UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2016 through June 30, 2017

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

JPMorgan Access Funds

June 30, 2017

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Access Balanced Fund	3
JPMorgan Access Growth Fund	7
Consolidated Schedules of Portfolio Investments	11
Consolidated Financial Statements	24
Consolidated Financial Highlights	30
Notes to Consolidated Financial Statements	34
Report of Independent Registered Public Accounting Firm	44
Trustees	45
Officers	47
Schedule of Shareholder Expenses	48
Tax Letter	49
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JPMorgan Access Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Emerging market equities generally outperformed developed market equities during the reporting period.

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

Notably, U.S. financial market volatility remained low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures options on the Standard & Poor’s 500 Index to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

2 JPMORGAN ACCESS FUNDS JUNE 30, 2017

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		10.73%
Bloomberg Barclays U.S. Aggregate Index		(0.31)%
MSCI World Index (net of foreign withholding taxes)		18.20%
Access Balanced Composite Benchmark		9.87%
Net Assets as of 6/30/2017	$	624,651,137

INVESTMENT OBJECTIVE**

The JPMorgan Access Balanced Fund (the “Fund”) seeks total return.

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

As the Fund invests in fixed income and equity securities, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index, its broad based fixed income benchmark, but underperformed the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, for the twelve months ended June 30, 2017.

The Fund’s allocation to U.S. and other developed market equities drove its outperformance relative to the Bloomberg Barclays U.S. Aggregate Index. The Fund’s allocation to core fixed income and alternative investment strategies led to its underperformance relative to the MSCI World Index.

The Fund outperformed its composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index (35%), HFRX Global Hedge Fund Index (5%) and Bloomberg Barclays 1-3 Month Treasury Bill Index (5%).

The Fund’s security selection in equities in foreign developed markets and in the U.S. and its underweight position in core fixed income securities were leading contributors to performance relative to the composite benchmark. The Fund’s overweight allocation and security selection in extended credit was

a leading detractor from performance relative to the composite benchmark.

To implement the Fund managers’ tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended), structured products and exchange traded funds. Among the actively managed underlying strategies, excess return was mixed during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

In terms of Fund positioning, the Fund’s portfolio managers ended the reporting period with a slight overweight position in global equity, particularly in Europe, Australasia and Far East. Within equities, they were focused on being tactical and continued to monitor economic data, sentiment and flows across geographies recognizing that regional allocations may be an important driver of returns. Within fixed income, the portfolio managers favored an underweight position in core bonds, given their opinion that U.S. interest rates would gradually move higher.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	SPDR S&P500 Fund Trust	22.9	%
	2.	iShares MSCI EAFE Fund	12.5
	3.	Vanguard Total International Bond Fund	8.5
	4.	JPMorgan Core Bond Fund, Class R6 Shares	5.3
	5.	JPMorgan High Yield Fund, Class R6 Shares	4.1
	6.	JPMorgan Corporate Bond Fund, Class R6 Shares	3.9
	7.	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares	3.6
	8.	JPMorgan Unconstrained Debt Fund, Class R6 Shares	3.0
	9.	JPMorgan Global Research Enhanced Index Fund, Class I Shares	2.9
	10.	JPMorgan Core Plus Bond Fund, Class R6 Shares	2.9

PORTFOLIO COMPOSITION BY ASSET CLASS***
Fixed Income	33.2	%
U.S. Equity	32.2
International Equity	25.2
Alternative Assets	5.1
Short-Term Investment	4.3

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

4 JPMORGAN ACCESS FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		September 30, 2009
With Sales Charge*				5.51	%		4.37	%		3.91	%
Without Sales Charge				10.46			5.33			4.53
CLASS C SHARES		January 4, 2010
With CDSC**				8.83			4.80			4.02
Without CDSC				9.83			4.80			4.02
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		September 30, 2009		10.73			5.62			4.81
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		September 30, 2009		10.85			5.77			4.96

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (9/30/09 TO 6/30/17)

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 September 30, 2009.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares (formerly Select Class Shares) of the JPMorgan Access Balanced Fund, the Bloomberg Barclays U.S. Aggregate Index, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Balanced Composite Benchmark from September 30, 2009 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index and the Access Balanced Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World

Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Access Balanced Composite Benchmark is a composite benchmark comprised of unmanaged indexes that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index (35%), Bloomberg Barclays 1-3 Month Treasury Bill Index (5%), HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

Class I Shares (formerly Select Class Shares) have a $1,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 5

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

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

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

6 JPMORGAN ACCESS FUNDS JUNE 30, 2017

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		14.01%
MSCI World Index (net of foreign withholding taxes)		18.20%
Bloomberg Barclays U.S. Aggregate Index		(0.31)%
Access Growth Composite Benchmark		13.69%
Net Assets as of 6/30/2017	$	557,894,556

INVESTMENT OBJECTIVE**

The JPMorgan Access Growth Fund (the “Fund”) seeks capital appreciation.

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

As the Fund invests in fixed income and equity securities, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares underperformed the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, and outperformed the Bloomberg Barclays U.S. Aggregate Index, its broad based fixed income benchmark, for the twelve months ended June 30, 2017.

The Fund’s allocation to equities drove its outperformance relative to the Bloomberg Barclays U.S. Aggregate Index. The Fund’s allocation to core fixed income and alternative investment strategies led to its underperformance relative to the MSCI World Index.

The Fund outperformed its composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index (15%), HFRX Global Hedge Fund Index (5%) and Bloomberg Barclays 1-3 Month Treasury Bill Index (5%).

The Fund’s security selection in foreign developed market equities and U.S. equities, and its underweight position in core fixed income securities were leading contributors to performance relative to the composite benchmark. The Fund’s overweight

position in extended credit was a leading detractor from performance relative to the composite benchmark.

To implement the Fund managers’ tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended), structured products and exchange traded funds. Among the actively managed underlying strategies, excess return was mixed during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

In terms of Fund positioning, the Fund’s portfolio managers ended the reporting period with a slight overweight position in global equity, particularly in Europe, Australasia and the Far East. Within equities, they were focused on being tactical and continued to monitor economic data, sentiment, current account deficits, and flows across geographies recognizing that regional allocations may be an important driver of returns. Within fixed income, the Fund’s portfolio managers favored an underweight allocation to core bonds, given their opinion that U.S. interest rates would gradually move higher.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	SPDR S&P500 Fund Trust	24.4	%
	2.	iShares MSCI EAFE Fund	17.8
	3.	JPMorgan Global Research Enhanced Index Fund, Class I Shares	8.0
	4.	iShares Core S&P 500 Fund	6.4
	5.	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares	4.4
	6.	Vanguard Total International Bond Fund	3.2
	7.	JPMorgan High Yield Fund, Class R6 Shares	3.0
	8.	JPMorgan Equity Focus Fund, Class I shares	3.0
	9.	Oakmark International Fund, Institutional Class Shares	2.6
	10.	Marshall Wace UCITS Fund plc - MW TOPS UCITS Fund, (Ireland), Class F Shares	2.5

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	40.0	%
International Equity	36.6
Fixed Income	13.2
Alternative Assets	5.1
Short-Term Investment	5.1

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

8 JPMORGAN ACCESS FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		September 30, 2009
With Sales Charge*				8.50	%		5.83	%		4.87	%
Without Sales Charge				13.64			6.81			5.50
CLASS C SHARES		January 4, 2010
With CDSC**				12.14			6.29			5.00
Without CDSC				13.14			6.29			5.00
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		September 30, 2009		14.01			7.10			5.77
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		September 30, 2009		14.20			7.26			5.93

* Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (9/30/09 TO 6/30/17)

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 September 30, 2009.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares (formerly Select Class Shares) of the JPMorgan Access Growth Fund, the Bloomberg Barclays U.S. Aggregate Index, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Growth Composite Benchmark from September 30, 2009 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index and the Access Growth Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World

Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Access Growth Composite Benchmark is a composite benchmark comprised of unmanaged indexes that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index (15%), Bloomberg Barclays 1-3 Month Treasury Bill Index (5%) and HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

Class I Shares (formerly Select Class Shares) have a $1,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

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

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

10 JPMORGAN ACCESS FUNDS JUNE 30, 2017

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 6.4%
		Consumer Discretionary — 0.8%
		Auto Components — 0.1%
	1,100	Aisin Seiki Co. Ltd., (Japan)		56,547
	935	Autoliv, Inc., (Sweden), SDR		102,579
	1,100	Denso Corp., (Japan)		46,682
	19,467	GKN plc, (United Kingdom)		82,688
	800	Koito Manufacturing Co. Ltd., (Japan)		41,369
	3,100	Sumitomo Rubber Industries Ltd., (Japan)		52,500
				382,365
		Automobiles — 0.1%
	905	Bayerische Motoren Werke AG, (Germany)		84,172
	6,600	Honda Motor Co. Ltd., (Japan)		180,827
	2,500	Suzuki Motor Corp., (Japan)		119,095
	2,900	Toyota Motor Corp., (Japan)		152,434
				536,528
		Diversified Consumer Services — 0.0% (g)
	36,840	AA plc, (United Kingdom)		109,467
		Hotels, Restaurants & Leisure — 0.0% (g)
	7,062	Compass Group plc, (United Kingdom)		149,052
	5,345	Greene King plc, (United Kingdom)		46,909
	19,835	Wynn Macau Ltd., (Macau)		46,316
				242,277
		Household Durables — 0.1%
	11,700	Panasonic Corp., (Japan)		159,416
	4,898	Persimmon plc, (United Kingdom)		143,053
	1,800	Sony Corp., (Japan)		68,659
				371,128
		Media — 0.2%
	2,400	CyberAgent, Inc., (Japan)		74,536
	3,460	Eutelsat Communications SA, (France)		88,281
	3,693	JCDecaux SA, (France)		121,081
	4,781	Liberty Global plc, (United Kingdom), Class A (a)		153,566
	5,340	Modern Times Group MTG AB, (Sweden), Class B		183,807
	3,570	Naspers Ltd., (South Africa), Class N, ADR		72,649
	13,274	SES SA, (Luxembourg), FDR		310,969
	4,313	Sky plc, (United Kingdom)		55,858
	590	Stroeer SE & Co. KGaA, (Germany)		35,427
	7,748	WPP plc, (United Kingdom)		163,147
				1,259,321
		Multiline Retail — 0.0% (g)
	7,167	Lojas Renner SA, (Brazil) (a)		59,492
	965	Ryohin Keikaku Co. Ltd., (Japan)		241,521
				301,013

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.1%
	61,355	BCA Marketplace plc, (United Kingdom)		155,429
	42,688	Kingfisher plc, (United Kingdom)		167,205
				322,634
		Textiles, Apparel & Luxury Goods — 0.2%
	5,899	Burberry Group plc, (United Kingdom)		127,647
	743,000	China Hongxing Sports Ltd., (China) (a)		1
	1,527	Cie Financiere Richemont SA (Registered), (Switzerland)		126,357
	36	Hermes International, (France)		17,783
	1,129	Kering, (France)		384,438
	1,020	LVMH Moet Hennessy Louis Vuitton SE, (France)		255,056
	4,056	Moncler SpA, (Italy)		95,148
	70,500	Samsonite International SA		294,535
				1,300,965
		Total Consumer Discretionary		4,825,698
		Consumer Staples — 0.7%
		Beverages — 0.2%
	3,138	Carlsberg A/S, (Denmark), Class B		335,344
	14,282	Diageo plc, (United Kingdom)		422,058
	5,900	Kirin Holdings Co. Ltd., (Japan)		120,352
	2,594	Pernod Ricard SA, (France)		347,355
				1,225,109
		Food & Staples Retailing — 0.0% (g)
	3,700	Seven & i Holdings Co. Ltd., (Japan)		152,678
		Food Products — 0.3%
	3,920	Associated British Foods plc, (United Kingdom)		150,008
	4,233	Danone SA, (France)		317,719
	1,200	MEIJI Holdings Co. Ltd., (Japan)		97,307
	10,637	Nestle SA (Registered), (Switzerland)		927,734
	44,600	Wilmar International Ltd., (Singapore)		108,483
				1,601,251
		Household Products — 0.0% (g)
	15,175	PZ Cussons plc, (United Kingdom)		67,635
	1,295	Reckitt Benckiser Group plc, (United Kingdom)		131,278
				198,913
		Personal Products — 0.1%
	2,229	L’Oreal SA, (France)		464,779
	2,400	Pola Orbis Holdings, Inc., (Japan)		63,496
	7,569	Unilever plc, (United Kingdom)		409,618
				937,893

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Tobacco — 0.1%
	4,525	British American Tobacco plc, (United Kingdom)		308,347
	4,349	Imperial Brands plc, (United Kingdom)		195,432
	1,400	Japan Tobacco, Inc., (Japan)		49,207
				552,986
		Total Consumer Staples		4,668,830
		Energy — 0.2%
		Energy Equipment & Services — 0.0% (g)
	5,180	Ensco plc, Class A		26,729
	7,134	WorleyParsons Ltd., (Australia) (a)		61,468
				88,197
		Oil, Gas & Consumable Fuels — 0.2%
	6,015	Enbridge, Inc., (Canada)		239,617
	3,880	Royal Dutch Shell plc, (Netherlands), Class B		104,164
	2,900	Royal Dutch Shell plc, (Netherlands), Class B, ADR		157,847
	4,673	Statoil ASA, (Norway)		77,488
	12,759	TOTAL SA, (France)		633,446
				1,212,562
		Total Energy		1,300,759
		Financials — 1.3%
		Banks — 0.7%
	6,099	ABN AMRO Group NV, (Netherlands), CVA (e)		161,574
	9,489	Australia & New Zealand Banking Group Ltd., (Australia)		209,438
	3,439	Barclays plc, (United Kingdom), ADR		36,419
	7,709	BNP Paribas SA, (France)		554,992
	4,066	Commerzbank AG, (Germany) (a)		48,552
	3,486	Danske Bank A/S, (Denmark)		134,117
	11,400	DBS Group Holdings Ltd., (Singapore)		171,579
	18,434	DNB ASA, (Norway)		313,835
	2,336	Erste Group Bank AG, (Austria) (a)		89,480
	2,195	HDFC Bank Ltd., (India), ADR		190,899
	19,346	ING Groep NV, (Netherlands)		333,966
	47,323	Intesa Sanpaolo SpA, (Italy)		150,526
	3,725	KBC Group NV, (Belgium)		282,426
	475,264	Lloyds Banking Group plc, (United Kingdom)		409,571
	4,200	National Bank of Canada, (Canada)		176,609
	16,969	Nordea Bank AB, (Sweden)		216,124
	9,724	Standard Chartered plc, (United Kingdom) (a)		98,487
	1,800	Sumitomo Mitsui Financial Group, Inc., (Japan)		70,280
	3,800	Sumitomo Mitsui Trust Holdings, Inc., (Japan)		136,493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	21,796	Svenska Handelsbanken AB, (Sweden), Class A		312,165
	5,600	United Overseas Bank Ltd., (Singapore)		94,016
				4,191,548
		Capital Markets — 0.1%
	1,144	Close Brothers Group plc, (United Kingdom)		22,502
	4,967	GAM Holding AG, (Switzerland) (a)		66,780
	1,814	Macquarie Group Ltd., (Australia)		123,359
	5,201	UBS Group AG (Registered), (Switzerland) (a)		88,448
				301,089
		Consumer Finance — 0.0% (g)
	4,200	Credit Saison Co. Ltd., (Japan)		82,240
		Diversified Financial Services — 0.0% (g)
	14,834	Challenger Ltd., (Australia)		152,130
	14,000	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan)		76,812
				228,942
		Insurance — 0.5%
	89,985	AIA Group Ltd., (Hong Kong)		658,363
	24,583	Aviva plc, (United Kingdom)		168,624
	11,299	AXA SA, (France)		309,404
	28,002	Direct Line Insurance Group plc, (United Kingdom)		129,664
	921	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)		186,367
	12,000	Ping An Insurance Group Co. of China Ltd., (China), Class H		79,049
	21,557	Prudential plc, (United Kingdom)		494,815
	15,817	RSA Insurance Group plc, (United Kingdom)		126,881
	6,308	Sampo OYJ, (Finland), Class A		323,636
	16,122	Storebrand ASA, (Norway)		111,248
	3,600	Sun Life Financial, Inc., (Canada)		128,698
	5,100	Tokio Marine Holdings, Inc., (Japan)		212,228
	524	Zurich Insurance Group AG, (Switzerland)		152,929
				3,081,906
		Total Financials		7,885,725
		Health Care — 0.8%
		Biotechnology — 0.1%
	667	CSL Ltd., (Australia)		70,789
	941	Genmab A/S, (Denmark) (a)		200,640
	668	Shire plc, ADR		110,400
				381,829

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JPMORGAN ACCESS FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 0.1%
	4,814	Elekta AB, (Sweden), Class B		45,558
	2,337	Essilor International SA, (France)		297,296
	4,581	GN Store Nord A/S, (Denmark)		133,761
	1,480	Medtronic plc		131,350
	808	Sonova Holding AG (Registered), (Switzerland)		131,440
	3,360	Sysmex Corp., (Japan)		201,109
				940,514
		Health Care Providers & Services — 0.0% (g)
	3,130	Fresenius SE & Co. KGaA, (Germany)		268,720
	1,600	Miraca Holdings, Inc., (Japan)		72,062
				340,782
		Pharmaceuticals — 0.6%
	15,500	Astellas Pharma, Inc., (Japan)		189,979
	7,455	AstraZeneca plc, (United Kingdom)		499,362
	3,478	Bayer AG (Registered), (Germany)		450,784
	4,400	GlaxoSmithKline plc, (United Kingdom), ADR		189,728
	6,000	Novartis AG (Registered), (Switzerland)		501,160
	14,925	Novo Nordisk A/S, (Denmark), Class B		641,287
	3,186	Roche Holding AG, (Switzerland)		814,070
	2,682	Sanofi, (France)		256,989
				3,543,359
		Total Health Care		5,206,484
		Industrials — 0.9%
		Aerospace & Defense — 0.1%
	2,982	Airbus SE, (France)		246,091
	24,333	Meggitt plc, (United Kingdom)		151,199
	4,479	Safran SA, (France)		410,753
				808,043
		Airlines — 0.0% (g)
	605	Ryanair Holdings plc, (Ireland), ADR (a)		65,104
		Building Products — 0.1%
	15,351	Assa Abloy AB, (Sweden), Class B		338,359
		Electrical Equipment — 0.1%
	6,986	ABB Ltd. (Registered), (Switzerland)		173,400
	2,055	Legrand SA, (France)		143,607
	19,300	Mitsubishi Electric Corp., (Japan)		279,128
	1,400	Nidec Corp., (Japan)		143,836
				739,971
		Industrial Conglomerates — 0.2%
	14,596	CK Hutchison Holdings Ltd., (Hong Kong)		183,173
	1,440	DCC plc, (United Kingdom)		131,139

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	3,805	Jardine Matheson Holdings Ltd., (Hong Kong)		244,266
	6,690	Koninklijke Philips NV, (Netherlands)		238,155
	9,900	Sembcorp Industries Ltd., (Singapore)		22,132
	2,929	Siemens AG (Registered), (Germany)		402,896
				1,221,761
		Machinery — 0.2%
	1,500	FANUC Corp., (Japan)		290,318
	2,200	Glory Ltd., (Japan)		72,256
	1,500	Hoshizaki Corp., (Japan)		136,096
	4,200	Kubota Corp., (Japan)		70,992
	1,700	SMC Corp., (Japan)		519,677
	5,100	THK Co. Ltd., (Japan)		145,346
				1,234,685
		Marine — 0.0% (g)
	37	AP Moller—Maersk A/S, (Denmark), Class B		74,500
		Professional Services — 0.0% (g)
	1,513	DKSH Holding AG, (Switzerland)		123,010
	4,800	Recruit Holdings Co. Ltd., (Japan)		82,608
				205,618
		Road & Rail — 0.1%
	865	Canadian National Railway Co., (Canada)		70,108
	700	Central Japan Railway Co., (Japan)		114,322
	1,340	DSV A/S, (Denmark)		82,308
				266,738
		Trading Companies & Distributors — 0.1%
	1,526	Brenntag AG, (Germany)		88,499
	4,900	Mitsubishi Corp., (Japan)		103,003
	14,000	Sumitomo Corp., (Japan)		182,563
				374,065
		Transportation Infrastructure — 0.0% (g)
	42,898	Sydney Airport, (Australia)		233,678
		Total Industrials		5,562,522
		Information Technology — 0.8%
		Communications Equipment — 0.0% (g)
	9,844	Telefonaktiebolaget LM Ericsson, (Sweden), Class B		70,780
		Electronic Equipment, Instruments & Components — 0.2%
	13,435	Hamamatsu Photonics KK, (Japan)		414,029
	1,120	Keyence Corp., (Japan)		493,055
	2,630	Murata Manufacturing Co. Ltd., (Japan)		401,512
	2,300	Omron Corp., (Japan)		100,117
				1,408,713

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — 0.1%
	875	Alibaba Group Holding Ltd., (China), ADR (a)		123,288
	483	Baidu, Inc., (China), ADR (a)		86,389
	3,100	Kakaku.com, Inc., (Japan)		44,562
	410	MercadoLibre, Inc., (Argentina)		102,861
	63	NAVER Corp., (South Korea)		46,181
	3,500	Tencent Holdings Ltd., (China)		125,562
	19,400	Yahoo Japan Corp., (Japan)		84,336
	1,154	YY, Inc., (China), ADR (a)		66,967
				680,146
		IT Services — 0.1%
	4,507	Amadeus IT Group SA, (Spain)		269,409
	6,800	Infosys Ltd., (India), ADR		102,136
				371,545
		Semiconductors & Semiconductor Equipment — 0.2%
	3,419	ASML Holding NV, (Netherlands)		445,676
	768	Broadcom Ltd.		178,982
	5,600	Renesas Electronics Corp., (Japan) (a)		48,963
	36,000	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan)		245,960
	10,440	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		364,982
	1,200	Tokyo Electron Ltd., (Japan)		162,232
				1,446,795
		Software — 0.1%
	1,739	Gemalto NV, (Netherlands)		104,300
	8,575	Micro Focus International plc, (United Kingdom)		253,556
	1,290	Oracle Corp. Japan, (Japan)		83,911
	2,791	SAP SE, (Germany)		292,138
				733,905
		Technology Hardware, Storage & Peripherals — 0.1%
	83	Samsung Electronics Co. Ltd., (South Korea)		172,874
	100	Samsung Electronics Co. Ltd., (South Korea), GDR		81,371
				254,245
		Total Information Technology		4,966,129
		Materials — 0.3%
		Chemicals — 0.2%
	1,599	Air Liquide SA, (France)		197,630
	28,630	Asahi Kasei Corp., (Japan)		308,870
	1,336	BASF SE, (Germany)		123,993
	897	Covestro AG, (Germany) (e)		65,027
	58	Givaudan SA (Registered), (Switzerland)		116,220

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	2,400	Kansai Paint Co. Ltd., (Japan)		55,407
	4,000	Tosoh Corp., (Japan)		41,225
	1,305	Umicore SA, (Belgium)		90,777
				999,149
		Containers & Packaging — 0.0% (g)
	14,417	Amcor Ltd., (Australia)		179,603
		Metals & Mining — 0.1%
	5,864	Antofagasta plc, (Chile)		61,179
	1,891	BHP Billiton Ltd., (Australia)		33,705
	5,519	BHP Billiton plc, (Australia)		84,555
	27,537	Independence Group NL, (Australia)		66,608
	1,119	Rio Tinto Ltd., (United Kingdom)		54,382
	1,310	Rio Tinto plc, (United Kingdom)		55,481
	40,798	South32 Ltd., (Australia)		84,024
				439,934
		Paper & Forest Products — 0.0% (g)
	8,849	Stora Enso OYJ, (Finland), Class R		114,348
		Total Materials		1,733,034
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	6,154	Great Portland Estates plc, (United Kingdom)		47,907
	33,491	Scentre Group, (Australia)		104,127
	515	Unibail-Rodamco SE, (France)		129,768
				281,802
		Real Estate Management & Development — 0.0% (g)
	1,470	Deutsche Wohnen AG, (Germany)		56,326
	4,000	Mitsui Fudosan Co. Ltd., (Japan)		95,834
				152,160
		Total Real Estate		433,962
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.2%
	2,620	KT Corp., (South Korea)		84,190
	7,600	Nippon Telegraph & Telephone Corp., (Japan)		358,751
	39,210	Singapore Telecommunications Ltd., (Singapore)		110,732
	25,687	TDC A/S, (Denmark)		149,380
	105,373	Telecom Italia SpA, (Italy), FDR		77,979
	31,966	Telefonica Deutschland Holding AG, (Germany)		159,862
	11,488	Telefonica SA, (Spain)		118,919
	8,672	Telstra Corp. Ltd., (Australia)		28,654
				1,088,467

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JPMORGAN ACCESS FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — 0.2%
	4,000	America Movil SAB de CV, (Mexico), Class L, ADR		63,680
	1,655	KDDI Corp., (Japan)		43,771
	6,890	NTT DOCOMO, Inc., (Japan)		162,953
	4,800	SoftBank Group Corp., (Japan)		390,193
	119,700	Vodafone Group plc, (United Kingdom)		339,942
	8,681	Vodafone Group plc, (United Kingdom), ADR		249,405
				1,249,944
		Total Telecommunication Services		2,338,411
		Utilities — 0.1%
		Electric Utilities — 0.0% (g)
	7,058	Enel SpA, (Italy)		37,856
	6,884	SSE plc, (United Kingdom)		130,254
				168,110
		Independent Power and Renewable Electricity Producers — 0.0% (g)
	3,600	Electric Power Development Co. Ltd., (Japan)		89,165
		Multi-Utilities — 0.1%
	5,747	E.ON SE, (Germany)		54,252
	10,446	Engie SA, (France)		157,669
	11,996	National Grid plc, (United Kingdom)		148,636
				360,557
		Total Utilities		617,832
		Total Common Stocks (Cost $31,105,990)		39,539,386
	Exchange-Traded Funds — 48.0%
		Fixed Income — 8.6%
	983,450	Vanguard Total International Bond Fund		53,460,342
		International Equity — 13.6%
	1,198,540	iShares MSCI EAFE Fund		78,144,808
	128,250	iShares MSCI Japan Fund		6,880,613
		Total International Equity		85,025,421
		U.S. Equity — 25.8%
	72,100	iShares Core S&P 500 Fund		17,549,861
	595,100	SPDR S&P500 Fund Trust		143,895,180
		Total U.S. Equity		161,445,041
		Total Exchange-Traded Funds (Cost $262,757,828)		299,930,804
	Investment Companies — 41.8%
		Alternative Assets — 5.1%
	769,668	AQR Managed Futures Strategy Fund, Class R6 Shares		6,773,075

SHARES		SECURITY DESCRIPTION	VALUE($)
		Alternative Assets — continued
	885,092	John Hancock Funds II — Absolute Return Currency Fund, Class R6 Shares (a)		8,965,987
	113,985	Marshall Wace UCITS Fund plc — MW TOPS UCITS Fund, (Ireland), Class F Shares (a) (u)		16,103,663
		Total Alternative Assets		31,842,725
		Fixed Income — 24.9%
	1,002,728	Goldman Sachs Emerging Markets Debt Fund, Class I Shares		12,945,213
	2,840,239	JPMorgan Core Bond Fund, Class R6 Shares (b)		33,031,983
	2,181,122	JPMorgan Core Plus Bond Fund, Class R6 Shares (b)		18,037,880
	2,408,098	JPMorgan Corporate Bond Fund, Class R6 Shares (b)		24,418,110
	3,481,017	JPMorgan High Yield Fund, Class R6 Shares (b)		25,898,768
	1,409,953	JPMorgan Inflation Managed Bond Fund, Class R6 Shares (b)		14,437,915
	738,689	JPMorgan Short Duration Bond Fund, Class R6 Shares (b)		7,992,613
	1,846,794	JPMorgan Unconstrained Debt Fund, Class R6 Shares (b)		18,467,937
		Total Fixed Income		155,230,419
		International Equity — 5.4%
	879,840	JPMorgan Global Research Enhanced Index Fund, Class I Shares (b)		18,230,281
	586,136	Oakmark International Fund, Institutional Class Shares (a)		15,473,977
				33,704,258
		U.S. Equity — 6.4%
	380,593	JPMorgan Equity Focus Fund, Class I Shares (b)		11,165,748
	737,851	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)		22,733,182
	154,638	Parnassus Core Equity Fund, Institutional Class Shares		6,471,580
		Total U.S. Equity		40,370,510
		Total Investment Companies (Cost $238,874,203)		261,147,912
	Preferred Stock — 0.0% (g)
		Health Care — 0.0% (g)
		Biotechnology — 0.0% (g)
	4,053	Grifols SA (Preference), (Spain), Class B (Cost $71,384)		85,672

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	26,787,654	JPMorgan Prime Money Market Fund Institutional Class Shares, 1.150% (b) (l) (Cost $26,789,520)		26,795,690
		Total Investments — 100.5% (Cost $559,598,925)		627,499,464
		Liabilities in Excess of Other Assets — (0.5)% (s)		(2,848,327	)
		NET ASSETS — 100.0%	$	624,651,137

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	87.0	%
Ireland	2.6
Japan	1.3
United Kingdom	1.1
Others (each less than 1.0%)	3.7
Short-Term Investment	4.3

* Percentages indicated are based on total investments as of June 30, 2017.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JPMORGAN ACCESS FUNDS JUNE 30, 2017

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 7.1%
		Consumer Discretionary — 0.9%
		Auto Components — 0.1%
	1,100	Aisin Seiki Co. Ltd., (Japan)		56,547
	942	Autoliv, Inc., (Sweden), SDR		103,347
	1,100	Denso Corp., (Japan)		46,682
	19,610	GKN plc, (United Kingdom)		83,295
	800	Koito Manufacturing Co. Ltd., (Japan)		41,368
	3,200	Sumitomo Rubber Industries Ltd., (Japan)		54,194
				385,433
		Automobiles — 0.1%
	912	Bayerische Motoren Werke AG, (Germany)		84,823
	6,700	Honda Motor Co. Ltd., (Japan)		183,567
	2,500	Suzuki Motor Corp., (Japan)		119,095
	2,900	Toyota Motor Corp., (Japan)		152,434
				539,919
		Diversified Consumer Services — 0.0% (g)
	42,869	AA plc, (United Kingdom)		127,381
		Hotels, Restaurants & Leisure — 0.0% (g)
	7,113	Compass Group plc, (United Kingdom)		150,148
	5,735	Greene King plc, (United Kingdom)		50,332
	19,675	Wynn Macau Ltd., (Macau)		45,942
				246,422
		Household Durables — 0.1%
	11,800	Panasonic Corp., (Japan)		160,778
	4,934	Persimmon plc, (United Kingdom)		144,105
	1,800	Sony Corp., (Japan)		68,659
				373,542
		Media — 0.2%
	2,400	CyberAgent, Inc., (Japan)		74,536
	3,445	Eutelsat Communications SA, (France)		87,899
	3,924	JCDecaux SA, (France)		128,654
	4,869	Liberty Global plc, (United Kingdom), Class A (a)		156,392
	5,685	Modern Times Group MTG AB, (Sweden), Class B		195,682
	3,540	Naspers Ltd., (South Africa), Class N, ADR		72,039
	13,455	SES SA, (Luxembourg), FDR		315,209
	4,345	Sky plc, (United Kingdom)		56,273
	594	Stroeer SE & Co. KGaA, (Germany)		35,667
	7,804	WPP plc, (United Kingdom)		164,326
				1,286,677
		Multiline Retail — 0.1%
	7,155	Lojas Renner SA, (Brazil) (a)		59,393
	980	Ryohin Keikaku Co. Ltd., (Japan)		245,275
				304,668

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.1%
	60,865	BCA Marketplace plc, (United Kingdom)		154,187
	42,976	Kingfisher plc, (United Kingdom)		168,334
				322,521
		Textiles, Apparel & Luxury Goods — 0.2%
	5,942	Burberry Group plc, (United Kingdom)		128,577
	755,000	China Hongxing Sports Ltd., (China) (a)		1
	1,468	Cie Financiere Richemont SA (Registered), (Switzerland)		121,475
	36	Hermes International, (France)		17,783
	1,181	Kering, (France)		402,145
	1,010	LVMH Moet Hennessy Louis Vuitton SE, (France)		252,556
	3,929	Moncler SpA, (Italy)		92,169
	76,865	Samsonite International SA		321,126
				1,335,832
		Total Consumer Discretionary		4,922,395
		Consumer Staples — 0.8%
		Beverages — 0.2%
	3,110	Carlsberg A/S, (Denmark), Class B		332,351
	14,355	Diageo plc, (United Kingdom)		424,216
	5,900	Kirin Holdings Co. Ltd., (Japan)		120,352
	2,571	Pernod Ricard SA, (France)		344,275
				1,221,194
		Food & Staples Retailing — 0.0% (g)
	3,800	Seven & i Holdings Co. Ltd., (Japan)		156,805
		Food Products — 0.3%
	3,445	Associated British Foods plc, (United Kingdom)		131,831
	3,819	Danone SA, (France)		286,645
	1,200	MEIJI Holdings Co. Ltd., (Japan)		97,307
	10,446	Nestle SA (Registered), (Switzerland)		911,076
	44,900	Wilmar International Ltd., (Singapore)		109,212
				1,536,071
		Household Products — 0.0% (g)
	13,825	PZ Cussons plc, (United Kingdom)		61,618
	1,315	Reckitt Benckiser Group plc, (United Kingdom)		133,305
				194,923
		Personal Products — 0.2%
	2,227	L’Oreal SA, (France)		464,362
	2,400	Pola Orbis Holdings, Inc., (Japan)		63,496
	7,671	Unilever plc, (United Kingdom)		415,138
				942,996

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Tobacco — 0.1%
	4,195	British American Tobacco plc, (United Kingdom)		285,860
	3,269	Imperial Brands plc, (United Kingdom)		146,900
	1,900	Japan Tobacco, Inc., (Japan)		66,781
				499,541
		Total Consumer Staples		4,551,530
		Energy — 0.3%
		Energy Equipment & Services — 0.0% (g)
	5,315	Ensco plc, Class A		27,425
	7,347	WorleyParsons Ltd., (Australia) (a)		63,304
				90,729
		Oil, Gas & Consumable Fuels — 0.3%
	7,170	Enbridge, Inc., (Canada)		285,628
	4,335	Royal Dutch Shell plc, (Netherlands), Class B		116,379
	3,000	Royal Dutch Shell plc, (Netherlands), Class B, ADR		163,290
	4,689	Statoil ASA, (Norway)		77,753
	12,418	TOTAL SA, (France)		616,517
				1,259,567
		Total Energy		1,350,296
		Financials — 1.4%
		Banks — 0.8%
	6,050	ABN AMRO Group NV, (Netherlands), CVA (e)		160,276
	9,562	Australia & New Zealand Banking Group Ltd., (Australia)		211,050
	3,546	Barclays plc, (United Kingdom), ADR		37,552
	7,443	BNP Paribas SA, (France)		535,842
	4,095	Commerzbank AG, (Germany) (a)		48,898
	3,511	Danske Bank A/S, (Denmark)		135,079
	11,400	DBS Group Holdings Ltd., (Singapore)		171,579
	18,625	DNB ASA, (Norway)		317,087
	2,353	Erste Group Bank AG, (Austria) (a)		90,131
	2,150	HDFC Bank Ltd., (India), ADR		186,986
	19,432	ING Groep NV, (Netherlands)		335,450
	47,670	Intesa Sanpaolo SpA, (Italy)		151,629
	3,890	KBC Group NV, (Belgium)		294,936
	494,124	Lloyds Banking Group plc, (United Kingdom)		425,824
	4,000	National Bank of Canada, (Canada)		168,199
	17,090	Nordea Bank AB, (Sweden)		217,666
	9,394	Standard Chartered plc, (United Kingdom) (a)		95,144
	2,100	Sumitomo Mitsui Financial Group, Inc., (Japan)		81,993
	3,800	Sumitomo Mitsui Trust Holdings, Inc., (Japan)		136,493

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	22,482	Svenska Handelsbanken AB, (Sweden), Class A		321,990
	5,600	United Overseas Bank Ltd., (Singapore)		94,016
				4,217,820
		Capital Markets — 0.1%
	1,229	Close Brothers Group plc, (United Kingdom)		24,174
	4,806	GAM Holding AG, (Switzerland) (a)		64,616
	1,828	Macquarie Group Ltd., (Australia)		124,311
	5,309	UBS Group AG (Registered), (Switzerland) (a)		90,284
				303,385
		Consumer Finance — 0.0% (g)
	4,200	Credit Saison Co. Ltd., (Japan)		82,240
		Diversified Financial Services — 0.0% (g)
	14,948	Challenger Ltd., (Australia)		153,299
	14,200	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan)		77,909
				231,208
		Insurance — 0.5%
	89,625	AIA Group Ltd., (Hong Kong)		655,729
	24,763	Aviva plc, (United Kingdom)		169,859
	11,532	AXA SA, (France)		315,785
	28,207	Direct Line Insurance Group plc, (United Kingdom)		130,613
	908	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)		183,736
	12,500	Ping An Insurance Group Co. of China Ltd., (China), Class H		82,343
	20,844	Prudential plc, (United Kingdom)		478,449
	15,871	RSA Insurance Group plc, (United Kingdom)		127,314
	6,145	Sampo OYJ, (Finland), Class A		315,273
	16,240	Storebrand ASA, (Norway)		112,063
	3,700	Sun Life Financial, Inc., (Canada)		132,273
	5,200	Tokio Marine Holdings, Inc., (Japan)		216,389
	528	Zurich Insurance Group AG, (Switzerland)		154,096
				3,073,922
		Total Financials		7,908,575
		Health Care — 0.9%
		Biotechnology — 0.1%
	651	CSL Ltd., (Australia)		69,091
	941	Genmab A/S, (Denmark) (a)		200,640
	646	Shire plc, ADR		106,764
				376,495
		Health Care Equipment & Supplies — 0.2%
	4,958	Elekta AB, (Sweden), Class B		46,921

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JPMORGAN ACCESS FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	2,400	Essilor International SA, (France)		305,311
	4,483	GN Store Nord A/S, (Denmark)		130,899
	1,570	Medtronic plc		139,337
	956	Sonova Holding AG (Registered), (Switzerland)		155,516
	3,300	Sysmex Corp., (Japan)		197,517
				975,501
		Health Care Providers & Services — 0.0% (g)
	3,207	Fresenius SE & Co. KGaA, (Germany)		275,330
	1,600	Miraca Holdings, Inc., (Japan)		72,063
				347,393
		Pharmaceuticals — 0.6%
	15,600	Astellas Pharma, Inc., (Japan)		191,205
	7,395	AstraZeneca plc, (United Kingdom)		495,343
	3,480	Bayer AG (Registered), (Germany)		451,044
	4,500	GlaxoSmithKline plc, (United Kingdom), ADR		194,040
	5,788	Novartis AG (Registered), (Switzerland)		483,452
	14,726	Novo Nordisk A/S, (Denmark), Class B		632,736
	3,230	Roche Holding AG, (Switzerland)		825,313
	2,701	Sanofi, (France)		258,810
				3,531,943
		Total Health Care		5,231,332
		Industrials — 1.0%
		Aerospace & Defense — 0.2%
	3,218	Airbus SE, (France)		265,567
	24,507	Meggitt plc, (United Kingdom)		152,281
	4,539	Safran SA, (France)		416,255
				834,103
		Airlines — 0.0% (g)
	615	Ryanair Holdings plc, (Ireland), ADR (a)		66,180
		Building Products — 0.1%
	15,137	Assa Abloy AB, (Sweden), Class B		333,642
		Electrical Equipment — 0.1%
	7,037	ABB Ltd. (Registered), (Switzerland)		174,666
	1,990	Legrand SA, (France)		139,064
	19,500	Mitsubishi Electric Corp., (Japan)		282,021
	1,315	Nidec Corp., (Japan)		135,103
				730,854
		Industrial Conglomerates — 0.2%
	14,964	CK Hutchison Holdings Ltd., (Hong Kong)		187,791
	1,450	DCC plc, (United Kingdom)		132,050
	3,860	Jardine Matheson Holdings Ltd., (Hong Kong)		247,797

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	6,880	Koninklijke Philips NV, (Netherlands)		244,919
	10,100	Sembcorp Industries Ltd., (Singapore)		22,579
	2,969	Siemens AG (Registered), (Germany)		408,398
				1,243,534
		Machinery — 0.2%
	1,505	FANUC Corp., (Japan)		291,286
	2,400	Glory Ltd., (Japan)		78,824
	1,220	Hoshizaki Corp., (Japan)		110,692
	4,500	Kubota Corp., (Japan)		76,063
	1,685	SMC Corp., (Japan)		515,092
	5,000	THK Co. Ltd., (Japan)		142,496
				1,214,453
		Marine — 0.0% (g)
	36	AP Moller—Maersk A/S, (Denmark), Class B		72,486
		Professional Services — 0.0% (g)
	1,555	DKSH Holding AG, (Switzerland)		126,425
	4,800	Recruit Holdings Co. Ltd., (Japan)		82,607
				209,032
		Road & Rail — 0.1%
	1,015	Canadian National Railway Co., (Canada)		82,266
	800	Central Japan Railway Co., (Japan)		130,654
	1,335	DSV A/S, (Denmark)		82,001
				294,921
		Trading Companies & Distributors — 0.1%
	1,558	Brenntag AG, (Germany)		90,355
	5,000	Mitsubishi Corp., (Japan)		105,105
	14,200	Sumitomo Corp., (Japan)		185,170
				380,630
		Transportation Infrastructure — 0.0% (g)
	40,013	Sydney Airport, (Australia)		217,963
		Total Industrials		5,597,798
		Information Technology — 0.9%
		Communications Equipment — 0.0% (g)
	9,831	Telefonaktiebolaget LM Ericsson, (Sweden), Class B		70,686
		Electronic Equipment, Instruments & Components — 0.3%
	12,970	Hamamatsu Photonics KK, (Japan)		399,699
	1,110	Keyence Corp., (Japan)		488,653
	2,605	Murata Manufacturing Co. Ltd., (Japan)		397,695
	2,300	Omron Corp., (Japan)		100,117
				1,386,164

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — 0.1%
	840	Alibaba Group Holding Ltd., (China), ADR (a)		118,356
	502	Baidu, Inc., (China), ADR (a)		89,788
	3,300	Kakaku.com, Inc., (Japan)		47,437
	440	MercadoLibre, Inc., (Argentina)		110,387
	65	NAVER Corp., (South Korea)		47,647
	3,500	Tencent Holdings Ltd., (China)		125,563
	19,500	Yahoo Japan Corp., (Japan)		84,771
	1,200	YY, Inc., (China), ADR (a)		69,636
				693,585
		IT Services — 0.1%
	4,499	Amadeus IT Group SA, (Spain)		268,931
	6,900	Infosys Ltd., (India), ADR		103,638
				372,569
		Semiconductors & Semiconductor Equipment — 0.3%
	3,370	ASML Holding NV, (Netherlands)		439,289
	773	Broadcom Ltd.		180,148
	5,600	Renesas Electronics Corp., (Japan) (a)		48,962
	36,000	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan)		245,960
	9,925	Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		346,978
	1,200	Tokyo Electron Ltd., (Japan)		162,231
				1,423,568
		Software — 0.1%
	1,768	Gemalto NV, (Netherlands)		106,039
	8,800	Micro Focus International plc, (United Kingdom)		260,209
	1,330	Oracle Corp. Japan, (Japan)		86,514
	2,766	SAP SE, (Germany)		289,521
				742,283
		Technology Hardware, Storage & Peripherals — 0.0% (g)
	84	Samsung Electronics Co. Ltd., (South Korea)		174,957
	105	Samsung Electronics Co. Ltd., (South Korea), GDR		85,439
				260,396
		Total Information Technology		4,949,251
		Materials — 0.3%
		Chemicals — 0.2%
	1,617	Air Liquide SA, (France)		199,855
	28,505	Asahi Kasei Corp., (Japan)		307,521
	1,346	BASF SE, (Germany)		124,921
	863	Covestro AG, (Germany) (e)		62,562
	51	Givaudan SA (Registered), (Switzerland)		102,193

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	2,600	Kansai Paint Co. Ltd., (Japan)		60,024
	4,000	Tosoh Corp., (Japan)		41,225
	1,315	Umicore SA, (Belgium)		91,473
				989,774
		Containers & Packaging — 0.0% (g)
	14,576	Amcor Ltd., (Australia)		181,584
		Metals & Mining — 0.1%
	5,685	Antofagasta plc, (Chile)		59,312
	2,542	BHP Billiton Ltd., (Australia)		45,308
	4,717	BHP Billiton plc, (Australia)		72,268
	28,356	Independence Group NL, (Australia)		68,590
	1,153	Rio Tinto Ltd., (United Kingdom)		56,034
	1,395	Rio Tinto plc, (United Kingdom)		59,081
	41,062	South32 Ltd., (Australia)		84,567
				445,160
		Paper & Forest Products — 0.0% (g)
	9,022	Stora Enso OYJ, (Finland), Class R		116,583
		Total Materials		1,733,101
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	5,707	Great Portland Estates plc, (United Kingdom)		44,427
	33,731	Scentre Group, (Australia)		104,873
	519	Unibail-Rodamco SE, (France)		130,776
				280,076
		Real Estate Management & Development — 0.0% (g)
	1,618	Deutsche Wohnen AG, (Germany)		61,998
	4,000	Mitsui Fudosan Co. Ltd., (Japan)		95,834
				157,832
		Total Real Estate		437,908
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.2%
	2,639	KT Corp., (South Korea)		84,801
	7,700	Nippon Telegraph & Telephone Corp., (Japan)		363,472
	39,820	Singapore Telecommunications Ltd., (Singapore)		112,455
	25,875	TDC A/S, (Denmark)		150,473
	98,152	Telecom Italia SpA, (Italy), FDR		72,635
	32,200	Telefonica Deutschland Holding AG, (Germany)		161,032
	11,840	Telefonica SA, (Spain)		122,563
	8,931	Telstra Corp. Ltd., (Australia)		29,509
				1,096,940

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JPMORGAN ACCESS FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Wireless Telecommunication Services — 0.2%
	4,300	America Movil SAB de CV, (Mexico), Class L, ADR		68,456
	1,700	KDDI Corp., (Japan)		44,961
	7,000	NTT DOCOMO, Inc., (Japan)		165,555
	5,420	SoftBank Group Corp., (Japan)		440,592
	122,885	Vodafone Group plc, (United Kingdom)		348,988
	8,800	Vodafone Group plc, (United Kingdom), ADR		252,824
				1,321,376
		Total Telecommunication Services		2,418,316
		Utilities — 0.1%
		Electric Utilities — 0.0% (g)
	7,071	Enel SpA, (Italy)		37,925
	6,969	SSE plc, (United Kingdom)		131,863
				169,788
		Independent Power and Renewable Electricity Producers — 0.0% (g)
	3,500	Electric Power Development Co. Ltd., (Japan)		86,689
		Multi-Utilities — 0.1%
	6,035	E.ON SE, (Germany)		56,970
	10,735	Engie SA, (France)		162,031
	12,084	National Grid plc, (United Kingdom)		149,727
				368,728
		Total Utilities		625,205
		Total Common Stocks (Cost $31,177,008)		39,725,707
	Exchange-Traded Funds — 53.0%
		Fixed Income — 3.2%
	330,400	Vanguard Total International Bond Fund		17,960,544
		International Equity — 19.0%
	1,522,450	iShares MSCI EAFE Fund		99,263,740
	123,412	iShares MSCI Japan Fund		6,621,054
		Total International Equity		105,884,794
		U.S. Equity — 30.8%
	147,200	iShares Core S&P 500 Fund		35,829,952
	563,400	SPDR S&P500 Fund Trust		136,230,120
		Total U.S. Equity		172,060,072
		Total Exchange-Traded Funds (Cost $255,599,509)		295,905,410

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 34.9%
		Alternative Assets — 5.1%
	665,501	AQR Managed Futures Strategy Fund, Class R6 Shares		5,856,405
	822,405	John Hancock Funds II — Absolute Return Currency Fund, Class R6 Shares (a)		8,330,967
	100,047	Marshall Wace UCITS Fund plc — MW TOPS UCITS Fund, (Ireland), Class F Shares (a) (u)		14,134,514
		Total Alternative Assets		28,321,886
		Fixed Income — 10.0%
	440,071	Goldman Sachs Emerging Markets Debt Fund, Class I Shares		5,681,311
	987,404	JPMorgan Core Bond Fund, Class R6 Shares (b)		11,483,503
	1,546,509	JPMorgan Core Plus Bond Fund, Class R6 Shares (b)		12,789,627
	887,946	JPMorgan Corporate Bond Fund, Class R6 Shares (b)		9,003,776
	2,257,319	JPMorgan High Yield Fund, Class R6 Shares (b)		16,794,453
		Total Fixed Income		55,752,670
		International Equity — 10.6%
	2,155,064	JPMorgan Global Research Enhanced Index Fund, Class I Shares (b)		44,652,932
	550,193	Oakmark International Fund, Institutional Class Shares (a)		14,525,090
		Total International Equity		59,178,022
		U.S. Equity — 9.2%
	563,951	JPMorgan Equity Focus Fund, Class I Shares (b)		16,545,095
	797,028	JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)		24,556,441
	241,255	Parnassus Core Equity Fund, Institutional Class Shares		10,096,535
		Total U.S. Equity		51,198,071
		Total Investment Companies (Cost $165,039,828)		194,450,649
	Preferred Stock — 0.0% (g)
		Health Care — 0.0% (g)
		Biotechnology — 0.0% (g)
	3,611	Grifols SA (Preference), (Spain), Class B (Cost $63,569)		76,329

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 5.2%
		Investment Company — 5.2%
	28,676,045	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.150% (b) (l) (Cost $28,680,077)		28,684,648
		Total Investments — 100.2% (Cost $480,559,991)		558,842,743
		Liabilities in Excess of Other Assets — (0.2)% (s)		(948,187	)
		NET ASSETS — 100.0%	$	557,894,556

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	85.4	%
Ireland	2.5
Japan	1.5
United Kingdom	1.2
Others (each less than 1.0%)	4.3
Short-Term Investment	5.1

* Percentages indicated are based on total investments as of June 30, 2017.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 JPMORGAN ACCESS FUNDS JUNE 30, 2017

JPMorgan Access Funds

NOTES TO CONSOLIDATED SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
EAFE	—  Europe, Australasia, and Far East
FDR	—  Fiduciary Depositary Receipt
GDR	—  Global Depositary Receipt
SDR	—  Swedish Depository Receipt
SPDR	—  Standard & Poor’s Depositary Receipts
UCITS	—  Undertakings for Collective Investment in Transferable Securities
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2017.
(s)	—  A portion of the Fund’s cash is held by the subsidiary.
(u)	—  The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

	Access Balanced Fund		Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	406,289,357	$	394,332,268
Investments in affiliates, at value		221,210,107		164,510,475
Total investment securities, at value		627,499,464		558,842,743
Cash		187,090		190,851
Foreign currency, at value		128,588		126,024
Receivables:
Investment securities sold		6,422		6,440
Fund shares sold		970,986		1,225,719
Dividends from non-affiliates		798,388		763,723
Dividends from affiliates		25,902		23,821
Tax reclaims		127,598		156,291
Total Assets		629,744,438		561,335,612
LIABILITIES:
Payables:
Distributions		2,931,892		2,586,778
Investment securities purchased		119,472		124,101
Fund shares redeemed		1,595,752		303,897
Accrued liabilities:
Investment advisory fees		168,122		166,813
Administration fees		42,832		38,015
Distribution fees		2,511		926
Service fees		69,148		60,854
Custodian and accounting fees		15,700		14,127
Trustees’ and Chief Compliance Officer’s fees		370		418
Other		147,502		145,127
Total Liabilities		5,093,301		3,441,056
Net Assets	$	624,651,137	$	557,894,556

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JPMORGAN ACCESS FUNDS JUNE 30, 2017

	Access Balanced Fund			Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	538,605,701		$	456,088,486
Accumulated undistributed (distributions in excess of) net investment income		(2,744,670	)		(2,366,143	)
Accumulated net realized gains (losses)		20,884,594			25,883,721
Net unrealized appreciation (depreciation)		67,905,512			78,288,492
Total Net Assets	$	624,651,137		$	557,894,556
Net Assets:
Class A	$	997,894		$	630,482
Class C		3,709,864			1,250,992
Class I (formerly Select Class)		175,172,082			218,861,239
Class L (formerly Institutional Class)		444,771,297			337,151,843
Total	$	624,651,137		$	557,894,556
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		60,409			35,351
Class C		225,719			71,104
Class I (formerly Select Class)		10,591,781			12,265,215
Class L (formerly Institutional Class)		26,918,657			18,892,907
Net Asset Value (a):
Class A — Redemption price per share	$	16.52		$	17.83
Class C — Offering price per share (b)		16.44			17.59
Class I (formerly Select Class) — Offering and redemption price per share		16.54			17.84
Class L (formerly Institutional Class) — Offering and redemption price per share		16.52			17.85
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.30		$	18.67
Cost of investments in non-affiliates	$	357,123,442		$	341,240,542
Cost of investments in affiliates		202,475,483			139,319,449
Cost of foreign currency		127,265			124,556

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

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

	Access Balanced Fund			Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	8,205,483		$	8,718,254
Dividend income from affiliates		7,460,165			3,587,178
Interest income from non-affiliates		203			877
Foreign taxes withheld		(107,717	)		(113,600	)
Total investment income		15,558,134			12,192,709
EXPENSES:
Investment advisory fees		5,484,590			4,812,384
Administration fees		578,022			507,187
Distribution fees:
Class A		4,016			3,160
Class C		33,781			16,862
Service fees:
Class A		4,016			3,160
Class C		11,261			5,621
Class I (formerly Select Class)		556,241			674,684
Class L (formerly Institutional Class)		477,921			346,550
Custodian and accounting fees		148,370			182,584
Interest expense to affiliates		262			299
Professional fees		187,573			184,672
Trustees’ and Chief Compliance Officer’s fees		54,985			54,450
Printing and mailing costs		20,504			22,120
Registration and filing fees		78,095			74,397
Transfer agency fees (See Note 2.G)		8,006			11,392
Sub-transfer agency fees (See Note 2.G)		1,414			1,265
Other		18,696			16,515
Total expenses		7,667,753			6,917,302
Less fees waived		(3,084,011	)		(2,486,464	)
Less earnings credits		(139	)		(119	)
Net expenses		4,583,603			4,430,719
Net investment income (loss)		10,974,531			7,761,990
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		14,707,105			17,581,514
Investments in affiliates		10,328,438			10,996,763
Foreign currency transactions		(38,139	)		(24,333	)
Net realized gain (loss)		24,997,404			28,553,944
Distributions of capital gains received from investment company non-affiliates		483,348			483,348
Distributions of capital gains received from investment company affiliates		1,778,878			1,646,903
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		34,182,954			38,785,355
Investments in affiliates		389,412			5,201,405
Foreign currency translations		14,433			15,198
Change in net unrealized appreciation/depreciation		34,586,799			44,001,958
Net realized/unrealized gains (losses)		61,846,429			74,686,153
Change in net assets resulting from operations	$	72,820,960		$	82,448,143

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JPMORGAN ACCESS FUNDS JUNE 30, 2017

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Access Balanced Fund						Access Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,974,531		$	12,737,936		$	7,761,990		$	8,621,653
Net realized gain (loss)		24,997,404			(20,369,101	)		28,553,944			(16,149,802	)
Distributions of capital gains received from investment company non-affiliates		483,348			1,271,617			483,348			1,059,155
Distributions of capital gains received from investment company affiliates		1,778,878			6,392,504			1,646,903			6,865,125
Change in net unrealized appreciation/depreciation		34,586,799			(23,798,577	)		44,001,958			(35,395,186	)
Change in net assets resulting from operations		72,820,960			(23,765,621	)		82,448,143			(34,999,055	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(16,889	)		(31,008	)		(8,370	)		(61,752	)
From net realized gains		—			(48,852	)		—			(153,247	)
Class C
From net investment income		(31,758	)		(76,111	)		(10,284	)		(52,047	)
From net realized gains		—			(178,468	)		—			(183,506	)
Class I (formerly Select Class)
From net investment income		(3,130,085	)		(5,859,468	)		(3,583,712	)		(5,609,201	)
From net realized gains		—			(8,723,962	)		—			(10,306,247	)
Class L (formerly Institutional Class)
From net investment income		(7,694,731	)		(12,093,657	)		(5,402,978	)		(6,638,187	)
From net realized gains		—			(16,655,650	)		—			(11,145,651	)
Total distributions to shareholders		(10,873,463	)		(43,667,176	)		(9,005,344	)		(34,149,838	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(192,325,516	)		(229,653,141	)		(189,040,806	)		(168,813,016	)
NET ASSETS:
Change in net assets		(130,378,019	)		(297,085,938	)		(115,598,007	)		(237,961,909	)
Beginning of period		755,029,156			1,052,115,094			673,492,563			911,454,472
End of period	$	624,651,137		$	755,029,156		$	557,894,556		$	673,492,563
Accumulated undistributed (distributions in excess of) net investment income	$	(2,744,670	)	$	(3,644,162	)	$	(2,366,143	)	$	(2,490,952	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 27

