N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2011 through October 31, 2012

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report

J.P. Morgan International Equity Funds

October 31, 2012

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Global Equity Income Fund

JPMorgan Global Opportunities Fund

(formerly JPMorgan Global Focus Fund)

JPMorgan International Equity Fund

JPMorgan International Equity Index Fund

JPMorgan International Opportunities Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Emerging Economies Fund	3
JPMorgan Emerging Markets Equity Fund	6
JPMorgan Global Equity Income Fund	9
JPMorgan Global Opportunities Fund	12
JPMorgan International Equity Fund	15
JPMorgan International Equity Index Fund	18
JPMorgan International Opportunities Fund	20
JPMorgan International Value Fund	24
JPMorgan Intrepid International Fund	28
Schedules of Portfolio Investments	31
Financial Statements	76
Financial Highlights	100
Notes to Financial Statements	118
Report of Independent Registered Public Accounting Firm	139
Trustees	140
Officers	143
Schedule of Shareholder Expenses	144
Board Approval of Investment Advisory Agreement	148
Tax Letter	152
Privacy Notice — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

NOVEMBER 26, 2012 (Unaudited)

Dear Shareholder:

Global equity markets continued to seesaw against an uncertain macroeconomic and geopolitical backdrop. In the U.S., improving economic data has been overshadowed by the pending “fiscal cliff.” Concerns about a potential economic “hard landing” in China remain, while escalating tension in the Middle East recently resulted in a conflict between Israel and Hamas, exacerbating fears about the stability of the region. Europe’s debt crisis continues and global equity prices have fluctuated with investors’ changing perception about the viability of corrective actions taken by the European Central Bank.

  “The constant change in emerging markets economies creates market volatility that we believe can be dampened by holding a range of emerging market equities and fixed income securities representing different regions and sectors.”

Despite these sharp swings in market momentum, stocks in most parts of the world posted positive returns for the twelve months ended October 31, 2012. Accommodative monetary policies have been a significant catalyst for the positive returns for stocks during the past year and continue to keep yields at historically low levels. As the low interest rate environment persists, an increasing amount of fixed income investors are turning to asset classes like high yield bonds and emerging markets debt in search of higher yielding securities. Higher demand for these securities as well as positive fundamentals led to positive returns for high yield bonds and emerging markets debt during the 12 months ended October 31, 2012.

U.S. Treasury yields remain low while U.S. stocks outperform

Real yields are negative on many parts of the yield curve, meaning that the payment that investors will receive from these bonds is less than the expected rate of inflation. Holders of these securities are willing to see the purchasing power of their money decline in order to access the perceived safety of U.S. Treasury securities, likely a reflection of the elevated level of uncertainty among investors. The yield for 10-year U.S. Treasury securities ended October 2012 at 1.7%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.3% and 2.9%, respectively.

Stock returns across market capitalizations, countries and investment styles varied during the twelve months ended

October 31, 2012. Buoyed by stronger-than-expected economic data, U.S. stocks finished the twelve-month reporting period ahead of international and emerging markets stocks, which were weighed down by Europe’s ongoing debt crisis and concerns about an economic “hard landing” in China.

Emerging markets: An evolving asset class

While the Chinese economy rightfully commands a large amount of attention from emerging markets investors, the asset class encompasses a wide range of countries with diverse cultural and political standards and evolving industries. Changes to local political administrations and economic policies can alter the investment landscape of an emerging market. For example, recently elected Mexican president Pena Nieto has pledged to focus on energy, labor and tax reforms, which has attracted more foreign investors who welcome the proposed business-friendly changes. On the other side of the spectrum, Russia’s recent presidential election has elevated geopolitical risk and therefore lowered the willingness of investors to invest in local Russian companies.

The constant change in emerging markets economies creates market volatility that we believe can be dampened by holding a range of emerging market equities and fixed income securities representing different regions and sectors. The volatility and differences in emerging markets can also create attractive investment opportunities for active managers with the resources in place to monitor disparate emerging economies and the companies that operate in them.

Emerging markets securities can be a valuable tool for investors as they construct their portfolios. As always, we encourage investors to maintain exposure to a variety of asset classes within fixed income, equity and alternative investments.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

Developed Markets

The debt crisis in Europe continued to be a major source of uncertainty in capital markets. Global equity prices rose and fell with investors’ changing perception about the viability of actions taken by the European Central Bank to curb the crisis. Escalating political and social unrest in the Middle East also weighed on investor sentiment during the reporting period. Despite these concerns, stocks in most parts of the world posted positive returns during the twelve months ended October 31, 2012, bolstered by the accommodative policies of central banks as they continued their efforts to stoke economic growth. International developed stocks underperformed U.S. stocks during the reporting period, as the MSCI Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) gained 4.61%.

Emerging Markets

Emerging markets stocks underperformed international developed stocks during the reporting period as the MSCI Emerging Markets Index (net of foreign withholding taxes) gained 2.63%. Fears of an economic “hard landing” in China weighed on the asset class, as did concerns about weaker demand for commodities as a result of slowing global economic growth.

2 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.34%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		2.63%
Net Assets as of 10/31/2012 (In Thousands)	$	445,933

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection in the energy and consumer discretionary sectors contributed to relative performance. The Fund’s stock selection in the consumer staples sector and underweight versus the Benchmark and stock selection in the telecommunications services sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Great Wall Motor Company Ltd., a Chinese auto maker, and Cielo S.A., a Brazilian credit and debit card-payment processor. Both stocks rose after the companies reported better-than-expected first-quarter earnings. The Fund’s overweight position versus the Benchmark in Samsung Electronics Co., Ltd. also contributed to relative performance. Shares of the communications equipment provider benefited from the company’s strong sales for its smart phones.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in Vale S.A.,

E Ink Holdings, Inc. and Banco do Brasil S.A. Shares of Vale, a Brazilian iron-ore producer, declined due to a dispute over the company’s unpaid tax claims. Shares of E Ink Holdings, Inc., which provides TFT LCD panels for e-reader devices, declined after the company reported a quarterly loss due to excess inventory at Amazon Inc., one of its major clients. Shares of Brazilian bank Banco do Brasil S.A. declined on concerns about the impact that increasing loan defaults would have on the company’s earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking attractively priced countries, sectors and stocks with positive catalysts. As a result of this process, the Fund’s largest overweight versus the Benchmark was in the consumer discretionary sector and the Fund’s largest underweight versus the Benchmark was in the financials sector.

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

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Samsung Electronics Co., Ltd. (South Korea)	5.3	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.1
	3.	China Construction Bank Corp., Class H (China)	2.3
	4.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.1
	5.	CNOOC Ltd. (China)	2.1
	6.	Vale S.A., ADR (Brazil)	2.0
	7.	Hyundai Motor Co. (South Korea)	2.0
	8.	Lukoil OAO, ADR (Russia)	1.9
	9.	PetroChina Co., Ltd., Class H (China)	1.9
	10.	Cia de Bebidas das Americas, ADR (Preferred Stock) (Brazil)	1.8

PORTFOLIO COMPOSITION BY COUNTRY*
China	18.9	%
South Korea	14.5
Brazil	10.4
Taiwan	9.5
Russia	7.1
South Africa	6.7
Turkey	6.3
Thailand	5.4
Hong Kong	5.2
India	5.1
United Kingdom	1.5
Poland	1.2
Hungary	1.0
Others (each less than 1.0%)	4.8
Short-Term Investment	2.4

* Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/08
Without Sales Charge				3.15	%		8.54	%		(1.57	)%
With Sales Charge*				(2.26	)		6.61			(2.70	)
CLASS C SHARES		2/28/08
Without CDSC				2.54			7.97			(2.07	)
With CDSC**				1.54			7.97			(2.07	)
CLASS R5 SHARES		2/28/08		3.53			9.01			(1.14	)
SELECT CLASS SHARES		2/28/08		3.34			8.81			(1.33	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/12)

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

The Fund commenced operations on February 28, 2008.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI

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

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

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations. The Fund is also subject to the additional risk of non-diversified “regional” fund investing.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		4.80%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		2.63%
Net Assets as of 10/31/2012 (In Thousands)	$	2,252,486

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection in the industrials, information technology and financials sectors contributed to relative performance. The Fund’s stock selection in the telecommunications services and consumer discretionary sectors and underweight versus the Benchmark in the healthcare sector detracted from relative performance.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Grupo Financiero Banorte S.A.B. de C.V., Turkiye Garanti Bankasi A.S. and Samsung Electronics Co., Ltd. Shares of Mexican bank Grupo Financiero Banorte S.A.B. de C.V. benefited from the company’s strong first-quarter earnings, which were boosted by robust growth in bank deposits and loans. Shares of Turkiye Garanti Bankasi A.S. rose after the Turkish bank reported better-than-expected third-quarter earnings. Shares of

communications equipment provider Samsung Electronics Co., Ltd. benefited from the company’s strong sales for its smart phones.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in Bharti Airtel Ltd., OGX Petroleo e Gas Participacoes S.A. and Infosys Ltd., ADR. Shares of Indian telecommunication provider Bharti Airtel Ltd. declined amid concerns about increasing market competition in India’s telecommunications industry. Shares of Brazilian energy company OGX Petroleo e Gas Participacoes S.A. declined due to investors’ concerns about the company’s announced management change. Shares of Infosys Ltd., ADR decreased after the Indian software and programming company reported disappointing fiscal year-end earnings.

HOW WAS THE FUND POSITIONED?

The Fund employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the stock level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings against the Benchmark, rigorously researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, the Fund’s largest overweight versus the Benchmark was in the consumer staples sector and the Fund’s largest underweight versus the Benchmark was in the materials sector.

6 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Samsung Electronics Co., Ltd. (South Korea)	5.1	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	4.2
	3.	Housing Development Finance Corp., Ltd. (India)	4.1
	4.	China Mobile Ltd. (Hong Kong)	3.2
	5.	Cia de Bebidas das Americas, ADR (Preferred Stock) (Brazil)	3.1
	6.	Turkiye Garanti Bankasi AS (Turkey)	2.9
	7.	Hyundai Motor Co. (South Korea)	2.6
	8.	CNOOC Ltd. (China)	2.6
	9.	Petroleo Brasileiro S.A., ADR (Brazil)	2.5
	10.	AIA Group Ltd. (Hong Kong)	2.4

PORTFOLIO COMPOSITION BY COUNTRY***
Brazil	14.5	%
China	11.8
South Korea	11.3
India	10.3
South Africa	10.1
Hong Kong	10.0
Taiwan	7.2
Indonesia	4.3
Turkey	3.8
Mexico	3.1
Russia	3.0
United Kingdom	2.6
Luxembourg	1.9
Chile	1.8
Malaysia	1.1
Others (each less than 1.0%)	0.8
Short-Term Investment	2.4

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				4.36	%		(2.89	)%		16.15	%
With Sales Charge*				(1.12	)		(3.93	)		15.52
CLASS B SHARES		9/28/01
Without CDSC				3.80			(3.37	)		15.69
With CDSC**				(1.20	)		(3.83	)		15.69
CLASS C SHARES		2/28/06
Without CDSC				3.83			(3.37	)		15.57
With CDSC***				2.83			(3.37	)		15.57
INSTITUTIONAL CLASS SHARES		11/15/93		4.80			(2.49	)		16.67
SELECT CLASS SHARES		9/10/01		4.65			(2.64	)		16.42

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

Returns for Class C Shares prior to its inception date were based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2002 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the maximum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization

weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of the funds in the indicated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

8 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan Global Equity Income Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		9.43%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)		9.45%
Net Assets as of 10/31/2012 (In Thousands)	$	37,867

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection and underweight position versus the Benchmark in the consumer non-durable sector detracted from relative performance. Stock selection in the insurance sector also detracted. The Fund’s stock selection in the banks and finance sector and stock selection and underweight versus the Benchmark in the basic industries sector contributed to relative performance.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in QBE Insurance Group Ltd., and Canon, Inc. Shares of Australian insurance company QBE Insurance Group Ltd. declined as the company warned that its insurance profit margin might decline in the second half of the year. Shares of the Japanese imaging company Canon, Inc. underperformed, weighed down by concerns about a strong yen, sluggish demand for office equipment, slowing demand in China and a territorial dispute with that same country, which resulted in the Chinese boycotting Japanese goods.

Individual contributors to relative performance included the Fund’s overweight positions versus the Benchmark in Telecom

Corp. of New Zealand Ltd. and Wells Fargo & Co. Shares of Telecom Corp. of New Zealand Ltd., a communications services company, rose as investors were attracted to the stock’s dividend yield. The company has been returning capital to shareholders following the spin off of its Chorus network unit. Shares of U.S. bank Wells Fargo & Co. benefited from investors’ optimism surrounding the bank’s competitive positioning and resulting market share gains.

HOW THE FUND WAS MANAGED

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

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with the Benchmark.

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

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 9

JPMorgan Global Equity Income Fund

FUND SUMMARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Time Warner, Inc.	2.8	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	2.8
	3.	Merck & Co., Inc.	2.7
	4.	Australia & New Zealand Banking Group Ltd. (Australia)	2.5
	5.	Pfizer, Inc.	2.1
	6.	Vodafone Group plc (United Kingdom)	2.1
	7.	Eni S.p.A. (Italy)	2.0
	8.	Telecom Corp. of New Zealand Ltd. (New Zealand)	2.0
	9.	Roche Holding AG (Switzerland)	1.9
	10.	Verizon Communications, Inc.	1.9

PORTFOLIO COMPOSITION BY COUNTRY*
United States	30.4	%
United Kingdom	12.1
France	8.3
Japan	8.1
Australia	6.8
Germany	6.2
Netherlands	5.4
Switzerland	5.1
China	2.9
Italy	2.0
Sweden	2.0
New Zealand	2.0
Singapore	1.8
Hong Kong	1.4
Indonesia	1.0
Others (each less than 1.0%)	1.8
Short-Term Investment	2.7

* Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

10 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			SINCE INCEPTION
CLASS A SHARES		2/28/11
Without Sales Charge				9.17	%		(0.29	)%
With Sales Charge*				3.44			(3.45	)
CLASS C SHARES		2/28/11
Without CDSC				8.74			(0.75	)
With CDSC**				7.74			(0.75	)
CLASS R2 SHARES		2/28/11		8.96			(0.53	)
CLASS R5 SHARES		2/28/11		9.70			0.17
SELECT CLASS SHARES		2/28/11		9.43			(0.04	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/12)

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

The Fund commenced operations on February 28, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Equity Income Fund, the MSCI World Index and the Lipper Global Large-Cap Value Funds Average, from February 28, 2011 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. These expenses are not identical to the expenses incurred by the Fund. The performance of the Lipper Global Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. The MSCI World Index is a free float-adjusted market capitalization weighted index that is

designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index. The Lipper Global Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 11

JPMorgan Global Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	8.88%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)	9.45%
Net Assets as of 10/31/2012 (In Thousands)	$4,623

INVESTMENT OBJECTIVE**

The JPMorgan Global Opportunities Fund (the “Fund”), previously known as the JPMorgan Global Focus Fund¹, seeks to provide long-term capital growth.

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

The Fund (Select Class Shares) underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection in the energy sector detracted from relative performance. The Fund’s stock selection in the transportation services & consumer cyclicals sectors contributed to relative performance.

Individual detractors from the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Humana, Inc., Shire plc. and Kinross Gold Corp. Shares of Humana, Inc. declined after the healthcare company warned of rising cost pressures and lowered its guidance for fiscal 2012 earnings. Shares of Shire plc., an Irish drug company, fell after the FDA approved a generic version of one of its best-selling drugs and the company’s CEO announced he would retire in 2013. Shares of Kinross Gold Corp. declined after the Canadian gold miner took a large goodwill write-down on its Tasiast mine in Africa and warned of project delays. Like many of its peers, the company also struggled with rising cost pressures.

Individual contributors to the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Samsung Electronics Co., Ltd., Comcast Corp. and Wells

Fargo & Co. Shares of semiconductor, electronics and communications-equipment provider Samsung Electronics Co., Ltd. benefited as the company’s earnings were bolstered by robust sales for its smart phones and a turnaround in its display business. Shares of Comcast Corp., the U.S. cable TV, phone and internet provider, benefited as the company added more subscribers than expected, returned more capital to shareholders and saw ratings gains at recently-acquired NBC. Shares of U.S. bank Wells Fargo & Co. benefited from investors’ optimism surrounding the bank’s competitive positioning and resulting market share gains.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, seeking to identify what they believed to be the most attractive investment opportunities within each sector. The Fund’s portfolio managers sought stocks that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the stock to realize its inherent value.

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with the Benchmark.

¹  The advisor seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. Effective November 1, 2011, the Fund modified some of its investment strategies and lowered its advisory fee and expense cap.

12 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	2.7	%
	2.	Wells Fargo & Co.	2.2
	3.	Royal Dutch Shell plc, Class A (Netherlands)	2.0
	4.	Unilever N.V., CVA (Netherlands)	1.8
	5.	Merck & Co., Inc.	1.7
	6.	Microsoft Corp.	1.6
	7.	Citigroup, Inc.	1.6
	8.	British American Tobacco plc (United Kingdom)	1.5
	9.	Vodafone Group plc (United Kingdom)	1.5
	10.	Union Pacific Corp.	1.5

PORTFOLIO COMPOSITION BY COUNTRY***
United States	46.5	%
United Kingdom	13.4
Japan	8.6
Netherlands	5.4
Germany	4.9
Switzerland	4.4
France	4.3
Ireland	3.1
Hong Kong	2.4
South Korea	1.0
Belgium	1.0
Others (each less than 1.0%)	5.0

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

** The advisor seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. Effective November 1, 2011, the Fund changed its investment strategy and lowered its advisory fee and expense cap.

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 13

JPMorgan Global Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		3/30/07
Without Sales Charge				8.70	%		(2.44	)%		(0.44	)%
With Sales Charge*				2.97			(3.49	)		(1.39	)
CLASS C SHARES		3/30/07
Without CDSC				8.11			(2.95	)		(0.95	)
With CDSC**				7.11			(2.95	)		(0.95	)
CLASS R2 SHARES		11/1/11		8.42			(2.49	)		(0.48	)
CLASS R5 SHARES		3/30/07		9.15			(2.01	)		0.01
CLASS R6 SHARES		11/1/11		9.16			(2.01	)		0.01
SELECT CLASS SHARES		3/30/07		8.88			(2.21	)		(0.20	)

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (3/30/07 TO 10/31/12)

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

The Fund commenced operations on March 30, 2007.

Effective November 1, 2011, some of the Fund’s investment strategies were modified and performance would have been different if the Fund was managed using its current strategies.

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Opportunities Fund, the MSCI World Index and the Lipper Global Multi-Cap Core Index from March 30, 2007 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of

withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Multi-Cap Core Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Multi-Cap Core Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

From the inception of the Fund through October 31, 2010, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

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

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

14 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		7.91%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.61%
Net Assets as of 10/31/2012 (In Thousands)	$	1,076,035

INVESTMENT OBJECTIVE**

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

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

The Fund (Select Class Shares) outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection, most notably in the information technology sector, contributed to the Fund’s relative performance. The Fund’s stock selection in the financials sector detracted from the Fund’s relative performance.

Individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Samsung Electronics Co., Ltd., WPP plc and Anheuser-Busch InBev N.V. Shares of semiconductor, electronics and communications-equipment provider Samsung Electronics Co., Ltd. benefited as the company’s earnings were bolstered by robust sales for its smart phones and turnaround in its display business. Shares of U.K. advertising company WPP plc advanced due to the company’s better-than-expected 2011 results and expectations that events such as the London Olympics, the European Soccer Championships and the U.S. Presidential elections would support further revenue growth in 2012. Shares of Anheuser-Busch InBev N.V. increased after the beverages company reported strong revenue, boosted by continued growth in emerging markets and a recovery in its U.S. operations.

Individual detractors from the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Canon, Inc., Tesco plc, and BG Group plc. Shares of Canon, Inc., the Japanese imaging company, underperformed, weighed down by concerns about a strong yen, sluggish demand for office equipment, slowing demand in China and a territorial dispute with China, which resulted in the Chinese boycotting Japanese goods. Shares of U.K. grocery store operator Tesco plc declined as competitive pressures and a challenging domestic economic environment prompted the company to issue its first profit warning in 20 years. Shares of BG Group plc, which is engaged in the exploration, development and production of natural gas and oil, declined following the company’s announcement that project delays would hold back output growth next year.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on stock selection to build a portfolio of international equities. They

used bottom-up fundamental research to identify what they believed were attractively priced stocks of well-managed companies with the potential to grow their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.8	%
	2.	Nestle S.A. (Switzerland)	2.4
	3.	HSBC Holdings plc (United Kingdom)	2.3
	4.	Total S.A. (France)	2.2
	5.	Vodafone Group plc (United Kingdom)	2.1
	6.	Standard Chartered plc (United Kingdom)	2.0
	7.	BG Group plc (United Kingdom)	1.9
	8.	Roche Holding AG (Switzerland)	1.9
	9.	SAP AG (Germany)	1.8
	10.	Anheuser-Busch InBev N.V. (Belgium)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	24.1	%
Japan	14.4
France	13.2
Switzerland	12.1
Germany	10.1
Netherlands	4.6
China	4.3
Hong Kong	2.6
Australia	2.1
Belgium	1.7
South Korea	1.4
Israel	1.2
Ireland	1.1
Taiwan	1.1
Others (each less than 1.0%)	2.5
Short-Term Investment	3.5

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 15

JPMorgan International Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		2/28/02
Without Sales Charge				7.70	%		(4.10	)%		7.13	%
With Sales Charge*				2.04			(5.13	)		6.56
CLASS B SHARES		2/28/02
Without CDSC				7.15			(4.62	)		6.66
With CDSC**				2.15			(5.10	)		6.66
CLASS C SHARES		1/31/03
Without CDSC				7.16			(4.61	)		6.56
With CDSC***				6.16			(4.61	)		6.56
CLASS R2 SHARES		11/3/08		7.45			(4.31	)		7.02
CLASS R5 SHARES		5/15/06		8.19			(3.69	)		7.57
CLASS R6 SHARES		11/30/10		8.23			(3.67	)		7.58
SELECT CLASS SHARES		1/1/97		7.91			(3.87	)		7.43

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

Returns for Class C Shares prior to its inception date were based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

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

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

Returns for Class R6 Shares prior to its inception date were based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have

been different than those shown because Class R5 Shares have different expenses than Class R6 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2002 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is based on the total returns of certain mutual funds within the Fund’s designated category, as defined by Lipper, Inc. Investors cannot invest directly in an index.

16 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

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

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

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 17

JPMorgan International Equity Index Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		5.40%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) GDP Index		3.49%
Net Assets as of 10/31/2012 (In Thousands)	$	585,393

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Index Fund (the “Fund”) seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product (“GDP”) Index (the “Benchmark”).

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

The Fund (Select Class Shares) outperformed the Benchmark for the twelve months ended October 31, 2012. The Fund’s exposure to emerging markets stocks, which are not held in the Benchmark, drove the Fund’s relative outperformance as emerging markets stocks outperformed international developed markets stocks during the reporting period.

The Fund’s strategy is not a full replication approach. The Fund seeks to achieve a correlation of 0.90 with the Benchmark, without taking into account the Fund’s expenses. Perfect correlation would be 1.00. The tracking error (a measure of how closely the return of a portfolio follows the return of an index to which it is benchmarked) of this strategy during the reporting period can be attributed to not owning all the names in the Benchmark and the Fund’s exposure to emerging markets stocks.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers constructed the Fund with country weightings based on GDP rather than equity market capitalization. Each country was weighted by GDP, because the Fund’s portfolio managers believed that this measure served as a better indication of each country’s potential earning power than traditional market capitalization. The Fund’s emerging markets exposure at the end of the reporting period was approximately 9.3%.

During the reporting period, the Fund’s portfolio managers used a combination of exchange-traded funds and futures to help manage cash flows. The Fund continued to track the Benchmark, consistent with its investment strategy, and attempted to provide broad international exposure for U.S. investors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Eni S.p.A. (Italy)	2.0	%
	2.	Banco Santander S.A. (Spain)	1.4
	3.	Siemens AG (Germany)	1.2
	4.	BASF SE (Germany)	1.1
	5.	Total S.A. (France)	1.1
	6.	Sanofi (France)	1.1
	7.	Anheuser-Busch InBev N.V. (Belgium)	1.1
	8.	Bayer AG (Germany)	1.1
	9.	Telefonica S.A. (Spain)	1.0
	10.	SAP AG (Germany)	1.0

PORTFOLIO COMPOSITION BY COUNTRY***
Japan	18.3	%
Germany	13.0
France	9.5
Italy	7.9
United Kingdom	7.3
Spain	5.7
Australia	5.5
Netherlands	4.1
Switzerland	2.7
Belgium	1.9
Sweden	1.9
Norway	1.6
Austria	1.5
Denmark	1.1
Greece	1.0
Hong Kong	1.0
Others (each less than 1.0%)	15.4
Short-Term Investment	0.6

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

18 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/23/93
Without Sales Charge				5.16	%		(7.14	)%		7.72	%
With Sales Charge*				(0.35	)		(8.13	)		7.15
CLASS B SHARES		1/14/94
Without CDSC				4.43			(7.82	)		7.10
With CDSC**				(0.57	)		(8.38	)		7.10
CLASS C SHARES		11/4/97
Without CDSC				4.43			(7.80	)		6.95
With CDSC***				3.43			(7.80	)		6.95
CLASS R2 SHARES		11/3/08		4.94			(7.38	)		7.45
SELECT CLASS SHARES		10/28/92		5.40			(6.91	)		7.99

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Index Fund, the MSCI EAFE GDP Index and Lipper International Large-Cap Core Funds Index from October 31, 2002 to October 31, 2012 and Lipper International Large-Cap Value Funds Index from September 30, 2007 (inception of the index) to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE GDP Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index and the Lipper International Large-Cap Value Funds Index include expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE GDP Index is a country weighted index that is designed

to measure the size of developed market economies, excluding the U.S. & Canada. The Lipper International Large-Cap Core Funds Index and the Lipper International Large-Cap Value Funds Index are based on the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 19

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		7.45%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.61%
Net Assets as of 10/31/2012 (In Thousands)	$	835,185

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection, most notably in the semiconductors and transportation services & consumer cyclicals sectors, contributed to the Fund’s relative performance. The Fund’s stock selection in the autos and consumer non durable sectors detracted from the Fund’s relative performance.

Individual contributors to the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Samsung Electronics Co., Ltd., Intercontinental Hotels Group plc and Hon Hai Precision Industry Co., Ltd. Shares of semiconductor, electronics and communications-equipment provider Samsung Electronics Co., Ltd. benefited as the company’s earnings were bolstered by robust sales for its smart phones and a turnaround in its display business. Shares of hotel operator Intercontinental Hotels Group plc benefited as growth in U.S. and China operations bolstered earnings and the company continued to return capital to shareholders. Shares of Hon Hai Precision Industry Co., Ltd., increased as revenues continued to grow, bolstered by strong sales of Apple products. Apple Inc. is the largest client of the Taiwanese consumer electronics contract manufacturer.

Individual detractors from the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Nippon Sheet Glass Co., Ltd., Mitsubishi Electric Corp. and BG Group plc. Shares of Japanese glass maker Nippon Sheet Glass Co., Ltd. declined as the slowdown in European auto and construction activity, increased competition from Chinese manufacturers and the resignation of the company’s U.S. head of operations weighed on the stock. Mitsubishi Electric Corp. is a Japanese electronics maker. The stock declined as orders for factory automation equipment slowed and the company was prohibited from bidding on state contracts after the Japanese government accused the company of overcharging. Shares of BG Group plc, which is engaged in the exploration, development and production of natural gas and oil, declined following the company’s announcement that project delays would hold back output growth next year.

HOW WAS THE FUND POSITIONED?

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

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with that of its Benchmark.

20 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.3	%
	2.	HSBC Holdings plc (United Kingdom)	3.0
	3.	Rio Tinto plc (United Kingdom)	2.6
	4.	Unilever N.V., CVA (Netherlands)	2.4
	5.	Vodafone Group plc (United Kingdom)	2.3
	6.	GlaxoSmithKline plc (United Kingdom)	2.3
	7.	British American Tobacco plc (United Kingdom)	2.1
	8.	Nestle S.A. (Switzerland)	1.9
	9.	BG Group plc (United Kingdom)	1.8
	10.	Bayer AG (Germany)	1.8

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	25.7	%
Japan	17.4
Germany	10.1
Switzerland	7.3
Netherlands	7.2
France	6.6
Hong Kong	3.4
Sweden	2.8
Australia	2.5
China	2.4
Ireland	2.4
South Korea	2.0
Canada	1.4
Belgium	1.3
Taiwan	1.0
Finland	1.0
Others (each less than 1.0%)	3.1
Short-Term Investment	2.4

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 21

JPMorgan International Opportunities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/10/01
Without Sales Charge				6.95	%		(5.38	)%		7.13	%
With Sales Charge*				1.37			(6.40	)		6.55
CLASS B SHARES		9/10/01
Without CDSC				6.46			(5.86	)		6.71
With CDSC**				1.46			(6.37	)		6.71
CLASS C SHARES		7/31/07
Without CDSC				6.47			(5.85	)		6.61
With CDSC***				5.47			(5.85	)		6.61
CLASS R6 SHARES		11/30/10		7.59			(4.93	)		7.78
INSTITUTIONAL CLASS SHARES		2/26/97		7.45			(4.97	)		7.76
SELECT CLASS SHARES		9/10/01		7.28			(5.15	)		7.53

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

Returns for Class C Shares prior to its inception date were based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2002 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the

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

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

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

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

22 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 23

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		5.00%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)		4.44%
Net Assets as of 10/31/2012 (In Thousands)	$	2,267,422

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) outperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s stock selection, in aggregate, contributed to relative performance, particularly in the telecommunications, transportation services & consumer cyclicals and semiconductors sectors. The Fund’s sector allocation, notably its underweight positions versus the Benchmark in the banks & finance, capital markets and property sectors detracted from relative performance. The Fund’s stock selection in banks & finance and capital markets also detracted from relative performance.

Individual contributors to the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Samsung Electronics Co., Ltd. and Intercontinental Hotels Group plc. Shares of semiconductor, electronics and communications-equipment provider Samsung Electronics Co., Ltd. benefited as the company’s earnings were bolstered by robust sales for its smart phones and a turnaround in its display business. Shares of hotel operator Intercontinental Hotels Group plc benefited as growth in U.S. and China operations bolstered earnings and the company continued to return capital to shareholders.

Not owning shares of Nokia Corp., which was held by the Benchmark, also contributed to the Fund’s relative performance.

Shares of the Finnish communications equipment provider declined as the company continued to struggle, particularly in the high-end segment of the cellular handset market.

Individual detractors from relative performance included the Fund’s overweight positions versus the Benchmark in Repsol YPF S.A. (“Repsol”), Hitachi Ltd. and Mitsubishi Electric Corp. Shares of Spanish oil company Repsol declined after the Argentinean government seized control of Repsol’s Argentine affiliate YPF. Shares of Japanese consumer electronics maker Hitachi Ltd. declined after the company reported disappointing net income due to weakening global demand and restructuring costs. Mitsubishi Electric Corp. is a Japanese electronics maker. The stock declined as orders for factory automation equipment slowed and the company was prohibited from bidding on state contracts after the Japanese government accused the company of overcharging.

HOW WAS THE FUND POSITIONED?

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

In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to keep the Fund’s currency exposure in line with the U.S.-dollar denominated Benchmark.

24 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	HSBC Holdings plc (United Kingdom)	3.9	%
	2.	Royal Dutch Shell plc, Class A (Netherlands)	3.6
	3.	Vodafone Group plc (United Kingdom)	3.5
	4.	Sanofi (France)	3.4
	5.	Eni S.p.A. (Italy)	2.9
	6.	Sumitomo Mitsui Financial Group, Inc. (Japan)	2.5
	7.	Allianz SE (Germany)	2.3
	8.	Australia & New Zealand Banking Group Ltd. (Australia)	2.2
	9.	BNP Paribas S.A. (France)	1.9
	10.	Honda Motor Co., Ltd. (Japan)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	19.8	%
Japan	18.6
France	11.7
Germany	9.4
Netherlands	7.1
Switzerland	4.3
Italy	3.6
China	3.3
Sweden	3.0
Hong Kong	2.9
Australia	2.5
Spain	2.4
Norway	1.2
Belgium	1.2
South Korea	1.1
Others (each less than 1.0%)	5.0
Short-Term Investment	2.9

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 25

JPMorgan International Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		9/28/01
Without Sales Charge				4.55	%		(6.73	)%		8.68	%
With Sales Charge*				(0.95	)		(7.73	)		8.09
CLASS B SHARES		9/28/01
Without CDSC				3.96			(7.21	)		8.25
With CDSC**				(1.04	)		(7.76	)		8.25
CLASS C SHARES		7/11/06
Without CDSC				4.04			(7.20	)		8.14
With CDSC***				3.04			(7.20	)		8.14
CLASS R2 SHARES		11/3/08		4.27			(6.93	)		8.57
CLASS R6 SHARES		11/30/10		5.03			(6.32	)		9.17
INSTITUTIONAL CLASS SHARES		11/4/93		5.00			(6.35	)		9.16
SELECT CLASS SHARES		9/10/01		4.87			(6.49	)		8.92

* Sales Charge for Class A Shares is 5.25%.

** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

*** Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

The performance of Class C Shares prior to its inception date is based on the performance of Class B Shares of the Fund. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average

from October 31, 2002 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

26 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 27

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		5.50%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.61%
Net Assets as of 10/31/2012 (In Thousands)	$	346,229

INVESTMENT OBJECTIVE**

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

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

The Fund (Institutional Class Shares) outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2012. The Fund’s portfolio managers attempted to construct the Fund so that stock selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns. The Fund’s investments in the consumer discretionary and information technology sectors were the largest contributors to the Fund’s relative performance, while investments in the financials and industrials sectors were the largest detractors from relative performance.

In an attempt to mitigate the impact to performance from individual stocks, the Fund held a range of 200 to 220 stocks across sectors during the reporting period. While their overall impact to the Fund’s return was relatively small, the largest individual contributors to the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in U.K. real estate and housing companies Taylor Wimpey plc and Persimmon plc. Both stocks benefited from positive trends in the U.K. housing market and rising earnings as they sold more houses built on lower-cost land acquired in the aftermath of the financial crisis. In addition, not owning shares of Benchmark holding Telefonica S.A. contributed to the Fund’s relative

performance. Telefonica S.A. is a Spanish communications services company. The stock declined as the challenging economic environment in Spain undermined earnings, forcing the company to suspend its dividend.

While their overall impact to the Fund’s return was relatively small, individual detractors from the Fund’s relative performance included the Fund’s overweight positions versus the Benchmark in Gree, Inc. and Focus Media Holding Ltd., ADR. Shares of Gree, Inc., a Japanese operator of social games, declined on concerns about an investigation into the company’s sales practices by Japan’s Consumer Affairs Agency. Shares of Chinese media company Focus Media Holding Ltd., ADR declined amid market concerns about the size of its advertising network. The Fund’s underweight position versus the Benchmark in U.K. alcoholic beverages supplier Diageo plc also detracted from relative performance. Despite a difficult economic environment, company earnings have remained strong, due in part to the company’s ability to raise prices.

HOW WAS THE FUND POSITIONED?

The Fund’s strategy is rooted in the notion that investor behavior is influenced by human emotion and this influence gives rise to persistent growth and value anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify stocks with attractive growth and/or value characteristics, targeting names that possessed high earnings momentum, strong price momentum, low price-to-book ratios and low price-to-earnings ratios.

