UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of January 31, 2018

(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 Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Options Purchased — 0.1%
		Put Options Purchased — 0.1%
		Future Commodity Options — 0.1%
	35	100 oz Gold 03/26/2018 at USD 1200.00, American Style (a) Notional Amount: USD 3,500 Exchange Traded		3,150
	170	Light Sweet Crude Oil 05/17/2018 at USD 60.00, American Style (a) Notional Amount: USD 170,000 Exchange Traded		224,400
		Total Options Purchased (Cost $224,962)		227,550
PRINCIPAL AMOUNT($)
	Short-Term Investments— 95.3%
		Certificates of Deposit— 9.6%
	2,100,000	Banco Del Estado De Chile, (Chile), 1.55%, 02/23/2018		2,100,027
	1,762,000	BNP Paribas SA, (France), (ICE LIBOR USD 1 Month + 0.20%), 1.76%, 07/23/2018 (aa)		1,762,025
	2,900,000	Chiba Bank Ltd., (Japan), 1.72%, 03/20/2018		2,900,127
	500,000	Credit Industriel et Commercial, (France), (ICE LIBOR USD 1 Month + 0.17%), 1.72%, 03/09/2018 (aa)		500,128
	2,919,000	Credit Industriel et Commercial, (France), (ICE LIBOR USD 1 Month + 0.18%), 1.75%, 07/30/2018 (aa)		2,919,000
	1,000,000	Natixis SA, (France), (ICE LIBOR USD 1 Month + 0.16%), 1.73%, 03/28/2018 (aa)		1,000,274
	2,700,000	Standard Chartered Bank, (United Kingdom), 1.40%, 02/20/2018		2,699,838
	1,000,000	Sumitomo Mitsui Trust Bank Ltd., (Japan), (ICE LIBOR USD 1 Month + 0.19%), 1.75%, 04/03/2018 (aa)		1,000,352
	3,500,000	Wells Fargo Bank NA, (ICE LIBOR USD 1 Month + 0.19%), 1.76%, 06/01/2018 (aa)		3,500,739
		Total Certificates of Deposit (Cost $18,381,000)		18,382,510
		Commercial Paper— 68.2% (n)
	4,000,000	3M Co., 1.46%, 02/26/2018		3,995,721
	2,600,000	Alpine Securitization Ltd., (Switzerland), 1.76%, 04/03/2018 (e)		2,592,276
	940,000	American Honda Finance Corp., 1.52%, 02/05/2018		939,817
	2,800,000	1.61%, 04/05/2018		2,792,140
	2,900,000	Antalis SA, (Jersey), 1.47%, 02/02/2018		2,899,762
	3,240,000	Apple, Inc., 1.38%, 02/01/2018 (e)		3,239,878
	4,390,000	Autobahn Funding Co. LLC, 1.50%, 03/02/2018 (e)		4,384,220
	2,500,000	CDP Financial, Inc., (Canada), 1.46%, 03/08/2018 (e)		2,496,165
	5,000,000	Chevron Corp., 1.49%, 02/07/2018		4,998,639

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	3,500,000	Coca-Cola Co. (The), 1.43%, 02/16/2018		3,497,737
	2,630,000	Commonwealth Bank of Australia, (Australia), (ICE LIBOR USD 1 Month + 0.18%), 1.77%, 08/17/2018 (aa)		2,629,763
	1,240,000	DCAT LLC, 1.66%, 02/09/2018		1,239,508
	4,000,000	Erste Abwicklungsanstalt, (Germany), 1.75%, 04/25/2018 (e)		3,983,667
	3,900,000	Exxon Mobil Corp., 1.40%, 02/01/2018		3,899,852
	2,800,000	First Abu Dhabi Bank PJSC, (United Arab Emirates), 1.74%, 03/13/2018		2,794,751
	2,500,000	General Electric Co., 1.50%, 02/02/2018		2,499,808
	2,600,000	IBM Credit LLC, 1.53%, 02/14/2018		2,598,539
	5,900,000	Johnson & Johnson, 1.45%, 03/12/2018		5,890,055
	2,291,000	Kells Funding LLC, 1.76%, 04/20/2018 (e)		2,282,343
	2,900,000	Lexington Parker Capital Co. LLC, 1.60%, 03/08/2018		2,895,366
	5,000,000	Liberty Street Funding LLC, 1.63%, 03/12/2018		4,991,055
	2,400,000	LMA-Americas LLC, 1.43%, 02/09/2018		2,399,125
	2,500,000	Macquarie Bank Ltd., (Australia), 1.84%, 03/21/2018		2,494,430
	4,350,000	MetLife Funding, Inc., 1.52%, 02/21/2018		4,346,234
	5,700,000	Microsoft Corp., 1.47%, 02/06/2018		5,698,684
	3,720,000	Mont Blanc Capital Corp., 1.66%, 03/15/2018		3,712,806
	5,000,000	Nestle Capital Corp., (Switzerland), 1.44%, 02/12/2018		4,997,725
	4,000,000	Ontario Teachers’ Finance Trust, (Canada), 2.08%, 09/07/2018 (e)		3,952,355
	1,446,000	PACCAR Financial Corp., 1.47%, 02/20/2018		1,444,795
	2,480,000	Pfizer, Inc., 1.52%, 03/12/2018		2,475,820
	3,508,000	Regency Markets No. 1 Llc Commercial Paper, (Ireland), 1.50%, 02/12/2018		3,506,243
	500,000	Suncorp-Metway Ltd., (Australia), 1.76%, 04/19/2018		498,059
	1,000,000	Thunder Bay Funding LLC, 1.71%, 03/15/2018		998,066
	3,500,000	Thunder Bay Funding LLC, (ICE LIBOR USD 1 Month + 0.22%), 1.82%, 05/31/2018 (e) (aa)		3,500,072
		Toronto-Dominion Bank (The),
	1,300,000	(ICE LIBOR USD 1 Month + 0.19%), 1.57%, 10/03/2018 (aa)		1,300,002
	1,300,000	(ICE LIBOR USD 1 Month + 0.13%), 1.72%, 03/02/2018(aa)		1,300,252
	1,800,000	(ICE LIBOR USD 1 Month + 0.20%), 1.79%, 08/21/2018(aa)		1,800,078
	1,300,000	Toyota Motor Finance Netherlands BV, (Japan), (ICE LIBOR USD 1 Month + 0.20%), 1.79%, 05/24/2018 (aa)		1,300,416
	5,300,000	Unilever Capital Corp., 1.35%, 02/01/2018		5,299,797

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	2,000,000	1.50%, 02/26/2018		1,997,832
	2,487,000	Victory Receivables Corp., 1.64%, 03/15/2018		2,482,223
	6,000,000	Walmart, Inc., 1.47%, 02/12/2018		5,997,088
	1,400,000	Westpac Banking Corp., (Australia), (ICE LIBOR USD 1 Month + 0.18%), 1.76%, 08/16/2018 (aa)		1,399,908
		Total Commercial Paper (Cost $130,444,260)		130,443,072
SHARES
		Investment Companies— 17.5%
	6,613,343	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.45% (b) (l) †		6,614,665
	26,806,063	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l)		26,806,063
		Total Investment Companies (Cost $33,420,731)		33,420,728
		Total Short-Term Investments (Cost $182,245,991)		182,246,310
		Total Investments — 95.4% (Cost $182,470,953)		182,473,860
		Other Assets in Excess of Liabilities — 4.6%		8,835,952
		NET ASSETS — 100.0%	$	191,309,812

Percentages indicated are based on net assets.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Natural Gas		10			02/2018		USD		299,500			(6,526	)
Natural Gas		376			02/2018		USD		11,261,200			316,318
RBOB Gasoline		3			02/2018		USD		238,606			5,120
Sugar No. 11		40			02/2018		USD		592,704			(20,751	)
Bloomberg Commodity Index		108			03/2018		USD		968,760			(10,020	)
Brent Crude Oil		214			03/2018		USD		14,673,980			(103,802	)
KC HRW Wheat		9			03/2018		USD		210,262			12,374
Soybean		30			03/2018		USD		1,493,625			56,849
Soybean Meal		5			03/2018		USD		168,900			11,315
Wheat		25			03/2018		USD		564,688			23,901
Lean Hogs		135			04/2018		USD		3,901,500			(14,128	)
Live Cattle		6			04/2018		USD		295,020			(1,938	)
Natural Gas		225			04/2018		USD		6,421,500			263,563
RBOB Gasoline		610			04/2018		USD		52,994,970			600,478
Copper		4			05/2018		USD		321,500			(310	)
Corn		55			05/2018		USD		1,016,125			34,073
Soybean Oil		33			05/2018		USD		658,944			(6,829	)
WTI Crude Oil		253			05/2018		USD		16,181,880			1,808,230
100 oz Gold		4			06/2018		USD		539,360			(3,290	)
Silver		5			07/2018		USD		435,550			6,287
												2,970,914
Short Contracts
NY Harbor ULSD		(4	)		02/2018		USD		(347,155	)		174
RBOB Gasoline		(610	)		06/2018		USD		(52,205,874	)		(526,802	)
												(526,628	)
												2,444,286

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Over the Counter (“OTC”) Return swap contracts on Commodities and Commodities Indices outstanding as of January 31, 2018:

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received		Counterparty	Maturity Date		Notional Amount		Value and Unrealized Appreciation (Depreciation) ($)
BBG Heating Oil Index	0.14% and decreases in total return of the reference entity	Increases in total return of the reference entity		At Termination	Macquarie Bank Ltd.		07/12/2018		USD 6,390,000		1,130,342
BBG Industrial Metals Index	0.18% and decreases in total return of the reference entity	Increases in total return of the reference entity		At Termination	Macquarie Bank Ltd.		06/20/2018		USD 31,350,000		2,021,142
CBOT HRW Wheat March 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		02/26/2018		USD 2,032,313		70,235
CBOT Soybean July 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		06/27/2018		USD 5,863,125		131,880
CBOT Soybean Meal March 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		02/26/2018		USD 5,128,800		275,695
COMEX Gold June 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		05/29/2018		USD 2,779,455		51,916
COMEX Gold June 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		05/29/2018		USD 18,181,895		557,972
COMEX Silver July 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity		At Termination	Macquarie Bank Ltd.		06/27/2018		USD 6,653,985		139,674
Macquarie Commodity Product Index	0.22% and decreases in total return of the reference entity	Increases in total return of the reference entity		At Termination	Macquarie Bank Ltd.		06/05/2018		USD 6,130,000		579,031
											4,957,887

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount		Value and Unrealized Appreciation (Depreciation) ($)
BBG Softs Index	0.14% and decreases in total return of the reference entity	Increases in total return of the reference entity	At Termination	Macquarie Bank Ltd.		06/20/2018		USD 3,900,000		(197,517	)
BBG Softs Index	0.14% and decreases in total return of the reference entity	Increases in total return of the reference entity	At Termination	Macquarie Bank Ltd.		06/20/2018		USD 8,900,000		(109,109	)
CBOT Corn May 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		04/26/2018		USD 11,582,375		(127,396	)
CBOT Soybean March 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		02/26/2018		USD 9,622,256		(13,254	)
CBOT Soybean November 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		10/29/2018		USD 5,857,225		(107,736	)
CBOT Soybean Oil May 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		04/26/2018		USD 4,708,800		(215,191	)
CBOT Wheat March 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		02/26/2018		USD 6,803,875		(930,095	)
CME Live Cattle April 2018 Futures	Increases in total return of reference entity	Decreases in total return of reference entity	At Termination	Macquarie Bank Ltd.		04/05/2018		USD 8,092,665		(175,804	)
										(1,876,102	)
										3,081,785

Summary of total swap contracts outstanding as of January 31, 2018:

	Value ($)
Assets
OTC Return swap contracts on Commodities and Commodities Indices outstanding		4,957,887
Total OTC swap contracts outstanding		4,957,887
Liabilities
OTC Return swap contracts on Commodities and Commodities Indices outstanding		(1,876,102	)
Total OTC swap contracts outstanding		(1,876,102	)

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

BBG	—	Bloomberg
Brent	—	Broom, Rannoch, Etieve, Ness, Tarbat
CBOT	—	Chicago Board of Trade
CME	—	Chicago Mercantile Exchange
COMEX	—	Commodity Exchange, Inc.
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
RBOB	—	Reformulated Blendstock for Oxygenate Blending
ULSD	—	Ultra Low Sulfur Diesel
USD	—	United States Dollar
WTI	—	West Texas Intermediate

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(n)	—	The rate shown is the effective yield as of January 31, 2018.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2018.
†	—	The value of investments restricted as collateral for swaps to the broker is $6,602,496.

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.

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

Fixed income instruments are valued based on prices received from 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 and Options are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
Options Purchased
Put Options Purchased	$	227,550		$	—		$	—	$	227,550
Short-Term Investments
Certificates of Deposit		—			18,382,510			—		18,382,510
Commercial Paper		—			130,443,072			—		130,443,072
Investment Company		33,420,728			—			—		33,420,728
Total Short-Term Investments		33,420,728			148,825,582			—		182,246,310
Total Investments in Securities	$	33,648,278		$	148,825,582		$	—	$	182,473,860
Appreciation in Other Financial Instruments
Futures Contracts	$	3,138,682		$	—		$	—	$	3,138,682
Swaps		—			4,957,887			—		4,957,887
Total Appreciation in Other Financial Instruments	$	3,138,682		$	4,957,887		$	—	$	8,096,569
Depreciation in Other Financial Instruments
Futures Contracts	$	(694,396	)	$	—		$	—	$	(694,396	)
Swaps		—			(1,876,102	)		—		(1,876,102	)
Total Depreciation in Other Financial Instruments	$	(694,396	)	$	(1,876,102	)	$	—	$	(2,570,498	)

There were no transfers among any levels during the period ended January 31, 2018.

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (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) — (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 will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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

The Fund may be required to post or receive collateral for OTC options.

(2). 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.

JPMorgan Commodities Strategy Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

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

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

(3). 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, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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 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 OTC 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 JANUARY 31, 2018 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 67.1%
		Consumer Discretionary — 12.1%
		Auto Components — 0.5%
	13,766	BorgWarner, Inc.		774,475
	2,332	Cooper-Standard Holdings, Inc. (a)		290,544
	31,295	Gentex Corp.		741,065
	898	Lear Corp.		173,440
	3,708	Linamar Corp., (Canada)		218,953
				2,198,477
		Automobiles — 0.2%
	21,300	General Motors Co.		903,333
		Diversified Consumer Services — 0.1%
	27,535	H&R Block, Inc.		730,779
		Hotels, Restaurants & Leisure — 3.0%
	56,900	Bloomin’ Brands, Inc.		1,253,507
	23,800	Brinker International, Inc.		864,892
	37,768	Buffalo Wild Wings, Inc. (a)		5,929,576
	3,900	Churchill Downs, Inc.		1,010,100
	5,000	Domino’s Pizza, Inc.		1,084,250
	62,600	La Quinta Holdings, Inc. (a)		1,247,618
	12,200	Six Flags Entertainment Corp.		824,232
	14,677	Wyndham Worldwide Corp.		1,821,856
				14,036,031
		Household Durables — 0.9%
	37,259	Beazer Homes USA, Inc. (a)		690,782
	7,145	MDC Holdings, Inc.		240,858
	29,400	PulteGroup, Inc.		935,802
	28,892	Taylor Morrison Home Corp., Class A (a)		734,724
	14,813	Toll Brothers, Inc.		689,989
	53,200	TRI Pointe Group, Inc. (a)		867,692
				4,159,847
		Leisure Products — 0.1%
	15,300	Bandai Namco Holdings, Inc., (Japan)		500,699
		Media — 3.6%
	16,700	AMC Networks, Inc., Class A (a)		861,553
	11,127	John Wiley & Sons, Inc., Class A		705,452
	9,492	Omnicom Group, Inc.		727,562
	282,222	Regal Entertainment Group, Class A		6,457,239
	83,241	Scripps Networks Interactive, Inc., Class A		7,324,375
	18,717	Sinclair Broadcast Group, Inc., Class A		694,401
				16,770,582
		Multiline Retail — 0.5%
	19,045	Big Lots, Inc.		1,157,555
	9,145	Dillard’s, Inc., Class A		617,836
	7,497	Target Corp.		563,925
				2,339,316

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 2.5%
	17,359	Aaron’s, Inc.		709,810
	40,020	American Eagle Outfitters, Inc.		720,360
	3,520	Best Buy Co., Inc.		257,171
	77,429	Chico’s FAS, Inc.		736,350
	1,482	Children’s Place, Inc. (The)		222,004
	20,568	Conn’s, Inc. (a)		684,914
	51,953	Dick’s Sporting Goods, Inc.		1,634,441
	20,900	Foot Locker, Inc.		1,027,235
	11,300	Murphy USA, Inc. (a)		964,003
	3,900	O’Reilly Automotive, Inc. (a)		1,032,291
	117,252	Rent-A-Center, Inc.		1,269,839
	48,400	Sally Beauty Holdings, Inc. (a)		803,924
	17,600	Signet Jewelers Ltd.		931,040
	27,500	Urban Outfitters, Inc. (a)		938,025
				11,931,407
		Textiles, Apparel & Luxury Goods — 0.7%
	84,800	Crocs, Inc. (a)		1,145,648
	4,787	PVH Corp.		742,368
	6,179	Ralph Lauren Corp.		706,322
	21,839	Wolverine World Wide, Inc.		716,974
				3,311,312
		Total Consumer Discretionary		56,881,783
		Consumer Staples — 4.5%
		Beverages — 0.3%
	4,800	Boston Beer Co., Inc. (The), Class A (a)		911,280
	6,047	PepsiCo, Inc.		727,454
				1,638,734
		Food & Staples Retailing — 0.9%
	14,600	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		599,868
	221,374	Metcash Ltd., (Australia)		570,907
	15,048	United Natural Foods, Inc. (a)		716,285
	21,932	Walgreens Boots Alliance, Inc.		1,650,602
	6,823	Walmart, Inc.		727,332
				4,264,994
		Food Products — 2.4%
	19,398	Conagra Brands, Inc.		737,124
	38,240	Flowers Foods, Inc.		749,886
	5,546	Fresh Del Monte Produce, Inc.		262,381
	5,218	Ingredion, Inc.		749,514
	6,882	McCormick & Co., Inc. (Non-Voting)		748,555
	18,500	Nichirei Corp., (Japan)		496,624
	87,500	Nippon Suisan Kaisha Ltd., (Japan)		467,137
	43,400	Nomad Foods Ltd., (United Kingdom) (a)		739,536

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — continued
	5,556	Sanderson Farms, Inc.		705,056
	110,410	Snyder’s-Lance, Inc.		5,518,292
				11,174,105
		Household Products — 0.5%
	15,801	Church & Dwight Co., Inc.		771,879
	6,071	Kimberly-Clark Corp.		710,307
	8,378	Procter & Gamble Co. (The)		723,357
				2,205,543
		Personal Products — 0.4%
	13,300	Herbalife Ltd. (a)		1,103,767
	10,013	Nu Skin Enterprises, Inc., Class A		719,334
	1,149	USANA Health Sciences, Inc. (a)		85,773
				1,908,874
		Total Consumer Staples		21,192,250
		Energy — 2.9%
		Energy Equipment & Services — 1.1%
	19,434	National Oilwell Varco, Inc.		712,839
	138,155	Noble Corp. plc (a)		647,947
	35,920	Oceaneering International, Inc.		742,826
	29,953	Patterson-UTI Energy, Inc.		707,490
	29,201	RPC, Inc.		589,860
	7,300	Tidewater, Inc. (a)		204,035
	65,033	Transocean Ltd. (a)		701,706
	27,670	Unit Corp. (a)		670,444
				4,977,147
		Oil, Gas & Consumable Fuels — 1.8%
	6,852	Andeavor		741,112
	49,881	CNX Resources Corp. (a)		698,833
	19,732	CVR Energy, Inc.		706,208
	3,300	Energen Corp. (a)		172,359
	15,957	HollyFrontier Corp.		765,298
	24,288	Marathon Petroleum Corp.		1,682,430
	22,374	PBF Energy, Inc., Class A		723,351
	6,800	Peabody Energy Corp. (a)		274,788
	7,407	Phillips 66		758,477
	46,482	Ship Finance International Ltd., (Norway)		711,175
	41,900	Showa Shell Sekiyu KK, (Japan)		595,656
	9,900	Stone Energy Corp. (a)		357,786
	2,819	Valero Energy Corp.		270,539
				8,458,012
		Total Energy		13,435,159
		Financials — 5.4%
		Banks — 1.1%
	27,200	BancorpSouth Bank		912,560
	7,743	Bank of Nova Scotia (The), (Canada)		514,437
	18,200	CIT Group, Inc.		922,558
	13,200	Customers Bancorp, Inc. (a)		404,580

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	29,300	Fifth Third Bancorp		969,830
	6,550	Royal Bank of Canada, (Canada)		560,851
	8,555	Toronto-Dominion Bank (The), (Canada)		520,394
	8,600	Union Bankshares Corp.		324,650
				5,129,860
		Capital Markets — 0.8%
	17,994	Artisan Partners Asset Management, Inc., Class A		704,465
	48,494	BGC Partners, Inc., Class A		693,949
	10,300	Evercore, Inc., Class A		1,035,665
	13,892	IGM Financial, Inc., (Canada)		496,159
	32,202	Waddell & Reed Financial, Inc., Class A		740,646
				3,670,884
		Consumer Finance — 0.2%
	66,400	Navient Corp.		946,200
		Insurance — 3.2%
	8,119	Aflac, Inc.		716,096
	203,003	AmTrust Financial Services, Inc.		2,724,300
	14,009	Athene Holding Ltd., Class A (a)		702,692
	3,203	Everest Re Group Ltd.		736,050
	11,815	First American Financial Corp.		697,912
	33,674	Old Republic International Corp.		723,654
	9,830	Principal Financial Group, Inc.		664,508
	5,848	Prudential Financial, Inc.		694,859
	13,936	Unum Group		741,256
	95,863	Validus Holdings Ltd.		6,489,925
				14,891,252
		Thrifts & Mortgage Finance — 0.1%
	19,506	Flagstar Bancorp, Inc. (a)		726,599
		Total Financials		25,364,795
		Health Care — 10.1%
		Biotechnology — 3.5%
	9,000	Acorda Therapeutics, Inc. (a)		233,550
	65,692	Bioverativ, Inc. (a)		6,770,218
	80,548	Ignyta, Inc. (a)		2,166,741
	83,584	Juno Therapeutics, Inc. (a)		7,172,343
				16,342,852
		Health Care Equipment & Supplies — 1.5%
	3,020	Cooper Cos., Inc. (The)		738,903
	7,097	Danaher Corp.		718,784
	15,370	Halyard Health, Inc. (a)		750,210
	8,281	Masimo Corp. (a)		780,402
	33,240	Natus Medical, Inc. (a)		1,032,102
	63,872	NxStage Medical, Inc. (a)		1,598,716
	8,033	STERIS plc		730,360
	2,622	Teleflex, Inc.		728,261
				7,077,738

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — 1.7%
	6,261	Aetna, Inc.		1,169,680
	440	Chemed Corp.		114,651
	3,275	Cigna Corp.		682,346
	36,600	Community Health Systems, Inc. (a)		206,790
	13,695	Encompass Health Corp.		724,739
	5,374	Express Scripts Holding Co. (a)		425,513
	1,341	Humana, Inc.		377,934
	183,097	Kindred Healthcare, Inc.		1,684,493
	11,299	LHC Group, Inc. (a)		709,577
	4,700	MEDNAX, Inc. (a)		248,207
	29,863	Owens & Minor, Inc.		628,915
	2,677	Quest Diagnostics, Inc.		283,280
	759	UnitedHealth Group, Inc.		179,716
	3,375	WellCare Health Plans, Inc. (a)		710,033
				8,145,874
		Health Care Technology — 0.1%
	1,900	athenahealth, Inc. (a)		238,089
		Life Sciences Tools & Services — 0.9%
	10,685	Agilent Technologies, Inc.		784,599
	13,047	Cambrex Corp. (a)		735,198
	6,186	ICON plc (a)		677,491
	8,862	PerkinElmer, Inc.		710,378
	7,832	PRA Health Sciences, Inc. (a)		713,182
	3,377	Waters Corp. (a)		728,115
				4,348,963
		Pharmaceuticals — 2.4%
	209,585	Akorn, Inc. (a)		6,752,829
	1,437	Johnson & Johnson		198,579
	20,325	Mallinckrodt plc (a)		367,069
	11,903	Merck & Co., Inc.		705,253
	20,700	Mitsubishi Tanabe Pharma Corp., (Japan)		420,983
	20,455	Pfizer, Inc.		757,653
	4,425	STADA Arzneimittel AG, (Germany)		480,273
	104,418	Sucampo Pharmaceuticals, Inc., Class A (a)		1,874,303
				11,556,942
		Total Health Care		47,710,458
		Industrials — 8.4%
		Aerospace & Defense — 1.7%
	8,903	HEICO Corp.		715,109
	47,084	Rockwell Collins, Inc.		6,520,663
	7,282	Spirit AeroSystems Holdings, Inc., Class A		745,386
				7,981,158
		Airlines — 0.6%
	13,291	Delta Air Lines, Inc.		754,530

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — continued
	21,121	Hawaiian Holdings, Inc.		788,869
	36,371	JetBlue Airways Corp. (a)		758,699
	107,017	Qantas Airways Ltd., (Australia)		453,528
				2,755,626
		Building Products — 0.2%
	10,562	Fortune Brands Home & Security, Inc.		749,162
	1,810	Owens Corning		168,276
				917,438
		Commercial Services & Supplies — 0.5%
	19,287	Brady Corp., Class A		737,728
	4,038	Deluxe Corp.		299,902
	17,917	Herman Miller, Inc.		725,639
	32,960	Quad/Graphics, Inc.		729,075
				2,492,344
		Construction & Engineering — 0.3%
	51,130	Chicago Bridge & Iron Co. NV		1,067,083
	76,600	Penta-Ocean Construction Co. Ltd., (Japan)		591,821
				1,658,904
		Electrical Equipment — 1.2%
	9,430	AMETEK, Inc.		719,509
	8,535	Eaton Corp. plc		716,684
	10,629	EnerSys		747,325
	101,009	General Cable Corp.		2,999,967
	9,232	Regal Beloit Corp.		719,173
				5,902,658
		Industrial Conglomerates — 0.4%
	2,840	3M Co.		711,420
	7,900	Honeywell International, Inc.		1,261,393
				1,972,813
		Machinery — 2.3%
	37,784	Allison Transmission Holdings, Inc.		1,671,564
	3,525	Barnes Group, Inc.		231,910
	7,804	Crane Co.		779,932
	4,172	Cummins, Inc.		784,336
	13,600	Dover Corp.		1,444,456
	14,047	Greenbrier Cos., Inc. (The)		704,457
	6,248	Hillenbrand, Inc.		276,786
	8,256	Ingersoll-Rand plc		781,265
	16,100	Pentair plc, (United Kingdom)		1,151,150
	4,299	Stanley Black & Decker, Inc.		714,623
	19,800	Terex Corp.		930,996
	13,380	Timken Co. (The)		703,119
	17,395	Wabash National Corp.		449,313
				10,623,907
		Professional Services — 0.5%
	36,901	FTI Consulting, Inc. (a)		1,604,086

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	5,435	ManpowerGroup, Inc.		714,105
				2,318,191
		Trading Companies & Distributors — 0.7%
	15,600	AerCap Holdings NV, (Ireland) (a)		843,960
	9,822	Applied Industrial Technologies, Inc.		724,372
	23,200	HD Supply Holdings, Inc. (a)		902,248
	13,332	Rush Enterprises, Inc., Class A (a)		720,595
				3,191,175
		Total Industrials		39,814,214
		Information Technology — 14.3%
		Communications Equipment — 0.6%
	8,554	Cisco Systems, Inc.		355,333
	9,839	InterDigital, Inc.		767,934
	26,206	Juniper Networks, Inc.		685,287
	13,924	Plantronics, Inc.		821,377
				2,629,931
		Electronic Equipment, Instruments & Components — 2.1%
	8,673	Belden, Inc.		735,210
	25,660	Benchmark Electronics, Inc. (a)		742,857
	39,940	Corning, Inc.		1,246,927
	10,758	Dolby Laboratories, Inc., Class A		692,170
	27,838	Jabil, Inc.		707,920
	9,760	Methode Electronics, Inc.		398,696
	14,985	Orbotech Ltd., (Israel) (a)		798,101
	7,652	TE Connectivity Ltd.		784,560
	7,066	Tech Data Corp. (a)		708,508
	16,336	Trimble, Inc. (a)		720,418
	43,568	TTM Technologies, Inc. (a)		718,436
	32,589	Vishay Intertechnology, Inc.		715,328
	5,945	Zebra Technologies Corp., Class A (a)		732,186
				9,701,317
		Internet Software & Services — 0.4%
	4,300	Akamai Technologies, Inc. (a)		288,057
	622	Alphabet, Inc., Class A (a)		735,341
	30,616	Blucora, Inc. (a)		747,030
	8,500	Mixi, Inc., (Japan)		375,327
				2,145,755
		IT Services — 3.9%
	5,622	Amdocs Ltd.		384,545
	129,485	Blackhawk Network Holdings, Inc. (a)		5,885,093
	29,073	Convergys Corp.		676,529
	79,147	DST Systems, Inc.		6,598,485
	12,500	DXC Technology Co.		1,244,375
	7,653	Euronet Worldwide, Inc. (a)		718,387
	7,140	Fidelity National Information Services, Inc.		730,851
	22,414	Genpact Ltd.		760,731

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
	5,838	Visa, Inc., Class A		725,255
	22,719	Western Union Co. (The)		472,328
				18,196,579
		Semiconductors & Semiconductor Equipment — 4.5%
	6,171	Advanced Energy Industries, Inc. (a)		438,943
	13,037	Applied Materials, Inc.		699,174
	7,294	Cabot Microelectronics Corp.		743,186
	21,456	Entegris, Inc.		698,393
	7,832	Intel Corp.		377,032
	29,611	Kulicke & Soffa Industries, Inc., (Singapore) (a)		681,349
	3,637	Lam Research Corp.		696,558
	12,651	Maxim Integrated Products, Inc.		771,711
	7,672	Microchip Technology, Inc.		730,528
	18,394	Micron Technology, Inc. (a)		804,186
	60,644	NXP Semiconductors NV, (Netherlands) (a)		7,296,686
	27,178	QUALCOMM, Inc.		1,854,898
	20,283	Semtech Corp. (a)		726,131
	7,463	Silicon Laboratories, Inc. (a)		717,941
	8,231	Skyworks Solutions, Inc.		800,136
	10,528	Teradyne, Inc.		482,604
	7,003	Texas Instruments, Inc.		768,019
	9,100	Ulvac, Inc., (Japan)		609,998
	19,475	Versum Materials, Inc.		716,680
	10,301	Xilinx, Inc.		752,179
				21,366,332
		Software — 2.5%
	136,393	Barracuda Networks, Inc. (a)		3,757,627
	74,282	BroadSoft, Inc. (a)		4,078,082
	7,756	Citrix Systems, Inc. (a)		719,447
	17,400	Nexon Co. Ltd., (Japan)		581,358
	9,061	Oracle Corp.		467,457
	20,391	Progress Software Corp.		1,016,084
	7,927	Synopsys, Inc. (a)		734,119
	4,667	VMware, Inc., Class A (a)		577,728
				11,931,902
		Technology Hardware, Storage & Peripherals — 0.3%
	656	Apple, Inc.		109,834
	33,802	HP, Inc.		788,263
	8,347	Western Digital Corp.		742,716
				1,640,813
		Total Information Technology		67,612,629
		Materials — 5.0%
		Chemicals — 3.1%
	31,890	Calgon Carbon Corp.		680,851
	6,904	Celanese Corp., Series A		746,737
	7,224	Eastman Chemical Co.		716,476

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	20,810	Huntsman Corp.		719,402
	14,706	Innophos Holdings, Inc.		680,446
	25,400	Kuraray Co. Ltd., (Japan)		477,096
	1,193	LyondellBasell Industries NV, Class A		142,969
	22,000	Mitsubishi Gas Chemical Co., Inc., (Japan)		623,608
	57,330	Monsanto Co.		6,982,794
	102,500	Platform Speciality (a)		1,200,275
	40,736	Rayonier Advanced Materials, Inc.		770,725
	21,000	Tosoh Corp., (Japan)		483,468
	2,486	Trinseo SA		204,971
				14,429,818
		Containers & Packaging — 0.8%
	6,332	Avery Dennison Corp.		776,810
	13,081	Greif, Inc., Class A		773,349
	31,565	Owens-Illinois, Inc. (a)		732,939
	6,262	Packaging Corp. of America		786,695
	18,800	Sealed Air Corp.		890,180
				3,959,973
		Metals & Mining — 1.0%
	52,802	BlueScope Steel Ltd., (Australia)		613,189
	102,515	Fortescue Metals Group Ltd., (Australia)		407,110
	6,436	Kaiser Aluminum Corp.		709,505
	143,089	Regis Resources Ltd., (Australia)		475,253
	44,200	Sandstorm Gold Ltd., (Canada) (a)		232,499
	20,510	Schnitzer Steel Industries, Inc., Class A		701,442
	15,421	Steel Dynamics, Inc.		700,113
	70,278	Westgold Resources Ltd., (Australia) (a)		89,090
	15,978	Worthington Industries, Inc.		747,131
				4,675,332
		Paper & Forest Products — 0.1%
	24,208	Louisiana-Pacific Corp. (a)		716,799
		Total Materials		23,781,922
		Real Estate — 0.3%
		Real Estate Management & Development — 0.3%
	5,300	CBRE Group, Inc., Class A (a)		242,157
	29,571	First Capital Realty, Inc., (Canada)		494,533
	24,600	Nomura Real Estate Holdings, Inc., (Japan)		589,358
		Total Real Estate		1,326,048
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.5%
	13,207	Straight Path Communications, Inc., Class B (a)		2,410,278
		Wireless Telecommunication Services — 0.1%
	19,700	NTT DOCOMO, Inc., (Japan)		489,494
		Total Telecommunication Services		2,899,772

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 3.5%
		Electric Utilities — 0.3%
	11,661	Eversource Energy		735,692
	21,427	Hawaiian Electric Industries, Inc.		730,875
				1,466,567
		Gas Utilities — 0.7%
	40,511	WGL Holdings, Inc.		3,411,836
		Independent Power and Renewable Electricity Producers — 1.8%
	68,559	AES Corp.		792,542
	452,143	Calpine Corp. (a)		6,822,838
	38,390	NRG Yield, Inc., Class C		725,571
				8,340,951
		Multi-Utilities — 0.7%
	5,926	Ameren Corp.		335,590
	34,452	Avista Corp.		1,735,003
	12,740	CenterPoint Energy, Inc.		359,013
	10,891	WEC Energy Group, Inc.		700,291
				3,129,897
		Total Utilities		16,349,251
		Total Common Stocks (Cost $290,288,828)		316,368,281
	Convertible Preferred Stocks — 1.0%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	6,000	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		359,220
	7,550	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		277,915
		Total Energy		637,135
		Financials — 0.1%
		Banks — 0.1%
	263	Bank of America Corp., Series L, 7.25% ($1,000 par value)		331,906
	263	Wells Fargo & Co., Series L, 7.50% ($1,000 par value)		336,640
		Total Financials		668,546
		Health Care — 0.3%
		Health Care Equipment & Supplies — 0.1%
	6,000	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($50 par value)		376,320
		Health Care Providers & Services — 0.1%
	6,550	Anthem, Inc., 5.25%, 05/01/2018 ($50 par value)		393,393

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Convertible Preferred Stocks — continued
		Pharmaceuticals — 0.1%
	1,000	Allergan plc, Series A, 5.50%, 03/01/2018 ($1,000 par value)		647,700
		Total Health Care		1,417,413
		Industrials — 0.2%
		Commercial Services & Supplies — 0.1%
	5,300	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		312,329
		Machinery — 0.1%
	3,300	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		393,195
		Total Industrials		705,524
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	3,500	Welltower, Inc., Series I, 6.50% ($50 par value)		202,545
		Utilities — 0.2%
		Electric Utilities — 0.1%
	5,000	NextEra Energy, Inc., 6.37%, 09/01/2018 ($50 par value)		354,800
		Multi-Utilities — 0.1%
	6,000	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		302,820
	6,000	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		316,440
				619,260
		Total Utilities		974,060
		Total Convertible Preferred Stocks (Cost $4,651,518)		4,605,223
PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — 4.0%
		Consumer Discretionary — 0.3%
		Internet & Direct Marketing Retail — 0.3%
		Priceline Group, Inc. (The),
	109,000	0.35%, 06/15/2020		161,593
	110,000	1.00%, 03/15/2018		221,885
	469,000	Shutterfly, Inc., 0.25%, 05/15/2018		506,752
	395,000	Vipshop Holdings Ltd., (China), 1.50%, 03/15/2019		425,455
		Total Consumer Discretionary		1,315,685
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	478,000	Cheniere Energy, Inc., 4.25%, 03/15/2045		367,104

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	350,000	Oasis Petroleum, Inc., 2.63%, 09/15/2023		371,321
		Total Energy		738,425
		Financials — 0.3%
		Capital Markets — 0.1%
	518,000	Prospect Capital Corp., 4.75%, 04/15/2020		523,169
		Insurance — 0.1%
	328,000	Old Republic International Corp., 3.75%, 03/15/2018		479,822
		Mortgage Real Estate Investment Trusts (REITs) — 0.1%
		Starwood Property Trust, Inc.,
	283,000	4.00%, 01/15/2019		299,301
	194,000	4.55%, 03/01/2018		195,941
				495,242
		Total Financials		1,498,233
		Health Care — 1.1%
		Biotechnology — 0.5%
	573,000	Acorda Therapeutics, Inc., 1.75%, 06/15/2021		537,330
	343,000	AMAG Pharmaceuticals, Inc., 3.25%, 06/01/2022		301,545
		BioMarin Pharmaceutical, Inc.,
	303,000	0.75%, 10/15/2018		322,580
	273,000	1.50%, 10/15/2020		319,136
	441,000	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		349,890
	485,000	Ionis Pharmaceuticals, Inc., 1.00%, 11/15/2021		517,934
				2,348,415
		Health Care Equipment & Supplies — 0.1%
	269,000	NuVasive, Inc., 2.25%, 03/15/2021		287,128
		Health Care Providers & Services — 0.3%
	97,000	Anthem, Inc., 2.75%, 10/15/2042		329,845
	477,000	Brookdale Senior Living, Inc., 2.75%, 06/15/2018		473,780
	199,000	Molina Healthcare, Inc., 1.13%, 01/15/2020		447,484
				1,251,109
		Health Care Technology — 0.1%
	434,000	Allscripts Healthcare Solutions, Inc., 1.25%, 07/01/2020		466,984

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
	Convertible Bonds — continued
		Life Sciences Tools & Services — 0.0% (g)
	137,000	Illumina, Inc., 0.50%, 06/15/2021		165,382
		Pharmaceuticals — 0.1%
	180,000	CB Impax Laboratories, 2.00%, 06/15/2022 (bb)		—
	103,000	Impax Laboratories, Inc., 2.00%, 06/15/2022		100,267
	581,000	Jazz Investments I Ltd., 1.88%, 08/15/2021		595,431
				695,698
		Total Health Care		5,214,716
		Industrials — 0.1%
		Machinery — 0.1%
	339,000	Trinity Industries, Inc., 3.88%, 06/01/2036		495,027
		Information Technology — 1.8%
		Communications Equipment — 0.2%
	341,000	InterDigital, Inc., 1.50%, 03/01/2020		412,662
	261,000	Palo Alto Networks, Inc., Zero Coupon, 07/01/2019		381,210
				793,872
		Internet Software & Services — 0.2%
	471,000	Akamai Technologies, Inc., Zero Coupon, 02/15/2019		473,623
	422,000	j2 Global, Inc., 3.25%, 06/15/2029		543,763
				1,017,386
		IT Services — 0.1%
	303,000	Euronet Worldwide, Inc., 1.50%, 10/01/2044		400,457
		Semiconductors & Semiconductor Equipment — 0.7%
	323,000	Integrated Device Technology, Inc., 0.88%, 11/15/2022		360,662
	154,000	Intel Corp., 3.25%, 08/01/2039		353,430
	311,000	Microchip Technology, Inc., 1.63%, 02/15/2025		568,594
	688,000	Micron Technology, Inc., Series G, 3.00%, 11/15/2043		1,048,098
	74,000	Novellus Systems, Inc., 2.63%, 05/15/2041		421,427
	458,000	NXP Semiconductors NV, (Netherlands),
		1.00%, 12/01/2019		576,089
	320,000	Veeco Instruments, Inc., 2.70%, 01/15/2023		287,233
				3,615,533
		Software — 0.5%
	322,000	Citrix Systems, Inc., 0.50%, 04/15/2019		426,592

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	348,000	Red Hat, Inc., 0.25%, 10/01/2019		623,564
	244,000	salesforce.com, Inc., 0.25%, 04/01/2018		417,218
	397,000	Verint Systems, Inc., 1.50%, 06/01/2021		385,024
	265,000	Workday, Inc., 0.75%, 07/15/2018		380,503
				2,232,901
		Technology Hardware, Storage & Peripherals — 0.1%
	394,000	Electronics For Imaging, Inc., 0.75%, 09/01/2019		379,623
		Total Information Technology		8,439,772
		Materials — 0.1%
		Metals & Mining — 0.1%
	321,000	Royal Gold, Inc., 2.88%, 06/15/2019		344,580
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
		Spirit Realty Capital, Inc.,
	203,000	2.88%, 05/15/2019		202,339
	224,000	3.75%, 05/15/2021		229,956
		Total Real Estate		432,295
		Utilities — 0.1%
		Independent Power and Renewable Electricity Producers — 0.1%
	557,000	NRG Yield, Inc., 3.50%, 02/01/2019 (e)		564,713
		Total Convertible Bonds (Cost $16,894,117)		19,043,446
NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0%
		Health Care — 0.0%
		Biotechnology — 0.0%
	2,982	Chelsea Therapeutics, Inc., CVR, (Denmark) (a) (bb) (Cost $–)		—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 21.0%
		Investment Company — 21.0%
	99,064,217	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $99,064,217)		99,064,217
		Total Investments — 93.1% (Cost $410,898,680)		439,081,167
		Other Assets in Excess of Liabilities — 6.9%		32,595,620
		NET ASSETS — 100.0%	$	471,676,787

Percentages indicated are based on net assets.    

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
CAC 40 10 Euro Index		40		02/2018	EUR		2,721,347		(10,194	)
Hang Seng Index		16		02/2018	HKD		3,351,613		536
IBEX 35 Index		4		02/2018	EUR		518,238		(5,010	)
WTI Crude Oil		19		02/2018	USD		1,229,870		15,609
Australia 10 Year Bond		1,690		03/2018	AUD		173,755,017		(3,134,941	)
Canada 10 Year Bond		129		03/2018	CAD		13,868,024		(411,270	)
Copper		17		03/2018	USD		1,358,088		83,130
Cotton No. 2		40		03/2018	USD		1,545,600		51,010
DAX Index		6		03/2018	EUR		2,457,254		(4,369	)
EURO STOXX 50 Index		41		03/2018	EUR		1,832,970		(17,906	)
Euro-Bund		33		03/2018	EUR		6,507,038		(118,029	)
Euro-Buxl		8		03/2018	EUR		1,606,466		(21,310	)
Euro-Schatz		213		03/2018	EUR		29,568,171		(77,183	)
Feeder Cattle		2		03/2018	USD		145,050		794
FTSE 100 Index		34		03/2018	GBP		3,605,265		(20,104	)
FTSE/MIB Index		11		03/2018	EUR		1,605,784		6,983
Japan 10 Year Bond		23		03/2018	JPY		31,669,507		(96,200	)
LME Aluminum Base Metal		204		03/2018	USD		11,290,125		95,531
LME Nickel Base Metal		31		03/2018	USD		2,525,787		136,706
LME Zinc Base Metal		121		03/2018	USD		10,737,238		403,046
Long Gilt		7		03/2018	GBP		1,213,943		(24,389	)
Natural Gas		40		03/2018	USD		1,144,000		35,344
S&P 500 E-Mini Index		46		03/2018	USD		6,499,340		337,340
SPI 200 Index		41		03/2018	AUD		4,934,485		(44,809	)
TOPIX Index		23		03/2018	JPY		3,894,196		117,625
U.S. Treasury 10 Year Note		1,062		03/2018	USD		129,132,563		(2,930,407	)
U.S. Treasury Long Bond		11		03/2018	USD		1,625,594		(48,681	)
WTI Crude Oil		84		03/2018	USD		5,423,040		212,307
100 oz Gold		13		04/2018	USD		1,746,030		(5,365	)
Feeder Cattle		40		04/2018	USD		2,917,000		(7,830	)
Lean Hogs		26		04/2018	USD		751,400		(22,366	)
Live Cattle		99		04/2018	USD		4,867,830		(42,792	)
LME Zinc Base Metal		23		04/2018	USD		2,037,800		14,881
WTI Crude Oil		55		04/2018	USD		3,537,050		(12,046	)
Feeder Cattle		53		05/2018	USD		3,867,013		(28,269	)
Live Cattle		95		06/2018	USD		4,372,850		(4,090	)
									(5,576,718	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Description	Number of Contracts			Expiration Date		Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
Natural Gas		(39	)		02/2018	USD		(1,168,050	)		2,231
Sugar No. 11		(10	)		02/2018	USD		(148,176	)		(1,307	)
Australia 3 Year Bond		(53	)		03/2018	AUD		(4,740,053	)		(7,963	)
Canada 10 Year Bond		(8	)		03/2018	CAD		(860,032	)		5,644
Cocoa		(16	)		03/2018	USD		(319,360	)		(18,158	)
Coffee ‘C’		(35	)		03/2018	USD		(1,599,281	)		207,307
Corn		(133	)		03/2018	USD		(2,403,975	)		(21,155	)
Euro-Bobl		(4	)		03/2018	EUR		(647,841	)		4,559
Euro-Bund		(107	)		03/2018	EUR		(21,098,578	)		552,326
Japan 10 Year Bond		(86	)		03/2018	JPY		(118,416,415	)		314,636
LME Zinc Base Metal		(1	)		03/2018	USD		(88,738	)		(4,997	)
Long Gilt		(870	)		03/2018	GBP		(150,875,812	)		2,822,014
S&P 500 E-Mini Index		(491	)		03/2018	USD		(69,373,390	)		(3,881,124	)
Silver		(13	)		03/2018	USD		(1,120,665	)		(3,950	)
Soybean		(24	)		03/2018	USD		(1,194,900	)		(27,658	)
U.S. Treasury 10 Year Note		(40	)		03/2018	USD		(4,863,750	)		88,756
U.S. Treasury 2 Year Note		(268	)		03/2018	USD		(57,142,625	)		234,794
U.S. Treasury 5 Year Note		(100	)		03/2018	USD		(11,471,875	)		131,532
Wheat		(85	)		03/2018	USD		(1,919,938	)		(61,763	)
Lean Hogs		(265	)		04/2018	USD		(7,658,500	)		185,828
Sugar No. 11		(159	)		04/2018	USD		(2,380,930	)		81,225
Coffee ‘C’		(153	)		05/2018	USD		(7,125,975	)		324,871
Corn		(423	)		05/2018	USD		(7,814,925	)		(52,573	)
Lean Hogs		(62	)		05/2018	USD		(1,930,060	)		51,167
Wheat		(398	)		05/2018	USD		(9,263,450	)		(108,212	)
Sugar No. 11		(156	)		06/2018	USD		(2,388,422	)		51,913
Corn		(275	)		07/2018	USD		(5,187,188	)		(53,323	)
Wheat		(155	)		07/2018	USD		(3,712,250	)		(147,645	)
											668,975
											(4,907,743	)

Forward foreign currency exchange contracts outstanding as of January 31, 2018:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
AUD	28,407,633		USD	22,355,131	Deutsche Bank AG		02/23/2018		533,651
AUD	2,607,060		USD	2,086,930	State Street Corp.		02/23/2018		13,647
BRL	19,495,360		USD	6,044,323	Goldman Sachs International**		02/23/2018		60,944
CHF	1,242,949		USD	1,326,532	Citibank, NA		02/23/2018		10,883
GBP	2,130,852		USD	2,908,676	Australia & New Zealand Banking Group Ltd.		02/23/2018		119,020
GBP	533,774		USD	722,435	Barclays Bank plc		02/23/2018		35,996
JPY	2,133,586,343		USD	19,233,593	Australia & New Zealand Banking Group Ltd.		02/23/2018		330,764
JPY	72,076,302		USD	647,549	Barclays Bank plc		02/23/2018		13,370
JPY	5,829,381		USD	52,424	Royal Bank of Canada		02/23/2018		1,030
MXN	116,576,584		USD	6,040,098	Citibank, NA		02/23/2018		203,267
NOK	58,228,445		USD	7,306,445	Deutsche Bank AG		02/23/2018		251,410
SEK	6,319,797		AUD	993,733	HSBC Bank, NA		02/23/2018		2,373
TRY	22,507,379		USD	5,912,057	HSBC Bank, NA		02/23/2018		44,260
USD	5,990,360		KRW	6,368,411,915	Merrill Lynch International**		02/23/2018		33,386
USD	5,901,146		PHP	297,889,864	Merrill Lynch International**		02/23/2018		103,217
ZAR	74,375,273		USD	5,963,814	HSBC Bank, NA		02/23/2018		295,819
RUB	344,086,759		USD	6,050,952	Goldman Sachs International**		02/26/2018		52,549
Total unrealized appreciation									2,105,586

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	522,996		USD	650,695	State Street Corp.		02/23/2018		(560	)
USD	2,210,250		AUD	2,807,701	Australia & New Zealand Banking Group Ltd.		02/23/2018		(51,989	)
USD	2,051,602		AUD	2,607,060	Deutsche Bank AG		02/23/2018		(48,975	)
USD	3,006,783		CAD	3,762,478	Barclays Bank plc		02/23/2018		(52,845	)
USD	631,291		CAD	786,599	Goldman Sachs International		02/23/2018		(8,368	)
USD	1,705,090		CAD	2,134,163	HSBC Bank, NA		02/23/2018		(30,400	)
USD	44,322,524		CHF	42,929,866	Credit Suisse International		02/23/2018		(1,870,070	)
USD	12,504,850		EUR	10,289,790	Citibank, NA		02/23/2018		(286,369	)
USD	728,618		GBP	533,774	Australia & New Zealand Banking Group Ltd.		02/23/2018		(29,814	)
USD	6,030,799		HUF	1,533,207,670	HSBC Bank, NA		02/23/2018		(109,494	)
USD	8,656,313		JPY	960,047,738	Barclays Bank plc		02/23/2018		(147,041	)
USD	705,036		JPY	77,905,683	Citibank, NA		02/23/2018		(9,336	)
USD	19,636,708		NZD	27,089,075	Australia & New Zealand Banking Group Ltd.		02/23/2018		(321,637	)
USD	22,393,914		SEK	181,378,787	Barclays Bank plc		02/23/2018		(653,697	)
USD	6,094,073		THB	194,428,587	Societe Generale		02/23/2018		(116,440	)
USD	5,983,276		TWD	176,868,617	Merrill Lynch International**		02/23/2018		(91,940	)
Total unrealized depreciation									(3,828,975	)
Net unrealized depreciation									(1,723,389	)

Over the Counter (“OTC”) Total return swap contracts outstanding as of January 31, 2018:

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount	Upfront Payments (Receipts) ($)		Value and Unrealized Appreciation (Depreciation) ($)
Media Gen, Inc., CVR	Total appreciation of the position at maturity	Total depreciation of the position at maturity	At Termination	Union Bank of Switzerland AG		10/18/2018	USD 48,548		—		2,379
									—		2,379

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Total Return Basket Swaps Outstanding at January 31, 2018

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.	10/31/2018	$	(1,484,293	)	$	(6,291	)	$	—	$	(6,291	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Carnival plc		1,053		74,294		(12	)		0.0	(g)
William Hill plc		40,526		178,377		—			0.0	(g)
		41,579		252,671		(12	)		0.0	(g)
Household Durables
Barratt Developments plc		85,475		710,025		(184	)		0.0	(g)
Bellway plc		12,416		585,313		(142	)		0.0	(g)
Berkeley Group Holdings plc		2,198		123,760		(12	)		0.0	(g)
Crest Nicholson Holdings plc		98,014		703,480		—			0.0	(g)
Persimmon plc		19,096		678,379		—			0.0	(g)
Redrow plc		74,633		634,746		—			0.0	(g)
Taylor Wimpey plc		222,522		602,197		—			0.0	(g)
		514,354		4,037,900		(338	)		0.0	(g)
Specialty Retail
WH Smith plc		20,399		618,718		(522	)		0.0	(g)
Textiles, Apparel & Luxury Goods
Burberry Group plc		29,753		667,258		213			0.0	(g)
Total Consumer Discretionary		606,085		5,576,547		(659	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Wm Morrison Supermarkets plc		33,794		106,521		—			0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		76,167		573,910		1,170			0.0	(g)
Financials
Capital Markets
3i Group plc		12,865		170,114		(19	)		0.0	(g)
Investec plc		79,978		621,369		213			0.0	(g)
Total Financials		92,843		791,483		194			0.0	(g)
Industrials
Airlines
International Consolidated Airlines Group SA		11,353		103,158		(40	)		0.0	(g)
Wizz Air Holdings plc (a)		15,736		773,407		(323	)		0.0	(g)
		27,089		876,565		(363	)		0.0	(g)
Machinery
Spirax-Sarco Engineering plc		9,674		779,169		(328	)		0.0	(g)
Professional Services
RELX plc		6,322		139,905		54			0.0	(g)
Trading Companies & Distributors
Howden Joinery Group plc		12,169		80,244		22			0.0	(g)
Total Industrials		55,254		1,875,883		(615	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Electrocomponents plc		25,938		225,678		70			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Internet Software & Services
Moneysupermarket.com Group plc		117,860			566,750			125			0.0	(g)
Total Information Technology		143,798			792,428			195			0.0	(g)
Materials
Containers & Packaging
DS Smith plc		111,008			793,401			(31	)		0.0	(g)
Metals & Mining
Anglo American plc		32,996			799,854			(614	)		0.0	(g)
BHP Billiton plc		3,543			78,903			226			0.0	(g)
Centamin plc		38,993			90,220			198			0.0	(g)
Rio Tinto plc		11,514			640,904			(270	)		0.0	(g)
		87,046			1,609,881			(460	)		0.0	(g)
Paper & Forest Products
Mondi plc		21,023			560,329			54			0.0	(g)
Total Materials		219,077			2,963,611			(437	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		169,974			621,009			4,512			0.0	(g)
Inmarsat plc		105,449			695,049			(409	)		0.0	(g)
		275,423			1,316,058			4,103			0.0	(g)
Wireless Telecommunication Services
Vodafone Group plc		238,609			760,646			(274	)		0.0	(g)
Total Telecommunication Services		514,032			2,076,704			3,829			0.0	(g)
Utilities
Multi-Utilities
Centrica plc		409,035			775,035			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		2,150,085			15,532,122			3,677			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Compass Group plc		(38,547	)		(811,604	)		(217	)		0.0	(g)
Domino’s Pizza Group plc		(149,924	)		(718,861	)		—			0.0	(g)
Merlin Entertainments plc		(107,185	)		(500,085	)		—			0.0	(g)
Whitbread plc		(7,485	)		(412,535	)		(78	)		0.0	(g)
		(303,141	)		(2,443,085	)		(295	)		0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(43,936	)		(314,381	)		(223	)		0.0	(g)
Media
ITV plc		(323,600	)		(767,304	)		—			0.0	(g)
WPP plc		(41,307	)		(748,070	)		1,474			0.0	(g)
		(364,907	)		(1,515,374	)		1,474			0.0	(g)
Multiline Retail
B&M European Value Retail SA		(45,622	)		(269,284	)		121			0.0	(g)
Total Consumer Discretionary		(757,606	)		(4,542,124	)		1,077			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Tullow Oil plc (a)		(172,939	)		(492,110	)		(1,629	)		0.0	(g)
Financials
Banks
Barclays plc		(254,235	)		(723,022	)		(1,288	)		0.0	(g)
Standard Chartered plc (a)		(32,071	)		(373,154	)		59			0.0	(g)
		(286,306	)		(1,096,176	)		(1,229	)		0.0	(g)
Capital Markets
Hargreaves Lansdown plc		(28,100	)		(741,498	)		(396	)		0.0	(g)
NEX Group plc		(89,280	)		(751,712	)		—			0.0	(g)
St James’s Place plc		(15,596	)		(263,313	)		(131	)		0.0	(g)
		(132,976	)		(1,756,523	)		(527	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Total Financials		(419,282	)		(2,852,699	)		(1,756	)		0.0	(g)
Health Care
Pharmaceuticals
Hikma Pharmaceuticals plc		(54,457	)		(748,895	)		(1,203	)		0.0	(g)
Industrials
Aerospace & Defense
Cobham plc (a)		(400,521	)		(743,549	)		—			0.0	(g)
Commercial Services & Supplies
Aggreko plc		(66,027	)		(756,304	)		(130	)		0.0	(g)
Construction & Engineering
Balfour Beatty plc		(201,398	)		(808,151	)		(328	)		0.0	(g)
Electrical Equipment
Melrose Industries plc		(228,355	)		(733,871	)		185			0.0	(g)
Industrial Conglomerates
DCC plc		(7,517	)		(790,088	)		248			0.0	(g)
Trading Companies & Distributors
Ashtead Group plc		(3,246	)		(97,033	)		(17	)		0.0	(g)
Total Industrials		(907,064	)		(3,928,996	)		(42	)		0.0	(g)
Materials
Chemicals
Croda International plc		(12,597	)		(801,708	)		293			0.0	(g)
Johnson Matthey plc		(16,208	)		(796,622	)		(375	)		0.0	(g)
		(28,805	)		(1,598,330	)		(82	)		0.0	(g)
Containers & Packaging
RPC Group plc		(69,897	)		(844,435	)		125			0.0	(g)
Metals & Mining
Fresnillo plc		(20,779	)		(397,827	)		(1,305	)		0.0	(g)
Randgold Resources Ltd.		(7,984	)		(806,620	)		(3,345	)		0.0	(g)
		(28,763	)		(1,204,447	)		(4,650	)		0.0	(g)
Total Materials		(127,465	)		(3,647,212	)		(4,607	)		0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(93,832	)		(394,056	)		(1,035	)		0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(40,140	)		(410,323	)		(773	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,572,785	)		(17,016,415	)		(9,968	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(422,700	)		(1,484,293	)		(6,291	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.	10/29/2018 —  02/28/2019	$	(60,754,579	)	$	—	$	—	$	—

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Household Durables
Toll Brothers, Inc.		2,201		102,523		—		0.0	(g)
Textiles, Apparel & Luxury Goods
Deckers Outdoor Corp. (a)		9,046		775,333		—		0.0	(g)
Total Consumer Discretionary		11,247		877,856		—		0.0	(g)
Energy
Energy Equipment & Services
National Oilwell Varco, Inc.		2,493		91,443		—		0.0	(g)
Noble Corp. plc (a)		22,505		105,548		—		0.0	(g)
RPC, Inc.		11,023		222,665		—		0.0	(g)
Transocean Ltd. (a)		8,225		88,748		—		0.0	(g)
Unit Corp. (a)		4,912		119,018		—		0.0	(g)
		49,158		627,422		—		0.0	(g)
Oil, Gas & Consumable Fuels
CNX Resources Corp. (a)		6,010		84,200		—		0.0	(g)
CVR Energy, Inc.		3,208		114,814		—		0.0	(g)
Delek US Holdings, Inc.		16,800		586,152		—		0.0	(g)
Marathon Petroleum Corp.		1,397		96,770		—		0.0	(g)
Valero Energy Corp.		941		90,308		—		0.0	(g)
		28,356		972,244		—		0.0	(g)
Total Energy		77,514		1,599,666		—		0.0	(g)
Financials
Capital Markets
BGC Partners, Inc.		7,339		105,021		—		0.0	(g)
Insurance
CNO Financial Group, Inc.		8,826		217,031		—		0.0	(g)
First American Financial Corp.		1,611		95,162		—		0.0	(g)
Reinsurance Group of America, Inc.		5,106		799,855		—		0.0	(g)
		15,543		1,112,048		—		0.0	(g)
Total Financials		22,882		1,217,069		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Natus Medical, Inc. (a)		3,531		109,638		—		0.0	(g)
Life Sciences Tools & Services
ICON plc (a)		899		98,458		—		0.0	(g)
Pharmaceuticals
Mallinckrodt plc (a)		7,422		134,041		—		0.0	(g)
Total Health Care		11,852		342,137		—		0.0	(g)
Industrials
Air Freight & Logistics
Forward Air Corp.		2,220		134,776		—		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
CDW Corp.		4,836		361,684		—		0.0	(g)
Dolby Laboratories, Inc.		1,533		98,633		—		0.0	(g)
		6,369		460,317		—		0.0	(g)
Semiconductors & Semiconductor Equipment
Lam Research Corp.		504		96,526		—		0.0	(g)
Software
Fair Isaac Corp.		2,600		448,916		—		0.0	(g)
VMware, Inc. (a)		1,800		222,822		—		0.0	(g)
		4,400		671,738		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Apple, Inc.		617		103,304		—		0.0	(g)
Total Information Technology		11,890		1,331,885		—		0.0	(g)
Utilities
Multi-Utilities
WEC Energy Group, Inc.		1,759		113,104		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		139,364		5,616,493		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Visteon Corp. (a)		(3,666	)		(476,873	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc. (a)		(868	)		(281,892	)		—		0.0	(g)
MGM Resorts International		(14,629	)		(533,227	)		—		0.0	(g)
Planet Fitness, Inc. (a)		(19,758	)		(667,030	)		—		0.0	(g)
Red Robin Gourmet Burgers, Inc. (a)		(7,056	)		(371,498	)		—		0.0	(g)
Shake Shack, Inc. (a)		(3,134	)		(136,987	)		—		0.0	(g)
		(45,445	)		(1,990,634	)		—		0.0	(g)
Household Durables
Tempur Sealy International, Inc. (a)		(9,665	)		(576,421	)		—		0.0	(g)
Internet & Direct Marketing Retail
Groupon, Inc. (a)		(142,407	)		(753,333	)		—		0.0	(g)
Netflix, Inc. (a)		(2,337	)		(631,691	)		—		0.0	(g)
Wayfair, Inc. (a)		(8,217	)		(756,046	)		—		0.0	(g)
		(152,961	)		(2,141,070	)		—		0.0	(g)
Leisure Products
Mattel, Inc.		(45,460	)		(720,086	)		—		0.0	(g)
Media
Liberty Broadband Corp. (a)		(4,778	)		(456,538	)		—		0.0	(g)
Specialty Retail
Advance Auto Parts, Inc.		(5,477	)		(640,754	)		—		0.0	(g)
CarMax, Inc. (a)		(7,159	)		(510,938	)		—		0.0	(g)
L Brands, Inc.		(11,144	)		(558,203	)		—		0.0	(g)
Lumber Liquidators Holdings, Inc. (a)		(2,797	)		(78,148	)		—		0.0	(g)
Monro, Inc.		(8,295	)		(468,668	)		—		0.0	(g)
		(34,872	)		(2,256,711	)		—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(9,345	)		(637,516	)		—		0.0	(g)
Total Consumer Discretionary		(306,192	)		(9,255,849	)		—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(2,343	)		(474,504	)		—		0.0	(g)
Molson Coors Brewing Co.		(5,531	)		(464,715	)		—		0.0	(g)
		(7,874	)		(939,219	)		—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(4,177	)		(505,876	)		—		0.0	(g)
Rite Aid Corp. (a)		(345,509	)		(753,210	)		—		0.0	(g)
		(349,686	)		(1,259,086	)		—		0.0	(g)
Food Products
Blue Buffalo Pet Products, Inc. (a)		(16,059	)		(545,685	)		—		0.0	(g)
Lancaster Colony Corp.		(3,823	)		(490,873	)		—		0.0	(g)
		(19,882	)		(1,036,558	)		—		0.0	(g)
Personal Products
Avon Products, Inc. (a)		(195,232	)		(476,366	)		—		0.0	(g)
Coty, Inc.		(29,339	)		(575,338	)		—		0.0	(g)
elf Beauty, Inc. (a)		(36,838	)		(757,389	)		—		0.0	(g)
		(261,409	)		(1,809,093	)		—		0.0	(g)
Total Consumer Staples		(638,851	)		(5,043,956	)		—		0.0	(g)
Energy
Energy Equipment & Services
Weatherford International plc (a)		(111,034	)		(437,474	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		(9,538	)		(572,757	)		—		0.0	(g)
Antero Resources Corp. (a)		(26,593	)		(516,702	)		—		0.0	(g)
Carrizo Oil & Gas, Inc. (a)		(27,300	)		(549,003	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(159,048	)		(556,668	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(30,653	)		(432,207	)		—		0.0	(g)
Hess Corp.		(11,086	)		(559,954	)		—		0.0	(g)
Laredo Petroleum, Inc. (a)		(36,950	)		(359,524	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Oil, Gas & Consumable Fuels – continued
Matador Resources Co. (a)		(17,599	)		(570,384	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(55,118	)		(477,322	)		—		0.0	(g)
Parsley Energy, Inc. (a)		(17,437	)		(411,513	)		—		0.0	(g)
PDC Energy, Inc. (a)		(2,929	)		(151,869	)		—		0.0	(g)
QEP Resources, Inc. (a)		(53,964	)		(505,103	)		—		0.0	(g)
Range Resources Corp.		(23,009	)		(327,878	)		—		0.0	(g)
RSP Permian, Inc. (a)		(2,787	)		(110,588	)		—		0.0	(g)
SM Energy Co.		(14,984	)		(349,876	)		—		0.0	(g)
WPX Energy, Inc. (a)		(14,740	)		(217,120	)		—		0.0	(g)
		(503,735	)		(6,668,468	)		—		0.0	(g)
Total Energy		(614,769	)		(7,105,942	)		—		0.0	(g)
Financials
Capital Markets
Financial Engines, Inc.		(334	)		(9,502	)		—		0.0	(g)
Consumer Finance
LendingClub Corp. (a)		(25,464	)		(93,198	)		—		0.0	(g)
PRA Group, Inc. (a)		(16,045	)		(573,609	)		—		0.0	(g)
		(41,509	)		(666,807	)		—		0.0	(g)
Insurance
Markel Corp. (a)		(432	)		(495,802	)		—		0.0	(g)
RLI Corp.		(7,988	)		(513,309	)		—		0.0	(g)
		(8,420	)		(1,009,111	)		—		0.0	(g)
Total Financials		(50,263	)		(1,685,420	)		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(7,005	)		(407,691	)		—		0.0	(g)
Glaukos Corp. (a)		(24,671	)		(740,377	)		—		0.0	(g)
Nevro Corp. (a)		(5,764	)		(462,619	)		—		0.0	(g)
Penumbra, Inc. (a)		(6,778	)		(675,089	)		—		0.0	(g)
		(44,218	)		(2,285,776	)		—		0.0	(g)
Health Care Providers & Services
Tenet Healthcare Corp. (a)		(40,433	)		(763,375	)		—		0.0	(g)
Health Care Technology
Teladoc, Inc. (a)		(22,564	)		(843,894	)		—		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(8,519	)		(467,267	)		—		0.0	(g)
Dermira, Inc. (a)		(17,285	)		(492,968	)		—		0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(27,871	)		(474,364	)		—		0.0	(g)
Medicines Co. (The) (a)		(11,298	)		(374,303	)		—		0.0	(g)
Nektar Therapeutics (a)		(7,827	)		(654,415	)		—		0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(3,591	)		(130,712	)		—		0.0	(g)
		(76,391	)		(2,594,029	)		—		0.0	(g)
Total Health Care		(183,606	)		(6,487,074	)		—		0.0	(g)
Industrials
Aerospace & Defense
Axon Enterprise, Inc. (a)		(27,756	)		(734,424	)		—		0.0	(g)
Cubic Corp.		(8,815	)		(511,711	)		—		0.0	(g)
Mercury Systems, Inc. (a)		(8,756	)		(420,463	)		—		0.0	(g)
TransDigm Group, Inc.		(1,968	)		(623,679	)		—		0.0	(g)
		(47,295	)		(2,290,277	)		—		0.0	(g)
Air Freight & Logistics
Hub Group, Inc. (a)		(12,647	)		(607,688	)		—		0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(4,554	)		(191,814	)		—		0.0	(g)
Building Products
Armstrong World Industries, Inc. (a)		(204	)		(12,791	)		—		0.0	(g)
Commercial Services & Supplies
Clean Harbors, Inc. (a)		(9,361	)		(518,038	)		—		0.0	(g)
Covanta Holding Corp.		(2,360	)		(38,586	)		—		0.0	(g)
Healthcare Services Group, Inc.		(9,639	)		(531,880	)		—		0.0	(g)
		(21,360	)		(1,088,504	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Construction & Engineering
Dycom Industries, Inc. (a)		(6,371	)		(743,559	)		—		0.0	(g)
Granite Construction, Inc.		(8,885	)		(592,541	)		—		0.0	(g)
		(15,256	)		(1,336,100	)		—		0.0	(g)
Electrical Equipment
Acuity Brands, Inc.		(2,669	)		(412,200	)		—		0.0	(g)
Machinery
CIRCOR International, Inc.		(9,675	)		(512,969	)		—		0.0	(g)
EnPro Industries, Inc.		(5,677	)		(499,519	)		—		0.0	(g)
Flowserve Corp.		(2,406	)		(109,040	)		—		0.0	(g)
REV Group, Inc.		(16,221	)		(474,626	)		—		0.0	(g)
Welbilt, Inc. (a)		(20,526	)		(457,730	)		—		0.0	(g)
		(54,505	)		(2,053,884	)		—		0.0	(g)
Marine
Matson, Inc.		(16,177	)		(553,415	)		—		0.0	(g)
Road & Rail
AMERCO		(1,373	)		(501,255	)		—		0.0	(g)
Avis Budget Group, Inc. (a)		(15,338	)		(689,596	)		—		0.0	(g)
Hertz Global Holdings, Inc. (a)		(31,821	)		(729,656	)		—		0.0	(g)
Werner Enterprises, Inc.		(14,752	)		(600,406	)		—		0.0	(g)
		(63,284	)		(2,520,913	)		—		0.0	(g)
Trading Companies & Distributors
Herc Holdings, Inc. (a)		(9,252	)		(608,041	)		—		0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(7,458	)		(568,001	)		—		0.0	(g)
		(16,710	)		(1,176,042	)		—		0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(6,669	)		(442,488	)		—		0.0	(g)
Total Industrials		(261,330	)		(12,686,116	)		—		0.0	(g)
Information Technology
Communications Equipment
Infinera Corp. (a)		(51,166	)		(331,044	)		—		0.0	(g)
ViaSat, Inc. (a)		(6,255	)		(473,003	)		—		0.0	(g)
		(57,421	)		(804,047	)		—		0.0	(g)
Electronic Equipment, Instruments & Components
Fitbit, Inc. (a)		(74,928	)		(385,879	)		—		0.0	(g)
Internet Software & Services
2U, Inc. (a)		(173	)		(12,849	)		—		0.0	(g)
Benefitfocus, Inc. (a)		(25,146	)		(633,679	)		—		0.0	(g)
Box, Inc. (a)		(24,336	)		(541,233	)		—		0.0	(g)
Cloudera, Inc. (a)		(40,476	)		(757,711	)		—		0.0	(g)
Cornerstone OnDemand, Inc. (a)		(11,459	)		(471,309	)		—		0.0	(g)
Coupa Software, Inc. (a)		(19,871	)		(759,668	)		—		0.0	(g)
Etsy, Inc. (a)		(30,220	)		(566,927	)		—		0.0	(g)
GrubHub, Inc. (a)		(10,279	)		(742,658	)		—		0.0	(g)
GTT Communications, Inc. (a)		(13,782	)		(636,039	)		—		0.0	(g)
MINDBODY, Inc. (a)		(21,734	)		(763,950	)		—		0.0	(g)
MuleSoft, Inc. (a)		(2,668	)		(65,579	)		—		0.0	(g)
New Relic, Inc. (a)		(14	)		(836	)		—		0.0	(g)
Nutanix, Inc. (a)		(24,499	)		(786,418	)		—		0.0	(g)
Pandora Media, Inc. (a)		(138,015	)		(659,712	)		—		0.0	(g)
Q2 Holdings, Inc. (a)		(12,118	)		(513,197	)		—		0.0	(g)
SPS Commerce, Inc. (a)		(8,020	)		(421,852	)		—		0.0	(g)
Twilio, Inc. (a)		(28,370	)		(744,429	)		—		0.0	(g)
Zillow Group, Inc. (a)		(12,322	)		(547,836	)		—		0.0	(g)
		(423,502	)		(9,625,882	)		—		0.0	(g)
IT Services
InterXion Holding NV (a)		(1,247	)		(78,249	)		—		0.0	(g)
Syntel, Inc. (a)		(27,697	)		(624,567	)		—		0.0	(g)
WEX, Inc. (a)		(4,016	)		(621,717	)		—		0.0	(g)
		(32,960	)		(1,324,533	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. (a)		(5,589	)		(76,793	)		—		0.0	(g)
Software
Blackline, Inc. (a)		(5,357	)		(178,013	)		—		0.0	(g)
FireEye, Inc. (a)		(15,557	)		(234,600	)		—		0.0	(g)
Globant SA (a)		(10,966	)		(498,295	)		—		0.0	(g)
Imperva, Inc. (a)		(4,056	)		(177,450	)		—		0.0	(g)
Pegasystems, Inc.		(9,192	)		(467,413	)		—		0.0	(g)
RingCentral, Inc. (a)		(2,307	)		(125,270	)		—		0.0	(g)
ServiceNow, Inc. (a)		(4,254	)		(633,293	)		—		0.0	(g)
Snap, Inc. (a)		(61,577	)		(832,521	)		—		0.0	(g)
Splunk, Inc. (a)		(1,749	)		(161,555	)		—		0.0	(g)
Tableau Software, Inc. (a)		(1,567	)		(120,361	)		—		0.0	(g)
Workday, Inc. (a)		(551	)		(66,059	)		—		0.0	(g)
Zendesk, Inc. (a)		(3,940	)		(151,769	)		—		0.0	(g)
		(121,073	)		(3,646,599	)		—		0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(23,922	)		(580,109	)		—		0.0	(g)
Pure Storage, Inc. (a)		(3,670	)		(73,914	)		—		0.0	(g)
		(27,592	)		(654,023	)		—		0.0	(g)
Total Information Technology		(743,065	)		(16,517,756	)		—		0.0	(g)
Materials
Chemicals
CF Industries Holdings, Inc.		(13,550	)		(575,062	)		—		0.0	(g)
GCP Applied Technologies, Inc. (a)		(14,698	)		(490,913	)		—		0.0	(g)
RPM International, Inc.		(10,059	)		(525,080	)		—		0.0	(g)
		(38,307	)		(1,591,055	)		—		0.0	(g)
Construction Materials
Martin Marietta Materials, Inc.		(2,247	)		(512,698	)		—		0.0	(g)
Vulcan Materials Co.		(4,378	)		(592,781	)		—		0.0	(g)
		(6,625	)		(1,105,479	)		—		0.0	(g)
Containers & Packaging
Ball Corp.		(11,079	)		(424,104	)		—		0.0	(g)
Metals & Mining
Carpenter Technology Corp.		(9,376	)		(481,926	)		—		0.0	(g)
Coeur Mining, Inc. (a)		(52,478	)		(421,923	)		—		0.0	(g)
Compass Minerals International, Inc.		(9,974	)		(727,105	)		—		0.0	(g)
Hecla Mining Co.		(6,117	)		(23,489	)		—		0.0	(g)
		(77,945	)		(1,654,443	)		—		0.0	(g)
Total Materials		(133,956	)		(4,775,081	)		—		0.0	(g)
Utilities
Electric Utilities
Southern Co. (The)		(9,997	)		(450,965	)		—		0.0	(g)
Westar Energy, Inc.		(9,210	)		(475,789	)		—		0.0	(g)
		(19,207	)		(926,754	)		—		0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(179	)		(13,683	)		—		0.0	(g)
NiSource, Inc.		(18,351	)		(452,903	)		—		0.0	(g)
		(18,530	)		(466,586	)		—		0.0	(g)
Water Utilities
American Water Works Co., Inc.		(5,602	)		(465,918	)		—		0.0	(g)
Aqua America, Inc.		(13,515	)		(489,378	)		—		0.0	(g)
California Water Service Group		(11,431	)		(465,242	)		—		0.0	(g)
		(30,548	)		(1,420,538	)		—		0.0	(g)
Total Utilities		(68,285	)		(2,813,878	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(3,000,317	)		(66,371,072	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(2,860,953	)		(60,754,579	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.	10/29/2018	$	(8,218,656	)	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
Parkland Fuel Corp.		22,099			518,338			—		0.0	(g)
Financials
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		16,538			567,939			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		38,637			1,086,277			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Media
Cineplex, Inc.		(8,214	)		(209,824	)		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
MEG Energy Corp. (a)		(111,184	)		(502,588	)		—		0.0	(g)
Raging River Exploration, Inc. (a)		(118,402	)		(717,150	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(32,764	)		(456,831	)		—		0.0	(g)
Total Energy		(262,350	)		(1,676,569	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(85,841	)		(242,867	)		—		0.0	(g)
Construction & Engineering
SNC-Lavalin Group, Inc.		(18,589	)		(822,299	)		—		0.0	(g)
Total Industrials		(104,430	)		(1,065,166	)		—		0.0	(g)
Materials
Containers & Packaging
CCL Industries, Inc.		(15,749	)		(753,263	)		—		0.0	(g)
Metals & Mining
Eldorado Gold Corp.		(586,662	)		(758,368	)		—		0.0	(g)
Endeavour Mining Corp. (a)		(16,734	)		(308,967	)		—		0.0	(g)
First Quantum Minerals Ltd.		(20,445	)		(304,847	)		—		0.0	(g)
Franco-Nevada Corp.		(4,951	)		(378,570	)		—		0.0	(g)
Goldcorp, Inc.		(53,626	)		(767,767	)		—		0.0	(g)
Ivanhoe Mines Ltd. (a)		(244,692	)		(700,257	)		—		0.0	(g)
New Gold, Inc. (a)		(9,816	)		(29,687	)		—		0.0	(g)
Wheaton Precious Metals Corp.		(37,463	)		(809,262	)		—		0.0	(g)
		(974,389	)		(4,057,725	)		—		0.0	(g)
Total Materials		(990,138	)		(4,810,988	)		—		0.0	(g)
Utilities
Electric Utilities
Hydro One Ltd.		(40,281	)		(727,350	)		—		0.0	(g)
Independent Power and Renewable Electricity Producers
Algonquin Power & Utilities Corp.		(75,037	)		(815,036	)		—		0.0	(g)
Total Utilities		(115,318	)		(1,542,386	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,480,450	)		(9,304,933	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,441,813	)		(8,218,656	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.	10/31/2018	$	(28,726,411	)	$	(3,895	)	$	—	$	(3,895	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Automobiles
Peugeot SA		4,758			106,871			8			0.0	(g)
Media
Mediaset Espana Comunicacion SA		46,403			524,760			33			0.0	(g)
Total Consumer Discretionary		51,161			631,631			41			0.0	(g)
Materials
Chemicals
Covestro AG		5,699			656,242			1,183			0.0	(g)
Utilities
Electric Utilities
Enel SpA		79,276			503,989			1,037			0.0	(g)
Total Long Positions of Total Return Basket Swap		136,136			1,791,862			2,261			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Accor SA		(4,999	)		(284,518	)		50			0.0	(g)
Melia Hotels International SA		(52,110	)		(736,406	)		1,142			0.0	(g)
		(57,109	)		(1,020,924	)		1,192			0.0	(g)
Internet & Direct Marketing Retail
Zalando SE (a)		(5,323	)		(311,992	)		(190	)		0.0	(g)
Leisure Products
Amer Sports OYJ (a)		(28,788	)		(812,728	)		(318	)		0.0	(g)
Media
Altice NV (a)		(12,776	)		(137,013	)		289			0.0	(g)
JCDecaux SA		(16,767	)		(725,382	)		301			0.0	(g)
Telenet Group Holding NV (a)		(10,215	)		(785,832	)		(155	)		0.0	(g)
		(39,758	)		(1,648,227	)		435			0.0	(g)
Textiles, Apparel & Luxury Goods
Salvatore Ferragamo SpA		(24,654	)		(694,492	)		(888	)		0.0	(g)
Total Consumer Discretionary		(155,632	)		(4,488,363	)		231			0.0	(g)
Consumer Staples
Beverages
Anheuser-Busch InBev SA/NV		(4,023	)		(455,643	)		(421	)		0.0	(g)
Davide Campari-Milano SpA		(94,783	)		(754,960	)		(645	)		0.0	(g)
Remy Cointreau SA		(6,127	)		(806,387	)		(47	)		0.0	(g)
		(104,933	)		(2,016,990	)		(1,113	)		0.0	(g)
Food & Staples Retailing
Carrefour SA		(31,391	)		(748,594	)		2,620			0.0	(g)
Kesko OYJ		(13,966	)		(814,567	)		(478	)		0.0	(g)
		(45,357	)		(1,563,161	)		2,142			0.0	(g)
Total Consumer Staples		(150,290	)		(3,580,151	)		1,029			0.0	(g)
Energy
Energy Equipment & Services
Vallourec SA (a)		(70,796	)		(484,847	)		167			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Financials
Capital Markets
Deutsche Bank AG (Registered)		(38,838	)		(714,645	)		(1,288	)		0.0	(g)
Diversified Financial Services
Wendel SA		(1,685	)		(314,180	)		(169	)		0.0	(g)
Total Financials		(40,523	)		(1,028,825	)		(1,457	)		0.0	(g)
Health Care
Life Sciences Tools & Services
Eurofins Scientific SE		(1,144	)		(744,701	)		974			0.0	(g)
MorphoSys AG (a)		(2,622	)		(258,654	)		(180	)		0.0	(g)
Total Health Care		(3,766	)		(1,003,355	)		794			0.0	(g)
Industrials
Commercial Services & Supplies
Societe BIC SA		(6,770	)		(775,264	)		545			0.0	(g)
Construction & Engineering
Ferrovial SA		(32,954	)		(756,520	)		(633	)		0.0	(g)
Electrical Equipment
Nexans SA		(13,191	)		(800,093	)		1,084			0.0	(g)
OSRAM Licht AG		(8,554	)		(747,603	)		(364	)		0.0	(g)
		(21,745	)		(1,547,696	)		720			0.0	(g)
Industrial Conglomerates
Siemens AG (Registered)		(5,026	)		(762,968	)		(686	)		0.0	(g)
Machinery
Alstom SA		(6,406	)		(280,996	)		155			0.0	(g)
GEA Group AG		(15,033	)		(747,699	)		(570	)		0.0	(g)
KION Group AG		(8,259	)		(759,124	)		(1,152	)		0.0	(g)
		(29,698	)		(1,787,819	)		(1,567	)		0.0	(g)
Professional Services
Bureau Veritas SA		(26,746	)		(783,742	)		264			0.0	(g)
Teleperformance		(4,967	)		(752,768	)		196			0.0	(g)
		(31,713	)		(1,536,510	)		460			0.0	(g)
Trading Companies & Distributors
Brenntag AG		(2,795	)		(181,446	)		(236	)		0.0	(g)
Transportation Infrastructure
Aeroports de Paris		(3,887	)		(807,295	)		79			0.0	(g)
Getlink SE		(19,218	)		(269,619	)		—			0.0	(g)
		(23,105	)		(1,076,914	)		79			0.0	(g)
Total Industrials		(153,806	)		(8,425,137	)		(1,318	)		0.0	(g)
Information Technology
Communications Equipment
Nokia OYJ		(164,986	)		(795,817	)		(1,659	)		0.0	(g)
Internet Software & Services
Delivery Hero AG (a)		(17,520	)		(751,748	)		—			0.0	(g)
United Internet AG (Registered)		(11,181	)		(815,776	)		(916	)		0.0	(g)
		(28,701	)		(1,567,524	)		(916	)		0.0	(g)
Semiconductors & Semiconductor Equipment
ASML Holding NV		(3,673	)		(744,659	)		(432	)		0.0	(g)
Software
Dassault Systemes SE		(6,540	)		(753,951	)		210			0.0	(g)
Total Information Technology		(203,900	)		(3,861,951	)		(2,797	)		0.0	(g)
Materials
Chemicals
Air Liquide SA		(5,595	)		(754,463	)		(424	)		0.0	(g)
Symrise AG		(9,726	)		(815,058	)		(1,665	)		0.0	(g)
Umicore SA		(13,886	)		(731,016	)		(722	)		0.0	(g)
		(29,207	)		(2,300,537	)		(2,811	)		0.0	(g)
Construction Materials
Buzzi Unicem SpA		(25,631	)		(752,557	)		37			0.0	(g)
Containers & Packaging
Huhtamaki OYJ		(19,494	)		(832,182	)		(333	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Metals & Mining
Acerinox SA		(53,800	)		(791,146	)		46			0.0	(g)
thyssenkrupp AG		(9,598	)		(302,194	)		(232	)		0.0	(g)
		(63,398	)		(1,093,340	)		(186	)		0.0	(g)
Total Materials		(137,730	)		(4,978,616	)		(3,293	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Iliad SA		(1,623	)		(419,915	)		19			0.0	(g)
Orange SA		(41,023	)		(741,273	)		(465	)		0.0	(g)
Vivendi SA		(26,193	)		(767,443	)		1,002			0.0	(g)
Total Telecommunication Services		(68,839	)		(1,928,631	)		556			0.0	(g)
Utilities
Electric Utilities
Fortum OYJ		(34,050	)		(738,397	)		(68	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,019,332	)		(30,518,273	)		(6,156	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(883,196	)		(28,726,411	)		(3,895	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in CHF based on the local currencies of the positions within the swaps.	10/31/2018	$	28,214	$	(776	)	$	—	$	(776	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Staples
Food Products
Nestle SA (Registered)		8,425		727,768		(181	)		0.0	(g)
Financials
Insurance
Baloise Holding AG (Registered)		3,488		570,645		(102	)		0.0	(g)
Swiss Life Holding AG (Registered) (a)		241		90,495		(1	)		0.0	(g)
Total Financials		3,729		661,140		(103	)		0.0	(g)
Health Care
Pharmaceuticals
Novartis AG (Registered)		6,690		603,820		(1,389	)		0.0	(g)
Roche Holding AG		431		107,699		(103	)		0.0	(g)
Total Health Care		7,121		711,519		(1,492	)		0.0	(g)
Industrials
Machinery
Georg Fischer AG (Registered)		57		82,516		(37	)		0.0	(g)
Schindler Holding AG		2,477		620,645		(501	)		0.0	(g)
VAT Group AG (a)		4,328		691,427		(495	)		0.0	(g)
Total Industrials		6,862		1,394,588		(1,033	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions - continued
Common Stocks - continued
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered) (a)		6,984			676,138			812			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG (a)		6,736			633,343			90			0.0	(g)
Total Long Positions of Total Return Basket Swap		39,857			4,804,496			(1,907	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(1,537	)		(238,431	)		520			0.0	(g)
Consumer Staples
Food Products
Chocoladefabriken Lindt & Spruengli AG (Registered)		(10	)		(747,416	)		368			0.0	(g)
Health Care
Pharmaceuticals
Vifor Pharma AG		(5,037	)		(740,790	)		622			0.0	(g)
Industrials
Machinery
Sulzer AG (Registered)		(5,199	)		(738,863	)		699			0.0	(g)
Professional Services
DKSH Holding AG		(8,429	)		(788,337	)		—			0.0	(g)
Total Industrials		(13,628	)		(1,527,200	)		699			0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
ams AG (a)		(7,816	)		(722,239	)		(1,059	)		0.0	(g)
Materials
Chemicals
Clariant AG (Registered) (a)		(27,957	)		(800,206	)		(19	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(55,985	)		(4,776,282	)		1,131			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(16,128	)		28,214			(776	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.		10/29/2018	$	(1,539,084	)	$	10,271		$            —	$	10,271

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Aristocrat Leisure Ltd.		3,800		73,013		(170	)		0.0	(g)
Flight Centre Travel Group Ltd.		19,515		801,813		(643	)		0.0	(g)
Total Consumer Discretionary		23,315		874,826		(813	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Consumer Staples
Food & Staples Retailing
Metcash Ltd.		31,770			81,933			12			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Ltd.		21,398			598,930			(592	)		0.0	(g)
Whitehaven Coal Ltd.		192,030			761,829			(2,576	)		0.0	(g)
Woodside Petroleum Ltd.		23,487			627,078			255			0.0	(g)
Total Energy		236,915			1,987,837			(2,913	)		0.0	(g)
Industrials
Airlines
Qantas Airways Ltd.		64,934			275,184			(562	)		0.0	(g)
Information Technology
Internet Software & Services
carsales.com Ltd. (a)		51,997			628,082			(406	)		0.0	(g)
IT Services
Computershare Ltd.		59,672			800,962			(2,036	)		0.0	(g)
Total Information Technology		111,669			1,429,044			(2,442	)		0.0	(g)
Materials
Metals & Mining
BHP Billiton Ltd.		32,550			796,015			3,906			0.0	(g)
BlueScope Steel Ltd.		8,282			96,179			(589	)		0.0	(g)
Fortescue Metals Group Ltd.		33,637			133,580			(859	)		0.0	(g)
OZ Minerals Ltd.		42,121			316,648			(701	)		0.0	(g)
Regis Resources Ltd.		59,791			198,589			89			0.0	(g)
Rio Tinto Ltd.		1,481			91,183			(529	)		0.0	(g)
Total Materials		177,862			1,632,194			1,317			0.0	(g)
Total Long Positions of Total Return Basket Swap		646,465			6,281,018			(5,401	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Distributors
Bapcor Ltd.		(168,639	)		(792,947	)		647			0.0	(g)
Hotels, Restaurants & Leisure
Crown Resorts Ltd.		(74,296	)		(791,948	)		1,300			0.0	(g)
Domino’s Pizza Enterprises Ltd.		(2,544	)		(98,097	)		280			0.0	(g)
Star Entertainment Grp Ltd. (The)		(155,692	)		(759,381	)		886			0.0	(g)
Tabcorp Holdings Ltd.		(194,012	)		(807,623	)		628			0.0	(g)
		(426,544	)		(2,457,049	)		3,094			0.0	(g)
Total Consumer Discretionary		(595,183	)		(3,249,996	)		3,741			0.0	(g)
Financials
Diversified Financial Services
AMP Ltd.		(60,667	)		(256,250	)		399			0.0	(g)
Health Care
Health Care Providers & Services
Healthscope Ltd.		(259,545	)		(403,780	)		(137	)		0.0	(g)
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(145,565	)		(77,725	)		277			0.0	(g)
Total Health Care		(405,110	)		(481,505	)		140			0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(45,555	)		(362,285	)		1,127			0.0	(g)
Materials
Chemicals
Nufarm Ltd.		(120,761	)		(774,210	)		1,344			0.0	(g)
Containers & Packaging
Amcor Ltd.		(68,630	)		(802,501	)		2,697			0.0	(g)
Metals & Mining
Iluka Resources Ltd.		(99,691	)		(809,076	)		3,873			0.0	(g)
Independence Group NL		(64,671	)		(260,367	)		1,756			0.0	(g)
		(164,362	)		(1,069,443	)		5,629			0.0	(g)
Total Materials		(353,753	)		(2,646,154	)		9,670			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Utilities
Electric Utilities
AusNet Services		(603,667	)		(823,912	)		595		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,063,935	)		(7,820,102	)		15,672		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,417,470	)		(1,539,084	)		10,271		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in JPY based on the local currencies of the positions within the swaps.	10/29/2018	$	(35,582,210	)	$	(127,877	)	$	—	$	(127,877	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
TS Tech Co. Ltd.		14,100			604,279			1,764			0.0	(g)
Health Care
Pharmaceuticals
Astellas Pharma, Inc.		39,600			520,788			(1,553	)		0.0	(g)
Kaken Pharmaceutical Co. Ltd.		10,300			539,727			55			0.0	(g)
Total Health Care		49,900			1,060,515			(1,498	)		0.0	(g)
Industrials
Trading Companies & Distributors
Sumitomo Corp.		34,100			589,610			2,691			0.0	(g)
Materials
Chemicals
Mitsui Chemicals, Inc.		16,100			507,631			2,525			0.0	(g)
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		34,800			433,633			2,179			0.0	(g)
Total Long Positions of Total Return Basket Swap		149,000			3,195,668			7,661			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
HIS Co. Ltd.		(22,100	)		(800,585	)		(2,985	)		0.0	(g)
Kyoritsu Maintenance Co. Ltd.		(17,300	)		(713,634	)		267			0.0	(g)
		(39,400	)		(1,514,219	)		(2,718	)		0.0	(g)
Internet & Direct Marketing Retail
Rakuten, Inc.		(89,800	)		(812,679	)		(1,789	)		0.0	(g)
Leisure Products
Sankyo Co. Ltd.		(23,700	)		(770,026	)		(1,518	)		0.0	(g)
Shimano, Inc.		(5,200	)		(745,360	)		(2,298	)		0.0	(g)
		(28,900	)		(1,515,386	)		(3,816	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Multiline Retail
Don Quijote Holdings Co. Ltd.		(13,500	)		(747,982	)		163			0.0	(g)
Isetan Mitsukoshi Holdings Ltd.		(17,700	)		(212,638	)		(1,055	)		0.0	(g)
Marui Group Co. Ltd.		(40,200	)		(734,790	)		(3,479	)		0.0	(g)
		(71,400	)		(1,695,410	)		(4,371	)		0.0	(g)
Specialty Retail
United Arrows Ltd. (a)		(17,800	)		(782,888	)		(1,071	)		0.0	(g)
Total Consumer Discretionary		(247,300	)		(6,320,582	)		(13,765	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Aeon Co. Ltd.		(46,300	)		(790,444	)		(2,661	)		0.0	(g)
FamilyMart UNY Holdings Co. Ltd.		(8,900	)		(598,566	)		(3,440	)		0.0	(g)
Sugi Holdings Co. Ltd.		(14,100	)		(751,841	)		(1,442	)		0.0	(g)
Tsuruha Holdings, Inc.		(5,300	)		(740,195	)		(2,263	)		0.0	(g)
		(74,600	)		(2,881,046	)		(9,806	)		0.0	(g)
Food Products
Ezaki Glico Co. Ltd.		(15,900	)		(811,371	)		(1,588	)		0.0	(g)
Kewpie Corp.		(15,200	)		(434,876	)		(1,167	)		0.0	(g)
Kikkoman Corp.		(18,000	)		(747,359	)		(3,749	)		0.0	(g)
Nissin Foods Holdings Co. Ltd.		(10,100	)		(749,382	)		(1,850	)		0.0	(g)
Yamazaki Baking Co. Ltd.		(39,600	)		(781,277	)		(2,118	)		0.0	(g)
		(98,800	)		(3,524,265	)		(10,472	)		0.0	(g)
Personal Products
Shiseido Co. Ltd.		(15,500	)		(796,036	)		(804	)		0.0	(g)
Total Consumer Staples		(188,900	)		(7,201,347	)		(21,082	)		0.0	(g)
Financials
Banks
Shinsei Bank Ltd.		(44,000	)		(769,320	)		(3,139	)		0.0	(g)
Suruga Bank Ltd.		(38,100	)		(772,446	)		(3,955	)		0.0	(g)
		(82,100	)		(1,541,766	)		(7,094	)		0.0	(g)
Consumer Finance
Acom Co. Ltd. (a)		(70,000	)		(306,269	)		(1,056	)		0.0	(g)
Aiful Corp. (a)		(85,500	)		(310,765	)		(1,408	)		0.0	(g)
		(155,500	)		(617,034	)		(2,464	)		0.0	(g)
Insurance
Dai-ichi Life Holdings, Inc.		(37,300	)		(786,567	)		(5,683	)		0.0	(g)
Sony Financial Holdings, Inc.		(43,100	)		(792,729	)		(5,504	)		0.0	(g)
T&D Holdings, Inc.		(41,800	)		(749,483	)		(5,529	)		0.0	(g)
		(122,200	)		(2,328,779	)		(16,716	)		0.0	(g)
Total Financials		(359,800	)		(4,487,579	)		(26,274	)		0.0	(g)
Health Care
Health Care Equipment & Supplies
Sysmex Corp.		(9,600	)		(755,689	)		(2,955	)		0.0	(g)
Pharmaceuticals
Chugai Pharmaceutical Co. Ltd.		(13,800	)		(729,360	)		16			0.0	(g)
Santen Pharmaceutical Co. Ltd.		(44,900	)		(729,064	)		3,435			0.0	(g)
		(58,700	)		(1,458,424	)		3,451			0.0	(g)
Total Health Care		(68,300	)		(2,214,113	)		496			0.0	(g)
Industrials
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(17,000	)		(439,023	)		(1,137	)		0.0	(g)
Construction & Engineering
JGC Corp.		(36,900	)		(801,963	)		(5,623	)		0.0	(g)
Industrial Conglomerates
Keihan Holdings Co. Ltd.		(23,900	)		(757,671	)		(2,381	)		0.0	(g)
Machinery
FANUC Corp.		(2,700	)		(732,830	)		(3,852	)		0.0	(g)
Road & Rail
Keio Corp.		(9,600	)		(457,115	)		(1,605	)		0.0	(g)
Kintetsu Group Holdings Co. Ltd.		(18,600	)		(736,448	)		(2,125	)		0.0	(g)
Odakyu Electric Railway Co. Ltd.		(15,300	)		(337,941	)		(1,585	)		0.0	(g)
		(43,500	)		(1,531,504	)		(5,315	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Trading Companies & Distributors
MonotaRO Co. Ltd.		(16,000	)		(506,058	)		(1,158	)		0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(17,000	)		(446,805	)		(2,690	)		0.0	(g)
Total Industrials		(157,000	)		(5,215,854	)		(22,156	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Alps Electric Co. Ltd.		(26,200	)		(757,117	)		(3,540	)		0.0	(g)
Internet Software & Services
GMO internet, Inc.		(14,100	)		(258,326	)		(1,822	)		0.0	(g)
Kakaku.com, Inc.		(43,600	)		(766,034	)		(2,824	)		0.0	(g)
Yahoo Japan Corp. (a)		(159,500	)		(769,328	)		(2,291	)		0.0	(g)
		(217,200	)		(1,793,688	)		(6,937	)		0.0	(g)
Semiconductors & Semiconductor Equipment
Advantest Corp.		(37,500	)		(801,426	)		(3,816	)		0.0	(g)
Software
Capcom Co. Ltd.		(21,300	)		(814,814	)		(4,138	)		0.0	(g)
Technology Hardware, Storage & Peripherals
Ricoh Co. Ltd.		(79,600	)		(784,609	)		(2,973	)		0.0	(g)
Total Information Technology		(381,800	)		(4,951,654	)		(21,404	)		0.0	(g)
Materials
Chemicals
Kansai Paint Co. Ltd.		(31,500	)		(779,149	)		(1,532	)		0.0	(g)
Nippon Shokubai Co. Ltd.		(11,300	)		(804,690	)		(2,501	)		0.0	(g)
Taiyo Nippon Sanso Corp.		(47,500	)		(738,364	)		(4,348	)		0.0	(g)
Tokuyama Corp.		(24,800	)		(789,582	)		(3,579	)		0.0	(g)
Tokyo Ohka Kogyo Co. Ltd.		(1,800	)		(82,637	)		(362	)		0.0	(g)
Toray Industries, Inc.		(73,100	)		(729,238	)		(2,725	)		0.0	(g)
		(190,000	)		(3,923,660	)		(15,047	)		0.0	(g)
Metals & Mining
Kobe Steel Ltd.		(13,400	)		(139,527	)		(580	)		0.0	(g)
Sumitomo Metal Mining Co. Ltd.		(15,700	)		(737,170	)		(2,577	)		0.0	(g)
UACJ Corp.		(15,300	)		(412,790	)		(1,735	)		0.0	(g)
		(44,400	)		(1,289,487	)		(4,892	)		0.0	(g)
Total Materials		(234,400	)		(5,213,147	)		(19,939	)		0.0	(g)
Real Estate
Real Estate Management & Development
Mitsubishi Estate Co. Ltd.		(38,000	)		(730,921	)		(3,954	)		0.0	(g)
Utilities
Electric Utilities
Chubu Electric Power Co., Inc.		(58,300	)		(734,695	)		(3,342	)		0.0	(g)
Chugoku Electric Power Co., Inc. (The)		(38,500	)		(426,496	)		(834	)		0.0	(g)
Hokkaido Electric Power Co., Inc.		(71,700	)		(467,665	)		(699	)		0.0	(g)
Hokuriku Electric Power Co.		(5,800	)		(47,463	)		(73	)		0.0	(g)
		(174,300	)		(1,676,319	)		(4,948	)		0.0	(g)
Gas Utilities
Toho Gas Co. Ltd.		(26,100	)		(766,362	)		(2,512	)		0.0	(g)
Total Utilities		(200,400	)		(2,442,681	)		(7,460	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,875,900	)		(38,777,878	)		(135,538	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,726,900	)		(35,582,210	)		(127,877	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in USD based on the local currencies of the positions within the swaps.	10/29/2018	$	9,328,429	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Time Warner, Inc.		46,015			4,387,530			—		0.0	(g)
Financials
Banks
MainSource Financial Group, Inc.		8,467			333,176			—		0.0	(g)
Information Technology
Software
Callidus Software, Inc. (a)		59,133			2,125,831			—		0.0	(g)
Materials
Paper & Forest Products
KapStone Paper and Packaging Corp.		151,989			5,264,899			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		265,604			12,111,436			—		0.0	(g)
Short Positions
Common Stocks
Financials
Banks
First Financial Bancorp		(11,630	)		(331,455	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(65,462	)		(2,451,552	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(77,092	)		(2,783,007	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		188,512			9,328,429			—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)	NET UNREALIZED APPRECIATION (DEPRECIATION) (2)	NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, which is denominated in GBP based on the local currencies of the positions within the swaps.	10/31/2018	$6,439,585	$                (604)	$              —	$        (604)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Sky plc		344,420			5,180,031			1,259			0.0	(g)
UBM plc		220,852			2,847,317			40			0.0	(g)
Total Consumer Discretionary		565,272			8,027,348			1,299			0.0	(g)
Consumer Staples
Food & Staples Retailing
Booker Group plc		443,284			1,426,213			—			0.0	(g)
Financials
Banks
Aldermore Group plc (a)		100,594			444,768			—			0.0	(g)
Capital Markets
Sole Realisation Co. plc (a)		5,123			5,092			—			0.0	(g)
Total Financials		105,717			449,860			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		1,114,273			9,903,421			1,299			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Media
Informa plc		(236,790	)		(2,340,454	)		214			0.0	(g)
Consumer Staples
Food & Staples Retailing
Tesco plc		(377,850	)		(1,123,382	)		(2,117	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(614,640	)		(3,463,836	)		(1,903	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		499,633			6,439,585			(604	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, which is denominated in CAD based on the local currencies of the positions within the swaps.	10/29/2018	$	535,188	$	—	$	—	$	—