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	Access Balanced Fund						Access Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,475		$	777,259		$	3,046		$	868,036
Distributions reinvested		16,889			79,860			8,370			214,999
Cost of shares redeemed		(1,137,616	)		(684,605	)		(2,573,470	)		(3,942,587	)
Change in net assets resulting from Class A capital transactions	$	(1,119,252	)	$	172,514		$	(2,562,054	)	$	(2,859,552	)
Class C
Proceeds from shares issued	$	46,230		$	691,893		$	930		$	15,457
Distributions reinvested		31,758			254,579			10,284			235,553
Cost of shares redeemed		(1,947,222	)		(2,199,411	)		(3,511,678	)		(2,693,613	)
Change in net assets resulting from Class C capital transactions	$	(1,869,234	)	$	(1,252,939	)	$	(3,500,464	)	$	(2,442,603	)
Class I (formerly Select Class)
Proceeds from shares issued	$	10,242,210		$	29,681,752		$	11,532,399		$	44,428,629
Distributions reinvested		82,995			255,508			90,803			406,355
Cost of shares redeemed		(102,402,782	)		(103,086,270	)		(138,685,525	)		(115,469,637	)
Change in net assets resulting from Class I capital transactions	$	(92,077,577	)	$	(73,149,010	)	$	(127,062,323	)	$	(70,634,653	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	24,391,879		$	34,362,513		$	16,885,779		$	31,659,453
Distributions reinvested		183,835			394,546			104,675			329,844
Cost of shares redeemed		(121,835,167	)		(190,180,765	)		(72,906,419	)		(124,865,505	)
Change in net assets resulting from Class L capital transactions	$	(97,259,453	)	$	(155,423,706	)	$	(55,915,965	)	$	(92,876,208	)
Total change in net assets resulting from capital transactions	$	(192,325,516	)	$	(229,653,141	)	$	(189,040,806	)	$	(168,813,016	)
SHARE TRANSACTIONS:
Class A
Issued		94			51,643			181			55,137
Reinvested		1,068			5,305			497			13,590
Redeemed		(71,454	)		(45,117	)		(155,188	)		(254,440	)
Change in Class A Shares		(70,292	)		11,831			(154,510	)		(185,713	)
Class C
Issued		3,000			46,354			52			982
Reinvested		2,011			17,020			616			15,083
Redeemed		(123,571	)		(145,076	)		(215,520	)		(169,329	)
Change in Class C Shares		(118,560	)		(81,702	)		(214,852	)		(153,264	)
Class I (formerly Select Class)
Issued		640,660			1,964,727			670,633			2,805,721
Reinvested		5,208			16,942			5,363			25,624
Redeemed		(6,388,922	)		(6,700,013	)		(8,174,889	)		(7,216,915	)
Change in Class I Shares		(5,743,054	)		(4,718,344	)		(7,498,893	)		(4,385,570	)
Class L (formerly Institutional Class)
Issued		1,533,913			2,259,167			988,310			1,999,126
Reinvested		11,523			26,165			6,167			20,785
Redeemed		(7,645,633	)		(12,061,601	)		(4,299,645	)		(7,649,581	)
Change in Class L Shares		(6,100,197	)		(9,776,269	)		(3,305,168	)		(5,629,670	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JPMORGAN ACCESS FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Access Balanced Fund
Class A
Year Ended June 30, 2017	$	15.14	$	0.17	$	1.40		$	1.57		$	(0.19	)	$	—		$	(0.19	)
Year Ended June 30, 2016		16.33		0.19		(0.63	)		(0.44	)		(0.28	)		(0.47	)		(0.75	)
Year Ended June 30, 2015		17.49		0.11		(0.24	)		(0.13	)		(0.16	)		(0.87	)		(1.03	)
Year Ended June 30, 2014		16.37		0.15		1.79			1.94			(0.18	)		(0.64	)		(0.82	)
Year Ended June 30, 2013		15.28		0.15		1.10			1.25			(0.16	)		—			(0.16	)
Class C
Year Ended June 30, 2017		15.07		0.11		1.38			1.49			(0.12	)		—			(0.12	)
Year Ended June 30, 2016		16.25		0.09		(0.61	)		(0.52	)		(0.19	)		(0.47	)		(0.66	)
Year Ended June 30, 2015		17.43		0.02		(0.24	)		(0.22	)		(0.09	)		(0.87	)		(0.96	)
Year Ended June 30, 2014		16.33		0.06		1.79			1.85			(0.11	)		(0.64	)		(0.75	)
Year Ended June 30, 2013		15.24		0.07		1.10			1.17			(0.08	)		—			(0.08	)
Class I (formerly Select Class)
Year Ended June 30, 2017		15.16		0.23		1.39			1.62			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		16.35		0.22		(0.62	)		(0.40	)		(0.32	)		(0.47	)		(0.79	)
Year Ended June 30, 2015		17.51		0.16		(0.25	)		(0.09	)		(0.20	)		(0.87	)		(1.07	)
Year Ended June 30, 2014		16.38		0.16		1.83			1.99			(0.22	)		(0.64	)		(0.86	)
Year Ended June 30, 2013		15.29		0.20		1.09			1.29			(0.20	)		—			(0.20	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		15.15		0.26		1.37			1.63			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.34		0.24		(0.62	)		(0.38	)		(0.34	)		(0.47	)		(0.81	)
Year Ended June 30, 2015		17.50		0.18		(0.25	)		(0.07	)		(0.22	)		(0.87	)		(1.09	)
Year Ended June 30, 2014		16.38		0.28		1.74			2.02			(0.26	)		(0.64	)		(0.90	)
Year Ended June 30, 2013		15.29		0.24		1.08			1.32			(0.23	)		—			(0.23	)

(a) Calculated based upon average shares outstanding.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

30 JPMORGAN ACCESS FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (c)			Net assets, end of period		Net expenses (d)(e)			Net investment  income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate
$	16.52		10.37	%	$	997,894		1.02	%		1.09	%		1.46	%		33	%
	15.14		(2.62	)		1,978,218		1.02			1.22			1.50			29
	16.33		(0.58	)		1,940,818		1.12			0.66			1.61			57
	17.49		12.08			3,118,118		1.13			0.87			1.66			91
	16.37		8.18			4,030,225		1.34			0.93			1.63			85
	16.44		9.89			3,709,864		1.51			0.70			1.95			33
	15.07		(3.09	)		5,187,943		1.50			0.62			1.98			29
	16.25		(1.09	)		6,922,123		1.62			0.15			2.11			57
	17.43		11.49			11,716,644		1.63			0.34			2.16			91
	16.33		7.68			18,681,629		1.84			0.46			2.13			85
	16.54		10.73			175,172,082		0.74			1.44			1.18			33
	15.16		(2.36	)		247,656,863		0.72			1.40			1.20			29
	16.35		(0.35	)		344,160,437		0.85			0.93			1.34			57
	17.51		12.38			444,024,857		0.88			0.95			1.41			91
	16.38		8.47			972,485,038		1.09			1.22			1.38			85
	16.52		10.85			444,771,297		0.59			1.61			1.03			33
	15.15		(2.21	)		500,206,132		0.57			1.55			1.05			29
	16.34		(0.20	)		699,091,716		0.70			1.08			1.19			57
	17.50		12.55			816,858,215		0.73			1.62			1.25			91
	16.38		8.64			123,542,100		0.90			1.48			1.23			85

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)			Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Access Growth Fund
Class A
Year Ended June 30, 2017	$	15.84	$	0.10		$	2.05		$	2.15		$	(0.16	)	$	—		$	(0.16	)
Year Ended June 30, 2016		17.22		0.12			(0.83	)		(0.71	)		(0.21	)		(0.46	)		(0.67	)
Year Ended June 30, 2015		18.67		0.07			(0.27	)		(0.20	)		(0.13	)		(1.12	)		(1.25	)
Year Ended June 30, 2014		17.00		0.09			2.49			2.58			(0.15	)		(0.76	)		(0.91	)
Year Ended June 30, 2013		15.36		0.11			1.64			1.75			(0.11	)		—			(0.11	)
Class C
Year Ended June 30, 2017		15.65		0.02			2.03			2.05			(0.11	)		—			(0.11	)
Year Ended June 30, 2016		17.04		0.04			(0.83	)		(0.79	)		(0.14	)		(0.46	)		(0.60	)
Year Ended June 30, 2015		18.52		(0.02	)		(0.26	)		(0.28	)		(0.08	)		(1.12	)		(1.20	)
Year Ended June 30, 2014		16.89		(0.01	)		2.47			2.46			(0.07	)		(0.76	)		(0.83	)
Year Ended June 30, 2013		15.29		0.03			1.62			1.65			(0.05	)		—			(0.05	)
Class I (formerly Select Class)
Year Ended June 30, 2017		15.87		0.19			2.02			2.21			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		17.27		0.17			(0.86	)		(0.69	)		(0.25	)		(0.46	)		(0.71	)
Year Ended June 30, 2015		18.69		0.12			(0.26	)		(0.14	)		(0.16	)		(1.12	)		(1.28	)
Year Ended June 30, 2014		17.02		0.11			2.50			2.61			(0.18	)		(0.76	)		(0.94	)
Year Ended June 30, 2013		15.38		0.16			1.63			1.79			(0.15	)		—			(0.15	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		15.87		0.23			2.02			2.25			(0.27	)		—			(0.27	)
Year Ended June 30, 2016		17.27		0.20			(0.86	)		(0.66	)		(0.28	)		(0.46	)		(0.74	)
Year Ended June 30, 2015		18.69		0.15			(0.27	)		(0.12	)		(0.18	)		(1.12	)		(1.30	)
Year Ended June 30, 2014		17.02		0.22			2.43			2.65			(0.22	)		(0.76	)		(0.98	)
Year Ended June 30, 2013		15.38		0.21			1.60			1.81			(0.17	)		—			(0.17	)

(a) Calculated based upon average shares outstanding.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

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

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

(e) Does not include expenses of Underlying Funds.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

32 JPMORGAN ACCESS FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (c)			Net assets, end of period		Net expenses (d)(e)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate
$	17.83		13.64	%	$	630,482		1.08	%		0.58	%		1.49	%		34	%
	15.84		(4.07	)		3,006,756		1.05			0.74			1.48			30
	17.22		(0.86	)		6,468,814		1.16			0.42			1.62			67
	18.67		15.45			13,138,908		1.17			0.50			1.66			104
	17.00		11.39			11,492,665		1.37			0.69			1.64			85
	17.59		13.14			1,250,992		1.57			0.13			1.97			34
	15.65		(4.60	)		4,474,251		1.55			0.25			1.98			30
	17.04		(1.28	)		7,483,257		1.66			(0.12	)		2.13			67
	18.52		14.84			15,399,069		1.67			(0.06	)		2.16			104
	16.89		10.80			20,318,160		1.88			0.16			2.14			85
	17.84		14.01			218,861,239		0.79			1.13			1.20			34
	15.87		(3.90	)		313,659,670		0.78			1.06			1.21			30
	17.27		(0.52	)		416,947,169		0.90			0.67			1.36			67
	18.69		15.68			548,955,778		0.92			0.59			1.41			104
	17.02		11.66			774,870,186		1.12			0.96			1.39			85
	17.85		14.26			337,151,843		0.64			1.35			1.04			34
	15.87		(3.75	)		352,351,886		0.63			1.21			1.06			30
	17.27		(0.41	)		480,555,232		0.75			0.82			1.21			67
	18.69		15.89			542,687,646		0.77			1.23			1.26			104
	17.02		11.83			88,098,695		0.93			1.25			1.24			85

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
Access Balanced Fund	Class A, Class C, Class I* and Class L^	Diversified
Access Growth Fund	Class A, Class C, Class I* and Class L^	Diversified

* Effective April 3, 2017, Select Class was renamed Class I.

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

The investment objective of the Access Balanced Fund is to seek total return.

The investment objective of the Access Growth Fund is to seek capital appreciation.

All share classes are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Share Classes’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class L Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017, sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Basis for Consolidation for the Funds

Access Balanced Fund CS Ltd. and Access Growth Fund CS Ltd. (collectively, the “Subsidiaries”), each a Cayman Islands exempted company, were incorporated on March 11, 2013 and are currently each a wholly-owned subsidiary of the Access Balanced Fund and Access Growth Fund, respectively. The Subsidiaries act as investment vehicles for each Fund to effect certain investments consistent with each Fund’s investment objectives and policies as described in each Fund’s prospectus. As of June 30, 2017, net assets of the Access Balanced Fund were $624,651,137 of which $73,819, or 0.01%, represented its Subsidiary’s net assets. As of June 30, 2017, net assets of the Access Growth Fund were $557,894,556 of which $73,177, or 0.01%, represented its Subsidiary’s net assets. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of each Fund and its Subsidiary. The consolidated financial statements include the accounts of each Fund and its Subsidiary. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and their Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

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

34 JPMORGAN ACCESS FUNDS JUNE 30, 2017

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, including J.P Morgan Funds, excluding exchange traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

The following tables represent each valuation input by sector as presented on the CSOIs:

Access Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	441,136	$	4,384,561	$	1	$	4,825,698
Consumer Staples		67,635		4,601,195		—		4,668,830
Energy		424,193		876,566		—		1,300,759
Financials		532,625		7,353,100		—		7,885,725
Health Care		431,478		4,775,006		—		5,206,484
Industrials		135,212		5,427,310		—		5,562,522
Information Technology		1,025,605		3,940,524		—		4,966,129
Materials		—		1,733,034		—		1,733,034
Real Estate		—		433,962		—		433,962
Telecommunication Services		313,085		2,025,326		—		2,338,411
Utilities		—		617,832		—		617,832
Total Common Stocks		3,370,969		36,168,416		1		39,539,386
Exchange-Traded Funds		299,930,804		—		—		299,930,804
Investment Companies		245,044,249		—		—		245,044,249
Preferred Stock
Health Care		—		85,672		—		85,672
Short-Term Investment
Investment Company		26,795,690		—		—		26,795,690
Total Investments in Securities	$	575,141,712	$	36,254,088	$	1	$	611,395,801

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Access Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	442,011	$	4,480,383	$	1	$	4,922,395
Consumer Staples		61,618		4,489,912		—		4,551,530
Energy		476,343		873,953		—		1,350,296
Financials		525,010		7,383,565		—		7,908,575
Health Care		440,141		4,791,191		—		5,231,332
Industrials		148,446		5,449,352		—		5,597,798
Information Technology		1,018,931		3,930,320		—		4,949,251
Materials		—		1,733,101		—		1,733,101
Real Estate		—		437,908		—		437,908
Telecommunication Services		321,280		2,097,036		—		2,418,316
Utilities		—		625,205		—		625,205
Total Common Stocks		3,433,780		36,291,926		1		39,725,707
Exchange-Traded Funds		295,905,410		—		—		295,905,410
Investment Companies		180,316,135		—		—		180,316,135
Preferred Stock
Health Care		—		76,329		—		76,329
Short-Term Investment
Investment Company		28,684,648		—		—		28,684,648
Total Investments in Securities	$	508,339,973	$	36,368,255	$	1	$	544,708,229

As of June 30, 2017, certain Investment Companies with a fair value of $16,103,663 and $14,134,514 have not been categorized in the fair value hierarchy as these Investment Companies were measured using the NAV per share as a practical expedient for the Access Balanced Fund and Access Growth Fund, respectively.

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

There were no significant transfers between level 1 and level 2 during the period ended June 30, 2017.

C. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of June 30, 2017, 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.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the realized gain (loss) amounts in the tables below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds.

36 JPMORGAN ACCESS FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
Access Balanced Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	97,558,300	$	3,999,999	$	65,900,000	$	(891,780	)	$	1,483,810		2,840,239	$	33,031,983
JPMorgan Core Plus Bond Fund, Class R6 Shares		62,670,528		—		44,000,000		(404,328	)		742,958		2,181,122		18,037,880
JPMorgan Corporate Bond Fund, Class R6 Shares		—		30,000,000		5,000,000		12,860			827,392		2,408,098		24,418,110
JPMorgan Equity Focus Fund, Class I Shares		22,686,300		—		15,300,000		2,754,087			45,887		380,593		11,165,748
JPMorgan Global Research Enhanced Index Fund, Class I Shares		36,094,612		4,000,000		25,500,000		3,958,504			299,312		879,840		18,230,281
JPMorgan High Yield Fund, Class R6 Shares		45,909,127		—		22,000,000		(1,036,818	)		2,390,199		3,481,017		25,898,768
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		18,578,586		—		4,000,000		19,498			323,270		1,409,953		14,437,915
JPMorgan Prime Money Market Fund, Institutional Class Shares		40,827,847		331,604,383		345,645,671		2,962			229,372		26,787,654		26,795,690
JPMorgan Short Duration Bond Fund, Class R6 Shares		—		8,000,000		—		—			28,838		738,689		7,992,613
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		37,439,913		—		19,700,000		7,649,252			155,515		737,851		22,733,182
JPMorgan Unconstrained Debt Fund, Class R6 Shares		33,668,333		—		15,500,000		43,079			933,612		1,846,794		18,467,937
	$	395,433,546					$	12,107,316		$	7,460,165			$	221,210,107
			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
Access Growth Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	46,166,722	$	3,999,999	$	37,500,000	$	(462,113	)	$	580,157		987,404	$	11,483,503
JPMorgan Core Plus Bond Fund, Class R6 Shares		26,647,057		7,999,999		22,000,000		574,182			211,909		1,546,509		12,789,627
JPMorgan Corporate Bond Fund, Class R6 Shares		—		20,000,000		10,500,000		(280,524	)		372,945		887,946		9,003,776
JPMorgan Equity Focus Fund, Class I Shares		22,486,533		—		10,300,000		2,107,116			56,324		563,951		16,545,095
JPMorgan Global Research Enhanced Index Fund, Class I Shares		61,177,702		11,000,000		35,000,000		4,169,754			774,358		2,155,064		44,652,932
JPMorgan High Yield Fund, Class R6 Shares		10,333,333		12,000,000		5,900,000		(31,593	)		632,317		2,257,319		16,794,453
JPMorgan Prime Money Market Fund, Institutional Class Shares		32,154,781		272,640,932		276,118,056		2,420			195,109		28,676,045		28,684,648
JPMorgan Strategic Income Opportunities Fund, Class R5 Shares		17,596,899		—		18,117,557		117,558			611,690		—		—
JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares		35,843,963		—		16,300,000		6,446,866			152,369		797,028		24,556,441
	$	252,406,990					$	12,643,666		$	3,587,178			$	164,510,475

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

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

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Consolidated Statements of Operations (“CSOPs”).

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOPs. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOPs.

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

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows:

		Class A		Class C		Class I		Class L		Total
Access Balanced Fund
	Transfer agency fees	$	201	$	215	$	3,892	$	3,698	$	8,006
	Sub-transfer agency fees		265		630		230		289		1,414
Access Growth Fund
	Transfer agency fees		307		211		8,112		2,762		11,392
	Sub-transfer agency fees		235		424		139		467		1,265

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the CSOPs and are not included in the ratios to average net assets shown in the Consolidated Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. Each Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the respective Fund’s taxable income. Net losses of each Subsidiary are not deductible by the respective Fund either in the current period or carried forward to future periods.

I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

38 JPMORGAN ACCESS FUNDS JUNE 30, 2017

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

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Access Balanced Fund	$	(97,909	)	$	798,424	$	(700,515	)
Access Growth Fund		(94,744	)		1,368,163		(1,273,419	)

The reclassifications for the Funds relate primarily to investments in passive foreign investment companies (“PFICs”).

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, each Fund’s assets are allocated to sub-advisers and the Adviser is responsible for monitoring and coordinating the overall management of the Funds and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.75% of each Fund’s average daily net assets. Prior to January 1, 2017, the investment advisory fee was 0.80%. The Adviser and J.P. Morgan Private Investments Inc. (“JPMPI”), sub-adviser to the Funds and a wholly-owned subsidiary of JPMorgan, have agreed to contractually waive the investment advisory fee and the sub-advisory fee, respectively, for each Fund by 0.30% through October 31, 2017. Prior to January 1, 2017, the contractual waiver was 0.25%.

The Subsidiaries have entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiaries. The fee for services to the Subsidiaries is accrued daily and paid monthly at an annual rate of 0.75% of each Subsidiary’s respective average daily net assets. Prior to January 1, 2017, the fee for service to the Subsidiaries was 0.80%. The Adviser has agreed to waive the advisory fees that it receives from each Fund in an amount equal to the advisory fees paid to the Adviser by the Subsidiaries. This waiver will continue in effect so long as each Fund invests in its Subsidiaries and may not be terminated without approval by the Funds’ Board.

JPMPI, Capital Guardian Trust Company — Personal Investment Management Division (“Capital Guardian”), TimesSquare Capital Management, LLC (“TimesSquare”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) are sub-advisers for the Funds. Each sub-adviser is responsible for the day-to-day investment decisions of its portion of the Funds. The allocation of the assets of each Fund is determined by the Adviser, subject to review of the Board. The Adviser monitors and evaluates the sub-advisers to help assure that they are managing the Funds in a manner consistent with the Funds’ investment objectives and restrictions and applicable laws and guidelines

Under the terms of the Sub-advisory Agreements for each Fund, the Adviser pays JPMPI a monthly sub-advisory fee at the annual rate of 0.70% of the portion of each Fund’s average daily net assets managed by JPMPI. Prior to January 1, 2017, the sub-advisory fee was 0.75%.

At June 30, 2017, the allocation of assets for each Fund was as follows:

	Access Balanced Fund			Access Growth Fund
JPMPI		93.6	%		92.7	%
Capital Guardian		3.1			3.5
T.Rowe Price		3.3			3.8

The Funds and the Adviser have obtained an exemptive order of the Securities and Exchange Commission (“SEC”) granting exemptions from certain provisions of the 1940 Act, pursuant to which the Adviser is permitted, subject to the supervision and approval of the Funds’ Trustees, to enter into and materially amend sub-advisory agreements with non-affiliated sub-advisers without such agreements being approved by the shareholders of the Funds. As such, the Funds and Adviser may hire, terminate, or replace non-affiliated sub-advisers without shareholder approval, including, without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment. Shareholders will be notified of any changes in sub-advisers.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and its Subsidiaries. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

reimbursements. In consideration for services rendered to the Subsidiaries, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of average daily net assets of the Subsidiaries.

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Class I and Class L Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C
	0.25	%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following amounts:

	Front-End Sales Charge
Access Balanced Fund	$	—
Access Growth Fund		5

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L
Access Balanced Fund		0.25	%		0.25	%		0.25	%		0.10	%
Access Growth Fund		0.25			0.25			0.25			0.10

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived Service Fees as outlined in Note 3.F.

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

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

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

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

	Class A			Class C			Class I			Class L
Access Balanced Fund		1.55	%		2.05	%		1.30	%		1.15	%
Access Growth Fund		1.55			2.05			1.30			1.15

The expense limitation agreements were in effect for the year ended June 30, 2017 and are in place until at least October 31, 2017.

The Underlying Funds may impose separate investment advisory and service fees. To avoid charging an investment advisory fee and a service fee at an effective rate above 0.75% (0.80% prior to January 1, 2017) for investment advisory and 0.25% for shareholder servicing on affiliated investments for Class A, Class C and Class I Shares and 0.10% for shareholder servicing on affiliated investments for Class L Shares, the Adviser and JPMDS have contractually agreed to waive investment advisory and service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of affiliated investment advisory fees not to exceed 0.45% (0.55% prior to January 1, 2017) during the period and affiliated service fees charged by the affiliated Underlying Funds. These contractual waivers are in place until at least October 31, 2017. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

40 JPMORGAN ACCESS FUNDS JUNE 30, 2017

For the year ended June 30, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fess		Service Fees		Total
Access Balanced Fund	$	2,969,533	$	114,478	$	3,084,011
Access Growth Fund		2,298,308		188,156		2,486,464

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

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

Under the terms of a Service Agreement, JPMIM and its affiliates perform various non-advisory services on behalf of JPMPI in support of JPMPI’s management of the Funds. JPMPI pays JPMIM a fee for these services.

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

During the year ended June 30, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Access Balanced Fund and Access Growth Fund incurred $281 and $398, respectively, in brokerage commissions with broker-dealers affiliated with the Adviser.

The 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.

The SEC has granted an exemptive order permitting the Funds to invest in certain instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Access Balanced Fund	$	218,543,050	$	381,309,565
Access Growth Fund		202,140,958		367,757,447

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including the Subsidiaries, held at June 30, 2017 were as follows:

	Aggregate Cost		Unrealized Appreciation		Unrealized Depreciation		Appreciation (Depreciation)
Access Balanced Fund	$	584,073,760	$	48,597,322	$	5,097,799	$	43,499,523
Access Growth Fund		501,349,760		61,477,057		3,910,897		57,566,160

The Federal income tax unrealized appreciation (depreciation) includes unrealized depreciation of the Fund’s investments in their Subsidiaries of approximately $20 million and $17 million for the Access Balanced Fund and the Access Growth Fund, respectively, which, if realized, is not deductible for income tax purposes.

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

The tax character of distributions paid during the fiscal year ended June 30, 2017 was as follows:

	Ordinary Income*
Access Balanced Fund	$	10,873,463
Access Growth Fund		9,005,344

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

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The tax character of distributions paid during the fiscal year ended June 30, 2016 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Access Balanced Fund	$	24,504,786	$	19,162,390	$	43,667,176
Access Growth Fund		13,812,571		20,337,267		34,149,838

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

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	3,474,220	$	22,467,073	$	63,059,513
Access Growth Fund		3,105,889		26,968,973		74,338,004

For the Funds, the cumulative timing differences primarily consist of distributions payable, investments in PFICs and wash sale loss deferrals.

During the year ended June 30, 2017, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Carryforward Utilized
	Short-Term		Long-Term
Access Balanced Fund	$	2,994,439	$	467,384

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Funds did not utilize the Credit Facility during the year ended June 30, 2017.

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.

42 JPMORGAN ACCESS FUNDS JUNE 30, 2017

As of June 30, 2017, the Funds each had two affiliated omnibus accounts which each owned more than 10% of the Funds outstanding shares as follows:

Access Balanced Fund	96.3	%
Access Growth Fund	97.1

As of June 30, 2017, the Funds owned, in the aggregate, shares representing more than 10% of the net assets of the following Underlying Fund:

	% of Net Assets
Equity Focus Fund		14.9	%

By investing in a subsidiary, each Fund is indirectly exposed to the risks associated with its Subsidiary’s investments. The derivatives and other investments, if any, held by the Subsidiaries are generally similar to those that are permitted to be held by each Fund and are subject to the same risks that apply to similar investments if held directly by the Funds.

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities; and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Fund invests in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Access Balanced Fund and JPMorgan Access Growth Fund

In our opinion, the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of portfolio investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of JPMorgan Access Balanced Fund and JPMorgan Access Growth Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

44 JPMORGAN ACCESS FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 45

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

46 JPMORGAN ACCESS FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 47

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, 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 (not including expenses of the Underlying Funds and ETFs) 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, January 1, 2017 and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees and expenses of the Underlying Funds. 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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Access Balanced Fund
Class A
Actual	$	1,000.00	$	1,066.60	$	5.12		1.00	%
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class C
Actual		1,000.00		1,064.20		7.68		1.50
Hypothetical		1,000.00		1,017.36		7.50		1.50
Class I (formerly Select Class)
Actual		1,000.00		1,067.60		3.79		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class L (formerly Institutional Class)
Actual		1,000.00		1,068.60		3.03		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Access Growth Fund
Class A
Actual		1,000.00		1,083.90		5.43		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05
Class C
Actual		1,000.00		1,081.30		7.95		1.54
Hypothetical		1,000.00		1,017.16		7.70		1.54
Class I (formerly Select Class)
Actual		1,000.00		1,085.10		4.03		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class L (formerly Institutional Class)
Actual		1,000.00		1,086.60		3.26		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63

* Expenses are equal to each classes’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

48 JPMORGAN ACCESS FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
Access Balanced Fund		100.00	%
Access Growth Fund		100.00

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017:

	Qualified Dividend Income Distribution
Access Balanced Fund	$	10,994,821
Access Growth Fund		9,132,159

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2017, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2017 will be disclosed in the semi-annual report for the period ended December 31, 2017.

JUNE 30, 2017 JPMORGAN ACCESS FUNDS 49

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganaccessfunds.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 Funds’ website at www.jpmorganaccessfunds.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.jpmorganaccessfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganaccessfunds.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 businesses 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., 2017. All rights reserved. June 2017. AN-ACCESS-617

Annual Report

J.P. Morgan Intrepid Funds

June 30, 2017

JPMorgan Intrepid America Fund

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Sustainable Equity Fund

(formerly known as JPMorgan Intrepid Advantage Fund)

JPMorgan Intrepid Value Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Intrepid America Fund	3
JPMorgan Intrepid Growth Fund	5
JPMorgan Intrepid Mid Cap Fund	7
JPMorgan Intrepid Sustainable Equity Fund	9
JPMorgan Intrepid Value Fund	11
Schedules of Portfolio Investments	13
Financial Statements	30
Financial Highlights	46
Notes to Financial Statements	56
Report of Independent Registered Public Accounting Firm	66
Trustees	67
Officers	69
Schedule of Shareholder Expenses	70
Tax Letter	73
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 1

J.P. Morgan Intrepid Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures options on the S&P 500 to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

Overall, small cap stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the S&P 500 returned 17.90%.

Intrepid Investment Philosophy and Process

The JPMorgan Behavioral Finance Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting high quality, attractively valued stocks of companies that it believes have positive momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading.

The Intrepid Sustainable Equity Fund (formerly Intrepid Advantage Fund) also incorporates environmental, social and corporate governance (ESG) practices into its investment process. In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, generally approach ESG practices in a thoughtful manner while also having attractive value, quality and momentum characteristics. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering all of these financial and sustainability characteristics.

During the reporting period, the Funds were managed and positioned in accordance with these investment philosophies and processes.

2 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		16.58%
S&P 500 Index		17.90%
Net Assets as of 6/30/2017 (In Thousands)	$	4,082,857

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid America Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class I Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and real estate sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Ross Stores Inc., Express Scripts Holding Co. and Gilead Sciences Inc. Shares of Ross Stores, a discount apparel and housewares chain, fell amid investor concerns about negative trends among retailers. Shares of Express Scripts, a pharmacy benefits manager, fell amid investor expectations that health insurer Anthem Inc., would not renew its contract with the company. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Valero Energy Corp. and WellCare Health Plans Inc., and its underweight position in General Electric Co. Shares of Valero, a petroleum refineries operator, rose on increased U.S. demand for gasoline and as investors sought energy sector companies that are less sensitive to changes in global oil prices. Shares of WellCare Health Plans, a provider of U.S. government sponsored health care services, rose after the company reported better-than-expected earnings and revenue. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid investor concerns about the company’s strategic direction under a new chief executive.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.6	%
	2.	Apple, Inc.	3.4
	3.	Bank of America Corp.	2.8
	4.	Boeing Co. (The)	2.5
	5.	AT&T, Inc.	2.4
	6.	Wal-Mart Stores, Inc.	2.3
	7.	Citigroup, Inc.	2.2
	8.	Applied Materials, Inc.	2.1
	9.	Gilead Sciences, Inc.	2.1
	10.	eBay, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.5	%
Financials	14.8
Health Care	14.5
Industrials	11.0
Consumer Discretionary	10.1
Consumer Staples	9.3
Energy	5.6
Utilities	3.3
Telecommunication Services	2.4
Real Estate	2.3
Materials	2.2
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 adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid America Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			10.13	%		12.55	%		5.51	%
Without Sales Charge			16.24			13.77			6.08
CLASS C SHARES	February 19, 2005
With CDSC**			14.69			13.21			5.56
Without CDSC			15.69			13.21			5.56
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2003		16.58			14.09			6.36
CLASS R2 SHARES	November 3, 2008		15.95			13.49			5.86
CLASS R5 SHARES	May 15, 2006		16.75			14.30			6.57
CLASS R6 SHARES	November 2, 2015		16.91			14.34			6.59

* 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 (6/30/07 TO 6/30/17)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and

has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index and the Lipper 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		21.40%
Russell 1000 Growth Index		20.42%
Net Assets as of 6/30/2017 (In Thousands)	$	1,019,123

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Growth Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the industrials and health care sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Bristol-Myers Squibb Co. and its overweight positions in United Continental Holdings Inc. and WellCare Health Plans Inc. Shares of Bristol-Myers Squibb, a drug maker that was not held in the Fund, fell after the company reduced its earnings forecast and amid investor concerns about proposed changes to federal health insurance policies. Shares of United Continental Holdings, an airline operator not held in the Benchmark, rose on revenue growth and news that investor Warren Buffett had purchased a large stake in the company. Shares of WellCare Health Plans, a provider of U.S. government sponsored health care services, rose after the company reported better-than-expected earnings and revenue.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc. and its underweight positions in Amazon.com Inc. and Apple Inc. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings. Shares of Amazon.com, an online shopping retailer, rose after the company reported earnings growth and strong demand for its online services. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.9	%
	2.	Microsoft Corp.	4.9
	3.	Visa, Inc., Class A	3.1
	4.	Boeing Co. (The)	2.8
	5.	Home Depot, Inc. (The)	2.8
	6.	Amgen, Inc.	2.4
	7.	Applied Materials, Inc.	2.3
	8.	eBay, Inc.	2.1
	9.	Amazon.com, Inc.	2.1
	10.	Gilead Sciences, Inc.	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	35.6	%
Consumer Discretionary	18.5
Health Care	14.5
Industrials	11.6
Consumer Staples	7.4
Materials	3.4
Financials	2.5
Real Estate	2.4
Others (each less than 1.0%)	1.3
Short-Term Investment	2.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			14.73	%		13.62	%		7.22	%
Without Sales Charge			21.09			14.86			7.80
CLASS C SHARES	February 19, 2005
With CDSC**			19.49			14.29			7.27
Without CDSC			20.49			14.29			7.27
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2003		21.40			15.14			8.07
CLASS R2 SHARES	November 3, 2008		20.82			14.57			7.57
CLASS R5 SHARES	May 15, 2006		21.65			15.37			8.29
CLASS R6 SHARES	November 2, 2015		21.70			15.39			8.30

* 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 (6/30/07 TO 6/30/17)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Growth Fund, the Russell 1000 Growth Index, the Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge asso-

ciated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

6 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		14.23%
Russell Midcap Index		16.48%
Net Assets as of 6/30/2017 (In Thousands)	$	889,739

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Mid Cap Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

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

The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the real estate and industrial sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the consumer discretionary and materials sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in CoreCivic Inc. and Wesco International Inc. and its underweight position in NVidia Corp. Shares of CoreCivic, a real estate investment trust operator of prisons and related facilities, fell after the company reported lower-than-expected revenue. Shares of Wesco International, a distributor or electrical, industrial and communications products, fell after the company reported a decline in sales. Shares of Nvidia, a maker of computer graphics semiconductors and software, rose amid growth in its gaming and artificial intelligence segments.

Leading individual contributors to relative performance included the Fund’s overweight positions in Best Buy Inc., International Game Technology PLC and IAC/InterActiveCorp. Shares of Best Buy, a consumer electronics chain, rose on better-than-expected earnings and sales. Shares of International Gaming Technology, a maker of casino gaming devices, rose after the company reported revenue growth from North American lottery operations. Shares of IAC/InterActiveCorp, a media and internet services company, rose after the company reported better-than-expected revenue.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	ManpowerGroup, Inc.	2.2	%
	2.	United Continental Holdings, Inc.	2.1
	3.	Best Buy Co., Inc.	2.0
	4.	Marvell Technology Group Ltd., (Bermuda)	1.9
	5.	NRG Energy, Inc.	1.9
	6.	Equinix, Inc.	1.9
	7.	Huntington Ingalls Industries, Inc.	1.8
	8.	Western Digital Corp.	1.6
	9.	Tyson Foods, Inc., Class A	1.6
	10.	Xerox Corp.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	15.3	%
Industrials	14.8
Financials	13.8
Consumer Discretionary	10.8
Health Care	10.7
Real Estate	9.9
Energy	6.1
Utilities	5.9
Consumer Staples	5.9
Materials	5.3
Telecommunication Services	0.6
Short-Term Investment	0.9

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			7.93	%		12.85	%		5.81	%
Without Sales Charge			13.91			14.07			6.39
CLASS C SHARES	March 22, 1999
With CDSC**			12.20			13.35			5.71
Without CDSC			13.20			13.35			5.71
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	June 1, 1991		14.23			14.36			6.65
CLASS R3 SHARES	September 9, 2016		13.87			14.06			6.38
CLASS R4 SHARES	September 9, 2016		14.19			14.35			6.64
CLASS R6 SHARES	November 2, 2015		14.52			14.46			6.69

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 R3 Shares prior to their inception date are based on the performance of Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares and Class R4 Shares would have been similar to those shown because Class R3 Shares and Class R4 Shares have similar expenses as Class A and Class I Shares, respectively.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Mid Cap Fund, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index from June 30, 2007 to June 30, 2017. 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 Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-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 Russell Midcap Index is

an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

8 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Sustainable Equity Fund⁽¹⁾

(formerly known as JPMorgan Intrepid Advantage Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(2)		19.95%
S&P 500 Index(3)		17.90%
Russell 3000 Index		18.51%
Net Assets as of 6/30/2017 (In Thousands)	$	18,044

INVESTMENT OBJECTIVE**

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

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

The Fund’s Class I Shares outperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and overweight position in the information technology sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection and overweight positions in both the health care and telecommunication services sectors were leading detractors from relative performance.

For the twelve month reporting period, the Fund also outperformed the Russell 3000 Index, which was the Fund’s primary benchmark until November 1, 2016. The outperformance was largely due to the Fund’s security selection in the information technology and energy sectors and its underweight position in the real estate sector.

Leading individual contributors to performance relative to the Benchmark included the Fund’s underweight position in General Electric Co. and its overweight positions in Citigroup Inc. and Humana Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of Citigroup Inc., a financial services and banking company, rose after the company announced it would double its quarterly dividend following its successful passage of the U.S. Federal Reserve’s “stress test” of leading banks. Shares of Humana, a health insurer, rose after the company reported better-than-expected earnings and revenue.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Gilead Sciences Inc., Travelers Cos. and Molson Coors Brewing Co.

Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings. Shares of Travelers, a property and casualty insurer, fell after the company reported lower-than-expected earnings, largely due to storm damages incurred in the first three months of 2017. Shares of Molson Coors Brewing, a beer and beverage maker, fell after the company posted lower-than-expected earnings.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.5	%
	2.	Microsoft Corp.	4.8
	3.	Citigroup, Inc.	4.0
	4.	PepsiCo, Inc.	2.6
	5.	Humana, Inc.	2.4
	6.	Gilead Sciences, Inc.	2.2
	7.	Oracle Corp.	2.2
	8.	Bank of America Corp.	2.2
	9.	PNC Financial Services Group, Inc. (The)	2.1
	10.	Verizon Communications, Inc.	2.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.1	%
Financials	15.4
Health Care	14.6
Consumer Discretionary	11.1
Industrials	10.0
Consumer Staples	7.8
Energy	5.7
Utilities	3.0
Telecommunication Services	3.0
Materials	1.5
Real Estate	0.8
Short-Term Investment	1.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾ On November 1, 2016, the Fund incorporated environmental, social and corporate governance (ESG) practices into its investment process. On March 31, 2017, the Fund was re-named the JPMorgan Intrepid Sustainable Equity Fund from the previous JPMorgan Intrepid Advantage Fund. Under the revised name and strategy, the adviser identifies companies that, in the adviser’s opinion, generally approach ESG practices in a thoughtful manner while also having attractive value, quality and momentum characteristics.

⁽²⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

⁽³⁾  On November 1, 2016, the Fund adopted the Standard & Poor’s 500 Index as its primary benchmark because the adviser believes that the Benchmark is a more appropriate comparison in light of the Fund’s new investment strategies.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 9

JPMorgan Intrepid Sustainable Equity Fund

(formerly known as JPMorgan Intrepid Advantage Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 19, 2005
With Sales Charge*				13.35	%		13.15	%		5.25	%
Without Sales Charge				19.64			14.38			5.82
CLASS C SHARES		February 19, 2005
With CDSC**				18.02			13.81			5.29
Without CDSC				19.02			13.81			5.29
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 28, 2003		19.95			14.66			6.09

* 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 (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Sustainable Equity Fund, the S&P 500 Index, the Russell 3000 Index and the Lipper Large-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the Russell 3000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund. Also on November 1, 2016, the Fund’s index changed from the Russell 3000 Index to the S&P 500 Index to reflect the change in the Fund’s investment strategies.

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.

10 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		16.72%
Russell 1000 Value Index		15.53%
Net Assets as of 6/30/2017 (In Thousands)	$	1,232,844

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Value Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the industrials and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight positions in General Electric Co. and Berkshire Hathaway Inc. and its overweight position in

Valero Energy Corp. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of Berkshire Hathaway, an investment management company that was not held by the Fund, fell after the company reported lower earnings. Shares of Valero, a petroleum refineries operator, rose on increased U.S. demand for gasoline and as investors sought energy sector companies that are less sensitive to changes in global oil prices.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc. and Express Scripts Inc. and its underweight position in J.P. Morgan Chase & Co. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings. Shares of Express Scripts, a pharmacy benefits manager, fell amid investor expectations that health insurer Anthem Inc. would not renew its contract with the company. Shares of J.P. Morgan Chase, a banking and financial services company that that the Fund is prohibited from holding because of its affiliation with the Fund’s adviser, rose on better-than-expected earnings.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	4.0	%
	2.	Citigroup, Inc.	3.5
	3.	PNC Financial Services Group, Inc. (The)	2.6
	4.	Valero Energy Corp.	2.2
	5.	Boeing Co. (The)	1.9
	6.	HP, Inc.	1.9
	7.	Allergan plc	1.8
	8.	Gilead Sciences, Inc.	1.8
	9.	Amgen, Inc.	1.8
	10.	Wal-Mart Stores, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	27.4	%
Health Care	13.6
Energy	9.8
Industrials	9.2
Consumer Staples	8.6
Information Technology	8.3
Consumer Discretionary	7.9
Utilities	6.3
Real Estate	2.9
Materials	2.7
Telecommunication Services	1.1
Short-Term Investment	2.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			10.43	%		11.52	%		4.40	%
Without Sales Charge			16.55			12.73			4.97
CLASS C SHARES	February 19, 2005
With CDSC**			14.97			12.17			4.44
Without CDSC			15.97			12.17			4.44
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 2003		16.72			12.90			5.16
CLASS R2 SHARES	November 3, 2008		16.20			12.44			4.74
CLASS R5 SHARES	May 15, 2006		16.94			13.12			5.37
CLASS R6 SHARES	November 30, 2010		17.03			13.18			5.40

* 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 (6/30/07 TO 6/30/17)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

12 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.5%
		Consumer Discretionary — 10.2%
		Automobiles — 0.6%
	698	General Motors Co.		24,374
		Hotels, Restaurants & Leisure — 1.8%
	281	Dunkin’ Brands Group, Inc.		15,472
	1,148	International Game Technology plc		21,016
	543	Restaurant Brands International, Inc., (Canada)		33,984
				70,472
		Household Durables — 0.4%
	499	DR Horton, Inc.		17,261
		Internet & Direct Marketing Retail — 0.9%
	30	Amazon.com, Inc. (a)		29,137
	55	Expedia, Inc.		8,118
				37,255
		Media — 2.0%
	475	CBS Corp. (Non-Voting), Class B		30,295
	538	Comcast Corp., Class A		20,943
	127	DISH Network Corp., Class A (a)		7,952
	219	Walt Disney Co. (The)		23,311
				82,501
		Specialty Retail — 3.9%
	496	Best Buy Co., Inc.		28,424
	312	Burlington Stores, Inc. (a)		28,710
	182	Home Depot, Inc. (The)		27,934
	1,078	Ross Stores, Inc.		62,244
	135	Tiffany & Co.		12,626
				159,938
		Textiles, Apparel & Luxury Goods — 0.6%
	199	PVH Corp.		22,820
		Total Consumer Discretionary		414,621
		Consumer Staples — 9.3%
		Beverages — 1.1%
	144	Molson Coors Brewing Co., Class B		12,407
	268	PepsiCo, Inc.		30,998
				43,405
		Food & Staples Retailing — 2.4%
	1,275	Wal-Mart Stores, Inc.		96,484
		Food Products — 4.2%
	389	Bunge Ltd.		28,982
	817	Conagra Brands, Inc.		29,202
	225	Ingredion, Inc.		26,798
	170	JM Smucker Co. (The)		20,057

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	1,101	Pilgrim’s Pride Corp. (a)		24,136
	689	Tyson Foods, Inc., Class A		43,165
				172,340
		Household Products — 0.8%
	520	Energizer Holdings, Inc.		24,990
	87	Procter & Gamble Co. (The)		7,617
				32,607
		Personal Products — 0.8%
	560	Nu Skin Enterprises, Inc., Class A		35,190
		Total Consumer Staples		380,026
		Energy — 5.6%
		Energy Equipment & Services — 2.9%
	663	Baker Hughes, Inc.		36,129
	1,562	Halliburton Co.		66,722
	560	TechnipFMC plc, (United Kingdom) (a)		15,240
				118,091
		Oil, Gas & Consumable Fuels — 2.7%
	73	Cimarex Energy Co.		6,891
	478	EOG Resources, Inc.		43,223
	158	Tesoro Corp.		14,752
	703	Valero Energy Corp.		47,431
				112,297
		Total Energy		230,388
		Financials — 14.9%
		Banks — 6.2%
	4,697	Bank of America Corp.		113,942
	1,333	Citigroup, Inc.		89,165
	238	Comerica, Inc.		17,409
	170	PNC Financial Services Group, Inc. (The)		21,178
	851	Regions Financial Corp.		12,460
				254,154
		Capital Markets — 2.2%
	24	Ameriprise Financial, Inc.		3,093
	49	Goldman Sachs Group, Inc. (The)		10,962
	1,293	Morgan Stanley		57,620
	156	MSCI, Inc.		16,077
				87,752
		Consumer Finance — 1.5%
	945	Discover Financial Services		58,744
	194	Navient Corp.		3,232
				61,976

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 4.2%
	49	Allstate Corp. (The)		4,289
	63	American International Group, Inc.		3,964
	355	Arch Capital Group Ltd. (a)		33,127
	228	Assured Guaranty Ltd.		9,525
	131	Everest Re Group Ltd.		33,300
	283	Lincoln National Corp.		19,145
	181	Prudential Financial, Inc.		19,617
	211	RenaissanceRe Holdings Ltd., (Bermuda)		29,326
	171	Validus Holdings Ltd.		8,887
	11	White Mountains Insurance Group Ltd.		9,642
				170,822
		Mortgage Real Estate Investment Trusts (REITs) — 0.8%
	427	Chimera Investment Corp.		7,953
	2,581	Two Harbors Investment Corp.		25,575
				33,528
		Total Financials		608,232
		Health Care — 14.5%
		Biotechnology — 3.2%
	268	Amgen, Inc.		46,089
	1,196	Gilead Sciences, Inc.		84,632
				130,721
		Health Care Equipment & Supplies — 3.3%
	1,033	Baxter International, Inc.		62,544
	559	Hologic, Inc. (a)		25,385
	211	IDEXX Laboratories, Inc. (a)		34,011
	139	Masimo Corp. (a)		12,647
				134,587
		Health Care Providers & Services — 6.9%
	163	Aetna, Inc.		24,672
	318	Anthem, Inc.		59,901
	361	Express Scripts Holding Co. (a)		23,046
	253	Humana, Inc.		60,877
	108	McKesson Corp.		17,836
	171	Quest Diagnostics, Inc.		18,964
	223	UnitedHealth Group, Inc.		41,386
	197	WellCare Health Plans, Inc. (a)		35,318
				282,000
		Pharmaceuticals — 1.1%
	118	Allergan plc		28,563
	282	Merck & Co., Inc.		18,042
				46,605
		Total Health Care		593,913

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 11.0%
		Aerospace & Defense — 3.1%
	514	Boeing Co. (The)		101,722
	301	Curtiss-Wright Corp.		27,589
				129,311
		Airlines — 2.8%
	48	Alaska Air Group, Inc.		4,282
	307	Copa Holdings SA, (Panama), Class A		35,907
	624	Delta Air Lines, Inc.		33,531
	67	Southwest Airlines Co.		4,157
	490	United Continental Holdings, Inc. (a)		36,850
				114,727
		Electrical Equipment — 0.8%
	13	EnerSys		973
	204	Rockwell Automation, Inc.		33,056
				34,029
		Machinery — 2.8%
	205	Cummins, Inc.		33,239
	371	Deere & Co.		45,827
	213	Parker-Hannifin Corp.		34,074
				113,140
		Professional Services — 0.9%
	320	ManpowerGroup, Inc.		35,728
		Trading Companies & Distributors — 0.6%
	210	United Rentals, Inc. (a)		23,646
		Total Industrials		450,581
		Information Technology — 22.7%
		Internet Software & Services — 3.2%
	22	Alphabet, Inc., Class A (a)		20,081
	29	Alphabet, Inc., Class C (a)		26,081
	2,345	eBay, Inc. (a)		81,873
	26	VeriSign, Inc. (a)		2,426
				130,461
		IT Services — 2.8%
	432	DXC Technology Co.		33,163
	148	International Business Machines Corp.		22,705
	610	Visa, Inc., Class A		57,215
				113,083
		Semiconductors & Semiconductor Equipment — 3.2%
	2,120	Applied Materials, Inc.		87,569
	205	Lam Research Corp.		29,007

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	201	Maxim Integrated Products, Inc.		9,003
	206	Teradyne, Inc.		6,183
				131,762
		Software — 7.6%
	2,145	Microsoft Corp.		147,855
	905	Oracle Corp.		45,387
	915	Symantec Corp.		25,837
	144	Take-Two Interactive Software, Inc. (a)		10,552
	916	VMware, Inc., Class A (a)		80,042
				309,673
		Technology Hardware, Storage & Peripherals — 5.9%
	964	Apple, Inc.		138,850
	4,612	HP, Inc.		80,620
	410	NCR Corp. (a)		16,748
	96	Seagate Technology plc		3,720
				239,938
		Total Information Technology		924,917
		Materials — 2.3%
		Chemicals — 0.8%
	1,175	Huntsman Corp.		30,354
		Containers & Packaging — 0.1%
	95	Berry Global Group, Inc. (a)		5,428
		Metals & Mining — 1.4%
	665	Newmont Mining Corp.		21,543
	77	Nucor Corp.		4,433
	846	Steel Dynamics, Inc.		30,309
				56,285
		Total Materials		92,067
		Real Estate — 2.3%
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	608	American Tower Corp.		80,490
	286	Equity Commonwealth (a)		9,050

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	77	Prologis, Inc.		4,510
		Total Real Estate		94,050
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	2,578	AT&T, Inc.		97,275
		Utilities — 3.3%
		Electric Utilities — 1.2%
	447	Edison International		34,935
	92	NextEra Energy, Inc.		12,892
				47,827
		Gas Utilities — 0.6%
	555	UGI Corp.		26,848
		Independent Power and Renewable Electricity Producers — 0.7%
	2,673	AES Corp.		29,702
		Multi-Utilities — 0.8%
	1,171	CenterPoint Energy, Inc.		32,051
		Total Utilities		136,428
		Total Common Stocks (Cost $3,356,240)		4,022,498
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	80,269	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $80,269)		80,269
		Total Investments — 100.5% (Cost $3,436,509)		4,102,767
		Liabilities in Excess of Other Assets — (0.5)%		(19,910	)
		NET ASSETS — 100.0%	$	4,082,857

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	150	E-mini S&P 500 Index		09/15/17		USD	$	18,157	$	(47	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Consumer Discretionary — 18.6%
		Auto Components — 0.4%
	31	Lear Corp.		4,362
		Automobiles — 0.2%
	55	General Motors Co.		1,935
		Hotels, Restaurants & Leisure — 3.4%
	143	Dunkin’ Brands Group, Inc.		7,899
	48	Hilton Worldwide Holdings, Inc.		2,938
	204	International Game Technology plc		3,733
	40	McDonald’s Corp.		6,172
	149	Restaurant Brands International, Inc., (Canada)		9,305
	285	Wendy’s Co. (The)		4,416
				34,463
		Household Durables — 1.3%
	134	DR Horton, Inc.		4,643
	4	NVR, Inc. (a)		8,678
				13,321
		Internet & Direct Marketing Retail — 3.3%
	22	Amazon.com, Inc. (a)		21,393
	13	Expedia, Inc.		1,996
	6	Priceline Group, Inc. (The) (a)		10,288
				33,677
		Media — 4.3%
	132	CBS Corp. (Non-Voting), Class B		8,432
	176	Comcast Corp., Class A		6,861
	136	DISH Network Corp., Class A (a)		8,541
	215	Live Nation Entertainment, Inc. (a)		7,486
	57	Omnicom Group, Inc.		4,717
	1,407	Sirius XM Holdings, Inc.		7,696
				43,733
		Specialty Retail — 5.1%
	117	Best Buy Co., Inc.		6,731
	90	Burlington Stores, Inc. (a)		8,288
	187	Home Depot, Inc. (The)		28,670
	139	Ross Stores, Inc.		8,048
				51,737
		Textiles, Apparel & Luxury Goods — 0.6%
	56	PVH Corp.		6,400
		Total Consumer Discretionary		189,628
		Consumer Staples — 7.5%
		Beverages — 1.3%
	17	Molson Coors Brewing Co., Class B		1,442

SHARES		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	104	PepsiCo, Inc.		11,965
				13,407
		Food & Staples Retailing — 1.6%
	57	Walgreens Boots Alliance, Inc.		4,456
	160	Wal-Mart Stores, Inc.		12,109
				16,565
		Food Products — 3.8%
	48	Bunge Ltd.		3,558
	207	Conagra Brands, Inc.		7,399
	310	Pilgrim’s Pride Corp. (a)		6,793
	123	Pinnacle Foods, Inc.		7,318
	221	Tyson Foods, Inc., Class A		13,860
				38,928
		Personal Products — 0.8%
	118	Nu Skin Enterprises, Inc., Class A		7,396
		Total Consumer Staples		76,296
		Energy — 0.2%
		Energy Equipment & Services — 0.2%
	38	Baker Hughes, Inc.		2,093
		Financials — 2.5%
		Capital Markets — 1.1%
	8	MarketAxess Holdings, Inc.		1,629
	44	Morgan Stanley		1,969
	79	MSCI, Inc.		8,085
				11,683
		Insurance — 1.4%
	85	Assured Guaranty Ltd.		3,535
	29	Everest Re Group Ltd.		7,256
	32	Lincoln National Corp.		2,190
	12	Prudential Financial, Inc.		1,254
				14,235
		Total Financials		25,918
		Health Care — 14.5%
		Biotechnology — 5.2%
	58	AbbVie, Inc.		4,198
	142	Amgen, Inc.		24,405
	114	Exelixis, Inc. (a)		2,803
	299	Gilead Sciences, Inc.		21,185
				52,591

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 4.0%
	57	Align Technology, Inc. (a)		8,527
	173	Baxter International, Inc.		10,480
	180	Hologic, Inc. (a)		8,173
	52	IDEXX Laboratories, Inc. (a)		8,458
	55	Masimo Corp. (a)		4,978
				40,616
		Health Care Providers & Services — 5.1%
	104	Aetna, Inc.		15,820
	73	Anthem, Inc.		13,809
	12	Cigna Corp.		1,942
	51	Humana, Inc.		12,271
	48	WellCare Health Plans, Inc. (a)		8,637
				52,479
		Health Care Technology — 0.2%
	39	Veeva Systems, Inc., Class A (a)		2,373
		Total Health Care		148,059
		Industrials — 11.7%
		Aerospace & Defense — 2.9%
	147	Boeing Co. (The)		29,109
		Airlines — 2.9%
	63	Copa Holdings SA, (Panama), Class A		7,418
	187	Delta Air Lines, Inc.		10,039
	49	Southwest Airlines Co.		3,014
	121	United Continental Holdings, Inc. (a)		9,067
				29,538
		Electrical Equipment — 0.9%
	15	EnerSys		1,058
	50	Rockwell Automation, Inc.		8,131
				9,189
		Machinery — 3.4%
	209	Allison Transmission Holdings, Inc.		7,839
	110	Deere & Co.		13,632
	57	Lincoln Electric Holdings, Inc.		5,231
	50	Parker-Hannifin Corp.		7,991
				34,693
		Professional Services — 0.9%
	80	ManpowerGroup, Inc.		8,898
		Trading Companies & Distributors — 0.7%
	68	United Rentals, Inc. (a)		7,687
		Total Industrials		119,114

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 35.8%
		Internet Software & Services — 7.8%
	18	Alphabet, Inc., Class A (a)		16,734
	18	Alphabet, Inc., Class C (a)		15,994
	628	eBay, Inc. (a)		21,940
	68	Facebook, Inc., Class A (a)		10,237
	32	IAC/InterActiveCorp (a)		3,335
	35	LogMeIn, Inc.		3,684
	87	VeriSign, Inc. (a)		8,050
				79,974
		IT Services — 4.0%
	107	DXC Technology Co.		8,209
	2	Mastercard, Inc., Class A		243
	340	Visa, Inc., Class A		31,904
				40,356
		Semiconductors & Semiconductor Equipment — 4.1%
	573	Applied Materials, Inc.		23,675
	57	Lam Research Corp.		8,033
	36	Maxim Integrated Products, Inc.		1,630
	29	Skyworks Solutions, Inc.		2,821
	184	Teradyne, Inc.		5,510
				41,669
		Software — 12.1%
	83	Adobe Systems, Inc. (a)		11,740
	41	Aspen Technology, Inc. (a)		2,260
	37	Autodesk, Inc. (a)		3,700
	87	Citrix Systems, Inc. (a)		6,884
	729	Microsoft Corp.		50,260
	174	Oracle Corp.		8,734
	92	Symantec Corp.		2,585
	115	Synopsys, Inc. (a)		8,409
	113	Take-Two Interactive Software, Inc. (a)		8,263
	234	VMware, Inc., Class A (a)		20,441
				123,276
		Technology Hardware, Storage & Peripherals — 7.8%
	416	Apple, Inc.		59,976
	761	HP, Inc.		13,299
	148	NCR Corp. (a)		6,032
				79,307
		Total Information Technology		364,582
		Materials — 3.4%
		Chemicals — 1.5%
	23	Albemarle Corp.		2,396

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	121	Chemours Co. (The)		4,600
	333	Huntsman Corp.		8,599
				15,595
		Construction Materials — 0.1%
	15	Eagle Materials, Inc.		1,340
		Containers & Packaging — 0.8%
	140	Berry Global Group, Inc. (a)		7,970
		Metals & Mining — 1.0%
	65	Newmont Mining Corp.		2,112
	210	Steel Dynamics, Inc.		7,506
				9,618
		Total Materials		34,523
		Real Estate — 2.3%
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	85	American Homes 4 Rent, Class A		1,921
	115	American Tower Corp.		15,151
	107	Equity Commonwealth (a)		3,372
	124	GEO Group, Inc. (The)		3,669
		Total Real Estate		24,113
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.4%
	111	AT&T, Inc.		4,189

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.3%
	52	T-Mobile US, Inc. (a)		3,165
		Total Telecommunication Services		7,354
		Utilities — 0.4%
		Independent Power and Renewable Electricity Producers — 0.4%
	340	AES Corp.		3,778
		Total Common Stocks (Cost $719,462)		995,458
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	29,184	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $29,184)		29,184
		Total Investments — 100.5% (Cost $748,646)		1,024,642
		Liabilities in Excess of Other Assets — (0.5)%		(5,519	)
		NET ASSETS — 100.0%	$	1,019,123