28 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.2	%
	2.	Nestle S.A. (Switzerland)	2.1
	3.	HSBC Holdings plc (United Kingdom)	1.8
	4.	Roche Holding AG (Switzerland)	1.7
	5.	Vodafone Group plc (United Kingdom)	1.6
	6.	Sanofi (France)	1.6
	7.	BHP Billiton Ltd. (Australia)	1.5
	8.	Novartis AG (Switzerland)	1.5
	9.	Total S.A. (France)	1.3
	10.	Bayer AG (Germany)	1.3

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	21.7	%
Japan	15.7
Germany	10.7
Switzerland	9.6
France	9.5
Australia	5.9
Netherlands	5.9
Hong Kong	2.3
Italy	2.1
China	2.1
Spain	2.1
Belgium	1.4
Denmark	1.2
Norway	1.1
Ireland	1.1
Sweden	1.0
Others (each less than 1.0%)	4.6
Short-Term Investment	2.0

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

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

*** Percentages indicated are based upon total investments as of October 31, 2012. The Fund’s portfolio composition is subject to change.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 29

JPMorgan Intrepid International Fund

FUND COMMENTARY

TWELVE MONTHS ENDED OCTOBER 31, 2012 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2012
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		4/30/01
Without Sales Charge				4.97	%		(7.55	)%		6.03	%
With Sales Charge*				(0.55	)		(8.54	)		5.46
CLASS C SHARES		2/28/06
Without CDSC				4.45			(8.00	)		5.68
With CDSC**				3.45			(8.00	)		5.68
CLASS R2 SHARES		11/3/08		4.64			(7.74	)		5.92
INSTITUTIONAL CLASS SHARES		4/30/01		5.50			(7.08	)		6.61
SELECT CLASS SHARES		2/28/06		5.24			(7.31	)		6.44

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (10/31/02 TO 10/31/12)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2002 to October 31, 2012. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

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

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

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

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

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

30 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 92.6%
		Brazil — 6.4%
	61	Cia de Saneamento Basico do Estado de Sao Paulo, ADR (m)		5,126
	330	Cia Energetica de Minas Gerais, ADR (m)		3,960
	133	Ez Tec Empreendimentos e Participacoes S.A. (m)		1,743
	67	M. Dias Branco S.A. (a) (m)		2,257
	241	Obrascon Huarte Lain Brasil S.A. (m)		2,269
	207	Petroleo Brasileiro S.A., ADR (m)		4,388
	483	Vale S.A., ADR (m)		8,854
				28,597
		China — 18.6%
	13,433	China Construction Bank Corp., Class H (m)		10,070
	1,829	China Merchants Bank Co., Ltd., Class H (m)		3,398
	5,610	China Minsheng Banking Corp. Ltd., Class H (m)		5,080
	3,365	China Shanshui Cement Group Ltd. (m)		2,490
	1,350	China Shenhua Energy Co., Ltd., Class H (m)		5,718
	4,395	CNOOC Ltd. (m)		9,045
	3,540	Dongfeng Motor Group Co., Ltd., Class H (m)		4,378
	3,889	Dongyue Group (m)		2,212
	1,162	Great Wall Motor Co., Ltd., Class H (m)		3,169
	1,732	Guangzhou R&F Properties Co., Ltd., Class H (m)		2,117
	368	Hengan International Group Co., Ltd. (m)		3,337
	13,874	Industrial & Commercial Bank of China Ltd., Class H (m)		9,136
	6,266	Lenovo Group Ltd. (m)		5,017
	69	NetEase, Inc., ADR (a) (m)		3,704
	6,034	PetroChina Co., Ltd., Class H (m)		8,188
	771	Ping An Insurance Group Co. of China Ltd., Class H (m)		6,068
				83,127
		Cyprus — 0.5%
	121	Globaltrans Investment plc, Reg. S, GDR (m)		2,235
		Egypt — 0.5%
	361	Commercial International Bank Egypt SAE (m)		2,235
		Hong Kong — 5.1%
	2,696	Chaoda Modern Agriculture Holdings Ltd. (a) (i) (m)		—
	372	China Mobile Ltd. (m)		4,126
	906	China Overseas Land & Investment Ltd. (m)		2,359
	936	China Resources Power Holdings Co., Ltd. (m)		2,001
	1,106	Digital China Holdings Ltd. (m)		1,854
	76	Jardine Matheson Holdings Ltd. (m)		4,675
	2,134	SJM Holdings Ltd. (m)		4,625
	5,746	Skyworth Digital Holdings Ltd. (m)		3,089
				22,729

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hungary — 1.0%
	229	OTP Bank plc (m)		4,362
		India — 5.0%
	504	Housing Development Finance Corp., Ltd. (m)		7,113
	147	Infosys Ltd., ADR (m)		6,379
	772	Oil & Natural Gas Corp., Ltd. (m)		3,846
	207	Tata Motors Ltd., ADR (m)		5,001
				22,339
		Kazakhstan — 0.7%
	163	KazMunaiGas Exploration Production JSC, Reg. S, GDR (m)		2,888
		Malaysia — 0.7%
	1,022	UMW Holdings Berhad (m)		3,329
		Mexico — 0.5%
	1,542	Compartamos S.A.B. de C.V. (m)		2,078
		Panama — 0.8%
	39	Copa Holdings S.A., Class A (m)		3,639
		Poland — 1.2%
	107	KGHM Polska Miedz S.A. (m)		5,369
		Russia — 7.1%
	136	Lukoil OAO, ADR (m)		8,265
	311	MMC Norilsk Nickel OJSC, ADR (m)		4,779
	317	Mobile Telesystems OJSC, ADR (m)		5,430
	967	Sberbank of Russia (m)		2,831
	403	Sberbank of Russia, ADR (m)		4,766
	139	Tatneft, ADR (m)		5,420
				31,491
		South Africa — 6.6%
	623	African Bank Investments Ltd. (m)		2,107
	45	Assore Ltd. (m)		1,845
	455	AVI Ltd. (m)		2,998
	414	Clicks Group Ltd. (m)		2,853
	216	Exxaro Resources Ltd. (m)		4,316
	244	Imperial Holdings Ltd. (m)		5,543
	245	MTN Group Ltd. (m)		4,427
	165	Tiger Brands Ltd. (m)		5,232
				29,321
		South Korea — 14.3%
	230	DGB Financial Group, Inc. (m)		2,904
	42	Hyundai Motor Co. (m)		8,650
	105	Kangwon Land, Inc. (m)		2,451
	102	Kia Motors Corp. (m)		5,645
	11	Korea Zinc Co., Ltd. (m)		4,301
	54	KT&G Corp. (m)		4,117

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 31

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Korea — Continued
	19	Samsung Electronics Co., Ltd. (m)		23,353
	134	Samsung Heavy Industries Co., Ltd. (m)		4,081
	29	SK Innovation Co., Ltd. (m)		4,277
	438	Woori Finance Holdings Co., Ltd. (m)		4,138
				63,917
		Taiwan — 9.4%
	427	Asustek Computer, Inc. (m)		4,568
	1,091	Chipbond Technology Corp. (m)		1,847
	616	Hon Hai Precision Industry Co., Ltd. (m)		1,867
	899	Hon Hai Precision Industry Co., Ltd., Reg. S, GDR (m)		5,475
	1,946	Lite-On Technology Corp. (m)		2,476
	2,930	Pou Chen Corp. (m)		2,962
	839	Radiant Opto-Electronics Corp. (m)		3,486
	1,020	Realtek Semiconductor Corp. (m)		1,918
	861	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		13,682
	273	TPK Holding Co., Ltd. (m)		3,424
				41,705
		Thailand — 5.3%
	4,358	Charoen Pokphand Foods PCL, NVDR (m)		4,999
	978	Kasikornbank PCL, NVDR (m)		5,687
	5,874	Krung Thai Bank PCL, NVDR (m)		3,453
	602	PTT PCL (m)		6,224
	1,470	Thai Union Frozen Products PCL, NVDR (m)		3,446
				23,809
		Turkey — 6.3%
	576	Arcelik AS (m)		3,805
	1,793	Eregli Demir ve Celik Fabrikalari TAS (m)		2,131
	159	Koza Altin Isletmeleri AS (m)		3,460
	1,272	Turk Hava Yollari (a) (m)		2,947
	1,242	Turkiye Garanti Bankasi AS (m)		5,933
	322	Turkiye Halk Bankasi AS (m)		2,843

SHARES		SECURITY DESCRIPTION	VALUE($)
		Turkey — Continued
	1,457	Turkiye Is Bankasi, Class C (m)		4,961
	1,261	Turkiye Sise ve Cam Fabrikalari AS (m)		1,843
				27,923
		Ukraine — 0.2%
	37	Kernel Holding S.A. (a) (m)		783
		United Arab Emirates — 0.9%
	461	Dragon Oil plc (m)		4,140
		United Kingdom — 1.5%
	1,166	Old Mutual plc (m)		3,233
	146	Standard Chartered plc (m)		3,473
				6,706
		Total Common Stocks (Cost $400,216)		412,722
	Preferred Stocks — 3.8%
		Brazil — 3.8%
	181	Banco do Estado do Rio Grande do Sul S.A. (m)		1,432
	192	Cia de Bebidas das Americas, ADR (m)		7,844
	541	Itau Unibanco Holding S.A., ADR (m)		7,885
		Total Preferred Stocks (Cost $17,171)		17,161
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	10,554	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $10,554)		10,554
		Total Investments — 98.8% (Cost $427,941)		440,437
		Other Assets in Excess of Liabilities — 1.2%		5,496
		NET ASSETS — 100.0%	$	445,933

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		19.2	%
Oil, Gas & Consumable Fuels		15.1
Semiconductors & Semiconductor Equipment		10.1
Metals & Mining		7.0
Automobiles		6.9
Food Products		4.5
Wireless Telecommunication Services		3.2
Electronic Equipment, Instruments & Components		2.9
Computers & Peripherals		2.7
Insurance		2.1
Household Durables		2.0

INDUSTRY	PERCENTAGE
Beverages		1.8	%
Thrifts & Mortgage Finance		1.6
Hotels, Restaurants & Leisure		1.6
Airlines		1.5
Industrial Conglomerates		1.5
IT Services		1.4
Distributors		1.3
Water Utilities		1.2
Real Estate Management & Development		1.0
Others (each less than 1.0%)		9.0
Short-Term Investment		2.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 33

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 90.6%
		Brazil — 7.8%
	3,659	CCR S.A. (m)		32,174
	1,632	Cielo S.A. (m)		40,365
	2,700	Petroleo Brasileiro S.A., ADR (m)		55,431
	1,459	Ultrapar Participacoes S.A. (m)		30,606
	1,505	WEG S.A. (m)		17,284
				175,860
		Chile — 1.8%
	1,513	Banco Santander Chile, ADR (m)		41,132
		China — 11.8%
	6,903	Anhui Conch Cement Co., Ltd., Class H (m)		23,709
	22,726	China Construction Bank Corp., Class H (m)		17,037
	15,326	China Merchants Bank Co., Ltd., Class H (m)		28,476
	27,915	CNOOC Ltd. (m)		57,448
	731	New Oriental Education & Technology Group, ADR (m)		12,318
	5,268	Ping An Insurance Group Co. of China Ltd., Class H (m)		41,457
	7,730	Tingyi Cayman Islands Holding Corp. (m)		22,901
	5,268	Tsingtao Brewery Co., Ltd., Class H (m)		28,418
	20,159	Want Want China Holdings Ltd. (m)		27,445
	3,591	Wumart Stores, Inc., Class H (m)		6,361
				265,570
		Hong Kong — 9.9%
	13,844	AIA Group Ltd. (m)		54,593
	6,441	China Mobile Ltd. (m)		71,442
	7,844	Hang Lung Properties Ltd. (m)		27,160
	770	Jardine Matheson Holdings Ltd. (m)		47,301
	13,580	Li & Fung Ltd. (m)		22,654
				223,150
		Hungary — 0.8%
	945	OTP Bank plc (m)		18,011
		India — 10.2%
	872	ACC Ltd. (m)		22,274
	2,412	Ambuja Cements Ltd. (m)		9,052
	4,825	Bharti Airtel Ltd. (m)		24,119
	327	HDFC Bank Ltd., ADR (m)		12,215
	6,506	Housing Development Finance Corp., Ltd. (m)		91,848
	173	Infosys Ltd. (m)		7,561
	902	Infosys Ltd., ADR (m)		39,174
	1,479	Jindal Steel & Power Ltd. (m)		10,631
	1,150	Kotak Mahindra Bank Ltd. (m)		12,863
				229,737

SHARES		SECURITY DESCRIPTION	VALUE($)
		Indonesia — 4.3%
	62,685	Astra International Tbk PT (m)		52,324
	36,814	Bank Rakyat Indonesia Persero Tbk PT (m)		28,211
	6,068	Unilever Indonesia Tbk PT (m)		16,411
				96,946
		Luxembourg — 1.9%
	1,133	Tenaris S.A., ADR (m)		42,624
		Malaysia — 1.1%
	400	British American Tobacco Malaysia Bhd (m)		8,281
	3,042	Public Bank Bhd (m)		15,857
				24,138
		Mexico — 3.1%
	4,334	Grupo Financiero Banorte S.A.B. de C.V., Class O (m)		24,094
	15,299	Wal-Mart de Mexico S.A.B. de C.V. (m)		45,018
				69,112
		Russia — 3.0%
	650	Magnit OJSC, Reg. S, GDR (m)		23,133
	10,507	Sberbank of Russia (m)		30,759
	1,094	Sberbank of Russia, ADR (m)		12,941
				66,833
		South Africa — 10.1%
	4,560	African Bank Investments Ltd. (m)		15,429
	1,300	Bidvest Group Ltd. (m)		31,022
	10,077	FirstRand Ltd. (m)		33,491
	405	Kumba Iron Ore Ltd. (m)		25,306
	1,000	Massmart Holdings Ltd. (m)		20,114
	701	Mr Price Group Ltd. (m)		10,836
	2,039	MTN Group Ltd. (m)		36,839
	1,602	Shoprite Holdings Ltd. (m)		32,949
	674	Tiger Brands Ltd. (m)		21,440
				227,426
		South Korea — 11.3%
	87	E-Mart Co., Ltd. (m)		18,856
	186	Hyundai Mobis (m)		47,323
	280	Hyundai Motor Co. (m)		57,581
	53	POSCO (m)		16,521
	95	Samsung Electronics Co., Ltd. (m)		113,968
				254,249
		Taiwan — 7.1%
	10,955	Delta Electronics, Inc. (m)		37,369
	4,078	President Chain Store Corp. (m)		20,154
	2,732	Taiwan Semiconductor Manufacturing Co., Ltd. (m)		8,326

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Taiwan — Continued
	5,996	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		95,329
				161,178
		Turkey — 3.8%
	4,300	KOC Holding AS (m)		20,202
	13,544	Turkiye Garanti Bankasi AS (m)		64,715
				84,917
		United Kingdom — 2.6%
	535	SABMiller plc (m)		22,940
	1,526	Standard Chartered plc (m)		36,137
				59,077
		Total Common Stocks (Cost $1,694,897)		2,039,960
	Preferred Stocks — 6.6%
		Brazil — 6.6%
	1,718	Cia de Bebidas das Americas, ADR (m)		70,092
	1,076	Itau Unibanco Holding S.A. (m)		15,734
	1,257	Itau Unibanco Holding S.A., ADR (m)		18,327
	2,532	Vale S.A., ADR (m)		45,045
		Total Preferred Stocks (Cost $104,694)		149,198
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	54,151	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $54,151)		54,151
		Total Investments — 99.6% (Cost $1,853,742)		2,243,309
		Other Assets in Excess of Liabilities — 0.4%		9,177
		NET ASSETS — 100.0%	$	2,252,486

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		16.2	%
Semiconductors & Semiconductor Equipment		9.7
Food & Staples Retailing		7.4
Oil, Gas & Consumable Fuels		6.4
Wireless Telecommunication Services		5.9
Beverages		5.4
Automobiles		4.9
Industrial Conglomerates		4.4
Metals & Mining		4.3
Insurance		4.3
Thrifts & Mortgage Finance		4.1
IT Services		3.9
Food Products		3.2
Diversified Financial Services		2.8
Construction Materials		2.5
Auto Components		2.1
Energy Equipment & Services		1.9
Electronic Equipment, Instruments & Components		1.7
Transportation Infrastructure		1.4
Real Estate Management & Development		1.2
Distributors		1.0
Others (each less than 1.0%)		2.9
Short-Term Investment		2.4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 35

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.3%
		Australia — 6.8%
	46	Amcor Ltd. (m)		374
	36	Australia & New Zealand Banking Group Ltd. (m)		939
	55	Goodman Group (m)		254
	136	Stockland (m)		488
	81	Transurban Group (m)		510
				2,565
		China — 2.9%
	762	China Construction Bank Corp., Class H (m)		571
	186	Wynn Macau Ltd. (m)		524
				1,095
		Finland — 0.9%
	32	UPM-Kymmene OYJ (m)		342
		France — 8.2%
	11	Cie de St-Gobain (m)		370
	17	EDF S.A. (m)		357
	6	Sanofi (m)		563
	6	Schneider Electric S.A. (m)		389
	4	Sodexo (m)		345
	12	Total S.A. (m)		589
	2	Unibail-Rodamco SE (m)		493
				3,106
		Germany — 6.2%
	5	Allianz SE (m)		566
	7	BASF SE (m)		598
	10	Deutsche Boerse AG (m)		520
	29	E.ON AG (m)		654
				2,338
		Hong Kong — 1.4%
	55	Hutchison Whampoa Ltd. (m)		539
		Indonesia — 1.0%
	766	Perusahaan Gas Negara Persero Tbk PT (m)		369
		Italy — 2.0%
	32	Eni S.p.A. (m)		743
		Japan — 8.0%
	17	Canon, Inc. (m)		566
	6	Daito Trust Construction Co., Ltd. (m)		585
	24	Japan Tobacco, Inc. (m)		664
	12	Nippon Telegraph & Telephone Corp. (m)		535
	49	Sumitomo Corp. (m)		668
				3,018
		Netherlands — 5.3%
	39	Koninklijke Ahold N.V. (m)		492

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — Continued
	30	Royal Dutch Shell plc, Class A (m)		1,035
	13	Unilever N.V., CVA (m)		487
				2,014
		New Zealand — 1.9%
	374	Telecom Corp. of New Zealand Ltd. (m)		739
		Singapore — 1.8%
	253	Singapore Telecommunications Ltd. (m)		666
		South Africa — 0.0% (g)
	5	African Bank Investments Ltd. (m)		16
		Sweden — 2.0%
	20	Swedbank AB, Class A (m)		372
	42	Telefonaktiebolaget LM Ericsson, Class B (m)		370
				742
		Switzerland — 5.0%
	8	Nestle S.A. (m)		539
	4	Roche Holding AG (m)		726
	9	Swiss Re AG (a) (m)		649
				1,914
		Taiwan — 0.9%
	91	Novatek Microelectronics Corp. (m)		342
		United Kingdom — 12.0%
	13	AstraZeneca plc (m)		588
	11	British American Tobacco plc (m)		539
	112	Centrica plc (m)		588
	37	Direct Line Insurance Group plc (a) (m)		117
	26	GlaxoSmithKline plc (m)		582
	58	HSBC Holdings plc (m)		569
	23	Pearson plc (m)		453
	7	SABMiller plc (m)		308
	292	Vodafone Group plc (m)		792
				4,536
		United States — 30.0%
	1	Apple, Inc. (m)		354
	4	Chevron Corp. (m)		478
	25	Cisco Systems, Inc. (m)		433
	11	CME Group, Inc. (m)		616
	9	ConocoPhillips (m)		530
	11	E.I. du Pont de Nemours & Co. (m)		472
	12	Emerson Electric Co. (m)		562
	10	Hewlett-Packard Co. (m)		140
	7	Johnson & Johnson (m)		470
	12	Kinder Morgan, Inc. (m)		405

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United States — Continued
	27	Masco Corp. (m)		409
	9	Mattel, Inc. (m)		331
	22	Merck & Co., Inc. (m)		1,024
	22	Microsoft Corp. (m)		637
	10	Paychex, Inc. (m)		326
	32	Pfizer, Inc. (m)		796
	7	PG&E Corp. (m)		284
	4	Sempra Energy (m)		294
	13	Sysco Corp. (m)		398
	24	Time Warner, Inc. (m)		1,049
	16	Verizon Communications, Inc. (m)		706
	19	Wells Fargo & Co. (m)		654
				11,368
		Total Common Stocks (Cost $33,992)		36,452
	Short-Term Investment — 2.6%
		Investment Company — 2.6%
	1,001	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $1,001)		1,001
		Total Investments — 98.9% (Cost $34,993)		37,453
		Other Assets in Excess of Liabilities — 1.1%		414
		NET ASSETS — 100.0%	$	37,867

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		12.7	%
Oil, Gas & Consumable Fuels		10.1
Commercial Banks		8.3
Diversified Telecommunication Services		7.1
Multi-Utilities		4.9
Media		4.0
Insurance		3.6
Real Estate Investment Trusts (REITs)		3.3
Tobacco		3.2
Diversified Financial Services		3.1
Chemicals		2.9
Food Products		2.7
Electrical Equipment		2.5
Food & Staples Retailing		2.4
Hotels, Restaurants & Leisure		2.3
Communications Equipment		2.1
Wireless Telecommunication Services		2.1
Building Products		2.1
Trading Companies & Distributors		1.8
Software		1.7
Real Estate Management & Development		1.6
Office Electronics		1.5
Industrial Conglomerates		1.4
Transportation Infrastructure		1.3
Computers & Peripherals		1.3
Containers & Packaging		1.0
Gas Utilities		1.0
Electric Utilities		1.0
Others (each less than 1.0%)		4.3
Short-Term Investment		2.7

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 37

JPMorgan Global Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	316,268	AUD	Credit Suisse International		12/20/12	$	326	$	327	$	1
	144,457	CAD	BNP Paribas		12/20/12		147		144		(3	)
	1,581,281	CAD	Royal Bank of Canada		12/20/12		1,623		1,582		(41	)
	117,618	EUR	Credit Suisse International		12/20/12		153		153		—	(h)
	124,902	EUR	HSBC Bank, N.A.		12/20/12		161		162		1
	314,921	EUR	Royal Bank of Canada		12/20/12		405		408		3
	248,386	EUR	Royal Bank of Scotland		12/20/12		320		322		2
	92,254	GBP	Royal Bank of Canada		12/20/12		147		149		2
	5,781,778	JPY	BNP Paribas		12/20/12		74		72		(2	)
	13,477,544	JPY	Morgan Stanley		12/20/12		169		169		—	(h)
	523,427	NOK	Royal Bank of Scotland		12/20/12		92		92		—	(h)
	119,820	NZD	BNP Paribas		12/20/12		98		98		—	(h)
						$	3,715	$	3,678	$	(37	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	230,686	AUD	BNP Paribas		12/20/12	$	238	$	239	$	(1	)
	87,529	AUD	Credit Suisse International		12/20/12		89		90		(1	)
	1,021,474	AUD	Westpac Banking Corp.		12/20/12		1,065		1,056		9
	72,378	CHF	BNP Paribas		12/20/12		77		78		(1	)
	374,458	CHF	Credit Suisse International		12/20/12		404		402		2
	78,012	CHF	Union Bank of Switzerland AG		12/20/12		83		84		(1	)
	87,500	EUR	BNP Paribas		12/20/12		112		113		(1	)
	191,560	EUR	Credit Suisse International		12/20/12		250		249		1
	2,379,328	EUR	State Street Corp.		12/20/12		3,121		3,086		35
	387,309	EUR	Union Bank of Switzerland AG		12/20/12		500		502		(2	)
	140,301	GBP	BNP Paribas		12/20/12		225		227		(2	)
	1,125,909	GBP	Citibank, N.A.		12/20/12		1,825		1,816		9
	2,325,358	HKD	Credit Suisse International		12/20/12		300		300		—	(h)
	4,856,549	HKD	HSBC Bank, N.A.		12/20/12		627		627		—	(h)
	1,528,500	HKD	Royal Bank of Canada		12/20/12		197		197		—	(h)
	14,768,747	JPY	BNP Paribas		12/20/12		189		185		4
	101,976	NZD	Credit Suisse International		12/20/12		84		84		—	(h)
	832,617	NZD	Westpac Banking Corp.		12/20/12		685		682		3
	1,357,387	SEK	Royal Bank of Scotland		12/20/12		206		205		1
	277,178	SGD	Credit Suisse International		12/20/12		227		227		—	(h)
						$	10,504	$	10,449	$	55

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan Global Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
			Belgium — 1.0%
	—	(h)	Solvay S.A. (m)		46
			Canada — 0.9%
	2		First Quantum Minerals Ltd. (m)		42
			China — 0.9%
	34		China Construction Bank Corp., Class H (m)		25
	10		China Merchants Bank Co., Ltd., Class H (m)		18
					43
			Denmark — 0.5%
	—	(h)	Carlsberg A/S, Class B (m)		21
			Finland — 0.7%
	3		Stora Enso OYJ, Class R (m)		17
	2		UPM-Kymmene OYJ (m)		17
					34
			France — 4.3%
	1		GDF Suez (m)		31
	1		Sanofi (m)		51
	1		Schneider Electric S.A. (m)		46
	1		Sodexo (m)		58
	1		Suez Environnement Co. (m)		12
					198
			Germany — 3.8%
	—	(h)	Allianz SE (m)		45
	1		BASF SE (m)		43
	1		Bayer AG (m)		56
	1		E.ON AG (m)		30
					174
			Hong Kong — 2.1%
	18		Belle International Holdings Ltd. (m)		33
	14		China Overseas Land & Investment Ltd. (m)		37
	3		Hutchison Whampoa Ltd. (m)		29
					99
			Ireland — 3.1%
	1		Covidien plc (m)		47
	3		Experian plc (m)		60
	1		Shire plc (m)		37
					144
			Israel — 0.7%
	1		Teva Pharmaceutical Industries Ltd., ADR (m)		33
			Japan — 8.6%
	1		Canon, Inc. (m)		23
	—	(h)	Dai-ichi Life Insurance Co., Ltd. (The) (m)		27

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	8		Hitachi Ltd. (m)		42
	2		Japan Tobacco, Inc. (m)		66
	5		JX Holdings, Inc. (m)		28
	5		Marubeni Corp. (m)		32
	6		Mitsubishi Electric Corp. (m)		45
	2		Mitsubishi Estate Co., Ltd. (m)		40
	5		Nissan Motor Co., Ltd. (m)		44
	—	(h)	ORIX Corp. (m)		36
	1		Softbank Corp. (m)		16
					399
			Netherlands — 5.4%
	1		ASML Holding N.V. (m)		38
	1		European Aeronautic Defence and Space Co. N.V. (m)		37
	3		Royal Dutch Shell plc, Class A (m)		94
	2		Unilever N.V., CVA (m)		82
					251
			South Korea — 1.0%
	—	(h)	Samsung Electronics Co., Ltd. (m)		47
			Sweden — 0.7%
	4		Telefonaktiebolaget LM Ericsson, Class B (m)		31
			Switzerland — 4.4%
	1		ACE Ltd. (m)		59
	1		Cie Financiere Richemont S.A., Class A (m)		45
	1		Nestle S.A. (m)		60
	—	(h)	Pentair Ltd. (m)		19
	1		Tyco International Ltd. (m)		18
					201
			Taiwan — 0.8%
	12		Hon Hai Precision Industry Co., Ltd. (m)		36
			United Kingdom — 13.4%
	3		BG Group plc (m)		50
	1		British American Tobacco plc (m)		71
	8		Centrica plc (m)		43
	2		Diageo plc (m)		47
	3		GlaxoSmithKline plc (m)		61
	6		HSBC Holdings plc (m)		62
	2		InterContinental Hotels Group plc (m)		38
	2		Pearson plc (m)		38
	3		Prudential plc (m)		39
	1		Rio Tinto plc (m)		62
	1		SABMiller plc (m)		39
	26		Vodafone Group plc (m)		69
					619

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 39

JPMorgan Global Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			United States — 46.4%
	—	(h)	Adobe Systems, Inc. (a) (m)		16
	—	(h)	Air Products & Chemicals, Inc. (m)		8
	—	(h)	Allergan, Inc. (m)		40
	1		Altera Corp. (m)		29
	—	(h)	Amazon.com, Inc. (a) (m)		42
	1		American Express Co. (m)		44
	—	(h)	Anadarko Petroleum Corp. (m)		32
	—	(h)	Apple, Inc. (m)		124
	—	(h)	AutoZone, Inc. (a) (m)		36
	—	(h)	Biogen Idec, Inc. (a) (m)		45
	1		Capital One Financial Corp. (m)		56
	1		CareFusion Corp. (a) (m)		33
	1		Carnival Corp. (m)		42
	—	(h)	Chevron Corp. (m)		50
	2		Cisco Systems, Inc. (m)		37
	2		Citigroup, Inc. (m)		72
	—	(h)	Coach, Inc. (m)		23
	1		Cognizant Technology Solutions Corp., Class A (a) (m)		40
	1		Comcast Corp., Class A (m)		50
	1		E.I. du Pont de Nemours & Co. (m)		39
	1		Fluor Corp. (m)		50
	—	(h)	Google, Inc., Class A (a) (m)		51
	1		Home Depot, Inc. (The) (m)		64
	—	(h)	Humana, Inc. (m)		25
	1		Johnson Controls, Inc. (m)		36
	1		Lam Research Corp. (a) (m)		35
	—	(h)	LinkedIn Corp., Class A (a) (m)		28
	2		Merck & Co., Inc. (m)		78
	1		MetLife, Inc. (m)		33
	3		Microsoft Corp. (m)		73
	2		Morgan Stanley (m)		32
	1		Occidental Petroleum Corp. (m)		52

SHARES			SECURITY DESCRIPTION	VALUE($)
			United States — Continued
	—	(h)	Onyx Pharmaceuticals, Inc. (a) (m)		25
	1		Oracle Corp. (m)		17
	1		PACCAR, Inc. (m)		26
	2		Peabody Energy Corp. (m)		47
	—	(h)	PG&E Corp. (m)		9
	1		Schlumberger Ltd. (m)		63
	—	(h)	Sempra Energy (m)		30
	1		SunTrust Banks, Inc. (m)		36
	1		Target Corp. (m)		43
	—	(h)	Time Warner Cable, Inc. (m)		22
	1		Time Warner, Inc. (m)		58
	1		Union Pacific Corp. (m)		67
	—	(h)	United Technologies Corp. (m)		35
	1		UnitedHealth Group, Inc. (m)		54
	—	(h)	V.F. Corp. (m)		55
	1		Valero Energy Corp. (m)		23
	—	(h)	Vertex Pharmaceuticals, Inc. (a) (m)		18
	3		Wells Fargo & Co. (m)		104
					2,147
			Total Common Stocks (Cost $4,154)		4,565
	Preferred Stock — 1.1%
			Germany — 1.1%
	—	(h)	Volkswagen AG (m) (Cost $41)		51
			Total Investments — 99.8% (Cost $4,195)		4,616
			Other Assets in Excess of Liabilities — 0.2%		7
			NET ASSETS — 100.0%	$	4,623

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Oil, Gas & Consumable Fuels		8.2	%
Pharmaceuticals		7.7
Commercial Banks		5.3
Insurance		4.4
Media		3.6
Multi-Utilities		3.4
Semiconductors & Semiconductor Equipment		3.2
Food Products		3.1
Tobacco		3.0
Hotels, Restaurants & Leisure		3.0
Chemicals		2.9
Specialty Retail		2.9
Computers & Peripherals		2.7
Textiles, Apparel & Luxury Goods		2.7
Diversified Financial Services		2.3
Beverages		2.3
Software		2.3
Metals & Mining		2.3

INDUSTRY	PERCENTAGE
Consumer Finance		2.2	%
Automobiles		2.1
Electrical Equipment		2.0
Biotechnology		1.9
Wireless Telecommunication Services		1.8
Health Care Equipment & Supplies		1.7
Internet Software & Services		1.7
Health Care Providers & Services		1.7
Electronic Equipment, Instruments & Components		1.7
Real Estate Management & Development		1.6
Aerospace & Defense		1.6
Communications Equipment		1.5
Road & Rail		1.5
Energy Equipment & Services		1.4
Professional Services		1.3
Construction & Engineering		1.1
Machinery		1.0
Others (each less than 1.0%)		6.9

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/12			NET UNREALIZED APPRECIATION (DEPRECIATION)
	19,945	EUR
	2,015,635	for JPY	BNP Paribas		12/04/12	$	25	#	$	26	#	$	1
	165,272	AUD	Barclays Bank plc		12/04/12		169			171			2
	198,215	CAD	Barclays Bank plc		12/04/12		199			198			(1	)
	59,082	CHF	Barclays Bank plc		12/04/12		62			63			1
	38,291	EUR	Westpac Banking Corp.		12/04/12		50			50			—	(h)
	15,712	GBP	Royal Bank of Canada		12/04/12		25			25			—	(h)
	150,944	HKD	Royal Bank of Canada		12/04/12		20			20			—	(h)
	1,088,540	JPY	HSBC Bank, N.A.		12/04/12		14			14			—	(h)
	97,821	NOK	HSBC Bank, N.A.		12/04/12		17			17			—	(h)
	149,120	SEK	HSBC Bank, N.A.		12/04/12		22			22			—	(h)
	43,461	SGD	Royal Bank of Scotland		12/04/12		35			36			1
						$	638		$	642		$	4

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 41

JPMorgan Global Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	22,996	EUR	Goldman Sachs International		12/04/12	$	30	$	30	$	—	(h)
	185,090	EUR	Morgan Stanley		12/04/12		233		240		(7	)
	166,920	GBP	Morgan Stanley		12/04/12		264		270		(6	)
	29,511	GBP	State Street Corp.		12/04/12		46		47		(1	)
	209,095	HKD	HSBC Bank, N.A.		12/04/12		27		27		—	(h)
	338,558	HKD	Morgan Stanley		12/04/12		44		44		—	(h)
	225,424	HKD	Royal Bank of Canada		12/04/12		29		29		—	(h)
						$	673	$	687	$	(14	)

# For cross-currency exchange contracts, the settlement value is the U.S. dollar market value at 10/31/12 of the currency being sold, and the value at 10/31/12 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 93.9%
		Australia — 2.1%
	501	BHP Billiton Ltd. (m)		17,722
	87	Rio Tinto Ltd. (m)		5,121
				22,843
		Belgium — 1.7%
	218	Anheuser-Busch InBev N.V. (m)		18,257
		China — 4.3%
	13,715	China Construction Bank Corp., Class H (m)		10,282
	4,094	CNOOC Ltd. (m)		8,425
	19,691	Industrial & Commercial Bank of China Ltd., Class H (m)		12,966
	1,035	Ping An Insurance Group Co. of China Ltd., Class H (m)		8,145
	1,558	Sands China Ltd. (m)		5,823
				45,641
		France — 13.2%
	343	Accor S.A. (m)		10,729
	691	AXA S.A. (m)		11,015
	152	BNP Paribas S.A. (m)		7,650
	114	Imerys S.A. (m)		6,412
	203	Lafarge S.A. (m)		11,928
	83	LVMH Moet Hennessy Louis Vuitton S.A. (m)		13,468
	94	Pernod-Ricard S.A. (m)		10,106
	71	PPR (m)		12,506
	166	Sanofi (m)		14,611
	133	Schneider Electric S.A. (m)		8,307
	100	Technip S.A. (m)		11,256
	470	Total S.A. (m)		23,650
				141,638
		Germany — 7.7%
	96	Allianz SE (m)		11,946
	179	Bayer AG (m)		15,645
	101	Fresenius Medical Care AG & Co. KGaA (m)		7,099
	60	Linde AG (m)		10,161
	268	SAP AG (m)		19,541
	138	Siemens AG (m)		13,915
	133	Symrise AG (m)		4,768
				83,075
		Hong Kong — 2.6%
	2,599	Belle International Holdings Ltd. (m)		4,820
	943	Cheung Kong Holdings Ltd. (m)		13,899
	2,772	Hang Lung Properties Ltd. (m)		9,598
				28,317

SHARES		SECURITY DESCRIPTION	VALUE($)
		Indonesia — 0.6%
	8,261	Astra International Tbk PT (m)		6,895
		Ireland — 1.1%
	945	WPP plc (m)		12,221
		Israel — 1.2%
	305	Teva Pharmaceutical Industries Ltd., ADR (m)		12,315
		Japan — 14.4%
	303	Canon, Inc. (m)		9,856
	205	Daikin Industries Ltd. (m)		5,666
	88	East Japan Railway Co. (m)		6,013
	64	FANUC Corp. (m)		10,164
	384	Honda Motor Co., Ltd. (m)		11,532
	375	Japan Tobacco, Inc. (m)		10,370
	553	Komatsu Ltd. (m)		11,584
	1,007	Kubota Corp. (m)		10,297
	245	Makita Corp. (m)		9,704
	565	Mitsubishi Corp. (m)		10,085
	94	Murata Manufacturing Co., Ltd. (m)		4,582
	91	Nidec Corp. (m)		6,469
	141	Omron Corp. (m)		2,813
	189	Shin-Etsu Chemical Co., Ltd. (m)		10,660
	56	SMC Corp. (m)		8,860
	618	Sumitomo Corp. (m)		8,421
	354	Toyota Motor Corp. (m)		13,630
	12	Yahoo! Japan Corp. (m)		4,164
				154,870
		Mexico — 0.6%
	256	America Movil S.A.B. de C.V., ADR (m)		6,463
		Netherlands — 4.5%
	147	Akzo Nobel N.V. (m)		8,002
	1,219	ING Groep N.V., CVA (a) (m)		10,845
	874	Royal Dutch Shell plc, Class A (m)		29,975
				48,822
		South Korea — 1.4%
	19	Hyundai Mobis (m)		4,778
	18	Samsung Electronics Co., Ltd., Reg. S, GDR (m)		10,510
				15,288
		Spain — 0.4%
	552	Banco Bilbao Vizcaya Argentaria S.A. (m)		4,615
		Sweden — 0.9%
	397	Atlas Copco AB, Class A (m)		9,766
		Switzerland — 12.1%
	450	ABB Ltd. (a) (m)		8,120
	154	Cie Financiere Richemont S.A., Class A (m)		9,979

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 43

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	347	Credit Suisse Group AG (a) (m)		8,073
	127	Holcim Ltd. (a) (m)		8,679
	405	Nestle S.A. (m)		25,733
	271	Novartis AG (m)		16,329
	104	Roche Holding AG (m)		20,126
	4	SGS S.A. (m)		7,744
	713	Xstrata plc (m)		11,296
	57	Zurich Insurance Group AG (a) (m)		14,153
				130,232
		Taiwan — 1.1%
	711	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		11,304
		United Kingdom — 24.0%
	2,671	Barclays plc (m)		9,876
	1,121	BG Group plc (m)		20,812
	275	BHP Billiton plc (m)		8,798
	285	British American Tobacco plc (m)		14,145
	619	Burberry Group plc (m)		11,682
	1,963	Centrica plc (m)		10,275
	668	GlaxoSmithKline plc (m)		14,973
	2,488	HSBC Holdings plc (m)		24,512
	807	ICAP plc (m)		4,247
	324	Imperial Tobacco Group plc (m)		12,266
	1,106	Man Group plc (m)		1,406
	1,234	Marks & Spencer Group plc (m)		7,851
	1,135	Meggitt plc (m)		7,078
	1,265	Prudential plc (m)		17,375

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	256	Rio Tinto plc (m)		12,789
	919	Standard Chartered plc (m)		21,770
	2,089	Tesco plc (m)		10,808
	467	Tullow Oil plc (m)		10,600
	396	Unilever plc (m)		14,780
	8,218	Vodafone Group plc (m)		22,316
				258,359
		Total Common Stocks (Cost $855,030)		1,010,921
	Preferred Stocks — 2.3%
		Germany — 2.3%
	120	Henkel AG & Co. KGaA (m)		9,588
	75	Volkswagen AG (m)		15,555
		Total Preferred Stocks (Cost $17,337)		25,143
	Short-Term Investment — 3.5%
		Investment Company — 3.5%
	37,183	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $37,183)		37,183
		Total Investments — 99.7% (Cost $909,550)		1,073,247
		Other Assets in Excess of Liabilities — 0.3%		2,788
		NET ASSETS — 100.0%	$	1,076,035

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		8.8	%
Oil, Gas & Consumable Fuels		8.7
Commercial Banks		8.5
Insurance		5.8
Machinery		5.6
Metals & Mining		5.2
Automobiles		4.4
Food Products		3.8
Tobacco		3.4
Textiles, Apparel & Luxury Goods		3.3
Chemicals		3.1
Wireless Telecommunication Services		2.7
Beverages		2.6
Construction Materials		2.5
Real Estate Management & Development		2.2
Electrical Equipment		2.1

INDUSTRY	PERCENTAGE
Semiconductors & Semiconductor Equipment		2.0	%
Multiline Retail		1.9
Software		1.8
Trading Companies & Distributors		1.7
Hotels, Restaurants & Leisure		1.5
Industrial Conglomerates		1.3
Capital Markets		1.3
Media		1.1
Energy Equipment & Services		1.1
Diversified Financial Services		1.0
Food & Staples Retailing		1.0
Multi-Utilities		1.0
Office Electronics		1.0
Others (each less than 1.0%)		6.1
Short-Term Investment		3.5

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 45

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Australia — 5.5%
	19	AGL Energy Ltd. (m)		282
	12	ALS Ltd. (m)		111
	81	Alumina Ltd. (m)		81
	41	Amcor Ltd. (m)		338
	100	AMP Ltd. (m)		478
	22	APA Group (m)		120
	33	Asciano Ltd. (m)		156
	6	ASX Ltd. (m)		183
	93	Australia & New Zealand Banking Group Ltd. (m)		2,450
	14	Bendigo and Adelaide Bank Ltd. (m)		117
	449	BGP Holdings plc (a) (i)		—
	112	BHP Billiton Ltd. (m)		3,956
	25	Boral Ltd. (m)		94
	54	Brambles Ltd. (m)		405
	5	Caltex Australia Ltd. (m)		81
	45	Centro Retail Australia (m)		100
	70	CFS Retail Property Trust Group (m)		141
	20	Coca-Cola Amatil Ltd. (m)		281
	2	Cochlear Ltd. (m)		143
	55	Commonwealth Bank of Australia (m)		3,295
	16	Computershare Ltd. (m)		143
	14	Crown Ltd. (m)		139
	18	CSL Ltd. (m)		874
	163	Dexus Property Group (m)		167
	27	Echo Entertainment Group Ltd. (m)		97
	76	Fairfax Media Ltd. (m)		31
	49	Fortescue Metals Group Ltd. (m)		209
	55	Goodman Group (m)		251
	51	GPT Group (m)		187
	18	Harvey Norman Holdings Ltd. (m)		36
	14	Iluka Resources Ltd. (m)		143
	56	Incitec Pivot Ltd. (m)		184
	72	Insurance Australia Group Ltd. (m)		341
	5	Leighton Holdings Ltd. (m)		94
	19	Lend Lease Group (m)		168
	61	Lynas Corp., Ltd. (a) (m)		46
	12	Macquarie Group Ltd. (m)		382
	31	Metcash Ltd.		117
	117	Mirvac Group (m)		183
	78	National Australia Bank Ltd. (m)		2,074
	26	Newcrest Mining Ltd. (m)		729
	13	Orica Ltd. (m)		334
	37	Origin Energy Ltd. (m)		438
	11	OZ Minerals Ltd. (m)		93
	38	Qantas Airways Ltd. (a) (m)		52