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Jean Coutu Group PJC, Inc. (The)		36,518			719,672			—		0.0	(g)
Short Positions
Common Stocks
Consumer Staples
Food & Staples Retailing
Metro, Inc.		(5,513	)		(184,484	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		31,005			535,188			—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION)(2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month EURIBOR on short positions respectively, which is denominated in EUR based on the local currencies of the positions within the swaps.	10/31/2018	$	(1,239,134	)	$	(1,350	)	$	—	$	(1,350	)

REFERENCE ENTITY

SHARES

NOTIONAL VALUE($)(1)

UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)

PERCENTAGE OF NET ASSETS (%)

Short Positions

Common Stocks

Industrials

Construction & Engineering

HOCHTIEF AG

(6,852

)

(1,239,134

)

(1,350

)

0.0

(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month STIBOR on long positions and short positions respectively, plus or minus a specified spread of 0.35%, which is denominated in SEK based on the local currencies of the positions within the swaps.	07/31/2019	$	193,223	$	(1,780	)	$	(354	)	$	(2,134	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Telecommunication Services
Diversified Telecommunication Services
Com Hem Holding AB (a)		42,540			739,601			8,920			0.0	(g)
Short Positions
Common Stocks
Telecommunication Services
Wireless Telecommunication Services
Tele2 AB		(43,689	)		(546,378	)		(10,700	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,149	)		193,223			(1,780	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Bank of America N.A.	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, which is denominated in AUD based on the local currencies of the positions within the swaps.	10/29/2018	$	591,067	$	(529	)	$	—	$	(529	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Information Technology
Internet Software & Services
Aconex Ltd. (a)		95,471		591,067		(529	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	03/16/2018 — 03/19/2018	$	8,363,471	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Diversified Consumer Services
Capella Education Co.		11,598		922,621		—		0.0	(g)
Hotels, Restaurants & Leisure
Pinnacle Entertainment, Inc. (a)		78,337		2,529,502		—		0.0	(g)
Household Durables
CalAtlantic Group, Inc.		118,985		6,678,628		—		0.0	(g)
Media
Time Warner, Inc.		9,567		912,213		—		0.0	(g)
Total Consumer Discretionary		218,487		11,042,964		—		0.0	(g)
Financials
Insurance
AmTrust Financial Services, Inc.		84,954		1,140,083		—		0.0	(g)
Health Care
Health Care Providers & Services
Aetna, Inc.		26,038		4,864,419		—		0.0	(g)
Industrials
Construction & Engineering
Chicago Bridge & Iron Co. NV		199,117		4,155,572		—		0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
Cavium, Inc. (a)		81,710		7,254,214		—		0.0	(g)
Utilities
Independent Power and Renewable Electricity Producers
Dynegy, Inc. (a)		296,115		3,707,360		—		0.0	(g)
Multi-Utilities
SCANA Corp.		136,528		5,548,498		—		0.0	(g)
Total Utilities		432,643		9,255,858		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		1,042,949		37,713,110		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions
Common Stocks
Consumer Discretionary
Diversified Consumer Services
Strayer Education, Inc.		(10,047	)		(929,147	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Penn National Gaming, Inc. (a)		(32,572	)		(1,039,373	)		—		0.0	(g)
Household Durables
Lennar Corp.		(80,689	)		(5,055,973	)		—		0.0	(g)
Total Consumer Discretionary		(123,308	)		(7,024,493	)		—		0.0	(g)
Consumer Staples
Food & Staples Retailing
CVS Health Corp.		(29,352	)		(2,309,709	)		—		0.0	(g)
Energy
Energy Equipment & Services
McDermott International, Inc. (a)		(612,473	)		(5,377,513	)		—		0.0	(g)
Information Technology
Semiconductors & Semiconductor Equipment
Marvell Technology Group Ltd.		(175,998	)		(4,106,033	)		—		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
AT&T, Inc.		(13,610	)		(509,695	)		—		0.0	(g)
Utilities
Independent Power and Renewable Electricity Producers
Vistra Energy Corp. (a)		(191,135	)		(3,727,133	)		—		0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(82,353	)		(6,295,063	)		—		0.0	(g)
Total Utilities		(273,488	)		(10,022,196	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(1,228,229	)		(29,349,639	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(185,280	)		8,363,471			—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	03/19/2018	$	3,190,596	$	646	$	—	$	646

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Media
Sky plc		176,594		2,655,950		646		0.0	(g)
Financials
Banks
Aldermore Group plc (a)		120,922		534,646		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		297,516		3,190,596		646		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION)(2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long positions and pays or receives the net of one month CDOR on long positions, plus or minus a specified spread (rates range from (0.10)% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.	03/19/2018	$	1,353,977	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Industrials
Construction & Engineering
Aecon Group, Inc.		83,646		1,353,977		—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	03/19/2018 — 03/12/2019	$	28,160,781	$	5,391	$	—	$	5,391

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Internet & Direct Marketing Retail
Yoox Net-A-Porter Group SpA (a)		126,244		5,929,661		(2,882	)		0.0	(g)
Textiles, Apparel & Luxury Goods
Kering		2,993		1,516,093		725			0.0	(g)
Total Consumer Discretionary		129,237		7,445,754		(2,157	)		0.0	(g)
Consumer Staples
Beverages
Refresco Group NV		26,176		646,401		—			0.0	(g)
Health Care
Biotechnology
Ablynx NV (a)		12,338		672,637		1,085			0.0	(g)
Pharmaceuticals
STADA Arzneimittel AG		7,111		771,802		—			0.0	(g)
Total Health Care		19,449		1,444,439		1,085			0.0	(g)
Industrials
Aerospace & Defense
Zodiac Aerospace (a)		125,724		3,906,999		—			0.0	(g)
Transportation Infrastructure
Abertis Infraestructuras SA		254,503		6,174,358		6,463			0.0	(g)
Total Industrials		380,227		10,081,357		6,463			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Information Technology
Software
Gemalto NV		111,536		6,892,026		—		0.0	(g)
Real Estate
Real Estate Management & Development
BUWOG AG (a)		46,008		1,650,804		—		0.0	(g)
Total Long Positions of Total Return Basket Swap		712,633		28,160,781		5,391		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month CIBOR on long positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.20%), which is denominated in DKK based on the local currencies of the positions within the swaps.	09/25/2020	$	2,428,303	$	—	$	—	$	—

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Information Technology
IT Services
Nets A/S (a)		88,221		2,428,303		—		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBSW on long positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	03/19/2018	$	794,568	$	10	$	—	$	10

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Mantra Group Ltd.		252,833		794,568		10		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month STIBOR on long positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.35%), which is denominated in SEK based on the local currencies of the positions within the swaps.	07/10/2018	$	1,480,985	$	199	$	—	$	199

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Industrials
Machinery
Atlas Copco AB		31,579		1,480,985		199		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps.	03/19/2018	$	13,705,280	$	518	$	—	$	518

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Linamar Corp.		9,983		589,484		—		0.0	(g)
Magna International, Inc.		12,517		714,995		—		0.0	(g)
		22,500		1,304,479		—		0.0	(g)
Textiles, Apparel & Luxury Goods
Gildan Activewear, Inc. (a)		5,500		187,045		—		0.0	(g)
Total Consumer Discretionary		28,000		1,491,524		—		0.0	(g)
Consumer Staples
Food & Staples Retailing
Empire Co. Ltd.		40,649		786,542		—		0.0	(g)
Loblaw Cos. Ltd.		13,979		757,253		—		0.0	(g)
Total Consumer Staples		54,628		1,543,795		—		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Enerplus Corp.		62,995		715,480		—		0.0	(g)
Imperial Oil Ltd.		23,080		725,613		—		0.0	(g)
Inter Pipeline Ltd.		40,416		774,804		—		0.0	(g)
Parkland Fuel Corp.		11,443		268,399		—		0.0	(g)
Total Energy		137,934		2,484,296		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions - continued
Common Stocks - continued
Financials
Banks
Bank of Nova Scotia (The)		3,503			232,736			—		0.0	(g)
Laurentian Bank of Canada		18,624			805,526			—		0.0	(g)
National Bank of Canada		14,907			773,710			—		0.0	(g)
Royal Bank of Canada		1,975			169,111			—		0.0	(g)
Toronto-Dominion Bank (The)		4,197			255,300			—		0.0	(g)
		43,206			2,236,383			—		0.0	(g)
Capital Markets
IGM Financial, Inc.		6,818			243,508			—		0.0	(g)
Insurance
Manulife Financial Corp.		33,569			712,318			—		0.0	(g)
Power Corp. of Canada		28,330			722,991			—		0.0	(g)
Power Financial Corp.		25,980			716,668			—		0.0	(g)
		87,879			2,151,977			—		0.0	(g)
Thrifts & Mortgage Finance
Genworth MI Canada, Inc.		4,306			147,874			—		0.0	(g)
Total Financials		142,209			4,779,742			—		0.0	(g)
Industrials
Machinery
New Flyer Industries, Inc.		15,257			720,304			—		0.0	(g)
Trading Companies & Distributors
Finning International, Inc.		26,530			730,546			—		0.0	(g)
Total Industrials		41,787			1,450,850			—		0.0	(g)
Information Technology
IT Services
CGI Group, Inc. (a)		13,738			786,305			—		0.0	(g)
Software
Constellation Software, Inc. (a)		300			193,929			518		0.0	(g)
Total Information Technology		14,038			980,234			518		0.0	(g)
Materials
Metals & Mining
Kirkland Lake Gold Ltd.		49,550			746,876			—		0.0	(g)
Paper & Forest Products
Norbord, Inc.		18,970			724,561			—		0.0	(g)
West Fraser Timber Co. Ltd.		10,616			742,775			—		0.0	(g)
		29,586			1,467,336			—		0.0	(g)
Total Materials		79,136			2,214,212			—		0.0	(g)
Real Estate
Real Estate Management & Development
First Capital Realty, Inc.		16,259			271,909			—		0.0	(g)
Telecommunication Services
Wireless Telecommunication Services
Rogers Communications, Inc.		16,615			810,893			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		530,606			16,027,455			518		0.0	(g)
Short Positions
Common Stocks
Energy
Oil, Gas & Consumable Fuels
MEG Energy Corp. (a)		(68,001	)		(307,387	)		—		0.0	(g)
Seven Generations Energy Ltd. (a)		(22,400	)		(312,325	)		—		0.0	(g)
Total Energy		(90,401	)		(619,712	)		—		0.0	(g)
Industrials
Aerospace & Defense
Bombardier, Inc. (a)		(196,763	)		(556,695	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions - continued
Common Stocks - continued
Materials
Metals & Mining
Endeavour Mining Corp. (a)		(19,381	)		(357,839	)		—		0.0	(g)
First Quantum Minerals Ltd.		(28,685	)		(427,710	)		—		0.0	(g)
Franco-Nevada Corp.		(4,711	)		(360,219	)		—		0.0	(g)
Total Materials		(52,777	)		(1,145,768	)		—		0.0	(g)
Total Short Positions of Total Return Basket Swap		(339,941	)		(2,322,175	)		—		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		190,665			13,705,280			518		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps.	03/19/2018	$	33,822,648	$	(206	)	$	—	$	(206	)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Faurecia		8,027		720,265		(1,068	)		0.0	(g)
Automobiles
Peugeot SA		27,339		614,070		46			0.0	(g)
Media
Eutelsat Communications SA		35,551		782,473		341			0.0	(g)
Mediaset Espana Comunicacion SA		21,019		237,699		15			0.0	(g)
		56,570		1,020,172		356			0.0	(g)
Total Consumer Discretionary		91,936		2,354,507		(666	)		0.0	(g)
Energy
Energy Equipment & Services
SBM Offshore NV		42,471		793,220		690			0.0	(g)
Oil, Gas & Consumable Fuels
Enagas SA		29,603		806,424		(318	)		0.0	(g)
Galp Energia SGPS SA		40,955		782,334		805			0.0	(g)
Neste OYJ		10,599		733,549		845			0.0	(g)
OMV AG		11,940		768,773		(5	)		0.0	(g)
Repsol SA		38,024		715,647		199			0.0	(g)
Saras SpA		337,805		737,959		232			0.0	(g)
Snam SpA		163,579		795,691		(225	)		0.0	(g)
TOTAL SA		12,415		719,821		996			0.0	(g)
		644,920		6,060,198		2,529			0.0	(g)
Total Energy		687,391		6,853,418		3,219			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions - continued
Common Stocks - continued
Financials
Banks
Credit Agricole SA		38,259		721,323		504			0.0	(g)
ING Groep NV		38,709		760,062		(715	)		0.0	(g)
		76,968		1,481,385		(211	)		0.0	(g)
Insurance
Allianz SE (Registered)		3,084		780,025		836			0.0	(g)
ASR Nederland NV		17,578		767,821		(383	)		0.0	(g)
AXA SA		21,915		720,729		(162	)		0.0	(g)
CNP Assurances		31,050		795,807		133			0.0	(g)
NN Group NV		15,272		720,301		(215	)		0.0	(g)
SCOR SE		16,562		741,284		4			0.0	(g)
Societa Cattolica di Assicurazioni SC		65,415		814,596		—			0.0	(g)
		170,876		5,340,563		213			0.0	(g)
Total Financials		247,844		6,821,948		2			0.0	(g)
Health Care
Health Care Equipment & Supplies
Koninklijke Philips NV		17,545		715,130		(659	)		0.0	(g)
Health Care Providers & Services
Fresenius Medical Care AG & Co. KGaA		6,411		738,944		(1,296	)		0.0	(g)
Pharmaceuticals
Bayer AG (Registered)		5,511		722,147		844			0.0	(g)
Merck KGaA		6,744		738,191		1,199			0.0	(g)
Sanofi		8,029		708,572		(381	)		0.0	(g)
		20,284		2,168,910		1,662			0.0	(g)
Total Health Care		44,240		3,622,984		(293	)		0.0	(g)
Industrials
Airlines
Deutsche Lufthansa AG (Registered)		21,456		766,468		872			0.0	(g)
Construction & Engineering
ACS Actividades de Construccion y Servicios SA		18,188		727,747		(726	)		0.0	(g)
Eiffage SA		6,650		806,214		(97	)		0.0	(g)
Maire Tecnimont SpA		154,417		804,723		(486	)		0.0	(g)
Vinci SA		7,114		768,873		455			0.0	(g)
		186,369		3,107,557		(854	)		0.0	(g)
Electrical Equipment
Philips Lighting NV		19,522		767,605		(726	)		0.0	(g)
Prysmian SpA		22,568		793,908		(159	)		0.0	(g)
		42,090		1,561,513		(885	)		0.0	(g)
Machinery
Aalberts Industries NV		13,546		739,595		(398	)		0.0	(g)
Cargotec OYJ		12,448		725,738		289			0.0	(g)
Fincantieri SpA (a)		393,300		703,272		606			0.0	(g)
Valmet OYJ		32,238		723,345		92			0.0	(g)
Wartsila OYJ Abp		11,192		765,082		—			0.0	(g)
		462,724		3,657,032		589			0.0	(g)
Professional Services
RELX NV		33,265		736,604		(3,288	)		0.0	(g)
Transportation Infrastructure
Aena SME SA		3,671		799,377		(277	)		0.0	(g)
Total Industrials		749,575		10,628,551		(3,843	)		0.0	(g)
Information Technology
IT Services
Cap Gemini SA		6,079		806,929		(263	)		0.0	(g)
Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		7,477		719,565		127			0.0	(g)
Total Information Technology		13,556		1,526,494		(136	)		0.0	(g)
Materials
Chemicals
Covestro AG		556		64,024		115			0.0	(g)
Lenzing AG		6,298		800,694		—			0.0	(g)
		6,854		864,718		115			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions - continued
Common Stocks - continued
Metals & Mining
Aurubis AG		6,932			728,437			850			0.0	(g)
Paper & Forest Products
Stora Enso OYJ		46,173			792,918			672			0.0	(g)
UPM-Kymmene OYJ		22,696			765,276			519			0.0	(g)
		68,869			1,558,194			1,191			0.0	(g)
Total Materials		82,655			3,151,349			2,156			0.0	(g)
Real Estate
Real Estate Management & Development
LEG Immobilien AG		6,842			772,159			672			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Deutsche Telekom AG (Registered)		40,964			718,510			129			0.0	(g)
Proximus SADP		21,781			734,539			73			0.0	(g)
Telefonica Deutschland Holding AG		153,617			776,514			271			0.0	(g)
Total Telecommunication Services		216,362			2,229,563			473			0.0	(g)
Utilities
Electric Utilities
EDP - Energias de Portugal SA		225,237			791,110			—			0.0	(g)
Endesa SA		35,608			799,309			(876	)		0.0	(g)
Enel SpA		37,220			236,622			487			0.0	(g)
Iberdrola SA		97,834			796,348			(225	)		0.0	(g)
Terna Rete Elettrica Nazionale SpA		132,860			799,689			—			0.0	(g)
		528,759			3,423,078			(614	)		0.0	(g)
Independent Power and Renewable Electricity Producers
Uniper SE		24,751			738,893			461			0.0	(g)
Multi-Utilities
A2A SpA		386,678			743,111			907			0.0	(g)
Engie SA		43,209			750,285			312			0.0	(g)
Innogy SE		18,711			713,318			138			0.0	(g)
Veolia Environnement SA		31,801			801,659			559			0.0	(g)
		480,399			3,008,373			1,916			0.0	(g)
Total Utilities		1,033,909			7,170,344			1,763			0.0	(g)
Total Common Stocks		3,174,310			45,131,317			3,347			0.0	(g)
Right
Industrials
Construction & Engineering
ACS Actividades de Construccion y Servicios SA (a)		18,188			9,529			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		3,192,498			45,140,846			3,347			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Gestamp Automocion SA (a)		(105,263	)		(805,942	)		411			0.0	(g)
Hotels, Restaurants & Leisure
Accor SA		(8,356	)		(475,582	)		84			0.0	(g)
Paddy Power Betfair plc		(7,060	)		(818,683	)		—			0.0	(g)
		(15,416	)		(1,294,265	)		84			0.0	(g)
Household Durables
Neinor Homes SA (a)		(33,408	)		(766,904	)		434			0.0	(g)
Internet & Direct Marketing Retail
Zalando SE (a)		(7,571	)		(443,752	)		(270	)		0.0	(g)
Media
Altice NV (a)		(57,501	)		(616,655	)		1,300			0.0	(g)
Textiles, Apparel & Luxury Goods
Salvatore Ferragamo SpA		(2,227	)		(62,733	)		(80	)		0.0	(g)
Tod’s SpA		(10,526	)		(793,915	)		—			0.0	(g)
		(12,753	)		(856,648	)		(80	)		0.0	(g)
Total Consumer Discretionary		(231,912	)		(4,784,166	)		1,879			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Consumer Staples
Beverages
Anheuser-Busch InBev SA/NV		(2,557	)		(289,605	)		(268	)		0.0	(g)
Financials
Banks
Banco Espirito Santo SA (Registered) (a)		(35,937	)		—			—			0.0	(g)
Diversified Financial Services
Wendel SA		(2,364	)		(440,785	)		(238	)		0.0	(g)
Total Financials		(38,301	)		(440,785	)		(238	)		0.0	(g)
Health Care
Life Sciences Tools & Services
MorphoSys AG (a)		(5,347	)		(527,469	)		(367	)		0.0	(g)
Industrials
Commercial Services & Supplies
Bilfinger SE		(14,933	)		(700,934	)		(1,232	)		0.0	(g)
Machinery
Alstom SA		(11,024	)		(483,563	)		267			0.0	(g)
Trading Companies & Distributors
Brenntag AG		(8,564	)		(555,959	)		(722	)		0.0	(g)
Transportation Infrastructure
Getlink SE		(37,649	)		(528,197	)		—			0.0	(g)
Total Industrials		(72,170	)		(2,268,653	)		(1,687	)		0.0	(g)
Information Technology
Internet Software & Services
Rocket Internet SE (a)		(24,635	)		(715,075	)		(596	)		0.0	(g)
Materials
Chemicals
K+S AG (Registered)		(28,694	)		(806,432	)		(594	)		0.0	(g)
OCI NV (a)		(29,029	)		(736,963	)		(1,367	)		0.0	(g)
		(57,723	)		(1,543,395	)		(1,961	)		0.0	(g)
Metals & Mining
thyssenkrupp AG		(13,601	)		(428,228	)		(329	)		0.0	(g)
Total Materials		(71,324	)		(1,971,623	)		(2,290	)		0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Iliad SA		(1,240	)		(320,822	)		14			0.0	(g)
Total Short Positions of Total Return Basket Swap		(447,486	)		(11,318,198	)		(3,553	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		2,745,012			33,822,648			(206	)		0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.20)% to 0.40%), which is denominated in JPY based on the local currencies of the positions within the swaps.	03/19/2018	$	24,925,069	$	52,146	$	—	$	52,146

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Bridgestone Corp.		15,200		741,852		3,085			0.0	(g)
NHK Spring Co. Ltd.		64,900		723,348		3,426			0.0	(g)
Sumitomo Rubber Industries Ltd.		36,800		716,787		3,169			0.0	(g)
TS Tech Co. Ltd.		4,300		184,284		849			0.0	(g)
Unipres Corp.		27,300		727,473		4,524			0.0	(g)
		148,500		3,093,744		15,053			0.0	(g)
Automobiles
Yamaha Motor Co. Ltd.		23,600		788,477		5,917			0.0	(g)
Household Durables
Sekisui Chemical Co. Ltd.		40,900		782,025		2,763			0.0	(g)
Leisure Products
Bandai Namco Holdings, Inc.		9,300		304,347		1,077			0.0	(g)
Total Consumer Discretionary		222,300		4,968,593		24,810			0.0	(g)
Consumer Staples
Beverages
Kirin Holdings Co. Ltd.		28,300		708,919		3,557			0.0	(g)
Suntory Beverage & Food Ltd.		15,900		762,606		3,799			0.0	(g)
		44,200		1,471,525		7,356			0.0	(g)
Food & Staples Retailing
Matsumotokiyoshi Holdings Co. Ltd.		4,600		189,000		440			0.0	(g)
Food Products
Nichirei Corp.		11,200		300,659		(14,409	)		0.0	(g)
Nippon Suisan Kaisha Ltd. (a)		61,500		328,331		1,593			0.0	(g)
Prima Meat Packers Ltd. (a)		110,000		752,769		2,105			0.0	(g)
		182,700		1,381,759		(10,711	)		0.0	(g)
Personal Products
Pola Orbis Holdings, Inc.		19,900		779,026		671			0.0	(g)
Total Consumer Staples		251,400		3,821,310		(2,244	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Showa Shell Sekiyu KK		8,800		125,102		401			0.0	(g)
Financials
Banks
Aozora Bank Ltd.		17,800		722,989		2,315			0.0	(g)
Health Care
Pharmaceuticals
Astellas Pharma, Inc.		15,900		209,104		(624	)		0.0	(g)
Kaken Pharmaceutical Co. Ltd.		4,000		209,603		21			0.0	(g)
Mitsubishi Tanabe Pharma Corp.		13,800		280,655		(1,362	)		0.0	(g)
Tsumura & Co.		23,200		781,978		(2,193	)		0.0	(g)
Total Health Care		56,900		1,481,340		(4,158	)		0.0	(g)
Industrials
Building Products
Asahi Glass Co. Ltd.		17,200		757,410		2,733			0.0	(g)
Nichias Corp.		53,000		722,180		3,182			0.0	(g)
		70,200		1,479,590		5,915			0.0	(g)
Construction & Engineering
Kajima Corp.		79,000		784,319		3,509			0.0	(g)
Kinden Corp.		42,300		707,950		3,144			0.0	(g)
Maeda Corp. (a)		54,900		754,580		3,773			0.0	(g)
Nishimatsu Construction Co. Ltd. (a)		27,900		793,185		934			0.0	(g)
Penta-Ocean Construction Co. Ltd.		25,200		194,698		1,030			0.0	(g)
Toda Corp. (a)		100,000		787,879		1,949			0.0	(g)
		329,300		4,022,611		14,339			0.0	(g)
Road & Rail
Sankyu, Inc.		18,200		849,487		4,255			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Trading Companies & Distributors
Kanamoto Co. Ltd.		25,400			785,512			(26,612	)		0.0	(g)
Sumitomo Corp.		7,200			124,492			568			0.0	(g)
		32,600			910,004			(26,044	)		0.0	(g)
Total Industrials		450,300			7,261,692			(1,535	)		0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Oki Electric Industry Co. Ltd.		49,300			717,542			1,773			0.0	(g)
Omron Corp.		11,000			689,461			3,284			0.0	(g)
		60,300			1,407,003			5,057			0.0	(g)
Internet Software & Services
Mixi, Inc.		7,800			344,418			395			0.0	(g)
Semiconductors & Semiconductor Equipment
Disco Corp.		3,100			731,095			5,859			0.0	(g)
SCREEN Holdings Co. Ltd. (a)		8,800			767,028			2,862			0.0	(g)
Ulvac, Inc.		2,400			160,879			615			0.0	(g)
		14,300			1,659,002			9,336			0.0	(g)
Software
Nexon Co. Ltd.		4,400			147,010			908			0.0	(g)
Technology Hardware, Storage & Peripherals
Brother Industries Ltd.		30,200			775,804			3,722			0.0	(g)
Total Information Technology		117,000			4,333,237			19,418			0.0	(g)
Materials
Chemicals
Denka Co. Ltd. (a)		17,900			715,437			3,011			0.0	(g)
Kuraray Co. Ltd.		12,600			236,670			1,220			0.0	(g)
Mitsubishi Chemical Holdings Corp.		65,900			718,726			3,707			0.0	(g)
Mitsubishi Gas Chemical Co., Inc.		3,200			90,707			425			0.0	(g)
Mitsui Chemicals, Inc.		8,500			268,004			1,333			0.0	(g)
NOF Corp. (a)		29,300			788,622			2,779			0.0	(g)
Sumitomo Bakelite Co. Ltd.		84,000			721,562			2,134			0.0	(g)
Tokai Carbon Co. Ltd.		54,900			800,126			5,064			0.0	(g)
Tosoh Corp.		12,700			292,383			1,552			0.0	(g)
Zeon Corp. (a)		51,900			783,277			3,136			0.0	(g)
		340,900			5,415,514			24,361			0.0	(g)
Metals & Mining
Nippon Denko Co. Ltd.		154,500			726,611			2,017			0.0	(g)
Nippon Light Metal Holdings Co. Ltd.		248,600			733,350			2,375			0.0	(g)
		403,100			1,459,961			4,392			0.0	(g)
Paper & Forest Products
Oji Holdings Corp.		104,000			714,550			2,925			0.0	(g)
Total Materials		848,000			7,590,025			31,678			0.0	(g)
Real Estate
Real Estate Management & Development
Nomura Real Estate Holdings, Inc. (a)		6,800			162,912			2,825			0.0	(g)
Telecommunication Services
Wireless Telecommunication Services
NTT DOCOMO, Inc.		10,500			260,898			778			0.0	(g)
Utilities
Electric Utilities
Kansai Electric Power Co., Inc. (The)		22,200			276,628			1,390			0.0	(g)
Tokyo Electric Power Co. Holdings, Inc. (a)		177,800			721,982			2,117			0.0	(g)
Total Utilities		200,000			998,610			3,507			0.0	(g)
Total Long Positions of Total Return Basket Swap		2,189,800			31,726,708			77,795			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Kyoritsu Maintenance Co. Ltd.		(2,000	)		(82,501	)		31			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Multiline Retail
Isetan Mitsukoshi Holdings Ltd.		(47,800	)		(574,242	)		(2,849	)		0.0	(g)
Total Consumer Discretionary		(49,800	)		(656,743	)		(2,818	)		0.0	(g)
Consumer Staples
Food Products
Kewpie Corp.		(13,300	)		(380,517	)		(1,021	)		0.0	(g)
Financials
Consumer Finance
Acom Co. Ltd. (a)		(100,400	)		(439,277	)		(1,515	)		0.0	(g)
Aiful Corp. (a)		(115,800	)		(420,896	)		(1,907	)		0.0	(g)
Total Financials		(216,200	)		(860,173	)		(3,422	)		0.0	(g)
Industrials
Air Freight & Logistics
Yamato Holdings Co. Ltd.		(14,400	)		(371,878	)		(963	)		0.0	(g)
Road & Rail
Keio Corp.		(5,800	)		(276,174	)		(970	)		0.0	(g)
Odakyu Electric Railway Co. Ltd.		(18,000	)		(397,578	)		(1,865	)		0.0	(g)
		(23,800	)		(673,752	)		(2,835	)		0.0	(g)
Trading Companies & Distributors
MonotaRO Co. Ltd.		(6,800	)		(215,075	)		(492	)		0.0	(g)
Transportation Infrastructure
Mitsubishi Logistics Corp.		(11,300	)		(296,994	)		(1,788	)		0.0	(g)
Total Industrials		(56,300	)		(1,557,699	)		(6,078	)		0.0	(g)
Information Technology
Internet Software & Services
GMO internet, Inc.		(26,600	)		(487,339	)		(3,437	)		0.0	(g)
Materials
Chemicals
Tokyo Ohka Kogyo Co. Ltd.		(14,300	)		(656,507	)		(2,875	)		0.0	(g)
Metals & Mining
Kobe Steel Ltd.		(58,300	)		(607,047	)		(2,525	)		0.0	(g)
UACJ Corp.		(12,600	)		(339,944	)		(1,428	)		0.0	(g)
		(70,900	)		(946,991	)		(3,953	)		0.0	(g)
Total Materials		(85,200	)		(1,603,498	)		(6,828	)		0.0	(g)
Utilities
Electric Utilities
Chugoku Electric Power Co., Inc. (The)		(27,600	)		(305,748	)		(598	)		0.0	(g)
Hokkaido Electric Power Co., Inc.		(40,500	)		(264,162	)		(395	)		0.0	(g)
Hokuriku Electric Power Co.		(83,800	)		(685,760	)		(1,052	)		0.0	(g)
Total Utilities		(151,900	)		(1,255,670	)		(2,045	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(599,300	)		(6,801,639	)		(25,649	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		1,590,500			24,925,069			52,146			0.0	(g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps.	03/16/2018 — 03/19/2018	$	(52,125,553	)	$	(3,262	)	$	—	$	(3,262	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Auto Components
Cooper-Standard Holdings, Inc. (a)		3,299		411,022		—		0.0	(g)
Lear Corp.		3,217		621,331		—		0.0	(g)
		6,516		1,032,353		—		0.0	(g)
Hotels, Restaurants & Leisure
Wyndham Worldwide Corp.		1,611		199,973		—		0.0	(g)
Household Durables
KB Home		3,116		98,216		—		0.0	(g)
MDC Holdings, Inc.		14,339		483,368		—		0.0	(g)
		17,455		581,584		—		0.0	(g)
Multiline Retail
Big Lots, Inc.		8,163		496,147		—		0.0	(g)
Dillard’s, Inc.		1,485		100,327		—		0.0	(g)
Target Corp.		2,104		158,263		—		0.0	(g)
		11,752		754,737		—		0.0	(g)
Specialty Retail
Best Buy Co., Inc.		6,024		440,113		—		0.0	(g)
Children’s Place, Inc. (The)		3,200		479,360		—		0.0	(g)
		9,224		919,473		—		0.0	(g)
Total Consumer Discretionary		46,558		3,488,120		—		0.0	(g)
Consumer Staples
Food Products
Fresh Del Monte Produce, Inc.		9,689		458,387		—		0.0	(g)
Personal Products
USANA Health Sciences, Inc. (a)		8,486		633,480		—		0.0	(g)
Total Consumer Staples		18,175		1,091,867		—		0.0	(g)
Energy
Energy Equipment & Services
Noble Corp. plc (a)		6,896		32,342		—		0.0	(g)
Oil, Gas & Consumable Fuels
Valero Energy Corp.		4,635		444,821		—		0.0	(g)
Total Energy		11,531		477,163		—		0.0	(g)
Health Care
Health Care Equipment & Supplies
Natus Medical, Inc. (a)		11,882		368,936		—		0.0	(g)
Health Care Providers & Services
Aetna, Inc.		3,090		577,274		—		0.0	(g)
Chemed Corp.		2,280		594,100		—		0.0	(g)
Express Scripts Holding Co. (a)		3,630		287,423		—		0.0	(g)
Humana, Inc.		1,201		338,478		—		0.0	(g)
Owens & Minor, Inc.		2,959		62,317		—		0.0	(g)
Quest Diagnostics, Inc.		4,273		452,169		—		0.0	(g)
UnitedHealth Group, Inc.		2,461		582,716		—		0.0	(g)
		19,894		2,894,477		—		0.0	(g)
Pharmaceuticals
Johnson & Johnson		3,749		518,074		—		0.0	(g)
Mallinckrodt plc (a)		12,793		231,042		—		0.0	(g)
		16,542		749,116		—		0.0	(g)
Total Health Care		48,318		4,012,529		—		0.0	(g)
Industrials
Building Products
Owens Corning		6,448		599,471		—		0.0	(g)
Commercial Services & Supplies
Deluxe Corp.		6,506		483,201		—		0.0	(g)
Machinery
Barnes Group, Inc.		7,852		516,583		—		0.0	(g)
Hillenbrand, Inc.		9,965		441,450		—		0.0	(g)
Wabash National Corp.		14,299		369,343		—		0.0	(g)
		32,116		1,327,376		—		0.0	(g)
Total Industrials		45,070		2,410,048		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Information Technology
Communications Equipment
Cisco Systems, Inc.		8,828			366,715			—		0.0	(g)
Electronic Equipment, Instruments & Components
Corning, Inc.		10,130			316,259			—		0.0	(g)
Methode Electronics, Inc.		7,803			318,753			—		0.0	(g)
		17,933			635,012			—		0.0	(g)
IT Services
Amdocs Ltd.		5,631			385,160			—		0.0	(g)
Convergys Corp.		3,186			74,138			—		0.0	(g)
Western Union Co. (The)		12,314			256,008			—		0.0	(g)
		21,131			715,306			—		—	(g)
Semiconductors & Semiconductor Equipment
Advanced Energy Industries, Inc. (a)		3,901			277,478			—		0.0	(g)
Intel Corp.		8,491			408,757			—		0.0	(g)
Teradyne, Inc.		6,226			285,400			—		0.0	(g)
		18,618			971,635			—		0.0	(g)
Software
Oracle Corp.		4,954			255,577			—		0.0	(g)
Technology Hardware, Storage & Peripherals
Apple, Inc.		3,539			592,535			—		0.0	(g)
Total Information Technology		75,003			3,536,780			—		0.0	(g)
Materials
Chemicals
Innophos Holdings, Inc.		838			38,774			—		0.0	(g)
LyondellBasell Industries NV		4,849			581,104			—		0.0	(g)
Trinseo SA		6,176			509,211			—		0.0	(g)
Total Materials		11,863			1,129,089			—		0.0	(g)
Utilities
Multi-Utilities
Ameren Corp.		7,063			399,978			—		0.0	(g)
CenterPoint Energy, Inc.		13,243			373,188			—		0.0	(g)
Total Utilities		20,306			773,166			—		0.0	(g)
Total Long Positions of Total Return Basket Swap		276,824			16,918,762			—		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Auto Components
Visteon Corp. (a)		(2,044	)		(265,884	)		—		0.0	(g)
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc. (a)		(1,445	)		(469,278	)		—		0.0	(g)
MGM Resorts International		(6,543	)		(238,492	)		—		0.0	(g)
Planet Fitness, Inc. (a)		(2,067	)		(69,782	)		—		0.0	(g)
Red Robin Gourmet Burgers, Inc. (a)		(8,460	)		(445,419	)		—		0.0	(g)
Shake Shack, Inc. (a)		(14,060	)		(614,563	)		—		0.0	(g)
Wendy’s Co. (The)		(11,400	)		(184,452	)		—		0.0	(g)
		(43,975	)		(2,021,986	)		—		0.0	(g)
Household Durables
Tempur Sealy International, Inc. (a)		(3,258	)		(194,307	)		—		0.0	(g)
Internet & Direct Marketing Retail
Liberty Expedia Holdings, Inc. (a)		(15,597	)		(731,343	)		—		0.0	(g)
Netflix, Inc. (a)		(444	)		(120,013	)		—		0.0	(g)
		(16,041	)		(851,356	)		—		0.0	(g)
Media
Cinemark Holdings, Inc.		(20,967	)		(771,586	)		—		0.0	(g)
DISH Network Corp. (a)		(16,529	)		(775,210	)		—		0.0	(g)
Interpublic Group of Cos., Inc. (The)		(17,900	)		(391,831	)		—		0.0	(g)
Liberty Broadband Corp. (a)		(3,255	)		(311,015	)		—		0.0	(g)
World Wrestling Entertainment, Inc.		(22,093	)		(780,988	)		—		0.0	(g)
		(80,744	)		(3,030,630	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)		PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Specialty Retail
Advance Auto Parts, Inc.		(694	)		(81,191	)		—		0.0	(g)
CarMax, Inc. (a)		(3,396	)		(242,373	)		—		0.0	(g)
L Brands, Inc.		(4,662	)		(233,520	)		—		0.0	(g)
Monro, Inc.		(3,738	)		(211,197	)		—		0.0	(g)
		(12,490	)		(768,281	)		—		0.0	(g)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		(1,763	)		(120,272	)		—		0.0	(g)
Total Consumer Discretionary		(160,315	)		(7,252,716	)		—		0.0	(g)
Consumer Staples
Beverages
Coca-Cola Bottling Co. Consolidated		(1,531	)		(310,058	)		—		0.0	(g)
Molson Coors Brewing Co.		(3,106	)		(260,966	)		—		0.0	(g)
		(4,637	)		(571,024	)		—		0.0	(g)
Food & Staples Retailing
Casey’s General Stores, Inc.		(1,950	)		(236,165	)		—		0.0	(g)
Kroger Co. (The)		(26,855	)		(815,318	)		—		0.0	(g)
PriceSmart, Inc.		(8,664	)		(738,173	)		—		0.0	(g)
		(37,469	)		(1,789,656	)		—		0.0	(g)
Food Products
Blue Buffalo Pet Products, Inc. (a)		(7,062	)		(239,967	)		—		0.0	(g)
Kraft Heinz Co. (The)		(10,262	)		(804,438	)		—		0.0	(g)
Lancaster Colony Corp.		(2,539	)		(326,008	)		—		0.0	(g)
		(19,863	)		(1,370,413	)		—		0.0	(g)
Personal Products
Avon Products, Inc. (a)		(122,127	)		(297,990	)		—		0.0	(g)
Coty, Inc.		(8,337	)		(163,489	)		—		0.0	(g)
		(130,464	)		(461,479	)		—		0.0	(g)
Total Consumer Staples		(192,433	)		(4,192,572	)		—		0.0	(g)
Energy
Energy Equipment & Services
Weatherford International plc (a)		(141,550	)		(557,707	)		—		0.0	(g)
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		(3,721	)		(223,446	)		—		0.0	(g)
Antero Resources Corp. (a)		(14,448	)		(280,725	)		—		0.0	(g)
Carrizo Oil & Gas, Inc. (a)		(7,728	)		(155,410	)		—		0.0	(g)
Cheniere Energy, Inc. (a)		(12,647	)		(715,314	)		—		0.0	(g)
Chesapeake Energy Corp. (a)		(43,673	)		(152,856	)		—		0.0	(g)
Concho Resources, Inc. (a)		(4,879	)		(768,150	)		—		0.0	(g)
Extraction Oil & Gas, Inc. (a)		(20,351	)		(286,949	)		—		0.0	(g)
Hess Corp.		(3,062	)		(154,662	)		—		0.0	(g)
Kosmos Energy Ltd. (a)		(102,284	)		(706,782	)		—		0.0	(g)
Laredo Petroleum, Inc. (a)		(36,948	)		(359,504	)		—		0.0	(g)
Matador Resources Co. (a)		(7,374	)		(238,991	)		—		0.0	(g)
Oasis Petroleum, Inc. (a)		(28,058	)		(242,982	)		—		0.0	(g)
Parsley Energy, Inc. (a)		(14,676	)		(346,354	)		—		0.0	(g)
PDC Energy, Inc. (a)		(10,726	)		(556,143	)		—		0.0	(g)
QEP Resources, Inc. (a)		(22,859	)		(213,960	)		—		0.0	(g)
Range Resources Corp.		(31,166	)		(444,116	)		—		0.0	(g)
RSP Permian, Inc. (a)		(16,407	)		(651,030	)		—		0.0	(g)
SM Energy Co.		(14,735	)		(344,062	)		—		0.0	(g)
WPX Energy, Inc. (a)		(32,984	)		(485,854	)		—		0.0	(g)
		(428,726	)		(7,327,290	)		—		0.0	(g)
Total Energy		(570,276	)		(7,884,997	)		—		0.0	(g)
Financials
Banks
Bank of the Ozarks, Inc.		(14,715	)		(735,014	)		—		0.0	(g)
First Republic Bank		(8,962	)		(802,547	)		—		0.0	(g)
Home BancShares, Inc.		(31,212	)		(749,400	)		—		0.0	(g)
Signature Bank (a)		(4,870	)		(749,980	)		—		0.0	(g)
UMB Financial Corp.		(10,076	)		(767,590	)		—		0.0	(g)
		(69,835	)		(3,804,531	)		—		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Capital Markets
Charles Schwab Corp. (The)		(14,914	)		(795,513	)		—			0.0	(g)
Financial Engines, Inc.		(27,764	)		(789,886	)		—			0.0	(g)
TD Ameritrade Holding Corp.		(13,835	)		(771,855	)		—			0.0	(g)
		(56,513	)		(2,357,254	)		—			0.0	(g)
Consumer Finance
LendingClub Corp. (a)		(169,312	)		(619,682	)		—			0.0	(g)
PRA Group, Inc. (a)		(5,009	)		(179,072	)		—			0.0	(g)
SLM Corp. (a)		(65,875	)		(753,610	)		—			0.0	(g)
		(240,196	)		(1,552,364	)		—			0.0	(g)
Insurance
Markel Corp. (a)		(245	)		(281,184	)		—			0.0	(g)
RLI Corp.		(4,137	)		(265,844	)		—			0.0	(g)
		(4,382	)		(547,028	)		—			0.0	(g)
Total Financials		(370,926	)		(8,261,177	)		—			0.0	(g)
Health Care
Health Care Equipment & Supplies
DexCom, Inc. (a)		(5,986	)		(348,385	)		—			0.0	(g)
Insulet Corp. (a)		(9,850	)		(753,821	)		—			0.0	(g)
Nevro Corp. (a)		(3,500	)		(280,910	)		—			0.0	(g)
Penumbra, Inc. (a)		(757	)		(75,397	)		—			0.0	(g)
Wright Medical Group NV (a)		(32,773	)		(745,585	)		(3,258	)		0.0	(g)
		(52,866	)		(2,204,098	)		(3,258	)		0.0	(g)
Pharmaceuticals
Aerie Pharmaceuticals, Inc. (a)		(5,012	)		(274,908	)		—			0.0	(g)
Dermira, Inc. (a)		(9,089	)		(259,218	)		—			0.0	(g)
Intra-Cellular Therapies, Inc. (a)		(14,675	)		(249,769	)		—			0.0	(g)
Medicines Co. (The) (a)		(11,856	)		(392,789	)		—			0.0	(g)
Nektar Therapeutics (a)		(1,810	)		(151,334	)		—			0.0	(g)
Pacira Pharmaceuticals, Inc. (a)		(18,129	)		(659,896	)		—			0.0	(g)
		(60,571	)		(1,987,914	)		—			0.0	(g)
Total Health Care		(113,437	)		(4,192,012	)		(3,258	)		0.0	(g)
Industrials
Aerospace & Defense
Cubic Corp.		(3,430	)		(199,112	)		—			0.0	(g)
Mercury Systems, Inc. (a)		(8,016	)		(384,928	)		—			0.0	(g)
TransDigm Group, Inc.		(479	)		(151,800	)		—			0.0	(g)
		(11,925	)		(735,840	)		—			0.0	(g)
Air Freight & Logistics
Hub Group, Inc. (a)		(2,408	)		(115,704	)		—			0.0	(g)
Airlines
Spirit Airlines, Inc. (a)		(14,606	)		(615,205	)		—			0.0	(g)
Building Products
Armstrong World Industries, Inc. (a)		(11,650	)		(730,455	)		—			0.0	(g)
Commercial Services & Supplies
Clean Harbors, Inc. (a)		(3,905	)		(216,103	)		—			0.0	(g)
Covanta Holding Corp.		(45,857	)		(749,762	)		—			0.0	(g)
Healthcare Services Group, Inc.		(4,066	)		(224,362	)		—			0.0	(g)
		(53,828	)		(1,190,227	)		—			0.0	(g)
Construction & Engineering
Dycom Industries, Inc. (a)		(9	)		(1,050	)		—			0.0	(g)
Granite Construction, Inc.		(2,305	)		(153,720	)		—			0.0	(g)
		(2,314	)		(154,770	)		—			0.0	(g)
Electrical Equipment
Acuity Brands, Inc.		(2,322	)		(358,610	)		—			0.0	(g)
Machinery
CIRCOR International, Inc.		(4,590	)		(243,362	)		—			0.0	(g)
EnPro Industries, Inc.		(2,541	)		(223,583	)		—			0.0	(g)
Flowserve Corp.		(14,314	)		(648,710	)		—			0.0	(g)
REV Group, Inc.		(8,531	)		(249,617	)		—			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Machinery – continued
SPX FLOW, Inc. (a)		(17,676	)		(819,636	)		—			0.0	(g)
Wabtec Corp.		(9,031	)		(731,872	)		—			0.0	(g)
Welbilt, Inc. (a)		(14,850	)		(331,155	)		—			0.0	(g)
		(71,533	)		(3,247,935	)		—			0.0	(g)
Marine
Matson, Inc.		(5,687	)		(194,552	)		—			0.0	(g)
Road & Rail
AMERCO		(618	)		(225,619	)		—			0.0	(g)
Avis Budget Group, Inc. (a)		(1,776	)		(79,849	)		—			0.0	(g)
Genesee & Wyoming, Inc. (a)		(9,750	)		(778,538	)		—			0.0	(g)
Hertz Global Holdings, Inc. (a)		(1	)		(9	)		(4	)		0.0	(g)
Werner Enterprises, Inc.		(3,163	)		(128,734	)		—			0.0	(g)
		(15,308	)		(1,212,749	)		(4	)		0.0	(g)
Trading Companies & Distributors
Herc Holdings, Inc. (a)		(2,483	)		(163,193	)		—			0.0	(g)
SiteOne Landscape Supply, Inc. (a)		(2,986	)		(227,414	)		—			0.0	(g)
		(5,469	)		(390,607	)		—			0.0	(g)
Transportation Infrastructure
Macquarie Infrastructure Corp.		(4,649	)		(308,461	)		—			0.0	(g)
Total Industrials		(201,699	)		(9,255,115	)		(4	)		0.0	(g)
Information Technology
Communications Equipment
Infinera Corp. (a)		(68,368	)		(442,341	)		—			0.0	(g)
ViaSat, Inc. (a)		(3,514	)		(265,729	)		—			0.0	(g)
		(71,882	)		(708,070	)		—			0.0	(g)
Electronic Equipment, Instruments & Components
Fitbit, Inc. (a)		(82,409	)		(424,406	)		—			0.0	(g)
Internet Software & Services
2U, Inc. (a)		(9,880	)		(733,788	)		—			0.0	(g)
Benefitfocus, Inc. (a)		(6,816	)		(171,763	)		—			0.0	(g)
Box, Inc. (a)		(9,515	)		(211,614	)		—			0.0	(g)
Cornerstone OnDemand, Inc. (a)		(6,705	)		(275,777	)		—			0.0	(g)
Etsy, Inc. (a)		(9,639	)		(180,828	)		—			0.0	(g)
Gogo, Inc. (a)		(62,131	)		(598,943	)		—			0.0	(g)
GTT Communications, Inc. (a)		(2,672	)		(123,313	)		—			0.0	(g)
MuleSoft, Inc. (a)		(27,678	)		(680,325	)		—			0.0	(g)
New Relic, Inc. (a)		(12,368	)		(738,741	)		—			0.0	(g)
Pandora Media, Inc. (a)		(26,645	)		(127,363	)		—			0.0	(g)
Q2 Holdings, Inc. (a)		(6,525	)		(276,334	)		—			0.0	(g)
SPS Commerce, Inc. (a)		(6,718	)		(353,367	)		—			0.0	(g)
Wix.com Ltd. (a)		(12,650	)		(772,283	)		—			0.0	(g)
Zillow Group, Inc. (a)		(5,215	)		(231,859	)		—			0.0	(g)
		(205,157	)		(5,476,298	)		—			0.0	(g)
IT Services
InterXion Holding NV (a)		(11,360	)		(712,840	)		—			0.0	(g)
Syntel, Inc. (a)		(8,200	)		(184,910	)		—			0.0	(g)
WEX, Inc. (a)		(856	)		(132,517	)		—			0.0	(g)
		(20,416	)		(1,030,267	)		—			0.0	(g)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc. (a)		(53,107	)		(729,690	)		—			0.0	(g)
MACOM Technology Solutions Holdings, Inc. (a)		(24,809	)		(771,560	)		—			0.0	(g)
		(77,916	)		(1,501,250	)		—			0.0	(g)
Software
Autodesk, Inc. (a)		(6,421	)		(742,396	)		—			0.0	(g)
Blackline, Inc. (a)		(17,103	)		(568,333	)		—			0.0	(g)
FireEye, Inc. (a)		(32,823	)		(494,971	)		—			0.0	(g)
Globant SA (a)		(5,250	)		(238,560	)		—			0.0	(g)
HubSpot, Inc. (a)		(7,490	)		(726,905	)		—			0.0	(g)
Imperva, Inc. (a)		(13,485	)		(589,969	)		—			0.0	(g)
Pegasystems, Inc.		(5,519	)		(280,641	)		—			0.0	(g)
RingCentral, Inc. (a)		(11,710	)		(635,853	)		—			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Short Positions – continued
Common Stocks – continued
Software – continued
ServiceNow, Inc. (a)		(818	)		(121,776	)		—			0.0	(g)
Splunk, Inc. (a)		(6,438	)		(594,678	)		—			0.0	(g)
Tableau Software, Inc. (a)		(8,300	)		(637,523	)		—			0.0	(g)
Workday, Inc. (a)		(5,927	)		(710,588	)		—			0.0	(g)
Zendesk, Inc. (a)		(17,315	)		(666,974	)		—			0.0	(g)
		(138,599	)		(7,009,167	)		—			0.0	(g)
Technology Hardware, Storage & Peripherals
Cray, Inc. (a)		(6,332	)		(153,551	)		—			0.0	(g)
Pure Storage, Inc. (a)		(35,467	)		(714,305	)		—			0.0	(g)
		(41,799	)		(867,856	)		—			0.0	(g)
Total Information Technology		(638,178	)		(17,017,314	)		—			0.0	(g)
Materials
Chemicals
CF Industries Holdings, Inc.		(4,213	)		(178,800	)		—			0.0	(g)
GCP Applied Technologies, Inc. (a)		(7,531	)		(251,535	)		—			0.0	(g)
RPM International, Inc.		(4,187	)		(218,561	)		—			0.0	(g)
		(15,931	)		(648,896	)		—			—	(g)
Construction Materials
Martin Marietta Materials, Inc.		(910	)		(207,635	)		—			0.0	(g)
Summit Materials, Inc. (a)		(23,292	)		(744,179	)		—			0.0	(g)
Vulcan Materials Co.		(998	)		(135,129	)		—			0.0	(g)
		(25,200	)		(1,086,943	)		—			0.0	(g)
Containers & Packaging
Ball Corp.		(8,525	)		(326,337	)		—			0.0	(g)
Metals & Mining
Carpenter Technology Corp.		(4,937	)		(253,762	)		—			0.0	(g)
Coeur Mining, Inc. (a)		(39,684	)		(319,059	)		—			0.0	(g)
Commercial Metals Co.		(30,143	)		(724,638	)		—			0.0	(g)
Constellium NV (a)		(64,815	)		(832,873	)		—			0.0	(g)
Hecla Mining Co.		(196,211	)		(753,450	)		—			0.0	(g)
		(335,790	)		(2,883,782	)		—			0.0	(g)
Total Materials		(385,446	)		(4,945,958	)		—			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
Zayo Group Holdings, Inc. (a)		(22,439	)		(823,511	)		—			0.0	(g)
Wireless Telecommunication Services
Sprint Corp. (a)		(156,279	)		(832,967	)		—			0.0	(g)
Total Telecommunication Services		(178,718	)		(1,656,478	)		—			0.0	(g)
Utilities
Electric Utilities
Southern Co. (The)		(7,400	)		(333,814	)		—			0.0	(g)
Westar Energy, Inc.		(6,904	)		(356,661	)		—			0.0	(g)
		(14,304	)		(690,475	)		—			0.0	(g)
Multi-Utilities
Dominion Energy, Inc.		(10,602	)		(810,417	)		—			0.0	(g)
NiSource, Inc.		(14,027	)		(346,186	)		—			0.0	(g)
Sempra Energy		(7,607	)		(814,101	)		—			0.0	(g)
		(32,236	)		(1,970,704	)		—			0.0	(g)
Water Utilities
American States Water Co.		(13,248	)		(731,555	)		—			0.0	(g)
American Water Works Co., Inc.		(4,116	)		(342,328	)		—			0.0	(g)
Aqua America, Inc.		(8,820	)		(319,372	)		—			0.0	(g)
California Water Service Group		(8,146	)		(331,542	)		—			0.0	(g)
		(34,330	)		(1,724,797	)		—			0.0	(g)
Total Utilities		(80,870	)		(4,385,976	)		—			0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,892,298	)		(69,044,315	)		(3,262	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(2,615,474	)		(52,125,553	)		(3,262	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)		NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps.	03/19/2018	$	4,054,875	$	344	$	—	$	344

REFERENCE ENTITY	SHARES		NOTIONAL VALUE($)(1)		UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Carnival plc		9,992		704,983		(118	)		0.0	(g)
William Hill plc		128,442		565,342		—			0.0	(g)
		138,434		1,270,325		(118	)		0.0	(g)
Household Durables
Barratt Developments plc		8,471		70,367		(18	)		0.0	(g)
Bellway plc		2,548		120,117		(29	)		0.0	(g)
Berkeley Group Holdings plc		10,374		584,118		(55	)		0.0	(g)
Crest Nicholson Holdings plc		10,956		78,635		—			0.0	(g)
Persimmon plc		2,850		101,245		—			0.0	(g)
Redrow plc		17,327		147,364		—			0.0	(g)
Taylor Wimpey plc		49,895		135,028		—			0.0	(g)
		102,421		1,236,874		(102	)		0.0	(g)
Specialty Retail
WH Smith plc		3,502		106,219		(90	)		0.0	(g)
Textiles, Apparel & Luxury Goods
Burberry Group plc		5,738		128,684		41			0.0	(g)
Total Consumer Discretionary		250,095		2,742,102		(269	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Wm Morrison Supermarkets plc		211,503		666,672		—			0.0	(g)
Energy
Energy Equipment & Services
Petrofac Ltd.		30,905		232,866		475			0.0	(g)
Financials
Capital Markets
3i Group plc		42,737		565,113		(62	)		0.0	(g)
Investec plc		12,019		93,379		32			0.0	(g)
Total Financials		54,756		658,492		(30	)		0.0	(g)
Industrials
Airlines
International Consolidated Airlines Group SA		75,041		681,851		(262	)		0.0	(g)
Professional Services
RELX plc		26,801		593,103		231			0.0	(g)
Trading Companies & Distributors
Howden Joinery Group plc		111,612		735,988		201			0.0	(g)
Total Industrials		213,454		2,010,942		170			0.0	(g)
Information Technology
Electronic Equipment, Instruments & Components
Electrocomponents plc		57,402		499,437		154			0.0	(g)
Internet Software & Services
Moneysupermarket.com Group plc		39,327		189,111		42			0.0	(g)
Total Information Technology		96,729		688,548		196			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions – continued
Common Stocks – continued
Materials
Metals & Mining
BHP Billiton plc		29,142			648,999			1,859			0.0	(g)
Centamin plc		283,658			656,316			1,441			0.0	(g)
Rio Tinto plc		1,605			89,339			(38	)		0.0	(g)
		314,405			1,394,654			3,262			0.0	(g)
Paper & Forest Products
Mondi plc		6,270			167,115			16			0.0	(g)
Total Materials		320,675			1,561,769			3,278			0.0	(g)
Telecommunication Services
Diversified Telecommunication Services
BT Group plc		40,589			148,294			1,078			0.0	(g)
Inmarsat plc		2,505			16,511			(10	)		0.0	(g)
		43,094			164,805			1,068			0.0	(g)
Total Telecommunication Services		43,094			164,805			1,068			0.0	(g)
Utilities
Multi-Utilities
Centrica plc		16,836			31,901			—			0.0	(g)
Total Long Positions of Total Return Basket Swap		1,238,047			8,758,097			4,888			0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Merlin Entertainments plc		(52,711	)		(245,930	)		—			0.0	(g)
Whitbread plc		(7,190	)		(396,276	)		(75	)		0.0	(g)
		(59,901	)		(642,206	)		(75	)		0.0	(g)
Internet & Direct Marketing Retail
Ocado Group plc (a)		(63,965	)		(457,697	)		(324	)		0.0	(g)
Multiline Retail
B&M European Value Retail SA		(86,622	)		(511,286	)		230			0.0	(g)
Total Consumer Discretionary		(210,488	)		(1,611,189	)		(169	)		0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Tullow Oil plc (a)		(113,285	)		(322,360	)		(1,067	)		0.0	(g)
Financials
Banks
Standard Chartered plc (a)		(38,141	)		(443,780	)		70			0.0	(g)
Capital Markets
St James’s Place plc		(28,023	)		(473,122	)		(236	)		0.0	(g)
Total Financials		(66,164	)		(916,902	)		(166	)		0.0	(g)
Industrials
Trading Companies & Distributors
Ashtead Group plc		(22,709	)		(678,842	)		(119	)		0.0	(g)
Materials
Metals & Mining
Fresnillo plc		(19,643	)		(376,077	)		(1,234	)		0.0	(g)
Real Estate
Real Estate Management & Development
Capital & Counties Properties plc		(91,516	)		(384,330	)		(1,010	)		0.0	(g)
Utilities
Water Utilities
Pennon Group plc		(40,453	)		(413,522	)		(779	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(564,258	)		(4,703,222	)		(4,544	)		0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		673,789			4,054,875			344			0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)		VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps.	03/20/2018	$	2,009,720	$	(120	)	$	—	$	(120	)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Financials
Insurance
Baloise Holding AG (Registered)		1,097			179,472			(32	)	0.0 (g)
Swiss Life Holding AG (Registered) (a)		1,682			631,587			(10	)	0.0 (g)
Total Financials		2,779			811,059			(42	)	0.0 (g)
Health Care
Pharmaceuticals
Novartis AG (Registered)		1,134			102,352			(235	)	0.0 (g)
Roche Holding AG		2,683			670,433			(642	)	0.0 (g)
Total Health Care		3,817			772,785			(877	)	0.0 (g)
Industrials
Machinery
Georg Fischer AG (Registered)		442			639,862			(284	)	0.0 (g)
Schindler Holding AG		429			107,492			(87	)	0.0 (g)
VAT Group AG (a)		307			49,045			(35	)	0.0 (g)
Total Industrials		1,178			796,399			(406	)	0.0 (g)
Real Estate
Real Estate Management & Development
Swiss Prime Site AG (Registered) (a)		602			58,281			70		0.0 (g)
Telecommunication Services
Diversified Telecommunication Services
Sunrise Communications Group AG (a)		917			86,220			12		0.0 (g)
Total Long Positions of Total Return Basket Swap		9,293			2,524,744			(1,243	)	0.0 (g)
Short Positions
Common Stocks
Consumer Discretionary
Specialty Retail
Dufry AG (Registered) (a)		(3,320	)		(515,024	)		1,123		0.0 (g)
Total of Long and Short Positions of Total Return Basket Swaps		5,973			2,009,720			(120	)	0.0 (g)

COUNTERPARTY	DESCRIPTION	TERMINATION DATE	NOTIONAL VALUE(1)			NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)	VALUE
Union Bank of Switzerland AG	The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.10)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps.	03/19/2018	$	(1,870,010	)	$	(903	)	$                  —	$	(903	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

REFERENCE ENTITY	SHARES			NOTIONAL VALUE($)(1)			UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Aristocrat Leisure Ltd.		36,403			699,443			(1,628	)		0.0	(g)
Consumer Staples
Food & Staples Retailing
Metcash Ltd.		33,079			85,308			12			0.0	(g)
Energy
Oil, Gas & Consumable Fuels
Caltex Australia Ltd.		5,952			166,596			(165	)		0.0	(g)
Woodside Petroleum Ltd.		4,906			130,985			53			0.0	(g)
Total Energy		10,858			297,581			(112	)		0.0	(g)
Materials
Metals & Mining
BlueScope Steel Ltd.		70			813			(5	)		0.0	(g)
Fortescue Metals Group Ltd.		41,194			163,591			(1,052	)		0.0	(g)
OZ Minerals Ltd.		55,659			418,421			(926	)		0.0	(g)
Regis Resources Ltd.		40,365			134,068			60			0.0	(g)
Rio Tinto Ltd.		9,996			615,436			(3,573	)		0.0	(g)
Total Materials		147,284			1,332,329			(5,496	)		0.0	(g)
Total Long Positions of Total Return Basket Swap		227,624			2,414,661			(7,224	)		0.0	(g)
Short Positions
Common Stocks
Consumer Discretionary
Hotels, Restaurants & Leisure
Domino’s Pizza Enterprises Ltd.		(17,888	)		(689,766	)		1,969			0.0	(g)
Financials
Diversified Financial Services
AMP Ltd.		(124,161	)		(524,441	)		816			0.0	(g)
Health Care
Health Care Providers & Services
Healthscope Ltd.		(221,778	)		(345,025	)		(117	)		0.0	(g)
Pharmaceuticals
Mayne Pharma Group Ltd. (a)		(641,865	)		(342,725	)		1,223			0.0	(g)
Total Health Care		(863,643	)		(687,750	)		1,106			0.0	(g)
Industrials
Commercial Services & Supplies
Brambles Ltd.		(52,653	)		(418,733	)		1,302			0.0	(g)
Transportation Infrastructure
Qube Holdings Ltd.		(359,587	)		(742,817	)		1,854			0.0	(g)
Total Industrials		(412,240	)		(1,161,550	)		3,156			0.0	(g)
Metals & Mining
Independence Group NL		(117,325	)		(472,353	)		3,185			0.0	(g)
Saracen Mineral Holdings Ltd. (a)		(620,418	)		(748,811	)		(3,911	)		0.0	(g)
Total Materials		(737,743	)		(1,221,164	)		(726	)		0.0	(g)
Total Short Positions of Total Return Basket Swap		(2,155,675	)		(4,284,671	)		6,321			0.0	(g)
Total of Long and Short Positions of Total Return Basket Swaps		(1,928,051	)		(1,870,010	)		(903	)		0.0	(g)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

The following reference rates, and their values as of period-end, are used for security descriptions:

	VALUE
BA		1.58	%
BBR		1.68	%
BBSW		1.68	%
CDOR		1.58	%
CHF LIBOR		(0.80	)%
CIBOR		(0.37	)%
EURIBOR		(0.37	)%
EUR LIBOR		(0.41	)%
GBP LIBOR		0.50	%
JPY LIBOR		(0.04	)%
STIBOR		(0.50	)%
USD LIBOR		1.58	%

Summary of total swap contracts outstanding as of January 31, 2018:

	Net Upfront Payments (Receipts)($)		Value($)
Assets
OTC Total Return Basket Swaps Outstanding		—		69,525
OTC Total return swap contracts outstanding		—		2,379
Total OTC swap contracts outstanding		—		71,904
Liabilities
Total OTC Total Return Basket Swaps Outstanding		—		(147,947	)

JPMorgan Systematic Alpha Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

AUD	—	Australian Dollar
BA	—	Banker’s Acceptance Rate
BBR	—	Bank Bill Rate
BBSW	—	ASX Australia Bank Bill Swap Rate
BRL	—	Brazilian Real
CAC	—	Continuous Assisted Quotation
CAD	—	Canadian Dollar
CDOR	—	Canada Dollar Offered Rate
CHF	—	Swiss Franc
CIBOR	—	Copenhagen Interbank Offered Rate
CVR	—	Contingent Value Rights
DAX	—	Deutscher Aktien Index
EUR	—	Euro
EURIBOR	—	Euro Interbank Offered Rate
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IBEX	—	Spanish Exchange Index
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
PHP	—	Philippine Peso
RUB	—	Russian Ruble
S&P	—	Standard & Poor’s
SEK	—	Swedish Krona
SPI	—	Australian Securities Exchange
STIBOR	—	Stockholm Interbank Offered Rate
THB	—	Thai Baht
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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(bb)	—	Security has been valued using significant unobservable inputs.
**	—	Non-deliverable forward.
(1)	—	Notional value represents market value as of January 31, 2018 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—	Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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. The Consolidated Schedule of Portfolio Investments (“CSOI”) includes positions of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

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

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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 Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	$	56,381,084		$	500,699		$	—		$	56,881,783
Consumer Staples		19,057,714			2,134,536			—			21,192,250
Energy		12,839,503			595,656			—			13,435,159
Financials		25,364,795			—			—			25,364,795
Health Care		46,809,202			901,256			—			47,710,458
Industrials		38,768,865			1,045,349			—			39,814,214
Information Technology		66,045,946			1,566,683			—			67,612,629
Materials		20,613,108			3,168,814			—			23,781,922
Real Estate		736,690			589,358			—			1,326,048
Telecommunication Services		2,410,278			489,494			—			2,899,772
Utilities		16,349,251			—			—			16,349,251
Total Common Stocks		305,376,436			10,991,845			—			316,368,281
Convertible Preferred Stocks
Energy		637,135			—			—			637,135
Financials		668,546			—			—			668,546
Health Care		1,417,413			—			—			1,417,413
Industrials		705,524			—			—			705,524
Real Estate		202,545			—			—			202,545
Utilities		974,060			—			—			974,060
Total Convertible Preferred Stocks		4,605,223			—			—			4,605,223
Debt Securities
Convertible Bonds
Consumer Discretionary		—			1,315,685			—			1,315,685
Energy		—			738,425			—			738,425
Financials		—			1,498,233			—			1,498,233
Health Care		—			5,214,716			—	(a)		5,214,716
Industrials		—			495,027			—			495,027
Information Technology		—			8,439,772			—			8,439,772
Materials		—			344,580			—			344,580
Real Estate		—			432,295			—			432,295
Utilities		—			564,713			—			564,713
Total Convertible Bonds		—			19,043,446			—	(a)		19,043,446
Rights
Health Care		—			—			—	(a)		—	(a)
Short-Term Investments
Investment Companies		99,064,217			—			—			99,064,217
Total Investments in Securities	$	409,045,876		$	30,035,291		$	—	(a)	$	439,081,167
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,105,586		$	—		$	2,105,586
Futures Contracts		6,444,501			125,144			—			6,569,645
Swaps		—			69,525			2,379			71,904
Total Appreciation in Other Financial Instruments	$	6,444,501		$	2,300,255		$	2,379		$	8,747,135
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,828,975	)	$	—		$	(3,828,975	)
Futures Contracts		(11,374,996	)		(102,392	)		—			(11,477,388	)
Swaps		—			(147,593	)		—			(147,593	)
Total Depreciation in Other Financial Instruments	$	(11,374,996	)	$	(4,078,960	)	$	—		$	(15,453,956	)

(a) Value is zero.

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

There were no significant transfers between level 1 and level 2 during the period ended January 31, 2018.

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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.

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) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used index, treasury and commodity futures to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sale of futures contracts will tend to offset both positive and negative market price changes. The Fund also used index, equity or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to seek to enhance portfolio performance.

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

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

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of 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). Swaps — The Fund engaged in various swap transactions, including total return swaps and total return basket swaps, to manage credit and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum

JPMorgan Systematic Alpha Fund

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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 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 OTC Swaps.

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 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 Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Argentina — 0.6%
	60	Banco Macro SA, ADR		6,516
	188	Telecom Argentina SA, ADR		7,030
				13,546
		Brazil — 9.2%
	1,626	Banco Bradesco SA, ADR (a)		20,651
	2,188	Banco do Brasil SA (a)		27,251
	1,117	Banco Santander Brasil SA		12,570
	2,317	Cia de Saneamento do Parana (Preference)		7,716
	1,144	Estacio Participacoes SA		12,582
	376	Fibria Celulose SA		6,471
	2,559	Itau Unibanco Holding SA, ADR		41,962
	3,379	Kroton Educacional SA		17,233
	247	Magazine Luiza SA		6,545
	3,633	Metalurgica Gerdau SA (Preference)		7,846
	2,046	MRV Engenharia e Participacoes SA		9,731
	621	Qualicorp SA		5,967
	931	Suzano Papel e Celulose SA (a)		6,038
	2,218	Vale SA, ADR (a)		29,039
				211,602
		China — 26.6%
	1,214	AAC Technologies Holdings, Inc.		20,116
	6,610	Air China Ltd., Class H		9,636
	289	Alibaba Group Holding Ltd., ADR (a)		59,025
	1,194	Angang Steel Co. Ltd., Class H		1,297
	3,373	Anhui Conch Cement Co. Ltd., Class H		18,507
	38,231	Bank of China Ltd., Class H		22,913
	31,054	China Construction Bank Corp., Class H		35,652
	6,383	China Merchants Bank Co. Ltd., Class H		31,165
	2,708	China Overseas Land & Investment Ltd.		10,473
	3,076	China Resources Power Holdings Co. Ltd.		5,672
	2,446	China Shenhua Energy Co. Ltd., Class H		7,600
	5,381	Country Garden Holdings Co. Ltd.		11,558
	7,777	Dali Foods Group Co. Ltd., Reg. S (e)		7,645
	10,928	Fosun International Ltd.		25,728
	3,198	Geely Automobile Holdings Ltd.		10,174
	9,804	Guangzhou Automobile Group Co. Ltd., Class H		22,097
	4,030	Huaneng Power International, Inc., Class H		2,592
	56,870	Industrial & Commercial Bank of China Ltd., Class H		53,567
	69	NetEase, Inc., ADR		22,173
	2,367	Nexteer Automotive Group Ltd. (a)		5,040
	9,482	PICC Property & Casualty Co. Ltd., Class H		19,616

SHARES		SECURITY DESCRIPTION	VALUE($)
		China — continued
	2,455	Ping An Insurance Group Co. of China Ltd., Class H		28,915
	6,379	Qingdao Haier Co. Ltd., Class A		21,494
	5,310	Shenzhen Expressway Co. Ltd., Class H		5,570
	843	Sunny Optical Technology Group Co. Ltd.		11,620
	1,554	Tencent Holdings Ltd.		91,834
	5,746	Weichai Power Co. Ltd., Class H		7,168
	936	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H, Reg. S, (e)		4,323
	5,832	Yanzhou Coal Mining Co. Ltd., Class H		10,143
	123	Yirendai Ltd., ADR		4,968
	137	YY, Inc., ADR (a)		18,218
	1,805	Zhongsheng Group Holdings Ltd.		4,522
				611,021
		Hong Kong — 2.9%
	2,989	Haier Electronics Group Co. Ltd. (a)		10,204
	1,982	Kingboard Chemical Holdings Ltd.		10,842
	3,715	Kingboard Laminates Holdings Ltd.		6,525
	4,148	Lee & Man Paper Manufacturing Ltd.		4,871
	1,421	Nine Dragons Paper Holdings Ltd.		2,205
	18,788	WH Group Ltd., Reg. S (e)		23,230
	5,556	Xinyi Glass Holdings Ltd.		8,418
				66,295
		Hungary — 1.4%
	916	MOL Hungarian Oil & Gas plc		11,182
	430	OTP Bank plc		19,931
				31,113
		India — 2.3%
	1,430	HCL Technologies Ltd.		22,184
	2,146	Hindalco Industries Ltd.		8,624
	3,325	Vedanta Ltd.		17,733
	106	WNS Holdings Ltd., ADR (a)		4,700
				53,241
		Indonesia — 1.5%
	17,822	Bank Negara Indonesia Persero Tbk. PT		12,513
	60,292	Bank Rakyat Indonesia Persero Tbk. PT		16,662
	1,621	United Tractors Tbk. PT		4,710
				33,885
		Luxembourg — 0.3%
	212	Ternium SA, ADR		7,214
		Malaysia — 2.4%
	12,351	AirAsia Bhd.		13,119
	8,158	CIMB Group Holdings Bhd.		15,155
	5,077	Malayan Banking Bhd.		13,154
	3,633	Tenaga Nasional Bhd.		14,692
				56,120

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Mexico — 0.2%
	527	Grupo Financiero Banorte SAB de CV, Class O		3,372
		Panama — 1.2%
	205	Copa Holdings SA, Class A		28,380
		Poland — 1.4%
	145	Jastrzebska Spolka Weglowa SA (a)		4,205
	310	KGHM Polska Miedz SA		10,189
	547	Polski Koncern Naftowy ORLEN SA		17,742
				32,136
		Qatar — 0.3%
	201	Qatar National Bank QPSC		7,478
		Russia — 7.2%
	1,580	Aeroflot PJSC		3,748
	11,402	Alrosa PJSC		16,529
	935	Evraz plc		4,933
	10,139	Magnitogorsk Iron & Steel Works PJSC		8,242
	1,221	MMC Norilsk Nickel PJSC, ADR		25,108
	1,833	Mobile TeleSystems PJSC, ADR		22,253
	134	Ros Agro plc, Reg. S, GDR		1,375
	7	Ros Agro plc, Reg. S, GDR		71
	321,660	RusHydro PJSC		4,155
	314	Sberbank of Russia PJSC, ADR		6,351
	1,449	Sberbank of Russia PJSC, ADR		29,211
	881	Severstal PJSC, Reg. S, GDR		14,471
	120	Tatneft PJSC, ADR		7,211
	157	Tatneft PJSC, ADR		9,550
	6,649	United Co. RUSAL plc		4,812
	202	X5 Retail Group NV, Reg. S, GDR (a)		7,741
				165,761
		Singapore — 0.5%
	10,785	IGG, Inc.		11,963
		South Africa — 1.3%
	239	Kumba Iron Ore Ltd.		7,236
	1,391	Standard Bank Group Ltd.		23,546
				30,782
		South Korea — 16.3%
	529	Hana Financial Group, Inc.		25,757
	113	Hyosung Corp. (a)		14,267
	237	Hyundai Marine & Fire Insurance Co. Ltd. (a)		10,258
	1,095	Industrial Bank of Korea		17,066

SHARES		SECURITY DESCRIPTION	VALUE($)
		South Korea — continued
	315	Korea Electric Power Corp.		10,552
	218	KT&G Corp.		21,731
	64	LG Chem Ltd.		25,971
	78	LG Corp. (a)		6,509
	156	LG Electronics, Inc.		14,941
	52	NCSoft Corp. (a)		21,571
	67	POSCO		23,766
	34	PSK, Inc. (a)		784
	26	Samsung Electronics Co. Ltd.		60,032
	21	Samsung SDI Co. Ltd.		3,856
	169	Seoul Semiconductor Co. Ltd.		3,885
	145	SFA Engineering Corp. (a)		5,243
	459	Shinhan Financial Group Co. Ltd.		22,809
	9	Silicon Works Co. Ltd. (a)		474
	285	SK Hynix, Inc.		19,563
	134	SK Innovation Co. Ltd.		25,582
	131	S-Oil Corp.		15,105
	137	TES Co. Ltd.		4,477
	1,346	Woori Bank		21,228
				375,427
		Taiwan — 11.4%
	5,097	Accton Technology Corp.		20,411
	1,638	Catcher Technology Co. Ltd.		18,738
	3,469	Chipbond Technology Corp.		8,005
	2,649	Compeq Manufacturing Co. Ltd.		3,284
	34,064	CTBC Financial Holding Co. Ltd.		24,891
	4,072	E Ink Holdings, Inc.		7,402
	1,893	FLEXium Interconnect, Inc. (a)		7,231
	9,022	Fubon Financial Holding Co. Ltd.		16,760
	1,659	General Interface Solution Holding Ltd.		12,306
	3,547	Hon Hai Precision Industry Co. Ltd.		11,181
	7,255	Macronix International (a)		11,357
	1,821	MediaTek, Inc.		18,633
	2,608	Merry Electronics Co. Ltd.		16,341
	1,191	Nanya Technology Corp.		3,233
	366	Phison Electronics Corp.		3,729
	3,202	Powertech Technology, Inc.		10,400
	784	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		35,531
	6,627	Winbond Electronics Corp.		5,359
	1,325	Yageo Corp. (a)		17,511
	20,336	Yuanta Financial Holding Co. Ltd.		9,754
				262,057
		Thailand — 3.9%
	3,165	Kiatnakin Bank PCL		8,256

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Thailand — continued
	16,985	Krung Thai Bank PCL		10,833
	5,606	PTT Global Chemical PCL		17,215
	1,605	PTT PCL		25,199
	17,317	Star Petroleum Refining PCL		9,224
	3,143	Thai Oil PCL		10,286
	2,708	Tisco Financial Group PCL		7,646
				88,659
		Turkey — 4.6%
	3,268	Akbank TAS		9,473
	3,333	Eregli Demir ve Celik Fabrikalari TAS		8,811
	8,966	Petkim Petrokimya Holding A/S		18,936
	2,049	Tekfen Holding A/S		8,828
	346	Tupras Turkiye Petrol Rafinerileri A/S		10,615
	1,638	Turk Hava Yollari AO (a)		7,177
	5,017	Turkcell Iletisim Hizmetleri A/S		20,820
	2,412	Turkiye Garanti Bankasi A/S		7,869
	5,123	Turkiye Halk Bankasi A/S		13,788
				106,317
		United States — 0.9%
	277	Cognizant Technology Solutions Corp., Class A		21,634
		Vietnam — 0.4%
	3,307	Hoa Phat Group JSC (a)		9,073
		Total Common Stocks (Cost $1,656,070)		2,227,076
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	67,413	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $67,413)		67,413
		Total Investments — 99.7% (Cost $1,723,483)		2,294,489
		Other Assets in Excess of Liabilities — 0.3%		7,104
		NET ASSETS — 100.0%	$	2,301,593

Percentages indicated are based on net assets.    

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		24.8	%
Metals & Mining		9.1
Internet Software & Services		8.3
Oil, Gas & Consumable Fuels		7.1
Electronic Equipment, Instruments & Components		5.8
Semiconductors & Semiconductor Equipment		5.5
Technology Hardware, Storage & Peripherals		3.4
Chemicals		3.3
Airlines		2.7
Insurance		2.6
Household Durables		2.5
IT Services		2.1
Wireless Telecommunication Services		1.9
Software		1.5
Food Products		1.4
Automobiles		1.4
Industrial Conglomerates		1.4
Diversified Consumer Services		1.3
Electric Utilities		1.3
Communications Equipment		1.1
Real Estate Management & Development		1.0
Others (each less than 1.0%)		7.6
Short-Term Investment		2.9

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index		152		03/2018	USD		9,559		75
									75

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
MSCI	—	Morgan Stanley Capital International
PJSC	—	Public Joint Stock Company
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
USD	—	United States Dollar
(a)	—	Non-income producing security.

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

(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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

Certain foreign equity instruments are valued by applying international fair value factors provided by 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.

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 Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	$	13,546	$	—	$	—	$	13,546
Brazil		211,602		—		—		211,602
China		104,384		506,637		—		611,021
Hong Kong		—		66,295		—		66,295
Hungary		—		31,113		—		31,113
India		4,700		48,541		—		53,241
Indonesia		—		33,885		—		33,885
Luxembourg		7,214		—		—		7,214
Malaysia		—		56,120		—		56,120
Mexico		3,372		—		—		3,372
Panama		28,380		—		—		28,380
Poland		—		32,136		—		32,136
Qatar		—		7,478		—		7,478
Russia		37,190		128,571		—		165,761
Singapore		—		11,963		—		11,963
South Africa		—		30,782		—		30,782
South Korea		—		375,427		—		375,427
Taiwan		35,531		226,526		—		262,057
Thailand		—		88,659		—		88,659
Turkey		—		106,317		—		106,317
United States		21,634		—		—		21,634
Vietnam		—		9,073		—		9,073
Total Common Stocks		467,553		1,759,523		—		2,227,076
Short-Term Investment
Investment Company		67,413		—		—		67,413
Total Investments in Securities	$	534,966	$	1,759,523	$	—	$	2,294,489
Appreciation in Other Financial Instruments
Futures Contracts	$	75	$	—	$	—	$	75

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 $158,904,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.7%
		Argentina — 2.1%
	291	MercadoLibre, Inc.		112,495
		Australia — 0.5%
	4,107	Oil Search Ltd.		25,051
		Brazil — 9.0%
	8,231	Ambev SA, ADR		56,546
	3,264	Cielo SA		27,540
	1,076	Itau Unibanco Holding SA (Preference)		17,651
	4,059	Itau Unibanco Holding SA, ADR		66,574
	16,900	Kroton Educacional SA		86,197
	6,545	Lojas Renner SA (a)		77,782
	846	Marcopolo SA (a)		874
	6,582	Marcopolo SA (Preference) (a)		8,636
	4,538	Petrobras Distribuidora SA (a)		29,908
	1,331	Raia Drogasil SA (a)		35,277
	2,252	Ultrapar Participacoes SA		57,639
	2,410	WEG SA		17,927
				482,551
		China — 27.2%
	2,320	AAC Technologies Holdings, Inc.		38,433
	1,279	Alibaba Group Holding Ltd., ADR (a)		261,273
	15,417	Fuyao Glass Industry Group Co. Ltd., Class A		66,332
	8,995	Hangzhou Robam Appliances Co. Ltd., Class A		76,504
	7,469	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		40,485
	2,598	JD.com, Inc., ADR (a)		127,915
	387	Kweichow Moutai Co. Ltd., Class A		47,017
	8,555	Midea Group Co. Ltd., Class A		81,278
	504	New Oriental Education & Technology Group, Inc., ADR		46,457
	20,695	Ping An Insurance Group Co. of China Ltd., Class H		243,740
	4,105	Shenzhou International Group Holdings Ltd.		42,374
	6,561	Tencent Holdings Ltd.		387,679
				1,459,487
		Egypt — 0.6%
	6,541	Commercial International Bank Egypt SAE (Registered), Reg. S, GDR		29,696
		Hong Kong — 6.3%
	25,106	AIA Group Ltd.		214,443
	516	Jardine Matheson Holdings Ltd.		32,735
	6,128	Sands China Ltd.		36,414
	8,038	Techtronic Industries Co. Ltd.		53,534
				337,126

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 17.4%
	1,781	Asian Paints Ltd.		31,616
	3,414	HDFC Bank Ltd.		111,808
	945	HDFC Bank Ltd., ADR		102,594
	9,865	HDFC Standard Life Insurance Co. Ltd., Reg. S (e)		66,231
	7,163	Housing Development Finance Corp. Ltd.		220,097
	2,824	IndusInd Bank Ltd.		77,743
	14,965	ITC Ltd.		63,855
	2,674	Kotak Mahindra Bank Ltd.		46,554
	2,518	Tata Consultancy Services Ltd.		123,029
	1,135	Tata Motors Ltd., ADR (a)		35,149
	799	UltraTech Cement Ltd.		54,954
				933,630
		Indonesia — 2.5%
	71,409	Astra International Tbk. PT		45,289
	35,605	Bank Central Asia Tbk. PT		60,450
	98,768	Bank Rakyat Indonesia Persero Tbk. PT		27,295
				133,034
		Mexico — 2.9%
	9,980	Becle SAB de CV (a)		18,087
	536	Fomento Economico Mexicano SAB de CV, ADR		52,260
	8,736	Grupo Financiero Banorte SAB de CV, Class O		55,948
	6,086	Infraestructura Energetica Nova SAB de CV		31,720
				158,015
		Panama — 1.0%
	405	Copa Holdings SA, Class A		56,020
		Peru — 1.3%
	310	Credicorp Ltd.		71,762
		Russia — 4.6%
	446	Magnit PJSC		42,251
	146	Magnit PJSC, Reg. S, GDR		3,269
	42,387	Sberbank of Russia PJSC		199,198
				244,718
		South Africa — 5.8%
	4,435	Bid Corp. Ltd.		99,287
	3,233	Bidvest Group Ltd. (The)		68,085
	336	Capitec Bank Holdings Ltd.		22,686
	5,049	FirstRand Ltd.		28,319
	1,734	Mr Price Group Ltd.		41,829
	7,045	Sanlam Ltd.		52,447
				312,653

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		South Korea — 5.9%
	91	NCSoft Corp. (a)		37,787
	182	Netmarble Games Corp., Reg. S (a) (e)		29,511
	106	Samsung Electronics Co. Ltd.		247,769
				315,067
		Spain — 0.5%
	3,396	Prosegur Cia de Seguridad SA		28,234
		Taiwan — 6.3%
	1	Delta Electronics, Inc.		4
	553	Largan Precision Co. Ltd.		75,793
	5,867	President Chain Store Corp.		58,056
	4,448	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		201,534
				335,387
		Thailand — 0.7%
	5,132	Kasikornbank PCL, NVDR		37,646
		Turkey — 0.3%
	1,037	Ford Otomotiv Sanayi A/S		16,560
		United States — 1.8%
	427	EPAM Systems, Inc. (a)		50,109
	996	Yum China Holdings, Inc.		46,214
				96,323
		Total Common Stocks (Cost $3,276,992)		5,185,455
NUMBER OF WARRANTS
	Warrant — 0.4%
		United States — 0.4%
		Almarai Co.
	1,597	expiring 07/11/2019 (Strike Price $1.00) (a)		22,422
	90	expiring 07/20/2020 (Strike Price $1.00) (a)		1,266
		Total Warrants (Cost $30,284)		23,688
SHARES
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	143,881	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $143,881)		143,881
		Total Investments — 99.8% (Cost $3,451,157)		5,353,024
		Other Assets in Excess of Liabilities — 0.2%		9,700
		NET ASSETS — 100.0%	$	5,362,724

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		17.3	%
Internet Software & Services		14.2
Insurance		10.8
Technology Hardware, Storage & Peripherals		4.6
Food & Staples Retailing		4.5
Thrifts & Mortgage Finance		4.1
Household Durables		3.9
Semiconductors & Semiconductor Equipment		3.8
IT Services		3.8
Beverages		3.3
Diversified Consumer Services		2.5
Internet & Direct Marketing Retail		2.4
Electronic Equipment, Instruments & Components		2.1
Industrial Conglomerates		1.9
Automobiles		1.8
Oil, Gas & Consumable Fuels		1.5
Hotels, Restaurants & Leisure		1.5
Multiline Retail		1.5
Specialty Retail		1.3
Software		1.3
Auto Components		1.2
Food Products		1.2
Tobacco		1.2
Airlines		1.0
Construction Materials		1.0
Others (each less than 1.0%)		3.6
Short-Term Investment		2.7

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
NVDR	—	Non Voting Depositary Receipt
PJSC	—	Public Joint Stock Company
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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

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

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

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

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

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

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	112,495	$	—	$	—	$	112,495
Australia		—		25,051		—		25,051
Brazil		482,551		—		—		482,551
China		435,645		1,023,842		—		1,459,487
Egypt		—		29,696		—		29,696
Hong Kong		—		337,126		—		337,126
India		137,743		795,887		—		933,630
Indonesia		—		133,034		—		133,034
Mexico		158,015		—		—		158,015
Panama		56,020		—		—		56,020
Peru		71,762		—		—		71,762
Russia		—		244,718		—		244,718
South Africa		—		312,653		—		312,653
South Korea		—		315,067		—		315,067
Spain		—		28,234		—		28,234
Taiwan		201,534		133,853		—		335,387
Thailand		—		37,646		—		37,646
Turkey		—		16,560		—		16,560
United States		96,323		—		—		96,323
Total Common Stocks		1,752,088		3,433,367		—		5,185,455
Warrants
United States		—		23,688		—		23,688
Short-Term Investment
Investment Company		143,881		—		—		143,881
Total Investments in Securities	$	1,895,969	$	3,457,055	$	—	$	5,353,024

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

Transfers from level 1 to level 2 in the amount of approximately $240,999,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 30.7%
		Argentina — 1.8%
	1,620	Arcor SAIC, Reg. S, 6.00%, 07/06/2023		1,709
	359	Banco Macro SA, Reg. S, (USD Swap Semi 5 Year + 5.46%), 6.75%, 11/04/2026 (aa)		370
	430	Generacion Mediterranea SA, 9.63%, 07/27/2023 (e)		477
		Pampa Energia SA,
	270	7.50%, 01/24/2027 (e)		293
	620	Reg. S, 7.38%, 07/21/2023		671
	600	Reg. S, 7.50%, 01/24/2027		652
	2,080	Tecpetrol SA, 4.88%, 12/12/2022 (e)		2,043
		YPF SA,
	540	6.95%, 07/21/2027 (e)		556
	1,750	7.00%, 12/15/2047 (e)		1,659
	3,700	Reg. S, 8.50%, 03/23/2021		4,098
	2,050	Reg. S, 8.75%, 04/04/2024		2,324
				14,852
		Azerbaijan — 0.5%
	3,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		4,258
		Bahrain — 0.2%
	1,650	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		1,629
		Brazil — 4.1%
		Banco do Brasil SA,
	2,170	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 04/15/2024 (x) (y) (aa)		2,002
	660	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 6.36%), 9.00%, 06/18/2024 (x) (y) (aa)		711
	200	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 7.33%), 9.25%, 04/15/2023 (x) (y) (aa)		219
	2,670	Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e)		2,890
	1,600	Hidrovias International Finance SARL, 5.95%, 01/24/2025 (e)		1,606
	4,360	Itau Unibanco Holding SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%, 12/12/2022 (e) (x) (y) (aa)		4,433
	2,791	JSL Europe SA, 7.75%, 07/26/2024 (e) Petrobras Global Finance BV,		2,932
	3,965	6.00%, 01/27/2028 (e)		4,004
	800	6.13%, 01/17/2022		853

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil –– continued
	2,650	6.25%, 03/17/2024		2,819
	1,210	7.38%, 01/17/2027		1,339
	4,043	8.38%, 05/23/2021		4,615
	1,670	8.75%, 05/23/2026		2,005
	1,570	Reg. S, 6.00%, 01/27/2028		1,586
	560	Suzano Austria GmbH, 7.00%, 03/16/2047 (e)		651
	750	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		828
				33,493
		Chile — 0.6%
	1,500	Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025		1,581
	1,110	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		1,123
	400	Empresa Nacional del Petroleo, Reg. S, 3.75%, 08/05/2026		398
	970	Geopark Ltd., 6.50%, 09/21/2024 (e)		992
	660	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		693
				4,787
		China — 1.9%
	440	Baoxin Auto Finance I Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 12.62%), 8.75%, 12/15/2019 (x) (y) (aa)		463
	270	Bluestar Finance Holdings Ltd., Reg. S, 3.13%, 09/30/2019		268
	470	CCCI Treasure Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.19%), 3.50%, 04/21/2020 (x) (y) (aa)		467
	1,030	CDBL Funding 2, Reg. S, 3.00%, 08/01/2022		1,002
	1,040	China Minmetals Corp., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (x) (y) (aa)		1,013
	4,540	Fortune Star BVI Ltd., Reg. S, 5.25%, 03/23/2022		4,495
	200	GOME Electrical Appliances Holding Ltd., Reg. S, 5.00%, 03/10/2020		199
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		197
	1,370	Hongkong International Qingdao Co. Ltd., Reg. S, 4.25%, 12/04/2022		1,356
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		198

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		China –– continued
	280	Moon Wise Global Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 12.37%), 9.00%, 01/28/2019 (x) (y) (aa)		291
	1,270	Rock International Investment, Inc., Reg. S, 6.63%, 03/27/2020		1,181
	800	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.10%, 04/28/2045		782
	1,000	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		1,005
	450	Times Property Holdings Ltd., Reg. S, 6.25%, 01/23/2020		454
	900	Top Wise Excellence Enterprise Co. Ltd., Reg. S, 6.00%, 03/16/2020		915
	640	Vanke Real Estate Hong Kong Co. Ltd., Reg. S, 3.95%, 12/23/2019		646
	270	Wealth Driven Ltd., Reg. S, 5.50%, 08/17/2023		267
				15,199
		Colombia — 0.6%
	910	Banco GNB Sudameris SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 04/03/2027 (e) (aa)		949
		Ecopetrol SA,
	2,340	5.38%, 06/26/2026		2,507
	1,300	5.88%, 09/18/2023		1,424
				4,880
		Congo, Democratic Republic of the — 0.2%
		HTA Group Ltd.,
	309	9.13%, 03/08/2022 (e)		329
	1,080	Reg. S, 9.13%, 03/08/2022		1,150
				1,479
		Costa Rica — 0.1%
	1,000	Banco Nacional de Costa Rica, Reg. S, 5.88%, 04/25/2021		1,031
		Ecuador — 0.3%
		Petroamazonas EP,
	310	4.63%, 02/16/2020 (e)		304
	1,980	4.63%, 11/06/2020 (e)		1,926
				2,230
		Guatemala — 0.1%
	670	Comunicaciones Celulares SA, Reg. S, 6.88%, 02/06/2024		704

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hong Kong — 0.6%
	1,050	Bank of East Asia Ltd. (The), Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.68%), 5.63%, 05/18/2022 (x) (y) (aa)		1,076
	600	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		660
	1,030	Wing Lung Bank Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.75%), 3.75%, 11/22/2027 (aa)		1,008
	1,950	WTT Investment Ltd., 5.50%, 11/21/2022 (e)		1,972
				4,716
		Hungary — 0.1%
	600	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.25%, 10/21/2020		647
		India — 0.7%
	929	Azure Power Energy Ltd., 5.50%, 11/03/2022 (e)		935
	1,200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		1,199
	900	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		903
	1,480	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		1,508
		UPL Corp. Ltd.,
	200	3.25%, 10/13/2021 (e)		198
	690	Reg. S, 3.25%, 10/13/2021		682
				5,425
		Indonesia — 1.5%
		Listrindo Capital BV,
	200	4.95%, 09/14/2026 (e)		199
	410	Reg. S, 4.95%, 09/14/2026		407
		Minejesa Capital BV,
	1,711	4.63%, 08/10/2030 (e)		1,728
	1,900	5.63%, 08/10/2037 (e)		1,995
		Pertamina Persero PT,
	2,100	Reg. S, 6.45%, 05/30/2044		2,496
	1,200	Reg. S, 6.50%, 05/27/2041		1,437
	1,100	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		1,090
	1,250	Pratama Agung Pte. Ltd., Reg. S, 6.25%, 02/24/2020		1,281
	1,180	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		1,206
				11,839

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Israel — 0.1%
	1,430	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026		1,190
		Jamaica — 0.3%
		Digicel Group Ltd.,
	1,170	Reg. S, 7.13%, 04/01/2022		1,101
	1,030	Reg. S, 8.25%, 09/30/2020		1,020
				2,121
		Jordan — 0.3%
	2,360	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		2,363
		Kazakhstan — 1.8%
	5,560	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		6,615
	1,726	Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e)		1,797
		KazMunayGas National Co. JSC,
	1,100	Reg. S, 3.88%, 04/19/2022		1,108
	450	Reg. S, 6.38%, 04/09/2021		488
	2,200	Reg. S, 7.00%, 05/05/2020		2,364
	1,000	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		1,041
	960	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		1,014
				14,427
		Kuwait — 0.0% (g)
	439	Kuwait Projects Co. SPC Ltd., Reg. S, 4.50%, 02/23/2027		438
		Mauritius — 0.3%
	2,481	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		2,652
		Mexico — 4.5%
	1,500	Banco Mercantil del Norte SA, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.35%), 7.63%, 01/10/2028 (e) (x) (y) (aa)		1,659
		Banco Nacional de Comercio Exterior SNC,
	500	Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (aa)		498
	500	Reg. S, 4.38%, 10/14/2025		517
	2,590	BBVA Bancomer SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 01/18/2033 (e) (aa)		2,562