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	188	E-mini S&P 500 Index		09/15/17		USD	$	22,756	$	(72	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.4%
			Consumer Discretionary — 10.9%
			Auto Components — 1.0%
	89		Visteon Corp. (a)		9,032
			Hotels, Restaurants & Leisure — 2.5%
	28		Darden Restaurants, Inc.		2,532
	22		Royal Caribbean Cruises Ltd.		2,447
	23		Vail Resorts, Inc.		4,665
	26		Wyndham Worldwide Corp.		2,621
	250		Yum China Holdings, Inc. (a)		9,869
					22,134
			Household Durables — 0.8%
	175		DR Horton, Inc.		6,046
	—	(h)	NVR, Inc. (a)		1,085
					7,131
			Leisure Products — 0.7%
	57		Hasbro, Inc.		6,334
			Media — 1.7%
	—	(h)	Cable One, Inc.		284
	155		Liberty Media Corp.-Liberty SiriusXM, Class A (a)		6,520
	89		TEGNA, Inc.		1,285
	195		Viacom, Inc., Class B		6,556
					14,645
			Specialty Retail — 3.1%
	317		Best Buy Co., Inc.		18,191
	90		Tiffany & Co.		8,467
	3		Ulta Beauty, Inc. (a)		833
					27,491
			Textiles, Apparel & Luxury Goods — 1.1%
	86		PVH Corp.		9,859
			Total Consumer Discretionary		96,626
			Consumer Staples — 5.9%
			Food & Staples Retailing — 1.0%
	290		Rite Aid Corp. (a)		855
	131		Sysco Corp.		6,568
	62		US Foods Holding Corp. (a)		1,699
					9,122
			Food Products — 4.5%
	77		Bunge Ltd.		5,737
	98		Ingredion, Inc.		11,718
	354		Pilgrim’s Pride Corp. (a)		7,757
	233		Tyson Foods, Inc., Class A		14,568
					39,780

SHARES		SECURITY DESCRIPTION	VALUE($)
		Personal Products — 0.4%
	25	Herbalife Ltd. (a)		1,812
	34	Nu Skin Enterprises, Inc., Class A		2,130
				3,942
		Total Consumer Staples		52,844
		Energy — 6.2%
		Energy Equipment & Services — 1.1%
	172	Baker Hughes, Inc.		9,392
		Oil, Gas & Consumable Fuels — 5.1%
	306	Cabot Oil & Gas Corp.		7,669
	47	Cimarex Energy Co.		4,461
	82	Devon Energy Corp.		2,609
	413	Marathon Oil Corp.		4,893
	90	Marathon Petroleum Corp.		4,710
	42	Murphy Oil Corp.		1,082
	6	Noble Energy, Inc.		175
	21	ONEOK, Inc.		1,085
	51	PBF Energy, Inc., Class A		1,128
	209	QEP Resources, Inc. (a)		2,110
	18	Rice Energy, Inc. (a)		482
	46	Tesoro Corp.		4,277
	26	Valero Energy Corp.		1,761
	66	Williams Cos., Inc. (The)		2,011
	145	World Fuel Services Corp.		5,587
	149	WPX Energy, Inc. (a)		1,436
				45,476
		Total Energy		54,868
		Financials — 13.8%
		Apartments — 0.2%
	19	Sun Communities, Inc.		1,675
		Banks — 4.2%
	31	Citizens Financial Group, Inc.		1,113
	48	East West Bancorp, Inc.		2,783
	195	KeyCorp		3,656
	291	Popular, Inc., (Puerto Rico)		12,133
	258	Regions Financial Corp.		3,773
	18	SVB Financial Group (a)		3,217
	184	Synovus Financial Corp.		8,149
	51	Zions Bancorp		2,239
				37,063
		Capital Markets — 3.4%
	65	BGC Partners, Inc., Class A		824
	29	Intercontinental Exchange, Inc.		1,879
	15	Lazard Ltd., Class A		695

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	138	LPL Financial Holdings, Inc.		5,853
	10	MarketAxess Holdings, Inc.		1,971
	132	MSCI, Inc.		13,636
	71	Raymond James Financial, Inc.		5,719
				30,577
		Consumer Finance — 1.1%
	107	Discover Financial Services		6,648
	109	Synchrony Financial		3,248
				9,896
		Diversified Financial Services — 0.1%
	36	Voya Financial, Inc.		1,332
		Insurance — 4.6%
	54	Allied World Assurance Co. Holdings AG		2,851
	55	American Financial Group, Inc.		5,465
	4	American National Insurance Co.		478
	17	Aon plc		2,260
	13	Arch Capital Group Ltd. (a)		1,199
	26	Aspen Insurance Holdings Ltd., (Bermuda)		1,311
	26	Assurant, Inc.		2,732
	39	Assured Guaranty Ltd.		1,640
	9	Everest Re Group Ltd.		2,368
	12	First American Financial Corp.		550
	65	FNF Group		2,894
	57	Hanover Insurance Group, Inc. (The)		5,061
	36	Hartford Financial Services Group, Inc. (The)		1,882
	25	Lincoln National Corp.		1,656
	33	Principal Financial Group, Inc.		2,082
	20	Progressive Corp. (The)		895
	17	Torchmark Corp.		1,264
	68	Unum Group		3,157
	17	Validus Holdings Ltd.		857
				40,602
		Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	44	AGNC Investment Corp.		928
	9	Chimera Investment Corp.		162
				1,090
		Office — 0.1%
	25	Douglas Emmett, Inc.		940
		Total Financials		123,175
		Health Care — 10.7%
		Biotechnology — 2.2%
	75	ACADIA Pharmaceuticals, Inc. (a)		2,089
	49	Alnylam Pharmaceuticals, Inc. (a)		3,892

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	15	BioMarin Pharmaceutical, Inc. (a)		1,335
	35	Incyte Corp. (a)		4,369
	18	Intercept Pharmaceuticals, Inc. (a)		2,179
	98	Juno Therapeutics, Inc. (a)		2,929
	18	TESARO, Inc. (a)		2,504
				19,297
		Health Care Equipment & Supplies — 4.0%
	146	Hill-Rom Holdings, Inc.		11,599
	236	Hologic, Inc. (a)		10,701
	102	Zimmer Biomet Holdings, Inc.		13,032
				35,332
		Health Care Providers & Services — 3.6%
	146	AmerisourceBergen Corp.		13,801
	27	Centene Corp. (a)		2,149
	291	Premier, Inc., Class A (a)		10,458
	34	WellCare Health Plans, Inc. (a)		6,033
				32,441
		Pharmaceuticals — 0.9%
	65	Mallinckrodt plc (a)		2,926
	63	Mylan NV (a)		2,462
	40	Perrigo Co. plc		2,998
				8,386
		Total Health Care		95,456
		Industrials — 14.8%
		Aerospace & Defense — 3.7%
	133	HEICO Corp., Class A		8,259
	85	Huntington Ingalls Industries, Inc.		15,733
	30	L3 Technologies, Inc.		4,929
	2	Northrop Grumman Corp.		616
	59	Spirit AeroSystems Holdings, Inc., Class A		3,436
				32,973
		Airlines — 2.1%
	250	United Continental Holdings, Inc. (a)		18,813
		Building Products — 0.8%
	77	Fortune Brands Home & Security, Inc.		5,010
	28	Owens Corning		1,854
				6,864
		Commercial Services & Supplies — 0.3%
	33	Stericycle, Inc. (a)		2,534
		Construction & Engineering — 0.5%
	25	Fluor Corp.		1,154
	64	Jacobs Engineering Group, Inc.		3,497
				4,651

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — 0.6%
	61	Regal Beloit Corp.		4,958
		Machinery — 3.6%
	116	Crane Co.		9,168
	152	Gardner Denver Holdings, Inc. (a)		3,291
	124	Ingersoll-Rand plc		11,332
	53	Parker-Hannifin Corp.		8,527
				32,318
		Professional Services — 2.8%
	173	ManpowerGroup, Inc.		19,360
	133	TransUnion (a)		5,756
				25,116
		Road & Rail — 0.1%
	14	Landstar System, Inc.		1,224
		Trading Companies & Distributors — 0.3%
	39	WESCO International, Inc. (a)		2,229
		Total Industrials		131,680
		Information Technology — 15.3%
		Communications Equipment — 1.0%
	236	ARRIS International plc (a)		6,604
	17	F5 Networks, Inc. (a)		2,160
				8,764
		Electronic Equipment, Instruments & Components — 0.9%
	118	Avnet, Inc.		4,596
	93	FLIR Systems, Inc.		3,206
				7,802
		Internet Software & Services — 0.6%
	36	IAC/InterActiveCorp (a)		3,665
	165	Pandora Media, Inc. (a)		1,475
				5,140
		IT Services — 4.4%
	177	DXC Technology Co.		13,595
	43	Fidelity National Information Services, Inc.		3,698
	41	Leidos Holdings, Inc.		2,124
	87	Square, Inc., Class A (a)		2,039
	93	Total System Services, Inc.		5,406
	196	Vantiv, Inc., Class A (a)		12,427
				39,289
		Semiconductors & Semiconductor Equipment — 2.7%
	13	KLA-Tencor Corp.		1,226
	19	Lam Research Corp.		2,715
	1,048	Marvell Technology Group Ltd., (Bermuda)		17,313

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	165	ON Semiconductor Corp. (a)		2,319
	6	Skyworks Solutions, Inc.		557
				24,130
		Software — 2.1%
	56	Activision Blizzard, Inc.		3,241
	72	Citrix Systems, Inc. (a)		5,730
	451	Nuance Communications, Inc. (a)		7,843
	559	Zynga, Inc., Class A (a)		2,036
				18,850
		Technology Hardware, Storage & Peripherals — 3.6%
	86	NCR Corp. (a)		3,512
	165	Western Digital Corp.		14,619
	497	Xerox Corp.		14,280
				32,411
		Total Information Technology		136,386
		Materials — 5.3%
		Chemicals — 1.9%
	226	Cabot Corp.		12,064
	186	Huntsman Corp.		4,804
				16,868
		Containers & Packaging — 1.9%
	41	Avery Dennison Corp.		3,632
	183	Berry Global Group, Inc. (a)		10,404
	54	International Paper Co.		3,080
				17,116
		Metals & Mining — 1.5%
	25	Newmont Mining Corp.		823
	15	Reliance Steel & Aluminum Co.		1,078
	309	Steel Dynamics, Inc.		11,065
				12,966
		Total Materials		46,950
		Real Estate — 9.9%
		Equity Real Estate Investment Trusts (REITs) — 9.9%
	49	American Campus Communities, Inc.		2,308
	239	American Homes 4 Rent, Class A		5,390
	11	Apartment Investment & Management Co., Class A		460
	429	Apple Hospitality REIT, Inc.		8,028
	7	Boston Properties, Inc.		824
	86	Brixmor Property Group, Inc.		1,541
	210	CoreCivic, Inc.		5,778
	134	Corporate Office Properties Trust		4,687
	15	Crown Castle International Corp.		1,513

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 21

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	44	CyrusOne, Inc.		2,447
	21	Digital Realty Trust, Inc.		2,383
	39	Equinix, Inc.		16,738
	193	Equity Commonwealth (a)		6,113
	37	Equity LifeStyle Properties, Inc.		3,151
	35	Liberty Property Trust		1,405
	42	Mid-America Apartment Communities, Inc.		4,465
	95	Outfront Media, Inc.		2,201
	107	Prologis, Inc.		6,298
	34	Regency Centers Corp.		2,142
	113	Retail Properties of America, Inc., Class A		1,374
	22	SBA Communications Corp. (a)		3,022
	3	SL Green Realty Corp.		265
	59	Spirit Realty Capital, Inc.		439
	9	Taubman Centers, Inc.		518
	2	Ventas, Inc.		151
	138	Weyerhaeuser Co.		4,606
		Total Real Estate		88,247
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.4%
	156	CenturyLink, Inc.		3,730
		Wireless Telecommunication Services — 0.2%
	50	Telephone & Data Systems, Inc.		1,388
		Total Telecommunication Services		5,118
		Utilities — 6.0%
		Electric Utilities — 1.6%
	57	Alliant Energy Corp.		2,306
	87	Edison International		6,763
	110	FirstEnergy Corp.		3,205
	50	Great Plains Energy, Inc.		1,455
	6	Pinnacle West Capital Corp.		494
				14,223
		Gas Utilities — 1.1%
	25	National Fuel Gas Co.		1,407
	177	UGI Corp.		8,552
				9,959

SHARES		SECURITY DESCRIPTION	VALUE($)
		Independent Power and Renewable Electricity Producers — 1.9%
	995	NRG Energy, Inc.		17,136
		Multi-Utilities — 1.4%
	35	Ameren Corp.		1,935
	92	CenterPoint Energy, Inc.		2,524
	87	CMS Energy Corp.		4,001
	23	Consolidated Edison, Inc.		1,875
	14	DTE Energy Co.		1,502
				11,837
		Total Utilities		53,155
		Total Common Stocks (Cost $702,371)		884,505
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	121	Safeway, Inc. Casa Ley CVR expiring 01/30/18 (a)		8
	121	Safeway, Inc. PDC CVR (a)		4
		Total Rights (Cost $—)		12
SHARES
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	7,698	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $7,698)		7,698
		Total Investments — 100.3% (Cost $710,069)		892,215
		Liabilities in Excess of Other Assets — (0.3)%		(2,476	)
		NET ASSETS — 100.0%	$	889,739

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	19	E-mini S&P MidCap 400		09/15/17		USD	$	3,318	$	14

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Sustainable Equity Fund

(formerly known as JPMorgan Intrepid Advantage Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 11.1%
		Hotels, Restaurants & Leisure — 2.1%
	2	Dunkin’ Brands Group, Inc.		136
	4	Restaurant Brands International, Inc., (Canada)		244
				380
		Media — 4.1%
	37	Sirius XM Holdings, Inc.		205
	3	Time Warner, Inc.		276
	2	Walt Disney Co. (The)		260
				741
		Specialty Retail — 3.4%
	2	Home Depot, Inc. (The)		288
	4	Lowe’s Cos., Inc.		331
				619
		Textiles, Apparel & Luxury Goods — 1.5%
	2	PVH Corp.		272
		Total Consumer Discretionary		2,012
		Consumer Staples — 7.8%
		Beverages — 5.0%
	3	Dr Pepper Snapple Group, Inc.		241
	2	Molson Coors Brewing Co., Class B		201
	4	PepsiCo, Inc.		468
				910
		Food & Staples Retailing — 2.0%
	5	Walgreens Boots Alliance, Inc.		358
		Food Products — 0.8%
	1	Ingredion, Inc.		143
		Total Consumer Staples		1,411
		Energy — 5.7%
		Energy Equipment & Services — 3.9%
	5	Baker Hughes, Inc.		255
	3	Schlumberger Ltd.		209
	9	TechnipFMC plc, (United Kingdom) (a)		242
				706
		Oil, Gas & Consumable Fuels — 1.8%
	3	Apache Corp.		141
	3	Valero Energy Corp.		176
				317
		Total Energy		1,023
		Financials — 15.4%
		Banks — 8.2%
	16	Bank of America Corp.		391
	11	Citigroup, Inc.		716

SHARES			SECURITY DESCRIPTION	VALUE($)
			Banks — continued
	3		PNC Financial Services Group, Inc. (The)		381
					1,488
			Capital Markets — 2.7%
	6		Bank of New York Mellon Corp. (The)		281
	1		MSCI, Inc.		103
	1		S&P Global, Inc.		102
					486
			Consumer Finance — 0.7%
	2		Discover Financial Services		118
			Insurance — 3.8%
	3		Allstate Corp. (The)		223
	4		Hartford Financial Services Group, Inc. (The)		203
	2		Travelers Cos., Inc. (The)		256
					682
			Total Financials		2,774
			Health Care — 14.6%
			Biotechnology — 6.9%
	2		Amgen, Inc.		336
	1		Biogen, Inc. (a)		258
	—	(h)	Bioverativ, Inc. (a)		19
	2		Celgene Corp. (a)		230
	6		Gilead Sciences, Inc.		393
					1,236
			Health Care Equipment & Supplies — 0.9%
	1		Becton Dickinson and Co.		171
			Health Care Providers & Services — 5.5%
	3		Aetna, Inc.		380
	1		Cigna Corp.		180
	2		Humana, Inc.		427
					987
			Life Sciences Tools & Services — 0.6%
	1		Waters Corp. (a)		115
			Pharmaceuticals — 0.7%
	2		Merck & Co., Inc.		131
			Total Health Care		2,640
			Industrials — 10.1%
			Aerospace & Defense — 4.1%
	2		Curtiss-Wright Corp.		211
	2		Raytheon Co.		299
	2		United Technologies Corp.		226
					736

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 23

JPMorgan Intrepid Sustainable Equity Fund

(formerly known as JPMorgan Intrepid Advantage Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Airlines — 1.4%
	4		Southwest Airlines Co.		252
			Commercial Services & Supplies — 0.6%
	7		Pitney Bowes, Inc.		103
			Machinery — 3.0%
	2		Parker-Hannifin Corp.		351
	4		Xylem, Inc.		194
					545
			Professional Services — 1.0%
	2		ManpowerGroup, Inc.		179
			Total Industrials		1,815
			Information Technology — 26.1%
			Communications Equipment — 1.5%
	9		Cisco Systems, Inc.		274
			Internet Software & Services — 2.2%
	—	(h)	Alphabet, Inc., Class A (a)		195
	—	(h)	Alphabet, Inc., Class C (a)		205
					400
			IT Services — 3.6%
	1		Accenture plc, Class A		133
	1		DXC Technology Co.		61
	1		Mastercard, Inc., Class A		170
	3		Visa, Inc., Class A		276
					640
			Semiconductors & Semiconductor Equipment — 2.0%
	2		Lam Research Corp.		233
	2		QUALCOMM, Inc.		130
					363
			Software — 9.8%
	3		Autodesk, Inc. (a)		295
	13		Microsoft Corp.		874
	8		Oracle Corp.		392
	8		Symantec Corp.		214
					1,775
			Technology Hardware, Storage & Peripherals — 7.0%
	7		Apple, Inc.		1,001
	9		Hewlett Packard Enterprise Co.		153
	6		HP, Inc.		102
					1,256
			Total Information Technology		4,708

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 1.5%
		Chemicals — 1.5%
	2	EI du Pont de Nemours & Co.		143
	1	International Flavors & Fragrances, Inc.		125
		Total Materials		268
		Real Estate — 0.8%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	2	Prologis, Inc.		141
		Telecommunication Services — 3.0%
		Diversified Telecommunication Services — 3.0%
	7	CenturyLink, Inc.		159
	9	Verizon Communications, Inc.		381
		Total Telecommunication Services		540
		Utilities — 3.0%
		Electric Utilities — 3.0%
	4	Eversource Energy		240
	2	NextEra Energy, Inc.		217
	2	Portland General Electric Co.		87
		Total Utilities		544
		Total Common Stocks (Cost $13,439)		17,876
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	184	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $184)		184
		Total Investments — 100.1% (Cost $13,623)		18,060
		Liabilities in Excess of Other Assets — (0.1)%		(16	)
		NET ASSETS — 100.0%	$	18,044

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 7.9%
		Automobiles — 1.1%
	375	General Motors Co.		13,085
		Hotels, Restaurants & Leisure — 0.5%
	96	Restaurant Brands International, Inc., (Canada)		5,991
		Household Durables — 0.8%
	244	Toll Brothers, Inc.		9,628
		Media — 3.4%
	54	CBS Corp. (Non-Voting), Class B		3,444
	382	Comcast Corp., Class A		14,868
	1,914	Sirius XM Holdings, Inc.		10,469
	129	Walt Disney Co. (The)		13,706
				42,487
		Specialty Retail — 1.7%
	177	Best Buy Co., Inc.		10,142
	77	Burlington Stores, Inc. (a)		7,037
	412	Staples, Inc.		4,149
				21,328
		Textiles, Apparel & Luxury Goods — 0.4%
	29	Michael Kors Holdings Ltd. (a)		1,040
	40	PVH Corp.		4,546
				5,586
		Total Consumer Discretionary		98,105
		Consumer Staples — 8.7%
		Food & Staples Retailing — 2.6%
	147	Sysco Corp.		7,378
	31	Walgreens Boots Alliance, Inc.		2,420
	286	Wal-Mart Stores, Inc.		21,660
				31,458
		Food Products — 3.9%
	209	Archer-Daniels-Midland Co.		8,632
	124	Bunge Ltd.		9,273
	248	Conagra Brands, Inc.		8,861
	381	Pilgrim’s Pride Corp. (a)		8,360
	217	Tyson Foods, Inc., Class A		13,560
				48,686
		Household Products — 1.4%
	185	Energizer Holdings, Inc.		8,898
	91	Procter & Gamble Co. (The)		7,905
				16,803

SHARES		SECURITY DESCRIPTION	VALUE($)
		Personal Products — 0.8%
	157	Nu Skin Enterprises, Inc., Class A		9,859
		Total Consumer Staples		106,806
		Energy — 9.9%
		Energy Equipment & Services — 3.1%
	235	Baker Hughes, Inc.		12,826
	39	Dril-Quip, Inc. (a)		1,884
	379	Halliburton Co.		16,191
	271	TechnipFMC plc, (United Kingdom) (a)		7,374
				38,275
		Oil, Gas & Consumable Fuels — 6.8%
	38	Apache Corp.		1,836
	43	Chevron Corp.		4,533
	50	ConocoPhillips		2,198
	248	Devon Energy Corp.		7,935
	194	EOG Resources, Inc.		17,588
	72	Exxon Mobil Corp.		5,772
	156	Marathon Petroleum Corp.		8,137
	10	Occidental Petroleum Corp.		599
	77	Tesoro Corp.		7,198
	407	Valero Energy Corp.		27,477
				83,273
		Total Energy		121,548
		Financials — 27.4%
		Banks — 12.3%
	2,059	Bank of America Corp.		49,962
	656	Citigroup, Inc.		43,886
	17	Comerica, Inc.		1,223
	253	PNC Financial Services Group, Inc. (The)		31,576
	219	Popular, Inc., (Puerto Rico)		9,114
	468	Regions Financial Corp.		6,853
	215	Synovus Financial Corp.		9,498
				152,112
		Capital Markets — 3.7%
	73	Ameriprise Financial, Inc.		9,254
	66	Goldman Sachs Group, Inc. (The)		14,723
	268	Morgan Stanley		11,938
	95	MSCI, Inc.		9,825
				45,740
		Consumer Finance — 1.9%
	14	Capital One Financial Corp.		1,115
	295	Discover Financial Services		18,340
	260	Navient Corp.		4,332
				23,787

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 25

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 7.6%
	197	American International Group, Inc.		12,329
	89	Arch Capital Group Ltd. (a)		8,256
	230	Assured Guaranty Ltd.		9,579
	136	Axis Capital Holdings Ltd.		8,774
	42	Everest Re Group Ltd.		10,693
	132	Lincoln National Corp.		8,948
	71	Prudential Financial, Inc.		7,667
	74	RenaissanceRe Holdings Ltd., (Bermuda)		10,276
	116	Torchmark Corp.		8,905
	9	White Mountains Insurance Group Ltd.		7,644
				93,071
		Mortgage Real Estate Investment Trusts (REITs) — 1.9%
	175	AGNC Investment Corp.		3,715
	541	Chimera Investment Corp.		10,079
	1,003	Two Harbors Investment Corp.		9,942
				23,736
		Total Financials		338,446
		Health Care — 13.6%
		Biotechnology — 3.6%
	127	Amgen, Inc.		21,804
	311	Gilead Sciences, Inc.		22,041
				43,845
		Health Care Equipment & Supplies — 0.8%
	78	Baxter International, Inc.		4,692
	119	Hologic, Inc. (a)		5,418
				10,110
		Health Care Providers & Services — 6.1%
	52	Aetna, Inc.		7,956
	23	Anthem, Inc.		4,327
	36	DaVita, Inc. (a)		2,344
	82	Express Scripts Holding Co. (a)		5,254
	77	Humana, Inc.		18,576
	34	McKesson Corp.		5,512
	57	Quest Diagnostics, Inc.		6,381
	78	UnitedHealth Group, Inc.		14,426
	58	WellCare Health Plans, Inc. (a)		10,450
				75,226
		Pharmaceuticals — 3.1%
	91	Allergan plc		22,049
	491	Pfizer, Inc.		16,500
				38,549
		Total Health Care		167,730

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 9.3%
		Aerospace & Defense — 2.6%
	119	Boeing Co. (The)		23,492
	98	Curtiss-Wright Corp.		8,958
				32,450
		Airlines — 2.2%
	289	Delta Air Lines, Inc.		15,536
	149	United Continental Holdings, Inc. (a)		11,228
				26,764
		Construction & Engineering — 0.2%
	40	Jacobs Engineering Group, Inc.		2,186
		Electrical Equipment — 1.0%
	23	EnerSys		1,652
	62	Rockwell Automation, Inc.		10,041
				11,693
		Machinery — 1.9%
	104	Allison Transmission Holdings, Inc.		3,890
	55	Cummins, Inc.		8,906
	66	Parker-Hannifin Corp.		10,612
				23,408
		Professional Services — 0.7%
	79	ManpowerGroup, Inc.		8,798
		Trading Companies & Distributors — 0.7%
	79	United Rentals, Inc. (a)		8,893
		Total Industrials		114,192
		Information Technology — 8.3%
		Internet Software & Services — 1.6%
	552	eBay, Inc. (a)		19,290
		IT Services — 0.4%
	46	DXC Technology Co.		3,506
	55	Western Union Co. (The)		1,042
				4,548
		Semiconductors & Semiconductor Equipment — 2.3%
	512	Applied Materials, Inc.		21,142
	35	QUALCOMM, Inc.		1,916
	18	Skyworks Solutions, Inc.		1,766
	110	Teradyne, Inc.		3,294
				28,118
		Software — 0.9%
	89	Microsoft Corp.		6,135
	65	VMware, Inc., Class A (a)		5,674
				11,809

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Technology Hardware, Storage & Peripherals — 3.1%
	40	Apple, Inc.		5,718
	1,323	HP, Inc.		23,124
	239	NetApp, Inc.		9,580
				38,422
		Total Information Technology		102,187
		Materials — 2.7%
		Chemicals — 1.1%
	44	Cabot Corp.		2,335
	431	Huntsman Corp.		11,124
				13,459
		Containers & Packaging — 0.7%
	77	Packaging Corp. of America		8,599
		Metals & Mining — 0.9%
	54	Newmont Mining Corp.		1,742
	264	Steel Dynamics, Inc.		9,465
				11,207
		Total Materials		33,265
		Real Estate — 2.9%
		Equity Real Estate Investment Trusts (REITs) — 2.9%
	507	Brandywine Realty Trust		8,890
	298	Equity Commonwealth (a)		9,401
	153	GEO Group, Inc. (The)		4,536
	128	Hospitality Properties Trust		3,737
	424	Piedmont Office Realty Trust, Inc., Class A		8,927
		Total Real Estate		35,491
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.1%
	300	AT&T, Inc.		11,312
	48	Verizon Communications, Inc.		2,157
		Total Telecommunication Services		13,469

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 6.2%
		Electric Utilities — 3.1%
	123	Edison International		9,618
	226	Exelon Corp.		8,148
	79	NextEra Energy, Inc.		11,028
	221	Portland General Electric Co.		10,079
				38,873
		Gas Utilities — 0.9%
	219	UGI Corp.		10,624
		Independent Power and Renewable Electricity Producers — 0.8%
	869	AES Corp.		9,649
		Multi-Utilities — 1.4%
	377	CenterPoint Energy, Inc.		10,333
	293	MDU Resources Group, Inc.		7,682
				18,015
		Total Utilities		77,161
		Total Common Stocks (Cost $1,002,865)		1,208,400
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	27,377	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $27,377)		27,377
		Total Investments — 100.2% (Cost $1,030,242)		1,235,777
		Liabilities in Excess of Other Assets — (0.2)%		(2,933	)
		NET ASSETS — 100.0%	$	1,232,844

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	104	E-mini S&P 500 Index		09/15/17		USD	$	12,589	$	(48	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 27

J.P. Morgan Intrepid Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

CVR	—  Contingent Value Rights
PDC	—  Property Development Center
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund
ASSETS:
Investments in non-affiliates, at value	$	4,022,498	$	995,458	$	884,517
Investments in affiliates, at value		80,269		29,184		7,698
Total investment securities, at value		4,102,767		1,024,642		892,215
Cash		—		1		—	(a)
Deposits at broker for futures contracts		6,610		1,675		433
Receivables:
Investment securities sold		7,562		20,121		4,802
Fund shares sold		137		947		670
Dividends from non-affiliates		3,900		527		1,284
Dividends from affiliates		44		9		9
Variation margin on futures contracts		8		8		3
Total Assets		4,121,028		1,047,930		899,416
LIABILITIES:
Payables:
Investment securities purchased		13,709		26,972		7,679
Fund shares redeemed		22,666		1,290		1,201
Accrued liabilities:
Investment advisory fees		1,323		329		419
Administration fees		273		9		20
Distribution fees		18		48		117
Service fees		71		73		142
Custodian and accounting fees		14		4		7
Trustees’ and Chief Compliance Officer’s fees		3		—		—
Audit fees		19		19		20
Legal fees		2		1		—
Registration fees		21		19		—
Other		52		43		72
Total Liabilities		38,171		28,807		9,677
Net Assets	$	4,082,857	$	1,019,123	$	889,739

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid America Fund			Intrepid Growth Fund			Intrepid Mid Cap Fund
NET ASSETS:
Paid-in-Capital	$	3,068,461		$	794,916		$	663,664
Accumulated undistributed (distributions in excess of) net investment income		23,487			4,113			1,455
Accumulated net realized gains (losses)		324,698			(55,830	)		42,460
Net unrealized appreciation (depreciation)		666,211			275,924			182,160
Total Net Assets	$	4,082,857		$	1,019,123		$	889,739
Net Assets:
Class A	$	49,774		$	90,633		$	304,927
Class C		10,306			42,811			81,761
Class I (formerly Select Class)		215,888			183,265			310,316
Class R2		3,394			5,277			—
Class R3		—			—			8,854
Class R4		—			—			22
Class R5		4,681			192,164			—
Class R6		3,798,814			504,973			183,859
Total	$	4,082,857		$	1,019,123		$	889,739
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,275			1,865			13,792
Class C		267			897			4,325
Class I (formerly Select Class)		5,415			3,715			13,364
Class R2		89			111			—
Class R3		—			—			401
Class R4		—			—			1
Class R5		117			3,941			—
Class R6		96,568			10,359			7,909
Net Asset Value (a):
Class A — Redemption price per share	$	39.06		$	48.60		$	22.11
Class C — Offering price per share (b)		38.59			47.72			18.90
Class I (formerly Select Class) — Offering and redemption price per share		39.87			49.34			23.22
Class R2 — Offering and redemption price per share		38.18			47.66			—
Class R3 — Offering and redemption price per share		—			—			22.08
Class R4 — Offering and redemption price per share		—			—			23.20
Class R5 — Offering and redemption price per share		39.91			48.76			—
Class R6 — Offering and redemption price per share		39.34			48.74			23.25
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)]	$	41.22		$	51.29		$	23.34
Cost of investments in non-affiliates	$	3,356,240		$	719,462		$	702,371
Cost of investments in affiliates		80,269			29,184			7,698

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Intrepid Sustainable Equity Fund			Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	17,876		$	1,208,400
Investments in affiliates, at value		184			27,377
Total investment securities, at value		18,060			1,235,777
Deposits at broker for futures contracts		—			595
Receivables:
Investment securities sold		—			3,373
Fund shares sold		1			889
Dividends from non-affiliates		12			1,616
Dividends from affiliates		—	(a)		17
Variation margin on futures contracts		—			5
Due from adviser		11			—
Total Assets		18,084			1,242,272
LIABILITIES:
Payables:
Due to custodian		—			1
Investment securities purchased		—			5,374
Fund shares redeemed		1			2,953
Accrued liabilities:
Investment advisory fees		—			342
Administration fees		—			43
Distribution fees		5			50
Service fees		—	(a)		202
Custodian and accounting fees		3			8
Audit fees		19			18
Legal fees		3			1
Registration fees		6			31
Other		3			405
Total Liabilities		40			9,428
Net Assets	$	18,044		$	1,232,844

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid Sustainable Equity Fund			Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	13,012		$	937,166
Accumulated undistributed (distributions in excess of) net investment income		57			985
Accumulated net realized gains (losses)		538			89,206
Net unrealized appreciation (depreciation)		4,437			205,487
Total Net Assets	$	18,044		$	1,232,844
Net Assets:
Class A	$	7,943		$	95,891
Class C		5,063			35,999
Class I (formerly Select Class)		5,038			886,602
Class R2		—			19,693
Class R5		—			86,134
Class R6		—			108,525
Total	$	18,044		$	1,232,844
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		202			2,698
Class C		132			1,024
Class I (formerly Select Class)		127			24,843
Class R2		—			558
Class R5		—			2,408
Class R6		—			3,033
Net Asset Value (a):
Class A — Redemption price per share	$	39.35		$	35.54
Class C — Offering price per share (b)		38.51			35.14
Class I (formerly Select Class) — Offering and redemption price per share		39.59			35.69
Class R2 — Offering and redemption price per share		—			35.33
Class R5 — Offering and redemption price per share		—			35.78
Class R6 — Offering and redemption price per share		—			35.78
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	41.53		$	37.51
Cost of investments in non-affiliates	$	13,439		$	1,002,865
Cost of investments in affiliates		184			27,377

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 33

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	Intrepid America Fund			Intrepid Growth Fund			Intrepid Mid Cap Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—	(a)	$	1
Dividend income from non-affiliates		69,240			14,127			15,165
Dividend income from affiliates		428			89			85
Total investment income		69,668			14,216			15,251
EXPENSES:
Investment advisory fees		15,533			4,995			6,454
Administration fees		3,176			817			812
Distribution fees:
Class A		138			227			820
Class C		86			348			677
Class R2		19			25			—
Class R3 (b)		—			—			8
Service fees:
Class A		138			227			820
Class C		29			116			226
Class I (formerly Select Class)		559			417			735
Class R2		9			12			—
Class R3 (b)		—			—			7
Class R4 (b)		—			—			—	(a)
Class R5		3			117			—
Custodian and accounting fees		127			45			54
Professional fees		78			53			61
Trustees’ and Chief Compliance Officer’s fees		27			27			27
Printing and mailing costs		55			32			84
Registration and filing fees		84			83			91
Transfer agency fees (See Note 2.D.)		36			27			71
Sub-transfer agency fees (See Note 2.D.)		107			265			674
Other		78			25			24
Total expenses		20,282			7,858			11,645
Less fees waived		(206	)		(2,093	)		(1,842	)
Less expense reimbursements		—	(a)		(44	)		(1	)
Net expenses		20,076			5,721			9,802
Net investment income (loss)		49,592			8,495			5,449
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		372,249			90,708			63,240
Futures		12,045			3,558			4,599
Net realized gain (loss)		384,294			94,266			67,839
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		170,442			94,529			61,614
Futures		(1,200	)		(620	)		(204	)
Change in net unrealized appreciation/depreciation		169,242			93,909			61,410
Net realized/unrealized gains (losses)		553,536			188,175			129,249
Change in net assets resulting from operations	$	603,128		$	196,670		$	134,698

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Intrepid Mid Cap Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid Sustainable Equity Fund			Intrepid Value Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	2
Dividend income from non-affiliates		341			29,519
Dividend income from affiliates		1			105
Total investment income		342			29,626
EXPENSES:
Investment advisory fees		100			5,296
Administration fees		15			1,083
Distribution fees:
Class A		20			332
Class C		42			300
Class R2		—			95
Service fees:
Class A		20			332
Class C		14			100
Class I (formerly Select Class)		11			2,350
Class R2		—			48
Class R5		—			57
Custodian and accounting fees		29			64
Professional fees		73			58
Trustees’ and Chief Compliance Officer’s fees		25			28
Printing and mailing costs		17			180
Registration and filing fees		50			94
Transfer agency fees (See Note 2.D.)		3			135
Sub-transfer agency fees (See Note 2.D.)		8			1,488
Other		5			32
Total expenses		432			12,072
Less fees waived		(154	)		(2,925	)
Less expense reimbursements		(65	)		(82	)
Net expenses		213			9,065
Net investment income (loss)		129			20,561
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,415			151,147
Futures		—			3,786
Net realized gain (loss)		2,415			154,933
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		662			22,604
Futures		—			(885	)
Change in net unrealized appreciation/depreciation		662			21,719
Net realized/unrealized gains (losses)		3,077			176,652
Change in net assets resulting from operations	$	3,206		$	197,213

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Intrepid America Fund						Intrepid Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	49,592		$	53,527		$	8,495		$	10,143
Net realized gain (loss)		384,294			91,191			94,266			16,899
Change in net unrealized appreciation/depreciation		169,242			(204,081	)		93,909			(34,556	)
Change in net assets resulting from operations		603,128			(59,363	)		196,670			(7,514	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(398	)		(997	)		(532	)		(645	)
From net realized gains		(1,471	)		(7,771	)		—			—
Class C
From net investment income		(34	)		(59	)		(40	)		(111	)
From net realized gains		(311	)		(875	)		—			—
Class I (formerly Select Class)
From net investment income		(2,317	)		(411	)		(1,415	)		(70	)
From net realized gains		(5,697	)		(16,260	)		—			—
Class R2
From net investment income		(20	)		(39	)		(27	)		(19	)
From net realized gains		(104	)		(263	)		—			—
Class R5
From net investment income		(49	)		—			(1,807	)		(2,127	)
From net realized gains		(100	)		(200	)		—			—
Class R6 (a)
From net investment income		(49,652	)		(47,617	)		(5,624	)		(6,464	)
From net realized gains		(94,209	)		(196,504	)		—			—
Total distributions to shareholders		(154,362	)		(270,996	)		(9,445	)		(9,436	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(32,461	)		287,274			(156,325	)		(49,656	)
NET ASSETS:
Change in net assets		416,305			(43,085	)		30,900			(66,606	)
Beginning of period		3,666,552			3,709,637			988,223			1,054,829
End of period	$	4,082,857		$	3,666,552		$	1,019,123		$	988,223
Accumulated undistributed (distributions in excess of) net investment income	$	23,487		$	27,056		$	4,113		$	5,195

(a) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid Mid Cap Fund						Intrepid Sustainable Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,449		$	8,266		$	129		$	359
Net realized gain (loss)		67,839			(18,817	)		2,415			176
Change in net unrealized appreciation/depreciation		61,410			(2,106	)		662			(801	)
Change in net assets resulting from operations		134,698			(12,657	)		3,206			(266	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,163	)		(2,230	)		(79	)		(166	)
From net realized gains		(64	)		(27,036	)		—			—
Class C
From net investment income		(111	)		(410	)		(21	)		(82	)
From net realized gains		(20	)		(7,872	)		—			—
Class I (formerly Select Class)
From net investment income		(1,250	)		(2,298	)		(47	)		(80	)
From net realized gains		(51	)		(19,338	)		—			—
Class R3 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		—	(b)		—			—			—
Class R4 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		—	(b)		—			—			—
Class R6 (c)
From net investment income		(1,834	)		(2,290	)		—			—
From net realized gains		(59	)		(17,654	)		—			—
Total distributions to shareholders		(4,552	)		(79,128	)		(147	)		(328	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(205,002	)		80,831			(4,054	)		(3,007	)
NET ASSETS:
Change in net assets		(74,856	)		(10,954	)		(995	)		(3,601	)
Beginning of period		964,595			975,549			19,039			22,640
End of period	$	889,739		$	964,595		$	18,044		$	19,039
Accumulated undistributed (distributions in excess of) net investment income	$	1,455		$	1,098		$	57		$	79

(a) Commencement of offering of class of shares effective September 9, 2016 for Intrepid Mid Cap Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 2, 2015 for Intrepid Mid Cap Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,561		$	30,165
Net realized gain (loss)		154,933			3,533
Change in net unrealized appreciation/depreciation		21,719			(156,331	)
Change in net assets resulting from operations		197,213			(122,633	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,822	)		(3,919	)
From net realized gains		(976	)		(12,129	)
Class C
From net investment income		(427	)		(481	)
From net realized gains		(328	)		(2,317	)
Class I (formerly Select Class)
From net investment income		(14,704	)		(20,675	)
From net realized gains		(6,865	)		(58,980	)
Class R2
From net investment income		(251	)		(209	)
From net realized gains		(158	)		(725	)
Class R5
From net investment income		(1,707	)		(1,649	)
From net realized gains		(727	)		(4,135	)
Class R6
From net investment income		(1,965	)		(1,457	)
From net realized gains		(845	)		(3,575	)
Total distributions to shareholders		(30,775	)		(110,251	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(630,829	)		142,336
NET ASSETS:
Change in net assets		(464,391	)		(90,548	)
Beginning of period		1,697,235			1,787,783
End of period	$	1,232,844		$	1,697,235
Accumulated undistributed (distributions in excess of) net investment income	$	985		$	1,489

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid America Fund						Intrepid Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,999		$	43,942		$	27,666		$	29,744
Distributions reinvested		1,826			8,675			357			464
Cost of shares redeemed		(21,894	)		(162,708	)		(45,136	)		(44,544	)
Change in net assets resulting from Class A capital transactions	$	(14,069	)	$	(110,091	)	$	(17,113	)	$	(14,336	)
Class C
Proceeds from shares issued	$	430		$	1,939		$	4,411		$	10,146
Distributions reinvested		319			840			29			81
Cost of shares redeemed		(4,382	)		(3,804	)		(18,954	)		(9,970	)
Change in net assets resulting from Class C capital transactions	$	(3,633	)	$	(1,025	)	$	(14,514	)	$	257
Class I (formerly Select Class)
Proceeds from shares issued	$	34,005		$	122,319		$	46,031		$	78,959
Distributions reinvested		1,830			3,411			1,050			46
Cost of shares redeemed		(93,190	)		(1,375,409	)		(46,388	)		(650,874	)
Change in net assets resulting from Class I capital transactions	$	(57,355	)	$	(1,249,679	)	$	693		$	(571,869	)
Class R2
Proceeds from shares issued	$	786		$	3,181		$	1,831		$	3,918
Distributions reinvested		61			206			6			7
Cost of shares redeemed		(2,478	)		(1,407	)		(1,672	)		(949	)
Change in net assets resulting from Class R2 capital transactions	$	(1,631	)	$	1,980		$	165		$	2,976
Class R5
Proceeds from shares issued	$	1,408		$	147,210		$	26,918		$	54,598
Distributions reinvested		80			98			1,528			1,858
Cost of shares redeemed		(1,205	)		(2,206,178	)		(75,964	)		(38,491	)
Change in net assets resulting from Class R5 capital transactions	$	283		$	(2,058,870	)	$	(47,518	)	$	17,965
Class R6 (a)
Proceeds from shares issued	$	168,666		$	3,744,275		$	17,417		$	605,936
Distributions reinvested		143,577			244,121			5,624			6,464
Cost of shares redeemed		(268,299	)		(283,437	)		(101,079	)		(97,049	)
Change in net assets resulting from Class R6 capital transactions	$	43,944		$	3,704,959		$	(78,038	)	$	515,351
Total change in net assets resulting from capital transactions	$	(32,461	)	$	287,274		$	(156,325	)	$	(49,656	)

(a) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid America Fund						Intrepid Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		163			1,229			630			737
Reinvested		49			249			8			12
Redeemed		(586	)		(4,667	)		(1,016	)		(1,106	)
Change in Class A Shares		(374	)		(3,189	)		(378	)		(357	)
Class C
Issued		11			56			101			257
Reinvested		9			24			1			2
Redeemed		(120	)		(110	)		(434	)		(255	)
Change in Class C Shares		(100	)		(30	)		(332	)		4
Class I (formerly Select Class)
Issued		897			3,461			1,020			1,966
Reinvested		48			97			24			1
Redeemed		(2,482	)		(35,374	)		(1,023	)		(15,436	)
Change in Class I Shares		(1,537	)		(31,816	)		21			(13,469	)
Class R2
Issued		21			91			43			100
Reinvested		2			6			—	(a)		—	(a)
Redeemed		(69	)		(40	)		(38	)		(24	)
Change in Class R2 Shares		(46	)		57			5			76
Class R5
Issued		37			3,900			602			1,371
Reinvested		2			3			35			46
Redeemed		(32	)		(56,255	)		(1,762	)		(959	)
Change in Class R5 Shares		7			(52,352	)		(1,125	)		458
Class R6 (b)
Issued		4,471			96,721			367			14,369
Reinvested		3,844			6,953			129			160
Redeemed		(7,129	)		(8,292	)		(2,190	)		(2,476	)
Change in Class R6 Shares		1,186			95,382			(1,694	)		12,053

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective November 2, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid Mid Cap Fund						Intrepid Sustainable Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	81,290		$	115,229		$	997		$	1,458
Distributions reinvested		1,110			26,642			79			166
Cost of shares redeemed		(131,036	)		(168,582	)		(3,288	)		(3,513	)
Change in net assets resulting from Class A capital transactions	$	(48,636	)	$	(26,711	)	$	(2,212	)	$	(1,889	)
Class C
Proceeds from shares issued	$	14,601		$	27,150		$	287		$	513
Distributions reinvested		103			7,265			21			77
Cost of shares redeemed		(33,172	)		(22,253	)		(2,328	)		(1,144	)
Change in net assets resulting from Class C capital transactions	$	(18,468	)	$	12,162		$	(2,020	)	$	(554	)
Class I (formerly Select Class)
Proceeds from shares issued	$	143,668		$	146,281		$	1,296		$	391
Distributions reinvested		1,101			17,565			31			50
Cost of shares redeemed		(130,084	)		(384,961	)		(1,149	)		(1,005	)
Change in net assets resulting from Class I capital transactions	$	14,685		$	(221,115	)	$	178		$	(564	)
Class R3 (a)
Proceeds from shares issued	$	9,663		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		(869	)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	8,794		$	—		$	—		$	—
Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	—		$	—
Class R6 (c)
Proceeds from shares issued	$	12,224		$	296,563		$	—		$	—
Distributions reinvested		1,889			19,944			—			—
Cost of shares redeemed		(175,510	)		(12	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(161,397	)	$	316,495		$	—		$	—
Total change in net assets resulting from capital transactions	$	(205,002	)	$	80,831		$	(4,054	)	$	(3,007	)

(a) Commencement of offering of class of shares effective September 9, 2016 for Intrepid Mid Cap Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 2, 2015 for Intrepid Mid Cap Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Mid Cap Fund						Intrepid Sustainable Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		3,903			5,728			27			45
Reinvested		53			1,439			2			5
Redeemed		(6,167	)		(8,481	)		(91	)		(107	)
Change in Class A Shares		(2,211	)		(1,314	)		(62	)		(57	)
Class C
Issued		814			1,614			8			16
Reinvested		6			457			1			2
Redeemed		(1,823	)		(1,316	)		(66	)		(36	)
Change in Class C Shares		(1,003	)		755			(57	)		(18	)
Class I (formerly Select Class)
Issued		6,474			7,038			34			11
Reinvested		50			904			1			2
Redeemed		(5,834	)		(17,691	)		(32	)		(30	)
Change in Class I Shares		690			(9,749	)		3			(17	)
Class R3 (a)
Issued		441			—			—			—
Reinvested		—	(b)		—			—			—
Redeemed		(40	)		—			—			—
Change in Class R3 Shares		401			—			—			—
Class R4 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—			—			—
Change in Class R4 Shares		1			—			—			—
Class R6 (c)
Issued		548			13,904			—			—
Reinvested		87			1,028			—			—
Redeemed		(7,657	)		(1	)		—			—
Change in Class R6 Shares		(7,022	)		14,931			—			—

(a) Commencement of offering of class of shares effective September 9, 2016, for Intrepid Mid Cap Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective November 2, 2015, for Intrepid Mid Cap Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Intrepid Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,073		$	166,519
Distributions reinvested		2,584			15,365
Cost of shares redeemed		(186,659	)		(80,574	)
Change in net assets resulting from Class A capital transactions	$	(164,002	)	$	101,310
Class C
Proceeds from shares issued	$	1,926		$	6,903
Distributions reinvested		698			2,515
Cost of shares redeemed		(14,665	)		(13,246	)
Change in net assets resulting from Class C capital transactions	$	(12,041	)	$	(3,828	)
Class I (formerly Select Class)
Proceeds from shares issued	$	206,583		$	308,972
Distributions reinvested		19,832			73,614
Cost of shares redeemed		(678,570	)		(411,786	)
Change in net assets resulting from Class I capital transactions	$	(452,155	)	$	(29,200	)
Class R2
Proceeds from shares issued	$	6,817		$	11,058
Distributions reinvested		347			803
Cost of shares redeemed		(7,671	)		(6,453	)
Change in net assets resulting from Class R2 capital transactions	$	(507	)	$	5,408
Class R5
Proceeds from shares issued	$	14,877		$	28,926
Distributions reinvested		2,434			5,784
Cost of shares redeemed		(28,444	)		(21,596	)
Change in net assets resulting from Class R5 capital transactions	$	(11,133	)	$	13,114
Class R6
Proceeds from shares issued	$	34,643		$	71,117
Distributions reinvested		2,810			5,032
Cost of shares redeemed		(28,444	)		(20,617	)
Change in net assets resulting from Class R6 capital transactions	$	9,009		$	55,532
Total change in net assets resulting from capital transactions	$	(630,829	)	$	142,336

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Intrepid Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		602			4,888
Reinvested		76			492
Redeemed		(5,697	)		(2,519	)
Change in Class A Shares		(5,019	)		2,861
Class C
Issued		57			214
Reinvested		21			82
Redeemed		(440	)		(424	)
Change in Class C Shares		(362	)		(128	)
Class I (formerly Select Class)
Issued		6,068			9,586
Reinvested		576			2,349
Redeemed		(20,858	)		(12,663	)
Change in Class I Shares		(14,214	)		(728	)
Class R2
Issued		203			348
Reinvested		10			26
Redeemed		(226	)		(204	)
Change in Class R2 Shares		(13	)		170
Class R5
Issued		438			885
Reinvested		71			184
Redeemed		(826	)		(681	)
Change in Class R5 Shares		(317	)		388
Class R6
Issued		1,044			2,159
Reinvested		81			160
Redeemed		(837	)		(661	)
Change in Class R6 Shares		288			1,658

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid America Fund
Class A
Year Ended June 30, 2017	$	34.75	$	0.28	$	5.30		$	5.58		$	(0.27	)	$	(1.00	)	$	(1.27	)
Year Ended June 30, 2016		38.08		0.34		(1.15	)		(0.81	)		(0.27	)		(2.25	)		(2.52	)
Year Ended June 30, 2015		37.28		0.44		2.57			3.01			(0.38	)		(1.83	)		(2.21	)
Year Ended June 30, 2014		29.76		0.30		7.49			7.79			(0.27	)		—			(0.27	)
Year Ended June 30, 2013		24.68		0.34		5.15			5.49			(0.41	)		—			(0.41	)
Class C
Year Ended June 30, 2017		34.37		0.09		5.24			5.33			(0.11	)		(1.00	)		(1.11	)
Year Ended June 30, 2016		37.74		0.18		(1.15	)		(0.97	)		(0.15	)		(2.25	)		(2.40	)
Year Ended June 30, 2015		36.99		0.22		2.57			2.79			(0.21	)		(1.83	)		(2.04	)
Year Ended June 30, 2014		29.53		0.13		7.42			7.55			(0.09	)		—			(0.09	)
Year Ended June 30, 2013		24.48		0.20		5.12			5.32			(0.27	)		—			(0.27	)
Class I (formerly Select Class)
Year Ended June 30, 2017		35.48		0.39		5.41			5.80			(0.41	)		(1.00	)		(1.41	)
Year Ended June 30, 2016		38.49		0.39		(1.09	)		(0.70	)		(0.06	)		(2.25	)		(2.31	)
Year Ended June 30, 2015		37.61		0.53		2.61			3.14			(0.43	)		(1.83	)		(2.26	)
Year Ended June 30, 2014		30.00		0.38		7.56			7.94			(0.33	)		—			(0.33	)
Year Ended June 30, 2013		24.88		0.41		5.20			5.61			(0.49	)		—			(0.49	)
Class R2
Year Ended June 30, 2017		34.01		0.19		5.17			5.36			(0.19	)		(1.00	)		(1.19	)
Year Ended June 30, 2016		37.45		0.27		(1.15	)		(0.88	)		(0.31	)		(2.25	)		(2.56	)
Year Ended June 30, 2015		36.82		0.33		2.55			2.88			(0.42	)		(1.83	)		(2.25	)
Year Ended June 30, 2014		29.43		0.21		7.40			7.61			(0.22	)		—			(0.22	)
Year Ended June 30, 2013		24.43		0.26		5.11			5.37			(0.37	)		—			(0.37	)
Class R5
Year Ended June 30, 2017		35.53		0.46		5.40			5.86			(0.48	)		(1.00	)		(1.48	)
Year Ended June 30, 2016		38.41		0.41		(1.04	)		(0.63	)		—			(2.25	)		(2.25	)
Year Ended June 30, 2015		37.54		0.60		2.61			3.21			(0.51	)		(1.83	)		(2.34	)
Year Ended June 30, 2014		29.94		0.46		7.54			8.00			(0.40	)		—			(0.40	)
Year Ended June 30, 2013		24.84		0.46		5.19			5.65			(0.55	)		—			(0.55	)
Class R6
Year Ended June 30, 2017		35.03		0.49		5.33			5.82			(0.51	)		(1.00	)		(1.51	)
November 2, 2015 (f) through June 30, 2016		39.15		0.41		(1.77	)		(1.36	)		(0.51	)		(2.25	)		(2.76	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	39.06		16.27	%	$	49,774		1.03	%		0.76	%		1.08	%		95	%
	34.75		(2.08	)		57,303		1.04			0.96			1.15			70
	38.08		8.27			184,225		1.03			1.16			1.11			49
	37.28		26.26			97,155		1.04			0.90			1.05			67
	29.76		22.48			87,954		1.24			1.25			1.26			68
	38.59		15.69			10,306		1.53			0.25			1.57			95
	34.37		(2.55	)		12,599		1.54			0.50			1.62			70
	37.74		7.72			14,978		1.53			0.58			1.56			49
	36.99		25.62			8,774		1.54			0.39			1.55			67
	29.53		21.90			7,336		1.74			0.75			1.76			68
	39.87		16.58			215,888		0.76			1.03			0.77			95
	35.48		(1.77	)		246,679		0.74			1.04			0.75			70
	38.49		8.56			1,492,209		0.75			1.37			0.76			49
	37.61		26.56			1,514,180		0.79			1.14			0.80			67
	30.00		22.83			1,391,748		0.99			1.50			1.02			68
	38.18		15.98			3,394		1.27			0.52			1.41			95
	34.01		(2.30	)		4,584		1.29			0.78			1.46			70
	37.45		8.01			2,923		1.28			0.88			1.35			49
	36.82		25.93			166		1.29			0.64			1.30			67
	29.43		22.20			170		1.49			0.96			1.51			68
	39.91		16.75			4,681		0.59			1.20			0.63			95
	35.53		(1.57	)		3,920		0.54			1.08			0.55			70
	38.41		8.76			2,015,302		0.55			1.56			0.55			49
	37.54		26.84			1,363,358		0.58			1.35			0.59			67
	29.94		23.05			710,586		0.79			1.66			0.82			68
	39.34		16.91			3,798,814		0.49			1.30			0.49			95
	35.03		(3.39	)		3,341,467		0.49			1.78			0.50			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid Growth Fund
Class A
Year Ended June 30, 2017	$	40.37	$	0.22		$	8.27		$	8.49		$	(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)
Year Ended June 30, 2015		37.05		0.25			3.88			4.13			(0.19	)
Year Ended June 30, 2014		29.36		0.18	(f)		7.64			7.82			(0.13	)
Year Ended June 30, 2013		25.00		0.21			4.34			4.55			(0.19	)
Class C
Year Ended June 30, 2017		39.63		—	(g)		8.13			8.13			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)
Year Ended June 30, 2015		36.45		0.05			3.81			3.86			(0.05	)
Year Ended June 30, 2014		28.93		0.01	(f)		7.52			7.53			(0.01	)
Year Ended June 30, 2013		24.64		0.07			4.27			4.34			(0.05	)
Class I (formerly Select Class)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)
Year Ended June 30, 2015		37.23		0.32			3.93			4.25			(0.21	)
Year Ended June 30, 2014		29.52		0.26	(f)		7.69			7.95			(0.24	)
Year Ended June 30, 2013		25.15		0.28			4.35			4.63			(0.26	)
Class R2
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)
Year Ended June 30, 2015		36.49		0.12			3.85			3.97			(0.07	)
Year Ended June 30, 2014		28.91		0.09	(f)		7.54			7.63			(0.05	)
Year Ended June 30, 2013		24.72		0.13			4.27			4.40			(0.21	)
Class R5
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)
Year Ended June 30, 2015		37.09		0.41			3.91			4.32			(0.29	)
Year Ended June 30, 2014		29.41		0.33	(f)		7.65			7.98			(0.30	)
Year Ended June 30, 2013		25.05		0.33			4.34			4.67			(0.31	)
Class R6
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)
November 2, 2015 (i) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17, $0.00, $0.26, $0.09 and $0.32 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.51%, 0.01%, 0.76%, 0.26% and 0.96% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(g) Amount rounds to less than 0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	48.60		21.12	%	$	90,633		0.92	%		0.50	%		1.20	%		68	%
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	40.99		11.16			106,573		0.96			0.62			1.16			64
	37.05		26.68			33,563		1.16			0.54	(f)		1.17			67
	29.36		18.27			33,582		1.24			0.76			1.30			67
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	40.26		10.60			49,309		1.46			0.12			1.66			64
	36.45		26.05			19,566		1.65			0.03	(f)		1.67			67
	28.93		17.66			15,462		1.74			0.26			1.79			67
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	41.27		11.43			708,276		0.74			0.80			0.87			64
	37.23		27.00			597,963		0.91			0.79	(f)		0.92			67
	29.52		18.52			538,378		0.99			1.02			1.05			67
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	40.39		10.87			1,205		1.22			0.31			1.45			64
	36.49		26.41			601		1.41			0.28	(f)		1.42			67
	28.91		17.90			603		1.49			0.49			1.54			67
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	41.12		11.66			189,466		0.54			1.02			0.70			64
	37.09		27.23			124,489		0.71			0.98	(f)		0.72			67
	29.41		18.79			105,839		0.79			1.21			0.85			67
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid Mid Cap Fund
Class A
Year Ended June 30, 2017	$	19.48	$	0.08		$	2.62		$	2.70		$	(0.07	)	$	—	(f)	$	(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)
Year Ended June 30, 2015		24.11		0.08			1.18			1.26			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		18.79		0.08	(g)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Year Ended June 30, 2013		14.99		0.13	(h)		3.80			3.93			(0.13	)		—			(0.13	)
Class C
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)
Year Ended June 30, 2015		21.56		(0.06	)		1.06			1.00			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(g)		4.84			4.79			—			(0.10	)		(0.10	)
Year Ended June 30, 2013		13.48		0.02	(h)		3.41			3.43			(0.04	)		—			(0.04	)
Class I (formerly Select Class)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)
Year Ended June 30, 2015		24.97		0.14			1.24			1.38			(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2014		19.45		0.14	(g)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Year Ended June 30, 2013		15.51		0.18	(h)		3.93			4.11			(0.17	)		—			(0.17	)
Class R3
September 9, 2016 (i) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)
Class R4
September 9, 2016 (i) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)
Class R6
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (i) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Amount rounds to less than 0.005.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.08) and $0.10 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.20%, (0.42)% and 0.45% for Class A, Class C, and Class I Shares, respectively.