SHARES		SECURITY DESCRIPTION	VALUE($)
		Australia — Continued
	41	QBE Insurance Group Ltd. (m)		560
	58	QR National Ltd. (m)		225
	4	Ramsay Health Care Ltd. (m)		110
	15	Rio Tinto Ltd. (m)		893
	33	Santos Ltd. (m)		397
	13	Sonic Healthcare Ltd. (m)		169
	60	SP AusNet (m)		66
	77	Stockland (m)		278
	44	Suncorp Group Ltd. (m)		431
	13	Sydney Airport (m)		44
	24	Tabcorp Holdings Ltd. (m)		71
	48	Tatts Group Ltd. (m)		139
	151	Telstra Corp., Ltd. (m)		647
	23	Toll Holdings Ltd. (m)		106
	46	Transurban Group (m)		291
	35	Wesfarmers Ltd. (m)		1,258
	75	Westfield Group (m)		829
	99	Westfield Retail Trust (m)		318
	106	Westpac Banking Corp. (m)		2,799
	16	Whitehaven Coal Ltd. (m)		51
	23	Woodside Petroleum Ltd. (m)		814
	43	Woolworths Ltd. (m)		1,301
	7	WorleyParsons Ltd. (m)		185
				32,306
		Austria — 1.5%
	23	Andritz AG (m)		1,396
	69	Erste Group Bank AG (a) (m)		1,727
	249	IMMOFINANZ AG (a) (m)		961
	46	OMV AG (m)		1,683
	15	Raiffeisen Bank International AG (m)		611
	70	Telekom Austria AG (m)		441
	21	Verbund AG (m)		497
	12	Vienna Insurance Group AG Wiener Versicherung Gruppe (m)		516
	34	Voestalpine AG (m)		1,074
				8,906
		Belgium — 1.9%
	22	Ageas (m)		564
	75	Anheuser-Busch InBev N.V. (m)		6,250
	14	Belgacom S.A. (m)		417
	7	Colruyt S.A. (m)		315
	10	Delhaize Group S.A. (m)		375
	8	Groupe Bruxelles Lambert S.A. (m)		567
	15	KBC Groep N.V. (m)		354
	3	Mobistar S.A. (m)		69

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Belgium — Continued
	6	Solvay S.A. (m)		670
	5	Telenet Group Holding N.V. (m)		239
	10	UCB S.A. (m)		592
	11	Umicore S.A. (m)		548
				10,960
		Brazil — 0.2%
	16	BM&FBovespa S.A. (m)		100
	6	BRF - Brasil Foods S.A. (m)		111
	3	Natura Cosmeticos S.A. (m)		75
	44	Petroleo Brasileiro S.A. (m)		467
	25	Vale S.A. (m)		457
				1,210
		Chile — 0.7%
	5,450	Banco Santander Chile (m)		375
	10	CAP S.A. (m)		354
	89	Cencosud S.A. (m)		487
	235	Empresa Nacional de Electricidad S.A. (m)		377
	82	Empresas CMPC S.A. (m)		313
	30	Empresas COPEC S.A. (m)		436
	623	Enersis S.A. (m)		213
	19	Enersis S.A., ADR (m)		315
	9	ENTEL Chile S.A. (m)		180
	14	Latam Airlines Group S.A. (m)		346
	41	S.A.C.I. Falabella (m)		422
				3,818
		China — 0.7%
	672	Bank of China Ltd., Class H (m)		275
	26	BBMG Corp., Class H (m)		22
	78	BYD Co., Ltd., Class H (a) (m)		153
	468	China Construction Bank Corp., Class H (m)		351
	75	China Life Insurance Co., Ltd., Class H (m)		221
	158	CNOOC Ltd. (m)		325
	410	Datang International Power Generation Co., Ltd., Class H (m)		145
	41	Foxconn International Holdings Ltd. (a) (m)		14
	226	Huaneng Power International, Inc., Class H (m)		181
	601	Industrial & Commercial Bank of China Ltd., Class H (m)		396
	48	Lenovo Group Ltd. (m)		38
	349	PetroChina Co., Ltd., Class H (m)		473
	17	Ping An Insurance Group Co. of China Ltd., Class H (m)		130
	37	Sands China Ltd. (m)		138
	91	Shui On Land Ltd. (m)		38

SHARES			SECURITY DESCRIPTION	VALUE($)
			China — Continued
	11		Tencent Holdings Ltd. (m)		376
	74		Tingyi Cayman Islands Holding Corp. (m)		219
	24		Wynn Macau Ltd. (m)		66
	54		Yangzijiang Shipbuilding Holdings Ltd. (m)		40
	151		Yanzhou Coal Mining Co., Ltd., Class H (m)		226
	361		Zhejiang Expressway Co., Ltd., Class H (m)		263
					4,090
			Denmark — 1.1%
	—	(h)	A.P. Moller - Maersk A/S, Class A (m)		199
	—	(h)	A.P. Moller - Maersk A/S, Class B (m)		502
	6		Carlsberg A/S, Class B (m)		507
	1		Coloplast A/S, Class B (m)		264
	36		Danske Bank A/S (a) (m)		559
	11		DSV A/S (m)		244
	22		Novo Nordisk A/S, Class B (m)		3,573
	13		Novozymes A/S, Class B (m)		368
	28		TDC A/S (m)		196
	1		Tryg A/S (m)		81
	1		William Demant Holding A/S (a) (m)		124
					6,617
			Finland — 0.9%
	9		Elisa OYJ (m)		198
	30		Fortum OYJ (m)		547
	5		Kesko OYJ, Class B (m)		142
	11		Kone OYJ, Class B (m)		761
	8		Metso OYJ (m)		290
	9		Neste Oil OYJ (m)		115
	254		Nokia OYJ (m)		683
	8		Nokian Renkaat OYJ (m)		324
	7		Orion OYJ, Class B (m)		171
	10		Pohjola Bank plc, Class A (m)		138
	28		Sampo OYJ, Class A (m)		883
	37		Stora Enso OYJ, Class R (m)		232
	35		UPM-Kymmene OYJ (m)		379
	12		Wartsila OYJ (m)		469
					5,332
			France — 9.4%
	8		Accor S.A. (m)		266
	2		Aeroports de Paris (m)		128
	19		Air Liquide S.A. (m)		2,208
	139		Alcatel-Lucent (a) (m)		142
	12		Alstom S.A. (m)		409
	4		Arkema S.A. (m)		342
	3		Atos Origin S.A. (m)		216

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 47

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		France — Continued
	106	AXA S.A. (m)		1,695
	58	BNP Paribas S.A. (m)		2,918
	12	Bouygues S.A. (m)		284
	3	Bureau Veritas S.A. (m)		344
	8	Cap Gemini S.A. (m)		357
	34	Carrefour S.A. (m)		821
	3	Casino Guichard Perrachon S.A. (m)		288
	3	Christian Dior S.A. (m)		468
	24	Cie de St-Gobain (m)		836
	9	Cie Generale de Geophysique-Veritas (a) (m)		280
	11	Cie Generale des Etablissements Michelin, Class B (m)		931
	12	Cie Generale d’Optique Essilor International S.A. (m)		1,081
	8	CNP Assurances (m)		115
	60	Credit Agricole S.A. (a) (m)		451
	35	Danone S.A. (m)		2,132
	4	Dassault Systemes S.A. (m)		397
	10	Edenred (m)		299
	14	EDF S.A. (m)		294
	1	Eurazeo (m)		66
	7	Eutelsat Communications S.A. (m)		240
	2	Fonciere Des Regions (m)		125
	112	France Telecom S.A. (m)		1,253
	76	GDF Suez (m)		1,754
	1	Gecina S.A. (m)		147
	34	Groupe Eurotunnel S.A. (m)		257
	1	ICADE (m)		114
	1	Iliad S.A. (m)		207
	2	Imerys S.A. (m)		102
	4	JCDecaux S.A. (m)		83
	6	Klepierre (m)		233
	11	Lafarge S.A. (m)		642
	7	Lagardere S.C.A (m)		187
	14	Legrand S.A. (m)		555
	14	L’Oreal S.A. (m)		1,838
	15	LVMH Moet Hennessy Louis Vuitton S.A. (m)		2,480
	59	Natixis (m)		193
	13	Pernod-Ricard S.A. (m)		1,373
	15	Peugeot S.A. (a) (m)		98
	4	PPR (m)		786
	11	Publicis Groupe S.A. (m)		575
	1	Remy Cointreau S.A. (m)		143
	11	Renault S.A. (m)		506
	6	Rexel S.A. (m)		113
	14	Safran S.A. (m)		542

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — Continued
	71	Sanofi (m)		6,255
	31	Schneider Electric S.A. (m)		1,956
	10	SCOR SE (m)		268
	2	Societe BIC S.A. (m)		218
	42	Societe Generale S.A. (a) (m)		1,335
	6	Sodexo (m)		447
	17	Suez Environnement Co. (m)		184
	6	Technip S.A. (m)		664
	5	Thales S.A. (m)		181
	127	Total S.A. (m)		6,415
	5	Unibail-Rodamco SE (m)		1,235
	6	Vallourec S.A. (m)		252
	20	Veolia Environnement S.A. (m)		198
	28	Vinci S.A. (m)		1,227
	77	Vivendi S.A. (m)		1,583
	2	Wendel S.A. (m)		176
	2	Zodiac Aerospace (m)		209
				55,117
		Germany — 12.0%
	18	Adidas AG (m)		1,516
	39	Allianz SE (m)		4,793
	4	Axel Springer AG (m)		153
	78	BASF SE (m)		6,462
	70	Bayer AG (m)		6,115
	28	Bayerische Motoren Werke AG (m)		2,242
	9	Beiersdorf AG (m)		619
	4	Brenntag AG (m)		559
	7	Celesio AG (m)		136
	309	Commerzbank AG (a) (m)		593
	7	Continental AG (m)		678
	77	Daimler AG (m)		3,602
	79	Deutsche Bank AG (m)		3,592
	16	Deutsche Boerse AG (m)		890
	21	Deutsche Lufthansa AG (m)		316
	72	Deutsche Post AG (m)		1,423
	238	Deutsche Telekom AG (m)		2,718
	153	E.ON AG (m)		3,477
	3	Fraport AG Frankfurt Airport Services Worldwide (m)		192
	18	Fresenius Medical Care AG & Co. KGaA (m)		1,256
	10	Fresenius SE & Co. KGaA (m)		1,193
	15	GEA Group AG (m)		473
	5	Hannover Rueckversicherung AG (m)		357
	12	HeidelbergCement AG (m)		634
	11	Henkel AG & Co. KGaA (m)		706

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Germany — Continued
	3	Hochtief AG (a) (m)		138
	2	Hugo Boss AG (m)		212
	93	Infineon Technologies AG (m)		631
	15	K+S AG (m)		693
	7	Kabel Deutschland Holding AG (m)		536
	7	Lanxess AG (m)		585
	16	Linde AG (m)		2,642
	4	MAN SE (m)		367
	5	Merck KGaA (m)		701
	11	Metro AG (m)		310
	15	Muenchener Rueckversicherungs AG (m)		2,441
	41	RWE AG (m)		1,893
	4	Salzgitter AG (m)		153
	78	SAP AG (m)		5,696
	70	Siemens AG (m)		7,031
	6	Suedzucker AG (m)		218
	33	ThyssenKrupp AG (m)		748
	8	United Internet AG (m)		158
	3	Volkswagen AG (m)		494
	1	Wacker Chemie AG (m)		77
				70,419
		Greece — 1.0%
	214	Coca Cola Hellenic Bottling Co. S.A. (a) (m)		4,580
	237	OPAP S.A. (m)		1,517
				6,097
		Hong Kong — 1.0%
	159	AIA Group Ltd. (m)		626
	3	ASM Pacific Technology Ltd. (m)		31
	22	Bank of East Asia Ltd. (m)		81
	118	Belle International Holdings Ltd. (m)		219
	58	BOC Hong Kong Holdings Ltd. (m)		177
	15	Cathay Pacific Airways Ltd. (m)		27
	22	Cheung Kong Holdings Ltd. (m)		326
	7	Cheung Kong Infrastructure Holdings Ltd. (m)		41
	53	China Mobile Ltd. (m)		587
	28	CLP Holdings Ltd. (m)		237
	32	First Pacific Co., Ltd. (m)		36
	23	Galaxy Entertainment Group Ltd. (a) (m)		79
	14	Hang Lung Group Ltd. (m)		83
	35	Hang Lung Properties Ltd. (m)		121
	12	Hang Seng Bank Ltd. (m)		182
	14	Henderson Land Development Co., Ltd. (m)		97
	82	Hong Kong & China Gas Co., Ltd. (m)		217
	16	Hong Kong Exchanges and Clearing Ltd. (m)		263

SHARES		SECURITY DESCRIPTION	VALUE($)
		Hong Kong — Continued
	10	Hopewell Holdings Ltd. (m)		36
	33	Hutchison Whampoa Ltd. (m)		326
	9	Hysan Development Co., Ltd. (m)		40
	11	Kerry Properties Ltd. (m)		52
	92	Li & Fung Ltd. (m)		154
	7	Lifestyle International Holdings Ltd. (m)		14
	36	Link REIT (The) (m)		176
	16	MGM China Holdings Ltd. (m)		28
	23	MTR Corp., Ltd. (m)		90
	57	New World Development Co., Ltd. (m)		87
	103	Noble Group Ltd. (m)		110
	23	NWS Holdings Ltd. (m)		35
	3	Orient Overseas International Ltd. (m)		17
	54	PCCW Ltd. (m)		22
	21	Power Assets Holdings Ltd. (m)		183
	26	Shangri-La Asia Ltd. (m)		50
	47	Sino Land Co., Ltd. (m)		84
	31	SJM Holdings Ltd. (m)		67
	25	Sun Hung Kai Properties Ltd. (m)		339
	10	Swire Pacific Ltd., Class A (m)		123
	23	Wharf Holdings Ltd. (m)		159
	14	Wheelock & Co., Ltd. (m)		61
	3	Wing Hang Bank Ltd. (m)		26
	10	Yue Yuen Industrial Holdings Ltd. (m)		35
				5,744
		Hungary — 0.8%
	186	Magyar Telekom Telecommunications plc (m)		345
	17	MOL Hungarian Oil and Gas plc (m)		1,442
	89	OTP Bank plc (m)		1,691
	6	Richter Gedeon Nyrt. (m)		1,032
				4,510
		India — 0.7%
	20	Bharat Heavy Electricals Ltd. (m)		81
	15	Hindustan Unilever Ltd. (m)		156
	31	Housing Development Finance Corp., Ltd. (m)		435
	7	ICICI Bank Ltd., ADR (m)		292
	20	IDFC Ltd. (m)		62
	9	Infosys Ltd. (m)		404
	155	ITC Ltd., Reg. S, GDR (m)		816
	75	Jaiprakash Associates Ltd. (m)		121
	5	Larsen & Toubro Ltd., Reg. S, GDR (m)		144
	9	Mahindra & Mahindra Ltd. (m)		140
	33	NTPC Ltd. (m)		102
	28	Oil & Natural Gas Corp., Ltd. (m)		137

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 49

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			India — Continued
	12		Ranbaxy Laboratories Ltd., Reg. S, GDR (a) (m)		121
	27		Reliance Industries Ltd. (m)		406
	6		Reliance Industries Ltd., GDR (e) (m)		166
	75		Sterlite Industries India Ltd. (m)		137
	14		Sun Pharmaceutical Industries Ltd. (m)		177
	31		Tata Motors Ltd. (m)		148
	52		Tata Power Co., Ltd. (m)		103
	59		United Phosphorus Ltd. (m)		125
					4,273
			Ireland — 0.9%
	102		CRH plc (m)		1,905
	49		Elan Corp. plc (a) (m)		533
	23		Elan Corp. plc, ADR (a) (m)		249
	20		Experian plc (m)		342
	15		James Hardie Industries SE, CDI (m)		140
	21		Kerry Group plc, Class A (m)		1,120
	14		Ryanair Holdings plc (a) (m)		84
	11		Shire plc (m)		322
	25		WPP plc (m)		319
					5,014
			Israel — 0.8%
	77		Bank Hapoalim BM (a) (m)		303
	91		Bank Leumi Le-Israel BM (a) (m)		295
	139		Bezeq Israeli Telecommunication Corp., Ltd. (m)		169
	—	(h)	Delek Group Ltd. (m)		63
	32		Israel Chemicals Ltd. (m)		406
	—	(h)	Israel Corp., Ltd. (The) (m)		114
	—	(h)	Koor Industries Ltd. (a) (m)		—	(h)
	3		Mellanox Technologies Ltd. (a) (m)		197
	9		Mizrahi Tefahot Bank Ltd. (a) (m)		82
	4		NICE Systems Ltd. (a) (m)		145
	49		Teva Pharmaceutical Industries Ltd. (m)		1,966
	20		Teva Pharmaceutical Industries Ltd., ADR (m)		810
					4,550
			Italy — 7.7%
	238		Assicurazioni Generali S.p.A. (m)		3,872
	67		Atlantia S.p.A. (m)		1,110
	23		Autogrill S.p.A. (m)		240
	1,296		Banca Monte dei Paschi di Siena S.p.A. (a) (m)		358
	360		Banco Popolare SC (a) (m)		575
	358		Enel Green Power S.p.A. (m)		609
	1,341		Enel S.p.A. (m)		5,050
	518		Eni S.p.A. (m)		11,919
	13		Exor S.p.A. (m)		345

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — Continued
	175	Fiat Industrial S.p.A. (m)		1,898
	178	Fiat S.p.A (a) (m)		872
	82	Finmeccanica S.p.A. (a) (m)		406
	2,244	Intesa Sanpaolo S.p.A. (m)		3,559
	24	Luxottica Group S.p.A. (m)		909
	137	Mediaset S.p.A. (m)		241
	105	Mediobanca S.p.A. (m)		603
	48	Pirelli & C. S.p.A. (m)		559
	42	Prysmian S.p.A. (m)		802
	54	Saipem S.p.A. (m)		2,432
	345	Snam S.p.A. (m)		1,529
	1,911	Telecom Italia S.p.A. (m)		1,763
	267	Terna Rete Elettrica Nazionale S.p.A. (m)		1,004
	825	UniCredit S.p.A. (a) (m)		3,650
	175	Unione di Banche Italiane ScpA (m)		689
				44,994
		Japan — 18.3%
	2	ABC-Mart, Inc. (m)		66
	8	Advantest Corp. (m)		104
	32	Aeon Co., Ltd. (m)		350
	4	Aeon Credit Service Co., Ltd. (m)		79
	4	Aeon Mall Co., Ltd. (m)		93
	8	Air Water, Inc. (m)		100
	10	Aisin Seiki Co., Ltd. (m)		295
	33	Ajinomoto Co., Inc. (m)		504
	2	Alfresa Holdings Corp. (m)		95
	62	All Nippon Airways Co., Ltd. (m)		131
	19	Amada Co., Ltd. (m)		97
	33	Aozora Bank Ltd. (m)		93
	54	Asahi Glass Co., Ltd. (m)		370
	21	Asahi Group Holdings Ltd. (m)		471
	67	Asahi Kasei Corp. (m)		371
	8	Asics Corp. (m)		121
	23	Astellas Pharma, Inc. (m)		1,154
	15	Bank of Kyoto Ltd. (The) (m)		129
	65	Bank of Yokohama Ltd. (The) (m)		299
	4	Benesse Holdings, Inc. (m)		177
	34	Bridgestone Corp. (m)		796
	13	Brother Industries Ltd. (m)		123
	60	Canon, Inc. (m)		1,949
	12	Casio Computer Co., Ltd. (m)		89
	8	Central Japan Railway Co. (m)		645
	41	Chiba Bank Ltd. (The) (m)		239
	8	Chiyoda Corp. (m)		129
	35	Chubu Electric Power Co., Inc. (m)		357

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Japan — Continued
	12		Chugai Pharmaceutical Co., Ltd. (m)		234
	9		Chugoku Bank Ltd. (The) (m)		124
	15		Chugoku Electric Power Co., Inc. (The) (m)		158
	13		Citizen Holdings Co., Ltd. (m)		68
	3		Coca-Cola West Co., Ltd. (m)		51
	30		Cosmo Oil Co., Ltd. (m)		53
	9		Credit Saison Co., Ltd. (m)		187
	29		Dai Nippon Printing Co., Ltd. (m)		208
	15		Daicel Corp. (m)		92
	14		Daido Steel Co., Ltd. (m)		61
	10		Daihatsu Motor Co., Ltd. (m)		175
	—	(h)	Dai-ichi Life Insurance Co., Ltd. (The) (m)		526
	35		Daiichi Sankyo Co., Ltd. (m)		534
	12		Daikin Industries Ltd. (m)		346
	8		Dainippon Sumitomo Pharma Co., Ltd. (m)		95
	4		Daito Trust Construction Co., Ltd. (m)		388
	27		Daiwa House Industry Co., Ltd. (m)		414
	88		Daiwa Securities Group, Inc. (m)		353
	6		Dena Co., Ltd. (m)		175
	25		Denki Kagaku Kogyo KK (m)		79
	26		Denso Corp. (m)		803
	10		Dentsu, Inc. (m)		227
	18		East Japan Railway Co. (m)		1,229
	14		Eisai Co., Ltd. (m)		605
	6		Electric Power Development Co., Ltd. (m)		164
	3		FamilyMart Co., Ltd. (m)		158
	10		FANUC Corp. (m)		1,601
	3		Fast Retailing Co., Ltd. (m)		629
	28		Fuji Electric Co., Ltd. (m)		57
	31		Fuji Heavy Industries Ltd. (m)		299
	25		FUJIFILM Holdings Corp. (m)		419
	100		Fujitsu Ltd. (m)		386
	38		Fukuoka Financial Group, Inc. (m)		147
	30		Furukawa Electric Co., Ltd. (a) (m)		60
	5		Gree, Inc. (m)		80
	17		GS Yuasa Corp. (m)		66
	21		Gunma Bank Ltd. (The) (m)		100
	21		Hachijuni Bank Ltd. (The) (m)		108
	1		Hakuhodo DY Holdings, Inc. (m)		70
	4		Hamamatsu Photonics KK (m)		128
	60		Hankyu Hanshin Holdings, Inc. (m)		332
	13		Hino Motors Ltd. (m)		100
	1		Hirose Electric Co., Ltd. (m)		157
	3		Hisamitsu Pharmaceutical Co., Inc. (m)		171
	6		Hitachi Chemical Co., Ltd. (m)		78

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	6		Hitachi Construction Machinery Co., Ltd. (m)		97
	3		Hitachi High-Technologies Corp. (m)		68
	246		Hitachi Ltd. (m)		1,305
	7		Hitachi Metals Ltd. (m)		66
	10		Hokkaido Electric Power Co., Inc. (m)		83
	9		Hokuriku Electric Power Co. (m)		86
	86		Honda Motor Co., Ltd. (m)		2,592
	22		Hoya Corp. (m)		454
	13		Hulic Co., Ltd. (a) (m)		107
	6		Ibiden Co., Ltd. (m)		81
	1		Idemitsu Kosan Co., Ltd. (m)		95
	69		IHI Corp. (m)		145
	—	(h)	Inpex Corp. (m)		661
	18		Isetan Mitsukoshi Holdings Ltd. (m)		179
	64		Isuzu Motors Ltd. (m)		339
	81		ITOCHU Corp. (m)		814
	1		Itochu Techno-Solutions Corp. (m)		75
	13		Iyo Bank Ltd. (The) (m)		100
	26		J. Front Retailing Co., Ltd. (m)		136
	3		Japan Airlines Co., Ltd. (a) (m)		143
	2		Japan Petroleum Exploration Co. (m)		64
	—	(h)	Japan Prime Realty Investment Corp. (m)		130
	—	(h)	Japan Real Estate Investment Corp. (m)		280
	—	(h)	Japan Retail Fund Investment Corp. (m)		208
	16		Japan Steel Works Ltd. (The) (m)		95
	48		Japan Tobacco, Inc. (m)		1,319
	27		JFE Holdings, Inc. (m)		379
	11		JGC Corp. (m)		374
	34		Joyo Bank Ltd. (The) (m)		165
	9		JSR Corp. (m)		148
	12		JTEKT Corp. (m)		93
	—	(h)	Jupiter Telecommunications Co., Ltd. (m)		155
	118		JX Holdings, Inc. (m)		627
	41		Kajima Corp. (m)		113
	12		Kamigumi Co., Ltd. (m)		101
	16		Kaneka Corp. (m)		77
	40		Kansai Electric Power Co., Inc. (The) (m)		310
	11		Kansai Paint Co., Ltd. (m)		118
	28		Kao Corp. (m)		778
	69		Kawasaki Heavy Industries Ltd. (m)		142
	50		Kawasaki Kisen Kaisha Ltd. (a) (m)		63
	14		KDDI Corp. (m)		1,103
	24		Keikyu Corp. (m)		228
	31		Keio Corp. (m)		235
	15		Keisei Electric Railway Co., Ltd. (m)		137

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 51

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	2	Keyence Corp. (m)		637
	9	Kikkoman Corp. (m)		117
	5	Kinden Corp. (m)		32
	88	Kintetsu Corp. (m)		343
	46	Kirin Holdings Co., Ltd. (m)		574
	133	Kobe Steel Ltd. (m)		116
	5	Koito Manufacturing Co., Ltd. (m)		62
	50	Komatsu Ltd. (m)		1,038
	5	Konami Corp. (m)		126
	23	Konica Minolta Holdings, Inc. (m)		156
	57	Kubota Corp. (m)		585
	17	Kuraray Co., Ltd. (m)		198
	6	Kurita Water Industries Ltd. (m)		139
	8	Kyocera Corp. (m)		701
	13	Kyowa Hakko Kirin Co., Ltd. (m)		134
	23	Kyushu Electric Power Co., Inc. (m)		176
	3	Lawson, Inc. (m)		241
	14	LIXIL Group Corp. (m)		314
	1	Mabuchi Motor Co., Ltd. (m)		47
	6	Makita Corp. (m)		224
	88	Marubeni Corp. (m)		569
	11	Marui Group Co., Ltd. (m)		82
	3	Maruichi Steel Tube Ltd. (m)		52
	142	Mazda Motor Corp. (a) (m)		169
	4	McDonald’s Holdings Co., Japan Ltd. (m)		100
	8	Medipal Holdings Corp. (m)		101
	3	MEIJI Holdings Co., Ltd. (m)		145
	3	Miraca Holdings, Inc. (m)		127
	73	Mitsubishi Chemical Holdings Corp. (m)		287
	74	Mitsubishi Corp. (m)		1,316
	103	Mitsubishi Electric Corp. (m)		767
	66	Mitsubishi Estate Co., Ltd. (m)		1,313
	20	Mitsubishi Gas Chemical Co., Inc. (m)		98
	160	Mitsubishi Heavy Industries Ltd. (m)		675
	7	Mitsubishi Logistics Corp. (m)		87
	56	Mitsubishi Materials Corp. (m)		164
	213	Mitsubishi Motors Corp. (a) (m)		184
	12	Mitsubishi Tanabe Pharma Corp. (m)		172
	676	Mitsubishi UFJ Financial Group, Inc. (m)		3,058
	3	Mitsubishi UFJ Lease & Finance Co., Ltd. (m)		139
	91	Mitsui & Co., Ltd. (m)		1,286
	46	Mitsui Chemicals, Inc. (m)		95
	44	Mitsui Fudosan Co., Ltd. (m)		884
	52	Mitsui OSK Lines Ltd. (m)		125
	1,207	Mizuho Financial Group, Inc. (m)		1,889

SHARES			SECURITY DESCRIPTION	VALUE($)
			Japan — Continued
	26		MS&AD Insurance Group Holdings (m)		441
	10		Murata Manufacturing Co., Ltd. (m)		506
	5		Nabtesco Corp. (m)		99
	10		Namco Bandai Holdings, Inc. (m)		156
	131		NEC Corp. (a) (m)		251
	6		Nexon Co., Ltd. (a) (m)		67
	15		NGK Insulators Ltd. (m)		163
	9		NGK Spark Plug Co., Ltd. (m)		106
	9		NHK Spring Co., Ltd. (m)		78
	6		Nidec Corp. (m)		410
	18		Nikon Corp. (m)		446
	6		Nintendo Co., Ltd. (m)		715
	—	(h)	Nippon Building Fund, Inc. (m)		344
	21		Nippon Electric Glass Co., Ltd. (m)		107
	47		Nippon Express Co., Ltd. (m)		171
	9		Nippon Meat Packers, Inc. (m)		115
	5		Nippon Paper Group, Inc. (m)		58
	398		Nippon Steel Corp. (m)		878
	23		Nippon Telegraph & Telephone Corp. (m)		1,043
	85		Nippon Yusen KK (m)		162
	38		Nishi-Nippon City Bank Ltd. (The) (m)		87
	132		Nissan Motor Co., Ltd. (m)		1,101
	11		Nisshin Seifun Group, Inc. (m)		131
	6		Nisshin Steel Holdings Co. Ltd. (a) (m)		37
	3		Nissin Foods Holdings Co., Ltd. (m)		117
	2		Nitori Holdings Co., Ltd. (m)		154
	9		Nitto Denko Corp. (m)		402
	20		NKSJ Holdings, Inc. (m)		363
	5		NOK Corp. (m)		86
	190		Nomura Holdings, Inc. (m)		688
	5		Nomura Real Estate Holdings, Inc. (m)		88
	—	(h)	Nomura Real Estate Office Fund, Inc. (m)		88
	5		Nomura Research Institute Ltd. (m)		108
	23		NSK Ltd. (m)		128
	25		NTN Corp. (m)		44
	—	(h)	NTT Data Corp. (m)		222
	1		NTT DOCOMO, Inc. (m)		1,179
	—	(h)	NTT Urban Development Corp. (m)		45
	35		Obayashi Corp. (m)		158
	32		Odakyu Electric Railway Co., Ltd. (m)		340
	38		OJI Paper Co., Ltd. (m)		112
	12		Olympus Corp. (a) (m)		209
	11		Omron Corp. (m)		227
	4		Ono Pharmaceutical Co., Ltd. (m)		266
	2		Oracle Corp. Japan (m)		87

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	3	Oriental Land Co., Ltd. (m)		362
	5	ORIX Corp. (m)		560
	96	Osaka Gas Co., Ltd. (m)		396
	1	Otsuka Corp. (m)		65
	19	Otsuka Holdings Co., Ltd. (m)		576
	116	Panasonic Corp. (m)		703
	38	Rakuten, Inc. (m)		345
	101	Resona Holdings, Inc. (m)		436
	33	Ricoh Co., Ltd. (m)		277
	2	Rinnai Corp. (m)		116
	5	Rohm Co., Ltd. (m)		152
	3	Sankyo Co., Ltd. (m)		113
	2	Sanrio Co., Ltd. (m)		72
	4	Santen Pharmaceutical Co., Ltd. (m)		180
	12	SBI Holdings, Inc. (m)		82
	11	Secom Co., Ltd. (m)		559
	10	Sega Sammy Holdings, Inc. (m)		198
	6	Seiko Epson Corp. (m)		35
	23	Sekisui Chemical Co., Ltd. (m)		188
	28	Sekisui House Ltd. (m)		290
	39	Seven & I Holdings Co., Ltd. (m)		1,215
	26	Seven Bank Ltd. (m)		75
	53	Sharp Corp. (m)		114
	8	Shikoku Electric Power Co., Inc. (m)		88
	12	Shimadzu Corp. (m)		81
	1	Shimamura Co., Ltd. (m)		125
	4	Shimano, Inc. (m)		252
	32	Shimizu Corp. (m)		106
	22	Shin-Etsu Chemical Co., Ltd. (m)		1,215
	82	Shinsei Bank Ltd. (m)		120
	15	Shionogi & Co., Ltd. (m)		249
	19	Shiseido Co., Ltd. (m)		241
	27	Shizuoka Bank Ltd. (The) (m)		279
	79	Showa Denko KK (m)		121
	9	Showa Shell Sekiyu KK (m)		48
	3	SMC Corp. (m)		441
	47	Softbank Corp. (m)		1,481
	67	Sojitz Corp. (m)		84
	53	Sony Corp. (m)		623
	9	Sony Financial Holdings, Inc. (m)		152
	4	Square Enix Holdings Co., Ltd. (m)		52
	8	Stanley Electric Co., Ltd. (m)		108
	6	Sumco Corp. (a) (m)		42
	77	Sumitomo Chemical Co., Ltd. (m)		216
	59	Sumitomo Corp. (m)		807

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	39	Sumitomo Electric Industries Ltd. (m)		415
	30	Sumitomo Heavy Industries Ltd. (m)		107
	28	Sumitomo Metal Mining Co., Ltd. (m)		370
	71	Sumitomo Mitsui Financial Group, Inc. (m)		2,179
	161	Sumitomo Mitsui Trust Holdings, Inc. (m)		489
	19	Sumitomo Realty & Development Co., Ltd. (m)		533
	9	Sumitomo Rubber Industries Ltd. (m)		110
	10	Suruga Bank Ltd. (m)		118
	4	Suzuken Co., Ltd. (m)		120
	20	Suzuki Motor Corp. (m)		442
	4	Sysmex Corp. (m)		183
	30	T&D Holdings, Inc. (m)		333
	60	Taiheiyo Cement Corp. (m)		128
	50	Taisei Corp. (m)		139
	2	Taisho Pharmaceutical Holdings Co., Ltd. (m)		159
	13	Taiyo Nippon Sanso Corp. (m)		71
	15	Takashimaya Co., Ltd. (m)		99
	42	Takeda Pharmaceutical Co., Ltd. (m)		1,942
	7	TDK Corp. (m)		246
	53	Teijin Ltd. (m)		121
	8	Terumo Corp. (m)		352
	7	THK Co., Ltd. (m)		111
	55	Tobu Railway Co., Ltd. (m)		293
	6	Toho Co., Ltd. (m)		106
	22	Toho Gas Co., Ltd. (m)		133
	25	Tohoku Electric Power Co., Inc. (a) (m)		184
	38	Tokio Marine Holdings, Inc. (m)		1,001
	80	Tokyo Electric Power Co., Inc. (a) (m)		130
	9	Tokyo Electron Ltd. (m)		415
	129	Tokyo Gas Co., Ltd. (m)		683
	60	Tokyu Corp. (m)		306
	24	Tokyu Land Corp. (m)		132
	15	TonenGeneral Sekiyu KK (m)		136
	29	Toppan Printing Co., Ltd. (m)		169
	78	Toray Industries, Inc. (m)		456
	212	Toshiba Corp. (m)		787
	26	Tosoh Corp. (m)		50
	15	TOTO Ltd. (m)		115
	8	Toyo Seikan Kaisha Ltd. (m)		87
	5	Toyo Suisan Kaisha Ltd. (m)		125
	4	Toyoda Gosei Co., Ltd. (m)		76
	3	Toyota Boshoku Corp. (m)		28
	9	Toyota Industries Corp. (m)		252
	146	Toyota Motor Corp. (m)		5,614
	12	Toyota Tsusho Corp. (m)		258

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 53

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Japan — Continued
	6	Trend Micro, Inc. (m)		163
	3	Tsumura & Co. (m)		106
	56	Ube Industries Ltd. (m)		128
	6	Unicharm Corp. (m)		330
	5	Ushio, Inc. (m)		47
	1	USS Co., Ltd. (m)		129
	9	West Japan Railway Co. (m)		397
	1	Yahoo! Japan Corp. (m)		261
	5	Yakult Honsha Co., Ltd. (m)		237
	5	Yamada Denki Co., Ltd. (m)		208
	9	Yamaguchi Financial Group, Inc. (m)		75
	8	Yamaha Corp. (m)		69
	15	Yamaha Motor Co., Ltd. (m)		140
	20	Yamato Holdings Co., Ltd. (m)		305
	2	Yamato Kogyo Co., Ltd. (m)		51
	6	Yamazaki Baking Co., Ltd. (m)		68
	11	Yaskawa Electric Corp. (m)		79
	11	Yokogawa Electric Corp. (m)		128
				106,880
		Luxembourg — 0.6%
	56	ArcelorMittal (m)		833
	2	Millicom International Cellular S.A., SDR (m)		184
	19	SES S.A. FDR (m)		521
	96	Tenaris S.A. (m)		1,804
				3,342
		Mexico — 0.8%
	105	Alfa S.A.B. de C.V., Class A (m)		194
	1,059	America Movil S.A.B. de C.V., Series L, (m)		1,344
	300	Cemex S.A.B. de C.V. (a) (m)		272
	66	Fomento Economico Mexicano S.A.B. de C.V. (m)		597
	4	Fresnillo plc (m)		109
	80	Grupo Bimbo S.A.B. de C.V., Series A, (m)		186
	18	Grupo Carso S.A.B. de C.V., Series A1, (m)		64
	132	Grupo Mexico S.A.B. de C.V., Series B, (m)		425
	25	Grupo Modelo S.A.B. de C.V., Series C, (m)		219
	83	Grupo Televisa S.A.B. (m)		375
	82	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		199
	18	Minera Frisco S.A.B. de C.V., Class A1 (a) (m)		70
	159	Wal-Mart de Mexico S.A.B. de C.V., Series V, (m)		469
				4,523
		Netherlands — 4.1%
	117	Aegon N.V. (m)		656
	16	Akzo Nobel N.V. (m)		874

SHARES		SECURITY DESCRIPTION	VALUE($)
		Netherlands — Continued
	29	ASML Holding N.V. (m)		1,579
	4	Corio N.V. (m)		191
	40	D.E Master Blenders 1753 N.V. (a) (m)		491
	10	Delta Lloyd N.V. (m)		164
	25	European Aeronautic Defence and Space Co., N.V. (m)		885
	5	Fugro N.V., CVA, CVA (m)		328
	5	Gemalto N.V. (m)		425
	7	Heineken Holding N.V. (m)		347
	16	Heineken N.V. (m)		969
	262	ING Groep N.V., CVA (a) (m)		2,327
	72	Koninklijke Ahold N.V. (m)		917
	5	Koninklijke Boskalis Westminster N.V. (m)		190
	10	Koninklijke DSM N.V. (m)		538
	69	Koninklijke KPN N.V. (m)		438
	71	Koninklijke Philips Electronics N.V. (m)		1,778
	5	Koninklijke Vopak N.V. (m)		330
	20	QIAGEN N.V. (a) (m)		353
	8	Randstad Holding N.V. (m)		269
	47	Reed Elsevier N.V. (m)		637
	74	Royal Dutch Shell plc, Class A (m)		2,546
	53	Royal Dutch Shell plc, Class B (m)		1,875
	12	SBM Offshore N.V. (a) (m)		157
	22	TNT Express N.V. (m)		228
	111	Unilever N.V., CVA (m)		4,087
	21	Wolters Kluwer N.V. (m)		403
				23,982
		New Zealand — 0.6%
	236	Auckland International Airport Ltd. (m)		520
	94	Contact Energy Ltd. (a) (m)		426
	173	Fletcher Building Ltd. (m)		1,003
	147	SKYCITY Entertainment Group Ltd. (m)		468
	482	Telecom Corp. of New Zealand Ltd. (m)		953
				3,370
		Norway — 1.6%
	17	Aker Solutions ASA (m)		329
	99	DnB ASA (m)		1,239
	21	Gjensidige Forsikring ASA (m)		303
	93	Norsk Hydro ASA (m)		420
	79	Orkla ASA (m)		622
	36	Seadrill Ltd. (m)		1,447
	113	Statoil ASA (m)		2,777
	73	Telenor ASA (m)		1,442
	19	Yara International ASA (m)		896
				9,475

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Philippines — 0.8%
	40	Ayala Corp. (m)		424
	1,041	Ayala Land, Inc. (m)		595
	226	Bank of the Philippine Islands (m)		444
	133	BDO Unibank, Inc. (a) (m)		206
	6	Globe Telecom, Inc. (m)		165
	110	Jollibee Foods Corp. (m)		282
	70	Manila Electric Co. (m)		476
	64	Metropolitan Bank & Trust Co. (m)		147
	9	Philippine Long Distance Telephone Co. (m)		558
	39	SM Investments Corp. (m)		762
	1,538	SM Prime Holdings, Inc. (m)		541
				4,600
		Portugal — 0.9%
	584	Banco Espirito Santo S.A. (a) (m)		569
	552	EDP - Energias de Portugal S.A. (m)		1,500
	67	Galp Energia SGPS S.A., Class B (m)		1,067
	64	Jeronimo Martins SGPS S.A. (m)		1,112
	183	Portugal Telecom SGPS S.A. (m)		920
				5,168
		Singapore — 0.9%
	52	Ascendas Real Estate Investment Trust (m)		100
	70	CapitaLand Ltd. (m)		186
	64	CapitaMall Trust (m)		110
	35	CapitaMalls Asia Ltd. (m)		53
	13	City Developments Ltd. (m)		122
	54	ComfortDelgro Corp., Ltd. (m)		75
	31	Cosco Corp. Singapore Ltd. (m)		22
	50	DBS Group Holdings Ltd. (m)		567
	25	Fraser and Neave Ltd. (m)		187
	170	Genting Singapore plc (m)		185
	54	Global Logistic Properties Ltd. (m)		113
	177	Golden Agri-Resources Ltd. (m)		91
	141	Hutchison Port Holdings Trust, Class U (m)		110
	3	Jardine Cycle & Carriage Ltd. (m)		125
	39	Keppel Corp., Ltd. (m)		342
	21	Keppel Land Ltd. (m)		58
	28	Neptune Orient Lines Ltd. (a) (m)		26
	43	Olam International Ltd. (m)		69
	71	Oversea-Chinese Banking Corp., Ltd. (m)		530
	26	SembCorp Industries Ltd. (m)		115
	22	SembCorp Marine Ltd. (m)		85
	15	Singapore Airlines Ltd. (m)		131
	24	Singapore Exchange Ltd. (m)		132
	45	Singapore Press Holdings Ltd. (m)		150