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico –– continued
	1,210	Grupo KUO SAB de CV, 5.75%, 07/07/2027 (e)		1,246
		Mexichem SAB de CV,
	1,100	5.50%, 01/15/2048 (e)		1,074
	1,990	Reg. S, 5.88%, 09/17/2044		2,061
	1,480	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		1,428
	1,830	Nemak SAB de CV, 4.75%, 01/23/2025 (e)		1,846
		Petroleos Mexicanos,
	700	4.88%, 01/24/2022		728
	149	(ICE LIBOR USD 3 Month + 3.65%), 5.19%, 03/11/2022 (aa) (e)		164
	1,150	5.50%, 01/21/2021		1,216
	2,910	6.50%, 03/13/2027 (e)		3,176
	8,613	6.75%, 09/21/2047 (e)		9,006
	500	Reg. S, (ICE LIBOR USD 3 Month + 3.65%), 5.19%, 03/11/2022 (aa)		551
	5,800	Reg. S, 5.38%, 03/13/2022		6,148
	2,100	Reg. S, 6.50%, 03/13/2027		2,292
				36,172
		Morocco — 0.1%
	900	OCP SA,
		Reg. S, 6.88%, 04/25/2044		1,058
		Nigeria — 0.4%
	1,653	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		1,737
	1,720	IHS Netherlands Holdco BV,
		Reg. S, 9.50%, 10/27/2021		1,830
				3,567
		Norway — 0.1%
	500	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		511
		Panama — 0.1%
	874	Banistmo SA, 3.65%, 09/19/2022 (e)		867
		Peru — 0.6%
	1,000	Fondo MIVIVIENDA SA,
		Reg. S, 3.50%, 01/31/2023		1,003
	1,238	Inkia Energy Ltd., 5.88%, 11/09/2027 (e)		1,247
		Nexa Resources SA,
	260	5.38%, 05/04/2027 (e)		276
	400	Reg. S, 5.38%, 05/04/2027		424
		Petroleos del Peru SA,
	730	4.75%, 06/19/2032 (e)		745
	800	5.63%, 06/19/2047 (e)		846
		Union Andina de Cementos SAA,
	460	Reg. S, 5.88%, 10/30/2021		477
				5,018

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Qatar — 1.1%
		ABQ Finance Ltd.,
	3,660	Reg. S, 3.50%, 02/22/2022		3,601
	760	Reg. S, 3.63%, 04/13/2021		755
	1,650	Ooredoo Tamweel Ltd., Reg. S, 3.04%, 12/03/2018		1,654
	2,606	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		2,687
				8,697
		Russia — 1.0%
	1,910	Credit Bank of Moscow, Reg. S, (USD Swap Semi 5 Year + 5.42%), 7.50%, 10/05/2027 (aa)		1,824
	1,500	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		1,517
	836	Metalloinvest Finance DAC, 4.85%, 05/02/2024 (e)		845
	814	Phosagro OAO, 3.95%, 04/24/2023 (e)		814
	400	Sberbank of Russia, Reg. S, 6.13%, 02/07/2022		434
	400	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		434
	1,900	Vnesheconombank, Reg. S, 6.03%, 07/05/2022		2,058
				7,926
		Singapore — 0.2%
	1,358	Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025 (e)		1,343
		South Africa — 1.2%
		Eskom Holdings SOC Ltd.,
	1,300	Reg. S, 5.75%, 01/26/2021		1,311
	1,100	Reg. S, 6.75%, 08/06/2023		1,144
	1,400	Reg. S, 7.13%, 02/11/2025		1,472
	1,550	MTN Mauritius Investment Ltd.,
		Reg. S, 6.50%, 10/13/2026		1,693
		Stillwater Mining Co.,
	2,596	6.13%, 06/27/2022 (e)		2,661
	713	7.13%, 06/27/2025 (e)		754
	400	Transnet SOC Ltd.,
		Reg. S, 4.00%, 07/26/2022		398
				9,433
		South Korea — 0.6%
	4,080	Heungkuk Life Insurance Co. Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/2047 (aa)		4,009

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Korea –– continued
	1,060	Woori Bank, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 05/16/2022 (x) (y) (aa)		1,077
				5,086
		Sri Lanka — 0.0% (g)
	400	National Savings Bank, Reg. S, 8.88%, 09/18/2018		412
		Trinidad and Tobago — 0.4%
	2,700	Petroleum Co. of Trinidad & Tobago Ltd.,
		Reg. S, 9.75%, 08/14/2019		2,889
		Tunisia — 0.8%
EUR	1,450	Banque Centrale de Tunisie International Bond, Reg. S, 5.63%, 02/17/2024		1,893
	4,330	Republic of Banque Centrale de Tunisie,
		Reg. S, 5.75%, 01/30/2025		4,281
				6,174
		Turkey — 1.4%
	3,280	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		3,223
	2,021	Petkim Petrokimya Holding A/S, 5.88%, 01/26/2023 (e)		2,051
	752	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		741
	1,610	Turkiye Garanti Bankasi A/S, Reg. S, (USD Swap Semi 5 Year + 4.22%), 6.13%, 05/24/2027 (aa)		1,611
		Turkiye Is Bankasi,
	1,570	6.13%, 04/25/2024 (e)		1,582
	670	Reg. S, 6.00%, 10/24/2022		672
	1,200	Turkiye Sise ve Cam Fabrikalari A/S,
		Reg. S, 4.25%, 05/09/2020		1,206
				11,086
		Ukraine — 0.5%
		State Savings Bank of Ukraine,
	3,150	Reg. S, SUB, 9.38%, 03/10/2023		3,430
	400	Reg. S, SUB, 9.63%, 03/20/2025		446
				3,876
		United Arab Emirates — 1.4%
	2,751	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		2,053
	1,076	EA Partners II BV, Reg. S, 6.75%, 06/01/2021		787
	2,000	ICD Sukuk Co. Ltd., Reg. S, 3.51%, 05/21/2020		2,002

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	6,740	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		6,883
				11,725
		Venezuela, Bolivarian Republic of — 0.2%
		Petroleos de Venezuela SA,
	2,930	Reg. S, 5.38%, 04/12/2027 (d)		701
	200	Reg. S, 5.50%, 04/12/2037 (d)		47
	1,670	Reg. S, 6.00%, 11/15/2026 (d)		385
	523	Reg. S, 8.50%, 10/27/2020 (d)		433
	490	Reg. S, 9.00%, 11/17/2021 (d)		128
	630	Reg. S, 9.75%, 05/17/2035 (d)		160
	620	Reg. S, 12.75%, 02/17/2022 (d)		147
				2,001
		Total Corporate Bonds (Cost $246,984)		248,201
	Foreign Government Securities — 62.8%
		Angola — 1.1%
		Republic of Angola,
	4,572	Reg. S, 7.00%, 08/17/2019		4,691
	3,500	Reg. S, 9.50%, 11/12/2025		4,091
				8,782
		Argentina — 4.6%
		Provincia de Buenos Aires,
	3,599	7.88%, 06/15/2027 (e)		3,824
	3,050	Reg. S, 9.95%, 06/09/2021		3,424
		Provincia de Cordoba,
	670	7.13%, 08/01/2027 (e)		688
	2,700	7.45%, 09/01/2024 (e)		2,875
	500	Reg. S, 7.13%, 06/10/2021		534
	900	Reg. S, 7.45%, 09/01/2024		959
	700	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		766
		Republic of Argentina,
	10,250	6.88%, 04/22/2021		10,927
	6,210	6.88%, 01/11/2048		6,008
	1,160	7.13%, 06/28/2117 (e)		1,134
	2,383	8.28%, 12/31/2033		2,699
ARS	1,900	15.50%, 10/17/2026		98
ARS	11,258	18.20%, 10/03/2021		599
	2,736	Reg. S, 7.13%, 06/28/2117		2,674
				37,209

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Armenia — 0.1%
	700	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		801
		Azerbaijan — 0.1%
	700	Republic of Azerbaijan,
		Reg. S, 4.75%, 03/18/2024		729
		Bahrain — 0.5%
		Kingdom of Bahrain,
	846	Reg. S, 5.88%, 01/26/2021		871
	3,400	Reg. S, 6.13%, 07/05/2022		3,532
				4,403
		Belarus — 1.6%
		Republic of Belarus,
	1,430	6.88%, 02/28/2023 (e)		1,572
	2,440	Reg. S, 6.88%, 02/28/2023		2,681
	7,209	Reg. S, 7.63%, 06/29/2027 (e)		8,370
				12,623
		Bermuda — 0.1%
	1,100	Republic of Bermuda,
		Reg. S, 4.85%, 02/06/2024		1,180
		Brazil — 2.1%
BRL	9,100	Brazil Notas do Tesouro Nacional, 6.00%, 08/15/2022		9,235
		Federative Republic of Brazil,
	2,300	5.00%, 01/27/2045		2,121
	3,650	6.00%, 04/07/2026		4,052
	1,120	8.25%, 01/20/2034		1,455
				16,863
		Colombia — 1.1%
		Republic of Colombia,
	2,100	3.88%, 04/25/2027		2,120
	1,100	4.50%, 01/28/2026		1,166
	2,600	5.00%, 06/15/2045		2,745
	2,100	7.38%, 09/18/2037		2,810
				8,841
		Costa Rica — 1.0%
	1,100	Instituto Costarricense de Electricidad,
		Reg. S, 6.38%, 05/15/2043		1,009
		Republic of Costa Rica,
	500	Reg. S, 4.25%, 01/26/2023		486
	1,416	Reg. S, 4.38%, 04/30/2025		1,363
	1,037	Reg. S, 7.00%, 04/04/2044		1,089
	3,921	Reg. S, 7.16%, 03/12/2045		4,181
				8,128

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Croatia — 0.7%
		Republic of Croatia,
	580	Reg. S, 6.00%, 01/26/2024		654
	1,600	Reg. S, 6.38%, 03/24/2021		1,748
	1,400	Reg. S, 6.63%, 07/14/2020		1,515
	1,900	Reg. S, 6.75%, 11/05/2019		2,024
				5,941
		Dominican Republic — 1.7%
		Government of Dominican Republic,
	1,200	Reg. S, 5.88%, 04/18/2024		1,287
	5,900	Reg. S, 6.88%, 01/29/2026		6,675
	3,640	Reg. S, 7.45%, 04/30/2044		4,318
	1,500	Reg. S, 7.50%, 05/06/2021		1,627
				13,907
		Ecuador — 2.7%
		Republic of Ecuador,
	3,260	7.88%, 01/23/2028 (e)		3,310
	2,480	8.75%, 06/02/2023 (e)		2,719
	9,660	8.88%, 10/23/2027 (e)		10,517
	600	Reg. S, 7.95%, 06/20/2024		634
	1,100	Reg. S, 8.75%, 06/02/2023		1,206
	1,500	Reg. S, 9.65%, 12/13/2026		1,708
	1,200	Reg. S, 10.75%, 03/28/2022		1,392
				21,486
		Egypt — 1.9%
		Republic of Egypt,
	2,700	Reg. S, 5.88%, 06/11/2025		2,784
	3,950	Reg. S, 7.50%, 01/31/2027		4,419
	7,135	Reg. S, 8.50%, 01/31/2047		8,197
				15,400
		El Salvador — 2.0%
		Republic of El Salvador,
	2,410	Reg. S, 5.88%, 01/30/2025		2,410
	1,800	Reg. S, 6.38%, 01/18/2027		1,838
	2,300	Reg. S, 7.38%, 12/01/2019		2,409
	2,142	Reg. S, 7.63%, 02/01/2041		2,348
	3,635	Reg. S, 7.65%, 06/15/2035		3,994
	1,470	Reg. S, 7.75%, 01/24/2023		1,614
	1,158	Reg. S, 8.25%, 04/10/2032		1,346
				15,959
		Ethiopia — 0.1%
	600	Republic of Ethiopia,
		Reg. S, 6.63%, 12/11/2024		634

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Gabon — 1.2%
		Republic of Gabonese,
	6,274	Reg. S, 6.38%, 12/12/2024		6,353
	3,101	Reg. S, 6.95%, 06/16/2025		3,209
				9,562
		Ghana — 0.4%
		Republic of Ghana,
	2,000	Reg. S, 8.13%, 01/18/2026		2,210
	570	Reg. S, 10.75%, 10/14/2030		773
				2,983
		Honduras — 0.3%
		Republic of Honduras,
	1,400	Reg. S, 7.50%, 03/15/2024		1,573
	1,000	Reg. S, 8.75%, 12/16/2020		1,128
				2,701
		Hungary — 1.2%
		Republic of Hungary,
	1,600	5.38%, 02/21/2023		1,764
	2,500	5.38%, 03/25/2024		2,784
	4,324	5.75%, 11/22/2023		4,892
				9,440
		Indonesia — 4.9%
		Republic of Indonesia,
IDR	35,025,000	6.13%, 05/15/2028		2,572
IDR	56,512,000	7.00%, 05/15/2022		4,395
IDR	25,500,000	7.00%, 05/15/2027		1,983
IDR	32,500,000	7.50%, 08/15/2032		2,534
IDR	37,000,000	7.50%, 05/15/2038		2,891
IDR	91,106,000	8.25%, 05/15/2036		7,568
IDR	1,302,000	8.38%, 03/15/2024		109
IDR	60,511,000	9.00%, 03/15/2029		5,384
	1,400	Reg. S, 4.13%, 01/15/2025		1,444
	2,300	Reg. S, 4.35%, 01/08/2027		2,406
	1,000	Reg. S, 5.88%, 01/15/2024		1,130
	300	Reg. S, 5.95%, 01/08/2046		365
	1,600	Reg. S, 6.63%, 02/17/2037		2,014
	3,300	Reg. S, 6.75%, 01/15/2044		4,360
				39,155
		Iraq — 0.6%
		Republic of Iraq,
	1,355	Reg. S, 5.80%, 01/15/2028		1,337
	3,660	Reg. S, 6.75%, 03/09/2023		3,797
				5,134

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ivory Coast — 0.2%
		Republic of Ivory Coast,
	400	Reg. S, 5.38%, 07/23/2024		407
	1,323	Reg. S, SUB, 5.75%, 12/31/2032		1,316
				1,723
		Jamaica — 0.9%
		Government of Jamaica,
	1,400	6.75%, 04/28/2028		1,605
	1,730	7.88%, 07/28/2045		2,147
	335	8.00%, 06/24/2019		349
	2,511	8.00%, 03/15/2039		3,114
				7,215
		Jordan — 0.7%
		Kingdom of Jordan,
	600	7.38%, 10/10/2047 (e)		645
	611	Reg. S, 5.75%, 01/31/2027		615
	3,910	Reg. S, 6.13%, 01/29/2026		4,076
				5,336
		Kazakhstan — 0.5%
		Republic of Kazakhstan,
	752	Reg. S, 3.88%, 10/14/2024		780
	1,100	Reg. S, 4.88%, 10/14/2044		1,166
	1,500	Reg. S, 5.13%, 07/21/2025		1,663
	600	Reg. S, 6.50%, 07/21/2045		761
				4,370
		Kenya — 1.0%
	7,300	Republic of Kenya, Reg. S, 6.88%, 06/24/2024		7,711
		Lebanon — 4.4%
		Republic of Lebanon,
	1,570	6.15%, 06/19/2020		1,576
	3,250	6.25%, 05/27/2022		3,252
	4,360	6.38%, 03/09/2020		4,404
	825	Reg. S, 5.15%, 06/12/2018		824
	2,400	Reg. S, 5.15%, 11/12/2018		2,400
	4,365	Reg. S, 5.45%, 11/28/2019		4,349
	640	Reg. S, 6.00%, 05/20/2019		645
	2,000	Reg. S, 6.10%, 10/04/2022		1,997
	1,800	Reg. S, 6.20%, 02/26/2025		1,746
	5,980	Reg. S, 6.60%, 11/27/2026		5,860
	2,890	Reg. S, 6.65%, 11/03/2028		2,774
	2,400	Reg. S, 6.65%, 02/26/2030		2,271
	2,900	Reg. S, 8.25%, 04/12/2021		3,092
				35,190

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Macedonia, the Former Yugoslav Republic of — 0.3%
EUR	2,029	Former Yugoslav Republic of Macedonia, 2.75%, 01/18/2025 (e)		2,547
		Malaysia — 0.6%
	1,000	1MDB Global Investments Ltd., Reg. S, 4.40%, 03/09/2023		973
MYR	15,950	Malaysia Government Bond, 3.49%, 03/31/2020		4,099
				5,072
		Mexico — 0.6%
		United Mexican States,
	1,300	4.15%, 03/28/2027		1,331
	1,000	4.60%, 01/23/2046		980
	1,850	5.55%, 01/21/2045		2,078
	400	5.75%, 10/12/2110		419
				4,808
		Mongolia — 0.8%
		Mongolia Government Bond,
	1,800	5.63%, 05/01/2023 (e)		1,836
	200	8.75%, 03/09/2024 (e)		232
	2,659	Reg. S, 8.75%, 03/09/2024		3,081
	1,300	Reg. S, 10.88%, 04/06/2021		1,535
				6,684
		Morocco — 0.1%
	400	Kingdom of Morocco, Reg. S, 5.50%, 12/11/2042		454
		Namibia — 0.1%
	800	Republic of Namibia, Reg. S, 5.25%, 10/29/2025		822
		Nigeria — 1.1%
		Republic of Nigeria,
	3,240	6.50%, 11/28/2027 (e)		3,369
	5,240	7.63%, 11/28/2047 (e)		5,594
				8,963
		Oman — 2.0%
		Oman Government Bond,
	7,900	6.75%, 01/17/2048 (e)		8,029
	2,300	Reg. S, 4.75%, 06/15/2026		2,245
	1,100	Reg. S, 5.38%, 03/08/2027		1,101
	5,177	Reg. S, 6.50%, 03/08/2047		5,164
				16,539
		Pakistan — 1.0%
		Republic of Pakistan,
	5,560	Reg. S, 7.25%, 04/15/2019		5,757

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Pakistan — continued
	1,806	Reg. S, 8.25%, 04/15/2024		2,000
				7,757
		Panama — 0.6%
		Republic of Panama,
	700	4.50%, 05/15/2047		744
	1,400	6.70%, 01/26/2036		1,843
	1,400	9.38%, 04/01/2029		2,101
				4,688
		Paraguay — 0.6%
		Republic of Paraguay,
	200	4.70%, 03/27/2027 (e)		208
	1,100	Reg. S, 5.00%, 04/15/2026		1,173
	3,074	Reg. S, 6.10%, 08/11/2044		3,512
				4,893
		Peru — 0.3%
	1,300	Republic of Peru,
		8.75%, 11/21/2033		2,038
		Romania — 0.6%
		Republic of Romania,
	2,150	Reg. S, 4.38%, 08/22/2023		2,271
	800	Reg. S, 4.88%, 01/22/2024		866
	1,500	Reg. S, 6.13%, 01/22/2044		1,896
				5,033
		Russia — 3.2%
		Russian Federation,
RUB	30,000	7.00%, 01/25/2023		537
RUB	1,098,500	7.75%, 09/16/2026		20,432
	1,800	Reg. S, 4.88%, 09/16/2023		1,922
	2,400	Reg. S, 5.88%, 09/16/2043		2,776
				25,667
		Senegal — 0.2%
		Republic of Senegal,
	700	6.25%, 05/23/2033 (e)		735
	900	Reg. S, 6.25%, 05/23/2033		945
				1,680
		Serbia — 0.3%
		Republic of Serbia,
	1,800	Reg. S, 4.88%, 02/25/2020		1,858
	800	Reg. S, 7.25%, 09/28/2021		905
				2,763
		South Africa — 2.2%
		Republic of South Africa,
	1,200	4.30%, 10/12/2028		1,158

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		South Africa –– continued
	600	5.00%, 10/12/2046		571
	900	5.38%, 07/24/2044		896
	1,000	5.50%, 03/09/2020		1,046
	600	5.88%, 05/30/2022		655
	1,400	5.88%, 09/16/2025		1,528
	300	6.25%, 03/08/2041		336
ZAR	109,733	8.75%, 02/28/2048		8,516
ZAR	34,855	10.50%, 12/21/2026		3,310
				18,016
		Sri Lanka — 1.5%
		Republic of Sri Lanka,
	600	6.20%, 05/11/2027 (e)		631
	600	Reg. S, 5.88%, 07/25/2022		626
	4,200	Reg. S, 6.25%, 10/04/2020		4,410
	2,200	Reg. S, 6.25%, 07/27/2021		2,324
	2,250	Reg. S, 6.83%, 07/18/2026		2,464
	1,800	Reg. S, 6.85%, 11/03/2025		1,973
				12,428
		Tajikistan — 0.5%
		Republic of Tajikistan International Bond,
	320	7.13%, 09/14/2027 (e)		312
	4,050	Reg. S, 7.13%, 09/14/2027		3,949
				4,261
		Turkey — 2.2%
	700	Export Credit Bank of Turkey, Reg. S, 5.38%, 10/24/2023		708
		Republic of Turkey,
TRY	8,467	2.90%, 07/07/2027		2,251
	4,550	4.88%, 04/16/2043		3,896
	300	5.63%, 03/30/2021		314
	2,100	6.00%, 03/25/2027		2,210
	1,700	6.00%, 01/14/2041		1,696
	1,000	6.25%, 09/26/2022		1,080
	3,200	6.63%, 02/17/2045		3,384
	1,700	7.38%, 02/05/2025		1,949
				17,488
		Ukraine — 4.5%
		Republic of Ukraine,
	1,800	7.38%, 09/25/2032 (e)		1,822
	1,536	Reg. S, + 0.00%), 0.00%, 05/31/2040 (aa)		1,044
	7,050	Reg. S, 7.75%, 09/01/2020		7,565
	8,890	Reg. S, 7.75%, 09/01/2021		9,677
	5,100	Reg. S, 7.75%, 09/01/2023		5,546
	4,210	Reg. S, 7.75%, 09/01/2024		4,563

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Ukraine –– continued
	2,089	Reg. S, 7.75%, 09/01/2025		2,251
		Ukreximbank Via Biz Finance plc,
	2,700	Reg. S, 9.63%, 04/27/2022		2,946
	700	Reg. S, 9.75%, 01/22/2025		781
				36,195
		Uruguay — 1.0%
		Republic of Uruguay,
	1,900	4.38%, 10/27/2027		2,019
	2,800	5.10%, 06/18/2050		3,038
	2,200	7.88%, 01/15/2033		3,140
				8,197
		Venezuela, Bolivarian Republic of — 0.2%
		Republic of Venezuela,
	170	9.38%, 01/13/2034 (d)		45
	310	Reg. S, 6.00%, 12/09/2020 (d)		80
	1,030	Reg. S, 7.65%, 04/21/2025 (d)		273
	521	Reg. S, 7.75%, 10/13/2019 (d)		135
	870	Reg. S, 8.25%, 10/13/2024 (d)		231
	90	Reg. S, 9.00%, 05/07/2023 (d)		24
	800	Reg. S, 9.25%, 05/07/2028 (d)		214
	170	Reg. S, 11.75%, 10/21/2026 (d)		49
	620	Reg. S, 12.75%, 08/23/2022 (d)		178
				1,229
		Vietnam — 0.1%
	1,100	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		1,172
		Zambia — 0.5%
	3,500	Republic of Zambia,
		Reg. S, 8.97%, 07/30/2027		3,916
		Total Foreign Government Securities (Cost $496,945)		506,716

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Options Purchased — 0.1%
		Call Options — 0.1%
		United States — 0.1%
	40,357	Foreign Exchange PLN/USD 04/13/2018 at USD 3.53, Vanilla, European Style (a) Notional Amount: USD 40,357 Counterparty: Goldman Sachs International		119
	40,386	Foreign Exchange RUB/USD 04/20/2018 at USD 60.15, Vanilla, European Style (a) Notional Amount: USD 40,386 Counterparty: Goldman Sachs International		193
				312
		Put Options — 0.0% (g)
		European Union — 0.0% (g)
EUR	28,077	Foreign Exchange USD/EUR 04/03/2018 at EUR 1.18, Vanilla, European Style (a) Notional Amount: EUR 28,077 Counterparty: Barclays Bank plc		29
		Total Options Purchased (Cost $684)		341
SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investments — 5.2%
		Foreign Government Treasury Bill — 0.4%
NGN	1,342,000	Nigeria Treasury Bills, 18.94%, 06/14/2018 (n) (Cost $3,489)		3,509
		Investment Company — 4.8%
	38,718	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.45% (b) (l) (Cost $38,726)		38,726
		Total Short-Term Investments (Cost $42,215)		42,235
		Total Investments — 98.8% (Cost $786,828)		797,493
		Other Assets in Excess of Liabilities — 1.2%		10,020
		NET ASSETS — 100.0%	$	807,513

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts			Expiration Date	Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Long Bond		81		03/2018	USD		11,970			(170	)
3 Month Eurodollar		486		12/2018	USD		118,602			(62	)
										(232	)
Short Contracts
Euro-Schatz		(303	)	03/2018	EUR		(42,062	)		109
3 Month Eurodollar		(486	)	12/2019	USD		(118,225	)		103
										212
										(20	)

Forward foreign currency exchange contracts outstanding as of January 31, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EGP	59,221	USD	3,241	Citibank, NA**		03/15/2018		96
AUD	8,758	USD	6,754	Credit Suisse International		03/19/2018		302
AUD	2,158	USD	1,691	Goldman Sachs International		03/19/2018		48
BRL	5,535	USD	1,696	Citibank, NA**		03/19/2018		33
BRL	2,030	USD	622	Deutsche Bank AG**		03/19/2018		12
BRL	29,063	USD	8,756	Goldman Sachs International**		03/19/2018		325
CAD	2,105	USD	1,640	Citibank, NA		03/19/2018		73
CAD	2,055	USD	1,606	Union Bank of Switzerland AG		03/19/2018		66
CLP	2,055,010	USD	3,392	Credit Suisse International**		03/19/2018		14
CLP	392,889	USD	645	Goldman Sachs International**		03/19/2018		6
CNH	50,497	USD	7,573	Deutsche Bank AG**		03/19/2018		425
CNH	26,353	USD	4,053	Goldman Sachs International**		03/19/2018		121
CNH	13,207	USD	2,018	Societe Generale**		03/19/2018		73
CZK	54,929	USD	2,581	Goldman Sachs International		03/19/2018		124
CZK	7,654	USD	357	National Australia Bank Ltd.		03/19/2018		20
CZK	212,919	USD	9,900	Royal Bank of Canada		03/19/2018		584
CZK	7,025	USD	346	Standard Chartered Bank		03/19/2018		—	(h)
EUR	3,410	USD	4,220	State Street Corp.		03/19/2018		26
HUF	87,051	USD	348	Goldman Sachs International		03/19/2018		1
IDR	8,708,144	USD	645	Deutsche Bank AG**		03/19/2018		5
IDR	121,724,024	USD	9,007	Goldman Sachs International**		03/19/2018		84
INR	129,598	USD	2,018	Deutsche Bank AG**		03/19/2018		7
INR	643,797	USD	9,872	Merrill Lynch International**		03/19/2018		188
JPY	1,487,171	USD	13,267	Royal Bank of Canada		03/19/2018		389
KRW	1,811,634	USD	1,656	Goldman Sachs International**		03/19/2018		39
PLN	11,711	USD	3,380	Citibank, NA		03/19/2018		122
PLN	4,309	USD	1,235	Credit Suisse International		03/19/2018		54
PLN	39,553	USD	11,564	Goldman Sachs International		03/19/2018		265
RUB	97,885	USD	1,696	Citibank, NA**		03/19/2018		36
RUB	451,031	USD	7,599	Goldman Sachs International**		03/19/2018		381
RUB	573,287	USD	9,824	Merrill Lynch International**		03/19/2018		318
SGD	6,793	USD	5,122	Citibank, NA		03/19/2018		60
THB	128,399	USD	4,022	Citibank, NA		03/19/2018		82
THB	277,461	USD	8,684	Goldman Sachs International		03/19/2018		184
THB	109,715	USD	3,425	HSBC Bank, N.A.		03/19/2018		82
THB	53,986	USD	1,660	Merrill Lynch International		03/19/2018		66
TRY	52,337	USD	13,005	Citibank, NA		03/19/2018		747

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
TRY	15,646	USD	4,018	Goldman Sachs International		03/19/2018		93
TRY	31,163	USD	8,084	HSBC Bank, N.A.		03/19/2018		105
TRY	14,787	USD	3,881	State Street Corp.		03/19/2018		5
TWD	119,299	USD	4,092	Goldman Sachs International**		03/19/2018		14
TWD	118,896	USD	4,041	Merrill Lynch International**		03/19/2018		51
USD	5,566	ARS	104,243	Deutsche Bank AG**		03/19/2018		370
USD	7,684	BRL	24,565	Citibank, NA**		03/19/2018		9
USD	114	HUF	28,241	Standard Chartered Bank		03/19/2018		—	(h)
USD	3,963	IDR	53,060,607	Citibank, NA**		03/19/2018		—	(h)
USD	8,061	IDR	107,787,096	Goldman Sachs International**		03/19/2018		11
USD	1,703	KRW	1,811,634	Citibank, NA**		03/19/2018		7
USD	4,047	KRW	4,304,881	Goldman Sachs International**		03/19/2018		19
USD	4,022	PHP	203,389	Citibank, NA**		03/19/2018		69
USD	5,646	PHP	285,876	Goldman Sachs International**		03/19/2018		91
USD	4,068	PLN	13,558	HSBC Bank, N.A.		03/19/2018		13
ZAR	49,910	USD	4,105	Citibank, NA		03/19/2018		80
ZAR	19,939	USD	1,437	State Street Corp.		03/19/2018		235
COP	23,062,458	USD	8,071	Citibank, NA**		03/20/2018		32
MXN	61,541	USD	3,220	Goldman Sachs International		03/20/2018		63
MXN	3,864	USD	205	Standard Chartered Bank		03/20/2018		1
EUR	1,795	USD	2,240	Australia & New Zealand Banking Group Ltd.		04/19/2018		—	(h)
EGP	62,397	USD	3,346	Citibank, NA**		06/19/2018		118
Total unrealized appreciation								6,844
ARS	104,243	USD	5,693	Citibank, NA**		03/19/2018		(498	)
BRL	12,573	USD	3,972	Barclays Bank plc**		03/19/2018		(43	)
CAD	8,457	AUD	8,758	Credit Suisse International #		03/19/2018		(177	)
HUF	1,054,715	USD	4,243	HSBC Bank, N.A.		03/19/2018		(13	)
KRW	4,284,251	USD	4,041	Citibank, NA**		03/19/2018		(32	)
KRW	4,304,881	USD	4,043	Goldman Sachs International**		03/19/2018		(15	)
PHP	489,265	USD	9,599	Citibank, NA**		03/19/2018		(92	)
PLN	363	USD	109	BNP Paribas		03/19/2018		(1	)
RUB	1,355,798	USD	24,103	Citibank, NA**		03/19/2018		(117	)
SGD	5,325	USD	4,071	Goldman Sachs International		03/19/2018		(8	)
USD	1,697	AUD	2,165	Goldman Sachs International		03/19/2018		(48	)
USD	3,270	AUD	4,352	National Australia Bank Ltd.		03/19/2018		(236	)
USD	624	AUD	797	State Street Corp.		03/19/2018		(18	)
USD	9,244	BRL	30,854	Goldman Sachs International**		03/19/2018		(396	)
USD	9,830	CAD	12,597	State Street Corp.		03/19/2018		(417	)
USD	1,697	CNH	11,063	Goldman Sachs International**		03/19/2018		(56	)
USD	3,431	CNH	22,517	HSBC Bank, N.A.**		03/19/2018		(135	)
USD	8,055	CNH	52,641	Standard Chartered Bank**		03/19/2018		(283	)
USD	586	CNH	3,836	TD Bank Financial Group**		03/19/2018		(21	)
USD	3,324	EUR	2,801	National Australia Bank Ltd.		03/19/2018		(165	)
USD	731	EUR	609	Standard Chartered Bank		03/19/2018		(27	)
USD	3,380	HUF	867,629	Citibank, NA		03/19/2018		(100	)
USD	726	HUF	187,086	Merrill Lynch International		03/19/2018		(24	)
USD	1,651	IDR	22,645,072	Goldman Sachs International**		03/19/2018		(40	)
USD	13,240	JPY	1,487,171	State Street Corp.		03/19/2018		(416	)
USD	4,277	PLN	14,620	Goldman Sachs International		03/19/2018		(96	)
USD	3,339	RON	13,129	Citibank, NA		03/19/2018		(168	)
USD	662	RON	2,569	HSBC Bank, N.A.		03/19/2018		(24	)
USD	13,497	RUB	808,910	Citibank, NA**		03/19/2018		(814	)
USD	15,026	RUB	851,381	Credit Suisse International**		03/19/2018		(36	)
USD	8,428	RUB	506,519	Goldman Sachs International**		03/19/2018		(533	)
USD	3,263	RUB	196,051	Merrill Lynch International**		03/19/2018		(205	)
USD	5,035	SGD	6,793	Barclays Bank plc		03/19/2018		(147	)

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	8,063	SGD	10,684	Credit Suisse International		03/19/2018		(89	)
USD	4,132	THB	129,819	Credit Suisse International		03/19/2018		(18	)
USD	5,715	THB	182,528	HSBC Bank, N.A.		03/19/2018		(118	)
USD	15,178	TRY	60,581	Barclays Bank plc		03/19/2018		(740	)
USD	3,424	TRY	13,282	Goldman Sachs International		03/19/2018		(66	)
USD	8,011	TRY	30,547	HSBC Bank, N.A.		03/19/2018		(16	)
USD	4,749	TRY	18,253	State Street Corp.		03/19/2018		(47	)
USD	5,017	ZAR	69,202	Citibank, NA		03/19/2018		(787	)
USD	4,789	ZAR	58,494	Goldman Sachs International		03/19/2018		(116	)
USD	2,694	ZAR	34,797	Societe Generale		03/19/2018		(224	)
USD	4,035	ZAR	49,910	State Street Corp.		03/19/2018		(151	)
USD	3,180	MXN	61,541	Goldman Sachs International		03/20/2018		(102	)
USD	4,666	EUR	3,824	Australia & New Zealand Banking Group Ltd.		04/19/2018		(106	)
USD	2,126	EUR	1,766	TD Bank Financial Group		04/19/2018		(77	)
Total unrealized depreciation								(8,058	)
Net unrealized depreciation								(1,214	)

Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of January 31, 2018:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)	Payment Frequency	Counterparty	Maturity Date		Implied Credit Spread (%)(2)		Notional Amount(3)		Upfront Payments (Receipts) ($)(4)			Unrealized Appreciation (Depreciation) ($)			Value ($)
Republic of Turkey, 11.88%, 01/15/2030	1.00	Quarterly	Goldman Sachs International		12/20/2022		1.64	USD	18,500		763			(253	)		510
Russian Federation, 2.25%, 03/31/2030	1.00	Quarterly	Citigroup Global Markets Holdings, Inc.		12/20/2022		1.07	USD	11,265		97			(74	)		23
Russian Federation, 2.25%, 03/31/2030	1.00	Quarterly	Citigroup Global Markets Holdings, Inc.		12/20/2022		1.07	USD	11,735		101			(77	)		24
											961			(404	)		557
United Mexican States, 4.15%, 03/28/2027	1.00	Quarterly	Goldman Sachs International		12/20/2022		0.97	USD	17,500		(16	)		(28	)		(44	)
											(16	)		(28	)		(44	)
											945			(432	)		513

(1)	—	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(2)	—	Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(3)	—	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(4)	—	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

OTC Interest rate swap contracts outstanding as of January 31, 2018:

Floating Rate Index (a)

Fixed Rate

Pay/ Receive Floating Rate

Counterparty

Maturity Date

Notional Amount

Upfront Payments(Receipts) ($)

Value And Unrealized Appreciation (Depreciation) ($)

6 Month PRIBOR semi-annually

1.16% annually

Receive

Bank of America NA

06/22/2027

CZK

40,000

—

142

6 Month PRIBOR semi-annually

1.19% annually

Receive

Bank of America NA

06/30/2027

CZK

40,000

—

137

—

279

Centrally Cleared Interest rate swap contracts outstanding as of January 31, 2018:

Floating Rate Index (a)	Fixed Rate	Pay/ Receive Floating Rate	Maturity Date	Notional Amount		Upfront Payments(Receipts) ($)		Value And Unrealized Appreciation (Depreciation) ($)
6 Month PRIBOR semi-annually	1.67% annually	Receive	09/05/2027	CZK	300,000		—		394
6 Month PRIBOR semi-annually	1.82% annually	Receive	11/13/2027	CZK	170,000		—		150
6 Month PRIBOR semi-annually	1.93% annually	Receive	01/24/2028	CZK	90,000		—		43
Brazillian CDI at maturity	9.21% at maturity	Pay	01/04/2021	BRL	67,000		—		283
							—		870
3 Month BUBOR quarterly	0.41% annually	Pay	01/16/2020	HUF	25,000,000		—		(114	)
6 Month BUBOR semi-annually	0.47% annually	Pay	01/21/2020	HUF	14,000,000		—		(35	)
6 Month BUBOR semi-annually	1.02% annually	Pay	01/24/2023	HUF	2,100,000		—		(14	)
							—		(163	)
							—		707

(a) Value of floating rate index at January 31, 2018 was as follows:

Floating Rate Index	Value
1 Day CDI		6.89	%
3 Month BUBOR		0.02	%
6 Month BUBOR		0.04	%
6 Month PRIBOR		0.90	%

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Summary of total swap contracts outstanding as of January 31, 2018:

	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - buy protection		961			557
OTC Interest rate swap contracts outstanding		—			279
Total OTC swap contracts outstanding		961			836
Liabilities
OTC Credit default swap contracts outstanding - buy protection		(16	)		(44	)
Total OTC swap contracts outstanding		(16	)		(44	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
BUBOR	—	Budapest Interbank Offered Rate
CAD	—	Canadian Dollar
CDI	—	Interbank Certificate of Deposit
CLP	—	Chilean Peso
CNH	—	China Renminbi
COP	—	Colombian Peso
CZK	—	Czech Republic Koruna
EGP	—	Egyptian Pound
EUR	—	Euro
HUF	—	Hungarian Forint
ICE	—	Intercontinental Exchange
IDR	—	Indonesian Rupiah
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
LIBOR	—	London Interbank Offered Rate
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NGN	—	Nigerian Naira
PHP	—	Philippine Peso
PLN	—	Polish Zloty
PRIBOR	—	Prague Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, 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 January 31, 2018.
THB	—	Thai Bhat
TRY	—	Turkish Lira

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

TWD	—	Taiwan Dollar
USD	—	United States Dollar
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.
(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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(n)	—	The rate shown is the effective yield as of January 31, 2018.
(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 January 31, 2018.
(y)	—	Preferred Security.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2018.
#	—	For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at January 31, 2018 of the currency being sold, and the value at January 31, 2018 is the U.S. dollar market value of the currency being purchased.
**	—	Non-deliverable forward.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine 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 and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Argentina	$	—	$	14,852	$	—	$	14,852
Azerbaijan		—		4,258		—		4,258
Bahrain		—		1,629		—		1,629
Brazil		—		33,493		—		33,493
Chile		—		4,787		—		4,787
China		—		15,199		—		15,199
Colombia		—		4,880		—		4,880
Congo, Democratic Republic of the		—		1,479		—		1,479
Costa Rica		—		1,031		—		1,031
Ecuador		—		2,230		—		2,230
Guatemala		—		704		—		704
Hong Kong		—		4,716		—		4,716
Hungary		—		647		—		647
India		—		5,425		—		5,425
Indonesia		—		11,839		—		11,839
Israel		—		1,190		—		1,190
Jamaica		—		2,121		—		2,121
Jordan		—		2,363		—		2,363
Kazakhstan		—		14,427		—		14,427
Kuwait		—		438		—		438
Mauritius		—		2,652		—		2,652
Mexico		—		36,172		—		36,172
Morocco		—		1,058		—		1,058
Nigeria		—		3,567		—		3,567
Norway		—		511		—		511
Panama		—		867		—		867
Peru		—		5,018		—		5,018
Qatar		—		8,697		—		8,697
Russia		—		7,926		—		7,926
Singapore		—		1,343		—		1,343
South Africa		—		9,433		—		9,433
South Korea		—		5,086		—		5,086
Sri Lanka		—		412		—		412
Trinidad and Tobago		—		2,889		—		2,889
Tunisia		—		6,174		—		6,174
Turkey		—		11,086		—		11,086
Ukraine		—		3,876		—		3,876
United Arab Emirates		—		11,725		—		11,725

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Venezuela, Bolivarian Republic of	$	—		$	2,001		$	—	$	2,001
Total Corporate Bonds		—			248,201			—		248,201
Foreign Government Securities		—			506,716			—		506,716
Options Purchased
Call Options		—			312			—		312
Put Option		—			29			—		29
Total Options Purchased		—			341			—		341
Short-Term Investment
Foreign Government Treasury Bill		—			3,509			—		3,509
Investment Company		38,726			—			—		38,726
Total Short-Term Investment		38,726			3,509			—		42,235
Total Investments in Securities	$	38,726		$	758,767		$	—	$	797,493
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	6,844		$	—	$	6,844
Futures Contracts		212			—			—		212
Swaps		—			1,706			—		1,706
Total Appreciation in Other Financial Instruments	$	212		$	8,550		$	—	$	8,762
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(8,058	)	$	—	$	(8,058	)
Futures Contracts		(232	)		—			—		(232	)
Swaps		—			(207	)		—		(207	)
Total Depreciation in Other Financial Instruments	$	(232	)	$	(8,265	)	$	—	$	(8,497	)

There were no transfers among any levels during the period ended January 31, 2018.

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, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of January 31, 2018
Debt Securities —  Foreign Government Securities	$	4,485	$	441	$	(133	)	$	(1	)	$	—	$	(4,792	)	$	—	$	—	$	—
Total	$	4,485	$	441	$	(133	)	$	(1	)	$	—	$	(4,792	)	$	—	$	—	$	—

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $0.

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

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

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

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

Notes (1) — (4) below describe the various derivatives used by the Fund.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

(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.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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 will 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.

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 OTC options.

(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 used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund’s exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.

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

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

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

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of 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.

JPMorgan Emerging Markets Strategic Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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 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 OTC 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.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 102.1%
	Asset-Backed Securities — 1.3%
		United States — 1.3%
	451	ABFC Trust, Series 2004-HE1, Class M1, 2.46%, 03/25/2034 (z) (bb)		451
		ACE Securities Corp. Home Equity Loan Trust,
	435	Series 2002-HE3, Class M1, 3.36%, 10/25/2032 (z) (bb)		433
	327	Series 2003-NC1, Class M1, 2.73%, 07/25/2033 (z) (bb)		324
	409	Series 2003-OP1, Class M1, 2.61%, 12/25/2033 (z) (bb)		405
	133	Series 2004-HE4, Class M2, 2.54%, 12/25/2034 (z) (bb)		129
	550	Series 2004-OP1, Class M3, 3.44%, 04/25/2034 (z)		527
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	556	Series 2003-10, Class M1, 2.61%, 12/25/2033 (z) (bb)		548
	246	Series 2003-10, Class M2, 4.11%, 12/25/2033 (z) (bb)		242
	1	Series 2003-11, Class M3, 4.35%, 12/25/2033 (z) (bb)		1
	356	Series 2004-FR1W, Class A6, 4.45%, 05/25/2034 (z) (bb)		360
	319	Amortizing Residential Collateral Trust, Series 2004-1, Class M5, 3.44%, 10/25/2034 (z) (bb)		315
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	808	Series 2003-W5, Class M2, 4.34%, 10/25/2033 (z) (bb)		778
	1,445	Series 2003-W9, Class M2, 4.14%, 01/25/2034 (z) (bb)		1,428
	185	Series 2004-W5, Class M1, 2.46%, 04/25/2034 (z) (bb)		185
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	623	Series 2004-HE2, Class M2, 3.44%, 04/25/2034 (z) (bb)		592
	1,068	Series 2004-HE3, Class M2, 3.24%, 06/25/2034 (z) (bb)		1,039
		Bear Stearns Asset-Backed Securities I Trust,
	443	Series 2004-FR2, Class M3, 3.36%, 06/25/2034 (z)		437
	761	Series 2004-HE6, Class M2, 3.44%, 08/25/2034 (z) (bb)		758
		Bear Stearns Asset-Backed Securities Trust,
	569	Series 2004-1, Class M1, 2.54%, 06/25/2034 (z) (bb)		567

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	238	Series 2004-2, Class M1, 2.76%, 08/25/2034 (z) (bb)		230
		Countrywide Asset-Backed Certificates,
	2	Series 2002-3, Class M1, 2.69%, 03/25/2032 (z) (bb)		1
	48	Series 2002-4, Class M1, 2.69%, 12/25/2032 (z) (bb)		47
	55	Series 2003-BC6, Class M2, 3.29%, 10/25/2033 (z) (bb)		54
	87	Series 2004-2, Class M1, 2.31%, 05/25/2034 (z) (bb)		87
	320	Series 2004-3, Class M1, 2.31%, 06/25/2034 (z) (bb)		311
	1,000	Series 2005-12, Class M2, 2.05%, 02/25/2036 (z) (bb)		999
	427	Series 2005-AB3, Class 1A1, 2.06%, 02/25/2036 (z) (bb)		421
	750	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.51%, 01/25/2035 (z) (bb)		749
		Credit-Based Asset Servicing & Securitization LLC,
	1,358	Series 2004-CB4, Class A5, SUB, 6.78%, 05/25/2035		1,349
	155	Series 2005-CB1, Class M2, 2.66%, 01/25/2035 (z) (bb)		156
		CWABS, Inc. Asset-Backed Certificates Trust,
	422	Series 2003-BC1, Class A1, 2.36%, 03/25/2033 (z) (bb)		416
	93	Series 2004-5, Class M3, 3.29%, 07/25/2034 (z) (bb)		92
	343	Series 2004-6, Class M1, 2.46%, 10/25/2034 (z)		338
	77	Series 2004-6, Class M2, 2.54%, 10/25/2034 (z) (bb)		76
	264	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		262
	499	First Franklin Mortgage Loan Trust, Series 2005-FF10, Class A1, 1.86%, 11/25/2035 (z) (bb)		482
		Fremont Home Loan Trust,
	24	Series 2003-B, Class M2, 3.99%, 12/25/2033 (z) (bb)		24
	539	Series 2004-2, Class M2, 2.49%, 07/25/2034 (z)		542
	65	Series 2004-B, Class M7, 4.56%, 05/25/2034 (z)		56

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
		GSAMP Trust,
	616	Series 2004-OPT, Class M1, 2.43%, 11/25/2034 (z) (bb)		611
	302	Series 2006-HE3, Class A2C, 1.72%, 05/25/2046 (z)		297
	267	Home Equity Asset Trust, Series 2004-7, Class M1, 2.49%, 01/25/2035 (z)		267
		Home Equity Mortgage Loan Asset-Backed Trust,
	264	Series 2004-B, Class M3, 2.76%, 11/25/2034 (z) (bb)		262
	238	Series 2004-B, Class M8, 4.84%, 11/25/2034 (z) (bb)		218
		Long Beach Mortgage Loan Trust,
	908	Series 2004-3, Class M2, 2.46%, 07/25/2034 (z) (bb)		907
	522	Series 2004-3, Class M4, 3.17%, 07/25/2034 (z) (bb)		526
		MASTR Asset-Backed Securities Trust,
	87	Series 2003-NC1, Class M5, 4.86%, 04/25/2033 (z) (bb)		78
	558	Series 2005-NC1, Class M2, 2.31%, 12/25/2034 (z) (bb)		563
		Morgan Stanley ABS Capital I, Inc. Trust,
	169	Series 2003-HE2, Class M2, 4.04%, 08/25/2033 (z) (bb)		165
	591	Series 2004-HE6, Class M1, 2.39%, 08/25/2034 (z)		596
	29	Series 2004-HE8, Class M3, 2.69%, 09/25/2034 (z) (bb)		29
	366	Series 2004-NC5, Class M1, 2.46%, 05/25/2034 (z) (bb)		364
	446	Series 2004-NC6, Class M2, 3.44%, 07/25/2034 (z) (bb)		424
	308	Series 2004-NC7, Class M2, 2.49%, 07/25/2034 (z) (bb)		310
	50	Series 2005-HE1, Class M3, 2.34%, 12/25/2034 (z) (bb)		46
	344	Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class A3, 2.54%, 02/25/2033 (z) (bb)		337
	488	New Century Home Equity Loan Trust, Series 2004-2, Class M3, 2.57%, 08/25/2034 (z) (bb)		488
	510	NovaStar Mortgage Funding Trust, Series 2003-2, Class M3, 4.94%, 09/25/2033 (z) (bb)		504
	1,474	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class M1, 2.58%, 07/25/2033 (z) (bb)		1,457

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Option One Mortgage Loan Trust,
	674	Series 2004-1, Class M1, 2.46%, 01/25/2034 (z) (bb)		669
	670	Series 2004-1, Class M2, 3.21%, 01/25/2034 (z) (bb)		656
	32	Series 2004-3, Class M2, 2.42%, 11/25/2034 (z) (bb)		32
	500	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, 2.81%, 01/25/2036 (z) (bb)		510
		Pretium Mortgage Credit Partners I LLC,
	1,579	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e) (bb)		1,578
	819	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		817
	1,000	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		984
		Renaissance Home Equity Loan Trust,
	328	Series 2003-2, Class M1, 2.80%, 08/25/2033 (z) (bb)		328
	738	Series 2004-1, Class M4, 4.26%, 05/25/2034 (z) (bb)		611
	91	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		93
	390	Saxon Asset Securities Trust, Series 2003-3, Class M1, 2.54%, 12/25/2033 (z) (bb)		376
	847	Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M2, 3.29%, 02/25/2034 (z) (bb)		820
	535	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 2.24%, 06/25/2035 (z) (bb)		534
	723	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, 2.46%, 11/25/2034 (z) (bb)		693
		Structured Asset Investment Loan Trust,
	185	Series 2003-BC11, Class M1, 2.54%, 10/25/2033 (z) (bb)		184
	388	Series 2004-7, Class M2, 2.69%, 08/25/2034 (z) (bb)		371
	644	Series 2004-8, Class M9, 5.31%, 09/25/2034 (z)		645
	37	Series 2004-BNC1, Class A5, 2.80%, 09/25/2034 (z) (bb)		37
	422	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC4, Class A4, 1.73%, 12/25/2036 (z) (bb)		409
	682	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		686

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Asset-Backed Securities — continued
		United States –– continued
	828	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.38%, 04/25/2047 (e) (bb)		830
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	362	Series 2004-2, Class M6, 4.38%, 10/25/2034 (z)		360
	97	Series 2004-2, Class M8A, 6.06%, 10/25/2034 (e) (z) (bb)		93
		Total Asset-Backed Securities (Cost $35,280)		36,976
	Collateralized Mortgage Obligations — 8.9%
		United States — 8.9%
		Alternative Loan Trust
	533	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		538
	130	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		130
	99	Series 2005-11CB, Class 2A1, 5.50%, 06/25/2035		96
	23	Series 2005-19CB, Class A2, IF, 13.51%, 06/25/2035 (z)		27
	1,217	Series 2005-28CB, Class 2A6, 5.00%, 08/25/2035		1,077
	891	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		779
	72	Banc of America Funding Trust, Series 2005-6, Class 1A2, 5.50%, 10/25/2035		69
		Bear Stearns ALT-A Trust
	91	Series 2005-4, Class 23A1, 3.54%, 05/25/2035 (z)		91
	700	Series 2005-4, Class 23A2, 3.54%, 05/25/2035 (z)		709
	195	Series 2005-7, Class 12A3, 2.24%, 08/25/2035 (z)		194
		Bear Stearns ARM Trust
	613	Series 2005-5, Class A2, 3.58%, 08/25/2035 (z)		611
	310	Series 2005-9, Class A1, 3.52%, 10/25/2035 (z)		315
	560	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		562
	706	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class M1, 2.39%, 06/25/2034 (z) (bb)		640
		Chase Mortgage Finance Trust
	316	Series 2006-S4, Class A5, 6.00%, 12/25/2036		269
	130	Series 2007-A1, Class 1A1, 3.67%, 02/25/2037 (z)		131

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	172	Series 2007-A1, Class 8A1, 3.71%, 02/25/2037 (z)		176
		CHL Mortgage Pass-Through Trust
	107	Series 2004-9, Class A7, 5.25%, 06/25/2034		109
	524	Series 2004-25, Class 2A1, 2.24%, 02/25/2035 (z)		507
	785	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		712
	653	Series 2005-31, Class 2A1, 3.28%, 01/25/2036 (z)		621
	240	Series 2006-21, Class A14, 6.00%, 02/25/2037		216
	268	Series 2007-10, Class A4, 5.50%, 07/25/2037		227
		Citigroup Mortgage Loan Trust
	486	Series 2005-3, Class 2A2A, 3.49%, 08/25/2035 (z)		487
	151	Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		153
	603	Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, 3.55%, 08/25/2035 (z)		598
	5	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-25, Class 2A1, 4.50%, 10/25/2018		5
	489	CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class 5A1, 6.00%, 12/25/2034		517
		FHLMC REMIC
	6,885	Series 3768, Class CB, 3.50%, 12/15/2025		7,061
	10,129	Series 3788, Class FA, 2.09%, 01/15/2041 (z)		10,198
	600	Series 3806, Class L Shares, 3.50%, 02/15/2026		612
	1,500	Series 4005, Class PA, 2.00%, 10/15/2041		1,428
	1,037	Series 4112, Class FC, 1.91%, 01/15/2042 (z)		1,033
	5,857	Series 4118, Class PD, 1.50%, 05/15/2042		5,539
	8,509	Series 4261, Class PA, 3.00%, 07/15/2032		8,559
	804	Series 4323, Class VA, 4.00%, 03/15/2027		836
	1,604	Series 4329, Class KA, 3.00%, 01/15/2040		1,610
	5,051	Series 4363, Class B, 3.00%, 12/15/2040		5,065
	5,584	Series 4364, Class A, 3.00%, 08/15/2040		5,604
	9,143	Series 4366, Class KA, 3.00%, 03/15/2041		9,138

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States –– continued
	1,347	Series 4446, Class MA, 3.50%, 12/15/2050		1,368
	1,238	Series 4467, Class AB, 3.00%, 07/15/2041		1,240
	1,095	Series 4480, Class QA, 3.00%, 11/15/2043		1,096
	1,635	Series 4494, Class KA, 3.75%, 10/15/2042		1,679
	13,138	Series 4510, Class HB, 2.00%, 03/15/2040		12,794
	3,813	Series 4622, Class HA, 3.00%, 11/15/2043		3,802
	542	Series 4639, Class AC, 3.00%, 05/15/2040		544
	897	Series 4669, Class VJ, 4.00%, 05/15/2028		935
	4,361	Series 4709, Class EA, 3.00%, 01/15/2046		4,357
		FHLMC STRIPS
	1,231	Series 242, Class F29, 1.81%, 11/15/2036 (z)		1,232
	545	Series 311, Class F1, 2.11%, 08/15/2043 (z)		547
	7,175	Series 317, Class F3, 2.08%, 11/15/2043 (z)		7,237
		FNMA REMIC
	147	Series 2005-10, Class BK, 5.00%, 03/25/2025		155
	2,664	Series 2006-5, Class 1A, 1.69%, 08/25/2034 (z)		2,784
	1,296	Series 2007-30, Class LF, 1.87%, 04/25/2037 (z)		1,296
	2,969	Series 2010-142, Class FM, 2.03%, 12/25/2040 (z)		2,978
	2,569	Series 2013-20, Class CA, 2.50%, 01/25/2043		2,522
	3,354	Series 2013-26, Class AK, 2.50%, 11/25/2038		3,315
	10,202	Series 2013-58, Class KJ, 3.00%, 02/25/2043		10,209
	11,016	Series 2013-101, Class FE, 2.16%, 10/25/2043 (z)		11,173
	515	Series 2013-135, Class GA, 3.00%, 07/25/2032		518
	1,334	Series 2014-29, Class BA, 3.00%, 03/25/2040		1,338
	4,607	Series 2014-36, Class EJ, 3.00%, 06/25/2040		4,610
	7,095	Series 2015-15, Class GH, 2.50%, 03/25/2041		6,977
	6,477	Series 2016-8, Class FA, 2.01%, 03/25/2046 (z)		6,516

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	462	Series 2016-40, Class PA, 3.00%, 07/25/2045		461
	8,413	Series 2016-63, Class AF, 2.06%, 09/25/2046 (z)		8,491
	1,929	Series 2016-75, Class FC, 1.96%, 10/25/2046 (z)		1,934
	1,588	Series 2016-103, Class LA, 3.00%, 05/25/2044		1,579
	9,805	Series 2017-4, Class AH, 3.00%, 05/25/2041		9,821
	13,841	Series 2017-4, Class BA, 3.50%, 05/25/2041		14,094
	20,215	Series 2017-49, Class JA, 4.00%, 07/25/2053		20,900
	4,434	Series 2017-50, Class CB, 2.00%, 04/25/2041		4,332
	6,434	Series 2017-50, Class FB, 1.96%, 07/25/2047 (z)		6,469
	4,761	Series 2017-96, Class KA, 3.00%, 01/25/2055		4,728
	1,946	Series 2017-99, Class MA, 3.50%, 05/25/2053		1,979
		GNMA
	2,385	Series 2008-35, Class FH, 2.16%, 04/20/2038 (z)		2,415
	2,534	Series 2014-117, Class FP, 1.86%, 06/20/2043 (z)		2,538
	400	GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, 3.73%, 09/25/2034 (z)		402
		Impac CMB Trust
	101	Series 2004-6, Class 1A2, 2.34%, 10/25/2034 (z)		99
	636	Series 2005-2, Class 2A2, 2.36%, 04/25/2035 (z)		615
	370	Series 2005-4, Class 2A2, 2.32%, 05/25/2035 (z)		351
	391	Series 2005-4, Class 2B1, 4.04%, 05/25/2035 (z) (bb)		373
	261	Series 2005-4, Class 2M2, 2.69%, 05/25/2035 (z)		240
	268	JP Morgan Mortgage Trust, Series 2005-A8, Class 2A3, 3.43%, 11/25/2035 (z)		260
	320	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		328
	147	MASTR Alternative Loan Trust, Series 2004-6, Class 8A1, 5.50%, 07/25/2034		151
	68	Merrill Lynch Mortgage Investors Trust, Series 2005-1, Class 2A1, 3.23%, 04/25/2035 (z)		67

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
			United States –– continued
			Merrill Lynch Mortgage Investors Trust MLMI
	120		Series 2003-A4, Class 3A, 3.88%, 05/25/2033 (z)		118
	66		Series 2005-A2, Class A3, 3.42%, 02/25/2035 (z)		65
			Morgan Stanley Mortgage Loan Trust
	138		Series 2004-5AR, Class 4A, 3.53%, 07/25/2034 (z)		136
	371		Series 2004-7AR, Class 2A6, 3.50%, 09/25/2034 (z)		381
	281		Series 2004-11AR, Class 1A2A, 1.87%, 01/25/2035 (z)		273
	441		MortgageIT Trust, Series 2005-1, Class 1B1, 3.06%, 02/25/2035 (z) (bb)		423
			Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	522		Series 2005-4, Class 1A2, 1.95%, 11/25/2035 (z)		514
	866		Series 2005-5, Class 1APT, 1.84%, 12/25/2035 (z)		842
			Opteum Mortgage Acceptance Corp. Trust
	702		Series 2006-1, Class 1AC1, 1.86%, 04/25/2036 (z)		673
	983		Series 2006-1, Class 1APT, 1.77%, 04/25/2036 (z)		933
	—	(h)	Prudential Home Mortgage Securities Co., Inc. (The), Series 1988-1, Class A, 3.02%, 04/25/2018 (z)		—	(h)
			RALI Trust
	835		Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		783
	79		Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		75
	31		Residential Asset Securitization Trust, Series 2004-A8, Class A1, 5.25%, 11/25/2034		31
			RFMSI Trust
	5		Series 2003-S15, Class A1, 4.50%, 08/25/2018		5
	8		Series 2003-S16, Class A2, 4.50%, 09/25/2018		8
	811		Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		767
	29		Structured Adjustable Rate Mortgage Loan Trust, Series 2005-17, Class 4A3, 3.49%, 08/25/2035 (z)		29
			WaMu Mortgage Pass-Through Certificates Trust
	5		Series 2003-S8, Class A2, 5.00%, 09/25/2018		5

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	31	Series 2004-CB2, Class 5A, 5.00%, 07/25/2019		31
	829	Series 2005-AR3, Class A1, 3.10%, 03/25/2035 (z)		815
	576	Series 2005-AR5, Class A6, 3.04%, 05/25/2035 (z)		580
	441	Series 2005-AR7, Class A3, 3.26%, 08/25/2035 (z)		444
	291	Series 2005-AR10, Class 1A3, 3.29%, 09/25/2035 (z)		294
	386	Series 2005-AR14, Class 1A4, 3 .36%, 12/25/2035 (z)		383
	1	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2003-MS3, Class 2A2, 4.50%, 03/25/2018		1
		Wells Fargo Mortgage Backed Securities Trust
	201	Series 2003-H, Class A1, 3.59%, 09/25/2033 (z)		205
	150	Series 2004-H, Class A1, 3.35%, 06/25/2034 (z)		152
	69	Series 2004-K, Class 1A2, 3.48%, 07/25/2034 (z)		70
	684	Series 2004-CC, Class A1, 3.75%, 01/25/2035 (z)		697
	332	Series 2004-DD, Class 1A1, 3.77%, 01/25/2035 (z)		344
	111	Series 2005-AR2, Class 3A1, 3.64%, 03/25/2035 (z)		113
	495	Series 2005-AR10, Class 2A1, 3.57%, 06/25/2035 (z)		507
	540	Series 2005-AR14, Class A1, 3.45%, 08/25/2035 (z)		547
	241	Series 2005-AR16, Class 6A3, 3.45%, 10/25/2035 (z)		242
	534	Series 2006-AR6, Class 7A1, 3.65%, 03/25/2036 (z)		540
		Wells Fargo Mortgage-Backed Securities Trust
	235	Series 2003-K, Class 1A1, 3.57%, 11/25/2033 (z)		238
	253	Series 2003-M, Class A1, 3.72%, 12/25/2033 (z)		255
	183	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		185
	209	Series 2004-Z, Class 2A2, 3.74%, 12/25/2034 (z)		213
	115	Series 2004-EE, Class 2A2, 3.45%, 12/25/2034 (z)		118
	970	Series 2005-AR1, Class 1A1, 3.84%, 02/25/2035 (z)		990

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States –– continued
	305	Series 2005-AR2, Class 2A2, 3.53%, 03/25/2035 (z)		308
	418	Series 2005-AR3, Class 1A1, 3.46%, 03/25/2035 (z)		429
	52	Series 2006-AR2, Class 2A3, 3.65%, 03/25/2036 (z)		52
	194	Series 2006-AR3, Class A3, 3.32%, 03/25/2036 (z)		192
		Total Collateralized Mortgage Obligations (Cost $257,555)		256,104
	Commercial Mortgage-Backed Securities — 0.2%
		United States — 0.2%
		JP Morgan Chase Commercial Mortgage Securities Trust,
	472	Series 2007-LD11, Class AM, 6.04%, 06/15/2049 (z)		479
	303	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		304
	372	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.09%, 07/15/2044 (z)		373
	1,540	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		1,218
		Morgan Stanley Capital I Trust,
	886	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		887
	369	Series 2007-HQ11, Class AJ, 5.51%, 02/12/2044 (z)		368
	1,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, 6.10%, 04/15/2047 (z) (bb)		1,023
		Total Commercial Mortgage-Backed Securities (Cost $4,864)		4,652
SHARES
	Common Stocks — 57.6%
		Australia — 1.3%
	314	Australia & New Zealand Banking Group Ltd.		7,218
	334	BHP Billiton Ltd.		8,165
	45	Commonwealth Bank of Australia		2,874
	17	CSL Ltd.		1,983
	410	Dexus		3,149
	601	Goodman Group		3,921
	53	Macquarie Group Ltd.		4,437

SHARES		SECURITY DESCRIPTION	VALUE
		Australia –– continued
	31	National Australia Bank Ltd.		718
	48	Oil Search Ltd.		294
	94	Wesfarmers Ltd.		3,309
	54	Westpac Banking Corp.		1,338
				37,406
		Austria — 0.1%
	74	Erste Group Bank AG (a)		3,734
				—
		Belgium — 0.3%
	68	Anheuser-Busch InBev SA/NV		7,737
	21	KBC Group NV		2,034
				9,771
		Brazil — 0.5%
	350	Ambev SA, ADR		2,405
	221	Cielo SA		1,864
	228	Itau Unibanco Holding SA (Preference)		3,741
	189	Lojas Renner SA (a)		2,244
	41	Raia Drogasil SA (a)		1,080
	89	Ultrapar Participacoes SA		2,290
	21	Vale SA, ADR (a)		276
	168	WEG SA		1,247
				15,147
		Canada — 0.2%
	17	Canadian Pacific Railway Ltd.		3,187
	2	Fairfax Financial Holdings Ltd.		1,081
	50	Gildan Activewear, Inc.		1,699
				5,967
		Chile — 0.1%
	53	Banco Santander Chile, ADR		1,809
				—
		China — 1.3%
	34	Alibaba Group Holding Ltd., ADR (a)		6,934
	10	Baidu, Inc., ADR (a)		2,552
	706	BOC Hong Kong Holdings Ltd.		3,601
	583	CNOOC Ltd.		916
	68	JD.com, Inc., ADR (a)		3,341
	533	Ping An Insurance Group Co. of China Ltd., Class H		6,278
	219	Tencent Holdings Ltd.		12,940
	252	Tsingtao Brewery Co. Ltd., Class H		1,404
				37,966
		Denmark — 0.5%
	25	Chr Hansen Holding A/S		2,164
	71	Danske Bank A/S		2,901
	135	Novo Nordisk A/S, Class B		7,487
	21	Royal Unibrew A/S		1,256
				13,808

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Finland — 0.5%
	43	Cargotec OYJ, Class B		2,487
	770	Nokia OYJ		3,716
	327	Outokumpu OYJ		2,807
	74	UPM-Kymmene OYJ		2,491
	44	Wartsila OYJ Abp		2,981
				14,482
		France — 4.1%
	70	Air Liquide SA		9,480
	65	Airbus SE		7,431
	25	Amundi SA, Reg. S (e)		2,381
	14	Atos SE		2,204
	312	AXA SA		10,246
	140	BNP Paribas SA		11,582
	54	Capgemini SE		7,216
	91	Credit Agricole SA		1,712
	114	Engie SA		1,979
	34	Faurecia		3,039
	7	Kering		3,394
	115	Orange SA		2,070
	39	Pernod Ricard SA		6,176
	58	Renault SA		6,343
	83	Sanofi		7,310
	88	Schneider Electric SE (a)		8,256
	36	Sodexo SA		4,674
	196	TOTAL SA		11,389
	44	Vinci SA		4,710
	187	Vivendi SA		5,489
				117,081
		Germany — 3.4%
	16	adidas AG		3,741
	26	Allianz SE (Registered)		6,673
	64	BASF SE		7,547
	63	Bayer AG (Registered)		8,235
	69	Brenntag AG		4,447
	40	Covestro AG, Reg. S (e)		4,562
	95	Daimler AG (Registered)		8,690
	12	Delivery Hero AG, Reg. S (a) (e)		518
	36	Deutsche Boerse AG		4,565
	37	Deutsche Lufthansa AG (Registered)		1,337
	124	Deutsche Post AG (Registered)		5,875
	251	Deutsche Telekom AG (Registered)		4,409
	40	Evonik Industries AG		1,594
	43	Evotec AG (a)		778

SHARES		SECURITY DESCRIPTION	VALUE
		Germany –– continued
	9	Hannover Rueck SE		1,269
	14	HeidelbergCement AG		1,484
	39	Henkel AG & Co. KGaA (Preference)		5,487
	191	Infineon Technologies AG		5,569
	16	Linde AG (a)		3,903
	82	SAP SE		9,304
	35	Siemens AG (Registered)		5,247
	9	Siltronic AG (a)		1,483
	7	Wacker Chemie AG		1,480
				98,197
		Hong Kong — 1.0%
	1,449	AIA Group Ltd.		12,377
	221	CK Asset Holdings Ltd.		2,107
	393	CK Hutchison Holdings Ltd.		5,299
	64	I-CABLE Communications Ltd. (a)		2
	43	Jardine Matheson Holdings Ltd.		2,748
	398	Sands China Ltd.		2,365
	308	Wharf Holdings Ltd. (The)		1,255
	341	Wharf Real Estate Investment Co. Ltd. (a)		2,356
				28,509
		India — 0.7%
	114	HDFC Bank Ltd., ADR		12,355
	306	Infosys Ltd., ADR		5,513
	164	Mahindra & Mahindra Ltd., Reg. S, GDR		1,967
	79	Mahindra & Mahindra Ltd., Reg. S, GDR		941
				20,776
		Indonesia — 0.2%
	2,681	Astra International Tbk. PT		1,701
	1,052	Bank Central Asia Tbk. PT		1,786
	7,348	Bank Rakyat Indonesia Persero Tbk. PT		2,031
	229	Unilever Indonesia Tbk. PT		929
				6,447
		Ireland — 0.2%
	38	Ryanair Holdings plc, ADR (a)		4,662
				—
		Israel — 0.1%
	71	Teva Pharmaceutical Industries Ltd., ADR		1,459
				—
		Italy — 0.8%
	226	Assicurazioni Generali SpA		4,478
	44	Banca Generali SpA		1,649
	1,213	Enel SpA		7,711
	11	Ferrari NV		1,269
	626	Intesa Sanpaolo SpA		2,461

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Italy –– continued
	2,776	Telecom Italia SpA (a)		2,498
	155	UniCredit SpA (a)		3,411
				23,477
		Japan — 5.7%
	48	Asahi Group Holdings Ltd.		2,445
	115	Bridgestone Corp.		5,632
	16	Central Japan Railway Co.		3,001
	51	Daikin Industries Ltd.		6,166
	154	DMG Mori Co. Ltd.		3,533
	37	Electric Power Development Co. Ltd.		1,041
	237	Hitachi Ltd.		1,891
	186	Honda Motor Co. Ltd.		6,567
	98	Japan Airlines Co. Ltd.		3,696
	139	Japan Tobacco, Inc.		4,597
	67	Kao Corp.		4,649
	63	KDDI Corp.		1,596
	3	Keyence Corp.		1,772
	199	Kyowa Hakko Kirin Co. Ltd.		3,884
	104	Kyushu Electric Power Co., Inc.		1,139
	88	Mabuchi Motor Co. Ltd.		5,207
	241	Marui Group Co. Ltd.		4,409
	231	Mitsubishi Corp.		6,465
	1,171	Mitsubishi UFJ Financial Group, Inc.		8,852
	168	NGK Spark Plug Co. Ltd.		4,457
	8	Nidec Corp.		1,320
	5	Nintendo Co. Ltd.		2,219
	97	Nippon Telegraph & Telephone Corp.		4,664
	63	Nomura Research Institute Ltd.		2,904
	44	Otsuka Corp.		3,679
	96	Otsuka Holdings Co. Ltd.		4,265
	382	Panasonic Corp.		5,675
	136	Renesas Electronics Corp. (a)		1,607
	176	Sekisui House Ltd.		3,228
	131	Seven & i Holdings Co. Ltd.		5,422
	44	Sony Corp.		2,110
	206	Sumitomo Electric Industries Ltd.		3,519
	142	Sumitomo Mitsui Financial Group, Inc.		6,382
	204	T&D Holdings, Inc.		3,652
	89	Tokio Marine Holdings, Inc.		4,203
	63	Tokyo Gas Co. Ltd.		1,498
	216	Tokyu Corp.		3,626
	446	Toray Industries, Inc.		4,453
	159	Toyota Motor Corp.		10,920
	51	West Japan Railway Co.		3,844
	165	Yamato Holdings Co. Ltd.		4,271
				164,460

SHARES		SECURITY DESCRIPTION	VALUE
		Luxembourg — 0.2%
	121	ArcelorMittal		4,366
				—
		Malaysia — 0.0% (g)
	180	Public Bank Bhd.		1,013
				—
		Mexico — 0.2%
	15	Fomento Economico Mexicano SAB de CV, ADR		1,465
	182	Grupo Financiero Banorte SAB de CV, Class O		1,166
	595	Wal-Mart de Mexico SAB de CV		1,488
				4,119
		Netherlands — 1.8%
	78	ABN AMRO Group NV, Reg. S, CVA (e)		2,645
	33	AMG Advanced Metallurgical Group NV		1,770
	40	ASML Holding NV		8,135
	28	BE Semiconductor Industries NV		2,683
	33	Heineken NV		3,716
	600	ING Groep NV		11,785
	94	Koninklijke Philips NV		3,827
	212	Royal Dutch Shell plc, Class A		7,427
	238	Royal Dutch Shell plc, Class B		8,446
				50,434
		Norway — 0.1%
	163	Norsk Hydro ASA		1,185
	78	Telenor ASA		1,820
				3,005
		Peru — 0.1%
	9	Credicorp Ltd.		2,103
		Russia — 0.2%
	52	Magnit PJSC, Reg. S, GDR		1,171
	459	Sberbank of Russia PJSC		2,156
	118	Sberbank of Russia PJSC, ADR		2,391
	10	Sberbank of Russia PJSC, ADR		211
				5,929
		Singapore — 0.2%
	288	DBS Group Holdings Ltd.		5,784
				—
		South Africa — 0.5%
	53	Bid Corp. Ltd.		1,187
	104	Bidvest Group Ltd. (The)		2,183
	15	Capitec Bank Holdings Ltd.		1,005
	466	FirstRand Ltd.		2,613
	37	Mr Price Group Ltd.		888
	56	MTN Group Ltd.		617

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		South Africa –– continued
	122	RMB Holdings Ltd.		811
	198	Sanlam Ltd.		1,472
	83	Shoprite Holdings Ltd.		1,725
	36	Tiger Brands Ltd.		1,397
				13,898
		South Korea — 0.3%
	15	Hyundai Motor Co.		2,294
	3	Samsung Electronics Co. Ltd.		5,920
				8,214
		Spain — 1.1%
	890	Banco Santander SA		6,610
	797	Bankia SA		4,035
	998	Iberdrola SA (a)		8,120
	133	Industria de Diseno Textil SA		4,766
	300	Repsol SA		5,637
	268	Telefonica SA		2,748
				31,916
		Sweden — 0.3%
	31	Electrolux AB		1,087
	360	Svenska Handelsbanken AB, Class A		5,241
	170	Volvo AB, Class B		3,471
				9,799
		Switzerland — 2.9%
	44	Cie Financiere Richemont SA (Registered)		4,180
	197	Credit Suisse Group AG (Registered) (a)		3,804
	73	Ferguson plc		5,650
	2	Georg Fischer AG (Registered)		2,724
	12	LafargeHolcim Ltd. (Registered) (a)		706
	84	LafargeHolcim Ltd. (Registered) (a)		5,151
	50	Logitech International SA (Registered)		2,086
	5	Lonza Group AG (Registered) (a)		1,455
	185	Nestle SA (Registered)		15,996
	160	Novartis AG (Registered)		14,431
	5	Partners Group Holding AG		3,766
	46	Roche Holding AG		11,316
	57	STMicroelectronics NV		1,353
	43	Swiss Re AG		4,287
	225	UBS Group AG (Registered) (a)		4,569
	5	Zurich Insurance Group AG		1,803
				83,277
		Taiwan — 0.5%
	312	Delta Electronics, Inc.		1,571
	6	Largan Precision Co. Ltd.		823
	249	President Chain Store Corp.		2,464
	209	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		9,482
				14,340

SHARES		SECURITY DESCRIPTION	VALUE
		Thailand — 0.1%
	102	Siam Cement PCL (The) (Registered)		1,601
	281	Siam Commercial Bank PCL (The)		1,413
				3,014
		Turkey — 0.0% (g)
	136	KOC Holding A/S		661
				—
		United Kingdom — 3.7%
	288	3i Group plc		3,811
	27	AstraZeneca plc		1,878
	556	Aviva plc		4,057
	243	Barratt Developments plc		2,021
	874	BP plc		6,232
	164	British American Tobacco plc		11,221
	186	Burberry Group plc		4,164
	20	Diageo plc		709
	424	Dixons Carphone plc		1,179
	78	Fiat Chrysler Automobiles NV (a)		1,892
	312	GlaxoSmithKline plc		5,815
	753	HSBC Holdings plc		8,037
	55	InterContinental Hotels Group plc		3,665
	178	International Consolidated Airlines Group SA		1,620
	1,391	ITV plc		3,299
	3,620	Lloyds Banking Group plc		3,577
	287	Prudential plc		7,774
	99	Rio Tinto Ltd.		6,086
	24	Rio Tinto plc		1,314
	527	Standard Chartered plc (a)		6,133
	903	Taylor Wimpey plc		2,443
	43	TechnipFMC plc		1,386
	70	Unilever NV, CVA		4,028
	3,087	Vodafone Group plc		9,840
	25	Whitbread plc		1,400
	177	WPP plc		3,198
				106,779
		United States — 24.4%
	64	Acadia Healthcare Co., Inc. (a)		2,189
	18	Adobe Systems, Inc. (a)		3,597
	19	AdvanSix, Inc. (a)		737
	9	Aetna, Inc.		1,734
	2	Alleghany Corp. (a)		1,071
	14	Allergan plc		2,581
	70	Ally Financial, Inc.		2,088
	9	Alphabet, Inc., Class A (a)		10,450

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
			United States –– continued
	16		Alphabet, Inc., Class C (a)		19,255
	10		Amazon.com, Inc. (a) (j)		14,525
	41		American Electric Power Co., Inc.		2,814
	80		American Homes 4 Rent, Class A		1,653
	69		American International Group, Inc.		4,420
	17		AmerisourceBergen Corp.		1,740
	27		Amphenol Corp., Class A		2,539
	28		Apache Corp.		1,243
	87		Apple, Inc.		14,596
	49		Applied Materials, Inc.		2,640
	9		Arista Networks, Inc. (a)		2,506
	21		Arrow Electronics, Inc. (a)		1,699
	4		AutoZone, Inc. (a)		3,268
	19		Avaya Holdings Corp. (a)		400
	93		Ball Corp.		3,558
	302		Bank of America Corp.		9,677
	9		Becton Dickinson and Co.		2,074
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		12,612
	56		Berry Global Group, Inc. (a)		3,292
	22		Best Buy Co., Inc.		1,600
	5		BlackRock, Inc.		2,530
	6		Boeing Co. (The)		2,119
	40		Brinker International, Inc.		1,447
	113		Brixmor Property Group, Inc.		1,838
	17		Broadcom Ltd.		4,289
	92		Capital One Financial Corp. (j)		9,568
	23		Carlisle Cos., Inc.		2,657
	34		Cavium, Inc. (a)		3,015
	100		CBRE Group, Inc., Class A (a)		4,563
	45		CBS Corp. (Non-Voting), Class B		2,576
	27		CH Robinson Worldwide, Inc.		2,512
	166		Charles Schwab Corp. (The)		8,871
	7		Charter Communications, Inc., Class A (a)		2,696
	16		Chubb Ltd.		2,545
	6		Cigna Corp. (j)		1,258
	74		Cisco Systems, Inc.		3,074
	51		Citigroup, Inc.		3,971
	79		Citizens Financial Group, Inc.		3,608
	68		Clear Channel Outdoor Holdings, Inc., Class A		329
	39		CNO Financial Group, Inc.		951
	25		Columbia Sportswear Co.		1,886
	18		Comcast Corp., Class A		749
	27		Comerica, Inc.		2,615
	46		CommScope Holding Co., Inc. (a)		1,771

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	21	Concho Resources, Inc. (a)		3,301
	43	ConocoPhillips		2,551
	15	Constellation Brands, Inc., Class A		3,230
	52	Copart, Inc. (a)		2,308
	67	Corning, Inc.		2,093
	73	Coty, Inc., Class A		1,441
	16	CVS Health Corp.		1,295
	127	Delta Air Lines, Inc.		7,194
	27	DENTSPLY SIRONA, Inc.		1,622
	31	Dick’s Sporting Goods, Inc.		989
	93	DISH Network Corp., Class A (a)		4,347
	23	Dover Corp.		2,402
	25	Dr Pepper Snapple Group, Inc.		2,998
	15	Duke Energy Corp.		1,204
	33	Eagle Materials, Inc.		3,748
	46	East West Bancorp, Inc.		3,022
	15	EastGroup Properties, Inc.		1,307
	10	Ecolab, Inc.		1,311
	22	Edison International		1,363
	34	Electronic Arts, Inc. (a)		4,264
	19	Energizer Holdings, Inc.		1,093
	109	Entercom Communications Corp., Class A (j)		1,206
	21	EOG Resources, Inc.		2,376
	33	EQT Corp.		1,779
	14	Estee Lauder Cos., Inc. (The), Class A		1,918
	23	Eversource Energy		1,478
	75	Evolent Health, Inc., Class A (a)		1,061
	30	Exact Sciences Corp. (a)		1,489
	21	Exelixis, Inc. (a)		621
	12	Expedia, Inc.		1,544
	48	Extended Stay America, Inc.		975
	67	Exxon Mobil Corp. (j)		5,826
	48	Facebook, Inc., Class A (a)		9,036
	13	Fastenal Co.		693
	6	Federal Realty Investment Trust		721
	19	Fidelity National Information Services, Inc.		1,950
	63	Fifth Third Bancorp		2,086
	29	First Republic Bank		2,596
	42	Fiserv, Inc. (a)		5,849
	35	Fortune Brands Home & Security, Inc.		2,478
	37	Gap, Inc. (The)		1,221
	14	Genuine Parts Co.		1,478
	37	Global Payments, Inc.		4,157
	54	GoDaddy, Inc., Class A (a)		2,982

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States –– continued
	2	Goodman Private (a) (bb)		—
	86	Graphic Packaging Holding Co.		1,397
	20	Guidewire Software, Inc. (a)		1,596
	49	Hartford Financial Services Group, Inc. (The)		2,882
	18	HCA Healthcare, Inc. (a)		1,837
	88	Hewlett Packard Enterprise Co.		1,444
	39	Hilton Grand Vacations, Inc. (a)		1,769
	63	Hilton Worldwide Holdings, Inc.		5,403
	10	Home Depot, Inc. (The)		1,967
	21	Honeywell International, Inc.		3,322
	37	Hormel Foods Corp.		1,263
	8	Humana, Inc.		2,261
	335	Huntsman Corp.		11,566
	42	Illinois Tool Works, Inc. (j)		7,327
	12	Illumina, Inc. (a)		2,740
	18	Intercept Pharmaceuticals, Inc. (a)		1,090
	30	International Paper Co.		1,917
	6	Intuitive Surgical, Inc. (a)		2,476
	42	Invesco Ltd.		1,532
	15	Jazz Pharmaceuticals plc (a)		2,172
	13	John Bean Technologies Corp.		1,488
	33	Johnson & Johnson		4,582
	39	KapStone Paper and Packaging Corp.		1,339
	101	Kimco Realty Corp.		1,614
	118	Kinder Morgan, Inc.		2,124
	8	KLA-Tencor Corp.		825
	43	Kohl’s Corp.		2,770
	87	Kroger Co. (The)		2,643
	78	La Quinta Holdings, Inc. (a)		1,563
	9	Lam Research Corp.		1,777
	17	Lennox International, Inc.		3,792
	72	LKQ Corp. (a)		3,018
	94	Loews Corp. (j)		4,830
	24	M&T Bank Corp.		4,607
	42	Marathon Petroleum Corp.		2,908
	9	Marsh & McLennan Cos., Inc.		726
	11	Martin Marietta Materials, Inc.		2,473
	46	Mastercard, Inc., Class A		7,692
	64	Merck & Co., Inc.		3,806
	134	Microsoft Corp.		12,708
	20	Mid-America Apartment Communities, Inc.		1,944
	17	Middleby Corp. (The) (a)		2,379
	22	Mohawk Industries, Inc. (a)		6,211
	27	Molson Coors Brewing Co., Class B		2,287

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	29	Monster Beverage Corp. (a)		1,981
	40	Morgan Stanley		2,265
	19	Murphy USA, Inc. (a)		1,591
	22	Nasdaq, Inc.		1,782
	15	Netflix, Inc. (a)		4,043
	28	Nexstar Media Group, Inc., Class A		2,108
	50	NextEra Energy, Inc.		7,876
	1	NII Holdings, Inc. (a)		1
	34	Nordstrom, Inc.		1,694
	18	Northern Trust Corp.		1,899
	33	Northrop Grumman Corp.		11,089
	33	Norwegian Cruise Line Holdings Ltd. (a)		2,021
	20	NVIDIA Corp. (j)		5,017
	29	Occidental Petroleum Corp.		2,210
	24	Old Dominion Freight Line, Inc.		3,455
	34	Oshkosh Corp.		3,089
	72	Outfront Media, Inc.		1,602
	14	Palo Alto Networks, Inc. (a)		2,212
	12	Parker-Hannifin Corp.		2,486
	59	PayPal Holdings, Inc. (a)		5,020
	41	PBF Energy, Inc., Class A		1,318
	1	Penn Virginia Corp. (a)		45
	16	PepsiCo, Inc.		1,979
	181	Pfizer, Inc.		6,693
	27	Phillips 66		2,717
	31	PNC Financial Services Group, Inc. (The)		4,969
	27	Post Holdings, Inc. (a)		2,015
	24	PRA Health Sciences, Inc. (a)		2,228
	2	Priceline Group, Inc. (The) (a) (j)		2,906
	30	Procter & Gamble Co. (The)		2,575
	33	Progressive Corp. (The)		1,766
	9	Prudential Financial, Inc.		1,071
	11	Public Storage		2,088
	35	QUALCOMM, Inc.		2,360
	65	Rayonier, Inc.		2,112
	15	Red Hat, Inc. (a)		1,916
	42	Revance Therapeutics, Inc. (a)		1,346
	25	S&P Global, Inc.		4,451
	7	Sage Therapeutics, Inc. (a)		1,293
	33	salesforce.com, Inc. (a)		3,796
	5	Sempra Energy		504
	20	ServiceNow, Inc. (a)		2,989
	125	Shire plc		5,861
	77	Southwest Airlines Co.		4,672
	20	Spark Therapeutics, Inc. (a)		1,141

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States –– continued
	35	Splunk, Inc. (a)		3,267
	30	Square, Inc., Class A (a)		1,407
	21	Stanley Black & Decker, Inc.		3,474
	53	SunTrust Banks, Inc.		3,763
	38	T. Rowe Price Group, Inc.		4,221
	18	Take-Two Interactive Software, Inc. (a)		2,220
	28	Teladoc, Inc. (a)		1,034
	5	Tesla, Inc. (a)		1,725
	36	Texas Instruments, Inc.		3,959
	215	TherapeuticsMD, Inc. (a)		1,265
	19	Thermo Fisher Scientific, Inc.		4,190
	12	Tiffany & Co.		1,297
	58	Time Warner, Inc.		5,504
	20	Travelers Cos., Inc. (The)		3,036
	14	TreeHouse Foods, Inc. (a)		670
	6	Ulta Beauty, Inc. (a)		1,350
	22	United Technologies Corp.		3,050
	83	UnitedHealth Group, Inc.		19,560
	29	Unum Group		1,530
	53	US Bancorp		3,015
	25	Veeva Systems, Inc., Class A (a)		1,553
	41	Verizon Communications, Inc.		2,244
	18	Vertex Pharmaceuticals, Inc. (a)		2,953
	65	Visa, Inc., Class A		8,016
	17	Vistra Energy Corp. (a)		334
	24	WABCO Holdings, Inc. (a)		3,715
	29	Walgreens Boots Alliance, Inc.		2,154
	49	Walmart, Inc.		5,179
	106	Waste Connections, Inc.		7,637
	18	Wayfair, Inc., Class A (a)		1,619
	149	Wells Fargo & Co. (j)		9,812
	40	WestRock Co.		2,634
	29	Weyerhaeuser Co.		1,081
	42	Worldpay, Inc. (a)		3,349
	55	Xcel Energy, Inc.		2,503
				699,238
		Total Common Stocks (Cost $1,342,607)		1,653,047
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
		Liberty Interactive LLC,
	100	3.75%, 02/15/2030		69
	55	4.00%, 11/15/2029		39
		Total Convertible Bonds (Cost $97)		108

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 9.9%
		Argentina — 0.1%
	320	Arcor SAIC, Reg. S, 6.00%, 07/06/2023		338
	150	Generacion Mediterranea SA, 9.63%, 07/27/2023 (e)		166
		Pampa Energia SA,
	100	Reg. S, 7.38%, 07/21/2023		108
	150	Reg. S, 7.50%, 01/24/2027		163
	390	Tecpetrol SA, 4.88%, 12/12/2022 (e)		383
		YPF SA,
	90	6.95%, 07/21/2027 (e)		93
	350	7.00%, 12/15/2047 (e)		332
	866	Reg. S, 8.50%, 03/23/2021		959
	300	Reg. S, 8.75%, 04/04/2024		340
				2,882
		Australia — 0.0% (g)
		FMG Resources August 2006 Pty. Ltd.,
	158	4.75%, 05/15/2022 (e)		161
	110	5.13%, 05/15/2024 (e)		111
	420	Newcrest Finance Pty. Ltd., 5.75%, 11/15/2041 (e)		468
				740
		Azerbaijan — 0.0% (g)
	700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		806
		Bahrain — 0.0% (g)
	300	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		296
		Belgium — 0.1%
		Anheuser-Busch InBev Finance, Inc.,
	1,220	3.65%, 02/01/2026		1,234
	270	4.90%, 02/01/2046		304
				1,538
		Brazil — 0.3%
	400	Banco do Brasil SA, Reg. S, 5.88%, 01/26/2022		416
	530	Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e)		574
	300	Hidrovias International Finance SARL, 5.95%, 01/24/2025 (e)		301
		JBS USA LUX SA,
	998	7.25%, 06/01/2021 (e)		1,018
	325	8.25%, 02/01/2020 (e)		327
	630	JSL Europe SA, 7.75%, 07/26/2024 (e)		662
	300	Petrobras Global Finance BV,
		Reg. S, 6.00%, 01/27/2028		303

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Brazil — continued
	742	6.00%, 01/27/2028 (e)		749
	200	6.13%, 01/17/2022		213
	500	6.25%, 03/17/2024		532
	250	7.38%, 01/17/2027		277
	680	8.38%, 05/23/2021		776
	340	8.75%, 05/23/2026		408
	200	Suzano Austria GmbH, Reg. S, 7.00%, 03/16/2047		232
	200	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		221
				7,009
		Canada — 0.4%
	405	1011778 BC ULC, 4.25%, 05/15/2024 (e)		398
	365	Agrium, Inc., 5.25%, 01/15/2045		413
	199	Athabasca Oil Corp., 9.88%, 02/24/2022 (e)		200
	100	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		105
		Baytex Energy Corp.,
	23	5.13%, 06/01/2021 (e)		22
	49	5.63%, 06/01/2024 (e)		46
		Bombardier, Inc.,
	134	6.00%, 10/15/2022 (e)		134
	192	6.13%, 01/15/2023 (e)		194
	151	7.50%, 12/01/2024 (e)		159
	1,012	8.75%, 12/01/2021 (e)		1,124
		Cenovus Energy, Inc.,
	492	4.25%, 04/15/2027		488
	265	5.25%, 06/15/2037		276
	483	5.40%, 06/15/2047		514
		Concordia International Corp.,
	421	7.00%, 04/15/2023 (d) (e)		40
	359	9.00%, 04/01/2022 (e)		319
	387	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		394
	870	Emera US Finance LP, 4.75%, 06/15/2046		915
	175	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		189
	1,027	GW Honos Security Corp., 8.75%, 05/15/2025 (e)		1,114
	120	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		128
	117	Jupiter Resources, Inc., 8.50%, 10/01/2022 (e)		71
	147	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		144
		Mattamy Group Corp.,
	280	6.50%, 10/01/2025 (e)		295
	127	6.88%, 12/15/2023 (e)		134

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
	292	MEG Energy Corp., 6.38%, 01/30/2023 (e)		251
		NOVA Chemicals Corp.,
	192	4.88%, 06/01/2024 (e)		193
	147	5.00%, 05/01/2025 (e)		149
	96	5.25%, 06/01/2027 (e)		96
		Open Text Corp.,
	323	5.63%, 01/15/2023 (e)		335
	50	5.88%, 06/01/2026 (e)		53
		Precision Drilling Corp.,
	48	5.25%, 11/15/2024		47
	44	6.50%, 12/15/2021		45
	99	7.13%, 01/15/2026 (e)		103
	150	Quebecor Media, Inc., 5.75%, 01/15/2023		159
	325	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		328
		Teck Resources Ltd.,
	180	5.40%, 02/01/2043		185
	260	6.00%, 08/15/2040		289
	565	6.13%, 10/01/2035		636
	275	TransCanada PipeLines Ltd., 4.63%, 03/01/2034		303
		Videotron Ltd.,
	47	5.13%, 04/15/2027 (e)		49
	320	5.38%, 06/15/2024 (e)		340
				11,377
		Chile — 0.0% (g)
	300	Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025		316
	200	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		202
	200	Geopark Ltd., 6.50%, 09/21/2024 (e)		205
	200	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		210
				933
		China — 0.1%
		Alibaba Group Holding Ltd.,
	345	4.20%, 12/06/2047		344
	275	4.40%, 12/06/2057		273
	200	Bluestar Finance Holdings Ltd., Reg. S, 3.13%, 09/30/2019		199
	200	China Minmetals Corp., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%, 11/13/2022 (x) (y) (aa)		195
	570	Fortune Star BVI Ltd., Reg. S, 5.25%, 03/23/2022		564

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		China — continued
	260	GOME Electrical Appliances Holding Ltd., Reg. S, 5.00%, 03/10/2020		259
	200	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		197
	250	Hongkong International Qingdao Co. Ltd., Reg. S, 4.25%, 12/04/2022		247
	200	Huarong Finance II Co. Ltd., Reg. S, 2.75%, 06/03/2019		198
	200	Moon Wise Global Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 12.37%), 9.00%, 01/28/2019 (x) (y) (aa)		208
	200	Rock International Investment, Inc., Reg. S, 6.63%, 03/27/2020		186
	200	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.10%, 04/28/2045		195
	200	Three Gorges Finance I Cayman Islands Ltd., Reg. S, 3.70%, 06/10/2025		201
	200	Times Property Holdings Ltd., Reg. S, 6.25%, 01/23/2020		202
				3,468
		Colombia — 0.0% (g)
	150	Banco GNB Sudameris SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.56%), 6.50%, 04/03/2027 (aa) (e)		156
		Ecopetrol SA,
	470	5.38%, 06/26/2026		504
	200	5.88%, 09/18/2023		219
				879
		Congo, Democratic Republic of the — 0.0% (g)
	240	HTA Group Ltd., Reg. S, 9.13%, 03/08/2022		256
				—
		Costa Rica — 0.0% (g)
	200	Banco Nacional de Costa Rica, Reg. S, 5.88%, 04/25/2021		206
				—
		Ecuador — 0.0% (g)
		Petroamazonas EP,
	450	4.63%, 11/06/2020 (e)		438
	200	Reg. S, 4.63%, 02/16/2020		196
				634
		Finland — 0.0% (g)
		Nokia OYJ,
	15	3.38%, 06/12/2022		15
	15	4.38%, 06/12/2027		14
	251	6.63%, 05/15/2039		275
				304

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France — 0.1%
		SFR Group SA,
	400	6.00%, 05/15/2022 (e)		391
	450	6.25%, 05/15/2024 (e)		430
	334	7.38%, 05/01/2026 (e)		329
	400	Societe Generale SA, (USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (aa) (e) (x) (y)		432
				1,582
		Germany — 0.0% (g)
	255	Unitymedia GmbH, 6.13%, 01/15/2025 (e)		268
				—
		Guatemala — 0.0% (g)
	200	Comunicaciones Celulares SA, Reg. S, 6.88%, 02/06/2024		210
				—
		Hong Kong — 0.0% (g)
	200	King Power Capital Ltd., Reg. S, 5.63%, 11/03/2024		220
	410	WTT Investment Ltd., 5.50%, 11/21/2022 (e)		414
				634
		Hungary — 0.0% (g)
	200	MFB Magyar Fejlesztesi Bank Zrt., Reg. S, 6.25%, 10/21/2020		216
				—
		India — 0.0% (g)
	200	Greenko Dutch BV, 5.25%, 07/24/2024 (e)		200
	200	IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019		201
	240	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		244
	200	UPL Corp. Ltd., Reg. S, 3.25%, 10/13/2021		198
				843
		Indonesia — 0.1%
	200	Listrindo Capital BV, Reg. S, 4.95%, 09/14/2026		199
		Minejesa Capital BV,
	270	4.63%, 08/10/2030 (e)		273
	300	5.63%, 08/10/2037 (e)		315
		Pertamina Persero PT,
	200	Reg. S, 6.45%, 05/30/2044		238
	200	Reg. S, 6.50%, 05/27/2041		239
	200	Reg. S, 6.45%, 05/30/2044		238
	200	Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027		198
	230	Pratama Agung Pte. Ltd., Reg. S, 6.25%, 02/24/2020		235
	220	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		225
				2,160

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Ireland — 0.1%
		Ardagh Packaging Finance plc,
	350	6.00%, 02/15/2025 (e)		361
	200	7.25%, 05/15/2024 (e)		215
	200	James Hardie International Finance DAC, 5.00%, 01/15/2028 (e)		202
		Park Aerospace Holdings Ltd.,
	65	4.50%, 03/15/2023 (e)		62
	205	5.25%, 08/15/2022 (e)		202
	337	5.50%, 02/15/2024 (e)		334
				1,376
		Israel — 0.1%
		Teva Pharmaceutical Finance Netherlands III BV,
	260	3.15%, 10/01/2026		216
	1,405	4.10%, 10/01/2046		1,062
				1,278
		Italy — 0.0% (g)
		Telecom Italia Capital SA,
	216	6.00%, 09/30/2034		241
	240	6.38%, 11/15/2033		276
	77	7.20%, 07/18/2036		96
	37	7.72%, 06/04/2038		48
	271	Wind Tre SpA, 5.00%, 01/20/2026 (e)		246
				907
		Jamaica — 0.0% (g)
		Digicel Group Ltd.,
	220	Reg. S, 7.13%, 04/01/2022		207
	200	Reg. S, 8.25%, 09/30/2020		198
				405
		Japan — 0.0% (g)
	200	SoftBank Group Corp., 4.50%, 04/15/2020 (e)		203
		Jordan — 0.0% (g)
	370	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		370
		Kazakhstan — 0.1%
	980	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		1,166
	500	Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e)		521
		KazMunayGas National Co. JSC,
	200	Reg. S, 3.88%, 04/19/2022		201
	400	Reg. S, 7.00%, 05/05/2020		430
	200	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		208
	350	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		370
				2,896

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg — 0.2%
	650	Altice Financing SA, 7.50%, 05/15/2026 (e)		675
		Altice Luxembourg SA,
	400	7.63%, 02/15/2025 (e)		366
	200	7.75%, 05/15/2022 (e)		192
		ArcelorMittal,
	28	6.00%, 03/01/2021		30
	130	6.13%, 06/01/2025		148
	335	6.75%, 02/25/2022		371
	63	7.25%, 03/01/2041		80
	268	7.50%, 10/15/2039		346
		Intelsat Jackson Holdings SA,
	325	5.50%, 08/01/2023		255
	382	7.25%, 10/15/2020		335
	530	7.50%, 04/01/2021		451
	432	8.00%, 02/15/2024 (e)		454
	205	9.75%, 07/15/2025 (e)		188
	265	SES GLOBAL Americas Holdings GP, 5.30%, 03/25/2044 (e)		246
				4,137
		Mauritius — 0.0% (g)
	460	Liquid Telecommunications Financing plc, 8.50%, 07/13/2022 (e)		492
		Mexico — 0.3%
	200	Banco Nacional de Comercio Exterior SNC, Reg. S, 4.38%, 10/14/2025		207
	600	BBVA Bancomer SA, Reg. S, 4.38%, 04/10/2024		621
		Cemex SAB de CV,
	300	5.70%, 01/11/2025 (e)		315
	1,060	6.13%, 05/05/2025 (e)		1,128
	800	7.75%, 04/16/2026 (e)		903
	300	Grupo KUO SAB de CV, Reg. S, 5.75%, 07/07/2027		309
	200	Mexichem SAB de CV, 5.50%, 01/15/2048 (e)		195
	400	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		386
	350	Nemak SAB de CV, 4.75%, 01/23/2025 (e)		353
		Petroleos Mexicanos,
	690	6.50%, 03/13/2027 (e)		753
	1,720	6.75%, 09/21/2047 (e)		1,798