(h) Reflects a special dividend paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.08, $(0.03) and $0.13 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.47%, (0.17)% and 0.72% for Class A, Class C and Class I Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	22.11		13.91	%	$	304,927		1.14	%		0.40	%		1.38	%		70	%
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78
	21.82		5.64			377,893		1.14			0.33			1.37			66
	24.11		29.30			193,342		1.16			0.38	(g)		1.32			64
	18.79		26.30			144,405		1.23			0.78	(h)		1.38			52
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78
	19.07		5.02			87,191		1.78			(0.31	)		1.87			66
	21.56		28.43			49,796		1.79			(0.25	)(g)		1.82			64
	16.87		25.51			36,073		1.87			0.13	(h)		1.88			52
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78
	22.77		5.97			510,465		0.89			0.58			1.07			66
	24.97		29.61			348,077		0.91			0.62	(g)		1.08			64
	19.45		26.60			327,834		0.98			1.03	(h)		1.13			52
	22.08		11.07			8,854		1.15			0.64			1.34			70
	23.20		11.30			22		0.90			0.67			1.11			70
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Intrepid Sustainable Equity Fund
Class A
Year Ended June 30, 2017	$	33.20	$	0.29		$	6.20		$	6.49		$	(0.34	)
Year Ended June 30, 2016		34.01		0.62	(d)		(0.87	)(d)		(0.25	)		(0.56	)
Year Ended June 30, 2015		31.93		0.28			2.02			2.30			(0.22	)
Year Ended June 30, 2014		25.54		0.20			6.37			6.57			(0.18	)
Year Ended June 30, 2013		21.13		0.21	(e)		4.44			4.65			(0.24	)
Class C
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(d)		(0.85	)(d)		(0.41	)		(0.40	)
Year Ended June 30, 2015		31.38		0.12			1.98			2.10			(0.19	)
Year Ended June 30, 2014		25.14		0.05			6.26			6.31			(0.07	)
Year Ended June 30, 2013		20.81		0.10	(e)		4.37			4.47			(0.14	)
Class I (formerly Select Class)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(d)		(0.86	)(d)		(0.18	)		(0.64	)
Year Ended June 30, 2015		32.07		0.37			2.04			2.41			(0.26	)
Year Ended June 30, 2014		25.65		0.28			6.39			6.67			(0.25	)
Year Ended June 30, 2013		21.21		0.28	(e)		4.45			4.73			(0.29	)

(a) Calculated based upon average shares outstanding.

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

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

(d) The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17, $0.06 and $0.23 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.73%, 0.24% and 1.00% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	39.35		19.64	%	$	7,943		1.08	%		0.80	%		2.29	%		53	%
	33.20		(0.72	)		8,760		1.15			1.90	(d)		1.95			31
	34.01		7.22			10,933		1.15			0.85			1.87			35
	31.93		25.78			9,466		1.17			0.68			2.19			49
	25.54		22.15			8,765		1.25			0.92	(e)		2.40			82
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(d)		2.46			31
	33.29		6.71			6,874		1.65			0.36			2.36			35
	31.38		25.13			3,709		1.66			0.19			2.66			49
	25.14		21.55			2,294		1.75			0.43	(e)		2.91			82
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(d)		1.65			31
	34.22		7.51			4,833		0.90			1.10			1.59			35
	32.07		26.10			3,438		0.91			0.95			1.90			49
	25.65		22.46			1,516		1.00			1.19	(e)		2.16			82

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 53

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid Value Fund
Class A
Year Ended June 30, 2017	$	31.20	$	0.47	$	4.66		$	5.13		$	(0.52	)	$	(0.27	)	$	(0.79	)
Year Ended June 30, 2016		35.66		0.53		(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2015		37.13		0.46		1.38			1.84			(0.44	)		(2.87	)		(3.31	)
Year Ended June 30, 2014		29.76		0.40		7.36			7.76			(0.39	)		—			(0.39	)
Year Ended June 30, 2013		23.99		0.42		5.79			6.21			(0.44	)		—			(0.44	)
Class C
Year Ended June 30, 2017		30.87		0.30		4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36		(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)
Year Ended June 30, 2015		36.80		0.27		1.37			1.64			(0.28	)		(2.87	)		(3.15	)
Year Ended June 30, 2014		29.52		0.23		7.28			7.51			(0.23	)		—			(0.23	)
Year Ended June 30, 2013		23.80		0.29		5.74			6.03			(0.31	)		—			(0.31	)
Class I (formerly Select Class)
Year Ended June 30, 2017		31.34		0.53		4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57		(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2015		37.25		0.51		1.40			1.91			(0.49	)		(2.87	)		(3.36	)
Year Ended June 30, 2014		29.85		0.45		7.38			7.83			(0.43	)		—			(0.43	)
Year Ended June 30, 2013		24.06		0.46		5.81			6.27			(0.48	)		—			(0.48	)
Class R2
Year Ended June 30, 2017		31.04		0.38		4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44		(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)
Year Ended June 30, 2015		37.02		0.35		1.40			1.75			(0.42	)		(2.87	)		(3.29	)
Year Ended June 30, 2014		29.69		0.31		7.33			7.64			(0.31	)		—			(0.31	)
Year Ended June 30, 2013		23.95		0.30		5.83			6.13			(0.39	)		—			(0.39	)
Class R5
Year Ended June 30, 2017		31.42		0.59		4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64		(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)
Year Ended June 30, 2015		37.33		0.59		1.39			1.98			(0.56	)		(2.87	)		(3.43	)
Year Ended June 30, 2014		29.91		0.52		7.40			7.92			(0.50	)		—			(0.50	)
Year Ended June 30, 2013		24.10		0.52		5.82			6.34			(0.53	)		—			(0.53	)
Class R6
Year Ended June 30, 2017		31.42		0.61		4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66		(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)
Year Ended June 30, 2015		37.33		0.61		1.39			2.00			(0.57	)		(2.87	)		(3.44	)
Year Ended June 30, 2014		29.91		0.47		7.46			7.93			(0.51	)		—			(0.51	)
Year Ended June 30, 2013		24.10		0.53		5.83			6.36			(0.55	)		—			(0.55	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	35.54		16.55	%	$	95,891		0.83	%		1.41	%		1.16	%		81	%
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	35.66		5.24			173,149		0.86			1.26			1.13			52
	37.13		26.17			114,036		0.94			1.19			1.17			49
	29.76		26.07			71,116		0.94			1.57			1.38			48
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	35.29		4.72			53,413		1.36			0.76			1.62			52
	36.80		25.50			35,963		1.44			0.69			1.67			49
	29.52		25.48			25,538		1.44			1.07			1.88			48
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	35.80		5.41			1,424,101		0.71			1.39			0.90			52
	37.25		26.35			1,214,765		0.79			1.34			0.92			49
	29.85		26.26			926,972		0.79			1.71			1.12			48
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	35.48		4.98			14,237		1.09			0.97			1.43			52
	37.02		25.82			1,346		1.19			0.92			1.42			49
	29.69		25.74			934		1.19			1.06			1.56			48
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	35.88		5.60			83,859		0.51			1.59			0.63			52
	37.33		26.60			80,008		0.59			1.53			0.72			49
	29.91		26.53			62,685		0.59			1.92			0.93			48
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66
	35.89		5.67			39,024		0.46			1.65			0.55			52
	37.33		26.66			19,495		0.54			1.41			0.67			49
	29.91		26.59			10,875		0.54			1.99			0.91			48

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

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 5 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Intrepid America Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
Intrepid Growth Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified
Intrepid Mid Cap Fund	Class A, Class C, Class I*, Class R3**, Class R4** and Class R6	JPM II	Diversified
Intrepid Sustainable Equity Fund^	Class A, Class C and Class I*	JPM I	Diversified
Intrepid Value Fund	Class A, Class C, Class I*, Class R2, Class R5 and Class R6	JPM I	Diversified

  * Effective April 3, 2017, Select Class was renamed Class I.

** Class R3 and Class R4 Shares commenced operations on September 9, 2016 for Intrepid Mid Cap Fund.

  ^ Effective March 31, 2017, Intrepid Advantage Fund changed its name to Intrepid Sustainable Equity Fund.

The investment objective of both the Intrepid Sustainable Equity Fund and the Intrepid Value Fund is to seek to provide long-term capital appreciation.

The investment objective of both the Intrepid America Fund and the Intrepid Growth Fund is to seek to provide long-term capital growth.

The investment objective of the Intrepid Mid Cap Fund is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017, sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations

56 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Intrepid America Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,102,767		$	—	$	—	$	4,102,767
Depreciation in Other Financial Instruments
Futures Contracts	$	(47	)	$	—	$	—	$	(47	)
Intrepid Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,024,642		$	—	$	—	$	1,024,642
Depreciation in Other Financial Instruments
Futures Contracts	$	(72	)	$	—	$	—	$	(72	)
Intrepid Mid Cap Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	892,203		$	—	$	12	$	892,215
Appreciation in Other Financial Instruments
Futures Contracts	$	14		$	—	$	—	$	14
Intrepid Sustainable Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,060		$	—	$	—	$	18,060

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,235,777		$	—	$	—	$	1,235,777
Depreciation in Other Financial Instruments
Futures Contracts	$	(48	)	$	—	$	—	$	(48	)

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

(b) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended June 30, 2017.

B. Futures Contracts — Intrepid America Fund, Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Value Fund
Futures Contracts:
Average Notional Balance Long	$	69,844	$	20,475	$	17,637	$	23,496
Ending Notional Balance Long		18,157		22,756		3,318		12,589

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

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

58 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2			Class R3			Class R4			Class R5		Class R6		Total
Intrepid America Fund
Transfer agency fees	$	6	$	2	$	3	$	—	(a)		n/a			n/a			—	$	25	$	36
Sub-transfer agency fees		40		8		50		6			n/a			n/a		$	3		—		107
Intrepid Growth Fund
Transfer agency fees		14		2		5		1			n/a			n/a			2		3		27
Sub-transfer agency fees		67		27		57		16			n/a			n/a			98		—		265
Intrepid Mid Cap Fund
Transfer agency fees		49		7		12		n/a		$	2		$	—	(a)		n/a		1		71
Sub-transfer agency fees		334		85		255		n/a			—	(a)		—			n/a		n/a		674
Intrepid Sustainable Equity Fund
Transfer agency fees		1		1		1		n/a			n/a			n/a			n/a		n/a		3
Sub-transfer agency fees		4		3		1		n/a			n/a			n/a			n/a		n/a		8
Intrepid Value Fund
Transfer agency fees		80		3		12		36			n/a			n/a			2		2		135
Sub-transfer agency fees		120		28		1,288		26			n/a			n/a			26		—		1,488

(a) Amount rounds to less than 500.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Intrepid America Fund	$	—	$	(691	)	$	691
Intrepid Growth Fund		—		(132	)		132
Intrepid Mid Cap Fund		—		(734	)		734
Intrepid Sustainable Equity Fund		—		(4	)		4
Intrepid Value Fund		12,500		(189	)		(12,311	)

The reclassifications for the Funds relate primarily to non-taxable dividends and tax equalization.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

3. Fees and Other Transactions with Affiliates

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

Intrepid America Fund	0.40	%
Intrepid Growth Fund	0.50
Intrepid Mid Cap Fund	0.65
Intrepid Sustainable Equity Fund *	0.50
Intrepid Value Fund	0.40

* Prior to November 1, 2016, the investment advisory fee for Intrepid Sustainable Equity Fund was 0.65%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Intrepid America Fund		0.25	%		0.75	%		0.50	%		n/a
Intrepid Growth Fund		0.25			0.75			0.50			n/a
Intrepid Mid Cap Fund		0.25			0.75			n/a			0.25	%
Intrepid Sustainable Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Intrepid America Fund	$	2	$	—	(a)
Intrepid Growth Fund		13		1
Intrepid Mid Cap Fund		23		2
Intrepid Sustainable Equity Fund		2		—	(a)
Intrepid Value Fund		5		1

(a) Amount rounds to less than 500.

60 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

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

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Intrepid America Fund		0.25	%		0.25	%		0.25	%		0.25	%		n/a			n/a			0.10	%*
Intrepid Growth Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10	*
Intrepid Mid Cap Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		n/a
Intrepid Sustainable Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a
Intrepid Value Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10	*

* Prior to April 3, 2017, the service fees for Intrepid America Fund, Intrepid Growth Fund and Intrepid Value Fund was 0.05%.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived Service fees as outlined in Note 3.F.

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

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

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

	Class A			Class C			Class I		Class R2**			Class R3			Class R4			Class R5			Class R6
Intrepid America Fund		1.04	%		1.54	%		0.80		1.30	%		n/a			n/a			0.60	%		0.55	%
Intrepid Growth Fund		0.93			1.42			0.68		1.18			n/a			n/a			0.48			0.43
Intrepid Mid Cap Fund		1.15			1.79			0.90		n/a			1.15	%		0.90	%		n/a			0.65
Intrepid Sustainable Equity Fund*		1.05			1.55			0.80		n/a			n/a			n/a			n/a			n/a
Intrepid Value Fund		0.83			1.33			0.68		1.18			n/a			n/a			0.48			0.43

* Prior to November 1, 2016, the contractual expense limitations for Intrepid Sustainable Equity Fund were 1.15%, 1.65% and 0.90% for Class A, Class C and Class I Shares, respectively.

** For Class R2 Shares of Intrepid America Fund, Intrepid Growth Fund and Intrepid Value Fund, the Adviser, Administrator and/or JPMDS contractually waived fees and/or reimbursed the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.29%, 1.17% and 1.08% of the Fund’s average daily net assets, respectively during the period July 1, 2016 through October 31, 2016. The contractual expense percentages in the table above are in place from November 1, 2016 until at least October 31, 2018. During the period November 1, 2016 through June 30, 2017, the Adviser, Administrator and/or JPMDS voluntarily waived fees and/or reimbursed the Funds to the extent that total annual operating expenses for Class R2 Shares exceeded 1.29%, 1.17% and 1.08%, respectively. The Funds’ service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2017 and are in place until at least October 31, 2017.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

For the year ended June 30, 2017, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fess		Total		Contractual Reimbursements
Intrepid America Fund	$	—	$	—	$	31	$	31	$	—	(a)
Intrepid Growth Fund		1,073		715		271		2,059		44
Intrepid Mid Cap Fund		693		461		652		1,806		1
Intrepid Sustainable Equity Fund		100		15		39		154		65
Intrepid Value Fund		699		466		1,717		2,882		82

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2017 were as follows (amounts in thousands):

Intrepid America Fund	$	175
Intrepid Growth Fund		34
Intrepid Mid Cap Fund		36
Intrepid Sustainable Equity Fund		—	(a)
Intrepid Value Fund		43

(a) Amount rounds to less than 500.

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

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

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

During the year ended June 30, 2017, Intrepid America Fund, Intrepid Growth Fund and Intrepid Mid Cap Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Intrepid America Fund	$	2
Intrepid Growth Fund		—	(a)
Intrepid Mid Cap Fund		—	(a)

(a) Amount rounds to less than 500.

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

62 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

4. Investment Transactions

During the year ended June 30, 2017, 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)
Intrepid America Fund	$	3,615,560	$	3,711,054
Intrepid Growth Fund		661,401		812,289
Intrepid Mid Cap Fund		675,311		859,467
Intrepid Sustainable Equity Fund		9,609		13,483
Intrepid Value Fund		1,048,631		1,662,182

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid America Fund	$	3,448,102	$	771,505	$	116,840	$	654,665
Intrepid Growth Fund		752,020		281,960		9,338		272,622
Intrepid Mid Cap Fund		713,900		202,390		24,075		178,315
Intrepid Sustainable Equity Fund		13,669		4,712		321		4,391
Intrepid Value Fund		1,043,858		222,585		30,666		191,919

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

The tax character of distributions paid during the fiscal year ended June 30, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distribution Paid
Intrepid America Fund	$	52,470	$	101,892	$	154,362
Intrepid Growth Fund		9,445		—		9,445
Intrepid Mid Cap Fund		4,358		194		4,552
Intrepid Sustainable Equity Fund		147		—		147
Intrepid Value Fund		20,876		9,899		30,775

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

The tax character of distributions paid during the fiscal year ended June 30, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Intrepid America Fund	$	49,123	$	221,873	$	270,996
Intrepid Growth Fund		9,436		—		9,436
Intrepid Mid Cap Fund		19,785		59,343		79,128
Intrepid Sustainable Equity Fund		328		—		328
Intrepid Value Fund		34,523		75,728		110,251

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

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Intrepid America Fund	$	86,216	$	273,616		$	654,665
Intrepid Growth Fund		4,149		(52,534	)		272,622
Intrepid Mid Cap Fund		1,484		46,307			178,315
Intrepid Sustainable Equity Fund		62		589			4,391
Intrepid Value Fund		1,010		102,775			191,919

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals.

As of June 30, 2017, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2018		Total
Intrepid Growth Fund	$	52,534	$	52,534

During the year ended June 30, 2017, the Funds utilized capital loss carryforwards as follows (amounts in thousands):

Intrepid Growth Fund	$	69,736
Intrepid Sustainable Equity Fund		1,831

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

64 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Funds did not utilize the Credit Facility during the year ended June 30, 2017.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2017, the Funds had omnibus accounts which owned more than 10% of the Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Intrepid Mid Cap Fund		2		12.9	%		—		—
Intrepid Sustainable Equity Fund		—		—			3		22.7	%
Intrepid Value Fund		—		—			5		60.0

As of June 30, 2017, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan Investor Funds			JPMorgan SmartRetirement Funds
Intrepid America Fund		28.5	%		63.7	%
Intrepid Growth Fund		48.4			—
Intrepid Mid Cap Fund		19.4			—

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

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 65

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 Intrepid America Fund, JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Intrepid Sustainable Equity Fund (formerly JPMorgan Intrepid Advantage Fund) and JPMorgan Intrepid Value 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 Intrepid America Fund, JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Sustainable Equity Fund (formerly JPMorgan Intrepid Advantage Fund) and JPMorgan Intrepid Value Fund (each a separate series of JPMorgan Trust I) and JPMorgan Intrepid Mid Cap Fund (a separate series of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, 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 indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

66 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 67

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
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).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-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).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

68 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 69

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid America Fund
Class A
Actual	$	1,000.00	$	1,073.70	$	5.35		1.04	%
Hypothetical		1,000.00		1,019.64		5.21		1.04
Class C
Actual		1,000.00		1,071.10		7.91		1.54
Hypothetical		1,000.00		1,017.16		7.70		1.54
Class I (formerly Select Class)
Actual		1,000.00		1,075.20		3.96		0.77
Hypothetical		1,000.00		1,020.98		3.86		0.77
Class R2
Actual		1,000.00		1,072.20		6.53		1.27
Hypothetical		1,000.00		1,018.50		6.36		1.27
Class R5
Actual		1,000.00		1,076.00		3.04		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		1,076.60		2.52		0.49
Hypothetical		1,000.00		1,022.36		2.46		0.49
Intrepid Growth Fund
Class A
Actual		1,000.00		1,139.80		4.88		0.92
Hypothetical		1,000.00		1,020.23		4.61		0.92
Class C
Actual		1,000.00		1,137.00		7.47		1.41
Hypothetical		1,000.00		1,017.80		7.05		1.41
Class I (formerly Select Class)
Actual		1,000.00		1,141.30		3.61		0.68
Hypothetical		1,000.00		1,021.42		3.41		0.68

70 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Growth Fund (continued)
Class R2
Actual	$	1,000.00	$	1,138.30	$	6.20		1.17	%
Hypothetical		1,000.00		1,018.99		5.86		1.17
Class R5
Actual		1,000.00		1,142.20		2.55		0.48
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R6
Actual		1,000.00		1,142.50		2.28		0.43
Hypothetical		1,000.00		1,022.66		2.16		0.43
Intrepid Mid Cap Fund
Class A
Actual		1,000.00		1,058.90		5.87		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15
Class C
Actual		1,000.00		1,055.90		8.72		1.71
Hypothetical		1,000.00		1,016.31		8.55		1.71
Class I (formerly Select Class)
Actual		1,000.00		1,060.30		4.60		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R3
Actual		1,000.00		1,059.00		5.87		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15
Class R4
Actual		1,000.00		1,060.30		4.60		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R6
Actual		1,000.00		1,062.10		3.32		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Intrepid Sustainable Equity Fund
Class A
Actual		1,000.00		1,095.20		5.45		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05
Class C
Actual		1,000.00		1,092.50		8.04		1.55
Hypothetical		1,000.00		1,017.11		7.75		1.55
Class I (formerly Select Class)
Actual		1,000.00		1,096.70		4.16		0.80
Hypothetical		1,000.00		1,020.83		4.01		0.80
Intrepid Value Fund
Class A
Actual		1,000.00		1,036.30		4.19		0.83
Hypothetical		1,000.00		1,020.68		4.16		0.83
Class C
Actual		1,000.00		1,033.60		6.71		1.33
Hypothetical		1,000.00		1,018.20		6.66		1.33
Class I (formerly Select Class)
Actual		1,000.00		1,037.10		3.43		0.68
Hypothetical		1,000.00		1,021.42		3.41		0.68
Class R2
Actual		1,000.00		1,034.80		5.70		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 71

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Value Fund (continued)
Class R5
Actual	$	1,000.00	$	1,038.30	$	2.43		0.48	%
Hypothetical		1,000.00		1,022.41		2.41		0.48
Class R6
Actual		1,000.00		1,038.20		2.17		0.43
Hypothetical		1,000.00		1,022.66		2.16		0.43

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

72 J.P. MORGAN INTREPID FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
Intrepid America Fund		58.98	%
Intrepid Growth Fund		100.00
Intrepid Mid Cap Fund		100.00
Intrepid Sustainable Equity Fund		100.00
Intrepid Value Fund		100.00

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Long-Term Capital Gain Distribution
Intrepid America Fund	$	101,892
Intrepid Mid Cap Fund		194
Intrepid Value Fund		22,399

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Qualified Dividend Income
Intrepid America Fund	$	52,470
Intrepid Growth Fund		9,445
Intrepid Mid Cap Fund		4,358
Intrepid Sustainable Equity Fund		147
Intrepid Value Fund		20,876

JUNE 30, 2017 J.P. MORGAN INTREPID FUNDS 73

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017. All rights reserved. June 2017. AN-INT-617

Annual Report

J.P. Morgan Equity Funds

June 30, 2017

JPMorgan U.S. Dynamic Plus Fund

JPMorgan U.S. Large Cap Core Plus Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan U.S. Dynamic Plus Fund	3
JPMorgan U.S. Large Cap Core Plus Fund	6
Schedules of Portfolio Investments	9
Financial Statements	22
Financial Highlights	30
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	42
Trustees	43
Officers	45
Schedule of Shareholder Expenses	46
Tax Letter	47
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 1

J.P. Morgan Equity Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for twelve consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures options on the S&P 500 to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

Overall, small cap stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the S&P 500 returned 17.90%.

2 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

JPMorgan U.S. Dynamic Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1*		16.89%
S&P 500 Index		17.90%
Net Assets as of 6/30/2017 (In Thousands)	$	303,951

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Dynamic Plus Fund (the “Fund”) seeks to provide long-term capital appreciation.

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

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the energy and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the information technology sector and its security selection in the industrials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc., Target Corp. and Ross Stores Inc. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings. Shares of both Target, a discount department store chain, and Ross Stores, a discount apparel and housewares chain, fell amid investor concerns about negative trends among large retailers.

Leading individual contributors to relative performance included the Fund’s short position in General Electric Co. and its overweight positions in United Continental Holdings Inc. and Restaurant Brands International Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of United Continental Holdings, an airline operator not held in the Benchmark, rose on revenue growth and news that investor Warren Buffett had purchased a large stake in the company. Shares of Restaurant

Brands International, an operator of fast food restaurants, fell after the company reported lower-than-expected sales.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employ a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The portfolio managers aim to capitalize on these market inefficiencies by targeting attractively valued stocks of companies that they believe possess strong management, earnings quality and positive momentum characteristics, looking to sell these stocks when they no longer exhibit these criteria. In addition, the Fund’s portfolio managers look to short stocks that do not possess these characteristics. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading. During the reporting period, the Fund was managed and positioned in accordance with this investment philosophy and process.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 3

JPMorgan U.S. Dynamic Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Apple, Inc.	4.7	%
	2.	Microsoft Corp.	2.9
	3.	Bank of America Corp.	2.4
	4.	Oracle Corp.	2.0
	5.	Gilead Sciences, Inc.	1.8
	6.	Boeing Co. (The)	1.7
	7.	Walgreens Boots Alliance, Inc.	1.5
	8.	DXC Technology Co.	1.5
	9.	Alphabet, Inc., Class C	1.5
	10.	Halliburton Co.	1.4

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Hexcel Corp.	3.7	%
	2.	Dominion Energy, Inc.	3.0
	3.	Kansas City Southern	2.5
	4.	Ball Corp.	2.3
	5.	Ryder System, Inc.	2.3
	6.	Tesla, Inc.	2.2
	7.	McCormick & Co., Inc. (Non-Voting)	2.2
	8.	Tractor Supply Co.	2.1
	9.	ViaSat, Inc.	2.1
	10.	Xylem, Inc.	2.1

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	26.6	%
Health Care	14.1
Financials	14.0
Consumer Discretionary	12.8
Industrials	11.6
Consumer Staples	8.7
Energy	5.5
Utilities	3.2
Materials	1.7
Others (each less than 1.0%)	1.2
Short-Term Investment	0.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Information Technology	28.5	%
Industrials	18.2
Consumer Discretionary	17.7
Health Care	11.5
Consumer Staples	10.4
Utilities	4.4
Materials	4.1
Financials	3.0
Real Estate	2.0
Telecommunication Services	0.2

* Percentages indicated are based on total long investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

4 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 31, 2006
With Sales Charge*				10.47	%		11.65	%		4.28	%
Without Sales Charge				16.61			12.86			4.84
CLASS C SHARES		January 31, 2006
With CDSC**				14.95			12.29			4.31
Without CDSC				15.95			12.29			4.31
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		January 31, 2006		16.89			13.14			5.10

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Dynamic Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends, capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Active Extension 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 5

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1		21.95%
S&P 500 Index		17.90%
Net Assets as of 6/30/2017 (In Thousands)	$	9,241,878

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Large Cap Core Plus Fund (the “Fund”) seeks to provide a high total return from a portfolio of selected equity securities.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the consumer discretionary and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and energy sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in UnitedHealth Group Inc., United Continental Holdings Inc. and Morgan Stanley. Shares of UnitedHealth, a health insurer, rose after the company reported earnings and revenue growth and raised its revenue forecast for 2017. Shares of United Continental Holdings, an airline operator not held in the Benchmark, rose on revenue growth and news that investor Warren Buffett had purchased a large stake in the company. Shares of Morgan Stanley, a financial services company, rose after the company reported better-than-expected earnings and revenue.

Leading individual detractors from relative performance included the Fund’s overweight positions in Chubb Ltd., Occi-

dental Petroleum Co. and Kimco Realty Corp. Shares of Chubb, a provider of life, property and casualty insurance, fell in the first half of the reporting period amid costs related to Hurricane Matthew. Shares of Occidental Petroleum, an oil and gas producer, fell amid a decline in global oil prices. Shares of Kimco Realty, a real estate investment trust that owns and operates shopping centers, fell amid announcements of store closings by large U.S. retail chains.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 127% to 27%.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

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

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

6 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Apple, Inc., (United States)	3.0	%
	2.	UnitedHealth Group, Inc., (United States)	2.8
	3.	Microsoft Corp., (United States)	2.6
	4.	Citigroup, Inc., (United States)	2.4
	5.	Pfizer, Inc., (United States)	2.3
	6.	Broadcom Ltd., (United States)	2.1
	7.	EOG Resources, Inc., (United States)	2.1
	8.	Allergan plc, (United States)	2.1
	9.	Occidental Petroleum Corp., (United States)	1.9
	10.	Walt Disney Co. (The), (United States)	1.8

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Exxon Mobil Corp., (United States)	3.9	%
	2.	AbbVie, Inc., (United States)	2.5
	3.	Clorox Co. (The), (United States)	2.5
	4.	Southern Co. (The), (United States)	2.4
	5.	ConocoPhillips, (United States)	2.1
	6.	Welltower, Inc., (United States)	1.9
	7.	Schlumberger Ltd., (United States)	1.9
	8.	Omnicom Group, Inc., (United States)	1.8
	9.	Raytheon Co., (United States)	1.8
	10.	LyondellBasell Industries NV, Class A, (United States)	1.8

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	20.3	%
Financials	18.4
Health Care	14.6
Consumer Discretionary	13.5
Industrials	11.4
Energy	7.8
Consumer Staples	5.6
Materials	4.1
Utilities	1.9
Real Estate	1.1
Others (each less than 1.0%)	0.9
Short-Term Investment	0.4

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Industrials	14.0	%
Financials	13.7
Energy	12.9
Consumer Staples	11.7
Consumer Discretionary	11.5
Health Care	10.3
Utilities	7.7
Real Estate	7.3
Information Technology	6.9
Materials	4.0

* Percentages indicated are based on total long investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 7

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge*			15.27	%		13.72	%		7.44	%
Without Sales Charge			21.64			14.96			8.02
CLASS C SHARES	November 1, 2005
With CDSC**			20.01			14.38			7.49
Without CDSC			21.01			14.38			7.49
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 1, 2005		21.95			15.25			8.30
CLASS R2 SHARES	November 3, 2008		21.33			14.67			7.79
CLASS R5 SHARES	May 15, 2006		22.14			15.47			8.51

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the

Lipper Alternative Active Extension 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

8 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 127.6%
	Common Stocks — 126.8%
		Consumer Discretionary — 16.4%
		Automobiles — 0.8%
	72	General Motors Co.		2,505
		Hotels, Restaurants & Leisure — 4.2%
	39	Dunkin’ Brands Group, Inc.		2,150
	29	McDonald’s Corp. (j)		4,426
	73	Restaurant Brands International, Inc., (Canada)		4,578
	7	Wyndham Worldwide Corp.		683
	14	Yum Brands, Inc.		1,025
				12,862
		Household Durables — 0.7%
	62	DR Horton, Inc. (j)		2,136
		Internet & Direct Marketing Retail — 2.5%
	3	Amazon.com, Inc. (a) (j)		3,146
	18	Expedia, Inc. (j)		2,711
	12	Netflix, Inc. (a)		1,793
				7,650
		Media — 2.8%
	34	CBS Corp. (Non-Voting), Class B (j)		2,156
	104	Comcast Corp., Class A (j)		4,055
	19	DISH Network Corp., Class A (a) (j)		1,199
	11	Time Warner, Inc.		1,115
				8,525
		Specialty Retail — 4.2%
	88	Best Buy Co., Inc.		5,039
	31	Home Depot, Inc. (The)		4,745
	50	Ross Stores, Inc. (j)		2,886
				12,670
		Textiles, Apparel & Luxury Goods — 1.2%
	24	Michael Kors Holdings Ltd. (a)		881
	23	PVH Corp.		2,576
				3,457
		Total Consumer Discretionary		49,805
		Consumer Staples — 11.1%
		Beverages — 2.3%
	44	Molson Coors Brewing Co., Class B		3,825
	28	PepsiCo, Inc.		3,222
				7,047
		Food & Staples Retailing — 3.4%
	76	Walgreens Boots Alliance, Inc. (j)		5,990
	57	Wal-Mart Stores, Inc. (j)		4,344
				10,334

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 3.4%
	8	Bunge Ltd.		589
	33	Conagra Brands, Inc.		1,187
	78	Pilgrim’s Pride Corp. (a)		1,708
	58	Pinnacle Foods, Inc.		3,422
	55	Tyson Foods, Inc., Class A (j)		3,438
				10,344
		Household Products — 0.4%
	13	Procter & Gamble Co. (The)		1,124
		Personal Products — 0.8%
	30	Edgewell Personal Care Co. (a) (j)		2,313
		Tobacco — 0.8%
	35	Altria Group, Inc.		2,606
		Total Consumer Staples		33,768
		Energy — 7.1%
		Energy Equipment & Services — 4.0%
	63	Baker Hughes, Inc.		3,429
	129	Halliburton Co.		5,518
	75	National Oilwell Varco, Inc.		2,467
	129	Noble Corp. plc (j)		468
	24	Rowan Cos. plc, Class A (a)		250
				12,132
		Oil, Gas & Consumable Fuels — 3.1%
	34	Apache Corp. (j)		1,630
	198	Denbury Resources, Inc. (a)		302
	39	Devon Energy Corp. (j)		1,234
	9	EOG Resources, Inc.		788
	89	Marathon Oil Corp. (j)		1,058
	48	Newfield Exploration Co. (a)		1,355
	6	Pioneer Natural Resources Co.		973
	30	Valero Energy Corp. (j)		2,010
				9,350
		Total Energy		21,482
		Financials — 17.8%
		Banks — 9.7%
	385	Bank of America Corp. (j)		9,335
	73	Citigroup, Inc.		4,860
	30	Comerica, Inc.		2,227
	41	PNC Financial Services Group, Inc. (The) (j)		5,107
	39	Popular, Inc., (Puerto Rico)		1,610
	200	Regions Financial Corp.		2,921
	14	Synovus Financial Corp.		597
	41	Wells Fargo & Co.		2,277

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 9

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Banks — continued
	13	Zions Bancorp		589
				29,523
		Capital Markets — 1.3%
	79	Morgan Stanley		3,538
	4	MSCI, Inc. (j)		391
				3,929
		Consumer Finance — 2.0%
	32	Capital One Financial Corp. (j)		2,636
	55	Discover Financial Services		3,405
				6,041
		Insurance — 4.8%
	31	Allstate Corp. (The) (j)		2,782
	83	American International Group, Inc.		5,208
	9	Everest Re Group Ltd.		2,291
	37	Lincoln National Corp.		2,487
	35	Validus Holdings Ltd. (j)		1,824
				14,592
		Total Financials		54,085
		Health Care — 17.9%
		Biotechnology — 6.0%
	32	Amgen, Inc.		5,439
	22	Celgene Corp. (a) (j)		2,857
	100	Gilead Sciences, Inc. (j)		7,070
	37	Neurocrine Biosciences, Inc. (a) (j)		1,679
	10	Vertex Pharmaceuticals, Inc. (a) (j)		1,254
				18,299
		Health Care Equipment & Supplies — 2.4%
	58	Hologic, Inc. (a)		2,650
	5	IDEXX Laboratories, Inc. (a)		791
	31	Zimmer Biomet Holdings, Inc. (j)		3,981
				7,422
		Health Care Providers & Services — 7.9%
	18	Aetna, Inc. (j)		2,763
	15	AmerisourceBergen Corp. (j)		1,427
	27	Anthem, Inc. (j)		5,080
	30	Cigna Corp. (j)		5,089
	35	Express Scripts Holding Co. (a)		2,234
	21	Humana, Inc. (j)		5,077
	8	UnitedHealth Group, Inc. (j)		1,558
	4	WellCare Health Plans, Inc. (a)		736
				23,964

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 1.6%
	20	Allergan plc		4,838
		Total Health Care		54,523
		Industrials — 14.7%
		Aerospace & Defense — 4.4%
	33	Boeing Co. (The)		6,526
	26	Huntington Ingalls Industries, Inc. (j)		4,840
	12	Raytheon Co. (j)		1,936
				13,302
		Airlines — 3.2%
	90	Delta Air Lines, Inc. (j)		4,836
	12	Southwest Airlines Co.		746
	57	United Continental Holdings, Inc. (a)		4,312
				9,894
		Construction & Engineering — 0.6%
	33	Jacobs Engineering Group, Inc.		1,768
		Electrical Equipment — 1.1%
	20	Rockwell Automation, Inc.		3,304
		Machinery — 3.4%
	38	Allison Transmission Holdings, Inc. (j)		1,437
	13	Cummins, Inc.		2,028
	16	Illinois Tool Works, Inc. (j)		2,306
	29	Parker-Hannifin Corp. (j)		4,619
				10,390
		Professional Services — 0.5%
	12	ManpowerGroup, Inc.		1,384
		Road & Rail — 0.4%
	11	Norfolk Southern Corp.		1,363
		Trading Companies & Distributors — 1.1%
	23	United Rentals, Inc. (a)		2,547
	15	WESCO International, Inc. (a)		865
				3,412
		Total Industrials		44,817
		Information Technology — 33.9%
		Internet Software & Services — 4.6%
	6	Alphabet, Inc., Class C (a) (j)		5,834
	148	eBay, Inc. (a) (j)		5,168
	32	VeriSign, Inc. (a)		2,984
				13,986
		IT Services — 3.6%
	76	DXC Technology Co.		5,835

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — continued
	16	Mastercard, Inc., Class A (j)		1,980
	33	Visa, Inc., Class A		3,048
				10,863
		Semiconductors & Semiconductor Equipment — 6.7%
	76	Applied Materials, Inc.		3,140
	9	Lam Research Corp. (j)		1,245
	215	Marvell Technology Group Ltd., (Bermuda)		3,550
	109	Maxim Integrated Products, Inc. (j)		4,908
	70	Micron Technology, Inc. (a)		2,087
	100	QUALCOMM, Inc. (j)		5,516
				20,446
		Software — 10.0%
	160	Microsoft Corp. (j)		11,060
	154	Oracle Corp.		7,742
	26	Take-Two Interactive Software, Inc. (a)		1,879
	249	TiVo Corp.		4,642
	59	VMware, Inc., Class A (a) (j)		5,158
				30,481
		Technology Hardware, Storage & Peripherals — 9.0%
	126	Apple, Inc. (j)		18,132
	211	Hewlett Packard Enterprise Co.		3,504
	122	HP, Inc.		2,126
	35	NCR Corp. (a) (j)		1,430
	23	Western Digital Corp.		2,055
				27,247
		Total Information Technology		103,023
		Materials — 2.2%
		Chemicals — 0.9%
	23	Chemours Co. (The)		872
	21	LyondellBasell Industries NV, Class A (j)		1,755
				2,627
		Containers & Packaging — 0.3%
	16	Berry Global Group, Inc. (a)		884
		Metals & Mining — 1.0%
	89	Steel Dynamics, Inc. (j)		3,187
		Total Materials		6,698
		Real Estate — 0.5%
		Equity Real Estate Investment Trusts (REITs) — 0.5%
	56	Hospitality Properties Trust		1,641

SHARES		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.6%
	36	Verizon Communications, Inc.		1,610
		Wireless Telecommunication Services — 0.5%
	93	Sprint Corp. (a)		761
	13	T-Mobile US, Inc. (a)		807
				1,568
		Total Telecommunication Services		3,178
		Utilities — 4.1%
		Electric Utilities — 2.3%
	41	Edison International (j)		3,198
	37	FirstEnergy Corp.		1,082
	19	NextEra Energy, Inc.		2,704
				6,984
		Gas Utilities — 1.8%
	110	UGI Corp. (j)		5,330
		Total Utilities		12,314
		Total Common Stocks (Cost $309,456)		385,334
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	2,454	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $2,454)		2,454
		Total Investments — 127.6% (Cost $311,910)		387,788
		Liabilities in Excess of Other Assets — (27.6)%		(83,837	)
		NET ASSETS — 100.0%	$	303,951
	Short Positions — 27.8%
	Common Stocks — 27.8%
		Consumer Discretionary — 4.9%
		Automobiles — 0.6%
	5	Tesla, Inc. (a)		1,844
		Distributors — 0.5%
	49	LKQ Corp. (a)		1,611
		Diversified Consumer Services — 0.6%
	10	Bright Horizons Family Solutions, Inc. (a)		764
	29	ServiceMaster Global Holdings, Inc. (a)		1,121
				1,885
		Hotels, Restaurants & Leisure — 0.4%
	14	Starbucks Corp.		822
	3	Wynn Resorts Ltd.		416
				1,238

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 11

JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Internet & Direct Marketing Retail — 0.4%
	27	TripAdvisor, Inc. (a)		1,047
		Leisure Products — 0.3%
	40	Mattel, Inc.		855
		Media — 0.4%
	95	News Corp., Class A		1,297
		Specialty Retail — 1.1%
	2	AutoZone, Inc. (a)		1,027
	10	Signet Jewelers Ltd.		601
	33	Tractor Supply Co.		1,794
				3,422
		Textiles, Apparel & Luxury Goods — 0.6%
	35	Under Armour, Inc., Class A (a)		762
	17	VF Corp.		973
				1,735
		Total Consumer Discretionary		14,934
		Consumer Staples — 2.9%
		Beverages — 0.4%
	27	Brown-Forman Corp., Class B		1,288
		Food & Staples Retailing — 0.3%
	10	Casey’s General Stores, Inc.		1,050
		Food Products — 1.2%
	16	General Mills, Inc.		892
	12	Kellogg Co.		841
	19	McCormick & Co., Inc. (Non-Voting)		1,833
				3,566
		Household Products — 0.4%
	9	Clorox Co. (The)		1,186
		Personal Products — 0.6%
	89	Coty, Inc., Class A		1,671
		Total Consumer Staples		8,761
		Financials — 0.8%
		Capital Markets — 0.3%
	34	Federated Investors, Inc., Class B		946
		Insurance — 0.5%
	22	Cincinnati Financial Corp.		1,565
		Total Financials		2,511
		Health Care — 3.2%
		Health Care Equipment & Supplies — 0.4%
	10	DENTSPLY SIRONA, Inc.		636

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
	10	DexCom, Inc. (a)		702
				1,338
		Health Care Providers & Services — 1.5%
	26	Acadia Healthcare Co., Inc. (a)		1,289
	12	Cardinal Health, Inc.		935
	17	Envision Healthcare Corp. (a)		1,071
	20	Patterson Cos., Inc.		948
	18	Tenet Healthcare Corp. (a)		340
				4,583
		Health Care Technology — 0.8%
	5	athenahealth, Inc. (a)		759
	23	Cerner Corp. (a)		1,536
				2,295
		Pharmaceuticals — 0.5%
	24	Zoetis, Inc.		1,497
		Total Health Care		9,713
		Industrials — 5.0%
		Aerospace & Defense — 1.0%
	59	Hexcel Corp.		3,103
		Building Products — 0.5%
	36	Johnson Controls International plc		1,552
		Commercial Services & Supplies — 0.2%
	51	Covanta Holding Corp.		671
		Electrical Equipment — 0.2%
	3	Acuity Brands, Inc.		549
		Machinery — 1.1%
	36	Flowserve Corp.		1,658
	31	Xylem, Inc.		1,740
				3,398
		Professional Services — 0.3%
	10	Verisk Analytics, Inc. (a)		869
		Road & Rail — 1.3%
	20	Kansas City Southern		2,083
	27	Ryder System, Inc.		1,943
				4,026
		Trading Companies & Distributors — 0.4%
	27	Fastenal Co.		1,155
		Total Industrials		15,323

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Information Technology — 7.9%
		Communications Equipment — 0.9%
	24	CommScope Holding Co., Inc. (a)		924
	27	ViaSat, Inc. (a)		1,754
				2,678
		Electronic Equipment, Instruments & Components — 1.9%
	12	Amphenol Corp., Class A		864
	30	Avnet, Inc.		1,170
	90	Fitbit, Inc., Class A (a)		475
	8	IPG Photonics Corp. (a)		1,103
	31	National Instruments Corp.		1,257
	60	VeriFone Systems, Inc. (a)		1,077
				5,946
		Internet Software & Services — 0.2%
	14	Zillow Group, Inc., Class A (a)		679
		IT Services — 1.0%
	6	Cognizant Technology Solutions Corp., Class A		418
	28	Paychex, Inc.		1,612
	46	Sabre Corp.		993
				3,023
		Semiconductors & Semiconductor Equipment — 1.9%
	19	Analog Devices, Inc.		1,447
	4	Broadcom Ltd.		932
	28	Cavium, Inc. (a)		1,715
	21	Microchip Technology, Inc.		1,598
				5,692
		Software — 2.0%
	14	Guidewire Software, Inc. (a)		948
	8	Intuit, Inc.		1,023
	15	salesforce.com, Inc. (a)		1,290
	10	Splunk, Inc. (a)		552
	7	Tableau Software, Inc., Class A (a)		417
	6	Tyler Technologies, Inc. (a)		1,089
	3	Ultimate Software Group, Inc. (The) (a)		693
				6,012
		Total Information Technology		24,030
		Materials — 1.2%
		Containers & Packaging — 0.7%
	47	Ball Corp.		1,971
		Metals & Mining — 0.5%
	23	Compass Minerals International, Inc.		1,502
		Total Materials		3,473

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 0.6%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
	13	Federal Realty Investment Trust		1,656
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	153	Frontier Communications Corp.		177
		Utilities — 1.2%
		Electric Utilities — 0.4%
	26	Southern Co. (The)		1,245
		Multi-Utilities — 0.8%
	33	Dominion Energy, Inc.		2,490
		Total Utilities		3,735
		Total Securities Sold Short (Proceeds $82,089)	$	84,313

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 13

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 126.1%
	Common Stocks — 125.6%
		Consumer Discretionary — 17.0%
		Auto Components — 0.6%
	678	Delphi Automotive plc (j)		59,445
		Automobiles — 0.7%
	3,446	Ford Motor Co.		38,560
	616	General Motors Co. (j)		21,514
				60,074
		Hotels, Restaurants & Leisure — 1.7%
	546	Royal Caribbean Cruises Ltd.		59,593
	1,746	Starbucks Corp. (j)		101,794
				161,387
		Household Durables — 0.4%
	134	Mohawk Industries, Inc. (a) (j)		32,373
	85	PulteGroup, Inc.		2,076
	29	Toll Brothers, Inc.		1,158
				35,607
		Internet & Direct Marketing Retail — 1.9%
	179	Amazon.com, Inc. (a) (j)		173,526
		Leisure Products — 0.1%
	223	Mattel, Inc.		4,796
		Media — 7.1%
	409	Charter Communications, Inc., Class A (a)		137,761
	2,862	Comcast Corp., Class A		111,376
	1,357	DISH Network Corp., Class A (a)		85,165
	2,752	Twenty-First Century Fox, Inc., Class A		77,981
	1,139	Twenty-First Century Fox, Inc., Class B (j)		31,742
	2,008	Walt Disney Co. (The)		213,352
				657,377
		Multiline Retail — 0.1%
	430	Macy’s, Inc.		9,996
		Specialty Retail — 4.0%
	37	AutoZone, Inc. (a) (j)		21,350
	531	Home Depot, Inc. (The) (j)		81,496
	1,194	Lowe’s Cos., Inc. (j)		92,571
	460	O’Reilly Automotive, Inc. (a) (j)		100,692
	1,043	TJX Cos., Inc. (The) (j)		75,255
				371,364
		Textiles, Apparel & Luxury Goods — 0.4%
	591	NIKE, Inc., Class B (j)		34,882
		Total Consumer Discretionary		1,568,454

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 7.0%
		Beverages — 2.4%
	1,050	Molson Coors Brewing Co., Class B (j)		90,620
	1,148	PepsiCo, Inc.		132,562
				223,182
		Food & Staples Retailing — 1.3%
	1,549	Walgreens Boots Alliance, Inc. (j)		121,288
		Food Products — 1.4%
	43	Kraft Heinz Co. (The) (j)		3,697
	2,981	Mondelez International, Inc., Class A (j)		128,746
				132,443
		Household Products — 0.1%
	46	Colgate-Palmolive Co. (j)		3,416
		Personal Products — 0.2%
	226	Estee Lauder Cos., Inc. (The), Class A (j)		21,703
		Tobacco — 1.6%
	1,277	Philip Morris International, Inc.		149,957
		Total Consumer Staples		651,989
		Energy — 9.9%
		Oil, Gas & Consumable Fuels — 9.9%
	384	Cabot Oil & Gas Corp. (j)		9,642
	855	Concho Resources, Inc. (a) (j)		103,895
	683	Diamondback Energy, Inc. (a)		60,658
	2,669	EOG Resources, Inc. (j)		241,593
	1,125	EQT Corp.		65,933
	236	Kinder Morgan, Inc. (j)		4,529
	3,666	Occidental Petroleum Corp.		219,489
	327	Parsley Energy, Inc., Class A (a)		9,068
	953	Pioneer Natural Resources Co. (j)		152,061
	168	Plains GP Holdings LP, Class A		4,407
	877	TransCanada Corp., (Canada)		41,786
		Total Energy		913,061
		Financials — 23.1%
		Banks — 10.2%
	7,165	Bank of America Corp. (j)		173,819
	4,122	Citigroup, Inc.		275,698
	660	First Republic Bank		66,094
	164	Huntington Bancshares, Inc.		2,214
	4,823	KeyCorp (j)		90,375
	345	PNC Financial Services Group, Inc. (The) (j)		43,118
	2,949	Regions Financial Corp.		43,167
	171	SunTrust Banks, Inc.		9,672
	299	SVB Financial Group (a) (j)		52,573

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Banks — continued
	3,338	Wells Fargo & Co. (j)		184,978
				941,708
		Capital Markets — 5.3%
	279	Ameriprise Financial, Inc.		35,520
	861	Bank of New York Mellon Corp. (The) (j)		43,941
	52	BlackRock, Inc. (j)		21,931
	1,946	Charles Schwab Corp. (The) (j)		83,579
	61	Goldman Sachs Group, Inc. (The) (j)		13,436
	1,729	Intercontinental Exchange, Inc. (j)		113,955
	3,931	Morgan Stanley (j)		175,184
				487,546
		Consumer Finance — 1.2%
	1,272	Capital One Financial Corp.		105,120
	270	Synchrony Financial		8,062
				113,182
		Diversified Financial Services — 0.3%
	841	Voya Financial, Inc.		31,042
		Insurance — 6.1%
	1,967	American International Group, Inc.		122,955
	397	Arthur J Gallagher & Co. (j)		22,723
	1,424	Chubb Ltd. (j)		207,039
	2,441	Hartford Financial Services Group, Inc. (The) (j)		128,298
	395	Lincoln National Corp.		26,663
	763	MetLife, Inc.		41,895
	173	Validus Holdings Ltd.		9,007
	170	XL Group Ltd., (Bermuda)		7,453
				566,033
		Total Financials		2,139,511
		Health Care — 18.5%
		Biotechnology — 2.0%
	126	Biogen, Inc. (a)		34,220
	13	BioMarin Pharmaceutical, Inc. (a)		1,141
	643	Celgene Corp. (a) (j)		83,478
	284	Gilead Sciences, Inc.		20,075
	382	Vertex Pharmaceuticals, Inc. (a) (j)		49,204
				188,118
		Health Care Equipment & Supplies — 2.5%
	6,297	Boston Scientific Corp. (a) (j)		174,563
	453	Zimmer Biomet Holdings, Inc. (j)		58,189
				232,752

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 4.3%
	60	Aetna, Inc.		9,093
	177	Cigna Corp.		29,624
	116	Humana, Inc.		27,947
	18	McKesson Corp. (j)		3,032
	1,747	UnitedHealth Group, Inc. (j)		323,995
				393,691
		Life Sciences Tools & Services — 1.3%
	1,992	Agilent Technologies, Inc. (j)		118,137
		Pharmaceuticals — 8.4%
	989	Allergan plc (j)		240,470
	1,400	Bristol-Myers Squibb Co. (j)		78,006
	1,376	Eli Lilly & Co.		113,254
	1,231	Merck & Co., Inc. (j)		78,892
	7,819	Pfizer, Inc. (j)		262,643
				773,265
		Total Health Care		1,705,963
		Industrials — 14.4%
		Aerospace & Defense — 2.2%
	431	General Dynamics Corp.		85,461
	55	L3 Technologies, Inc. (j)		9,204
	419	Northrop Grumman Corp. (j)		107,480
				202,145
		Air Freight & Logistics — 0.1%
	47	FedEx Corp.		10,221
		Airlines — 1.8%
	1,320	Delta Air Lines, Inc.		70,956
	1,286	United Continental Holdings, Inc. (a)		96,759
				167,715
		Building Products — 1.1%
	553	Allegion plc (j)		44,846
	213	Johnson Controls International plc		9,245
	1,294	Masco Corp. (j)		49,461
				103,552
		Commercial Services & Supplies — 0.5%
	711	Waste Connections, Inc., (Canada)		45,824
		Electrical Equipment — 0.2%
	202	Eaton Corp. plc		15,702
		Industrial Conglomerates — 3.2%
	4,710	General Electric Co. (j)		127,216
	1,224	Honeywell International, Inc. (j)		163,189
				290,405

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 15

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Machinery — 3.0%
	1,308	Ingersoll-Rand plc (j)		119,557
	205	PACCAR, Inc.		13,506
	1,020	Stanley Black & Decker, Inc.		143,489
				276,552
		Road & Rail — 2.1%
	388	Canadian Pacific Railway Ltd., (Canada)		62,428
	496	Norfolk Southern Corp. (j)		60,374
	683	Union Pacific Corp. (j)		74,367
				197,169
		Trading Companies & Distributors — 0.2%
	139	AerCap Holdings NV, (Ireland) (a)		6,460
	395	HD Supply Holdings, Inc. (a)		12,112
				18,572
		Total Industrials		1,327,857
		Information Technology — 25.7%
		Internet Software & Services — 6.2%
	185	Alphabet, Inc., Class A (a)		171,983
	224	Alphabet, Inc., Class C (a) (j)		203,177
	1,320	Facebook, Inc., Class A (a) (j)		199,343
				574,503
		IT Services — 4.6%
	917	Accenture plc, Class A (j)		113,374
	893	Fidelity National Information Services, Inc.		76,269
	88	Global Payments, Inc.		7,925
	448	Mastercard, Inc., Class A		54,427
	1,071	Visa, Inc., Class A		100,408
	674	WEX, Inc. (a)		70,278
				422,681
		Semiconductors & Semiconductor Equipment — 6.1%
	608	Analog Devices, Inc.		47,271
	1,041	Broadcom Ltd. (j)		242,494
	43	KLA-Tencor Corp.		3,920
	377	Maxim Integrated Products, Inc.		16,920
	977	Microchip Technology, Inc. (j)		75,389
	393	Micron Technology, Inc. (a)		11,745
	238	NVIDIA Corp.		34,363
	448	ON Semiconductor Corp. (a)		6,284
	1,657	Texas Instruments, Inc. (j)		127,436
				565,822
		Software — 4.6%
	644	Adobe Systems, Inc. (a) (j)		91,128

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	4,337	Microsoft Corp. (j)		298,962
	302	Workday, Inc., Class A (a)		29,268
				419,358
		Technology Hardware, Storage & Peripherals — 4.2%
	2,467	Apple, Inc.		355,317
	2,103	Hewlett Packard Enterprise Co. (j)		34,883
				390,200
		Total Information Technology		2,372,564
		Materials — 5.2%
		Chemicals — 3.5%
	750	Celanese Corp., Series A		71,168
	842	Dow Chemical Co. (The)		53,077
	537	Eastman Chemical Co. (j)		45,142
	1,973	EI du Pont de Nemours & Co. (j)		159,216
				328,603
		Construction Materials — 0.7%
	99	Martin Marietta Materials, Inc.		22,043
	345	Vulcan Materials Co. (j)		43,651
				65,694
		Containers & Packaging — 0.5%
	749	WestRock Co. (j)		42,445
		Metals & Mining — 0.5%
	1,332	Alcoa Corp.		43,505
		Total Materials		480,247
		Real Estate — 1.4%
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	122	AvalonBay Communities, Inc. (j)		23,437
	501	Brixmor Property Group, Inc.		8,961
	73	Federal Realty Investment Trust		9,188
	584	HCP, Inc.		18,675
	184	Omega Healthcare Investors, Inc.		6,068
	139	Public Storage (j)		29,065
	157	SBA Communications Corp. (a) (j)		21,144
	171	Vornado Realty Trust		16,086
		Total Real Estate		132,624
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.8%
	1,090	AT&T, Inc. (j)		41,136
	751	Verizon Communications, Inc. (j)		33,519
				74,655

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Wireless Telecommunication Services — 0.3%
	410	T-Mobile US, Inc. (a) (j)		24,854
		Total Telecommunication Services		99,509
		Utilities — 2.3%
		Electric Utilities — 1.3%
	219	Duke Energy Corp.		18,267
	558	NextEra Energy, Inc. (j)		78,164
	63	PG&E Corp. (j)		4,190
	512	Xcel Energy, Inc.		23,470
				124,091
		Multi-Utilities — 1.0%
	596	CMS Energy Corp.		27,582
	2,543	NiSource, Inc. (j)		64,495
				92,077
		Total Utilities		216,168
		Total Common Stocks (Cost $8,281,651)		11,607,947
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	49,932	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $49,932)		49,932
		Total Investments — 126.1% (Cost $8,331,583)		11,657,879
		Liabilities in Excess of Other Assets — (26.1)%		(2,416,001	)
		NET ASSETS — 100.0%	$	9,241,878
	Short Positions — 27.3%
	Common Stocks — 27.3%
		Consumer Discretionary — 3.1%
		Hotels, Restaurants & Leisure — 0.3%
	25	Chipotle Mexican Grill, Inc. (a)		10,534
	66	Darden Restaurants, Inc.		6,002
	104	Marriott International, Inc., Class A		10,454
				26,990
		Leisure Products — 0.3%
	234	Hasbro, Inc.		26,112
		Media — 1.2%
	97	CBS Corp. (Non-Voting), Class B		6,195
	492	Discovery Communications, Inc., Class A (a)		12,709
	957	Interpublic Group of Cos., Inc. (The)		23,541
	558	Omnicom Group, Inc.		46,244