SHARES			SECURITY DESCRIPTION	VALUE($)
			Singapore — Continued
	40		Singapore Technologies Engineering Ltd. (m)		115
	217		Singapore Telecommunications Ltd. (m)		570
	15		StarHub Ltd. (m)		45
	35		United Overseas Bank Ltd. (m)		519
	13		UOL Group Ltd. (m)		59
	53		Wilmar International Ltd. (m)		134
					5,126
			South Africa — 0.7%
	8		ABSA Group Ltd. (m)		120
	1		Anglo American Platinum Ltd. (m)		41
	5		AngloGold Ashanti Ltd. (m)		185
	8		Bidvest Group Ltd. (m)		181
	85		FirstRand Ltd. (m)		282
	17		Gold Fields Ltd. (m)		210
	13		Impala Platinum Holdings Ltd. (m)		233
	35		MTN Group Ltd. (m)		636
	9		Naspers Ltd., Class N (m)		588
	35		PPC Ltd. (m)		117
	56		Sanlam Ltd. (m)		249
	13		Sasol Ltd. (m)		535
	11		Shoprite Holdings Ltd. (m)		222
	23		Standard Bank Group Ltd. (m)		288
	35		Steinhoff International Holdings Ltd. (a) (m)		118
	5		Tiger Brands Ltd. (m)		156
					4,161
			South Korea — 0.7%
	2		Daelim Industrial Co., Ltd. (m)		124
	6		Daewoo Shipbuilding & Marine Engineering Co., Ltd. (m)		123
	—	(h)	E-Mart Co., Ltd. (m)		105
	1		Hyundai Mobis (m)		366
	1		Hyundai Motor Co. (m)		240
	3		KB Financial Group, Inc. (m)		113
	1		LG Chem Ltd. (m)		347
	4		LG Electronics, Inc. (m)		253
	1		POSCO (m)		409
	1		Samsung Electronics Co., Ltd. (m)		1,360
	2		Samsung Fire & Marine Insurance Co., Ltd. (m)		328
	5		Shinhan Financial Group Co., Ltd. (m)		185
	—	(h)	Shinsegae Co., Ltd. (m)		30
	8		SK Hynix, Inc. (a) (m)		171
	1		SK Innovation Co., Ltd. (m)		97
	1		SK Telecom Co., Ltd. (m)		94
					4,345

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 55

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Spain — 5.7%
	41	Abertis Infraestructuras S.A. (m)		613
	2	Acciona S.A. (m)		141
	11	Acerinox S.A. (m)		117
	16	ACS Actividades de Construccion y Servicios S.A. (m)		334
	34	Amadeus IT Holding S.A., Class A (m)		854
	591	Banco Bilbao Vizcaya Argentaria S.A. (m)		4,939
	311	Banco de Sabadell S.A. (a) (m)		759
	147	Banco Popular Espanol S.A. (m)		230
	1,081	Banco Santander S.A. (m)		8,142
	110	Bankia S.A. (a) (m)		166
	90	CaixaBank (m)		343
	67	Distribuidora Internacional de Alimentacion S.A. (m)		403
	19	Enagas S.A. (m)		387
	44	Ferrovial S.A. (m)		625
	39	Gas Natural SDG S.A. (m)		599
	17	Grifols S.A. (a) (m)		576
	427	Iberdrola S.A. (m)		2,209
	24	Inditex S.A. (m)		3,061
	85	Mapfre S.A. (m)		237
	12	Red Electrica Corp. S.A. (m)		552
	90	Repsol S.A. (m)		1,794
	443	Telefonica S.A. (m)		5,846
	17	Zardoya Otis S.A. (m)		211
				33,138
		Sweden — 1.8%
	11	Alfa Laval AB (m)		199
	11	Assa Abloy AB, Class B (m)		383
	23	Atlas Copco AB, Class A (m)		561
	13	Atlas Copco AB, Class B (m)		290
	9	Boliden AB (m)		155
	8	Electrolux AB, Series B (m)		209
	12	Elekta AB, Class B (m)		173
	7	Getinge AB, Class B (m)		203
	32	Hennes & Mauritz AB, Class B (m)		1,099
	8	Hexagon AB, Class B (m)		185
	2	Holmen AB, Class B (m)		50
	12	Husqvarna AB, Class B (m)		67
	3	Industrivarden AB, Class C (m)		41
	7	Investment AB Kinnevik, Class B (m)		131
	16	Investor AB, Class B (m)		348
	7	Lundin Petroleum AB (a) (m)		178
	2	Modern Times Group AB, Class B (m)		53
	89	Nordea Bank AB (m)		811

SHARES			SECURITY DESCRIPTION	VALUE($)
			Sweden — Continued
	6		Ratos AB, Class B (m)		55
	35		Sandvik AB (m)		481
	11		Scania AB, Class B (m)		204
	9		Securitas AB, Class B (m)		64
	48		Skandinaviska Enskilda Banken AB, Class A (m)		401
	13		Skanska AB, Class B (m)		198
	13		SKF AB, Class B (m)		304
	5		SSAB AB, Class A (m)		32
	20		Svenska Cellulosa AB, Class B (m)		388
	17		Svenska Handelsbanken AB, Class A (m)		584
	28		Swedbank AB, Class A (m)		525
	7		Swedish Match AB (m)		233
	11		Tele2 AB, Class B (m)		176
	102		Telefonaktiebolaget LM Ericsson, Class B (m)		908
	73		TeliaSonera AB (m)		480
	47		Volvo AB, Class B (m)		632
					10,801
			Switzerland — 2.7%
	35		ABB Ltd. (a) (m)		630
	2		Actelion Ltd. (a) (m)		77
	2		Adecco S.A. (a) (m)		113
	1		Aryzta AG (a) (m)		57
	1		Baloise Holding AG (m)		61
	—	(h)	Banque Cantonale Vaudoise (m)		31
	—	(h)	Barry Callebaut AG (a) (m)		29
	8		Cie Financiere Richemont S.A., Class A (m)		549
	20		Credit Suisse Group AG (a) (m)		455
	3		GAM Holding AG (a) (m)		39
	1		Geberit AG (a) (m)		114
	—	(h)	Givaudan S.A. (a) (m)		144
	75		Glencore International plc (m)		415
	4		Holcim Ltd. (a) (m)		252
	4		Julius Baer Group Ltd. (a) (m)		129
	1		Kuehne & Nagel International AG (m)		110
	—	(h)	Lindt & Spruengli AG (a) (m)		114
	1		Lonza Group AG (a) (m)		52
	52		Nestle S.A. (m)		3,324
	37		Novartis AG (m)		2,203
	—	(h)	Pargesa Holdings S.A. (m)		27
	—	(h)	Partners Group Holding AG (m)		49
	11		Roche Holding AG (m)		2,150
	1		Schindler Holding AG (m)		134
	—	(h)	SGS S.A. (m)		172
	—	(h)	Sika AG (m)		67
	1		Sonova Holding AG (a) (m)		78

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
			Switzerland — Continued
	37		STMicroelectronics N.V. (m)		218
	—	(h)	Straumann Holding AG (m)		11
	—	(h)	Sulzer AG (m)		64
	1		Swatch Group AG (The) (m)		253
	—	(h)	Swiss Life Holding AG (a) (m)		57
	1		Swiss Prime Site AG (a) (m)		77
	6		Swiss Re AG (a) (m)		395
	—	(h)	Swisscom AG (m)		141
	2		Syngenta AG (m)		586
	6		Transocean Ltd. (m)		253
	58		UBS AG (a) (m)		865
	6		Wolseley plc (m)		255
	42		Xstrata plc (m)		662
	2		Zurich Insurance Group AG (a) (m)		573
					15,985
			Taiwan — 0.7%
	27		Asustek Computer, Inc. (m)		284
	150		Cathay Financial Holding Co., Ltd. (m)		150
	396		China Steel Corp. (m)		340
	183		Chinatrust Financial Holding Co., Ltd. (m)		101
	22		Chunghwa Telecom Co., Ltd. (m)		69
	168		Far Eastern New Century Corp. (m)		173
	78		Formosa Plastics Corp. (m)		212
	197		Hon Hai Precision Industry Co., Ltd. (m)		597
	6		HTC Corp. (m)		44
	25		MediaTek, Inc. (m)		278
	65		Nan Ya Plastics Corp. (m)		115
	105		Pegatron Corp. (a) (m)		132
	103		Quanta Computer, Inc. (m)		235
	557		Taishin Financial Holding Co., Ltd. (m)		199
	91		Taiwan Cement Corp. (m)		117
	63		Taiwan Mobile Co., Ltd. (m)		220
	333		Taiwan Semiconductor Manufacturing Co., Ltd. (m)		1,016
	195		United Microelectronics Corp. (m)		72
					4,354
			Thailand — 0.7%
	52		Advanced Info Service PCL (m)		337
	58		Bangkok Bank PCL (m)		342
	12		Banpu PCL (m)		156
	197		Charoen Pokphand Foods PCL (m)		226
	109		Kasikornbank PCL (m)		639
	279		Krung Thai Bank PCL (m)		164
	93		PTT Exploration & Production PCL (m)		504
	97		PTT Global Chemical PCL (m)		192

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thailand — Continued
	54	PTT PCL (m)		557
	34	Siam Cement PCL (m)		459
	124	Siam Commercial Bank PCL (m)		646
	35	Thai Oil PCL (m)		76
				4,298
		Turkey — 0.8%
	122	Akbank TAS (m)		591
	20	Anadolu Efes Biracilik Ve Malt Sanayii A.S. (m)		301
	8	BIM Birlesik Magazalar A.S. (m)		388
	111	Eregli Demir ve Celik Fabrikalari TAS (m)		132
	69	Haci Omer Sabanci Holding A.S. (m)		363
	49	KOC Holding A.S. (m)		231
	15	Tupras Turkiye Petrol Rafinerileri A.S. (m)		365
	76	Turkcell Iletisim Hizmet A.S. (a) (m)		462
	185	Turkiye Garanti Bankasi A.S. (m)		885
	39	Turkiye Halk Bankasi A.S. (m)		341
	145	Turkiye Is Bankasi, Class C (m)		494
	110	Yapi ve Kredi Bankasi A.S. (a) (m)		282
				4,835
		United Kingdom — 7.2%
	20	3i Group plc (m)		71
	17	Aberdeen Asset Management plc (m)		87
	4	Admiral Group plc (m)		78
	5	Aggreko plc (m)		190
	7	AMEC plc (m)		113
	28	Anglo American plc (m)		856
	8	Antofagasta plc (m)		163
	28	ARM Holdings plc (m)		302
	7	Associated British Foods plc (m)		162
	25	AstraZeneca plc (m)		1,177
	59	Aviva plc (m)		318
	7	Babcock International Group plc (m)		112
	64	BAE Systems plc (m)		321
	12	Balfour Beatty plc (m)		60
	232	Barclays plc (m)		859
	68	BG Group plc (m)		1,263
	42	BHP Billiton plc (m)		1,357
	382	BP plc (m)		2,725
	39	British American Tobacco plc (m)		1,948
	17	British Land Co. plc (m)		147
	22	British Sky Broadcasting Group plc (m)		255
	155	BT Group plc (m)		532
	7	Bunzl plc (m)		109
	9	Burberry Group plc (m)		169
	13	Capita plc (m)		156

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 57

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		United Kingdom — Continued
	12	Capital Shopping Centres Group plc (m)		64
	4	Carnival plc (m)		146
	103	Centrica plc (m)		539
	21	Cobham plc (m)		72
	37	Compass Group plc (m)		407
	3	Croda International plc (m)		95
	50	Diageo plc (m)		1,439
	5	Eurasian Natural Resources Corp. plc (m)		27
	8	Evraz plc (m)		29
	28	G4S plc (m)		119
	31	GKN plc (m)		105
	101	GlaxoSmithKline plc (m)		2,256
	14	Hammerson plc (m)		108
	364	HSBC Holdings plc (m)		3,591
	12	ICAP plc (m)		63
	6	IMI plc (m)		97
	20	Imperial Tobacco Group plc (m)		752
	9	Inmarsat plc (m)		87
	6	InterContinental Hotels Group plc (m)		137
	102	International Consolidated Airlines Group S.A. (a) (m)		268
	3	Intertek Group plc (m)		148
	17	Invensys plc (m)		62
	10	Investec plc (m)		60
	73	ITV plc (m)		102
	25	J Sainsbury plc (m)		141
	4	Johnson Matthey plc (m)		152
	4	Kazakhmys plc (m)		49
	48	Kingfisher plc (m)		226
	16	Land Securities Group plc (m)		207
	120	Legal & General Group plc (m)		259
	835	Lloyds Banking Group plc (a) (m)		550
	4	London Stock Exchange Group plc (m)		60
	3	Lonmin plc (m)		28
	38	Man Group plc (m)		48
	33	Marks & Spencer Group plc (m)		209
	15	Meggitt plc (m)		96
	25	Melrose plc (m)		96
	71	National Grid plc (m)		814
	3	Next plc (m)		195
	99	Old Mutual plc (m)		276
	16	Pearson plc (m)		321
	5	Petrofac Ltd. (m)		135
	51	Prudential plc (m)		698
	2	Randgold Resources Ltd. (m)		213
	13	Reckitt Benckiser Group plc (m)		787

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	25	Reed Elsevier plc (m)		243
	27	Resolution Ltd. (m)		96
	18	Rexam plc (m)		127
	27	Rio Tinto plc (m)		1,341
	37	Rolls-Royce Holdings plc (a) (m)		514
	42	Royal Bank of Scotland Group plc (a) (m)		189
	72	RSA Insurance Group plc (m)		130
	19	SABMiller plc (m)		820
	26	Sage Group plc (The) (m)		130
	2	Schroders plc (m)		56
	15	Segro plc (m)		58
	10	Serco Group plc (m)		89
	5	Severn Trent plc (m)		124
	18	Smith & Nephew plc (m)		193
	8	Smiths Group plc (m)		136
	19	SSE plc (m)		436
	48	Standard Chartered plc (m)		1,133
	48	Standard Life plc (m)		227
	29	Subsea 7 S.A. (m)		629
	9	Tate & Lyle plc (m)		108
	161	Tesco plc (m)		831
	8	TUI Travel plc (m)		34
	18	Tullow Oil plc (m)		419
	26	Unilever plc (m)		960
	14	United Utilities Group plc (m)		152
	2	Vedanta Resources plc (m)		43
	990	Vodafone Group plc (m)		2,690
	4	Weir Group plc (The) (m)		120
	4	Whitbread plc (m)		136
	48	WM Morrison Supermarkets plc (m)		207
				42,234
		United States — 0.0% (g)
	5	Sims Metal Management Ltd. (m)		52
		Total Common Stocks (Cost $365,613)		564,626
	Investment Companies — 0.8%
		United States — 0.8%
	56	iShares MSCI EAFE Index Fund (m)		3,010
	32	iShares MSCI Germany Index Fund (m)		741
	22	iShares MSCI Pacific ex-Japan Index Fund (m)		1,024
		Total Investment Companies (Cost $4,764)		4,775
	Preferred Stocks — 1.7%
		Brazil — 0.5%
	27	Banco Bradesco S.A. (m)		423

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — Continued
		Brazil — Continued
	8	Cia de Bebidas das Americas (m)		332
	7	Cia Energetica de Minas Gerais (m)		84
	67	Itau Unibanco Holding S.A. (m)		981
	54	Petroleo Brasileiro S.A. (m)		552
	37	Vale S.A., Class A (m)		667
				3,039
		Chile — 0.1%
	7	Sociedad Quimica y Minera de Chile S.A., Class B (m)		424
		Germany — 0.9%
	5	Bayerische Motoren Werke AG (m)		251
	15	Henkel AG & Co. KGaA (m)		1,215
	13	Porsche Automobil Holding SE (m)		866
	8	ProSiebenSat.1 Media AG (m)		217
	4	RWE AG (m)		145
	12	Volkswagen AG (m)		2,542
				5,236
		Italy — 0.2%
	1,233	Telecom Italia S.p.A. (m)		987
		United Kingdom — 0.0% (g)
	2,824	Rolls-Royce Holdings plc (a) (m)		5
		Total Preferred Stocks (Cost $4,126)		9,691
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	3,425	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $3,425)		3,425
		Total Investments — 99.5% (Cost $377,928)		582,517
		Other Assets in Excess of Liabilities — 0.5%		2,876
		NET ASSETS — 100.0%	$	585,393

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		13.3	%
Oil, Gas & Consumable Fuels		7.8
Pharmaceuticals		6.3
Insurance		4.5
Chemicals		4.2
Diversified Telecommunication Services		4.1
Automobiles		4.0
Metals & Mining		3.7
Beverages		3.3
Electric Utilities		2.7
Machinery		2.7
Food Products		2.7
Industrial Conglomerates		2.1
Food & Staples Retailing		2.1
Wireless Telecommunication Services		2.0
Multi-Utilities		1.6
Energy Equipment & Services		1.5
Real Estate Management & Development		1.5
Capital Markets		1.3
Diversified Financial Services		1.3
Software		1.3
Media		1.2
Textiles, Apparel & Luxury Goods		1.2
Semiconductors & Semiconductor Equipment		1.1
Real Estate Investment Trusts (REITs)		1.1
Electrical Equipment		1.1
Trading Companies & Distributors		1.1
Electronic Equipment, Instruments & Components		1.1
Specialty Retail		1.0
Construction Materials		1.0
Auto Components		1.0
Hotels, Restaurants & Leisure		1.0
Others (each less than 1.0%)		13.5
Short-Term Investment		0.6

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 59

JPMorgan International Equity Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/12		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	14	TOPIX Index		12/13/12	$	1,299	$	19
	94	Euro STOXX 50		12/21/12		3,051		(5	)
	7	FTSE 100 Index		12/21/12		651		(8	)
							$	6

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.3%
		Australia — 2.4%
	478	Australia & New Zealand Banking Group Ltd. (m)		12,598
	1,720	Goodman Group (m)		7,897
				20,495
		Belgium — 1.3%
	88	Solvay S.A. (m)		10,640
		Canada — 1.4%
	510	First Quantum Minerals Ltd. (m)		11,459
		China — 2.4%
	1,863	China Shenhua Energy Co., Ltd., Class H (m)		7,894
	2,992	CNOOC Ltd. (m)		6,158
	1,602	Sands China Ltd. (m)		5,988
				20,040
		Denmark — 0.5%
	46	Carlsberg A/S, Class B (m)		3,941
		Finland — 1.0%
	265	Ruukki Group OYJ (a) (m)		171
	649	Stora Enso OYJ, Class R (m)		4,108
	404	UPM-Kymmene OYJ (m)		4,342
				8,621
		France — 6.5%
	186	Cie de St-Gobain (m)		6,542
	283	GDF Suez (m)		6,504
	131	Sanofi (m)		11,523
	207	Schneider Electric S.A. (m)		12,970
	168	Sodexo (m)		12,907
	383	Suez Environnement Co. (m)		4,070
				54,516
		Germany — 7.5%
	92	Allianz SE (m)		11,402
	128	BASF SE (m)		10,627
	171	Bayer AG (m)		14,927
	62	Continental AG (m)		6,208
	198	Deutsche Boerse AG (m)		10,710
	380	E.ON AG (m)		8,645
				62,519
		Hong Kong — 3.3%
	4,212	Belle International Holdings Ltd. (m)		7,811
	3,870	China Overseas Land & Investment Ltd. (m)		10,077
	1,037	Hutchison Whampoa Ltd. (m)		10,159
				28,047
		Indonesia — 0.8%
	13,542	Perusahaan Gas Negara Persero Tbk PT (m)		6,531

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 2.4%
	651	Experian plc (m)		11,255
	301	Shire plc (m)		8,452
				19,707
		Israel — 0.7%
	141	Teva Pharmaceutical Industries Ltd., ADR (m)		5,714
		Japan — 17.3%
	286	Canon, Inc. (m)		9,285
	5	Dai-ichi Life Insurance Co., Ltd. (The) (m)		5,547
	1,880	Fujitsu Ltd. (m)		7,233
	2,169	Hitachi Ltd. (m)		11,503
	321	Honda Motor Co., Ltd. (m)		9,638
	147	Japan Airlines Co., Ltd. (a) (m)		7,002
	491	Japan Tobacco, Inc. (m)		13,575
	282	Komatsu Ltd. (m)		5,915
	1,068	Marubeni Corp. (m)		6,921
	1,442	Mitsubishi Electric Corp. (m)		10,779
	466	Mitsubishi Estate Co., Ltd. (m)		9,222
	2,581	Mitsubishi UFJ Financial Group, Inc. (m)		11,677
	487	Mitsui & Co., Ltd. (m)		6,857
	1,265	Nissan Motor Co., Ltd. (m)		10,582
	47	Nitori Holdings Co., Ltd. (m)		3,842
	341	Sumitomo Mitsui Financial Group, Inc. (m)		10,420
	272	Yamato Holdings Co., Ltd. (m)		4,147
				144,145
		Netherlands — 7.1%
	223	ASML Holding N.V. (m)		12,250
	792	Royal Dutch Shell plc, Class A (m)		27,150
	551	Unilever N.V., CVA (m)		20,250
				59,650
		New Zealand — 0.5%
	2,119	Telecom Corp. of New Zealand Ltd. (m)		4,189
		South Korea — 2.0%
	23	LG Chem Ltd. (m)		6,473
	8	Samsung Electronics Co., Ltd. (m)		9,957
				16,430
		Spain — 0.7%
	45	Inditex S.A. (m)		5,735
		Sweden — 2.8%
	230	Electrolux AB (m)		5,902
	499	Swedbank AB, Class A (m)		9,260
	915	Telefonaktiebolaget LM Ericsson, Class B (m)		8,104
				23,266

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 61

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — 7.2%
	174	Cie Financiere Richemont S.A., Class A (m)		11,269
	418	Credit Suisse Group AG (a) (m)		9,725
	247	Nestle S.A. (m)		15,712
	71	Roche Holding AG (m)		13,765
	140	Swiss Re AG (a) (m)		9,675
				60,146
		Taiwan — 1.0%
	1,421	Hon Hai Precision Industry Co., Ltd., Reg. S, GDR (m)		8,656
		United Kingdom — 25.5%
	808	BG Group plc (m)		14,999
	354	British American Tobacco plc (m)		17,546
	1,961	BT Group plc (m)		6,739
	1,555	Centrica plc (m)		8,139
	839	GlaxoSmithKline plc (m)		18,791
	2,542	HSBC Holdings plc (m)		25,062
	556	InterContinental Hotels Group plc (m)		13,746
	1,825	Kingfisher plc (m)		8,546
	533	Pearson plc (m)		10,719
	236	Petrofac Ltd. (m)		6,119
	862	Prudential plc (m)		11,835
	431	Rio Tinto plc (m)		21,512
	252	SABMiller plc (m)		10,823

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	396	Standard Chartered plc (m)		9,380
	415	Tullow Oil plc (m)		9,437
	7,158	Vodafone Group plc (m)		19,438
				212,831
		Total Common Stocks (Cost $751,611)		787,278
	Preferred Stocks — 2.5%
		Germany — 2.5%
	111	Henkel AG & Co. KGaA (m)		8,900
	58	Volkswagen AG (m)		12,113
		Total Preferred Stocks (Cost $14,587)		21,013
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	20,262	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $20,262)		20,262
		Total Investments — 99.2% (Cost $786,460)		828,553
		Other Assets in Excess of Liabilities — 0.8%		6,632
		NET ASSETS — 100.0%	$	835,185

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		9.5	%
Pharmaceuticals		8.8
Oil, Gas & Consumable Fuels		7.9
Insurance		4.6
Food Products		4.3
Metals & Mining		4.0
Hotels, Restaurants & Leisure		3.9
Automobiles		3.9
Tobacco		3.8
Chemicals		3.3
Multi-Utilities		3.3
Specialty Retail		3.1
Electrical Equipment		2.9
Semiconductors & Semiconductor Equipment		2.7
Electronic Equipment, Instruments & Components		2.4
Wireless Telecommunication Services		2.3
Real Estate Management & Development		2.3

INDUSTRY	PERCENTAGE
Beverages		1.8
Trading Companies & Distributors		1.7
Textiles, Apparel & Luxury Goods		1.4
Professional Services		1.4
Diversified Telecommunication Services		1.3
Media		1.3
Diversified Financial Services		1.3
Industrial Conglomerates		1.2
Capital Markets		1.2
Office Electronics		1.1
Household Products		1.1
Paper & Forest Products		1.0
Communications Equipment		1.0
Real Estate Investment Trusts (REITs)		1.0
Others (each less than 1.0%)		6.8
Short-Term Investment		2.4

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/12		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	155	Dow Jones Euro STOXX 50 Index		12/21/12	$	5,030	$	(22	)
	52	FTSE 100 Index		12/21/12		4,837		(18	)
							$	(40	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/12			NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,545,197	EUR
	1,933,406	for CAD	Credit Suisse International		11/07/12	$	1,936	#	$	2,003	#	$	67
	1,244,740	EUR
	981,543	for GBP	Barclays Bank plc		11/07/12		1,583	#		1,613	#		30
	1,178,576	EUR
	922,928	for GBP	Credit Suisse International		11/07/12		1,490	#		1,528	#		38
	1,291,005	EUR
	1,048,567	for GBP	Westpac Banking Corp.		11/07/12		1,692	#		1,673	#		(19	)
	3,351,456	EUR
	33,912,158	for HKD	Barclays Bank plc		11/07/12		4,376	#		4,344	#		(32	)
	1,520,474	EUR
	150,304,481	for JPY	Credit Suisse International		11/07/12		1,883	#		1,971	#		88
	1,439,526	EUR
	148,090,633	for JPY	Westpac Banking Corp.		11/07/12		1,855	#		1,866	#		11

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 63

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/12			NET UNREALIZED APPRECIATION (DEPRECIATION)
	954,699	GBP
	1,493,730	for CAD	Barclays Bank plc		11/07/12	$	1,496	#	$	1,541	#	$	45
	2,560,861	GBP
	31,992,602	for HKD	Westpac Banking Corp.		11/07/12		4,127	#		4,132	#		5
	140,040,606	JPY
	1,375,907	for EUR	Westpac Banking Corp.		11/07/12		1,783	#		1,754	#		(29	)
	122,306,706	JPY
	972,587	for GBP	BNP Paribas		11/07/12		1,569	#		1,532	#		(37	)
	293,087,418	JPY
	28,793,341	for HKD	Credit Suisse International		11/07/12		3,716	#		3,672	#		(44	)
	13,439,612	SEK
	1,275,431	for GBP	Westpac Banking Corp.		11/07/12		2,058	#		2,026	#		(32	)
			Australia and New Zealand Banking
	3,249,658	AUD	Group Limited		11/07/12		3,316			3,372			56
	2,122,191	AUD	Barclays Bank plc		11/07/12		2,225			2,202			(23	)
	47,484,330	AUD	Citibank, N.A.		11/07/12		49,578			49,271			(307	)
	3,428,500	AUD	Royal Bank of Scotland		11/07/12		3,528			3,558			30
	2,612,000	AUD	State Street Corp.		11/07/12		2,693			2,710			17
			Australia and New Zealand Banking
	2,546,801	CHF	Group Limited		11/07/12		2,744			2,735			(9	)
	2,224,269	CHF	Barclays Bank plc		11/07/12		2,296			2,388			92
	24,107,589	CHF	TD Bank Financial Group		11/07/12		24,667			25,888			1,221
	29,609,493	DKK	State Street Corp.		11/07/12		5,180			5,145			(35	)
	31,547,410	DKK	Credit Suisse International		02/07/13		5,465			5,492			27
			Australia and New Zealand Banking
	1,598,357	EUR	Group Limited		11/07/12		2,087			2,072			(15	)
	4,321,016	EUR	BNP Paribas		11/07/12		5,404			5,601			197
	2,937,351	EUR	Credit Suisse International		11/07/12		3,835			3,807			(28	)
	1,229,194	EUR	Goldman Sachs International		11/07/12		1,546			1,593			47
	6,216,294	EUR	HSBC Bank, N.A.		11/07/12		7,861			8,058			197
	1,820,331	EUR	Royal Bank of Scotland		11/07/12		2,361			2,360			(1	)
	5,330,000	EUR	State Street Corp.		11/07/12		6,891			6,909			18
	11,594,996	EUR	Union Bank of Switzerland AG		11/07/12		14,769			15,029			260
	2,255,238	EUR	Barclays Bank plc		02/07/13		2,932			2,926			(6	)
	1,050,000	GBP	BNP Paribas		11/07/12		1,692			1,695			3
	710,991	GBP	Credit Suisse International		11/07/12		1,127			1,147			20
	2,527,222	GBP	Goldman Sachs International		11/07/12		4,053			4,078			25
	674,936	GBP	Royal Bank of Scotland		11/07/12		1,080			1,089			9
	3,019,797	GBP	Union Bank of Switzerland AG		11/07/12		4,892			4,873			(19	)
	692,146	GBP	Westpac Banking Corp.		11/07/12		1,127			1,117			(10	)
	1,035,738	GBP	Union Bank of Switzerland AG		02/07/13		1,661			1,671			10
	382,063,499	JPY	Barclays Bank plc		11/07/12		4,899			4,786			(113	)
	121,169,788	JPY	Goldman Sachs International		11/07/12		1,547			1,518			(29	)
	492,738,107	JPY	Royal Bank of Canada		11/07/12		6,275			6,173			(102	)
	933,409,810	JPY	TD Bank Financial Group		11/07/12		11,950			11,693			(257	)
	125,722,531	JPY	Union Bank of Switzerland AG		11/07/12		1,607			1,575			(32	)
	132,543,565	JPY	Credit Suisse International		02/07/13		1,667			1,662			(5	)
	39,518,053	NOK	TD Bank Financial Group		11/07/12		6,537			6,930			393
	60,853,498	SEK	Union Bank of Switzerland AG		11/07/12		8,925			9,173			248

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,942,003	SGD	State Street Corp.		11/07/12	$	1,549	$	1,592	$	43
	16,621,860	SGD	Union Bank of Switzerland AG		11/07/12		13,322		13,627		305
							$252,852	$	255,170	$	2,318

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	470,246	AUD	Barclays Bank plc		11/07/12	$	492	$	488	$	4
	3,994,943	AUD	Credit Suisse International		11/07/12		4,105		4,145		(40	)
	1,003,453	AUD	Union Bank of Switzerland AG		11/07/12		1,022		1,041		(19	)
	6,507,772	CAD	Citibank, N.A.		11/07/12		6,488		6,516		(28	)
	2,745,000	CHF	BNP Paribas		11/07/12		2,945		2,948		(3	)
	3,109,000	CHF	Credit Suisse International		11/07/12		3,312		3,338		(26	)
	1,268,199	CHF	Royal Bank of Canada		11/07/12		1,328		1,362		(34	)
	5,135,775	CHF	Royal Bank of Scotland		11/07/12		5,457		5,515		(58	)
	3,158,853	CHF	State Street Corp.		11/07/12		3,394		3,392		2
	1,481,400	CHF	Credit Suisse International		02/07/13		1,583		1,594		(11	)
	2,090,610	DKK	Royal Bank of Scotland		11/07/12		346		364		(18	)
	1,246,927	EUR	BNP Paribas		11/07/12		1,613		1,616		(3	)
	3,846,077	EUR	Citibank, N.A.		11/07/12		4,994		4,986		8
	2,326,566	EUR	Goldman Sachs International		11/07/12		3,005		3,016		(11	)
	1,609,397	EUR	Royal Bank of Canada		11/07/12		2,022		2,086		(64	)
	4,620,331	EUR	Royal Bank of Scotland		11/07/12		5,680		5,989		(309	)
	961,530	EUR	State Street Corp.		11/07/12		1,242		1,246		(4	)
	30,897,273	EUR	Union Bank of Switzerland AG		11/07/12		37,956		40,049		(2,093	)
	2,836,550	EUR	Credit Suisse International		02/07/13		3,662		3,681		(19	)
	28,754,081	GBP	Barclays Bank plc		11/07/12		44,687		46,400		(1,713	)
	3,100,000	GBP	BNP Paribas		11/07/12		4,979		5,003		(24	)
	3,863,331	GBP	Royal Bank of Scotland		11/07/12		6,022		6,234		(212	)
	1,518,830	GBP	Union Bank of Switzerland AG		11/07/12		2,411		2,451		(40	)
	2,424,137	GBP	Westpac Banking Corp.		11/07/12		3,940		3,912		28
	8,267,236	HKD	Barclays Bank plc		11/07/12		1,066		1,067		(1	)
	15,341,000	HKD	Royal Bank of Canada		11/07/12		1,978		1,979		(1	)
	31,944,895	HKD	Union Bank of Switzerland AG		11/07/12		4,120		4,122		(2	)
	11,388,500	HKD	Westpac Banking Corp.		11/07/12		1,469		1,469		—	(h)
	285,762,867	JPY	Barclays Bank plc		11/07/12		3,657		3,580		77
	151,442,988	JPY	Goldman Sachs International		11/07/12		1,948		1,897		51
	347,385,000	JPY	Royal Bank of Scotland		11/07/12		4,474		4,352		122
	769,250,000	JPY	State Street Corp.		11/07/12		9,633		9,636		(3	)
	322,469,060	JPY	TD Bank Financial Group		11/07/12		4,103		4,039		64
	634,871,396	JPY	Westpac Banking Corp.		11/07/12		8,102		7,954		148
	1,327,350	NZD	Barclays Bank plc		11/07/12		1,070		1,091		(21	)
	3,211,474	NZD	Union Bank of Switzerland AG		11/07/12		2,591		2,640		(49	)
	13,193,843	SEK	Royal Bank of Canada		11/07/12		1,979		1,989		(10	)
	27,745,000	SEK	State Street Corp.		11/07/12		4,215		4,182		33
							$203,090	$	207,369	$	(4,279	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at 10/31/12 of the currency being sold, and the value at 10/31/12 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 65

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.4%
		Australia — 2.5%
	1,891	Australia & New Zealand Banking Group Ltd. (m)		49,880
	1,654	Goodman Group (m)		7,594
				57,474
		Belgium — 1.2%
	231	Solvay S.A. (m)		27,822
		Canada — 0.7%
	754	First Quantum Minerals Ltd. (m)		16,958
		China — 3.3%
	33,973	China Construction Bank Corp., Class H (m)		25,468
	5,435	China Shenhua Energy Co., Ltd., Class H (m)		23,029
	13,122	CNOOC Ltd. (m)		27,005
				75,502
		Finland — 0.9%
	949	Ruukki Group OYJ (a) (m)		615
	1,791	UPM-Kymmene OYJ (m)		19,225
				19,840
		France — 11.8%
	1,122	AXA S.A. (m)		17,877
	880	BNP Paribas S.A. (m)		44,400
	564	Cie de St-Gobain (m)		19,858
	682	GDF Suez (m)		15,654
	299	Lafarge S.A. (m)		17,558
	423	Renault S.A. (m)		18,972
	882	Sanofi (m)		77,446
	329	Schneider Electric S.A. (m)		20,576
	350	Sodexo (m)		26,952
	866	Suez Environnement Co. (m)		9,194
				268,487
		Germany — 7.9%
	422	Allianz SE (m)		52,399
	311	BASF SE (m)		25,794
	486	Bayer AG (m)		42,344
	454	Deutsche Boerse AG (m)		24,585
	1,459	E.ON AG (m)		33,217
				178,339
		Hong Kong — 3.0%
	4,632	China Overseas Land & Investment Ltd. (m)		12,061
	3,823	Hutchison Whampoa Ltd. (m)		37,452
	10,024	Sino Land Co., Ltd. (m)		17,883
				67,396

SHARES		SECURITY DESCRIPTION	VALUE($)
		Ireland — 0.8%
	1,034	Experian plc (m)		17,888
		Israel — 1.0%
	546	Teva Pharmaceutical Industries Ltd., ADR (m)		22,082
		Italy — 3.7%
	2,923	Eni S.p.A. (m)		67,272
	9,812	Intesa Sanpaolo S.p.A. (m)		15,806
				83,078
		Japan — 18.7%
	673	Asahi Group Holdings Ltd. (m)		15,360
	644	Bridgestone Corp. (m)		15,034
	743	Canon, Inc. (m)		24,144
	173	East Japan Railway Co. (m)		11,901
	3,623	Fujitsu Ltd. (m)		13,939
	7,177	Hitachi Ltd. (m)		38,061
	1,435	Honda Motor Co., Ltd. (m)		43,150
	417	Japan Airlines Co., Ltd. (a) (m)		19,840
	1,003	Japan Tobacco, Inc. (m)		27,724
	1,629	Kirin Holdings Co., Ltd. (m)		20,449
	2,104	Marubeni Corp. (m)		13,634
	1,186	Mitsui & Co., Ltd. (m)		16,721
	573	Nippon Telegraph & Telephone Corp. (m)		26,216
	1,431	Nissan Motor Co., Ltd. (m)		11,966
	208	ORIX Corp. (m)		21,376
	2,417	Sumitomo Corp. (m)		32,949
	1,838	Sumitomo Mitsui Financial Group, Inc. (m)		56,149
	1,043	Yamato Holdings Co., Ltd. (m)		15,886
				424,499
		Luxembourg — 0.7%
	1,036	ArcelorMittal (m)		15,323
		Netherlands — 7.2%
	337	ASML Holding N.V. (m)		18,512
	528	European Aeronautic Defence and Space Co. N.V. (m)		18,786
	2,619	ING Groep N.V., CVA (a) (m)		23,301
	2,371	Royal Dutch Shell plc, Class A (m)		81,358
	581	Unilever N.V., CVA (m)		21,349
				163,306
		Norway — 1.2%
	1,422	Telenor ASA (m)		27,964
		Russia — 0.5%
	938	Sberbank of Russia, ADR (m)		11,092
		South Africa — 0.4%
	2,364	African Bank Investments Ltd. (m)		8,001

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Korea — 1.2%
	22	Samsung Electronics Co., Ltd. (m)		26,239
		Spain — 2.4%
	1,994	Banco Bilbao Vizcaya Argentaria S.A. (m)		16,662
	4,200	Iberdrola S.A. (m)		21,752
	837	Repsol S.A. (m)		16,778
				55,192
		Sweden — 3.0%
	3,528	Nordea Bank AB (m)		32,072
	721	Swedbank AB, Class A (m)		13,400
	2,548	Telefonaktiebolaget LM Ericsson, Class B (m)		22,572
				68,044
		Switzerland — 4.3%
	1,211	Credit Suisse Group AG (a) (m)		28,173
	120	Roche Holding AG (m)		23,171
	419	Swiss Re AG (a) (m)		28,964
	72	Zurich Insurance Group AG (a) (m)		17,717
				98,025
		United Kingdom — 20.0%
	11,476	Barclays plc (m)		42,436
	349	British American Tobacco plc (m)		17,333
	4,398	Centrica plc (m)		23,024
	1,296	GlaxoSmithKline plc (m)		29,035
	8,997	HSBC Holdings plc (m)		88,708
	1,103	InterContinental Hotels Group plc (m)		27,295
	6,568	Kingfisher plc (m)		30,754
	1,208	Pearson plc (m)		24,290
	2,411	Prudential plc (m)		33,108
	704	Rio Tinto plc (m)		35,159
	490	SABMiller plc (m)		21,020
	29,551	Vodafone Group plc (m)		80,250
				452,412
		Total Common Stocks (Cost $2,010,077)		2,184,963
	Preferred Stock — 1.6%
		Germany — 1.6%
	181	Volkswagen AG (m) (Cost $22,378)		37,661