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Mexico –– continued
	100	Reg. S, (ICE LIBOR USD 3 Month + 3.65%), 5.19%, 03/11/2022 (aa)		110
	1,500	Reg. S, 5.38%, 03/13/2022		1,590
	400	Reg. S, 6.50%, 03/13/2027		437
				9,105
		Morocco — 0.0% (g)
	200	OCP SA, Reg. S, 6.88%, 04/25/2044		235
		Netherlands — 0.1%
	250	Constellium NV, 6.63%, 03/01/2025 (e)		264
	400	NXP BV, 4.63%, 06/15/2022 (e)		416
	400	Ziggo Bond Finance BV, 5.88%, 01/15/2025 (e)		397
	180	Ziggo Secured Finance BV, 5.50%, 01/15/2027 (e)		179
				1,256
		Nigeria — 0.0% (g)
	288	Fidelity Bank plc, 10.50%, 10/16/2022 (e)		303
	280	IHS Netherlands Holdco BV, Reg. S, 9.50%, 10/27/2021		298
				601
		Norway — 0.0% (g)
	200	DNO ASA, Reg. S, 8.75%, 06/18/2020 (e)		204
		Panama — 0.0% (g)
	200	Banistmo SA, 3.65%, 09/19/2022 (e)		198
		Peru — 0.0% (g)
	200	Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023		200
	230	Inkia Energy Ltd., 5.88%, 11/09/2027 (e)		232
	200	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		212
		Petroleos del Peru SA,
	200	Reg. S, 4.75%, 06/19/2032		204
	200	Reg. S, 5.63%, 06/19/2047		212
	150	Union Andina de Cementos SAA, Reg. S, 5.88%, 10/30/2021		156
				1,216
		Qatar — 0.1%
	890	ABQ Finance Ltd., Reg. S, 3.50%, 02/22/2022		876
	495	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		510
				1,386
		Russia — 0.1%
	200	GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024		202

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Russia –– continued
		Metalloinvest Finance DAC,
	200	4.85%, 05/02/2024 (e)		202
	200	Reg. S, 4.85%, 05/02/2024		202
	370	Phosagro OAO, 3.95%, 04/24/2023 (e)		370
	200	Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022		217
	300	Vnesheconombank Via VEB Finance plc, Reg. S, 6.03%, 07/05/2022		325
	200	Vnesheconombank Via VEB Finance PLC, Reg. S, 5.94%, 11/21/2023		218
				1,736
		Singapore — 0.0% (g)
	200	Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025 (e)		197
	300	Olam International Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.29%), 5.35%, 07/20/2021 (x) (y) (aa)		292
				489
		South Africa — 0.1%
		Eskom Holdings SOC Ltd.,
	350	Reg. S, 5.75%, 01/26/2021		353
	200	Reg. S, 6.75%, 08/06/2023		208
	200	Reg. S, 7.13%, 02/11/2025		211
	230	MTN Mauritius Investment Ltd., Reg. S, 6.50%, 10/13/2026		251
	730	Stillwater Mining Co., 6.13%, 06/27/2022 (e)		748
				1,771
		South Korea — 0.0% (g)
	710	Heungkuk Life Insurance Co. Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/09/2047 (aa)		698
		Spain — 0.0% (g)
	810	Telefonica Emisiones SAU, 5.21%, 03/08/2047		914
		Trinidad and Tobago — 0.0% (g)
	650	Petroleum Co. of Trinidad & Tobago Ltd.,
		Reg. S, 9.75%, 08/14/2019		696
		Tunisia — 0.0% (g)
EUR	300	Banque Centrale de Tunisie International Bond, Reg. S, 5.63%, 02/17/2024		392
	600	Republic of Banque Centrale de Tunisie, Reg. S, 5.75%, 01/30/2025		593
				985

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		Turkey — 0.1%
	520	Akbank Turk A/S, Reg. S, 5.13%, 03/31/2025		510
	570	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		560
	383	Petkim Petrokimya Holding A/S, 5.88%, 01/26/2023 (e)		389
	200	TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e)		197
		Turkiye Is Bankasi,
	200	Reg. S, 6.00%, 10/24/2022		201
	300	6.13%, 04/25/2024 (e)		302
		Turkiye Sise ve Cam Fabrikalari A/S,
	400	Reg. S, 4.25%, 05/09/2020		402
				2,561
		Ukraine — 0.0% (g)
	750	State Savings Bank of Ukraine, Reg. S, SUB, 9.38%, 03/10/2023		817
		United Arab Emirates — 0.1%
		DAE Funding LLC,
	141	4.50%, 08/01/2022 (e)		141
	151	5.00%, 08/01/2024 (e)		149
	590	EA Partners I BV, Reg. S, 6.88%, 09/28/2020		440
	350	ICD Sukuk Co. Ltd., Reg. S, 3.51%, 05/21/2020		350
	1,270	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		1,297
		Shelf Drilling Holdings Ltd.,
	339	8.25%, 02/15/2025 (e)		344
	511	9.50%, 11/02/2020 (e)		523
				3,244
		United Kingdom — 0.3%
	400	Ashtead Capital, Inc., 5.63%, 10/01/2024 (e)		423
	300	Barclays plc, (USD Swap Semi 5 Year + 6.71%), 8.25%, 12/15/2018 (x) (y) (aa)		312
		BAT Capital Corp.,
	335	3.56%, 08/15/2027 (e)		328
	265	4.39%, 08/15/2037 (e)		273
	965	4.54%, 08/15/2047 (e)		994
	463	Fiat Chrysler Automobiles NV, 5.25%, 04/15/2023		490
	218	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		215
	282	KCA Deutag UK Finance plc, 7.25%, 05/15/2021 (e)		281
		Noble Holding International Ltd.,
	24	5.25%, 03/15/2042		16

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom –– continued
	135	6.20%, 08/01/2040		97
	92	7.75%, 01/15/2024		85
	108	7.88%, 02/01/2026 (e)		110
	555	Reynolds American, Inc., 4.45%, 06/12/2025		581
		Royal Bank of Scotland Group plc,
	1,147	6.10%, 06/10/2023		1,245
	450	6.13%, 12/15/2022		488
	200	(USD Swap Semi 5 Year + 5.80%), 7.50%, 08/10/2020 (x) (y) (aa)		212
	200	(USD Swap Semi 5 Year + 7.60%), 8.62%, 08/15/2021 (x) (y) (aa)		223
	600	Virgin Media Finance plc, 6.38%, 04/15/2023 (e)		618
				6,991
		United States — 7.0%
	690	21st Century Fox America, Inc., 4.95%, 10/15/2045		802
	695	Abbott Laboratories, 4.75%, 11/30/2036		774
	425	AbbVie, Inc., 4.45%, 05/14/2046		452
		Acadia Healthcare Co., Inc.,
	336	5.63%, 02/15/2023		340
	40	6.13%, 03/15/2021		41
	115	6.50%, 03/01/2024		120
	219	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		240
	835	ADT Corp. (The), 4.13%, 06/15/2023		827
		AECOM,
	548	5.13%, 03/15/2027		549
	440	5.88%, 10/15/2024		469
	380	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		367
	107	Airxcel, Inc., 8.50%, 02/15/2022 (e)		114
	230	AK Steel Corp., 7.00%, 03/15/2027		235
		Albertsons Cos. LLC,
	282	5.75%, 03/15/2025		252
	1,253	6.63%, 06/15/2024		1,190
	257	Alcoa Nederland Holding BV, 6.75%, 09/30/2024 (e)		279
		Aleris International, Inc.,
	35	7.88%, 11/01/2020		35
	120	9.50%, 04/01/2021 (e)		127
		Allergan Funding SCS,
	725	4.55%, 03/15/2035		758
	275	4.75%, 03/15/2045		290
		Alliance Data Systems Corp.,
	323	5.38%, 08/01/2022 (e)		327
	170	5.88%, 11/01/2021 (e)		175

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	352	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		350
		Ally Financial, Inc.,
	421	4.13%, 02/13/2022		426
	515	4.63%, 03/30/2025		530
	710	5.13%, 09/30/2024		750
	400	5.75%, 11/20/2025		428
	253	8.00%, 11/01/2031		323
		Altice US Finance I Corp.,
	465	5.38%, 07/15/2023 (e)		476
	372	5.50%, 05/15/2026 (e)		380
	1,255	Altria Group, Inc., 3.88%, 09/16/2046		1,216
	755	Amazon.com, Inc., 4.25%, 08/22/2057 (e)		797
		AMC Entertainment Holdings, Inc.,
	150	5.75%, 06/15/2025		146
	123	5.88%, 11/15/2026		120
	126	6.13%, 05/15/2027		123
		AMC Networks, Inc.,
	203	4.75%, 08/01/2025		203
	380	5.00%, 04/01/2024		385
		American Axle & Manufacturing, Inc.,
	506	6.25%, 04/01/2025 (e)		529
	503	6.50%, 04/01/2027 (e)		527
	197	American Greetings Corp., 7.88%, 02/15/2025 (e)		209
		American International Group, Inc.,
	815	3.88%, 01/15/2035		791
	325	4.80%, 07/10/2045		353
	68	American Woodmark Corp., 4.88%, 03/15/2026 (e) (w)		68
		AmeriGas Partners LP,
	35	5.50%, 05/20/2025		36
	62	5.63%, 05/20/2024		65
	208	5.75%, 05/20/2027		213
	127	5.88%, 08/20/2026		131
	770	Amgen, Inc., 4.40%, 05/01/2045		810
	164	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		167
	30	Analog Devices, Inc., 4.50%, 12/05/2036		31
		Antero Resources Corp.,
	511	5.13%, 12/01/2022		522
	132	5.38%, 11/01/2021		135
	590	Anthem, Inc., 4.38%, 12/01/2047		610
	179	Aramark Services, Inc., 5.00%, 02/01/2028 (e)		182
	45	Archrock Partners LP, 6.00%, 10/01/2022		46

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Arconic, Inc.,
	408	5.13%, 10/01/2024		431
	100	5.95%, 02/01/2037		110
		AT&T, Inc.,
	945	4.35%, 06/15/2045		870
	710	4.50%, 03/09/2048		669
	545	5.25%, 03/01/2037		577
	440	5.30%, 08/14/2058		444
	561	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		—	(h)
	85	Avis Budget Car Rental LLC, 5.25%, 03/15/2025 (e)		84
	120	B&G Foods, Inc., 5.25%, 04/01/2025		120
	700	Baker Hughes a GE Co. LLC, 4.08%, 12/15/2047 (e)		695
	100	Ball Corp., 4.00%, 11/15/2023		100
		Bank of America Corp.,
	844	(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa) (e)		831
	1,165	(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 01/20/2028 (aa)		1,187
	95	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		103
	218	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		235
	560	Becton Dickinson and Co., 4.67%, 06/06/2047		594
		Berry Global, Inc.,
	130	4.50%, 02/15/2026 (e)		130
	330	5.13%, 07/15/2023		342
	40	5.50%, 05/15/2022		41
	584	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		699
	100	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		104
	274	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		275
		Boyd Gaming Corp.,
	190	6.38%, 04/01/2026		204
	174	6.88%, 05/15/2023		184
	720	Brighthouse Financial, Inc., 4.70%, 06/22/2047 (e)		710
	187	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		182
	65	Bristow Group, Inc., 6.25%, 10/15/2022		55
	55	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		56
	215	BWAY Holding Co., 5.50%, 04/15/2024 (e)		223
	438	Cablevision Systems Corp., 8.00%, 04/15/2020		470

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		CalAtlantic Group, Inc.,
	107	5.25%, 06/01/2026		112
	300	5.88%, 11/15/2024		327
	152	Caleres, Inc., 6.25%, 08/15/2023		160
	181	California Resources Corp., 8.00%, 12/15/2022 (e)		151
	182	Callon Petroleum Co., 6.13%, 10/01/2024		189
		Calpine Corp.,
	370	5.25%, 06/01/2026 (e)		363
	4	5.38%, 01/15/2023		4
	20	5.50%, 02/01/2024		19
	7	5.75%, 01/15/2025		7
	450	5.88%, 01/15/2024 (e)		460
	22	Calumet Specialty Products Partners LP, 6.50%, 04/15/2021		22
	301	Camelot Finance SA, 7.88%, 10/15/2024 (e)		321
	290	Cardinal Health, Inc., 4.37%, 06/15/2047		286
	285	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		294
	68	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		68
	122	CB Escrow Corp., 8.00%, 10/15/2025 (e)		122
	175	CBS Corp., 4.60%, 01/15/2045		177
	103	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		106
		CCO Holdings LLC,
	402	5.00%, 02/01/2028 (e)		389
	245	5.13%, 05/01/2027 (e)		239
	90	5.38%, 05/01/2025 (e)		91
	540	5.50%, 05/01/2026 (e)		551
	644	5.75%, 02/15/2026 (e)		666
	1,064	5.88%, 04/01/2024 (e)		1,112
		CDW LLC,
	105	5.00%, 09/01/2023		108
	360	5.50%, 12/01/2024		388
		Cedar Fair LP,
	5	5.38%, 06/01/2024		5
	150	5.38%, 04/15/2027 (e)		157
	610	Celgene Corp., 4.35%, 11/15/2047		612
		Centene Corp.,
	455	4.75%, 01/15/2025		463
	195	5.63%, 02/15/2021		200
	220	6.13%, 02/15/2024		234
		CenturyLink, Inc.,
	110	Series S, 6.45%, 06/15/2021		112
	80	Series T, 5.80%, 03/15/2022		78
	18	Series W, 6.75%, 12/01/2023		18
	62	Series Y, 7.50%, 04/01/2024		62

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		CF Industries, Inc.,
	121	4.50%, 12/01/2026 (e)		125
	260	5.15%, 03/15/2034		262
		Charter Communications Operating LLC,
	1,060	6.38%, 10/23/2035		1,237
	275	6.48%, 10/23/2045		323
	190	Chemours Co. (The), 7.00%, 05/15/2025		208
		Cheniere Corpus Christi Holdings LLC,
	65	5.13%, 06/30/2027		67
	270	5.88%, 03/31/2025		291
	130	7.00%, 06/30/2024		148
	118	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		120
		Chesapeake Energy Corp.,
	22	5.75%, 03/15/2023		21
	245	8.00%, 01/15/2025 (e)		247
	292	8.00%, 06/15/2027 (e)		289
	210	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		203
	100	Cinemark USA, Inc., 4.88%, 06/01/2023		101
	474	CIT Group, Inc., 5.00%, 08/15/2022		495
	190	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		191
		Citigroup, Inc.,
	1,625	(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 01/10/2028 (aa)		1,659
	308	4.65%, 07/30/2045		345
	240	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		261
		Claire’s Stores, Inc.,
	159	6.13%, 03/15/2020 (e)		109
	406	9.00%, 03/15/2019 (e)		287
		Clear Channel Worldwide Holdings, Inc.,
	15	Series A, 6.50%, 11/15/2022		16
	55	Series A, 7.63%, 03/15/2020		54
	445	Series B, 6.50%, 11/15/2022		458
	525	Series B, 7.63%, 03/15/2020		521
	390	Clearwater Paper Corp., 4.50%, 02/01/2023		386
	559	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		549
	234	CNO Financial Group, Inc., 5.25%, 05/30/2025		241
	181	CNX Resources Corp., 5.88%, 04/15/2022		186
	235	Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		287
		Comcast Corp.,
	270	3.40%, 07/15/2046		247
	240	4.00%, 08/15/2047		242

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
		Commercial Metals Co.,
	79	4.88%, 05/15/2023		81
	121	5.38%, 07/15/2027		124
	303	CommScope Technologies LLC, 6.00%, 06/15/2025 (e)		319
	200	CommScope, Inc., 5.50%, 06/15/2024 (e)		207
		Community Health Systems, Inc.,
	207	5.13%, 08/01/2021		193
	375	6.25%, 03/31/2023		347
	384	6.88%, 02/01/2022		274
	335	7.13%, 07/15/2020		291
	26	Consolidated Communications, Inc., 6.50%, 10/01/2022		23
		Continental Resources, Inc.,
	108	3.80%, 06/01/2024		106
	88	4.38%, 01/15/2028 (e)		88
	174	4.50%, 04/15/2023		176
	572	4.90%, 06/01/2044		570
	95	5.00%, 09/15/2022		96
	110	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		110
	895	Corning, Inc., 4.38%, 11/15/2057		891
		Covanta Holding Corp.,
	100	5.88%, 03/01/2024		102
	60	5.88%, 07/01/2025		61
	335	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		335
		Crestwood Midstream Partners LP,
	116	5.75%, 04/01/2025		120
	134	6.25%, 04/01/2023		139
	134	Crown Americas LLC, 4.75%, 02/01/2026 (e)		135
		CSC Holdings LLC,
	320	5.25%, 06/01/2024		312
	200	5.38%, 02/01/2028 (e)		200
	268	5.50%, 04/15/2027 (e)		271
	304	6.75%, 11/15/2021		326
	205	10.13%, 01/15/2023 (e)		231
	157	CSI Compressco LP, 7.25%, 08/15/2022		155
	80	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		85
		CURO Financial Technologies Corp.,
	230	12.00%, 03/01/2022 (e)		254
	821	CVR Partners LP, 9.25%, 06/15/2023 (e)		877
		CyrusOne LP,
	155	5.00%, 03/15/2024		158

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	86	5.38%, 03/15/2027		90
	254	Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (e)		267
		DaVita, Inc.,
	313	5.13%, 07/15/2024		316
	240	5.75%, 08/15/2022		247
		DCP Midstream Operating LP,
	420	3.88%, 03/15/2023		420
	270	6.75%, 09/15/2037 (e)		306
	407	Dean Foods Co., 6.50%, 03/15/2023 (e)		403
	406	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		414
		Dell International LLC,
	370	5.88%, 06/15/2021 (e)		383
	393	7.13%, 06/15/2024 (e)		429
	585	8.35%, 07/15/2046 (e)		768
	205	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		217
	490	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		518
	960	Discovery Communications LLC, 5.20%, 09/20/2047		983
		DISH DBS Corp.,
	370	5.00%, 03/15/2023		347
	83	5.88%, 07/15/2022		83
	150	5.88%, 11/15/2024		142
	925	6.75%, 06/01/2021		969
	270	7.75%, 07/01/2026		277
	399	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		424
	111	Dollar Tree, Inc., 5.75%, 03/01/2023		116
	460	Dominion Energy Gas Holdings LLC, 4.60%, 12/15/2044		497
		Downstream Development Authority of the Quapaw Tribe of Oklahoma,
	316	10.50%, 07/01/2019 (e)		323
	222	10.50%, 02/15/2023 (e)		228
		Dynegy, Inc.,
	500	5.88%, 06/01/2023		511
	200	8.00%, 01/15/2025 (e)		218
	284	8.13%, 01/30/2026 (e)		313
		Eldorado Resorts, Inc.,
	259	6.00%, 04/01/2025		271
	65	7.00%, 08/01/2023		69
	1,542	Embarq Corp., 8.00%, 06/01/2036		1,492
		EMC Corp.,
	126	2.65%, 06/01/2020		124
	385	3.38%, 06/01/2023		366

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	220	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		242
		Endo Dac,
	200	5.88%, 10/15/2024 (e)		203
	600	6.00%, 07/15/2023 (e)		470
	250	Endo Finance LLC, 5.38%, 01/15/2023 (e)		195
		Energy Transfer Equity LP,
	122	4.25%, 03/15/2023		123
	115	5.50%, 06/01/2027		121
	338	5.88%, 01/15/2024		366
	205	Energy Transfer LP, 5.15%, 02/01/2043		200
		Ensco plc,
	55	4.50%, 10/01/2024		47
	309	5.20%, 03/15/2025		269
	13	5.75%, 10/01/2044		9
	105	7.75%, 02/01/2026		105
	65	Entegris, Inc., 4.63%, 02/10/2026 (e)		65
	1,225	Enterprise Products Operating LLC, 4.90%, 05/15/2046		1,367
		Envision Healthcare Corp.,
	188	5.13%, 07/01/2022 (e)		187
	544	5.63%, 07/15/2022		553
		EP Energy LLC,
	181	8.00%, 11/29/2024 (e)		190
	407	8.00%, 02/15/2025 (e)		322
	343	9.38%, 05/01/2024 (e)		291
		Equinix, Inc.,
	300	5.38%, 01/01/2022		312
	47	5.38%, 04/01/2023		48
	183	5.75%, 01/01/2025		193
	176	5.88%, 01/15/2026		187
	363	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		366
	88	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		87
	445	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		439
	520	Exelon Corp., 4.45%, 04/15/2046		548
	200	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		204
		First Data Corp.,
	439	5.00%, 01/15/2024 (e)		450
	112	5.75%, 01/15/2024 (e)		116
	503	7.00%, 12/01/2023 (e)		530
	235	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		260

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	170	FirstEnergy Transmission LLC, 5.45%, 07/15/2044 (e)		202
	97	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		100
		Ford Motor Co.,
	1,695	4.75%, 01/15/2043		1,659
	415	5.29%, 12/08/2046		435
		Freeport-McMoRan, Inc.,
	630	3.88%, 03/15/2023		626
	392	5.40%, 11/14/2034		409
	228	5.45%, 03/15/2043		234
		Frontier Communications Corp.,
	35	7.13%, 03/15/2019		35
	40	8.88%, 09/15/2020		39
	403	9.25%, 07/01/2021		363
	153	10.50%, 09/15/2022		126
	419	11.00%, 09/15/2025		328
	135	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		135
	161	Gartner, Inc., 5.13%, 04/01/2025 (e)		167
	732	Gates Global LLC, 6.00%, 07/15/2022 (e)		748
	77	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		85
	1,270	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		1,311
	315	General Electric Co., 4.50%, 03/11/2044		330
		General Motors Co.,
	880	5.00%, 04/01/2035		912
	795	5.20%, 04/01/2045		828
	250	6.75%, 04/01/2046		312
		Genesis Energy LP,
	337	5.63%, 06/15/2024		329
	50	6.25%, 05/15/2026		50
	344	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		380
		GenOn Energy, Inc.,
	205	9.50%, 10/15/2018 (d)		167
	715	9.88%, 10/15/2020 (d)		572
		Gilead Sciences, Inc.,
	785	4.15%, 03/01/2047		813
	630	4.60%, 09/01/2035		697
		Global Partners LP,
	165	6.25%, 07/15/2022		168
	210	7.00%, 06/15/2023 (bb)		217
	225	GLP Capital LP, 5.38%, 11/01/2023		242
	608	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		629

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Goldman Sachs Group, Inc. (The),
	275	3.50%, 11/16/2026		271
	695	3.85%, 01/26/2027		703
	845	4.75%, 10/21/2045		949
	39	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		27
		Goodyear Tire & Rubber Co. (The),
	513	4.88%, 03/15/2027		512
	370	5.00%, 05/31/2026		374
	100	Graphic Packaging International LLC, 4.13%, 08/15/2024		101
	285	Gray Television, Inc., 5.13%, 10/15/2024 (e)		286
	37	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		40
		Gulfport Energy Corp.,
	639	6.00%, 10/15/2024		644
	88	6.38%, 05/15/2025		89
	74	6.38%, 01/15/2026 (e)		74
	181	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		188
	520	Halliburton Co., 5.00%, 11/15/2045		596
	300	Hanesbrands, Inc., 4.88%, 05/15/2026 (e)		303
	372	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e) (bb)		345
		Harland Clarke Holdings Corp.,
	200	6.88%, 03/01/2020 (e)		204
	216	8.38%, 08/15/2022 (e)		225
	230	Harris Corp., 5.05%, 04/27/2045		264
	525	HCA Healthcare, Inc., 6.25%, 02/15/2021		560
		HCA, Inc.,
	289	3.75%, 03/15/2019		292
	205	4.25%, 10/15/2019		209
	155	5.50%, 06/15/2047		158
	747	5.88%, 05/01/2023		801
	365	5.88%, 02/15/2026		382
	125	6.50%, 02/15/2020		133
	472	7.50%, 02/15/2022		530
	150	HD Supply, Inc., 5.75%, 04/15/2024 (e)		160
	335	Hecla Mining Co., 6.88%, 05/01/2021		343
	800	Hess Corp., 5.80%, 04/01/2047		907
	512	Hexion, Inc., 6.63%, 04/15/2020		466
	125	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		124
	75	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		82
		Hilton Worldwide Finance LLC,
	161	4.63%, 04/01/2025		162

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	108	4.88%, 04/01/2027		111
	184	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		192
		Hologic, Inc.,
	174	4.38%, 10/15/2025 (e)		174
	78	4.63%, 02/01/2028 (e)		78
		Hughes Satellite Systems Corp.,
	344	5.25%, 08/01/2026		347
	224	6.63%, 08/01/2026		237
		Icahn Enterprises LP,
	375	5.88%, 02/01/2022		382
	164	6.25%, 02/01/2022 (e)		168
	150	6.38%, 12/15/2025 (e)		153
	114	6.75%, 02/01/2024		119
	882	iHeartCommunications, Inc., 9.00%, 12/15/2019		679
		IHS Markit Ltd.,
	100	4.00%, 03/01/2026 (e)		97
	104	4.75%, 02/15/2025 (e)		108
	1,015	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (aa) (e)		992
	485	Infor Software Parent LLC, 7.13%, (cash), 05/01/2021 (e) (v)		495
	404	Infor US, Inc., 6.50%, 05/15/2022		417
	198	Informatica LLC, 7.13%, 07/15/2023 (e)		204
	121	Ingevity Corp., 4.50%, 02/01/2026 (e)		121
	400	International Game Technology plc, 6.50%, 02/15/2025 (e)		445
	95	IRB Holding Corp., 6.75%, 02/15/2026 (e)		96
		Iron Mountain, Inc.,
	119	4.88%, 09/15/2027 (e)		114
	153	5.25%, 03/15/2028 (e)		149
	309	5.75%, 08/15/2024		310
	210	Itron, Inc., 5.00%, 01/15/2026 (e)		211
	90	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		95
	230	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		242
	170	Jaguar Holding Co. II, 6.38%, 08/01/2023 (e)		176
		Jeld-Wen, Inc.,
	90	4.63%, 12/15/2025 (e)		90
	90	4.88%, 12/15/2027 (e)		90
	111	Kaiser Aluminum Corp., 5.88%, 05/15/2024		118
	394	KFC Holding Co., 4.75%, 06/01/2027 (e)		391
	375	Kimco Realty Corp., 4.45%, 09/01/2047		379

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States –– continued
	96	Koppers, Inc., 6.00%, 02/15/2025 (e)		101
		Kraft Heinz Foods Co.,
	1,415	4.38%, 06/01/2046		1,372
	300	5.00%, 06/04/2042		319
		Kroger Co. (The),
	1,010	3.88%, 10/15/2046		928
	155	4.65%, 01/15/2048		159
		L Brands, Inc.,
	160	5.25%, 02/01/2028		158
	150	6.75%, 07/01/2036		151
	225	6.88%, 11/01/2035		230
		Ladder Capital Finance Holdings LLLP,
	239	5.25%, 03/15/2022 (e)		244
	72	5.25%, 10/01/2025 (e)		72
		Lamar Media Corp.,
	64	5.00%, 05/01/2023		65
	232	5.38%, 01/15/2024		239
	460	Lennar Corp., 4.75%, 11/29/2027 (e)		465
		Level 3 Financing, Inc.,
	248	5.13%, 05/01/2023		249
	60	5.25%, 03/15/2026		59
	167	5.38%, 01/15/2024		166
	171	5.38%, 05/01/2025		171
	257	5.63%, 02/01/2023		260
	5	Levi Strauss & Co., 5.00%, 05/01/2025		5
	136	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		172
		Live Nation Entertainment, Inc.,
	335	4.88%, 11/01/2024 (e)		341
	160	5.38%, 06/15/2022 (e)		165
	87	LKQ Corp., 4.75%, 05/15/2023		89
	338	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		345
		Mallinckrodt International Finance SA,
	63	4.75%, 04/15/2023		52
	90	5.50%, 04/15/2025 (e)		73
	183	5.75%, 08/01/2022 (e)		168
	255	Marathon Petroleum Corp., 4.75%, 09/15/2044		267
	195	Markel Corp., 4.30%, 11/01/2047		195
	745	Martin Marietta Materials, Inc., 4.25%, 12/15/2047		720
	253	Martin Midstream Partners LP, 7.25%, 02/15/2021		256
	140	Masco Corp., 4.50%, 05/15/2047		139
	272	MasTec, Inc., 4.88%, 03/15/2023		276
	31	Match Group, Inc., 5.00%, 12/15/2027 (e)		31

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	189	Mediacom Broadband LLC, 6.38%, 04/01/2023		195
	95	MGM Growth Properties Operating Partnership LP, 5.63%, 05/01/2024		101
		MGM Resorts International,
	296	4.63%, 09/01/2026		299
	190	6.00%, 03/15/2023		205
	175	7.75%, 03/15/2022		199
	100	Micron Technology, Inc., 5.50%, 02/01/2025		105
	35	Momentive Performance Materials USA, Inc., 8.88%, 10/15/2020 (d) (bb)		—
		Morgan Stanley,
	545	3.63%, 01/20/2027		546
	1,020	4.30%, 01/27/2045		1,082
	525	Mosaic Co. (The), 5.63%, 11/15/2043		570
	521	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		559
	155	MPLX LP, 5.20%, 03/01/2047		171
	4	Murphy Oil USA, Inc., 6.00%, 08/15/2023		4
	765	Mylan NV, 5.25%, 06/15/2046		824
		Nabors Industries, Inc.,
	17	5.10%, 09/15/2023		17
	209	5.50%, 01/15/2023		209
	127	5.75%, 02/01/2025 (e)		125
	233	Nationstar Mortgage LLC, 6.50%, 06/01/2022		235
	256	Navistar International Corp., 6.63%, 11/01/2025 (e)		268
	150	NCI Building Systems, Inc., 8.25%, 01/15/2023 (e)		159
	525	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		335
		Netflix, Inc.,
	96	4.38%, 11/15/2026		94
	175	4.88%, 04/15/2028 (e)		173
	115	5.75%, 03/01/2024		122
		New Albertson’s, Inc.,
	51	6.63%, 06/01/2028		41
	51	7.45%, 08/01/2029		45
	437	8.00%, 05/01/2031		390
	85	8.70%, 05/01/2030		80
	250	New Home Co., Inc. (The), 7.25%, 04/01/2022		261
		Nexstar Broadcasting, Inc.,
	145	5.63%, 08/01/2024 (e)		150
	35	6.13%, 02/15/2022 (e)		36

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		NextEra Energy Operating Partners LP,
	46	4.25%, 09/15/2024 (e)		46
	96	4.50%, 09/15/2027 (e)		95
	140	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		144
	325	Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/2025 (e)		328
	133	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		135
	483	Noble Energy, Inc., 5.05%, 11/15/2044		532
		Novelis Corp.,
	354	5.88%, 09/30/2026 (e)		365
	221	6.25%, 08/15/2024 (e)		231
		NRG Energy, Inc.,
	131	5.75%, 01/15/2028 (e)		131
	625	6.25%, 05/01/2024		653
	180	NRG Yield Operating LLC, 5.00%, 09/15/2026		181
	287	Nuance Communications, Inc., 5.63%, 12/15/2026		297
	215	Oasis Petroleum, Inc., 6.50%, 11/01/2021		220
	98	OI European Group BV, 4.00%, 03/15/2023 (e)		97
	158	Olin Corp., 5.13%, 09/15/2027		164
	505	ONEOK Partners LP, 6.20%, 09/15/2043		611
		Outfront Media Capital LLC,
	33	5.25%, 02/15/2022		34
	195	5.63%, 02/15/2024		200
	55	5.88%, 03/15/2025		57
		Owens Corning,
	880	4.30%, 07/15/2047		852
	310	4.40%, 01/30/2048		306
		Owens-Brockway Glass Container, Inc.,
	80	5.00%, 01/15/2022 (e)		84
	105	5.38%, 01/15/2025 (e)		110
	89	Parker Drilling Co., 6.75%, 07/15/2022		77
	60	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		61
	140	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		144
		PBF Holding Co. LLC,
	105	7.00%, 11/15/2023		110
	325	7.25%, 06/15/2025		343
	117	PBF Logistics LP, 6.88%, 05/15/2023		122
		Peabody Energy Corp.,
	92	6.00%, 03/31/2022 (e)		95
	15	6.38%, 03/31/2025 (e)		16
	75	Penn Virginia Corp. Escrow, 8.50%, 05/01/2020 (d) (bb)		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	293	Penske Automotive Group, Inc., 5.50%, 05/15/2026		300
		PetSmart, Inc.,
	94	5.88%, 06/01/2025 (e)		72
	74	7.13%, 03/15/2023 (e)		47
	180	8.88%, 06/01/2025 (e)		114
	290	Philip Morris International, Inc., 4.88%, 11/15/2043		326
	970	Phillips 66, 4.88%, 11/15/2044		1,099
	150	Phillips 66 Partners LP, 4.90%, 10/01/2046		158
		Pilgrim’s Pride Corp.,
	47	5.75%, 03/15/2025 (e)		48
	130	5.88%, 09/30/2027 (e)		130
	173	Plantronics, Inc., 5.50%, 05/31/2023 (e)		179
	245	Polaris Intermediate Corp., 8.50%, (cash), 12/01/2022 (e) (v)		255
	300	PolyOne Corp., 5.25%, 03/15/2023		313
		Post Holdings, Inc.,
	250	5.00%, 08/15/2026 (e)		244
	265	5.50%, 03/01/2025 (e)		273
	335	5.75%, 03/01/2027 (e)		337
	52	PQ Corp., 5.75%, 12/15/2025 (e)		54
	741	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		820
		QEP Resources, Inc.,
	111	5.25%, 05/01/2023		113
	117	5.38%, 10/01/2022		121
	81	5.63%, 03/01/2026		83
	118	6.88%, 03/01/2021		127
	166	Qorvo, Inc., 6.75%, 12/01/2023		177
	10	Quad/Graphics, Inc., 7.00%, 05/01/2022		10
		QUALCOMM, Inc.,
	290	4.30%, 05/20/2047		286
	265	4.80%, 05/20/2045		281
		Quicken Loans, Inc.,
	248	5.25%, 01/15/2028 (e)		243
	387	5.75%, 05/01/2025 (e)		394
	230	Quintiles IMS, Inc., 4.88%, 05/15/2023 (e)		238
	210	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		190
	120	Qwest Corp., 7.25%, 09/15/2025		129
	179	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		190
		Radian Group, Inc.,
	163	4.50%, 10/01/2024		163
	74	7.00%, 03/15/2021		81

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
		Range Resources Corp.,
	9	5.00%, 08/15/2022		9
	137	5.00%, 03/15/2023		137
	72	RBS Global, Inc., 4.88%, 12/15/2025 (e)		73
	647	Revlon Consumer Products Corp., 6.25%, 08/01/2024		416
		Reynolds Group Issuer, Inc.,
	410	5.13%, 07/15/2023 (e)		422
	339	5.75%, 10/15/2020		345
	65	6.88%, 02/15/2021		66
		Rite Aid Corp.,
	171	6.13%, 04/01/2023 (e)		159
	365	6.75%, 06/15/2021		373
		Rowan Cos., Inc.,
	19	4.75%, 01/15/2024		17
	117	4.88%, 06/01/2022		114
	48	7.38%, 06/15/2025		49
		Sabre GLBL, Inc.,
	40	5.25%, 11/15/2023 (e)		40
	110	5.38%, 04/15/2023 (e)		112
		Sally Holdings LLC,
	75	5.50%, 11/01/2023		76
	92	5.63%, 12/01/2025		91
		SBA Communications Corp.,
	102	4.00%, 10/01/2022 (e)		101
	228	4.88%, 07/15/2022		233
		Scientific Games International, Inc.,
	167	5.00%, 10/15/2025 (e) (w)		168
	380	7.00%, 01/01/2022 (e)		401
	290	10.00%, 12/01/2022		317
	202	Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		209
		Sealed Air Corp.,
	105	4.88%, 12/01/2022 (e)		110
	410	5.13%, 12/01/2024 (e)		433
	100	5.25%, 04/01/2023 (e)		106
	50	5.50%, 09/15/2025 (e)		54
		SemGroup Corp.,
	228	5.63%, 07/15/2022		230
	65	5.63%, 11/15/2023		64
	203	7.25%, 03/15/2026 (e)		210
	480	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		487
	285	Sempra Energy, 4.00%, 02/01/2048		281
		Sensata Technologies BV,
	288	4.88%, 10/15/2023 (e)		300

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	110	5.00%, 10/01/2025 (e)		114
		Service Corp. International,
	187	5.38%, 05/15/2024		196
	80	8.00%, 11/15/2021		93
	160	Sherwin-Williams Co. (The), 4.50%, 06/01/2047		169
		Sinclair Television Group, Inc.,
	10	5.38%, 04/01/2021		10
	247	5.63%, 08/01/2024 (e) (bb)		254
	225	5.88%, 03/15/2026 (e)		234
		Sirius XM Radio, Inc.,
	148	4.63%, 05/15/2023 (e)		150
	295	5.00%, 08/01/2027 (e)		293
	285	5.38%, 04/15/2025 (e)		292
	35	5.38%, 07/15/2026 (e)		36
	446	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		452
	257	SM Energy Co., 5.00%, 01/15/2024		251
	294	Solera LLC, 10.50%, 03/01/2024 (e)		330
	82	Sonic Automotive, Inc., 6.13%, 03/15/2027		81
	155	Sotera Health Holdings LLC, 6.50%, 05/15/2023 (e)		162
	285	Sotheby’s, 4.88%, 12/15/2025 (e)		280
	440	Southern Power Co., Series F, 4.95%, 12/15/2046		479
	425	Southwestern Energy Co., 6.70%, 01/23/2025		432
	465	Spectra Energy Partners LP, 4.50%, 03/15/2045		482
	10	Speedway Motorsports, Inc., 5.13%, 02/01/2023		10
		Springleaf Finance Corp.,
	366	5.63%, 03/15/2023		368
	378	7.75%, 10/01/2021		417
	645	Sprint Capital Corp., 8.75%, 03/15/2032		763
		Sprint Communications, Inc.,
	350	7.00%, 03/01/2020 (e)		373
	236	7.00%, 08/15/2020		249
	278	9.00%, 11/15/2018 (e)		291
		Sprint Corp.,
	559	7.13%, 06/15/2024		567
	697	7.25%, 09/15/2021		741
	685	7.63%, 02/15/2025		711
	492	7.88%, 09/15/2023		519
		Standard Industries, Inc.,
	290	4.75%, 01/15/2028 (e)		288
	75	5.00%, 02/15/2027 (e)		76

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	260	6.00%, 10/15/2025 (e)		276
	873	Staples, Inc., 8.50%, 09/15/2025 (e)		844
	181	Station Casinos LLC, 5.00%, 10/01/2025 (e)		183
		Steel Dynamics, Inc.,
	295	4.13%, 09/15/2025		292
	121	5.00%, 12/15/2026		126
	66	5.50%, 10/01/2024		68
	5	Stone Energy Corp., 7.50%, 05/31/2022		5
		Summit Materials LLC,
	50	5.13%, 06/01/2025 (e)		51
	545	6.13%, 07/15/2023		563
		Summit Midstream Holdings LLC,
	138	5.50%, 08/15/2022		140
	159	5.75%, 04/15/2025		160
	1,275	Sunoco Logistics Partners Operations LP, 5.35%, 05/15/2045 (j)		1,297
		Sunoco LP,
	90	4.88%, 01/15/2023 (e)		91
	91	5.50%, 02/15/2026 (e)		93
	41	5.88%, 03/15/2028 (e)		42
		SUPERVALU, Inc.,
	557	6.75%, 06/01/2021		549
	1,019	7.75%, 11/15/2022		998
	214	Symantec Corp., 5.00%, 04/15/2025 (e)		218
		Talen Energy Supply LLC,
	240	6.50%, 06/01/2025		200
	200	9.50%, 07/15/2022 (e)		209
		Tallgrass Energy Partners LP,
	155	5.50%, 09/15/2024 (e)		159
	50	5.50%, 01/15/2028 (e)		50
		Targa Resources Partners LP,
	431	4.25%, 11/15/2023		426
	175	5.00%, 01/15/2028 (e)		173
	125	5.38%, 02/01/2027		127
	650	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		606
		TEGNA, Inc.,
	200	5.50%, 09/15/2024 (e)		208
	205	6.38%, 10/15/2023		214
	160	Teleflex, Inc., 5.25%, 06/15/2024		166
	265	Tempur Sealy International, Inc., 5.63%, 10/15/2023		273
		Tenet Healthcare Corp.,
	261	4.38%, 10/01/2021		261
	132	4.50%, 04/01/2021		133
	401	4.63%, 07/15/2024 (e)		394

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	603	5.13%, 05/01/2025 (e)		595
	49	6.00%, 10/01/2020		51
	18	6.75%, 02/01/2020		18
	627	6.75%, 06/15/2023		618
	150	7.00%, 08/01/2025 (e)		147
	115	7.50%, 01/01/2022 (e)		122
	285	8.13%, 04/01/2022		294
	167	Tennant Co., 5.63%, 05/01/2025 (e)		174
	407	Terex Corp., 5.63%, 02/01/2025 (e)		420
	300	Terraform Global Operating LLC, 9.75%, 08/15/2022 (e)		332
		TerraForm Power Operating LLC,
	184	4.25%, 01/31/2023 (e)		182
	230	5.00%, 01/31/2028 (e)		227
	487	SUB, 6.63%, 06/15/2025 (e)		531
	353	Tesla, Inc., 5.30%, 08/15/2025 (e)		336
	1,000	Texas Company Holdings, 11.50%, 10/01/2020 (d) (bb)		9
		T-Mobile USA, Inc.,
	123	4.50%, 02/01/2026		124
	123	4.75%, 02/01/2028		123
	862	6.00%, 04/15/2024		915
	696	6.38%, 03/01/2025		740
	400	6.50%, 01/15/2026		434
		Toll Brothers Finance Corp.,
	185	4.35%, 02/15/2028		183
	120	5.63%, 01/15/2024		130
		TransDigm, Inc.,
	362	5.50%, 10/15/2020		367
	421	6.00%, 07/15/2022		432
	269	6.38%, 06/15/2026		276
	10	6.50%, 07/15/2024		10
	159	6.50%, 05/15/2025		164
	285	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		300
		Transocean, Inc.,
	84	5.80%, 10/15/2022		85
	484	6.80%, 03/15/2038		415
	328	7.50%, 01/15/2026 (e)		341
	180	7.50%, 04/15/2031		172
	424	9.00%, 07/15/2023 (e)		465
	179	9.35%, 12/15/2041		183
	99	TriMas Corp., 4.88%, 10/15/2025 (e)		99
	128	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		131
	86	Tronox Finance plc, 5.75%, 10/01/2025 (e)		88

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	601	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		640
	207	Tyson Foods, Inc., 4.55%, 06/02/2047		222
		Ultra Resources, Inc.,
	1,144	6.88%, 04/15/2022 (e)		1,144
	311	7.13%, 04/15/2025 (e)		311
	354	Unit Corp., 6.63%, 05/15/2021		357
		United Continental Holdings, Inc.,
	167	4.25%, 10/01/2022		168
	321	5.00%, 02/01/2024		324
		United Rentals North America, Inc.,
	244	4.63%, 10/15/2025		248
	337	4.88%, 01/15/2028		337
	700	5.50%, 07/15/2025		738
	220	5.50%, 05/15/2027		231
	61	5.75%, 11/15/2024		64
	80	5.88%, 09/15/2026		86
	96	United States Steel Corp., 8.38%, 07/01/2021 (e)		104
	92	Uniti Group LP, 6.00%, 04/15/2023 (e)		89
	159	Univar USA, Inc., 6.75%, 07/15/2023 (e)		166
		Univision Communications, Inc.,
	35	5.13%, 05/15/2023 (e)		35
	567	5.13%, 02/15/2025 (e)		550
	196	6.75%, 09/15/2022 (e)		203
	280	US Concrete, Inc., 6.38%, 06/01/2024		301
	114	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		117
		Valeant Pharmaceuticals International, Inc.,
	185	5.50%, 03/01/2023 (e)		166
	308	5.50%, 11/01/2025 (e)		311
	813	5.88%, 05/15/2023 (e)		734
	211	6.13%, 04/15/2025 (e)		189
	162	6.50%, 03/15/2022 (e)		170
	253	6.75%, 08/15/2021 (e)		250
	353	7.00%, 03/15/2024 (e)		375
	434	7.25%, 07/15/2022 (e)		430
	164	7.50%, 07/15/2021 (e)		165
	592	9.00%, 12/15/2025 (e)		608
	77	Valvoline, Inc., 4.38%, 08/15/2025		77
	190	Venator Finance SARL, 5.75%, 07/15/2025 (e)		196
		Verizon Communications, Inc.,
	1,175	4.13%, 08/15/2046		1,098
	650	5.01%, 04/15/2049		691
	160	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		170

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	846	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		913
		Viacom, Inc.,
	693	4.38%, 03/15/2043		634
	305	5.85%, 09/01/2043		339
	44	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		45
	25	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		26
	95	ViaSat, Inc., 5.63%, 09/15/2025 (e)		94
	141	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		141
	235	Vulcan Materials Co., 4.50%, 06/15/2047		238
	76	Wabash National Corp., 5.50%, 10/01/2025 (e)		77
	95	Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)		97
		Weatherford International Ltd.,
	114	4.50%, 04/15/2022		108
	240	6.50%, 08/01/2036		207
	61	6.75%, 09/15/2040		53
	54	9.88%, 02/15/2024		59
	334	WellCare Health Plans, Inc., 5.25%, 04/01/2025		349
	51	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		52
		Western Digital Corp.,
	352	4.75%, 02/15/2026 (w)		357
	146	7.38%, 04/01/2023 (e)		159
	249	10.50%, 04/01/2024		291
	40	Western Gas Partners LP, 5.45%, 04/01/2044		43
	535	Westlake Chemical Corp., 4.38%, 11/15/2047		547
		Whiting Petroleum Corp.,
	243	5.75%, 03/15/2021		252
	16	6.25%, 04/01/2023		16
	146	6.63%, 01/15/2026 (e)		149
		Williams Cos., Inc. (The),
	165	3.70%, 01/15/2023		164
	185	5.75%, 06/24/2044		204
	21	Series A, 7.50%, 01/15/2031		26
	142	7.75%, 06/15/2031		179
		Windstream Services LLC,
	117	6.38%, 08/01/2023 (e)		66
	400	8.75%, 12/15/2024 (e)		282
		WMG Acquisition Corp.,
	75	4.88%, 11/01/2024 (e)		76
	55	5.00%, 08/01/2023 (e)		56
	205	5.63%, 04/15/2022 (e)		211

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	230	6.75%, 04/15/2022 (e)		239
	265	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		267
		XPO Logistics, Inc.,
	195	6.13%, 09/01/2023 (e)		206
	95	6.50%, 06/15/2022 (e)		99
	20	Xylem, Inc., 4.38%, 11/01/2046		21
		Zayo Group LLC,
	382	5.75%, 01/15/2027 (e)		388
	211	6.00%, 04/01/2023		221
	175	6.38%, 05/15/2025		184
				199,932
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Petroleos de Venezuela SA,
	450	Reg. S, 5.38%, 04/12/2027 (d)		108
	50	Reg. S, 5.50%, 04/12/2037 (d)		12
	320	Reg. S, 6.00%, 11/15/2026 (d)		74
	113	Reg. S, 8.50%, 10/27/2020 (d)		93
	110	Reg. S, 9.00%, 11/17/2021 (d)		28
	100	Reg. S, 9.75%, 05/17/2035 (d)		25
	100	Reg. S, 12.75%, 02/17/2022 (d)		24
				364
		Total Corporate Bonds (Cost $280,317)		284,704
	Foreign Government Securities — 10.0%
		Angola — 0.1%
		Republic of Angola,
	844	Reg. S, 7.00%, 08/17/2019		867
	800	Reg. S, 9.50%, 11/12/2025		935
				1,802
		Argentina — 0.2%
		Provincia de Buenos Aires,
	610	7.88%, 06/15/2027 (e)		648
	600	Reg. S, 9.95%, 06/09/2021		674
		Provincia de Cordoba,
	600	7.45%, 09/01/2024 (e)		639
	300	Reg. S, 7.13%, 06/10/2021		320
	350	Reg. S, 7.45%, 09/01/2024		373
	150	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		164
		Republic of Argentina,
	1,900	6.88%, 04/22/2021		2,025
	1,090	6.88%, 01/11/2048		1,055
	692	Reg. S, 7.13%, 06/28/2117		676

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Argentina — continued
	351	8.28%, 12/31/2033		397
				6,971
		Armenia — 0.0% (g)
	200	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		229
		Australia — 0.2%
		Republic of Australia,
AUD	1,450	Reg. S, 2.00%, 12/21/2021		1,155
AUD	1,250	Reg. S, 2.75%, 04/21/2024		1,017
AUD	620	Reg. S, 2.75%, 06/21/2035		473
AUD	200	Reg. S, 3.00%, 03/21/2047		149
AUD	2,234	Reg. S, 5.25%, 03/15/2019		1,869
				4,663
		Azerbaijan — 0.0% (g)
	200	Republic of Azerbaijan, Reg. S, 4.75%, 03/18/2024		208
		Bahrain — 0.0% (g)
		Kingdom of Bahrain,
	200	Reg. S, 5.88%, 01/26/2021		206
	650	Reg. S, 6.13%, 07/05/2022		675
				881
		Belarus — 0.1%
		Republic of Belarus,
	430	7.63%, 06/29/2027 (e)		499
	710	Reg. S, 6.88%, 02/28/2023		780
	950	Reg. S, 7.63%, 06/29/2027 (e)		1,103
				2,382
		Belgium — 0.2%
		Belgium Government Bond,
EUR	590	4.00%, 03/28/2022		856
EUR	540	Reg. S, 0.50%, 10/22/2024 (e)		672
EUR	1,420	Reg. S, 0.80%, 06/22/2025 (e)		1,794
EUR	970	Reg. S, 1.00%, 06/22/2031 (e)		1,180
EUR	120	Reg. S, 1.60%, 06/22/2047 (e)		145
EUR	690	Reg. S, 1.90%, 06/22/2038 (e)		922
EUR	80	Reg. S, 2.15%, 06/22/2066 (e)		105
				5,674
		Bermuda — 0.0% (g)
	200	Republic of Bermuda, Reg. S, 4.85%, 02/06/2024		215
		Brazil — 0.2%
BRL	3,000	Brazil Notas do Tesouro Nacional, 6.00%, 08/15/2022		3,045
		Federative Republic of Brazil,
	400	5.00%, 01/27/2045		369

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Brazil — continued
	650	6.00%, 04/07/2026		721
	200	8.25%, 01/20/2034		260
				4,395
		Canada — 0.2%
		Republic of Canada,
CAD	1,100	0.50%, 03/01/2022		842
CAD	1,520	1.50%, 03/01/2020		1,227
CAD	810	1.50%, 06/01/2023		637
CAD	630	1.50%, 06/01/2026		482
CAD	160	2.75%, 12/01/2048		141
CAD	60	2.75%, 12/01/2064		54
CAD	330	3.50%, 12/01/2045		329
CAD	360	5.00%, 06/01/2037		411
				4,123
		Colombia — 0.1%
		Republic of Colombia,
	400	3.88%, 04/25/2027		404
	200	4.50%, 01/28/2026		212
	300	5.00%, 06/15/2045		316
	500	7.38%, 09/18/2037		669
				1,601
		Costa Rica — 0.1%
	200	Instituto Costarricense de Electricidad, Reg. S, 6.38%, 05/15/2043		183
		Republic of Costa Rica,
	200	Reg. S, 4.25%, 01/26/2023		194
	200	Reg. S, 4.38%, 04/30/2025		193
	200	Reg. S, 7.00%, 04/04/2044		210
	450	Reg. S, 7.16%, 03/12/2045		480
				1,260
		Croatia — 0.0% (g)
		Republic of Croatia,
	200	Reg. S, 6.38%, 03/24/2021		219
	600	Reg. S, 6.63%, 07/14/2020		649
	200	Reg. S, 6.75%, 11/05/2019		213
				1,081
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	100	Reg. S, 5.88%, 04/18/2024		107
	1,320	Reg. S, 6.88%, 01/29/2026		1,493
	720	Reg. S, 7.45%, 04/30/2044		855
	250	Reg. S, 7.50%, 05/06/2021		271
				2,726

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ecuador — 0.1%
		Republic of Ecuador,
	620	7.88%, 01/23/2028 (e)		630
	280	8.75%, 06/02/2023 (e)		307
	1,460	8.88%, 10/23/2027 (e)		1,590
	200	Reg. S, 7.95%, 06/20/2024		211
	200	Reg. S, 8.75%, 06/02/2023		219
	400	Reg. S, 9.65%, 12/13/2026		455
	200	Reg. S, 10.75%, 03/28/2022		232
				3,644
		Egypt — 0.1%
		Republic of Egypt,
	500	Reg. S, 5.88%, 06/11/2025		515
	725	Reg. S, 7.50%, 01/31/2027		811
	1,450	Reg. S, 8.50%, 01/31/2047		1,666
				2,992
		El Salvador — 0.1%
		Republic of El Salvador,
	470	Reg. S, 5.88%, 01/30/2025		470
	300	Reg. S, 6.38%, 01/18/2027		306
	450	Reg. S, 7.38%, 12/01/2019		471
	600	Reg. S, 7.63%, 02/01/2041		658
	652	Reg. S, 7.65%, 06/15/2035		717
	250	Reg. S, 7.75%, 01/24/2023		275
	150	Reg. S, 8.25%, 04/10/2032		174
				3,071
		Ethiopia — 0.0% (g)
	200	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		212
		France — 0.6%
		Republic of France,
EUR	2,630	Reg. S, 0.00%, 05/25/2022		3,258
EUR	1,680	Reg. S, 0.25%, 11/25/2026		1,997
EUR	300	Reg. S, 1.75%, 05/25/2066 (e)		353
EUR	620	Reg. S, 2.00%, 05/25/2048 (e)		810
EUR	3,050	Reg. S, 2.25%, 05/25/2024		4,232
EUR	2,260	Reg. S, 2.50%, 05/25/2030		3,261
EUR	1,518	Reg. S, 3.25%, 05/25/2045		2,534
				16,445
		Gabon — 0.1%
		Republic of Gabonese,
	1,260	Reg. S, 6.38%, 12/12/2024		1,276
	450	Reg. S, 6.95%, 06/16/2025		466
				1,742

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Ghana — 0.0% (g)
	400	Republic of Ghana, Reg. S, 8.13%,
		01/18/2026		442
		Honduras — 0.0% (g)
		Republic of Honduras,
	400	Reg. S, 7.50%, 03/15/2024		449
	200	Reg. S, 8.75%, 12/16/2020		226
				675
		Hungary — 0.1%
		Republic of Hungary,
	550	5.38%, 03/25/2024		612
	950	5.75%, 11/22/2023		1,075
				1,687
		Indonesia — 0.3%
		Republic of Indonesia,
IDR	6,500,000	6.13%, 05/15/2028		477
IDR	10,950,000	7.00%, 05/15/2022		852
IDR	4,800,000	7.00%, 05/15/2027		373
IDR	6,800,000	7.50%, 08/15/2032		530
IDR	5,850,000	7.50%, 05/15/2038		457
IDR	18,800,000	8.25%, 05/15/2036		1,562
IDR	12,225,000	9.00%, 03/15/2029		1,088
	800	Reg. S, 6.75%, 01/15/2044		1,057
	200	Reg. S, 4.13%, 01/15/2025		206
	200	Reg. S, 4.35%, 01/08/2027		209
	400	Reg. S, 5.88%, 01/15/2024		452
	200	Reg. S, 6.63%, 02/17/2037		252
				7,515
		Iraq — 0.0% (g)
		Republic of Iraq,
	250	Reg. S, 5.80%, 01/15/2028		247
	812	Reg. S, 6.75%, 03/09/2023		842
				1,089
		Italy — 1.4%
		Republic of Italy,
EUR	1,860	0.05%, 10/15/2019		2,318
EUR	6,550	0.25%, 05/15/2018		8,147
EUR	5,886	0.45%, 06/01/2021		7,346
EUR	1,230	0.65%, 11/01/2020		1,549
EUR	3,610	1.25%, 12/01/2026		4,259
EUR	2,870	1.50%, 06/01/2025		3,542
EUR	5,550	3.50%, 06/01/2018		6,979
EUR	1,140	Reg. S, 1.65%, 03/01/2032 (e)		1,288
EUR	70	Reg. S, 2.80%, 03/01/2067 (e)		78
EUR	2,502	Reg. S, 3.50%, 03/01/2030 (e)		3,477
EUR	820	Reg. S, 4.75%, 09/01/2044 (e)		1,337
				40,320

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ivory Coast — 0.0% (g)
		Republic of Ivory Coast,
	200	Reg. S, 6.38%, 03/03/2028		213
	95	Reg. S, SUB, 5.75%, 12/31/2032		94
				307
		Jamaica — 0.1%
		Government of Jamaica,
	200	6.75%, 04/28/2028		229
	400	7.88%, 07/28/2045		497
	600	8.00%, 03/15/2039		744
				1,470
		Japan — 2.4%
		Government of Japan,
JPY	532,200	0.10%, 05/15/2018		4,878
JPY	514,350	0.10%, 01/15/2020		4,733
JPY	489,350	0.10%, 12/20/2020		4,508
JPY	1,134,950	0.10%, 12/20/2021		10,470
JPY	798,600	0.10%, 06/20/2026		7,352
JPY	354,400	0.30%, 06/20/2018		3,252
JPY	576,250	0.50%, 09/20/2024		5,459
JPY	898,800	0.60%, 09/20/2037		8,258
JPY	386,100	0.80%, 12/20/2047		3,526
JPY	378,750	1.40%, 12/20/2045		4,011
JPY	1,016,750	1.60%, 03/20/2032		11,000
				67,447
		Jordan — 0.0% (g)
		Kingdom of Jordan,
	200	7.38%, 10/10/2047 (e)		215
	579	Reg. S, 6.13%, 01/29/2026		604
				819
		Kazakhstan — 0.0% (g)
		Republic of Kazakhstan,
	200	Reg. S, 3.88%, 10/14/2024		207
	200	Reg. S, 4.88%, 10/14/2044		212
	200	Reg. S, 6.50%, 07/21/2045		254
				673
		Kenya — 0.1%
	1,300	Republic of Kenya, Reg. S, 6.88%, 06/24/2024		1,373
		Lebanon — 0.2%
		Republic of Lebanon,
	250	6.15%, 06/19/2020		251
	595	6.25%, 05/27/2022		595
	890	6.38%, 03/09/2020		899

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Lebanon — continued
	145	Reg. S, 5.15%, 06/12/2018		145
	460	Reg. S, 5.15%, 11/12/2018		460
	956	Reg. S, 5.45%, 11/28/2019		952
	340	Reg. S, 6.10%, 10/04/2022		340
	350	Reg. S, 6.20%, 02/26/2025		340
	1,050	Reg. S, 6.60%, 11/27/2026		1,029
	610	Reg. S, 6.65%, 11/03/2028		586
	555	Reg. S, 6.65%, 02/26/2030		525
	700	Reg. S, 8.25%, 04/12/2021		746
				6,868
		Macedonia, the Former Yugoslav Republic of — 0.0% (g)
EUR	351	Former Yugoslav Republic of Macedonia, 2.75%, 01/18/2025 (e)		441
		Malaysia — 0.0% (g)
MYR	2,600	Malaysia Government Bond, 3.49%, 03/31/2020		668
		Mexico — 0.0% (g)
		United Mexican States,
	200	4.15%, 03/28/2027		204
	200	4.60%, 01/23/2046		196
	300	5.55%, 01/21/2045		337
	100	5.75%, 10/12/2110		105
				842
		Mongolia — 0.0% (g)
		Mongolia Government Bond,
	260	5.63%, 05/01/2023 (e)		265
	430	Reg. S, 8.75%, 03/09/2024		498
	400	Reg. S, 10.88%, 04/06/2021		473
				1,236
		Namibia — 0.0% (g)
	200	Republic of Namibia, Reg. S, 5.25%, 10/29/2025		206
		Nigeria — 0.1%
		Republic of Nigeria,
	650	6.50%, 11/28/2027 (e)		676
	980	7.63%, 11/28/2047 (e)		1,046
				1,722
		Oman — 0.1%
		Oman Government Bond,
	1,270	6.75%, 01/17/2048 (e)		1,291
	300	Reg. S, 4.75%, 06/15/2026		293
	400	Reg. S, 5.38%, 03/08/2027		401
	1,400	Reg. S, 6.50%, 03/08/2047		1,396
				3,381

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pakistan — 0.1%
		Republic of Pakistan,
	1,070	Reg. S, 7.25%, 04/15/2019		1,108
	300	Reg. S, 8.25%, 04/15/2024		332
				1,440
		Panama — 0.0% (g)
		Republic of Panama,
	200	4.50%, 05/15/2047		213
	400	6.70%, 01/26/2036		526
	200	9.38%, 04/01/2029		300
				1,039
		Paraguay — 0.0% (g)
		Republic of Paraguay,
	600	Reg. S, 6.10%, 08/11/2044		685
	200	Reg. S, 4.70%, 03/27/2027		208
				893
		Peru — 0.0% (g)
	200	Republic of Peru, 8.75%, 11/21/2033		313
		Romania — 0.0% (g)
		Republic of Romania,
	500	Reg. S, 4.38%, 08/22/2023		528
	50	Reg. S, 4.88%, 01/22/2024		54
	250	Reg. S, 6.13%, 01/22/2044		316
	100	Reg. S, 6.75%, 02/07/2022		114
				1,012
		Russia — 0.2%
		Russian Federation,
RUB	209,980	7.75%, 09/16/2026		3,905
	200	Reg. S, 4.88%, 09/16/2023		214
	400	Reg. S, 5.88%, 09/16/2043		463
				4,582
		Senegal — 0.0% (g)
	200	Republic of Senegal, Reg. S, 6.25%, 05/23/2033		210
		Serbia — 0.0% (g)
	400	Republic of Serbia, Reg. S, 4.88%, 02/25/2020		413
		South Africa — 0.1%
		Republic of South Africa,
	400	4.30%, 10/12/2028		386
	100	4.67%, 01/17/2024		103
	200	5.38%, 07/24/2044		199
	200	5.50%, 03/09/2020		209

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		South Africa — continued
	100	5.88%, 05/30/2022		109
	200	5.88%, 09/16/2025		218
	120	6.25%, 03/08/2041		134
ZAR	20,925	8.75%, 02/28/2048		1,624
ZAR	6,526	10.50%, 12/21/2026		620
				3,602
		Spain — 1.0%
		Kingdom of Spain,
EUR	6,550	0.25%, 04/30/2018		8,145
EUR	1,390	0.40%, 04/30/2022		1,735
EUR	880	1.40%, 01/31/2020		1,128
EUR	4,380	3.75%, 10/31/2018		5,608
EUR	1,360	Reg. S, 1.45%, 10/31/2027 (e)		1,691
EUR	2,180	Reg. S, 1.50%, 04/30/2027 (e)		2,745
EUR	1,890	Reg. S, 1.60%, 04/30/2025 (e)		2,456
EUR	1,100	Reg. S, 1.95%, 07/30/2030 (e)		1,398
EUR	1,270	Reg. S, 2.90%, 10/31/2046 (e)		1,699
EUR	1,253	Reg. S, 4.00%, 04/30/2020 (e)		1,700
EUR	800	Reg. S, 4.70%, 07/30/2041 (e)		1,419
				29,724
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	1,340	Reg. S, 6.25%, 10/04/2020		1,407
	200	Reg. S, 6.83%, 07/18/2026		219
	500	Reg. S, 6.85%, 11/03/2025		548
	300	Reg. S, 6.25%, 07/27/2021		317
				2,491
		Tajikistan — 0.0% (g)
	850	Republic of Tajikistan International Bond, Reg. S, 7.13%, 09/14/2027		829
		Turkey — 0.1%
		Republic of Turkey,
TRY	1,316	2.90%, 07/07/2027		350
	860	4.88%, 04/16/2043		737
	400	6.00%, 03/25/2027		421
	200	6.00%, 01/14/2041		199
	200	6.25%, 09/26/2022		216
	600	6.63%, 02/17/2045		634
	250	7.38%, 02/05/2025		286
	100	8.00%, 02/14/2034		122
				2,965
		Ukraine — 0.2%
		Republic of Ukraine,
	300	7.38%, 09/25/2032 (e)		304

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ukraine –– continued
	260	Reg. S, (IGDCUKR Index + 1.00% Cap), 0.00%, 05/31/2040 (aa)		177
	500	Reg. S, 7.75%, 09/01/2020		536
	2,070	Reg. S, 7.75%, 09/01/2021		2,253
	1,120	Reg. S, 7.75%, 09/01/2023		1,218
	1,200	Reg. S, 7.75%, 09/01/2024		1,301
	348	Reg. S, 7.75%, 09/01/2025		375
		Ukreximbank Via Biz Finance plc,
	500	Reg. S, 9.63%, 04/27/2022		545
	200	Reg. S, 9.75%, 01/22/2025		223
				6,932
		United Kingdom — 0.8%
		United Kingdom Gilt,
GBP	1,870	Reg. S, 0.50%, 07/22/2022		2,598
GBP	1,890	Reg. S, 0.75%, 07/22/2023		2,629
GBP	1,240	Reg. S, 1.50%, 01/22/2021		1,795
GBP	1,734	Reg. S, 1.50%, 07/22/2026		2,484
GBP	1,870	Reg. S, 1.50%, 07/22/2047		2,401
GBP	1,610	Reg. S, 1.75%, 07/22/2019		2,323
GBP	3,500	Reg. S, 1.75%, 09/07/2037		4,836
GBP	1,220	Reg. S, 1.75%, 07/22/2057		1,720
GBP	1,670	Reg. S, 4.25%, 06/07/2032		3,124
				23,910
		Uruguay — 0.1%
		Republic of Uruguay,
	300	4.38%, 10/27/2027		319
	550	5.10%, 06/18/2050		597
	450	7.88%, 01/15/2033		642
				1,558
		Venezuela, Bolivarian Republic of — 0.0% (g)
		Republic of Venezuela,
	50	9.38%, 01/13/2034 (d)		13
	70	Reg. S, 6.00%, 12/09/2020 (d)		18
	180	Reg. S, 7.65%, 04/21/2025 (d)		48
	80	Reg. S, 7.75%, 10/13/2019 (d)		21
	50	Reg. S, 9.00%, 05/07/2023 (d)		13
	150	Reg. S, 9.25%, 05/07/2028 (d)		40
	120	Reg. S, 11.75%, 10/21/2026 (d)		35
	130	Reg. S, 12.75%, 08/23/2022 (d)		37
	150	Reg. S, 8.25%, 10/13/2024 (d)		40
				265
		Vietnam — 0.0% (g)
	200	Republic of Vietnam, Reg. S, 4.80%, 11/19/2024		213

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Foreign Government Securities — continued
		Zambia — 0.0% (g)
	600	Republic of Zambia, Reg. S, 8.97%, 07/30/2027		671
		Total Foreign Government Securities (Cost $285,854)		288,560
	Loan Assignments — 0.2% (cc)
		Canada — 0.0% (g)
	65	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 10/21/2021 (aa)		55
	75	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.31%, 10/04/2024 (aa)		76
				131
		United States — 0.2%
	165	Avaya, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.31%, 12/15/2024 (aa)		166
	1,166	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.94%, 12/31/2021 (aa)		1,320
	295	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.31%, 12/31/2022 (aa)		300
	756	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 8.95%, 08/23/2021 (aa)		808
	183	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		186
	210	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 10/05/2023 (aa)		207
	180	Cortes NP Acquisition Corporation, Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.57%, 11/30/2023 (aa)		182
	84	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa) ^		45
	457	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.81%, 04/26/2024 (aa)		460
	282	Genesys Telecom Holdings, 1st Lien Term Loan B2, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 12/01/2023 (aa)		284
	415	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.57%, 12/05/2023 (aa)		356
	67	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.98%, 08/20/2023 (aa)		67

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	72	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.57%, 03/31/2023 (aa)		72
	124	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.57%, 03/11/2022 (aa)		100
	163	Quest Software Us Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.27%, 10/31/2022 (aa)		167
	190	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 09/07/2023 (aa)		149
	272	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.12%, 11/01/2024 (aa)		276
	59	Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 06/08/2024 (aa)		59
	99	Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 06/08/2024 (aa)		98
	343	Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 04/23/2019 (aa)		342
	87	Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 04/23/2019 (aa)		87
	100	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.41%, 04/12/2024 (aa)		100
	614	Viskase Cos., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.94%, 01/30/2021 (aa)		607
				6,438
		Total Loan Assignments (Cost $6,514)		6,569

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Options Purchased — 1.2%
		Call Options — 1.2%
		Japan — 0.3%
	991	TOPIX Index, 03/09/2018 at JPY 1800.00, European Style (a) Notional Amount: JPY 18,201,796 Exchange Traded		6,049
	896	TOPIX Index, 06/08/2018 at JPY 1900.00, European Style (a) Notional Amount: JPY 16,456,922 Exchange Traded		3,777
				9,826
		United States — 0.9% (g)
	82,568	iShares MSCI Emerging Markets Fund, 06/15/2018 at USD 51.50, American Style (a) Notional Amount: USD 421,345 Exchange Traded		18,578
	1,075	S&P 500 Index, 06/15/2018 at USD 2875.00, European Style (a) Notional Amount: USD 303,560 Exchange Traded		6,262
NOTIONAL AMOUNT
	7,457	Foreign Exchange PLN/USD 04/13/2018 at USD 3.53 Vanilla, European Style (a) Notional Amount: USD 7,457 Counterparty: Goldman Sachs International		22
	7,732	Foreign Exchange RUB/USD 04/20/2018 at USD 60.15 Vanilla, European Style (a) Notional Amount: USD 7,732 Counterparty: Goldman Sachs International		37
				24,899
		Total Call Options Purchased		34,725
NUMBER OF CONTRACTS
		Put Options — 0.0% (g)
		United States — 0.0% (g)
	990	Huntsman Corp., 02/16/2018 at USD 31.00, American Style (a) Notional Amount: USD 3,422 Exchange Traded		7
NOTIONAL AMOUNT
EUR	5,209	Foreign Exchange USD/EUR 04/03/2018 at EUR 1.18 Vanilla, European Style (a) Notional Amount: EUR 5,209 Counterparty: Barclays Bank plc		6
		Total Put Options Purchased		13
		Total Options Purchased (Cost $31,980)		34,738

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 0.0% (g)
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 03/05/2018 ($1,000 par value) (aa) @		79
			United States — 0.0% (g)
	1		GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.20%, 02/15/2040 ($25 par value) (aa)		16
	3		Goodman Private Preferred (bb)		10
					26
			Total Preferred Stocks (Cost $99)		105
	Supranational — 0.0% (g)
	270		African Export-Import Bank (The), Reg. S, 4.13%, 06/20/2024 (Cost $274)		272
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Italy — 0.0%
	145		UniCredit SpA, expiring 02/21/2018 (a)		1
			United States — 0.0%
	44		Media General, Inc., CVR (a) (bb)		2
	17		Vistra Energy Corp., expiring 12/31/2049 (a) (bb)		12
					14
			Total Rights (Cost $—)		15
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 5.1%
			U.S. Treasury Bonds,
	1,200		2.25%, 08/15/2046		1,040
	10,096		3.63%, 08/15/2043		11,373
	6,576		3.75%, 08/15/2041		7,531
	3,600		4.25%, 05/15/2039		4,396
	4,098		5.38%, 02/15/2031		5,281
	2,225		6.13%, 08/15/2029		2,970
			U.S. Treasury Notes,
	25,400		0.75%, 07/15/2019		24,925
	23,290		1.13%, 01/31/2019 (k)		23,099
	16,850		1.13%, 02/28/2021		16,248
	34,100		1.25%, 10/31/2021		32,685
	16,569		2.13%, 05/15/2025		15,959
			Total U.S. Treasury Obligations (Cost $146,478)		145,507

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Short-Term Investments— 7.7%
		Foreign Government Treasury Bills — 0.4%
		Canadian Treasury Bills,
CAD	4,100	1.36%, 11/15/2018 (n)		3,295
CAD	4,496	1.40%, 10/18/2018 (n)		3,619
CAD	4,200	1.43%, 12/13/2018 (n)		3,370
		Total Foreign Government Treasury Bills(Cost $9,996)		10,284
SHARES
		Investment Company — 7.3%
	209,702	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $209,702)		209,702
		Total Short-Term Investments (Cost $219,698)		219,986
		Total Investments — 102.1% (Cost $2,611,617)		2,931,343
		Liabilities in Excess of Other Assets — (2.1)%		(59,790	)
		NET ASSETS — 100.0%	$	2,871,553

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — 1.2%
	Common Stocks — 1.2%
		Canada — 0.2%
	69	Canadian National Railway Co.		5,524
		Israel — 0.1%
	17	Check Point Software Technologies Ltd. (a)		1,743
		United States — 0.9%
	17	Alaska Air Group, Inc.		1,118
	21	American Campus Communities, Inc.		822
	25	CBS Corp. (Non-Voting), Class B		1,453
	40	Cerner Corp. (a)		2,782
	4	Crown Castle International Corp.		404
	24	DENTSPLY SIRONA, Inc.		1,466
	5	Everest Re Group Ltd.		1,185
	155	General Electric Co.		2,500
	69	Harley-Davidson, Inc.		3,366
	23	Hawaiian Holdings, Inc.		875
	57	Johnson Controls International plc		2,241
	23	Kimberly-Clark Corp.		2,716
	7	National Fuel Gas Co.		363
	11	Ulta Beauty, Inc. (a)		2,439
	6	Welltower, Inc.		357
	9	Whirlpool Corp.		1,564
				25,651
		Total Securities Sold Short (Proceeds $33,368)		32,918

Percentages indicated are based on net assets.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Foreign Government Securities		9.7	%
Collateralized Mortgage Obligations		8.7
Banks		7.4
Oil, Gas & Consumable Fuels		4.0
U.S. Treasury Notes		3.9
Insurance		3.4
Pharmaceuticals		3.3
Internet Software & Services		2.3
IT Services		2.2
Capital Markets		2.1
Chemicals		2.0
Semiconductors & Semiconductor Equipment		1.9
Media		1.8
Software		1.7
Automobiles		1.6
Machinery		1.5
Health Care Providers & Services		1.5
Beverages		1.4
Diversified Telecommunication Services		1.4
Electric Utilities		1.4
Asset-Backed Securities		1.3
Food & Staples Retailing		1.2
Call Options Purchased		1.2
Metals & Mining		1.2
Hotels, Restaurants & Leisure		1.2
U.S. Treasury Bonds		1.1
Internet & Direct Marketing Retail		1.0
Technology Hardware, Storage & Peripherals		1.0
Others (each less than 1.0%)		20.1
Short-Term Investments		7.5
INDUSTRY (SHORT)	PERCENTAGE
Road & Rail		16.8	%
Automobiles		10.2
Health Care Technology		8.5
Household Products		8.3
Industrial Conglomerates		7.5
Specialty Retail		7.4
Building Products		6.8
Airlines		6.1
Software		5.3
Equity Real Estate Investment Trusts (REITs)		4.8
Household Durables		4.7
Health Care Equipment & Supplies		4.5
Media		4.4
Insurance		3.6
Gas Utilities		1.1

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond		102			03/2018		AUD		10,487			(206	)
EURO STOXX 50 Index		208			03/2018		EUR		9,299			113
Euro-Bobl		73			03/2018		EUR		11,823			1
Euro-BTP		10			03/2018		EUR		1,688			1
Euro-Bund		10			03/2018		EUR		1,972			—	(h)
Euro-Buxl		18			03/2018		EUR		3,615			5
Euro-Schatz		31			03/2018		EUR		4,303			—	(h)
Foreign Exchange EUR/USD		725			03/2018		USD		112,806			5,645
Foreign Exchange JPY/USD		537			03/2018		USD		61,681			2,113
FTSE 100 Index		59			03/2018		GBP		6,256			(64	)
Russell 2000 E-Mini Index		251			03/2018		USD		19,779			591
S&P 500 E-Mini Index		876			03/2018		USD		123,770			8,040
TOPIX Index		21			03/2018		JPY		3,555			131
U.S. Treasury Long Bond		15			03/2018		USD		2,217			(33	)
3 Month Eurodollar		93			12/2018		USD		22,695			(12	)
												16,325
Short Contracts
EURO STOXX 50 Index		(1,347	)		03/2018		EUR		(60,220	)		(293	)
FTSE 100 Index		(288	)		03/2018		GBP		(30,538	)		(485	)
MSCI Europe Equity Index		(6,262	)		03/2018		EUR		(170,769	)		(1,351	)
Short-Term Euro-BTP		(47	)		03/2018		EUR		(6,608	)		—	(h)
TOPIX Index		(1,065	)		03/2018		JPY		(180,318	)		276
U.S. Treasury 10 Year Note		(11	)		03/2018		USD		(1,338	)		(2	)
U.S. Treasury 2 Year Note		(100	)		03/2018		USD		(21,322	)		(3	)
3 Month Eurodollar		(93	)		12/2019		USD		(22,623	)		20
												(1,838	)
												14,487

Forward foreign currency exchange contracts outstanding as of January 31, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EGP	9,230	USD	505	Citibank, NA**		03/15/2018		15
AUD	1,636	USD	1,262	Credit Suisse International		03/19/2018		56
AUD	432	USD	339	Goldman Sachs International		03/19/2018		10
BRL	2,117	USD	642	Citibank, NA**		03/19/2018		20
BRL	279	USD	87	Goldman Sachs International**		03/19/2018		—	(h)
CAD	399	USD	310	Citibank, NA		03/19/2018		14
CAD	367	USD	287	Royal Bank of Canada		03/19/2018		12
CLP	56,311	USD	94	Citibank, NA**		03/19/2018		—	(h)
CLP	393,238	USD	649	Credit Suisse International**		03/19/2018		3
CNY	9,952	USD	1,493	Citibank, NA**		03/19/2018		83
CNY	4,279	USD	658	Goldman Sachs International**		03/19/2018		19
CZK	41,430	USD	1,926	National Australia Bank Ltd.		03/19/2018		114
CZK	5,122	USD	243	Royal Bank of Canada		03/19/2018		9
EGP	4,675	USD	263	Goldman Sachs International**		03/19/2018		—	(h)
EUR	612	USD	757	State Street Corp.		03/19/2018		5
IDR	10,208,470	USD	750	Citibank, NA**		03/19/2018		13
IDR	4,215,721	USD	314	Goldman Sachs International**		03/19/2018		1
IDR	9,788,629	USD	730	Goldman Sachs International**		03/19/2018		1
INR	120,102	USD	1,841	Goldman Sachs International**		03/19/2018		36

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
JPY	277,850	USD	2,479	National Australia Bank Ltd.		03/19/2018		73
KRW	338,199	USD	309	Goldman Sachs International**		03/19/2018		7
PLN	2,578	USD	746	Citibank, NA		03/19/2018		25
PLN	7,611	USD	2,224	Goldman Sachs International		03/19/2018		52
RUB	95,717	USD	1,663	Citibank, NA**		03/19/2018		30
RUB	119,119	USD	2,000	Goldman Sachs International**		03/19/2018		108
SGD	1,261	USD	951	Citibank, NA		03/19/2018		11
THB	20,877	USD	651	Australia & New Zealand Banking Group Ltd.		03/19/2018		16
THB	65,609	USD	2,055	Citibank, NA		03/19/2018		41
THB	14,346	USD	444	Goldman Sachs International		03/19/2018		14
TRY	9,763	USD	2,426	Citibank, NA		03/19/2018		139
TRY	2,631	USD	676	Goldman Sachs International		03/19/2018		16
TRY	5,763	USD	1,493	Royal Bank of Canada		03/19/2018		21
TRY	3,066	USD	805	State Street Corp.		03/19/2018		1
TWD	21,984	USD	747	Citibank, NA**		03/19/2018		10
TWD	22,049	USD	756	Goldman Sachs International**		03/19/2018		3
USD	1,159	ARS	21,643	Goldman Sachs International**		03/19/2018		81
USD	1,392	BRL	4,451	Citibank, NA**		03/19/2018		2
USD	789	IDR	10,563,921	Citibank, NA**		03/19/2018		—	(h)
USD	1,496	IDR	20,000,959	Goldman Sachs International**		03/19/2018		2
USD	413	KRW	439,613	Citibank, NA**		03/19/2018		2
USD	651	KRW	691,998	Goldman Sachs International**		03/19/2018		3
USD	864	PHP	43,680	Citibank, NA**		03/19/2018		16
USD	935	PHP	47,324	Goldman Sachs International**		03/19/2018		15
USD	758	PLN	2,527	Royal Bank of Canada		03/19/2018		2
ZAR	9,227	USD	759	Citibank, NA		03/19/2018		15
ZAR	3,790	USD	273	State Street Corp.		03/19/2018		45
COP	3,397,899	USD	1,192	Citibank, NA**		03/20/2018		2
COP	863,616	USD	300	Goldman Sachs International**		03/20/2018		4
MXN	11,593	USD	606	Goldman Sachs International		03/20/2018		12
CHF	2,026	EUR	1,728	Deutsche Bank AG		03/28/2018		33
CHF	1,468	EUR	1,266	Merrill Lynch International		03/28/2018		6
CHF	817	EUR	696	Royal Bank of Canada		03/28/2018		15
CHF	1,953	USD	2,021	Australia & New Zealand Banking Group Ltd.		03/28/2018		85
CHF	1,954	USD	1,996	Credit Suisse International		03/28/2018		112
CHF	436	USD	446	Deutsche Bank AG		03/28/2018		24
DKK	9,636	USD	1,576	State Street Corp.		03/28/2018		38
EUR	30	USD	36	Australia & New Zealand Banking Group Ltd.		03/28/2018		1
EUR	2	USD	2	Credit Suisse International		03/28/2018		—	(h)
EUR	2,092	USD	2,486	Standard Chartered Bank		03/28/2018		121
EUR	2,227	USD	2,738	State Street Corp.		03/28/2018		37
GBP	1,405	EUR	1,580	Australia & New Zealand Banking Group Ltd.		03/28/2018		30
GBP	1,935	EUR	2,199	Deutsche Bank AG		03/28/2018		14
GBP	30	USD	41	Australia & New Zealand Banking Group Ltd.		03/28/2018		2
GBP	30,316	USD	40,753	TD Bank Financial Group		03/28/2018		2,382
NOK	7,499	USD	897	Goldman Sachs International		03/28/2018		77
SEK	5,984	EUR	609	State Street Corp.		03/28/2018		4
SEK	7,333	USD	917	State Street Corp.		03/28/2018		17
SEK	4,466	USD	535	TD Bank Financial Group		03/28/2018		34
USD	878	EUR	705	Australia & New Zealand Banking Group Ltd.		03/28/2018		—	(h)
USD	1,389	EUR	1,115	State Street Corp.		03/28/2018		—	(h)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EGP	13,461	USD	722	Citibank, NA**		06/19/2018		25
Total unrealized appreciation								4,236
USD	10,273	CAD	12,658	Royal Bank of Canada		02/27/2018		(21	)
ARS	21,643	USD	1,182	Citibank, NA**		03/19/2018		(103	)
BRL	2,505	USD	791	Citibank, NA**		03/19/2018		(9	)
CAD	1,580	AUD	1,636	Credit Suisse International		03/19/2018		(33	)
HUF	190,989	USD	768	Royal Bank of Canada		03/19/2018		(2	)
INR	21,901	USD	343	Citibank, NA**		03/19/2018		(1	)
KRW	820,189	USD	774	Citibank, NA**		03/19/2018		(6	)
KRW	793,413	USD	745	Goldman Sachs International**		03/19/2018		(3	)
PHP	91,004	USD	1,785	Citibank, NA**		03/19/2018		(17	)
RUB	249,761	USD	4,440	Citibank, NA**		03/19/2018		(22	)
SGD	1,020	USD	780	Goldman Sachs International		03/19/2018		(2	)
USD	338	AUD	431	Goldman Sachs International		03/19/2018		(10	)
USD	621	AUD	827	National Australia Bank Ltd.		03/19/2018		(45	)
USD	95	AUD	119	Royal Bank of Canada		03/19/2018		(1	)
USD	1,742	BRL	5,805	Citibank, NA**		03/19/2018		(72	)
USD	1,827	CAD	2,341	State Street Corp.		03/19/2018		(77	)
USD	1,244	CNY	8,128	Citibank, NA**		03/19/2018		(43	)
USD	280	CNY	1,824	Goldman Sachs International**		03/19/2018		(9	)
USD	652	CNY	4,279	Royal Bank of Canada**		03/19/2018		(25	)
USD	31	CZK	665	Citibank, NA		03/19/2018		(1	)
USD	624	EUR	526	National Australia Bank Ltd.		03/19/2018		(31	)
USD	106	EUR	86	Royal Bank of Canada		03/19/2018		(1	)
USD	746	HUF	190,989	Citibank, NA		03/19/2018		(20	)
USD	307	IDR	4,211,861	Goldman Sachs International**		03/19/2018		(7	)
USD	2,474	JPY	277,850	State Street Corp.		03/19/2018		(78	)
USD	761	PLN	2,601	Goldman Sachs International		03/19/2018		(17	)
USD	727	RON	2,841	Citibank, NA		03/19/2018		(32	)
USD	2,521	RUB	151,103	Citibank, NA**		03/19/2018		(152	)
USD	741	RUB	42,199	Credit Suisse International**		03/19/2018		(5	)
USD	2,085	RUB	117,915	Credit Suisse International**		03/19/2018		(1	)
USD	2,023	RUB	121,596	Goldman Sachs International**		03/19/2018		(128	)
USD	1,542	SGD	2,042	Credit Suisse International		03/19/2018		(17	)
USD	935	SGD	1,261	Goldman Sachs International		03/19/2018		(27	)
USD	747	THB	23,760	Australia & New Zealand Banking Group Ltd.		03/19/2018		(12	)
USD	758	THB	23,830	Credit Suisse International		03/19/2018		(3	)
USD	313	THB	10,076	Goldman Sachs International		03/19/2018		(9	)
USD	678	TRY	2,631	Goldman Sachs International		03/19/2018		(13	)
USD	4,303	TRY	16,900	Royal Bank of Canada		03/19/2018		(139	)
USD	792	TRY	3,039	State Street Corp.		03/19/2018		(7	)
USD	935	ZAR	12,901	Citibank, NA		03/19/2018		(147	)
USD	935	ZAR	11,413	Goldman Sachs International		03/19/2018		(23	)
USD	503	ZAR	6,486	National Australia Bank Ltd.		03/19/2018		(41	)
USD	746	ZAR	9,227	State Street Corp.		03/19/2018		(28	)
USD	631	MXN	12,212	Goldman Sachs International		03/20/2018		(20	)
EUR	897	CHF	1,053	Goldman Sachs International		03/28/2018		(19	)
EUR	742	CHF	873	State Street Corp.		03/28/2018		(17	)
EUR	1,760	GBP	1,559	Merrill Lynch International		03/28/2018		(26	)
EUR	1,656	GBP	1,478	TD Bank Financial Group		03/28/2018		(40	)
EUR	3,379	USD	4,224	Australia & New Zealand Banking Group Ltd.		03/28/2018		(14	)
GBP	3,240	EUR	3,709	Deutsche Bank AG		03/28/2018		(12	)
USD	36,045	AUD	47,061	HSBC Bank, N.A.		03/28/2018		(1,871	)
USD	24,483	CAD	31,363	HSBC Bank, N.A.		03/28/2018		(1,031	)
USD	794	CHF	739	Goldman Sachs International		03/28/2018		(4	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	1,739	CHF	1,663	State Street Corp.		03/28/2018		(55	)
USD	1,374	DKK	8,370	Royal Bank of Canada		03/28/2018		(27	)
USD	3,606	DKK	22,433	State Street Corp.		03/28/2018		(151	)
USD	11,940	EUR	9,863	Australia & New Zealand Banking Group Ltd.		03/28/2018		(348	)
USD	200,221	EUR	167,378	Credit Suisse International		03/28/2018		(8,333	)
USD	1,159	EUR	940	Goldman Sachs International		03/28/2018		(12	)
USD	1,998	EUR	1,624	State Street Corp.		03/28/2018		(25	)
USD	875	GBP	653	State Street Corp.		03/28/2018		(54	)
USD	27,836	GBP	20,714	TD Bank Financial Group		03/28/2018		(1,636	)
USD	69,929	JPY	7,892,262	Barclays Bank plc		03/28/2018		(2,586	)
USD	954	NOK	7,499	Goldman Sachs International		03/28/2018		(21	)
USD	1,132	EUR	933	Australia & New Zealand Banking Group Ltd.		04/19/2018		(31	)
Total unrealized depreciation								(17,773	)
Net unrealized depreciation								(13,537	)

Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection⁽¹⁾ as of January 31, 2018:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)	Payment Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)(2)		Notional Amount(3)		Upfront Payments (Receipts) ($)(4)			Unrealized Appreciation (Depreciation) ($)			Value ($)
Republic of Turkey, 11.88%, 01/15/2030	1.00		Quarterly		Goldman Sachs International		12/20/2022		1.64		USD 3,300		136			(45	)		91
Russian Federation, 2.25%, 03/31/2030	1.00		Quarterly		Citigroup Global Markets Inc.		12/20/2022		1.07		USD 1,960		16			(12	)		4
Russian Federation, 2.25%, 03/31/2030	1.00		Quarterly		Citigroup Global Markets Inc.		12/20/2022		1.07		USD 2,040		16			(12	)		4
United Mexican States, 4.15%, 03/28/2027	1.00		Quarterly		Goldman Sachs International		12/20/2022		0.97		USD 3,000		(4	)		(3	)		(7	)
													164			(72	)		92

(1)	—	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(2)	—	Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(3)	—	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(4)	—	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

Centrally Cleared Interest rate swap contracts outstanding as of January 31, 2018:
Floating Rate Index (a)	Fixed Rate	Pay/ Receive Floating Rate	Maturity Date	Notional Amount		Value And Unrealized Appreciation (Depreciation) ($)
6 Month PRIBOR semi-annually	1.67% annually	Receive	09/05/2027	CZK	50,000		66
6 Month PRIBOR semi-annually	1.84% annually	Receive	11/21/2027	CZK	43,000		34
6 Month PRIBOR semi-annually	1.93% annually	Receive	01/24/2028	CZK	20,000		10
Brazillian CDI at maturity	9.21% at maturity	Pay	01/04/2021	BRL	12,000		50
							160
3 Month BUBOR quarterly	0.41% annually	Pay	01/16/2020	HUF	4,000,000		(18	)
6 Month BUBOR semi-annually	0.47% annually	Pay	01/21/2020	HUF	3,000,000		(8	)
6 Month BUBOR semi-annually	1.02% annually	Pay	01/24/2023	HUF	400,000		(3	)
							(29	)
							131

(a) Value of floating rate index at January 31, 2018 was as follows:

Floating Rate Index	Value
1 Day CDI		6.89	%
3 Month BUBOR		0.02	%
6 Month BUBOR		0.04	%
6 Month PRIBOR		0.90	%

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Total Return Basket Swaps Outstanding at January 31, 2018:

COUNTERPARTY	DESCRIPTION	TERMINATION DATE		NOTIONAL VALUE(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) (2)			NET CASH AND OTHER RECEIVABLES (PAYABLES)			VALUE
Bank of America, NA	The Fund receives the total return on a portfolio of long equity positions and pays net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.35% to 1.50%), which is denominated in GBP based on the local currencies of the positions within the swaps.		03/29/2019	$	28,845	$	(294	)	$	(40	)	$	(334	)

	SHARES		NOTIONAL VALUE($)(1)		NET UNREALIZED APPRECIATION (DEPRECIATION) ($)(2)			PERCENTAGE OF NET ASSETS (%)
Long Positions
Common Stocks
Switzerland
Glencore plc		733		4,202		85			0.0	(g)
United Kingdom
Anglo American plc		92		2,237		98			0.0	(g)
Ashtead Group plc		56		1,675		64			0.0	(g)
Barratt Developments plc		165		1,370		(142	)		0.0	(g)
Bellway plc		37		1,732		(135	)		0.0	(g)
Fevertree Drinks plc		44		1,532		181			0.0	(g)
Lloyds Banking Group plc		3,075		3,038		60			0.0	(g)
Man Group plc		605		1,866		40			0.0	(g)
Pearson plc		103		1,014		(49	)		0.0	(g)
Persimmon plc		56		2,005		(193	)		0.0	(g)
Rio Tinto plc		60		3,317		(100	)		0.0	(g)
Taylor Wimpey plc		516		1,396		(128	)		0.0	(g)
Tesco plc		1,164		3,461		(75	)		0.0	(g)
		5,973		24,643		(379	)		0.0	(g)
Total Long Positions of Total Return Basket Swaps		6,706		28,845		(294	)		0.0	(g)

The following reference rates, and their values as of period-end, are used for security descriptions:	Value
GBP LIBOR		0.50	%

Summary of total swap contracts outstanding as of January 31, 2018:
	Net Upfront Payments (Receipts)($)		Value($)
Assets
OTC Credit default swap contracts outstanding– buy protection		164		92
Total OTC swap contracts outstanding		164		92
OTC Total return basket swaps contracts outstanding		—		(334	)
Total OTC swap contracts outstanding		—		(334	)

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
ARS	—	Argentine Peso
AUD	—	Australian Dollar
BRL	—	Brazilian Real
BUBOR	—	Budapest Interbank Offered Rate
CAD	—	Canadian Dollar
CDI	—	Interbank Certificate of Deposit
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNY	—	China Yuan
COP	—	Colombian Peso
CVA	—	Dutch Certification
CZK	—	Czech Republic Koruna
DKK	—	Danish Krone
EGP	—	Egyptian Pound
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.
GNMA	—	Government National Mortgage Association
HUF	—	Hungarian Forint
ICE	—	Intercontinental Exchange
IDR	—	Indonesian Rupiah
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of January 31, 2018. The rate may be subject to a cap and floor.
IGDCUKR	—	IMF Ukraine GDP Constant Annual Percentage Change
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
LIBOR	—	London Interbank Offered Rate
MSCI	—	Morgan Stanley Capital International
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
PHP	—	Philippine Peso
PJSC	—	Public Joint Stock Company
PLN	—	Polish Zloty
PRIBOR	—	Prague Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REMIC	—	Real Estate Mortgage Investment Conduit
RON	—	Romanian Leu
RUB	—	Russian Ruble

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

SEK	—	Swedish Krona
SGD	—	Singapore Dollar
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2018.
THB	—	Thai Baht
TOPIX	—	Tokyo Stock Price Index
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
USD	—	United States Dollar
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.
(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. 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 and cash segregated as collateral is approximately $34,303,000 and $4,000 respectively.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(n)	—	The rate shown is the effective yield as of January 31, 2018.
(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.
(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 January 31, 2018.
(y)	—	Security is an interest bearing note with preferred security characteristics.
(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of January 31, 2018.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2018.
(bb)	—	Security has been valued using significant unobservable inputs.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(cc)	—	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
^	—	All or a portion of the security is unsettled as of January 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of January 31, 2018.
**	—	Non-deliverable forward.
(1)	—	Notional value represents market value as of January 31, 2018 of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)	—	Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the swap reset.

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.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date. Futures and options are generally valued on the basis of available market quotations. 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 January 31, 2018.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	37,406	$	—		$	37,406
Austria		—		3,734		—			3,734
Belgium		—		9,771		—			9,771
Brazil		15,147		—		—			15,147
Canada		5,967		—		—			5,967
Chile		1,809		—		—			1,809
China		12,827		25,139		—			37,966
Denmark		—		13,808		—			13,808
Finland		—		14,482		—			14,482
France		—		117,081		—			117,081
Germany		—		98,197		—			98,197
Hong Kong		—		28,509		—			28,509
India		18,809		1,967		—			20,776
Indonesia		—		6,447		—			6,447
Ireland		4,662		—		—			4,662
Israel		1,459		—		—			1,459
Italy		—		23,477		—			23,477
Japan		—		164,460		—			164,460
Luxembourg		—		4,366		—			4,366
Malaysia		—		1,013		—			1,013
Mexico		4,119		—		—			4,119
Netherlands		—		50,434		—			50,434
Norway		—		3,005		—			3,005
Peru		2,103		—		—			2,103
Russia		2,391		3,538		—			5,929
Singapore		—		5,784		—			5,784
South Africa		—		13,898		—			13,898
South Korea		—		8,214		—			8,214
Spain		139		31,777		—			31,916
Sweden		—		9,799		—			9,799
Switzerland		—		83,277		—			83,277
Taiwan		9,482		4,858		—			14,340
Thailand		—		3,014		—			3,014
Turkey		—		661		—			661
United Kingdom		—		106,779		—			106,779
United States		693,377		5,861		—	(a)		699,238
Total Common Stocks		772,291		880,756		—	(a)		1,653,047
Preferred Stocks
Bermuda		—		79		—			79
United States		16		—		10			26
Total Preferred Stocks		16		79		10			105

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Debt Securities
Asset-Backed Securities
United States		—		5,414		31,562		36,976
Collateralized Mortgage Obligations
United States		—		254,668		1,436		256,104
Commercial Mortgage-Backed Securities
United States		—		3,629		1,023		4,652
Convertible Bonds
United States		—		108		—		108
Corporate Bonds
Argentina		—		2,882		—		2,882
Australia		—		740		—		740
Azerbaijan		—		806		—		806
Bahrain		—		296		—		296
Belgium		—		1,538		—		1,538
Brazil		—		7,009		—		7,009
Canada		—		11,377		—		11,377
Chile		—		933		—		933
China		—		3,468		—		3,468
Colombia		—		879		—		879
Congo, Democratic Republic of the		—		256		—		256
Costa Rica		—		206		—		206
Ecuador		—		634		—		634
Finland		—		304		—		304
France		—		1,582		—		1,582
Germany		—		268		—		268
Guatemala		—		210		—		210
Hong Kong		—		634		—		634
Hungary		—		216		—		216
India		—		843		—		843
Indonesia		—		2,160		—		2,160
Ireland		—		1,376		—		1,376
Israel		—		1,278		—		1,278
Italy		—		907		—		907
Jamaica		—		405		—		405
Japan		—		203		—		203
Jordan		—		370		—		370
Kazakhstan		—		2,896		—		2,896
Luxembourg		—		4,137		—		4,137
Mauritius		—		492		—		492
Mexico		—		9,105		—		9,105
Morocco		—		235		—		235
Netherlands		—		1,256		—		1,256
Nigeria		—		601		—		601
Norway		—		204		—		204
Panama		—		198		—		198
Peru		—		1,216		—		1,216
Qatar		—		1,386		—		1,386
Russia		—		1,736		—		1,736
Singapore		—		489		—		489
South Africa		—		1,771		—		1,771
South Korea		—		698		—		698
Spain		—		914		—		914
Trinidad and Tobago		—		696		—		696
Tunisia		—		985		—		985
Turkey		—		2,561		—		2,561
Ukraine		—		817		—		817
United Arab Emirates		—		3,244		—		3,244
United Kingdom		—		6,991		—		6,991
United States		—		199,080		852		199,932

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Venezuela, Bolivarian Republic of		—			364			—		364
Total Corporate Bonds		—			283,852			852		284,704
Loan Assignments
Canada		—			131			—		131
United States		—			6,438			—		6,438
Total Loan Assignments		—			6,569			—		6,569
Foreign Government Securities		—			288,560			—		288,560
Supranational		—			272			—		272
U.S. Treasury Obligations		—			145,507			—		145,507
Options Purchased
Call Options Purchased		24,840			9,885			—		34,725
Put Options Purchased		7			6			—		13
Total Options Purchased		24,847			9,891					34,738
Rights
Italy		—			1			—		1
United States		—			—			14		14
Total Rights		—			1			14		15
Short-Term Investment
Foreign Government Treasury Bills		—			10,284			—		10,284
Investment Company		209,702			—			—		209,702
Total Short-Term Investment		209,702			10,284					219,986
Total Investments in Securities	$	1,006,856		$	1,889,590		$	34,897	$	2,931,343
Liabilities
Common Stocks
Canada	$	(5,524	)	$	—		$	—	$	(5,524	)
Israel		(1,743	)		—			—		(1,743	)
United States		(25,651	)		—			—		(25,651	)
Total Liabilities in Securities Sold Short	$	(32,918	)	$	—		$	—	$	(32,918	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	4,236		$	—	$	4,236
Futures Contracts		16,416			520			—		16,936
Swaps		—			160			—		160
Total Appreciation in Other Financial Instruments	$	16,416		$	4,916		$	—	$	21,332
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(17,773	)	$	—	$	(17,773	)
Futures Contracts		(257	)		(2,192	)		—		(2,449	)
Swaps		—			(395	)		—		(395	)
Total Depreciation in Other Financial Instruments	$	(257	)	$	(20,360	)	$	—	$	(20,617	)

(a) Value is zero

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

Transfers from level 1 to level 2 in the amount of approximately $20,663,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

There were no significant transfers among any other levels during the period ended January 31, 2018.