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	406	Scripps Networks Interactive, Inc., Class A		27,754
				116,443
		Multiline Retail — 0.7%
	588	Kohl’s Corp.		22,726
	54	Nordstrom, Inc.		2,560
	738	Target Corp.		38,565
				63,851
		Specialty Retail — 0.3%
	906	Bed Bath & Beyond, Inc.		27,556
		Textiles, Apparel & Luxury Goods — 0.3%
	106	Carter’s, Inc.		9,414
	268	Ralph Lauren Corp.		19,782
				29,196
		Total Consumer Discretionary		290,148
		Consumer Staples — 3.2%
		Food & Staples Retailing — 1.2%
	72	Costco Wholesale Corp.		11,564
	506	CVS Health Corp.		40,736
	690	Sysco Corp.		34,705
	347	Wal-Mart Stores, Inc.		26,287
				113,292
		Food Products — 0.6%
	80	Campbell Soup Co.		4,164
	174	Conagra Brands, Inc.		6,217
	578	General Mills, Inc.		32,030
	176	Kellogg Co.		12,217
				54,628
		Household Products — 1.0%
	602	Church & Dwight Co., Inc.		31,224
	468	Clorox Co. (The)		62,300
				93,524
		Personal Products — 0.2%
	883	Coty, Inc., Class A		16,572
		Tobacco — 0.2%
	254	Altria Group, Inc.		18,918
		Total Consumer Staples		296,934
		Energy — 3.5%
		Energy Equipment & Services — 1.1%
	529	Halliburton Co.		22,574
	404	Helmerich & Payne, Inc.		21,972

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 17

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Energy Equipment & Services — continued
	461	National Oilwell Varco, Inc.		15,188
	722	Schlumberger Ltd.		47,560
				107,294
		Oil, Gas & Consumable Fuels — 2.4%
	1,189	ConocoPhillips		52,258
	1,118	Enbridge, Inc., (Canada)		44,502
	1,227	Exxon Mobil Corp.		99,091
	29	HollyFrontier Corp.		789
	658	Marathon Oil Corp.		7,794
	250	Murphy Oil Corp.		6,396
	290	Noble Energy, Inc.		8,197
				219,027
		Total Energy		326,321
		Financials — 3.8%
		Banks — 1.9%
	509	Citizens Financial Group, Inc.		18,144
	1,151	Fifth Third Bancorp		29,889
	946	Fulton Financial Corp.		17,966
	167	M&T Bank Corp.		27,106
	1,355	People’s United Financial, Inc.		23,927
	629	US Bancorp		32,646
	361	Webster Financial Corp.		18,869
				168,547
		Capital Markets — 0.9%
	123	CME Group, Inc.		15,380
	220	Franklin Resources, Inc.		9,852
	227	Moody’s Corp.		27,595
	200	Nasdaq, Inc.		14,295
	38	Northern Trust Corp.		3,669
	173	T Rowe Price Group, Inc.		12,868
				83,659
		Insurance — 1.0%
	72	Axis Capital Holdings Ltd.		4,666
	215	Principal Financial Group, Inc.		13,759
	41	Prudential Financial, Inc.		4,437
	125	RenaissanceRe Holdings Ltd., (Bermuda)		17,341
	68	Torchmark Corp.		5,182
	316	Travelers Cos., Inc. (The)		40,015
	132	WR Berkley Corp.		9,100
				94,500
		Total Financials		346,706

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 2.8%
		Biotechnology — 1.0%
	886	AbbVie, Inc.		64,271
	166	Amgen, Inc.		28,510
				92,781
		Health Care Equipment & Supplies — 1.1%
	436	Baxter International, Inc.		26,414
	381	Medtronic plc		33,811
	144	Stryker Corp.		19,992
	183	Varian Medical Systems, Inc. (a)		18,903
				99,120
		Health Care Providers & Services — 0.6%
	337	AmerisourceBergen Corp.		31,830
	207	Cardinal Health, Inc.		16,137
	108	DaVita, Inc. (a)		6,964
				54,931
		Pharmaceuticals — 0.1%
	93	Johnson & Johnson		12,284
		Total Health Care		259,116
		Industrials — 3.8%
		Aerospace & Defense — 1.8%
	218	Boeing Co. (The)		43,085
	155	Lockheed Martin Corp.		43,139
	284	Raytheon Co.		45,893
	269	United Technologies Corp.		32,891
				165,008
		Air Freight & Logistics — 0.4%
	449	CH Robinson Worldwide, Inc.		30,857
	84	United Parcel Service, Inc., Class B		9,299
				40,156
		Airlines — 0.0% (g)
	75	American Airlines Group, Inc.		3,756
		Building Products — 0.1%
	52	Lennox International, Inc.		9,624
		Electrical Equipment — 0.2%
	249	Emerson Electric Co.		14,841
		Machinery — 0.3%
	77	AGCO Corp.		5,206
	56	Cummins, Inc.		9,039
	225	Donaldson Co., Inc.		10,232
				24,477

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Professional Services — 0.3%
	214	Equifax, Inc.		29,373
		Road & Rail — 0.3%
	320	Canadian National Railway Co., (Canada)		25,905
		Trading Companies & Distributors — 0.4%
	185	Air Lease Corp.		6,918
	185	WW Grainger, Inc.		33,449
				40,367
		Total Industrials		353,507
		Information Technology — 1.9%
		Communications Equipment — 0.3%
	111	Cisco Systems, Inc.		3,465
	824	Juniper Networks, Inc.		22,966
				26,431
		Electronic Equipment, Instruments & Components — 0.1%
	196	Amphenol Corp., Class A		14,454
		Internet Software & Services — 0.2%
	966	Twitter, Inc. (a)		17,267
		IT Services — 0.1%
	54	Alliance Data Systems Corp.		13,875
		Semiconductors & Semiconductor Equipment — 0.5%
	679	Intel Corp.		22,924
	15	Lam Research Corp.		2,128
	275	Xilinx, Inc.		17,669
				42,721
		Software — 0.4%
	39	Intuit, Inc.		5,221
	334	salesforce.com, Inc. (a)		28,950
				34,171
		Technology Hardware, Storage & Peripherals — 0.3%
	168	NetApp, Inc.		6,714
	495	Seagate Technology plc		19,163
				25,877
		Total Information Technology		174,796
		Materials — 1.1%
		Chemicals — 0.8%
	92	Air Products & Chemicals, Inc.		13,190
	530	LyondellBasell Industries NV, Class A		44,707
	130	Praxair, Inc.		17,286
				75,183
		Containers & Packaging — 0.2%
	21	International Paper Co.		1,200

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
	93	Packaging Corp. of America		10,398
	157	Sonoco Products Co.		8,093
				19,691
		Paper & Forest Products — 0.1%
	186	Domtar Corp.		7,132
		Total Materials		102,006
		Real Estate — 2.0%
		Equity Real Estate Investment Trusts (REITs) — 2.0%
	216	Apartment Investment & Management Co., Class A		9,293
	207	Crown Castle International Corp.		20,757
	126	Healthcare Realty Trust, Inc.		4,286
	554	Host Hotels & Resorts, Inc.		10,121
	158	Prologis, Inc.		9,290
	179	Realty Income Corp.		9,870
	178	Simon Property Group, Inc.		28,864
	149	SL Green Realty Corp.		15,808
	339	UDR, Inc.		13,201
	165	Ventas, Inc.		11,450
	104	Washington REIT		3,332
	637	Welltower, Inc.		47,656
		Total Real Estate		183,928
		Utilities — 2.1%
		Electric Utilities — 0.7%
	1,251	Southern Co. (The)		59,905
		Gas Utilities — 0.0% (g)
	43	National Fuel Gas Co.		2,414
		Multi-Utilities — 1.4%
	152	Ameren Corp.		8,320
	360	Consolidated Edison, Inc.		29,097
	510	Dominion Energy, Inc.		39,108
	438	SCANA Corp.		29,351
	231	Sempra Energy		26,062
				131,938
		Total Utilities		194,257
		Total Securities Sold Short (Proceeds $2,510,772)	$	2,527,719

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 19

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	819	E-mini S&P 500 Index		09/15/17		USD	$	99,136	$	(170	)

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

J.P. Morgan Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

REIT	—  Real Estate Investment Trust.
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)	—  Amount rounds to less than 0.05%.
(j)	—  All or a portion of this security is segregated as collateral for short sales. The total values of securities and cash segregated as collateral were approximately $138,057,000 and $96,000 for U.S. Dynamic Plus Fund and approximately $3,518,789,000 and $918,000 for U.S. Large Cap Core Plus Fund, respectively.
(l)	—  The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	385,334		$	11,607,947
Investments in affiliates, at value		2,454			49,932
Total investment securities, at value		387,788			11,657,879
Restricted cash		96			918
Cash		—	(a)		443
Deposits at broker for futures contracts		—			810
Receivables:
Investment securities sold		2,706			543,222
Fund shares sold		239			6,689
Dividends from non-affiliates		291			10,998
Dividends from affiliates		2			43
Total Assets		391,122			12,221,002
LIABILITIES:
Payables:
Securities sold short, at value		84,313			2,527,719
Dividend expense to non-affiliates on securities sold short		72			3,327
Investment securities purchased		2,204			424,628
Interest expense to non-affiliates on securities sold short		58			1,440
Fund shares redeemed		184			13,838
Variation margin on futures contracts		—			101
Accrued liabilities:
Investment advisory fees		157			5,429
Administration fees		—			162
Distribution fees		58			294
Service fees		62			1,807
Custodian and accounting fees		5			33
Trustees’ and Chief Compliance Officer’s fees		—			45
Other		58			301
Total Liabilities		87,171			2,979,124
Net Assets	$	303,951		$	9,241,878

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	213,316		$	5,382,530
Accumulated undistributed (distributions in excess of) net investment income		428			2,440
Accumulated net realized gains (losses)		16,553			547,729
Net unrealized appreciation (depreciation)		73,654			3,309,179
Total Net Assets	$	303,951		$	9,241,878
Net Assets:
Class A	$	275,986		$	791,067
Class C		778			201,031
Class I (formerly Select Class)		27,187			8,075,047
Class R2		—			6,207
Class R5		—			168,526
Total	$	303,951		$	9,241,878
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15,506			26,064
Class C		45			6,883
Class I (formerly Select Class)		1,487			263,341
Class R2		—			209
Class R5		—			5,470
Net Asset Value (a):
Class A — Redemption price per share	$	17.80		$	30.35
Class C — Offering price per share (b)		17.17			29.21
Class I (formerly Select Class) — Offering and redemption price per share		18.28			30.66
Class R2 — Offering and redemption price per share		—			29.74
Class R5 — Offering and redemption price per share		—			30.81
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	18.79		$	32.03
Cost of investments in non-affiliates	$	309,456		$	8,281,651
Cost of investments in affiliates		2,454			49,932
Proceeds from securities sold short		82,089			2,510,772

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 23

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017    

(Amounts in thousands)

	U.S. Dynamic Plus Fund			U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from affiliates	$	2		$	9
Dividend income from non-affiliates		7,948			214,214
Dividend income from affiliates		21			391
Total investment income		7,971			214,614
EXPENSES:
Investment advisory fees		2,227			77,751
Administration fees		243			7,950
Distribution fees:
Class A		618			2,128
Class C		6			1,599
Class R2		—			33
Service fees:
Class A		618			2,128
Class C		2			533
Class I (formerly Select Class)		122			20,548
Class R2		—			17
Class R5		—			237
Custodian and accounting fees		44			360
Interest expense to affiliates		—	(a)		1
Professional fees		54			139
Trustees’ and Chief Compliance Officer’s fees		26			77
Printing and mailing costs		34			245
Registration and filing fees		58			151
Transfer agency fees (See Note 2.E.)		10			209
Sub-transfer agency fees (See Note 2.E.)		102			2,101
Other		11			173
Dividend expense to non-affiliates on securities sold short		1,137			72,495
Interest expense to non-affiliates on securities sold short		688			20,214
Total expenses		6,000			209,089
Less fees waived		(735	)		(17,268	)
Less earnings credits		—			(1	)
Less expense reimbursements		(4	)		—
Net expenses		5,261			191,820
Net investment income (loss)		2,710			22,794
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		55,326			1,848,850
Futures		521			2,536
Securities sold short		(16,514	)		(359,351	)
Net realized gain (loss)		39,333			1,492,035
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,177			316,097
Futures		(39	)		(170	)
Securities sold short		2,599			120,259
Change in net unrealized appreciation/depreciation		3,737			436,186
Net realized/unrealized gains (losses)		43,070			1,928,221
Change in net assets resulting from operations	$	45,780		$	1,951,015

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,710		$	3,800		$	22,794		$	38,568
Net realized gain (loss)		39,333			2,353			1,492,035			262,285
Change in net unrealized appreciation/depreciation		3,737			(4,065	)		436,186			(823,494	)
Change in net assets resulting from operations		45,780			2,088			1,951,015			(522,641	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,451	)		(1,048	)		(410	)		(161	)
From net realized gains		(15,885	)		(7,197	)		(35,447	)		(77,714	)
Class C
From net investment income		(9	)		(2	)		—			—
From net realized gains		(65	)		(57	)		(9,412	)		(20,643	)
Class I (formerly Select Class)
From net investment income		(99	)		(1,539	)		(27,611	)		(20,719	)
From net realized gains		(1,336	)		(8,625	)		(354,137	)		(771,350	)
Class R2
From net realized gains		—			—			(299	)		(441	)
Class R5
From net investment income		—			—			(2,614	)		(4,262	)
From net realized gains		—			—			(21,795	)		(70,789	)
Total distributions to shareholders		(20,845	)		(18,468	)		(451,725	)		(966,079	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(133,137	)		119,760			(2,133,477	)		(504,449	)
NET ASSETS:
Change in net assets		(108,202	)		103,380			(634,187	)		(1,993,169	)
Beginning of period		412,153			308,773			9,876,065			11,869,234
End of period	$	303,951		$	412,153		$	9,241,878		$	9,876,065
Accumulated undistributed (distributions in excess of) net investment income	$	428		$	1,347		$	2,440		$	10,771

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 25

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	112,551		$	202,593		$	130,613		$	261,761
Distributions reinvested		19,249			8,175			34,876			76,073
Cost of shares redeemed		(148,638	)		(62,540	)		(398,212	)		(271,805	)
Change in net assets resulting from Class A capital transactions	$	(16,838	)	$	148,228		$	(232,723	)	$	66,029
Class C
Proceeds from shares issued	$	68		$	276		$	15,285		$	11,666
Distributions reinvested		67			55			8,026			17,157
Cost of shares redeemed		(365	)		(430	)		(66,631	)		(45,448	)
Change in net assets resulting from Class C capital transactions	$	(230)		$	(99)		$	(43,320)		$	(16,625)
Class I (formerly Select Class)
Proceeds from shares issued	$	13,200		$	19,360		$	817,311		$	1,141,889
Distributions reinvested		1,420			10,151			248,126			516,415
Cost of shares redeemed		(130,689	)		(57,880	)		(2,423,962	)		(2,622,933	)
Change in net assets resulting from Class I capital transactions	$	(116,069	)	$	(28,369	)	$	(1,358,525	)	$	(964,629)
Class R2
Proceeds from shares issued	$	—		$	—		$	1,756		$	2,726
Distributions reinvested		—			—			167			285
Cost of shares redeemed		—			—			(2,690	)		(2,119	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—			$ (767	)	$	892
Class R5
Proceeds from shares issued	$	—		$	—		$	37,761		$	629,911
Distributions reinvested		—			—			21,192			60,964
Cost of shares redeemed		—			—			(557,095	)		(280,991	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(498,142	)	$	409,884
Total change in net assets resulting from capital transactions	$	(133,137	)	$	119,760		$	(2,133,477	)	$	(504,449	)

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

	U.S. Dynamic Plus Fund						U.S. Large Cap Core Plus Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		6,455			12,442			4,576			9,780
Reinvested		1,111			482			1,240			2,899
Redeemed		(8,499	)		(3,660	)		(13,907	)		(10,177	)
Change in Class A Shares		(933	)		9,264			(8,091	)		2,502
Class C
Issued		4			16			546			453
Reinvested		4			4			296			674
Redeemed		(22	)		(26	)		(2,396	)		(1,745	)
Change in Class C Shares		(14	)		(6	)		(1,554	)		(618	)
Class I (formerly Select Class)
Issued		739			1,162			28,076			42,150
Reinvested		80			591			8,722			19,466
Redeemed		(7,369	)		(3,349	)		(84,025	)		(95,413	)
Change in Class I Shares		(6,550	)		(1,596	)		(47,227	)		(33,797	)
Class R2
Issued		—			—			63			103
Reinvested		—			—			6			11
Redeemed		—			—			(94	)		(78	)
Change in Class R2 Shares		—			—			(25	)		36
Class R5
Issued		—			—			1,318			20,912
Reinvested		—			—			741			2,285
Redeemed		—			—			(18,958	)		(10,822	)
Change in Class R5 Shares		—			—			(16,899	)		12,375

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 27

STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	U.S. Dynamic Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Increase in net assets resulting from operations	$	45,780
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(313,388	)
Proceeds from disposition of investment securities		510,634
Covers of investment securities sold short		(164,577	)
Proceeds from investment securities sold short		112,518
Proceeds from short-term investments — affiliates, net		5,209
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(1,177	)
Change in unrealized (appreciation)/depreciation on investment securities sold short		(2,599	)
Net realized (gain)/loss on investments in non-affiliates		(55,326	)
Net realized (gain)/loss on investments securities sold short		16,514
Decrease in restricted cash		12
Decrease in deposits at broker for futures contracts		355
Decrease in dividends receivable from non-affiliates		224
Decrease in dividends receivable from affiliates		1
Decrease in variation margin receivable		34
Increase in dividend expense payable to non-affiliates on securities sold short		12
Decrease in interest expense payable to non-affiliates on securities sold short		(50	)
Decrease in investment advisory fees payable		(54	)
Increase in distribution fees payable		1
Decrease in service fees payable		(89	)
Decrease in other accrued expenses payable		(21	)
Net cash provided (used) by operating activities		154,013
Cash flows provided (used) by financing activities:
Proceeds from shares issued		126,128
Payment for shares redeemed		(280,032	)
Cash distributions paid to shareholders (net of reinvestments of $20,736)		(109	)
Net cash provided (used) by financing activities		(154,013	)
Net increase in cash		—	(a)
Cash:
Beginning of period		—
End of period		—	(a)

Supplemental disclosure of cash flow information:

For the year ended June 30, 2017, the Fund paid $738 in interest expenses for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

	U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Increase in net assets resulting from operations	$	1,951,015
Adjustments to reconcile net increase/decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(11,471,221	)
Proceeds from disposition of investment securities		14,934,226
Covers of investment securities sold short		(4,619,392	)
Proceeds from investment securities sold short		3,754,106
Purchases of short-term investments — affiliates, net		(14,258	)
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		(316,097	)
Change in unrealized (appreciation)/depreciation on investment securities sold short		(120,259	)
Net realized (gain)/loss on investments in non-affiliates		(1,848,850	)
Net realized (gain)/loss on investments securities sold short		359,351
Decrease in restricted cash		3,251
Increase in deposits at broker for futures contracts		(810	)
Decrease in dividends receivable from non-affiliates		3,434
Increase in dividends receivable from affiliates		(13	)
Decrease in dividend expense payable to non-affiliates on securities sold short		(220	)
Decrease in interest expense payable to non-affiliates on securities sold short		(396	)
Increase in variation margin payable		101
Decrease in investment advisory fees payable		(425	)
Decrease in administration fees payable		(17	)
Increase in service fees payable		38
Decrease in distribution fees payable		(26	)
Decrease in custodian and accounting fees payable		(28	)
Increase in trustees’ and chief compliance office fees payable		26
Decrease in other accrued expenses payable		(797	)
Net cash provided (used) by operating activities		2,612,739
Cash flows provided (used) by financing activities:
Proceeds from shares issued		1,002,028
Payment for shares redeemed		(3,474,986	)
Cash distributions paid to shareholders (net of reinvestments of $312,387)		(139,338	)
Net cash provided (used) by financing activities		(2,612,296	)
Net increase in cash		443
Cash:
Beginning of period		—
End of period	$	443

Supplemental disclosure of cash flow information:

For the year ended June 30, 2017, the Fund paid $20,610 in interest expenses for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Dynamic Plus Fund
Class A
Year Ended June 30, 2017	$	16.73	$	0.14	(d)	$	2.58		$	2.72		$	(0.28	)	$	(1.37	)	$	(1.65	)
Year Ended June 30, 2016		18.19		0.17	(d)		(0.55	)		(0.38	)		(0.13	)		(0.95	)		(1.08	)
Year Ended June 30, 2015		17.70		0.08			1.43			1.51			(0.07	)		(0.95	)		(1.02	)
Year Ended June 30, 2014		15.40		0.09	(d)(e)		3.36			3.45			(0.10	)		(1.05	)		(1.15	)
Year Ended June 30, 2013		13.46		0.19	(d)(f)		2.39			2.58			(0.25	)		(0.39	)		(0.64	)
Class C
Year Ended June 30, 2017		16.19		0.06	(d)		2.47			2.53			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		17.61		0.08	(d)		(0.52	)		(0.44	)		(0.03	)		(0.95	)		(0.98	)
Year Ended June 30, 2015		17.19		—	(g)		1.37			1.37			—	(g)		(0.95	)		(0.95	)
Year Ended June 30, 2014		14.99		—	(d)(e)(g)		3.26			3.26			(0.01	)		(1.05	)		(1.06	)
Year Ended June 30, 2013		13.10		0.12	(d)(f)		2.33			2.45			(0.17	)		(0.39	)		(0.56	)
Class I (formerly Select Class)
Year Ended June 30, 2017		16.94		0.26	(d)		2.54			2.80			(0.09	)		(1.37	)		(1.46	)
Year Ended June 30, 2016		18.39		0.22	(d)		(0.56	)		(0.34	)		(0.16	)		(0.95	)		(1.11	)
Year Ended June 30, 2015		17.88		0.12			1.45			1.57			(0.11	)		(0.95	)		(1.06	)
Year Ended June 30, 2014		15.51		0.13	(d)(e)		3.39			3.52			(0.10	)		(1.05	)		(1.15	)
Year Ended June 30, 2013		13.55		0.24	(d)(f)		2.40			2.64			(0.29	)		(0.39	)		(0.68	)

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

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

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.20% and 1.45% for the year ended June 30, 2017, 1.21% and 1.49% for the year ended June 30, 2016, 1.29% and 1.81% for the year ended June 30, 2015, 1.29% and 1.79% for the year ended June 30, 2014 and 1.29% and 1.99% for the year ended June 30, 2013; for Class C are 1.69% and 2.01% for the year ended June 30, 2017, 1.72% and 2.09% for the year ended June 30, 2016, 1.79% and 2.26% for the year ended June 30, 2015, 1.79% and 2.29% for the year ended June 30, 2014 and 1.78% and 2.48% for the year ended June 30, 2013; for Class I are 0.94% and 1.18% for the year ended June 30, 2017, 0.96% and 1.19% for the year ended June 30, 2016, 1.04% and 1.40% for the year ended June 30, 2015, 1.04% and 1.54% for the year ended June 30, 2014 and 1.05% and 1.74% for the year ended June 30, 2013, respectively.

(d) Calculated based upon average shares outstanding.

(e) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.08, less than $0.01 and $0.13 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.51%, less than 0.01% and 0.76% for Class A, Class C and Class I Shares, respectively.

(f) Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.08, $0.02 and $0.14 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, 0.16% and 0.95% for Class A, Class C and Class I Shares, respectively.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

		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 (including dividend and interest expense for securities  sold short) (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (c)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including short sales)
$	17.80		16.61	%	$	275,986		1.81	%		0.80	%		2.06	%		80	%		122	%
	16.73		(2.15	)		275,051		1.83			0.99			2.11			78			116
	18.19		8.71			130,499		1.89			0.39			2.41			54			73
	17.70		23.12			93,114		1.87			0.53	(e)		2.37			72			109
	15.40		19.93			58,372		1.95			1.29	(f)		2.65			101			135
	17.17		15.95			778		2.30			0.34			2.62			80			122
	16.19		(2.58	)		953		2.34			0.47			2.71			78			116
	17.61		8.12			1,137		2.39			(0.12	)		2.86			54			73
	17.19		22.48			1,004		2.37			0.02	(e)		2.87			72			109
	14.99		19.36			463		2.44			0.88	(f)		3.14			101			135
	18.28		16.89			27,187		1.54			1.47			1.78			80			122
	16.94		(1.90	)		136,149		1.58			1.24			1.81			78			116
	18.39		8.95			177,137		1.64			0.63			2.00			54			73
	17.88		23.46			194,922		1.62			0.78	(e)		2.12			72			109
	15.51		20.22			116,104		1.71			1.66	(f)		2.40			101			135

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 31

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
U.S. Large Cap Core Plus Fund
Class A
Year Ended June 30, 2017	$	26.06	$	—	(d)(e)	$	5.54		$	5.54		$	(0.01	)	$	(1.24	)	$	(1.25	)
Year Ended June 30, 2016		29.81		0.04	(e)		(1.37	)		(1.33	)		—	(d)		(2.42	)		(2.42	)
Year Ended June 30, 2015		29.50		0.06			2.49			2.55			(0.11	)		(2.13	)		(2.24	)
Year Ended June 30, 2014		25.37		0.05	(e)(f)		6.44			6.49			(0.05	)		(2.31	)		(2.36	)
Year Ended June 30, 2013		21.30		0.12	(e)(g)		5.04			5.16			(0.11	)		(0.98	)		(1.09	)
Class C
Year Ended June 30, 2017		25.23		(0.14	)(e)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)(e)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		28.85		(0.09	)		2.44			2.35			—			(2.13	)		(2.13	)
Year Ended June 30, 2014		24.93		(0.09	)(e)(f)		6.32			6.23			—			(2.31	)		(2.31	)
Year Ended June 30, 2013		20.95		—	(d)(e)(g)		4.96			4.96			—	(d)		(0.98	)		(0.98	)
Class I (formerly Select Class)
Year Ended June 30, 2017		26.32		0.08	(e)		5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10	(e)		(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Year Ended June 30, 2015		29.74		0.13			2.52			2.65			(0.19	)		(2.13	)		(2.32	)
Year Ended June 30, 2014		25.55		0.12	(e)(f)		6.50			6.62			(0.12	)		(2.31	)		(2.43	)
Year Ended June 30, 2013		21.44		0.18	(e)(g)		5.08			5.26			(0.17	)		(0.98	)		(1.15	)
Class R2
Year Ended June 30, 2017		25.61		(0.07	)(e)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)(e)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		29.14		(0.01	)		2.46			2.45			(0.06	)		(2.13	)		(2.19	)
Year Ended June 30, 2014		25.11		(0.02	)(e)(f)		6.37			6.35			(0.01	)		(2.31	)		(2.32	)
Year Ended June 30, 2013		21.13		0.06	(e)(g)		4.99			5.05			(0.09	)		(0.98	)		(1.07	)
Class R5
Year Ended June 30, 2017		26.44		0.13	(e)		5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18	(e)		(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Year Ended June 30, 2015		29.86		0.18			2.55			2.73			(0.25	)		(2.13	)		(2.38	)
Year Ended June 30, 2014		25.64		0.18	(e)(f)		6.51			6.69			(0.16	)		(2.31	)		(2.47	)
Year Ended June 30, 2013		21.51		0.22	(e)(g)		5.10			5.32			(0.21	)		(0.98	)		(1.19	)

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

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

(c) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.25% and 1.43% for the year ended June 30, 2017, 1.26% and 1.49% for the year ended June 30, 2016, 1.30% and 1.66% for the year ended June 30, 2015, 1.29% and 1.63% for the year ended June 30, 2014 and 1.29% and 1.63% for the year ended June 30, 2013; for Class C are 1.75% and 1.94% for the year ended June 30, 2017, 1.76% and 2.00% for the year ended June 30, 2016, 1.80% and 2.15% for the year ended June 30, 2015, 1.79% and 2.12% for the year ended June 30, 2014 and 1.80% and 2.13% for the year ended June 30, 2013; for Class I are 0.98% and 1.16% for the year ended June 30, 2017, 1.00% and 1.21% for the year ended June 30, 2016, 1.05% and 1.38% for the year ended June 30, 2015, 1.04% and 1.38% for the year ended June 30, 2014 and 1.05% and 1.38% for the year ended June 30, 2013; for Class R2 are 1.50% and 1.76% for the year ended June 30, 2017, 1.51% and 1.84% for the year ended June 30, 2016, 1.55% and 1.97% for the year ended June 30, 2015, 1.54% and 1.88% for the year ended June 30, 2014 and 1.54% and 1.88% for the year ended June 30, 2013; for Class R5 are 0.80% and 0.96% for the year ended June 30, 2017, 0.80% and 0.97% for the year ended June 30, 2016, 0.85% and 1.17% for the year ended June 30, 2015, 0.85% and 1.18% for the year ended June 30, 2014 and 0.85% and 1.19% for the year ended June 30, 2013, respectively.

(d) Amount rounds to less than $0.005.

(e) Calculated based upon average shares outstanding.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.05, $(0.09), $0.12, ($0.02) and $0.17 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.17%, (0.34)%, 0.42%, (0.09)% and 0.62% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.09, ($0.03), $0.15, $0.03 and $0.20 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.37%, (0.13)%, 0.63%, 0.14% and 0.83% Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(h) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

		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 (including dividend and interest expense for securities  sold short) (b)(c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (c)			Portfolio turnover rate (excluding securities sold short)			Portfolio turnover rate (including securities sold short)
$	30.35		21.64	%	$	791,067		2.20	%		0.00	%(h)		2.39	%		94	%		131	%
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127
	29.81		9.05			943,586		2.33			0.18			2.69			94			127
	29.50		26.73			955,036		2.14			0.19	(f)		2.48			90			122
	25.37		25.08			743,290		2.21			0.49	(g)		2.55			90			119
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127
	29.07		8.51			263,257		2.83			(0.31	)		3.18			94			127
	28.85		26.09			264,106		2.64			(0.32	)(f)		2.97			90			122
	24.93		24.44			214,660		2.72			0.00	(g)(h)		3.05			90			119
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127
	30.07		9.32			10,354,676		2.08			0.45			2.41			94			127
	29.74		27.05			9,277,524		1.89			0.44	(f)		2.23			90			122
	25.55		25.41			6,969,655		1.97			0.75	(g)		2.30			90			119
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127
	29.40		8.79			5,821		2.58			(0.05	)		3.00			94			127
	29.14		26.41			5,273		2.39			(0.07	)(f)		2.73			90			122
	25.11		24.74			3,766		2.46			0.27	(g)		2.80			90			119
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127
	30.21		9.54			301,894		1.88			0.65			2.20			94			127
	29.86		27.29			263,148		1.70			0.64	(f)		2.03			90			122
	25.64		25.66			142,927		1.77			0.95	(g)		2.11			90			119

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

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

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

	Classes Offered	Diversified/Non-Diversified
U.S. Dynamic Plus Fund	Class A, Class C and Class I^	Diversified
U.S. Large Cap Core Plus Fund	Class A, Class C, Class I^, Class R2 and Class R5	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

The investment objective of the U.S. Dynamic Plus Fund is to seek to provide long-term capital appreciation.

The investment objective of the U.S. Large Cap Core Plus Fund is to seek to provide a high total return from a portfolio of selected equity securities.

Effective as of the close of business on April 17, 2014, JPMorgan U.S. Large Cap Core Plus Fund was publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses. Effective May 24, 2017, limited offering was removed on the JPMorgan U.S. Large Cap Core Plus Fund.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2 and Class R5 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

34 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

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

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

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

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

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

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

U.S. Dynamic Plus Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	387,788		$	—	$	—	$	387,788
Total Liabilities for Securities Sold Short (a)	$	(84,313	)	$	—	$	—	$	(84,313	)
U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,657,879		$	—	$	—	$	11,657,879
Total Liabilities for Securities Sold Short (a)	$	(2,527,719	)	$	—	$	—	$	(2,527,719	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(170	)	$	—	$	—	$	(170	)

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

There were no transfers among any levels during the year ended June 30, 2017.

B. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining cash balance for liquidity.

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

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

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

	U.S. Dynamic Plus Fund		U.S. Large Cap Core Plus Fund
Futures Contracts — Equity
Average Notional Balance Long	$	3,209	$	32,180
Ending Notional Balance Long		—		99,136

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

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

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

The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

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

As of June 30, 2017, the Funds had outstanding short sales as listed on the SOIs.

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class R2		Class R5		Total
U.S. Dynamic Plus Fund
Transfer agency fees	$	9	$	—	(a)	$	1		n/a		n/a	$	10
Sub-transfer agency fees		82		1			19		n/a		n/a		102
U.S. Large Cap Core Plus Fund
Transfer agency fees		50		10			142	$	1	$	6		209
Sub-transfer agency fees		290		90			1,672		7		42		2,101

(a) Amount rounds to less than 500.

36 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
U.S. Dynamic Plus Fund	$	6,025	$	(70	)	$	(5,955	)
U.S. Large Cap Core Plus Fund		86,835		(490	)		(86,345	)

The reclassifications for the Funds relate primarily to tax equalization.

3. Fees and Other Transactions with Affiliates

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

U.S. Dynamic Plus Fund	0.75	%
U.S. Large Cap Core Plus Fund	0.80

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I and Class R5 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2
U.S. Dynamic Plus Fund		0.25	%		0.75	%		n/a
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50	%

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
U.S. Dynamic Plus Fund	$	—	(a)	$	—	(a)
U.S. Large Cap Core Plus Fund		31			—	(a)

(a) Amount rounds to less than 500.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Service Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R5*
U.S. Dynamic Plus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			0.25	%		0.10	%

* Prior to April 3, 2017 the service fee charged for U.S. Large Cap Core Fund was 0.05% for Class R5 Shares.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

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

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

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

	Class A			Class C			Class I			Class R2			Class R5
U.S. Dynamic Plus Fund		1.20	%		1.70	%		0.95	%		n/a			n/a
U.S. Large Cap Core Plus Fund		1.25			1.75			0.99			1.50	%		0.80	%

The expense limitation agreements were in effect for the year ended June 30, 2017 and are in place until at least October 31, 2017.

For the year ended June 30, 2017, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursement
U.S. Dynamic Plus Fund	$	463	$	238	$	25	$	726	$	4
U.S. Large Cap Core Plus Fund		8,946		5,964		2,198		17,108		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2017 were as follows (amounts in thousands):

U.S. Dynamic Plus Fund	$	9
U.S. Large Cap Core Plus Fund		160

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

38 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

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

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

During the year ended June 30, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the following Fund incurred the following brokerage commissions with broker-dealers affiliated with the Adviser (amounts in thousands):

U.S. Large Cap Core Plus Fund $ 1

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 June 30, 2017, purchases and sales of investments (excluding short-term investments were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
U.S. Dynamic Plus Fund	$	302,035	$	498,941	$	109,670	$	156,456
U.S. Large Cap Core Plus Fund		11,602,156		15,171,011		3,810,599		4,657,893

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
U.S. Dynamic Plus Fund	$	316,061	$	80,600	$	8,873	$	71,727
U.S. Large Cap Core Plus Fund		8,558,310		3,201,931		102,362		3,099,569

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

The tax character of distributions paid during the year ended June 30, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
U.S. Dynamic Plus Fund	$	3,843	$	17,002	$	20,844
U.S. Large Cap Core Plus Fund		30,635		421,090		451,725

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

The tax character of distributions paid during the year ended June 30, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
U.S. Dynamic Plus Fund	$	2,589	$	15,879	$	18,468
U.S. Large Cap Core Plus Fund		25,142		940,937		966,079

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

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
U.S. Dynamic Plus Fund	$	439	$	21,470	$	68,737
U.S. Large Cap Core Plus Fund		2,579		866,488		2,990,419

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals.

At June 30, 2017, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Funds did not utilize the Credit Facility during the year ended June 30, 2017.

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2017, the Funds had omnibus accounts which each owned more than 10% of the Funds outstanding shares as follows:

	Number of Affiliated Omnibus Account		% of the fund			Number of Non-Affiliated Omnibus Account		% of the fund
U.S. Dynamic Plus Fund		—		—			4		81.1	%
U.S. Large Cap Core Plus Fund		1		23.1	%		5		40.9

As of June 30, 2017, the J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, shares representing 27.7% of the net assets of U.S. Dynamic Plus Fund.

40 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

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

As of June 30, 2017, the Funds pledged a significant portion of their assets for securities sold short to Deutsche Bank AG.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 41

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan U.S. Dynamic Plus Fund and JPMorgan U.S. Large Cap Core Plus Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of JPMorgan U.S. Dynamic Plus Fund and JPMorgan U.S. Large Cap Core Plus Fund (each a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, the results of each of their operations and each of their cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

42 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 43

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

44 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 45

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017 and continued to hold your shares at the end of the reporting period, June 30, 2017.

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 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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Dynamic Plus Fund
Class A
Actual	$	1,000.00	$	1,057.00	$	9.14		1.79	%
Hypothetical		1,000.00		1,015.91		8.96		1.79
Class C
Actual		1,000.00		1,054.00		10.25		2.01
Hypothetical		1,000.00		1,014.82		10.05		2.01
Class I (formerly Select Class)
Actual		1,000.00		1,057.90		4.35		0.85
Hypothetical		1,000.00		1,020.57		4.27		0.85
U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,089.00		11.05		2.13
Hypothetical		1,000.00		1,014.21		10.66		2.13
Class C
Actual		1,000.00		1,086.70		13.63		2.63
Hypothetical		1,000.00		1,011.73		13.14		2.63
Class I (formerly Select Class)
Actual		1,000.00		1,090.30		9.71		1.87
Hypothetical		1,000.00		1,015.50		9.37		1.87
Class R2
Actual		1,000.00		1,087.80		12.34		2.38
Hypothetical		1,000.00		1,012.97		11.90		2.38
Class R5
Actual		1,000.00		1,091.80		8.68		1.67
Hypothetical		1,000.00		1,016.49		8.37		1.67

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

46 J.P. MORGAN EQUITY FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deductions
U.S. Dynamic Plus Fund		100.00	%
U.S. Large Cap Core Plus Fund		100.00

Long-Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Long-Term Capital Gain Distribution
U.S. Dynamic Plus Fund	$	23,027
U.S. Large Cap Core Plus Fund		507,924

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Qualified Dividend Income
U.S. Dynamic Plus Fund	$	3,842
U.S. Large Cap Core Plus Fund		30,635

JUNE 30, 2017 J.P. MORGAN EQUITY FUNDS 47

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017. All rights reserved. June 2017. AN-PLUS-617

Annual Report

J.P. Morgan Funds

June 30, 2017

JPMorgan Diversified Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	56
Financial Highlights	62
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	76
Trustees	77
Officers	79
Schedule of Shareholder Expenses	80
Tax Letter	81
Privacy Policy — Located at the back of this Annual Report

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

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

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

CEO’S LETTER

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN FUNDS 1

JPMorgan Diversified Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)1*		13.30%
MSCI World Index (net of foreign withholding taxes)		18.20%
Diversified Composite Benchmark**		10.47%
Net Assets as of 6/30/2017 (In Thousands)	$	1,409,111

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Fund (the “Fund”) seeks to provide a high total return from a diversified portfolio of equity and fixed income investments.

HOW DID THE MARKETS PERFORM?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

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

The Fund (Class L Shares), which invests in a mix of U.S., international developed and emerging market equities and fixed income securities, underperformed the MSCI World Index (net of foreign withholding taxes) (the “World Index”), which is made up of U.S. and international equities, for the twelve months ended June 30, 2017. The Fund outperformed its Diversified Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index.

During the reporting period, global equities generally outperformed fixed income investments and the Fund’s allocation to fixed income securities detracted from performance relative to the World Index.

Relative to the Composite Benchmark, the Fund’s security selection and allocations in its large cap core, growth and value equity strategies contributed to performance. The Fund’s overweight allocation to its small cap strategy and its underweight allocation to international strategy detracted from performance relative to the Composite Benchmark. Security

selection in the Fund’s developed market international strategy also had a negative impact on relative performance.

Within fixed income, the Fund’s underweight allocation and security selection in its investment grade fixed income strategy contributed to performance relative to the Composite Benchmark. The Fund’s security selection within its corporate fixed income strategy also had a positive impact on relative performance. The Fund’s overweight allocation to its emerging market debt strategy and underlying manager security selection detracted from relative performance. Security selection within its high yield strategy also had a negative impact on performance relative to the Composite Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund targeted a long-term strategic asset allocation consisting of the following asset classes: U.S. large-cap equity, U.S. small-cap equity, real estate investment trusts, international equity (including emerging markets equities) and U.S. and international fixed income. The Fund invested in individual securities and underlying J.P. Morgan funds to implement its long-term strategic asset allocation and short-to-intermediate-term tactical adjustments.

During the reporting period, the Fund had an opportunistic allocation to non-agency mortgage-backed securities. The Fund used futures to more easily implement the portfolio managers’ short-to-intermediate-term tactical asset allocation views. The Fund also employed futures and currency forwards to help manage cash flows and bring the Fund’s currency exposure closer in line with its U.S. dollar-denominated benchmarks.

2 J.P. MORGAN FUNDS JUNE 30, 2017

TOP TEN HOLDINGS OF THE PORTFOLIO****
	1.	JPMorgan High Yield Fund, Class R6 Shares	4.8	%
	2.	JPMorgan Mid Cap Equity Fund, Class R6 Shares	3.2
	3.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	3.1
	4.	JPMorgan Realty Income Fund, Class R6 Shares	2.9
	5.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	2.1
	6.	Apple, Inc.	1.2
	7.	Microsoft Corp.	0.9
	8.	UnitedHealth Group, Inc.	0.8
	9.	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares	0.8
	10.	Alphabet, Inc., Class C	0.8

PORTFOLIO COMPOSITION BY ASSET CLASS****
Common Stocks	55.8	%
Investment Companies	17.0
Corporate Bonds	10.8
Collateralized Mortgage Obligations	4.6
U.S. Treasury Obligations	3.8
Asset-Backed Securities	2.9
Others (each less than 1.0%)	1.8
Short-Term Investments	3.3

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

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

** The Diversified Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%).

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

**** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN FUNDS 3

JPMorgan Diversified Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 24, 2003
With Sales Charge*			7.64	%		7.81	%		5.14	%
Without Sales Charge			12.72			8.81			5.63
CLASS C SHARES	March 24, 2003
With CDSC**			11.16			8.26			5.09
Without CDSC			12.16			8.26			5.09
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		13.00			9.09			5.91
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	September 10, 1993		13.30			9.34			6.16

* Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Diversified Fund, the MSCI World Index, the Diversified Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2007 to June 30, 2017. 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 and the Diversified Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

The Diversified Composite Benchmark is comprised of the MSCI World Index (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%). The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Mixed-Asset Target Allocation Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN FUNDS JUNE 30, 2017

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 55.1%
			Consumer Discretionary — 7.1%
			Auto Components — 0.5%
	7		Aisin Seiki Co. Ltd., (Japan)		334
	49		Apollo Tyres Ltd., (India)		184
	10		Bridgestone Corp., (Japan)		428
	5		Cie Generale des Etablissements Michelin, (France)		648
	9		Continental AG, (Germany)		1,960
	1		Cooper Tire & Rubber Co.		39
	2		Delphi Automotive plc		186
	5		Faurecia, (France)		265
	119		GKN plc, (United Kingdom)		505
	6		Hankook Tire Co. Ltd., (South Korea)		311
	2		Hyundai Mobis Co. Ltd., (South Korea)		463
	5		Koito Manufacturing Co. Ltd., (Japan)		248
	—	(h)	Lear Corp.		58
	7		Stoneridge, Inc. (a)		106
	16		Sumitomo Electric Industries Ltd., (Japan)		248
	3		Tenneco, Inc.		201
	4		TS Tech Co. Ltd., (Japan)		123
	5		Valeo SA, (France)		330
	440		Xinyi Glass Holdings Ltd., (Hong Kong)		435
					7,072
			Automobiles — 0.5%
	794		Astra International Tbk. PT, (Indonesia)		532
	11		Ford Motor Co.		119
	270		Geely Automobile Holdings Ltd., (China)		582
	15		General Motors Co.		513
	174		Guangzhou Automobile Group Co. Ltd., (China), Class H		305
	67		Honda Motor Co. Ltd., (Japan)		1,839
	12		Peugeot SA, (France)		234
	8		Renault SA, (France)		717
	7		Subaru Corp., (Japan)		224
	19		Suzuki Motor Corp., (Japan)		891
	2		Tesla, Inc. (a)		658
	8		Toyota Motor Corp., (Japan)		436
					7,050
			Distributors — 0.1%
	7		Genuine Parts Co.		653
	11		Imperial Holdings Ltd., (South Africa)		138
	22		LKQ Corp. (a)		728
					1,519

SHARES			SECURITY DESCRIPTION	VALUE($)
			Diversified Consumer Services — 0.1%
	3		Ascent Capital Group, Inc., Class A (a)		50
	3		Houghton Mifflin Harcourt Co. (a)		42
	125		Kroton Educacional SA, (Brazil)		561
	8		Regis Corp. (a)		78
	—	(h)	Strayer Education, Inc.		14
					745
			Hotels, Restaurants & Leisure — 0.9%
	20		Accor SA, (France)		918
	26		Aristocrat Leisure Ltd., (Australia)		453
	11		Bloomin’ Brands, Inc.		227
	11		Brinker International, Inc.		434
	9		Carnival plc		626
	—	(h)	DineEquity, Inc.		9
	5		Dunkin’ Brands Group, Inc.		248
	14		Hilton Grand Vacations, Inc. (a)		519
	26		Hilton Worldwide Holdings, Inc.		1,581
	7		InterContinental Hotels Group plc, (United Kingdom)		411
	18		International Game Technology plc		333
	2		Intrawest Resorts Holdings, Inc. (a)		53
	38		La Quinta Holdings, Inc. (a)		566
	13		Norwegian Cruise Line Holdings Ltd. (a)		709
	9		Penn National Gaming, Inc. (a)		184
	8		Pinnacle Entertainment, Inc. (a)		157
	7		Red Rock Resorts, Inc., Class A		153
	9		Restaurant Brands International, Inc., (Canada)		539
	2		Royal Caribbean Cruises Ltd.		175
	6		Ruby Tuesday, Inc. (a)		12
	149		Sands China Ltd., (Hong Kong)		683
	1		Scientific Games Corp., Class A (a)		33
	2		Sodexo SA, (France)		254
	8		Sonic Corp.		210
	2		Speedway Motorsports, Inc.		32
	51		Starbucks Corp.		2,950
	274		Wynn Macau Ltd., (Macau)		639
					13,108
			Household Durables — 0.6%
	1		AV Homes, Inc. (a)		20
	39		Barratt Developments plc, (United Kingdom)		288
	10		DR Horton, Inc.		338
	14		Electrolux AB, (Sweden), Series B		474
	—	(h)	Forbo Holding AG (Registered), (Switzerland)		110
	45		Haier Electronics Group Co. Ltd., (Hong Kong) (a)		117

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Household Durables — continued
	7	JM AB, (Sweden)		260
	13	Mohawk Industries, Inc. (a)		3,158
	76	MRV Engenharia e Participacoes SA, (Brazil)		308
	1	NACCO Industries, Inc., Class A		83
	8	Newell Brands, Inc.		449
	40	Persimmon plc, (United Kingdom)		1,162
	4	PulteGroup, Inc.		100
	34	Redrow plc, (United Kingdom)		246
	15	Sekisui Chemical Co. Ltd., (Japan)		262
	14	Sony Corp., (Japan)		515
	17	Taylor Morrison Home Corp., Class A (a)		409
	1	Toll Brothers, Inc.		34
	1	UCP, Inc., Class A (a)		9
				8,342
		Internet & Direct Marketing Retail — 0.9%
	9	Amazon.com, Inc. (a)		9,077
	6	Expedia, Inc.		946
	5	Liberty TripAdvisor Holdings, Inc., Class A (a)		62
	5	Netflix, Inc. (a)		819
	1	Priceline Group, Inc. (The) (a)		1,584
	8	Wayfair, Inc., Class A (a)		609
				13,097
		Leisure Products — 0.0% (g)
	8	Bandai Namco Holdings, Inc., (Japan)		277
		Media — 1.4%
	20	CBS Corp. (Non-Voting), Class B		1,289
	8	Charter Communications, Inc., Class A (a)		2,787
	33	Clear Channel Outdoor Holdings, Inc., Class A		158
	26	Comcast Corp., Class A		1,007
	43	DISH Network Corp., Class A (a)		2,682
	24	Entercom Communications Corp., Class A		253
	5	Eros International plc, (India) (a)		57
	4	Metropole Television SA, (France)		96
	5	Naspers Ltd., (South Africa), Class N		1,026
	9	Nexstar Media Group, Inc., Class A		544
	17	Sinclair Broadcast Group, Inc., Class A		547
	16	Sirius XM Holdings, Inc.		86
	6	Time Warner, Inc.		644
	19	Twenty-First Century Fox, Inc., Class A		547
	23	UBM plc, (United Kingdom)		205
	58	Walt Disney Co. (The)		6,179
	42	WPP plc, (United Kingdom)		882
				18,989

SHARES			SECURITY DESCRIPTION	VALUE($)
			Multiline Retail — 0.2%
	3		Big Lots, Inc.		136
	—	(h)	Dillard’s, Inc., Class A		20
	1		Dollar General Corp.		106
	—	(h)	Dollar Tree, Inc. (a)		29
	10		Izumi Co. Ltd., (Japan)		552
	18		Kohl’s Corp.		704
	2		Macy’s, Inc.		44
	59		Marui Group Co. Ltd., (Japan)		864
	4		Nordstrom, Inc.		200
					2,655
			Specialty Retail — 1.3%
	1		Aaron’s, Inc.		41
	3		AutoZone, Inc. (a)		1,686
	4		Barnes & Noble Education, Inc. (a)		40
	12		Bed Bath & Beyond, Inc.		359
	17		Best Buy Co., Inc.		1,003
	5		Burlington Stores, Inc. (a)		451
	3		Children’s Place, Inc. (The)		327
	108		Chow Tai Fook Jewellery Group Ltd., (Hong Kong)		114
	186		Dixons Carphone plc, (United Kingdom)		688
	—	(h)	Floor & Decor Holdings, Inc., Class A (a)		11
	14		Gap, Inc. (The)		310
	10		GNC Holdings, Inc., Class A		81
	40		Home Depot, Inc. (The)		6,094
	24		Industria de Diseno Textil SA, (Spain)		911
	27		JD Sports Fashion plc, (United Kingdom)		122
	6		Lowe’s Cos., Inc.		476
	6		Murphy USA, Inc. (a)		415
	7		Office Depot, Inc.		41
	1		O’Reilly Automotive, Inc. (a)		187
	20		Pier 1 Imports, Inc.		106
	20		Ross Stores, Inc.		1,157
	4		Select Comfort Corp. (a)		159
	9		Tiffany & Co.		798
	34		TJX Cos., Inc. (The)		2,436
	2		Ulta Beauty, Inc. (a)		527
					18,540
			Textiles, Apparel & Luxury Goods — 0.6%
	6		adidas AG, (Germany)		1,056
	56		Burberry Group plc, (United Kingdom)		1,205
	11		Cie Financiere Richemont SA (Registered), (Switzerland)		874
	9		Columbia Sportswear Co.		540

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Textiles, Apparel & Luxury Goods — continued
	10	Fossil Group, Inc. (a)		101
	12	Hanesbrands, Inc.		283
	5	Iconix Brand Group, Inc. (a)		31
	4	Kering, (France)		1,260
	6	LVMH Moet Hennessy Louis Vuitton SE, (France)		1,526
	4	Movado Group, Inc.		111
	15	NIKE, Inc., Class B		878
	1	Perry Ellis International, Inc. (a)		24
	3	PVH Corp.		366
	4	Wolverine World Wide, Inc.		117
				8,372
		Total Consumer Discretionary		99,766
		Consumer Staples — 3.7%
		Beverages — 1.2%
	24	Anheuser-Busch InBev SA/NV, (Belgium)		2,644
	1	Brown-Forman Corp., Class B		59
	3	Coca-Cola Co. (The)		155
	8	Coca-Cola HBC AG, (Switzerland) (a)		249
	7	Constellation Brands, Inc., Class A		1,348
	7	Dr Pepper Snapple Group, Inc.		628
	18	Kirin Holdings Co. Ltd., (Japan)		359
	33	Molson Coors Brewing Co., Class B		2,884
	11	Monster Beverage Corp. (a)		528
	53	PepsiCo, Inc.		6,098
	12	Pernod Ricard SA, (France)		1,595
	12	Suntory Beverage & Food Ltd., (Japan)		572
				17,119
		Food & Staples Retailing — 0.5%
	2	Costco Wholesale Corp.		346
	9	CVS Health Corp.		740
	107	Distribuidora Internacional de Alimentacion SA, (Spain)		670
	2	Ingles Markets, Inc., Class A		63
	51	Koninklijke Ahold Delhaize NV, (Netherlands)		968
	66	Kroger Co. (The)		1,550
	5	Matsumotokiyoshi Holdings Co. Ltd., (Japan)		256
	65	Metcash Ltd., (Australia) (a)		119
	12	Walgreens Boots Alliance, Inc.		926
	21	Wal-Mart Stores, Inc.		1,582
	5	X5 Retail Group NV, (Russia), GDR (a)		158
				7,378
		Food Products — 0.8%
	1	Archer-Daniels-Midland Co.		30

SHARES			SECURITY DESCRIPTION	VALUE($)
			Food Products — continued
	21		Associated British Foods plc, (United Kingdom)		807
	6		Bunge Ltd.		463
	13		Conagra Brands, Inc.		461
	19		Darling Ingredients, Inc. (a)		297
	5		Dean Foods Co.		92
	4		Ingredion, Inc.		429
	3		JM Smucker Co. (The)		339
	1		Kraft Heinz Co. (The)		128
	8		M Dias Branco SA, (Brazil) (a)		122
	63		Mondelez International, Inc., Class A		2,726
	13		Nestle SA (Registered), (Switzerland)		1,140
	8		NH Foods Ltd., (Japan)		243
	11		Nichirei Corp., (Japan)		300
	21		Pilgrim’s Pride Corp. (a)		459
	9		Post Holdings, Inc. (a)		677
	10		Ros Agro plc, (Russia), GDR		115
	—	(h)	Sanderson Farms, Inc.		52
	1		Schouw & Co. AB, (Denmark)		82
	—	(h)	Seneca Foods Corp., Class A (a)		13
	8		TreeHouse Foods, Inc. (a)		613
	11		Tyson Foods, Inc., Class A		683
	832		WH Group Ltd., (Hong Kong) (e)		840
					11,111
			Household Products — 0.2%
	12		Energizer Holdings, Inc.		586
	2		Kimberly-Clark Corp.		314
	17		Procter & Gamble Co. (The)		1,455
					2,355
			Personal Products — 0.5%
	26		Chlitina Holding Ltd., (China)		118
	24		Coty, Inc., Class A		455
	7		Estee Lauder Cos., Inc. (The), Class A		705
	33		Grape King Bio Ltd., (Taiwan)		219
	—	(h)	Herbalife Ltd. (a)		27
	—	(h)	Medifast, Inc.		11
	9		Nu Skin Enterprises, Inc., Class A		559
	83		Unilever NV, (United Kingdom), CVA		4,566
					6,660
			Tobacco — 0.5%
	2		Altria Group, Inc.		176
	57		British American Tobacco plc, (United Kingdom)		3,896
	18		Imperial Brands plc, (United Kingdom)		798
	34		Japan Tobacco, Inc., (Japan)		1,209

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 7

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Tobacco — continued
	6		KT&G Corp., (South Korea)		580
	6		Philip Morris International, Inc.		719
	2		Universal Corp.		141
					7,519
			Total Consumer Staples		52,142
			Energy — 3.0%
			Energy Equipment & Services — 0.3%
	7		Archrock, Inc.		78
	10		Baker Hughes, Inc.		567
	27		Halliburton Co.		1,163
	—	(h)	Natural Gas Services Group, Inc. (a)		3
	7		Parker Drilling Co. (a)		9
	7		Rowan Cos. plc, Class A (a)		74
	3		Schlumberger Ltd.		180
	1		SEACOR Holdings, Inc. (a)		22
	1		SEACOR Marine Holdings, Inc. (a)		14
	19		Subsea 7 SA, (United Kingdom)		257
	55		TechnipFMC plc, (United Kingdom) (a)		1,487
	3		Unit Corp. (a)		47
					3,901
			Oil, Gas & Consumable Fuels — 2.7%
	—	(h)	Adams Resources & Energy, Inc.		12
	3		Anadarko Petroleum Corp.		154
	39		Apache Corp.		1,869
	22		Bill Barrett Corp. (a)		68
	9		BP plc, (United Kingdom)		51
	3		Cabot Oil & Gas Corp.		87
	16		Chevron Corp.		1,679
	1		Cimarex Energy Co.		113
	550		CNOOC Ltd., (China)		602
	18		Concho Resources, Inc. (a)		2,163
	15		ConocoPhillips		659
	7		Delek US Holdings, Inc.		190
	28		Denbury Resources, Inc. (a)		42
	13		Diamondback Energy, Inc. (a)		1,147
	55		EOG Resources, Inc.		4,986
	17		EP Energy Corp., Class A (a)		62
	13		EQT Corp.		772
	30		Exxon Mobil Corp.		2,437
	32		Hindustan Petroleum Corp. Ltd., (India)		250
	9		Idemitsu Kosan Co. Ltd., (Japan)		253
	77		Inpex Corp., (Japan)		747
	2		International Seaways, Inc. (a)		34
	41		Kinder Morgan, Inc.		779

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	13	LUKOIL PJSC, (Russia), ADR		638
	14	Marathon Petroleum Corp.		717
	4	MOL Hungarian Oil & Gas plc, (Hungary)		288
	10	Occidental Petroleum Corp.		589
	166	Oil & Natural Gas Corp. Ltd., (India)		403
	81	Oil Search Ltd., (Australia)		422
	11	OMV AG, (Austria)		564
	13	Parsley Energy, Inc., Class A (a)		373
	20	PBF Energy, Inc., Class A		441
	10	Phillips 66		861
	17	Pioneer Natural Resources Co.		2,784
	17	Polski Koncern Naftowy ORLEN SA, (Poland)		513
	58	PTT PCL, (Thailand)		628
	7	Renewable Energy Group, Inc. (a)		92
	21	Repsol SA, (Spain) (a)		323
	3	REX American Resources Corp. (a)		321
	139	Royal Dutch Shell plc, (Netherlands), Class A		3,704
	22	Royal Dutch Shell plc, (Netherlands), Class B		585
	7	Sanchez Energy Corp. (a)		49
	4	SK Innovation Co. Ltd., (South Korea)		608
	5	S-Oil Corp., (South Korea)		373
	1	Star Petroleum Refining PCL, (Thailand), Class F		—	(h)
	426	Star Petroleum Refining PCL, (Thailand), NVDR		183
	63	Surgutneftegas OJSC, (Russia), ADR		273
	6	Tatneft PJSC, (Russia), ADR		245
	3	Tesoro Corp.		234
	103	Thai Oil PCL, (Thailand)		240
	32	TOTAL SA, (France)		1,590
	12	Tupras Turkiye Petrol Rafinerileri A/S, (Turkey)		348
	12	Valero Energy Corp.		834
	2	Westmoreland Coal Co. (a)		11
				38,390
		Total Energy		42,291
		Financials — 10.8%
		Banks — 5.9%
	1	1st Source Corp.		53
	180	Akbank TAS, (Turkey)		501
	2	BancFirst Corp.		164
	139	Banco Bilbao Vizcaya Argentaria SA, (Spain)		1,161
	76	Banco do Brasil SA, (Brazil) (a)		617
	101	Banco Santander SA, (Spain)		669
	5	BancorpSouth, Inc.		138
	562	Bank Negara Indonesia Persero Tbk. PT, (Indonesia)		276