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	65,639	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $65,639)		65,639
		Total Investments — 100.9% (Cost $2,098,094)		2,288,263
		Liabilities in Excess of Other Assets — (0.9)%		(20,841	)
		NET ASSETS — 100.0%	$	2,267,422

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		17.3	%
Oil, Gas & Consumable Fuels		9.4
Pharmaceuticals		8.5
Insurance		6.6
Automobiles		4.9
Multi-Utilities		3.5
Wireless Telecommunication Services		3.5
Diversified Financial Services		3.4
Metals & Mining		3.0
Trading Companies & Distributors		2.8
Beverages		2.5
Hotels, Restaurants & Leisure		2.4
Diversified Telecommunication Services		2.4
Chemicals		2.3
Tobacco		2.0
Semiconductors & Semiconductor Equipment		2.0
Electronic Equipment, Instruments & Components		1.7
Industrial Conglomerates		1.6
Specialty Retail		1.3
Real Estate Management & Development		1.3
Capital Markets		1.2
Media		1.1
Office Electronics		1.1
Communications Equipment		1.0
Electric Utilities		1.0
Others (each less than 1.0%)		9.3
Short-Term Investment		2.9

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 67

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 10/31/12		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	77	TOPIX Index		12/13/12	$	7,147	$	95
	352	Euro STOXX 50		12/21/12		11,425		171
	118	FTSE 100 Index		12/21/12		10,976		60
							$	326

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT 10/31/12			NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,257,680	GBP
	5,292,554	for EUR	Credit Suisse International		11/27/12	$	6,861	#	$	6,870	#	$	9
	14,369,232	GBP
	179,499,292	for HKD	Westpac Banking Corp.		11/27/12		23,163	#		23,187	#		24
	359,243,005	JPY
	3,557,580	for EUR	Societe Generale		11/27/12		4,612	#		4,501	#		(111	)
	1,019,666,814	JPY
	10,354,050	for EUR	Union Bank of Switzerland AG		11/27/12		13,424	#		12,776	#		(648	)
	426,535,180	JPY
	3,428,563	for GBP	Barclays Bank plc		11/27/12		5,532	#		5,344	#		(188	)
	1,808,730,833	JPY
	177,722,071	for HKD	Credit Suisse International		11/27/12		22,933	#		22,662	#		(271	)
	7,701,193	CHF
	5,094,918	for GBP	Credit Suisse International		11/27/12		8,221	#		8,272	#		51
	17,560,949	EUR
	177,722,071	for HKD	Barclays Bank plc		11/27/12		22,933	#		22,767	#		(166	)
	12,867,970	EUR
	1,272,370,719	for JPY	BNP Paribas		11/27/12		15,941	#		16,682	#		741
	144,098,721	AUD	Credit Suisse International		11/27/12		149,599			149,277			(322	)
	7,840,000	AUD	Westpac Banking Corp.		11/27/12		8,146			8,121			(25	)
	118,516,811	CHF	Westpac Banking Corp.		11/27/12		124,101			127,308			3,207
	14,114,276	DKK	Westpac Banking Corp.		11/27/12		2,383			2,453			70
	2,467,451	EUR	Barclays Bank plc		11/27/12		3,100			3,199			99
	33,667,022	EUR	Credit Suisse International		11/27/12		43,692			43,647			(45	)
	4,812,025	EUR	HSBC Bank, N.A.		11/27/12		6,219			6,239			20
	6,466,934	EUR	Merrill Lynch International		11/27/12		8,445			8,384			(61	)
	3,411,267	EUR	Royal Bank of Canada		11/27/12		4,315			4,422			107
	2,843,000	GBP	BNP Paribas		11/27/12		4,583			4,588			5
	6,531,950	GBP	Citibank, N.A.		11/27/12		10,615			10,540			(75	)
	20,446,598	GBP	Credit Suisse International		11/27/12		32,389			32,993			604
	2,876,760	GBP	Union Bank of Switzerland AG		11/27/12		4,614			4,642			28
	6,512,408	GBP	Westpac Banking Corp.		11/27/12		10,522			10,508			(14	)
	89,140,900	HKD	Westpac Banking Corp.		11/27/12		11,496			11,503			7
	337,170,198	JPY	Barclays Bank plc		11/27/12		4,300			4,225			(75	)
	1,022,687,762	JPY	BNP Paribas		11/27/12		13,044			12,813			(231	)
	1,615,675,910	JPY	Credit Suisse International		11/27/12		20,687			20,243			(444	)

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	742,595,850	JPY	Royal Bank of Canada		11/27/12	$	9,499	$	9,304	$	(195	)
	450,000,000	JPY	State Street Corp.		11/27/12		5,731		5,638		(93	)
	750,000,000	JPY	Union Bank of Switzerland AG		11/27/12		9,552		9,397		(155	)
	563,267,914	JPY	Westpac Banking Corp.		11/27/12		7,187		7,057		(130	)
	5,906,021	NZD	HSBC Bank, N.A.		11/27/12		4,743		4,849		106
	3,967,250	NZD	Morgan Stanley		11/27/12		3,164		3,258		94
	63,189,943	SEK	Citibank, N.A.		11/27/12		9,650		9,520		(130	)
	51,831,415	SGD	Barclays Bank plc		11/27/12		41,580		42,491		911
						$	676,976	$	679,680	$	2,704

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT 10/31/12		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,765,500	AUD	HSBC Bank, N.A.		11/27/12	$	1,832	$	1,829	$	3
	11,883,065	CAD	TD Bank Financial Group		11/27/12		11,985		11,892		93
	12,572,726	CHF	Citibank, N.A.		11/27/12		13,409		13,505		(96	)
	24,906,504	CHF	Credit Suisse International		11/27/12		26,626		26,754		(128	)
	15,005,198	CHF	Westpac Banking Corp.		11/27/12		16,192		16,118		74
	63,802,225	EUR	Barclays Bank plc		11/27/12		80,395		82,716		(2,321	)
	7,112,010	EUR	Citibank, N.A.		11/27/12		9,227		9,221		6
	5,275,800	EUR	Deutsche Bank AG		11/27/12		6,836		6,840		(4	)
	3,525,000	EUR	HSBC Bank, N.A.		11/27/12		4,585		4,570		15
	6,248,562	EUR	Royal Bank of Canada		11/27/12		7,992		8,101		(109	)
	10,759,975	GBP	BNP Paribas		11/27/12		17,438		17,363		75
	3,623,566	GBP	Citibank, N.A.		11/27/12		5,771		5,847		(76	)
	5,500,000	GBP	Goldman Sachs International		11/27/12		8,849		8,875		(26	)
	73,270,611	GBP	Royal Bank of Scotland		11/27/12		116,257		118,230		(1,973	)
	66,651,800	HKD	Westpac Banking Corp.		11/27/12		8,602		8,601		1
	556,336,814	JPY	Citibank, N.A.		11/27/12		6,972		6,971		1
	788,905,606	JPY	Credit Suisse International		11/27/12		10,167		9,884		283
	1,366,186,000	JPY	Deutsche Bank AG		11/27/12		17,479		17,117		362
	6,337,642,828	JPY	TD Bank Financial Group		11/27/12		80,748		79,405		1,343
	670,964,758	JPY	Westpac Banking Corp.		11/27/12		8,564		8,407		157
	18,088,500	NOK	Royal Bank of Canada		11/27/12		3,124		3,169		(45	)
	35,011,219	NOK	TD Bank Financial Group		11/27/12		5,964		6,135		(171	)
	12,000,000	NOK	Union Bank of Switzerland AG		11/27/12		2,084		2,103		(19	)
	8,214,500	NZD	TD Bank Financial Group		11/27/12		6,671		6,744		(73	)
	130,443,074	SEK	HSBC Bank, N.A.		11/27/12		19,631		19,652		(21	)
						$	497,400	$	500,049	$	(2,649	)

# For cross-currency exchange contracts, the settlement value is the U.S. dollar market value at 10/31/12 of the currency being sold, and the value at 10/31/12 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 69

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.0%
		Australia — 5.9%
	134	Australia & New Zealand Banking Group Ltd. (m)		3,526
	147	BHP Billiton Ltd. (m)		5,211
	32	Commonwealth Bank of Australia (m)		1,929
	31	Flight Centre Ltd. (m)		858
	40	Macquarie Group Ltd. (m)		1,313
	118	Suncorp Group Ltd. (m)		1,149
	43	Wesfarmers Ltd. (m)		1,533
	124	Westfield Group (m)		1,371
	135	Westpac Banking Corp. (m)		3,564
				20,454
		Austria — 0.4%
	22	Andritz AG (m)		1,355
		Belgium — 1.4%
	32	Anheuser-Busch InBev N.V. (m)		2,659
	12	Solvay S.A. (m)		1,395
	17	Umicore S.A. (m)		875
				4,929
		Bermuda — 0.3%
	20	Signet Jewelers Ltd. (m)		1,059
		Brazil — 0.5%
	30	Cielo S.A. (m)		732
	45	Petroleo Brasileiro S.A., ADR (m)		963
				1,695
		China — 2.1%
	9	Baidu, Inc., ADR (a) (m)		986
	2,224	China Construction Bank Corp., Class H (m)		1,667
	248	China Shenhua Energy Co., Ltd., Class H (m)		1,049
	2,622	Industrial & Commercial Bank of China Ltd., Class H (m)		1,726
	118	Ping An Insurance Group Co. of China Ltd., Class H (m)		925
	260	Sands China Ltd. (m)		973
				7,326
		Denmark — 1.2%
	14	Carlsberg A/S, Class B (m)		1,216
	40	H Lundbeck A/S (m)		698
	13	Novo Nordisk A/S, Class B (m)		2,114
				4,028
		Finland — 0.3%
	106	UPM-Kymmene OYJ (m)		1,133
		France — 9.4%
	33	Accor S.A. (m)		1,044
	212	AXA S.A. (m)		3,379

SHARES		SECURITY DESCRIPTION	VALUE($)
		France — Continued
	45	BNP Paribas S.A. (m)		2,250
	33	Cap Gemini S.A. (m)		1,403
	9	Cie Generale des Etablissements Michelin, Class B (m)		741
	23	Lafarge S.A. (m)		1,321
	7	LVMH Moet Hennessy Louis Vuitton S.A. (m)		1,099
	10	Pernod-Ricard S.A. (m)		1,032
	9	PPR (m)		1,608
	52	Rexel S.A. (m)		944
	61	Sanofi (m)		5,354
	24	Schneider Electric S.A. (m)		1,516
	54	Societe Generale S.A. (a) (m)		1,709
	11	Technip S.A. (m)		1,220
	92	Total S.A. (m)		4,634
	28	Vinci S.A. (m)		1,223
	56	Vivendi S.A. (m)		1,138
	10	Zodiac Aerospace (m)		1,041
				32,656
		Germany — 9.4%
	27	Allianz SE (m)		3,327
	53	BASF SE (m)		4,409
	51	Bayer AG (m)		4,487
	22	Bayerische Motoren Werke AG (m)		1,793
	13	Bilfinger Berger SE (m)		1,309
	11	Continental AG (m)		1,105
	54	Deutsche Bank AG (m)		2,480
	68	Deutsche Post AG (m)		1,341
	86	E.ON AG (m)		1,951
	51	Freenet AG (m)		841
	13	Fresenius SE & Co. KGaA (m)		1,513
	11	Linde AG (m)		1,782
	47	SAP AG (m)		3,446
	15	Siemens AG (m)		1,536
	28	Suedzucker AG (m)		1,090
				32,410
		Hong Kong — 2.3%
	90	Cheung Kong Holdings Ltd. (m)		1,327
	410	China Overseas Land & Investment Ltd. (m)		1,068
	320	Hang Lung Properties Ltd. (m)		1,108
	125	Hutchison Whampoa Ltd. (m)		1,224
	19	Jardine Matheson Holdings Ltd. (m)		1,179
	86	Swire Pacific Ltd., Class A (m)		1,011
	164	Wharf Holdings Ltd. (m)		1,115
				8,032

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		India — 0.9%
	23	HDFC Bank Ltd., ADR (m)		867
	25	ICICI Bank Ltd., ADR (m)		969
	163	Yes Bank Ltd. (m)		1,243
				3,079
		Indonesia — 0.3%
	1,570	Bank Rakyat Indonesia Persero Tbk PT (m)		1,203
		Ireland — 1.1%
	139	Glanbia plc (m)		1,321
	23	Kerry Group plc, Class A (m)		1,181
	88	WPP plc (m)		1,138
				3,640
		Israel — 0.4%
	31	Teva Pharmaceutical Industries Ltd., ADR (m)		1,235
		Italy — 1.8%
	118	Eni S.p.A. (m)		2,709
	84	Pirelli & C. S.p.A. (m)		973
	80	Prada S.p.A. (m)		651
	234	Snam S.p.A. (m)		1,039
	8	Tod’s S.p.A. (m)		921
				6,293
		Japan — 15.6%
	101	Anritsu Corp. (m)		1,271
	48	Asahi Group Holdings Ltd. (m)		1,102
	22	Astellas Pharma, Inc. (m)		1,114
	17	Autobacs Seven Co., Ltd. (m)		714
	54	Bridgestone Corp. (m)		1,250
	28	Canon, Inc. (m)		907
	43	Century Tokyo Leasing Corp. (m)		858
	134	Chiba Bank Ltd. (The) (m)		783
	63	Daihatsu Motor Co., Ltd. (m)		1,103
	13	Daito Trust Construction Co., Ltd. (m)		1,332
	81	Daiwa House Industry Co., Ltd. (m)		1,228
	28	Dena Co., Ltd. (m)		858
	23	FamilyMart Co., Ltd. (m)		1,119
	8	FANUC Corp. (m)		1,306
	214	Fukuoka Financial Group, Inc. (m)		837
	193	Hitachi Ltd. (m)		1,024
	79	Honda Motor Co., Ltd. (m)		2,372
	250	Isuzu Motors Ltd. (m)		1,322
	122	ITOCHU Corp. (m)		1,222
	20	Itochu Techno-Solutions Corp. (m)		1,045
	41	Japan Tobacco, Inc. (m)		1,123
	220	JX Holdings, Inc. (m)		1,170
	63	Komatsu Ltd. (m)		1,310

SHARES		SECURITY DESCRIPTION	VALUE($)
		Japan — Continued
	28	Konami Corp. (m)		650
	112	Kubota Corp. (m)		1,145
	32	Makita Corp. (m)		1,259
	204	Marubeni Corp. (m)		1,322
	55	Medipal Holdings Corp. (m)		704
	73	Mitsubishi Corp. (m)		1,303
	131	Mitsubishi Electric Corp. (m)		979
	586	Mitsubishi UFJ Financial Group, Inc. (m)		2,653
	54	Mitsui & Co., Ltd. (m)		763
	17	Murata Manufacturing Co., Ltd. (m)		817
	11	Nidec Corp. (m)		776
	24	Nippon Telegraph & Telephone Corp. (m)		1,107
	181	Nissan Motor Co., Ltd. (m)		1,513
	1	NTT DOCOMO, Inc. (m)		977
	12	ORIX Corp. (m)		1,193
	94	Sekisui Chemical Co., Ltd. (m)		772
	27	Seven & I Holdings Co., Ltd. (m)		839
	23	Shin-Etsu Chemical Co., Ltd. (m)		1,304
	36	Softbank Corp. (m)		1,150
	30	Sugi Holdings Co., Ltd. (m)		1,095
	104	Sumitomo Corp. (m)		1,416
	65	Sumitomo Mitsui Financial Group, Inc. (m)		1,998
	53	Toyota Motor Corp. (m)		2,028
				54,133
		Netherlands — 5.9%
	185	Aegon N.V. (m)		1,035
	21	Akzo Nobel N.V. (m)		1,125
	22	ASML Holding N.V. (m)		1,197
	10	Gemalto N.V. (m)		899
	224	ING Groep N.V., CVA (a) (m)		1,991
	17	Koninklijke DSM N.V. (m)		891
	56	Koninklijke Philips Electronics N.V. (m)		1,392
	15	Nutreco N.V. (m)		1,153
	215	Royal Dutch Shell plc, Class B (m)		7,594
	85	Unilever N.V., CVA (m)		3,130
				20,407
		Norway — 1.1%
	113	DnB ASA (m)		1,412
	60	Petroleum Geo-Services ASA (m)		1,040
	67	Telenor ASA (m)		1,325
				3,777
		Singapore — 0.3%
	122	Keppel Corp., Ltd. (m)		1,062

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 71

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		South Africa — 0.3%
	27	Tiger Brands Ltd. (m)		874
		South Korea — 0.7%
	5	Hyundai Motor Co. (m)		1,035
	1	Samsung Electronics Co., Ltd. (m)		1,274
				2,309
		Spain — 2.0%
	46	Amadeus IT Holding S.A., Class A (m)		1,132
	205	Banco Bilbao Vizcaya Argentaria S.A. (m)		1,709
	44	Endesa S.A. (m)		942
	62	Ferrovial S.A. (m)		873
	53	Gas Natural SDG S.A. (m)		821
	13	Inditex S.A. (m)		1,624
				7,101
		Sweden — 1.0%
	36	Electrolux AB, Series B (m)		933
	56	NCC AB, Class B (m)		1,046
	40	Svenska Handelsbanken AB, Class A (m)		1,369
				3,348
		Switzerland — 9.6%
	17	Actelion Ltd. (a) (m)		816
	20	Adecco S.A. (a) (m)		974
	28	Cie Financiere Richemont S.A., Class A (m)		1,793
	113	Credit Suisse Group AG (a) (m)		2,637
	2	Galenica AG (m)		927
	17	Holcim Ltd. (a) (m)		1,180
	117	Nestle S.A. (m)		7,404
	86	Novartis AG (m)		5,197
	31	Roche Holding AG (m)		5,893
	3	Swatch Group AG (The) (m)		1,050
	27	Wolseley plc (m)		1,188
	123	Xstrata plc (m)		1,943
	9	Zurich Insurance Group AG (a) (m)		2,162
				33,164
		Taiwan — 0.2%
	54	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		852
		United Kingdom — 21.6%
	130	Aberdeen Asset Management plc (m)		681
	118	ARM Holdings plc (m)		1,270
	48	Associated British Foods plc (m)		1,066
	57	AstraZeneca plc (m)		2,661
	357	Aviva plc (m)		1,914
	228	Balfour Beatty plc (m)		1,162

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — Continued
	746	Barclays plc (m)		2,757
	150	BG Group plc (m)		2,784
	18	BHP Billiton plc (m)		579
	391	BP plc (m)		2,796
	82	British American Tobacco plc (m)		4,073
	129	British Land Co. plc (m)		1,099
	362	BT Group plc (m)		1,244
	145	BTG plc (a) (m)		798
	50	Burberry Group plc (m)		951
	28	Carnival plc (m)		1,114
	233	Centrica plc (m)		1,218
	108	Daily Mail & General Trust plc, Class A (m)		834
	70	Diageo plc (m)		2,003
	117	easyJet plc (m)		1,179
	195	GlaxoSmithKline plc (m)		4,380
	617	HSBC Holdings plc (m)		6,086
	40	Imperial Tobacco Group plc (m)		1,523
	152	Inchcape plc (m)		992
	40	InterContinental Hotels Group plc (m)		982
	657	ITV plc (m)		920
	211	J Sainsbury plc (m)		1,210
	516	Legal & General Group plc (m)		1,119
	205	Marks & Spencer Group plc (m)		1,302
	187	Meggitt plc (m)		1,167
	89	Persimmon plc (m)		1,147
	37	Petrofac Ltd. (m)		951
	187	Prudential plc (m)		2,562
	27	Resolution Ltd. (m)		96
	84	Rio Tinto plc (m)		4,202
	29	Spectris plc (m)		810
	173	Standard Chartered plc (m)		4,095
	1,287	Taylor Wimpey plc (m)		1,272
	63	Travis Perkins plc (m)		1,100
	45	Tullow Oil plc (m)		1,023
	2,074	Vodafone Group plc (m)		5,633
				74,755
		Total Common Stocks (Cost $288,831)		332,309
	Preferred Stocks — 1.6%
		Germany — 1.3%
	16	Henkel AG & Co. KGaA (m)		1,240
	15	Volkswagen AG (m)		3,144
				4,384

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — Continued
		Italy — 0.3%
	1,386	Telecom Italia S.p.A. (m)		1,110
		Total Preferred Stocks (Cost $4,427)		5,494
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	7,030	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.110% (b) (l) (m) (Cost $7,030)		7,030
		Total Investments — 99.6% (Cost $300,288)		344,833
		Other Assets in Excess of Liabilities — 0.4%		1,396
		NET ASSETS — 100.0%	$	346,229

Percentages indicated are based on net assets.

Summary of Investments by Industry, October 31, 2012

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

INDUSTRY	PERCENTAGE
Commercial Banks		12.9	%
Pharmaceuticals		10.1
Oil, Gas & Consumable Fuels		7.2
Insurance		5.1
Food Products		5.0
Automobiles		4.1
Metals & Mining		3.7
Chemicals		3.2
Trading Companies & Distributors		2.7
Wireless Telecommunication Services		2.5
Real Estate Management & Development		2.4
Beverages		2.3
Capital Markets		2.1
Tobacco		1.9
Textiles, Apparel & Luxury Goods		1.9
Industrial Conglomerates		1.9
Machinery		1.8
Diversified Telecommunication Services		1.7
Food & Staples Retailing		1.7
Hotels, Restaurants & Leisure		1.4
Semiconductors & Semiconductor Equipment		1.3
IT Services		1.3
Construction & Engineering		1.2
Household Durables		1.2
Software		1.2
Auto Components		1.2
Diversified Financial Services		1.2
Electronic Equipment, Instruments & Components		1.1
Specialty Retail		1.0
Others (each less than 1.0%)		11.7
Short-Term Investment		2.0

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 73

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF OCTOBER 31, 2012

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CDI	—  CHESS Depositary Interest
CHF	—  Swiss Franc
CVA	—  Dutch Certification
DKK	—  Danish Krone
EAFE	—  Europe, Australasia, and Far East
EUR	—  Euro
FDR	—  Fiduciary Depositary Receipt
GBP	—  British Pound
GDR	—  Global Depositary Receipt
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
NVDR	—  Non Voting Depository Receipt
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
SDR	—  Swedish Depositary Receipt
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of October 31, 2012.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A of the notes to financial statements are as follows (amounts in thousands):

Fund	Value		Percentage
Emerging Economies Fund	$	344,212		78.2	%
Emerging Markets Equity Fund		1,552,195		69.2
Global Equity Income Fund		25,085		67.0
Global Opportunities Fund		2,252		48.8
International Equity Fund		995,472		92.8
International Equity Index Fund		559,890		96.1
International Opportunities Fund		791,118		95.5
International Value Fund		2,183,584		95.4
Intrepid International Fund		331,200		96.0

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

THIS PAGE IS INTENTIONALLY LEFT BLANK

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2012

(Amounts in thousands, except per share amounts)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund
ASSETS:
Investments in non-affiliates, at value	$	429,883		$	2,189,158		$	36,452
Investments in affiliates, at value		10,554			54,151			1,001
Total investment securities, at value		440,437			2,243,309			37,453
Cash		346			297			166
Foreign currency, at value		2,368			8,591			25
Receivables:
Investment securities sold		378			10,100			104
Fund shares sold		2,394			4,636			295
Dividends from non-affiliates		845			1,755			80
Dividends from affiliates		1			1			—	(a)
Tax reclaims		—			—			26
Unrealized appreciation on forward foreign currency exchange contracts		—			—			73
Prepaid expenses		18			—			—
Total Assets		446,787			2,268,689			38,222
LIABILITIES:
Payables:
Dividends		—			—			1
Investment securities purchased		237			9,467			209
Fund shares redeemed		82			2,886			2
Unrealized depreciation on forward foreign currency exchange contracts		—			—			55
Accrued liabilities:
Investment advisory fees		372			1,903			6
Administration fees		4			166			—
Shareholder servicing fees		19			388			6
Distribution fees		8			91			2
Custodian and accounting fees		54			224			16
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Transfer agent fees		31			903			2
Audit fees		36			33			36
Other		11			142			20
Total Liabilities		854			16,203			355
Net Assets	$	445,933		$	2,252,486		$	37,867

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

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund
NET ASSETS:
Paid-in-Capital	$	487,258		$	1,946,142		$	35,969
Accumulated undistributed (distributions in excess of) net investment income		5,893			12,468			72
Accumulated net realized gains (losses)		(59,742	)		(95,729	)		(651	)
Net unrealized appreciation (depreciation)		12,524			389,605			2,477
Total Net Assets	$	445,933		$	2,252,486		$	37,867
Net Assets:
Class A	$	30,356		$	281,194		$	9,003
Class B		—			6,100			—
Class C		2,088			44,643			646
Class R2		—			—			461
Class R5		331,032			—			465
Institutional Class		—			629,223			—
Select Class		82,457			1,291,326			27,292
Total	$	445,933		$	2,252,486		$	37,867
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2,358			12,778			637
Class B		—			282			—
Class C		164			2,082			46
Class R2		—			—			33
Class R5		25,579			—			33
Institutional Class		—			27,780			—
Select Class		6,386			57,652			1,929
Net Asset Value (a):
Class A — Redemption price per share	$	12.88		$	22.01		$	14.12
Class B — Offering price per share (b)		—			21.59			—
Class C — Offering price per share (b)		12.72			21.44			14.11
Class R2 — Offering and redemption price per share		—			—			14.12
Class R5 — Offering and redemption price per share		12.94			—			14.15
Institutional Class — Offering and redemption price per share		—			22.65			—
Select Class — Offering and redemption price per share		12.91			22.40			14.14
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	13.59		$	23.23		$	14.90
Cost of investments in non-affiliates	$	417,387		$	1,799,591		$	33,992
Cost of investments in affiliates		10,554			54,151			1,001
Cost of foreign currency		2,364			8,555			25

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 77

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except per share amounts)

	Global Opportunities Fund			International Equity Fund			International Equity Index Fund
ASSETS:
Investments in non-affiliates, at value	$	4,616		$	1,036,064		$	579,092
Investments in affiliates, at value		—			37,183			3,425
Total investment securities, at value		4,616			1,073,247			582,517
Cash		36			136			575
Foreign currency, at value		13			19			904
Deposits at broker for futures contracts		—			—			335
Receivables:
Investment securities sold		8			—			—
Fund shares sold		—			966			416
Dividends from non-affiliates		6			2,120			1,235
Dividends from affiliates		—			4			—	(a)
Tax reclaims		3			1,459			488
Variation margin on futures contracts		—			—			35
Unrealized appreciation on forward foreign currency exchange contracts		5			—			—
Due from Advisor		16			—			—
Total Assets		4,703			1,077,951			586,505
LIABILITIES:
Payables:
Investment securities purchased		10			—			—
Fund shares redeemed		—			855			461
Unrealized depreciation on forward foreign currency exchange contracts		15			—			—
Accrued liabilities:
Investment advisory fees		—			654			273
Administration fees		—			—			43
Shareholder servicing fees		1			72			26
Distribution fees		1			34			33
Custodian and accounting fees		15			47			55
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		2
Transfer agent fees		3			149			137
Audit fees		34			36			30
Other		1			69			52
Total Liabilities		80			1,916			1,112
Net Assets	$	4,623		$	1,076,035		$	585,393

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

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Global Opportunities Fund			International Equity Fund			International Equity Index Fund
NET ASSETS:
Paid-in-Capital	$	5,247		$	943,422		$	462,314
Accumulated undistributed (distributions in excess of) net investment income		93			1,414			9,952
Accumulated net realized gains (losses)		(1,128	)		(32,514	)		(91,484	)
Net unrealized appreciation (depreciation)		411			163,713			204,611
Total Net Assets	$	4,623		$	1,076,035		$	585,393
Net Assets:
Class A	$	1,300		$	98,274		$	96,191
Class B		—			2,164			3,060
Class C		415			17,873			16,291
Class R2		56			721			786
Class R5		100			63,767			—
Class R6		56			682,861			—
Select Class		2,696			210,375			469,065
Total	$	4,623		$	1,076,035		$	585,393
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		97			7,355			5,580
Class B		—			167			192
Class C		31			1,399			977
Class R2		4			54			46
Class R5		7			4,716			—
Class R6		4			50,520			—
Select Class		200			15,558			27,015
Net Asset Value (a):
Class A — Redemption price per share	$	13.48		$	13.36		$	17.24
Class B — Offering price per share (b)		—			12.93			15.91
Class C — Offering price per share (b)		13.39			12.78			16.68
Class R2 — Offering and redemption price per share		13.37			13.31			17.03
Class R5 — Offering and redemption price per share		13.51			13.52			—
Class R6 — Offering and redemption price per share		13.51			13.52			—
Select Class — Offering and redemption price per share		13.50			13.52			17.36
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.23		$	14.10		$	18.20
Cost of investments in non-affiliates	$	4,195		$	872,367		$	374,503
Cost of investments in affiliates		—			37,183			3,425
Cost of foreign currency		13			18			852

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF OCTOBER 31, 2012 (continued)

(Amounts in thousands, except per share amounts)

	International Opportunities Fund		International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	808,291	$	2,222,624	$	337,803
Investments in affiliates, at value		20,262		65,639		7,030
Total investment securities, at value		828,553		2,288,263		344,833
Cash		2,134		123		732
Foreign currency, at value		24		1,019		116
Deposits at broker for futures contracts		—		1,793		—
Receivables:
Investment securities sold		13,173		5,841		696
Fund shares sold		599		6,849		214
Dividends from non-affiliates		2,000		6,950		854
Dividends from affiliates		2		5		1
Tax reclaims		536		2,343		260
Variation margin on futures contracts		—		116		—
Unrealized appreciation on forward foreign currency exchange contracts		4,039		8,496		—
Total Assets		851,060		2,321,798		347,706
LIABILITIES:
Payables:
Investment securities purchased		8,456		16,665		954
Fund shares redeemed		720		26,495		117
Variation margin on futures contracts		40		—		—
Unrealized depreciation on forward foreign currency exchange contracts		6,000		8,441		—
Accrued liabilities:
Investment advisory fees		419		1,161		246
Administration fees		61		80		11
Shareholder servicing fees		25		396		9
Distribution fees		15		38		7
Custodian and accounting fees		42		90		39
Trustees’ and Chief Compliance Officer’s fees		1		5		1
Other		96		1,005		93
Total Liabilities		15,875		54,376		1,477
Net Assets	$	835,185	$	2,267,422	$	346,229

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	International Opportunities Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	866,779		$	2,634,238		$	868,841
Accumulated undistributed (distributions in excess of) net investment income		18,370			50,317			5,150
Accumulated net realized gains (losses)		(90,022	)		(607,587	)		(572,287	)
Net unrealized appreciation (depreciation)		40,058			190,454			44,525
Total Net Assets	$	835,185		$	2,267,422		$	346,229
Net Assets:
Class A	$	67,472		$	124,691		$	32,231
Class B		462			2,932			—
Class C		531			14,311			875
Class R2		—			881			81
Class R6		692,117			25,945			—
Institutional Class		41,574			639,798			303,575
Select Class		33,029			1,458,864			9,467
Total	$	835,185		$	2,267,422		$	346,229
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		5,418			10,241			2,027
Class B		37			244			—
Class C		44			1,209			55
Class R2		—			73			5
Class R6		54,537			2,095			—
Institutional Class		3,275			51,683			18,695
Select Class		2,613			118,558			575
Net Asset Value (a):
Class A — Redemption price per share	$	12.45		$	12.18		$	15.90
Class B — Offering price per share (b)		12.46			12.03			—
Class C — Offering price per share (b)		12.15			11.84			16.00
Class R2 — Offering and redemption price per share		—			11.99			15.74
Class R6 — Offering and redemption price per share		12.69			12.38			—
Institutional Class — Offering and redemption price per share		12.69			12.38			16.24
Select Class — Offering and redemption price per share		12.64			12.31			16.46
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	13.14		$	12.85		$	16.78
Cost of investments in non-affiliates	$	766,198		$	2,032,455		$	293,258
Cost of investments in affiliates		20,262			65,639			7,030
Cost of foreign currency		19			1,011			116

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 81

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2012

(Amounts in thousands)

	Emerging Economies Fund			Emerging Markets Equity Fund			Global Equity Income Fund
INVESTMENT INCOME:
Interest income from affiliates	$	10		$	5		$	—
Dividend income from non-affiliates		12,766			50,138			1,318
Dividend income from affiliates		12			64			1
Foreign taxes withheld		(864	)		(2,866	)		(86	)
Total investment income		11,924			47,341			1,233
EXPENSES:
Investment advisory fees		3,789			21,956			226
Administration fees		330			1,916			25
Distribution fees:
Class A		78			663			5
Class B		—			51			—
Class C		10			325			4
Class R2		—			—			2
Shareholder servicing fees:
Class A		78			663			5
Class B		—			17			—
Class C		3			109			1
Class R2		—			—			1
Class R5		134			—			—	(a)
Institutional Class		—			593			—
Select Class		195			3,217			62
Custodian and accounting fees		376			1,581			90
Professional fees		69			105			76
Interest expense to affiliates		10			10			—
Trustees’ and Chief Compliance Officer’s fees		4			24			—	(a)
Printing and mailing costs		29			412			8
Registration and filing fees		35			108			71
Transfer agent fees		143			2,841			9
Offering costs		—			—			37
Other		9			11			6
Total expenses		5,292			34,602			628
Less amounts waived		(463	)		(103	)		(256	)
Less expense reimbursements		—			—			(80	)
Net expenses		4,829			34,499			292
Net investment income (loss)		7,095			12,842			941
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(40,826	)		(85,057	)		(502	)
Futures		—			—			(7	)
Foreign currency transactions		(411	)		(26	)		70
Net realized gain (loss)		(41,237	)		(85,083	)		(439	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		45,941			161,675			2,639
Foreign currency translations		23			11			22
Change in net unrealized appreciation/depreciation		45,964			161,686			2,661
Net realized/unrealized gains (losses)		4,727			76,603			2,222
Change in net assets resulting from operations	$	11,822		$	89,445		$	3,163

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

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Global Opportunities Fund			International Equity Fund			International Equity Index Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	—	(a)	$	—	(a)
Dividend income from non-affiliates		127			28,514			21,117
Dividend income from affiliates		—	(a)		42			6
Other income		—			154			293
Foreign taxes withheld		(6	)		(1,966	)		(1,992	)
Total investment income		121			26,744			19,424
EXPENSES:
Investment advisory fees		27			6,976			3,205
Administration fees		4			760			509
Distribution fees:
Class A		3			230			233
Class B		—			18			26
Class C		3			137			115
Class R2 (b)		—	(a)		2			3
Shareholder servicing fees:
Class A		3			230			233
Class B		—			6			9
Class C		1			46			39
Class R2 (b)		—	(a)		1			1
Class R5		—	(a)		29			—
Select Class		7			481			1,175
Custodian and accounting fees		102			268			427
Professional fees		80			80			81
Interest expense to affiliates		—			—			1
Trustees’ and Chief Compliance Officer’s fees		—	(a)		9			2
Printing and mailing costs		14			94			85
Registration and filing fees		81			103			62
Transfer agent fees		13			426			354
Other		12			18			12
Total expenses		350			9,914			6,572
Less amounts waived		(31	)		(1,727	)		(1,385	)
Less expense reimbursements		(268	)		—			—
Net expenses		51			8,187			5,187
Net investment income (loss)		70			18,557			14,237
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(202	)		(9,003	)		(8,736	)
Futures		6			—			1,331
Foreign currency transactions		40			185			135
Net realized gain (loss)		(156	)		(8,818	)		(7,270	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		464			65,491			23,626	(c)
Futures		—			—			(869	)
Foreign currency translations		(15	)		(136	)		(2	)
Change in net unrealized appreciation/depreciation		449			65,355			22,755
Net realized/unrealized gains (losses)		293			56,537			15,485
Change in net assets resulting from operations	$	363		$	75,094		$	29,722

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

(b) Commencement of offering of class of shares effective November 1, 2011 for Global Opportunities Fund.

(c) Net of change in India capital gains tax of approximately $5,000 for International Equity Index Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 83

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2012 (continued)

(Amounts in thousands)

	International Opportunities Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	1		$	—
Dividend income from non-affiliates		23,142			89,493			9,544
Dividend income from affiliates		21			55			10
Other income		35			118			—
Foreign taxes withheld		(1,553	)		(6,167	)		(639	)
Total investment income		21,645			83,500			8,915
EXPENSES:
Investment advisory fees		3,874			12,530			2,400
Administration fees		563			1,822			246
Distribution fees:
Class A		131			289			78
Class B		4			23			—
Class C		4			114			7
Class R2		—			4			—	(a)
Shareholder servicing fees:
Class A		131			289			78
Class B		1			8			—
Class C		2			38			2
Class R2		—			2			—	(a)
Institutional Class		39			589			240
Select Class		72			3,368			26
Custodian and accounting fees		278			589			230
Professional fees		79			96			81
Interest expense to affiliates		—			8			—
Trustees’ and Chief Compliance Officer’s fees		7			22			3
Printing and mailing costs		53			388			7
Registration and filing fees		61			170			66
Transfer agent fees		212			2,583			105
Other		4			9			3
Total expenses		5,515			22,941			3,572
Less amounts waived		(35	)		(570	)		(571	)
Net expenses		5,480			22,371			3,001
Net investment income (loss)		16,165			61,129			5,914
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(18,074	)		(144,254	)		(13,119	)
Futures		88			1,586			—
Foreign currency transactions		3,207			1,205			(48	)
Net realized gain (loss)		(14,779	)		(141,463	)		(13,167	)
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		49,165			190,677			24,813
Futures		(40	)		287			—
Foreign currency translations		(1,675	)		(4,635	)		(47	)
Change in net unrealized appreciation/depreciation		47,450			186,329			24,766
Net realized/unrealized gains (losses)		32,671			44,866			11,599
Change in net assets resulting from operations	$	48,836		$	105,995		$	17,513

(a) Amount rounds to less than $1,000

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	7,095		$	4,223		$	12,842		$	10,581
Net realized gain (loss)		(41,237	)		(16,884	)		(85,083	)		(16	)
Change in net unrealized appreciation/depreciation		45,964			(34,905	)		161,686			(226,329	)
Change in net assets resulting from operations		11,822			(47,566	)		89,445			(215,764	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(404	)		—	(a)		—			(1,007	)
Class C
From net investment income		(7	)		—			—			(39	)
Class R5
From net investment income		(3,406	)		(248	)		—			—
Institutional Class
From net investment income		—			—			(1,158	)		(3,282	)
Select Class
From net investment income		(1,054	)		(126	)		(767	)		(5,259	)
Total distributions to shareholders		(4,871	)		(374	)		(1,925	)		(9,587	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		92,749			386,712			1,200			644,976
NET ASSETS:
Change in net assets		99,700			338,772			88,720			419,625
Beginning of period		346,233			7,461			2,163,766			1,744,141
End of period	$	445,933		$	346,233		$	2,252,486		$	2,163,766
Accumulated undistributed (distributions in excess of) net investment income	$	5,893		$	3,911		$	12,468		$	1,577

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

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Opportunities Fund
	Year Ended 10/31/2012			Period Ended 10/31/2011(a)			Year Ended 10/31/2012			Year Ended 10/31/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	941		$	75		$	70		$	39
Net realized gain (loss)		(439	)		(146	)		(156	)		(240	)
Change in net unrealized appreciation/depreciation		2,661			(184	)		449			(512	)
Change in net assets resulting from operations		3,163			(255	)		363			(713	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(55	)		(2	)		(14	)		(9	)
Class C
From net investment income		(15	)		(1	)		(4	)		(3	)
Class R2 (b)
From net investment income		(13	)		(1	)		(1	)		—
Class R5
From net investment income		(16	)		(1	)		(2	)		(2	)
Class R6 (b)
From net investment income		—			—			(1	)		—
Select Class
From net investment income		(846	)		(64	)		(41	)		(45	)
Total distributions to shareholders		(945	)		(69	)		(63	)		(59	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		32,705			3,268			(216	)		2,168
NET ASSETS:
Change in net assets		34,923			2,944			84			1,396
Beginning of period		2,944			—			4,539			3,143
End of period	$	37,867		$	2,944		$	4,623		$	4,539
Accumulated undistributed (distributions in excess of) net investment income	$	72		$	6		$	93		$	46

(a) Commencement of operations was February 28, 2011.