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

JPMorgan Global Allocation Fund	Balance as of October 31, 2017			Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of January 31, 2018
Asset-Backed Securities — United States	$	34,178		$	12	$	(11	)	$	25	$	—	$	(2,642	)	$	—	$	—	$	31,562
Collateralized Mortgage Obligations — United States		1,489			—		9			2		—		(64	)		—		—		1,436
Commercial Mortgage-Backed Security — United States		1,024			—		(1	)		—		—		—			—		—		1,023
Common Stock — United States		—	(a)		—		—			—		—		—			—		—		—	(a)
Corporate Bonds — United States		596			—		5			2		—		(2	)		251		—		852
Foreign Government Securities		698			65		(17	)		—		—		(746	)		—		—		—
Preferred Stock — United States		10			—		—			—		—		—			—		—		10
Rights — United States		18			—		(4	)		—		—		—			—		—		14
Total	$	38,013		$	77	$	(19	)	$	29	$	—	$	(3,454	)	$	251	$	—	$	34,897

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.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $24,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at January 31, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	31,562		Discounted Cash Flow	Constant Prepayment Rate	1.00% — 20.00% (8.37%)
					Constant Default Rate	0.00% — 7.29% (3.26%)
					Yield (Discount Rate of Cash Flows)	2.94% — 13.42% (4.31%)
Asset-Backed Securities		31,562
		1,023		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	(1.91%) ((1.91%))
Commercial Mortgage Backed Securities		1,023
		1,436		Discounted Cash Flow	Constant Prepayment Rate	1.00% — 14.90% (10.18%)
					Constant Default Rate	2.46% — 2.80% (2.65%)
					Yield (Discount Rate of Cash Flows)	5.08% — 5.86% (5.57%)
Collateralized Mortgage Obligation		1,436
		843		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.87% — 19.10% (7.70%)
		—	(a)	Pending Distribution	Discount for Potential Outcome	99.99% — 100.00% (99.99%)
Corporate Bonds		843
		10		Market Comparable Companies	EBITDA Multiple (b)	6.5x (6.5x)
					Liquidity Discount	30.00% (30.00%)
Preferred Stock		10
		—	(c)	Market Comparable Companies	EBITDA Multiple (b)	6.5x (6.5x)
					Liquidity Discount	30.00% (30.00%)
Common Stock		—
		2		Pending Distribution	Expected Distribution Amount	$0.05 ($0.05)
Rights		2
Total	$	34,876

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2018, the value of these investments was approximately $21,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(a) Amount rounds to less than 500.

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

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

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

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 a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

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

Notes (1) — (4) below describe the various derivatives used by the Fund.

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

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

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

The Fund may be required to post or receive collateral for OTC options.

(2). Futures Contracts — The Fund used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

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

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

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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 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 OTC 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.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

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

JPMorgan Global Allocation Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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 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 swaps.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — 96.3%
		Australia — 1.9%
	93	Australia & New Zealand Banking Group Ltd.		2,135
	217	Transurban Group		2,096
				4,231
		Austria — 0.8%
	29	BAWAG Group AG, Reg. S (a) (e)		1,667
		Canada — 0.9%
	43	TransCanada Corp.		1,959
		China — 1.7%
	2,343	CNOOC Ltd.		3,683
		Czech Republic — 0.4%
	206	Moneta Money Bank A/S, Reg. S (e)		857
		Denmark — 0.7%
	38	Danske Bank A/S		1,550
		Finland — 2.2%
	139	UPM-Kymmene OYJ		4,684
		France — 11.0%
	20	Airbus SE		2,342
	26	Amundi SA, Reg. S (e)		2,434
	26	Cie Generale des Etablissements Michelin		4,094
	42	Sanofi		3,711
	24	Schneider Electric SE (a)		2,204
	17	Unibail-Rodamco SE		4,344
	43	Vinci SA		4,627
				23,756
		Germany — 9.4%
	18	Allianz SE (Registered)		4,461
	23	BASF SE		2,723
	11	Continental AG		3,451
	48	Daimler AG (Registered)		4,366
	22	Deutsche Boerse AG		2,831
	17	Siemens AG (Registered)		2,651
				20,483
		Hong Kong — 1.1%
	406	Sands China Ltd.		2,415
		Italy — 1.8%
	614	Enel SpA		3,903
		Japan — 13.0%
	90	Bridgestone Corp.		4,393
	104	Daiwa House Industry Co. Ltd.		4,123
	40	Japan Airlines Co. Ltd.		1,519
	72	Japan Tobacco, Inc.		2,399

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		Japan — continued
	137	Mitsubishi Corp.		3,837
	670	Mitsubishi UFJ Financial Group, Inc., ADR		5,106
	56	Nippon Telegraph & Telephone Corp.		2,701
	86	Tokio Marine Holdings, Inc.		4,080
				28,158
		Netherlands — 5.8%
	21	ASML Holding NV		4,168
	210	ING Groep NV		4,123
	194	Koninklijke Ahold Delhaize NV		4,336
				12,627
		New Zealand — 1.1%
	879	Spark New Zealand Ltd.		2,326
		Norway — 2.7%
	172	DNB ASA		3,506
	310	Norsk Hydro ASA		2,253
				5,759
		Russia — 3.3%
	59	LUKOIL PJSC, ADR		3,874
	195	Severstal PJSC, Reg. S, GDR		3,198
				7,072
		Singapore — 1.1%
	121	DBS Group Holdings Ltd.		2,423
		South Korea — 1.9%
	2	Samsung Electronics Co. Ltd.		4,093
		Spain — 2.9%
	11	Iberdrola SA (a)		90
	509	Iberdrola SA (a)		4,140
	112	Repsol SA		2,104
				6,334
		Sweden — 2.2%
	205	Nordea Bank AB		2,524
	111	Sandvik AB		2,183
				4,707
		Switzerland — 7.8%
	59	Ferguson plc		4,563
	37	LafargeHolcim Ltd. (Registered) (a)		2,237
	44	Novartis AG (Registered)		3,959
	42	Swiss Re AG		4,118
	6	Zurich Insurance Group AG		2,098
				16,975
		Taiwan — 1.3%
	63	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,861

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stock — continued
		United Kingdom — 20.3%
	156	3i Group plc		2,058
	60	Berkeley Group Holdings plc		3,386
	79	British American Tobacco plc		5,432
	86	Diageo plc		3,092
	598	Direct Line Insurance Group plc		3,134
	219	GlaxoSmithKline plc		4,072
	99	HSBC Holdings plc, ADR		5,319
	73	Prudential plc		1,989
	84	Rio Tinto plc		4,653
	219	RSA Insurance Group plc		1,931
	181	Sage Group plc (The)		1,927
	56	Unilever NV , CVA		3,219
	1,154	Vodafone Group plc		3,679
				43,891
		United States — 1.0%
	31	Carnival plc		2,177
		Total Common Stocks (Cost $168,931)		208,591
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	7,203	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $7,203)		7,203
		Total Investments — 99.6% (Cost $176,134)		215,794
		Other Assets in Excess of Liabilities — 0.4%		902
		NET ASSETS — 100.0%	$	216,696

Percentages indicated are based on net assets.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		13.5	%
Insurance		10.1
Auto Components		5.5
Pharmaceuticals		5.5
Oil, Gas & Consumable Fuels		5.4
Metals & Mining		4.7
Trading Companies & Distributors		3.9
Electric Utilities		3.8
Tobacco		3.6
Capital Markets		3.4
Semiconductors & Semiconductor Equipment		3.3
Diversified Telecommunication Services		2.3
Paper & Forest Products		2.2
Construction & Engineering		2.2
Hotels, Restaurants & Leisure		2.1
Automobiles		2.0
Equity Real Estate Investment Trusts (REITs)		2.0
Food & Staples Retailing		2.0
Real Estate Management & Development		1.9
Technology Hardware, Storage & Peripherals		1.9
Wireless Telecommunication Services		1.7
Household Durables		1.6
Personal Products		1.5
Beverages		1.4
Chemicals		1.3
Industrial Conglomerates		1.2
Aerospace & Defense		1.1
Construction Materials		1.0
Electrical Equipment		1.0
Machinery		1.0
Transportation Infrastructure		1.0
Others (each less than 1.0%)		1.6
Short-Term Investment		3.3

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
PJSC	—	Public Joint-Stock Company
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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

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

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

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

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

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

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

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	$	—	$	4,231	$	—	$	4,231
Austria		—		1,667		—		1,667
Canada		1,959		—		—		1,959
China		—		3,683		—		3,683
Czech Republic		—		857		—		857
Denmark		—		1,550		—		1,550
Finland		—		4,684		—		4,684
France		—		23,756		—		23,756
Germany		—		20,483		—		20,483
Hong Kong		—		2,415		—		2,415
Italy		—		3,903		—		3,903
Japan		5,106		23,052		—		28,158
Netherlands		—		12,627		—		12,627
New Zealand		—		2,326		—		2,326
Norway		—		5,759		—		5,759
Russia		—		7,072		—		7,072
Singapore		—		2,423		—		2,423
South Korea		—		4,093		—		4,093
Spain		90		6,244		—		6,334
Sweden		—		4,707		—		4,707
Switzerland		—		16,975		—		16,975
Taiwan		2,861		—		—		2,861
United Kingdom		5,319		38,572		—		43,891
United States		—		2,177		—		2,177
Total Common Stocks		15,335		193,256		—		208,591
Short-Term Investment
Investment Company		7,203		—		—		7,203
Total Investments in Securities	$	22,538	$	193,256	$	—	$	215,794

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

Transfers from level 1 to level 2 in the amount of approximately $9,870,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.3%
		Argentina — 0.0% (g)
	3	MercadoLibre, Inc.		1,305
		Australia — 2.6%
	109	AGL Energy Ltd.		2,049
	1,126	Alumina Ltd.		2,178
	316	Amcor Ltd.		3,696
	505	AMP Ltd.		2,135
	306	APA Group		1,981
	74	Aristocrat Leisure Ltd.		1,418
	24	ASX Ltd.		1,059
	675	Aurizon Holdings Ltd.		2,539
	659	Australia & New Zealand Banking Group Ltd.		15,143
	86	Bendigo & Adelaide Bank Ltd.		807
	669	BHP Billiton Ltd.		16,361
	131	BHP Billiton plc		2,911
	237	Boral Ltd.		1,524
	321	Brambles Ltd.		2,553
	78	Caltex Australia Ltd.		2,175
	96	Challenger Ltd.		1,057
	240	Coca-Cola Amatil Ltd.		1,620
	18	Cochlear Ltd.		2,578
	352	Commonwealth Bank of Australia		22,303
	178	Computershare Ltd.		2,383
	10	Crown Resorts Ltd.		108
	94	CSL Ltd.		11,073
	228	Dexus		1,751
	165	Fortescue Metals Group Ltd.		655
	427	Goodman Group		2,789
	152	GPT Group (The)		618
	274	Incitec Pivot Ltd.		821
	385	Insurance Australia Group Ltd.		2,244
	121	LendLease Group		1,537
	72	Macquarie Group Ltd.		5,960
	487	Medibank Pvt Ltd.		1,310
	1,378	Mirvac Group		2,449
	581	National Australia Bank Ltd.		13,610
	149	Newcrest Mining Ltd.		2,728
	340	Oil Search Ltd.		2,074
	130	Orica Ltd.		2,003
	317	Origin Energy Ltd. (a)		2,377
	372	QBE Insurance Group Ltd.		3,226
	38	Ramsay Health Care Ltd.		2,122
	25	REA Group Ltd.		1,463
	317	Santos Ltd. (a)		1,298
	1,430	Scentre Group		4,798

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Australia — continued
	6	SEEK Ltd.		98
	54	Sonic Healthcare Ltd.		1,027
	1,368	South32 Ltd.		4,202
	544	Stockland		1,854
	358	Suncorp Group Ltd.		3,942
	362	Sydney Airport		1,984
	513	Tabcorp Holdings Ltd.		2,134
	908	Telstra Corp. Ltd.		2,683
	175	TPG Telecom Ltd.		896
	519	Transurban Group		5,020
	110	Treasury Wine Estates Ltd.		1,511
	634	Vicinity Centres		1,379
	226	Wesfarmers Ltd.		7,955
	278	Westfield Corp.		2,059
	676	Westpac Banking Corp.		16,853
	149	Woodside Petroleum Ltd.		3,971
	312	Woolworths Group Ltd.		6,786
				219,838
		Austria — 0.1%
	245	Erste Group Bank AG (a)		12,331
		Belgium — 0.5%
	122	Anheuser-Busch InBev SA/NV		13,839
	150	KBC Group NV		14,379
	80	UCB SA		6,996
	74	Umicore SA		3,900
				39,114
		Bermuda — 0.0% (g)
	84	Marvell Technology Group Ltd.		1,962
		Canada — 3.3%
	50	Agnico Eagle Mines Ltd.		2,343
	99	Alimentation Couche-Tard, Inc., Class B		5,185
	85	ARC Resources Ltd.		930
	147	Bank of Montreal		12,141
	267	Bank of Nova Scotia (The)		17,715
	262	Barrick Gold Corp.		3,768
	36	BCE, Inc.		1,699
	210	Brookfield Asset Management, Inc., Class A		8,790
	93	Canadian Imperial Bank of Commerce		9,233
	179	Canadian National Railway Co.		14,310
	257	Canadian Natural Resources Ltd.		8,775
	34	Canadian Pacific Railway Ltd.		6,328
	16	Canadian Tire Corp. Ltd., Class A		2,280
	199	Cenovus Energy, Inc.		1,895
	52	CGI Group, Inc., Class A (a)		2,982
	4	Constellation Software, Inc.		2,894

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Canada — continued
	126	Crescent Point Energy Corp.		990
	27	Dollarama, Inc.		3,734
	185	Enbridge, Inc.		6,756
	201	Encana Corp.		2,485
	5	Fairfax Financial Holdings Ltd.		2,764
	66	Fortis, Inc.		2,320
	41	Franco-Nevada Corp.		3,097
	57	Gildan Activewear, Inc.		1,933
	188	Goldcorp, Inc.		2,693
	73	Great-West Lifeco, Inc.		2,070
	70	Imperial Oil Ltd.		2,192
	31	Intact Financial Corp.		2,583
	84	Inter Pipeline Ltd.		1,605
	294	Kinross Gold Corp. (a)		1,276
	53	Loblaw Cos. Ltd.		2,883
	93	Magna International, Inc.		5,340
	462	Manulife Financial Corp.		9,806
	59	Metro, Inc.		1,986
	78	National Bank of Canada		4,057
	155	Nutrien Ltd. (a)		8,124
	60	Open Text Corp.		2,046
	89	Pembina Pipeline Corp.		3,024
	88	Power Corp. of Canada		2,243
	62	Power Financial Corp.		1,701
	51	Restaurant Brands International, Inc.		3,110
	85	Rogers Communications, Inc., Class B		4,148
	319	Royal Bank of Canada		27,344
	60	Saputo, Inc.		2,068
	96	Shaw Communications, Inc., Class B		2,089
	37	SNC-Lavalin Group, Inc.		1,627
	144	Sun Life Financial, Inc.		6,269
	364	Suncor Energy, Inc.		13,188
	126	Teck Resources Ltd., Class B		3,668
	81	Thomson Reuters Corp.		3,494
	403	Toronto-Dominion Bank (The)		24,490
	166	TransCanada Corp.		7,655
	98	Wheaton Precious Metals Corp.		2,119
				280,245
		China — 0.1%
	934	BOC Hong Kong Holdings Ltd.		4,763
	412	Yangzijiang Shipbuilding Holdings Ltd.		501
				5,264
		Denmark — 0.5%
	41	Chr Hansen Holding A/S		3,547
	228	Danske Bank A/S		9,261

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Denmark — continued
	492	Novo Nordisk A/S, Class B		27,314
	942	TDC A/S		6,290
				46,412
		Finland — 0.3%
	106	Cargotec OYJ, Class B		6,196
	474	Outokumpu OYJ		4,069
	359	UPM-Kymmene OYJ		12,111
				22,376
		France — 4.6%
	192	Accor SA		10,932
	169	Air Liquide SA		22,758
	226	Airbus SE		25,982
	50	Arkema SA		6,428
	845	AXA SA		27,782
	381	BNP Paribas SA		31,438
	77	Capgemini SE		10,257
	62	Cie Generale des Etablissements Michelin		9,997
	348	Engie SA		6,046
	31	Kering		15,500
	112	Legrand SA		9,315
	23	L’Oreal SA		5,145
	84	LVMH Moet Hennessy Louis Vuitton SE		26,443
	557	Natixis SA		5,074
	95	Pernod Ricard SA		15,112
	97	Renault SA		10,693
	292	Sanofi		25,740
	242	Schneider Electric SE (a)		22,711
	99	Sodexo SA		12,674
	116	Thales SA		12,983
	627	TOTAL SA		36,326
	56	Unibail-Rodamco SE		14,376
	212	Vinci SA		22,922
	246	Vivendi SA		7,198
				393,832
		Germany — 3.3%
	94	adidas AG		21,891
	71	Allianz SE (Registered)		17,920
	212	BASF SE		24,845
	124	Bayer AG (Registered)		16,208
	90	Bayerische Motoren Werke AG		10,331
	97	Brenntag AG		6,270
	66	Continental AG		19,804
	108	Daimler AG (Registered)		9,930
	1,146	Deutsche Telekom AG (Registered)		20,109
	100	Fresenius SE & Co. KGaA		8,712

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Germany — continued
	80	Henkel AG & Co. KGaA (Preference)		11,170
	563	Infineon Technologies AG		16,404
	14	Linde AG (a)		3,382
	30	Merck KGaA		3,288
	70	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		16,557
	307	SAP SE		34,748
	143	Siemens AG (Registered)		21,674
	94	Volkswagen AG (Preference)		20,579
				283,822
		Hong Kong — 1.3%
	2,508	AIA Group Ltd.		21,420
	67	ASM Pacific Technology Ltd.		917
	41	Bank of East Asia Ltd. (The)		177
	442	CK Asset Holdings Ltd.		4,204
	669	CK Hutchison Holdings Ltd.		9,021
	220	CK Infrastructure Holdings Ltd.		1,953
	460	CLP Holdings Ltd.		4,687
	558	Galaxy Entertainment Group Ltd.		4,923
	59	Hang Lung Properties Ltd.		156
	209	Hang Seng Bank Ltd.		4,966
	367	Henderson Land Development Co. Ltd.		2,563
	556	HKT Trust & HKT Ltd.		693
	2,019	Hong Kong & China Gas Co. Ltd.		3,988
	229	Hong Kong Exchanges & Clearing Ltd.		8,620
	243	Hongkong Land Holdings Ltd.		1,750
	2,431	Hutchison Port Holdings Trust		1,005
	21	Jardine Matheson Holdings Ltd.		1,301
	342	Kerry Properties Ltd.		1,635
	1,756	Li & Fung Ltd.		895
	375	Link REIT		3,319
	220	MTR Corp. Ltd.		1,258
	673	New World Development Co. Ltd.		1,085
	410	NWS Holdings Ltd.		797
	279	Power Assets Holdings Ltd.		2,475
	658	Sands China Ltd.		3,908
	1,172	Sino Land Co. Ltd.		2,160
	363	Sun Hung Kai Properties Ltd.		6,276
	204	Swire Pacific Ltd., Class A		2,031
	99	Techtronic Industries Co. Ltd.		656
	1,040	WH Group Ltd., Reg. S (e)		1,285
	381	Wharf Holdings Ltd. (The)		1,552
	363	Wharf Real Estate Investment Co. Ltd. (a)		2,508
	335	Wheelock & Co. Ltd.		2,620

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Hong Kong — continued
	249		Yue Yuen Industrial Holdings Ltd.		1,124
					107,928
			Ireland — 0.3%
	244		CRH plc		9,069
	134		James Hardie Industries plc, CDI		2,347
	120		Ryanair Holdings plc, ADR (a)		14,780
					26,196
			Israel — 0.0% (g)
	155		Teva Pharmaceutical Industries Ltd., ADR		3,159
			Italy — 0.8%
	407		Atlantia SpA		13,472
	3,448		Enel SpA		21,918
	160		Eni SpA		2,884
	644		Intesa Sanpaolo SpA		2,530
	693		Italgas SpA		4,277
	1,640		Snam SpA		7,980
	667		UniCredit SpA (a)		14,697
					67,758
			Japan — 8.7%
	57		AEON Financial Service Co. Ltd.		1,431
	59		Aeon Mall Co. Ltd.		1,289
	168		Ajinomoto Co., Inc.		3,186
	47		Alfresa Holdings Corp.		1,139
	199		Amada Holdings Co. Ltd.		2,954
	23		ANA Holdings, Inc.		934
	147		Asahi Group Holdings Ltd.		7,437
	330		Asahi Kasei Corp.		4,334
	269		Astellas Pharma, Inc.		3,532
	132		Bandai Namco Holdings, Inc.		4,333
	199		Bridgestone Corp.		9,693
	170		Canon, Inc.		6,783
	11		Central Japan Railway Co.		2,033
	29		Chugai Pharmaceutical Co. Ltd.		1,512
	62		Coca-Cola Bottlers Japan Holdings, Inc.		2,207
	596		Concordia Financial Group Ltd.		3,632
	34		Dai Nippon Printing Co. Ltd.		749
	374		Daicel Corp.		4,545
	205		Dai-ichi Life Holdings, Inc.		4,312
	236		Daiichi Sankyo Co. Ltd.		7,910
	78		Daikin Industries Ltd.		9,399
	18		Daito Trust Construction Co. Ltd.		3,085
	198		Daiwa House Industry Co. Ltd.		7,835
	—	(h)	Daiwa House REIT Investment Corp.		794
	74		DeNA Co. Ltd.		1,607

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	49		Denso Corp.		3,062
	59		East Japan Railway Co.		5,839
	165		Electric Power Development Co. Ltd.		4,701
	29		FANUC Corp.		7,790
	8		Fast Retailing Co. Ltd.		3,491
	160		Fuji Electric Co. Ltd.		1,321
	142		FUJIFILM Holdings Corp.		5,478
	572		Fujitsu Ltd.		4,223
	54		Hakuhodo DY Holdings, Inc.		818
	25		Hankyu Hanshin Holdings, Inc.		1,026
	68		Hisamitsu Pharmaceutical Co., Inc.		4,667
	16		Hitachi High-Technologies Corp.		737
	1,371		Hitachi Ltd.		10,940
	436		Honda Motor Co. Ltd.		15,383
	63		Hoya Corp.		3,220
	302		Hulic Co. Ltd.		3,845
	399		ITOCHU Corp.		7,853
	248		J Front Retailing Co. Ltd.		4,560
	117		Japan Airlines Co. Ltd.		4,414
	40		Japan Exchange Group, Inc.		722
	77		Japan Post Bank Co. Ltd.		1,045
	—	(h)	Japan Prime Realty Investment Corp.		686
	—	(h)	Japan Real Estate Investment Corp.		1,305
	1		Japan Retail Fund Investment Corp.		1,331
	301		Japan Tobacco, Inc.		9,962
	87		JFE Holdings, Inc.		2,073
	54		JTEKT Corp.		966
	1,176		JXTG Holdings, Inc.		7,828
	254		Kansai Electric Power Co., Inc. (The)		3,160
	74		Kao Corp.		5,114
	128		Kawasaki Heavy Industries Ltd.		5,296
	287		KDDI Corp.		7,271
	34		Keikyu Corp.		662
	26		Keyence Corp.		15,583
	21		Kintetsu Group Holdings Co. Ltd.		847
	152		Kirin Holdings Co. Ltd.		3,805
	170		Komatsu Ltd.		6,681
	23		Kose Corp.		4,041
	43		Kubota Corp.		875
	35		Kyocera Corp.		2,336
	185		Kyowa Hakko Kirin Co. Ltd.		3,609
	80		Kyushu Electric Power Co., Inc.		881
	137		M3, Inc.		5,026
	76		Mabuchi Motor Co. Ltd.		4,516
	234		Marui Group Co. Ltd.		4,272

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Japan — continued
	230		Mazda Motor Corp.		3,237
	770		Mebuki Financial Group, Inc.		3,514
	335		Mitsubishi Chemical Holdings Corp.		3,650
	436		Mitsubishi Corp.		12,222
	555		Mitsubishi Electric Corp.		10,211
	64		Mitsubishi Estate Co. Ltd.		1,237
	25		Mitsubishi Tanabe Pharma Corp.		517
	2,794		Mitsubishi UFJ Financial Group, Inc.		21,130
	117		Mitsubishi UFJ Lease & Finance Co. Ltd.		760
	389		Mitsui & Co. Ltd.		6,850
	147		Mitsui Chemicals, Inc.		4,641
	146		Mitsui Fudosan Co. Ltd.		3,845
	2,809		Mizuho Financial Group, Inc.		5,326
	38		MS&AD Insurance Group Holdings, Inc.		1,291
	33		Murata Manufacturing Co. Ltd.		4,895
	188		NGK Spark Plug Co. Ltd.		4,970
	86		NH Foods Ltd.		2,072
	66		Nidec Corp.		10,654
	23		Nintendo Co. Ltd.		10,417
	—	(h)	Nippon Building Fund, Inc.		1,361
	—	(h)	Nippon Prologis REIT, Inc.		590
	271		Nippon Steel & Sumitomo Metal Corp.		6,906
	208		Nippon Telegraph & Telephone Corp.		9,974
	133		Nippon Yusen KK (a)		3,354
	568		Nissan Motor Co. Ltd.		6,086
	25		Nitori Holdings Co. Ltd.		3,925
	48		Nitto Denko Corp.		4,429
	471		Nomura Holdings, Inc.		3,074
	1		Nomura Real Estate Master Fund, Inc.		732
	55		Nomura Research Institute Ltd.		2,516
	118		NSK Ltd.		1,949
	318		NTT DOCOMO, Inc.		7,899
	134		Obayashi Corp.		1,623
	6		Obic Co. Ltd.		453
	103		Olympus Corp.		3,976
	238		Ono Pharmaceutical Co. Ltd.		5,868
	59		Oriental Land Co. Ltd.		5,718
	449		ORIX Corp.		8,407
	57		Otsuka Corp.		4,757
	164		Otsuka Holdings Co. Ltd.		7,263
	660		Panasonic Corp.		9,798
	90		Persol Holdings Co. Ltd.		2,236
	120		Recruit Holdings Co. Ltd.		2,926
	261		Resona Holdings, Inc.		1,580
	47		Rohm Co. Ltd.		5,156

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	6	Ryohin Keikaku Co. Ltd.		1,906
	61	Santen Pharmaceutical Co. Ltd.		982
	191	Seibu Holdings, Inc.		3,820
	250	Sekisui House Ltd.		4,601
	226	Seven & i Holdings Co. Ltd.		9,316
	11	Shimano, Inc.		1,534
	329	Shimizu Corp.		3,387
	69	Shin-Etsu Chemical Co. Ltd.		7,849
	12	Shionogi & Co. Ltd.		648
	43	Shiseido Co. Ltd.		2,198
	156	Shizuoka Bank Ltd. (The)		1,668
	14	SMC Corp.		6,703
	191	SoftBank Group Corp.		15,853
	74	Sompo Holdings, Inc.		2,971
	310	Sony Corp.		14,844
	27	Stanley Electric Co. Ltd.		1,095
	33	Start Today Co. Ltd.		978
	14	Subaru Corp.		456
	508	Sumitomo Chemical Co. Ltd.		3,738
	16	Sumitomo Corp.		270
	340	Sumitomo Electric Industries Ltd.		5,816
	99	Sumitomo Metal Mining Co. Ltd.		4,662
	342	Sumitomo Mitsui Financial Group, Inc.		15,420
	127	Sumitomo Mitsui Trust Holdings, Inc.		5,280
	78	Sumitomo Realty & Development Co. Ltd.		3,009
	20	Sundrug Co. Ltd.		861
	74	Suntory Beverage & Food Ltd.		3,530
	11	Suzuken Co. Ltd.		456
	128	Suzuki Motor Corp.		7,352
	247	T&D Holdings, Inc.		4,432
	76	Takeda Pharmaceutical Co. Ltd.		4,452
	78	THK Co. Ltd.		3,254
	61	Tohoku Electric Power Co., Inc.		783
	208	Tokio Marine Holdings, Inc.		9,849
	216	Tokyo Electric Power Co. Holdings, Inc. (a)		878
	41	Tokyo Electron Ltd.		7,678
	69	Tokyo Gas Co. Ltd.		1,637
	271	Tokyo Tatemono Co. Ltd.		4,363
	325	Tokyu Corp.		5,453
	134	Toppan Printing Co. Ltd.		1,263
	464	Toray Industries, Inc.		4,629
	1,051	Toshiba Corp. (a)		3,008
	46	Toyota Industries Corp.		3,033
	567	Toyota Motor Corp.		39,030
	27	Toyota Tsusho Corp.		1,093

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	27	Unicharm Corp.		731
	1	United Urban Investment Corp.		850
	46	West Japan Railway Co.		3,490
	192	Yahoo Japan Corp.		927
	173	Yamato Holdings Co. Ltd.		4,475
				750,432
		Luxembourg — 0.1%
	331	ArcelorMittal		11,995
		Macau — 0.0% (g)
	316	Wynn Macau Ltd.		1,118
		Netherlands — 2.3%
	135	ASML Holding NV		27,425
	71	ASR Nederland NV		3,100
	108	Heineken Holding NV		11,479
	39	Heineken NV		4,365
	1,385	ING Groep NV		27,193
	673	Koninklijke Ahold Delhaize NV		15,044
	2,580	Koninklijke KPN NV		9,043
	210	Koninklijke Philips NV		8,567
	125	NN Group NV		5,915
	1,256	Royal Dutch Shell plc, Class A		44,026
	827	Royal Dutch Shell plc, Class B		29,350
	183	Wolters Kluwer NV		9,696
				195,203
		New Zealand — 0.1%
	346	Auckland International Airport Ltd.		1,704
	262	Fletcher Building Ltd.		1,513
	130	Ryman Healthcare Ltd.		1,050
	662	Spark New Zealand Ltd.		1,752
				6,019
		Norway — 0.2%
	942	Norsk Hydro ASA		6,856
	404	Telenor ASA		9,445
				16,301
		Singapore — 0.4%
	556	Ascendas REIT		1,168
	867	CapitaLand Ltd.		2,530
	379	CapitaLand Mall Trust		607
	390	ComfortDelGro Corp. Ltd.		624
	467	DBS Group Holdings Ltd.		9,381
	771	Genting Singapore plc		792
	17	Jardine Cycle & Carriage Ltd.		507
	428	Keppel Corp. Ltd.		2,815
	811	Oversea-Chinese Banking Corp. Ltd.		7,972

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — continued
	79	Singapore Exchange Ltd.		496
	153	Singapore Press Holdings Ltd.		308
	1,671	Singapore Telecommunications Ltd.		4,509
	259	United Overseas Bank Ltd.		5,410
	659	Wilmar International Ltd.		1,604
				38,723
		Spain —1.2%
	42	Amadeus IT Group SA		3,268
	317	Banco Bilbao Vizcaya Argentaria SA		2,975
	4,002	Banco Santander SA		29,714
	63	Iberdrola SA (a)		511
	2,756	Iberdrola SA (a)		22,437
	442	Industria de Diseno Textil SA		15,800
	337	Red Electrica Corp. SA		7,110
	637	Repsol SA		11,990
	531	Telefonica SA		5,446
				99,251
		Sweden —0.6%
	318	Assa Abloy AB, Class B		7,044
	94	Atlas Copco AB, Class B		3,909
	7	Autoliv, Inc.		1,123
	137	Essity AB, Class B (a)		4,100
	674	Sandvik AB		13,271
	564	Skandinaviska Enskilda Banken AB, Class A		7,123
	1,010	Svenska Handelsbanken AB, Class A		14,706
				51,276
		Switzerland — 2.9%
	447	ABB Ltd. (Registered)		12,467
	910	Credit Suisse Group AG (Registered) (a)		17,602
	204	Ferguson plc		15,789
	1,772	Glencore plc (a)		10,154
	89	Julius Baer Group Ltd. (a)		6,114
	277	LafargeHolcim Ltd. (Registered) (a)		16,940
	35	Lonza Group AG (Registered) (a)		9,842
	675	Nestle SA (Registered)		58,347
	599	Novartis AG (Registered)		54,082
	165	Roche Holding AG		40,730
	485	UBS Group AG (Registered) (a)		9,840
				251,907
		United Kingdom — 5.5%
	629	3i Group plc		8,319
	172	AstraZeneca plc		11,950
	1,969	Aviva plc		14,366
	2,289	BP plc		16,328

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	630	British American Tobacco plc		43,025
	1,912	BT Group plc		6,984
	207	Bunzl plc		6,069
	394	Burberry Group plc		8,834
	508	Compass Group plc		10,690
	57	DCC plc		5,939
	814	Diageo plc		29,305
	926	GlaxoSmithKline plc		17,245
	3,615	HSBC Holdings plc		38,568
	157	Imperial Brands plc		6,447
	132	InterContinental Hotels Group plc		8,839
	147	Johnson Matthey plc		7,216
	1,159	Legal & General Group plc		4,452
	15	Liberty Global plc, Class A (a)		575
	81	Liberty Global plc, Class C (a)		2,882
	13,120	Lloyds Banking Group plc		12,962
	214	London Stock Exchange Group plc		11,923
	1,151	Prudential plc		31,155
	51	Reckitt Benckiser Group plc		4,973
	279	RELX plc		6,172
	105	Rio Tinto Ltd.		6,441
	402	Rio Tinto plc		22,389
	1,649	Standard Chartered plc (a)		19,184
	3,682	Taylor Wimpey plc		9,963
	615	Unilever NV ,CVA		35,499
	167	Unilever plc		9,469
	9,118	Vodafone Group plc		29,066
	246	Whitbread plc		13,563
	497	WPP plc		9,010
				469,802
		United States — 58.6%
	28	3M Co.		6,984
	476	Abbott Laboratories		29,579
	201	AbbVie, Inc.		22,593
	264	Accenture plc, Class A		42,366
	43	Activision Blizzard, Inc.		3,222
	215	Adobe Systems, Inc. (a)		43,005
	130	Agilent Technologies, Inc.		9,551
	24	Albemarle Corp.		2,719
	144	Alcoa Corp. (a)		7,514
	47	Alexion Pharmaceuticals, Inc. (a)		5,655
	2	Alleghany Corp. (a)		998
	212	Allegion plc		18,226
	123	Allergan plc		22,223
	7	Alnylam Pharmaceuticals, Inc. (a)		935

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	65	Alphabet, Inc., Class A (a)		76,287
	79	Alphabet, Inc., Class C (a)		92,748
	202	Altria Group, Inc.		14,192
	94	Amazon.com, Inc. (a)		136,696
	278	American Electric Power Co., Inc.		19,089
	262	American Express Co.		26,003
	9	American Financial Group, Inc.		1,017
	432	American International Group, Inc.		27,599
	75	American Tower Corp.		11,098
	88	AmerisourceBergen Corp.		8,743
	79	Amgen, Inc.		14,668
	333	Analog Devices, Inc.		30,594
	97	Andeavor		10,524
	30	Antero Resources Corp. (a)		580
	1,085	Apple, Inc.		181,645
	94	Aptiv plc (a)		8,930
	36	Aramark		1,636
	10	Arch Capital Group Ltd. (a)		929
	10	Arista Networks, Inc. (a)		2,742
	19	Arrow Electronics, Inc. (a)		1,518
	197	Arthur J Gallagher & Co.		13,476
	644	AT&T, Inc.		24,129
	18	Athene Holding Ltd., Class A (a)		918
	10	Atmos Energy Corp.		854
	22	AutoZone, Inc. (a)		16,564
	81	AvalonBay Communities, Inc.		13,835
	27	Avery Dennison Corp.		3,287
	19	Axis Capital Holdings Ltd.		947
	2,780	Bank of America Corp.		88,947
	504	Bank of New York Mellon Corp. (The)		28,585
	342	BB&T Corp.		18,875
	87	Becton Dickinson and Co.		21,197
	225	Berkshire Hathaway, Inc., Class B (a)		48,173
	154	Best Buy Co., Inc.		11,251
	70	Biogen, Inc. (a)		24,449
	32	BioMarin Pharmaceutical, Inc. (a)		2,878
	25	BlackRock, Inc.		13,916
	55	Boeing Co. (The)		19,629
	923	Boston Scientific Corp. (a)		25,817
	18	Brighthouse Financial, Inc. (a)		1,173
	475	Bristol-Myers Squibb Co.		29,738
	299	Brixmor Property Group, Inc.		4,861
	151	Broadcom Ltd.		37,401
	24	Broadridge Financial Solutions, Inc.		2,355
	66	CA, Inc.		2,371

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	15	Camden Property Trust		1,318
	264	Capital One Financial Corp.		27,415
	88	Caterpillar, Inc.		14,404
	30	CBRE Group, Inc., Class A (a)		1,373
	27	CDK Global, Inc.		1,941
	30	CDW Corp.		2,244
	164	Celanese Corp., Series A		17,718
	154	Celgene Corp. (a)		15,539
	33	Centene Corp. (a)		3,509
	465	Charles Schwab Corp. (The)		24,786
	80	Charter Communications, Inc., Class A (a)		30,366
	380	Chevron Corp.		47,667
	162	Chubb Ltd.		25,303
	151	Cigna Corp.		31,438
	12	Cintas Corp.		2,052
	469	Cisco Systems, Inc.		19,483
	851	Citigroup, Inc.		66,823
	343	CMS Energy Corp.		15,327
	430	Coca-Cola Co. (The)		20,468
	15	Cognex Corp.		914
	161	Colgate-Palmolive Co.		11,959
	1,505	Comcast Corp., Class A		64,018
	37	CommScope Holding Co., Inc. (a)		1,441
	160	Concho Resources, Inc. (a)		25,140
	77	Constellation Brands, Inc., Class A		16,906
	10	Cooper Cos., Inc. (The)		2,346
	46	Corning, Inc.		1,432
	3	CoStar Group, Inc. (a)		1,108
	86	Costco Wholesale Corp.		16,835
	183	Crown Holdings, Inc. (a)		10,605
	298	CVS Health Corp.		23,432
	125	Danaher Corp.		12,686
	166	Deere & Co.		27,684
	31	Dell Technologies, Inc., Class V (a)		2,191
	158	Delphi Technologies plc (a)		8,752
	260	Delta Air Lines, Inc.		14,733
	168	Diamondback Energy, Inc. (a)		21,021
	60	Digital Realty Trust, Inc.		6,664
	173	Discover Financial Services		13,774
	261	DISH Network Corp., Class A (a)		12,252
	158	Dollar Tree, Inc. (a)		18,162
	782	DowDuPont, Inc.		59,132
	291	DR Horton, Inc.		14,294
	37	Dr Pepper Snapple Group, Inc.		4,392
	80	Duke Realty Corp.		2,103

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	59	DXC Technology Co.		5,898
	28	E*TRADE Financial Corp. (a)		1,464
	31	East West Bancorp, Inc.		2,061
	244	Eastman Chemical Co.		24,230
	335	Eaton Corp. plc		28,122
	335	Eli Lilly & Co.		27,313
	318	EOG Resources, Inc.		36,607
	141	EQT Corp.		7,654
	22	Equinix, Inc.		9,845
	180	Equity Residential		11,067
	40	Essex Property Trust, Inc.		9,401
	105	Estee Lauder Cos., Inc. (The), Class A		14,184
	40	Everest Re Group Ltd.		9,217
	593	Exxon Mobil Corp.		51,769
	521	Facebook, Inc., Class A (a)		97,316
	154	Fastenal Co.		8,458
	66	Federal Realty Investment Trust		7,960
	51	FedEx Corp.		13,397
	214	Fidelity National Information Services, Inc.		21,916
	10	FleetCor Technologies, Inc. (a)		2,151
	53	Flex Ltd. (a)		952
	24	FNF Group		918
	1,562	Ford Motor Co.		17,136
	284	Freeport-McMoRan, Inc. (a)		5,528
	123	General Dynamics Corp.		27,463
	387	General Electric Co.		6,266
	354	Gilead Sciences, Inc.		29,657
	151	Global Payments, Inc.		16,845
	33	Goldman Sachs Group, Inc. (The)		8,796
	174	Halliburton Co.		9,346
	298	Hartford Financial Services Group, Inc. (The)		17,506
	180	HCP, Inc.		4,325
	24	HD Supply Holdings, Inc. (a)		926
	151	Hewlett Packard Enterprise Co.		2,483
	201	Hilton Worldwide Holdings, Inc.		17,220
	37	Hologic, Inc. (a)		1,600
	284	Home Depot, Inc. (The)		57,143
	296	Honeywell International, Inc.		47,197
	672	HP, Inc.		15,663
	8	IAC/InterActiveCorp (a)		1,106
	7	IDEX Corp.		1,019
	19	Illumina, Inc. (a)		4,383
	298	Ingersoll-Rand plc		28,216
	13	Ingredion, Inc.		1,879

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	428	Intel Corp.		20,616
	258	Intercontinental Exchange, Inc.		19,052
	237	International Business Machines Corp.		38,784
	113	Intuit, Inc.		18,971
	40	Invitation Homes, Inc.		897
	484	Johnson & Johnson		66,901
	8	Jones Lang LaSalle, Inc.		1,226
	24	Kansas City Southern		2,726
	744	KeyCorp		15,917
	51	Kimberly-Clark Corp.		5,938
	396	Kinder Morgan, Inc.		7,127
	236	Kraft Heinz Co. (The)		18,463
	434	Kroger Co. (The)		13,167
	67	Las Vegas Sands Corp.		5,213
	9	Lear Corp.		1,827
	15	Leidos Holdings, Inc.		982
	250	Lennar Corp., Class A		15,670
	7	Lennox International, Inc.		1,525
	22	Liberty Broadband Corp., Class C (a)		2,133
	38	Liberty Interactive Corp. QVC Group, Class A (a)		1,071
	14	Liberty Media Corp.-Liberty Formula One, Class C (a)		513
	23	Liberty Media Corp.-Liberty SiriusXM, Class A (a)		1,029
	28	Liberty Property Trust		1,149
	11	Live Nation Entertainment, Inc. (a)		493
	327	Lowe’s Cos., Inc.		34,278
	15	ManpowerGroup, Inc.		1,939
	258	Marathon Petroleum Corp.		17,895
	1	Markel Corp. (a)		1,435
	383	Masco Corp.		17,124
	41	Mastercard, Inc., Class A		7,000
	54	Maxim Integrated Products, Inc.		3,306
	80	McDonald’s Corp.		13,742
	42	McKesson Corp.		7,106
	176	Medtronic plc		15,156
	419	Merck & Co., Inc.		24,839
	471	MetLife, Inc.		22,624
	5	Mettler-Toledo International, Inc. (a)		3,599
	170	Microchip Technology, Inc.		16,184
	243	Micron Technology, Inc. (a)		10,625
	1,736	Microsoft Corp.		164,941
	21	Mid-America Apartment Communities, Inc.		2,041
	270	Molson Coors Brewing Co., Class B		22,705

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			United States — continued
	738		Mondelez International, Inc., Class A		32,761
	728		Morgan Stanley		41,174
	11		MSCI, Inc.		1,545
	106		Mylan NV (a)		4,522
	28		National Retail Properties, Inc.		1,107
	19		Netflix, Inc. (a)		5,049
	215		NextEra Energy, Inc.		34,112
	415		NIKE, Inc., Class B		28,277
	450		NiSource, Inc.		11,106
	200		Norfolk Southern Corp.		30,208
	94		Northrop Grumman Corp.		31,897
	65		Nucor Corp.		4,379
	164		NVIDIA Corp.		40,402
	—	(h)	NVR, Inc. (a)		858
	309		Occidental Petroleum Corp.		23,199
	170		ONEOK, Inc.		10,012
	519		Oracle Corp.		26,759
	67		O’Reilly Automotive, Inc. (a)		17,718
	21		Owens Corning		1,967
	165		PACCAR, Inc.		12,266
	16		Palo Alto Networks, Inc. (a)		2,468
	28		Parker-Hannifin Corp.		5,561
	140		Parsley Energy, Inc., Class A (a)		3,302
	82		PayPal Holdings, Inc. (a)		7,006
	437		PepsiCo, Inc.		52,586
	1,523		Pfizer, Inc.		56,421
	522		Philip Morris International, Inc.		55,966
	152		Pioneer Natural Resources Co.		27,742
	24		Plains GP Holdings LP, Class A		501
	37		PNC Financial Services Group, Inc. (The)		5,856
	6		Priceline Group, Inc. (The) (a)		11,702
	292		Procter & Gamble Co. (The)		25,186
	85		Prudential Financial, Inc.		10,139
	352		Public Service Enterprise Group, Inc.		18,248
	64		Public Storage		12,491
	290		PulteGroup, Inc.		9,245
	67		PVH Corp.		10,370
	72		QUALCOMM, Inc.		4,914
	16		Raymond James Financial, Inc.		1,589
	13		Reinsurance Group of America, Inc.		2,022
	25		Robert Half International, Inc.		1,472
	230		Ross Stores, Inc.		18,988
	31		Sabre Corp.		649
	13		SEI Investments Co.		995
	35		ServiceNow, Inc. (a)		5,182

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	173	Shire plc		8,097
	1,205	Sirius XM Holdings, Inc.		7,360
	94	Snap-on, Inc.		16,045
	7	Spectrum Brands Holdings, Inc.		803
	11	Spirit AeroSystems Holdings, Inc., Class A		1,136
	12	Splunk, Inc. (a)		1,084
	25	Square, Inc., Class A (a)		1,162
	170	Stanley Black & Decker, Inc.		28,257
	122	Starbucks Corp.		6,907
	245	State Street Corp.		27,027
	22	Steel Dynamics, Inc.		981
	245	SunTrust Banks, Inc.		17,291
	12	SVB Financial Group (a)		2,899
	218	Synchrony Financial		8,651
	9	Take-Two Interactive Software, Inc. (a)		1,115
	48	TD Ameritrade Holding Corp.		2,669
	188	TE Connectivity Ltd.		19,257
	8	Teleflex, Inc.		2,128
	22	Tesla, Inc. (a)		7,696
	407	Texas Instruments, Inc.		44,635
	42	Textron, Inc.		2,486
	114	Thermo Fisher Scientific, Inc.		25,448
	132	Time Warner, Inc.		12,539
	211	T-Mobile US, Inc. (a)		13,761
	35	Toll Brothers, Inc.		1,629
	23	Trimble, Inc. (a)		1,011
	622	Twenty-First Century Fox, Inc., Class A		22,951
	84	Twenty-First Century Fox, Inc., Class B		3,082
	45	Twitter, Inc. (a)		1,153
	62	Tyson Foods, Inc., Class A		4,726
	19	UGI Corp.		870
	332	Union Pacific Corp.		44,262
	16	United Rentals, Inc. (a)		2,867
	245	United Technologies Corp.		33,765
	9	United Therapeutics Corp. (a)		1,170
	296	UnitedHealth Group, Inc.		70,147
	22	Unum Group		1,151
	4	Vail Resorts, Inc.		911
	79	Ventas, Inc.		4,427
	243	VEREIT, Inc.		1,751
	433	Verizon Communications, Inc.		23,390
	109	Vertex Pharmaceuticals, Inc. (a)		18,210
	64	VF Corp.		5,198
	571	Visa, Inc., Class A		70,913
	8	VMware, Inc., Class A (a)		979

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	157	Vornado Realty Trust		11,222
	144	Voya Financial, Inc.		7,500
	316	Walgreens Boots Alliance, Inc.		23,781
	104	Walmart, Inc.		11,033
	330	Walt Disney Co. (The)		35,896
	56	Waste Connections, Inc.		3,998
	253	WEC Energy Group, Inc.		16,252
	1,097	Wells Fargo & Co.		72,133
	230	WestRock Co.		15,345
	91	Weyerhaeuser Co.		3,433
	114	Workday, Inc., Class A (a)		13,616
	227	Worldpay, Inc. (a)		18,267
	482	Xcel Energy, Inc.		21,979
	65	Yum Brands, Inc.		5,509
	164	Zimmer Biomet Holdings, Inc.		20,803
				5,027,799
		Total Common Stocks (Cost $6,121,459)		8,431,368
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Italy — 0.0% (g)
	667	UniCredit SpA, expiring 02/21/2018 (a) (Cost $–)		3
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	117,580	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $117,580)		117,580
		Total Investments — 99.7% (Cost $6,239,039)		8,548,951
		Other Assets in Excess of Liabilities — 0.3%		24,663
		NET ASSETS — 100.0%	$	8,573,614

Percentages indicated are based on net assets.

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		9.2	%
Oil, Gas & Consumable Fuels		6.0
Pharmaceuticals		5.6
Insurance		4.0
Software		3.9
Internet Software & Services		3.2
Semiconductors & Semiconductor Equipment		3.1
IT Services		3.1
Capital Markets		3.1
Chemicals		2.6
Media		2.5
Technology Hardware, Storage & Peripherals		2.5
Beverages		2.5
Machinery		2.3
Specialty Retail		2.1
Equity Real Estate Investment Trusts (REITs)		1.9
Internet & Direct Marketing Retail		1.8
Aerospace & Defense		1.8
Biotechnology		1.8
Health Care Equipment & Supplies		1.7
Automobiles		1.7
Electric Utilities		1.7
Metals & Mining		1.7
Food & Staples Retailing		1.6
Health Care Providers & Services		1.6
Hotels, Restaurants & Leisure		1.5
Tobacco		1.5
Diversified Telecommunication Services		1.5
Food Products		1.5
Road & Rail		1.4
Textiles, Apparel & Luxury Goods		1.4
Industrial Conglomerates		1.3
Electrical Equipment		1.2
Auto Components		1.0
Household Durables		1.0
Others (each less than 1.0%)		12.3
Short-Term Investment		1.4

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		478		03/2018		EUR		21,370		125
S&P 500 E-Mini Index		489		03/2018		USD		69,091		1,902
TOPIX Index		98		03/2018		JPY		16,592		(231	)
										1,796

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CDI	—	CHESS Depository Interest
CVA	—	Dutch Certification
EUR	—	Euro
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
TOPIX	—	Tokyo Stock Price Index
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

Certain foreign equity instruments, 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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Argentina	$	1,305	$	—		$	—	$	1,305
Australia		—		219,838			—		219,838
Austria		—		12,331			—		12,331
Belgium		—		39,114			—		39,114
Bermuda		1,962		—			—		1,962
Canada		280,245		—			—		280,245
China		—		5,264			—		5,264
Denmark		—		46,412			—		46,412
Finland		—		22,376			—		22,376
France		—		393,832			—		393,832
Germany		—		283,822			—		283,822
Hong Kong		—		107,928			—		107,928
Ireland		14,780		11,416			—		26,196
Israel		3,159		—			—		3,159
Italy		—		67,758			—		67,758
Japan		—		750,432			—		750,432
Luxembourg		—		11,995			—		11,995
Macau		—		1,118			—		1,118
Netherlands		—		195,203			—		195,203
New Zealand		—		6,019			—		6,019
Norway		—		16,301			—		16,301
Singapore		—		38,723			—		38,723
Spain		511		98,740			—		99,251
Sweden		1,123		50,153			—		51,276
Switzerland		—		251,907			—		251,907
United Kingdom		3,457		466,345			—		469,802
United States		5,019,702		8,097			—		5,027,799
Total Common Stocks		5,326,244		3,105,124			—		8,431,368
Rights
Italy		—		3			—		3
Short-Term Investment
Investment Company		117,580		—			—		117,580
Total Investments in Securities	$	5,443,824	$	3,105,127		$	—	$	8,548,951
Appreciation in Other Financial Instruments
Futures Contracts	$	1,902	$	125		$	—	$	2,027
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(231	)	$	—	$	(231	)

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

Transfers from level 1 to level 2 in the amount of $50,902,000 and are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Common Stocks — 97.5%
	Austria — 2.2%
2	Erste Group Bank AG (a)		100
	Brazil — 1.7%
9	Cielo SA		77
	China — 7.4%
44	China Unicom Hong Kong Ltd. (a)		66
— (h)	CNOOC Ltd., ADR		63
2	JD.com, Inc., ADR (a)		76
11	Ping An Insurance Group Co. of China Ltd., Class H		124
			329
	France — 7.9%
1	Airbus SE		71
2	AXA SA		69
1	Safran SA		92
1	Schneider Electric SE (a)		118
			350
	Germany — 4.0%
2	Delivery Hero AG, Reg. S (a) (e)		76
— (h)	Linde AG (a)		101
			177
	Hong Kong — 2.4%
12	AIA Group Ltd.		106
	India — 3.0%
1	HDFC Bank Ltd., ADR		134
	Italy — 1.0%
2	UniCredit SpA (a)		45
	Japan — 3.8%
2	Komatsu Ltd.		86
7	Renesas Electronics Corp. (a)		84
			170
	Luxembourg — 1.2%
1	ArcelorMittal		54
	Singapore — 2.3%
5	DBS Group Holdings Ltd.		102
	South Africa — 1.8%
— (h)	Naspers Ltd., Class N		80
	Switzerland — 4.4%
1	LafargeHolcim Ltd. (Registered) (a)		85
1	Novartis AG (Registered)		113
			198

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thailand — 2.1%
	13	Kasikornbank PCL		94
		United Kingdom — 5.2%
	1	British American Tobacco plc		90
	44	Vodafone Group plc		140
				230
		United States — 47.1%
	1	Activision Blizzard, Inc.		88
	— (h)	Alphabet, Inc., Class C (a)		183
	— (h)	Amazon.com, Inc. (a)		132
	— (h)	Apple, Inc.		55
	1	BioMarin Pharmaceutical, Inc. (a)		63
	2	Citigroup, Inc.		153
	4	Comcast Corp., Class A		179
	1	DowDuPont, Inc.		90
	1	EQT Corp.		63
	— (h)	Facebook, Inc., Class A (a)		93
	— (h)	First Republic Bank		40
	1	Globant SA (a)		43
	1	Molson Coors Brewing Co., Class B		67
	1	Occidental Petroleum Corp.		90
	3	Oracle Corp.		138
	1	Pioneer Natural Resources Co.		132
	1	Shire plc, ADR		71
	1	Stanley Black & Decker, Inc.		88
	2	Synchrony Financial		91
	2	Twenty-First Century Fox, Inc., Class A		67
	1	Union Pacific Corp.		88
	— (h)	UnitedHealth Group, Inc.		86
				2,100
		Total Common Stocks (Cost $3,759)		4,346
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Italy — 0.0% (g)
	2	UniCredit SpA, expiring 02/21/2018 (a) (Cost $—)		—	(h)

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
Short-Term Investment — 0.2%
	Investment Company — 0.2%
8	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $8)		8
	Total Investments — 97.7% (Cost $3,767)		4,354
	Other Assets in Excess of Liabilities — 2.3%		102
	NET ASSETS — 100.0%	$	4,456

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		15.4	%
Internet Software & Services		8.1
Oil, Gas & Consumable Fuels		8.0
Media		7.5
Insurance		6.8
Software		6.2
Internet & Direct Marketing Retail		4.8
Chemicals		4.4
Machinery		4.0
Aerospace & Defense		3.7
Wireless Telecommunication Services		3.2
Biotechnology		3.1
Electrical Equipment		2.7
Pharmaceuticals		2.6
Consumer Finance		2.1
Tobacco		2.1
Road & Rail		2.0
Health Care Providers & Services		2.0
Construction Materials		1.9
Semiconductors & Semiconductor Equipment		1.9
IT Services		1.8
Beverages		1.5
Diversified Telecommunication Services		1.5
Technology Hardware, Storage & Peripherals		1.3
Metals & Mining		1.2
Short-Term Investment		0.2

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

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 Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	$	—	$	100		$	—	$	100
Brazil		77		—			—		77
China		139		190			—		329
France		—		350			—		350
Germany		—		177			—		177
Hong Kong		—		106			—		106
India		134		—			—		134
Italy		—		45			—		45
Japan		—		170			—		170
Luxembourg		—		54			—		54
Singapore		—		102			—		102
South Africa		—		80			—		80
Switzerland		—		198			—		198
Thailand		—		94			—		94
United Kingdom		—		230			—		230
United States		2,100		—			—		2,100
Total Common Stocks		2,450		1,896			—		4,346
Rights
Italy		—		—	(a)		—		—	(a)
Short-Term Investment
Investment Company		8		—			—		8
Total Investments in Securities	$	2,458	$	1,896		$	—	$	4,354

(a) Amount rounds to less than 500.

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

Transfers from level 1 to level 2 in the amount of approximately $79,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 4.2%
		United States — 4.2%
		ABFC Trust,
	268	Series 2003-OPT1, Class A1A, 2.38%, 04/25/2033 (z) (bb)		268
	1,662	Series 2004-HE1, Class M1, 2.46%, 03/25/2034 (z) (bb)		1,660
	881	Series 2004-OPT3, Class M1, 2.31%, 09/25/2033 (z) (bb)		830
	2,693	Series 2004-OPT5, Class A1, 2.26%, 06/25/2034 (z) (bb)		2,624
	1,443	Series 2005-WF1, Class M1, 2.10%, 11/25/2034 (z) (bb)		1,442
	1,036	Accredited Mortgage Loan Trust, Series 2004-4, Class M1, 2.43%, 01/25/2035 (z) (bb)		1,003
		ACE Securities Corp. Home Equity Loan Trust,
	1,088	Series 2003-FM1, Class M1, 2.85%, 11/25/2032 (z) (bb)		1,092
	1,211	Series 2003-HE1, Class M1, 2.54%, 11/25/2033 (z)		1,188
	782	Series 2003-NC1, Class M1, 2.73%, 07/25/2033 (z) (bb)		774
	3,716	Series 2003-OP1, Class M1, 2.61%, 12/25/2033 (z) (bb)		3,678
	948	Series 2004-HE2, Class M1, 2.60%, 10/25/2034 (z) (bb)		954
	1,435	Series 2004-HE4, Class M2, 2.54%, 12/25/2034 (z) (bb)		1,394
	3,966	Series 2004-OP1, Class M2, 3.14%, 04/25/2034 (z) (bb)		3,905
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	621	Series 2002-AR1, Class M1, 2.63%, 09/25/2032 (z) (bb)		614
	1,161	Series 2003-13, Class M1, 2.58%, 01/25/2034 (z) (bb)		1,133
	503	Series 2003-13, Class M2, 4.11%, 01/25/2034 (z) (bb)		495
	843	Series 2004-R1, Class A2, 2.16%, 02/25/2034 (z) (bb)		810
	3,591	Series 2004-R1, Class M1, 2.36%, 02/25/2034 (z) (bb)		3,606
	484	Series 2004-R1, Class M2, 2.43%, 02/25/2034 (z) (bb)		468
	224	Series 2004-R8, Class M1, 2.52%, 09/25/2034 (z) (bb)		226
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	1,090	Series 2003-W5, Class M2, 4.34%, 10/25/2033 (z) (bb)		1,049

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	685	Series 2004-W2, Class M2, 3.44%, 04/25/2034 (z) (bb)		702
	505	Series 2004-W2, Class M3, 3.66%, 04/25/2034 (z) (bb)		495
	1,867	Series 2004-W3, Class A3, 2.38%, 02/25/2034 (z) (bb)		1,821
	1,150	Series 2004-W6, Class M1, 2.39%, 05/25/2034 (z) (bb)		1,147
	509	Series 2004-W7, Class M2, 2.46%, 05/25/2034 (z) (bb)		516
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	2,067	Series 2001-HE3, Class A1, 2.10%, 11/15/2031 (z)		2,026
	138	Series 2003-HE3, Class M2, 4.56%, 06/15/2033 (z) (bb)		134
	1,562	Series 2003-HE4, Class M1, 2.80%, 08/15/2033 (z)		1,568
	1,337	Series 2003-HE4, Class M2, 4.39%, 08/15/2033 (z) (bb)		1,332
	1,718	Series 2004-HE2, Class M2, 3.44%, 04/25/2034 (z) (bb)		1,633
	1,135	Series 2004-HE7, Class M2, 3.14%, 10/25/2034 (z) (bb)		1,135
	500	Series 2005-HE6, Class M4, 2.52%, 07/25/2035 (z) (bb)		499
	627	Bayview Financial Acquisition Trust, Series 2006-D, Class 1A5, SUB, 5.67%, 12/28/2036 (bb)		636
	319	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C, Class 1A2, SUB, 5.64%, 11/28/2036 (bb)		326
	5,475	Bayview Opportunity Master Fund IIIa Trust, Series 2017-RN7, Class A1, SUB, 3.10%, 09/28/2032 (e) (bb)		5,449
		Bear Stearns Asset-Backed Securities I Trust,
	4,565	Series 2004-HE6, Class M2, 3.44%, 08/25/2034 (z) (bb)		4,550
	1,936	Series 2004-HE11, Class M2, 3.14%, 12/25/2034 (z) (bb)		1,985
		Bear Stearns Asset-Backed Securities Trust,
	691	Series 2003-1, Class M1, 3.21%, 11/25/2042 (z) (bb)		661
	451	Series 2003-SD1, Class A, 2.46%, 12/25/2033 (z) (bb)		444
	869	Series 2003-SD1, Class M1, 2.84%, 12/25/2033 (z) (bb)		839
	1,532	Series 2004-HE2, Class M2, 3.36%, 03/25/2034 (z) (bb)		1,497

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	1,811	Series 2004-SD4, Class A1, 2.46%, 08/25/2044 (z) (bb)		1,790
	553	CDC Mortgage Capital Trust, Series 2003-HE1, Class M1, 2.91%, 08/25/2033 (z)		551
		Centex Home Equity Loan Trust,
	5,115	Series 2004-A, Class M1, 2.16%, 01/25/2034 (z) (bb)		5,067
	722	Series 2004-C, Class M2, 2.36%, 06/25/2034 (z) (bb)		715
	603	Series 2004-D, Class MF2, SUB, 5.56%, 09/25/2034 (bb)		590
	1,640	Series 2004-D, Class MF3, SUB, 5.76%, 09/25/2034 (bb)		1,324
	234	Series 2004-D, Class MV2, 2.25%, 09/25/2034 (z) (bb)		231
		Chase Funding Loan Acquisition Trust,
	1,116	Series 2004-AQ1, Class M1, 2.66%, 05/25/2034 (z) (bb)		1,064
	1,305	Series 2004-OPT1, Class M2, 3.06%, 06/25/2034 (z) (bb)		1,294
		Chase Funding Trust,
	1,307	Series 2003-4, Class 1A5, SUB, 5.25%, 05/25/2033 (bb)		1,324
	151	Series 2003-4, Class 2M1, 2.46%, 03/25/2033 (z) (bb)		145
	380	Series 2003-5, Class 1M2, 5.64%, 09/25/2032 (z) (bb)		328
	2,345	Series 2003-6, Class 2A2, 2.14%, 11/25/2034 (z) (bb)		2,282
	2,123	Series 2003-6, Class 2M1, 2.31%, 11/25/2034 (z) (bb)		2,040
	841	Series 2004-1, Class 1M1, 4.73%, 05/25/2033 (bb)		842
	827	Series 2004-1, Class 2M1, 2.31%, 09/25/2033 (z) (bb)		810
	1,871	Series 2004-2, Class 1M1, 5.70%, 02/26/2035 (z) (bb)		1,882
	1,320	CHEC Loan Trust, Series 2004-1, Class M1, 2.46%, 07/25/2034 (z) (bb)		1,215
		Citigroup Mortgage Loan Trust, Inc.,
	289	Series 2005-OPT1, Class M4, 2.61%, 02/25/2035 (z) (bb)		272
	90	Series 2005-WF2, Class AF7, SUB, 5.25%, 08/25/2035 (bb)		90
	24	Continental Airlines Pass-Through Trust, Series 2004-ERJ1, 9.56%, 09/01/2019		25
		Countrywide Asset-Backed Certificates,
	13	Series 2002-3, Class M1, 2.69%, 03/25/2032 (z) (bb)		13

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	898	Series 2002-4, Class M1, 2.69%, 12/25/2032 (z) (bb)		890
	1,311	Series 2003-3, Class 3A, 2.10%, 11/25/2033 (z) (bb)		1,243
	7,789	Series 2004-2, Class M1, 2.31%, 05/25/2034 (z) (bb)		7,777
	2,406	Series 2004-3, Class M1, 2.31%, 06/25/2034 (z) (bb)		2,336
	582	Series 2004-3, Class M2, 2.39%, 06/25/2034 (z) (bb)		578
	1,173	Series 2004-BC1, Class M1, 2.31%, 02/25/2034 (z)		1,167
	246	Series 2004-BC4, Class M1, 2.61%, 11/25/2034 (z) (bb)		246
	766	Series 2004-ECC2, Class M2, 2.54%, 12/25/2034 (z) (bb)		767
	3,000	Series 2005-12, Class M2, 2.05%, 02/25/2036 (z) (bb)		2,997
	4,192	Series 2005-AB3, Class 1A1, 2.06%, 02/25/2036 (z) (bb)		4,129
	8,014	Series 2006-19, Class 2A2, 1.72%, 03/25/2037 (z) (bb)		7,939
	1,043	Countrywide Partnership Trust, Series 2004-EC1, Class M2, 2.51%, 01/25/2035 (z) (bb)		1,041
		Credit-Based Asset Servicing & Securitization LLC,
	2,341	Series 2003-CB6, Class M1, 2.61%, 12/25/2033 (z) (bb)		2,305
	1,396	Series 2004-CB2, Class M1, 2.34%, 07/25/2033 (z) (bb)		1,318
	193	Series 2005-CB8, Class AF2, SUB, 3.81%, 12/25/2035 (bb)		192
	1,309	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF6, 4.58%, 02/25/2036 (z) (bb)		1,340
		CWABS, Inc. Asset-Backed Certificates,
	3,154	Series 2003-BC1, Class A1, 2.36%, 03/25/2033 (z) (bb)		3,109
	684	Series 2004-1, Class M2, 2.39%, 03/25/2034 (z) (bb)		680
	1,229	Series 2004-1, Class M3, 2.54%, 02/25/2034 (z) (bb)		1,224
		CWABS, Inc. Asset-Backed Certificates Trust,
	1,814	Series 2004-5, Class M2, 2.57%, 07/25/2034 (z) (bb)		1,815
	702	Series 2004-6, Class M2, 2.54%, 10/25/2034 (z) (bb)		695

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	389	Equity One Mortgage Pass-Through Trust, Series 2003-4, Class M1, SUB, 5.87%, 10/25/2034 (bb)		387
	8,158	FFMLT Trust, Series 2005-FF11, Class M1, 2.21%, 11/25/2035 (z) (bb)		8,137
	186	Finance America Mortgage Loan Trust, Series 2004-3, Class M2, 2.51%, 11/25/2034 (z) (bb)		173
	821	First Franklin Mortgage Loan, Asset-Backed Certificates, Series 2004-FF3, Class M1, 2.39%, 05/25/2034 (z) (bb)		810
		First Franklin Mortgage Loan Trust,
	4,641	Series 2003-FF5, Class M1, 2.46%, 03/25/2034 (z) (bb)		4,650
	2,053	Series 2004-FF5, Class A1, 2.28%, 08/25/2034 (z) (bb)		2,000
	10,868	Series 2005-FF10, Class A1, 1.86%, 11/25/2035 (z) (bb)		10,511
	761	Series 2005-FF10, Class A4, 1.88%, 11/25/2035 (z)		762
	978	Series 2006-FF8, Class IIA3, 1.71%, 07/25/2036 (z) (bb)		971
		Fremont Home Loan Trust,
	2,185	Series 2002-1, Class M1, 2.81%, 08/25/2033 (z)		2,202
	1,947	Series 2003-A, Class M1, 2.54%, 08/25/2033 (z) (bb)		1,880
	1,402	Series 2004-2, Class M2, 2.49%, 07/25/2034 (z)		1,412
	3,595	Series 2004-A, Class M1, 2.39%, 01/25/2034 (z) (bb)		3,558
	495	Series 2004-B, Class M2, 2.51%, 05/25/2034 (z) (bb)		497
	844	Series 2004-C, Class M1, 2.54%, 08/25/2034 (z) (bb)		845
	1,799	Series 2004-D, Class M1, 2.43%, 11/25/2034 (z)		1,777
	691	Series 2004-D, Class M2, 2.46%, 11/25/2034 (z)		685
		GCAT LLC,
	4,313	Series 2017-3, Class A1, SUB, 3.35%, 04/25/2047 (e) (bb)		4,305
	2,547	Series 2017-5, Class A1, SUB, 3.23%, 07/25/2047 (e) (bb)		2,542
	777	GSAA Home Equity Trust, Series 2005-6, Class A3, 1.93%, 06/25/2035 (z) (bb)		783
		GSAMP Trust,
	2,103	Series 2003-HE1, Class M1, 2.81%, 06/20/2033 (z) (bb)		2,125

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	1,289	Series 2003-SEA, Class A1, 1.96%, 02/25/2033 (z) (bb)		1,269
	504	Series 2005-HE3, Class M2, 2.57%, 06/25/2035 (z) (bb)		507
	1,790	Series 2005-NC1, Class M1, 2.24%, 02/25/2035 (z) (bb)		1,798
	3,094	Series 2006-FM1, Class A2C, 1.72%, 04/25/2036 (z) (bb)		2,292
	5,665	Series 2006-HE3, Class A2C, 1.72%, 05/25/2046 (z)		5,583
	1,789	Series 2006-HE4, Class A2C, 1.71%, 06/25/2036 (z) (bb)		1,771
	6,195	Series 2007-SEA1, Class A, 1.86%, 12/25/2036 (e) (z) (bb)		5,978
		Home Equity Asset Trust,
	3,538	Series 2002-5, Class M1, 3.26%, 05/25/2033 (z) (bb)		3,521
	864	Series 2003-3, Class M1, 2.85%, 08/25/2033 (z) (bb)		852
	443	Series 2004-6, Class M2, 2.46%, 12/25/2034 (z) (bb)		435
	3,875	Series 2005-7, Class M1, 2.01%, 01/25/2036 (z) (bb)		3,888
		Home Equity Mortgage Loan Asset-Backed Trust,
	517	Series 2004-B, Class M2, 2.69%, 11/25/2034 (z) (bb)		517
	8,492	Series 2004-C, Class M1, 2.40%, 03/25/2035 (z)		8,458
	944	Series 2004-C, Class M2, 2.46%, 03/25/2035 (z) (bb)		936
	1,136	Series 2006-B, Class 2A3, 1.75%, 06/25/2036 (z) (bb)		1,104
		Long Beach Mortgage Loan Trust,
	743	Series 2001-2, Class M1, 2.40%, 07/25/2031 (z) (bb)		743
	2,533	Series 2002-5, Class M1, 2.81%, 11/25/2032 (z) (bb)		2,521
	299	Series 2003-4, Class M1, 2.58%, 08/25/2033 (z) (bb)		300
	818	Series 2004-3, Class M2, 2.46%, 07/25/2034 (z) (bb)		817
	534	Series 2004-3, Class M4, 3.17%, 07/25/2034 (z) (bb)		539
	574	Series 2004-3, Class M6, 3.70%, 07/25/2034 (z)		548
	1,731	Series 2004-4, Class M1, 2.46%, 10/25/2034 (z)		1,728
	119	Series 2005-WL2, Class M1, 2.27%, 08/25/2035 (z) (bb)		120

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
		MASTR Asset-Backed Securities Trust,
	2,737	Series 2003-OPT1, Class M3, 5.69%, 12/25/2032 (z) (bb)		2,855
	1,007	Series 2004-OPT2, Class M1, 2.46%, 09/25/2034 (z) (bb)		993
	885	Series 2004-OPT2, Class M2, 2.54%, 09/25/2034 (z) (bb)		864
	1,662	Series 2005-NC1, Class M2, 2.31%, 12/25/2034 (z) (bb)		1,676
	932	Series 2005-NC1, Class M4, 2.70%, 12/25/2034 (z) (bb)		902
		Merrill Lynch Mortgage Investors Trust,
	429	Series 2003-OPT1, Class M1, 2.54%, 07/25/2034 (z) (bb)		421
	321	Series 2004-HE2, Class M1, 2.76%, 08/25/2035 (z) (bb)		323
	90	Series 2004-WMC5, Class M5, 3.29%, 07/25/2035 (z) (bb)		90
	1,854	Series 2005-FM1, Class M1, 2.04%, 05/25/2036 (z)		1,816
	7,924	MFA Trust, Series 2017-NPL1, Class A1, SUB, 3.35%, 11/25/2047 (e) (bb)		7,879
		Morgan Stanley ABS Capital I, Inc. Trust,
	953	Series 2003-NC10, Class M1, 2.58%, 10/25/2033 (z) (bb)		944
	5,499	Series 2004-HE1, Class M1, 2.42%, 01/25/2034 (z) (bb)		5,451
	324	Series 2004-HE2, Class M2, 3.36%, 03/25/2034 (z) (bb)		302
	1,033	Series 2004-HE2, Class M3, 3.74%, 03/25/2034 (z) (bb)		671
	3,791	Series 2004-HE3, Class M1, 2.42%, 03/25/2034 (z) (bb)		3,687
	1,305	Series 2004-HE3, Class M2, 3.44%, 03/25/2034 (z) (bb)		1,265
	1,035	Series 2004-HE6, Class M1, 2.39%, 08/25/2034 (z)		1,042
	1,184	Series 2004-HE6, Class M2, 2.46%, 08/25/2034 (z) (bb)		1,183
	784	Series 2004-HE6, Class M3, 2.54%, 08/25/2034 (z) (bb)		785
	457	Series 2004-HE7, Class M2, 2.51%, 08/25/2034 (z) (bb)		462
	77	Series 2004-HE7, Class M3, 2.58%, 08/25/2034 (z) (bb)		77
	2,587	Series 2004-HE8, Class M1, 2.52%, 09/25/2034 (z) (bb)		2,614
	404	Series 2004-HE8, Class M2, 2.58%, 09/25/2034 (z) (bb)		410

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	710	Series 2004-HE8, Class M3, 2.69%, 09/25/2034 (z) (bb)		713
	2,427	Series 2004-NC3, Class M1, 2.36%, 03/25/2034 (z) (bb)		2,392
	4,852	Series 2004-NC5, Class M1, 2.46%, 05/25/2034 (z) (bb)		4,823
	646	Series 2004-NC6, Class M2, 3.44%, 07/25/2034 (z) (bb)		615
	602	Series 2004-NC8, Class M3, 2.67%, 09/25/2034 (z) (bb)		593
	897	Series 2004-OP1, Class M2, 2.48%, 11/25/2034 (z) (bb)		892
	852	Series 2004-OP1, Class M3, 2.58%, 11/25/2034 (z) (bb)		845
	1,946	Series 2004-WMC2, Class M1, 2.48%, 07/25/2034 (z) (bb)		1,942
	777	Series 2004-WMC2, Class M2, 3.36%, 07/25/2034 (z) (bb)		765
	3,341	Series 2004-WMC3, Class M2, 2.36%, 01/25/2035 (z) (bb)		3,305
	409	Series 2005-HE1, Class M2, 2.27%, 12/25/2034 (z) (bb)		379
	1,106	Series 2005-HE1, Class M3, 2.34%, 12/25/2034 (z) (bb)		1,021
	263	Series 2005-NC1, Class M3, 2.33%, 01/25/2035 (z) (bb)		251
	4,536	Morgan Stanley Mortgage Loan Trust, Series 2007-5AX, Class 2A2, 1.71%, 02/25/2037 (z)		2,421
		New Century Home Equity Loan Trust,
	365	Series 2003-3, Class M1, 2.75%, 07/25/2033 (z) (bb)		364
	793	Series 2003-B, Class M2, 4.04%, 11/25/2033 (z)		797
	2,812	Series 2004-1, Class M1, 2.45%, 05/25/2034 (z)		2,792
	200	Series 2004-2, Class M2, 2.49%, 08/25/2034 (z) (bb)		199
	932	Series 2004-2, Class M4, 3.36%, 08/25/2034 (z) (bb)		936
	795	Series 2004-2, Class M6, 3.81%, 08/25/2034 (z) (bb)		798
	1,341	Series 2004-3, Class M2, 2.54%, 11/25/2034 (z) (bb)		1,337
	423	Series 2004-3, Class M3, 2.63%, 11/25/2034 (z) (bb)		426
	4,735	Series 2004-4, Class M1, 2.33%, 02/25/2035 (z) (bb)		4,694
	529	Series 2004-4, Class M2, 2.36%, 02/25/2035 (z) (bb)		524

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	292	Series 2005-1, Class M3, 2.34%, 03/25/2035 (z) (bb)		269
	2,338	Series 2006-2, Class A2B, 1.72%, 08/25/2036 (z) (bb)		2,174
		NovaStar Mortgage Funding Trust,
	1,191	Series 2003-2, Class M2, 4.34%, 09/25/2033 (z) (bb)		1,182
	144	Series 2003-3, Class M2, 4.04%, 12/25/2033 (z) (bb)		143
	4,055	Series 2004-2, Class M4, 3.36%, 09/25/2034 (z) (bb)		3,984
		Oak Hill Advisors Residential Loan Trust,
	6,193	Series 2017-NPL1, Class A1, SUB, 3.00%, 06/25/2057 (e) (bb)		6,167
	4,838	Series 2017-NPL2, Class A1, SUB, 3.00%, 07/25/2057 (e) (bb)		4,823
		Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	5,956	Series 2003-5, Class A1, 2.20%, 08/25/2033 (z) (bb)		5,730
	463	Series 2003-5, Class A2, 2.20%, 08/25/2033 (z) (bb)		453
	268	Series 2003-5, Class M2, 3.89%, 08/25/2033 (z) (bb)		244
		Option One Mortgage Loan Trust,
	4,431	Series 2002-3, Class A1, 2.06%, 08/25/2032 (z) (bb)		4,327
	746	Series 2002-3, Class A2, 2.10%, 08/25/2032 (z) (bb)		729
	652	Series 2004-3, Class M2, 2.42%, 11/25/2034 (z) (bb)		652
	1,910	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M3, 3.29%, 10/25/2034 (z) (bb)		1,896
		Pretium Mortgage Credit Partners I LLC,
	12,871	Series 2017-NPL1, Class A1, SUB, 3.50%, 04/29/2032 (e) (bb)		12,861
	6,000	Series 2017-NPL1, Class A2, SUB, 5.50%, 04/29/2032 (e) (bb)		5,822
	9,618	Series 2017-NPL2, Class A1, SUB, 3.25%, 03/28/2057 (e) (bb)		9,601
	2,696	Series 2017-NPL2, Class A2, SUB, 5.50%, 03/28/2057 (e) (bb)		2,651
	5,074	Series 2017-NPL3, Class A1, SUB, 3.25%, 06/29/2032 (e) (bb)		5,059
	8,039	Series 2017-NPL4, Class A1, SUB, 3.25%, 08/27/2032 (e) (bb)		8,004
	13,455	Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (e) (z)		13,379

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	7,000	Series 2018-NPL1, Class A1, SUB, 3.37%, 01/27/2033 (e)		7,000
	1,044	RAAC Trust, Series 2005-RP3, Class M1, 2.36%, 05/25/2039 (e) (z) (bb)		1,036
		RAMP Trust,
	545	Series 2002-RS2, Class AI5, 6.03%, 03/25/2032 (z) (bb)		553
	5,500	Series 2006-RZ3, Class M1, 1.91%, 08/25/2036 (z)		5,165
		RASC Trust,
	632	Series 2001-KS3, Class AII, 2.02%, 09/25/2031 (z) (bb)		619
	2,987	Series 2005-EMX1, Class M1, 2.21%, 03/25/2035 (z) (bb)		2,995
	1,462	Series 2005-KS2, Class M1, 2.21%, 03/25/2035 (z) (bb)		1,463
	783	Series 2006-KS5, Class A3, 1.72%, 07/25/2036 (z) (bb)		783
		Renaissance Home Equity Loan Trust,
	1,328	Series 2002-3, Class M1, 3.06%, 12/25/2032 (z) (bb)		1,329
	413	Series 2003-1, Class M1, 3.06%, 06/25/2033 (z) (bb)		405
	1,387	Series 2003-3, Class M1, 2.29%, 12/25/2033 (z) (bb)		1,354
	1,262	Series 2003-3, Class M2F, SUB, 5.68%, 12/25/2033 (bb)		1,306
	2,082	Series 2003-4, Class M1, 2.41%, 03/25/2034 (z) (bb)		2,075
	986	Series 2003-4, Class M2F, SUB, 6.24%, 03/25/2034 (bb)		939
	657	Series 2004-1, Class M1, 2.43%, 05/25/2034 (z) (bb)		633
	394	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		403
	1,070	Series 2005-2, Class AV3, 1.93%, 08/25/2035 (z) (bb)		1,019
	659	Series 2005-4, Class A3, SUB, 5.57%, 02/25/2036		659
	680	SASCO Mortgage Loan Trust, Series 2004-GEL3, Class M1, 3.14%, 08/25/2034 (z) (bb)		676
		Saxon Asset Securities Trust,
	4,952	Series 2003-3, Class M1, 2.54%, 12/25/2033 (z) (bb)		4,777
	206	Series 2004-2, Class AF3, 4.42%, 08/25/2035 (z) (bb)		210
	1,826	Series 2004-2, Class MV2, 3.36%, 08/25/2035 (z) (bb)		1,829

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	3,766		Series 2005-2, Class M2, 2.22%, 10/25/2035 (z)		3,593
			Securitized Asset-Backed Receivables LLC Trust,
	2,434		Series 2004-NC1, Class M1, 2.34%, 02/25/2034 (z) (bb)		2,453
	793		Series 2004-OP1, Class M2, 3.21%, 02/25/2034 (z) (bb)		781
	3,426		Series 2004-OP2, Class M1, 2.54%, 08/25/2034 (z) (bb)		3,381
	1,072		Series 2005-FR2, Class M2, 2.54%, 03/25/2035 (z) (bb)		1,073
	1,730		Series 2005-OP1, Class M2, 2.24%, 01/25/2035 (z) (bb)		1,698
	2,337		Soundview Home Loan Trust, Series 2006-OPT3, Class 2A3, 1.73%, 06/25/2036 (z) (bb)		2,309
			Specialty Underwriting & Residential Finance Trust,
	1,466		Series 2004-BC1, Class M2, 3.17%, 02/25/2035 (z) (bb)		1,455
	1,273		Series 2004-BC3, Class M1, 2.49%, 07/25/2035 (z) (bb)		1,267
	2,728		Stanwich Mortgage Loan Co. LLC, Series 2017-NPA1, Class A1, SUB, 3.60%, 03/16/2022 (e) (bb)		2,741
			Structured Asset Investment Loan Trust,
	292		Series 2003-BC3, Class M1, 2.99%, 04/25/2033 (z) (bb)		291
	792		Series 2003-BC6, Class M1, 2.69%, 07/25/2033 (z) (bb)		791
	1,062		Series 2003-BC7, Class M1, 2.69%, 07/25/2033 (z) (bb)		1,058
	748		Series 2003-BC11, Class M2, 4.11%, 10/25/2033 (z) (bb)		758
	808		Series 2003-BC12, Class M1, 2.54%, 11/25/2033 (z) (bb)		782
	1,895		Series 2004-1, Class M1, 2.54%, 02/25/2034 (z) (bb)		1,860
	—	(h)	Series 2004-1, Class M2, 4.26%, 02/25/2034 (z) (bb)		—	(h)
	2,338		Series 2004-5, Class M3, 2.49%, 05/25/2034 (z) (bb)		2,256
	2,060		Series 2004-6, Class M1, 2.46%, 07/25/2034 (z) (bb)		2,033
	1,329		Series 2004-7, Class M1, 2.61%, 08/25/2034 (z) (bb)		1,249
	493		Series 2004-8, Class M2, 2.49%, 09/25/2034 (z) (bb)		494

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	236	Series 2004-BNC1, Class A5, 2.80%, 09/25/2034 (z) (bb)		238
	1,644	Series 2005-HE2, Class M1, 2.28%, 07/25/2035 (z) (bb)		1,650
		Structured Asset Securities Corp. Mortgage Loan Trust,
	4,595	Series 2006-BC4, Class A4, 1.73%, 12/25/2036 (z) (bb)		4,447
	9,652	Series 2006-BC6, Class A4, 1.73%, 01/25/2037 (z)		9,345
	3,822	Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A3, 3.45%, 02/25/2032 (bb)		3,750
	1,591	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		1,600
		VOLT LIX LLC,
	5,819	Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		5,817
	2,000	Series 2017-NPL6, Class A2, SUB, 5.37%, 05/25/2047 (e) (bb)		2,001
	6,246	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		6,286
	5,244	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.38%, 04/25/2047 (e) (bb)		5,255
	2,843	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.38%, 05/28/2047 (e) (bb)		2,844
		VOLT LX LLC,
	6,737	Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		6,732
	14,000	Series 2017-NPL7, Class A2, SUB, 5.37%, 06/25/2047 (e) (bb)		13,915
		VOLT LXI LLC,
	5,817	Series 2017-NPL8, Class A1, SUB, 3.13%, 06/25/2047 (e) (bb)		5,807
	8,500	Series 2017-NPL8, Class A2, SUB, 5.00%, 06/25/2047 (e) (bb)		8,416
	6,750	VOLT LXII LLC, Series 2017-NPL9, Class A1, SUB, 3.13%, 09/25/2047 (e) (bb)		6,733
	3,300	VOLT LXIII LLC, Series 2017-NP10, Class A1, SUB, 3.00%, 10/25/2047 (e)		3,302
	3,720	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.38%, 10/25/2047 (e) (bb)		3,720
	2,507	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		2,509
	2,838	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.88%, 09/25/2045 (e) (bb)		2,841

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
		Wells Fargo Home Equity Asset-Backed Securities Trust,
	18	Series 2004-2, Class A21B, 2.40%, 10/25/2034 (z) (bb)		18
	858	Series 2004-2, Class M1, 2.46%, 10/25/2034 (z) (bb)		853
	1,326	Series 2004-2, Class M4, 3.36%, 10/25/2034 (z)		1,282
	639	Series 2004-2, Class M5, 3.44%, 10/25/2034 (z) (bb)		621
	290	Series 2004-2, Class M8A, 6.06%, 10/25/2034 (e) (z) (bb)		278
	290	Series 2004-2, Class M8B, 5.00%, 10/25/2034 (e) (z) (bb)		264
		Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates,
	444	Series 2004-1, Class M2, 2.19%, 04/25/2034 (z) (bb)		412
	689	Series 2004-1, Class M4, 2.71%, 04/25/2034 (z) (bb)		635
		Total Asset-Backed Securities (Cost $529,163)		555,335
	Collateralized Mortgage Obligations — 3.4%
		Cayman Islands — 0.0% (g)
	1,345	LSTAR Securities Investment Ltd., Series 2017-7, Class A, 0.03%, 10/01/2022 (e) (z)		1,339
		United States — 3.4%
		Adjustable Rate Mortgage Trust
	4,096	Series 2004-2, Class 6A1, 3.60%, 02/25/2035 (z)		4,121
	4,750	Series 2004-4, Class 4A1, 3.46%, 03/25/2035 (z)		4,784
	1,509	Series 2005-2, Class 3A1, 3.69%, 06/25/2035 (z)		1,482
		Alternative Loan Trust
	795	Series 2004-12CB, Class 2A1, 6.00%, 06/25/2034		811
	35	Series 2004-16CB, Class 2A1, 5.00%, 08/25/2019		35
	6,839	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		7,030
	457	Series 2004-27CB, Class A1, 6.00%, 12/25/2034		461
	654	Series 2004-28CB, Class 2A4, 5.75%, 01/25/2035		656

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	72	Series 2004-28CB, Class 4A1, 5.00%, 01/25/2020		72
	1,269	Series 2004-28CB, Class 6A1, 6.00%, 01/25/2035		1,267
	4,422	Series 2004-32CB, Class 2A5, 5.50%, 02/25/2035		4,482
	139	Series 2005-3CB, Class 1A4, 5.25%, 03/25/2035		137
	12,520	Series 2005-3CB, Class 1A13, 5.50%, 03/25/2035		11,933
	5,400	Series 2005-6CB, Class 1A4, 5.50%, 04/25/2035		5,222
	615	Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035		621
	5,304	Series 2005-10CB, Class 1A5, 5.50%, 05/25/2035		5,044
	3,049	Series 2005-10CB, Class 1A8, 5.50%, 05/25/2035		2,999
	2,326	Series 2005-13CB, Class A4, 5.50%, 05/25/2035		2,321
	268	Series 2005-20CB, Class 1A1, 5.50%, 07/25/2035		256
	1,212	Series 2005-21CB, Class A4, 5.25%, 06/25/2035		1,171
	5,391	Series 2005-21CB, Class A17, 6.00%, 06/25/2035		5,391
	2,636	Series 2005-23CB, Class A15, 5.50%, 07/25/2035		2,483
	41	Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020		41
	1,072	Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035		1,073
	2,713	Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035		2,716
	8,144	Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036		8,223
	713	Series 2005-85CB, Class 3A2, 5.25%, 02/25/2021		697
	575	Series 2005-86CB, Class A4, 5.50%, 02/25/2036		512
	225	Series 2005-J1, Class 3A1, 6.50%, 08/25/2032		233
	8,245	Series 2005-J2, Class 1A5, 2.06%, 04/25/2035 (z)		7,293
	218	Series 2005-J3, Class 3A1, 6.50%, 09/25/2034		217
	373	Series 2005-J6, Class 2A1, 5.50%, 07/25/2025		369
	427	Series 2005-J11, Class 5A1, 5.50%, 11/25/2020		421

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	504	Series 2005-J14, Class A3, 5.50%, 12/25/2035		431
	1,371	Series 2006-4CB, Class 2A5, 5.50%, 04/25/2036		1,309
	2,121	Series 2006-14CB, Class A1, 6.00%, 06/25/2036		1,856
	853	Series 2006-19CB, Class A15, 6.00%, 08/25/2036		758
	390	Series 2006-25CB, Class A2, 6.00%, 10/25/2036		343
	235	Series 2006-J1, Class 1A13, 5.50%, 02/25/2036		215
	542	Series 2006-J3, Class 4A1, 5.75%, 05/25/2026		484
	269	Series 2007-8CB, Class A9, 6.00%, 05/25/2037		235
	227	Series 2007-19, Class 1A8, 6.00%, 08/25/2037		186
	236	Series 2007-25, Class 2A1, 6.00%, 11/25/2022		228
	49	Series 2007-9T1, Class 3A1, 5.50%, 05/25/2022		37
		American Home Mortgage Investment Trust
	323	Series 2005-1, Class 6A, 3.82%, 06/25/2045 (z)		326
	7,192	Series 2007-2, Class 12A1, 1.83%, 03/25/2037 (z)		4,844
		Banc of America Alternative Loan Trust
	474	Series 2004-12, Class 4A1, 5.50%, 01/25/2020		477
	95	Series 2005-3, Class 2A1, 5.50%, 04/25/2020		96
	103	Series 2005-4, Class 3A1, 5.50%, 05/25/2020		103
	74	Series 2005-6, Class 5A4, 5.50%, 07/25/2035		67
	74	Series 2005-6, Class 7A1, 5.50%, 07/25/2020		70
	900	Series 2005-11, Class 4A5, 5.75%, 12/25/2035		820
	425	Series 2005-12, Class 5A1, 5.25%, 01/25/2021		417
	12	Series 2006-4, Class 2A1, 6.00%, 05/25/2021		12
	1,031	Series 2006-4, Class 3CB4, 6.00%, 05/25/2046		999
	4,370	Series 2006-4, Class 4CB1, 6.50%, 05/25/2046		4,497
	672	Series 2006-5, Class CB7, 6.00%, 06/25/2046		619

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Banc of America Funding Trust
	2,855	Series 2005-6, Class 1A2, 5.50%, 10/25/2035		2,723
	855	Series 2005-7, Class 4A7, 6.00%, 11/25/2035		868
	674	Series 2006-2, Class 2A20, 5.75%, 03/25/2036		654
	1,619	Series 2006-A, Class 1A1, 3.64%, 02/20/2036 (z)		1,603
	123	Series 2007-4, Class 8A1, 5.50%, 11/25/2034		115
	5,445	Series 2007-5, Class 4A1, 1.93%, 07/25/2037 (z)		3,591
		Banc of America Mortgage Trust
	882	Series 2004-A, Class 2A2, 3.69%, 02/25/2034 (z)		881
	471	Series 2007-3, Class 1A1, 6.00%, 09/25/2037		455
	475	Bear Stearns ALT-A Trust, Series 2006-8, Class 3A1, 1.72%, 02/25/2034 (z)		441
	567	Bear Stearns ARM Trust, Series 2005-2, Class A2, 4.06%, 03/25/2035 (z)		573
	731	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class M1, 2.57%, 10/25/2034 (z) (bb)		258
		Chase Mortgage Finance Trust
	1,726	Series 2006-S3, Class 1A2, 6.00%, 11/25/2036		1,441
	1,221	Series 2006-S4, Class A5, 6.00%, 12/25/2036		1,039
	9,913	Series 2007-A2, Class 3A1, 3.72%, 07/25/2037 (z)		9,971
	327	Series 2007-S2, Class 1A8, 6.00%, 03/25/2037		278
		CHL Mortgage Pass-Through Trust
	180	Series 2003-27, Class A1, 3.82%, 06/25/2033 (z)		181
	353	Series 2003-37, Class 2A1, 3.57%, 09/25/2033 (z)		353
	4,371	Series 2004-25, Class 2A1, 2.24%, 02/25/2035 (z)		4,227
	6	Series 2005-5, Class A2, 5.50%, 03/25/2035		6
	221	Series 2005-20, Class A7, 5.25%, 12/25/2027		212
	3,141	Series 2005-26, Class 1A11, 5.50%, 11/25/2035		2,847
	288	Series 2005-30, Class A5, 5.50%, 01/25/2036		273

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,764	Series 2005-31, Class 2A1, 3.28%, 01/25/2036 (z)		1,677
	2,130	Series 2006-10, Class 1A16, 6.00%, 05/25/2036		1,832
	141	Series 2006-15, Class A1, 6.25%, 10/25/2036		122
	607	Series 2006-17, Class A2, 6.00%, 12/25/2036		518
	3,656	Series 2006-18, Class 2A4, 6.00%, 12/25/2036		3,291
	4,451	Series 2006-HYB1, Class 2A2C, 3.25%, 03/20/2036 (z)		4,084
	1,709	Series 2006-HYB2, Class 2A1B, 3.35%, 04/20/2036 (z)		1,574
	201	Series 2006-J2, Class 1A1, 6.00%, 04/25/2036		187
	214	Series 2007-2, Class A2, 6.00%, 03/25/2037		187
	1,729	Series 2007-3, Class A18, 6.00%, 04/25/2037		1,519
	193	Series 2007-10, Class A4, 5.50%, 07/25/2037		163
	474	Series 2007-13, Class A4, 6.00%, 08/25/2037		421
	3,890	Series 2007-16, Class A1, 6.50%, 10/25/2037		3,365
	744	Series 2007-18, Class 2A1, 6.50%, 11/25/2037		609
	1,037	Citicorp Mortgage Securities Trust, Series 2007-4, Class 1A9, 6.00%, 05/25/2037		1,001
		Citigroup Mortgage Loan Trust
	336	Series 2005-3, Class 2A2A, 3.49%, 08/25/2035 (z)		337
	648	Series 2005-11, Class A2A, 3.63%, 10/25/2035 (z)		654
	2,671	Series 2006-AR3, Class 1A1A, 3.51%, 06/25/2036 (z)		2,670
	1,387	Series 2006-AR5, Class 1A5A, 3.58%, 07/25/2036 (z)		1,323
		Citigroup Mortgage Loan Trust, Inc.
	901	Series 2005-4, Class A, 3.55%, 08/25/2035 (z)		894
	1,062	Series 2005-6, Class A1, 3.41%, 09/25/2035 (z)		1,074
	866	Series 2005-9, Class 2A2, 5.50%, 11/25/2035		867
	1,087	Series 2006-8, Class A3, 1.91%, 10/25/2035 (e) (z)		869

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		CSFB Mortgage-Backed Pass-Through Certificates
	465	Series 2003-29, Class 3A1, 5.50%, 12/25/2033		483
	5,867	Series 2004-4, Class 4A1, 5.50%, 08/25/2034		5,991
	174	Series 2004-8, Class 4A3, 5.50%, 12/25/2034		176
	688	Series 2004-AR4, Class 2A1, 3.53%, 05/25/2034 (z)		701
	4,303	Series 2004-AR4, Class 4A1, 3.48%, 05/25/2034 (z)		4,382
	961	Series 2004-AR5, Class 6A1, 3.54%, 06/25/2034 (z)		979
	5,443	Series 2005-4, Class 2A5, 2.11%, 06/25/2035 (z)		4,657
	545	Series 2005-10, Class 5A3, 5.50%, 11/25/2035		533
	1,812	Series 2005-10, Class 11A1, 5.50%, 11/25/2020		1,513
	53	Series 2005-10, Class 12A1, 5.25%, 11/25/2020		48
	2,237	CSFB Mortgage-Backed Trust, Series 2004-AR6, Class 7A1, 3.58%, 10/25/2034 (z)		2,280
		CSMC Mortgage-Backed Trust
	78	Series 2006-8, Class 5A1, 5.97%, 10/25/2026 (z)		76
	777	Series 2007-2, Class 3A13, 5.50%, 03/25/2037		711
	154	Series 2007-3, Class 4A5, 5.00%, 04/25/2037		149
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	137	Series 2005-1, Class 2A1, 5.70%, 02/25/2020 (z)		137
	47	Series 2005-2, Class 2A1, 1.86%, 03/25/2020 (z)		46
	3,367	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1.82%, 08/19/2045 (z)		3,166
		FHLMC Structured Agency Credit Risk Debt Notes
	3,000	Series 2016-DNA3, Class M2, 3.56%, 12/25/2028 (z)		3,056
	3,000	Series 2017-DNA1, Class M2, 4.81%, 07/25/2029 (z)		3,251
	4,000	Series 2017-DNA2, Class M2, 5.01%, 10/25/2029 (z)		4,367
	6,000	Series 2017-DNA3, Class M2, 4.06%, 03/25/2030 (z)		6,215