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Banks — continued
	392		Bank of America Corp.		9,502
	1,785		Bank of China Ltd., (China), Class H (a)		875
	398		Bank Rakyat Indonesia Persero Tbk. PT, (Indonesia)		454
	2		BB&T Corp.		77
	23		Bendigo & Adelaide Bank Ltd., (Australia)		192
	46		BNP Paribas SA, (France)		3,295
	144		BOC Hong Kong Holdings Ltd., (China)		689
	—	(h)	Cadence BanCorp (a)		6
	4		Capital Bank Financial Corp., Class A		135
	2		Cathay General Bancorp		67
	6		Central Pacific Financial Corp.		183
	—	(h)	Central Valley Community Bancorp		9
	1		Chemical Financial Corp.		34
	1,522		China Construction Bank Corp., (China), Class H		1,184
	225		China Merchants Bank Co. Ltd., (China), Class H		678
	197		CIMB Group Holdings Bhd., (Malaysia)		303
	134		Citigroup, Inc.		8,967
	—	(h)	Citizens & Northern Corp.		11
	27		Citizens Financial Group, Inc.		978
	1		City Holding Co.		74
	13		Comerica, Inc.		921
	20		Commonwealth Bank of Australia, (Australia)		1,283
	48		Concordia Financial Group Ltd., (Japan)		244
	923		CTBC Financial Holding Co. Ltd., (Taiwan) (a)		605
	7		CVB Financial Corp.		164
	18		Danske Bank A/S, (Denmark)		688
	113		DBS Group Holdings Ltd., (Singapore)		1,705
	17		DNB ASA, (Norway)		295
	15		East West Bancorp, Inc.		893
	6		Erste Group Bank AG, (Austria) (a)		237
	5		FCB Financial Holdings, Inc., Class A (a)		260
	22		Fifth Third Bancorp		563
	7		First Commonwealth Financial Corp.		94
	1		First Community Bancshares, Inc.		14
	1		First Financial Bancorp		33
	2		First Hawaiian, Inc.		50
	1		First Interstate BancSystem, Inc., Class A		45
	12		First Republic Bank		1,208
	2		Flushing Financial Corp.		42
	2		Fulton Financial Corp.		36
	1		Great Western Bancorp, Inc.		24
	1		Guaranty Bancorp		20
	18		Hana Financial Group, Inc., (South Korea)		698
	25		HDFC Bank Ltd., (India), ADR		2,164

SHARES			SECURITY DESCRIPTION	VALUE($)
			Banks — continued
	4		Hope Bancorp, Inc.		67
	39		HSBC Holdings plc, (United Kingdom)		361
	67		Huntington Bancshares, Inc.		910
	1		IBERIABANK Corp.		88
	2		Independent Bank Corp.		61
	1,354		Industrial & Commercial Bank of China Ltd., (China), Class H (a)		914
	23		Industrial Bank of Korea, (South Korea)		290
	189		ING Groep NV, (Netherlands)		3,262
	5		Investors Bancorp, Inc.		67
	82		Itau Unibanco Holding SA, (Brazil), ADR		901
	8		KBC Group NV, (Belgium)		638
	114		KeyCorp		2,139
	97		Kiatnakin Bank PCL, (Thailand)		204
	952		Krung Thai Bank PCL, (Thailand)		527
	1,249		Lloyds Banking Group plc, (United Kingdom)		1,077
	8		M&T Bank Corp.		1,234
	1		MainSource Financial Group, Inc.		18
	28		Mediobanca SpA, (Italy)		276
	302		Mitsubishi UFJ Financial Group, Inc., (Japan)		2,034
	—	(h)	National Bank Holdings Corp., Class A		14
	37		Natixis SA, (France)		247
	19		Nedbank Group Ltd., (South Africa)		298
	4		OFG Bancorp, (Puerto Rico)		41
	14		OTP Bank plc, (Hungary)		476
	56		Oversea-Chinese Banking Corp. Ltd., (Singapore)		436
	1		PacWest Bancorp		57
	3		People’s United Financial, Inc.		59
	14		PNC Financial Services Group, Inc. (The)		1,809
	17		Regions Financial Corp.		243
	72		Sberbank of Russia PJSC, (Russia), ADR		749
	16		Shinhan Financial Group Co. Ltd., (South Korea)		708
	1		Sierra Bancorp		13
	1		Simmons First National Corp., Class A		38
	51		Skandinaviska Enskilda Banken AB, (Sweden), Class A		623
	—	(h)	Southside Bancshares, Inc.		13
	1		Southwest Bancorp, Inc.		22
	54		Standard Bank Group Ltd., (South Africa)		590
	239		Standard Chartered plc, (United Kingdom) (a)		2,418
	76		Sumitomo Mitsui Financial Group, Inc., (Japan)		2,956
	47		SunTrust Banks, Inc.		2,681
	—	(h)	SVB Financial Group (a)		50
	71		Svenska Handelsbanken AB, (Sweden), Class A		1,015

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Banks — continued
	26		Swedbank AB, (Sweden), Class A		634
	6		Sydbank A/S, (Denmark)		231
	5		TCF Financial Corp.		73
	21		Thanachart Capital PCL, (Thailand)		29
	81		Tisco Financial Group PCL, (Thailand)		181
	2		Trustmark Corp.		51
	117		Turkiye Halk Bankasi A/S, (Turkey)		437
	1		UMB Financial Corp.		82
	44		UniCredit SpA, (Italy) (a)		816
	5		Union Bankshares Corp.		186
	18		US Bancorp		955
	1		Webster Financial Corp.		55
	75		Wells Fargo & Co.		4,155
	1		West Bancorp, Inc.		17
	5		Westamerica Bancorp		252
	12		Westpac Banking Corp., (Australia)		288
	1		Zions Bancorp		44
					82,688
			Capital Markets — 1.4%
	49		3i Group plc, (United Kingdom)		574
	6		Ameriprise Financial, Inc.		804
	7		Bank of New York Mellon Corp. (The)		359
	2		BlackRock, Inc.		845
	66		Charles Schwab Corp. (The)		2,835
	10		Deutsche Boerse AG, (Germany)		1,035
	1		Federated Investors, Inc., Class B		18
	1		Goldman Sachs Group, Inc. (The)		237
	—	(h)	Houlihan Lokey, Inc.		8
	4		Intercontinental Exchange, Inc.		264
	14		Invesco Ltd.		475
	3		KCG Holdings, Inc., Class A (a)		52
	9		Lazard Ltd., Class A		406
	1		MarketAxess Holdings, Inc.		191
	97		Morgan Stanley		4,342
	89		Moscow Exchange MICEX-RTS PJSC, (Russia)		158
	2		MSCI, Inc.		247
	8		Nasdaq, Inc.		576
	7		Northern Trust Corp.		632
	8		S&P Global, Inc.		1,226
	6		Schroders plc, (United Kingdom)		246
	2		State Street Corp.		212
	—	(h)	Stifel Financial Corp. (a)		17
	15		T Rowe Price Group, Inc.		1,113
	180		UBS Group AG (Registered), (Switzerland) (a)		3,060

SHARES			SECURITY DESCRIPTION	VALUE($)
			Capital Markets — continued
	—	(h)	Virtus Investment Partners, Inc.		42
					19,974
			Consumer Finance — 0.3%
	30		Ally Financial, Inc.		631
	1		American Express Co.		111
	26		Capital One Financial Corp.		2,162
	—	(h)	Credit Acceptance Corp. (a)		51
	18		Discover Financial Services		1,112
	9		EZCORP, Inc., Class A (a)		72
	3		Navient Corp.		52
	2		Nelnet, Inc., Class A		71
	—	(h)	Regional Management Corp. (a)		8
					4,270
			Diversified Financial Services — 0.2%
	5		Berkshire Hathaway, Inc., Class B (a)		803
	30		Challenger Ltd., (Australia)		303
	390		Fubon Financial Holding Co. Ltd., (Taiwan) (a)		621
	45		Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan)		247
	59		ORIX Corp., (Japan)		919
	82		Rural Electrification Corp. Ltd., (India)		217
	1		Voya Financial, Inc.		28
					3,138
			Insurance — 2.8%
	187		AIA Group Ltd., (Hong Kong)		1,370
	—	(h)	Alleghany Corp. (a)		189
	10		Allianz SE (Registered), (Germany)		1,891
	12		Allied World Assurance Co. Holdings AG		630
	1		Allstate Corp. (The)		71
	—	(h)	Ambac Financial Group, Inc. (a)		6
	1		American Equity Investment Life Holding Co.		19
	57		American International Group, Inc.		3,558
	6		Arch Capital Group Ltd. (a)		522
	16		Arthur J Gallagher & Co.		908
	1		Aspen Insurance Holdings Ltd., (Bermuda)		26
	10		ASR Nederland NV, (Netherlands)		326
	4		Assured Guaranty Ltd.		150
	7		Athene Holding Ltd., Class A (a)		342
	40		Aviva plc, (United Kingdom)		275
	75		AXA SA, (France)		2,060
	29		Beazley plc, (United Kingdom)		182
	—	(h)	Blue Capital Reinsurance Holdings Ltd., (Bermuda)		6
	23		Chubb Ltd.		3,363

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Insurance — continued
	22		CNO Financial Group, Inc.		469
	2		Everest Re Group Ltd.		535
	1		First American Financial Corp.		51
	—	(h)	Global Indemnity Ltd., (Cayman Islands) (a)		16
	2		Hannover Rueck SE, (Germany)		265
	41		Hartford Financial Services Group, Inc. (The)		2,138
	10		Hiscox Ltd., (United Kingdom)		170
	7		Hyundai Marine & Fire Insurance Co. Ltd., (South Korea)		255
	1		Kemper Corp.		57
	11		Lincoln National Corp.		774
	37		Loews Corp.		1,732
	4		Marsh & McLennan Cos., Inc.		281
	11		MBIA, Inc. (a)		101
	39		MetLife, Inc.		2,131
	10		MS&AD Insurance Group Holdings, Inc., (Japan)		347
	2		Navigators Group, Inc. (The)		96
	308		PICC Property & Casualty Co. Ltd., (China), Class H		514
	196		Ping An Insurance Group Co. of China Ltd., (China), Class H		1,291
	2		Primerica, Inc.		136
	1		ProAssurance Corp.		84
	17		Prudential Financial, Inc.		1,819
	150		Prudential plc, (United Kingdom)		3,444
	3		RenaissanceRe Holdings Ltd., (Bermuda)		459
	22		Sompo Holdings, Inc., (Japan)		866
	—	(h)	Stewart Information Services Corp.		13
	1		Swiss Life Holding AG (Registered), (Switzerland) (a)		283
	11		Swiss Re AG, (Switzerland)		964
	2		Third Point Reinsurance Ltd., (Bermuda) (a)		31
	24		Tokio Marine Holdings, Inc., (Japan)		1,015
	3		Topdanmark A/S, (Denmark) (a)		90
	7		Travelers Cos., Inc. (The)		886
	1		Universal Insurance Holdings, Inc.		13
	11		Unum Group		504
	3		Validus Holdings Ltd.		140
	—	(h)	White Mountains Insurance Group Ltd.		148
	4		Zurich Insurance Group AG, (Switzerland)		1,060
					39,072
			Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	12		Capstead Mortgage Corp.		130
	7		Chimera Investment Corp.		127
	31		CYS Investments, Inc.		258

SHARES			SECURITY DESCRIPTION	VALUE($)
			Mortgage Real Estate Investment Trusts (REITs) — continued
	41		Two Harbors Investment Corp.		405
					920
			Thrifts & Mortgage Finance — 0.1%
	—	(h)	BankFinancial Corp.		6
	12		Beneficial Bancorp, Inc.		173
	—	(h)	Capitol Federal Financial, Inc.		6
	1		Charter Financial Corp.		23
	—	(h)	First Defiance Financial Corp.		21
	32		Housing Development Finance Corp. Ltd., (India)		792
	6		Kearny Financial Corp.		84
	11		Meridian Bancorp, Inc.		183
	5		MGIC Investment Corp. (a)		52
	2		NMI Holdings, Inc., Class A (a)		25
	10		Northfield Bancorp, Inc.		173
	3		Walker & Dunlop, Inc. (a)		133
					1,671
			Total Financials		151,733
			Health Care — 6.4%
			Biotechnology — 0.9%
	1		AbbVie, Inc.		94
	2		ACADIA Pharmaceuticals, Inc. (a)		48
	15		Achillion Pharmaceuticals, Inc. (a)		68
	4		Aimmune Therapeutics, Inc. (a)		83
	4		Alder Biopharmaceuticals, Inc. (a)		43
	1		Alexion Pharmaceuticals, Inc. (a)		149
	4		Amgen, Inc.		761
	11		Amicus Therapeutics, Inc. (a)		107
	5		Arena Pharmaceuticals, Inc. (a)		85
	1		Avexis, Inc. (a)		72
	2		Bellicum Pharmaceuticals, Inc. (a)		26
	1		Biogen, Inc. (a)		352
	3		Biohaven Pharmaceutical Holding Co. Ltd., (Canada) (a)		75
	—	(h)	BioMarin Pharmaceutical, Inc. (a)		25
	4		Cara Therapeutics, Inc. (a)		55
	3		Celgene Corp. (a)		439
	4		CytomX Therapeutics, Inc. (a)		60
	2		Edge Therapeutics, Inc. (a)		19
	17		Exact Sciences Corp. (a)		615
	3		Flexion Therapeutics, Inc. (a)		54
	5		Genmab A/S, (Denmark) (a)		1,136
	35		Gilead Sciences, Inc.		2,483
	3		Global Blood Therapeutics, Inc. (a)		77

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Biotechnology — continued
	4		Incyte Corp. (a)		566
	—	(h)	Karyopharm Therapeutics, Inc. (a)		4
	9		Kite Pharma, Inc. (a)		920
	3		Mersana Therapeutics, Inc. (a)		41
	3		Myriad Genetics, Inc. (a)		83
	2		Prothena Corp. plc, (Ireland) (a)		87
	3		Sage Therapeutics, Inc. (a)		237
	3		Sarepta Therapeutics, Inc. (a)		94
	2		Selecta Biosciences, Inc. (a)		35
	3		Seres Therapeutics, Inc. (a)		34
	30		Shire plc		1,681
	7		Spark Therapeutics, Inc. (a)		407
	25		Synergy Pharmaceuticals, Inc. (a)		109
	6		TG Therapeutics, Inc. (a)		58
	2		Ultragenyx Pharmaceutical, Inc. (a)		93
	4		Versartis, Inc. (a)		74
	15		Vertex Pharmaceuticals, Inc. (a)		1,894
	3		Xencor, Inc. (a)		66
					13,409
			Health Care Equipment & Supplies — 0.7%
	8		Abbott Laboratories		367
	16		Baxter International, Inc.		993
	1		Becton Dickinson and Co.		234
	119		Boston Scientific Corp. (a)		3,296
	101		ConvaTec Group plc, (United Kingdom) (a) (e)		419
	—	(h)	Cooper Cos., Inc. (The)		31
	2		Danaher Corp.		139
	6		Essilor International SA, (France)		777
	3		Halyard Health, Inc. (a)		127
	9		Hologic, Inc. (a)		404
	6		Hoya Corp., (Japan)		297
	3		IDEXX Laboratories, Inc. (a)		533
	1		Intuitive Surgical, Inc. (a)		475
	4		Masimo Corp. (a)		397
	4		Orthofix International NV (a)		168
	6		St Shine Optical Co. Ltd., (Taiwan)		125
	—	(h)	Utah Medical Products, Inc.		29
	12		Wright Medical Group NV (a)		333
	1		Zimmer Biomet Holdings, Inc.		117
					9,261
			Health Care Providers & Services — 1.8%
	25		Acadia Healthcare Co., Inc. (a)		1,220
	12		Aetna, Inc.		1,814
	5		Anthem, Inc.		941

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	3	Cigna Corp.		485
	5	Civitas Solutions, Inc. (a)		86
	11	Cross Country Healthcare, Inc. (a)		144
	6	Express Scripts Holding Co. (a)		364
	6	Fresenius Medical Care AG & Co. KGaA, (Germany)		585
	11	Fresenius SE & Co. KGaA, (Germany)		937
	13	Genesis Healthcare, Inc. (a)		23
	9	HCA Healthcare, Inc. (a)		746
	12	Humana, Inc.		2,975
	5	Kindred Healthcare, Inc.		56
	1	Landauer, Inc.		70
	2	McKesson Corp.		280
	4	Molina Healthcare, Inc. (a)		252
	7	Owens & Minor, Inc.		218
	2	Qualicorp SA, (Brazil)		18
	3	Quest Diagnostics, Inc.		300
	92	Sinopharm Group Co. Ltd., (China), Class H (a)		414
	9	Teladoc, Inc. (a)		300
	9	Tivity Health, Inc. (a)		361
	63	UnitedHealth Group, Inc.		11,768
	4	WellCare Health Plans, Inc. (a)		665
				25,022
		Health Care Technology — 0.1%
	22	Evolent Health, Inc., Class A (a)		553
	5	HMS Holdings Corp. (a)		85
	9	Veeva Systems, Inc., Class A (a)		554
				1,192
		Life Sciences Tools & Services — 0.2%
	33	Agilent Technologies, Inc.		1,963
	5	Illumina, Inc. (a)		904
	1	INC Research Holdings, Inc., Class A (a)		76
	1	Thermo Fisher Scientific, Inc.		180
	7	VWR Corp. (a)		228
				3,351
		Pharmaceuticals — 2.7%
	12	Allergan plc		2,813
	83	Astellas Pharma, Inc., (Japan)		1,015
	12	AstraZeneca plc, (United Kingdom)		792
	16	Bayer AG (Registered), (Germany)		2,010
	17	Bristol-Myers Squibb Co.		926
	32	Eli Lilly & Co.		2,644
	57	GlaxoSmithKline plc, (United Kingdom)		1,210

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Pharmaceuticals — continued
	67		Indivior plc, (United Kingdom) (a)		271
	5		Jazz Pharmaceuticals plc (a)		849
	16		Johnson & Johnson		2,159
	64		Merck & Co., Inc.		4,116
	5		MyoKardia, Inc. (a)		69
	5		Nektar Therapeutics (a)		95
	27		Novartis AG (Registered), (Switzerland)		2,235
	38		Novo Nordisk A/S, (Denmark), Class B		1,621
	2		Pacira Pharmaceuticals, Inc. (a)		89
	3		Paratek Pharmaceuticals, Inc. (a)		77
	223		Pfizer, Inc.		7,482
	1		Prestige Brands Holdings, Inc. (a)		33
	3		Reata Pharmaceuticals, Inc., Class A (a)		89
	16		Revance Therapeutics, Inc. (a)		422
	18		Roche Holding AG, (Switzerland)		4,575
	21		Sanofi, (France)		1,990
	5		Shionogi & Co. Ltd., (Japan)		279
	384		Sihuan Pharmaceutical Holdings Group Ltd., (China)		161
	16		Teva Pharmaceutical Industries Ltd., (Israel), ADR		527
	52		TherapeuticsMD, Inc. (a)		274
					38,823
			Total Health Care		91,058
			Industrials — 6.9%
			Aerospace & Defense — 1.0%
	2		AAR Corp.		59
	13		Airbus SE, (France)		1,105
	8		Boeing Co. (The)		1,621
	6		Curtiss-Wright Corp.		569
	6		DigitalGlobe, Inc. (a)		191
	18		General Dynamics Corp.		3,573
	7		L3 Technologies, Inc.		1,201
	98		Meggitt plc, (United Kingdom)		609
	1		Moog, Inc., Class A (a)		91
	9		Northrop Grumman Corp.		2,346
	45		QinetiQ Group plc, (United Kingdom)		159
	10		Safran SA, (France)		926
	1		Textron, Inc.		32
	10		Thales SA, (France)		1,062
	11		United Technologies Corp.		1,345
					14,889
			Air Freight & Logistics — 0.1%
	—	(h)	FedEx Corp.		65

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — continued
	37	Yamato Holdings Co. Ltd., (Japan)		756
				821
		Airlines — 0.8%
	24	Air France-KLM, (France) (a)		349
	405	AirAsia Bhd., (Malaysia)		307
	2	Alaska Air Group, Inc.		148
	9	Copa Holdings SA, (Panama), Class A		1,110
	58	Delta Air Lines, Inc.		3,117
	14	Deutsche Lufthansa AG (Registered), (Germany)		327
	66	International Consolidated Airlines Group SA, (United Kingdom)		525
	38	Japan Airlines Co. Ltd., (Japan)		1,171
	139	Qantas Airways Ltd., (Australia)		611
	22	Southwest Airlines Co.		1,353
	28	United Continental Holdings, Inc. (a)		2,085
				11,103
		Building Products — 0.4%
	2	Allegion plc		150
	7	Asahi Glass Co. Ltd., (Japan)		304
	9	Continental Building Products, Inc. (a)		205
	20	Daikin Industries Ltd., (Japan)		2,072
	14	Fortune Brands Home & Security, Inc.		932
	3	Gibraltar Industries, Inc. (a)		93
	6	Lennox International, Inc.		1,171
	4	Masco Corp.		170
	4	Nichias Corp., (Japan)		46
	3	Ply Gem Holdings, Inc. (a)		58
	16	Polypipe Group plc, (United Kingdom)		79
				5,280
		Commercial Services & Supplies — 0.3%
	26	ACCO Brands Corp. (a)		308
	2	ARC Document Solutions, Inc. (a)		7
	9	CECO Environmental Corp.		83
	14	Copart, Inc. (a)		438
	2	Deluxe Corp.		152
	6	Ennis, Inc.		118
	1	Essendant, Inc.		19
	1	Interface, Inc.		27
	5	Loomis AB, (Sweden), Class B		188
	8	SPIE SA, (France)		226
	2	VSE Corp.		90
	39	Waste Connections, Inc., (Canada)		2,514
	4	West Corp.		99
				4,269

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Construction & Engineering — 0.3%
	7		ACS Actividades de Construccion y Servicios SA, (Spain)		278
	5		EMCOR Group, Inc.		298
	2		HOCHTIEF AG, (Germany)		408
	6		Hyundai Engineering & Construction Co. Ltd., (South Korea)		242
	62		Kajima Corp., (Japan)		524
	1		MasTec, Inc. (a)		51
	3		MYR Group, Inc. (a)		80
	11		NCC AB, (Sweden), Class B		296
	32		Obayashi Corp., (Japan)		371
	15		Peab AB, (Sweden)		188
	39		Penta-Ocean Construction Co. Ltd., (Japan)		219
	41		Taisei Corp., (Japan)		375
	64		Tekfen Holding A/S, (Turkey)		157
	5		Vinci SA, (France)		448
					3,935
			Electrical Equipment — 0.6%
	31		ABB Ltd. (Registered), (Switzerland)		771
	4		Acuity Brands, Inc.		795
	25		Eaton Corp. plc		1,971
	—	(h)	EnerSys		15
	45		Fuji Electric Co. Ltd., (Japan)		238
	3		Generac Holdings, Inc. (a)		110
	21		Mitsubishi Electric Corp., (Japan)		301
	8		Nidec Corp., (Japan)		863
	14		Philips Lighting NV, (Netherlands) (e)		517
	2		Powell Industries, Inc.		60
	3		Rockwell Automation, Inc.		518
	21		Schneider Electric SE, (France) (a)		1,614
	7		Vestas Wind Systems A/S, (Denmark)		655
					8,428
			Industrial Conglomerates — 0.8%
	8		Carlisle Cos., Inc.		792
	86		CK Hutchison Holdings Ltd., (Hong Kong)		1,079
	170		General Electric Co.		4,600
	13		Honeywell International, Inc.		1,770
	17		Siemens AG (Registered), (Germany)		2,298
	112		Turkiye Sise ve Cam Fabrikalari A/S, (Turkey)		146
					10,685
			Machinery — 1.5%
	4		Actuant Corp., Class A		108
	9		Atlas Copco AB, (Sweden), Class A		346
	7		Briggs & Stratton Corp.		161

SHARES			SECURITY DESCRIPTION	VALUE($)
			Machinery — continued
	3		Cummins, Inc.		519
	20		Deere & Co.		2,497
	45		DMG Mori Co. Ltd., (Japan)		751
	5		Douglas Dynamics, Inc.		178
	8		Dover Corp.		667
	4		FANUC Corp., (Japan)		852
	—	(h)	Fortive Corp.		26
	—	(h)	Georg Fischer AG (Registered), (Switzerland)		242
	1		Graham Corp.		15
	1		Harsco Corp. (a)		21
	4		Illinois Tool Works, Inc.		580
	29		Ingersoll-Rand plc		2,688
	5		John Bean Technologies Corp.		469
	1		Kadant, Inc.		111
	37		Komatsu Ltd., (Japan)		960
	65		Kubota Corp., (Japan)		1,099
	24		Makita Corp., (Japan)		874
	4		Middleby Corp. (The) (a)		455
	7		Oshkosh Corp.		481
	3		PACCAR, Inc.		228
	4		Parker-Hannifin Corp.		603
	3		SMC Corp., (Japan)		978
	1		Snap-on, Inc.		156
	27		Stanley Black & Decker, Inc.		3,744
	6		Wabash National Corp.		142
	7		WABCO Holdings, Inc. (a)		872
	11		Wartsila OYJ Abp, (Finland)		629
					21,452
			Marine — 0.0% (g)
	9		Costamare, Inc., (Monaco)		68
	3		Dfds A/S, (Denmark)		155
	4		Matson, Inc.		107
					330
			Professional Services — 0.2%
	13		Acacia Research Corp. (a)		52
	8		Adecco Group AG (Registered), (Switzerland)		601
	4		Barrett Business Services, Inc.		215
	5		Equifax, Inc.		689
	1		Franklin Covey Co. (a)		28
	6		Huron Consulting Group, Inc. (a)		270
	5		ManpowerGroup, Inc.		569
	2		Meitec Corp., (Japan)		81
	29		Pagegroup plc, (United Kingdom)		178
	34		RELX NV, (United Kingdom)		702

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	1	TriNet Group, Inc. (a)		20
	2	WageWorks, Inc. (a)		146
				3,551
		Road & Rail — 0.5%
	2	ArcBest Corp.		49
	1	Canadian Pacific Railway Ltd., (Canada)		116
	2	Central Japan Railway Co., (Japan)		376
	17	Norfolk Southern Corp.		2,024
	7	Old Dominion Freight Line, Inc.		691
	1	Schneider National, Inc., Class B		24
	5	Swift Transportation Co. (a)		121
	28	Union Pacific Corp.		3,028
	3	YRC Worldwide, Inc. (a)		29
				6,458
		Trading Companies & Distributors — 0.3%
	2	Applied Industrial Technologies, Inc.		91
	18	Barloworld Ltd., (South Africa)		149
	3	DXP Enterprises, Inc. (a)		95
	1	HD Supply Holdings, Inc. (a)		27
	61	Mitsubishi Corp., (Japan)		1,280
	9	MRC Global, Inc. (a)		152
	15	Sumitomo Corp., (Japan)		193
	7	Titan Machinery, Inc. (a)		119
	21	Travis Perkins plc, (United Kingdom)		396
	3	United Rentals, Inc. (a)		372
	22	Wolseley plc, (Switzerland)		1,320
				4,194
		Transportation Infrastructure — 0.1%
	3	Aena SA, (Spain) (e)		573
	2	Flughafen Zurich AG, (Switzerland)		380
	178	Shenzhen Expressway Co. Ltd., (China), Class H		162
	188	Zhejiang Expressway Co. Ltd., (China), Class H		246
				1,361
		Total Industrials		96,756
		Information Technology — 10.9%
		Communications Equipment — 0.2%
	63	Accton Technology Corp., (Taiwan)		161
	5	Arista Networks, Inc. (a)		739
	76	BYD Electronic International Co. Ltd., (China)		150
	3	Ciena Corp. (a)		64
	37	Cisco Systems, Inc.		1,162
	9	CommScope Holding Co., Inc. (a)		331
	10	Extreme Networks, Inc. (a)		91

SHARES			SECURITY DESCRIPTION	VALUE($)
			Communications Equipment — continued
	4		InterDigital, Inc.		274
	4		Palo Alto Networks, Inc. (a)		496
					3,468
			Electronic Equipment, Instruments & Components — 0.8%
	55		AAC Technologies Holdings, Inc., (China)		681
	14		Amphenol Corp., Class A		1,066
	8		Arrow Electronics, Inc. (a)		612
	2		Bel Fuse, Inc., Class B		46
	9		Benchmark Electronics, Inc. (a)		279
	76		Coretronic Corp., (Taiwan)		104
	36		Corning, Inc.		1,084
	54		Elite Material Co. Ltd., (Taiwan)		262
	1		ePlus, Inc. (a)		70
	80		FLEXium Interconnect, Inc., (Taiwan)		301
	47		General Interface Solution Holding Ltd., (Taiwan)		348
	50		Hitachi Ltd., (Japan)		308
	4		Jenoptik AG, (Germany)		117
	—	(h)	KEMET Corp. (a)		1
	6		Keyence Corp., (Japan)		2,465
	34		Kingboard Chemical Holdings Ltd., (Hong Kong)		135
	115		Kingboard Laminates Holdings Ltd., (Hong Kong)		139
	8		Knowles Corp. (a)		133
	5		Largan Precision Co. Ltd., (Taiwan)		796
	57		Merry Electronics Co. Ltd., (Taiwan)		353
	12		Partron Co. Ltd., (South Korea)		112
	—	(h)	ScanSource, Inc. (a)		12
	4		SFA Engineering Corp., (South Korea)		138
	5		TE Connectivity Ltd.		370
	3		Tech Data Corp. (a)		258
	—	(h)	TTM Technologies, Inc. (a)		7
	14		Venture Corp. Ltd., (Singapore)		118
	7		Vishay Intertechnology, Inc.		113
	71		Zhen Ding Technology Holding Ltd., (Taiwan)		168
					10,596
			Internet Software & Services — 2.3%
	9		Alibaba Group Holding Ltd., (China), ADR (a)		1,232
	6		Alphabet, Inc., Class A (a)		5,624
	12		Alphabet, Inc., Class C (a)		10,550
	4		Baidu, Inc., (China), ADR (a)		725
	4		Bankrate, Inc. (a)		52
	4		Cloudera, Inc. (a)		60
	4		DHI Group, Inc. (a)		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Internet Software & Services — continued
	37		eBay, Inc. (a)		1,299
	47		Facebook, Inc., Class A (a)		7,076
	25		GoDaddy, Inc., Class A (a)		1,061
	2		Liquidity Services, Inc. (a)		12
	3		NetEase, Inc., (China), ADR		893
	3		Nutanix, Inc., Class A (a)		54
	2		Okta, Inc. (a)		45
	—	(h)	Stamps.com, Inc. (a)		31
	79		Tencent Holdings Ltd., (China)		2,820
	6		Tintri, Inc. (a)		44
	—	(h)	VeriSign, Inc. (a)		37
	6		Web.com Group, Inc. (a)		151
	3		Yelp, Inc. (a)		99
	3		Yext, Inc. (a)		36
					31,911
			IT Services — 1.5%
	35		Accenture plc, Class A		4,331
	6		Amadeus IT Group SA, (Spain)		343
	4		Atos SE, (France)		539
	1		Automatic Data Processing, Inc.		56
	13		Capgemini SE, (France)		1,352
	28		Computershare Ltd., (Australia)		302
	4		Convergys Corp.		84
	2		CSG Systems International, Inc.		86
	7		DXC Technology Co.		524
	1		Euronet Worldwide, Inc. (a)		46
	1		EVERTEC, Inc., (Puerto Rico)		12
	3		Fidelity National Information Services, Inc.		286
	12		Global Payments, Inc.		1,105
	3		International Business Machines Corp.		516
	13		Mastercard, Inc., Class A		1,549
	1		Paychex, Inc.		54
	31		PayPal Holdings, Inc. (a)		1,683
	2		Science Applications International Corp.		118
	1		Sopra Steria Group, (France)		95
	5		Travelport Worldwide Ltd.		70
	88		TravelSky Technology Ltd., (China), Class H		259
	14		Unisys Corp. (a)		183
	18		Vantiv, Inc., Class A (a)		1,170
	74		Visa, Inc., Class A		6,967
	1		WEX, Inc. (a)		101
					21,831
			Semiconductors & Semiconductor Equipment — 2.2%
	1		Advanced Energy Industries, Inc. (a)		34

SHARES			SECURITY DESCRIPTION	VALUE($)
			Semiconductors & Semiconductor Equipment — continued
	5		Alpha & Omega Semiconductor Ltd. (a)		79
	10		Amkor Technology, Inc. (a)		95
	40		Analog Devices, Inc.		3,077
	52		Applied Materials, Inc.		2,133
	15		ASML Holding NV, (Netherlands)		1,934
	15		Broadcom Ltd.		3,431
	11		Cavium, Inc. (a)		679
	6		Cohu, Inc.		102
	6		Dialog Semiconductor plc, (United Kingdom) (a)		236
	54		Infineon Technologies AG, (Germany)		1,147
	4		Integrated Device Technology, Inc. (a)		115
	4		KLA-Tencor Corp.		329
	8		Lam Research Corp.		1,073
	3		Maxim Integrated Products, Inc.		144
	17		Microchip Technology, Inc.		1,321
	9		NVIDIA Corp.		1,288
	9		QUALCOMM, Inc.		514
	90		Renesas Electronics Corp., (Japan) (a)		785
	4		SCREEN Holdings Co. Ltd., (Japan)		254
	—	(h)	Silicon Laboratories, Inc. (a)		26
	14		SK Hynix, Inc., (South Korea)		826
	4		Synaptics, Inc. (a)		190
	95		Taiwan Semiconductor Manufacturing Co. Ltd., (Taiwan), ADR		3,308
	3		Teradyne, Inc.		99
	72		Texas Instruments, Inc.		5,502
	9		Tokyo Electron Ltd., (Japan)		1,257
	2		Xcerra Corp. (a)		21
	336		Xinyi Solar Holdings Ltd., (China)		96
	10		Xperi Corp.		288
					30,383
			Software — 2.1%
	5		ACI Worldwide, Inc. (a)		107
	22		Adobe Systems, Inc. (a)		3,178
	6		Aspen Technology, Inc. (a)		344
	3		Barracuda Networks, Inc. (a)		63
	—	(h)	Blackline, Inc. (a)		12
	5		Check Point Software Technologies Ltd., (Israel) (a)		545
	17		Electronic Arts, Inc. (a)		1,791
	2		Fair Isaac Corp.		227
	7		Guidewire Software, Inc. (a)		505
	278		IGG, Inc., (Singapore)		428
	1		Manhattan Associates, Inc. (a)		43
	191		Microsoft Corp.		13,138

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Software — continued
	1		NCSoft Corp., (South Korea)		480
	16		Oracle Corp.		791
	9		Progress Software Corp.		283
	1		Proofpoint, Inc. (a)		43
	1		Qualys, Inc. (a)		38
	12		salesforce.com, Inc. (a)		1,057
	13		SAP SE, (Germany)		1,374
	7		ServiceNow, Inc. (a)		729
	22		Snap, Inc., Class A (a)		383
	13		Splunk, Inc. (a)		725
	15		Symantec Corp.		410
	6		Synchronoss Technologies, Inc. (a)		99
	14		Take-Two Interactive Software, Inc. (a)		1,043
	2		VASCO Data Security International, Inc. (a)		27
	15		VMware, Inc., Class A (a)		1,268
	1		Workday, Inc., Class A (a)		63
	2		Workiva, Inc. (a)		43
	8		Zix Corp. (a)		47
					29,284
			Technology Hardware, Storage & Peripherals — 1.8%
	116		Apple, Inc.		16,759
	14		Brother Industries Ltd., (Japan)		317
	23		Catcher Technology Co. Ltd., (Taiwan)		274
	32		Hewlett Packard Enterprise Co.		528
	88		HP, Inc.		1,540
	11		Logitech International SA (Registered), (Switzerland)		389
	41		Micro-Star International Co. Ltd., (Taiwan) (a)		95
	7		NCR Corp. (a)		265
	4		Neopost SA, (France)		195
	97		Pegatron Corp., (Taiwan)		303
	3		Samsung Electronics Co. Ltd., (South Korea)		5,255
	2		Seagate Technology plc		58
					25,978
			Total Information Technology		153,451
			Materials — 2.5%
			Chemicals — 0.7%
	6		AdvanSix, Inc. (a)		180
	10		Akzo Nobel NV, (Netherlands)		845
	—	(h)	Albemarle Corp.		45
	2		American Vanguard Corp.		26
	3		Arkema SA, (France)		270
	1		Celanese Corp., Series A		62
	9		Chr Hansen Holding A/S, (Denmark)		686

SHARES			SECURITY DESCRIPTION	VALUE($)
			Chemicals — continued
	7		Covestro AG, (Germany) (e)		543
	3		Dow Chemical Co. (The)		194
	4		Eastman Chemical Co.		317
	6		EI du Pont de Nemours & Co.		474
	7		Evonik Industries AG, (Germany)		212
	3		FutureFuel Corp.		44
	9		Hitachi Chemical Co. Ltd., (Japan)		276
	19		Huntsman Corp.		481
	3		Hyosung Corp., (South Korea)		407
	—	(h)	Koppers Holdings, Inc. (a)		12
	17		Kuraray Co. Ltd., (Japan)		315
	1		Lenzing AG, (Austria)		99
	2		Minerals Technologies, Inc.		168
	60		Mitsui Chemicals, Inc., (Japan)		319
	6		Mosaic Co. (The)		130
	7		Nitto Denko Corp., (Japan)		545
	1		Olin Corp.		24
	5		OMNOVA Solutions, Inc. (a)		52
	21		Orica Ltd., (Australia)		332
	6		Rayonier Advanced Materials, Inc.		97
	12		Shin-Etsu Chemical Co. Ltd., (Japan)		1,074
	—	(h)	Sika AG, (Switzerland)		578
	12		Sumitomo Bakelite Co. Ltd., (Japan)		85
	48		Sumitomo Chemical Co. Ltd., (Japan)		277
	3		Trinseo SA		228
					9,397
			Construction Materials — 0.4%
	81		Anhui Conch Cement Co. Ltd., (China), Class H		282
	9		Eagle Materials, Inc.		829
	8		Imerys SA, (France)		671
	16		LafargeHolcim Ltd., (Switzerland) (a)		912
	3		Martin Marietta Materials, Inc.		702
	57		Taiheiyo Cement Corp., (Japan)		209
	12		Vulcan Materials Co.		1,537
					5,142
			Containers & Packaging — 0.2%
	26		Ball Corp.		1,088
	2		Berry Global Group, Inc. (a)		86
	2		Crown Holdings, Inc. (a)		118
	48		Graphic Packaging Holding Co.		657
	1		Myers Industries, Inc.		12
	28		WestRock Co.		1,609
					3,570

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — 1.0%
	5	AK Steel Holding Corp. (a)		33
	1	Alcoa Corp.		39
	290	Alrosa PJSC, (Russia)		426
	15	Anglo American plc, (United Kingdom) (a)		202
	92	Antofagasta plc, (Chile)		963
	5	APERAM SA, (Luxembourg)		243
	8	ArcelorMittal, (Luxembourg) (a)		189
	5	Aurubis AG, (Germany)		407
	70	BHP Billiton Ltd., (Australia)		1,239
	9	Boliden AB, (Sweden)		247
	1	Carpenter Technology Corp.		40
	152	Eregli Demir ve Celik Fabrikalari TAS, (Turkey)		305
	51	Fortescue Metals Group Ltd., (Australia)		205
	180	Glencore plc, (Switzerland) (a)		673
	116	Hoa Phat Group JSC, (Vietnam)		164
	10	KGHM Polska Miedz SA, (Poland)		285
	16	Magnitogorsk Iron & Steel Works PJSC, (Russia), GDR		120
	23	MMC Norilsk Nickel PJSC, (Russia), ADR		321
	12	Newmont Mining Corp.		383
	52	Nippon Steel & Sumitomo Metal Corp., (Japan)		1,169
	202	Norsk Hydro ASA, (Norway)		1,116
	1	Nucor Corp.		69
	3	POSCO, (South Korea)		629
	15	Rio Tinto Ltd., (United Kingdom)		718
	55	Rio Tinto plc, (United Kingdom)		2,347
	18	Severstal PJSC, (Russia), GDR		232
	114	South32 Ltd., (Australia)		235
	13	Steel Dynamics, Inc.		480
	1	SunCoke Energy, Inc. (a)		11
	107	Vale SA, (Brazil), ADR		940
	76	Vedanta Ltd., (India)		291
	1	Warrior Met Coal, Inc.		15
	4	Worthington Industries, Inc.		180
				14,916
		Paper & Forest Products — 0.2%
	1	Domtar Corp.		32
	15	Fibria Celulose SA, (Brazil)		154
	15	KapStone Paper and Packaging Corp.		307
	168	Lee & Man Paper Manufacturing Ltd., (Hong Kong)		156
	220	Nine Dragons Paper Holdings Ltd., (Hong Kong)		293
	14	Sappi Ltd., (South Africa)		95

SHARES			SECURITY DESCRIPTION	VALUE($)
			Paper & Forest Products — continued
	46		UPM-Kymmene OYJ, (Finland)		1,301
					2,338
			Total Materials		35,363
			Real Estate — 1.4%
			Equity Real Estate Investment Trusts (REITs) — 0.9%
	2		American Assets Trust, Inc.		77
	28		American Homes 4 Rent, Class A		628
	10		American Tower Corp.		1,270
	13		Ashford Hospitality Trust, Inc.		80
	1		AvalonBay Communities, Inc.		242
	1		Boston Properties, Inc.		80
	32		Brixmor Property Group, Inc.		568
	—	(h)	Camden Property Trust		30
	2		CBL & Associates Properties, Inc.		18
	3		CoreSite Realty Corp.		339
	1		CubeSmart		34
	2		DCT Industrial Trust, Inc.		90
	2		DiamondRock Hospitality Co.		23
	—	(h)	Digital Realty Trust, Inc.		49
	6		EastGroup Properties, Inc.		538
	405		Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, (Turkey) (a)		338
	—	(h)	EPR Properties		7
	—	(h)	Equinix, Inc.		107
	5		Equity Commonwealth (a)		142
	1		Equity LifeStyle Properties, Inc.		45
	1		Extra Space Storage, Inc.		87
	1		Federal Realty Investment Trust		67
	1		First Industrial Realty Trust, Inc.		30
	2		Franklin Street Properties Corp.		20
	—	(h)	Gladstone Commercial Corp.		9
	159		Goodman Group, (Australia)		958
	2		Government Properties Income Trust		36
	3		HCP, Inc.		87
	4		Hersha Hospitality Trust		68
	1		Highwoods Properties, Inc.		39
	2		Hospitality Properties Trust		63
	1		InfraREIT, Inc.		12
	32		Kimco Realty Corp.		592
	23		Klepierre, (France)		955
	2		LTC Properties, Inc.		113
	2		Mack-Cali Realty Corp.		52
	5		Mid-America Apartment Communities, Inc.		537
	2		Monogram Residential Trust, Inc.		18

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Equity Real Estate Investment Trusts (REITs) — continued
	—	(h)	National Retail Properties, Inc.		11
	1		Omega Healthcare Investors, Inc.		16
	22		Outfront Media, Inc.		497
	6		Park Hotels & Resorts, Inc.		171
	1		Pennsylvania REIT		12
	3		Potlatch Corp.		135
	25		Prologis, Inc.		1,451
	—	(h)	PS Business Parks, Inc.		50
	1		Public Storage		202
	4		Ramco-Gershenson Properties Trust		50
	26		Rayonier, Inc.		757
	1		Regency Centers Corp.		37
	10		RLJ Lodging Trust		200
	1		Saul Centers, Inc.		59
	1		Summit Hotel Properties, Inc.		13
	1		Taubman Centers, Inc.		42
	1		Vornado Realty Trust		113
	11		Weyerhaeuser Co.		382
					12,646
			Real Estate Management & Development — 0.5%
	1		Alexander & Baldwin, Inc.		26
	40		CBRE Group, Inc., Class A (a)		1,474
	143		Cheung Kong Property Holdings Ltd., (Hong Kong)		1,115
	120		China Overseas Land & Investment Ltd., (China)		351
	322		China Resources Land Ltd., (China)		938
	8		Forestar Group, Inc. (a)		145
	45		Hongkong Land Holdings Ltd., (Hong Kong)		333
	75		Mitsui Fudosan Co. Ltd., (Japan)		1,797
	9		Savills plc, (United Kingdom)		101
	—	(h)	St Joe Co. (The) (a)		8
	19		Tokyo Tatemono Co. Ltd., (Japan)		254
	27		Wharf Holdings Ltd. (The), (Hong Kong)		223
	26		Wheelock & Co. Ltd., (Hong Kong)		196
					6,961
			Total Real Estate		19,607
			Telecommunication Services — 0.9%
			Diversified Telecommunication Services — 0.5%
	74		AT&T, Inc.		2,789
	4		IDT Corp., Class B		60
	1		KT Corp., (South Korea)		24
	22		LG Uplus Corp., (South Korea)		306
	30		Nippon Telegraph & Telephone Corp., (Japan)		1,430
	42		Orange SA, (France)		676

SHARES		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	956	Telecom Italia SpA, (Italy) (a)		884
	33	Verizon Communications, Inc.		1,474
	36	Windstream Holdings, Inc.		140
				7,783
		Wireless Telecommunication Services — 0.4%
	5	Freenet AG, (Germany)		171
	48	KDDI Corp., (Japan)		1,259
	28	Mobile TeleSystems PJSC, (Russia), ADR		235
	19	NTT DOCOMO, Inc., (Japan)		445
	6	SoftBank Group Corp., (Japan)		447
	6	T-Mobile US, Inc. (a)		388
	886	Vodafone Group plc, (United Kingdom)		2,515
				5,460
		Total Telecommunication Services		13,243
		Utilities — 1.5%
		Electric Utilities — 1.1%
	14	American Electric Power Co., Inc.		1,003
	7	Duke Energy Corp.		610
	34	Edison International		2,621
	49	EDP—Energias do Brasil SA, (Brazil) (a)		210
	2	El Paso Electric Co.		111
	212	Enel SpA, (Italy)		1,140
	9	Eversource Energy		528
	24	Kansai Electric Power Co., Inc. (The), (Japan)		336
	14	Korea Electric Power Corp., (South Korea)		511
	26	NextEra Energy, Inc.		3,621
	17	PG&E Corp.		1,161
	2	PNM Resources, Inc.		60
	4	Portland General Electric Co.		173
	9,884	RusHydro PJSC, (Russia)		134
	3	Spark Energy, Inc., Class A		58
	21	Transmissora Alianca de Energia Eletrica SA, (Brazil)		144
	54	Xcel Energy, Inc.		2,462
				14,883
		Gas Utilities — 0.1%
	224	China Resources Gas Group Ltd., (China)		764
	1	Northwest Natural Gas Co.		31
	1	Southwest Gas Holdings, Inc.		79
	1	Spire, Inc.		87
	9	UGI Corp.		427
				1,388

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.1%
	42	AES Corp.		471
	31	Atlantic Power Corp. (a)		74
	491	China Power International Development Ltd., (China)		174
	17	Dynegy, Inc. (a)		138
	428	Huadian Power International Corp. Ltd., (China), Class H (a)		191
	286	Huaneng Power International, Inc., (China), Class H		199
	3	Pattern Energy Group, Inc.		70
	26	Uniper SE, (Germany)		487
				1,804
		Multi-Utilities — 0.2%
	30	AGL Energy Ltd., (Australia)		589
	1	Avista Corp.		22
	19	CenterPoint Energy, Inc.		509
	4	CMS Energy Corp.		197
	14	Innogy SE, (Germany) (e)		564
	5	NiSource, Inc.		122
	1	NorthWestern Corp.		35
	5	Sempra Energy		552
				2,590
		Water Utilities — 0.0% (g)
	4	American States Water Co.		167
	7	Cia de Saneamento de Minas Gerais-COPASA, (Brazil) (a)		88
				255
		Total Utilities		20,920
		Total Common Stocks (Cost $599,602)		776,330
	Preferred Stocks — 0.3%
		Consumer Discretionary — 0.1%
		Auto Components — 0.0% (g)
	18	Schaeffler AG (Preference), (Germany)		254
		Automobiles — 0.1%
	5	Volkswagen AG (Preference), (Preference Shares), (Germany)		744
		Total Consumer Discretionary		998
		Consumer Staples — 0.1%
		Household Products — 0.1%
	14	Henkel AG & Co. KGaA (Preference), (Germany)		1,993

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 0.0% (g)
		Health Care Equipment & Supplies — 0.0% (g)
	1	Draegerwerk AG & Co. KGaA (Preference), (Germany)		99
		Materials — 0.1%
		Chemicals — 0.0% (g)
	19	Braskem SA (Preference), (Brazil), Class A		195
		Metals & Mining — 0.1%
	281	Metalurgica Gerdau SA (Preference), (Brazil)		423
		Total Materials		618
		Utilities — 0.0% (g)
		Water Utilities — 0.0% (g)
	21	Cia de Saneamento do Parana (Preference), (Brazil)		68
		Total Preferred Stocks (Cost $2,805)		3,776
PRINCIPAL AMOUNT($)
	Asset-Backed Securities — 2.9%
		ACE Securities Corp. Home Equity Loan Trust,
	196	Series 2004-HE3, Class M3, VAR, 2.296%, 11/25/34		195
	550	Series 2004-OP1, Class M3, VAR, 3.091%, 04/25/34		514
		Air Canada Pass-Through Trust, (Canada),
	29	Series 2013-1, Class A, 4.125%, 05/15/25 (e)		30
	80	Series 2015-1, Class A, 3.600%, 03/15/27 (e)		81
		Ally Auto Receivables Trust,
	90	Series 2015-1, Class A3, 1.390%, 09/16/19		90
	266	Series 2017-2, Class A3, 1.780%, 08/16/21		266
	201	Series 2017-3, Class A3, 1.740%, 09/15/21		201
		American Airlines Pass-Through Trust,
	13	Series 2011-1, Class A, 5.250%, 01/31/21		13
	152	Series 2013-2, Class A, 4.950%, 01/15/23		162
	180	Series 2016-3, Class AA, 3.000%, 10/15/28		176
	50	Series 2017-1, Class AA, 3.650%, 02/15/29		52
	240	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.930%, 09/15/22		240
	75	AmeriCredit Automobile Receivables, Series 2015-4, Class A3, 1.700%, 07/08/20		75
		AmeriCredit Automobile Receivables Trust,
	59	Series 2017-1, Class A3, 1.870%, 08/18/21		59
	72	Series 2017-2, Class A3, 1.980%, 12/20/21		72

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	381	Series 2002-2, Class M3, VAR, 3.871%, 08/25/32		377
	438	Series 2003-9, Class M2, VAR, 4.066%, 09/25/33		422
	394	Series 2003-10, Class M1, VAR, 2.266%, 12/25/33		388
	368	Series 2003-10, Class M2, VAR, 3.766%, 12/25/33		359
	362	Series 2004-R1, Class M1, VAR, 2.011%, 02/25/34		360
	54	Series 2004-R1, Class M6, VAR, 3.286%, 02/25/34		54
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	563	Series 2004-W1, Class M3, VAR, 3.391%, 03/25/34		556
	107	Series 2004-W3, Class A3, VAR, 2.036%, 02/25/34		98
	138	Series 2004-W3, Class M3, VAR, 3.695%, 02/25/34		130
	390	Series 2004-W4, Class A, VAR, 1.736%, 03/25/34		367
	707	Series 2004-W6, Class M4, VAR, 4.066%, 05/25/34		708
	344	Series 2004-W7, Class M9, VAR, 3.999%, 05/25/34 (e)		298
	73	Ascentium Equipment Receivables Trust, Series 2017-1A, Class A3, 2.290%, 06/10/21 (e)		73
	547	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE1, Class M1, VAR, 2.209%, 01/15/34		536
	104	AXIS Equipment Finance Receivables IV LLC, Series 2016-1A, Class A, 2.210%, 11/20/21 (e)		104
	300	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		300
	380	Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, VAR, 2.416%, 08/25/34		367
		BMW Vehicle Lease Trust,
	85	Series 2015-2, Class A3, 1.400%, 09/20/18		84
	185	Series 2017-1, Class A3, 1.980%, 05/20/20		186
	62	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		62
	130	Capital Auto Receivables Asset Trust, Series 2015-2, Class A3, 1.730%, 09/20/19		130

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		CarMax Auto Owner Trust,
	42	Series 2014-2, Class A3, 0.980%, 01/15/19		41
	87	Series 2015-2, Class A3, 1.370%, 03/16/20		87
	249	Series 2017-1, Class A3, 1.980%, 11/15/21		250
		CDC Mortgage Capital Trust,
	334	Series 2003-HE1, Class M1, VAR, 2.566%, 08/25/33		333
	6	Series 2003-HE3, Class M2, VAR, 3.841%, 11/25/33		6
	492	Chase Funding Loan Acquisition Trust, Series 2004-OPT1, Class M2, VAR, 2.716%, 06/25/34		487
	235	CHEC Loan Trust, Series 2004-2, Class M3, VAR, 2.466%, 04/25/34		204
		Citibank Credit Card Issuance Trust,
	150	Series 2007-A8, Class A8, 5.650%, 09/20/19		151
	200	Series 2014-A8, Class A8, 1.730%, 04/09/20		201
	250	Series 2016-A1, Class A1, 1.750%, 11/19/21		250
		CNH Equipment Trust,
	3	Series 2014-A, Class A3, 0.840%, 05/15/19		3
	12	Series 2014-B, Class A3, 0.910%, 05/15/19		12
	240	Series 2017-A, Class A3, 2.070%, 05/16/22		241
	74	Continental Airlines Pass-Through Trust, Series 2007-1, Class A, 5.983%, 04/19/22		81
		Countrywide Asset-Backed Certificates,
	127	Series 2003-BC4, Class M2, VAR, 2.566%, 06/25/33		123
	133	Series 2003-BC6, Class M2, VAR, 2.941%, 10/25/33		132
	45	Series 2004-BC1, Class M3, VAR, 3.316%, 10/25/33		41
	433	Series 2004-SD2, Class M1, VAR, 1.836%, 06/25/33 (e)		429
	750	Series 2005-12, Class M2, VAR, 1.706%, 02/25/36		701
		CPS Auto Receivables Trust,
	76	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		77
	43	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		43
	27	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		29

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Credit-Based Asset Servicing & Securitization LLC,
	231	Series 2003-CB5, Class M2, VAR, 3.691%, 11/25/33		225
	722	Series 2004-CB4, Class A5, SUB, 6.780%, 05/25/35		720
	279	Series 2004-CB6, Class M3, VAR, 3.316%, 07/25/35		268
	44	CVS Pass-Through Trust, 6.943%, 01/10/30		53
		CWABS, Inc. Asset-Backed Certificates,
	256	Series 2003-5, Class MF2, VAR, 5.270%, 11/25/33		249
	336	Series 2003-BC1, Class A1, VAR, 2.016%, 03/25/33		328
		CWABS, Inc. Asset-Backed Certificates Trust,
	409	Series 2004-5, Class M3, VAR, 2.941%, 07/25/34		407
	338	Series 2004-6, Class M2, VAR, 2.191%, 10/25/34		330
	100	Dell Equipment Finance Trust, Series 2017-1, Class A3, 2.140%, 04/22/22 (e)		100
		Delta Air Lines Pass-Through Trust,
	75	Series 2007-1, Class A, 6.821%, 08/10/22		87
	8	Series 2010-2, Class A, 4.950%, 05/23/19		8
	8	Series 2011-1, Class A, 5.300%, 04/15/19		9
	250	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		249
	33	Drive Auto Receivables Trust, Series 2017-BA, Class B, 2.200%, 05/15/20 (e)		33
		DT Auto Owner Trust,
	23	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		23
	152	Series 2017-2A, Class B, 2.440%, 02/15/21 (e)		152
	60	Duke Energy Carolinas LLC, 3.875%, 03/15/46		61
	1,014	Equity One Mortgage Pass-Through Trust, Series 2003-1, Class M1, VAR, 4.860%, 08/25/33		1,016
	30	Exeter Automobile Receivables Trust, Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		30
	137	Fifth Third Auto Trust, Series 2015-1, Class A3, 1.420%, 03/16/20		137
	229	First Franklin Mortgage Loan Trust, Series 2006-FF8, Class IIA3, VAR, 1.366%, 07/25/36		226
		Flagship Credit Auto Trust,
	26	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		26
	54	Series 2016-2, Class A1, 2.280%, 05/15/20 (e)		54

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	80	Series 2017-2, Class B, 2.570%, 04/15/23 (e)		80
	213	Ford Credit Auto Lease Trust, Series 2017-A, Class A3, 1.880%, 04/15/20		213
		Ford Credit Auto Owner Trust,
	11	Series 2014-B, Class A3, 0.900%, 10/15/18		11
	41	Series 2015-A, Class A3, 1.280%, 09/15/19		41
	99	Series 2015-B, Class A3, 1.160%, 11/15/19		99
	158	Series 2015-C, Class A3, 1.410%, 02/15/20		158
	151	Series 2017-A, Class A3, 1.670%, 06/15/21		151
		Fremont Home Loan Trust,
	77	Series 2003-B, Class M2, VAR, 3.646%, 12/25/33		77
	1,072	Series 2004-A, Class M1, VAR, 2.041%, 01/25/34		1,025
	102	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		102
		GLS Auto Receivables Trust,
	41	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		42
	401	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		401
		GM Financial Automobile Leasing Trust,
	65	Series 2015-1, Class A3, 1.530%, 09/20/18		65
	65	Series 2015-3, Class A3, 1.690%, 03/20/19		65
	178	Series 2017-1, Class A3, 2.060%, 05/20/20		178
	126	GM Financial Consumer Automobile, Series 2017-1A, Class A3, 1.780%, 10/18/21 (e)		126
	527	GSAMP Trust, Series 2004-NC2, Class B2, VAR, 4.591%, 10/25/34 (e)		427
	109	Harley-Davidson Motorcycle Trust, Series 2015-2, Class A3, 1.300%, 03/16/20		109
		Home Equity Asset Trust,
	377	Series 2002-1, Class M2, VAR, 3.116%, 11/25/32		333
	504	Series 2004-3, Class M1, VAR, 2.071%, 08/25/34		483
	91	Series 2004-6, Class M2, VAR, 2.116%, 12/25/34		85
	51	Series 2005-7, Class 2A4, VAR, 1.596%, 01/25/36		51
	296	Series 2007-2, Class 2A2, VAR, 1.401%, 07/25/37		294
	276	Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-B, Class M3, VAR, 2.416%, 11/25/34		267
		Honda Auto Receivables Owner Trust,
	4	Series 2014-2, Class A3, 0.770%, 03/19/18		4
	196	Series 2016-3, Class A3, 1.160%, 05/18/20		195

