may be required to post or receive collateral for Over the Counter Swaps.

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.

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
		September 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
		September 28, 2017

By:		/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer
		September 28, 2017