(b) Commencement of offering of class of shares effective November 1, 2011 for Global Opportunities Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	18,557		$	13,038		$	14,237		$	15,743
Net realized gain (loss)		(8,818	)		(3,838	)		(7,270	)		11,150
Change in net unrealized appreciation/depreciation		65,355			(42,482	)		22,755			(92,735	)
Change in net assets resulting from operations		75,094			(33,282	)		29,722			(65,842	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,450	)		(2,093	)		(2,361	)		(2,889	)
Class B
From net investment income		(29	)		(39	)		(68	)		(107	)
Class C
From net investment income		(225	)		(276	)		(261	)		(307	)
Class R2
From net investment income		(4	)		(1	)		(11	)		(5	)
Class R5
From net investment income		(1,179	)		(1,018	)		—			—
Class R6 (a)
From net investment income		(11,257	)		(5,557	)		—			—
Select Class
From net investment income		(3,509	)		(3,854	)		(13,654	)		(13,161	)
Total distributions to shareholders		(17,653	)		(12,838	)		(16,355	)		(16,469	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		313,506			108,846			(49,829	)		38,549
NET ASSETS:
Change in net assets		370,947			62,726			(36,462	)		(43,762	)
Beginning of period		705,088			642,362			621,855			665,617
End of period	$	1,076,035		$	705,088		$	585,393		$	621,855
Accumulated undistributed (distributions in excess of) net investment income	$	1,414		$	325		$	9,952		$	10,590

(a) Commencement of offering of class of shares effective November 30, 2010 for International Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Value Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,165		$	8,748		$	61,129		$	45,281
Net realized gain (loss)		(14,779	)		(1,059	)		(141,463	)		46,593
Change in net unrealized appreciation/depreciation		47,450			(46,324	)		186,329			(258,093	)
Change in net assets resulting from operations		48,836			(38,635	)		105,995			(166,219	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,463	)		(363	)		(3,673	)		(4,623	)
Class B
From net investment income		(11	)		(16	)		(89	)		(129	)
Class C
From net investment income		(11	)		(19	)		(433	)		(534	)
Class R2
From net investment income		—			—			(20	)		(37	)
Class R6 (a)
From net investment income		(12,897	)		(1	)		(2	)		(2	)
Institutional Class
From net investment income		(1,204	)		(7,005	)		(19,820	)		(15,255	)
Select Class
From net investment income		(791	)		(794	)		(48,068	)		(31,789	)
Total distributions to shareholders		(16,377	)		(8,198	)		(72,105	)		(52,369	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		312,142			218,691			139,907			777,579
NET ASSETS:
Change in net assets		344,601			171,858			173,797			558,991
Beginning of period		490,584			318,726			2,093,625			1,534,634
End of period	$	835,185		$	490,584		$	2,267,422		$	2,093,625
Accumulated undistributed (distributions in excess of) net investment income	$	18,370		$	15,375		$	50,317		$	60,088

(a) Commencement of offering of class of shares effective November 30, 2010.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Intrepid International Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,914		$	3,656
Net realized gain (loss)		(13,167	)		713
Change in net unrealized appreciation/depreciation		24,766			(17,717	)
Change in net assets resulting from operations		17,513			(13,348	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(328	)		(518	)
Class C
From net investment income		(2	)		(12	)
Class R2
From net investment income		(1	)		(1	)
Institutional Class
From net investment income		(3,168	)		(2,372	)
Select Class
From net investment income		(144	)		(152	)
Total distributions to shareholders		(3,643	)		(3,055	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		108,810			88,261
NET ASSETS:
Change in net assets		122,680			71,858
Beginning of period		223,549			151,691
End of period	$	346,229		$	223,549
Accumulated undistributed (distributions in excess of) net investment income	$	5,150		$	2,927

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	17,345		$	57,936		$	115,445		$	175,609
Dividends and distributions reinvested		404			—	(a)		—			937
Cost of shares redeemed		(31,488	)		(7,318	)		(110,590	)		(133,303	)
Redemption fees		—			—	(a)		—			7
Change in net assets resulting from Class A capital transactions	$	(13,739	)	$	50,618		$	4,855		$	43,250
Class B
Proceeds from shares issued	$	—		$	—		$	212		$	646
Cost of shares redeemed		—			—			(1,932	)		(2,980	)
Redemption fees		—			—			—			—	(a)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(1,720	)	$	(2,334	)
Class C
Proceeds from shares issued	$	2,046		$	460		$	10,193		$	21,953
Dividends and distributions reinvested		7			—			—			33
Cost of shares redeemed		(483	)		(9	)		(10,395	)		(14,028	)
Redemption fees		—			—	(a)		—			1
Change in net assets resulting from Class C capital transactions	$	1,570		$	451		$	(202	)	$	7,959
Class R5
Proceeds from shares issued	$	175,434		$	261,420		$	—		$	—
Dividends and distributions reinvested		3,406			248			—			—
Cost of shares redeemed		(80,783	)		(3,561	)		—			—
Redemption fees		—			1			—			—
Change in net assets resulting from Class R5 capital transactions	$	98,057		$	258,108		$	—		$	—
Institutional Class
Proceeds from shares issued	$	—		$	—		$	208,354		$	280,763
Dividends and distributions reinvested		—			—			934			2,114
Cost of shares redeemed		—			—			(200,452	)		(138,088	)
Redemption fees		—			—			—			15
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	8,836		$	144,804
Select Class
Proceeds from shares issued	$	32,183		$	93,995		$	507,533		$	804,392
Dividends and distributions reinvested		64			55			569			2,409
Cost of shares redeemed		(25,386	)		(16,516	)		(518,671	)		(355,531	)
Redemption fees		—			1			—			27
Change in net assets resulting from Select Class capital transactions	$	6,861		$	77,535		$	(10,569	)	$	451,297
Total change in net assets resulting from capital transactions	$	92,749		$	386,712		$	1,200		$	644,976

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Emerging Economies Fund						Emerging Markets Equity Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
SHARE TRANSACTIONS:
Class A
Issued		1,350			3,985			5,368			7,727
Reinvested		35			—	(a)		—			40
Redeemed		(2,467	)		(549	)		(5,178	)		(5,970	)
Change in Class A Shares		(1,082	)		3,436			190			1,797
Class B
Issued		—			—			10			28
Redeemed		—			—			(92	)		(131	)
Change in Class B Shares		—			—			(82	)		(103	)
Class C
Issued		160			38			479			960
Reinvested		1			—			—			2
Redeemed		(38	)		(1	)		(501	)		(629	)
Change in Class C Shares		123			37			(22	)		333
Class R5
Issued		13,598			18,199			—			—
Reinvested		292			17			—			—
Redeemed		(6,289	)		(242	)		—			—
Change in Class R5 Shares		7,601			17,974			—			—
Institutional Class
Issued		—			—			9,474			12,015
Reinvested		—			—			46			88
Redeemed		—			—			(9,257	)		(5,960	)
Change in Institutional Class Shares		—			—			263			6,143
Select Class
Issued		2,538			6,525			23,388			34,906
Reinvested		5			4			28			102
Redeemed		(1,977	)		(1,234	)		(24,162	)		(15,495	)
Change in Select Class Shares		566			5,295			(746	)		19,513

(a) Amount rounds to less than 1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Equity Income Fund						Global Opportunities Fund
	Year Ended 10/31/2012			Period Ended 10/31/2011 (a)			Year Ended 10/31/2012			Year Ended 10/31/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,224		$	129		$	416		$	2,535
Dividends and distributions reinvested		55			2			15			9
Cost of shares redeemed		(450	)		—	(b)		(690	)		(1,026	)
Redemption fees		—			—			—			—	(b)
Change in net assets resulting from Class A capital transactions	$	8,829		$	131		$	(259	)	$	1,518
Class C
Proceeds from shares issued	$	530		$	64		$	67		$	354
Dividends and distributions reinvested		14			1			4			3
Cost of shares redeemed		—	(a)		—			(116	)		(65	)
Redemption fees		—			—			—			—	(b)
Change in net assets resulting from Class C capital transactions	$	544		$	65		$	(45	)	$	292
Class R2 (c)
Proceeds from shares issued	$	367		$	50		$	50		$	—
Dividends and distributions reinvested		13			1			1			—
Change in net assets resulting from Class R2 capital transactions	$	380		$	51		$	51		$	—
Class R5
Proceeds from shares issued	$	367		$	50		$	—		$	—
Dividends and distributions reinvested		16			1			2			2
Redemption fees		—			—			—			—	(b)
Change in net assets resulting from Class R5 capital transactions	$	383		$	51		$	2		$	2
Class R6 (c)
Proceeds from shares issued	$	—		$	—		$	50		$	—
Dividends and distributions reinvested		—			—			1			—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	51		$	—
Select Class
Proceeds from shares issued	$	21,742		$	2,921		$	78		$	1,504
Dividends and distributions reinvested		839			64			40			45
Cost of shares redeemed		(12	)		(15	)		(134	)		(1,193	)
Redemption fees		—			—			—			—	(b)
Change in net assets resulting from Select Class capital transactions	$	22,569		$	2,970		$	(16	)	$	356
Total change in net assets resulting from capital transactions	$	32,705		$	3,268		$	(216	)	$	2,168

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Global Equity Income Fund						Global Opportunities Fund
	Year Ended 10/31/2012			Period Ended 10/31/2011 (a)			Year Ended 10/31/2012			Year Ended 10/31/2011
SHARE TRANSACTIONS:
Class A
Issued		656			9			32			179
Reinvested		4			—	(b)		1			1
Redeemed		(32	)		—	(b)		(54	)		(83	)
Change in Class A Shares		628			9			(21	)		97
Class C
Issued		41			4			5			25
Reinvested		1			—	(b)		—	(b)		—	(b)
Redeemed		—	(b)		—			(9	)		(5	)
Change in Class C Shares		42			4			(4	)		20
Class R2 (c)
Issued		29			3			4			—
Reinvested		1			—	(b)		—	(b)		—
Change in Class R2 Shares		30			3			4			—
Class R5
Issued		29			3			—			—
Reinvested		1			—	(b)		—	(b)		—	(b)
Change in Class R5 Shares		30			3			—	(b)		—	(b)
Class R6 (c)
Issued		—			—			4			—
Reinvested		—			—			—	(b)		—
Change in Class R6 Shares		—			—			4			—
Select Class
Issued		1,669			195			6			100
Reinvested		62			5			4			3
Redeemed		(1	)		(1	)		(11	)		(82	)
Change in Select Class Shares		1,730			199			(1	)		21

(a) Commencement of operations was February 28, 2011.

(b) Amount rounds to less than 1,000.

(c) Commencement of offering of class of shares effective November 1, 2011 for Global Opportunities Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	45,000		$	57,126		$	26,703		$	32,815
Dividends and distributions reinvested		1,404			2,039			2,272			2,661
Cost of shares redeemed		(57,239	)		(77,591	)		(33,906	)		(46,940	)
Redemption fees		—			2			—			2
Change in net assets resulting from Class A capital transactions	$	(10,835	)	$	(18,424	)	$	(4,931	)	$	(11,462	)
Class B
Proceeds from shares issued	$	50		$	195		$	42		$	150
Dividends and distributions reinvested		23			29			67			101
Cost of shares redeemed		(853	)		(1,809	)		(1,257	)		(2,032	)
Redemption fees		—			—	(a)		—			—	(a)
Change in net assets resulting from Class B capital transactions	$	(780	)	$	(1,585	)	$	(1,148	)	$	(1,781	)
Class C
Proceeds from shares issued	$	2,504		$	4,209		$	4,855		$	7,301
Dividends and distributions reinvested		149			175			245			272
Cost of shares redeemed		(5,942	)		(6,116	)		(4,620	)		(8,092	)
Redemption fees		—			—	(a)		—			—	(a)
Change in net assets resulting from Class C capital transactions	$	(3,289	)	$	(1,732	)	$	480		$	(519	)
Class R2
Proceeds from shares issued	$	662		$	—		$	539		$	337
Dividends and distributions reinvested		2			1			3			1
Cost of shares redeemed		(57	)		—			(243	)		(100	)
Redemption fees		—			—	(a)		—			—	(a)
Change in net assets resulting from Class R2 capital transactions	$	607		$	1		$	299		$	238
Class R5
Proceeds from shares issued	$	22,598		$	51,189		$	—		$	—
Dividends and distributions reinvested		1,179			1,018			—			—
Cost of shares redeemed		(9,719	)		(253,227	)		—			—
Redemption fees		—			1			—			—
Change in net assets resulting from Class R5 capital transactions	$	14,058		$	(201,019	)	$	—		$	—
Class R6 (b)
Proceeds from shares issued	$	329,320		$	406,486		$	—		$	—
Dividends and distributions reinvested		11,257			5,557			—			—
Cost of shares redeemed		(37,992	)		(37,435	)		—			—
Redemption fees		—			5			—			—
Change in net assets resulting from Class R6 capital transactions	$	302,585		$	374,613		$	—		$	—
Select Class
Proceeds from shares issued	$	63,016		$	66,352		$	45,653		$	134,004
Dividends and distributions reinvested		2,202			2,337			1,712			2,114
Cost of shares redeemed		(54,058	)		(111,701	)		(91,894	)		(84,055	)
Redemption fees		—			4			—			10
Change in net assets resulting from Select Class capital transactions	$	11,160		$	(43,008	)	$	(44,529	)	$	52,073
Total change in net assets resulting from capital transactions	$	313,506		$	108,846		$	(49,829	)	$	38,549

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	International Equity Fund						International Equity Index Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
SHARE TRANSACTIONS:
Class A
Issued		3,527			4,149			1,627			1,752
Reinvested		111			146			148			144
Redeemed		(4,441	)		(5,922	)		(2,081	)		(2,534	)
Change in Class A Shares		(803	)		(1,627	)		(306	)		(638	)
Class B
Issued		3			15			2			8
Reinvested		2			2			5			6
Redeemed		(69	)		(136	)		(83	)		(116	)
Change in Class B Shares		(64	)		(119	)		(76	)		(102	)
Class C
Issued		207			316			304			397
Reinvested		12			13			16			15
Redeemed		(492	)		(475	)		(291	)		(450	)
Change in Class C Shares		(273	)		(146	)		29			(38	)
Class R2
Issued		53			—			33			20
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		(4	)		—			(15	)		(5	)
Change in Class R2 Shares		49			—	(a)		18			15
Class R5
Issued		1,799			3,905			—			—
Reinvested		92			74			—			—
Redeemed		(757	)		(18,263	)		—			—
Change in Class R5 Shares		1,134			(14,284	)		—			—
Class R6 (b)
Issued		25,388			29,470			—			—
Reinvested		881			402			—			—
Redeemed		(2,974	)		(2,647	)		—			—
Change in Class R6 Shares		23,295			27,225			—			—
Select Class
Issued		4,933			4,873			2,866			7,136
Reinvested		172			167			111			114
Redeemed		(4,163	)		(8,211	)		(5,614	)		(4,537	)
Change in Select Class Shares		942			(3,171	)		(2,637	)		2,713

(a) Amount rounds to less than 1,000.

(b) Commencement of offering of class of shares effective November 30, 2010 for International Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	International Opportunities Fund						International Value Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	37,212		$	55,121		$	49,899		$	75,529
Dividends and distributions reinvested		1,455			351			3,261			3,776
Cost of shares redeemed		(21,984	)		(14,020	)		(44,716	)		(97,178	)
Redemption fees		—			—	(a)		—			2
Change in net assets resulting from Class A capital transactions	$	16,683		$	41,452		$	8,444		$	(17,871	)
Class B
Proceeds from shares issued	$	19		$	341		$	43		$	207
Dividends and distributions reinvested		10			14			75			101
Cost of shares redeemed		(289	)		(506	)		(770	)		(1,696	)
Redemption fees		—			—	(a)		—			—	(a)
Change in net assets resulting from Class B capital transactions	$	(260	)	$	(151	)	$	(652	)	$	(1,388	)
Class C
Proceeds from shares issued	$	87		$	276		$	2,699		$	3,898
Dividends and distributions reinvested		9			13			274			302
Cost of shares redeemed		(166	)		(478	)		(5,245	)		(5,488	)
Redemption fees		—			—	(a)		—			1
Change in net assets resulting from Class C capital transactions	$	(70	)	$	(189	)	$	(2,272	)	$	(1,287	)
Class R2
Proceeds from shares issued	$	—		$	—		$	385		$	692
Dividends and distributions reinvested		—			—			10			11
Cost of shares redeemed		—			—			(222	)		(821	)
Redemption fees		—			—			—			—	(a)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	173		$	(118	)
Class R6 (b)
Proceeds from shares issued	$	312,227		$	428,154		$	33,126		$	50
Dividends and distributions reinvested		12,897			1			2			2
Cost of shares redeemed		(33,425	)		(20,282	)		(9,200	)		—
Redemption fees		—			1			—			—	(a)
Change in net assets resulting from Class R6 capital transactions	$	291,699		$	407,874		$	23,928		$	52
Institutional Class
Proceeds from shares issued	$	9,873		$	36,085		$	256,917		$	308,897
Dividends and distributions reinvested		788			6,602			14,739			10,471
Cost of shares redeemed		(10,083	)		(274,069	)		(190,594	)		(138,436	)
Redemption fees		—			—	(a)		—			7
Change in net assets resulting from Institutional Class capital transactions	$	578		$	(231,382	)	$	81,062		$	180,939
Select Class
Proceeds from shares issued	$	13,694		$	10,527		$	551,695		$	933,257
Dividends and distributions reinvested		516			474			29,315			2,710
Cost of shares redeemed		(10,698	)		(9,914	)		(551,786	)		(318,731	)
Redemption fees		—			—	(a)		—			16
Change in net assets resulting from Select Class capital transactions	$	3,512		$	1,087		$	29,224		$	617,252
Total change in net assets resulting from capital transactions	$	312,142		$	218,691		$	139,907		$	777,579

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	International Opportunities Fund						International Value Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011			Year Ended 10/31/2012			Year Ended 10/31/2011
SHARE TRANSACTIONS:
Class A
Issued		3,125			4,021			4,264			5,652
Reinvested		132			27			297			290
Redeemed		(1,828	)		(1,112	)		(3,776	)		(7,207	)
Change in Class A Shares		1,429			2,936			785			(1,265	)
Class B
Issued		1			26			4			15
Reinvested		1			1			7			8
Redeemed		(24	)		(40	)		(66	)		(129	)
Change in Class B Shares		(22	)		(13	)		(55	)		(106	)
Class C
Issued		8			21			236			299
Reinvested		1			1			26			24
Redeemed		(14	)		(39	)		(462	)		(424	)
Change in Class C Shares		(5	)		(17	)		(200	)		(101	)
Class R2
Issued		—			—			33			53
Reinvested		—			—			1			1
Redeemed		—			—			(19	)		(61	)
Change in Class R2 Shares		—			—			15			(7	)
Class R6 (b)
Issued		25,578			32,025			2,821			4
Reinvested		1,153			—	(a)		—	(a)		—	(a)
Redeemed		(2,807	)		(1,412	)		(730	)		—
Change in Class R6 Shares		23,924			30,613			2,091			4
Institutional Class
Issued		808			2,718			21,768			22,968
Reinvested		70			499			1,323			793
Redeemed		(828	)		(20,291	)		(15,861	)		(10,335	)
Change in Institutional Class Shares		50			(17,074	)		7,230			13,426
Select Class
Issued		1,131			788			46,604			70,086
Reinvested		46			36			2,644			206
Redeemed		(908	)		(764	)		(46,673	)		(24,224	)
Change in Select Class Shares		269			60			2,575			46,068

(a) Amount rounds to less than 1,000.

(b) Commencement of offering of class of shares effective November 30, 2010.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid International Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,357		$	32,879
Dividends and distributions reinvested		317			490
Cost of shares redeemed		(9,553	)		(23,302	)
Redemption fees		—			—	(a)
Change in net assets resulting from Class A capital transactions	$	(879	)	$	10,067
Class C
Proceeds from shares issued	$	154		$	147
Dividends and distributions reinvested		2			10
Cost of shares redeemed		(332	)		(534	)
Redemption fees		—			—	(a)
Change in net assets resulting from Class C capital transactions	$	(176	)	$	(377	)
Class R2
Proceeds from shares issued	$	2		$	55
Dividends and distributions reinvested		1			1
Cost of shares redeemed		(32	)		(5	)
Redemption fees		—			—	(a)
Change in net assets resulting from Class R2 capital transactions	$	(29	)	$	51
Institutional Class
Proceeds from shares issued	$	115,082		$	104,518
Dividends and distributions reinvested		2,649			1,682
Cost of shares redeemed		(4,834	)		(14,018	)
Redemption fees		—			1
Change in net assets resulting from Institutional Class capital transactions	$	112,897		$	92,183
Select Class
Proceeds from shares issued	$	1,207		$	899
Dividends and distributions reinvested		20			16
Cost of shares redeemed		(4,230	)		(14,578	)
Redemption fees		—			—	(a)
Change in net assets resulting from Select Class capital transactions	$	(3,003	)	$	(13,663	)
Total change in net assets resulting from capital transactions	$	108,810		$	88,261

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Intrepid International Fund
	Year Ended 10/31/2012			Year Ended 10/31/2011
SHARE TRANSACTIONS:
Class A
Issued		551			1,952
Reinvested		22			29
Redeemed		(631	)		(1,340	)
Change in Class A Shares		(58	)		641
Class C
Issued		12			7
Reinvested		—	(a)		1
Redeemed		(23	)		(32	)
Change in Class C Shares		(11	)		(24	)
Class R2
Issued		—	(a)		3
Reinvested		—	(a)		—	(a)
Redeemed		(2	)		—	(a)
Change in Class R2 Shares		(2	)		3
Institutional Class
Issued		7,445			6,221
Reinvested		184			99
Redeemed		(315	)		(829	)
Change in Institutional Class Shares		7,314			5,491
Select Class
Issued		77			52
Reinvested		1			1
Redeemed		(274	)		(836	)
Change in Select Class Shares		(196	)		(783	)

(a) Amount rounds to less than 1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Economies Fund
Class A
Year Ended October 31, 2012	$	12.65	$	0.17	(e)	$	0.21		$	0.38		$	(0.15	)	$	—
Year Ended October 31, 2011		13.91		0.20	(e)		(1.44	)		(1.24	)		(0.02	)		—	(f)
Year Ended October 31, 2010		10.47		0.11	(e)		3.60			3.71			(0.27	)		—
Year Ended October 31, 2009		7.14		0.18			3.42			3.60			(0.27	)		—
February 28, 2008 (g) through October 31, 2008		15.00		0.20			(8.06	)		(7.86	)		—			—
Class C
Year Ended October 31, 2012		12.58		0.15	(e)		0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08	(e)		(1.37	)		(1.29	)		—			—	(f)
Year Ended October 31, 2010		10.46		0.05	(e)		3.59			3.64			(0.23	)		—
Year Ended October 31, 2009		7.11		0.14			3.43			3.57			(0.22	)		—
February 28, 2008 (g) through October 31, 2008		15.00		0.16			(8.05	)		(7.89	)		—			—
Class R5
Year Ended October 31, 2012		12.71		0.25	(e)		0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30	(e)		(1.47	)		(1.17	)		(0.05	)		—	(f)
Year Ended October 31, 2010		10.48		0.17	(e)		3.59			3.76			(0.31	)		—
Year Ended October 31, 2009		7.16		0.22			3.41			3.63			(0.31	)		—
February 28, 2008 (g) through October 31, 2008		15.00		0.24			(8.08	)		(7.84	)		—			—
Select Class
Year Ended October 31, 2012		12.68		0.22	(e)		0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25	(e)		(1.45	)		(1.20	)		(0.04	)		—	(f)
Year Ended October 31, 2010		10.48		0.14	(e)		3.59			3.73			(0.29	)		—
Year Ended October 31, 2009		7.15		0.20			3.42			3.62			(0.29	)		—
February 28, 2008 (g) through October 31, 2008		15.00		0.23			(8.08	)		(7.85	)		—			—

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Commencement of operations.

(h) Includes interest expense of 0.01%.

(i) Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

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

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	12.88		3.15	%	$	30,356		1.65	%		1.37	%		1.76	%		72	%
	12.65		(8.93	)		43,519		1.75			1.50			1.75			84
	13.91		36.12			49		1.85			0.96			3.99			156
	10.47		52.59			36		1.85			2.27			5.59			141
	7.14		(52.40	)		24		1.86	(h)		2.37			5.30	(i)		110
	12.72		2.54			2,088		2.12			1.21			2.27			72
	12.58		(9.30	)		516		2.28			0.57			2.32			84
	13.87		35.33			49		2.35			0.46			4.49			156
	10.46		51.98			36		2.35			1.77			6.08			141
	7.11		(52.60	)		24		2.36	(h)		1.86			5.81	(i)		110
	12.94		3.53			331,032		1.19			1.99			1.31			72
	12.71		(8.45	)		228,411		1.31			2.14			1.32			84
	13.93		36.66			50		1.40			1.41			3.54			156
	10.48		53.31			37		1.40			2.72			5.13			141
	7.16		(52.27	)		24		1.41	(h)		2.82			4.86	(i)		110
	12.91		3.34			82,457		1.39			1.70			1.51			72
	12.68		(8.65	)		73,787		1.52			1.76			1.55			84
	13.92		36.35			7,313		1.60			1.21			3.74			156
	10.48		53.07			5,360		1.60			2.52			5.33			141
	7.15		(52.33	)		3,503		1.61	(h)		2.62			5.05	(i)		110

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Year Ended October 31, 2012	$	21.09	$	0.07	(c)	$	0.85		$	0.92		$	—		$	—
Year Ended October 31, 2011		23.45		0.06	(c)		(2.33	)		(2.27	)		(0.09	)		—	(d)
Year Ended October 31, 2010		18.79		(0.01	)(c)		4.71			4.70			(0.04	)		—	(d)
Year Ended October 31, 2009		12.66		0.07	(c)		6.31			6.38			(0.25	)		—	(d)
Year Ended October 31, 2008		26.19		0.27			(13.78	)		(13.51	)		(0.02	)		—	(d)
Class B
Year Ended October 31, 2012		20.80		(0.05	)(c)		0.84			0.79			—			—
Year Ended October 31, 2011		23.15		(0.07	)(c)		(2.28	)		(2.35	)		—			—	(d)
Year Ended October 31, 2010		18.60		(0.12	)(c)		4.67			4.55			—			—	(d)
Year Ended October 31, 2009		12.46		—	(c)(d)		6.25			6.25			(0.11	)		—	(d)
Year Ended October 31, 2008		25.89		0.16			(13.59	)		(13.43	)		—			—	(d)
Class C
Year Ended October 31, 2012		20.65		(0.04	)(c)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)(c)		(2.29	)		(2.34	)		(0.02	)		—	(d)
Year Ended October 31, 2010		18.49		(0.11	)(c)		4.63			4.52			—			—	(d)
Year Ended October 31, 2009		12.42		(0.01	)(c)		6.23			6.22			(0.15	)		—	(d)
Year Ended October 31, 2008		25.80		0.16			(13.54	)		(13.38	)		—			—	(d)
Institutional Class
Year Ended October 31, 2012		21.66		0.16	(c)		0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16	(c)		(2.40	)		(2.24	)		(0.14	)		—	(d)
Year Ended October 31, 2010		19.23		0.08	(c)		4.82			4.90			(0.09	)		—	(d)
Year Ended October 31, 2009		12.97		0.14	(c)		6.45			6.59			(0.33	)		—	(d)
Year Ended October 31, 2008		26.80		0.30			(14.04	)		(13.74	)		(0.09	)		—	(d)
Select Class
Year Ended October 31, 2012		21.42		0.13	(c)		0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13	(c)		(2.38	)		(2.25	)		(0.13	)		—	(d)
Year Ended October 31, 2010		19.04		0.05	(c)		4.77			4.82			(0.06	)		—	(d)
Year Ended October 31, 2009		12.84		0.11	(c)		6.39			6.50			(0.30	)		—	(d)
Year Ended October 31, 2008		26.54		0.28			(13.94	)		(13.66	)		(0.04	)		—	(d)

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

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(c) Calculated based upon average shares outstanding.

(d) Amount rounds to less than $0.01.

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

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate*
$	22.01		4.36	%	$	281,194		1.82	%		0.33	%		1.82	%		20	%
	21.09		(9.73	)		265,458		1.79			0.28			1.80			9
	23.45		25.08			253,037		1.82			(0.03	)		1.83			14
	18.79		51.49			121,638		1.85			0.45			1.85			10
	12.66		(51.62	)		32,192		1.82			1.17			1.82			19
	21.59		3.80			6,100		2.32			(0.23	)		2.32			20
	20.80		(10.15	)		7,572		2.29			(0.32	)		2.30			9
	23.15		24.46			10,812		2.31			(0.58	)		2.32			14
	18.60		50.70			10,535		2.36			(0.02	)		2.37			10
	12.46		(51.87	)		7,124		2.32			0.67			2.32			19
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	20.65		(10.18	)		43,437		2.29			(0.23	)		2.30			9
	23.01		24.45			40,757		2.32			(0.52	)		2.33			14
	18.49		50.72			19,803		2.35			(0.06	)		2.35			10
	12.42		(51.86	)		5,030		2.32			0.68			2.32			19
	22.65		4.80			629,223		1.41			0.73			1.42			20
	21.66		(9.37	)		596,147		1.38			0.68			1.41			9
	24.04		25.55			513,904		1.40			0.37			1.43			14
	19.23		52.20			325,849		1.43			0.93			1.46			10
	12.97		(51.44	)		108,836		1.42			1.52			1.42			19
	22.40		4.65			1,291,326		1.57			0.60			1.57			20
	21.42		(9.51	)		1,251,152		1.55			0.56			1.56			9
	23.80		25.38			925,631		1.57			0.23			1.58			14
	19.04		51.88			330,903		1.61			0.73			1.62			10
	12.84		(51.53	)		188,893		1.57			1.43			1.57			19

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Global Equity Income Fund
Class A
Year Ended October 31, 2012	$	13.37	$	0.31	(e)	$	0.88		$	1.19		$	(0.44	)
February 28, 2011 (f) through October 31, 2011		15.00		0.33	(e)		(1.64	)		(1.31	)		(0.32	)
Class C
Year Ended October 31, 2012		13.35		0.36	(e)		0.77			1.13			(0.37	)
February 28, 2011 (f) through October 31, 2011		15.00		0.30	(e)		(1.66	)		(1.36	)		(0.29	)
Class R2
Year Ended October 31, 2012		13.36		0.40	(e)		0.76			1.16			(0.40	)
February 28, 2011 (f) through October 31, 2011		15.00		0.32	(e)		(1.66	)		(1.34	)		(0.30	)
Class R5
Year Ended October 31, 2012		13.38		0.50	(e)		0.76			1.26			(0.49	)
February 28, 2011 (f) through October 31, 2011		15.00		0.38	(e)		(1.65	)		(1.27	)		(0.35	)
Select Class
Year Ended October 31, 2012		13.37		0.47	(e)		0.76			1.23			(0.46	)
February 28, 2011 (f) through October 31, 2011		15.00		0.37	(e)		(1.66	)		(1.29	)		(0.34	)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of operations.

(g) Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

(h) Certain non-recurring expense incurred by the Fund were not annualized for the period ended October 31, 2011.

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

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	14.12		9.09	%	$	9,003		1.25	%		2.21	%		2.31	%		52	%
	13.37		(8.77	)		127		1.25	(h)		3.53	(h)		10.16	(g)(h)		40
	14.11		8.66			646		1.75			2.69			2.95			52
	13.35		(9.12	)		60		1.75	(h)		3.17	(h)		10.82	(g)(h)		40
	14.12		8.87			461		1.50			2.95			2.70			52
	13.36		(8.97	)		45		1.50	(h)		3.36	(h)		10.72	(g)(h)		40
	14.15		9.62			465		0.80			3.65			2.00			52
	13.38		(8.52	)		46		0.80	(h)		4.05	(h)		10.05	(g)(h)		40
	14.14		9.43			27,292		1.00			3.44			2.20			52
	13.37		(8.68	)		2,666		1.00	(h)		3.85	(h)		10.23	(g)(h)		40

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redeption fees
Global Opportunities Fund
Class A
Year Ended October 31, 2012	$	12.57	$	0.19	(e)	$	0.88		$	1.07		$	(0.16	)	$	—		$	(0.16	)	$	—
Year Ended October 31, 2011		14.05		0.11	(e)		(1.34	)		(1.23	)		(0.25	)		—			(0.25	)		—	(f)
Year Ended October 31, 2010		11.59		0.06			2.51			2.57			(0.11	)		—			(0.11	)		—
Year Ended October 31, 2009		8.22		0.08			3.42			3.50			(0.13	)		—			(0.13	)		—
Year Ended October 31, 2008		16.56		0.12			(8.07	)		(7.95	)		(0.02	)		(0.37	)		(0.39	)		—
Class C
Year Ended October 31, 2012		12.51		0.12	(e)		0.88			1.00			(0.12	)		—			(0.12	)		—
Year Ended October 31, 2011		13.98		0.03	(e)		(1.33	)		(1.30	)		(0.17	)		—			(0.17	)		—	(f)
Year Ended October 31, 2010		11.55		0.01			2.48			2.49			(0.06	)		—			(0.06	)		—
Year Ended October 31, 2009		8.17		0.04			3.41			3.45			(0.07	)		—			(0.07	)		—
Year Ended October 31, 2008		16.51		0.06			(8.03	)		(7.97	)		—			(0.37	)		(0.37	)		—
Class R2
November 1, 2011 (h) through October 31, 2012		12.15		0.15	(e)		1.30			1.45			(0.23	)		—			(0.23	)		—
Class R5
Year Ended October 31, 2012		12.63		0.24	(e)		0.88			1.12			(0.24	)		—			(0.24	)		—
Year Ended October 31, 2011		14.08		0.14	(e)		(1.32	)		(1.18	)		(0.27	)		—			(0.27	)		—	(f)
Year Ended October 31, 2010		11.61		0.13			2.49			2.62			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2009		8.25		0.12			3.42			3.54			(0.18	)		—			(0.18	)		—
Year Ended October 31, 2008		16.60		0.18			(8.08	)		(7.90	)		(0.08	)		(0.37	)		(0.45	)		—
Class R6
November 1, 2011 (h) through October 31, 2012		12.20		0.25	(e)		1.30			1.55			(0.24	)		—			(0.24	)		—
Select Class
Year Ended October 31, 2012		12.62		0.22	(e)		0.87			1.09			(0.21	)		—			(0.21	)		—
Year Ended October 31, 2011		14.07		0.12	(e)		(1.32	)		(1.20	)		(0.25	)		—			(0.25	)		—	(f)
Year Ended October 31, 2010		11.60		0.11			2.49			2.60			(0.13	)		—			(0.13	)		—
Year Ended October 31, 2009		8.24		0.10			3.41			3.51			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2008		16.58		0.16			(8.08	)		(7.92	)		(0.05	)		(0.37	)		(0.42	)		—

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

(h) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	13.48		8.70	%	$	1,300		1.25	%		1.45	%		7.91	%		100	%
	12.57		(8.98	)		1,480		1.45			0.79			5.29	(g)		120
	14.05		22.26			293		1.45			0.57			9.89			97
	11.59		43.34			161		1.45			0.87			10.11			119
	8.22		(49.02	)		112		1.45			0.97			6.94			264
	13.39		8.11			415		1.75			0.95			8.43			100
	12.51		(9.46	)		432		1.95			0.19			6.17	(g)		120
	13.98		21.59			214		1.95			0.09			10.10			97
	11.55		42.63			159		1.95			0.37			10.61			119
	8.17		(49.26	)		112		1.95			0.47			7.44			264
	13.37		12.16			56		1.50			1.20			8.17			100
	13.51		9.15			100		0.80			1.89			7.47			100
	12.63		(8.56	)		92		1.00			1.01			5.68	(g)		120
	14.08		22.75			100		1.00			1.04			9.15			97
	11.61		44.06			82		1.00			1.32			9.65			119
	8.25		(48.79	)		57		1.00			1.42			6.48			264
	13.51		13.01			56		0.75			1.95			7.42			100
	13.50		8.88			2,696		1.00			1.69			7.67			100
	12.62		(8.73	)		2,535		1.20			0.86			5.68	(g)		120
	14.07		22.57			2,536		1.20			0.84			9.36			97
	11.60		43.67			2,030		1.20			1.12			9.86			119
	8.24		(48.86	)		1,412		1.20			1.22			6.69			264

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption Fees
International Equity Fund
Class A
Year Ended October 31, 2012	$	12.61	$	0.22	(e)	$	0.74		$	0.96		$	(0.21	)	$	—		$	(0.21	)	$	—
Year Ended October 31, 2011		13.40		0.22	(e)		(0.80	)		(0.58	)		(0.21	)		—			(0.21	)		—	(f)
Year Ended October 31, 2010		12.33		0.18	(e)		1.07			1.25			(0.18	)		—			(0.18	)		—	(f)
Year Ended October 31, 2009		18.28		0.20	(e)		1.98			2.18			(0.20	)		(7.93	)		(8.13	)		—	(f)
Year Ended October 31, 2008		42.57		0.67	(e)		(15.42	)		(14.75	)		(0.79	)		(8.75	)		(9.54	)		—	(f)
Class B
Year Ended October 31, 2012		12.22		0.16	(e)		0.70			0.86			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		13.00		0.14	(e)		(0.77	)		(0.63	)		(0.15	)		—			(0.15	)		—	(f)
Year Ended October 31, 2010		11.97		0.11	(e)		1.04			1.15			(0.12	)		—			(0.12	)		—	(f)
Year Ended October 31, 2009		18.01		0.14	(e)		1.92			2.06			(0.17	)		(7.93	)		(8.10	)		—	(f)
Year Ended October 31, 2008		42.13		0.50	(e)		(15.21	)		(14.71	)		(0.66	)		(8.75	)		(9.41	)		—	(f)
Class C
Year Ended October 31, 2012		12.08		0.16	(e)		0.69			0.85			(0.15	)		—			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14	(e)		(0.76	)		(0.62	)		(0.15	)		—			(0.15	)		—	(f)
Year Ended October 31, 2010		11.85		0.11	(e)		1.01			1.12			(0.12	)		—			(0.12	)		—	(f)
Year Ended October 31, 2009		17.92		0.14	(e)		1.89			2.03			(0.17	)		(7.93	)		(8.10	)		—	(f)
Year Ended October 31, 2008		41.95		0.50	(e)		(15.12	)		(14.62	)		(0.66	)		(8.75	)		(9.41	)		—	(f)
Class R2
Year Ended October 31, 2012		12.58		0.15	(e)		0.77			0.92			(0.19	)		—			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18	(e)		(0.79	)		(0.61	)		(0.18	)		—			(0.18	)		—	(f)
Year Ended October 31, 2010		12.31		0.15	(e)		1.06			1.21			(0.15	)		—			(0.15	)		—	(f)
November 3, 2008 (h) through October 31, 2009		18.29		0.18	(e)		1.96			2.14			(0.19	)		(7.93	)		(8.12	)		—	(f)
Class R5
Year Ended October 31, 2012		12.75		0.29	(e)		0.74			1.03			(0.26	)		—			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23	(e)		(0.76	)		(0.53	)		(0.27	)		—			(0.27	)		—	(f)
Year Ended October 31, 2010		12.47		0.23	(e)		1.09			1.32			(0.24	)		—			(0.24	)		—	(f)
Year Ended October 31, 2009		18.38		0.25	(e)		2.01			2.26			(0.24	)		(7.93	)		(8.17	)		—	(f)
Year Ended October 31, 2008		42.72		0.80	(e)		(15.49	)		(14.69	)		(0.90	)		(8.75	)		(9.65	)		—	(f)
Class R6
Year Ended October 31, 2012		12.75		0.29	(e)		0.74			1.03			(0.26	)		—			(0.26	)		—
November 30, 2010 (h) through October 31, 2011		12.85		0.28	(e)		(0.10	)		0.18			(0.28	)		—			(0.28	)		—	(f)
Select Class
Year Ended October 31, 2012		12.76		0.26	(e)		0.74			1.00			(0.24	)		—			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24	(e)		(0.80	)		(0.56	)		(0.24	)		—			(0.24	)		—	(f)
Year Ended October 31, 2010		12.47		0.22	(e)		1.08			1.30			(0.21	)		—			(0.21	)		—	(f)
Year Ended October 31, 2009		18.38		0.24	(e)		2.00			2.24			(0.22	)		(7.93	)		(8.15	)		—	(f)
Year Ended October 31, 2008		42.72		0.65	(e)		(15.41	)		(14.76	)		(0.83	)		(8.75	)		(9.58	)		—	(f)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Includes interest expense of 0.04%.