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Hyundai Auto Receivables Trust,
	25	Series 2014-B, Class A3, 0.900%, 12/17/18		25
	103	Series 2015-C, Class A3, 1.460%, 02/18/20		103
	169	Series 2017-A, Class A3, 1.760%, 08/16/21		169
	90	John Deere Owner Trust, Series 2015-B, Class A3, 1.440%, 10/15/19		90
		Long Beach Mortgage Loan Trust,
	508	Series 2001-2, Class M1, VAR, 2.056%, 07/25/31		503
	121	Series 2003-4, Class M2, VAR, 3.841%, 08/25/33		123
	72	Mastr Asset-Backed Securities Trust, Series 2004-OPT1, Class M2, VAR, 2.866%, 02/25/34		70
		Merrill Lynch Mortgage Investors Trust,
	633	Series 2002-NC1, Class M1, VAR, 2.266%, 05/25/33		615
	89	Series 2003-OPT1, Class M1, VAR, 2.191%, 07/25/34		87
	670	Series 2004-HE1, Class M2, VAR, 3.466%, 04/25/35		665
	398	Series 2005-FM1, Class M1, VAR, 1.696%, 05/25/36		372
	599	Series 2005-NC1, Class M2, VAR, 2.296%, 10/25/35		580
		Morgan Stanley ABS Capital I, Inc. Trust,
	217	Series 2004-NC2, Class M2, VAR, 3.016%, 12/25/33		204
	376	Series 2005-HE1, Class M3, VAR, 1.996%, 12/25/34		315
	219	Series 2005-HE1, Class M4, VAR, 2.296%, 12/25/34		185
		Morgan Stanley Dean Witter Capital I, Inc. Trust,
	345	Series 2002-AM3, Class A3, VAR, 2.196%, 02/25/33		337
	238	Series 2002-AM3, Class M1, VAR, 2.641%, 02/25/33		238
		New Century Home Equity Loan Trust,
	295	Series 2003-5, Class M1, SUB, 5.137%, 11/25/33		290
	496	Series 2003-6, Class M1, VAR, 2.296%, 01/25/34		492
	683	Series 2004-4, Class M1, VAR, 1.981%, 02/25/35		646
	250	Series 2005-1, Class M1, VAR, 1.891%, 03/25/35		237
	141	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.540%, 04/18/22 (e)		141

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Nissan Auto Lease Trust,
	49		Series 2015-A, Class A3, 1.400%, 06/15/18		49
	126		Series 2017-A, Class A3, 1.910%, 04/15/20		126
			Nissan Auto Receivables Owner Trust,
	1		Series 2014-A, Class A3, 0.720%, 08/15/18		1
	55		Series 2015-C, Class A3, 1.370%, 05/15/20		55
	33		Northwest Airlines Pass-Through Trust, Series 2007-1, Class A, 7.027%, 11/01/19		37
			NovaStar Mortgage Funding Trust,
	383		Series 2003-2, Class M2, VAR, 3.991%, 09/25/33		380
	218		Series 2003-3, Class M1, VAR, 1.966%, 12/25/33		204
	192		OneMain Financial Issuance Trust, Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		192
			Option One Mortgage Acceptance Corp. Asset-Backed Certificates,
	702		Series 2003-4, Class M1, VAR, 2.236%, 07/25/33		647
	417		Series 2003-5, Class A3, VAR, 2.116%, 08/25/33		404
	845		Option One Mortgage Loan Trust, Series 2004-2, Class M2, VAR, 2.791%, 05/25/34		741
	500		Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M4, VAR, 2.461%, 01/25/36		498
	109		Prosper Marketplace Issuance Trust, Series 2017-1A, Class A, 2.560%, 06/15/23 (e)		109
	250		Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		251
	22		RAMP Trust, Series 2004-RS4, Class AI6, VAR, 5.072%, 04/25/34		23
			RASC Trust,
	—	(h)	Series 2001-KS3, Class AII, VAR, 1.676%, 09/25/31		—	(h)
	743		Series 2005-EMX1, Class M1, VAR, 1.861%, 03/25/35		738
			Renaissance Home Equity Loan Trust,
	570		Series 2003-2, Class A, VAR, 2.096%, 08/25/33		533
	1,749		Series 2003-2, Class M1, VAR, 2.454%, 08/25/33		1,730
	200		Santander Drive Auto Receivables Trust, Series 2017-2, Class A3, 1.870%, 12/15/20		200
			Saxon Asset Securities Trust,
	97		Series 2000-2, Class MF2, VAR, 8.053%, 07/25/30		81

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	12	Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		12
	262	Series 2003-2, Class M2, VAR, 3.841%, 06/25/33		250
	535	Series 2003-3, Class M1, VAR, 2.191%, 12/25/33		515
	246	Series 2004-2, Class MV2, VAR, 3.016%, 08/25/35		244
	67	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.090%, 10/27/25 (e)		67
	96	Sofi Professional Loan Program LLC, Series 2017-B, Class A1FX, 1.830%, 05/25/40 (e)		96
	420	Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 2.116%, 11/25/34		402
		Structured Asset Investment Loan Trust,
	123	Series 2003-BC3, Class M1, VAR, 2.641%, 04/25/33		122
	442	Series 2003-BC11, Class M1, VAR, 2.191%, 10/25/33		440
	332	Series 2004-6, Class M2, VAR, 3.166%, 07/25/34		311
	65	Series 2004-7, Class M1, VAR, 2.266%, 08/25/34		60
	337	Series 2004-7, Class M2, VAR, 2.341%, 08/25/34		318
	314	Series 2004-8, Class M2, VAR, 2.146%, 09/25/34		307
	145	Structured Asset Securities Corp. Trust, Series 2005-SC1, Class 1A1, VAR, 1.486%, 05/25/31 (e)		101
	54	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.730%, 02/16/21		54
		United Airlines Pass-Through Trust,
	125	Series 2016-1, Class A, 3.450%, 07/07/28		126
	25	Series 2016-1, Class AA, 3.100%, 07/07/28		25
	52	US Airways Pass-Through Trust, Series 2013-1, Class A, 3.950%, 11/15/25		54
	10	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		10
	117	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		117
	97	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.250%, 05/25/47 (e)		97
	229	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.500%, 03/25/47 (e)		230
	181	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		181

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	97	VOLT LVIII LLC, Series 2017-NPL5, Class A1, SUB, 3.375%, 05/28/47 (e)		97
	100	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.125%, 06/25/47 (e)		100
	84	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		84
	26	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		26
	171	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		172
	108	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		108
	194	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2004-2, Class M8A, VAR, 5.716%, 10/25/34 (e)		186
	224	World Financial Network Credit Card Master Trust, Series 2017-A, Class A, 2.120%, 03/15/24		224
		World Omni Auto Receivables Trust,
	32	Series 2015-A, Class A3, 1.340%, 05/15/20		31
	86	Series 2015-B, Class A3, 1.490%, 12/15/20		86
		World Omni Automobile Lease Securitization Trust,
	121	Series 2015-A, Class A3, 1.540%, 10/15/18		121
	175	Series 2017-A, Class A3, 2.130%, 04/15/20		176
		Total Asset-Backed Securities (Cost $39,358)		41,016
	Collateralized Mortgage Obligations — 4.6%
		Alternative Loan Trust,
	407	Series 2004-27CB, Class A1, 6.000%, 12/25/34		402
	27	Series 2005-3CB, Class 1A4, 5.250%, 03/25/35		27
	116	Series 2005-20CB, Class 4A1, 5.250%, 07/25/20		114
	500	Series 2005-21CB, Class A17, 6.000%, 06/25/35		508
		Banc of America Alternative Loan Trust,
	82	Series 2004-6, Class 4A1, 5.000%, 07/25/19		83
	216	Series 2006-5, Class 3A1, 6.000%, 06/25/46		217
		Bear Stearns ALT-A Trust,
	49	Series 2004-6, Class 1A, VAR, 1.856%, 07/25/34		48
	457	Series 2005-4, Class 23A2, VAR, 3.475%, 05/25/35		459
	164	Series 2005-7, Class 12A3, VAR, 1.896%, 08/25/35		157

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			CHL Mortgage Pass-Through Trust,
	680		Series 2005-HYB3, Class 2A1A, VAR, 3.404%, 06/20/35		683
	111		Series 2006-21, Class A14, 6.000%, 02/25/37		100
	299		Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.930%, 10/25/35		301
			Citigroup Mortgage Loan Trust, Inc.,
	12		Series 2003-1, Class 3A4, 5.250%, 09/25/33		12
	343		Series 2005-4, Class A, VAR, 3.083%, 08/25/35		338
	26		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		26
	325		CVS Pass-Through Trust, 8.353%, 07/10/31 (e)		419
	107		FHLMC — GNMA, Series 31, Class Z, 8.000%, 04/25/24		118
			FHLMC REMIC,
	2		Series 1087, Class I, 8.500%, 06/15/21		2
	1		Series 1136, Class H, 6.000%, 09/15/21		1
	42		Series 1617, Class PM, 6.500%, 11/15/23		46
	38		Series 1710, Class GH, 8.000%, 04/15/24		43
	27		Series 1732, Class K, 6.500%, 05/15/24		29
	38		Series 1843, Class Z, 7.000%, 04/15/26		42
	43		Series 2033, Class K, 6.050%, 08/15/23		46
	95		Series 2378, Class BD, 5.500%, 11/15/31		105
	74		Series 2455, Class GK, 6.500%, 05/15/32		84
	21		Series 2457, Class PE, 6.500%, 06/15/32		24
	56		Series 2473, Class JZ, 6.500%, 07/15/32		63
	—	(h)	Series 2503, Class TG, 5.500%, 09/15/17		—	(h)
	—	(h)	Series 2508, Class AQ, 5.500%, 10/15/17		—	(h)
	3		Series 2527, Class BP, 5.000%, 11/15/17		3
	2		Series 2531, Class HN, 5.000%, 12/15/17		2
	2		Series 2538, Class CB, 5.000%, 12/15/17		2
	12		Series 2564, Class NK, 5.000%, 02/15/18		13
	88		Series 2575, Class PE, 5.500%, 02/15/33		98
	226		Series 2586, Class WG, 4.000%, 03/15/33		238
	10		Series 2594, Class OL, 5.000%, 04/15/18		10
	27		Series 2595, Class HO, 4.500%, 03/15/23		27
	13		Series 2627, Class KM, 4.500%, 06/15/18		14
	19		Series 2636, Class Z, 4.500%, 06/15/18		19
	11		Series 2651, Class VZ, 4.500%, 07/15/18		12
	81		Series 2673, Class PE, 5.500%, 09/15/33		90
	82		Series 2685, Class DT, 5.000%, 10/15/23		89
	29		Series 2686, Class GC, 5.000%, 10/15/23		31

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	50	Series 2699, Class TC, 4.000%, 11/15/18		51
	44	Series 2715, Class NG, 4.500%, 12/15/18		45
	2	Series 2744, Class TU, 5.500%, 05/15/32		2
	44	Series 2756, Class NA, 5.000%, 02/15/24		47
	18	Series 2764, Class OE, 4.500%, 03/15/19		19
	200	Series 2764, Class UG, 5.000%, 03/15/34		223
	30	Series 2773, Class CD, 4.500%, 04/15/24		31
	1	Series 2780, Class JA, 4.500%, 04/15/19		1
	24	Series 2783, Class AT, 4.000%, 04/15/19		24
	457	Series 2802, Class CD, 5.250%, 05/15/34		493
	8	Series 2809, Class UC, 4.000%, 06/15/19		8
	62	Series 2864, Class NB, 5.500%, 07/15/33		63
	37	Series 2877, Class AD, 4.000%, 10/15/19		39
	124	Series 2901, Class KB, 5.000%, 12/15/34		135
	34	Series 2910, Class BE, 4.500%, 12/15/19		35
	531	Series 2912, Class EH, 5.500%, 01/15/35		588
	14	Series 2922, Class GA, 5.500%, 05/15/34		14
	110	Series 2935, Class HJ, 5.000%, 02/15/35		120
	173	Series 2950, Class KZ, 4.500%, 03/15/20		177
	301	Series 2960, Class JH, 5.500%, 04/15/35		336
	69	Series 2988, Class TY, 5.500%, 06/15/25		75
	44	Series 2989, Class TG, 5.000%, 06/15/25		47
	475	Series 3017, Class ML, 5.000%, 08/15/35		524
	1	Series 3064, Class OG, 5.500%, 06/15/34		1
	23	Series 3077, Class TO, PO, 04/15/35		21
	108	Series 3102, Class CE, 5.500%, 01/15/26		115
	32	Series 3121, Class JD, 5.500%, 03/15/26		35
	35	Series 3151, Class UC, 5.500%, 08/15/35		36
	11	Series 3200, Class PO, PO, 08/15/36		10
	22	Series 3212, Class BK, 5.500%, 09/15/36		25
	75	Series 3213, Class PE, 6.000%, 09/15/36		85
	36	Series 3279, Class PE, 5.500%, 02/15/37		40
	27	Series 3349, Class DP, 6.000%, 09/15/36		28
	149	Series 3405, Class PE, 5.000%, 01/15/38		164
	115	Series 3413, Class B, 5.500%, 04/15/37		125
	100	Series 3523, Class EX, 5.000%, 04/15/39		109
	137	Series 3532, Class EB, 4.000%, 05/15/24		143
	100	Series 3534, Class MB, 4.000%, 05/15/24		106
	225	Series 3553, Class PG, 5.500%, 07/15/39		246
	187	Series 3564, Class NB, 5.000%, 08/15/39		212
	63	Series 3622, Class WA, 5.500%, 09/15/39		70
	560	Series 3626, Class ME, 5.000%, 01/15/40		630
	49	Series 3647, Class GA, 5.000%, 11/15/28		49
	81	Series 3653, Class HJ, 5.000%, 04/15/40		89
	177	Series 3662, Class PJ, 5.000%, 04/15/40		193
	198	Series 3662, Class QB, 5.000%, 03/15/38		213

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	200	Series 3677, Class KB, 4.500%, 05/15/40		216
	110	Series 3680, Class LC, 4.500%, 06/15/40		111
	61	Series 3688, Class GT, VAR, 7.295%, 11/15/46		71
	207	Series 3710, Class GB, 4.000%, 08/15/25		217
	23	Series 3747, Class HI, IO, 4.500%, 07/15/37		1
	1,384	Series 3747, Class HX, 4.500%, 11/15/39		1,500
	158	Series 3748, Class D, 4.000%, 11/15/39		166
	114	Series 3755, Class MU, 4.000%, 11/15/30		118
	198	Series 3768, Class MB, 4.000%, 12/15/39		208
	150	Series 3795, Class PD, 4.500%, 01/15/40		162
	391	Series 3816, Class HA, 3.500%, 11/15/25		409
	289	Series 3827, Class BM, 5.500%, 08/15/39		307
	36	Series 3842, Class PH, 4.000%, 04/15/41		38
	400	Series 3845, Class QY, 4.000%, 04/15/26		431
	92	Series 3852, Class TP, IF, 5.500%, 05/15/41		100
	227	Series 3859, Class JB, 5.000%, 05/15/41		246
	179	Series 3873, Class MJ, 4.000%, 06/15/41		185
	1,201	Series 3893, Class PU, 4.000%, 07/15/41		1,287
	329	Series 3898, Class KH, 3.500%, 06/15/26		344
	28	Series 3902, Class MA, 4.500%, 07/15/39		29
	362	Series 3910, Class CT, 4.000%, 12/15/39		381
	1,000	Series 3951, Class ME, 4.000%, 11/15/41		1,082
	269	Series 3959, Class PB, 3.000%, 11/15/26		274
	175	Series 3962, Class KD, 3.000%, 10/15/26		178
	800	Series 3963, Class JB, 4.500%, 11/15/41		888
	800	Series 3989, Class JW, 3.500%, 01/15/42		832
	141	Series 4026, Class HB, 3.500%, 04/15/42		145
	313	Series 4026, Class MQ, 4.000%, 04/15/42		334
	320	Series 4068, Class PE, 3.000%, 06/15/42		315
	76	Series 4119, Class KE, 1.750%, 10/15/32		74
	85	Series 4180, Class ME, 2.500%, 10/15/42		85
	1,000	Series 4185, Class PB, 3.000%, 03/15/43		980
	235	Series 4203, Class BN, 3.000%, 04/15/33		239
	414	Series 4217, Class F, VAR, 1.509%, 06/15/43		411
	212	Series 4219, Class JA, 3.500%, 08/15/39		220
	550	Series 4238, Class UY, 3.000%, 08/15/33		550
	192	Series 4243, Class AE, 4.000%, 08/15/43		208
	350	Series 4384, Class LB, 3.500%, 08/15/43		360
	311	FHLMC STRIPS, Series 284, Class 300, 3.000%, 10/15/42		311
	95	FHLMC Structured Pass-Through Securities Certificates, Series T-54, Class 2A, 6.500%, 02/25/43		111

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FHLMC, Multifamily Structured Pass-Through Certificates REMIC,
	129		Series K038, Class A2, 3.389%, 03/25/24		136
	250		Series K049, Class A2, 3.010%, 07/25/25		256
	400		Series K060, Class A2, 3.300%, 10/25/26		414
	322		Series KF12, Class A, VAR, 1.916%, 09/25/22		323
	85		Series KJ02, Class A2, 2.597%, 09/25/20		87
	231		Series KJ11, Class A2, 2.932%, 01/25/23		238
	500		Series KPLB, Class A, 2.770%, 05/25/25		502
	203		First Horizon Mortgage Pass-Through Trust, Series 2006-3, Class 1A13, 6.250%, 11/25/36		191
			FNMA REMIC,
	2		Series 1990-7, Class B, 8.500%, 01/25/20		2
	—	(h)	Series 1990-35, Class E, 9.500%, 04/25/20		1
	2		Series 1990-76, Class G, 7.000%, 07/25/20		2
	8		Series 1990-106, Class J, 8.500%, 09/25/20		9
	1		Series 1991-73, Class A, 8.000%, 07/25/21		1
	23		Series 1992-112, Class GB, 7.000%, 07/25/22		25
	10		Series 1992-195, Class C, 7.500%, 10/25/22		11
	42		Series 1998-37, Class VZ, 6.000%, 06/17/28		45
	73		Series 1998-66, Class B, 6.500%, 12/25/28		79
	76		Series 2002-55, Class PG, 5.500%, 09/25/32		85
	1		Series 2002-63, Class KC, 5.000%, 10/25/17		1
	1		Series 2002-63, Class LB, 5.500%, 10/25/17		1
	78		Series 2002-82, Class PE, 6.000%, 12/25/32		88
	17		Series 2003-21, Class OU, 5.500%, 03/25/33		19
	246		Series 2003-29, Class BY, 5.500%, 04/25/33		275
	233		Series 2003-48, Class GH, 5.500%, 06/25/33		261
	21		Series 2003-58, Class AD, 3.250%, 07/25/33		21
	9		Series 2003-63, Class PE, 3.500%, 07/25/33		9
	119		Series 2003-67, Class KE, 5.000%, 07/25/33		129
	58		Series 2003-78, Class B, 5.000%, 08/25/23		62
	28		Series 2003-81, Class LC, 4.500%, 09/25/18		28

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	34	Series 2003-83, Class PG, 5.000%, 06/25/23		35
	26	Series 2003-110, Class WA, 4.000%, 08/25/33		26
	64	Series 2004-36, Class PC, 5.500%, 02/25/34		66
	100	Series 2004-92, Class TB, 5.500%, 12/25/34		115
	66	Series 2005-5, Class CK, 5.000%, 01/25/35		73
	25	Series 2005-18, Class EG, 5.000%, 03/25/25		27
	5	Series 2005-23, Class TG, 5.000%, 04/25/35		5
	50	Series 2005-29, Class WC, 4.750%, 04/25/35		54
	86	Series 2005-38, Class TB, 6.000%, 11/25/34		88
	54	Series 2005-58, Class EP, 5.500%, 07/25/35		60
	49	Series 2005-68, Class BC, 5.250%, 06/25/35		50
	691	Series 2005-70, Class KP, 5.000%, 06/25/35		776
	631	Series 2005-104, Class UE, 5.500%, 12/25/35		722
	45	Series 2007-13, Class H, 5.500%, 03/25/37		50
	400	Series 2007-61, Class PE, 5.500%, 07/25/37		442
	23	Series 2007-65, Class KI, IF, IO, 5.404%, 07/25/37		2
	188	Series 2007-84, Class P, 5.000%, 08/25/37		203
	140	Series 2008-61, Class GB, 5.500%, 07/25/38		151
	76	Series 2008-65, Class CD, 4.500%, 08/25/23		79
	76	Series 2009-15, Class AC, 5.500%, 03/25/29		85
	260	Series 2009-19, Class PW, 4.500%, 10/25/36		279
	134	Series 2009-19, Class TD, 5.000%, 08/25/36		148
	24	Series 2009-22, Class EG, 5.000%, 07/25/35		26
	15	Series 2009-37, Class KI, IF, IO, 4.784%, 06/25/39		2
	49	Series 2009-50, Class PT, VAR, 5.893%, 05/25/37		54
	125	Series 2009-60, Class DE, 5.000%, 08/25/29		136

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	275	Series 2009-73, Class HJ, 6.000%, 09/25/39		309
	19	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		3
	56	Series 2009-86, Class OT, PO, 10/25/37		50
	76	Series 2009-112, Class ST, IF, IO, 5.034%, 01/25/40		12
	756	Series 2010-9, Class ME, 5.000%, 02/25/40		873
	176	Series 2010-9, Class PE, 4.500%, 10/25/39		186
	40	Series 2010-35, Class SB, IF, IO, 5.204%, 04/25/40		6
	600	Series 2010-38, Class KC, 4.500%, 04/25/40		662
	400	Series 2010-45, Class BL, 4.500%, 05/25/40		430
	129	Series 2010-64, Class DM, 5.000%, 06/25/40		141
	205	Series 2010-85, Class NJ, 4.500%, 08/25/40		219
	200	Series 2010-103, Class PJ, 4.500%, 09/25/40		221
	16	Series 2010-111, Class AE, 5.500%, 04/25/38		16
	234	Series 2010-141, Class AL, 4.000%, 12/25/40		247
	816	Series 2010-141, Class DL, 4.000%, 12/25/40		869
	81	Series 2011-22, Class MA, 6.500%, 04/25/38		87
	350	Series 2011-33, Class GD, 3.500%, 04/25/31		370
	148	Series 2011-40, Class KA, 3.500%, 03/25/26		153
	450	Series 2011-41, Class KL, 4.000%, 05/25/41		471
	375	Series 2011-43, Class B, 3.500%, 05/25/31		388
	686	Series 2011-50, Class LP, 4.000%, 06/25/41		725
	650	Series 2011-52, Class KB, 5.500%, 06/25/41		761
	530	Series 2011-52, Class LB, 5.500%, 06/25/41		609
	136	Series 2011-85, Class KP, 7.000%, 09/25/51		159
	91	Series 2011-99, Class CV, 4.500%, 03/25/26		98
	558	Series 2011-104, Class KY, 4.000%, 03/25/39		584
	37	Series 2011-111, Class EA, 5.000%, 12/25/38		38

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	325	Series 2011-112, Class PB, 4.000%, 11/25/41		342
	300	Series 2011-114, Class B, 3.500%, 11/25/41		314
	500	Series 2011-126, Class KB, 4.000%, 12/25/41		543
	704	Series 2011-130, Class KB, 4.000%, 12/25/41		752
	450	Series 2011-132, Class PE, 4.500%, 12/25/41		487
	191	Series 2012-20, Class TD, 4.500%, 02/25/42		203
	132	Series 2012-50, Class HB, 4.000%, 03/25/42		139
	168	Series 2012-83, Class TN, 5.000%, 08/25/42		183
	200	Series 2012-136, Class DL, 3.500%, 12/25/42		204
	98	Series 2012-137, Class CF, VAR, 1.516%, 08/25/41		98
	224	Series 2012-147, Class WN, 4.500%, 01/25/33		244
	950	Series 2013-27, Class PE, 3.000%, 04/25/43		951
	215	Series 2013-31, Class NC, 3.000%, 04/25/43		214
	369	Series 2013-74, Class HP, 3.000%, 10/25/37		374
	219	Series 2013-83, Class CA, 3.500%, 10/25/37		227
	343	Series 2013-94, Class CV, 3.500%, 07/25/33		358
	250	Series 2013-101, Class E, 3.000%, 10/25/33		252
	328	Series 2013-104, Class CY, 5.000%, 10/25/43		376
	200	Series 2014-1, Class DU, 2.500%, 02/25/29		195
	200	Series 2014-2, Class PX, 4.500%, 01/25/41		228
	200	Series 2014-56, Class VH, 3.500%, 09/25/34		212
	250	Series 2014-58, Class VM, 4.000%, 08/25/33		273
	20	Series G92-35, Class E, 7.500%, 07/25/22		22
	18	FNMA STRIPS, Series 293, Class 1, PO, 12/25/24		17
		FREMF Mortgage REMIC Trust,
	200	Series 2015-K44, Class B, VAR, 3.810%, 01/25/48 (e)		202
	220	Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		224

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GNMA,
	90	Series 2002-22, Class CD, 6.500%, 05/17/31		102
	87	Series 2003-62, Class BG, 5.000%, 07/20/33		95
	358	Series 2003-65, Class AL, 5.500%, 08/20/33		407
	135	Series 2003-66, Class HD, 5.500%, 08/20/33		150
	516	Series 2004-16, Class AE, 5.500%, 02/20/34		582
	145	Series 2004-16, Class EC, 5.500%, 02/20/34		167
	281	Series 2005-11, Class PL, 5.000%, 02/20/35		305
	104	Series 2005-13, Class AE, 5.000%, 09/20/34		110
	176	Series 2005-13, Class BG, 5.000%, 02/20/35		199
	182	Series 2005-48, Class CY, 5.000%, 06/20/35		202
	311	Series 2005-54, Class JE, 5.000%, 07/20/35		344
	100	Series 2006-1, Class LE, 5.500%, 06/20/35		112
	459	Series 2006-7, Class ND, 5.500%, 08/20/35		519
	260	Series 2006-50, Class JD, 5.000%, 09/20/36		297
	179	Series 2006-69, Class MB, 5.500%, 12/20/36		198
	119	Series 2007-33, Class LE, 5.500%, 06/20/37		134
	130	Series 2007-35, Class NE, 6.000%, 06/16/37		154
	138	Series 2007-79, Class BL, 5.750%, 08/20/37		157
	161	Series 2008-20, Class HC, 5.750%, 06/16/37		174
	35	Series 2008-23, Class YA, 5.250%, 03/20/38		39
	108	Series 2008-26, Class JP, 5.250%, 03/20/38		120
	183	Series 2008-33, Class PB, 5.500%, 04/20/38		207
	688	Series 2008-47, Class P, 5.500%, 06/16/38		811
	109	Series 2008-58, Class ZT, 6.500%, 07/20/38		153
	28	Series 2008-62, Class SA, IF, IO, 4.938%, 07/20/38		5
	267	Series 2008-63, Class PE, 5.500%, 07/20/38		300

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	35	Series 2008-68, Class PQ, 5.500%, 04/20/38		36
	168	Series 2008-76, Class PD, 5.750%, 09/20/38		194
	51	Series 2008-76, Class US, IF, IO, 4.688%, 09/20/38		7
	60	Series 2008-89, Class JA, 5.750%, 08/20/38		61
	76	Series 2008-95, Class DS, IF, IO, 6.088%, 12/20/38		14
	301	Series 2009-42, Class CD, 5.000%, 06/20/39		338
	438	Series 2009-47, Class LT, 5.000%, 06/20/39		494
	50	Series 2009-72, Class SM, IF, IO, 5.078%, 08/16/39		8
	138	Series 2009-106, Class ST, IF, IO, 4.788%, 02/20/38		22
	14	Series 2010-14, Class QP, 6.000%, 12/20/39		15
	100	Series 2010-157, Class OP, PO, 12/20/40		88
	205	Series 2010-158, Class EP, 4.500%, 12/16/40		226
	60	Series 2011-97, Class WA, VAR, 6.104%, 11/20/38		67
	196	Series 2015-H20, Class FA, VAR, 1.463%, 08/20/65		195
	479	Series 2015-H26, Class FG, VAR, 1.513%, 10/20/65		479
		GSR Mortgage Loan Trust,
	19	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		19
	8	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		9
		Impac CMB Trust,
	711	Series 2004-9, Class 1A1, VAR, 1.976%, 01/25/35		654
	480	Series 2005-5, Class A4, VAR, 1.976%, 08/25/35		417
	918	Series 2007-A, Class M3, VAR, 2.716%, 05/25/37 (e)		775
		JP Morgan Mortgage Trust,
	54	Series 2006-A2, Class 5A3, VAR, 3.142%, 11/25/33		55
	36	Series 2007-A1, Class 5A5, VAR, 3.406%, 07/25/35		36
	366	MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A2, VAR, 2.960%, 04/25/34		353

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		MASTR Alternative Loan Trust,
	5	Series 2004-5, Class 5A1, 4.750%, 06/25/19		5
	335	Series 2004-6, Class 7A1, 6.000%, 07/25/34		336
	388	Series 2004-6, Class 8A1, 5.500%, 07/25/34		398
	429	Series 2005-6, Class 1A2, 5.500%, 12/25/35		409
		MASTR Asset Securitization Trust,
	1	Series 2003-11, Class 3A1, 4.500%, 12/25/18		1
	15	Series 2003-11, Class 8A1, 5.500%, 12/25/33		16
		Merrill Lynch Mortgage Investors Trust,
	29	Series 2003-F, Class A1, VAR, 1.856%, 10/25/28		28
	34	Series 2004-B, Class A1, VAR, 1.716%, 05/25/29		34
	194	Merrill Lynch Mortgage Investors Trust MLMI, Series 2005-A5, Class A9, VAR, 3.126%, 06/25/35		190
	50	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.670%, 04/25/34		53
	7	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		7
	7	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		7
	80	Provident Funding Mortgage Loan Trust, Series 2005-2, Class 2A1A, VAR, 3.574%, 10/25/35		80
	3	RALI Trust, Series 2004-QS3, Class CB, 5.000%, 03/25/19		3
	120	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		120
	10	RFMSI Trust, Series 2007-S9, Class 2A1, 5.500%, 09/25/22		10
	44	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		45
		Sequoia Mortgage Trust,
	67	Series 2004-11, Class A1, VAR, 1.812%, 12/20/34		66
	460	Series 2007-3, Class 1A1, VAR, 1.412%, 07/20/36		437
	34	Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		34

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Structured Asset Mortgage Investments II Trust,
	27	Series 2003-AR4, Class A1, VAR, 1.909%, 01/19/34		26
	155	Series 2005-AR2, Class 2A1, VAR, 1.676%, 05/25/45		139
	11	Structured Asset Securities Corp., Series 2003-37A, Class 2A, VAR, 3.016%, 12/25/33		11
	45	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 2.738%, 12/25/44		45
	566	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33		622
		WaMu Mortgage Pass-Through Certificates Trust,
	22	Series 2003-AR9, Class 1A6, VAR, 2.795%, 09/25/33		22
	2	Series 2003-S6, Class 2A1, 5.000%, 07/25/18		2
	481	Series 2005-AR3, Class A1, VAR, 3.033%, 03/25/35		471
	541	Series 2005-AR10, Class 1A4, VAR, 2.808%, 09/25/35		557
	548	Series 2007-HY3, Class 3A3, VAR, 3.064%, 03/25/37		507
		Wells Fargo Mortgage Backed Securities Trust,
	11	Series 2004-EE, Class 3A1, VAR, 3.583%, 12/25/34		11
	371	Series 2004-N, Class A6, VAR, 3.050%, 08/25/34		373
	94	Series 2004-P, Class 2A1, VAR, 3.031%, 09/25/34		95
	77	Series 2006-AR2, Class 2A3, VAR, 3.107%, 03/25/36		77
		Total Collateralized Mortgage Obligations (Cost $62,999)		64,329
	Commercial Mortgage-Backed Securities — 0.6%
	100	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		102
	8	Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		8
	50	CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.434%, 07/15/44		50
	271	CD Mortgage Trust, Series 2007-CD5, Class B, VAR, 6.506%, 11/15/44		272
	617	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.297%, 12/10/49		622
		FNMA - ACES,
	72	Series 2011-M2, Class A2, 3.645%, 04/25/21		74

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	400	Series 2011-M4, Class A2, 3.726%, 06/25/21		423
	188	Series 2013-M7, Class A2, 2.280%, 12/27/22		187
	412	Series 2013-M13, Class A2, VAR, 2.622%, 04/25/23		417
	500	Series 2014-M1, Class A2, VAR, 3.348%, 07/25/23		521
	355	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		375
	550	Series 2014-M4, Class A2, VAR, 3.346%, 03/25/24		576
	255	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		262
	556	Series 2015-M1, Class A2, 2.532%, 09/25/24		551
	800	Series 2015-M3, Class A2, 2.723%, 10/25/24		803
	122	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		122
		JP Morgan Chase Commercial Mortgage Securities Trust,
	400	Series 2006-LDP8, Class D, VAR, 5.618%, 05/15/45		399
	371	Series 2007-LD11, Class AM, VAR, 5.722%, 06/15/49		379
	181	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.012%, 07/15/44		182
	250	LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class AJ, VAR, 6.417%, 07/15/40		254
	159	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.857%, 12/12/49 (e)		–	(h)
	250	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		261
		Morgan Stanley Capital I Trust,
	423	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		424
	1,233	Series 2007-HQ11, Class X, IO, VAR, 0.450%, 02/12/44 (e)		1
	163	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 2.622%, 07/14/34 (e)		163
	114	UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 04/10/46		117
	250	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		262

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	273	Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		279
		WFRBS Commercial Mortgage Trust,
	500	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		531
	200	Series 2012-C6, Class A4, 3.440%, 04/15/45		208
		Total Commercial Mortgage-Backed Securities (Cost $8,711)		8,825
	Corporate Bonds — 10.6%
		Consumer Discretionary — 1.3%
		Auto Components — 0.1%
	200	Adient Global Holdings Ltd., 4.875%, 08/15/26 (e)		200
		American Axle & Manufacturing, Inc.,
	130	6.250%, 04/01/25 (e)		127
	110	6.500%, 04/01/27 (e)		107
	70	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		70
	465	Dana, Inc., 6.000%, 09/15/23		485
	195	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/23		204
	75	Tenneco, Inc., 5.000%, 07/15/26		76
	175	TI Group Automotive Systems LLC, (United Kingdom), 8.750%, 07/15/23 (e)		185
				1,454
		Automobiles — 0.1%
		Daimler Finance North America LLC, (Germany),
	150	2.375%, 08/01/18 (e)		151
	210	2.450%, 05/18/20 (e)		211
	102	8.500%, 01/18/31		154
	250	Fiat Chrysler Automobiles NV, (United Kingdom), 5.250%, 04/15/23		254
		Ford Motor Co.,
	40	4.750%, 01/15/43		39
	95	5.291%, 12/08/46		97
		General Motors Co.,
	65	5.000%, 04/01/35		65
	160	5.200%, 04/01/45		157
	287	6.600%, 04/01/36		333
	97	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		97
				1,558
		Diversified Consumer Services — 0.0% (g)
	95	Service Corp. International, 7.500%, 04/01/27		114

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hotels, Restaurants & Leisure — 0.3%
	265	1011778 BC ULC, (Canada), 6.000%, 04/01/22 (e)		275
	165	Boyd Gaming Corp., 6.875%, 05/15/23		177
	90	Darden Restaurants, Inc., 3.850%, 05/01/27		91
	160	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		166
	20	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		22
		Hilton Worldwide Finance LLC,
	40	4.625%, 04/01/25 (e)		41
	20	4.875%, 04/01/27 (e)		21
	300	International Game Technology plc, 6.250%, 02/15/22 (e)		328
	195	Interval Acquisition Corp., 5.625%, 04/15/23		202
	125	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		131
	150	McDonald’s Corp., 4.875%, 07/15/40		165
	1,190	MGM Resorts International, 4.625%, 09/01/26		1,202
	55	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		57
	130	Scientific Games International, Inc., 7.000%, 01/01/22 (e)		138
	200	Wynn Las Vegas LLC, 5.500%, 03/01/25 (e)		210
				3,226
		Household Durables — 0.0% (g)
	15	American Greetings Corp., 7.875%, 02/15/25 (e)		16
	195	Tempur Sealy International, Inc., 5.625%, 10/15/23		203
				219
		Internet & Direct Marketing Retail — 0.0% (g)
	280	Amazon.com, Inc., 3.800%, 12/05/24		299
		Leisure Products — 0.0% (g)
	230	Vista Outdoor, Inc., 5.875%, 10/01/23		236
		Media — 0.7%
		21st Century Fox America, Inc.,
	45	4.750%, 09/15/44		47
	155	4.950%, 10/15/45		168
	250	6.750%, 01/09/38		317
	200	Altice Luxembourg SA, (Luxembourg), 7.750%, 05/15/22 (e)		212
	255	AMC Entertainment Holdings, Inc., 5.750%, 06/15/25		265
		CBS Corp.,
	115	3.375%, 02/15/28		113
	208	4.000%, 01/15/26		215
		Charter Communications Operating LLC,
	145	3.750%, 02/15/28 (e)		143

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 31

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	317	4.908%, 07/23/25		343
	90	5.375%, 05/01/47 (e)		95
	135	6.384%, 10/23/35		160
	160	Cinemark USA, Inc., 4.875%, 06/01/23		163
		Clear Channel Worldwide Holdings, Inc.,
	695	Series B, 6.500%, 11/15/22		714
	420	Series B, 7.625%, 03/15/20		418
		Comcast Corp.,
	300	3.000%, 02/01/24		304
	160	3.200%, 07/15/36		150
	133	3.375%, 08/15/25		137
	175	4.600%, 08/15/45		191
	100	6.450%, 03/15/37		133
	25	Cox Communications, Inc., 8.375%, 03/01/39 (e)		33
		Discovery Communications LLC,
	230	3.800%, 03/13/24		232
	47	4.375%, 06/15/21		50
		DISH DBS Corp.,
	1,025	5.875%, 11/15/24		1,094
	35	7.750%, 07/01/26		41
	310	Nexstar Broadcasting, Inc., 6.125%, 02/15/22 (e)		324
	380	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		401
	165	Regal Entertainment Group, 5.750%, 06/15/23		172
	100	Sinclair Television Group, Inc., 5.625%, 08/01/24 (e)		103
	755	Sirius XM Radio, Inc., 5.375%, 04/15/25 (e)		781
	105	TEGNA, Inc., 6.375%, 10/15/23		111
	125	Time Warner Cable LLC, 7.300%, 07/01/38		160
	150	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		206
		Time Warner, Inc.,
	140	2.950%, 07/15/26		132
	150	3.800%, 02/15/27		151
	365	UPCB Finance IV Ltd., (Netherlands), 5.375%, 01/15/25 (e)		382
		Viacom, Inc.,
	33	3.250%, 03/15/23		33
	70	3.450%, 10/04/26		68
	17	3.875%, 04/01/24		17
	125	4.375%, 03/15/43		111
	220	4.850%, 12/15/34		219
	30	VAR, 5.875%, 02/28/57		31
	20	VAR, 6.250%, 02/28/57		21

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Videotron Ltd., (Canada),
	40	5.125%, 04/15/27 (e)		41
	190	5.375%, 06/15/24 (e)		201
	100	Walt Disney Co. (The), 2.450%, 03/04/22		101
	194	WMG Acquisition Corp., 5.625%, 04/15/22 (e)		201
				9,705
		Multiline Retail — 0.0% (g)
		Macy’s Retail Holdings, Inc.,
	65	4.300%, 02/15/43		50
	100	6.900%, 04/01/29		107
	100	Neiman Marcus Group Ltd. LLC, 9.500% (PIK), 10/15/21 (e) (v)		48
	107	Target Corp., 6.350%, 11/01/32		138
				343
		Specialty Retail — 0.1%
	120	Advance Auto Parts, Inc., 4.500%, 01/15/22		128
	103	AutoZone, Inc., 3.750%, 06/01/27		103
		Home Depot, Inc. (The),
	85	3.500%, 09/15/56		77
	70	3.900%, 06/15/47		71
		Lowe’s Cos., Inc.,
	245	3.100%, 05/03/27		244
	90	3.375%, 09/15/25		93
	100	O’Reilly Automotive, Inc., 3.550%, 03/15/26		101
		PetSmart, Inc.,
	55	5.875%, 06/01/25 (e)		53
	280	7.125%, 03/15/23 (e)		249
				1,119
		Total Consumer Discretionary		18,273
		Consumer Staples — 0.5%
		Beverages — 0.1%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	730	3.650%, 02/01/26		752
	100	3.700%, 02/01/24		105
	145	4.700%, 02/01/36		160
	35	4.900%, 02/01/46		39
		Anheuser-Busch InBev Worldwide, Inc., (Belgium),
	200	3.750%, 01/15/22		211
	209	4.439%, 10/06/48 (e)		222
	94	Brown-Forman Corp., 4.500%, 07/15/45		103
	70	Constellation Brands, Inc., 2.700%, 05/09/22		70
	29	Dr Pepper Snapple Group, Inc., 4.500%, 11/15/45 (e)		31

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	100	Molson Coors Brewing Co., 2.250%, 03/15/20 (e)		100
	155	PepsiCo, Inc., 3.450%, 10/06/46		146
				1,939
		Food & Staples Retailing — 0.1%
	125	Albertsons Cos. LLC, 6.625%, 06/15/24 (e)		124
	50	CVS Pass-Through Trust, 4.704%, 01/10/36 (e)		52
		Kroger Co. (The),
	25	2.300%, 01/15/19		25
	125	3.875%, 10/15/46		110
	25	5.400%, 07/15/40		27
	250	Series B, 7.700%, 06/01/29		329
		Sysco Corp.,
	40	2.500%, 07/15/21		40
	95	3.250%, 07/15/27		94
	56	3.750%, 10/01/25		58
		Walgreens Boots Alliance, Inc.,
	200	3.300%, 11/18/21		206
	67	3.800%, 11/18/24		70
	135	Wal-Mart Stores, Inc., 5.000%, 10/25/40		163
				1,298
		Food Products — 0.1%
	200	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		224
	100	Cargill, Inc., 3.300%, 03/01/22 (e)		103
	114	Conagra Brands, Inc., 3.200%, 01/25/23		115
	200	General Mills, Inc., 3.200%, 02/10/27		198
		Kellogg Co.,
	66	3.250%, 05/21/18		67
	100	Series B, 7.450%, 04/01/31		136
		Kraft Heinz Foods Co.,
	170	4.375%, 06/01/46		165
	50	5.000%, 06/04/42		53
	58	5.200%, 07/15/45		63
	100	6.875%, 01/26/39		129
		Mead Johnson Nutrition Co., (United Kingdom),
	38	4.125%, 11/15/25		41
	150	5.900%, 11/01/39		187
	200	Mondelez International Holdings Netherlands BV, 2.000%, 10/28/21 (e)		195
	45	Post Holdings, Inc., 5.500%, 03/01/25 (e)		46
	45	Smithfield Foods, Inc., 4.250%, 02/01/27 (e)		46
	85	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		91
	140	Tyson Foods, Inc., 3.550%, 06/02/27		141

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	100	Unilever Capital Corp., (United Kingdom), 2.000%, 07/28/26		92
				2,092
		Household Products — 0.1%
	150	Central Garden & Pet Co., 6.125%, 11/15/23		160
	145	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		152
	95	HRG Group, Inc., 7.750%, 01/15/22		100
	100	Kimberly-Clark Corp., 6.625%, 08/01/37		139
	235	Reckitt Benckiser Treasury Services plc, (United Kingdom), 2.375%, 06/24/22 (e)		233
				784
		Tobacco — 0.1%
		Altria Group, Inc.,
	70	3.875%, 09/16/46		68
	195	4.000%, 01/31/24		208
	435	Philip Morris International, Inc., 2.125%, 05/10/23		421
	310	Reynolds American, Inc., 4.450%, 06/12/25		333
				1,030
		Total Consumer Staples		7,143
		Energy — 1.0%
		Energy Equipment & Services — 0.0% (g)
		Halliburton Co.,
	100	3.500%, 08/01/23		103
	123	3.800%, 11/15/25		126
	125	8.750%, 02/15/21		150
		Nabors Industries, Inc.,
	50	4.625%, 09/15/21		47
	20	5.500%, 01/15/23 (e)		19
	173	Schlumberger Holdings Corp., 4.000%, 12/21/25 (e)		181
	82	Schlumberger Investment SA, 3.650%, 12/01/23		86
	15	Weatherford International Ltd., 9.875%, 02/15/24 (e)		16
				728
		Oil, Gas & Consumable Fuels — 1.0%
	50	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		61
	35	Alta Mesa Holdings LP, 7.875%, 12/15/24 (e)		35
		Anadarko Petroleum Corp.,
	85	3.450%, 07/15/24		83
	110	5.550%, 03/15/26		123
	150	ANR Pipeline Co., 9.625%, 11/01/21		191

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 33

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	155	Antero Midstream Partners LP, 5.375%, 09/15/24 (e)		158
	275	Antero Resources Corp., 5.625%, 06/01/23		278
		Apache Corp.,
	35	2.625%, 01/15/23		34
	382	3.250%, 04/15/22		388
	61	APT Pipelines Ltd., (Australia), 4.250%, 07/15/27 (e)		62
		Boardwalk Pipelines LP,
	12	4.450%, 07/15/27		12
	65	5.950%, 06/01/26		73
		BP Capital Markets plc, (United Kingdom),
	581	3.224%, 04/14/24		587
	145	3.535%, 11/04/24		149
	60	3.814%, 02/10/24		62
		Buckeye Partners LP,
	119	4.150%, 07/01/23		122
	25	4.350%, 10/15/24		26
	105	5.600%, 10/15/44		108
	150	Canadian Natural Resources Ltd., (Canada), 6.450%, 06/30/33		174
		Cenovus Energy, Inc., (Canada),
	50	3.800%, 09/15/23		49
	43	5.250%, 06/15/37 (e)		40
	85	5.400%, 06/15/47 (e)		80
	227	6.750%, 11/15/39		239
		Cheniere Corpus Christi Holdings LLC,
	50	5.125%, 06/30/27 (e)		51
	60	5.875%, 03/31/25		64
		Chesapeake Energy Corp.,
	143	8.000%, 12/15/22 (e)		151
	40	8.000%, 06/15/27 (e)		40
	357	Chevron Corp., 2.895%, 03/03/24		360
	200	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		210
	160	Columbia Pipeline Group, Inc., 4.500%, 06/01/25		170
	100	ConocoPhillips, 6.500%, 02/01/39		132
		ConocoPhillips Co.,
	95	4.150%, 11/15/34		96
	123	4.200%, 03/15/21		130
	250	Continental Resources, Inc., 4.500%, 04/15/23		239
	25	Covey Park Energy LLC, 7.500%, 05/15/25 (e)		25
	116	Ecopetrol SA, (Colombia), 5.375%, 06/26/26		121
		Enbridge, Inc., (Canada),
	65	2.900%, 07/15/22		65

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	65	3.700%, 07/15/27		65
	35	Encana Corp., (Canada), 6.625%, 08/15/37		41
		Energy Transfer LP,
	45	4.050%, 03/15/25		45
	80	5.150%, 02/01/43		76
	100	6.625%, 10/15/36		112
	150	EnLink Midstream Partners LP, 4.150%, 06/01/25		148
		Enterprise Products Operating LLC,
	81	3.700%, 02/15/26		83
	115	3.750%, 02/15/25		118
	77	3.900%, 02/15/24		80
	60	4.850%, 08/15/42		64
	100	4.850%, 03/15/44		106
	70	4.900%, 05/15/46		75
	150	5.100%, 02/15/45		165
	200	EOG Resources, Inc., 4.150%, 01/15/26		210
		EP Energy LLC,
	60	8.000%, 11/29/24 (e)		60
	60	8.000%, 02/15/25 (e)		45
	149	Exxon Mobil Corp., 3.567%, 03/06/45		144
	125	Halcon Resources Corp., 6.750%, 02/15/25 (e)		113
	185	Hess Corp., 4.300%, 04/01/27		181
	200	Kerr-McGee Corp., 7.875%, 09/15/31		257
	65	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		67
	65	Kinder Morgan, Inc., 5.300%, 12/01/34		67
		Laredo Petroleum, Inc.,
	5	5.625%, 01/15/22		5
	80	7.375%, 05/01/22		81
		Magellan Midstream Partners LP,
	150	4.250%, 02/01/21		158
	125	5.150%, 10/15/43		136
		Marathon Oil Corp.,
	47	2.800%, 11/01/22		45
	135	6.600%, 10/01/37		149
	55	Marathon Petroleum Corp., 4.750%, 09/15/44		52
		MEG Energy Corp., (Canada),
	60	6.500%, 01/15/25 (e)		54
	280	7.000%, 03/31/24 (e)		218
		MPLX LP,
	45	4.000%, 02/15/25		45
	105	4.125%, 03/01/27		106
	215	Newfield Exploration Co., 5.750%, 01/30/22		226

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Noble Energy, Inc.,
	25	5.050%, 11/15/44		26
	30	5.625%, 05/01/21		31
	255	Oasis Petroleum, Inc., 6.875%, 01/15/23		247
	136	Occidental Petroleum Corp., 3.500%, 06/15/25		139
		ONEOK Partners LP,
	200	4.900%, 03/15/25		214
	100	6.125%, 02/01/41		114
	25	Parsley Energy LLC, 5.250%, 08/15/25 (e)		25
		Petroleos Mexicanos, (Mexico),
	29	4.875%, 01/18/24		29
	117	6.875%, 08/04/26		130
	95	Phillips 66, 4.875%, 11/15/44		102
	55	Phillips 66 Partners LP, 4.900%, 10/01/46		54
		Plains All American Pipeline LP,
	20	3.850%, 10/15/23		20
	300	4.650%, 10/15/25		308
	190	5.750%, 01/15/20		204
	205	Range Resources Corp., 4.875%, 05/15/25		195
	25	RSP Permian, Inc., 5.250%, 01/15/25 (e)		25
	265	Sabine Pass Liquefaction LLC, 6.250%, 03/15/22		300
		Southwestern Energy Co.,
	55	4.100%, 03/15/22		51
	90	6.700%, 01/23/25		88
		Spectra Energy Capital LLC,
	139	3.300%, 03/15/23		140
	100	8.000%, 10/01/19		111
	75	Spectra Energy Partners LP, 4.500%, 03/15/45		74
		Statoil ASA, (Norway),
	63	3.150%, 01/23/22		65
	150	3.950%, 05/15/43		147
	45	Summit Midstream Holdings LLC, 5.750%, 04/15/25		45
	100	Suncor Energy, Inc., (Canada), 5.950%, 12/01/34		121
		Sunoco Logistics Partners Operations LP,
	20	5.300%, 04/01/44		20
	135	5.350%, 05/15/45		132
	240	5.500%, 02/15/20		256
	220	Targa Resources Partners LP, 4.250%, 11/15/23		215
		Tesoro Logistics LP,
	35	5.250%, 01/15/25		37

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	75	6.250%, 10/15/22		79
	105	Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)		109
	171	Total Capital Canada Ltd., (France), 2.750%, 07/15/23		172
	28	Total Capital International SA, (France), 3.750%, 04/10/24		30
	100	TransCanada PipeLines Ltd., (Canada), 4.625%, 03/01/34		110
		Transcanada Trust, (Canada),
	100	VAR, 5.300%, 03/15/77		103
	15	VAR, 5.625%, 05/20/75		16
		Western Gas Partners LP,
	50	3.950%, 06/01/25		50
	40	4.650%, 07/01/26		41
	30	5.450%, 04/01/44		30
	255	Whiting Petroleum Corp., 5.750%, 03/15/21		240
	45	WildHorse Resource Development Corp., 6.875%, 02/01/25 (e)		42
	250	WPX Energy, Inc., 8.250%, 08/01/23		271
				13,543
		Total Energy		14,271
		Financials — 2.8%
		Banks — 1.2%
	280	ABN AMRO Bank NV, (Netherlands), 1.800%, 09/20/19 (e)		278
	200	Australia & New Zealand Banking Group Ltd., (Australia), VAR, 6.750%, 06/15/26 (e) (x) (y)		221
		Bank of America Corp.,
	245	2.503%, 10/21/22		242
	150	3.300%, 01/11/23		153
	63	4.125%, 01/22/24		66
	130	5.625%, 07/01/20		142
	385	Series L, 3.950%, 04/21/25		390
	390	Series K, VAR, 8.000%, 01/30/18 (x) (y)		401
	116	Series V, VAR, 5.125%, 06/17/19 (x) (y)		119
	125	Series X, VAR, 6.250%, 09/05/24 (x) (y)		135
	180	VAR, 2.881%, 04/24/23		180
	195	VAR, 3.124%, 01/20/23		197
	85	VAR, 3.705%, 04/24/28		86
	890	VAR, 3.824%, 01/20/28		906
	110	VAR, 4.244%, 04/24/38		115
	35	VAR, 4.443%, 01/20/48		37
	395	Bank of Montreal, (Canada), 2.100%, 06/15/20		395

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 35

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Bank of Nova Scotia (The), (Canada),
	80	2.350%, 10/21/20		81
	70	2.450%, 03/22/21		70
	200	2.700%, 03/07/22		201
	150	2.800%, 07/21/21		152
		Barclays plc, (United Kingdom),
	265	2.000%, 03/16/18		265
	200	3.684%, 01/10/23		205
	200	4.337%, 01/10/28		206
	850	Capital One Bank USA NA, 3.375%, 02/15/23		857
		Citigroup, Inc.,
	110	2.150%, 07/30/18		110
	135	2.900%, 12/08/21		136
	70	4.400%, 06/10/25		73
	145	4.450%, 09/29/27		151
	20	4.750%, 05/18/46		21
	75	5.875%, 02/22/33		88
	27	6.675%, 09/13/43		36
	55	Series N, VAR, 5.800%, 11/15/19 (x) (y)		57
	155	Series O, VAR, 5.875%, 03/27/20 (x) (y)		163
	1,190	VAR, 3.887%, 01/10/28		1,210
		Commonwealth Bank of Australia, (Australia),
	350	2.250%, 03/10/20 (e)		351
	200	4.500%, 12/09/25 (e)		209
		Cooperatieve Rabobank UA, (Netherlands),
	250	3.750%, 07/21/26		250
	120	3.875%, 02/08/22		127
	200	Danske Bank A/S, (Denmark), 2.200%, 03/02/20 (e)		200
	250	Discover Bank, 4.200%, 08/08/23		263
		Fifth Third Bancorp,
	40	2.875%, 07/27/20		41
	115	8.250%, 03/01/38		171
	150	HSBC Bank plc, (United Kingdom), 4.750%, 01/19/21 (e)		162
		HSBC Holdings plc, (United Kingdom),
	800	4.250%, 03/14/24		828
	265	VAR, 3.262%, 03/13/23		270
	285	VAR, 4.041%, 03/13/28		295
	200	VAR, 6.875%, 06/01/21 (x) (y)		216
	200	ING Groep NV, (Netherlands), 3.950%, 03/29/27		208
	267	KeyCorp, 5.100%, 03/24/21		292
	200	Lloyds Banking Group plc, (United Kingdom), 3.750%, 01/11/27		201

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	59	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.998%, 02/22/22		60
	250	PNC Bank NA, 1.950%, 03/04/19		251
	182	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		190
	165	Royal Bank of Canada, (Canada), 2.750%, 02/01/22		168
	200	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		200
	230	Societe Generale SA, (France), VAR, 7.375%, 09/13/21 (e) (x) (y)		247
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		213
		SunTrust Banks, Inc.,
	97	2.500%, 05/01/19		98
	160	Series G, VAR, 5.050%, 06/15/22 (x) (y)		162
	200	Swedbank AB, (Sweden), 2.800%, 03/14/22 (e)		203
	125	Toronto-Dominion Bank (The), (Canada), 2.125%, 04/07/21		125
		UBS Group Funding Switzerland AG, (Switzerland),
	200	3.491%, 05/23/23 (e)		205
	200	4.253%, 03/23/28 (e)		209
	200	US Bancorp, Series V, 2.625%, 01/24/22		202
		Wells Fargo & Co.,
	640	3.069%, 01/24/23		648
	300	3.550%, 09/29/25		305
	40	4.400%, 06/14/46		41
	55	4.650%, 11/04/44		58
	409	4.750%, 12/07/46		437
	65	4.900%, 11/17/45		71
	150	Series N, 2.150%, 01/30/20		150
	150	Series S, VAR, 5.900%, 06/15/24 (x) (y)		161
		Westpac Banking Corp., (Australia),
	130	2.500%, 06/28/22		130
	85	2.600%, 11/23/20		86
	170	VAR, 4.322%, 11/23/31		174
				17,023
		Capital Markets — 0.7%
	200	Ameriprise Financial, Inc., 4.000%, 10/15/23		214
		Bank of New York Mellon Corp. (The),
	100	2.600%, 02/07/22		101
	100	4.150%, 02/01/21		106
	146	Series F, VAR, 4.625%, 09/20/26 (x) (y)		147
	185	VAR, 2.661%, 05/16/23		186