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
		First Horizon Alternative Mortgage Securities Trust
	99	Series 2005-FA1, Class 1A4, 5.50%, 03/25/2035		95
	3,351	Series 2005-FA10, Class 1A5, 5.50%, 01/25/2036		2,920
	560	Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021		545
		First Horizon Mortgage Pass-Through Trust
	267	Series 2004-AR7, Class 4A1, 3.63%, 02/25/2035 (z)		266
	2,362	Series 2005-5, Class 1A6, 5.50%, 10/25/2035		2,289
	580	Series 2006-2, Class 1A3, 6.00%, 08/25/2036		520
	77	Series 2006-2, Class 1A7, 6.00%, 08/25/2036		69
		FNMA, Connecticut Avenue Securities
	3,834	Series 2017-C05, Class 1M1, 2.11%, 01/25/2030 (z)		3,838
	3,000	Series 2017-C05, Class 1M2, 3.76%, 01/25/2030 (z)		3,043
		GMACM Mortgage Loan Trust
	813	Series 2004-AR2, Class 3A, 4.07%, 08/19/2034 (z)		784
	497	Series 2005-AR1, Class 3A, 3.92%, 03/18/2035 (z)		501
	1,587	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (z)		1,111
		GSR Mortgage Loan Trust
	360	Series 2004-15F, Class 1A2, 5.50%, 12/25/2034		383
	387	Series 2005-1F, Class 2A3, 6.00%, 02/25/2035		380
	1,847	Series 2005-6F, Class 3A18, 5.50%, 07/25/2035		1,901
	190	Series 2005-AR3, Class 6A1, 3.54%, 05/25/2035 (z)		187
	3,705	Series 2005-AR4, Class 3A5, 3.46%, 07/25/2035 (z)		3,573
	1,188	Series 2006-1F, Class 2A16, 6.00%, 02/25/2036		1,025
	1,923	Series 2006-1F, Class 2A9, 6.00%, 02/25/2036		1,659
	1,176	Series 2006-9F, Class 3A1, 6.25%, 10/25/2036		1,133
	262	Series 2006-9F, Class 8A1, 5.50%, 08/25/2021		247

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	605	Series 2007-1F, Class 3A13, 6.00%, 01/25/2037		559
	385	HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 1.87%, 08/19/2045 (z)		380
		Impac CMB Trust
	1,163	Series 2004-5, Class 1A1, 2.28%, 10/25/2034 (z)		1,167
	423	Series 2004-5, Class 1M2, 2.43%, 10/25/2034 (z) (bb)		400
	2,638	Series 2004-6, Class 1A2, 2.34%, 10/25/2034 (z)		2,583
	1,056	Series 2004-7, Class 1A2, 2.48%, 11/25/2034 (z)		1,026
	4,495	Series 2004-9, Class 1A1, 2.32%, 01/25/2035 (z)		4,425
	1,125	Series 2004-10, Class 2A, 2.20%, 03/25/2035 (z)		1,051
	3,295	Series 2004-10, Class 3A1, 2.26%, 03/25/2035 (z)		3,102
	716	Series 2005-1, Class 1A1, 2.08%, 04/25/2035 (z)		681
	876	Series 2005-1, Class 1A2, 2.18%, 04/25/2035 (z)		812
	832	Series 2005-2, Class 1A2, 2.18%, 04/25/2035 (z)		794
	667	Series 2005-4, Class 1A1A, 2.10%, 05/25/2035 (z)		667
	400	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A4, 3.75%, 08/25/2033		383
		Impac Secured Assets Trust
	4,163	Series 2007-3, Class A1B, 1.80%, 09/25/2037 (z)		3,432
	6,976	Series 2007-3, Class A1C, 1.92%, 09/25/2037 (z)		5,789
		IndyMac INDX Mortgage Loan Trust
	542	Series 2005-AR3, Class 3A1, 3.13%, 04/25/2035 (z)		533
	1,524	Series 2005-AR14, Class 2A1A, 1.86%, 07/25/2035 (z)		1,482
	5,802	JP Morgan Alternative Loan Trust, Series 2006-A2, Class 1A1, 1.74%, 05/25/2036 (z)		5,482
		JP Morgan Mortgage Trust
	230	Series 2004-A6, Class 1A1, 3.60%, 12/25/2034 (z)		226
	762	Series 2005-A3, Class 6A6, 3.54%, 06/25/2035 (z)		748

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	836	Series 2005-A6, Class 1A2, 3.62%, 09/25/2035 (z)		844
	267	Series 2005-A8, Class 1A1, 3.48%, 11/25/2035 (z)		257
	3,305	Series 2005-A8, Class 4A1, 3.60%, 11/25/2035 (z)		3,294
	1,199	Series 2006-A7, Class 2A4, 3.54%, 01/25/2037 (z)		1,207
	158	Series 2006-S2, Class 2A1, 5.00%, 06/25/2021		151
	67	Series 2006-S3, Class 2A4, 5.50%, 08/25/2021		67
	440	Series 2007-A1, Class 2A2, 3.63%, 07/25/2035 (z)		445
	5,920	Series 2007-S1, Class 2A17, 1.89%, 03/25/2037 (z)		3,272
	67	Series 2007-S3, Class 2A3, 6.00%, 08/25/2022		69
	1,569	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.50%, 12/25/2035		1,494
		Lehman XS Trust
	9,454	Series 2005-5N, Class 3A1A, 1.86%, 11/25/2035 (z)		9,065
	6,438	Series 2005-7N, Class 1A1A, 1.83%, 12/25/2035 (z)		6,398
		MASTR Alternative Loan Trust
	631	Series 2004-8, Class 1A1, 6.50%, 09/25/2034		686
	1,608	Series 2004-12, Class 3A1, 6.00%, 12/25/2034		1,673
	518	Series 2005-3, Class 1A1, 5.50%, 04/25/2035		532
	350	Series 2005-5, Class 3A1, 5.75%, 08/25/2035		301
	966	Series 2005-6, Class 1A2, 5.50%, 12/25/2035		930
	619	Series 2006-3, Class 3A1, 5.50%, 06/25/2021		611
		Merrill Lynch Mortgage Investors Trust
	141	Series 2005-1, Class 2A1, 3.23%, 04/25/2035 (z)		138
	445	Series 2005-1, Class 2A2, 3.23%, 04/25/2035 (z)		432
	2,026	Series 2006-1, Class 2A1, 3.23%, 02/25/2036 (z)		2,016
	431	Series 2006-AF2, Class AF2, 6.25%, 10/25/2036		364
	8,566	Metlife Securitization Trust, Series 2017-1A, Class A, 3.00%, 04/25/2055 (e) (z)		8,651

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Morgan Stanley Mortgage Loan Trust
	1,391	Series 2004-8AR, Class 4A1, 3.51%, 10/25/2034 (z)		1,415
	884	Series 2004-9, Class 1A, 5.39%, 11/25/2034 (z)		924
	94	Series 2005-4, Class 1A, 5.00%, 08/25/2035		94
	1,383	Series 2006-2, Class 1A, 5.25%, 02/25/2021		1,351
		MortgageIT Trust
	5,024	Series 2005-3, Class A1, 2.16%, 08/25/2035 (z)		4,905
	705	Series 2005-5, Class A1, 1.82%, 12/25/2035 (z)		701
	57	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, SUB, 5.16%, 03/25/2035		58
		Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates
	593	Series 2005-4, Class 1A2, 1.95%, 11/25/2035 (z)		583
	2,817	Series 2005-5, Class 1APT, 1.84%, 12/25/2035 (z)		2,740
		Opteum Mortgage Acceptance Corp. Trust
	3,107	Series 2006-1, Class 1AC1, 1.86%, 04/25/2036 (z)		2,979
	869	Series 2006-1, Class 1APT, 1.77%, 04/25/2036 (z)		824
	1,167	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.49%, 05/25/2035 (z)		1,141
		RALI Trust
	20	Series 2003-QS20, Class CB, 5.00%, 11/25/2018		20
	228	Series 2004-QS15, Class A2, 1.96%, 11/25/2034 (z)		226
	2,642	Series 2005-QA5, Class A2, 4.64%, 04/25/2035 (z)		2,504
	126	Series 2005-QS2, Class A1, 5.50%, 02/25/2035		124
	2,567	Series 2005-QS6, Class A1, 5.00%, 05/25/2035		2,436
	1,347	Series 2005-QS17, Class A3, 6.00%, 12/25/2035		1,315
	2,278	Series 2006-QS3, Class 1A10, 6.00%, 03/25/2036		2,136
	2,649	Series 2006-QS4, Class A2, 6.00%, 04/25/2036		2,425
	79	Series 2006-QS18, Class 3A1, 5.75%, 12/25/2021		75

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
		Residential Asset Securitization Trust
	113	Series 2004-A6, Class A1, 5.00%, 08/25/2019		112
	26	Series 2004-A8, Class A1, 5.25%, 11/25/2034		27
	4,250	Series 2005-A3, Class A2, 5.50%, 04/25/2035		3,748
	2,510	Series 2005-A8CB, Class A11, 6.00%, 07/25/2035		2,370
	203	Series 2005-A14, Class A1, 5.50%, 12/25/2035		180
		RFMSI Trust
	276	Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		276
	170	Series 2005-S7, Class A6, 5.50%, 11/25/2035		167
	720	Series 2005-SA1, Class 3A, 3.54%, 03/25/2035 (z)		720
	3,310	Series 2006-S10, Class 1A1, 6.00%, 10/25/2036		3,130
	3,426	Series 2006-SA4, Class 2A1, 4.72%, 11/25/2036 (z)		3,265
	344,446	Seasoned Credit Risk Transfer Trust, Series 2017-3, Class AIO, IO, 0.25%, 07/25/2056 (e) (z) (bb)		1,581
		Sequoia Mortgage Trust
	1,358	Series 2007-3, Class 1A1, 1.76%, 07/20/2036 (z)		1,292
	8,500	Series 2018-2, Class A4, 3.50%, 02/25/2048 (e) (z)		8,555
		Structured Adjustable Rate Mortgage Loan Trust
	972	Series 2004-16, Class 5A2, 3.51%, 11/25/2034 (z)		981
	601	Series 2005-1, Class 1A1, 3.49%, 02/25/2035 (z)		581
	41	Series 2005-17, Class 4A3, 3.49%, 08/25/2035 (z)		41
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates
	867	Series 2003-35, Class B1, 5.46%, 12/25/2033 (z) (bb)		809
	6,233	Series 2004-10, Class 1A1, 5.18%, 06/25/2034 (z)		6,364
		WaMu Mortgage Pass-Through Certificates Trust
	1,654	Series 2004-AR10, Class A1B, 1.98%, 07/25/2044 (z)		1,657
	2,022	Series 2004-AR11, Class A, 3.28%, 10/25/2034 (z)		2,027

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	5,394	Series 2005-AR5, Class A6, 3.04%, 05/25/2035 (z)		5,432
	1,975	Series 2005-AR7, Class A3, 3.26%, 08/25/2035 (z)		1,987
	2,936	Series 2005-AR14, Class 1A3, 3.36%, 12/25/2035 (z)		2,912
	1,958	Series 2005-AR14, Class 1A4, 3.36%, 12/25/2035 (z)		1,943
	66	Series 2005-AR15, Class A1A1, 1.82%, 11/25/2045 (z)		65
	1,190	Series 2005-AR16, Class 1A1, 3.38%, 12/25/2035 (z)		1,160
	135	Series 2005-AR18, Class 1A3A, 3.39%, 01/25/2036 (z)		135
	553	Series 2006-AR2, Class 1A1, 3.23%, 03/25/2036 (z)		527
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
	1,277	Series 2005-1, Class 1A3, 5.50%, 03/25/2035		1,241
	850	Series 2005-4, Class CB7, 5.50%, 06/25/2035		819
	1,306	Series 2005-10, Class 4CB1, 5.75%, 12/25/2035		1,278
	915	Series 2006-3, Class 5A2, 5.50%, 03/25/2021		895
	289	Series 2006-5, Class 2CB5, 6.50%, 07/25/2036		246
	6,088	Series 2007-1, Class 1A7, 2.16%, 02/25/2037 (z)		4,676
	1,535	Series 2007-1, Class 2A1, 6.00%, 01/25/2022		1,477
		Wells Fargo Mortgage-Backed Securities Trust
	2,769	Series 2004-M, Class A1, 3.50%, 08/25/2034 (z)		2,847
	4,527	Series 2004-N, Class A6, 3.48%, 08/25/2034 (z)		4,564
	4,298	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		4,334
	811	Series 2004-Q, Class 1A1, 3.60%, 09/25/2034 (z)		822
	500	Series 2004-Q, Class 1A2, 3.60%, 09/25/2034 (z)		509
	620	Series 2004-BB, Class A5, 3.72%, 01/25/2035 (z)		628
	6,169	Series 2004-DD, Class 1A1, 3.77%, 01/25/2035 (z)		6,392
	674	Series 2004-DD, Class 2A6, 3.77%, 01/25/2035 (z)		692

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	143	Series 2005-AR2, Class 2A2, 3.53%, 03/25/2035 (z)		144
	661	Series 2005-AR3, Class 2A1, 3.54%, 03/25/2035 (z)		670
	344	Series 2005-AR4, Class 2A2, 3.48%, 04/25/2035 (z)		346
	1,861	Series 2005-AR5, Class 1A1, 3.38%, 04/25/2035 (z)		1,864
	105	Series 2005-AR7, Class 2A1, 3.30%, 05/25/2035 (z)		104
	3,327	Series 2005-AR8, Class 1A1, 3.43%, 06/25/2035 (z)		3,395
	2,390	Series 2005-AR10, Class 1A1, 3.54%, 06/25/2035 (z)		2,501
	874	Series 2005-AR11, Class 1A1, 3.67%, 06/25/2035 (z)		882
	566	Series 2005-AR15, Class 1A6, 3.56%, 09/25/2035 (z)		543
	1,911	Series 2005-AR16, Class 6A3, 3.45%, 10/25/2035 (z)		1,922
	295	Series 2005-AR16, Class 7A1, 3.63%, 10/25/2035 (z)		290
	508	Series 2006-4, Class 1A9, 5.75%, 04/25/2036		510
	1,745	Series 2006-AR2, Class 2A1, 3.65%, 03/25/2036 (z)		1,767
	308	Series 2006-AR2, Class 2A3, 3.65%, 03/25/2036 (z)		310
	1,448	Series 2006-AR6, Class 5A1, 3.54%, 03/25/2036 (z)		1,449
	415	Series 2006-AR19, Class A3, 3.70%, 12/25/2036 (z)		388
	294	Series 2007-2, Class 1A13, 6.00%, 03/25/2037		293
	522	Series 2007-15, Class A1, 6.00%, 11/25/2037		519
				444,573
		Total Collateralized Mortgage Obligations (Cost $436,862)		445,912
	Commercial Mortgage-Backed Securities — 0.7%
		United States — 0.7%
	1,558	Banc of America Commercial Mortgage Trust, Series 2007-3, Class B, 5.76%, 06/10/2049 (z) (bb)		1,572

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		Bear Stearns Commercial Mortgage Securities Trust,
	7,165	Series 2006-PW13, Class C, 5.68%, 09/11/2041 (e) (z) (bb)		7,042
	274	Series 2007-PW17, Class AJ, 5.74%, 06/11/2050 (z)		274
		BXMT Ltd.,
	1,500	Series 2017-FL1, Class C, 3.51%, 06/15/2035 (e) (z) (bb)		1,500
	3,000	Series 2017-FL1, Class D, 4.26%, 06/15/2035 (e) (z) (bb)		3,018
	1,140	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, 5.27%, 07/15/2044 (z) (bb)		1,138
	3,159	CD Mortgage Trust, Series 2007-CD5, Class D, 6.17%, 11/15/2044 (e) (z) (bb)		3,164
	5,400	COMM Mortgage Trust, Series 2015-CR23, Class CMC, 3.68%, 05/10/2048 (e) (z) (bb)		5,387
	4,762	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.42%, 02/15/2040		4,874
	1,400	FREMF Mortgage Trust, Series 2017-K729, Class B, 3.67%, 11/25/2049 (e) (z) (bb)		1,358
	2,596	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.62%, 11/10/2039		2,440
		JP Morgan Chase Commercial Mortgage Securities Trust,
	245	Series 2005-LDP2, Class E, 4.98%, 07/15/2042 (z) (bb)		249
	3,417	Series 2007-LD11, Class AM, 6.04%, 06/15/2049 (z)		3,465
	1,515	Series 2007-LDPX, Class AM, 5.46%, 01/15/2049 (z)		1,520
	438	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.09%, 07/15/2044 (z)		438
		LB-UBS Commercial Mortgage Trust,
	2,410	Series 2006-C6, Class B, 5.47%, 09/15/2039 (z) (bb)		197
	6,701	Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		5,297
	9,200	Series 2007-C6, Class AJ, 6.24%, 07/15/2040 (z)		9,505
		Morgan Stanley Capital I Trust,
	783	Series 2006-HQ8, Class D, 5.37%, 03/12/2044 (z) (bb)		752
	1,201	Series 2006-HQ9, Class D, 5.86%, 07/12/2044 (z) (bb)		1,200

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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
	3,489	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		3,491
	2,922	Series 2007-HQ11, Class B, 5.54%, 02/12/2044 (z) (bb)		2,319
	2,849	Series 2007-HQ11, Class AJ, 5.51%, 02/12/2044 (z)		2,845
		Wachovia Bank Commercial Mortgage Trust,
	5,825	Series 2007-C31, Class C, 6.10%, 04/15/2047 (z) (bb)		5,962
	3,807	Series 2007-C31, Class AJ, 5.66%, 04/15/2047 (z)		3,885
	2,650	Series 2007-C33, Class B, 6.01%, 02/15/2051 (z) (bb)		2,518
	6,313	Series 2007-C33, Class C, 6.01%, 02/15/2051 (z) (bb)		5,616
	2,075	Series 2007-C33, Class AJ, 6.01%, 02/15/2051 (z)		2,122
	1,500	Series 2007-C34, Class B, 6.20%, 05/15/2046 (z) (bb)		1,536
	1,886	Series 2007-C34, Class AJ, 6.12%, 05/15/2046 (z)		1,932
		Total Commercial Mortgage-Backed Securities (Cost $91,730)		86,616
SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 43.9%
		Australia — 0.6%
	608	Australia & New Zealand Banking Group Ltd.		13,959
	691	BHP Billiton plc		15,396
	2,294	Goodman Group		14,967
	7,838	Mirvac Group		13,928
	7,091	Scentre Group		23,793
				82,043
		Belgium — 0.2%
	101	Ageas		5,330
	76	KBC Group NV		7,277
	107	Proximus SADP		3,603
	37	Warehouses De Pauw, CVA		4,617
				20,827
		Brazil — 0.8%
	4,285	Ambev SA, ADR		29,437
	2,357	BB Seguridade Participacoes SA		23,012
	1,340	Cielo SA		11,302
	1,419	Engie Brasil Energia SA		16,006

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Brazil — continued
	1,513	Itau Unibanco Holding SA (Preference)		24,813
	244	Smiles Fidelidade SA (a)		6,296
				110,866
		Canada — 0.3%
	379	Allied Properties REIT		12,735
	349	Canadian Apartment Properties REIT		10,249
	496	TransCanada Corp.		22,814
				45,798
		Chile — 0.2%
	682	Banco Santander Chile, ADR		23,232
		China — 1.4%
	1,562	China Mobile Ltd.		16,448
	11,434	China Resources Power Holdings Co. Ltd.		21,083
	29,001	CNOOC Ltd.		45,586
	3,882	Fuyao Glass Industry Group Co. Ltd., Class A		16,703
	2,329	Fuyao Glass Industry Group Co. Ltd., Class H, Reg. S (e)		9,834
	3,830	Guangdong Investment Ltd.		5,694
	1,429	Henan Shuanghui Investment & Development Co. Ltd., Class A		6,336
	3,602	Huayu Automotive Systems Co. Ltd., Class A		15,161
	499	Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		10,317
	1,816	Midea Group Co. Ltd., Class A		17,256
	2,935	SAIC Motor Corp. Ltd., Class A		16,053
	1,971	Zhengzhou Yutong Bus Co. Ltd., Class A		6,868
				187,339
		Czech Republic — 0.3%
	417	Komercni banka A/S		19,159
	3,705	Moneta Money Bank A/S, Reg. S (e)		15,379
				34,538
		Denmark — 0.3%
	170	Danske Bank A/S		6,909
	338	Novo Nordisk A/S, Class B		18,732
	330	Tryg A/S		8,032
				33,673
		Finland — 0.8%
	197	Elisa OYJ		8,365
	428	Fortum OYJ		9,271
	94	Neste OYJ		6,539
	183	Nokian Renkaat OYJ		9,243
	201	Sampo OYJ, Class A		11,677
	399	Stora Enso OYJ, Class R		6,850
	1,573	UPM-Kymmene OYJ		53,039
				104,984

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — 2.8%
	1,159	AXA SA		38,103
	239	BNP Paribas SA		19,700
	94	Bouygues SA		5,235
	115	Cie de Saint-Gobain		6,686
	183	Cie Generale des Etablissements Michelin		29,340
	219	CNP Assurances		5,606
	526	Credit Agricole SA		9,914
	667	Engie SA		11,587
	78	Fonciere Des Regions		8,544
	29	Gecina SA		5,628
	28	ICADE		3,090
	62	Klepierre SA		2,837
	1,054	Natixis SA		9,599
	692	Orange SA		12,507
	220	Peugeot SA		4,933
	55	Renault SA		6,076
	327	Sanofi		28,855
	278	Schneider Electric SE (a)		26,020
	205	SCOR SE		9,190
	228	Societe Generale SA		13,248
	450	TOTAL SA		26,101
	181	Unibail-Rodamco SE		46,412
	366	Veolia Environnement SA		9,215
	249	Vinci SA		26,959
				365,385
		Germany — 1.9%
	194	Allianz SE (Registered)		49,150
	1,215	Aroundtown SA		9,778
	55	Axel Springer SE		4,859
	141	BASF SE		16,571
	77	Bayerische Motoren Werke AG		8,827
	522	Daimler AG (Registered)		47,830
	547	Deutsche Telekom AG (Registered)		9,599
	289	Deutsche Wohnen SE		13,061
	617	E.ON SE		6,485
	151	Evonik Industries AG		5,979
	70	Hannover Rueck SE		9,623
	47	HUGO BOSS AG		4,336
	113	METRO AG (a)		2,462

SHARES		SECURITY DESCRIPTION	VALUE
		Germany –– continued
	29	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		6,850
	204	Schaeffler AG (Preference)		4,060
	127	Siemens AG (Registered)		19,245
	490	TUI AG		11,069
	58	Volkswagen AG (Preference)		12,764
	126	Vonovia SE		6,235
				248,783
		Hong Kong — 0.6%
	853	Hang Seng Bank Ltd.		20,272
	8,377	HKT Trust & HKT Ltd.		10,441
	1,580	Link REIT		13,979
	5,558	New World Development Co. Ltd.		8,959
	3,073	Sands China Ltd.		18,261
	8,635	WH Group Ltd., Reg. S (e)		10,676
				82,588
		Hungary — 0.2%
	569	OTP Bank plc		26,386
		India — 0.4%
	2,602	Coal India Ltd.		12,241
	1,182	Infosys Ltd., ADR		21,288
	2,288	ITC Ltd.		9,762
	337	Tata Consultancy Services Ltd.		16,481
				59,772
		Indonesia — 0.2%
	71,718	Telekomunikasi Indonesia Persero Tbk. PT		21,372
		Ireland — 0.1%
	904	Bank of Ireland Group plc		8,827
	29	Frontera Energy Corp. SL (a)		1,039
				9,866
		Italy — 0.8%
	342	Assicurazioni Generali SpA		6,785
	161	Atlantia SpA		5,326
	5,806	Enel SpA		36,913
	755	Eni SpA		13,587
	3,851	Intesa Sanpaolo SpA		15,132
	388	Mediobanca Banca di Credito Finanziario SpA		4,719
	918	Poste Italiane SpA, Reg. S (e)		7,596
	1,193	Snam SpA		5,801
	779	Terna Rete Elettrica Nazionale SpA		4,688
				100,547

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			Japan — 1.0%
	—	(h)	Activia Properties, Inc.		972
	457		Bridgestone Corp.		22,295
	234		Daiwa House Industry Co. Ltd.		9,276
	3		Daiwa House REIT Investment Corp.		7,171
	4		Invesco Office J-Reit, Inc.		4,318
	279		Japan Airlines Co. Ltd.		10,543
	16		Japan Hotel REIT Investment Corp.		12,106
	597		Japan Tobacco, Inc.		19,794
	1		Kenedix Office Investment Corp.		4,075
	2		Kenedix Retail REIT Corp.		3,901
	5		Nippon Prologis REIT, Inc.		12,494
	326		Nippon Telegraph & Telephone Corp.		15,620
	194		Tokio Marine Holdings, Inc.		9,182
					131,747
			Mexico — 0.4%
	2,009		Bolsa Mexicana de Valores SAB de CV		3,851
	8,106		Fibra Uno Administracion SA de CV		12,765
	9,249		Kimberly-Clark de Mexico SAB de CV, Class A		17,328
	5,389		Wal-Mart de Mexico SAB de CV		13,481
					47,425
			Netherlands — 1.2%
	157		ABN AMRO Group NV, Reg. S, CVA (e)		5,298
	1,478		Aegon NV		10,097
	63		Akzo Nobel NV		5,935
	61		Eurocommercial Properties NV, CVA		2,875
	1,582		ING Groep NV		31,054
	1,581		Koninklijke Ahold Delhaize NV		35,313
	1,675		Koninklijke KPN NV		5,869
	120		NN Group NV		5,656
	70		Randstad Holding NV		4,943
	1,310		Royal Dutch Shell plc, Class B		46,476
	169		Vastned Retail NV		8,505
					162,021
			New Zealand — 0.0% (g)
	65		UCI Holdings LLC (a) (bb)		1,181
			Norway — 0.3%
	552		DNB ASA		11,227
	424		Gjensidige Forsikring ASA		8,005
	559		Statoil ASA		13,104
	476		Telenor ASA		11,125
					43,461
			Portugal — 0.1%
	1,107		EDP - Energias de Portugal SA		3,887
	267		Galp Energia SGPS SA		5,104
					8,991

SHARES			SECURITY DESCRIPTION	VALUE
			Russia — 0.8%
	5,330		Alrosa PJSC		7,727
	72		LUKOIL PJSC, ADR		4,772
	562		MMC Norilsk Nickel PJSC, ADR		11,562
	10,955		Moscow Exchange MICEX-RTS PJSC		22,415
	152		PhosAgro PJSC, Reg. S, GDR		2,422
	6,387		Sberbank of Russia PJSC		30,017
	794		Sberbank of Russia PJSC, ADR		16,072
	15		Severstal PJSC, Reg. S, GDR		245
	271		Severstal PJSC, Reg. S, GDR		4,448
					99,680
			Singapore — 0.3%
	—	(h)	Ascendas REIT		—	(h)
	8,130		CapitaLand Commercial Trust		11,580
	881		City Developments Ltd.		8,878
	835		DBS Group Holdings Ltd.		16,756
					37,214
			South Africa — 0.6%
	1,839		AVI Ltd.		16,685
	1,023		Barclays Africa Group Ltd.		15,549
	445		Bid Corp. Ltd.		9,972
	3,418		FirstRand Ltd.		19,175
	165		Mondi plc		4,401
	332		SPAR Group Ltd. (The)		5,744
	967		Vodacom Group Ltd.		13,365
					84,891
			South Korea — 0.5%
	66		ING Life Insurance Korea Ltd., Reg. S (e)		3,632
	183		Kangwon Land, Inc. (a)		5,560
	175		KT&G Corp.		17,417
	9		Samsung Electronics Co. Ltd.		20,391
	29		Samsung Fire & Marine Insurance Co. Ltd.		7,862
	472		SK Telecom Co. Ltd., ADR		13,002
					67,864
			Spain — 1.1%
	455		Abertis Infraestructuras SA		11,041
	118		ACS Actividades de Construccion y Servicios SA		4,714
	24		Aena SME SA, Reg. S (e)		5,263
	1,175		Banco Bilbao Vizcaya Argentaria SA		11,025
	2,683		Banco de Sabadell SA		6,378
	2,436		Banco Santander SA		18,088

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Spain –– continued
	756	Bankia SA		3,826
	424	Bankinter SA		4,874
	1,854	CaixaBank SA		10,002
	292	Enagas SA		7,941
	5,205	Iberdrola SA (a)		42,367
	403	Red Electrica Corp. SA		8,505
	576	Repsol SA		10,833
				144,857
		Sweden — 0.7%
	130	Electrolux AB, Series B		4,597
	124	ICA Gruppen AB		4,841
	136	Kinnevik AB, Class B		4,958
	175	Lundin Petroleum AB (a)		4,355
	2,565	Nordea Bank AB		31,667
	778	Skandinaviska Enskilda Banken AB, Class A		9,833
	220	SKF AB, Class B		5,427
	706	Svenska Handelsbanken AB, Class A		10,269
	394	Swedbank AB, Class A		10,074
	115	Swedish Match AB		4,677
	695	Tele2 AB, Class B		8,697
				99,395
		Switzerland — 1.8%
	536	Credit Suisse Group AG (Registered) (a)		10,366
	406	Ferguson plc		31,343
	2,299	Glencore plc (a)		13,178
	331	LafargeHolcim Ltd. (Registered) (a)		20,274
	815	Novartis AG (Registered)		73,518
	468	Swiss Re AG		46,144
	628	UBS Group AG (Registered) (a)		12,741
	88	Zurich Insurance Group AG		28,805
				236,369
		Taiwan — 1.3%
	986	Asustek Computer, Inc.		9,498
	1,252	Chicony Electronics Co. Ltd.		3,297
	1,740	Delta Electronics, Inc.		8,772
	1,371	MediaTek, Inc.		14,028
	10,920	Mega Financial Holding Co. Ltd.		9,472
	2,597	Novatek Microelectronics Corp.		10,903
	1,360	President Chain Store Corp.		13,458
	8,205	Quanta Computer, Inc.		17,857
	5,095	Taiwan Mobile Co. Ltd.		19,492
	1,232	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		55,824

SHARES		SECURITY DESCRIPTION	VALUE
		Taiwan –– continued
	5,134	Vanguard International Semiconductor Corp.		11,572
				174,173
		Thailand — 0.3%
	954	Siam Cement PCL (The) (Registered)		14,964
	3,675	Siam Commercial Bank PCL (The)		18,449
	871	Siam Commercial Bank PCL (The), NVDR		4,372
	2,385	Thai Oil PCL		7,804
				45,589
		Turkey — 0.1%
	257	Ford Otomotiv Sanayi A/S		4,108
	956	Tofas Turk Otomobil Fabrikasi A/S		8,095
	225	Tupras Turkiye Petrol Rafinerileri A/S		6,916
				19,119
		United Arab Emirates — 0.1%
	2,894	Emaar Development PJSC (a)		4,459
	4,875	First Abu Dhabi Bank PJSC		14,867
				19,326
		United Kingdom — 4.6%
	392	3i Group plc		5,181
	442	Anglo American plc		10,706
	1,980	Assura plc		1,732
	1,039	Barratt Developments plc		8,634
	233	Berkeley Group Holdings plc		13,122
	3,552	BP plc		25,339
	634	British American Tobacco plc		43,319
	2,499	British Land Co. plc (The)		23,721
	7,242	Direct Line Insurance Group plc		37,970
	204	easyJet plc		4,802
	737	GlaxoSmithKline plc		13,722
	766	Hammerson plc		5,364
	5,909	HSBC Holdings plc		63,084
	144	HSBC Holdings plc		1,550
	236	IMI plc		4,452
	552	International Consolidated Airlines Group SA		5,009
	1,365	J Sainsbury plc		4,910
	2,884	Legal & General Group plc		11,078
	17,475	Lloyds Banking Group plc		17,265
	574	LondonMetric Property plc		1,461
	1,061	NewRiver REIT plc		4,533
	94	Next plc		6,762
	1,792	Old Mutual plc		5,950
	814	Persimmon plc		28,909

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United Kingdom –– continued
	444	Prudential plc		12,006
	1,292	Rio Tinto plc		71,925
	1,905	Safestore Holdings plc		13,506
	88	Schroders plc		4,648
	1,565	Segro plc		12,939
	133	Severn Trent plc		3,686
	203	Smiths Group plc		4,605
	265	St James’s Place plc		4,477
	1,635	Standard Life Aberdeen plc		9,885
	461	Tate & Lyle plc		4,205
	9,274	Taylor Wimpey plc		25,098
	2,521	Tritax Big Box REIT plc		5,337
	403	Unilever plc		22,804
	19,856	Vodafone Group plc		63,299
				606,995
		United States — 16.8%
	240	Accenture plc, Class A		38,582
	74	Air Products & Chemicals, Inc.		12,537
	95	Alexandria Real Estate Equities, Inc.		12,335
	533	Altria Group, Inc.		37,475
	54	American Tower Corp.		8,034
	290	Analog Devices, Inc.		26,684
	233	Apple, Inc.		38,990
	61	Arthur J Gallagher & Co.		4,180
	932	AT&T, Inc.		34,889
	93	Automatic Data Processing, Inc.		11,469
	193	AvalonBay Communities, Inc.		32,965
	209	Avaya Holdings Corp. (a)		4,363
	987	Bank of America Corp.		31,580
	311	BB&T Corp.		17,143
	653	Brandywine Realty Trust		11,716
	169	Bristol-Myers Squibb Co.		10,577
	718	Brixmor Property Group, Inc.		11,655
	404	Caesars Entertainment Corp. (a)		5,641
	255	Camden Property Trust		22,050
	154	Chevron Corp.		19,339
	74	Chubb Ltd.		11,505
	99	Cincinnati Financial Corp.		7,629
	283	CME Group, Inc.		43,471
	207	CMS Energy Corp.		9,251
	195	Coca-Cola Co. (The)		9,269
	1,248	Comcast Corp., Class A		53,079
	366	ConocoPhillips		21,496
	343	Digital Realty Trust, Inc.		38,433

SHARES		SECURITY DESCRIPTION	VALUE
		United States –– continued
	144	Dover Corp.		15,270
	458	DowDuPont, Inc.		34,585
	103	Dr Pepper Snapple Group, Inc.		12,308
	23	DTE Energy Co.		2,469
	134	Duke Realty Corp.		3,536
	3	Dynegy, Inc. (a)		31
	305	Eaton Corp. plc		25,601
	33	Edison International		2,048
	111	Eli Lilly & Co.		9,037
	168	Equity LifeStyle Properties, Inc.		14,543
	128	Equity Residential		7,900
	169	Extra Space Storage, Inc.		14,081
	148	Exxon Mobil Corp.		12,889
	125	Fidelity National Information Services, Inc.		12,836
	1,626	Ford Motor Co.		17,836
	56	General Dynamics Corp.		12,538
	81	Gilead Sciences, Inc.		6,790
	53	Goodman Private (a) (bb)		—	(h)
	355	Gramercy Property Trust		8,959
	279	Halcon Resources Corp. (a)		2,230
	846	HCP, Inc.		20,380
	295	Healthcare Trust of America, Inc., Class A		8,144
	317	Highwoods Properties, Inc.		15,167
	212	Home Depot, Inc. (The)		42,595
	62	Honeywell International, Inc.		9,947
	771	HP, Inc.		17,985
	98	Illinois Tool Works, Inc.		17,011
	268	International Business Machines Corp.		43,791
	92	JBG SMITH Properties		3,096
	423	Johnson & Johnson		58,392
	429	Kimco Realty Corp.		6,828
	733	Kinder Morgan, Inc.		13,175
	55	KLA-Tencor Corp.		5,993
	370	LaSalle Hotel Properties		11,304
	341	Liberty Property Trust		14,113
	45	M&T Bank Corp.		8,619
	421	Merck & Co., Inc.		24,946
	157	Microchip Technology, Inc.		14,973
	942	Microsoft Corp.		89,488
	195	Mid-America Apartment Communities, Inc.		18,643
	292	Mondelez International, Inc., Class A		12,966
	682	Morgan Stanley		38,539
	225	National Health Investors, Inc.		15,862
	3	Nebraska Book Holdings, Inc. (a) (bb)		—	(h)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			United States –– continued
	308		NextEra Energy, Inc.		48,804
	178		NII Holdings, Inc. (a)		108
	234		NiSource, Inc.		5,787
	145		Northern Trust Corp.		15,295
	1,223		Occidental Petroleum Corp.		91,697
	23		Penn Virginia Corp. (a)		952
	402		PepsiCo, Inc.		48,313
	2,291		Pfizer, Inc.		84,872
	409		Philip Morris International, Inc.		43,841
	159		PNC Financial Services Group, Inc. (The)		25,084
	123		PPG Industries, Inc.		14,561
	622		Prologis, Inc.		40,471
	144		Prudential Financial, Inc.		17,138
	150		Public Storage		29,319
	—	(h)	Quad/Graphics, Inc.		—	(h)
	182		Quality Care Properties, Inc. (a)		2,457
	135		Realty Income Corp.		7,168
	141		Regency Centers Corp.		8,858
	145		Republic Services, Inc.		9,958
	278		RLJ Lodging Trust		6,426
	—	(h)	Sabine Oil & Gas Holdings, Inc. (a)		21
	283		Senior Housing Properties Trust		4,899
	152		Simon Property Group, Inc.		24,834
	311		STORE Capital Corp.		7,611
	146		Sunstone Hotel Investors, Inc.		2,464
	137		T. Rowe Price Group, Inc.		15,290
	523		Texas Instruments, Inc.		57,315
	21		Time Warner, Inc.		1,993
	174		Travelers Cos., Inc. (The)		26,060
	133		Union Pacific Corp.		17,772
	158		UnitedHealth Group, Inc.		37,480
	416		US Bancorp		23,760
	329		Valero Energy Corp.		31,601
	40		Ventas, Inc.		2,213
	347		Verizon Communications, Inc.		18,758
	608		VICI Properties, Inc. (a)		13,369
	162		VICI Properties, Inc. (a) (bb)		3,567
	259		Vistra Energy Corp. (a)		5,053
	342		Vornado Realty Trust		24,537
	1,069		Wells Fargo & Co.		70,347
	721		Xcel Energy, Inc.		32,898
					2,236,732
			Total Common Stocks (Cost $4,585,103)		5,825,029

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
	Convertible Bonds — 1.3%
	Cyprus — 0.0% (g)
GBP    1,600	Volcan Holdings plc, Reg. S, 4.13%, 04/11/2020		2,965
	Germany — 0.1%
EUR    3,300	Bayer Capital Corp. BV, 5.63%, 11/22/2019 (e)		4,628
EUR    2,200	Rocket Internet SE, Reg. S, 3.00%, 07/22/2022		2,852
			7,480
	Hong Kong — 0.1%
6,000	China Overseas Finance Investment Cayman V Ltd., Reg. S, Zero Coupon, 01/05/2023		6,416
1,531	PB Issuer No. 4 Ltd., Reg. S, 3.25%, 07/03/2021		1,513
			7,929
	Japan — 0.0% (g)
1,300	Shizuoka Bank Ltd. (The), Reg. S, Zero Coupon, 04/25/2018		1,287
	Malaysia — 0.0% (g)
2,558	Cahaya Capital Ltd., Reg. S, Zero Coupon, 09/18/2021		2,625
	Mexico — 0.0% (g)
EUR    5,500	America Movil BV, Reg. S, Series KPN, 5.50%, 09/17/2018		5,866
	Monaco — 0.0% (g)
4,277	Scorpio Tankers, Inc., 2.38%, 07/01/2019 (e)		3,907
	Netherlands — 0.0% (g)
EUR    1,100	OCI NV, Reg. S, Series OCI, 3.88%, 09/25/2018		1,371
	Russia — 0.0% (g)
1,368	Yandex NV, 1.13%, 12/15/2018		1,377
	Singapore — 0.1%
2,600	BW Group Ltd., Reg. S, 1.75%, 09/10/2019		2,473
	CapitaLand Ltd.,
SGD    4,250	Reg. S, 1.85%, 06/19/2020		3,174
SGD    5,000	Reg. S, 2.95%, 06/20/2022		3,854
			9,501
	South Africa — 0.1%
GBP    4,200	Brait SE, Reg. S, 2.75%, 09/18/2020		5,318
GBP    2,000	Remgro Jersey GBP Ltd., Reg. S, 2.63%, 03/22/2021		2,768
			8,086

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT	SECURITY DESCRIPTION	VALUE
Convertible Bonds — continued
	Spain — 0.0% (g)
EUR    1,800	Sacyr SA, Reg. S, 4.00%, 05/08/2019		2,283
	Taiwan — 0.0% (g)
2,500	TPK Holding Co. Ltd., Reg. S, Zero Coupon, 04/08/2020		2,594
	United Arab Emirates — 0.1%
	Aabar Investments PJSC,
EUR    5,000	Reg. S, Series UCG, 0.50%, 03/27/2020		5,866
EUR    2,600	Reg. S, Series UCG, 1.00%, 03/27/2022		2,873
4,800	DP World Ltd., Reg. S, 1.75%, 06/19/2024		5,160
			13,899
	United Kingdom — 0.1%
GBP    2,000	Intu Jersey 2 Ltd., Reg. S, 2.88%, 11/01/2022		2,841
GBP    2,800	Vodafone Group plc, Reg. S, 2.00%, 02/25/2019		4,642
			7,483
	United States — 0.7%
1,246	BlackRock Capital Investment Corp., 5.00%, 06/15/2022		1,274
2,888	Chesapeake Energy Corp., 5.50%, 09/15/2026		2,639
	Colony NorthStar, Inc.,
1,455	3.88%, 01/15/2021		1,412
3,721	5.00%, 04/15/2023		3,677
	DISH Network Corp.,
5,179	2.38%, 03/15/2024 (e)		4,846
2,415	3.38%, 08/15/2026		2,564
7,445	Ensco Jersey Finance Ltd., 3.00%, 01/31/2024		6,728
2,328	Extra Space Storage LP, 3.13%, 10/01/2035 (e)		2,510
6,958	FireEye, Inc., Series B, 1.63%, 06/01/2035		6,384
3,031	Hercules Capital, Inc., 4.38%, 02/01/2022 (e)		3,092
1,218	IAS Operating Partnership LP, 5.00%, 03/15/2018 (e)		1,218
1,293	Intercept Pharmaceuticals, Inc., 3.25%, 07/01/2023		1,026
	Liberty Interactive LLC,
320	3.75%, 02/15/2030		223
6,966	4.00%, 11/15/2029		4,911
3,772	Macquarie Infrastructure Corp., 2.00%, 10/01/2023		3,591
5,173	Nabors Industries, Inc., 0.75%, 01/15/2024 (e)		4,158

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	68	Nebraska Book Holdings, Inc., 2.02%, 04/01/2026 (d) (e) (v) (bb)		—
	2,561	NRG Yield, Inc., 3.25%, 06/01/2020 (e)		2,536
	561	Nuance Communications, Inc., 1.00%, 12/15/2035		545
	1,336	Pandora Media, Inc., 1.75%, 12/01/2020		1,178
	505	Redwood Trust, Inc., 4.63%, 04/15/2018		505
	1,680	RWT Holdings, Inc., 5.63%, 11/15/2019		1,697
	1,083	SolarCity Corp., 1.63%, 11/01/2019		1,015
		Spirit Realty Capital, Inc.,
	1,350	2.88%, 05/15/2019		1,346
	3,821	3.75%, 05/15/2021		3,922
	2,540	Starwood Property Trust, Inc., 4.38%, 04/01/2023		2,552
		SunPower Corp.,
	6	0.75%, 06/01/2018		6
	3,183	0.88%, 06/01/2021		2,395
		TCP Capital Corp.,
	1,131	4.63%, 03/01/2022		1,148
	1,736	5.25%, 12/15/2019		1,797
	959	TPG Specialty Lending, Inc., 4.50%, 08/01/2022 (e)		988
		Twitter, Inc.,
	2,642	0.25%, 09/15/2019		2,532
	4,079	1.00%, 09/15/2021		3,844
	4,544	Veeco Instruments, Inc., 2.70%, 01/15/2023		4,079
		VEREIT, Inc.,
	379	3.00%, 08/01/2018		379
	3,104	3.75%, 12/15/2020		3,147
	6,196	Weatherford International Ltd., 5.88%, 07/01/2021		6,455
	4,965	Whiting Petroleum Corp., 1.25%, 04/01/2020		4,617
				96,936
		Total Convertible Bonds (Cost $171,992)		175,589
SHARES
	Convertible Preferred Stocks — 0.6%
		China — 0.0% (g)
	27	Mandatory Exchangeable Trust, 5.75%, 06/03/2019 ($ 100 par value) (e)		6,226
		Israel — 0.0% (g)
	3	Teva Pharmaceutical Industries Ltd., 7.00%, 12/15/2018 ($ 1000 par value)		1,000

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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%
	9	Allergan plc, Series A, 5.50%, 03/01/2018 ($ 1000 par value)		5,557
	42	American Tower Corp., 5.50%, 02/15/2018 ($100 par value)		5,414
	72	Anthem, Inc., 5.25%, 05/01/2018 ($50 par value)		4,294
	7	Bank of America Corp., Series L, 7.25% ($1000 par value)		8,818
	90	Becton Dickinson and Co., Series A, 6.13%, 05/01/2020 ($50 par value)		5,634
	34	Belden, Inc., 6.75%, 07/15/2019 ($100 par value)		3,818
	8	Bunge Ltd., 4.88% ($100 par value)		875
	3	Crown Castle International Corp., Series A, 6.88%, 08/01/2020 ($1000 par value)		3,906
	97	Dominion Energy, Inc., Series A, 6.75%, 08/15/2019 ($50 par value)		4,911
	67	DTE Energy Co., 6.50%, 10/01/2019 ($50 par value)		3,536
	20	Frontier Communications Corp., Series A, 11.13%, 06/29/2018 ($100 par value)		251
	51	Hess Corp., 8.00%, 02/01/2019 ($50 par value)		3,047
	126	Kinder Morgan, Inc., Series A, 9.75%, 10/26/2018 ($49 par value)		4,623
	103	NextEra Energy, Inc., 6.12%, 09/01/2019 ($25 par value)		5,838
	32	Stanley Black & Decker, Inc., 5.38%, 05/15/2020 ($100 par value)		3,794
	22	Stericycle, Inc., 5.25%, 09/15/2018 ($100 par value)		1,291
	7	Wells Fargo & Co., Series L, 7.50% ($1000 par value)		8,751
	46	Welltower, Inc., Series I, 6.50% ($50 par value)		2,676
				77,034
		Total Convertible Preferred Stocks (Cost $82,647)		84,260
PRINCIPAL AMOUNT
	Corporate Bonds — 37.3%
		Argentina — 0.1%
	1,290	Pampa Energia SA, 7.38%, 07/21/2023 (e)		1,397
		YPF SA,
	2,800	Reg. S, 8.50%, 03/23/2021		3,101
	3,100	Reg. S, 8.75%, 04/04/2024		3,515
				8,013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Australia — 0.2%
	12,431	Australia & New Zealand Banking Group Ltd., (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 06/15/2026 (e) (x) (y) (aa)		14,001
	1,720	BHP Billiton Finance USA Ltd., (USD Swap Semi 5 Year + 5.09%), 6.75%, 10/19/2075 (e) (aa)		2,003
		FMG Resources August 2006 Pty. Ltd.,
	1,285	4.75%, 05/15/2022 (e)		1,304
	1,389	5.13%, 05/15/2024 (e)		1,406
	4,615	9.75%, 03/01/2022 (e)		5,089
	3,455	Newcrest Finance Pty. Ltd., 5.75%, 11/15/2041 (e)		3,849
	1,215	Nufarm Australia Ltd., 6.38%, 10/15/2019 (e)		1,233
				28,885
		Azerbaijan — 0.1%
	2,550	Southern Gas Corridor CJSC, Reg. S, 6.88%, 03/24/2026		2,916
	2,700	State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/2030		3,107
				6,023
		Belgium — 0.1%
	3,445	Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/2046		3,877
	4,870	Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/2048		5,153
				9,030
		Brazil — 0.3%
	1,954	Banco Daycoval SA, Reg. S, 5.75%, 03/19/2019		1,979
	1,750	GTL Trade Finance, Inc., Reg. S, 5.89%, 04/29/2024		1,878
		JBS USA LUX SA,
	4,689	5.75%, 06/15/2025 (e)		4,642
	4,448	5.88%, 07/15/2024 (e)		4,465
	6,065	7.25%, 06/01/2021 (e)		6,186
	538	8.25%, 02/01/2020 (e)		541
		Petrobras Global Finance BV,
	2,500	6.85%, 06/05/2115		2,467
	5,790	7.38%, 01/17/2027		6,407
	5,550	8.38%, 05/23/2021		6,335
	1,500	Suzano Austria GmbH, Reg. S, 5.75%, 07/14/2026		1,631
	1,306	Vale Overseas Ltd., 5.88%, 06/10/2021		1,420
		Votorantim Cimentos SA,
	2,790	Reg. S, 7.25%, 04/05/2041		3,079
				41,030

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — 1.6%
	4,604	1011778 BC ULC, 4.25%, 05/15/2024 (e)		4,523
	2,980	Agrium, Inc., 5.25%, 01/15/2045		3,374
	1,977	Athabasca Oil Corp., 9.88%, 02/24/2022 (e)		1,984
	2,332	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		2,437
		Baytex Energy Corp.,
	200	5.13%, 06/01/2021 (e)		194
	364	5.63%, 06/01/2024 (e)		341
		Bombardier, Inc.,
	1,868	6.00%, 10/15/2022 (e)		1,868
	3,228	6.13%, 01/15/2023 (e)		3,256
	1,540	7.50%, 12/01/2024 (e)		1,619
	6,598	7.50%, 03/15/2025 (e)		6,854
	188	7.75%, 03/15/2020 (e)		203
	5,208	8.75%, 12/01/2021 (e)		5,787
		Cascades, Inc.,
	346	5.50%, 07/15/2022 (e)		353
	298	5.75%, 07/15/2023 (e)		308
		Cenovus Energy, Inc.,
	5,720	5.40%, 06/15/2047		6,083
	4,425	6.75%, 11/15/2039		5,337
		Concordia International Corp.,
	4,231	7.00%, 04/15/2023 (d) (e)		402
	3,244	9.00%, 04/01/2022 (e)		2,879
	2,468	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		2,514
	20,130	Emera, Inc., Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 06/15/2076 (aa)		22,747
		Enbridge, Inc.,
	13,030	(ICE LIBOR USD 3 Month + 3.42%), 5.50%, 07/15/2077 (aa)		13,031
	4,165	Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 01/15/2077 (aa)		4,384
	1,200	Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/2024 (e)		1,293
	10,140	GW Honos Security Corp., 8.75%, 05/15/2025 (e)		11,002
	1,100	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		1,174
	1,171	Jupiter Resources, Inc., 8.50%, 10/01/2022 (e)		714
	1,380	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		1,356

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Mattamy Group Corp.,
	2,945	6.50%, 10/01/2025 (e)		3,103
	1,120	6.88%, 12/15/2023 (e)		1,185
		MEG Energy Corp.,
	12,325	6.38%, 01/30/2023 (e)		10,600
	2,890	6.50%, 01/15/2025 (e)		2,832
	1,000	7.00%, 03/31/2024 (e)		866
		NOVA Chemicals Corp.,
	3,320	4.88%, 06/01/2024 (e)		3,341
	2,646	5.00%, 05/01/2025 (e)		2,672
	2,060	5.25%, 06/01/2027 (e)		2,055
		Open Text Corp.,
	1,957	5.63%, 01/15/2023 (e)		2,033
	1,065	5.88%, 06/01/2026 (e)		1,121
		Precision Drilling Corp.,
	311	5.25%, 11/15/2024		303
	375	6.50%, 12/15/2021		382
	2,166	7.13%, 01/15/2026 (e)		2,253
	10,208	Quebecor Media, Inc., 5.75%, 01/15/2023		10,795
	3,246	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		3,278
		Teck Resources Ltd.,
	1,635	4.75%, 01/15/2022		1,692
	1,455	5.40%, 02/01/2043		1,495
	1,875	6.00%, 08/15/2040		2,084
	2,070	6.13%, 10/01/2035		2,331
	1,383	8.50%, 06/01/2024 (e)		1,561
	2,205	TransCanada PipeLines Ltd., 4.63%, 03/01/2034		2,431
		Transcanada Trust,
	13,375	(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 03/15/2077 (aa)		13,826
	9,855	(ICE LIBOR USD 3 Month + 3.53%), 5.62%, 05/20/2075 (aa)		10,434
	9,359	Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 08/15/2076 (aa)		10,192
	1,098	Trinidad Drilling Ltd., 6.63%, 02/15/2025 (e)		1,076
		Videotron Ltd.,
	1,560	5.13%, 04/15/2027 (e)		1,619
	6,818	5.38%, 06/15/2024 (e)		7,244
				208,821
		Chile — 0.0% (g)
	1,550	Empresa Electrica Angamos SA, Reg. S, 4.88%, 05/25/2029		1,568
	3,350	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		3,517
				5,085

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		China — 0.0% (g)
		Alibaba Group Holding Ltd.,
	3,195	4.20%, 12/06/2047		3,183
	2,520	4.40%, 12/06/2057		2,500
				5,683
		Colombia — 0.1%
		Ecopetrol SA,
	4,350	5.38%, 06/26/2026		4,661
	3,162	7.38%, 09/18/2043		3,913
				8,574
		Croatia — 0.0% (g)
	1,340	Hrvatska Elektroprivreda, 5.88%, 10/23/2022 (e)		1,477
		Finland — 0.0% (g)
		Nokia OYJ,
	335	3.38%, 06/12/2022		328
	335	4.38%, 06/12/2027		325
	276	5.38%, 05/15/2019		283
	1,452	6.63%, 05/15/2039		1,590
				2,526
		France — 0.5%
		Credit Agricole SA,
	10,535	(USD Swap Semi 5 Year + 4.70%), 6.63%, 09/23/2019 (e) (x) (y) (aa)		10,911
	6,835	(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		8,183
		SFR Group SA,
	18,441	6.00%, 05/15/2022 (e)		18,037
	3,730	6.25%, 05/15/2024 (e)		3,562
	3,201	7.38%, 05/01/2026 (e)		3,155
		Societe Generale SA,
	12,990	(USD Swap Semi 5 Year + 6.24%), 7.38%, 09/13/2021 (e) (x) (y) (aa)		14,013
	4,730	(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 09/29/2025 (e) (x) (y) (aa)		5,528
				63,389
		Germany — 0.1%
		Fresenius Medical Care US Finance II, Inc.,
	1,152	5.88%, 01/31/2022 (e)		1,250
	400	6.50%, 09/15/2018 (e)		410
	1,850	Fresenius Medical Care US Finance, Inc., 5.75%, 02/15/2021 (e)		1,984

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany –– continued
	1,630	IHO Verwaltungs GmbH, 4.50% (cash), 09/15/2023 (e) (v)		1,658
	2,988	Unitymedia GmbH, 6.13%, 01/15/2025 (e)		3,145
	2,771	ZF North America Capital, Inc., 4.50%, 04/29/2022 (e)		2,854
				11,301
		Guatemala — 0.0% (g)
		Comunicaciones Celulares SA,
	3,420	Reg. S, 6.88%, 02/06/2024		3,595
	1,847	Energuate Trust, Reg. S, 5.88%, 05/03/2027		1,902
				5,497
		Hungary — 0.0% (g)
	2,420	MFB Magyar Fejlesztesi Bank Zrt., 6.25%, 10/21/2020 (e)		2,607
	2,250	MOL Group Finance SA, Reg. S, 6.25%, 09/26/2019		2,374
				4,981
		India — 0.0% (g)
	1,748	Axis Bank Ltd., Reg. S, 3.25%, 05/21/2020		1,746
		Reliance Holding USA, Inc.,
	2,830	Reg. S, 5.40%, 02/14/2022		3,038
				4,784
		Indonesia — 0.2%
		Minejesa Capital BV,
	4,134	4.63%, 08/10/2030 (e)		4,176
		Pertamina Persero PT,
	4,500	Reg. S, 4.30%, 05/20/2023		4,660
	4,540	Reg. S, 5.25%, 05/23/2021		4,829
	5,050	Reg. S, 6.00%, 05/03/2042		5,707
	4,590	Reg. S, 6.45%, 05/30/2044		5,456
	1,500	Reg. S, 6.50%, 05/27/2041		1,796
				26,624
		Ireland — 0.2%
	4,030	AerCap Global Aviation Trust, (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 06/15/2045 (e) (aa)		4,393
		Ardagh Packaging Finance plc,
	2,000	4.63%, 05/15/2023 (e)		2,020
	6,560	6.00%, 02/15/2025 (e)		6,773
	6,475	7.25%, 05/15/2024 (e)		6,959
	608	Fly Leasing Ltd., 5.25%, 10/15/2024		611
		James Hardie International Finance DAC,
	1,935	4.75%, 01/15/2025 (e)		1,959
	855	5.00%, 01/15/2028 (e)		864

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Ireland –– continued
		Park Aerospace Holdings Ltd.,
	1,224	4.50%, 03/15/2023 (e)		1,169
	1,402	5.25%, 08/15/2022 (e)		1,383
	3,512	5.50%, 02/15/2024 (e)		3,474
				29,605
		Israel — 0.1%
	12,395	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/01/2046		9,369
		Italy — 0.2%
	3,605	Enel Finance International NV, 4.75%, 05/25/2047 (e)		3,838
	8,600	Enel SpA, (USD Swap Semi 5 Year + 5.88%), 8.75%, 09/24/2073 (e) (aa)		10,642
		Telecom Italia Capital SA,
	1,985	6.00%, 09/30/2034		2,213
	2,862	6.38%, 11/15/2033		3,292
	810	7.20%, 07/18/2036		1,008
	388	7.72%, 06/04/2038		505
	6,240	Wind Tre SpA, 5.00%, 01/20/2026 (e)		5,664
				27,162
		Jamaica — 0.0% (g)
		Digicel Group Ltd.,
	3,148	Reg. S, 7.13%, 04/01/2022		2,964
		Japan — 0.0% (g)
	2,049	SoftBank Group Corp., 4.50%, 04/15/2020 (e)		2,082
		Kazakhstan — 0.2%
	2,545	Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042		3,028
	1,976	Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e)		2,057
		KazMunayGas National Co. JSC,
	650	Reg. S, 3.88%, 04/19/2022		655
	1,250	Reg. S, 4.40%, 04/30/2023		1,289
	4,126	Reg. S, 6.38%, 04/09/2021		4,469
	1,100	Reg. S, 9.13%, 07/02/2018		1,129
	4,650	KazMunayGas National Co. PJSC, Reg. S, 4.75%, 04/19/2027		4,842
	2,350	Tengizchevroil Finance Co. International Ltd., Reg. S, 4.00%, 08/15/2026		2,346
				19,815
		Luxembourg — 0.7%
		Altice Financing SA,
	6,577	6.63%, 02/15/2023 (e)		6,662

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Luxembourg –– continued
	6,985	7.50%, 05/15/2026 (e)		7,251
		Altice Luxembourg SA,
	1,515	7.63%, 02/15/2025 (e)		1,388
	13,763	7.75%, 05/15/2022 (e)		13,213
		ArcelorMittal,
	508	6.00%, 03/01/2021		544
	2,478	6.13%, 06/01/2025		2,819
	1,508	6.75%, 02/25/2022		1,670
	927	7.25%, 03/01/2041		1,177
	2,770	7.50%, 10/15/2039		3,573
	7,605	INEOS Group Holdings SA, 5.63%, 08/01/2024 (e)		7,805
		Intelsat Jackson Holdings SA,
	7,518	5.50%, 08/01/2023		5,902
	26,512	7.25%, 10/15/2020		23,231
	11,870	7.50%, 04/01/2021		10,104
	5,390	8.00%, 02/15/2024 (e)		5,659
	1,585	9.75%, 07/15/2025 (e)		1,458
	2,190	SES GLOBAL Americas Holdings GP, 5.30%, 03/25/2044 (e)		2,036
				94,492
		Mexico — 0.6%
		Alfa SAB de CV,
	2,700	Reg. S, 5.25%, 03/25/2024		2,850
	3,262	6.88%, 03/25/2044 (e)		3,515
	600	Banco Nacional de Comercio Exterior SNC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (e) (aa)		598
	2,600	BBVA Bancomer SA, Reg. S, 6.75%, 09/30/2022		2,905
	995	CEMEX Finance LLC, 6.00%, 04/01/2024 (e)		1,048
		Cemex SAB de CV,
	3,104	5.70%, 01/11/2025 (e)		3,262
	8,730	6.13%, 05/05/2025 (e)		9,286
	6,375	7.75%, 04/16/2026 (e)		7,200
		Grupo KUO SAB de CV,
	3,500	5.75%, 07/07/2027 (e)		3,604
		Mexico City Airport Trust,
	1,080	5.50%, 07/31/2047 (e)		1,042
		Petroleos Mexicanos,
	5,499	5.63%, 01/23/2046		5,059
	5,650	6.38%, 02/04/2021		6,116
	1,500	6.38%, 01/23/2045		1,500
	7,450	6.63%, 06/15/2035		7,927

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico –– continued
	5,940	6.75%, 09/21/2047 (e)		6,211
	8,350	Reg. S, 5.38%, 03/13/2022		8,851
	4,890	Reg. S, 6.50%, 03/13/2027 (e)		5,337
				76,311
		Morocco — 0.1%
		OCP SA,
	2,830	Reg. S, 5.63%, 04/25/2024		3,042
	2,971	Reg. S, 6.88%, 04/25/2044		3,491
				6,533
		Netherlands — 0.3%
		Constellium NV,
	505	5.75%, 05/15/2024 (e)		516
	875	5.88%, 02/15/2026 (e)		892
	1,685	6.63%, 03/01/2025 (e)		1,778
	1,650	GTH Finance BV, Reg. S, 7.25%, 04/26/2023		1,842
	5,458	ING Groep NV, Reg. S, (USD Swap Semi 5 Year + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		5,915
		NXP BV,
	2,665	4.63%, 06/15/2022 (e)		2,775
	2,780	4.63%, 06/01/2023 (e)		2,899
	6,874	5.75%, 03/15/2023 (e)		7,101
	840	UPC Holding BV, 5.50%, 01/15/2028 (e)		806
	7,770	UPCB Finance IV Ltd., 5.38%, 01/15/2025 (e)		7,906
	1,755	Ziggo Bond Finance BV, 5.88%, 01/15/2025 (e)		1,741
	2,594	Ziggo Secured Finance BV, 5.50%, 01/15/2027 (e)		2,575
				36,746
		Nigeria — 0.0% (g)
	2,631	Sea Trucks Group Ltd., Reg. S, 9.00%, 03/26/2018 (d) (e)		816
		Peru — 0.1%
	1,850	Banco de Credito del Peru, Reg. S, 4.25%, 04/01/2023		1,937
	1,800	BBVA Banco Continental SA, Reg. S, 5.00%, 08/26/2022		1,930
	1,124	Consorcio Transmantaro SA, Reg. S, 4.38%, 05/07/2023		1,151
	2,050	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		2,175
	3,100	Petroleos del Peru SA, 5.63%, 06/19/2047 (e)		3,278
	2,830	Southern Copper Corp., 5.88%, 04/23/2045		3,449
				13,920

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Qatar — 0.0% (g)
		ABQ Finance Ltd.,
	2,570	Reg. S, 3.50%, 02/22/2022		2,528
	1,550	Reg. S, 3.63%, 04/13/2021		1,541
	1,103	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		1,138
				5,207
		Russia — 0.2%
	1,100	Gazprom OAO Via Gaz Capital SA, Reg. S, 9.25%, 04/23/2019		1,181
	3,650	Metalloinvest Finance DAC, Reg. S, 4.85%, 05/02/2024		3,691
	3,050	MMC Norilsk Nickel OJSC, Reg. S, 6.63%, 10/14/2022		3,397
	3,100	Novolipetsk Steel, Reg. S, 4.50%, 06/15/2023		3,204
	550	Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.75%, 05/29/2018		558
	4,900	Vnesheconombank Via VEB Finance PLC, Reg. S, 5.94%, 11/21/2023		5,335
		VTB Bank OJSC Via VTB Capital SA,
	2,611	Reg. S, 6.95%, 10/17/2022		2,820
				20,186
		South Korea — 0.0% (g)
	3,805	MagnaChip Semiconductor Corp., 6.63%, 07/15/2021		3,692
		Spain — 0.2%
		Banco Bilbao Vizcaya Argentaria SA,
	6,000	(USD Swap Semi 5 Year + 3.87%), 6.13%, 11/16/2027 (x) (y) (aa)		6,243
EUR	1,000	Reg. S, (EUR Swap Annual 5 Year + 6.60%), 6.75%, 02/18/2020  (x) (y) (aa)		1,350
EUR	1,800	Reg. S, (EUR Swap Annual 5 Year + 6.16%), 7.00%, 02/19/2019  (x) (y) (aa)		2,350
	2,000	Reg. S, (USD Swap Semi 5 Year + 8.26%), 9.00%, 05/09/2018  (x) (y) (aa)		2,027
	9,530	Telefonica Emisiones SAU, 5.21%, 03/08/2047		10,749
GBP	4,400	Telefonica Europe BV, Reg. S, (GBP Swap 5 Year + 4.46%), 6.75%, 11/26/2020 (x) (y) (aa)		6,958
				29,677

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Sweden — 0.1%
	5,000	Skandinaviska Enskilda Banken AB, Reg. S, VAR, (USD Swap Semi 5 Year + 3.85%), 5.75%, 05/13/2020 (x) (y) (aa)		5,150
	5,000	Svenska Handelsbanken AB, Reg. S, (USD Swap Semi 5 Year + 3.34%), 5.25%, 03/01/2021 (x) (y) (aa)		5,093
	5,000	Swedbank AB, Reg. S, (USD Swap Semi 5 Year + 3.77%), 5.50%, 03/17/2020 (x) (y) (aa)		5,126
				15,369
		Switzerland — 0.3%
		Credit Suisse Group AG,
	8,385	(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (x) (y) (aa)		9,045
	4,646	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		5,285
		UBS Group AG,
	5,215	Reg. S, (USD ICE Swap Rate 5 Year + 5.50%), 6.87%, 03/22/2021 (x) (y) (aa)		5,562
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.59%), 6.87%, 08/07/2025 (x) (y) (aa)		5,564
	5,000	Reg. S, (USD Swap Semi 5 Year + 4.87%), 7.00%, 02/19/2025 (x) (y) (aa)		5,650
	2,000	Reg. S, (USD Swap Semi 5 Year + 5.46%), 7.13%, 02/19/2020 (x) (y) (aa)		2,106
				33,212
		Trinidad and Tobago — 0.0% (g)
	365	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.75%, 08/14/2019		391
		Tunisia — 0.0% (g)
	1,750	Republic of Banque Centrale de Tunisie, Reg. S, 5.75%, 01/30/2025		1,730
		Turkey — 0.1%
	2,350	Finansbank A/S, Reg. S, 4.88%, 05/19/2022		2,309
	2,900	KOC Holding A/S, Reg. S, 5.25%, 03/15/2023		3,036
		Turkiye Is Bankasi,
	2,300	Reg. S, 5.00%, 04/30/2020		2,323
	1,800	Reg. S, 6.00%, 10/24/2022		1,807
	3,050	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		3,065
				12,540
		United Arab Emirates — 0.1%
		DAE Funding LLC,
	1,205	4.50%, 08/01/2022 (e)		1,200
	1,284	5.00%, 08/01/2024 (e)		1,268

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Arab Emirates –– continued
	2,650	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		2,706
		Shelf Drilling Holdings Ltd.,
	3,145	8.25%, 02/15/2025 (e)		3,192
	4,811	9.50%, 11/02/2020 (e)		4,920
				13,286
		United Kingdom — 0.9%
	3,075	Afren plc, Reg. S, 6.63%, 12/09/2020 (d)		3
		Ashtead Capital, Inc.,
	505	4.13%, 08/15/2025 (e)		500
	523	4.38%, 08/15/2027 (e)		519
	3,560	5.63%, 10/01/2024 (e)		3,764
		Barclays plc,
GBP	6,299	Reg. S, (GBP Swap 5 Year + 6.46%), 7.25%, 03/15/2023 (x) (y) (aa)		9,994
	5,397	Reg. S, (USD Swap Semi 5 Year + 6.77%), 7.88%, 03/15/2022 (x) (y) (aa)		5,900
	8,345	BAT Capital Corp., 4.54%, 08/15/2047 (e)		8,601
	8,944	Fiat Chrysler Automobiles NV, 5.25%, 04/15/2023		9,463
		HSBC Holdings plc,
	4,840	(USD ICE Swap Rate 5 Year + 3.71%), 6.38%, 09/17/2024 (x) (y) (aa)		5,178
	6,000	(USD ICE Swap Rate 5 Year + 4.37%), 6.38%, 03/30/2025 (x) (y) (aa)		6,431
	6,852	(USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 06/01/2021 (x) (y) (aa)		7,357
	2,140	Jaguar Land Rover Automotive plc, 4.50%, 10/01/2027 (e)		2,108
		KCA Deutag UK Finance plc,
	2,208	7.25%, 05/15/2021 (e)		2,197
	2,560	9.88%, 04/01/2022 (e)		2,778
		Lloyds Banking Group plc,
	12,498	(USD Swap Semi 5 Year + 4.76%), 7.50%, 06/27/2024 (x) (y) (aa)		14,107
GBP	3,809	Nationwide Building Society, Reg. S, (GBP Swap 5 Year + 4.88%), 6.88%, 06/20/2019 (x) (y) (aa)		5,697
		Noble Holding International Ltd.,
	169	5.25%, 03/15/2042		112
	1,121	6.20%, 08/01/2040		807
	941	7.75%, 01/15/2024		873
	1,078	7.88%, 02/01/2026 (e)		1,098
	4,615	Reynolds American, Inc., 5.85%, 08/15/2045		5,621

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom –– continued
		Royal Bank of Scotland Group plc,
	3,900	5.13%, 05/28/2024		4,074
	1,194	6.00%, 12/19/2023		1,302
	14,647	6.13%, 12/15/2022		15,899
	3,517	TI Group Automotive Systems LLC, 8.75%, 07/15/2023 (e)		3,741
	2,548	Virgin Media Finance plc, 6.38%, 04/15/2023 (e)		2,624
		Virgin Media Secured Finance plc,
	975	5.25%, 01/15/2026 (e)		992
	1,300	5.50%, 01/15/2025 (e)		1,326
	640	5.50%, 08/15/2026 (e)		656
				123,722
		United States — 29.6%
		21st Century Fox America, Inc.,
	3,075	4.75%, 09/15/2044		3,475
	3,600	4.95%, 10/15/2045		4,183
	3,545	AbbVie, Inc., 4.45%, 05/14/2046		3,771
		Acadia Healthcare Co., Inc.,
	170	5.13%, 07/01/2022		172
	700	5.63%, 02/15/2023		709
	528	6.13%, 03/15/2021		536
	3,004	6.50%, 03/01/2024		3,139
	2,140	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		2,185
	2,229	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		2,441
	3,420	ACI Worldwide, Inc., 6.38%, 08/15/2020 (e)		3,471
	3,720	Adient Global Holdings Ltd., 4.88%, 08/15/2026 (e)		3,683
		ADT Corp. (The),
	2,335	3.50%, 07/15/2022		2,278
	9,382	4.13%, 06/15/2023		9,288
	519	Advanced Micro Devices, Inc., 7.00%, 07/01/2024		545
		AECOM,
	2,414	5.13%, 03/15/2027		2,417
	8,242	5.88%, 10/15/2024		8,788
		AES Corp.,
	1,795	5.13%, 09/01/2027		1,880
	1,800	5.50%, 04/15/2025		1,872
	1,500	6.00%, 05/15/2026		1,612
	3,731	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		3,600
	4,805	Air Medical Group Holdings, Inc., 6.38%, 05/15/2023 (e)		4,547
	1,080	Airxcel, Inc., 8.50%, 02/15/2022 (e)		1,149

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
		AK Steel Corp.,
	1,878	7.00%, 03/15/2027		1,920
	1,159	7.50%, 07/15/2023		1,249
		Albertsons Cos. LLC,
	3,284	5.75%, 03/15/2025		2,931
	13,826	6.63%, 06/15/2024		13,135
		Alcoa Nederland Holding BV,
	5,126	6.75%, 09/30/2024 (e)		5,574
	900	7.00%, 09/30/2026 (e)		998
		Aleris International, Inc.,
	530	7.88%, 11/01/2020		530
	1,505	9.50%, 04/01/2021 (e)		1,593
		Allergan Funding SCS,
	1,485	4.55%, 03/15/2035		1,552
	7,310	4.85%, 06/15/2044		7,797
		Alliance Data Systems Corp.,
	3,439	5.38%, 08/01/2022 (e)		3,484
	1,505	5.88%, 11/01/2021 (e)		1,546
	3,399	Allison Transmission, Inc., 4.75%, 10/01/2027 (e)		3,382
	19,105	Allstate Corp. (The), (ICE LIBOR USD 3 Month + 2.94%), 5.75%, 08/15/2053 (aa)		20,777
		Ally Financial, Inc.,
	11,484	4.13%, 02/13/2022		11,628
	20,407	4.63%, 05/19/2022		21,019
	9,530	4.63%, 03/30/2025		9,804
	2,855	5.75%, 11/20/2025		3,055
	3,175	8.00%, 11/01/2031		4,048
	1,740	Alta Mesa Holdings LP, 7.88%, 12/15/2024		1,914
		Altice US Finance I Corp.,
	3,800	5.38%, 07/15/2023 (e)		3,890
	3,893	5.50%, 05/15/2026 (e)		3,981
	8,140	Amazon.com, Inc., 4.25%, 08/22/2057 (e)		8,590
		AMC Entertainment Holdings, Inc.,
	5,890	5.75%, 06/15/2025		5,743
	1,000	5.88%, 02/15/2022		1,005
	1,375	5.88%, 11/15/2026		1,339
	1,079	6.13%, 05/15/2027		1,054
		AMC Networks, Inc.,
	2,100	4.75%, 12/15/2022		2,142
	831	4.75%, 08/01/2025		830
	7,430	5.00%, 04/01/2024		7,541
		American Axle & Manufacturing, Inc.,
	1,600	6.25%, 03/15/2021		1,632

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	6,537	6.25%, 04/01/2025 (e)		6,831
	6,391	6.50%, 04/01/2027 (e)		6,695
	1,900	6.63%, 10/15/2022		1,969
	3,450	7.75%, 11/15/2019		3,730
	18,070	American Express Co., Series C, (ICE LIBOR USD 3 Month + 3.29%), 4.90%, 03/15/2020 (x) (y) (aa)		18,341
	1,731	American Greetings Corp., 7.88%, 02/15/2025 (e)		1,839
		American International Group, Inc.,
	4,240	4.50%, 07/16/2044		4,398
	8,805	4.80%, 07/10/2045		9,559
	1,496	American Woodmark Corp., 4.88%, 03/15/2026 (e) (w)		1,496
		AmeriGas Partners LP,
	4,378	5.50%, 05/20/2025		4,477
	1,309	5.75%, 05/20/2027		1,340
	1,039	5.88%, 08/20/2026		1,075
	6,385	Amgen, Inc., 4.40%, 05/01/2045		6,721
		Amkor Technology, Inc.,
	8,949	6.38%, 10/01/2022		9,206
	2,278	6.63%, 06/01/2021		2,301
	2,487	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		2,537
	805	Analog Devices, Inc., 4.50%, 12/05/2036		842
		Andeavor Logistics LP,
	894	6.25%, 10/15/2022		940
	1,540	6.38%, 05/01/2024		1,669
	4,501	Anixter, Inc., 5.50%, 03/01/2023		4,794
	2,380	Antero Midstream Partners LP, 5.38%, 09/15/2024		2,451
		Antero Resources Corp.,
	4,982	5.13%, 12/01/2022		5,089
	849	5.38%, 11/01/2021		869
	4,205	5.63%, 06/01/2023		4,352
		Anthem, Inc.,
	5,475	4.38%, 12/01/2047		5,665
	3,295	4.65%, 08/15/2044		3,542
	2,280	5.10%, 01/15/2044		2,601
	3,453	Aramark Services, Inc., 5.00%, 02/01/2028 (e)		3,503
	930	Archrock Partners LP, 6.00%, 10/01/2022		944
		Arconic, Inc.,
	9,295	5.13%, 10/01/2024		9,830
	2,540	5.87%, 02/23/2022		2,746
	3,992	Ashland LLC, 4.75%, 08/15/2022		4,152

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		AT&T, Inc.,
	5,380	4.35%, 06/15/2045		4,954
	8,215	4.75%, 05/15/2046		8,025
	1,175	5.15%, 03/15/2042		1,198
	5,175	5.30%, 08/14/2058		5,228
	1,685	5.45%, 03/01/2047		1,800
	2,385	Avantor, Inc., 6.00%, 10/01/2024 (e)		2,406
	5,950	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		1
		Avis Budget Car Rental LLC,
	845	5.25%, 03/15/2025 (e)		830
	4,805	5.50%, 04/01/2023		4,841
	6,765	6.38%, 04/01/2024 (e)		6,928
	3,030	Axalta Coating Systems LLC, 4.88%, 08/15/2024 (e)		3,128
	1,764	B&G Foods, Inc., 5.25%, 04/01/2025		1,766
	3,565	Baker Hughes a GE Co. LLC, 4.08%, 12/15/2047 (e)		3,541
	1,962	Ball Corp., 5.25%, 07/01/2025		2,077
		Bank of America Corp.,
	12,340	Series K, (ICE LIBOR USD 3 Month + 3.63%), 5.40%, 04/30/2018 (x) (y) (aa)		12,506
	7,015	Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 06/01/2023 (x) (y) (aa)		7,129
	23,045	Series V, (ICE LIBOR USD 3 Month + 3.39%), 5.13%, 06/17/2019 (x) (y) (aa)		23,333
	11,220	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		12,105
	13,130	Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (x) (y) (aa)		14,689
	11,168	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		12,048
		Bank of New York Mellon Corp. (The),
	9,636	Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 06/20/2023 (x) (y) (aa)		9,540
	15,050	Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 06/20/2020 (x) (y) (aa)		15,392
	10,966	Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 09/20/2026 (x) (y) (aa)		10,993
	4,260	Becton Dickinson and Co., 4.67%, 06/06/2047		4,522
		Berry Global, Inc.,
	1,285	4.50%, 02/15/2026 (e)		1,282
	1,875	5.13%, 07/15/2023		1,946
	500	6.00%, 10/15/2022		521
	3,972	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		4,756
	6,347	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		6,585

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	495	Boise Cascade Co., 5.63%, 09/01/2024 (e)		517
	1,723	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		1,727
		Boyd Gaming Corp.,
	970	6.38%, 04/01/2026		1,040
	6,100	6.88%, 05/15/2023		6,451
	8,435	Brighthouse Financial, Inc., 4.70%, 06/22/2047 (e)		8,323
	1,734	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		1,686
	606	Bristow Group, Inc., 6.25%, 10/15/2022		512
	8,120	Buckeye Partners LP, (ICE LIBOR USD 3 Month + 4.02%), 6.38%, 01/22/2078 (aa)		8,293
	4,295	BWAY Holding Co., 5.50%, 04/15/2024 (e)		4,451
	4,322	Cablevision Systems Corp., 8.00%, 04/15/2020		4,641
		CalAtlantic Group, Inc.,
	977	5.25%, 06/01/2026		1,024
	600	5.38%, 10/01/2022		636
	2,247	5.88%, 11/15/2024		2,449
	295	8.38%, 01/15/2021		336
	1,259	Caleres, Inc., 6.25%, 08/15/2023		1,324
	1,923	California Resources Corp., 8.00%, 12/15/2022 (e)		1,609
	1,630	Callon Petroleum Co., 6.13%, 10/01/2024		1,691
		Calpine Corp.,
	4,605	5.25%, 06/01/2026 (e)		4,519
	1,500	5.50%, 02/01/2024		1,432
	1,140	5.75%, 01/15/2025		1,080
	2,000	5.88%, 01/15/2024 (e)		2,045
	175	Calumet Specialty Products Partners LP, 6.50%, 04/15/2021		175
	3,155	Camelot Finance SA, 7.88%, 10/15/2024 (e)		3,360
	21,570	Capital One Financial Corp., Series E, (ICE LIBOR USD 3 Month + 3.80%), 5.55%, 06/01/2020 (x) (y) (aa)		22,271
	2,690	Cardinal Health, Inc., 4.37%, 06/15/2047		2,654
	3,414	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		3,525
	676	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		676
	1,357	CB Escrow Corp., 8.00%, 10/15/2025 (e)		1,360
	1,857	CBS Corp., 4.60%, 01/15/2045		1,883
	1,340	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		1,407
	662	CCM Merger, Inc., 6.00%, 03/15/2022 (e)		679
		CCO Holdings LLC,
	9,663	5.00%, 02/01/2028 (e)		9,349
	1,235	5.13%, 05/01/2023 (e)		1,259

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	6,432	5.13%, 05/01/2027 (e)		6,265
	2,565	5.38%, 05/01/2025 (e)		2,603
	7,685	5.50%, 05/01/2026 (e)		7,839
	10,466	5.75%, 02/15/2026 (e)		10,832
	34,492	5.88%, 04/01/2024 (e)		36,044
	875	CDK Global, Inc., 4.88%, 06/01/2027 (e)		876
		CDW LLC,
	2,242	5.00%, 09/01/2023		2,304
	635	5.50%, 12/01/2024		685
		Cedar Fair LP,
	575	5.38%, 06/01/2024		598
	490	5.38%, 04/15/2027 (e)		511
	5,670	Celgene Corp., 4.35%, 11/15/2047		5,693
		Centene Corp.,
	100	4.75%, 05/15/2022		104
	2,850	4.75%, 01/15/2025		2,900
	2,570	5.63%, 02/15/2021		2,642
	1,745	6.13%, 02/15/2024		1,854
		Central Garden & Pet Co.,
	1,860	5.13%, 02/01/2028		1,851
	2,850	6.13%, 11/15/2023		3,010
		CenturyLink, Inc.,
	780	Series S, 6.45%, 06/15/2021		793
	6,891	Series T, 5.80%, 03/15/2022		6,719
	7,294	Series W, 6.75%, 12/01/2023		7,095
	606	Series Y, 7.50%, 04/01/2024		610
		CF Industries, Inc.,
	881	4.50%, 12/01/2026 (e)		910
	3,310	5.15%, 03/15/2034		3,339
	10,605	Charles Schwab Corp. (The), Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/01/2027 (x) (y) (aa)		10,479
	13,850	Charter Communications Operating LLC, 6.48%, 10/23/2045		16,276
		Chemours Co. (The),
	3,080	6.63%, 05/15/2023		3,241
	1,665	7.00%, 05/15/2025		1,819
		Cheniere Corpus Christi Holdings LLC,
	2,195	5.13%, 06/30/2027		2,266
	7,060	5.88%, 03/31/2025		7,607
	492	7.00%, 06/30/2024		560
	1,153	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		1,175
		Chesapeake Energy Corp.,
	226	5.75%, 03/15/2023		211

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	4,012	8.00%, 12/15/2022 (e)		4,303
	2,501	8.00%, 01/15/2025 (e)		2,526
	5,401	8.00%, 06/15/2027 (e)		5,347
	2,254	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		2,175
	4,090	Cinemark USA, Inc., 4.88%, 06/01/2023		4,141
	4,041	CIT Group, Inc., 5.00%, 08/15/2022		4,223
	1,815	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		1,823
		Citigroup, Inc.,
	14,725	Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 05/15/2023 (x) (y) (aa)		14,927
	10,670	Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 05/15/2024 (x) (y) (aa)		11,350
	15,550	Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019 (x) (y) (aa)		16,114
	4,785	Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		4,952
	10,235	(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 01/30/2023 (x) (y) (aa)		10,760
	11,785	Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 05/15/2025 (x) (y) (aa)		12,463
	1,670	Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.13%, 11/15/2020 (x) (y) (aa)		1,766
	5,475	Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 08/15/2026 (x) (y) (aa)		5,954
		Claire’s Stores, Inc.,
	1,150	6.13%, 03/15/2020 (e)		788
	6,088	9.00%, 03/15/2019 (e)		4,307
	1,490	Clean Harbors, Inc., 5.13%, 06/01/2021		1,505
		Clear Channel Worldwide Holdings, Inc.,
	1,675	Series A, 6.50%, 11/15/2022		1,717
	115	Series A, 7.63%, 03/15/2020		113
	31,795	Series B, 6.50%, 11/15/2022		32,732
	17,307	Series B, 7.63%, 03/15/2020		17,177
		Clearwater Paper Corp.,
	2,125	4.50%, 02/01/2023		2,104
	900	5.38%, 02/01/2025 (e)		908
	4,235	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		4,161
	3,065	CNO Financial Group, Inc., 5.25%, 05/30/2025		3,150
	1,947	CNX Resources Corp., 5.88%, 04/15/2022		1,998
	2,669	Cogent Communications Finance, Inc., 5.63%, 04/15/2021 (e)		2,702
	5,075	Cogent Communications Group, Inc., 5.38%, 03/01/2022 (e)		5,278
	3,290	Columbia Pipeline Group, Inc., 5.80%, 06/01/2045		4,013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	2,595	Comcast Corp., 4.00%, 08/15/2047		2,620
		Commercial Metals Co.,
	952	4.88%, 05/15/2023		968
	825	5.38%, 07/15/2027		848
		CommScope Technologies LLC,
	1,505	5.00%, 03/15/2027 (e)		1,499
	9,092	6.00%, 06/15/2025 (e)		9,567
		CommScope, Inc.,
	2,355	5.00%, 06/15/2021 (e)		2,399
	4,348	5.50%, 06/15/2024 (e)		4,506
		Community Health Systems, Inc.,
	2,435	5.13%, 08/01/2021		2,271
	2,930	6.25%, 03/31/2023		2,710
	3,017	6.88%, 02/01/2022		2,152
	2,575	7.13%, 07/15/2020		2,240
	652	Consolidated Communications, Inc., 6.50%, 10/01/2022		585
		Continental Resources, Inc.,
	1,072	3.80%, 06/01/2024		1,051
	909	4.38%, 01/15/2028 (e)		906
	7,557	4.50%, 04/15/2023		7,651
	3,963	4.90%, 06/01/2044		3,953
	2,925	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		2,998
	2,400	CoreCivic, Inc., 4.63%, 05/01/2023		2,448
	873	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		875
	8,255	Corning, Inc., 4.38%, 11/15/2057		8,220
		Covanta Holding Corp.,
	240	5.88%, 03/01/2024		243
	379	5.88%, 07/01/2025		386
	2,075	Covey Park Energy LLC, 7.50%, 05/15/2025 (e)		2,189
	3,940	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		3,942
		Crestwood Midstream Partners LP,
	2,091	5.75%, 04/01/2025		2,159
	319	6.25%, 04/01/2023		333
		Crown Americas LLC,
	815	4.25%, 09/30/2026		792
	1,281	4.75%, 02/01/2026 (e)		1,291
		CSC Holdings LLC,
	2,249	5.25%, 06/01/2024		2,193
	1,600	5.38%, 02/01/2028 (e)		1,596
	2,510	5.50%, 04/15/2027 (e)		2,541

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	6.63%, 10/15/2025 (e)		1,498
	2,504	6.75%, 11/15/2021		2,685
	942	8.63%, 02/15/2019		994
	7,952	10.13%, 01/15/2023 (e)		8,971
	1,182	10.88%, 10/15/2025 (e)		1,408
	1,341	CSI Compressco LP, 7.25%, 08/15/2022		1,321
	4,820	CSX Corp., 4.25%, 11/01/2066		4,755
	640	Cumberland Farms, Inc., 6.75%, 05/01/2025 (e)		683
		CURO Financial Technologies Corp.,
	2,011	12.00%, 03/01/2022 (e)		2,223
	6,818	CVR Partners LP, 9.25%, 06/15/2023 (e)		7,287
		CyrusOne LP,
	1,408	5.00%, 03/15/2024		1,436
	1,239	5.38%, 03/15/2027		1,289
	1,375	Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (e)		1,444
	4,320	Dana Financing Luxembourg SARL, 6.50%, 06/01/2026 (e)		4,671
		Dana, Inc.,
	1,250	5.50%, 12/15/2024		1,303
	6,125	6.00%, 09/15/2023		6,401
		DaVita, Inc.,
	4,830	5.00%, 05/01/2025		4,812
	3,502	5.13%, 07/15/2024		3,528
	1,275	5.75%, 08/15/2022		1,314
		DCP Midstream Operating LP,
	4,359	3.88%, 03/15/2023		4,359
	702	4.95%, 04/01/2022		732
	1,825	6.75%, 09/15/2037 (e)		2,067
	5,558	Dean Foods Co., 6.50%, 03/15/2023 (e)		5,502
	3,243	Delek Logistics Partners LP, 6.75%, 05/15/2025 (e)		3,308
		Dell International LLC,
	7,581	5.45%, 06/15/2023 (e)		8,146
	1,420	5.88%, 06/15/2021 (e)		1,471
	9,926	6.02%, 06/15/2026 (e)		10,866
	1,465	7.13%, 06/15/2024 (e)		1,601
	6,310	8.35%, 07/15/2046 (e)		8,282
	2,935	Delphi Technologies plc, 5.00%, 10/01/2025 (e)		2,928
	2,114	Denbury Resources, Inc., 9.25%, 03/31/2022 (e)		2,167
	950	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		1,007
	4,400	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		4,649

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	11,644	Discover Financial Services, Series C, (ICE LIBOR USD 3 Month + 3.08%), 5.50%, 10/30/2027 (x) (y) (aa)		11,826
	6,775	Discovery Communications LLC, 5.20%, 09/20/2047		6,936
		DISH DBS Corp.,
	19,979	5.00%, 03/15/2023		18,737
	12,086	5.88%, 07/15/2022		12,026
	14,996	5.88%, 11/15/2024		14,218
	9,887	6.75%, 06/01/2021		10,357
	3,029	7.75%, 07/01/2026		3,112
	6,950	DJO Finco, Inc., 8.13%, 06/15/2021 (e)		6,707
	2,774	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		2,947
	4,748	Dollar Tree, Inc., 5.75%, 03/01/2023		4,953
	2,229	Dominion Energy Gas Holdings LLC, 4.60%, 12/15/2044		2,410
	17,485	Dominion Energy, Inc., (ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/01/2054 (aa)		18,928
		Downstream Development Authority of the Quapaw Tribe of Oklahoma,
	2,164	10.50%, 07/01/2019 (e)		2,207
	2,197	10.50%, 02/15/2023 (e)		2,260
	2,738	Dr Pepper Snapple Group, Inc., 4.50%, 11/15/2045 (e)		2,808
		Dynegy, Inc.,
	6,393	5.88%, 06/01/2023		6,537
	1,300	7.38%, 11/01/2022		1,373
	3,515	7.63%, 11/01/2024		3,798
	3,755	8.00%, 01/15/2025 (e)		4,084
	2,192	8.13%, 01/30/2026 (e)		2,417
		Eldorado Resorts, Inc.,
	1,551	6.00%, 04/01/2025		1,619
	560	7.00%, 08/01/2023		597
	13,871	Embarq Corp., 8.00%, 06/01/2036		13,419
		EMC Corp.,
	1,129	2.65%, 06/01/2020		1,112
	133	3.38%, 06/01/2023		126
	1,825	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		2,007
		Endo Dac,
	930	5.88%, 10/15/2024 (e)		944
	10,650	6.00%, 07/15/2023 (e)		8,347
	1,770	6.00%, 02/01/2025 (e)		1,331
		Endo Finance LLC,
	3,282	5.75%, 01/15/2022 (e)		2,773

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	46	7.25%, 01/15/2022 (e)		40
	6,565	Energizer Holdings, Inc., 5.50%, 06/15/2025 (e)		6,729
		Energy Transfer Equity LP,
	1,233	4.25%, 03/15/2023		1,239
	4,397	5.88%, 01/15/2024		4,760
	3,020	Energy Transfer LP, 5.15%, 02/01/2043		2,947
		Energy Transfer Partners LP,
	13,370	Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 02/15/2023 (x) (y) (aa)		13,395
	9,235	Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 02/15/2028 (x) (y) (aa)		9,234
	8,060	EnLink Midstream Partners LP, Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (x) (y) (aa)		7,979
		Ensco plc,
	546	4.50%, 10/01/2024		468
	2,778	5.20%, 03/15/2025		2,417
	136	5.75%, 10/01/2044		97
	1,070	7.75%, 02/01/2026		1,064
	3,450	Entegris, Inc., 4.63%, 02/10/2026 (e)		3,463
		Enterprise Products Operating LLC,
	2,890	4.85%, 03/15/2044		3,172
	10,945	Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.87%, 08/16/2077 (aa)		11,000
	8,285	4.90%, 05/15/2046		9,244
	11,815	Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 08/16/2077 (aa)		11,785
		Envision Healthcare Corp.,
	3,316	5.13%, 07/01/2022 (e)		3,291
	2,303	5.63%, 07/15/2022		2,343
		EP Energy LLC,
	4,814	8.00%, 11/29/2024 (e)		5,067
	6,186	8.00%, 02/15/2025 (e)		4,887
	3,807	9.38%, 05/01/2024 (e)		3,226
		Equinix, Inc.,
	3,098	5.38%, 01/01/2022		3,218
	950	5.38%, 04/01/2023		976
	948	5.75%, 01/01/2025		1,000
	293	5.88%, 01/15/2026		312
	8,015	ERAC USA Finance LLC, 4.20%, 11/01/2046 (e)		7,774
	6,032	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		6,077
	720	EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		711

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,365	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		3,323
	4,100	Exelon Corp., 4.45%, 04/15/2046		4,317
		Express Scripts Holding Co.,
	5,570	4.80%, 07/15/2046		5,937
	1,556	6.13%, 11/15/2041		1,890
	2,170	FedEx Corp., 4.55%, 04/01/2046		2,345
	1,605	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		1,637
	17,625	Fifth Third Bancorp, (ICE LIBOR USD 3 Month + 3.03%), 5.10%, 06/30/2023 (x) (y) (aa)		17,669
		First Data Corp.,
	4,520	5.00%, 01/15/2024 (e)		4,638
	17,493	5.38%, 08/15/2023 (e)		18,040
	22,483	5.75%, 01/15/2024 (e)		23,235
	3,478	7.00%, 12/01/2023 (e)		3,663
	542	FirstCash, Inc., 5.38%, 06/01/2024 (e)		568
	2,750	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		3,044
	690	FirstEnergy Transmission LLC, 5.45%, 07/15/2044 (e)		819
	681	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		699
	16,565	Ford Motor Co., 4.75%, 01/15/2043		16,218
		Freeport-McMoRan, Inc.,
	1,530	3.55%, 03/01/2022		1,518
	8,365	3.88%, 03/15/2023		8,313
	1,714	4.00%, 11/14/2021		1,732
	4,605	4.55%, 11/14/2024		4,680
	375	5.40%, 11/14/2034		391
	2,310	5.45%, 03/15/2043		2,374
		Frontier Communications Corp.,
	1,428	6.25%, 09/15/2021		1,167
	7,180	6.88%, 01/15/2025		4,488
	3,217	9.25%, 07/01/2021		2,895
	1,526	10.50%, 09/15/2022		1,259
	11,158	11.00%, 09/15/2025		8,731
	1,346	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		1,343
	3,429	Gartner, Inc., 5.13%, 04/01/2025 (e)		3,565
	5,143	Gates Global LLC, 6.00%, 07/15/2022 (e)		5,259
	4,460	GCI, Inc., 6.75%, 06/01/2021		4,555
	2,522	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		2,781
	10,925	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		11,277

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	5,695	General Cable Corp., 5.75%, 10/01/2022		5,873
		General Electric Co.,
	2,585	4.50%, 03/11/2044		2,711
	44,203	Series D, (ICE LIBOR USD 3 Month + 3.33%), 5.00%, 01/21/2021 (x) (y) (aa)		44,645
		General Motors Co.,
	6,370	6.25%, 10/02/2043		7,519
	8,720	6.75%, 04/01/2046		10,872
	13,675	General Motors Financial Co., Inc., Series A, (ICE LIBOR USD 3 Month + 3.60%), 5.75%, 09/30/2027 (x) (y) (aa)		14,119
		Genesis Energy LP,
	1,553	5.63%, 06/15/2024		1,518
	1,359	6.00%, 05/15/2023		1,378
	780	6.75%, 08/01/2022		809
	3,640	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		4,022
		GenOn Energy, Inc.,
	975	9.50%, 10/15/2018 (d)		792
	3,355	9.88%, 10/15/2020 (d)		2,684
		GEO Group, Inc. (The),
	8,165	5.88%, 01/15/2022		8,380
	2,215	6.00%, 04/15/2026		2,259
		Gilead Sciences, Inc.,
	755	4.15%, 03/01/2047		782
	8,795	4.75%, 03/01/2046		9,940
		Global Partners LP,
	1,085	6.25%, 07/15/2022		1,108
	1,995	7.00%, 06/15/2023 (bb)		2,060
	2,370	GLP Capital LP, 5.38%, 11/01/2023		2,548
	5,204	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		5,380
		Goldman Sachs Group, Inc. (The),
	23,810	Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 05/10/2019 (x) (y) (aa)		24,509
	14,640	Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		15,116
	12,090	Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (x) (y) (aa)		12,589
	22,110	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (x) (y) (aa)		21,696
	850	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		582
		Goodyear Tire & Rubber Co. (The),
	5,526	4.88%, 03/15/2027		5,519
	2,385	5.00%, 05/31/2026		2,409

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Gray Television, Inc.,
	2,285	5.13%, 10/15/2024 (e)		2,297
	1,445	5.88%, 07/15/2026 (e)		1,488
	1,905	Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022		1,981
	1,310	Group 1 Automotive, Inc., 5.25%, 12/15/2023 (e)		1,349
	363	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		388
		Gulfport Energy Corp.,
	7,384	6.00%, 10/15/2024		7,439
	880	6.38%, 05/15/2025		888
	728	6.38%, 01/15/2026 (e)		732
	1,858	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		1,928
	2,865	Halcon Resources Corp., 6.75%, 02/15/2025 (e)		3,015
	5,605	Halliburton Co., 5.00%, 11/15/2045		6,423
	3,046	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e) (bb)		2,825
	1,466	Harland Clarke Holdings Corp., 8.38%, 08/15/2022 (e)		1,528
	3,740	Harris Corp., 5.05%, 04/27/2045		4,298
	3,847	HCA Healthcare, Inc., 6.25%, 02/15/2021		4,102
		HCA, Inc.,
	2,318	3.75%, 03/15/2019		2,344
	1,410	4.25%, 10/15/2019		1,436
	1,976	5.00%, 03/15/2024		2,060
	2,175	5.25%, 04/15/2025		2,282
	400	5.25%, 06/15/2026		418
	37,876	5.38%, 02/01/2025		38,728
	3,230	5.50%, 06/15/2047		3,297
	4,959	5.88%, 03/15/2022		5,337
	2,840	5.88%, 05/01/2023		3,046
	6,435	5.88%, 02/15/2026		6,733
	16,768	7.50%, 02/15/2022		18,822
	1,527	HD Supply, Inc., 5.75%, 04/15/2024 (e)		1,634
		HealthSouth Corp.,
	3,470	5.75%, 11/01/2024		3,540
	3,650	5.75%, 09/15/2025		3,773
	2,986	Hecla Mining Co., 6.88%, 05/01/2021		3,061
		Herc Rentals, Inc.,
	3,088	7.50%, 06/01/2022 (e)		3,316
	3,815	7.75%, 06/01/2024 (e)		4,182
		Hertz Corp. (The),
	6,255	5.50%, 10/15/2024 (e)		5,602