(h) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	13.36		7.70	%	$	98,274		1.30	%		1.72	%		1.51	%		5	%
	12.61		(4.49	)		102,866		1.31			1.63			1.52			18
	13.40		10.42			131,125		1.31			1.44			1.54			15
	12.33		27.39			114,557		1.31			1.90			1.62			14
	18.28		(43.95	)		87,531		1.35	(g)		2.33			1.64			13
	12.93		7.15			2,164		1.80			1.31			2.01			5
	12.22		(4.99	)		2,817		1.81			1.08			2.02			18
	13.00		9.82			4,543		1.86			0.89			2.04			15
	11.97		26.72			5,303		1.87			1.44			2.12			14
	18.01		(44.27	)		5,225		1.91			1.74			2.14			13
	12.78		7.16			17,873		1.80			1.31			2.01			5
	12.08		(4.93	)		20,193		1.81			1.09			2.02			18
	12.85		9.69			23,370		1.86			0.88			2.04			15
	11.85		26.76			22,934		1.87			1.46			2.12			14
	17.92		(44.24	)		24,300		1.91			1.74			2.14			13
	13.31		7.45			721		1.55			1.16			1.74			5
	12.58		(4.73	)		67		1.56			1.33			1.77			18
	13.37		10.07			70		1.56			1.17			1.79			15
	12.31		26.95			64		1.56			1.76			1.85			14
	13.52		8.19			63,767		0.85			2.24			1.05			5
	12.75		(4.07	)		45,680		0.86			1.69			1.08			18
	13.55		10.86			242,131		0.86			1.86			1.10			15
	12.47		27.92			144,494		0.86			2.39			1.16			14
	18.38		(43.70	)		86,640		0.90	(g)		2.86			1.19			13
	13.52		8.23			682,861		0.80			2.26			1.00			5
	12.75		1.20			347,040		0.81			2.23			1.01			18
	13.52		7.91			210,375		1.05			2.02			1.25			5
	12.76		(4.26	)		186,425		1.06			1.76			1.27			18
	13.56		10.72			241,123		1.06			1.74			1.29			15
	12.47		27.73			260,814		1.06			2.28			1.37			14
	18.38		(43.82	)		277,313		1.10	(g)		2.10			1.37			13

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Equity Index Fund
Class A
Year Ended October 31, 2012	$	16.83	$	0.37	(e)	$	0.45		$	0.82		$	(0.41	)	$	—		$	(0.41	)	$	—
Year Ended October 31, 2011		19.03		0.40	(e)		(2.16	)(g)		(1.76	)		(0.44	)		—			(0.44	)		—	(f)
Year Ended October 31, 2010		17.89		0.33	(e)		1.10			1.43			(0.29	)		—			(0.29	)		—	(f)
Year Ended October 31, 2009		16.27		0.36	(e)		3.52			3.88			(0.70	)		(1.56	)		(2.26	)		—	(f)
Year Ended October 31, 2008		33.43		0.78			(15.70	)		(14.92	)		(0.58	)		(1.66	)		(2.24	)		—	(f)
Class B
Year Ended October 31, 2012		15.52		0.23	(e)		0.43			0.66			(0.27	)		—			(0.27	)		—
Year Ended October 31, 2011		17.57		0.24	(e)		(1.99	)(g)		(1.75	)		(0.30	)		—			(0.30	)		—	(f)
Year Ended October 31, 2010		16.54		0.18	(e)		1.02			1.20			(0.17	)		—			(0.17	)		—	(f)
Year Ended October 31, 2009		15.13		0.24	(e)		3.25			3.49			(0.52	)		(1.56	)		(2.08	)		—	(f)
Year Ended October 31, 2008		31.25		0.55			(14.64	)		(14.09	)		(0.37	)		(1.66	)		(2.03	)		—	(f)
Class C
Year Ended October 31, 2012		16.27		0.25	(e)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(e)		(2.09	)(g)		(1.83	)		(0.31	)		—			(0.31	)		—	(f)
Year Ended October 31, 2010		17.35		0.20	(e)		1.06			1.26			(0.20	)		—			(0.20	)		—	(f)
Year Ended October 31, 2009		15.78		0.24	(e)		3.41			3.65			(0.52	)		(1.56	)		(2.08	)		—	(f)
Year Ended October 31, 2008		32.52		0.57			(15.24	)		(14.67	)		(0.41	)		(1.66	)		(2.07	)		—	(f)
Class R2
Year Ended October 31, 2012		16.66		0.32	(e)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(e)		(2.12	)(g)		(1.80	)		(0.40	)		—			(0.40	)		—	(f)
Year Ended October 31, 2010		17.76		0.28	(e)		1.10			1.38			(0.28	)		—			(0.28	)		—	(f)
November 3, 2008 (h) through October 31, 2009		16.32		0.27	(e)		3.48			3.75			(0.75	)		(1.56	)		(2.31	)		—	(f)
Select Class
Year Ended October 31, 2012		16.96		0.41	(e)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(e)		(2.17	)(g)		(1.72	)		(0.49	)		—			(0.49	)		—	(f)
Year Ended October 31, 2010		18.01		0.37	(e)		1.12			1.49			(0.33	)		—			(0.33	)		—	(f)
Year Ended October 31, 2009		16.39		0.42	(e)		3.51			3.93			(0.75	)		(1.56	)		(2.31	)		—	(f)
Year Ended October 31, 2008		33.65		0.80			(15.75	)		(14.95	)		(0.65	)		(1.66	)		(2.31	)		—	(f)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) An affiliate of JPMorgan Chase & Co. reimbursed the Fund for losses incurred from an operational error. The impact was less than $0.01 to the net realized and unrealized gains (losses) on investments per share and less than 0.01% to the total return.

(h) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	17.24		5.16	%	$	96,191		1.07	%		2.27	%		1.31	%		19	%
	16.83		(9.45	)(g)		99,046		1.07			2.16			1.31			40
	19.03		8.09			124,178		1.07			1.89			1.34			39
	17.89		27.74			109,441		1.07			2.40			1.37			37
	16.27		(47.49	)		82,272		1.07			2.97			1.27			18
	15.91		4.43			3,060		1.79			1.54			1.82			19
	15.52		(10.11	)(g)		4,154		1.78			1.41			1.81			40
	17.57		7.32			6,503		1.80			1.11			1.83			39
	16.54		26.78			8,179		1.80			1.72			1.87			37
	15.13		(47.88	)		8,547		1.77			2.18			1.77			18
	16.68		4.43			16,291		1.79			1.57			1.81			19
	16.27		(10.08	)(g)		15,428		1.78			1.46			1.81			40
	18.41		7.34			18,148		1.80			1.19			1.83			39
	17.35		26.74			16,231		1.80			1.63			1.87			37
	15.78		(47.85	)		10,639		1.77			2.16			1.77			18
	17.03		4.94			786		1.32			1.97			1.56			19
	16.66		(9.72	)(g)		463		1.32			1.77			1.55			40
	18.86		7.88			251		1.32			1.62			1.59			39
	17.76		26.96			234		1.32			1.77			1.62			37
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.96		(9.21	)(g)		502,764		0.82			2.40			1.05			40
	19.17		8.37			516,537		0.82			2.08			1.08			39
	18.01		28.02			772,784		0.82			2.76			1.12			37
	16.39		(47.35	)		714,939		0.82			3.09			1.02			18

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Year Ended October 31, 2012	$	12.00	$	0.23	(e)	$	0.56		$	0.79		$	(0.34	)	$	—
Year Ended October 31, 2011		13.20		0.19	(e)		(1.08	)		(0.89	)		(0.31	)		—	(f)
Year Ended October 31, 2010		12.10		0.15	(e)		1.24			1.39			(0.29	)		—	(f)
Year Ended October 31, 2009		9.95		0.19	(e)		2.16			2.35			(0.20	)		—	(f)
Year Ended October 31, 2008		18.40		0.30	(e)		(8.48	)		(8.18	)		(0.27	)		—	(f)
Class B
Year Ended October 31, 2012		11.93		0.18	(e)		0.56			0.74			(0.21	)		—
Year Ended October 31, 2011		13.09		0.15	(e)		(1.10	)		(0.95	)		(0.21	)		—	(f)
Year Ended October 31, 2010		12.03		0.08	(e)		1.23			1.31			(0.25	)		—	(f)
Year Ended October 31, 2009		9.83		0.14	(e)		2.16			2.30			(0.10	)		—	(f)
Year Ended October 31, 2008		18.20		0.23	(e)		(8.39	)		(8.16	)		(0.21	)		—	(f)
Class C
Year Ended October 31, 2012		11.65		0.18	(e)		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15	(e)		(1.07	)		(0.92	)		(0.27	)		—	(f)
Year Ended October 31, 2010		11.82		0.09	(e)		1.20			1.29			(0.27	)		—	(f)
Year Ended October 31, 2009		9.77		0.13	(e)		2.11			2.24			(0.19	)		—	(f)
Year Ended October 31, 2008		18.21		0.23	(e)		(8.35	)		(8.12	)		(0.32	)		—	(f)
Class R6
Year Ended October 31, 2012		12.20		0.31	(e)		0.56			0.87			(0.38	)		—
November 30, 2010 (g) through October 31, 2011		12.78		0.27	(e)		(0.48	)		(0.21	)		(0.37	)		—	(f)
Institutional Class
Year Ended October 31, 2012		12.20		0.30	(e)		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23	(e)		(1.09	)		(0.86	)		(0.36	)		—	(f)
Year Ended October 31, 2010		12.29		0.22	(e)		1.24			1.46			(0.33	)		—	(f)
Year Ended October 31, 2009		10.13		0.25	(e)		2.18			2.43			(0.27	)		—	(f)
Year Ended October 31, 2008		18.72		0.38	(e)		(8.62	)		(8.24	)		(0.35	)		—	(f)
Select Class
Year Ended October 31, 2012		12.15		0.28	(e)		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26	(e)		(1.14	)		(0.88	)		(0.34	)		—	(f)
Year Ended October 31, 2010		12.24		0.19	(e)		1.25			1.44			(0.31	)		—	(f)
Year Ended October 31, 2009		10.07		0.22	(e)		2.18			2.40			(0.23	)		—	(f)
Year Ended October 31, 2008		18.60		0.34	(e)		(8.56	)		(8.22	)		(0.31	)		—	(f)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	12.45		6.95	%	$	67,472		1.29	%		1.91	%		1.30	%		45	%
	12.00		(6.91	)		47,855		1.28			1.45			1.28			76
	13.20		11.67			13,904		1.34			1.23			1.36			57
	12.10		24.17			13,773		1.41			1.84			1.42			85
	9.95		(45.06	)		6,700		1.39			1.99			1.39			70
	12.46		6.46			462		1.79			1.54			1.80			45
	11.93		(7.40	)		702		1.78			1.18			1.79			76
	13.09		11.01			949		1.85			0.65			1.86			57
	12.03		23.62			1,716		1.91			1.34			1.92			85
	9.83		(45.31	)		879		1.89			1.48			1.89			70
	12.15		6.47			531		1.79			1.55			1.80			45
	11.65		(7.37	)		576		1.78			1.14			1.79			76
	12.84		11.05			849		1.85			0.77			1.86			57
	11.82		23.50			636		1.91			1.20			1.92			85
	9.77		(45.31	)		87		1.89			1.58			1.89			70
	12.69		7.59			692,117		0.79			2.58			0.79			45
	12.20		(1.85	)		373,613		0.78			2.27			0.78			76
	12.69		7.45			41,574		0.89			2.47			0.90			45
	12.20		(6.59	)		39,362		0.89			1.73			0.90			76
	13.42		12.12			272,487		0.91			1.75			0.96			57
	12.29		24.70			161,023		0.92			2.41			1.02			85
	10.13		(44.77	)		126,248		0.92			2.48			0.98			70
	12.64		7.28			33,029		1.04			2.35			1.05			45
	12.15		(6.77	)		28,476		1.03			1.97			1.04			76
	13.37		11.93			30,537		1.09			1.56			1.11			57
	12.24		24.41			28,588		1.16			2.12			1.17			85
	10.07		(44.87	)		23,645		1.14			2.20			1.14			70

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Value Fund
Class A
Year Ended October 31, 2012	$	12.05	$	0.31	(e)	$	0.21		$	0.52		$	(0.39	)	$	—		$	(0.39	)	$	—
Year Ended October 31, 2011		13.36		0.28	(e)		(1.17	)		(0.89	)		(0.42	)		—			(0.42	)		—	(f)
Year Ended October 31, 2010		12.27		0.17	(e)		1.20			1.37			(0.28	)		—			(0.28	)		—	(f)
Year Ended October 31, 2009		10.32		0.23	(e)		2.06			2.29			(0.34	)		—			(0.34	)		—	(f)
Year Ended October 31, 2008		20.84		0.41	(e)		(9.73	)		(9.32	)		(0.22	)		(0.98	)		(1.20	)		—	(f)
Class B
Year Ended October 31, 2012		11.89		0.25	(e)		0.20			0.45			(0.31	)		—			(0.31	)		—
Year Ended October 31, 2011		13.18		0.21	(e)		(1.16	)		(0.95	)		(0.34	)		—			(0.34	)		—	(f)
Year Ended October 31, 2010		12.10		0.11	(e)		1.18			1.29			(0.21	)		—			(0.21	)		—	(f)
Year Ended October 31, 2009		10.12		0.18	(e)		2.03			2.21			(0.23	)		—			(0.23	)		—	(f)
Year Ended October 31, 2008		20.46		0.32	(e)		(9.56	)		(9.24	)		(0.12	)		(0.98	)		(1.10	)		—	(f)
Class C
Year Ended October 31, 2012		11.72		0.25	(e)		0.19			0.44			(0.32	)		—			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21	(e)		(1.14	)		(0.93	)		(0.36	)		—			(0.36	)		—	(f)
Year Ended October 31, 2010		11.96		0.11	(e)		1.17			1.28			(0.23	)		—			(0.23	)		—	(f)
Year Ended October 31, 2009		10.04		0.18	(e)		2.02			2.20			(0.28	)		—			(0.28	)		—	(f)
Year Ended October 31, 2008		20.36		0.33	(e)		(9.51	)		(9.18	)		(0.16	)		(0.98	)		(1.14	)		—	(f)
Class R2
Year Ended October 31, 2012		11.86		0.28	(e)		0.19			0.47			(0.34	)		—			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24	(e)		(1.15	)		(0.91	)		(0.44	)		—			(0.44	)		—	(f)
Year Ended October 31, 2010		12.19		0.11	(e)		1.21			1.32			(0.30	)		—			(0.30	)		—	(f)
November 3, 2008 (g) through October 31, 2009		10.33		0.09	(e)		2.15			2.24			(0.38	)		—			(0.38	)		—	(f)
Class R6
Year Ended October 31, 2012		12.26		0.37	(e)		0.21			0.58			(0.46	)		—			(0.46	)		—
November 30, 2010 (g) through October 31, 2011		12.72		0.32	(e)		(0.30	)		0.02			(0.48	)		—			(0.48	)		—	(f)
Institutional Class
Year Ended October 31, 2012		12.26		0.36	(e)		0.20			0.56			(0.44	)		—			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33	(e)		(1.19	)		(0.86	)		(0.47	)		—			(0.47	)		—	(f)
Year Ended October 31, 2010		12.47		0.25	(e)		1.19			1.44			(0.32	)		—			(0.32	)		—	(f)
Year Ended October 31, 2009		10.47		0.28	(e)		2.10			2.38			(0.38	)		—			(0.38	)		—	(f)
Year Ended October 31, 2008		21.11		0.50	(e)		(9.89	)		(9.39	)		(0.27	)		(0.98	)		(1.25	)		—	(f)
Select Class
Year Ended October 31, 2012		12.19		0.34	(e)		0.21			0.55			(0.43	)		—			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31	(e)		(1.18	)		(0.87	)		(0.44	)		—			(0.44	)		—	(f)
Year Ended October 31, 2010		12.40		0.23	(e)		1.18			1.41			(0.31	)		—			(0.31	)		—	(f)
Year Ended October 31, 2009		10.42		0.25	(e)		2.10			2.35			(0.37	)		—			(0.37	)		—	(f)
Year Ended October 31, 2008		21.01		0.47	(e)		(9.84	)		(9.37	)		(0.24	)		(0.98	)		(1.22	)		—	(f)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	12.18		4.64	%	$	124,691		1.35	%		2.66	%		1.37	%		62	%
	12.05		(6.91	)		113,976		1.34			2.15			1.36			60
	13.36		11.35			143,259		1.34			1.41			1.35			92
	12.27		23.08			134,648		1.36			2.20			1.36			98
	10.32		(47.12	)		79,202		1.32			2.59			1.32			86
	12.03		4.04			2,932		1.85			2.20			1.87			62
	11.89		(7.42	)		3,557		1.84			1.61			1.86			60
	13.18		10.81			5,337		1.84			0.91			1.85			92
	12.10		22.50			6,517		1.86			1.80			1.86			98
	10.12		(47.40	)		7,321		1.82			2.03			1.82			86
	11.84		4.04			14,311		1.85			2.23			1.87			62
	11.72		(7.38	)		16,510		1.84			1.60			1.86			60
	13.01		10.81			19,646		1.84			0.89			1.85			92
	11.96		22.60			18,081		1.86			1.77			1.86			98
	10.04		(47.43	)		12,159		1.82			2.12			1.82			86
	11.99		4.27			881		1.60			2.43			1.62			62
	11.86		(7.12	)		694		1.59			1.84			1.61			60
	13.21		11.00			856		1.60			0.90			1.61			92
	12.19		22.73			423		1.60			0.76			1.60			98
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.26		(0.10	)		50		0.84			2.57			0.86			60
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.26		(6.56	)		545,034		0.94			2.48			0.96			60
	13.59		11.79			421,538		0.92			2.04			0.95			92
	12.47		23.75			347,238		0.95			2.60			0.96			98
	10.47		(46.94	)		149,326		0.92			3.09			0.92			86
	12.31		4.87			1,458,864		1.10			2.92			1.12			62
	12.19		(6.65	)		1,413,804		1.09			2.37			1.12			60
	13.50		11.56			943,998		1.09			1.84			1.10			92
	12.40		23.51			1,132,171		1.11			2.42			1.11			98
	10.42		(47.00	)		564,867		1.07			2.91			1.07			86

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
Intrepid International Fund
Class A
Year Ended October 31, 2012	$	15.32	$	0.25	(e)	$	0.49		$	0.74		$	(0.16	)	$	—		$	(0.16	)	$	—
Year Ended October 31, 2011		16.59		0.24	(e)		(1.27	)		(1.03	)		(0.24	)		—			(0.24	)		—	(f)
Year Ended October 31, 2010		14.99		0.12	(e)		1.73			1.85			(0.25	)		—			(0.25	)		—	(f)
Year Ended October 31, 2009		13.51		0.19	(e)		2.40			2.59			(1.11	)		—			(1.11	)		—	(f)
Year Ended October 31, 2008		27.57		0.49	(e)		(13.93	)		(13.44	)		(0.23	)		(0.39	)		(0.62	)		—	(f)
Class C
Year Ended October 31, 2012		15.36		0.18	(e)		0.50			0.68			(0.04	)		—			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15	(e)		(1.26	)		(1.11	)		(0.14	)		—			(0.14	)		—	(f)
Year Ended October 31, 2010		14.99		0.05	(e)		1.73			1.78			(0.16	)		—			(0.16	)		—	(f)
Year Ended October 31, 2009		13.37		0.13	(e)		2.41			2.54			(0.92	)		—			(0.92	)		—	(f)
Year Ended October 31, 2008		27.33		0.38	(e)		(13.80	)		(13.42	)		(0.15	)		(0.39	)		(0.54	)		—	(f)
Class R2
Year Ended October 31, 2012		15.21		0.19	(e)		0.50			0.69			(0.16	)		—			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17	(e)		(1.22	)		(1.05	)		(0.20	)		—			(0.20	)		—	(f)
Year Ended October 31, 2010		14.86		0.08	(e)		1.72			1.80			(0.20	)		—			(0.20	)		—	(f)
November 3, 2008 (h) through October 31, 2009		13.56		0.16	(e)		2.32			2.48			(1.18	)		—			(1.18	)		—	(f)
Institutional Class
Year Ended October 31, 2012		15.66		0.33	(e)		0.50			0.83			(0.25	)		—			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32	(e)		(1.29	)		(0.97	)		(0.31	)		—			(0.31	)		—	(f)
Year Ended October 31, 2010		15.27		0.19	(e)		1.78			1.97			(0.30	)		—			(0.30	)		—	(f)
Year Ended October 31, 2009		13.76		0.25	(e)		2.46			2.71			(1.20	)		—			(1.20	)		—	(f)
Year Ended October 31, 2008		28.05		0.60	(e)		(14.17	)		(13.57	)		(0.33	)		(0.39	)		(0.72	)		—	(f)
Select Class
Year Ended October 31, 2012		15.85		0.30	(e)		0.51			0.81			(0.20	)		—			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26	(e)		(1.28	)		(1.02	)		(0.12	)		—			(0.12	)		—	(f)
Year Ended October 31, 2010		15.31		0.15	(e)		1.79			1.94			(0.26	)		—			(0.26	)		—	(f)
Year Ended October 31, 2009		13.72		0.23	(e)		2.45			2.68			(1.09	)		—			(1.09	)		—	(f)
Year Ended October 31, 2008		27.96		0.57	(e)		(14.14	)		(13.57	)		(0.28	)		(0.39	)		(0.67	)		—	(f)

(a) Annualized for periods less than one year.

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

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

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.01.

(g) Includes interest expense of 0.01%.

(h) Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earning credits			Portfolio turnover rate* (b)
$	15.90		4.97	%	$	32,231		1.50	%		1.65	%		1.62	%		46	%
	15.32		(6.30	)		31,942		1.50			1.42			1.61			79
	16.59		12.54			23,960		1.50			0.78			1.73			92
	14.99		21.38			23,506		1.51	(g)		1.51			1.63			95
	13.51		(49.72	)		13,027		1.51			2.25			1.53			126
	16.00		4.45			875		2.00			1.18			2.12			46
	15.36		(6.75	)		1,018		2.00			0.91			2.11			79
	16.61		12.01			1,489		2.00			0.30			2.24			92
	14.99		20.77			1,489		2.00	(g)		1.03			2.13			95
	13.37		(49.97	)		1,773		2.01	(g)		1.75			2.03			126
	15.74		4.64			81		1.75			1.29			1.87			46
	15.21		(6.48	)		106		1.75			1.04			1.85			79
	16.46		12.26			68		1.75			0.53			1.99			92
	14.86		20.61			60		1.75	(g)		1.29			1.87			95
	16.24		5.50			303,575		1.00			2.16			1.21			46
	15.66		(5.85	)		178,258		1.00			1.88			1.20			79
	16.94		13.11			99,766		1.00			1.21			1.31			92
	15.27		22.05			112,905		1.01	(g)		1.90			1.22			95
	13.76		(49.49	)		108,212		1.01	(g)		2.68			1.13			126
	16.46		5.24			9,467		1.25			1.94			1.37			46
	15.85		(6.08	)		12,225		1.25			1.51			1.37			79
	16.99		12.86			26,408		1.25			0.93			1.37			92
	15.31		21.65			330,843		1.25	(g)		1.81			1.38			95
	13.72		(49.58	)		530,210		1.26	(g)		2.56			1.28			126

SEE NOTES TO FINANCIAL STATEMENTS.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 9 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Emerging Economies Fund	Class A, Class C, Class R5 and Select Class	JPM I	Diversified
Emerging Markets Equity Fund	Class A, Class B, Class C, Institutional Class and Select Class	JPM I	Diversified
Global Equity Income Fund	Class A, Class C, Class R2, Class R5 and Select Class	JPM I	Diversified
Global Opportunities Fund	Class A, Class C, Class R2*, Class R5, Class R6* and Select Class	JPM I	Diversified
International Equity Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6** and Select Class	JPM I	Diversified
International Equity Index Fund	Class A, Class B, Class C, Class R2 and Select Class	JPM II	Diversified
International Opportunities Fund	Class A, Class B, Class C, Class R6**, Institutional Class and Select Class	JPM I	Diversified
International Value Fund	Class A, Class B, Class C, Class R2, Class R6**, Institutional Class and Select Class	JPM I	Diversified
Intrepid International Fund	Class A, Class C, Class R2, Institutional Class and Select Class	JPM I	Diversified

* Class R2 and R6 Shares commenced operations on November 1, 2011 for the Global Opportunities Fund.

** Class R6 shares commenced operations on November 30, 2010 for the International Equity Fund, International Opportunities Fund and International Value Fund.

Global Equity Income Fund commenced operations on February 28, 2011.

The investment objective of Emerging Economies Fund is to seek long-term capital growth.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.

The investment objective of Global Equity Income Fund is to seek to provide both current income and long-term capital appreciation.

The investment objective of Global Opportunities Fund is to seek to provide long-term capital growth.

The investment objective of International Equity Fund is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.

The investment objective of International Equity Index Fund is to seek to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product (“GDP”) Index.

The investment objective of International Opportunities Fund is to seek to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

The investment objective of International Value Fund is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of Intrepid International Fund is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

Effective November 1, 2011, Global Focus Fund was renamed Global Opportunities Fund and modified some of its investment strategies, its investment objective and fees pursuant to the approval of the Board of Trustees.

Effective November 1, 2009, Class B Shares of the Emerging Markets Equity Fund, International Equity Fund, International Equity Index Fund, International Opportunities Fund and International Value Fund may not be purchased or acquired by new or existing shareholders, except through exchanges from Class B Shares of another J.P. Morgan Fund and dividend reinvestments. Shareholders who have invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they convert automatically to Class A Shares.

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

118 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Funds may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Funds to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at each investment company’s net asset value per share as of the report date.

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

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

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

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

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

Ÿ Level 1 — quoted prices in active markets for identical securities

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

Ÿ Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

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

JPMorgan Emerging Economies Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	6,269	$	22,328	$	—		$	28,597
China		3,704		79,423		—			83,127
Cyprus		—		2,235		—			2,235
Egypt		—		2,235		—			2,235
Hong Kong		—		22,729		—	(a)		22,729
Hungary		—		4,362		—			4,362
India		—		22,339		—			22,339
Kazakhstan		—		2,888		—			2,888
Malaysia		—		3,329		—			3,329
Mexico		2,078		—		—			2,078
Panama		3,639		—		—			3,639
Poland		—		5,369		—			5,369
Russia		—		31,491		—			31,491
South Africa		—		29,321		—			29,321
South Korea		—		63,917		—			63,917
Taiwan		—		41,705		—			41,705
Thailand		—		23,809		—			23,809
Turkey		—		27,923		—			27,923
Ukraine		—		783		—			783
United Arab Emirates		—		4,140		—			4,140
United Kingdom		—		6,706		—			6,706
Total Common Stocks		15,690		397,032		—	(a)		412,722
Preferred Stocks
Brazil		1,432		15,729		—			17,161
Total Preferred Stocks		1,432		15,729		—			17,161
Short-Term Investment
Investment Company		10,554		—		—			10,554
Total Investments in Securities	$	27,676	$	412,761	$	—	(a)	$	440,437

120 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan Emerging Markets Equity Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Brazil	$	120,429	$	55,431	$	—	$	175,860
Chile		—		41,132		—		41,132
China		12,318		253,252		—		265,570
Hong Kong		—		223,150		—		223,150
Hungary		—		18,011		—		18,011
India		—		229,737		—		229,737
Indonesia		—		96,946		—		96,946
Luxembourg		—		42,624		—		42,624
Malaysia		—		24,138		—		24,138
Mexico		69,112		—		—		69,112
Russia		—		66,833		—		66,833
South Africa		—		227,426		—		227,426
South Korea		—		254,249		—		254,249
Taiwan		—		161,178		—		161,178
Turkey		—		84,917		—		84,917
United Kingdom		—		59,077		—		59,077
Total Common Stocks		201,859		1,838,101		—		2,039,960
Preferred Stocks
Brazil		15,734		133,464		—		149,198
Short-Term Investment
Investment Company		54,151		—		—		54,151
Total Investments in Securities	$	271,744	$	1,971,565	$	—	$	2,243,309
Global Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	2,565	$	—	$	2,565
China		—		1,095		—		1,095
Finland		—		342		—		342
France		—		3,106		—		3,106
Germany		—		2,338		—		2,338
Hong Kong		—		539		—		539
Indonesia		—		369		—		369
Italy		—		743		—		743
Japan		—		3,018		—		3,018
Netherlands		—		2,014		—		2,014
New Zealand		—		739		—		739
Singapore		—		666		—		666
South Africa		—		16		—		16
Sweden		—		742		—		742
Switzerland		—		1,914		—		1,914
Taiwan		—		342		—		342
United Kingdom		—		4,536		—		4,536
United States		11,368		—		—		11,368
Total Common Stocks		11,368		25,084		—		36,452

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

Global Equity Income Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	1,001	$	—		$	—	$	1,001
Total Investments in Securities	$	12,369	$	25,084		$	—	$	37,453
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	73		$	—	$	73
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(55	)	$	—	$	(55	)
JPMorgan Global Opportunities Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Belgium	$	—	$	46		$	—	$	46
Canada		42		—			—		42
China		—		43			—		43
Denmark		—		21			—		21
Finland		—		34			—		34
France		—		198			—		198
Germany		—		174			—		174
Hong Kong		—		99			—		99
Ireland		47		97			—		144
Israel		—		33			—		33
Japan		—		399			—		399
Netherlands		—		251			—		251
South Korea		—		47			—		47
Sweden		—		31			—		31
Switzerland		96		105			—		201
Taiwan		—		36			—		36
United Kingdom		—		619			—		619
United States		2,147		—			—		2,147
Total Common Stocks		2,332		2,233			—		4,565
Preferred Stocks
Germany		—		51			—		51
Total Preferred Stocks		—		51			—		51
Total Investments in Securities	$	2,332	$	2,284		$	—	$	4,616
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	5		$	—	$	5
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(15	)	$	—	$	(15	)
JPMorgan International Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	37,183	$	1,036,064		$	—	$	1,073,247

122 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

International Equity Index

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	32,306	$	—	(a)	$	32,306
Austria		—		8,906		—			8,906
Belgium		—		10,960		—			10,960
Brazil		1,210		—		—			1,210
Chile		3,503		315		—			3,818
China		—		4,090		—			4,090
Denmark		—		6,617		—			6,617
Finland		—		5,332		—			5,332
France		—		55,117		—			55,117
Germany		—		70,419		—			70,419
Greece		—		6,097		—			6,097
Hong Kong		—		5,744		—			5,744
Hungary		—		4,510		—			4,510
India		—		4,273		—			4,273
Ireland		—		5,014		—			5,014
Israel		—		4,550		—			4,550
Italy		—		44,994		—			44,994
Japan		—		106,880		—			106,880
Luxembourg		—		3,342		—			3,342
Mexico		4,414		109		—			4,523
Netherlands		—		23,982		—			23,982
New Zealand		—		3,370		—			3,370
Norway		—		9,475		—			9,475
Philippines		—		4,600		—			4,600
Portugal		—		5,168		—			5,168
Singapore		—		5,126		—			5,126
South Africa		—		4,161		—			4,161
South Korea		—		4,345		—			4,345
Spain		—		33,138		—			33,138
Sweden		—		10,801		—			10,801
Switzerland		—		15,985		—			15,985
Taiwan		—		4,354		—			4,354
Thailand		—		4,298		—			4,298
Turkey		—		4,835		—			4,835
United Kingdom		—		42,234		—			42,234
United States		—		52		—			52
Total Common Stocks		9,127		555,499		—	(a)		564,626
Preferred Stocks
Brazil		3,039		—		—			3,039
Chile		424		—		—			424
Germany		—		5,236		—			5,236
Italy		—		987		—			987
United Kingdom		5		—		—			5
Total Preferred Stocks		3,468		6,223		—			9,691
Investment Companies
United States		4,775		—		—			4,775
Total Investment Companies		4,775		—		—			4,775
Short-Term Investment
Investment Company		3,425		—		—			3,425
Total Investments in Securities	$	20,795	$	561,722	$	—	(a)	$	582,517

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

International Equity Index (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Futures Contracts	$	19		$	—		$	—	$	19
Depreciation in Other Financial Instruments
Futures Contracts	$	(13	)	$	—		$	—	$	(13	)
JPMorgan International Opportunities Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	20,495		$	—	$	20,495
Belgium		—			10,640			—		10,640
Canada		11,459			—			—		11,459
China		—			20,040			—		20,040
Denmark		—			3,941			—		3,941
Finland		—			8,621			—		8,621
France		—			54,516			—		54,516
Germany		—			62,519			—		62,519
Hong Kong		—			28,047			—		28,047
Indonesia		—			6,531			—		6,531
Ireland		—			19,707			—		19,707
Israel		—			5,714			—		5,714
Japan		—			144,145			—		144,145
Netherlands		—			59,650			—		59,650
New Zealand		—			4,189			—		4,189
South Korea		—			16,430			—		16,430
Spain		—			5,735			—		5,735
Sweden		—			23,266			—		23,266
Switzerland		—			60,146			—		60,146
Taiwan		—			8,656			—		8,656
United Kingdom		—			212,831			—		212,831
Total Common Stocks		11,459			775,819			—		787,278
Preferred Stocks
Germany		—			21,013			—		21,013
Short-Term Investment
Investment Company		20,262			—			—		20,262
Total Investments in Securities	$	31,721		$	796,832		$	—	$	828,553
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	4,039		$	—	$	4,039
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(6,000	)	$	—	$	(6,000	)
Futures Contracts		(40	)		—			—		(40	)
Total Depreciation in Other Financial Instruments	$	(40	)	$	(6,000	)	$	—	$	(6,040	)

124 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

JPMorgan International Value Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	57,474		$	—	$	57,474
Belgium		—		27,822			—		27,822
Canada		16,958		—			—		16,958
China		—		75,502			—		75,502
Finland		—		19,840			—		19,840
France		—		268,487			—		268,487
Germany		—		178,339			—		178,339
Hong Kong		—		67,396			—		67,396
Ireland		—		17,888			—		17,888
Israel		—		22,082			—		22,082
Italy		—		83,078			—		83,078
Japan		—		424,499			—		424,499
Luxembourg		—		15,323			—		15,323
Netherlands		—		163,306			—		163,306
Norway		—		27,964			—		27,964
Russia		—		11,092			—		11,092
South Africa		—		8,001			—		8,001
South Korea		—		26,239			—		26,239
Spain		—		55,192			—		55,192
Sweden		—		68,044			—		68,044
Switzerland		—		98,025			—		98,025
United Kingdom		—		452,412			—		452,412
Total Common Stocks		16,958		2,168,005			—		2,184,963
Preferred Stocks
Germany		—		37,661			—		37,661
Total Preferred Stocks		—		37,661			—		37,661
Short-Term Investment
Investment Company		65,639		—			—		65,639
Total Investments in Securities	$	82,597	$	2,205,666		$	—	$	2,288,263
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	8,496		$	—	$	8,496
Futures Contracts		326		—			—		326
Total Appreciation in Other Financial Instruments	$	326	$	8,496		$	—	$	8,822
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(8,441	)	$	—	$	(8,441	)

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

Intrepid International Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	20,454	$	—	$	20,454
Austria		—		1,355		—		1,355
Belgium		—		4,929		—		4,929
Bermuda		—		1,059		—		1,059
Brazil		732		963		—		1,695
China		986		6,340		—		7,326
Denmark		—		4,028		—		4,028
Finland		—		1,133		—		1,133
France		—		32,656		—		32,656
Germany		—		32,410		—		32,410
Hong Kong		—		8,032		—		8,032
India		—		3,079		—		3,079
Indonesia		—		1,203		—		1,203
Ireland		—		3,640		—		3,640
Israel		—		1,235		—		1,235
Italy		—		6,293		—		6,293
Japan		—		54,133		—		54,133
Netherlands		—		20,407		—		20,407
Norway		—		3,777		—		3,777
Singapore		—		1,062		—		1,062
South Africa		—		874		—		874
South Korea		—		2,309		—		2,309
Spain		—		7,101		—		7,101
Sweden		—		3,348		—		3,348
Switzerland		—		33,164		—		33,164
Taiwan		—		852		—		852
United Kingdom		—		74,755		—		74,755
Total Common Stocks		1,718		330,591		—		332,309
Preferred Stocks
Germany		—		4,384		—		4,384
Italy		—		1,110		—		1,110
Total Preferred Stocks		—		5,494		—		5,494
Short-Term Investment
Investment Company		7,030		—		—		7,030
Total Investments in Securities	$	8,748	$	336,085	$	—	$	344,833

(a) Value is zero.

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

There were no transfers between Levels 1 and 2 during the year ended October 31, 2012.

126 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

Emerging Economies Fund

Balance as of 10/31/11

Realized gain (loss)

Change in unrealized appreciation (depreciation)

Net accretion (amortization)

Purchases 1

Sales 2

Transfers into Level 3

Transfers out of Level 3

Balance as of 10/31/12

Investment in Securities

Common Stocks — Hong Kong

$

—

(a)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a)

$

—

(a)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a)

Emerging Markets Equity Fund	Balance as of 10/31/11		Realized gain (loss)		Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases 1		Sales 2		Transfers into Level 3		Transfers out of Level 3			Balance as of 10/31/12
Investments in Securities
Common Stocks — China	$	34,036	$	—	$	—	$	—	$	—	$	—	$	—	$	(34,036	)	$	—
Common Stocks — Malaysia		6,016		—		—		—		—		—		—		(6,016	)		—
	$	40,052	$	—	$	—	$	—	$	—	$	—	$	—	$	(40,052	)	$	—

International Equity Index Fund

Balance as of 10/31/11

Realized gain (loss)

Change in unrealized appreciation (depreciation)

Net accretion (amortization)

Purchases 1

Sales 2

Transfers into Level 3

Transfers out of Level 3

Balance as of 10/31/12

Investments in Securities

Common Stocks — Australia

$

—

(a)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a)

Common Stocks — Japan

—

(a)

—

—

—

—

—

(a)

—

—

—

$

—

(a)

$

—

$

—

$

—

$

—

$

—

(a)

$

—

$

—

$

—

(a)

(a) Value is zero.

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.

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

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

The change in unrealized appreciation (depreciation) attributable to securities owned at October 31, 2012, which were valued using significant unobservable inputs (Level 3) was zero for Emerging Economies Fund and International Equity Index Fund.

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). An illiquid security is a security which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately its fair value and includes, but is not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2012, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

The following is the value and percentage of net assets of illiquid securities as of October 31, 2012 (amounts in thousands):

	Value			Percentage
Emerging Economies Fund	$	—	(a)		—	%
International Equity Index Fund		—	(a)		—

(a) Value is zero.

C. Futures Contracts — The Global Equity Income Fund, Global Opportunities Fund, International Equity Index Fund, International Opportunities Fund and International Value Fund use index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Funds also buy futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation (depreciation) in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2012 (amounts in thousands):

	Global Equity Income Fund			Global Opportunities Fund			International Equity Index Fund		International Opportunities Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	927	(a)	$	64	(b)	$	8,476	$	1,706	$	11,017
Ending Notional Balance Long		—			—			5,001		9,867		29,548

(a) For the period September 1, 2012 through October 31, 2012.

(b) For the period December 1, 2011 through January 31, 2012.