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,551	6.25%, 10/15/2022		1,489
	6,475	7.38%, 01/15/2021		6,475
	5,140	7.63%, 06/01/2022 (e)		5,372
	5,595	Hess Corp., 5.80%, 04/01/2047		6,343
	1,315	Hess Infrastructure Partners LP, 5.63%, 02/15/2026 (e)		1,335
	10,704	Hexion, Inc., 6.63%, 04/15/2020		9,741
	2,391	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		2,403
	865	Hillman Group, Inc. (The), 6.38%, 07/15/2022 (e)		854
		Hill-Rom Holdings, Inc.,
	685	5.00%, 02/15/2025 (e)		695
	6,428	5.75%, 09/01/2023 (e)		6,693
	2,235	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		2,225
	1,765	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		1,937
		Hilton Worldwide Finance LLC,
	3,023	4.63%, 04/01/2025		3,047
	1,512	4.88%, 04/01/2027		1,546
	1,655	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		1,729
		Hologic, Inc.,
	3,691	4.38%, 10/15/2025 (e)		3,691
	523	4.63%, 02/01/2028 (e)		523
		Hughes Satellite Systems Corp.,
	6,595	5.25%, 08/01/2026		6,661
	1,690	6.63%, 08/01/2026		1,787
		Huntsman International LLC,
	560	4.88%, 11/15/2020		583
	9,478	5.13%, 11/15/2022		10,082
		Icahn Enterprises LP,
	3,124	5.88%, 02/01/2022		3,183
	1,705	6.25%, 02/01/2022 (e)		1,756
	2,715	6.38%, 12/15/2025 (e)		2,762
	800	6.75%, 02/01/2024		832
		iHeartCommunications, Inc.,
	2,116	9.00%, 12/15/2019		1,629
	2,067	9.00%, 03/01/2021		1,499
		IHS Markit Ltd.,
	1,022	4.00%, 03/01/2026 (e)		993
	900	4.75%, 02/15/2025 (e)		936
	8,163	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (e) (aa)		7,979

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,205	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.62%, 12/21/2065 (e) (aa)		2,169
	8,769	Infor Software Parent LLC, 7.13% (cash), 05/01/2021 (e) (v)		8,944
		Infor US, Inc.,
	1,248	5.75%, 08/15/2020 (e)		1,281
	17,265	6.50%, 05/15/2022		17,805
	5,823	Informatica LLC, 7.13%, 07/15/2023 (e)		5,997
	1,241	Ingevity Corp., 4.50%, 02/01/2026 (e)		1,244
		International Game Technology plc,
	925	6.25%, 02/15/2022 (e)		990
	9,020	6.50%, 02/15/2025 (e)		10,035
	4,020	Interval Acquisition Corp., 5.63%, 04/15/2023		4,151
	937	IRB Holding Corp., 6.75%, 02/15/2026 (e)		949
		Iron Mountain, Inc.,
	1,207	4.88%, 09/15/2027 (e)		1,154
	1,557	5.25%, 03/15/2028 (e)		1,514
	1,530	5.75%, 08/15/2024		1,536
	1,250	6.00%, 08/15/2023		1,305
	1,431	Itron, Inc., 5.00%, 01/15/2026 (e)		1,438
	782	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		827
	8,360	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		8,799
	400	JC Penney Corp., Inc., 5.88%, 07/01/2023 (e)		384
		Jeld-Wen, Inc.,
	1,367	4.63%, 12/15/2025 (e)		1,367
	1,370	4.88%, 12/15/2027 (e)		1,372
	993	Kaiser Aluminum Corp., 5.88%, 05/15/2024		1,060
	2,892	KFC Holding Co., 4.75%, 06/01/2027 (e)		2,870
	4,425	Kimco Realty Corp., 4.45%, 09/01/2047		4,466
	2,000	Kinder Morgan Energy Partners LP, 5.63%, 09/01/2041		2,153
	7,460	Kindred Healthcare, Inc., 8.75%, 01/15/2023		7,926
	3,075	Kinetic Concepts, Inc., 7.88%, 02/15/2021 (e)		3,190
	6,400	KLX, Inc., 5.88%, 12/01/2022 (e)		6,664
	1,160	Koppers, Inc., 6.00%, 02/15/2025 (e)		1,224
		Kraft Heinz Foods Co.,
	5,875	4.38%, 06/01/2046		5,698
	1,045	5.00%, 06/04/2042		1,110
	8,927	5.20%, 07/15/2045		9,740

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,600	Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025 (e)		1,708
	10,245	Kroger Co. (The), 3.88%, 10/15/2046		9,409
		L Brands, Inc.,
	1,625	5.25%, 02/01/2028		1,607
	4,550	6.75%, 07/01/2036		4,584
	1,606	6.88%, 11/01/2035		1,642
		Ladder Capital Finance Holdings LLLP,
	1,514	5.25%, 03/15/2022 (e)		1,544
	757	5.25%, 10/01/2025 (e)		757
		Lamar Media Corp.,
	363	5.00%, 05/01/2023		371
	258	5.38%, 01/15/2024		266
	467	5.75%, 02/01/2026		493
	4,855	Lennar Corp., 4.75%, 11/29/2027 (e)		4,904
		Level 3 Financing, Inc.,
	5,636	5.13%, 05/01/2023		5,650
	1,943	5.25%, 03/15/2026		1,906
	4,086	5.38%, 01/15/2024		4,066
	7,675	5.38%, 05/01/2025		7,690
	561	5.63%, 02/01/2023		568
	1,000	Level 3 Parent LLC, 5.75%, 12/01/2022		1,010
	75	Levi Strauss & Co., 5.00%, 05/01/2025		78
	870	Liberty Interactive LLC, 8.25%, 02/01/2030		955
	2,538	Liberty Mutual Group, Inc., 7.80%, 03/15/2037 (e)		3,211
	1,387	LIN Television Corp., 5.88%, 11/15/2022		1,429
	4,910	Live Nation Entertainment, Inc., 4.88%, 11/01/2024 (e)		5,008
	2,469	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		2,519
	3,265	LSB Industries, Inc., SUB, 8.50%, 08/01/2019		3,277
	5,407	LTF Merger Sub, Inc., 8.50%, 06/15/2023 (e)		5,711
		Mallinckrodt International Finance SA,
	160	3.50%, 04/15/2018		160
	539	4.75%, 04/15/2023		442
	6,105	5.50%, 04/15/2025 (e)		4,960
	2,585	5.63%, 10/15/2023 (e)		2,210
	1,610	5.75%, 08/01/2022 (e)		1,477
	5,645	Marathon Petroleum Corp., 4.75%, 09/15/2044		5,910
	4,280	Markel Corp., 5.00%, 04/05/2046		4,700
	6,890	Martin Marietta Materials, Inc., 4.25%, 12/15/2047		6,661

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,946	Martin Midstream Partners LP, 7.25%, 02/15/2021		1,973
	1,625	Masco Corp., 4.50%, 05/15/2047		1,618
	3,357	MasTec, Inc., 4.88%, 03/15/2023		3,407
		Match Group, Inc.,
	312	5.00%, 12/15/2027 (e)		313
	890	6.38%, 06/01/2024		962
	3,780	Mattel, Inc., 6.75%, 12/31/2025 (e)		3,827
	1,840	Mediacom Broadband LLC, 6.38%, 04/01/2023		1,895
	2,185	Meredith Corp., 6.88%, 02/01/2026 (e)		2,237
		MetLife, Inc.,
	12,815	6.40%, 12/15/2036		14,739
	17,944	Series C, (ICE LIBOR USD 3 Month + 3.58%), 5.25%, 06/15/2020 (x) (y) (aa)		18,439
		MGM Growth Properties Operating Partnership LP,
	995	4.50%, 09/01/2026		983
	555	4.50%, 01/15/2028 (e)		541
	2,630	5.63%, 05/01/2024		2,801
		MGM Resorts International,
	15,020	6.00%, 03/15/2023		16,222
	2,630	6.63%, 12/15/2021		2,866
	15,259	7.75%, 03/15/2022		17,376
		Micron Technology, Inc.,
	7,546	5.25%, 01/15/2024 (e)		7,848
	470	5.50%, 02/01/2025		493
	5,428	Microsemi Corp., 9.13%, 04/15/2023 (e)		6,066
	1,350	Momentive Performance Materials USA, Inc., 8.88%, 10/15/2020 (d) (bb)		—	(h)
		Morgan Stanley,
	20,790	Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 07/15/2019 (x) (y) (aa)		21,310
	24,034	Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 07/15/2020 (x) (y) (aa)		24,845
	4,310	Mosaic Co. (The), 5.63%, 11/15/2043		4,679
		Motors Liquidation Co.,
	10	6.75%, 05/01/2028 (d) (bb)		—
	11	7.75%, 03/15/2036 (d) (bb)		—
	115	8.38%, 07/15/2033 (d) (bb)		—
	5,316	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		5,708
		MPLX LP,
	3,485	5.20%, 03/01/2047		3,840
	1,900	5.50%, 02/15/2023		1,952
	1,939	MSCI, Inc., 5.25%, 11/15/2024 (e)		2,018

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	10,774	Mylan NV, 5.25%, 06/15/2046		11,600
		Nabors Industries, Inc.,
	174	5.10%, 09/15/2023		169
	3,210	5.50%, 01/15/2023		3,210
	2,340	5.75%, 02/01/2025 (e)		2,304
	2,473	National Rural Utilities Cooperative Finance Corp., (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 04/20/2046 (aa)		2,634
		Nationstar Mortgage LLC,
	1,372	6.50%, 07/01/2021		1,388
	1,028	6.50%, 06/01/2022		1,038
	2,489	Navistar International Corp., 6.63%, 11/01/2025 (e)		2,602
	1,460	NCI Building Systems, Inc., 8.25%, 01/15/2023 (e)		1,551
		Neiman Marcus Group Ltd. LLC,
	5,712	8.00%, 10/15/2021 (e)		3,641
	5,159	9.50% (PIK), 10/15/2021 (e) (v)		2,908
		Netflix, Inc.,
	1,786	4.38%, 11/15/2026		1,745
	4,905	4.88%, 04/15/2028 (e)		4,868
	645	5.75%, 03/01/2024		684
	200	5.88%, 02/15/2025		214
		New Albertson’s, Inc.,
	455	6.63%, 06/01/2028		365
	692	7.45%, 08/01/2029		609
	645	7.75%, 06/15/2026		584
	2,280	8.00%, 05/01/2031		2,035
	2,042	8.70%, 05/01/2030		1,914
	2,447	New Home Co., Inc. (The), 7.25%, 04/01/2022		2,557
		Newfield Exploration Co.,
	2,010	5.63%, 07/01/2024		2,151
	210	5.75%, 01/30/2022		223
	880	Nexstar Broadcasting, Inc., 6.13%, 02/15/2022 (e)		906
		NextEra Energy Operating Partners LP,
	467	4.25%, 09/15/2024 (e)		469
	986	4.50%, 09/15/2027 (e)		973
	445	NGL Energy Partners LP, 5.13%, 07/15/2019		452
	1,109	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		1,139
	7,664	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		7,789
	3,150	Noble Energy, Inc., 5.25%, 11/15/2043		3,505

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States –– continued
	9,480	Northern Trust Corp., Series D, (ICE LIBOR USD 3 Month + 3.20%), 4.60%, 10/01/2026 (x) (y) (aa)		9,670
		Novelis Corp.,
	5,350	5.88%, 09/30/2026 (e)		5,510
	4,710	6.25%, 08/15/2024 (e)		4,934
		NRG Energy, Inc.,
	1,323	5.75%, 01/15/2028 (e)		1,323
	2,000	6.25%, 05/01/2024		2,091
	5,313	6.63%, 01/15/2027		5,605
	2,465	NRG Yield Operating LLC, 5.00%, 09/15/2026		2,477
		Nuance Communications, Inc.,
	1,229	5.38%, 08/15/2020 (e)		1,238
	1,250	5.63%, 12/15/2026		1,292
	730	NWH Escrow Corp., 7.50%, 08/01/2021 (e) (bb)		677
		Oasis Petroleum, Inc.,
	8,338	6.50%, 11/01/2021		8,515
	765	6.88%, 03/15/2022		788
	935	6.88%, 01/15/2023		963
	998	OI European Group BV, 4.00%, 03/15/2023 (e)		990
	1,310	Olin Corp., 5.13%, 09/15/2027		1,362
	3,600	ONEOK Partners LP, 6.20%, 09/15/2043		4,357
		Oshkosh Corp.,
	1,300	5.38%, 03/01/2022		1,337
	4,609	5.38%, 03/01/2025		4,863
		Outfront Media Capital LLC,
	748	5.25%, 02/15/2022		763
	1,650	5.63%, 02/15/2024		1,689
	750	5.88%, 03/15/2025		780
		Owens Corning,
	6,810	4.30%, 07/15/2047		6,591
	2,530	4.40%, 01/30/2048		2,498
		Owens-Brockway Glass Container, Inc.,
	810	5.00%, 01/15/2022 (e)		843
	545	5.38%, 01/15/2025 (e)		572
	584	5.88%, 08/15/2023 (e)		621
	1,084	6.38%, 08/15/2025 (e)		1,198
	444	Parker Drilling Co., 6.75%, 07/15/2022		382
		Parsley Energy LLC,
	1,235	5.25%, 08/15/2025 (e)		1,247
	603	5.38%, 01/15/2025 (e)		609
	1,165	5.63%, 10/15/2027 (e)		1,197

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States –– continued
	1,940	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		1,991
		PBF Holding Co. LLC,
	1,431	7.00%, 11/15/2023		1,502
	2,675	7.25%, 06/15/2025		2,818
	1,089	PBF Logistics LP, 6.88%, 05/15/2023		1,133
		Peabody Energy Corp.,
	627	6.00%, 03/31/2022 (e)		651
	335	6.38%, 03/31/2025 (e)		352
		Penn Virginia Corp. Escrow,
	500	7.25%, 04/15/2019 (d) (bb)		1
	1,100	8.50%, 05/01/2020 (d) (bb)		1
	2,399	Penske Automotive Group, Inc., 5.50%, 05/15/2026		2,453
		PetSmart, Inc.,
	2,949	5.88%, 06/01/2025 (e)		2,275
	10,750	7.13%, 03/15/2023 (e)		6,759
	3,830	8.88%, 06/01/2025 (e)		2,432
	7,036	Phillips 66, 4.88%, 11/15/2044		7,974
	3,815	Phillips 66 Partners LP, 4.90%, 10/01/2046		4,028
		Pilgrim’s Pride Corp.,
	2,313	5.75%, 03/15/2025 (e)		2,336
	1,300	5.88%, 09/30/2027 (e)		1,303
		Plains All American Pipeline LP,
	1,560	4.70%, 06/15/2044		1,512
	1,490	4.90%, 02/15/2045		1,480
	16,150	Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (x) (y) (aa)		16,251
	3,521	Plantronics, Inc., 5.50%, 05/31/2023 (e)		3,644
		PNC Financial Services Group, Inc. (The),
	9,215	Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 06/01/2023 (x) (y) (aa)		9,353
	10,675	Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/01/2026 (x) (y) (aa)		11,193
	2,520	Polaris Intermediate Corp., 8.50% (Cash), 12/01/2022 (e) (v)		2,624
	3,084	PolyOne Corp., 5.25%, 03/15/2023		3,223
		Post Holdings, Inc.,
	1,997	5.00%, 08/15/2026 (e)		1,950
	1,345	5.50%, 03/01/2025 (e)		1,385
	1,470	5.63%, 01/15/2028 (e)		1,465
	1,640	5.75%, 03/01/2027 (e)		1,650
	523	PQ Corp., 5.75%, 12/15/2025 (e)		539
	7,555	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		8,358

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Prudential Financial, Inc.,
	7,920	(ICE LIBOR USD 3 Month + 3.04%), 5.20%, 03/15/2044 (aa)		8,395
	5,006	(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 05/15/2045 (aa)		5,394
	23,245	(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 06/15/2043 (aa)		25,284
	15,685	(ICE LIBOR USD 3 Month + 4.18%), 5.87%, 09/15/2042 (aa)		17,175
		QEP Resources, Inc.,
	1,072	5.25%, 05/01/2023		1,094
	3,083	5.38%, 10/01/2022		3,179
	814	5.63%, 03/01/2026		832
	1,010	6.88%, 03/01/2021		1,091
	1,660	Qorvo, Inc., 6.75%, 12/01/2023		1,768
	1,000	Quad/Graphics, Inc., 7.00%, 05/01/2022		1,035
		QUALCOMM, Inc.,
	2,690	4.30%, 05/20/2047		2,653
	2,470	4.80%, 05/20/2045		2,623
		Quicken Loans, Inc.,
	2,070	5.25%, 01/15/2028 (e)		2,024
	4,479	5.75%, 05/01/2025 (e)		4,563
		Quintiles IMS, Inc.,
	1,255	4.88%, 05/15/2023 (e)		1,299
	5,110	5.00%, 10/15/2026 (e)		5,206
	1,115	Qwest Capital Funding, Inc., 7.75%, 02/15/2031		1,006
	580	Qwest Corp., 7.25%, 09/15/2025		622
	8,507	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		9,049
		Radian Group, Inc.,
	1,645	4.50%, 10/01/2024		1,645
	588	7.00%, 03/15/2021		647
	3,985	Rain CII Carbon LLC, 7.25%, 04/01/2025 (e)		4,314
		Range Resources Corp.,
	6,810	4.88%, 05/15/2025		6,614
	96	5.00%, 08/15/2022		97
	2,747	5.00%, 03/15/2023		2,740
	1,851	RBS Global, Inc., 4.88%, 12/15/2025 (e)		1,874
		Regal Entertainment Group,
	3,640	5.75%, 03/15/2022		3,749
	1,200	5.75%, 06/15/2023		1,242
	315	5.75%, 02/01/2025		323
	1,271	Revlon Consumer Products Corp., 6.25%, 08/01/2024		817

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Reynolds Group Issuer, Inc.,
	1,000	5.13%, 07/15/2023 (e)		1,030
	9,425	5.75%, 10/15/2020		9,578
	3,079	6.88%, 02/15/2021		3,125
	1,745	7.00%, 07/15/2024 (e)		1,856
		RHP Hotel Properties LP,
	2,950	5.00%, 04/15/2021		2,979
	3,828	5.00%, 04/15/2023		3,924
		Rite Aid Corp.,
	8,082	6.13%, 04/01/2023 (e)		7,536
	1,160	6.75%, 06/15/2021		1,185
	3,060	Riverbed Technology, Inc., 8.88%, 03/01/2023 (e)		2,930
	1,405	Rowan Cos., Inc., 7.38%, 06/15/2025		1,440
	58	RR Donnelley & Sons Co., 7.00%, 02/15/2022		60
	7,778	RSI Home Products, Inc., 6.50%, 03/15/2023 (e)		8,147
	1,135	RSP Permian, Inc., 5.25%, 01/15/2025		1,178
		Sabre GLBL, Inc.,
	2,542	5.25%, 11/15/2023 (e)		2,564
	8,087	5.38%, 04/15/2023 (e)		8,211
		Sally Holdings LLC,
	75	5.50%, 11/01/2023		76
	325	5.63%, 12/01/2025		323
	495	Sanchez Energy Corp., 6.13%, 01/15/2023		433
		SBA Communications Corp.,
	314	4.00%, 10/01/2022 (e)		309
	2,791	4.88%, 07/15/2022		2,857
	3,930	4.88%, 09/01/2024		3,911
		Scientific Games International, Inc.,
	1,575	5.00%, 10/15/2025 (e) (w)		1,579
	9,100	7.00%, 01/01/2022 (e)		9,600
	3,325	10.00%, 12/01/2022		3,637
		Scotts Miracle-Gro Co. (The),
	1,622	5.25%, 12/15/2026		1,675
	8,218	6.00%, 10/15/2023		8,670
		Sealed Air Corp.,
	1,400	4.88%, 12/01/2022 (e)		1,463
	1,750	5.13%, 12/01/2024 (e)		1,851
	1,233	5.25%, 04/01/2023 (e)		1,310
	389	SEATRK, 14.00%, 06/30/2018 (bb)		392
		SemGroup Corp.,
	1,146	5.63%, 07/15/2022		1,158
	1,070	5.63%, 11/15/2023		1,055

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,509	7.25%, 03/15/2026 (e)		1,562
	4,456	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		4,523
	2,335	Sempra Energy, 4.00%, 02/01/2048		2,299
		Sensata Technologies BV,
	4,678	4.88%, 10/15/2023 (e)		4,865
	470	5.00%, 10/01/2025 (e)		488
	2,034	5.63%, 11/01/2024 (e)		2,214
	8,376	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		9,004
		Service Corp. International,
	2,865	5.38%, 01/15/2022		2,930
	6,275	5.38%, 05/15/2024		6,589
	2,735	7.50%, 04/01/2027		3,255
	1,240	8.00%, 11/15/2021		1,441
	408	Shearer’s Foods LLC, 9.00%, 11/01/2019 (e)		416
	2,050	Sherwin-Williams Co. (The), 4.50%, 06/01/2047		2,164
		Sinclair Television Group, Inc.,
	2,835	5.13%, 02/15/2027 (e)		2,814
	6,195	5.38%, 04/01/2021		6,282
	2,589	5.63%, 08/01/2024 (e) (bb)		2,666
	3,230	6.13%, 10/01/2022		3,323
		Sirius XM Radio, Inc.,
	2,336	4.63%, 05/15/2023 (e)		2,365
	3,314	5.00%, 08/01/2027 (e)		3,289
	10,110	5.38%, 04/15/2025 (e)		10,363
	2,855	5.38%, 07/15/2026 (e)		2,915
	7,571	6.00%, 07/15/2024 (e)		7,912
	5,185	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		5,256
		SM Energy Co.,
	2,211	5.00%, 01/15/2024		2,156
	1,248	6.50%, 11/15/2021 (bb)		1,274
	2,915	Solera LLC, 10.50%, 03/01/2024 (e)		3,268
	671	Sonic Automotive, Inc., 6.13%, 03/15/2027		666
	1,945	Sotera Health Holdings LLC, 6.50%, 05/15/2023 (e)		2,028
	2,680	Sotheby’s, 4.88%, 12/15/2025 (e)		2,634
	7,550	Southern Power Co., Series F, 4.95%, 12/15/2046		8,226
		Southwestern Energy Co.,
	1,510	4.10%, 03/15/2022		1,487
	8,391	6.70%, 01/23/2025		8,538
	1,165	7.50%, 04/01/2026		1,219

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,165	7.75%, 10/01/2027		1,209
	1,605	Spectra Energy Partners LP, 4.50%, 03/15/2045		1,665
		Spectrum Brands, Inc.,
	2,159	6.13%, 12/15/2024		2,289
	3,202	6.63%, 11/15/2022		3,318
	1,075	Speedway Motorsports, Inc., 5.13%, 02/01/2023		1,094
		Springleaf Finance Corp.,
	3,577	5.63%, 03/15/2023		3,590
	2,264	7.75%, 10/01/2021		2,499
	1,688	8.25%, 12/15/2020		1,861
	15,840	Sprint Capital Corp., 8.75%, 03/15/2032		18,731
		Sprint Communications, Inc.,
	5,328	6.00%, 11/15/2022		5,315
	3,660	7.00%, 03/01/2020 (e)		3,907
	4,124	7.00%, 08/15/2020		4,352
	305	11.50%, 11/15/2021		369
		Sprint Corp.,
	2,829	7.13%, 06/15/2024		2,868
	3,678	7.25%, 09/15/2021		3,909
	20,681	7.63%, 02/15/2025		21,456
	34,952	7.88%, 09/15/2023		36,918
		SPX FLOW, Inc.,
	1,370	5.63%, 08/15/2024 (e)		1,422
	2,175	5.88%, 08/15/2026 (e)		2,278
		Standard Industries, Inc.,
	6,553	4.75%, 01/15/2028 (e)		6,504
	610	5.00%, 02/15/2027 (e)		619
	2,304	6.00%, 10/15/2025 (e)		2,448
	13,926	Staples, Inc., 8.50%, 09/15/2025 (e)		13,456
	1,650	State Street Corp., Series F, (ICE LIBOR USD 3 Month + 3.60%), 5.25%, 09/15/2020 (x) (y) (aa)		1,720
	1,197	Station Casinos LLC, 5.00%, 10/01/2025 (e)		1,207
		Steel Dynamics, Inc.,
	2,050	4.13%, 09/15/2025		2,029
	1,085	5.00%, 12/15/2026		1,128
	625	5.25%, 04/15/2023		642
	650	5.50%, 10/01/2024		676
	195	Stone Energy Corp., 7.50%, 05/31/2022		197
		Summit Materials LLC,
	663	5.13%, 06/01/2025 (e)		676
	5,180	6.13%, 07/15/2023		5,348

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Summit Midstream Holdings LLC,
	1,559	5.50%, 08/15/2022		1,575
	4,125	5.75%, 04/15/2025		4,156
		Sunoco Logistics Partners Operations LP,
	3,655	5.30%, 04/01/2044		3,683
	6,600	5.35%, 05/15/2045		6,714
		Sunoco LP,
	1,655	4.88%, 01/15/2023 (e)		1,686
	1,966	5.50%, 02/15/2026 (e)		2,007
	423	5.88%, 03/15/2028 (e)		432
		SunTrust Banks, Inc.,
	12,540	(ICE LIBOR USD 3 Month + 3.86%), 5.63%, 12/15/2019 (x) (y) (aa)		13,010
	8,680	Series G, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 06/15/2022 (x) (y) (aa)		8,702
	10,625	Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (x) (y) (aa)		10,273
		SUPERVALU, Inc.,
	5,257	6.75%, 06/01/2021		5,178
	9,575	7.75%, 11/15/2022		9,384
	2,330	Symantec Corp., 5.00%, 04/15/2025 (e)		2,376
		Talen Energy Supply LLC,
	2,351	6.50%, 06/01/2025		1,957
	2,250	9.50%, 07/15/2022 (e)		2,353
		Tallgrass Energy Partners LP,
	2,150	5.50%, 09/15/2024 (e)		2,204
	3,810	5.50%, 01/15/2028 (e)		3,800
		Targa Resources Partners LP,
	2,483	4.25%, 11/15/2023		2,452
	2,955	5.00%, 01/15/2028 (e)		2,925
	4,214	5.13%, 02/01/2025		4,246
	850	5.25%, 05/01/2023		869
	4,710	6.75%, 03/15/2024		5,028
	4,711	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		4,393
		TEGNA, Inc.,
	1,415	4.88%, 09/15/2021 (e)		1,436
	2,210	5.50%, 09/15/2024 (e)		2,299
	5,470	6.38%, 10/15/2023		5,715
		Teleflex, Inc.,
	368	4.88%, 06/01/2026		375
	875	5.25%, 06/15/2024		906
		Tempur Sealy International, Inc.,
	6,355	5.50%, 06/15/2026		6,387
	2,786	5.63%, 10/15/2023		2,869

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Tenet Healthcare Corp.,
	2,284	4.38%, 10/01/2021		2,284
	8,381	4.50%, 04/01/2021		8,423
	3,003	4.63%, 07/15/2024 (e)		2,950
	1,220	4.75%, 06/01/2020		1,250
	4,486	5.13%, 05/01/2025 (e)		4,424
	995	5.50%, 03/01/2019		1,014
	1,329	6.00%, 10/01/2020		1,393
	1,070	6.75%, 02/01/2020		1,093
	12,239	6.75%, 06/15/2023		12,071
	1,085	7.00%, 08/01/2025 (e)		1,061
	4,545	7.50%, 01/01/2022 (e)		4,809
	15,155	8.13%, 04/01/2022		15,638
	1,723	Tennant Co., 5.63%, 05/01/2025 (e)		1,794
	1,225	Tenneco, Inc., 5.00%, 07/15/2026		1,236
	5,243	Terex Corp., 5.63%, 02/01/2025 (e)		5,407
	1,939	Terraform Global Operating LLC, 9.75%, 08/15/2022 (e)		2,147
		TerraForm Power Operating LLC,
	1,869	4.25%, 01/31/2023 (e)		1,850
	2,354	5.00%, 01/31/2028 (e)		2,322
	1,500	SUB, 6.63%, 06/15/2025 (e)		1,637
	3,530	Tesla, Inc., 5.30%, 08/15/2025 (e)		3,361
		Texas Competitive Electric Holdings Co. LLC,
	29,250	8.50%, 05/01/2020 (d) (bb)		274
		T-Mobile USA, Inc.,
	1,188	4.50%, 02/01/2026		1,194
	1,188	4.75%, 02/01/2028		1,192
	3,110	6.00%, 03/01/2023		3,255
	5,377	6.38%, 03/01/2025		5,720
	2,440	6.50%, 01/15/2024		2,593
	14,315	6.50%, 01/15/2026		15,514
	3,388	6.63%, 04/01/2023		3,521
	2,682	6.84%, 04/28/2023		2,799
		Toll Brothers Finance Corp.,
	1,820	4.35%, 02/15/2028		1,802
	345	4.88%, 11/15/2025		359
	935	5.63%, 01/15/2024		1,012
		TransDigm, Inc.,
	1,000	5.50%, 10/15/2020		1,014
	2,325	6.00%, 07/15/2022		2,386
	1,134	6.38%, 06/15/2026		1,164
	3,677	6.50%, 07/15/2024		3,782

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,785	6.50%, 05/15/2025		3,889
	3,785	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		3,984
		Transocean, Inc.,
	857	5.80%, 10/15/2022		866
	4,802	6.80%, 03/15/2038		4,118
	4,452	7.50%, 01/15/2026 (e)		4,634
	1,767	7.50%, 04/15/2031		1,683
	4,176	9.00%, 07/15/2023 (e)		4,583
	1,594	9.35%, 12/15/2041		1,626
	3,815	TreeHouse Foods, Inc., 6.00%, 02/15/2024 (e)		3,958
	2,180	TriMas Corp., 4.88%, 10/15/2025 (e)		2,191
	3,194	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		3,273
		Triumph Group, Inc.,
	3,425	4.88%, 04/01/2021		3,365
	1,686	5.25%, 06/01/2022		1,659
	1,965	7.75%, 08/15/2025		2,083
	869	Tronox Finance plc, 5.75%, 10/01/2025 (e)		889
	3,198	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		3,406
	2,435	Tyson Foods, Inc., 4.55%, 06/02/2047		2,608
		Ultra Resources, Inc.,
	8,395	6.88%, 04/15/2022 (e)		8,395
	2,660	7.13%, 04/15/2025 (e)		2,657
	3,327	Unit Corp., 6.63%, 05/15/2021		3,356
		United Continental Holdings, Inc.,
	1,680	4.25%, 10/01/2022		1,688
	3,281	5.00%, 02/01/2024		3,314
		United Rentals North America, Inc.,
	1,160	4.63%, 10/15/2025		1,177
	7,133	4.88%, 01/15/2028		7,133
	3,281	5.50%, 07/15/2025		3,461
	4,235	5.50%, 05/15/2027		4,447
	4,990	5.75%, 11/15/2024		5,252
	1,845	5.88%, 09/15/2026		1,977
	1,300	United States Cellular Corp., 6.70%, 12/15/2033		1,380
	785	United States Steel Corp., 8.38%, 07/01/2021 (e)		848
		Uniti Group LP,
	3,715	6.00%, 04/15/2023 (e)		3,608
	1,210	7.13%, 12/15/2024 (e)		1,074
	5,500	8.25%, 10/15/2023		5,211
	1,103	Univar USA, Inc., 6.75%, 07/15/2023 (e)		1,153

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Univision Communications, Inc.,
	3,600	5.13%, 05/15/2023 (e)		3,584
	1,766	5.13%, 02/15/2025 (e)		1,713
	648	6.75%, 09/15/2022 (e)		672
	2,341	US Concrete, Inc., 6.38%, 06/01/2024		2,518
	952	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		981
		Valeant Pharmaceuticals International, Inc.,
	3,177	5.38%, 03/15/2020 (e)		3,157
	383	5.50%, 03/01/2023 (e)		344
	4,705	5.50%, 11/01/2025 (e)		4,754
	33,127	5.88%, 05/15/2023 (e)		29,914
	3,963	6.13%, 04/15/2025 (e)		3,548
	1,266	6.50%, 03/15/2022 (e)		1,326
	7,342	6.75%, 08/15/2021 (e)		7,269
	5,817	7.00%, 03/15/2024 (e)		6,186
	7,934	7.25%, 07/15/2022 (e)		7,855
	10,483	7.50%, 07/15/2021 (e)		10,522
	5,682	9.00%, 12/15/2025 (e)		5,836
	608	Valvoline, Inc., 4.38%, 08/15/2025		606
	1,935	Venator Finance SARL, 5.75% , 07/15/2025 (e)		1,993
		Verizon Communications, Inc.,
	11,025	4.52%, 09/15/2048		10,992
	6,525	5.01%, 04/15/2049		6,930
	1,525	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		1,616
	8,436	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		9,106
		Viacom, Inc.,
	7,259	4.38%, 03/15/2043		6,644
	795	5.85%, 09/01/2043		883
	5,291	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		5,374
	4,630	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		4,775
	835	ViaSat, Inc., 5.63%, 09/15/2025 (e)		830
	3,661	VICI Properties 1 LLC, 8.00%, 10/15/2023		4,109
	7,330	Vista Outdoor, Inc., 5.88%, 10/01/2023		7,092
	1,337	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		1,334
		Voya Financial, Inc.,
	3,660	4.80%, 06/15/2046		4,011
	13,110	(ICE LIBOR USD 3 Month + 3.58%), 5.65%, 05/15/2053 (aa)		13,929
	2,755	Vulcan Materials Co., 4.50%, 06/15/2047		2,788
	2,385	Wabash National Corp., 5.50%, 10/01/2025 (e)		2,409

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,620	Walgreens Boots Alliance, Inc., 4.80%, 11/18/2044		3,832
	882	Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)		897
		Weatherford International Ltd.,
	1,822	4.50%, 04/15/2022		1,731
	2,220	6.50%, 08/01/2036		1,909
	499	6.75%, 09/15/2040		434
	1,011	7.00%, 03/15/2038		905
	1,355	9.88%, 02/15/2024		1,477
	2,435	Welbilt, Inc., 9.50%, 02/15/2024		2,752
	1,550	WellCare Health Plans, Inc., 5.25%, 04/01/2025		1,619
		Wells Fargo & Co.,
	12,655	Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 06/15/2024 (x) (y) (aa)		13,402
	15,275	Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.88%, 06/15/2025 (x) (y) (aa)		16,614
	398	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		403
		Western Digital Corp.,
	7,014	4.75%, 02/15/2026 (w)		7,106
	7,666	7.38%, 04/01/2023 (e)		8,346
	14,250	10.50%, 04/01/2024		16,662
	770	Western Gas Partners LP, 5.45%, 04/01/2044		835
	4,920	Westlake Chemical Corp., 4.38%, 11/15/2047		5,026
		Whiting Petroleum Corp.,
	4,312	5.75%, 03/15/2021		4,463
	3,339	6.25%, 04/01/2023		3,436
	2,242	6.63%, 01/15/2026 (e)		2,295
	3,060	WildHorse Resource Development Corp., 6.88%, 02/01/2025		3,167
		Williams Cos., Inc. (The),
	2,210	3.70%, 01/15/2023		2,193
	1,790	5.75%, 06/24/2044		1,974
	1,144	7.75%, 06/15/2031		1,441
	162	Series A, 7.50%, 01/15/2031		203
		Windstream Services LLC,
	1,058	6.38%, 08/01/2023 (e)		598
	29,458	8.75%, 12/15/2024 (e)		20,777
		WMG Acquisition Corp.,
	865	4.88%, 11/01/2024 (e)		882
	2,420	5.00%, 08/01/2023 (e)		2,481
	3,823	5.63%, 04/15/2022 (e)		3,928
	3,408	6.75%, 04/15/2022 (e)		3,536

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		WPX Energy, Inc.,
	3,475	6.00%, 01/15/2022		3,648
	2,681	7.50%, 08/01/2020		2,895
	800	8.25%, 08/01/2023		918
	9,290	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		9,377
		XPO Logistics, Inc.,
	2,130	6.13%, 09/01/2023 (e)		2,247
	8,485	6.50%, 06/15/2022 (e)		8,833
	540	Xylem, Inc., 4.38%, 11/01/2046		564
		Zayo Group LLC,
	3,665	5.75%, 01/15/2027 (e)		3,725
	8,670	6.00%, 04/01/2023		9,071
	3,463	6.38%, 05/15/2025		3,632
				3,932,392
		Total Corporate Bonds (Cost $4,816,006)		4,952,942
	Foreign Government Securities — 3.6%
		Angola — 0.1%
		Republic of Angola,
	3,588	Reg. S, 7.00%, 08/17/2019		3,681
	4,400	Reg. S, 9.50%, 11/12/2025		5,143
				8,824
		Argentina — 0.3%
		Provincia de Buenos Aires,
	3,300	7.88%, 06/15/2027 (e)		3,506
	4,910	Reg. S, 9.95%, 06/09/2021		5,511
	3,159	Reg. S, 10.88%, 01/26/2021		3,499
	5,000	Provincia de Cordoba, Reg. S, 7.45%, 09/01/2024		5,325
	1,000	Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024		1,095
		Republic of Argentina,
	2,240	4.63%, 01/11/2023		2,190
	3,300	6.88%, 04/22/2021		3,518
	2,960	6.88%, 01/11/2048		2,864
	2,847	7.13%, 06/28/2117 (e)		2,783
	890	7.50%, 04/22/2026		979
	3,365	8.28%, 12/31/2033		3,811
	1,550	Reg. S, 7.13%, 06/28/2117		1,515
				36,596

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Armenia — 0.0% (g)
	1,200	Republic of Armenia, Reg. S, 7.15%, 03/26/2025		1,372
		Aruba — 0.0% (g)
	1,620	Government of Aruba, 4.63%, 09/14/2023 (e)		1,705
		Azerbaijan — 0.0% (g)
	1,800	Republic of Azerbaijan, Reg. S, 3.50%, 09/01/2032		1,589
		Bahrain — 0.0% (g)
		Kingdom of Bahrain,
	3,800	Reg. S, 7.00%, 10/12/2028		3,862
		Belarus — 0.1%
		Republic of Belarus,
	3,310	6.88%, 02/28/2023 (e)		3,638
	4,871	Reg. S, 7.63%, 06/29/2027 (e)		5,655
				9,293
		Brazil — 0.1%
		Federative Republic of Brazil,
	2,490	4.25%, 01/07/2025		2,518
	1,580	4.88%, 01/22/2021		1,671
	3,130	6.00%, 04/07/2026		3,474
	4,305	8.25%, 01/20/2034		5,591
				13,254
		Cameroon — 0.0% (g)
	600	Republic of Cameroon, Reg. S, 9.50%, 11/19/2025		713
		Colombia — 0.1%
		Republic of Colombia,
	3,020	3.88%, 04/25/2027		3,049
	1,600	4.00%, 02/26/2024		1,643
	2,150	6.13%, 01/18/2041		2,585
	2,400	7.38%, 09/18/2037		3,211
				10,488
		Costa Rica — 0.1%
		Instituto Costarricense de Electricidad,
	2,920	Reg. S, 6.95%, 11/10/2021		3,124
		Republic of Costa Rica,
	2,200	Reg. S, 4.38%, 04/30/2025		2,118
	3,800	Reg. S, 7.16%, 03/12/2045		4,052
	1,930	Reg. S, 10.00%, 08/01/2020		2,183
				11,477

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Croatia — 0.1%
		Republic of Croatia,
	1,150	Reg. S, 5.50%, 04/04/2023		1,254
	2,150	Reg. S, 6.00%, 01/26/2024		2,424
	1,700	Reg. S, 6.63%, 07/14/2020		1,840
	1,590	Reg. S, 6.75%, 11/05/2019		1,693
				7,211
		Dominican Republic — 0.1%
		Government of Dominican Republic,
	890	6.88%, 01/29/2026 (e)		1,007
	905	7.45%, 04/30/2044 (e)		1,074
	1,000	Reg. S, 5.50%, 01/27/2025		1,047
	4,600	Reg. S, 6.88%, 01/29/2026		5,204
	4,620	Reg. S, 7.45%, 04/30/2044		5,480
	3,340	Reg. S, 7.50%, 05/06/2021		3,624
				17,436
		Ecuador — 0.2%
		Republic of Ecuador,
	2,210	7.88%, 01/23/2028 (e)		2,244
	5,330	8.75%, 06/02/2023 (e)		5,843
	1,960	8.88%, 10/23/2027 (e)		2,134
	3,150	Reg. S, 10.50%, 03/24/2020		3,453
	4,950	Reg. S, 10.75%, 03/28/2022		5,742
				19,416
		Egypt — 0.1%
		Republic of Egypt,
	1,610	6.13%, 01/31/2022 (e)		1,707
	1,950	Reg. S, 5.88%, 06/11/2025		2,011
	2,550	Reg. S, 6.13%, 01/31/2022		2,703
	3,350	Reg. S, 7.50%, 01/31/2027		3,748
	5,294	Reg. S, 8.50%, 01/31/2047		6,081
				16,250
		El Salvador — 0.1%
		Republic of El Salvador,
	2,250	Reg. S, 5.88%, 01/30/2025		2,250
	2,100	Reg. S, 6.38%, 01/18/2027		2,145
	1,900	Reg. S, 7.38%, 12/01/2019		1,990
	2,930	Reg. S, 7.63%, 02/01/2041		3,212
	650	Reg. S, 7.65%, 06/15/2035		714
	4,310	Reg. S, 7.75%, 01/24/2023		4,730
				15,041
		Ethiopia — 0.0% (g)
	4,707	Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024		4,978

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Gabon — 0.1%
		Republic of Gabonese,
	5,060	Reg. S, 6.38%, 12/12/2024		5,124
	1,500	Reg. S, 6.95%, 06/16/2025		1,552
				6,676
		Ghana — 0.1%
		Republic of Ghana,
	1,300	Reg. S, 7.88%, 08/07/2023		1,417
	4,055	Reg. S, 10.75%, 10/14/2030		5,500
				6,917
		Honduras — 0.0% (g)
		Republic of Honduras,
	2,050	Reg. S, 7.50%, 03/15/2024		2,304
	2,730	Reg. S, 8.75%, 12/16/2020		3,078
				5,382
		Hungary — 0.0% (g)
		Republic of Hungary,
	1,200	5.38%, 03/25/2024		1,337
	1,434	5.75%, 11/22/2023		1,623
	1,122	7.63%, 03/29/2041		1,706
				4,666
		Indonesia — 0.1%
		Republic of Indonesia,
	2,100	Reg. S, 4.13%, 01/15/2025		2,165
	3,000	Reg. S, 4.35%, 01/08/2027		3,139
	650	Reg. S, 6.75%, 01/15/2044		859
				6,163
		Iraq — 0.0% (g)
		Republic of Iraq,
	3,705	Reg. S, 5.80%, 01/15/2028		3,654
	750	Reg. S, 6.75%, 03/09/2023		778
				4,432
		Ivory Coast — 0.0% (g)
		Republic of Ivory Coast,
	5,906	Reg. S, SUB, 5.75%, 12/31/2032		5,877
		Jamaica — 0.1%
		Government of Jamaica,
	420	7.88%, 07/28/2045		522
	4,743	8.00%, 03/15/2039		5,881
				6,403
		Jordan — 0.1%
		Kingdom of Jordan,
	1,950	Reg. S, 5.75%, 01/31/2027		1,962
	4,170	Reg. S, 6.13%, 01/29/2026		4,347
				6,309

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Kenya — 0.1%
		Republic of Kenya,
	1,300	Reg. S, 5.88%, 06/24/2019		1,336
	5,120	Reg. S, 6.88%, 06/24/2024		5,408
				6,744
		Lebanon — 0.3%
		Republic of Lebanon,
	3,150	6.25%, 05/27/2022		3,152
	2,070	Reg. S, 5.15%, 06/12/2018		2,068
	1,500	Reg. S, 5.15%, 11/12/2018		1,500
	8,112	Reg. S, 5.45%, 11/28/2019		8,082
	4,180	Reg. S, 6.00%, 05/20/2019		4,211
	1,800	Reg. S, 6.60%, 11/27/2026		1,764
	1,086	Reg. S, 6.65%, 02/26/2030		1,028
	10,180	Reg. S, 8.25%, 04/12/2021		10,854
				32,659
		Mexico — 0.0% (g)
		United Mexican States,
	2,550	4.60%, 01/23/2046		2,498
	2,800	5.55%, 01/21/2045		3,146
				5,644
		Mongolia — 0.0% (g)
		Mongolia Government Bond,
	2,170	5.63%, 05/01/2023 (e)		2,213
	1,634	Reg. S, 8.75%, 03/09/2024		1,893
	1,300	Reg. S, 10.88%, 04/06/2021		1,536
				5,642
		Morocco — 0.0% (g)
		Kingdom of Morocco,
	3,000	Reg. S, 4.25%, 12/11/2022		3,127
	1,360	Reg. S, 5.50%, 12/11/2042		1,542
				4,669
		Namibia — 0.0% (g)
	1,186	Republic of Namibia, Reg. S, 5.25%, 10/29/2025		1,219
		Nigeria — 0.0% (g)
		Republic of Nigeria,
	690	6.50%, 11/28/2027 (e)		718
	950	7.63%, 11/28/2047 (e)		1,014
	1,650	Reg. S, 6.38%, 07/12/2023		1,751
	1,200	Reg. S, 7.88%, 02/16/2032		1,354
				4,837

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oman — 0.1%
		Oman Government Bond,
	3,850	6.75%, 01/17/2048 (e)		3,912
	3,150	Reg. S, 4.75%, 06/15/2026		3,075
	2,950	Reg. S, 5.38%, 03/08/2027		2,954
	3,000	Reg. S, 5.63%, 01/17/2028		3,019
	4,720	Reg. S, 6.50%, 03/08/2047		4,708
				17,668
		Pakistan — 0.1%
		Republic of Pakistan,
	1,150	Reg. S, 6.75%, 12/03/2019		1,192
	4,850	Reg. S, 7.25%, 04/15/2019		5,022
	2,570	Reg. S, 8.25%, 04/15/2024		2,846
	720	Reg. S, 8.25%, 09/30/2025		800
				9,860
		Panama — 0.1%
		Republic of Panama,
	1,400	3.75%, 03/16/2025		1,445
	2,150	4.30%, 04/29/2053		2,223
	3,700	4.50%, 05/15/2047		3,931
	1,910	6.70%, 01/26/2036		2,514
	680	8.88%, 09/30/2027		976
				11,089
		Paraguay — 0.0% (g)
		Republic of Paraguay,
	2,200	Reg. S, 4.70%, 03/27/2027		2,285
	1,580	Reg. S, 6.10%, 08/11/2044		1,805
				4,090
		Peru — 0.0% (g)
		Republic of Peru,
	3,000	5.63%, 11/18/2050		3,791
	1,570	7.35%, 07/21/2025		2,010
				5,801
		Philippines — 0.0% (g)
		Republic of the Philippines,
	1,860	10.63%, 03/16/2025		2,737
		Romania — 0.0% (g)
		Republic of Romania,
	2,780	Reg. S, 6.13%, 01/22/2044		3,513
		Russia — 0.1%
		Russian Federation,
	1,400	Reg. S, 4.50%, 04/04/2022		1,467
	5,600	Reg. S, 5.88%, 09/16/2043		6,477
	2,490	Reg. S, 12.75%, 06/24/2028		4,285
				12,229

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Serbia — 0.1%
		Republic of Serbia,
	2,950	Reg. S, 4.88%, 02/25/2020		3,046
	5,680	Reg. S, 7.25%, 09/28/2021		6,425
				9,471
		Slovenia — 0.0% (g)
	2,190	Republic of Slovenia, Reg. S, 5.85%, 05/10/2023		2,494
		South Africa — 0.1%
		Republic of South Africa,
	5,360	4.88%, 04/14/2026		5,481
	3,150	5.88%, 05/30/2022		3,441
	4,244	5.88%, 09/16/2025		4,631
	3,800	6.25%, 03/08/2041		4,256
				17,809
		Sri Lanka — 0.1%
		Republic of Sri Lanka,
	4,700	Reg. S, 5.88%, 07/25/2022		4,900
	2,690	Reg. S, 6.25%, 10/04/2020		2,825
	3,150	Reg. S, 6.25%, 07/27/2021		3,327
	2,900	Reg. S, 6.85%, 11/03/2025		3,179
				14,231
		Tajikistan — 0.0% (g)
	1,450	Republic of Tajikistan International Bond, Reg. S, 7.13%, 09/14/2027		1,414
		Turkey — 0.2%
		Republic of Turkey,
	1,500	5.13%, 03/25/2022		1,554
	5,150	6.00%, 03/25/2027		5,420
	5,870	6.00%, 01/14/2041		5,856
	2,800	6.25%, 09/26/2022		3,024
	4,200	6.63%, 02/17/2045		4,442
	8,240	7.38%, 02/05/2025		9,445
				29,741
		Ukraine — 0.2%
		Republic of Ukraine,
	5,300	Reg. S, 7.75%, 09/01/2020		5,687
	7,260	Reg. S, 7.75%, 09/01/2021		7,902
	6,240	Reg. S, 7.75%, 09/01/2022		6,802
	5,560	Reg. S, 7.75%, 09/01/2023		6,046
	4,250	Reg. S, 7.75%, 09/01/2024		4,606
	1,350	Reg. S, 7.75%, 09/01/2025		1,455
				32,498

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Uruguay — 0.1%
		Republic of Uruguay,
	570	4.38%, 10/27/2027		606
	4,660	5.10%, 06/18/2050		5,056
	1,680	7.63%, 03/21/2036		2,381
				8,043
		Zambia — 0.1%
		Republic of Zambia,
	1,500	Reg. S, 5.38%, 09/20/2022		1,459
	750	Reg. S, 8.50%, 04/14/2024		823
	4,020	Reg. S, 8.97%, 07/30/2027		4,497
				6,779
		Total Foreign Government Securities (Cost $470,125)		483,211
	Loan Assignments — 0.5% (cc)
		Canada — 0.0% (g)
	969	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 10/21/2021 (aa)		833
	635	MacDonald, Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.31%, 10/04/2024 (aa)		640
	2,405	MEG Energy Corp., 1st Lien Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.20%, 12/31/2023 (aa)		2,412
				3,885
		United States — 0.5%
	179	Alon USA Partners LP, MLP Term Loans, (ICE LIBOR USD 1 Month + 8.00%), 9.57%, 11/26/2018 (aa)		179
	1,640	Avaya, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.31%, 12/15/2024 (aa)		1,648
	10,270	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.94%, 12/31/2021 (aa)		11,631
	2,954	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.31%, 12/31/2022 (aa)		3,005
	7,608	Chesapeake Energy Corp., 1st Lien Last Out , (ICE LIBOR USD 3 Month + 7.50%), 8.95%, 08/23/2021 (aa)		8,136
	1,421	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		1,441

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	1,467	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 10/05/2023 (aa)		1,446
	1,453	Cortes NP Acquisition Corp., Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.57%, 11/30/2023 (aa)		1,467
	792	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa)		423
	2,062	First Data Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.81%, 04/26/2024 (aa)		2,077
	901	Genesys Telecom Holdings, 1st Lien Term Loan B2, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 12/01/2023 (aa)		907
	1,051	Golden Nugget, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.25%), 4.88%, 10/04/2023 (aa)		1,062
	5,407	iHeartCommunications, Inc., Term Loan D, 8.44%, 01/30/2019		4,133
	1,873	iHeartCommunications, Inc., Tranche E Term Loan, 9.19%, 07/30/2019		1,427
	373	Infor US, Inc., Tranche B-6 Term Loan, 4.44%, 02/01/2022		375
	4,145	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.57%, 12/05/2023 (aa)		3,554
	572	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.98%, 08/20/2023 (aa)		575
	630	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.57%, 03/31/2023 (aa)		634
	904	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, 4.57%, 03/11/2022		909
	1,102	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.57%, 03/11/2022 (aa)		892
	1,292	Quest Software US Holdings Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.27%, 10/31/2022 (aa)		1,318
	1,582	Revlon Consumer Products Corp., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 09/07/2023 (aa)		1,243
	2,381	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.12%, 11/01/2024 (aa)		2,412
	511	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.25%), 9.87%, 11/01/2025 (aa)		517

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	722	Signode Industrial Group Lux SA, Initial Term B Loan, 4.38%, 05/01/2021		723
	678	Supervalu, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 06/08/2024 (aa)		674
	1,131	Supervalu, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.07%, 06/08/2024 (aa)		1,123
	2,296	Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 04/23/2019 (aa)		2,286
	803	Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 04/23/2019 (aa)		799
	840	The Go Daddy Group, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.82%, 02/15/2024 (aa)		846
	240	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 12/27/2020 (aa)		240
	1,003	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.41%, 04/12/2024 (aa)		1,007
	754	Vertis, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 8.75%), 03/21/2018 (d) (aa) (bb)		—	(h)
	2,114	Viskase Cos., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.94%, 01/30/2021 (aa)		2,087
				61,196
		Total Loan Assignments (Cost $67,189)		65,081
SHARES
	Preferred Stocks — 0.7%
		Bermuda — 0.0% (g)
	3	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 03/05/2018 ($1,000 par value) (aa) @		3,124
		United States — 0.7%
	508	BB&T Corp., Series F, 5.20%, 05/01/2018 ($25 par value) @		12,432
	52	BB&T Corp., Series G, 5.20%, 06/01/2018 ($25 par value) @		1,274
	156	Capital One Financial Corp., Series D, 6.70%, 12/01/2019 ($25 par value) @		4,142
	213	Dominion Energy, Inc., Series A, 5.25%, 07/30/2076 ($25 par value)		5,087

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE
Preferred Stocks — continued
	United States –– continued
12	GMAC Capital Trust I, Series 2, (ICE LIBOR USD 3 Month + 5.79%), 7.20%, 02/15/2040 ($25 par value) (aa)		312
260	Goldman Sachs Group, Inc. (The), Series J, (ICE LIBOR USD 3 Month + 3.64%), 5.50%, 05/10/2023 ($25 par value) (aa) @		6,760
64	Goodman Private Preferred Shares (bb)		212
310	Morgan Stanley, Series I, (ICE LIBOR USD 3 Month + 3.71%), 6.38%, 10/15/2024 ($25 par value) (aa) @		8,392
508	Morgan Stanley, Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 04/15/2027 ($25 par value) (aa) @		13,279
139	SCE Trust II, 5.10%, 03/15/2018 ($25 par value) @		3,157
281	Southern Co. (The), 5.25%, 10/01/2076 ($25 par value)		6,817
301	State Street Corp., Series D, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 03/15/2024 ($25 par value) (aa) @		8,057
315	State Street Corp., Series E, 6.00%, 12/15/2019 ($25 par value) @		8,130
128	State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 03/15/2026 ($25 par value) (aa) @		3,366
269	Wells Fargo & Co., Series Y, 5.63%, 06/15/2022 ($25 par value) @		6,765
			88,182
	Total Preferred Stocks (Cost $87,721)		91,306

NUMBER OF         RIGHTS
Rights — 0.0% (g)
	Spain — 0.0% (g)
128	ACS Actividades de Construccion y Servicios SA, expiring 02/05/2018 (a)	67
	United States — 0.0% (g)
483	Vistra Energy Corp., expiring 12/31/2049 (a) (bb)	343
	Total Rights (Cost $70)	410

NUMBER OF         WARRANTS	SECURITY DESCRIPTION	VALUE
Warrants — 0.0% (g)
	United States — 0.0% (g)
— (h)	Jack Cooper Enterprises, Inc., expiring 10/29/2027 (Strike Price $1.00) (a) (bb)		—
1	Nebraska Book Co., Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—
— (h)	Nebraska Book Holdings, Inc., expiring 06/29/2019 (Strike Price $1.00) (a) (bb)		—
	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 — 0.1%
17,938	U.S. Treasury Notes, 1.13%, 01/31/2019 (k) (Cost $17,812)		17,791
SHARES
Short-Term Investments — 2.0%
	Time Deposit — 0.0% (g)
6,000	CAGR, 1.40%, 02/01/2018 (n) (Cost $6,000)		6,000
	Investment Company — 2.0%
262,895	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $262,895)		262,895
	Total Short-Term Investments (Cost $268,895)		268,895
	Total Investments — 98.3% (Cost $11,625,324)		13,052,388
	Other Assets in Excess of Liabilities — 1.7%		230,581
	NET ASSETS — 100.0%	$	13,282,969

Percentages indicated are based on net assets.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		9.7	%
Oil, Gas & Consumable Fuels		8.7
Equity Real Estate Investment Trusts (REITs)		6.8
Insurance		4.5
Asset-Backed Securities		4.3
Diversified Telecommunication Services		3.7
Foreign Government Securities		3.7
Capital Markets		3.7
Media		3.7
Pharmaceuticals		3.5
Collateralized Mortgage Obligations		3.4
Wireless Telecommunication Services		2.3
Health Care Providers & Services		2.2
Semiconductors & Semiconductor Equipment		2.1
Electric Utilities		2.0
Metals & Mining		1.8
Chemicals		1.7
IT Services		1.7
Hotels, Restaurants & Leisure		1.5
Tobacco		1.5
Auto Components		1.4
Technology Hardware, Storage & Peripherals		1.4
Automobiles		1.3
Software		1.2
Food & Staples Retailing		1.2
Consumer Finance		1.0
Household Durables		1.0
Others (each less than 1.0%)		17.0
Short-Term Investments		2.0

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency	Notional Amount ($)			Value and Unrealized Appreciation (Depreciation)($)
Short Contracts
Foreign Exchange GBP/USD		(4,847	)		03/2018	USD		(430,171	)		(24,941	)
U.S. Treasury 5 Year Note		(11,126	)		03/2018	USD		(1,276,361	)		15,217
											(9,724	)

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ARM	—	Adjustable Rate Mortgage
CSMC	—	Credit Suisse Mortgage Trust
CVA	—	Dutch Certification
EUR	—	Euro
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GBP	—	British Pound
GDR	—	Global Depositary Receipt
GMAC	—	General Motors Acceptance Corp.
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
MLP		Master Limited Partnership
MSCI	—	Morgan Stanley Capital International
NVDR	—	Non Voting Depositary Receipt
PJSC	—	Public Joint Stock Company
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
REIT	—	Real Estate Investment Trust
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of January 31, 2018.
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.
(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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(n)	—	The rate shown is the effective yield as of January 31, 2018.
(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.
(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 January 31, 2018.
(y)	—	Security is an interest bearing note with preferred security characteristics.

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(z)	—	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of January 31, 2018.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2018.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of January 31, 2018.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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.

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at January 31, 2018.

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

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

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

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

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

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	82,043	$	—	$	82,043
Belgium		—		20,827		—		20,827
Brazil		110,866		—		—		110,866
Canada		45,798		—		—		45,798
Chile		23,232		—		—		23,232
China		—		187,339		—		187,339
Czech Republic		—		34,538		—		34,538
Denmark		—		33,673		—		33,673
Finland		—		104,984		—		104,984
France		—		365,385		—		365,385
Germany		—		248,783		—		248,783
Hong Kong		—		82,588		—		82,588
Hungary		—		26,386		—		26,386
India		21,288		38,484		—		59,772
Indonesia		—		21,372		—		21,372
Ireland		1,039		8,827		—		9,866
Italy		—		100,547		—		100,547
Japan		—		131,747		—		131,747
Mexico		47,425		—		—		47,425
Netherlands		—		162,021		—		162,021
New Zealand		—		—		1,181		1,181
Norway		—		43,461		—		43,461
Portugal		—		8,991		—		8,991
Russia		16,072		83,608		—		99,680
Singapore		—		37,214		—		37,214
South Africa		—		84,891		—		84,891
South Korea		13,002		54,862		—		67,864
Spain		332		144,525		—		144,857
Sweden		—		99,395		—		99,395
Switzerland		—		236,369		—		236,369
Taiwan		55,824		118,349		—		174,173
Thailand		—		45,589		—		45,589
Turkey		—		19,119		—		19,119
United Arab Emirates		—		19,326		—		19,326
United Kingdom		—		606,995		—		606,995
United States		2,233,144		21		3,567		2,236,732
Total Common Stocks		2,568,022		3,252,259		4,748		5,825,029
Convertible Preferred Stocks
China		—		6,226		—		6,226
Israel		1,000		—		—		1,000
United States		77,034		—		—		77,034
Total Convertible Preferred Stocks		78,034		6,226		—		84,260
Preferred Stocks
Bermuda		—		3,124		—		3,124
United States		87,970		—		212		88,182
Total Preferred Stocks		87,970		3,124		212		91,306

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Debt Securities
Asset-Backed Securities
United States	$	—	$	82,273	$	473,062	$	555,335
Collateralized Mortgage Obligations
Cayman Islands		—		1,339		—		1,339
United States		—		441,525		3,048		444,573
Total Collateralized Mortgage Obligations		—		442,864		3,048		445,912
Commercial Mortgage-Backed Securities
United States		—		42,088		44,528		86,616
Convertible Bonds
Cyprus		—		2,965		—		2,965
Germany		—		7,480		—		7,480
Hong Kong		—		7,929		—		7,929
Japan		—		1,287		—		1,287
Malaysia		—		2,625		—		2,625
Mexico		—		5,866		—		5,866
Monaco		—		3,907		—		3,907
Netherlands		—		1,371		—		1,371
Russia		—		1,377		—		1,377
Singapore		—		9,501		—		9,501
South Africa		—		8,086		—		8,086
Spain		—		2,283		—		2,283
Taiwan		—		2,594		—		2,594
United Arab Emirates		—		13,899		—		13,899
United Kingdom		—		7,483		—		7,483
United States		—		96,936		—		96,936
Total Convertible Bonds		—		175,589		—		175,589
Corporate Bonds
Argentina		—		8,013		—		8,013
Australia		—		28,885		—		28,885
Azerbaijan		—		6,023		—		6,023
Belgium		—		9,030		—		9,030
Brazil		—		41,030		—		41,030
Canada		—		208,821		—		208,821
Chile		—		5,085		—		5,085
China		—		5,683		—		5,683
Colombia		—		8,574		—		8,574
Croatia		—		1,477		—		1,477
Finland		—		2,526		—		2,526
France		—		63,389		—		63,389
Germany		—		11,301		—		11,301
Guatemala		—		5,497		—		5,497
Hungary		—		4,981		—		4,981
India		—		4,784		—		4,784
Indonesia		—		26,624		—		26,624
Ireland		—		29,605		—		29,605
Israel		—		9,369		—		9,369
Italy		—		27,162		—		27,162
Jamaica		—		2,964		—		2,964
Japan		—		2,082		—		2,082
Kazakhstan		—		19,815		—		19,815
Luxembourg		—		94,492		—		94,492
Mexico		—		76,311		—		76,311
Morocco		—		6,533		—		6,533
Netherlands		—		36,746		—		36,746
Nigeria		—		816		—		816
Peru		—		13,920		—		13,920
Qatar		—		5,207		—		5,207
Russia		—		20,186		—		20,186
South Korea		—		3,692		—		3,692

JPMorgan Income Builder Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Spain	$	—		$	29,677	$	—		$	29,677
Sweden		—			15,369		—			15,369
Switzerland		—			33,212		—			33,212
Trinidad and Tobago		—			391		—			391
Tunisia		—			1,730		—			1,730
Turkey		—			12,540		—			12,540
United Arab Emirates		—			13,286		—			13,286
United Kingdom		—			123,722		—			123,722
United States		—			3,921,639		10,753			3,932,392
Total Corporate Bonds		—			4,942,189		10,753			4,952,942
Loan Assignments
Canada		—			3,885		—			3,885
United States		—			61,196		—	(a)		61,196
Total Loan Assignments		—			65,081		—			65,081
Foreign Government Securities		—			483,211		—			483,211
U.S. Treasury Obligations		—			17,791		—			17,791
Rights
Spain		—			67		—			67
United States		—			—		343			343
Total Rights		—			67		343			410
Warrants
United States		10			1		—	(b)		11
Short-Term Investment
Investment Company		262,895			—		—			262,895
Time Deposit		—			6,000		—			6,000
Total Short-Term Investment		262,895			6,000		—			268,895
Total Investments in Securities	$	2,996,931		$	9,518,763	$	536,694		$	13,052,388
Appreciation in Other Financial Instruments
Futures Contracts	$	15,217		$	—	$	—		$	15,217
Depreciation in Other Financial Instruments
Futures Contracts	$	(24,941	)	$	—	$	—		$	(24,941	)

(a) Amount rounds to less than 500.

(b) Value is zero.

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

Transfers from level 1 to level 2 in the amount of approximately $299,702,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

There were no significant transfers among any other levels during the period ended January 31, 2018.

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

JPMorgan Income Builder Fund	Balance as of October 31, 2017			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 January 31, 2018
Investments in Securities
Asset-Backed Securities	$	504,465		$	1,389		$	(3,718	)	$	372		$	11,960	$	(63,808	)	$	23,233	$	(831	)	$	473,062
Collateralized Mortgage Obligations		3,346			—			(15	)		(218	)		—		(65	)		—		—			3,048
Commercial Mortgage-Backed Securities		43,653			—			116			—	(a)		5,883		(6,446	)		1,322		—			44,528
Common Stocks — New Zealand		1,230			—			(49	)		—			—		—			—		—			1,181
Common Stocks — United States		—	(a)		—			3,567			—			—		—			—		—			3,567
Convertible Bond — United States		—			—			—			—			—		—			—		—			—
Corporate Bonds — Canada		—	(b)		1			—			—			—		(1	)		—		—			—
Corporate Bonds — United States		6,749			—	(a)		141			17			5		(346	)		4,187		—			10,753
Loan Assignment — United States		—	(a)		—			—	(a)		—			—		—	(a)		—		—			—	(a)
Preferred Stocks — United States		3,235			—			(3,023	)		—			—		—			—		—			212
Rights — United States		447			—			(104	)		—			—		—			—		—			343
Warrants — United States		—	(b)		—			—			—			—		—			—		—			—	(b)
Total	$	563,125		$	1,390		$	(3,085	)	$	171		$	17,848	$	(70,666	)	$	28,742	$	(831	)	$	536,694

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

The change in net unrealized appreciation (depreciation) attributable to securities owned at January 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $939,000.

Income Builder Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at January 31, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,181		Comparable Transcations	Transaction Price	$18.25 ($18.25)
		—	(a)	Market Comparable Companies	EBITDA Multiple (b)	6.5x (6.5x)
					Liquidity Discount	30.00% (30.00%)
Common Stock		1,181
		212		Market Comparable Companies	EBITDA Multiple (b)	6.5x (6.5x)
					Liquidity Discount	30.00% (30.00%)
Preferred Stock		212
		—	(c)	Enterprise Value	Expected Recovery	0.00% (0.00%)
Convertible Bond		—	(c)
		10,086		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.87% — 19.10% (7.82%)
		1		Pending Distribution	Discount for potential outcome (d)	100.00% (100.00%)
Corporate Bond		10,087
		470,318		Discounted Cash Flow	Constant Prepayment Rate	1.00% — 30.00% (10.11%)
					Constant Default Rate	0.00% — 11.25% (2.90%)
					Yield (Discount Rate of Cash Flows)	1.96% — 11.34% (3.95%)
Asset-Backed Securities		470,318
		1,467		Discounted Cash Flow	Constant Prepayment Rate	15.00% — 19.43% (16.38%)
					Constant Default Rate	2.09% — 5.60% (3.65%)
					Yield (Discount Rate of Cash Flows)	5.30% — 22.88% (9.37%)
Collateralized Mortgage Obligations		1,467
		40,010		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	(49.19%) — 199.00% (16.10%)
Commercial Mortgage-Backed Securities		40,010
		—	(c)	Terms of Exchange Offer	Expected Recovery	0.00% (0.00%)
		—	(c)	Intrinsic Value	Strike Price	$14.88 — $33.61 ($24.25)
Warrants		—	(c)
		—	(c)	Pending Distribution	Projected Losses	100.00% (100.00%)
Loan Assignments		—	(c)
Total	$	523,274

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At January 31, 2018, the value of these investments was approximately $13,420,000. 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) Value is zero.

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

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

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Australia — 1.3%
	1,752	BHP Billiton Ltd.		42,848
	855	BHP Billiton plc		19,047
				61,895
		Austria — 0.4%
	425	Erste Group Bank AG (a)		21,413
		Belgium — 0.6%
	250	Anheuser-Busch InBev SA/NV		28,286
		Brazil — 0.9%
	2,635	Itau Unibanco Holding SA, ADR		43,212
		China — 3.4%
	132	Baidu, Inc., ADR (a)		32,702
	8,942	China Overseas Land & Investment Ltd.		34,581
	28,830	CNOOC Ltd.		45,317
	4,337	Ping An Insurance Group Co. of China Ltd., Class H		51,075
				163,675
		Denmark — 1.2%
	1,028	Novo Nordisk A/S, Class B		57,075
		France — 13.1%
	937	Accor SA		53,317
	1,876	AXA SA		61,691
	1,026	BNP Paribas SA		84,723
	252	Essilor International Cie Generale d’Optique SA		35,744
	339	Imerys SA		36,327
	195	LVMH Moet Hennessy Louis Vuitton SE		61,142
	3,492	Orange SA		63,105
	301	Pernod Ricard SA		47,899
	604	Safran SA		68,223
	595	Sanofi		52,533
	669	Schneider Electric SE (a)		62,728
				627,432
		Germany — 8.7%
	286	Allianz SE (Registered)		72,364
	496	Bayer AG (Registered)		65,055
	273	Continental AG		82,082
	416	Fresenius Medical Care AG & Co. KGaA		47,992
	297	Linde AG (a)		72,444
	663	SAP SE		75,044
				414,981
		Hong Kong — 4.9%
	10,697	AIA Group Ltd.		91,370
	5,966	CK Asset Holdings Ltd.		56,770
	4,522	CK Hutchison Holdings Ltd.		60,995
	4,098	Sands China Ltd.		24,351
				233,486

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 1.2%
	545	HDFC Bank Ltd., ADR		59,144
		Indonesia — 0.6%
	45,433	Astra International Tbk. PT		28,814
		Italy — 1.3%
	2,746	UniCredit SpA (a)		60,550
		Japan — 19.1%
	957	Asahi Group Holdings Ltd.		48,335
	489	Daikin Industries Ltd.		58,991
	222	FANUC Corp.		60,336
	2,045	Honda Motor Co. Ltd.		72,133
	2,950	Inpex Corp.		38,474
	1,085	Japan Tobacco, Inc.		35,953
	75	Keyence Corp.		45,528
	1,789	Komatsu Ltd.		70,300
	3,541	Kubota Corp.		72,373
	842	Makita Corp.		39,761
	1,516	Mitsui Fudosan Co. Ltd.		39,920
	352	Nidec Corp.		56,668
	335	Nitto Denko Corp.		30,789
	542	Shin-Etsu Chemical Co. Ltd.		61,991
	113	SMC Corp.		55,887
	1,854	Sumitomo Mitsui Financial Group, Inc.		83,488
	219	Tokyo Electron Ltd.		41,237
				912,164
		Macau — 0.4%
	5,111	Wynn Macau Ltd.		18,055
		Netherlands — 5.8%
	419	ASML Holding NV		84,864
	3,968	ING Groep NV		77,904
	3,326	Royal Dutch Shell plc, Class A		116,623
				279,391
		Singapore — 1.4%
	3,251	DBS Group Holdings Ltd.		65,249
		South Africa — 0.8%
	134	Naspers Ltd., Class N		38,047
		South Korea — 2.3%
	105	Hyundai Mobis Co. Ltd. (a)		24,410
	71	Samsung Electronics Co. Ltd., Reg. S, GDR (e)		84,145
				108,555
		Spain — 1.7%
	8,829	Banco Bilbao Vizcaya Argentaria SA		82,853

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Sweden — 1.5%
	1,501	Atlas Copco AB, Class A		70,392
		Switzerland — 11.2%
	2,232	ABB Ltd. (Registered)		62,207
	663	Cie Financiere Richemont SA (Registered)		63,548
	627	Ferguson plc		48,413
	11,756	Glencore plc (a)		67,376
	930	LafargeHolcim Ltd. (Registered) (a)		56,931
	1,046	Novartis AG (Registered)		94,428
	213	Roche Holding AG		52,548
	4,494	UBS Group AG (Registered) (a)		91,221
				536,672
		Taiwan — 0.9%
	958	Taiwan Semiconductor Manufacturing Co. Ltd., ADR		43,392
		United Kingdom — 15.9%
	7,162	Aviva plc		52,253
	1,137	British American Tobacco plc		77,711
	1,912	Burberry Group plc		42,869
	5,210	Meggitt plc		34,319
	805	Persimmon plc		28,596
	3,124	Prudential plc		84,577
	1,842	RELX NV		40,797
	746	Rio Tinto Ltd.		45,905
	604	Rio Tinto plc		33,627
	5,196	Standard Chartered plc (a)		60,461
	1,085	TechnipFMC plc		35,132
	1,726	Unilever plc		97,706
	21,969	Vodafone Group plc		70,032
	3,000	WPP plc		54,327
				758,312
		United States — 0.7%
	668	Shire plc		31,214
		Total Common Stocks (Cost $3,507,042)		4,744,259
NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0% (g)
		Italy — 0.0% (g)
	2,746	UniCredit SpA, expiring 02/21/2018 (a) (Cost $—)		13

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	61,557	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $61,557)		61,557
		Total Investments — 100.6% (Cost $3,568,599)		4,805,829
		Liabilities in Excess of Other Assets — (0.6)%		(27,059	)
		NET ASSETS — 100.0%	$	4,778,770

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		13.3	%
Insurance		8.6
Machinery		7.7
Pharmaceuticals		6.7
Metals & Mining		4.3
Oil, Gas & Consumable Fuels		4.2
Electrical Equipment		3.8
Semiconductors & Semiconductor Equipment		3.5
Textiles, Apparel & Luxury Goods		3.5
Chemicals		3.4
Real Estate Management & Development		2.7
Beverages		2.6
Tobacco		2.4
Auto Components		2.2
Aerospace & Defense		2.1
Automobiles		2.1
Personal Products		2.0
Hotels, Restaurants & Leisure		2.0
Construction Materials		1.9
Media		1.9
Capital Markets		1.9
Technology Hardware, Storage & Peripherals		1.8
Software		1.6
Wireless Telecommunication Services		1.5
Diversified Telecommunication Services		1.3
Industrial Conglomerates		1.3
Building Products		1.2
Trading Companies & Distributors		1.0
Health Care Providers & Services		1.0
Others (each less than 1.0%)		5.2
Short-Term Investment		1.3

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	61,895	$	—	$	61,895
Austria		—		21,413		—		21,413
Belgium		—		28,286		—		28,286
Brazil		43,212		—		—		43,212
China		32,702		130,973		—		163,675
Denmark		—		57,075		—		57,075
France		—		627,432		—		627,432

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Germany		—		414,981		—		414,981
Hong Kong		—		233,486		—		233,486
India		59,144		—		—		59,144
Indonesia		—		28,814		—		28,814
Italy		—		60,550		—		60,550
Japan		—		912,164		—		912,164
Macau		—		18,055		—		18,055
Netherlands		—		279,391		—		279,391
Singapore		—		65,249		—		65,249
South Africa		—		38,047		—		38,047
South Korea		—		108,555		—		108,555
Spain		—		82,853		—		82,853
Sweden		—		70,392		—		70,392
Switzerland		—		536,672		—		536,672
Taiwan		43,392		—		—		43,392
United Kingdom		—		758,312		—		758,312
United States		—		31,214		—		31,214
Total Common Stocks		178,450		4,565,809		—		4,744,259
Rights
Italy		—		13		—		13
Short-Term Investment
Investment Company		61,557		—		—		61,557
Total Investments in Securities	$	240,007	$	4,565,822	$	—	$	4,805,829

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

Transfers from level 1 to level 2 in the amount of approximately $112,043 and are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.5%
		Austria — 1.9%
	196	Erste Group Bank AG (a)		9,891
		Brazil — 2.9%
	913	Itau Unibanco Holding SA (Preference)		14,974
		Canada — 2.7%
	161	Alimentation Couche-Tard, Inc., Class B		8,400
	71	Canadian National Railway Co.		5,713
				14,113
		China — 10.3%
	29	Baidu, Inc., ADR (a)		7,155
	2,134	China Overseas Land & Investment Ltd.		8,253
	3,818	China Unicom Hong Kong Ltd. (a)		5,723
	4,136	CNOOC Ltd.		6,492
	177	JD.com, Inc., ADR (a)		8,702
	1,441	Ping An Insurance Group Co. of China Ltd., Class H		16,966
				53,291
		Denmark — 1.1%
	106	Novo Nordisk A/S, Class B		5,886
		Finland — 1.6%
	120	Wartsila OYJ Abp		8,205
		France — 1.9%
	85	Safran SA		9,598
		Germany — 10.3%
	93	Bayer AG (Registered)		12,137
	49	Continental AG		14,697
	149	Delivery Hero AG, Reg. S (a) (e)		6,387
	61	Linde AG (a)		14,858
	84	Zalando SE, Reg. S (a) (e)		4,952
				53,031
		Hong Kong — 7.1%
	1,497	AIA Group Ltd.		12,787
	1,659	CK Asset Holdings Ltd.		15,782
	621	CK Hutchison Holdings Ltd.		8,376
				36,945
		India — 3.2%
	155	HDFC Bank Ltd., ADR		16,809
		Indonesia — 2.3%
	6,909	Bank Central Asia Tbk. PT		11,729
		Italy — 1.6%
	374	UniCredit SpA (a)		8,235

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — 9.4%
	33	FANUC Corp.		9,011
	252	Komatsu Ltd.		9,897
	368	Kubota Corp.		7,529
	534	ORIX Corp.		9,999
	108	Shin-Etsu Chemical Co. Ltd.		12,391
				48,827
		Netherlands — 6.8%
	626	Altice NV, Class A (a)		6,711
	50	ASML Holding NV		10,149
	496	ING Groep NV		9,747
	179	NN Group NV		8,419
				35,026
		South Africa — 2.1%
	38	Naspers Ltd., Class N		10,734
		South Korea — 4.2%
	57	Hyundai Motor Co.		8,607
	3	Samsung Electronics Co. Ltd., Reg. S, GDR (e)		3,469
	8	Samsung Electronics Co. Ltd., Reg. S, GDR (e)		9,389
				21,465
		Spain — 1.9%
	1,033	Banco Bilbao Vizcaya Argentaria SA		9,693
		Switzerland — 6.9%
	63	Cie Financiere Richemont SA (Registered)		6,087
	1,672	Glencore plc (a)		9,585
	156	LafargeHolcim Ltd. (Registered) (a)		9,542
	523	UBS Group AG (Registered) (a)		10,622
				35,836
		United Kingdom — 16.3%
	1,493	Aviva plc		10,895
	212	British American Tobacco plc		14,517
	3,121	ITV plc		7,400
	253	RELX NV		5,594
	156	Rio Tinto plc		8,678
	497	Smith & Nephew plc		8,948
	212	TechnipFMC plc		6,877
	251	Unilever NV ,CVA		14,509
	389	WPP plc		7,041
				84,459
		Total Common Stocks (Cost $410,747)		488,747

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

NUMBER OF RIGHTS		SECURITY DESCRIPTION	VALUE($)
	Rights — 0.0% (g)
		Italy — 0.0% (g)
	374	UniCredit SpA, expiring 02/21/2018 (a) (Cost $—)		2
SHARES
	Short-Term Investment — 3.8%
		Investment Company — 3.8%
	19,556	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $19,556)		19,556
		Total Investments — 98.3% (Cost $430,303)		508,305
		Other Assets in Excess of Liabilities — 1.7%		8,847
		NET ASSETS — 100.0%	$	517,152

Percentages indicated are based on net assets.

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		15.9	%
Insurance		9.6
Machinery		6.8
Media		6.3
Chemicals		5.4
Real Estate Management & Development		4.7
Metals & Mining		3.6
Pharmaceuticals		3.5
Auto Components		2.9
Tobacco		2.9
Personal Products		2.9
Internet & Direct Marketing Retail		2.7
Internet Software & Services		2.7
Technology Hardware, Storage & Peripherals		2.5
Capital Markets		2.1
Semiconductors & Semiconductor Equipment		2.0
Diversified Financial Services		2.0
Aerospace & Defense		1.9
Construction Materials		1.9
Health Care Equipment & Supplies		1.8
Automobiles		1.7
Food & Staples Retailing		1.6
Industrial Conglomerates		1.6
Energy Equipment & Services		1.4
Oil, Gas & Consumable Fuels		1.3
Textiles, Apparel & Luxury Goods		1.2
Diversified Telecommunication Services		1.1
Road & Rail		1.1
Professional Services		1.1
Short-Term Investment		3.8

Futures contracts outstanding as of January 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY	NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		88		03/2018	EUR		3,934		(33	)
FTSE 100 Index		21		03/2018	GBP		2,227		(35	)
MSCI Emerging Markets E-Mini Index		68		03/2018	USD		4,277		(10	)
S&P/TSX 60 Index		9		03/2018	CAD		1,380		(16	)
TOPIX Index		13		03/2018	JPY		2,201		(52	)
									(146	)

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
CAD	—	Canadian Dollar
CVA	—	Dutch Certification
EUR	—	Euro
FTSE	—	Financial Times and the London Stock Exchange
GBP	—	British Pound
GDR	—	Global Depositary Receipt
JPY	—	Japanese Yen
MSCI	—	Morgan Stanley Capital International
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
TOPIX	—	Tokyo Stock Price Index
TSX	—	Toronto Stock Exchange
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

Certain foreign equity instruments, 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.

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

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amount in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Austria	$	—		$	9,891		$	—	$	9,891
Brazil		14,974			—			—		14,974
Canada		14,113			—			—		14,113
China		15,857			37,434			—		53,291
Denmark		—			5,886			—		5,886
Finland		—			8,205			—		8,205
France		—			9,598			—		9,598
Germany		—			53,031			—		53,031
Hong Kong		—			36,945			—		36,945
India		16,809			—			—		16,809
Indonesia		—			11,729			—		11,729
Italy		—			8,235			—		8,235
Japan		—			48,827			—		48,827
Netherlands		—			35,026			—		35,026
South Africa		—			10,734			—		10,734
South Korea		3,469			17,996			—		21,465
Spain		—			9,693			—		9,693
Switzerland		—			35,836			—		35,836
United Kingdom		—			84,459			—		84,459
Total Common Stocks		65,222			423,525			—		488,747
Rights
Italy		—			2			—		2
Short-Term Investment
Investment Company		19,556			—			—		19,556
Total Investments in Securities	$	84,778		$	423,527		$	—	$	508,305
Depreciation in Other Financial Instruments
Futures Contracts	$	(26	)	$	(120	)	$	—	$	(146	)

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

Transfers from level 1 to level 2 in the amount of approximately $18,397,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Australia — 3.1%
	835	Australia & New Zealand Banking Group Ltd.		19,170
	1,135	Goodman Group		7,404
				26,574
		Austria — 1.4%
	238	Erste Group Bank AG (a)		11,965
		Belgium — 2.2%
	106	Anheuser-Busch InBev SA/NV		11,994
	64	KBC Group NV		6,161
				18,155
		Canada — 1.3%
	233	TransCanada Corp.		10,746
		China — 0.7%
	3,613	CNOOC Ltd.		5,679
		Finland — 1.1%
	1,053	Outokumpu OYJ		9,036
		France — 14.9%
	119	Air Liquide SA		16,110
	94	Airbus SE		10,796
	595	AXA SA		19,577
	228	BNP Paribas SA		18,830
	113	Renault SA		12,371
	130	Sanofi		11,446
	142	Schneider Electric SE (a)		13,339
	402	TOTAL SA		23,321
				125,790
		Germany — 7.5%
	28	BASF SE		3,333
	52	Bayer AG (Registered)		6,854
	107	Brenntag AG		6,974
	164	Daimler AG (Registered)		15,060
	64	Deutsche Boerse AG		8,226
	32	HeidelbergCement AG		3,439
	175	Infineon Technologies AG		5,096
	94	Siemens AG (Registered)		14,221
				63,203
		Ireland — 0.9%
	63	Ryanair Holdings plc, ADR (a)		7,701
		Israel — 0.2%
	98	Teva Pharmaceutical Industries Ltd., ADR		2,001
		Italy — 3.6%
	2,524	Enel SpA		16,049

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	2,229	Intesa Sanpaolo SpA		8,758
	5,867	Telecom Italia SpA (a)		5,280
				30,087
		Japan — 24.1%
	266	Bridgestone Corp.		12,997
	78	Daikin Industries Ltd.		9,399
	282	DMG Mori Co. Ltd.		6,467
	508	Honda Motor Co. Ltd.		17,912
	200	Japan Airlines Co. Ltd.		7,558
	324	Japan Tobacco, Inc.		10,741
	134	Mabuchi Motor Co. Ltd.		7,956
	307	Marui Group Co. Ltd.		5,615
	443	Mitsubishi Corp.		12,426
	2,875	Mitsubishi UFJ Financial Group, Inc.		21,736
	241	Mitsui Fudosan Co. Ltd.		6,352
	317	NGK Spark Plug Co. Ltd.		8,402
	291	Nippon Telegraph & Telephone Corp.		13,915
	85	Otsuka Corp.		7,181
	323	Panasonic Corp.		4,797
	200	Renesas Electronics Corp. (a)		2,359
	327	Sumitomo Electric Industries Ltd.		5,588
	164	Sumitomo Mitsui Financial Group, Inc.		7,390
	272	Sumitomo Mitsui Trust Holdings, Inc.		11,342
	362	T&D Holdings, Inc.		6,489
	346	Tokyu Corp.		5,797
	68	Toyota Motor Corp.		4,706
	244	Yamato Holdings Co. Ltd.		6,294
				203,419
		Luxembourg — 0.9%
	204	ArcelorMittal		7,374
		Netherlands — 7.4%
	814	ING Groep NV		15,978
	156	NN Group NV		7,373
	1,114	Royal Dutch Shell plc, Class A		39,043
				62,394
		Norway — 0.5%
	553	Norsk Hydro ASA		4,026
		Singapore — 1.4%
	575	DBS Group Holdings Ltd.		11,531
		South Korea — 0.6%
	2	Samsung Electronics Co. Ltd.		4,978
		Spain — 3.3%
	367	Banco Santander SA		2,724

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Spain — continued
	1,845	Bankia SA		9,339
	42	Iberdrola SA (a)		339
	1,916	Iberdrola SA (a)		15,599
				28,001
		Sweden — 1.2%
	693	Svenska Handelsbanken AB, Class A		10,079
		Switzerland — 8.1%
	527	Credit Suisse Group AG (Registered) (a)		10,194
	80	Ferguson plc		6,198
	151	LafargeHolcim Ltd. (Registered) (a)		9,245
	132	Novartis AG (Registered)		11,901
	31	Roche Holding AG		7,730
	90	Swiss Re AG		8,830
	124	UBS Group AG (Registered) (a)		2,509
	35	Zurich Insurance Group AG		11,656
				68,263
		United Kingdom — 12.1%
	699	Barratt Developments plc		5,807
	221	GlaxoSmithKline plc		4,112
	1,386	HSBC Holdings plc		14,791
	62	InterContinental Hotels Group plc		4,128
	3,232	ITV plc		7,665
	2,480	Lloyds Banking Group plc		2,450
	541	Prudential plc		14,648
	229	Rio Tinto plc		12,742
	1,088	Standard Chartered plc (a)		12,659
	182	TechnipFMC plc		5,884
	5,415	Vodafone Group plc		17,261
				102,147
		United States — 0.8%
	141	Shire plc		6,577
		Total Common Stocks (Cost $682,977)		819,726
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	22,781	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $22,781)		22,781
		Total Investments — 100.0% (Cost $705,758)		842,507
		Other Assets in Excess of Liabilities — 0.0% (g)		155
		NET ASSETS — 100.0%	$	842,662

Percentages indicated are based on net assets.

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		22.0	%
Oil, Gas & Consumable Fuels		9.4
Insurance		8.1
Automobiles		5.9
Pharmaceuticals		5.2
Metals & Mining		3.9
Electric Utilities		3.8
Auto Components		3.2
Trading Companies & Distributors		3.0
Electrical Equipment		2.5
Capital Markets		2.5
Chemicals		2.3
Diversified Telecommunication Services		2.3
Wireless Telecommunication Services		2.1
Airlines		1.8
Industrial Conglomerates		1.7
Construction Materials		1.5
Beverages		1.4
Aerospace & Defense		1.3
Tobacco		1.3
Household Durables		1.3
Building Products		1.1
Others (each less than 1.0%)		9.7
Short-Term Investment		2.7

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Forward foreign currency exchange contracts outstanding as of January 31, 2018:

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
AUD	32,320	USD	24,398	HSBC Bank, N.A.		02/26/2018		1,643
CAD	3,732	USD	3,029	Deutsche Bank AG		02/26/2018		6
CHF	3,178	USD	3,409	BNP Paribas		02/26/2018		11
DKK	40,063	USD	6,391	HSBC Bank, N.A.		02/26/2018		303
EUR	3,781	HKD	34,761	TD Bank Financial Group		02/26/2018		255
EUR	9,295	USD	11,110	Deutsche Bank AG		02/26/2018		446
GBP	11,838	USD	15,737	State Street Corp.		02/26/2018		1,085
JPY	236,751	USD	2,115	State Street Corp.		02/26/2018		56
NOK	10,444	EUR	1,078	Royal Bank of Canada		02/26/2018		15
SEK	102,114	USD	12,245	Standard Chartered Bank		02/26/2018		733
USD	5,910	JPY	641,995	Australia & New Zealand Banking Group Ltd.		02/26/2018		22
Total unrealized appreciation								4,575
EUR	4,986	USD	6,224	Citibank, NA		02/26/2018		(25	)
GBP	2,255	USD	3,219	State Street Corp.		02/26/2018		(15	)
HKD	19,621	USD	2,511	Citibank, NA		02/26/2018		(2	)
HKD	159,139	USD	20,412	Credit Suisse International		02/26/2018		(58	)
NOK	16,261	USD	2,118	Merrill Lynch International		02/26/2018		(8	)
USD	10,926	CAD	13,918	HSBC Bank, N.A.		02/26/2018		(393	)
USD	68,892	EUR	58,061	HSBC Bank, N.A.		02/26/2018		(3,295	)
USD	5,440	GBP	4,050	TD Bank Financial Group		02/26/2018		(315	)
USD	1,279	NOK	10,444	Royal Bank of Canada		02/26/2018		(76	)
USD	2,413	SEK	20,082	Citibank, NA		02/26/2018		(139	)
Total unrealized depreciation								(4,326	)
Net unrealized appreciation								249

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.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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 International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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.

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

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	26,574	$	—	$	26,574
Austria		—		11,965		—		11,965
Belgium		—		18,155		—		18,155
Canada		10,746		—		—		10,746
China		—		5,679		—		5,679
Finland		—		9,036		—		9,036
France		—		125,790		—		125,790
Germany		—		63,203		—		63,203
Ireland		7,701		—		—		7,701
Israel		2,001		—		—		2,001
Italy		—		30,087		—		30,087
Japan		—		203,419		—		203,419
Luxembourg		—		7,374		—		7,374
Netherlands		—		62,394		—		62,394
Norway		—		4,026		—		4,026
Singapore		—		11,531		—		11,531
South Korea		—		4,978		—		4,978
Spain		339		27,662		—		28,001
Sweden		—		10,079		—		10,079
Switzerland		—		68,263		—		68,263
United Kingdom		—		102,147		—		102,147
United States		—		6,577		—		6,577
Total Common Stocks		20,787		798,939		—		819,726

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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	$	22,781	$	—		$	—	$	22,781
Total Investments in Securities	$	43,568	$	798,939		$	—	$	842,507
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	4,575		$	—	$	4,575
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(4,326	)	$	—	$	(4,326	)

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

Transfers from level 1 to level 2 in the amount of approximately $11,170,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

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

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

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

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

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

(1). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of 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.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Australia — 3.3%
	273	Goodman Group		1,779
		Austria — 4.8%
	51	Erste Group Bank AG (a)		2,570
		Finland — 3.8%
	238	Outokumpu OYJ		2,043
		France — 5.6%
	27	Renault SA		3,010
		Germany — 15.2%
	27	Brenntag AG		1,750
	41	Daimler AG (Registered)		3,710
	16	Deutsche Boerse AG		2,059
	7	HeidelbergCement AG		726
				8,245
		Japan — 44.3%
	20	Daikin Industries Ltd.		2,353
	62	DMG Mori Co. Ltd.		1,408
	50	Japan Airlines Co. Ltd.		1,893
	34	Mabuchi Motor Co. Ltd.		1,993
	73	Marui Group Co. Ltd.		1,334
	107	Mitsubishi Corp.		2,999
	57	Mitsui Fudosan Co. Ltd.		1,498
	79	NGK Spark Plug Co. Ltd.		2,102
	21	Otsuka Corp.		1,802
	50	Renesas Electronics Corp. (a)		592
	79	Sumitomo Electric Industries Ltd.		1,349

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — continued
	93	T&D Holdings, Inc.		1,666
	89	Tokyu Corp.		1,488
	58	Yamato Holdings Co. Ltd.		1,508
				23,985
		Netherlands — 3.4%
	39	NN Group NV		1,841
		South Korea — 2.3%
	1	Samsung Electronics Co. Ltd.		1,244
		Spain — 4.1%
	443	Bankia SA		2,243
		Sweden — 4.3%
	161	Svenska Handelsbanken AB, Class A		2,348
		United Kingdom — 7.1%
	157	Barratt Developments plc		1,305
	217	Standard Chartered plc (a)		2,528
				3,833
		Total Common Stocks (Cost $38,576)		53,141
		Total Investments — 98.2% (Cost $38,576)		53,141
		Other Assets in Excess of Liabilities — 1.8%		996
		NET ASSETS — 100.0%	$	54,137

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		18.2	%
Automobiles		12.6
Trading Companies & Distributors		8.9
Insurance		6.6
Auto Components		6.5
Building Products		4.4
Capital Markets		3.9
Metals & Mining		3.8
Electrical Equipment		3.8
Airlines		3.6
IT Services		3.4
Equity Real Estate Investment Trusts (REITs)		3.4
Air Freight & Logistics		2.8

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

INDUSTRY	PERCENTAGE
Real Estate Management & Development		2.8	%
Road & Rail		2.8
Machinery		2.7
Multiline Retail		2.5
Household Durables		2.5
Technology Hardware, Storage & Peripherals		2.3
Construction Materials		1.4
Semiconductors & Semiconductor Equipment		1.1

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a) — Non-income producing security.

JPMorgan International Value SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	53,141	$	—	$	53,141

(a) All portfolio holdings designated as level 2 are disclosed individually on the SOI. Please refer to the SOI for country specifics of portfolio holdings.

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

Transfers from level 1 to level 2 in the amount of approximately $3,503,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Belgium — 1.3%
	135	KBC Group NV		13,011
		Denmark — 5.0%
	456	Danske Bank A/S		18,527
	435	Novo Nordisk A/S, Class B		24,118
	136	Royal Unibrew A/S		8,279
				50,924
		Finland — 1.5%
	472	UPM-Kymmene OYJ		15,927
		France — 22.0%
	172	Amundi SA, Reg. S (e)		16,251
	91	Atos SE		14,392
	433	AXA SA		14,246
	235	BNP Paribas SA		19,418
	165	Capgemini SE		21,897
	586	Credit Agricole SA		11,050
	761	Engie SA		13,223
	209	Faurecia		18,795
	41	Kering		20,872
	744	Orange SA		13,446
	245	TOTAL SA		14,225
	277	Vinci SA		29,984
	627	Vivendi SA		18,381
				226,180
		Germany — 16.3%
	142	Allianz SE (Registered)		36,014
	271	BASF SE		31,742
	262	Covestro AG, Reg. S (e)		30,192
	126	Delivery Hero AG, Reg. S (a) (e)		5,418
	243	Deutsche Lufthansa AG (Registered)		8,696
	274	Evonik Industries AG		10,814
	278	Evotec AG (a)		5,075
	61	Hannover Rueck SE		8,339
	359	Infineon Technologies AG		10,465
	62	Siltronic AG (a)		10,373
	49	Wacker Chemie AG		9,820
				166,948
		Italy — 3.5%
	283	Banca Generali SpA		10,594
	72	Ferrari NV		8,568
	4,242	Intesa Sanpaolo SpA		16,666
				35,828
		Netherlands — 7.6%
	481	ABN AMRO Group NV, Reg. S, CVA (e)		16,288

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — continued
	46	AMG Advanced Metallurgical Group NV		2,456
	86	ASML Holding NV		17,412
	169	BE Semiconductor Industries NV		16,227
	1,323	ING Groep NV		25,976
				78,359
		Norway — 1.2%
	528	Telenor ASA		12,334
		Spain — 4.0%
	2,229	Banco Santander SA		16,550
	1,306	Repsol SA		24,578
				41,128
		Sweden — 2.9%
	203	Electrolux AB, Series B		7,162
	1,109	Volvo AB, Class B		22,635
				29,797
		Switzerland — 14.1%
	11	Georg Fischer AG (Registered)		15,939
	4,712	Glencore plc (a)		27,005
	331	Logitech International SA (Registered)		13,863
	36	Lonza Group AG (Registered) (a)		9,869
	491	Novartis AG (Registered)		44,299
	32	Partners Group Holding AG		24,537
	379	STMicroelectronics NV		9,052
				144,564
		United Kingdom — 18.5%
	604	Anglo American plc		14,638
	382	Ashtead Group plc		11,424
	1,100	Barratt Developments plc		9,138
	250	Bellway plc		11,804
	278	Fevertree Drinks plc		9,671
	517	Fiat Chrysler Automobiles NV (a)		12,486
	1,225	International Consolidated Airlines Group SA		11,122
	20,892	Lloyds Banking Group plc		20,641
	3,983	Man Group plc		12,277
	712	Pearson plc		7,003
	446	Persimmon plc		15,841
	382	Rio Tinto plc		21,278
	3,684	Taylor Wimpey plc		9,970
	7,605	Tesco plc		22,609
				189,902
		Total Common Stocks (Cost $876,709)		1,004,902

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	26,765	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $26,765)		26,765
		Total Investments — 100.5% (Cost $903,474)		1,031,667
		Liabilities in Excess of Other Assets — (0.5)%		(5,595	)
		NET ASSETS — 100.0%	$	1,026,072

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		15.3	%
Chemicals		8.0
Pharmaceuticals		6.6
Metals & Mining		6.3
Capital Markets		6.2
Semiconductors & Semiconductor Equipment		6.2
Insurance		5.7
Household Durables		5.2
Oil, Gas & Consumable Fuels		3.8
Machinery		3.7
IT Services		3.5
Construction & Engineering		2.9
Diversified Telecommunication Services		2.5
Media		2.5
Food & Staples Retailing		2.2
Automobiles		2.0
Textiles, Apparel & Luxury Goods		2.0
Airlines		1.9
Auto Components		1.8
Beverages		1.7
Paper & Forest Products		1.6
Life Sciences Tools & Services		1.5
Technology Hardware, Storage & Peripherals		1.4
Multi-Utilities		1.3
Trading Companies & Distributors		1.1
Internet Software & Services		0.5
Short-Term Investment		2.6

JPMorgan Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVA	—	Dutch Certification
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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 Intrepid European Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	13,011	$	—	$	13,011
Denmark		—		50,924		—		50,924
Finland		—		15,927		—		15,927
France		—		226,180		—		226,180
Germany		—		166,948		—		166,948
Italy		—		35,828		—		35,828
Netherlands		—		78,359		—		78,359
Norway		—		12,334		—		12,334
Spain		—		41,128		—		41,128
Sweden		—		29,797		—		29,797
Switzerland		—		144,564		—		144,564
United Kingdom		—		189,902		—		189,902
Total Common Stocks		—		1,004,902		—		1,004,902
Short-Term Investment
Investment Company		26,765		—		—		26,765
Total Investments in Securities	$	26,765	$	1,004,902	$	—	$	1,031,667

Transfers from level 1 to level 2 in the amount of approximately $57,451,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Australia — 6.5%
	1,388	Aristocrat Leisure Ltd.		26,664
	523	BlueScope Steel Ltd.		6,079
	616	Caltex Australia Ltd.		17,252
	689	carsales.com Ltd.		8,324
	346	CIMIC Group Ltd.		13,143
	1,326	Computershare Ltd.		17,804
	1,108	CSR Ltd.		4,487
	101	Flight Centre Travel Group Ltd.		4,136
	2,155	Fortescue Metals Group Ltd.		8,558
	448	Macquarie Group Ltd.		37,209
	3,133	Metcash Ltd.		8,080
	268	Monadelphous Group Ltd.		3,787
	1,380	Northern Star Resources Ltd.		6,453
	5,368	Qantas Airways Ltd.		22,747
	1,937	Regis Resources Ltd.		6,435
	9,290	South32 Ltd.		28,527
	1,760	St Barbara Ltd.		5,371
	5,300	Whitehaven Coal Ltd.		21,025
				246,081
		Austria — 1.2%
	254	Erste Group Bank AG (a)		12,776
	503	OMV AG		32,403
				45,179
		Belgium — 1.8%
	280	bpost SA		9,304
	393	KBC Group NV		37,820
	383	Proximus SADP		12,916
	21	Solvay SA		2,993
	48	UCB SA		4,215
				67,248
		China — 0.8%
	5,851	BOC Hong Kong Holdings Ltd.		29,840
		Denmark — 3.5%
	781	Danske Bank A/S		31,720
	122	Dfds A/S		7,340
	228	Jyske Bank A/S (Registered)		13,161
	967	Novo Nordisk A/S, Class B		53,666
	165	Royal Unibrew A/S		10,025
	258	Sydbank A/S		10,571
	138	Topdanmark A/S (a)		6,577
				133,060
		Finland — 1.7%
	225	Neste OYJ		15,572

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Finland — continued
	265	Sampo OYJ, Class A		15,396
	1,007	UPM-Kymmene OYJ		33,965
				64,933
		France — 8.4%
	616	Air France-KLM (a)		9,562
	105	Arkema SA		13,413
	176	Atos SE		27,766
	187	BNP Paribas SA		15,434
	265	Capgemini SE		35,193
	205	Cie Generale des Etablissements Michelin		32,834
	209	Eiffage SA		25,278
	101	Eurazeo SA		10,623
	395	Faurecia		35,426
	1,547	Natixis SA		14,083
	990	Peugeot SA		22,243
	467	Sanofi		41,204
	39	Sopra Steria Group		7,998
	75	TOTAL SA		4,343
	221	Vinci SA		23,917
				319,317
		Germany — 7.4%
	234	Allianz SE (Registered)		59,251
	662	Aroundtown SA		5,334
	218	Aurubis AG		22,921
	343	Covestro AG, Reg. S (e)		39,518
	606	Deutsche Lufthansa AG (Registered)		21,661
	486	Deutsche Post AG (Registered)		22,936
	94	HOCHTIEF AG		16,945
	532	Infineon Technologies AG		15,494
	684	Innogy SE, Reg. S (e)		26,059
	188	Jenoptik AG		7,791
	97	Rheinmetall AG		13,690
	222	RWE AG (a)		4,455
	148	Software AG		8,019
	564	Uniper SE		16,850
				280,924
		Hong Kong — 1.8%
	1,722	CK Asset Holdings Ltd.		16,386
	230	Hang Seng Bank Ltd.		5,465
	869	Kerry Properties Ltd.		4,152
	1,677	Luk Fook Holdings International Ltd.		6,003
	15,042	WH Group Ltd., Reg. S (e)		18,598
	11,170	Xinyi Glass Holdings Ltd.		16,924
				67,528

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Italy — 0.9%
	5,553	Enel SpA		35,303
		Japan — 23.2%
	312	Aeon Mall Co. Ltd.		6,877
	274	Aisin Seiki Co. Ltd.		16,032
	300	Asahi Glass Co. Ltd.		13,197
	85	Azbil Corp.		3,962
	420	Bridgestone Corp.		20,474
	662	Brother Industries Ltd.		16,993
	130	Canon Marketing Japan, Inc.		3,580
	114	Central Japan Railway Co.		21,674
	1,912	Fuji Electric Co. Ltd.		15,786
	454	FUJIFILM Holdings Corp.		17,493
	3,352	Hitachi Ltd.		26,748
	1,212	ITOCHU Corp.		23,848
	1,808	Kajima Corp.		17,950
	966	Kansai Electric Power Co., Inc. (The)		12,032
	617	KDDI Corp.		15,661
	855	Kirin Holdings Co. Ltd.		21,405
	191	Koito Manufacturing Co. Ltd.		13,520
	399	K’s Holdings Corp.		11,140
	680	Kuraray Co. Ltd.		12,769
	191	Kurita Water Industries Ltd.		6,254
	2,373	Marubeni Corp.		17,845
	92	Meitec Corp.		5,051
	1,253	Mitsubishi Chemical Holdings Corp.		13,670
	649	Mitsubishi Corp.		18,177
	889	Mitsubishi Electric Corp.		16,358
	4,133	Mitsubishi UFJ Financial Group, Inc.		31,253
	866	Mitsubishi UFJ Lease & Finance Co. Ltd.		5,613
	506	Mitsui Chemicals, Inc.		15,942
	254	Nichias Corp.		3,461
	1,051	Nippon Light Metal Holdings Co. Ltd.		3,100
	516	Nippon Suisan Kaisha Ltd.		2,756
	355	Nippon Telegraph & Telephone Corp.		16,999
	208	Nishimatsu Construction Co. Ltd.		5,908
	904	NTT DOCOMO, Inc.		22,467
	1,495	Obayashi Corp.		18,052
	1,724	Oji Holdings Corp.		11,845
	178	Open House Co. Ltd.		10,434
	1,031	ORIX Corp.		19,307
	1,623	Penta-Ocean Construction Co. Ltd.		12,540
	782	Prima Meat Packers Ltd.		5,351
	100	Sankyu, Inc.		4,649
	184	SCREEN Holdings Co. Ltd.		16,055

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	608	Sekisui Chemical Co. Ltd.		11,618
	1,438	Shimizu Corp.		14,794
	806	Showa Shell Sekiyu KK		11,455
	22	SoftBank Group Corp.		1,836
	380	Sompo Holdings, Inc.		15,246
	569	Sony Corp.		27,290
	512	Sumitomo Bakelite Co. Ltd.		4,398
	2,051	Sumitomo Chemical Co. Ltd.		15,091
	1,131	Sumitomo Corp.		19,563
	477	Sumitomo Mitsui Financial Group, Inc.		21,469
	721	Sumitomo Rubber Industries Ltd.		14,051
	242	Taiheiyo Cement Corp.		10,279
	368	Taisei Corp.		18,798
	173	Takasago Thermal Engineering Co. Ltd.		3,270
	109	Tokyo Electron Ltd.		20,487
	135	Tokyo Seimitsu Co. Ltd.		5,911
	251	Toyota Boshoku Corp.		5,393
	846	Toyota Motor Corp.		58,267
	198	TS Tech Co. Ltd.		8,494
	49	Ulvac, Inc.		3,264
	545	Yamaha Motor Co. Ltd.		18,192
				883,394
		Luxembourg — 0.9%
	979	ArcelorMittal		35,440
		Netherlands — 6.1%
	1,013	ABN AMRO Group NV, Reg. S, CVA (e)		34,276
	622	ASR Nederland NV		27,176
	202	Euronext NV, Reg. S (e)		13,699
	265	EXOR NV		20,486
	2,103	ING Groep NV		41,301
	678	Philips Lighting NV, Reg. S (e)		26,669
	1,930	Royal Dutch Shell plc, Class B		68,462
				232,069
		Norway — 1.7%
	740	DNB ASA		15,047
	621	Marine Harvest ASA (a)		10,752
	189	Salmar ASA		5,152
	1,409	Telenor ASA		32,939
				63,890
		Portugal — 0.3%
	580	Galp Energia SGPS SA		11,079
		Singapore — 2.3%
	1,772	DBS Group Holdings Ltd.		35,564
	3,979	Oversea-Chinese Banking Corp. Ltd.		39,118

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — continued
	734	Venture Corp. Ltd.		12,864
				87,546
		South Africa — 0.1%
	204	Mondi plc		5,447
		Spain — 1.8%
	310	ACS Actividades de Construccion y Servicios SA		12,396
	120	Aena SME SA, Reg. S (e)		26,121
	242	Amadeus IT Group SA		18,729
	613	Repsol SA		11,545
				68,791
		Sweden — 3.5%
	730	Electrolux AB, Series B		25,790
	482	Fabege AB		10,562
	253	Hemfosa Fastigheter AB		3,472
	1,765	Sandvik AB		34,742
	2,095	Skandinaviska Enskilda Banken AB, Class A		26,473
	462	Swedbank AB, Class A		11,816
	516	Swedish Match AB		20,897
				133,752
		Switzerland — 10.1%
	1,274	ABB Ltd. (Registered)		35,511
	333	Adecco Group AG (Registered) (a)		27,369
	153	Baloise Holding AG (Registered)		25,024
	6	Barry Callebaut AG (Registered) (a)		12,186
	491	Coca-Cola HBC AG (a)		16,493
	12	Georg Fischer AG (Registered)		17,595
	639	Nestle SA (Registered)		55,156
	860	Novartis AG (Registered)		77,581
	38	Partners Group Holding AG		29,606
	151	Roche Holding AG		37,357
	4	Sika AG		31,619
	92	Sunrise Communications Group AG, Reg. S (a) (e)		8,667
	32	Swiss Life Holding AG (Registered) (a)		11,875
				386,039
		United Kingdom — 13.4%
	1,987	3i Group plc		26,271
	3,172	Barratt Developments plc		26,353
	1,206	Beazley plc		9,112
	197	Bellway plc		9,287
	284	Berkeley Group Holdings plc		15,974
	373	BP plc		2,658
	138	British American Tobacco plc		9,440

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — continued
	492	Burberry Group plc		11,027
	183	Diageo plc		6,571
	510	GlaxoSmithKline plc		9,486
	272	Hiscox Ltd.		5,469
	1,867	HSBC Holdings plc		19,914
	976	Ibstock plc, Reg. S (e)		3,563
	1,286	Indivior plc (a)		7,346
	3,162	International Consolidated Airlines Group SA		28,731
	152	J D Wetherspoon plc		2,713
	662	Jupiter Fund Management plc		5,559
	8,936	Legal & General Group plc		34,327
	39,161	Lloyds Banking Group plc		38,691
	270	Next plc		19,517
	881	Persimmon plc		31,306
	667	Polypipe Group plc		3,749
	597	Prudential plc		16,165
	3,010	Redrow plc		25,596
	917	Rio Tinto plc		51,017
	415	Savills plc		6,040
	260	Schroders plc		13,722
	802	Subsea 7 SA		12,499
	982	Unilever NV, CVA		56,681
				508,784
		United States — 0.7%
	372	Carnival plc		26,279
		Total Common Stocks (Cost $3,144,139)		3,731,923
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	310	ACS Actividades de Construccion y Servicios SA, expiring 02/05/2018 (a) (Cost $169)		162

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	102,701	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $102,701)		102,701
		Total Investments — 100.8% (Cost $3,247,009)		3,834,786
		Liabilities in Excess of Other Assets — (0.8)%		(29,545	)
		NET ASSETS — 100.0%	$	3,805,241

Percentages indicated are based on net assets.

Summary of Investments by Industry, January 31, 2018

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

INDUSTRY	PERCENTAGE
Banks		12.3	%
Pharmaceuticals		6.0
Insurance		5.9
Oil, Gas & Consumable Fuels		5.1
Construction & Engineering		4.8
Metals & Mining		4.5
Household Durables		4.5
Auto Components		4.2
Chemicals		3.9
Capital Markets		3.7
Food Products		2.9
IT Services		2.8
Automobiles		2.6
Electrical Equipment		2.5
Airlines		2.2
Trading Companies & Distributors		2.1
Diversified Telecommunication Services		1.9
Real Estate Management & Development		1.6
Semiconductors & Semiconductor Equipment		1.6
Hotels, Restaurants & Leisure		1.6
Machinery		1.5
Personal Products		1.5
Diversified Financial Services		1.5
Beverages		1.4
Electronic Equipment, Instruments & Components		1.3
Paper & Forest Products		1.3
Electric Utilities		1.2
Wireless Telecommunication Services		1.0
Others (each less than 1.0%)		9.9
Short-Term Investment		2.7

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts		Expiration Date		Trading Currency	Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		793		03/2018	EUR		35,452		(96	)
FTSE 100 Index		274		03/2018	GBP		29,054		(776	)
TOPIX Index		92		03/2018	JPY		15,577		(315	)
									(1,187	)

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
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), 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, or pursuant to an exemption from registration.
TOPIX	—	Tokyo Stock Price Index
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

Certain foreign equity instruments, 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 net asset values or NAV per share as of the report date.

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

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

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	246,081		$	—	$	246,081
Austria		—		45,179			—		45,179
Belgium		—		67,248			—		67,248
China		—		29,840			—		29,840
Denmark		—		133,060			—		133,060
Finland		—		64,933			—		64,933
France		—		319,317			—		319,317
Germany		—		280,924			—		280,924
Hong Kong		—		67,528			—		67,528
Italy		—		35,303			—		35,303
Japan		—		883,394			—		883,394
Luxembourg		—		35,440			—		35,440
Netherlands		—		232,069			—		232,069
Norway		—		63,890			—		63,890
Portugal		—		11,079			—		11,079
Singapore		—		87,546			—		87,546
South Africa		—		5,447			—		5,447
Spain		—		68,791			—		68,791
Sweden		—		133,752			—		133,752
Switzerland		—		386,039			—		386,039
United Kingdom		—		508,784			—		508,784
United States		—		26,279			—		26,279
Total Common Stocks		—		3,731,923			—		3,731,923
Right
Spain		—		162			—		162
Short-Term Investment
Investment Company		102,701		—			—		102,701
Total Investments in Securities	$	102,701	$	3,732,085		$	—	$	3,834,786
Depreciation in Other Financial Instruments
Futures Contracts	$	—	$	(1,187	)	$	—	$	(1,187	)

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 $103,825,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 95.4%
	Common Stocks — 94.0%
			Consumer Discretionary — 4.0%
			Hotels, Restaurants & Leisure — 0.7%
	66		Extended Stay America, Inc.		1,341
			Media — 3.3%
	12		DISH Network Corp., Class A (a)		547
	55		Time Warner, Inc.		5,267
					5,814
			Total Consumer Discretionary		7,155
			Consumer Staples — 10.4%
			Beverages — 4.0%
	20		Constellation Brands, Inc., Class A		4,443
	22		PepsiCo, Inc.		2,696
					7,139
			Food & Staples Retailing — 4.0%
	67		Walmart, Inc.		7,124
			Food Products — 0.9%
	50		Hormel Foods Corp. (j)		1,721
			Personal Products — 1.5%
	19		Estee Lauder Cos., Inc. (The), Class A		2,624
			Total Consumer Staples		18,608
			Financials — 12.1%
			Consumer Finance — 2.5%
	43		Capital One Financial Corp.		4,435
			Diversified Financial Services — 9.6%
	—	(h)	Berkshire Hathaway, Inc., Class A (a)		17,139
			Total Financials		21,574
			Health Care — 11.3%
			Health Care Equipment & Supplies — 1.6%
	12		Becton Dickinson and Co.		2,826
			Health Care Providers & Services — 4.8%
	36		UnitedHealth Group, Inc.		8,633
			Life Sciences Tools & Services — 4.9%
	34		PRA Health Sciences, Inc. (a)		3,064
	25		Thermo Fisher Scientific, Inc. (j)		5,709
					8,773
			Total Health Care		20,232
			Industrials — 18.7%
			Aerospace & Defense — 8.5%
	45		Northrop Grumman Corp.		15,254
			Air Freight & Logistics — 1.9%
	38		CH Robinson Worldwide, Inc.		3,459

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 1.5%
	43	Southwest Airlines Co. (j)		2,597
		Machinery — 4.3%
	45	Illinois Tool Works, Inc.		7,737
		Road & Rail — 2.5%
	24	Canadian Pacific Railway Ltd., (Canada)		4,365
		Total Industrials		33,412
		Information Technology — 19.8%
		Internet Software & Services — 8.1%
	12	Alphabet, Inc., Class A (a) (j)		14,380
		IT Services — 8.9%
	26	Fidelity National Information Services, Inc.		2,685
	57	Fiserv, Inc. (a) (j)		7,969
	15	Mastercard, Inc., Class A (j)		2,479
	23	Visa, Inc., Class A (j)		2,851
				15,984
		Software — 2.8%
	53	Microsoft Corp.		5,031
		Total Information Technology		35,395
		Materials — 13.9%
		Chemicals — 9.9%
	13	Ecolab, Inc. (j)		1,786
	458	Huntsman Corp.		15,823
				17,609
		Containers & Packaging — 4.0%
	76	Berry Global Group, Inc. (a)		4,504
	42	International Paper Co.		2,637
				7,141
		Total Materials		24,750
		Utilities — 3.8%
		Electric Utilities — 3.8%
	43	NextEra Energy, Inc. (j)		6,823
		Total Common Stocks (Cost $147,690)		167,949

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Options contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE($)
	Options Purchased — 0.0% (g)
		Put Options Purchased — 0.0% (g)
	1,338	Huntsman Corp., 02/16/2018 at USD 31.00, American Style (a) Notional Amount: USD 4,625 Exchange Traded		10
		Total Options Purchased (Cost $281)		10
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	2,445	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $2,445)		2,445
		Total Investments — 95.4% (Cost $150,416)		170,404
		Other Assets in Excess of Liabilities — 4.6%		8,292
		NET ASSETS — 100.0%	$	178,696
	Short Positions — 25.4%
	Common Stocks — 25.4%
		Consumer Discretionary — 6.8%
		Automobiles — 2.6%
	96	Harley-Davidson, Inc.		4,633
		Household Durables — 1.2%
	12	Whirlpool Corp.		2,152
		Media — 1.1%
	35	CBS Corp. (Non-Voting), Class B		2,000
		Specialty Retail — 1.9%
	15	Ulta Beauty, Inc. (a)		3,357
		Total Consumer Discretionary		12,142
		Consumer Staples — 2.1%
		Household Products — 2.1%
	32	Kimberly-Clark Corp.		3,738
		Financials — 0.9%
		Insurance — 0.9%
	7	Everest Re Group Ltd.		1,631
		Health Care — 3.3%
		Health Care Equipment & Supplies — 1.1%
	33	DENTSPLY SIRONA, Inc.		2,018

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 2.2%
	55	Cerner Corp. (a)		3,828
		Total Health Care		5,846
		Industrials — 9.4%
		Airlines — 1.5%
	23	Alaska Air Group, Inc.		1,539
	32	Hawaiian Holdings, Inc.		1,204
				2,743
		Building Products — 1.7%
	79	Johnson Controls International plc		3,086
		Industrial Conglomerates — 1.9%
	213	General Electric Co.		3,440
		Road & Rail — 4.3%
	95	Canadian National Railway Co., (Canada)		7,601
		Total Industrials		16,870
		Information Technology — 1.4%
		Software — 1.4%
	23	Check Point Software Technologies Ltd., (Israel) (a)		2,400
		Real Estate — 1.2%
		Equity Real Estate Investment Trusts (REITs) — 1.2%
	29	American Campus Communities, Inc.		1,131
	5	Crown Castle International Corp.		556
	8	Welltower, Inc.		491
		Total Real Estate		2,178
		Utilities — 0.3%
		Gas Utilities — 0.3%
	9	National Fuel Gas Co.		499
		Total Securities Sold Short (Proceeds $46,000)	$	45,304

Percentages indicated are based on net assets.

JPMorgan Opportunistic Equity Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (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%.
(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 $20,596,000.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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

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

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

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

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

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

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

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

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

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

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)	$	170,404		$	—	$	—	$	170,404
Total Liabilities for Securities Sold Short (a)	$	(45,304	)	$	—	$	—	$	(45,304	)

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

There were no transfers among any levels during the period ended January 31, 2018.

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.3%
	Common Stocks — 89.1%
		Consumer Discretionary — 16.6%
		Auto Components — 0.8%
	12	Aptiv plc (a)		1,184
	10	Delphi Technologies plc (a)		542
				1,726
		Hotels, Restaurants & Leisure — 1.1%
	5	Hilton Worldwide Holdings, Inc.		420
	3	McDonald’s Corp.		569
	5	Royal Caribbean Cruises Ltd.		669
	8	Yum Brands, Inc.		695
				2,353
		Household Durables — 1.6%
	13	DR Horton, Inc.		644
	26	Lennar Corp., Class A		1,659
	17	MDC Holdings, Inc.		563
	13	PulteGroup, Inc.		404
	3	Toll Brothers, Inc.		141
				3,411
		Internet & Direct Marketing Retail — 1.3%
	2	Amazon.com, Inc. (a)		2,635
		Media — 5.4%
	3	Charter Communications, Inc., Class A (a)		1,289
	69	Comcast Corp., Class A		2,952
	31	DISH Network Corp., Class A (a)		1,441
	58	Sirius XM Holdings, Inc.		354
	7	Time Warner, Inc.		705
	61	Twenty-First Century Fox, Inc., Class B		2,223
	22	Walt Disney Co. (The) (j)		2,432
				11,396
		Multiline Retail — 1.4%
	25	Dollar Tree, Inc. (a)		2,915
		Specialty Retail — 5.0%
	3	AutoZone, Inc. (a)		2,266
	26	Gap, Inc. (The)		862
	6	Home Depot, Inc. (The)		1,187
	23	Lowe’s Cos., Inc.		2,454
	9	O’Reilly Automotive, Inc. (a)		2,426
	15	Ross Stores, Inc.		1,274
				10,469
		Total Consumer Discretionary		34,905
		Consumer Staples — 7.3%
		Beverages — 0.7%
	8	Molson Coors Brewing Co., Class B		711
	7	PepsiCo, Inc.		843
				1,554

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.5%
	4	Costco Wholesale Corp.		858
	9	CVS Health Corp.		690
	52	Kroger Co. (The)		1,582
				3,130
		Food Products — 2.3%
	10	Kellogg Co.		668
	43	Mondelez International, Inc., Class A		1,916
	17	Post Holdings, Inc. (a)		1,277
	14	Tyson Foods, Inc., Class A		1,053
				4,914
		Household Products — 0.2%
	6	Colgate-Palmolive Co.		426
		Personal Products — 0.5%
	7	Estee Lauder Cos., Inc. (The), Class A		943
		Tobacco — 2.1%
	32	Altria Group, Inc.		2,222
	21	Philip Morris International, Inc. (j)		2,204
				4,426
		Total Consumer Staples		15,393
		Energy — 6.8%
		Oil, Gas & Consumable Fuels — 6.8%
	4	Andeavor		482
	13	Concho Resources, Inc. (a)		2,120
	21	Diamondback Energy, Inc. (a)		2,658
	37	EOG Resources, Inc.		4,199
	13	Marathon Petroleum Corp.		904
	10	Parsley Energy, Inc., Class A (a)		232
	18	Pioneer Natural Resources Co. (j)		3,298
	12	RSP Permian, Inc. (a)		464
		Total Energy		14,357
		Financials — 11.7%
		Banks — 4.2%
	116	Bank of America Corp. (j)		3,727
	22	BB&T Corp.		1,210
	18	Citigroup, Inc.		1,442
	9	Prosperity Bancshares, Inc.		647
	12	SunTrust Banks, Inc.		870
	2	SVB Financial Group (a)		499
	8	Wells Fargo & Co.		551
				8,946
		Capital Markets — 2.8%
	39	Charles Schwab Corp. (The)		2,091
	66	Morgan Stanley (j)		3,704
				5,795

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
			Consumer Finance — 1.2%
	23		Capital One Financial Corp.		2,432
			Diversified Financial Services — 0.3%
	11		Voya Financial, Inc.		596
			Insurance — 3.2%
	27		American International Group, Inc.		1,715
	17		Arthur J Gallagher & Co.		1,163
	4		Axis Capital Holdings Ltd.		207
	6		Brighthouse Financial, Inc. (a)		393
	—	(h)	Chubb Ltd.		66
	1		Everest Re Group Ltd.		212
	19		Hartford Financial Services Group, Inc. (The)		1,097
	18		Lincoln National Corp.		1,503
	8		MetLife, Inc.		377
					6,733
			Total Financials		24,502
			Health Care — 5.1%
			Biotechnology — 1.4%
	2		Alexion Pharmaceuticals, Inc. (a)		264
	2		Biogen, Inc. (a)		583
	3		BioMarin Pharmaceutical, Inc. (a)		256
	11		Vertex Pharmaceuticals, Inc. (a)		1,907
					3,010
			Health Care Equipment & Supplies — 0.8%
	27		Boston Scientific Corp. (a)		762
	7		Zimmer Biomet Holdings, Inc.		845
					1,607
			Health Care Providers & Services — 2.1%
	1		Aetna, Inc.		219
	18		UnitedHealth Group, Inc. (j)		4,299
					4,518
			Pharmaceuticals — 0.8%
	6		Bristol-Myers Squibb Co.		345
	34		Pfizer, Inc.		1,252
					1,597
			Total Health Care		10,732
			Industrials — 12.2%
			Aerospace & Defense — 1.6%
	10		Northrop Grumman Corp.		3,304
			Airlines — 0.3%
	13		Delta Air Lines, Inc. (j)		726

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.6%
	12	Allegion plc		1,034
	2	Lennox International, Inc.		330
				1,364
		Electrical Equipment — 0.4%
	10	Eaton Corp. plc (j)		877
		Industrial Conglomerates — 0.4%
	5	Honeywell International, Inc.		793
		Machinery — 2.3%
	14	Ingersoll-Rand plc		1,286
	22	PACCAR, Inc.		1,640
	11	Stanley Black & Decker, Inc. (j)		1,824
				4,750
		Road & Rail — 6.6%
	3	Canadian Pacific Railway Ltd., (Canada) (j)		571
	11	Kansas City Southern		1,239
	39	Norfolk Southern Corp.		5,826
	47	Union Pacific Corp. (j)		6,235
				13,871
		Total Industrials		25,685
		Information Technology — 15.1%
		Internet Software & Services — 2.9%
	5	Alphabet, Inc., Class C (a) (j)		6,196
		IT Services — 3.7%
	9	Accenture plc, Class A (j)		1,379
	6	Fidelity National Information Services, Inc.		577
	10	International Business Machines Corp.		1,597
	5	PayPal Holdings, Inc. (a)		428
	6	Square, Inc., Class A (a)		292
	6	Visa, Inc., Class A		785
	12	WEX, Inc. (a) (j)		1,805
	11	Worldpay, Inc. (a)		891
				7,754
		Semiconductors & Semiconductor Equipment — 5.1%
	18	Analog Devices, Inc.		1,669
	2	Broadcom Ltd.		485
	19	Microchip Technology, Inc.		1,797
	24	Micron Technology, Inc. (a)		1,051
	6	NVIDIA Corp.		1,462
	11	ON Semiconductor Corp. (a)		277
	36	Texas Instruments, Inc. (j)		3,904
				10,645

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Software — 3.1%
	11	Adobe Systems, Inc. (a) (j)		2,205
	6	Intuit, Inc.		994
	29	Microsoft Corp.		2,777
	4	Workday, Inc., Class A (a)		508
				6,484
		Technology Hardware, Storage & Peripherals — 0.3%
	38	Hewlett Packard Enterprise Co.		622
		Total Information Technology		31,701
		Materials — 5.5%
		Chemicals — 3.6%
	21	Celanese Corp., Series A		2,235
	27	DowDuPont, Inc.		2,007
	17	Eastman Chemical Co.		1,648
	8	Olin Corp.		281
	12	Westlake Chemical Corp.		1,357
				7,528
		Containers & Packaging — 1.3%
	6	Avery Dennison Corp.		735
	30	WestRock Co.		1,997
				2,732
		Metals & Mining — 0.6%
	25	Alcoa Corp. (a)		1,318
		Total Materials		11,578
		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	8	AvalonBay Communities, Inc.		1,307
	39	Brixmor Property Group, Inc.		634
	17	Equity Residential		1,044
	15	Vornado Realty Trust		1,046
		Total Real Estate		4,031
		Telecommunication Services — 0.7%
		Wireless Telecommunication Services — 0.7%
	21	T-Mobile US, Inc. (a) (j)		1,339
		Utilities — 6.2%
		Electric Utilities — 4.5%
	20	American Electric Power Co., Inc.		1,390
	50	Exelon Corp.		1,944
	10	FirstEnergy Corp.		329
	20	NextEra Energy, Inc. (j)		3,198
	59	Xcel Energy, Inc. (j)		2,681
				9,542
		Multi-Utilities — 1.7%
	19	CMS Energy Corp. (j)		859
	42	NiSource, Inc.		1,047

SHARES			SECURITY DESCRIPTION	VALUE($)
			Multi-Utilities — continued
	31		Public Service Enterprise Group, Inc.		1,615
					3,521
			Total Utilities		13,063
			Total Common Stocks (Cost $136,567)		187,286
	Short-Term Investments — 11.2%
			Investment Company — 11.1%
	23,359		JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.45% (b) (l) (Cost $23,364)		23,364
PRINCIPAL AMOUNT($)
			U.S. Treasury Obligation — 0.1%
	318		U.S. Treasury Bills, 0.97%, 03/01/2018 (k) (n) (Cost $318)		318
			Total Short-Term Investments (Cost $23,682)		23,682
			Total Investments — 100.3% (Cost $160,249)		210,968
			Liabilities in Excess of Other Assets — (0.3)%		(722	)
			NET ASSETS — 100.0%	$	210,246
	Short Positions — 88.7%
	Common Stocks — 88.7%
			Consumer Discretionary — 14.9%
			Auto Components — 0.3%
	4		Autoliv, Inc., (Sweden)		533
			Automobiles — 1.0%
	43		General Motors Co.		1,833
	5		Harley-Davidson, Inc.		222
					2,055
			Hotels, Restaurants & Leisure — 2.3%
	14		Aramark		622
	5		Bloomin’ Brands, Inc.		120
	8		Brinker International, Inc.		291
	14		Carnival Corp.		1,036
	6		Chipotle Mexican Grill, Inc. (a)		2,039
	13		Starbucks Corp.		728
					4,836
			Internet & Direct Marketing Retail — 0.8%
	4		Netflix, Inc. (a)		1,191
	—	(h)	Priceline Group, Inc. (The) (a)		555
					1,746

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Leisure Products — 1.0%
	7	Hasbro, Inc.		656
	89	Mattel, Inc.		1,415
				2,071
		Media — 3.9%
	21	AMC Networks, Inc., Class A (a)		1,060
	51	Discovery Communications, Inc., Class A (a)		1,277
	3	Entercom Communications Corp., Class A		34
	33	Interpublic Group of Cos., Inc. (The)		719
	136	News Corp., Class A		2,322
	26	Omnicom Group, Inc.		2,012
	36	Regal Entertainment Group, Class A		813
				8,237
		Multiline Retail — 2.0%
	10	Kohl’s Corp.		675
	15	Nordstrom, Inc.		755
	35	Target Corp.		2,646
				4,076
		Specialty Retail — 2.4%
	20	Abercrombie & Fitch Co., Class A		420
	12	Advance Auto Parts, Inc.		1,441
	18	American Eagle Outfitters, Inc.		316
	104	Ascena Retail Group, Inc. (a)		225
	47	Bed Bath & Beyond, Inc.		1,086
	6	Buckle, Inc. (The)		111
	30	DSW, Inc., Class A		593
	46	Express, Inc. (a)		320
	5	L Brands, Inc.		273
	7	Williams-Sonoma, Inc.		335
				5,120
		Textiles, Apparel & Luxury Goods — 1.2%
	46	Hanesbrands, Inc.		992
	4	Lululemon Athletica, Inc. (a)		296
	4	Ralph Lauren Corp.		475
	43	Under Armour, Inc., Class A (a)		597
	19	Under Armour, Inc., Class C (a)		238
				2,598
		Total Consumer Discretionary		31,272
		Consumer Staples — 6.5%
		Beverages — 0.3%
	8	Brown-Forman Corp., Class B		542
		Food & Staples Retailing — 0.2%
	7	Sysco Corp.		458

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.6%
	47	General Mills, Inc.		2,726
	6	Hershey Co. (The)		641
				3,367
		Household Products — 4.1%
	11	Church & Dwight Co., Inc.		515
	25	Clorox Co. (The)		3,602
	52	Procter & Gamble Co. (The)		4,464
				8,581
		Personal Products — 0.3%
	35	Coty, Inc., Class A		695
		Total Consumer Staples		13,643
		Energy — 6.4%
		Energy Equipment & Services — 2.5%
	20	Helmerich & Payne, Inc.		1,438
	51	Schlumberger Ltd.		3,788
				5,226
		Oil, Gas & Consumable Fuels — 3.9%
	10	Apache Corp.		459
	16	ConocoPhillips		959
	18	Enbridge, Inc., (Canada)		652
	56	Exxon Mobil Corp.		4,867
	10	Hess Corp.		517
	13	Murphy Oil Corp.		426
	4	Phillips 66		411
				8,291
		Total Energy		13,517
		Financials — 11.8%
		Banks — 5.7%
	16	Bank of Hawaii Corp.		1,378
	12	Commerce Bancshares, Inc.		724
	11	Cullen/Frost Bankers, Inc.		1,151
	10	East West Bancorp, Inc.		651
	7	Fifth Third Bancorp		236
	34	First Hawaiian, Inc.		985
	43	Fulton Financial Corp.		775
	5	M&T Bank Corp.		948
	91	People’s United Financial, Inc.		1,783
	8	PNC Financial Services Group, Inc. (The)		1,278
	22	US Bancorp		1,272
	12	Webster Financial Corp.		701
				11,882
		Capital Markets — 2.6%
	3	FactSet Research Systems, Inc.		598
	5	Goldman Sachs Group, Inc. (The)		1,420
	32	Invesco Ltd.		1,170

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Capital Markets — continued
	12	Nasdaq, Inc.		979
	5	Northern Trust Corp.		575
	3	T. Rowe Price Group, Inc.		296
	22	Waddell & Reed Financial, Inc., Class A		507
				5,545
		Insurance — 3.5%
	5	Aflac, Inc.		433
	7	Allstate Corp. (The)		662
	17	Arch Capital Group Ltd. (a)		1,502
	12	Principal Financial Group, Inc.		830
	14	Progressive Corp. (The)		774
	2	RenaissanceRe Holdings Ltd., (Bermuda)		274
	16	Torchmark Corp.		1,452
	7	Travelers Cos., Inc. (The)		1,101
	4	WR Berkley Corp.		310
				7,338
		Total Financials		24,765
		Health Care — 5.9%
		Biotechnology — 1.8%
	21	AbbVie, Inc.		2,377
	8	Amgen, Inc.		1,499
				3,876
		Health Care Equipment & Supplies — 1.2%
	6	Baxter International, Inc.		435
	4	Edwards Lifesciences Corp. (a)		482
	3	Stryker Corp.		529
	8	Varian Medical Systems, Inc. (a)		1,074
				2,520
		Health Care Providers & Services — 1.4%
	26	Henry Schein, Inc. (a)		1,953
	1	Humana, Inc.		366
	16	Patterson Cos., Inc.		571
				2,890
		Health Care Technology — 0.5%
	14	Cerner Corp. (a)		949
		Pharmaceuticals — 1.0%
	13	Johnson & Johnson		1,738
	8	Merck & Co., Inc.		468
				2,206
		Total Health Care		12,441
		Industrials — 12.3%
		Aerospace & Defense — 2.2%
	7	Boeing Co. (The)		2,588
	6	Lockheed Martin Corp.		2,010
				4,598

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 1.3%
	7	CH Robinson Worldwide, Inc.		670
	16	United Parcel Service, Inc., Class B		2,069
				2,739
		Building Products — 0.5%
	24	Johnson Controls International plc		940
		Electrical Equipment — 0.7%
	17	Emerson Electric Co.		1,197
	2	Hubbell, Inc.		317
				1,514
		Industrial Conglomerates — 1.8%
	10	3M Co.		2,465
	79	General Electric Co.		1,278
				3,743
		Machinery — 0.2%
	9	Donaldson Co., Inc.		471
		Professional Services — 0.3%
	18	Nielsen Holdings plc		664
		Road & Rail — 4.1%
	16	Canadian National Railway Co., (Canada)		1,282
	154	Heartland Express, Inc.		3,485
	34	Knight-Swift Transportation Holdings, Inc.		1,705
	5	Ryder System, Inc.		452
	43	Werner Enterprises, Inc.		1,754
				8,678
		Trading Companies & Distributors — 1.2%
	19	Air Lease Corp.		905
	5	GATX Corp.		334
	5	WW Grainger, Inc.		1,359
				2,598
		Total Industrials		25,945
		Information Technology — 12.3%
		Communications Equipment — 1.6%
	62	Cisco Systems, Inc.		2,589
	28	Juniper Networks, Inc.		744
				3,333
		Electronic Equipment, Instruments & Components — 0.3%
	6	Amphenol Corp., Class A		580
		Internet Software & Services — 1.7%
	64	eBay, Inc. (a)		2,583
	38	Twitter, Inc. (a)		985
				3,568

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		IT Services — 1.4%
	2	Automatic Data Processing, Inc.		244
	3	Jack Henry & Associates, Inc.		385
	10	Mastercard, Inc., Class A		1,673
	8	Paychex, Inc.		554
				2,856
		Semiconductors & Semiconductor Equipment — 4.6%
	19	Applied Materials, Inc.		1,028
	38	Intel Corp.		1,813
	2	KLA-Tencor Corp.		248
	21	Qorvo, Inc. (a)		1,532
	8	QUALCOMM, Inc.		530
	6	Skyworks Solutions, Inc.		577
	58	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		2,612
	18	Xilinx, Inc.		1,340
				9,680
		Software — 0.5%
	4	Citrix Systems, Inc. (a)		416
	9	Oracle Corp.		463
	18	Snap, Inc., Class A (a)		244
				1,123
		Technology Hardware, Storage & Peripherals — 2.2%
	6	Apple, Inc.		936
	16	NetApp, Inc.		971
	47	Seagate Technology plc		2,567
	3	Western Digital Corp.		269
				4,743
		Total Information Technology		25,883
		Materials — 5.3%
		Chemicals — 3.1%
	7	Air Products & Chemicals, Inc.		1,106
	9	Ecolab, Inc.		1,177
	31	LyondellBasell Industries NV, Class A		3,708
	3	Praxair, Inc.		493
				6,484
		Containers & Packaging — 1.0%
	8	AptarGroup, Inc.		664
	5	Ball Corp.		181
	14	Sealed Air Corp.		662
	12	Sonoco Products Co.		669
				2,176

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — 0.5%
	16	Compass Minerals International, Inc.		1,157
		Paper & Forest Products — 0.7%
	28	Domtar Corp.		1,430
		Total Materials		11,247
		Real Estate — 3.1%
		Equity Real Estate Investment Trusts (REITs) — 3.1%
	4	Alexandria Real Estate Equities, Inc.		569
	28	Apple Hospitality REIT, Inc.		548
	5	Boston Properties, Inc.		599
	32	CBL & Associates Properties, Inc.		180
	7	Crown Castle International Corp.		824
	2	Extra Space Storage, Inc.		207
	10	GGP, Inc.		220
	25	Host Hotels & Resorts, Inc.		515
	7	Macerich Co. (The)		437
	16	Pennsylvania REIT		177
	9	Regency Centers Corp.		595
	4	Simon Property Group, Inc.		667
	6	SL Green Realty Corp.		553
	4	Taubman Centers, Inc.		227
	33	Washington Prime Group, Inc.		220
		Total Real Estate		6,538
		Telecommunication Services — 3.4%
		Diversified Telecommunication Services — 3.1%
	103	AT&T, Inc.		3,871
	48	Verizon Communications, Inc.		2,618
				6,489
		Wireless Telecommunication Services — 0.3%
	112	Sprint Corp. (a)		595
		Total Telecommunication Services		7,084
		Utilities — 6.8%
		Electric Utilities — 3.4%
	4	Edison International		257
	14	Eversource Energy		864
	62	PPL Corp.		1,985
	89	Southern Co. (The)		4,028
				7,134
		Gas Utilities — 0.4%
	6	National Fuel Gas Co.		335
	10	UGI Corp.		458
				793
		Multi-Utilities — 3.0%
	9	Ameren Corp.		502

JPMorgan Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Multi-Utilities — continued
	37	Dominion Energy, Inc.		2,824
	21	DTE Energy Co.		2,237
	7	Sempra Energy		709
				6,272
		Total Utilities		14,199
		Total Securities Sold Short (Proceeds $174,080)	$	186,534

Percentages indicated are based on net assets.

Futures contracts outstanding as of January 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation)($)
Short Contracts
S&P 500 E-Mini Index		(17	)		03/2018		USD		(2,402	)		(43	)
												(43	)

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.
(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 $34,368,000.
(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 January 31, 2018.
(n)	—	The rate shown is the effective yield as of January 31, 2018.

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

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

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 Research Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

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

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

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

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	210,650		$	318	$	—	$	210,968
Total Liabilities for Securities Sold Short (b)		(186,534	)		—		—		(186,534	)
Depreciation in Other Financial Instruments
Futures Contracts (b)	$	(43	)	$	—	$	—	$	(43	)

(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 January 31, 2018.

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 100.0%
		Consumer Discretionary — 14.8%
		Auto Components — 0.7%
	79	Aptiv plc (a)		7,533
	26	Delphi Technologies plc (a)		1,462
				8,995
		Hotels, Restaurants & Leisure — 0.4%
	64	Yum Brands, Inc.		5,380
		Internet & Direct Marketing Retail — 4.8%
	42	Amazon.com, Inc. (a)		61,030
		Media — 3.5%
	36	Charter Communications, Inc., Class A (a)		13,493
	345	Comcast Corp., Class A		14,674
	271	Twenty-First Century Fox, Inc., Class B		9,885
	61	Walt Disney Co. (The)		6,627
				44,679
		Multiline Retail — 0.6%
	68	Dollar Tree, Inc. (a)		7,866
		Specialty Retail — 4.8%
	13	AutoZone, Inc. (a)		10,005
	151	Home Depot, Inc. (The)		30,383
	195	Lowe’s Cos., Inc.		20,402
				60,790
		Total Consumer Discretionary		188,740
		Consumer Staples — 3.1%
		Beverages — 2.2%
	34	Constellation Brands, Inc., Class A		7,397
	93	Molson Coors Brewing Co., Class B		7,852
	112	PepsiCo, Inc.		13,469
				28,718
		Food Products — 0.9%
	251	Mondelez International, Inc., Class A		11,145
		Total Consumer Staples		39,863
		Energy — 6.2%
		Oil, Gas & Consumable Fuels — 6.2%
	420	Cabot Oil & Gas Corp.		11,078
	52	Diamondback Energy, Inc. (a)		6,476
	205	EOG Resources, Inc.		23,627
	254	Occidental Petroleum Corp.		19,058
	98	Pioneer Natural Resources Co.		17,980
		Total Energy		78,219
		Financials — 18.4%
		Banks — 9.3%
	1,464	Bank of America Corp.		46,849

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	457	Citigroup, Inc.		35,899
	552	Wells Fargo & Co.		36,289
				119,037
		Capital Markets — 5.2%
	24	BlackRock, Inc.		13,211
	23	Goldman Sachs Group, Inc. (The)		6,135
	234	Intercontinental Exchange, Inc.		17,301
	527	Morgan Stanley		29,811
				66,458
		Consumer Finance — 1.0%
	53	Capital One Financial Corp.		5,459
	88	Discover Financial Services		7,029
				12,488
		Insurance — 2.9%
	190	Chubb Ltd.		29,741
	138	MetLife, Inc.		6,639
				36,380
		Total Financials		234,363
		Health Care — 13.3%
		Biotechnology — 1.8%
	39	Biogen, Inc. (a)		13,727
	55	Vertex Pharmaceuticals, Inc. (a)		9,158
				22,885
		Health Care Equipment & Supplies — 2.0%
	113	Danaher Corp.		11,475
	109	Zimmer Biomet Holdings, Inc.		13,828
				25,303
		Health Care Providers & Services — 4.6%
	249	UnitedHealth Group, Inc.		59,036
		Life Sciences Tools & Services — 0.7%
	124	Agilent Technologies, Inc.		9,069
		Pharmaceuticals — 4.2%
	247	Bristol-Myers Squibb Co.		15,470
	152	Eli Lilly & Co.		12,405
	684	Pfizer, Inc.		25,346
				53,221
		Total Health Care		169,514
		Industrials — 10.0%
		Aerospace & Defense — 0.7%
	25	Northrop Grumman Corp.		8,547
		Airlines — 1.0%
	102	Southwest Airlines Co.		6,178
	98	United Continental Holdings, Inc. (a)		6,634
				12,812

JPMorgan Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Building Products — 1.6%
	92	Allegion plc		7,922
	285	Masco Corp.		12,742
				20,664
		Commercial Services & Supplies — 0.8%
	148	Waste Connections, Inc.		10,601
		Industrial Conglomerates — 3.4%
	268	Honeywell International, Inc.		42,847
		Machinery — 1.6%
	121	Stanley Black & Decker, Inc.		20,180
		Road & Rail — 0.9%
	90	Union Pacific Corp.		11,948
		Total Industrials		127,599
		Information Technology — 30.6%
		Internet Software & Services — 8.2%
	30	Alphabet, Inc., Class A (a)		35,976
	33	Alphabet, Inc., Class C (a)		38,896
	157	Facebook, Inc., Class A (a)		29,315
				104,187
		IT Services — 6.4%
	65	Accenture plc, Class A		10,482
	192	Fidelity National Information Services, Inc.		19,672
	157	Mastercard, Inc., Class A		26,616
	119	Visa, Inc., Class A		14,833
	68	WEX, Inc. (a)		10,527
				82,130
		Semiconductors & Semiconductor Equipment — 5.6%
	219	Broadcom Ltd.		54,382
	56	Microchip Technology, Inc.		5,336
	111	Texas Instruments, Inc.		12,195
				71,913

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — 6.6%
	122	Adobe Systems, Inc. (a)		24,439
	630	Microsoft Corp.		59,819
				84,258
		Technology Hardware, Storage & Peripherals — 3.8%
	287	Apple, Inc.		48,086
		Total Information Technology		390,574
		Materials — 2.9%
		Chemicals — 2.2%
	376	DowDuPont, Inc.		28,405
		Construction Materials — 0.7%
	39	Martin Marietta Materials, Inc.		8,786
		Total Materials		37,191
		Utilities — 0.7%
		Multi-Utilities — 0.7%
	354	NiSource, Inc.		8,740
		Total Common Stocks (Cost $535,519)		1,274,803
	Short-Term Investment — 0.2%
		Investment Company — 0.2%
	2,549	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $2,549)		2,549
		Total Investments — 100.2% (Cost $538,068)		1,277,352
		Liabilities in Excess of Other Assets — (0.2)%		(2,211	)
		NET ASSETS — 100.0%	$	1,275,141

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2018.

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 Tax Aware Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

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.

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

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,277,352	$	—	$	—	$	1,277,352

(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.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 86.7% (t)
		Alaska — 1.1%
		Other Revenue — 1.1%
	13,490	Borough of Matanuska-Susitna, Goose Creek Correctional Center Project, Rev., 5.25%, 09/01/2029		15,895
		Arizona — 2.5%
		Other Revenue — 0.1%
		Phoenix Civic Improvement Corp., Senior Lien,
	1,085	Series C, Rev., 5.00%, 07/01/2022		1,200
	1,000	Series C, Rev., 5.00%, 07/01/2024		1,105
				2,305
		Prerefunded — 2.4%
	26,840	Arizona State Transportation Board,
		Series A, Rev., GAN, 5.25%, 07/01/2020 (p)		29,117
	3,000	Arizona State Transportation Board, Maricopa County Regional Area Road, Rev., 5.00%, 07/01/2020 (p)		3,236
	1,500	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.00%, 01/01/2019 (p)		1,548
				33,901
		Total Arizona		36,206
		Arkansas — 0.1%
		Prerefunded — 0.0% (g)
	710	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2018 (p)		726
		Water & Sewer — 0.1%
	1,105	City of Fort Smith, Water & Sewer, Rev., AGM, 5.00%, 10/01/2022		1,130
		Total Arkansas		1,856
		California — 16.7%
		Certificate of Participation/Lease — 0.0% (g)
	80	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.00%, 10/01/2031		90
		Education — 0.7%
	3,000	California State University, Systemwide, Series A, Rev., 5.00%, 11/01/2024		3,575
	2,475	Golden West Schools Financing Authority, Placentia-Yorba Linda University, Rev., AMBAC, 5.50%, 08/01/2020		2,715
	3,450	University of California, Series AF, Rev., 5.00%, 05/15/2027		3,984
				10,274

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 6.3%
	750	Center Unified School District, Election of 1991, Series D, GO, NATL-RE, Zero Coupon, 08/01/2026		509
		Contra Costa Community College District,
	2,115	GO, 5.00%, 08/01/2021		2,361
	1,000	GO, 5.00%, 08/01/2022		1,115
	1,000	GO, 5.00%, 08/01/2024		1,113
	145	Los Angeles Community College District, Election of 2008, Series G, GO, 4.00%, 08/01/2039		151
		Los Angeles Unified School District,
	4,850	Series A, GO, 5.00%, 07/01/2026		5,897
	2,350	Series A, GO, 5.00%, 07/01/2027		2,872
	10,010	Series B, GO, 5.00%, 07/01/2026		12,209
	9,000	Series C, GO, 5.00%, 07/01/2026		10,569
	5,000	Series D, GO, 5.25%, 07/01/2024		5,266
		Murrieta Valley Unified School District,
	550	GO, AGM, 5.00%, 09/01/2022		625
	725	GO, AGM, 5.00%, 09/01/2023		840
	1,000	San Diego Unified School District, Election of 1998, Series F-1, GO, AGM, 5.25%, 07/01/2028		1,261
	1,000	State Center Community College District, GO, 5.00%, 08/01/2024		1,139
		State of California, Various Purpose,
	5,000	GO, 5.00%, 04/01/2020		5,205
	8,050	GO, 5.00%, 08/01/2028		9,705
	10,370	GO, 5.00%, 08/01/2030		12,050
	5,000	GO, 5.50%, 04/01/2021		5,232
	5,000	GO, 5.63%, 04/01/2026		5,244
	6,600	GO, 6.50%, 04/01/2033		6,985
				90,348
		Hospital — 0.2%
	1,000	California Health Facilities Financing Authority, Kaiser Permanente, Subseries A-2, Rev., 4.00%, 11/01/2038		1,052
	1,750	California Municipal Finance Authority, Community Medical Centers, Series A, Rev., 5.00%, 02/01/2031		1,987
				3,039
		Other Revenue — 0.5%
	4,950	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.00%, 06/01/2034		5,673
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	175	Series A, Rev., 5.00%, 07/01/2024		208

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	395	Series A, Rev., 5.00%, 07/01/2025		476
	225	Series A, Rev., 5.00%, 07/01/2026		269
				6,626
		Prerefunded — 1.6%
	8,700	California State Public Works Board, University of California, Series H, Rev., 5.00%, 09/01/2023 (p)		10,175
	15	City of Los Angeles, Department of Water & Power, Power System, Series A, Rev., 5.00%, 01/01/2023 (p)		17
		University of California,
	10,285	Series O, Rev., 5.75%, 05/15/2019 (p)		10,847
	1,550	Series AF, Rev., 5.00%, 05/15/2023 (p)		1,801
				22,840
		Transportation — 0.6%
		California Infrastructure & Economic Development Bank, Bay Area Toll Bridges, First Lien,
	340	Series A, Rev., AGM, 5.00%, 07/01/2022 (p)		386
	2,315	Series A, Rev., FGIC, 5.00%, 07/01/2025 (p)		2,788
		San Joaquin County Transportation Authority, Measure K,
	2,285	Rev., 5.00%, 03/01/2029		2,733
	2,000	Rev., 5.00%, 03/01/2030		2,384
				8,291
		Utility — 5.8%
		City of Los Angeles, Department of Water & Power, Power System,
	2,500	Series A, Rev., 5.00%, 07/01/2023		2,878
	1,010	Series A, Rev., 5.00%, 07/01/2030		1,152
	2,050	Series A, Rev., 5.00%, 07/01/2031		2,441
	2,550	Series A, Rev., 5.00%, 07/01/2032		3,029
	5,000	Series A, Rev., 5.00%, 07/01/2033		5,913
	10,710	Series A, Rev., 5.00%, 07/01/2034		12,613
	25,385	Series B, Rev., 5.00%, 07/01/2028		29,265
	8,580	Series B, Rev., 5.00%, 07/01/2029		10,300
	2,100	Series B, Rev., 5.00%, 07/01/2031		2,412
	1,925	Series B, Rev., 5.00%, 07/01/2032		2,203
	3,300	Series D, Rev., 5.00%, 07/01/2032		3,785
	5,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2021		5,580

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility –– continued
	1,290	Sacramento Municipal Utility District Financing Authority, Cosumnes Project, Rev., 5.00%, 07/01/2028		1,530
				83,101
		Water & Sewer — 1.0%
	450	City of Los Angeles, Wastewater System, Series B, Rev., 5.00%, 06/01/2019		471
	4,750	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/2023		4,157
	2,545	Metropolitan Water District Southern Water Works, Series A, Rev., 5.00%, 10/01/2025		2,880
	6,000	San Diego County Water Authority, Rev., 5.00%, 05/01/2030		6,841
				14,349
		Total California		238,958
		Colorado — 1.9%
		General Obligation — 1.8%
	4,250	Dawson Ridge Metropolitan District No.1, Series A, GO, Zero Coupon, 10/01/2022 (p)		3,850
		Douglas County School District No. Re-1, Douglas & Elbert Counties,
	6,950	GO, 5.25%, 12/15/2023		8,230
	2,345	GO, 5.25%, 12/15/2025		2,861
	10,000	Jefferson County School District No. R-1, GO, 5.00%, 12/15/2022		11,450
				26,391
		Prerefunded — 0.1%
	1,225	Platte River Power Authority, Series HH, Rev., 5.00%, 06/01/2019 (p)		1,281
		Total Colorado		27,672
		Connecticut — 0.8%
		General Obligation — 0.7%
	200	City of Greenwich, GO, 5.00%, 06/01/2020		202
	8,200	State of Connecticut, Series E, GO, 5.00%, 08/15/2030		8,963
				9,165
		Water & Sewer — 0.1%
		South Central Regional Water Authority, Water System Revenue,
	250	Series A, Rev., NATL-RE, 5.25%, 08/01/2019		263
	1,290	Series A, Rev., NATL-RE, 5.25%, 08/01/2020		1,398

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer –– continued
				1,661
		Total Connecticut		10,826
		Delaware — 0.2%
		Education — 0.1%
	1,000	University of Delaware, Series B, Rev., 5.00%, 11/01/2021		1,058
		General Obligation — 0.1%
	1,000	State of Delaware, Series C, GO, 5.00%, 03/01/2021		1,099
		Total Delaware		2,157
		District of Columbia — 1.8%
		General Obligation — 0.2%
		District of Columbia,
	290	Series A, GO, 5.00%, 06/01/2029		346
	400	Series A, GO, 5.00%, 06/01/2030		475
	600	Series A, GO, 5.00%, 06/01/2031		710
	620	Series A, GO, 5.00%, 06/01/2032		731
	950	Series A, GO, 5.00%, 06/01/2033		1,116
				3,378
		Special Tax — 0.1%
	2,000	District of Columbia, Income Tax, Series A, Rev., 5.00%, 12/01/2020		2,184
		Transportation — 0.7%
	7,920	Washington Metropolitan Area Transit Authority, Series A-1, Rev., 5.00%, 07/01/2029		9,450
		Water & Sewer — 0.8%
		District of Columbia Water & Sewer Authority, Sub Lien,
	5,000	Series C, Rev., 5.00%, 10/01/2025		5,658
	5,000	Series C, Rev., 5.00%, 10/01/2029		5,611
				11,269
		Total District of Columbia		26,281
		Florida — 2.9%
		General Obligation — 2.9%
		Florida State Board of Education, Public Education Capital Outlay,
	5,090	Series A, GO, 5.00%, 06/01/2024		5,522
	32,375	Series D, GO, 5.00%, 06/01/2025		35,692
		Total Florida		41,214
		Georgia — 2.1%
		General Obligation — 0.8%
		State of Georgia,
	5,000	Series A-2, GO, 5.00%, 02/01/2028		6,033

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	300	Series B, GO, 5.00%, 07/01/2020		324
	3,960	Series E, GO, 5.00%, 12/01/2025		4,753
				11,110
		Transportation — 0.4%
	6,000	City of Atlanta, Airport, Series A, Rev., 5.00%, 01/01/2021		6,560
		Water & Sewer — 0.9%
	6,895	Cobb County, Water & Sewer, Rev., 5.00%, 07/01/2022		7,230
	5,000	Fulton County, Water & Sewerage, Rev., 5.00%, 01/01/2023		5,440
	125	Henry County Water & Sewerage Authority, Rev., 5.00%, 02/01/2029		139
				12,809
		Total Georgia		30,479
		Hawaii — 0.3%
		General Obligation — 0.3%
	4,000	State of Hawaii, Series FT, GO, 5.00%, 01/01/2026 (w)		4,730
		Illinois — 0.9%
		General Obligation — 0.1%
	140	Du Page & Will Counties Community School District No. 204 Indian Prairie, School Building, Series A, GO, AGM-CR, FGIC, 6.25%, 12/30/2021		162
	625	Village of Schaumburg, Series A, GO, 4.00%, 12/01/2020		662
				824
		Other Revenue — 0.0% (g)
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.00%, 01/01/2020		77
	200	Rev., 5.00%, 01/01/2021		207
	105	Rev., 5.00%, 01/01/2022		109
				393
		Transportation — 0.3%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.00%, 12/01/2022		3,404
	750	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.00%, 07/01/2024		904
				4,308
		Water & Sewer — 0.5%
		City of Chicago, Water Revenue, Second Lien Project,
	1,000	Rev., 5.00%, 11/01/2021		1,099

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	400	Rev., 5.00%, 11/01/2022		447
	1,000	Rev., 5.00%, 11/01/2029		1,112
		Illinois Finance Authority, State Clean Water Initiative Revolving Fund,
	985	Rev., 5.00%, 01/01/2025		1,157
	1,110	Rev., 5.00%, 01/01/2027		1,326
	1,920	Rev., 5.00%, 01/01/2028		2,278
				7,419
		Total Illinois		12,944
		Indiana — 1.4%
		Other Revenue — 0.1%
	1,110	Fort Wayne Redevelopment Authority, Lease Rental, Harrison Square Project, Rev., 5.00%, 02/01/2026		1,270
		Prerefunded — 0.9%
	9,870	Indiana Finance Authority, Revolving Fund, Series A, Rev., 5.00%, 02/01/2022 (p)		11,078
	1,750	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.00%, 01/01/2020 (p)		1,859
				12,937
		Utility — 0.3%
	4,050	Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series D, Rev., 5.00%, 01/01/2026		4,603
		Water & Sewer — 0.1%
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.00%, 01/01/2022		364
	375	Series B, Rev., 5.00%, 01/01/2023		418
				782
		Total Indiana		19,592
		Iowa — 1.2%
		General Obligation — 0.8%
		City of Des Moines, Refunding Capital Loan Notes,
	5,410	Series A, GO, 5.00%, 06/01/2023 (w)		6,226
	4,210	Series A, GO, 5.00%, 06/01/2024 (w)		4,924
				11,150
		Prerefunded — 0.4%
	5,440	Iowa Finance Authority, State Revolving Fund, Rev., 5.00%, 08/01/2021 (p)		6,035
		Total Iowa		17,185

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Kentucky — 0.5%
		Education — 0.1%
	1,190	Meade Country School District Finance Corp., School Building, Rev., 5.00%, 09/01/2026		1,388
		Prerefunded — 0.4%
	5,185	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.00%, 07/01/2021 (p)		5,723
		Total Kentucky		7,111
		Louisiana — 0.9%
		Housing — 0.2%
	3,270	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/2020 (p)		3,161
		Other Revenue — 0.6%
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, LCTCS Act 360 Project, Rev., 5.00%, 10/01/2032		3,342
	4,375	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/2019 (p)		4,249
				7,591
		Utility — 0.1%
	1,250	City of Alexandria, Utilities, Series A, Rev., 5.00%, 05/01/2043		1,363
		Total Louisiana		12,115
		Maryland — 0.7%
		Transportation — 0.7%
	8,765	State of Maryland, Department of Transportation, Rev., 4.00%, 11/01/2025		9,726
		Massachusetts — 3.7%
		General Obligation — 1.5%
		Commonwealth of Massachusetts,
	8,200	Series A, GO, 5.00%, 01/01/2033		9,695
	200	Series C, GO, AGM, 5.50%, 12/01/2022		233
	6,000	Series F, GO, 5.00%, 11/01/2041		6,923
	5,000	Commonwealth of Massachusetts, Consolidated Loan of 2014, Series C, GO, 4.00%, 07/01/2031		5,283
				22,134
		Other Revenue — 0.6%
	7,420	Massachusetts School Building Authority, Dedicated Sales Tax, Series B, Rev., 5.00%, 08/15/2030		8,316

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.9%
	10,000	Massachusetts Bay Transportation Authority, Series A, Rev., 5.25%, 07/01/2027		12,384
		Water & Sewer — 0.7%
	8,280	Massachusetts Clean Water Trust (The), Green Bond, Series 20, Rev., 5.00%, 02/01/2036		9,513
		Total Massachusetts		52,347
		Michigan — 1.0%
		Education — 0.2%
		Eastern Michigan University, Board of Regents,
	750	Series A, Rev., 5.00%, 03/01/2026		876
	750	Series A, Rev., 5.00%, 03/01/2027		881
	1,000	Series A, Rev., 5.00%, 03/01/2033		1,142
				2,899
		General Obligation — 0.2%
	2,000	Huron Valley School District, GO, Q-SBLF, 5.00%, 05/01/2024		2,191
		Other Revenue — 0.1%
	1,240	State of Michigan, Trunk Line Fund, Rev., 5.00%, 11/15/2028		1,372
		Water & Sewer — 0.5%
	7,000	City of Grand Rapids, Sanitary Sewer System, Series A, Rev., BHAC-CR, AGM-CR FGIC, 5.50%, 01/01/2022		7,633
		Total Michigan		14,095
		Minnesota — 1.1%
		General Obligation — 0.3%
	775	Olmsted County, Crossover, Series A, GO, 5.00%, 02/01/2021		850
	2,050	State of Minnesota, Trunk Highway, Series E, GO, 5.00%, 10/01/2027		2,490
	1,350	State of Minnesota, Various Purpose, Series A, GO, 5.00%, 10/01/2032		1,605
				4,945
		Other Revenue — 0.8%
	9,705	State of Minnesota, General Fund Refunding Appropriation, Series B, Rev., 5.00%, 03/01/2025		10,875
		Total Minnesota		15,820

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Missouri — 0.6%
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	365	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 07/01/2025		399
		Other Revenue — 0.5%
	6,620	Kansas City Industrial Development Authority, Downtown Redevelopment District, Series A, Rev., 5.00%, 09/01/2021		7,324
		Prerefunded — 0.0% (g)
	20	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.00%, 01/01/2020 (p)		21
		Water & Sewer — 0.0% (g)
	15	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.00%, 01/01/2019 (p)		16
		Total Missouri		7,760
		Nebraska — 0.9%
		General Obligation — 0.5%
	6,235	Omaha School District No. 1, GO, 5.00%, 12/15/2025		7,432
		Utility — 0.4%
	5,000	Omaha Public Power District, Electric System, Series A, Rev., 4.00%, 02/01/2032		5,212
		Total Nebraska		12,644
		New Hampshire — 0.3%
		Prerefunded — 0.3%
	3,470	New Hampshire Municipal Bond Bank, Series E, Rev., 5.00%, 01/15/2020 (p)		3,687
		New Jersey — 2.3%
		Education — 1.4%
		New Jersey Economic Development Authority, School Facilities Construction,
	10,000	Series PP, Rev., 5.00%, 06/15/2029		10,704
	3,500	Series XX, Rev., 5.00%, 06/15/2019		3,645
	5,145	Series XX, Rev., 5.00%, 06/15/2021		5,521
				19,870

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 0.2%
	850	North Brunswick Township Board of Education, GO, 5.00%, 07/15/2022		911
		Township of Woodbridge,
	1,100	GO, 5.00%, 07/15/2022		1,186
	1,200	GO, 5.00%, 07/15/2023		1,295
				3,392
		Transportation — 0.6%
	2,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036		2,610
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., AMBAC, 5.25%, 12/15/2022		5,514
				8,124
		Water & Sewer — 0.1%
	1,995	Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 12/01/2020		1,882
		Total New Jersey		33,268
		New Mexico — 0.9%
		Other Revenue — 0.8%
		New Mexico Finance Authority, Senior Lien Public Project,
	1,625	Series B, Rev., 5.00%, 06/01/2022		1,644
	1,690	Series B, Rev., 5.00%, 06/01/2023		1,710
	1,820	Series B, Rev., 5.00%, 06/01/2025		1,841
	1,965	Series B, Rev., 5.00%, 06/01/2027		1,988
	4,200	Series C, Rev., 5.00%, 06/01/2022		4,643
				11,826
		Transportation — 0.1%
	1,385	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2021		1,508
		Total New Mexico		13,334
		New York — 19.0%
		Education — 0.4%
		Monroe County IDA, School Facility, Modernization Project,
	1,470	Rev., 5.00%, 05/01/2029		1,750
	2,100	Rev., 5.00%, 05/01/2030		2,490
	1,440	Rev., 5.00%, 05/01/2031		1,701
				5,941
		General Obligation — 1.3%
	1,500	City of New York, Series 1, GO, 5.00%, 08/01/2023		1,731

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.00%, 08/01/2023		5,251
		City of New York, Fiscal Year 2013,
	6,085	Series D, GO, 5.00%, 08/01/2028		6,902
	4,050	Series F, Sub Series F-1, GO, 5.00%, 03/01/2030		4,566
				18,450
		Hospital — 0.0% (g)
	510	New York State Dormitory Authority, Mental Health Services Facilities Improvement, Series D, Rev., AGM, 5.00%, 02/15/2018		511
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	9,475	New York Liberty Development Corp., World Trade Centrer Projects, Class 1, Rev., 5.00%, 09/15/2030		10,562
		Other Revenue — 6.7%
		Hudson Yards Infrastructure Corp.,
	2,000	Series A, Rev., 5.00%, 02/15/2032		2,338
	1,500	Series A, Rev., 5.00%, 02/15/2033		1,748
	3,745	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.00%, 11/01/2021		3,960
	9,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series D, Sub Series D-1, Rev., 5.00%, 11/01/2031		9,941
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Sub Series F-1, Rev., 5.00%, 02/01/2031		11,269
	10,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series A-1, Rev., 5.00%, 05/01/2040		11,424
	10,000	New York Convention Center Development Corp., Hotel Unit Fee Secured, Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052		2,484
	8,500	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.00%, 07/01/2023		8,911
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.00%, 03/15/2028		3,470
	5,000	Series A, Rev., 5.00%, 03/15/2029		5,766
	1,000	Series A, Rev., 5.00%, 03/15/2033		1,136

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	4,225	Series A, Rev., 5.00%, 03/15/2034		4,808
	15,000	New York State Urban Development Corp., Service Contract, Series B, Rev., 5.25%, 01/01/2025		15,225
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	1,800	Series A, Rev., 5.00%, 10/15/2028		2,115
	7,500	Series A, Rev., 5.00%, 10/15/2029		8,788
	1,850	Series A, Rev., 5.00%, 10/15/2031		2,163
				95,546
		Prerefunded — 2.5%
		Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.00%, 11/15/2021 (p)		1,680
	805	Series C, Rev., 6.50%, 11/15/2018 (p)		837
	350	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.00%, 06/15/2018 (p)		355
	5	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series B, Rev., 5.00%, 11/01/2019 (p)		5
	4,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.00%, 03/15/2019 (p)		4,156
	25,000	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.00%, 01/01/2022 (p)		28,098
				35,131
		Special Tax — 2.6%
	7,250	New York State Dormitory Authority, State Personal Income Tax, Series C, Rev., 5.00%, 03/15/2031		8,273
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	12,500	Series C, Rev., 5.00%, 03/15/2033		14,185
	3,500	Series C, Rev., 5.00%, 03/15/2041		3,809
	10,000	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.00%, 03/15/2026		10,856
				37,123
		Transportation — 1.7%
		Metropolitan Transportation Authority,
	195	Series C, Rev., 6.50%, 11/15/2028		202
	5,000	Subseries C-1, Rev., 5.25%, 11/15/2028		5,930

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation –– continued
		Port Authority of New York & New Jersey, Consolidated,
	2,965	Rev., 5.00%, 05/01/2034		3,164
	2,000	Rev., 5.00%, 05/01/2035		2,133
	6,500	Rev., 5.00%, 10/15/2041		7,445
	3,105	Triborough Bridge & Tunnel Authority, Series A-2, Rev., 5.00%, 11/15/2028		3,189
	1,250	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 5.00%, 11/15/2031		1,407
				23,470
		Utility — 0.7%
		Utility Debt Securitization Authority,
	4,000	Series TE, Rev., 5.00%, 12/15/2028		4,639
	4,250	Series TE, Rev., 5.00%, 12/15/2041		4,865
				9,504
		Water & Sewer — 2.4%
	2,150	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series CC, Rev., 5.00%, 06/15/2029		2,176
	16,335	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.00%, 06/15/2024		17,591
	3,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.00%, 06/15/2031		3,492
		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., 5.00%, 06/15/2026		3,327
	3,500	Series A, Rev., 5.00%, 06/15/2027		4,274
	3,000	Series A, Rev., 5.00%, 06/15/2028		3,641
				34,501
		Total New York		270,739
		North Carolina — 0.5%
		Prerefunded — 0.4%
	5,950	Wake County, Hammond Road Detention Center, Limited Obligation, Rev., 5.00%, 06/01/2019 (p)		6,216

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.1%
	700	North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2029		811
		Total North Carolina		7,027
		Ohio — 1.5%
		General Obligation — 0.7%
		Upper Arlington City School District, Construction & Improvement,
	4,380	Series A, GO, 5.00%, 12/01/2026 (w)		5,292
	4,355	Series A, GO, 5.00%, 12/01/2027 (w)		5,304
				10,596
		Other Revenue — 0.2%
	550	City of Cleveland, Parking Facilities, Rev., AGM, 5.25%, 09/15/2018 (p)		563
	2,235	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series B, Rev., 5.00%, 10/01/2022		2,357
				2,920
		Prerefunded — 0.4%
	4,750	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)		5,505
		Water & Sewer — 0.2%
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	555	Rev., 5.00%, 11/15/2025		653
	1,500	Rev., 5.00%, 11/15/2027		1,752
				2,405
		Total Ohio		21,426
		Oklahoma — 0.7%
		Transportation — 0.6%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	3,000	Series A, Rev., 5.00%, 01/01/2022		3,272
	2,000	Series A, Rev., 5.00%, 01/01/2024		2,180
	2,000	Series A, Rev., 5.00%, 01/01/2038		2,271
				7,723
		Water & Sewer — 0.1%
	1,380	Oklahoma City Water Utilities Trust, Water & Sewer System, Rev., 5.00%, 07/01/2027		1,583
		Total Oklahoma		9,306

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oregon — 2.1%
		General Obligation — 1.1%
	3,745	Deschutes County Administrative School District No. 1, Bend-La Pine, GO, 5.00%, 06/15/2023		4,326
		Linn & Benton Counties, School District No. 8J, Greater Albany,
	1,725	GO, 5.00%, 06/15/2029		2,069
	500	GO, 5.00%, 06/15/2030		598
	1,180	GO, 5.00%, 06/15/2031		1,406
	1,765	GO, 5.00%, 06/15/2032		2,094
	4,000	GO, 5.00%, 06/15/2033		4,732
	100	Marion County, GO, AMBAC, 5.50%, 06/01/2023		117
				15,342
		Other Revenue — 0.1%
	1,500	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.00%, 04/01/2027		1,714
		Prerefunded — 0.7%
		Oregon State Department of Administrative Services,
	6,965	Series A, COP, 5.00%, 05/01/2019 (p)		7,269
	3,425	Series A, COP, 5.00%, 05/01/2019 (p)		3,568
				10,837
		Water & Sewer — 0.2%
	2,180	City of Portland, Sewer System, Second Lien, Series B, Rev., 4.00%, 10/01/2036		2,272
		Total Oregon		30,165
		Pennsylvania — 0.9%
		General Obligation — 0.3%
	4,195	Commonwealth of Pennsylvania, Third Series, GO, 5.38%, 07/01/2021		4,666
		Hospital — 0.3%
		Berks County Pennsylvania, IDA, Health System, Tower Health Project,
	350	Rev., 5.00%, 11/01/2027		409
	450	Rev., 5.00%, 11/01/2028		523
	150	Rev., 5.00%, 11/01/2029		173
	150	Rev., 5.00%, 11/01/2030		172
	3,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., (ICE LIBOR USD 3 Month + 0.78%), 1.77%, 12/01/2024 (aa)		2,915
				4,192

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.3%
		Pennsylvania State University,
	3,225	Series A, Rev., 5.00%, 03/01/2019 (p)		3,345
		Total Pennsylvania		12,203
		Rhode Island — 0.1%
		Education — 0.0% (g)
	655	Rhode Island Health & Educational Building Corp., Brown University, Series A, Rev., 5.00%, 09/01/2025		727
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.00%, 11/01/2024		1,149
		Total Rhode Island		1,876
		South Carolina — 0.1%
		Water & Sewer — 0.1%
	1,500	City of Columbia, Rev., 5.00%, 02/01/2026		1,671
		Tennessee — 0.3%
		General Obligation — 0.3%
		City of Maryville,
	2,160	Series A, GO, 5.00%, 06/01/2024		2,525
	1,240	Series A, GO, 5.00%, 06/01/2026		1,482
				4,007
		Prerefunded — 0.0% (g)
	195	Metropolitan Government of Nashville & Davidson County, GO, 5.00%, 07/01/2022 (p)		221
		Total Tennessee		4,228
		Texas — 6.9%
		Education — 0.3%
	500	University of Texas, Financing System, Series C, Rev., 5.00%, 08/15/2018		510
		Waco Educational Finance Corp., Baylor University,
	3,490	Series C, Rev., 5.00%, 03/01/2018		3,499
				4,009
		General Obligation — 2.8%
		Carroll Independent School District,
	1,000	Series C, GO, 5.00%, 02/15/2020		1,032
	945	Series C, GO, 5.00%, 02/15/2022		975
	325	Series C, GO, 5.00%, 02/15/2023		335
	4,000	City of Houston, Public Improvement, Series A, GO, 5.00%, 03/01/2030		4,533

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	3,150	City of Lubbock, GO, 5.00%, 02/15/2025		3,636
	680	City of Pflugerville, Limited Tax, GO, 5.00%, 08/01/2023		767
		City of San Antonio, General Improvement,
	700	GO, 5.00%, 08/01/2023		773
	2,000	GO, 5.00%, 08/01/2024		2,210
	1,500	GO, 5.00%, 08/01/2024		1,657
	4,735	GO, 5.00%, 08/01/2026		5,228
	2,735	GO, 5.00%, 08/01/2027		3,019
	4,000	Counties of Dallas, Denton, Collin and Rockwall, City of Dallas, GO, 5.00%, 02/15/2029		4,499
		Crandall Independent School District,
	1,150	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2025		936
	2,140	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2026		1,678
	2,145	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2027		1,616
	2,105	Series A, GO, PSF-GTD, Zero Coupon, 08/15/2028		1,519
		San Jacinto Community College District,
	390	GO, AMBAC, 5.00%, 02/15/2020		391
	2,600	GO, 5.00%, 02/15/2040		2,766
	2,500	State of Texas, Water Financial Assistance, Series A, GO, 5.00%, 08/01/2020		2,544
				40,114
		Prerefunded — 1.4%
	1,965	Dallas County Community College District, GO, 5.00%, 02/15/2019 (p)		2,035
	1,830	Harlandale Independent School District, GO, AGC, 5.00%, 08/01/2019 (p)		1,921
	1,000	Hays County, GO, 5.00%, 02/15/2020 (p)		1,066
	5,695	Hays County, Pass-Through Toll,
		GO, 5.00%, 02/15/2020 (p)		6,073
	5,000	San Jacinto Community College District, GO, 5.00%, 02/15/2019 (p)		5,168
	3,000	Southwest Higher Education Authority, Inc., Southern Methodist University Project, Rev., 5.00%, 10/01/2019 (p)		3,165
				19,428
		Transportation — 1.0%
	3,000	City of Houston, Airport System, Sub Lien, Series B, Rev., 5.00%, 07/01/2026		3,295
	7,660	Grand Parkway Transportation Corp., Series B, Rev., 5.25%, 10/01/2051		8,575

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation –– continued
		North Texas Tollway Authority System, First Tier,
	200	Series A, Rev., 5.00%, 01/01/2026		225
	550	Series A, Rev., 5.00%, 01/01/2027		642
	360	Series A, Rev., 5.00%, 01/01/2030		415
	600	Series A, Rev., 5.00%, 01/01/2035		685
		North Texas Tollway Authority System, Second Tier,
	150	Series B, Rev., 5.00%, 01/01/2026		169
	300	Series B, Rev., 5.00%, 01/01/2027		348
	400	Series B, Rev., 5.00%, 01/01/2030		458
				14,812
		Utility — 0.2%
	3,000	City of San Antonio, Electric and Gas System, Rev., 5.00%, 02/01/2026		3,565
		Water & Sewer — 1.2%
	5,550	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.75%, 12/01/2032 (p)		7,583
	1,250	City of San Antonio, Water System Junior Lien, Series E, Rev., 5.00%, 05/15/2024		1,427
		Coastal Water Authority, City of Houston Projects,
	100	Rev., 4.00%, 12/15/2018		102
	3,315	Rev., 5.00%, 12/15/2023		3,606
	3,820	Texas Water Development Board, State Revolving Fund, Series A, Sub Series A-1, Rev., 5.00%, 07/15/2020		4,006
				16,724
		Total Texas		98,652
		Utah — 1.0%
		Prerefunded — 0.6%
	7,455	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2019 (p)		7,816
	250	Utah Infrastructure Agency Telecommunications and Franchise Tax, Rev., 4.00%, 10/15/2025 (p)		281
	1,150	Utah State University of Agriculture & Applied Science, Rev., 5.00%, 06/01/2019 (p)		1,203
				9,300
		Transportation — 0.3%
	3,645	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.00%, 06/15/2025		4,317

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.1%
		Weber Basin Water Conservancy District,
	250	Series B, Rev., 5.00%, 10/01/2030		299
	470	Series B, Rev., 5.00%, 10/01/2031		559
				858
		Total Utah		14,475
		Virginia — 3.8%
		General Obligation — 2.6%
	5,705	City of Alexandria, Series C, GO, 5.00%, 07/01/2023		6,595
	17,575	Commonwealth of Virginia, Series D, GO, 5.00%, 06/01/2020		18,376
		County of Arlington, Public Improvement,
	4,090	GO, 5.00%, 08/15/2023		4,741
	1,760	GO, 5.00%, 08/15/2026		2,131
	3,960	County of Fairfax, Public Improvement, Series B, GO, 5.00%, 04/01/2023		4,560
				36,403
		Other Revenue — 0.0% (g)
	25	Virginia Public Building Authority, Public Facilities, Series B-1, Rev., 5.00%, 08/01/2018 (p)		25
	405	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2023		429
				454
		Prerefunded — 0.1%
	205	City of Richmond, Public Improvement, Series D, GO, 5.00%, 07/15/2020 (p)		221
	560	Virginia Resources Authority, Pooled Financing Program, Infrastructure, Rev., 5.00%, 11/01/2019 (p)		593
				814
		Transportation — 0.8%
		Hampton Roads Transportation Accountability Commission Fund,
	2,985	Series A, Rev., 5.00%, 07/01/2029 (w)		3,573
	1,475	Series A, Rev., 5.00%, 07/01/2030 (w)		1,757
	5,465	Series A, Rev., 5.00%, 07/01/2031 (w)		6,473
				11,803
		Utility — 0.3%
	4,090	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2028		4,839
		Total Virginia		54,313

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Washington — 2.2%
		General Obligation — 0.6%
	1,100	Snohomish County, Edmonds School District No. 15, GO, 5.00%, 12/01/2033		1,247
	3,555	State of Washington, Motor Vehicle Fuel Tax, Series C, GO, 5.00%, 06/01/2030		4,167
	2,000	State of Washington, Various Purpose, Series D, GO, 5.00%, 02/01/2024		2,286
	275	Yakima County School District No. 7, GO, 5.50%, 12/01/2023		294
				7,994
		Hospital — 0.4%
		Washington Health Care Facilities Authority,
	1,250	Rev., 5.00%, 10/01/2025		1,465
	1,500	Rev., 5.00%, 10/01/2026		1,763
	2,500	Rev., 5.00%, 10/01/2027		2,962
				6,190
		Prerefunded — 0.7%
	10,000	State of Washington, Various Purpose, Series 2010C, GO, 5.00%, 08/01/2019 (p)		10,507
		Transportation — 0.4%
		Port of Seattle, Intermediate Lien,
	3,750	Series B, Rev., 5.00%, 03/01/2033		4,252
	1,000	Series B, Rev., 5.00%, 03/01/2034		1,130
				5,382
		Water & Sewer — 0.1%
	1,325	City of Seattle, Drainage & Wastewater Improvement, Rev., 5.00%, 09/01/2026		1,481
		Total Washington		31,554
		Wisconsin — 0.8%
		Transportation — 0.8%
	10,000	Wisconsin Department of Transportation, Series 2, Rev., 5.00%, 07/01/2031		11,850
		Total Municipal Bonds (Cost $1,192,590)		1,237,387
SHARES
	Short-Term Investment — 14.9%
		Investment Company — 14.9%
	213,362	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $213,362)		213,362

SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 101.6% (Cost $1,405,952)		1,450,749
	Liabilities in Excess of Other Assets — (1.6)%		(22,455	)
	NET ASSETS — 100.0%	$	1,428,294

Percentages indicated are based on net assets.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of January 31, 2018:

Floating Rate Index (a)	Fixed Rate	Pay/ Receive Floating Rate	Counterparty	Maturity Date		Notional Amount		Value And Unrealized Appreciation (Depreciation) ($)
CPI-U at termination	1.82% at termination	Receive	Barclays Bank plc		11/08/2021		USD 25,000		475
CPI-U at termination	1.82% at termination	Receive	Deutsche Bank AG		11/08/2021		USD 25,000		475
CPI-U at termination	2.00% at termination	Receive	BNP Paribas		11/07/2026		USD 25,000		722
CPI-U at termination	2.00% at termination	Receive	Deutsche Bank AG		11/07/2026		USD 25,000		708
CPI-U at termination	2.00% at termination	Receive	Deutsche Bank AG		10/13/2045		USD 5,000		482
CPI-U at termination	2.04% at termination	Receive	BNP Paribas		11/16/2022		USD 5,000		50
CPI-U at termination	2.05% at termination	Receive	Barclays Bank plc		11/17/2023		USD 25,000		301
CPI-U at termination	2.06% at termination	Receive	BNP Paribas		11/15/2023		USD 17,000		201
CPI-U at termination	2.06% at termination	Receive	Deutsche Bank AG		11/14/2022		USD 22,000		208
CPI-U at termination	2.06% at termination	Receive	Morgan Stanley		11/13/2022		USD 9,000		83
CPI-U at termination	2.07% at termination	Receive	Barclays Bank plc		10/16/2022		USD 50,000		554
CPI-U at termination	2.08% at termination	Receive	BNP Paribas		11/13/2022		USD 7,000		60
CPI-U at termination	2.17% at termination	Receive	BNP Paribas		04/04/2024		USD 24,000		30
CPI-U at termination	2.18% at termination	Receive	Barclays Bank plc		10/02/2027		USD 66,000		1,162
CPI-U at termination	2.18% at termination	Receive	Barclays Bank plc		10/16/2027		USD 45,000		758
									6,269
CPI-U at termination	2.18% at termination	Receive	Credit Suisse International		05/28/2018		USD 65,000		(2,811	)
CPI-U at termination	2.19% at termination	Receive	Citibank, NA		09/02/2019		USD 9,000		(338	)
CPI-U at termination	2.20% at termination	Receive	Union Bank of Switzerland AG		03/09/2022		USD 10,000		(23	)
CPI-U at termination	2.27% at termination	Receive	BNP Paribas		02/06/2024		USD 25,000		(68	)
CPI-U at termination	2.33% at termination	Receive	Citibank, NA		07/06/2020		USD 50,000		(2,935	)
CPI-U at termination	2.35% at termination	Receive	BNP Paribas		07/06/2020		USD 25,000		(1,526	)
CPI-U at termination	2.41% at termination	Receive	Citibank, NA		07/01/2020		USD 50,000		(3,420	)
CPI-U at termination	2.41% at termination	Receive	Deutsche Bank AG		06/30/2020		USD 20,000		(1,369	)
CPI-U at termination	2.42% at termination	Receive	Citibank, NA		05/24/2020		USD 25,000		(1,788	)
CPI-U at termination	2.42% at termination	Receive	Citibank, NA		06/30/2020		USD 50,000		(3,483	)
CPI-U at termination	2.42% at termination	Receive	Deutsche Bank AG		12/15/2024		USD 54,000		(272	)
CPI-U at termination	2.42% at termination	Receive	Royal Bank of Scotland		06/30/2020		USD 75,000		(5,254	)
CPI-U at termination	2.43% at termination	Receive	Royal Bank of Scotland		06/28/2020		USD 25,000		(1,771	)
CPI-U at termination	2.44% at termination	Receive	Barclays Bank plc		05/15/2024		USD 18,000		(1,022	)
CPI-U at termination	2.48% at termination	Receive	Citibank, NA		09/02/2024		USD 15,000		(930	)
CPI-U at termination	2.48% at termination	Receive	Deutsche Bank AG		02/21/2024		USD 40,000		(2,409	)
CPI-U at termination	2.48% at termination	Receive	Royal Bank of Scotland		03/17/2024		USD 7,000		(421	)
CPI-U at termination	2.49% at termination	Receive	Citibank, NA		08/27/2024		USD 22,000		(1,399	)
CPI-U at termination	2.50% at termination	Receive	Deutsche Bank AG		10/10/2044		USD 8,000		(581	)
CPI-U at termination	2.50% at termination	Receive	Morgan Stanley		02/04/2024		USD 34,000		(2,128	)
CPI-U at termination	2.53% at termination	Receive	Morgan Stanley		01/27/2024		USD 30,000		(1,968	)
CPI-U at termination	2.62% at termination	Receive	Citibank, NA		10/07/2024		USD 14,000		(213	)
CPI-U at termination	2.67% at termination	Receive	Morgan Stanley		09/12/2044		USD 3,000		(396	)
CPI-U at termination	2.70% at termination	Receive	Barclays Bank plc		09/03/2044		USD 5,000		(710	)
CPI-U at termination	2.71% at termination	Receive	Deutsche Bank AG		02/25/2044		USD 5,000		(720	)
CPI-U at termination	2.73% at termination	Receive	Royal Bank of Scotland		02/10/2044		USD 9,000		(1,373	)
									(39,328	)
									(33,059	)

(a) Value of floating rate index at January 31, 2018 was 2.48%.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

Summary of total swap contracts outstanding as of January 31, 2018:

	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Inflation linked swaps outstanding		—		6,269
Total OTC swap contracts outstanding		—		6,269
Liabilities
OTC Inflation linked swaps outstanding		—		(39,328	)
Total OTC swap contracts outstanding		—		(39,328	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COP	—	Certificate of Participation
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
ICE	—	Intercontinental Exchange
IDA	—	Industrial Development Authority
LIBOR	—	London Interbank Offered Rate
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
USD	—	United States Dollar
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of January 31, 2018.

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	213,362	$	1,237,387		$	—	$	1,450,749
Appreciation in Other Financial Instruments
Swaps (b)	$	—	$	6,269		$	—	$	6,269
Depreciation in Other Financial Instruments
Swaps (b)	$	—	$	(39,328	)	$	—	$	(39,328	)

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

(b) All portfolio holdings designated as level 2 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended January 31, 2018.

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

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

JPMorgan Tax Aware Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

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

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

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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 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.

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 93.7% (t)
		Arizona — 1.7%
		Water & Sewer — 1.7%
	150	City of Tucson, Water System, Rev., 5.00%, 07/01/2023		173
		California — 8.6%
		Education — 1.1%
	75	Golden West Schools Financing Authority, Series A, Rev., NATL-RE, 5.80%, 02/01/2020		81
	25	Golden West Schools Financing Authority, Beverly Hills Unified School District, Rev., NATL-RE, 5.25%, 08/01/2023		30
				111
		General Obligation — 3.9%
	75	Coast Community College District, Series A, GO, 4.00%, 08/01/2022		82
	100	State of California, Various Purpose, GO, 5.00%, 08/01/2028		121
	165	Tustin Unified School District, School Facilities Improvement District No. 2002-1, GO, 5.00%, 08/01/2031		194
				397
		Utility — 3.6%
	300	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.00%, 07/01/2029		360
		Total California		868
		Connecticut — 4.0%
		Water & Sewer — 4.0%
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 6.00%, 08/15/2020		111
	150	Series A, Rev., 6.00%, 08/15/2021		171
	100	Series A, Rev., 6.00%, 08/15/2022		117
		Total Connecticut		399
		Florida — 8.1%
		Education — 0.2%
	20	Florida State Board of Education, Lottery, Series B, Rev., 5.00%, 07/01/2018		20
		General Obligation — 2.7%
	250	Florida State Board of Education, Public Education Capital Outlay, Series D, GO, 5.00%, 06/01/2025		276
		Other Revenue — 0.7%
	60	County of Miami, Special Obligation, Series B, Rev., 5.00%, 10/01/2023		69

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.2%
	20	City of Port St Lucie, Utility System, Rev., AGC, 5.25%, 09/01/2018 (p)		21
		Utility — 3.5%
	300	Sarasota County, Florida Utility System, Series B, Rev., 5.00%, 10/01/2025		357
		Water & Sewer — 0.8%
	75	City of Auburndale, Water & Sewer, Rev., AGC-ICC, AMBAC, 5.25%, 12/01/2018		77
		Total Florida		820
		Georgia — 6.6%
		General Obligation — 3.0%
	150	Dekalb County, Georgia Special Transportation, Parks and Greenspace and Libraries, GO, 5.00%, 12/01/2026		180
	100	State of Georgia, Series C, GO, 5.00%, 07/01/2026		121
				301
		Water & Sewer — 3.6%
	250	County of DeKalb, Water & Sewerage, Series B, Rev., 5.25%, 10/01/2026		305
	60	Jackson County Water & Sewer Authority, Series A, Rev., XLCA, 5.25%, 09/01/2021		65
				370
		Total Georgia		671
		Hawaii — 0.2%
		Prerefunded — 0.2%
	20	City and County of Honolulu, Honolulu Hawaii City, Wastewater System, Second Bond Resolution, Series A, Rev., AGM, 5.00%, 07/01/2018 (p)		20
		Illinois — 0.6%
		General Obligation — 0.6%
	60	City of Chicago, Series A, GO, AGM, 5.50%, 01/01/2019		62
		Indiana — 1.1%
		Education — 1.1%
	100	Purdue University, Student Fee, Series U, Rev., 5.25%, 07/01/2021		112
		Kansas — 0.5%
		Prerefunded — 0.5%
	50	Sedgwick County Unified School District No 259 Wichita, School Building, Series A, GO, 4.50%, 10/01/2018 (p)		51

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.2%
		Water & Sewer — 0.2%
	25	Tangipahoa Water District, Series A, Rev., AGM, 3.00%, 11/01/2018		25
		Maryland — 0.2%
		General Obligation — 0.2%
	20	State of Maryland, State and Local Facilities Loan, Series B, GO, 5.00%, 08/01/2018		20
		Massachusetts — 6.9%
		General Obligation — 2.0%
	50	Commonwealth of Massachusetts, Series A, GO, 5.00%, 01/01/2033		59
	120	Town of Ludlow, Municipal Purpose Loan, GO, 5.00%, 08/15/2024		141
				200
		Prerefunded — 0.2%
	20	Massachusetts State College Building Authority, Series A, Rev., AGM, 5.00%, 05/01/2018 (p)		20
		Transportation — 4.7%
		Massachusetts Bay Transportation Authority,
	150	Series A, Rev., 5.25%, 07/01/2027		186
	250	Series B, Rev., 5.25%, 07/01/2023		293
				479
		Total Massachusetts		699
		Missouri — 0.5%
		General Obligation — 0.5%
	40	North Kansas City School District No. 74, Series A, GO, 5.00%, 03/01/2023		46
		Nevada — 2.3%
		Water & Sewer — 2.3%
	200	Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2031		233
		New Jersey — 1.5%
		Transportation — 1.5%
		New Jersey Transportation Trust Fund Authority, Transportation System,
	80	Series A, Rev., 5.25%, 12/15/2020		86
	60	Series A, Rev., 5.50%, 12/15/2021		66
		Total New Jersey		152
		New Mexico — 6.5%
		Other Revenue — 2.2%
	200	New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 5.00%, 06/01/2022		221

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 4.3%
	250	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.00%, 06/15/2024		269
	150	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2021		164
				433
		Total New Mexico		654
		New York — 7.8%
		Education — 0.3%
	30	New York State Dormitory Authority, The New School, Rev., 5.00%, 07/01/2018		30
		General Obligation — 0.6%
		City of New York,
	25	Sub Series E-1, GO, 5.38%, 10/15/2018		26
	10	Sub Series E-1, GO, 6.25%, 10/15/2028		10
	20	County of Tompkins, Public Improvement, Series A, GO, 4.00%, 03/01/2021		21
				57
		Other Revenue — 1.1%
	110	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-5, Rev., 5.00%, 01/15/2026		114
		Prerefunded — 4.1%
	30	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,, Series B, Rev., 5.00%, 10/01/2018 (p)		31
	345	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 5.00%, 01/01/2022 (p)		388
				419
		Special Tax — 1.7%
	150	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series C, Rev., 5.00%, 03/15/2033		170
		Total New York		790
		Ohio — 4.4%
		General Obligation — 1.5%
	125	State of Ohio, Common Schools, Series A, GO, 5.00%, 09/15/2026		150
		Prerefunded — 2.9%
	250	City of Columbus, Series 1, GO, 5.00%, 07/01/2023 (p)		290
		Total Ohio		440

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oregon — 2.6%
		General Obligation — 2.6%
	215	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.25%, 06/01/2025		260
		Pennsylvania — 1.0%
		General Obligation — 1.0%
		Central Bucks School District,
	80	Series A, GO, 4.50%, 05/15/2021 (p)		87
	15	Series A, GO, 5.00%, 05/15/2023		16
		Total Pennsylvania		103
		South Carolina — 3.3%
		General Obligation — 3.3%
	300	State of South Carolina, Series C, GO, 5.00%, 03/01/2022		330
		Tennessee — 0.3%
		Water & Sewer — 0.3%
	30	City of Knoxville, Water System, Series BB, Rev., 5.00%, 03/01/2019		31
		Texas — 14.2%
		Education — 3.4%
	30	Harris County Cultural Education Facilities Finance Corp., Methodist Hospital System, Series B, Rev., 5.50%, 12/01/2018		31
	250	Permanent University Fund—University of Texas System, Series B, Rev., 5.25%, 07/01/2028		312
				343
		Prerefunded — 9.4%
		City of Dallas, Waterworks and Sewer System,
	40	Rev., 5.00%, 10/01/2018 (p)		41
	355	City of Houston, Combined Utility System, First Lien, Series D, Rev., 5.00%, 11/15/2021 (p)		396
	210	Harris County, Series C, Rev., 5.00%, 08/15/2019 (p)		221
	250	Hays County, Pass-Through Toll, GO, 5.00%, 02/15/2020 (p)		267
	20	Klein Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2018 (p)		20
				945
		Utility — 1.1%
	100	City of Weatherford, Utility System, Rev., AGM, 5.00%, 09/01/2023		115

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.3%
	30	North Texas Municipal Water District, Water System, Rev., 5.25%, 09/01/2020		33
		Total Texas		1,436
		Utah — 2.3%
		Other Revenue — 2.3%
	200	Utah Transit Authority Sales Tax, Subordinate Sales Tax, Series A, Rev., 5.00%, 06/15/2029		233
		Virginia — 6.4%
		Education — 1.1%
	50	University of Virginia, Rev., 4.00%, 09/01/2021		54
	50	Virginia College Building Authority, 21st Century College & Equipment Programs, Educational Facilities, Series E-2, Rev., 5.00%, 02/01/2023		57
				111
		General Obligation — 2.3%
	50	City of Alexandria, Series A, GO, 4.50%, 06/15/2020		53
	150	County of Arlington, Public Improvement, GO, 5.00%, 08/15/2026		182
				235
		Utility — 3.0%
	250	City of Richmond, Public Utility Revenue, Series A, Rev., 5.00%, 01/15/2025		296
		Total Virginia		642
		Washington — 1.7%
		Transportation — 1.7%
	150	Central Puget Sound Regional Transit Authority, Sales Tax & Motor Vehicle Excise Tax, Series P-1, Rev., 5.00%, 02/01/2025		168
		Wisconsin — 0.2%
		Prerefunded — 0.2%
	20	Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2018 (p)		20
		Total Municipal Bonds (Cost $9,195)		9,458
SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	333	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (Cost $333) (b) (l)		333

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE($)
	Total Investments — 97.0% (Cost $9,528)		9,791
	Other Assets in Excess of Liabilities — 3.0%		306
	NET ASSETS — 100.0%	$	10,097

Percentages indicated are based on net assets.

Over the Counter (“OTC”) Inflation-linked swap contracts outstanding as of January 31, 2018:

Floating Rate Index (a)	Fixed Rate	Pay/Receive Floating Rate		Counterparty	Maturity Date		Notional Amount		Value And Unrealized Appreciation (Depreciation) ($)
CPI-U at termination	2.04% at termination		Receive	BNP Paribas		11/16/2022		USD 1,000		10
CPI-U at termination	2.08% at termination		Receive	BNP Paribas		12/19/2024		USD 1,000		12
CPI-U at termination	2.17% at termination		Receive	BNP Paribas		04/04/2024		USD 600		1
										23
CPI-U at termination	2.28% at termination		Receive	Union Bank of Switzerland AG		03/16/2027		USD 700		(1	)
CPI-U at termination	2.62% at termination		Receive	Royal Bank of Scotland		06/28/2025		USD 1,000		(110	)
CPI-U at termination	2.72% at termination		Receive	BNP Paribas		04/01/2021		USD 4,400		(453	)
										(564	)
										(541	)

(a) Value of floating rate index at January 31, 2018 was 2.48%.

Summary of total swap contracts outstanding as of January 31, 2018:

	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Inflation linked swaps outstanding		—		23
Total OTC swap contracts outstanding		—		23
Liabilities
OTC Inflation linked swaps outstanding		—		(564	)
Total OTC swap contracts outstanding		—		(564	)

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.
CPI-U	—	Consumer Price Index for All Urban Consumers
GO	—	General Obligation
GTD	—	Guaranteed
ICC	—	Insured Custody Certificates

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RE	—	Reinsured
Rev.	—	Revenue
USD	—	United States Dollar
XLCA	—	Insured by XL Capital Assurance
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of January 31, 2018.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	333	$	9,458		$	—	$	9,791
Appreciation in Other Financial Instruments
Inflation-Linked Swaps (a)	$	—	$	23		$	—	$	23
Depreciation in Other Financial Instruments
Inflation-Linked Swaps (a)	$	—	$	(564	)	$	—	$	(564	)

(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.

JPMorgan Tax Aware Real Return SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

There were no transfers among any levels during the period ended January 31, 2018.

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

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

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

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

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

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

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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

The Fund may be required to post or receive collateral for OTC 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. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 29, 2018
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 29, 2018