D. Forward Foreign Currency Exchange Contracts — The Global Equity Income Fund, Global Opportunities Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange contracts to hedge or manage these exposures. 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 exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended

October 31, 2012 (amounts in thousands):

	Global Equity Income Fund		Global Opportunities Fund		International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	3,454	$	710	$	179,792	$	471,067
Average Settlement Value Sold		7,828		791		152,248		371,768
Ending Settlement Value Purchased		3,715		638		252,852		676,976
Ending Settlement Value Sold		10,504		673		203,090		497,400

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of October 31, 2012, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Equity Income Fund

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Forward Foreign Currency Exchange Contracts
Foreign Exchange Contracts	Receivables	$	73
Liabilities:
Foreign Currency Contracts	Payables	$	(55	)

128 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Global Opportunities Fund

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Forward Foreign Currency Exchange Contracts
Foreign Currency Contracts	Receivables	$	5
Liabilities:
Foreign Currency Contracts	Payables	$	(15	)

International Equity Index Fund

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	19
Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(13	)

International Opportunities Fund

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts
Forward Foreign Currency Exchange Contracts	Receivables	$	—		$	4,039
Liabilities:
Forward Foreign Currency Exchange Contracts	Payables	$	—		$	(6,000	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(40	)		—
Total		$	(40	)	$	(6,000	)

International Value Fund

Derivative Contract	Statement of Assets and Liabilities Location
Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts
Forward Foreign Currency Exchange Contracts	Receivables	$	—	$	8,496
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		326		—
Total		$	326	$	8,496
Liabilities:
Forward Foreign Currency Exchange Contracts	Payables	$	—	$	(8,441	)

(a) This amount represents the cumulative appreciation/depreciation of futures contracts as reported in the SOIs. The Statements of Assets & Liabilities only reflects the current day variation margin receivable/payable to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2012, by primary underlying risk exposure (amounts in thousands):

Global Equity Income Fund

Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Foreign Exchange Contracts	$	—		$	61	$	61
Equity contracts		(7	)		—		(7	)
Total	$	(7	)	$	61	$	54

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign Exchange Contracts	$	23

Global Opportunities Fund

Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Foreign Exchange Contracts	$	—	$	36	$	36
Equity contracts		6		—		6
Total	$	6	$	36	$	42

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Forward Foreign Currency Exchange Contracts
Foreign Exchange Contracts	$	(14	)

International Equity Index Fund

Derivative Contract	Futures Contracts
Equity contracts	$	1,331

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts
Equity contracts	$	(869	)

International Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Foreign Exchange Contracts	$	—	$	1,564	$	1,564
Equity contracts		88		—		88
Total	$	88	$	1,564	$	1,652

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Foreign Exchange Contracts	$	—		$	(1,618	)	$	(1,618	)
Equity contracts		(40	)		—			(40	)
Total	$	(40	)	$	(1,618	)	$	(1,658	)

International Value Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign Exchange Contracts	$	—	$	(3,373	)	$	(3,373	)
Equity contracts		1,586		—			1,586
Total	$	1,586	$	(3,373	)	$	(1,787	)

130 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivative Contract	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Foreign Exchange Contracts	$	—	$	(4,588	)	$	(4,588	)
Equity contracts		287		—			287
Total	$	287	$	(4,588	)	$	(4,301	)

The Funds’ derivatives contracts held at October 31, 2012 are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations.

Reported realized foreign currency gains or losses arise from the disposition of foreign currency, purchase of foreign currency in certain countries (such as Brazil) that impose a tax on such purchases, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign exchange gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end.

G. Offering and Organizational Costs — Total offering costs of approximately $111,000 paid in connection with the offering of shares of the Global Equity Income Fund were amortized up to 12 months from the date the Fund commenced operations.

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

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Each class of shares bears its pro-rata portion of expenses attributable to its fund, except that each class separately bears expenses related specifically to that class.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Funds’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has recently enacted rules imposing a tax on indirect transfer of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, the Funds’ conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

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

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

	Paid-in-Capital		Accumulated undistributed/ (distribution in excess of) net investment income			Accumulated net realized gains (losses)
Emerging Economies Fund	$	—	$	(242	)	$	242
Emerging Markets Equity Fund		231		(26	)		(205	)
Global Equity Income Fund		—		70			(70	)
Global Opportunities Fund		—		40			(40	)
International Equity Fund		—		185			(185	)
International Equity Index Fund		—		1,480			(1,480	)
International Opportunities Fund		—		3,207			(3,207	)
International Value Fund		—		1,205			(1,205	)
Intrepid International Fund		—		(48	)		48

The reclassifications for the Funds relate primarily to foreign currency gains or losses, non-taxable special dividends (International Equity Index Fund), and passive foreign investment company (PFIC) gains and losses (Emerging Economies Fund, Global Opportunities Fund, International Equity Index Fund and Intrepid International Fund).

N. Redemption Fees — Prior to May 2, 2011, shares of the Funds held for less than 60 days were generally subject to a redemption fee of 2.00%, based on the redeemed share’s market value. Redemption fees were paid directly to the applicable Fund and were credited to paid in capital. Effective May 2, 2011 shares of the Funds are no longer subject to a redemption fee regardless of how long such shares have been held.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM supervises the investments of each respective Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:

Emerging Economies Fund	1.00	%
Emerging Markets Equity Fund	1.00
Global Equity Income Fund	0.80
Global Opportunities Fund	0.60
International Equity Fund	0.80
International Equity Index Fund	0.55
International Opportunities Fund	0.60
International Value Fund	0.60
Intrepid International Fund	0.85

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2012, the annual effective rate was 0.09% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, and successor in interest to J.P. Morgan Investor Services Co., serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

132 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

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

	Class A			Class B			Class C			Class R2
Emerging Economies Fund		0.25	%		n/a			0.75	%		n/a
Emerging Markets Equity Fund		0.25			0.75	%		0.75			n/a
Global Equity Income Fund		0.25			n/a			0.75			0.50	%
Global Opportunities Fund		0.25			n/a			0.75			0.50
International Equity Fund		0.25			0.75			0.75			0.50
International Equity Index Fund		0.25			0.75			0.75			0.50
International Opportunities Fund		0.25			0.75			0.75			n/a
International Value Fund		0.25			0.75			0.75			0.50
Intrepid International Fund		0.25			n/a			0.75			0.50

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2012, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Emerging Economies Fund	$	8		$	1
Emerging Markets Equity Fund		37			4
Global Equity Income Fund		1			—
Global Opportunities Fund		—	(a)		—
International Equity Fund		11			1
International Equity Index Fund		64			1
International Opportunities Fund		2			—	(a)
International Value Fund		18			1
Intrepid International Fund		—	(a)		—

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

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

	Class A			Class B			Class C			Class R2			Class R5			Institutional Class			Select Class
Emerging Economies Fund		0.25	%		n/a			0.25	%		n/a			0.05	%		n/a			0.25	%
Emerging Markets Equity Fund		0.25			0.25	%		0.25			n/a			n/a			0.10	%		0.25
Global Equity Income Fund		0.25			n/a			0.25			0.25	%		0.05			n/a			0.25
Global Opportunities Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Equity Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
International Equity Index Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.25
International Opportunities Fund		0.25			0.25			0.25			n/a			n/a			0.10			0.25
International Value Fund		0.25			0.25			0.25			0.25			n/a			0.10			0.25
Intrepid International Fund		0.25			n/a			0.25			0.25			n/a			0.10			0.25

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

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations. The Funds earn interest on uninvested cash balances held by the custodian. Interest income, if any, earned on cash balances at the custodian, is included as Interest income from affiliates in the Statements of Operations. Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statements of Operations.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

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

	Class A			Class B			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Emerging Economies Fund		1.60	%*		n/a			2.10	%*		n/a			1.15	%*		n/a			n/a			1.35	%*
Emerging Markets Equity Fund		2.00			2.50	%		2.50			n/a			n/a			n/a			1.45	%		1.75
Global Equity Income Fund		1.25			n/a			1.75			1.50	%		0.80			n/a			n/a			1.00
Global Opportunities Fund		1.25			n/a			1.75			1.50			0.80			0.75	%		n/a			1.00
International Equity Fund		1.31			1.81			1.81			1.56			0.86			0.81			n/a			1.06
International Equity Index Fund		1.07			1.80			1.80			1.32			n/a			n/a			n/a			0.82
International Opportunities Fund		1.31			1.92			1.92			n/a			n/a			0.81			0.91			1.06
International Value Fund		1.35			1.85			1.85			1.60			n/a			0.85			0.95			1.10
Intrepid International Fund		1.50			n/a			2.00			1.75			n/a			n/a			1.00			1.25

* Prior to February 29, 2012, the contractual expense limitations for Emerging Economies Fund were 1.85%, 2.35%, 1.40% and 1.60% for Class A, Class C, Class R5 and Select Class, respectively.

The expense limitation agreements were in effect for the year ended October 31, 2012. The contractual expense limitation percentages in the table above are in place until at least February 28, 2013. In addition, the Funds’ service providers have voluntarily waived fees during the year ended October 31, 2012. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended October 31, 2012, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Emerging Economies Fund	$	84	$	227	$	134	$	445	$	—
Emerging Markets Equity Fund		—		—		9		9		—
Global Equity Income Fund		217		25		14		256		80
Global Opportunities Fund		27		4		—		31		268
International Equity Fund		1,064		601		—		1,665		—
International Equity Index Fund		96		—		1,276		1,372		—
International Opportunities Fund		—		4		—		4		—
International Value Fund		186		305		—		491		—
Intrepid International Fund		86		231		240		557		—

	Voluntary Waivers
	Investment Advisory		Total
International Equity Fund	$	4	$	4
International Equity Index Fund		3		3

Additionally, the Funds may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and Distributor as shareholder servicing agent waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2012 were as follows (amounts in thousands):

Emerging Economies Fund	$	18
Emerging Markets Equity Fund		94
International Equity Fund		58
International Equity Index Fund		10
International Opportunities Fund		31
International Value Fund		79
Intrepid International Fund		14

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

134 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

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

During the year ended October 31, 2012, certain Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Funds may use related party broker-dealers. For the year ended October 31, 2012, incurred brokerage commissions with broker-dealers affiliated with the Advisor were as follows (amounts in thousands):

Emerging Economies Fund	$	—	(a)
Emerging Markets Equity Fund		4
Global Equity Income Fund		—	(a)
Global Opportunities Fund		—	(a)
International Opportunities Fund		2
International Value Fund		2
Intrepid International Fund		—	(a)

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

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

4. Investment Transactions

During the year ended October 31, 2012, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	353,295	$	261,777
Emerging Markets Equity Fund		422,152		439,031
Global Equity Income Fund		44,954		13,519
Global Opportunities Fund		4,401		4,554
International Equity Fund		327,647		44,190
International Equity Index Fund		110,827		158,659
International Opportunities Fund		579,526		281,149
International Value Fund		1,401,115		1,266,022
Intrepid International Fund		228,241		125,645

During the year ended October 31, 2012, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2012 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	435,456	$	28,664	$	23,683	$	4,981
Emerging Markets Equity Fund		1,853,904		465,255		75,850		389,405
Global Equity Income Fund		35,054		2,934		535		2,399
Global Opportunities Fund		4,244		541		169		372
International Equity Fund		914,622		190,913		32,288		158,625
International Equity Index Fund		404,037		208,740		30,260		178,480
International Opportunities Fund		789,906		69,045		30,398		38,647
International Value Fund		2,129,829		235,636		77,202		158,434
Intrepid International Fund		316,153		33,335		4,655		28,680

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of passive foreign investment companies (PFICs) (Emerging Economies Fund, Global Equity Income Fund, Global Opportunities Fund, International Equity Index Fund, International Opportunities Fund, International Value Fund and Intrepid International Fund), non-taxable special dividends (International Equity Index Fund) and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended October 31, 2012 was as follows (amounts in thousands):

	Ordinary Income		Total Distributions Paid
Emerging Economies Fund	$	4,871	$	4,871
Emerging Markets Equity Fund		1,925		1,925
Global Equity Income Fund		945		945
Global Opportunities Fund		63		63
International Equity Fund		17,653		17,653
International Equity Index Fund		16,355		16,355
International Opportunities Fund		16,377		16,377
International Value Fund		72,105		72,105
Intrepid International Fund		3,643		3,643

The tax character of distributions paid during the fiscal year ended October 31, 2011 was as follows (amounts in thousands):

	Ordinary Income		Total Distributions Paid
Emerging Economies Fund	$	374	$	374
Emerging Markets Equity Fund		9,587		9,587
Global Equity Income Fund		69		69
Global Opportunities Fund		59		59
International Equity Fund		12,838		12,838
International Equity Index Fund		16,469		16,469
International Opportunities Fund		8,198		8,198
International Value Fund		52,369		52,369
Intrepid International Fund		3,055		3,055

As of October 31, 2012, the components of net assets (excluding paid in capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long Term Capital Gain or (Tax Basis Loss Carryover)			Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	5,957	$	(52,288	)	$	5,009
Emerging Markets Equity Fund		12,492		(95,568	)		389,443
Global Equity Income Fund		127		(624	)		2,397
Global Opportunities Fund		90		(1,086	)		373
International Equity Fund		1,483		(27,441	)		158,639
International Equity Index Fund		13,388		(68,793	)		178,510
International Opportunities Fund		16,738		(87,159	)		38,837
International Value Fund		51,753		(577,731	)		159,181
Intrepid International Fund		5,730		(556,992	)		28,660

For the Funds, the cumulative timing differences primarily consist of trustee deferred compensation, distribution payable (Global Equity Income Fund), mark to market of forward foreign currency contracts (Global Equity Income Fund, Global Opportunities Fund, International Equity Index Fund, International Opportunities Fund and International Value Fund), mark to market of futures contracts (International Opportunities Fund and International Value Fund), mark to market of passive foreign investment companies (PFICs) (Emerging Economies Fund, Global Equity Income Fund, Global Opportunities Fund, International Equity Index Fund, International Opportunities Fund, International Value Fund and Intrepid International Fund) and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

136 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

As of October 31, 2012, the Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	19,744	$	13,924
Emerging Markets Equity Fund		26,125		59,597
Global Equity Income Fund		418		64
Global Opportunities Fund		222		—
International Equity Fund		—		9,002
International Equity Index Fund		4,418		10,230
International Opportunities Fund		8,636		10,241
International Value Fund		75,342		77,603
Intrepid International Fund		11,500		805

As of October 31, 2012, the Funds had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains as follows: (amounts in thousands):

	2016		2017		2018		2019		Total
Emerging Economies Fund	$	—	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		—		9,846		—		—		9,846
Global Equity Income Fund		—		—		—		142		142
Global Opportunities Fund		437		264		—		163		864
International Equity Fund		—		7,942		7,185		3,312		18,439
International Equity Index Fund		—		54,145		—		—		54,145
International Opportunities Fund		18,724		39,131		441		9,986		68,282
International Value Fund		119,474		241,545		63,767		—		424,786
Intrepid International Fund		293,716		250,971		—		—		544,687

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (“Order”) permitting the establishment and operation of an Interfund Lending Facility (“Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund Loan Rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because they are investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 11, 2013.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2012, or at any time during the year then ended.

Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.

7. Risks, Concentrations and Indemnifications

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

One or more affiliates of the Advisor have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Fund’s assets for each of the Emerging Markets Equity Fund, International Equity Index Fund, International Value Fund and Intrepid International Fund.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF OCTOBER 31, 2012 (continued)

In addition, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate more than 10% of the net assets of certain of the Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		15.9	%		60.8	%
Emerging Markets Equity Fund		n/a			15.1
International Equity Fund		n/a			46.0
International Equity Index Fund		49.1			n/a
International Opportunities Fund		n/a			60.2
Intrepid International Fund		n/a			75.6

Additionally, the Advisor owns a significant portion of the outstanding shares of Global Equity Income Fund and Global Opportunities Fund.

International Value Fund has a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.

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

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2012, substantially all of the Funds’ net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of October 31, 2012, International Equity Fund, International Opportunities Fund and Intrepid International Fund invested 24.1%, 25.7% and 21.7% of their respective total investments in issuers in the United Kingdom. Global Equity Income Fund and Global Opportunities Fund invested 30.4% and 46.5% of their respective total investments in issuers in the United States.

138 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan Global Opportunities Fund (formerly JPMorgan Global Focus Fund), JPMorgan International Equity Fund, JPMorgan International Equity Index Fund, JPMorgan International Opportunities Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Opportunities Fund (formerly JPMorgan Global Focus Fund), JPMorgan International Equity Fund, JPMorgan International Opportunities Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate Fund of JPMorgan Trust I) and JPMorgan International Equity Index Fund (a separate Fund of JPMorgan Trust II) at October 31, 2012, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, and the financial position of JPMorgan Global Equity Income Fund (a separate Fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2012, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period February 28, 2011 (commencement of operations) through October 31, 2011, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

December 21, 2012

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 139

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
William J. Armstrong (1941); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 1987.	Retired; CFO and Consultant, EduNeering, Inc. (internet business education supplier) (2000-2001); Vice President and Treasurer, Ingersoll-Rand Company (manufacturer of industrial equipment) (1972-2000).	168	None.
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	168	Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present).
Dr. Matthew Goldstein (1941); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor, City University of New York (1999-present); President, Adelphi University (New York) (1998-1999).	168	Director, New Plan Excel (NXL) (1999-2005); Director, National Financial Partners (NFP) (2003-2005); Director, Bronx-Lebanon Hospital Center; Director, United Way of New York City (2002-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	168	None.
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	168	Director, Center for Communication, Hearing, and Deafness (1990-present).
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	168	Trustee, Carleton College (2003-present).
William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001).	168	Director, Radio Shack Corp. (1987-2008); Trustee, Stratton Mountain School (2001-present).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	168	Trustee, American University in Cairo (1999-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, Carleton College (2002-2010).
Fergus Reid, III (1932); Trustee of Trusts (Chairman) since 2005; Trustee (Chairman) of heritage J.P. Morgan Funds since 1987.	Chairman, Joe Pietryka, Inc. (formerly Lumelite Corporation) (plastics manufacturing) (2003-present); Chairman and Chief Executive Officer, Lumelite Corporation (1985-2002).	168	Trustee, Morgan Stanley Funds (107 portfolios) (1992-present).

140 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	168	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Orchestra Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	168	None.
Interested Trustees
Frankie D. Hughes** (1952), Trustee of Trusts since 2008.	President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-present).	168	Trustee, The Victory Portfolios (2000-2008).
Leonard M. Spalding, Jr.*** (1935); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 1998.	Retired; Chief Executive Officer, Chase Mutual Funds (investment company) (1989-1998); President and Chief Executive Officer, Vista Capital Management (investment management) (1990-1998); Chief Investment Executive, Chase Manhattan Private Bank (investment management) (1990-1998).	168	Director, Glenview Trust Company, LLC (2001-present); Trustee, St. Catharine College (1998-present); Trustee, Bellarmine University (2000-present); Director, Springfield-Washington County Economic Development Authority (1997-present).

(1) Messrs. Armstrong, Reid, and Spalding are retiring from the Board of Trustees effective December 31, 2012. The other Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 75 for all Trustees, except that the Board has determined Mr. Morton should continue to serve until December 31, 2014.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (168 funds).

   * Ms. McCoy has served as Vice President of Administration and Planning for Northwestern University since 1985. William M. Daley was the Head of Corporate Responsibility for JPMorgan Chase & Co. prior to January 2011 and served as a member of the Board of Trustees of Northwestern University from 2005 through 2010. JPMIM, the Funds’ investment advisor, is a wholly-owned subsidiary of JPMorgan Chase & Co. Five other members of the Board of Trustees of Northwestern University are executive officers of registered investment advisors (not affiliated with JPMorgan) that are under common control with subadvisors to certain J.P. Morgan Funds.

  ** Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc.

*** Mr. Spalding is treated as an “interested person” due to his ownership of JPMorgan Chase stock.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 141

TRUSTEES

(Unaudited) (continued)

In order to fill the vacancies created by the retirement of Messrs. Reid, Armstrong, and Spalding effective December 31, 2012, the Board appointed Mary E. Martinez and Mitchell M. Merin to serve as Trustees effective January 1, 2013 and Marian U. Pardo to serve as Trustee effective February 1, 2013. Information about Ms. Martinez, Mr. Merin, and Ms. Pardo is set forth below:

Name (Year of Birth)	Principal Occupation During Past 5 Years	Other Directorships Held During the Past 5 Years
Mary E. Martinez (1960)	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	Member, New York City Center Advisory Council (oversees public performing arts facilities) (2006-Present)
Mitchell M. Merin (1953)	Retired (2005-Present); President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	Director, Sun Life Financial (SLF) (2007 to Present) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010)
Marian U. Pardo* (1946)	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) 2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-Present)

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

142 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Patricia A. Maleski (1960), President and Principal Executive Officer (2010)	Managing Director, J.P. Morgan Investment Management Inc. and Chief Administrative Officer, J.P. Morgan Funds and Institutional Pooled Vehicles since 2010; previously, Treasurer and Principal Financial Officer of the Trusts from 2008 to 2010; previously, Head of Funds Administration and Board Liaison, J.P. Morgan Funds prior to 2010. Ms. Maleski has been with JPMorgan Chase & Co. since 2001.
Joy C. Dowd (1972), Treasurer and Principal Financial Officer (2010)	Assistant Treasurer of the Trusts from 2009 to 2010; Executive Director, JPMorgan Funds Management, Inc. from February 2011; Vice President, JPMorgan Funds Management, Inc. from December 2008 to February 2011; prior to joining JPMorgan Chase, Ms. Dowd worked in MetLife’s investments audit group from 2005 through 2008.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kathryn A. Jackson (1962), AML Compliance Officer (2012)*	Vice President and AML Compliance Manager for JPMorgan Asset Management Compliance since 2011; Senior On-Boarding Specialist for JPMorgan Distribution Services, Inc. in Global Liquidity from 2008 to 2011; prior to joining JPMorgan, Ms. Jackson was a Financial Services Analyst responsible for on-boarding, compliance and training with Nationwide Securities LLC and 1717 Capital Management Company, both registered broker-dealers, from 2005 until 2008.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008.
Pamela L. Woodley (1971), Assistant Secretary (2012)	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Executive Director, JPMorgan Funds Management, Inc. from July 2012; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Jeffrey D. House (1972), Assistant Treasurer (2006)**	Vice President, JPMorgan Funds Management, Inc. since July 2006.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management.
Jeffery Reedy (1973), Assistant Treasurer (2011)**	Vice President, JPMorgan Funds Management, Inc. since February 2006.
Julie A. Roach (1971), Assistant Treasurer (2012)**	Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Timothy J. Stewart (1974), Assistant Treasurer (2012)***	Executive Director, JPMorgan Funds Management, Inc. from July 2012; Managing Director of Robeco Investment Management, Inc. (2011 – 2012); Chief Financial Officer (2008 – 2011) and Director of Operations (2003 - 2008), Robeco-Sage, a division of Robeco Investment Management, Inc.

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

* The contact address for the officer is 500 Stanton Christiana Road, Ops 1, Floor 02, Newark, DE 19173-2107.

** The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082.

*** Mr. Stewart is the Assistant Treasurer of JPMorgan Trust I only.

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 143

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2012, and continued to hold your shares at the end of the reporting period, October 31, 2012.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value, May 1, 2012		Ending Account Value, October 31, 2012		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual	$	1,000.00	$	949.90	$	7.84		1.60	%
Hypothetical		1,000.00		1,017.09		8.11		1.60
Class C
Actual		1,000.00		947.10		10.28		2.10
Hypothetical		1,000.00		1,014.58		10.63		2.10
Class R5
Actual		1,000.00		952.20		5.64		1.15
Hypothetical		1,000.00		1,019.36		5.84		1.15
Select Class
Actual		1,000.00		950.70		6.62		1.35
Hypothetical		1,000.00		1,018.35		6.85		1.35
Emerging Markets Equity Fund
Class A
Actual		1,000.00		990.50		9.06		1.81
Hypothetical		1,000.00		1,016.04		9.17		1.81
Class B
Actual		1,000.00		987.60		11.54		2.31
Hypothetical		1,000.00		1,013.52		11.69		2.31
Class C
Actual		1,000.00		988.00		11.54		2.31
Hypothetical		1,000.00		1,013.52		11.69		2.31
Institutional Class
Actual		1,000.00		992.60		7.06		1.41
Hypothetical		1,000.00		1,018.05		7.15		1.41

144 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Beginning Account Value, May 1, 2012		Ending Account Value, October 31, 2012		Expenses Paid During the Period*		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Select Class
Actual	$	1,000.00	$	991.60	$	7.81		1.56	%
Hypothetical		1,000.00		1,017.29		7.91		1.56
Global Equity Income Fund
Class A
Actual		1,000.00		1,037.60		6.40		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		1,036.10		8.96		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		1,036.50		7.68		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R5
Actual		1,000.00		1,040.00		4.10		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80
Select Class
Actual		1,000.00		1,039.00		5.13		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
Global Opportunities Fund
Class A
Actual		1,000.00		995.60		6.27		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class C
Actual		1,000.00		992.60		8.77		1.75
Hypothetical		1,000.00		1,016.34		8.87		1.75
Class R2
Actual		1,000.00		994.80		7.52		1.50
Hypothetical		1,000.00		1,017.60		7.61		1.50
Class R5
Actual		1,000.00		997.80		4.02		0.80
Hypothetical		1,000.00		1,021.11		4.06		0.80
Class R6
Actual		1,000.00		998.50		3.77		0.75
Hypothetical		1,000.00		1,021.37		3.81		0.75
Select Class
Actual		1,000.00		997.00		5.02		1.00
Hypothetical		1,000.00		1,020.11		5.08		1.00
International Equity Fund
Class A
Actual		1,000.00		1,014.50		6.58		1.30
Hypothetical		1,000.00		1,018.60		6.60		1.30
Class B
Actual		1,000.00		1,011.60		9.10		1.80
Hypothetical		1,000.00		1,016.09		9.12		1.80
Class C
Actual		1,000.00		1,011.80		9.10		1.80
Hypothetical		1,000.00		1,016.09		9.12		1.80
Class R2
Actual		1,000.00		1,013.10		7.84		1.55
Hypothetical		1,000.00		1,017.34		7.86		1.55
Class R5
Actual		1,000.00		1,016.40		4.31		0.85
Hypothetical		1,000.00		1,020.86		4.32		0.85

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 145

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value, May 1, 2012		Ending Account Value, October 31, 2012		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Fund (continued)
Class R6
Actual	$	1,000.00	$	1,016.70	$	4.06		0.80	%
Hypothetical		1,000.00		1,021.11		4.06		0.80
Select Class
Actual		1,000.00		1,015.50		5.32		1.05
Hypothetical		1,000.00		1,019.86		5.33		1.05
International Equity Index Fund
Class A
Actual		1,000.00		1,030.50		5.46		1.07
Hypothetical		1,000.00		1,019.76		5.43		1.07
Class B
Actual		1,000.00		1,027.10		9.12		1.79
Hypothetical		1,000.00		1,016.14		9.07		1.79
Class C
Actual		1,000.00		1,027.10		9.12		1.79
Hypothetical		1,000.00		1,016.14		9.07		1.79
Class R2
Actual		1,000.00		1,029.00		6.73		1.32
Hypothetical		1,000.00		1,018.50		6.70		1.32
Select Class
Actual		1,000.00		1,031.50		4.19		0.82
Hypothetical		1,000.00		1,021.01		4.17		0.82
International Opportunities Fund
Class A
Actual		1,000.00		1,001.60		6.44		1.28
Hypothetical		1,000.00		1,018.70		6.50		1.28
Class B
Actual		1,000.00		1,000.00		8.95		1.78
Hypothetical		1,000.00		1,016.19		9.02		1.78
Class C
Actual		1,000.00		999.20		8.95		1.78
Hypothetical		1,000.00		1,016.19		9.02		1.78
Class R6
Actual		1,000.00		1,004.80		3.93		0.78
Hypothetical		1,000.00		1,021.22		3.96		0.78
Institutional Class
Actual		1,000.00		1,004.00		4.43		0.88
Hypothetical		1,000.00		1,020.71		4.47		0.88
Select Class
Actual		1,000.00		1,003.20		5.19		1.03
Hypothetical		1,000.00		1,019.96		5.23		1.03
International Value Fund
Class A
Actual		1,000.00		1,009.90		6.77		1.34
Hypothetical		1,000.00		1,018.40		6.80		1.34
Class B
Actual		1,000.00		1,006.70		9.28		1.84
Hypothetical		1,000.00		1,015.89		9.32		1.84
Class C
Actual		1,000.00		1,007.70		9.29		1.84
Hypothetical		1,000.00		1,015.89		9.32		1.84
Class R2
Actual		1,000.00		1,008.40		8.03		1.59
Hypothetical		1,000.00		1,017.14		8.06		1.59

146 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

	Beginning Account Value, May 1, 2012		Ending Account Value, October 31, 2012		Expenses Paid During the Period*		Annualized Expense Ratio
International Value Fund (continued)
Class R6
Actual	$	1,000.00	$	1,012.30	$	4.25		0.84	%
Hypothetical		1,000.00		1,020.91		4.27		0.84
Institutional Class
Actual		1,000.00		1,012.30		4.75		0.94
Hypothetical		1,000.00		1,020.41		4.77		0.94
Select Class
Actual		1,000.00		1,011.50		5.51		1.09
Hypothetical		1,000.00		1,019.66		5.53		1.09
Intrepid International Fund
Class A
Actual		1,000.00		1,006.30		7.51		1.49
Hypothetical		1,000.00		1,017.65		7.56		1.49
Class C
Actual		1,000.00		1,003.80		10.02		1.99
Hypothetical		1,000.00		1,015.13		10.08		1.99
Class R2
Actual		1,000.00		1,004.50		8.77		1.74
Hypothetical		1,000.00		1,016.39		8.82		1.74
Institutional Class
Actual		1,000.00		1,008.70		5.00		0.99
Hypothetical		1,000.00		1,020.16		5.03		0.99
Select Class
Actual		1,000.00		1,007.30		6.26		1.24
Hypothetical		1,000.00		1,018.90		6.29		1.24

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 147

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to its annual consideration of investment advisory agreements at each meeting. The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment subcommittees (money market and alternative products, equity, and fixed income) also meet for the specific purpose of considering advisory contract annual renewals. The Board of Trustees held meetings in person in June and August 2012, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment subcommittees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment subcommittee reported to the full Board, which then considered the investment subcommittee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 23, 2012.

The Trustees, as part of their review of the investment advisory arrangements for the J.P. Morgan Funds, considered and reviewed performance and other information received from the Advisor on a regular basis over the course of the year, as well as information specifically prepared for their annual review. This information included the Funds’ performance compared to the performance of the Funds’ peers and benchmarks and analyses by the Advisor of the Funds’ performance. In addition, the Trustees have engaged an independent consultant to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Advisor also periodically provides comparative information regarding the Funds’ expense ratios and those of the peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Advisor, including, with respect to certain J.P. Morgan Funds, performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The independent consultant also provided additional analyses of the performance of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the investment advisory arrangements. Prior to voting, the Trustees reviewed the proposed approval of the Advisory Agreements with representatives of the Advisor and with counsels to the Trusts and independent Trustees and received a memorandum from independent

counsel to the Trustees discussing the legal standards for their consideration of the proposed approval. The Trustees also discussed the proposed approvals in executive sessions with counsels to the Trusts and independent Trustees at which no representatives of the Advisor were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

In their deliberations, there was a comprehensive consideration of the information received by the Trustees. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Advisor from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders.

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

Nature, Extent and Quality of Services Provided by the Advisor

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

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

148 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

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

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Advisor and its affiliates as a result of their relationship with the Funds. The Board considered that the Advisor does not currently use third-party soft dollar arrangements with respect to securities transactions it executes for these Funds.

The Trustees also considered that JPMFM and JPMDS, affiliates of the Advisor, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Advisor. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, securities lending and other related services. The Trustees also considered that the Funds are not currently engaged in securities lending.

Economies of Scale

The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints. The Trustees considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Advisor has in place that serve to limit the overall net expense ratio at competitive levels. The Trustees also recognized that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Advisor, and that the Funds benefit from that breakpoint. The Trustees concluded that shareholders benefited from the lower expense ratios which resulted from these factors.

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Equity Index Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Global Equity Income Fund, Global Opportunities Fund, International Opportunities Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Advisor’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Advisor for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Advisor’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Advisor’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for Funds which had at least one full year of performance at the time of the review in a report prepared by

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 149

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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

The Trustees noted that the Emerging Economies Fund’s performance was in the third and first quintiles for Class A shares and in the second and first quintiles for Select Class shares for the one- and three-year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s performance was in the second, fourth and second quintiles for Class A shares and in the second, third and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Global Equity Income Fund since its inception on February 28, 2011 as compared with that of its benchmark index through December 31, 2011. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Global Opportunities Fund’s performance was in the fifth and first quintiles for both Class A and Select Class shares for the one- and three-year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance needed enhancement. The Trustees also noted that effective

November 1, 2011, the Fund changed its name, investment objective and investment strategies. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Fund’s performance was in the second quintile for both Class A and Select Class shares for each of the one-, three-, and five-year periods ended December 31, 2011, and that the independent consultant indicated that overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the International Equity Index Fund’s performance was in the fourth, third and third quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and concluded that they were satisfied with the Advisor’s analysis of the Fund’s performance. They requested, however, that the Fund’s Advisor provide additional Fund performance information to be reviewed with members of the money market and alternative products subcommittee at each of their regular meetings over the course of the next year.

The Trustees noted that the International Opportunities Fund’s performance was in the fourth, third and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the International Value Fund’s performance was in the third, second and second quintiles for both Class A and Select Class shares for the one-, three- and five- year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and other factors, concluded that the performance was reasonable.

The Trustees noted that the Intrepid International Fund’s performance was in the fourth, fourth and fifth quintiles for Class A shares and in the third, fourth, and fifth quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2011, respectively, and that the independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and

150 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

investment strategy of the Fund with the Advisor and concluded that they were satisfied with the Advisor’s analysis of the Fund’s performance. They requested, however, that the Fund’s Advisor provide additional Fund performance information to be reviewed with members of the equity subcommittee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Emerging Economies Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the fourth quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Global Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for both Class A and Select Class shares were in the second quintile of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Global Opportunities Fund’s net advisory fee for both Class A and Select Class shares was in the

first quintile, and that the actual total expenses for both Class A and Select Class shares were in the second quintile of their Universe Group. The Trustees noted further that, effective November 1, 2011, the contractual advisory fee and expense caps for the Fund were reduced and that Lipper reflected the reduced fees and expense caps in their analysis. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the International Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the International Equity Index Fund’s net advisory fee for Class A and Select Class shares was in the second and fifth quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and fourth quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

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

The Trustees noted that the International Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of their Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

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

OCTOBER 31, 2012 J.P. MORGAN INTERNATIONAL EQUITY FUNDS 151

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2012. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2012. The information necessary to complete your income tax returns for the calendar year ending December 31, 2012 will be received under separate cover.

Dividend Received Deductions (DRD)

The following represents the percentage of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended October 31, 2012:

	Dividend Received Deduction
Global Equity Income Fund		32.07	%
Global Opportunities Fund		30.46

Qualified Dividend Income (QDI)

For the fiscal year ended October 31, 2012, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%. The following represents the amount of ordinary income distributions treated as qualified dividends (amounts in thousands):

	Qualified Dividend Income
Emerging Economies Fund	$	4,871
Emerging Markets Equity Fund		1,925
Global Equity Income Fund		945
Global Opportunities Fund		63
International Equity Fund		17,653
International Equity Index Fund		16,355
International Opportunities Fund		16,377
International Value Fund		69,589
Intrepid International Fund		3,643

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended October 31, 2012, the Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Gross income and foreign tax expenses are as follows (amounts in thousands):

	Gross Income		Foreign Tax Pass Through
Emerging Economies Fund	$	11,910	$	864
Emerging Markets Equity Fund		50,078		2,866
Global Equity Income Fund		948		82
Global Opportunities Fund		91		6
International Equity Fund		26,548		1,767
International Equity Index Fund		18,678		1,969
International Opportunities Fund		21,492		1,553
International Value Fund		80,600		5,523
Intrepid International Fund		8,905		639

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December, 2012. These shareholders will receive more detailed information along with their 2012 Form 1099-DIV.

152 J.P. MORGAN INTERNATIONAL EQUITY FUNDS OCTOBER 31, 2012

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2012.  All rights reserved. October 2012. AN-INTEQ-1012

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is John F. Finn. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2012 – $37,500

2011 – $37,400

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2012 – $18,730

2011 – $18,730

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2012 – $8,650

2011 – $8,650

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2012 and 2011, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2012 – Not applicable

2011 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm

without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2012 – 0.0%

2011 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

None.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2011 - $28.5 million

2010 - $32.0 million

These amounts also include the aggregate non audit fees billed by the Independent Registered Public Accounting firm for services rendered to J.P. Morgan Chase & Co. (“JPMC”) and certain related entities.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II

By:	/s/    Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	January 7, 2013

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/    Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	January 7, 2013
By:	/s/    Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	January 7, 2013

EX-99.CODE

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

J. P. Morgan Fleming Mutual Fund Group, Inc.

J. P. Morgan Mutual Fund Group

J.P. Morgan Access Multi-Strategy Fund, LLC

J.P. Morgan Access Multi-Strategy Fund II

Pacholder High Yield Fund, Inc.

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:

Patricia A. Maleski	Principal Executive Officer
Joy C Dowd	Principal Financial Officer*
Timothy Stewart	Principal Financial Officer**

*For all Trusts other than J.P. Morgan Access Multi-Strategy Fund, L.L.C. and J.P. Morgan Access Multi-Strategy Fund II

**For J.P. Morgan Access Multi-Strategy Fund, L.L.C. and J.P. Morgan Access Multi-Strategy Fund II

1. Covered Officers/ Purpose of the Code

a. This Sarbanes-Oxley Code of Ethics for the JPMorgan Funds (the “Funds”) applies to the Fund’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers”) for the purpose of promoting

i. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ii. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

iii. Compliance with applicable laws and governmental rules and regulations;

iv. The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and

v. Accountability for adherence to this Sarbanes-Oxley Code of Ethics.

b. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds

because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

3. Each Covered Officer must:

a. Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

b. Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

c. Complete on an annual basis the Funds’ Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships

4. In furtherance of the above, below are some examples of conflict of interest: situations that should be discussed with the Investment Adviser’s Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:

a. Serving as a director on the board of any public, private company or not for profit organization;

b. The receipt of any gifts in excess of $100;

c. The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;

d. Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Funds Principal Service Providers.;

e. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer’s employment with the Funds’ Principal Service Providers.

5. Disclosure and Compliance

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and/or to governmental regulators and self-regulatory organizations;

c. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;

6. Reporting and Accountability

a. Each covered officer must:

i. Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

ii. Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;

iii. Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and

iv. Notify the Funds’ Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.

b. Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.

c. The Funds’ Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds’ Board.

d. The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:

i. The Funds’ Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;

ii. If, after such investigation, the Funds’ Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

iii. Any matter the Funds’ Chief Compliance Officer believes to be a violation will be reported to the Funds’ Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;

iv. The Funds’ Board will be responsible for granting waivers, as appropriate; and

v. Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds’ Board as provided by SEC rules.

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this

Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

8. Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of independent directors or trustees.

9. All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.

10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Patricia A. Maleski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan International Equity Index Fund (the “Fund”), the series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 7, 2013

/s/    Patricia A. Maleski

Patricia A. Maleski

President and Principal Executive Officer

CERTIFICATIONS

I, Joy C. Dowd, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan International Equity Index Fund (the “Fund”), the series of JPMorgan Trust II (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 7, 2013

/s/    Joy C. Dowd

Joy C. Dowd

Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan International Equity Index Fund (the “Fund”), the series of JPMorgan Trust II (the “Registrant”);

I, Patricia A. Maleski, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/    Patricia A. Maleski

Patricia A. Maleski

President and Principal Executive Officer

January 7, 2013

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan International Equity Index Fund (the “Fund”), the series of JPMorgan Trust II (the “Registrant”);

I, Joy C. Dowd, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/    Joy C. Dowd

Joy C. Dowd

Treasurer and Principal Financial Officer

January 7, 2013

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.