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	180	BlackRock, Inc., 3.200%, 03/15/27		182
	44	Blackstone Holdings Finance Co. LLC, 4.450%, 07/15/45 (e)		44
	100	Charles Schwab Corp. (The), 3.200%, 03/02/27		101
	49	CME Group, Inc., 5.300%, 09/15/43		61
	250	Credit Suisse AG, (Switzerland), 1.750%, 01/29/18		250
		Credit Suisse Group AG, (Switzerland),
	625	3.574%, 01/09/23 (e)		641
	200	VAR, 6.250%, 12/18/24 (e) (x) (y)		212
	100	Credit Suisse USA, Inc., (Switzerland), 7.125%, 07/15/32		137
		Deutsche Bank AG, (Germany),
	35	1.875%, 02/13/18		35
	115	3.125%, 01/13/21		116
	150	4.250%, 10/14/21		157
	85	6.000%, 09/01/17		85
		Goldman Sachs Group, Inc. (The),
	330	2.350%, 11/15/21		326
	170	2.375%, 01/22/18		171
	488	2.750%, 09/15/20		494
	109	3.500%, 01/23/25		110
	150	3.625%, 01/22/23		155
	121	3.750%, 05/22/25		124
	495	3.850%, 01/26/27		504
	36	4.250%, 10/21/25		37
	120	5.150%, 05/22/45		133
	100	Series M, VAR, 5.375%, 05/10/20 (x) (y)		105
	85	Series L, VAR, 5.700%, 05/10/19 (x) (y)		88
	360	VAR, 2.908%, 06/05/23		359
	305	VAR, 3.691%, 06/05/28		306
	200	ING Bank NV, (Netherlands), 5.800%, 09/25/23 (e)		226
	94	Intercontinental Exchange, Inc., 4.000%, 10/15/23		101
	62	Invesco Finance plc, 3.750%, 01/15/26		64
	262	Jefferies Group LLC, 6.875%, 04/15/21		298
	150	Macquarie Bank Ltd., (Australia), 4.000%, 07/29/25 (e)		157
	80	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		89
		Morgan Stanley,
	120	2.375%, 07/23/19		121
	70	2.650%, 01/27/20		71
	565	2.750%, 05/19/22		565

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	378	2.800%, 06/16/20		383
	300	3.625%, 01/20/27		302
	42	3.750%, 02/25/23		44
	70	3.875%, 01/27/26		72
	130	3.950%, 04/23/27		131
	45	4.300%, 01/27/45		46
	110	4.375%, 01/22/47		115
	352	5.000%, 11/24/25		383
	105	Series F, 3.875%, 04/29/24		109
	265	Series H, VAR, 5.450%, 07/15/19 (x) (y)		274
	47	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		52
	140	Northern Trust Corp., VAR, 3.375%, 05/08/32		140
		State Street Corp.,
	36	3.100%, 05/15/23		37
	295	VAR, 2.653%, 05/15/23		296
	149	TD Ameritrade Holding Corp., 2.950%, 04/01/22		153
		Thomson Reuters Corp., (Canada),
	88	4.500%, 05/23/43		88
	150	5.850%, 04/15/40		175
				10,179
		Consumer Finance — 0.4%
		AerCap Ireland Capital DAC, (Netherlands),
	150	3.500%, 05/26/22		154
	405	3.950%, 02/01/22		422
	380	4.625%, 07/01/22		407
		Ally Financial, Inc.,
	30	4.125%, 02/13/22		31
	55	4.250%, 04/15/21		57
	560	4.625%, 05/19/22		582
	155	5.750%, 11/20/25		163
		American Express Credit Corp.,
	200	2.700%, 03/03/22		201
	75	3.300%, 05/03/27		75
	175	Capital One Financial Corp., 4.200%, 10/29/25		177
		Caterpillar Financial Services Corp.,
	215	2.400%, 06/06/22		214
	100	2.850%, 06/01/22		102
	121	3.750%, 11/24/23		128
		Ford Motor Credit Co. LLC,
	200	2.375%, 01/16/18		200
	200	3.339%, 03/28/22		203
	380	3.810%, 01/09/24		385
	325	4.134%, 08/04/25		331

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 37

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		General Motors Financial Co., Inc.,
	65	3.100%, 01/15/19		66
	235	3.950%, 04/13/24		238
	120	4.250%, 05/15/23		126
	80	John Deere Capital Corp., 1.950%, 06/22/20		80
		Synchrony Financial,
	190	3.700%, 08/04/26		184
	100	4.250%, 08/15/24		102
	200	Toyota Motor Credit Corp., 2.625%, 01/10/23		201
				4,829
		Diversified Financial Services — 0.2%
	200	EDP Finance BV, (Portugal), 3.625%, 07/15/24 (e)		198
	606	GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/35		660
		National Rural Utilities Cooperative Finance Corp.,
	125	2.700%, 02/15/23		125
	46	3.050%, 04/25/27		46
		Shell International Finance BV, (Netherlands),
	290	3.400%, 08/12/23		301
	32	3.750%, 09/12/46		30
	105	4.000%, 05/10/46		104
	60	4.125%, 05/11/35		63
		Siemens Financieringsmaatschappij NV, (Germany),
	250	2.000%, 09/15/23 (e)		240
	250	3.125%, 03/16/24 (e)		254
	155	Voya Financial, Inc., 3.125%, 07/15/24		153
				2,174
		Insurance — 0.3%
		Allstate Corp. (The),
	61	3.150%, 06/15/23		63
	120	5.950%, 04/01/36		154
		American International Group, Inc.,
	175	3.875%, 01/15/35		170
	306	4.125%, 02/15/24		323
	42	4.500%, 07/16/44		43
	40	4.800%, 07/10/45		42
	28	Aon Corp., 6.250%, 09/30/40		35
	141	Athene Global Funding, 2.750%, 04/20/20 (e)		141
	45	Brighthouse Financial, Inc., 4.700%, 06/22/47 (e)		44

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		Chubb INA Holdings, Inc.,
	200	2.700%, 03/13/23		200
	65	2.875%, 11/03/22		66
	88	3.150%, 03/15/25		89
		CNA Financial Corp.,
	17	3.950%, 05/15/24		18
	13	4.500%, 03/01/26		14
		Guardian Life Global Funding,
	40	2.000%, 04/26/21 (e)		39
	100	2.500%, 05/08/22 (e)		100
	275	Lincoln National Corp., 4.200%, 03/15/22		293
		Manulife Financial Corp., (Canada),
	200	5.375%, 03/04/46		241
	150	VAR, 4.061%, 02/24/32		151
		Marsh & McLennan Cos., Inc.,
	118	2.350%, 03/06/20		119
	24	2.750%, 01/30/22		24
		MassMutual Global Funding II,
	200	2.000%, 04/15/21 (e)		197
	105	2.100%, 08/02/18 (e)		106
		MetLife, Inc.,
	70	4.125%, 08/13/42		72
	35	4.721%, 12/15/44		39
	350	4.875%, 11/13/43		396
	45	6.400%, 12/15/36		52
	135	Series C, VAR, 5.250%, 06/15/20 (x) (y)		140
		New York Life Global Funding,
	55	2.000%, 04/13/21 (e)		54
	130	2.100%, 01/02/19 (e)		131
	50	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		82
	100	Progressive Corp. (The), 4.350%, 04/25/44		108
		Prudential Financial, Inc.,
	115	5.100%, 08/15/43		134
	175	VAR, 5.200%, 03/15/44		185
	250	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		330
	55	Swiss Re Treasury US Corp., (Switzerland), 4.250%, 12/06/42 (e)		57
	200	Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		205
	75	Travelers Property Casualty Corp., 7.750%, 04/15/26		100
				4,757

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Thrifts & Mortgage Finance — 0.0% (g)
		BPCE SA, (France),
	250	2.650%, 02/03/21		251
	200	5.150%, 07/21/24 (e)		214
				465
		Total Financials		39,427
		Health Care — 0.9%
		Biotechnology — 0.1%
		AbbVie, Inc.,
	47	3.200%, 11/06/22		48
	15	4.300%, 05/14/36		15
	120	4.450%, 05/14/46		124
	150	4.500%, 05/14/35		159
		Amgen, Inc.,
	300	3.625%, 05/15/22		313
	155	4.400%, 05/01/45		160
		Baxalta, Inc.,
	78	3.600%, 06/23/22		81
	140	4.000%, 06/23/25		146
	92	Biogen, Inc., 3.625%, 09/15/22		96
		Celgene Corp.,
	132	3.625%, 05/15/24		137
	100	3.950%, 10/15/20		105
	70	5.000%, 08/15/45		79
		Gilead Sciences, Inc.,
	9	2.500%, 09/01/23		9
	100	2.550%, 09/01/20		101
	10	3.500%, 02/01/25		10
	10	3.700%, 04/01/24		10
	60	4.000%, 09/01/36		60
	150	4.600%, 09/01/35		161
				1,814
		Health Care Equipment & Supplies — 0.2%
		Abbott Laboratories,
	45	3.750%, 11/30/26		46
	80	4.750%, 11/30/36		87
		Becton Dickinson and Co.,
	149	2.675%, 12/15/19		151
	203	3.363%, 06/06/24		203
	180	DJO Finco, Inc., 8.125%, 06/15/21 (e)		167
		Hill-Rom Holdings, Inc.,
	15	5.000%, 02/15/25 (e)		15
	225	5.750%, 09/01/23 (e)		237
	90	Kinetic Concepts, Inc., 7.875%, 02/15/21 (e)		95

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
		Liberty Property LP,
	45	3.375%, 06/15/23		45
	50	4.400%, 02/15/24		53
	335	Mallinckrodt International Finance SA, 5.625%, 10/15/23 (e)		306
	360	Medtronic Global Holdings SCA, 3.350%, 04/01/27		367
	245	Medtronic, Inc., 4.375%, 03/15/35		270
	100	Stryker Corp., 4.100%, 04/01/43		100
				2,142
		Health Care Providers & Services — 0.4%
		Aetna, Inc.,
	100	3.500%, 11/15/24		103
	123	4.750%, 03/15/44		138
		Anthem, Inc.,
	60	2.300%, 07/15/18		60
	50	4.625%, 05/15/42		54
	95	5.100%, 01/15/44		110
	200	5.850%, 01/15/36		241
	94	Cardinal Health, Inc., 3.750%, 09/15/25		98
	245	Cigna Corp., 4.000%, 02/15/22		259
	85	DaVita, Inc., 5.000%, 05/01/25		85
		Express Scripts Holding Co.,
	180	3.400%, 03/01/27		174
	240	3.500%, 06/15/24		242
		HCA, Inc.,
	190	5.250%, 04/15/25		204
	1,895	5.375%, 02/01/25		1,999
	230	HealthSouth Corp., 5.750%, 11/01/24		236
	170	Kindred Healthcare, Inc., 8.750%, 01/15/23		179
		Tenet Healthcare Corp.,
	540	6.750%, 06/15/23		540
	25	7.500%, 01/01/22 (e)		27
	30	8.125%, 04/01/22		32
	25	THC Escrow Corp. III, 7.000%, 08/01/25 (e)		25
		UnitedHealth Group, Inc.,
	30	2.750%, 02/15/23		30
	200	2.875%, 03/15/23		203
	105	3.950%, 10/15/42		107
	120	4.625%, 07/15/35		135
				5,281
		Health Care Technology — 0.0% (g)
	200	Quintiles IMS, Inc., 5.000%, 10/15/26 (e)		206

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 39

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	245	2.950%, 09/19/26		238
	46	3.150%, 01/15/23		47
	46	4.150%, 02/01/24		49
				334
		Pharmaceuticals — 0.2%
		Allergan Funding SCS,
	42	3.450%, 03/15/22		43
	190	4.550%, 03/15/35		203
	200	Allergan, Inc., 2.800%, 03/15/23		198
	120	Eli Lilly & Co., 3.100%, 05/15/27		121
	69	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		76
		Mylan NV,
	200	3.150%, 06/15/21		203
	131	3.950%, 06/15/26		133
		Mylan, Inc.,
	65	2.600%, 06/24/18		66
	105	3.125%, 01/15/23 (e)		104
	70	Pfizer, Inc., 4.000%, 12/15/36		74
	100	Shire Acquisitions Investments Ireland DAC, 2.875%, 09/23/23		99
	80	Teva Pharmaceutical Finance IV LLC, (Israel), 2.250%, 03/18/20		80
	315	Teva Pharmaceutical Finance Netherlands III BV, (Israel), 3.150%, 10/01/26		299
		Valeant Pharmaceuticals International, Inc.,
	1,475	5.875%, 05/15/23 (e)		1,265
	30	6.500%, 03/15/22 (e)		32
	85	7.000%, 03/15/24 (e)		89
	19	Zoetis, Inc., 1.875%, 02/01/18		19
				3,104
		Total Health Care		12,881
		Industrials — 0.8%
		Aerospace & Defense — 0.1%
	140	Arconic, Inc., 5.900%, 02/01/27		151
	50	Boeing Co. (The), 6.625%, 02/15/38		70
	175	KLX, Inc., 5.875%, 12/01/22 (e)		184
	55	L3 Technologies, Inc., 3.850%, 12/15/26		57
	130	Lockheed Martin Corp., 3.800%, 03/01/45		128
	150	Precision Castparts Corp., 4.200%, 06/15/35		156
	225	Rockwell Collins, Inc., 3.200%, 03/15/24		228
	40	Textron, Inc., 3.875%, 03/01/25		41
	125	TransDigm, Inc., 6.500%, 05/15/25		127

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
		United Technologies Corp.,
	140	2.800%, 05/04/24		140
	80	3.750%, 11/01/46		79
	180	5.400%, 05/01/35		216
				1,577
		Air Freight & Logistics — 0.0% (g)
	75	FedEx Corp., 4.100%, 02/01/45		74
	310	XPO Logistics, Inc., 6.500%, 06/15/22 (e)		326
				400
		Building Products — 0.1%
	200	CRH America Finance, Inc., (Ireland), 3.400%, 05/09/27 (e)		200
	200	James Hardie International Finance DAC, (Ireland), 5.875%, 02/15/23 (e)		210
		Johnson Controls International plc,
	160	4.250%, 03/01/21		170
	45	4.500%, 02/15/47		48
	125	5.000%, 03/30/20		133
		Masco Corp.,
	45	3.500%, 04/01/21		46
	40	3.500%, 11/15/27		40
	60	4.500%, 05/15/47		60
	100	Owens Corning, 4.300%, 07/15/47		96
	95	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		100
				1,103
		Commercial Services & Supplies — 0.1%
	45	ACCO Brands Corp., 5.250%, 12/15/24 (e)		47
		ADT Corp. (The),
	110	3.500%, 07/15/22		106
	100	4.125%, 06/15/23		99
	295	Clean Harbors, Inc., 5.125%, 06/01/21		301
	150	Republic Services, Inc., 5.500%, 09/15/19		161
	110	Waste Management, Inc., 2.900%, 09/15/22		113
				827
		Construction & Engineering — 0.0% (g)
	190	AECOM, 5.875%, 10/15/24		206
	45	Great Lakes Dredge & Dock Corp., 8.000%, 05/15/22 (e)		46
				252
		Electrical Equipment — 0.0% (g)
	160	Eaton Corp., 4.000%, 11/02/32		166
	120	General Cable Corp., 5.750%, 10/01/22		120
				286

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrial Conglomerates — 0.1%
		General Electric Co.,
	175	3.450%, 05/15/24		184
	61	6.750%, 03/15/32		84
	150	Series D, VAR, 5.000%, 01/21/21 (x) (y)		159
	139	Honeywell International, Inc., 3.350%, 12/01/23		145
	120	Koninklijke Philips NV, (Netherlands), 3.750%, 03/15/22		126
		Roper Technologies, Inc.,
	31	3.000%, 12/15/20		32
	85	3.800%, 12/15/26		87
				817
		Machinery — 0.0% (g)
	50	CNH Industrial Capital LLC, 4.375%, 04/05/22		52
	90	Parker-Hannifin Corp., 3.250%, 03/01/27 (e)		91
	195	SPX FLOW, Inc., 5.625%, 08/15/24 (e)		201
	70	Terex Corp., 5.625%, 02/01/25 (e)		72
	30	Xylem, Inc., 4.375%, 11/01/46		31
				447
		Professional Services — 0.0% (g)
	78	Equifax, Inc., 2.300%, 06/01/21		77
		Road & Rail — 0.3%
	435	Avis Budget Car Rental LLC, 6.375%, 04/01/24 (e)		434
	140	Burlington Northern Santa Fe LLC, 4.125%, 06/15/47		147
	200	Canadian National Railway Co., (Canada), 6.375%, 11/15/37		271
		Canadian Pacific Railway Co., (Canada),
	260	4.800%, 09/15/35		290
	63	7.125%, 10/15/31		86
		CSX Corp.,
	100	2.600%, 11/01/26		96
	255	3.250%, 06/01/27		258
		ERAC USA Finance LLC,
	40	2.800%, 11/01/18 (e)		40
	150	3.850%, 11/15/24 (e)		154
	35	4.500%, 08/16/21 (e)		38
	283	Herc Rentals, Inc., 7.750%, 06/01/24 (e)		299
		Hertz Corp. (The),
	305	5.500%, 10/15/24 (e)		250
	175	6.250%, 10/15/22		153
	125	7.625%, 06/01/22 (e)		125
	150	JB Hunt Transport Services, Inc., 3.300%, 08/15/22		153

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
	391	Norfolk Southern Corp., 4.837%, 10/01/41		440
		Penske Truck Leasing Co. LP,
	35	2.500%, 06/15/19 (e)		35
	235	4.200%, 04/01/27 (e)		243
		Ryder System, Inc.,
	83	2.450%, 09/03/19		84
	113	2.500%, 05/11/20		113
		Union Pacific Corp.,
	300	3.799%, 10/01/51		294
	105	4.000%, 04/15/47		108
				4,111
		Trading Companies & Distributors — 0.1%
		Air Lease Corp.,
	95	3.000%, 09/15/23		95
	325	3.625%, 04/01/27		325
	230	Aircastle Ltd., 5.000%, 04/01/23		246
	280	Aviation Capital Group Corp., 2.875%, 01/20/22 (e)		279
	105	H&E Equipment Services, Inc., 7.000%, 09/01/22		109
	200	HD Supply, Inc., 5.750%, 04/15/24 (e)		212
	272	International Lease Finance Corp., 3.875%, 04/15/18		276
	335	United Rentals North America, Inc., 5.500%, 07/15/25		351
	68	WW Grainger, Inc., 4.600%, 06/15/45		74
				1,967
		Total Industrials		11,864
		Information Technology — 0.7%
		Communications Equipment — 0.1%
	420	CommScope Technologies LLC, 6.000%, 06/15/25 (e)		449
		Harris Corp.,
	155	2.700%, 04/27/20		156
	225	3.832%, 04/27/25		233
	250	4.854%, 04/27/35		274
				1,112
		Electronic Equipment, Instruments & Components — 0.1%
	230	Anixter, Inc., 5.500%, 03/01/23		246
		Arrow Electronics, Inc.,
	95	3.875%, 01/12/28		94
	100	4.500%, 03/01/23		106
	255	Belden, Inc., 5.500%, 09/01/22 (e)		263
				709

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 41

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Internet Software & Services — 0.0% (g)
	105	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		110
	120	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		128
	250	Zayo Group LLC, 6.375%, 05/15/25		270
				508
		IT Services — 0.1%
	69	DXC Technology Co., 4.250%, 04/15/24 (e)		72
		First Data Corp.,
	325	5.375%, 08/15/23 (e)		340
	505	5.750%, 01/15/24 (e)		524
	40	Gartner, Inc., 5.125%, 04/01/25 (e)		42
	130	International Business Machines Corp., 7.000%, 10/30/25		166
	90	Visa, Inc., 3.150%, 12/14/25		91
	180	Western Union Co. (The), 3.600%, 03/15/22		184
				1,419
		Semiconductors & Semiconductor Equipment — 0.1%
	190	Amkor Technology, Inc., 6.375%, 10/01/22		198
		Analog Devices, Inc.,
	37	3.125%, 12/05/23		37
	130	3.500%, 12/05/26		131
	241	Broadcom Corp., 3.625%, 01/15/24 (e)		246
		Intel Corp.,
	113	2.875%, 05/11/24		114
	85	4.100%, 05/19/46		88
	245	Micron Technology, Inc., 5.250%, 01/15/24 (e)		254
		QUALCOMM, Inc.,
	385	2.900%, 05/20/24		384
	94	3.250%, 05/20/27		94
	400	Sensata Technologies UK Financing Co. plc, 6.250%, 02/15/26 (e)		436
				1,982
		Software — 0.2%
	155	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		158
	20	CDK Global, Inc., 4.875%, 06/01/27 (e)		20
	280	Infor US, Inc., 6.500%, 05/15/22		290
	90	Informatica LLC, 7.125%, 07/15/23 (e)		92
		Microsoft Corp.,
	195	2.400%, 08/08/26		188
	110	3.500%, 02/12/35		111
	195	3.700%, 08/08/46		193
	160	3.750%, 05/01/43		160

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	15	3.750%, 02/12/45		15
	422	4.100%, 02/06/37		455
		Oracle Corp.,
	56	2.400%, 09/15/23		55
	210	2.650%, 07/15/26		202
	60	3.850%, 07/15/36		62
	185	4.000%, 07/15/46		187
	45	4.125%, 05/15/45		46
				2,234
		Technology Hardware, Storage & Peripherals — 0.1%
		Apple, Inc.,
	105	2.850%, 05/11/24		105
	146	3.000%, 02/09/24		148
	256	3.200%, 05/13/25		261
	175	3.200%, 05/11/27		177
	280	3.250%, 02/23/26		285
	110	3.350%, 02/09/27		113
	125	3.450%, 02/09/45		118
		Diamond 1 Finance Corp.,
	80	5.450%, 06/15/23 (e)		87
	185	6.020%, 06/15/26 (e)		204
		Western Digital Corp.,
	180	7.375%, 04/01/23 (e)		198
	220	10.500%, 04/01/24		259
				1,955
		Total Information Technology		9,919
		Materials — 0.4%
		Chemicals — 0.2%
		Agrium, Inc., (Canada),
	22	3.375%, 03/15/25		22
	120	4.125%, 03/15/35		120
	100	6.125%, 01/15/41		121
		CF Industries, Inc.,
	80	3.400%, 12/01/21 (e)		81
	215	4.500%, 12/01/26 (e)		221
	90	Chemours Co. (The), 6.625%, 05/15/23		95
		Dow Chemical Co. (The),
	19	3.000%, 11/15/22		20
	19	4.125%, 11/15/21		20
		EI du Pont de Nemours & Co.,
	85	2.200%, 05/01/20		85
	89	4.150%, 02/15/43		91
	140	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		159

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	235	Hexion, Inc., 6.625%, 04/15/20		214
	480	INEOS Group Holdings SA, (Luxembourg), 5.625%, 08/01/24 (e)		495
	165	LSB Industries, Inc., SUB, 8.500%, 08/01/19		165
		Mosaic Co. (The),
	100	4.250%, 11/15/23		105
	166	5.625%, 11/15/43		170
		NOVA Chemicals Corp., (Canada),
	45	4.875%, 06/01/24 (e)		45
	35	5.250%, 06/01/27 (e)		35
	250	Potash Corp. of Saskatchewan, Inc., (Canada), 3.625%, 03/15/24		253
	100	Rain CII Carbon LLC, 7.250%, 04/01/25 (e)		103
	115	Scotts Miracle-Gro Co. (The), 5.250%, 12/15/26		121
		Sherwin-Williams Co. (The),
	90	2.750%, 06/01/22		90
	51	3.450%, 06/01/27		51
	30	4.500%, 06/01/47		32
	200	Trinseo Materials Operating SCA, 6.750%, 05/01/22 (e)		212
	150	Union Carbide Corp., 7.750%, 10/01/96		199
				3,325
		Construction Materials — 0.0% (g)
	200	CRH America, Inc., (Ireland), 3.875%, 05/18/25 (e)		208
	153	Martin Marietta Materials, Inc., 3.450%, 06/01/27		152
	40	Vulcan Materials Co., 4.500%, 06/15/47		41
				401
		Containers & Packaging — 0.1%
		Ardagh Packaging Finance plc, (Ireland),
	200	6.000%, 02/15/25 (e)		210
	340	7.250%, 05/15/24 (e)		372
	35	BWAY Holding Co., 5.500%, 04/15/24 (e)		36
	150	International Paper Co., 3.800%, 01/15/26		154
	195	Reynolds Group Issuer, Inc., (New Zealand), 5.750%, 10/15/20		199
				971
		Metals & Mining — 0.1%
	200	Anglo American Capital plc, (United Kingdom), 3.750%, 04/10/22 (e)		201
		BHP Billiton Finance USA Ltd., (Australia),
	70	4.125%, 02/24/42		72
	34	5.000%, 09/30/43		39

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
		Freeport-McMoRan, Inc.,
	250	3.550%, 03/01/22		235
	40	3.875%, 03/15/23		37
	100	4.550%, 11/14/24		94
	95	Glencore Funding LLC, (Switzerland), 4.000%, 03/27/27 (e)		93
	20	Newcrest Finance Pty. Ltd., (Australia), 5.750%, 11/15/41 (e)		22
		Nucor Corp.,
	127	4.000%, 08/01/23		134
	40	5.200%, 08/01/43		47
	272	Vale Overseas Ltd., (Brazil), 6.250%, 08/10/26		294
				1,268
		Total Materials		5,965
		Real Estate — 0.4%
		Equity Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	145	3.125%, 01/15/27		139
	125	3.375%, 10/15/26		122
	40	3.500%, 01/31/23		41
	40	4.400%, 02/15/26		42
	90	AvalonBay Communities, Inc., 4.150%, 07/01/47		91
		Boston Properties LP,
	85	3.800%, 02/01/24		88
	320	3.850%, 02/01/23		337
		Brixmor Operating Partnership LP,
	175	3.650%, 06/15/24		172
	80	3.850%, 02/01/25		79
		Crown Castle International Corp.,
	45	3.400%, 02/15/21		46
	72	3.700%, 06/15/26		73
	318	4.450%, 02/15/26		338
	170	DDR Corp., 3.500%, 01/15/21		172
		Duke Realty LP,
	84	3.625%, 04/15/23		86
	75	3.875%, 02/15/21		78
	157	EPR Properties, 4.500%, 06/01/27		158
	190	Equinix, Inc., 5.875%, 01/15/26		207
	158	ERP Operating LP, 4.625%, 12/15/21		171
	100	GEO Group, Inc. (The), 5.875%, 10/15/24		103
		HCP, Inc.,
	352	3.875%, 08/15/24		359
	65	4.200%, 03/01/24		67

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 43

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	26	Hospitality Properties Trust, 4.950%, 02/15/27		27
	150	Kimco Realty Corp., 3.800%, 04/01/27		150
	120	MGM Growth Properties Operating Partnership LP, 5.625%, 05/01/24		131
	51	National Retail Properties, Inc., 3.600%, 12/15/26		51
		Prologis LP,
	19	3.750%, 11/01/25		20
	38	4.250%, 08/15/23		41
		Realty Income Corp.,
	80	3.000%, 01/15/27		76
	100	3.875%, 07/15/24		103
	100	4.125%, 10/15/26		103
	250	Scentre Group Trust 1, (Australia), 3.500%, 02/12/25 (e)		251
	17	Simon Property Group LP, 4.375%, 03/01/21		18
	170	UDR, Inc., 2.950%, 09/01/26		161
		Uniti Group, Inc.,
	155	6.000%, 04/15/23 (e)		161
	25	7.125%, 12/15/24 (e)		25
	170	8.250%, 10/15/23		175
		Ventas Realty LP,
	80	2.700%, 04/01/20		81
	59	3.750%, 05/01/24		60
	100	3.850%, 04/01/27		101
	193	4.125%, 01/15/26		198
	2	4.375%, 02/01/45		2
	193	VEREIT Operating Partnership LP, 4.600%, 02/06/24		202
		Welltower, Inc.,
	130	4.000%, 06/01/25		134
	91	4.500%, 01/15/24		97
				5,337
		Real Estate Management & Development — 0.0% (g)
	200	Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 3.875%, 03/20/27 (e)		205
		Total Real Estate		5,542
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.7%
		AT&T, Inc.,
	123	3.000%, 02/15/22		123
	1,035	3.400%, 05/15/25		1,018
	200	3.950%, 01/15/25		204
	190	4.350%, 06/15/45		177

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	40	4.450%, 04/01/24		42
	85	5.150%, 03/15/42		87
	200	5.250%, 03/01/37		213
	150	6.000%, 08/15/40		169
	100	British Telecommunications plc, (United Kingdom), 9.125%, 12/15/30		152
		CCO Holdings LLC,
	30	5.500%, 05/01/26 (e)		32
	1,095	5.750%, 02/15/26 (e)		1,172
	150	5.875%, 04/01/24 (e)		160
	205	CenturyLink, Inc., 5.625%, 04/01/25		205
	385	Frontier Communications Corp., 11.000%, 09/15/25		357
		Intelsat Jackson Holdings SA, (Luxembourg),
	300	5.500%, 08/01/23		248
	150	8.000%, 02/15/24 (e)		162
		Level 3 Financing, Inc.,
	275	5.375%, 01/15/24		287
	195	5.375%, 05/01/25		205
	40	SES GLOBAL Americas Holdings GP, (Luxembourg), 2.500%, 03/25/19 (e)		40
	585	SFR Group SA, (France), 7.375%, 05/01/26 (e)		635
	360	Sprint Capital Corp., 8.750%, 03/15/32		454
		Telefonica Emisiones SAU, (Spain),
	385	4.103%, 03/08/27		398
	102	5.134%, 04/27/20		110
		Verizon Communications, Inc.,
	100	2.625%, 08/15/26		92
	160	4.125%, 03/16/27		165
	305	4.125%, 08/15/46		272
	209	4.150%, 03/15/24		220
	155	4.272%, 01/15/36		150
	100	4.400%, 11/01/34		99
	101	4.522%, 09/15/48		96
	93	4.672%, 03/15/55		87
	147	4.862%, 08/21/46		147
	95	5.012%, 04/15/49 (e)		96
	20	5.012%, 08/21/54		20
	380	5.050%, 03/15/34		402
	91	5.250%, 03/16/37		98
	230	Wind Acquisition Finance SA, (Italy), 7.375%, 04/23/21 (e)		239
	510	Windstream Services LLC, 6.375%, 08/01/23		421
				9,254

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Wireless Telecommunication Services — 0.2%
	100	America Movil SAB de CV, (Mexico), 5.000%, 03/30/20		107
	76	Rogers Communications, Inc., (Canada), 3.625%, 12/15/25		78
		Sprint Corp.,
	975	7.625%, 02/15/25		1,122
	480	7.875%, 09/15/23		552
	745	T-Mobile USA, Inc., 6.500%, 01/15/24		801
	240	United States Cellular Corp., 6.700%, 12/15/33		245
	50	Vodafone Group plc, (United Kingdom), 6.150%, 02/27/37		61
				2,966
		Total Telecommunication Services		12,220
		Utilities — 0.9%
		Electric Utilities — 0.6%
		Alabama Power Co.,
	200	3.850%, 12/01/42		200
	50	4.150%, 08/15/44		52
	61	Series 13-A, 3.550%, 12/01/23		64
	86	American Transmission Systems, Inc., 5.250%, 01/15/22 (e)		95
	100	Appalachian Power Co., 4.600%, 03/30/21		107
	150	Arizona Public Service Co., 4.500%, 04/01/42		164
	92	CenterPoint Energy Houston Electric LLC, Series AA, 3.000%, 02/01/27		92
	180	Commonwealth Edison Co., 2.550%, 06/15/26		173
	125	Connecticut Light & Power Co. (The), Series A, 3.200%, 03/15/27		127
	140	DTE Electric Co., 3.375%, 03/01/25		145
	45	Duke Energy Corp., 2.650%, 09/01/26		43
	80	Duke Energy Indiana LLC, 3.750%, 05/15/46		79
		Duke Energy Progress LLC,
	150	4.100%, 03/15/43		156
	25	4.150%, 12/01/44		26
	105	Edison International, 2.950%, 03/15/23		106
		Electricite de France SA, (France),
	80	2.150%, 01/22/19 (e)		80
	35	4.875%, 01/22/44 (e)		37
		Emera US Finance LP, (Canada),
	100	3.550%, 06/15/26		100
	80	4.750%, 06/15/46		85
		Enel Finance International NV, (Italy),
	200	3.625%, 05/25/27 (e)		198
	100	5.125%, 10/07/19 (e)		107

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	100	Entergy Arkansas, Inc., 3.500%, 04/01/26		103
	60	Entergy Corp., 2.950%, 09/01/26		57
	185	Entergy Louisiana LLC, 3.120%, 09/01/27		184
	40	Entergy Mississippi, Inc., 2.850%, 06/01/28		39
		Exelon Corp.,
	15	2.450%, 04/15/21		15
	160	3.497%, 06/01/22		164
		FirstEnergy Corp.,
	65	Series B, 3.900%, 07/15/27		65
	30	Series C, 4.850%, 07/15/47		30
	35	Great Plains Energy, Inc., 4.850%, 06/01/21		37
	155	Gulf Power Co., 3.300%, 05/30/27		156
	45	Indiana Michigan Power Co., Series L, 3.750%, 07/01/47		44
	135	ITC Holdings Corp., 3.650%, 06/15/24		137
	115	Jersey Central Power & Light Co., 4.300%, 01/15/26 (e)		121
	200	Kansas City Power & Light Co., 5.300%, 10/01/41		234
	50	Kentucky Utilities Co., 3.300%, 10/01/25		51
	24	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		25
		MidAmerican Energy Co.,
	309	3.100%, 05/01/27		311
	244	3.500%, 10/15/24		255
	34	Nevada Power Co., 5.450%, 05/15/41		41
		NextEra Energy Capital Holdings, Inc.,
	50	1.649%, 09/01/18		50
	95	3.550%, 05/01/27		96
		Oncor Electric Delivery Co. LLC,
	115	2.150%, 06/01/19		115
	12	2.950%, 04/01/25		12
		Pacific Gas & Electric Co.,
	75	3.250%, 06/15/23		77
	70	4.300%, 03/15/45		75
	250	6.050%, 03/01/34		323
	115	PacifiCorp, 2.950%, 06/01/23		117
	400	PECO Energy Co., 4.800%, 10/15/43		457
		PPL Capital Funding, Inc.,
	165	3.500%, 12/01/22		170
	90	5.000%, 03/15/44		102
		PPL Electric Utilities Corp.,
	104	4.125%, 06/15/44		109
	42	4.750%, 07/15/43		48
	117	Progress Energy, Inc., 4.400%, 01/15/21		124

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 45

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Public Service Co. of Colorado,
	150	2.500%, 03/15/23		149
	65	3.800%, 06/15/47		65
	30	Public Service Co. of New Hampshire, 3.500%, 11/01/23		31
	117	Rochester Gas & Electric Corp., 3.100%, 06/01/27 (e)		117
		Sierra Pacific Power Co.,
	110	2.600%, 05/01/26		106
	41	Series T, 3.375%, 08/15/23		42
		Southern California Edison Co.,
	40	4.500%, 09/01/40		44
	66	4.650%, 10/01/43		75
	100	6.650%, 04/01/29		129
	80	Series C, 3.600%, 02/01/45		78
	294	Southwestern Electric Power Co., Series J, 3.900%, 04/01/45		289
	185	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/25 (e)		192
	130	Union Electric Co., 2.950%, 06/15/27		129
		Virginia Electric & Power Co.,
	150	2.750%, 03/15/23		150
	150	2.950%, 01/15/22		153
	21	3.450%, 02/15/24		22
	75	4.000%, 01/15/43		77
	165	Wisconsin Electric Power Co., 3.100%, 06/01/25		165
		Xcel Energy, Inc.,
	95	3.300%, 06/01/25		96
	95	4.700%, 05/15/20		100
				8,389
		Gas Utilities — 0.1%
	55	AmeriGas Partners LP, 5.500%, 05/20/25		56
	86	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		90
		Dominion Energy Gas Holdings LLC,
	70	2.500%, 12/15/19		71
	73	4.600%, 12/15/44		76
	95	KeySpan Gas East Corp., 2.742%, 08/15/26 (e)		92
	100	Piedmont Natural Gas Co., Inc., 3.640%, 11/01/46		94
	200	Southern California Gas Co., 3.200%, 06/15/25		204
	31	Southern Natural Gas Co. LLC, 4.800%, 03/15/47 (e)		33
				716

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Independent Power and Renewable Electricity Producers — 0.1%
	235	AES Corp., 4.875%, 05/15/23		239
	455	Dynegy, Inc., 5.875%, 06/01/23		425
		Exelon Generation Co. LLC,
	160	2.950%, 01/15/20		163
	65	3.400%, 03/15/22		66
	94	5.750%, 10/01/41		96
	140	NRG Energy, Inc., 6.625%, 01/15/27		140
	25	PSEG Power LLC, 4.300%, 11/15/23		26
	75	Southern Power Co., Series F, 4.950%, 12/15/46		78
				1,233
		Multi-Utilities — 0.1%
		Berkshire Hathaway Energy Co.,
	75	3.500%, 02/01/25		77
	45	4.500%, 02/01/45		49
		CMS Energy Corp.,
	50	2.950%, 02/15/27		48
	335	3.450%, 08/15/27		338
		Consolidated Edison Co. of New York, Inc.,
	90	3.875%, 06/15/47		91
	75	4.500%, 12/01/45		83
	100	Series 08-B, 6.750%, 04/01/38		140
	195	Dominion Energy, Inc., Series D, 2.850%, 08/15/26		186
	61	DTE Energy Co., Series F, 3.850%, 12/01/23		64
		NiSource Finance Corp.,
	150	4.800%, 02/15/44		163
	15	5.650%, 02/01/45		18
	80	San Diego Gas & Electric Co., 3.750%, 06/01/47		80
		Sempra Energy,
	80	2.400%, 03/15/20		80
	144	4.050%, 12/01/23		152
		Southern Co. Gas Capital Corp.,
	77	3.250%, 06/15/26		75
	200	5.250%, 08/15/19		212
	18	5.875%, 03/15/41		22
				1,878
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	100	3.400%, 03/01/25		103

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Water Utilities — continued
	100	6.593%, 10/15/37		138
				241
		Total Utilities		12,457
		Total Corporate Bonds (Cost $146,042)		149,962
	Foreign Government Securities — 0.1%
	150	Republic of Colombia, (Colombia), 7.375%, 09/18/37		193
	20	Republic of Peru, (Peru), 5.625%, 11/18/50		25
		Republic of Poland, (Poland),
	100	3.250%, 04/06/26		102
	50	4.000%, 01/22/24		53
		United Mexican States, (Mexico),
	86	4.000%, 10/02/23		90
	143	5.550%, 01/21/45		160
		Total Foreign Government Securities (Cost $590)		623
SHARES
	Investment Companies — 16.8% (b)
	3,606	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		29,680
	1,655	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		42,682
	1,322	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		11,029
	9,035	JPMorgan High Yield Fund, Class R6 Shares		67,217
	916	JPMorgan Mid Cap Equity Fund, Class R6 Shares		45,061
	3,117	JPMorgan Realty Income Fund, Class R6 Shares		40,806
		Total Investment Companies (Cost $202,586)		236,475
PRINCIPAL AMOUNT($)
	Mortgage-Backed Securities — 0.8%
	20	FHLMC Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24		21
		FHLMC Gold Pools, 30 Year, Single Family,
	169	4.500%, 05/01/41		181
	90	5.500%, 02/01/39		101
	135	6.000%, 08/01/36 - 12/01/36		154
	2	7.000%, 02/01/26		2
	5	7.500%, 05/01/26 - 08/01/27		6
	2	8.000%, 04/01/25 - 05/01/25		2
	3	8.500%, 07/01/26		4

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		FNMA, 15 Year, Single Family,
	3	4.500%, 05/01/19		3
	4	5.000%, 10/01/19		4
	31	6.000%, 10/01/19 - 01/01/24		33
	85	FNMA, 20 Year, Single Family, 5.500%, 02/01/28		94
		FNMA, 30 Year, Single Family,
	142	6.000%, 12/01/32 - 04/01/35		163
	139	6.500%, 02/01/26 - 10/01/38		158
	82	7.000%, 03/01/26 - 11/01/38		93
	17	8.000%, 11/01/22 - 06/01/24		19
	6	9.000%, 08/01/24		7
		FNMA, Other,
	136	ARM, 1.345%, 01/01/23		136
	196	1.735%, 05/01/20		194
	454	2.350%, 05/01/23 - 08/01/28		439
	100	2.400%, 12/01/22		101
	230	2.410%, 01/01/23		233
	400	2.460%, 10/01/26		389
	185	2.530%, 03/01/23		187
	450	2.570%, 08/01/28		434
	179	2.705%, 04/01/23		182
	227	2.840%, 06/01/22		234
	91	2.900%, 06/01/22		93
	1,190	3.030%, 12/01/21 - 04/01/30		1,194
	142	3.050%, 10/01/20		146
	95	3.110%, 10/01/21		98
	195	3.370%, 11/01/20		203
	700	3.380%, 01/01/18 - 12/01/23		726
	289	3.450%, 11/01/23		304
	196	3.480%, 12/01/20		204
	141	3.590%, 10/01/20		148
	500	3.690%, 11/01/23		532
	133	3.700%, 12/01/20		140
	768	3.729%, 06/01/18		776
	378	3.760%, 08/01/23		403
	156	3.817%, 05/01/22		165
	400	3.860%, 11/01/23		430
	474	3.940%, 12/01/25		513
	400	4.040%, 10/01/20		425
	472	4.295%, 06/01/21		507
	274	4.330%, 04/01/21		294
	224	4.369%, 02/01/20		237
	163	4.770%, 06/01/19		172
		GNMA I, 30 Year, Single Family,
	25	6.500%, 01/15/24 - 03/15/28		27

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 47

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	47		7.000%, 04/15/24 - 05/15/26		48
	10		7.500%, 05/15/26 - 06/15/25		10
	13		8.000%, 04/15/24 - 09/15/27		13
	16		8.500%, 06/15/22 - 12/15/22		17
	—	(h)	10.000%, 07/15/18		—	(h)
			GNMA II, 30 Year, Single Family,
	2		8.000%, 07/20/28		3
	9		8.500%, 09/20/25		10
			Total Mortgage-Backed Securities (Cost $11,177)		11,412
	Municipal Bonds — 0.0% (g) (t)
			New York — 0.0% (g)
	35		New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		44
	150		Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		190
					234
			Ohio — 0.0% (g)
	210		American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		300
			Total Municipal Bonds (Cost $395)		534
	U.S. Government Agency Securities — 0.0% (g)
	250		Resolution Funding Corp. STRIPS, 1.730%, 07/15/20 (n)		237
			Tennessee Valley Authority,
	74		1.750%, 10/15/18		75
	44		4.625%, 09/15/60		53
			Total U.S. Government Agency Securities (Cost $355)		365
	U.S. Treasury Obligations — 3.8%
			U.S. Treasury Bond,
	800		2.750%, 11/15/42		792
	65		3.000%, 02/15/47		67
	1,000		4.250%, 05/15/39		1,254
	2,000		5.500%, 08/15/28		2,616
			U.S. Treasury Note,
	1,000		0.625%, 11/30/17		998
	8,028		0.750%, 01/31/18 (k)		8,008
	4,000		1.000%, 11/30/19		3,958
	1,500		1.250%, 12/15/18		1,498
	585		1.500%, 06/15/20		584
	2,000		1.500%, 02/28/23		1,947

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,000		1.625%, 04/30/19		2,009
	4,000		1.625%, 07/31/20		4,005
	1,000		1.625%, 11/30/20		999
	6,000		1.625%, 04/30/23		5,869
	2,500		1.750%, 05/15/22		2,486
	1,400		1.750%, 01/31/23		1,382
	700		2.000%, 11/30/22		701
	9,000		2.000%, 02/15/25		8,874
	1,800		2.375%, 12/31/20		1,844
	3,000		3.500%, 02/15/18		3,042
			Total U.S. Treasury Obligations (Cost $53,200)		52,933
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Media — 0.0% (g)
	23		Media General, Inc. CVR (a)		—	(h)
			Industrials — 0.0% (g)
			Construction & Engineering — 0.0% (g)
	7		ACS Actividades de Construccion y Servicios SA, (Spain), expiring 07/11/17 (a)		6
			Materials — 0.0% (g)
			Metals & Mining — 0.0% (g)
	116		Hoa Phat Group JSC, (Vietnam), expiring 07/17/17 (a)		12
			Total Rights (Cost $6)		18
NUMBER OF WARRANTS
	Warrant — 0.0%
			Financials — 0.0%
			Consumer Finance — 0.0%
	—	(h)	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
PRINCIPAL AMOUNT($)
	Short-Term Investments— 3.2%
			U.S. Treasury Obligations — 0.0% (g)
			U.S. Treasury Bill,
	40		0.972, 03/01/18 (k) (n)		40
	145		1.091, 12/07/17 (k) (n)		144
			Total U.S. Treasury Obligations (Cost $184)		184

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
			Investment Companies — 3.2%
	—	(h)	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.150% (b) (l)		—	(h)
	45,476		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l)		45,476
			Total Investment Companies (Cost $45,476)		45,476
			Total Short-Term Investments (Cost $45,660)		45,660
			Total Investments — 98.8% (Cost $1,173,486)		1,392,258
			Other Assets in Excess of Liabilities — 1.2%		16,853
			NET ASSETS — 100.0%	$	1,409,111

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	77.4	%
Japan	3.7
United Kingdom	3.1
France	2.2
Germany	1.6
Switzerland	1.6
China	1.3
Netherlands	1.1
Others (each less than 1.0%)	8.0

* Percentages indicated are based upon total investments as of June 30, 2017.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	147		TOPIX Index		09/07/17		JPY	$	21,144		$	186
	425		10 Year Australian Government Bond		09/15/17		AUD		42,223			(676	)
	142		E-mini S&P 500 Index		09/15/17		USD		17,188			(53	)
	398		Euro STOXX 50 Index		09/15/17		EUR		15,622			(491	)
	2		FTSE 100 Index		09/15/17		GBP		189			(5	)
	348		Mini MSCI Emerging Markets Index		09/15/17		USD		17,544			165
	69		Mini Russell 2000 Index		09/15/17		USD		4,879			(8	)
	410		10 Year U.S. Treasury Note		09/20/17		USD		51,468			(233	)
	13		US Treasury Long Bond		09/20/17		USD		1,998			12
	3		US Ultra Bond		09/20/17		USD		498			(1	)
	95		SPI 200 Index		09/21/17		AUD		10,306			(137	)
	23		2 Year U.S. Treasury Note		09/29/17		USD		4,971			(8	)
	255		5 Year U.S. Treasury Note		09/29/17		USD		30,048			(67	)
			Short Futures Outstanding
	(289	)	Euro Bund		09/07/17		EUR		(53,430	)		919
	(110	)	FTSE 100 Index		09/15/17		GBP		(10,383	)		256
	(100	)	10 Year Canadian Government Bond		09/20/17		CAD		(10,838	)		291
	(10	)	10 Year U.S. Treasury Note		09/20/17		USD		(1,255	)		9
	(54	)	10 Year U.S. Ultra Note		09/20/17		USD		(7,280	)		21
	(163	)	Long Gilt		09/27/17		GBP		(26,658	)		443
	(41	)	2 Year U.S. Treasury Note		09/29/17		USD		(8,861	)		13
											$	636

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 49

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

	Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,713	AUD
	3,726	for CAD	Citibank, NA		09/21/17	$	2,877	#	$	2,851	#	$	(26	)
	3,676	AUD
	2,482	for EUR	Goldman Sachs International		09/21/17		2,846	#		2,822	#		(24	)
	3,700	AUD
	2,197	for GBP	Goldman Sachs International		09/21/17		2,869	#		2,841	#		(28	)
	3,698	AUD
	312,791	for JPY	Goldman Sachs International		09/21/17		2,790	#		2,839	#		49
	7,376	AUD
	7,720	for NZD	Goldman Sachs International		09/21/17		5,649	#		5,664	#		15
	3,687	AUD
	3,856	for NZD	Union Bank of Switzerland AG		09/21/17		2,821	#		2,831	#		10
	3,672	AUD
	3,851	for NZD	Westpac Banking Corp.		09/21/17		2,818	#		2,820	#		2
	3,702	CAD
	3,713	for AUD	Goldman Sachs International		09/21/17		2,851	#		2,859	#		8
	3,727	CAD
	2,499	for EUR	Goldman Sachs International		09/21/17		2,866	#		2,877	#		11
	5,678	CAD
	3,728	for EUR	Union Bank of Switzerland AG		09/21/17		4,276	#		4,384	#		108
	3,758	CAD
	3,887	for NZD	Goldman Sachs International		09/21/17		2,844	#		2,901	#		57
	3,773	CAD
	3,886	for NZD	Royal Bank of Canada		09/21/17		2,844	#		2,914	#		70
	1,364	CHF
	11,936	for NOK	TD Bank Financial Group		09/21/17		1,432	#		1,430	#		(2	)
	65,157	CZK
	2,485	for EUR	Citibank, NA		09/21/17		2,851	#		2,864	#		13
	2,494	EUR
	3,726	for AUD	Goldman Sachs International		09/21/17		2,861	#		2,861	#		—	(h)
	2,494	EUR
	3,813	for CAD	Goldman Sachs International		09/21/17		2,944	#		2,860	#		(84	)
	1,241	EUR
	32,613	for CZK	Goldman Sachs International		09/21/17		1,434	#		1,424	#		(10	)
	7,501	EUR
	71,532	for NOK	Goldman Sachs International		09/21/17		8,581	#		8,603	#		22
	2,499	EUR
	23,692	for NOK	Union Bank of Switzerland AG		09/21/17		2,842	#		2,866	#		24
	2,450	EUR
	23,650	for SEK	Goldman Sachs International		09/21/17		2,820	#		2,810	#		(10	)
	265	GBP
	37,637	for JPY	Goldman Sachs International		08/24/17		335	#		346	#		11
	626,611	JPY
	4,972	for EUR	Goldman Sachs International		09/21/17		5,703	#		5,590	#		(113	)
	317,638	JPY
	2,499	for EUR	Union Bank of Switzerland AG		09/21/17		2,866	#		2,834	#		(32	)

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS JUNE 30, 2017

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
	311,926	JPY
	3,837	for NZD	Goldman Sachs International		09/21/17	$	2,808	#	$	2,783	#	$	(25	)
	23,717	NOK
	3,706	for CAD	Goldman Sachs International		09/21/17		2,861	#		2,845	#		(16	)
	11,968	NOK
	1,240	for EUR	Union Bank of Switzerland AG		09/21/17		1,422	#		1,436	#		14
	47,188	NOK
	48,246	for SEK	Goldman Sachs International		09/21/17		5,753	#		5,661	#		(92	)
	3,873	NZD
	311,058	for JPY	Credit Suisse International		09/21/17		2,775	#		2,834	#		59
	97,685	SEK
	10,012	for EUR	Goldman Sachs International		09/21/17		11,483	#		11,647	#		164
	24,534	SEK
	23,900	for NOK	Goldman Sachs International		09/21/17		2,868	#		2,926	#		58
	24,139	SEK
	23,606	for NOK	Union Bank of Switzerland AG		09/21/17		2,832	#		2,878	#		46
	4,097	AUD	Goldman Sachs International		08/24/17		3,069			3,147			78
	9,094	AUD	Goldman Sachs International		09/21/17		6,839			6,983			144
	3,687	AUD	Merrill Lynch International		09/21/17		2,800			2,831			31
	16,062	BRL	Goldman Sachs International†		09/21/17		4,791			4,771			(20	)
	15,042	CAD	Royal Bank of Canada		09/21/17		11,197			11,614			417
	3,717	CAD	Union Bank of Switzerland AG		09/21/17		2,803			2,870			67
	3,628	CHF	HSBC Bank, NA		08/24/17		3,748			3,796			48
	2,608,905	CLP	Goldman Sachs International†		09/21/17		3,928			3,921			(7	)
	964,307	CLP	Merrill Lynch International†		09/21/17		1,447			1,449			2
	4,102,289	COP	Goldman Sachs International†		09/21/17		1,400			1,332			(68	)
	129,559	CZK	Merrill Lynch International		09/21/17		5,573			5,695			122
	376	EUR	Australia and New Zealand Banking Group Limited		08/24/17		423			431			8
	7,483	EUR	Goldman Sachs International		09/21/17		8,440			8,582			142
	1,197	EUR	Royal Bank of Canada		09/21/17		1,354			1,373			19
	185	GBP	Australia and New Zealand Banking Group Limited		08/24/17		237			241			4
	203	GBP	National Australia Bank		08/24/17		257			264			7
	2,160	GBP	Goldman Sachs International		09/21/17		2,743			2,820			77
	3,796	HKD	HSBC Bank, NA		08/24/17		489			487			(2	)
	382,720	HUF	Royal Bank of Canada		09/21/17		1,400			1,420			20
	4,801,836	IDR	Goldman Sachs International†		09/22/17		358			357			(1	)
	78,686,269	IDR	Merrill Lynch International†		09/22/17		5,860			5,852			(8	)
	4,941	ILS	Merrill Lynch International		09/25/17		1,407			1,421			14
	46,634	JPY	HSBC Bank, NA		08/24/17		422			415			(7	)
	78,694	JPY	National Australia Bank		08/24/17		704			701			(3	)
	45,552	JPY	Societe Generale		08/24/17		406			406			—	(h)
	293,662	JPY	Australia and New Zealand Banking Group Limited		09/21/17		2,690			2,620			(70	)
	930,822	JPY	Goldman Sachs International		09/21/17		8,398			8,305			(93	)
	153,401	JPY	Royal Bank of Canada		09/21/17		1,400			1,369			(31	)
	50,799	MXN	Citibank, NA		09/21/17		2,799			2,764			(35	)
	51,327	MXN	Deutsche Bank AG		09/21/17		2,799			2,793			(6	)
	240,722	MXN	Goldman Sachs International		09/21/17		12,909			13,099			190
	21,617	MXN	Merrill Lynch International		09/21/17		1,168			1,176			8
	2,437	MXN	Royal Bank of Canada		09/21/17		135			133			(2	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 51

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	18,051		MYR	Goldman Sachs International†		09/21/17	$	4,222	$	4,183	$	(39	)
	35,466		NOK	TD Bank Financial Group		09/21/17		4,199		4,255		56
	15,391		NZD	Australia and New Zealand Banking Group Limited		09/21/17		11,019		11,262		243
	7,826		NZD	Goldman Sachs International		09/21/17		5,616		5,727		111
	3,866		NZD	Union Bank of Switzerland AG		09/21/17		2,800		2,829		29
	339,370		PHP	Merrill Lynch International†		09/21/17		6,838		6,679		(159	)
	27,926		PLN	Merrill Lynch International		09/21/17		7,485		7,533		48
	5,571		RON	Merrill Lynch International		09/21/17		1,376		1,399		23
	1,089,444		RUB	Goldman Sachs International†		09/21/17		18,655		18,169		(486	)
	12,047		SEK	National Australia Bank		08/24/17		1,386		1,434		48
	12,127		SEK	Citibank, NA		09/21/17		1,400		1,446		46
	1,089		SGD	Australia and New Zealand Banking Group Limited		08/24/17		786		792		6
	1,867		SGD	Australia and New Zealand Banking Group Limited		09/21/17		1,353		1,357		4
	149,075		THB	Australia and New Zealand Banking Group Limited		09/21/17		4,381		4,389		8
	7,338		TRY	Credit Suisse International		09/21/17		2,045		2,039		(6	)
	65,354		TRY	Deutsche Bank AG		09/21/17		17,911		18,160		249
	7,347		TRY	Merrill Lynch International		09/21/17		2,021		2,042		21
	75,405		TWD	Goldman Sachs International†		09/21/17		2,499		2,480		(19	)
	13,447		ZAR	Merrill Lynch International		09/21/17		1,029		1,014		(15	)
	4,416		ZAR	Royal Bank of Canada		09/21/17		336		333		(3	)
							$	307,572	$	309,061	$	1,489

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,415	AUD	Goldman Sachs International		09/21/17	$	5,596	$	5,693	$	(97	)
	3,752	AUD	Royal Bank of Canada		09/21/17		2,799		2,881		(82	)
	14,952	BRL	Goldman Sachs International†		09/21/17		4,442		4,441		1
	16,446	CAD	Goldman Sachs International		09/21/17		12,248		12,697		(449	)
	612	CAD	Royal Bank of Canada		09/21/17		471		473		(2	)
	3,777	CAD	Union Bank of Switzerland AG		09/21/17		2,799		2,916		(117	)
	158	CHF	Australia and New Zealand Banking Group Limited		08/24/17		165		165		—	(h)
	231	CHF	Societe Generale		08/24/17		241		241		—	(h)
	9,168	CHF	Goldman Sachs International		09/21/17		9,568		9,610		(42	)
	2,712	CHF	Royal Bank of Canada		09/21/17		2,799		2,842		(43	)
	9,169,125	CLP	Merrill Lynch International†		09/21/17		13,670		13,781		(111	)
	11,819,884	COP	Goldman Sachs International†		09/21/17		4,027		3,838		189
	5,055,766	COP	Merrill Lynch International†		09/21/17		1,655		1,642		13
	31,874	CZK	Deutsche Bank AG		09/21/17		1,362		1,402		(40	)
	64,263	CZK	Merrill Lynch International		09/21/17		2,760		2,824		(64	)
	5,887	DKK	HSBC Bank, NA		08/24/17		889		907		(18	)
	163	EUR	Goldman Sachs International		08/24/17		182		186		(4	)
	384	EUR	National Australia Bank		08/24/17		433		440		(7	)
	644	EUR	Societe Generale		08/24/17		733		738		(5	)
	212	EUR	State Street Corp.		08/24/17		241		244		(3	)
	5,688	EUR	Union Bank of Switzerland AG		08/24/17		6,428		6,514		(86	)
	1,254	EUR	Merrill Lynch International		09/21/17		1,407		1,439		(32	)

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS JUNE 30, 2017

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,093		GBP	Goldman Sachs International		09/21/17	$	1,417	$	1,428	$	(11	)
	19,096		GBP	Royal Bank of Canada		09/21/17		24,739		24,933		(194	)
	508		GBP	State Street Corp.		09/21/17		657		663		(6	)
	1,093		GBP	TD Bank Financial Group		09/21/17		1,403		1,427		(24	)
	394,167		HUF	Credit Suisse International		09/21/17		1,429		1,463		(34	)
	397,928		HUF	Deutsche Bank AG		09/21/17		1,449		1,477		(28	)
	1,531,786		HUF	Royal Bank of Canada		09/21/17		5,621		5,683		(62	)
	4,024,149		IDR	Goldman Sachs International†		09/22/17		299		299		—	(h)
	273,131		INR	Goldman Sachs International†		09/21/17		4,194		4,189		5
	449,929		INR	Merrill Lynch International†		09/21/17		6,914		6,901		13
	43,890		JPY	Australia and New Zealand Banking Group Limited		08/24/17		396		392		4
	45,228		JPY	National Australia Bank		08/24/17		408		403		5
	86,000		JPY	State Street Corp.		08/24/17		776		766		10
	310,383		JPY	Citibank, NA		09/21/17		2,799		2,769		30
	464,807		JPY	Goldman Sachs International		09/21/17		4,199		4,147		52
	3,138,353		KRW	Goldman Sachs International†		09/21/17		2,799		2,743		56
	12,259		MXN	Barclays Bank plc		09/21/17		670		667		3
	47,284		MXN	Goldman Sachs International		09/21/17		2,593		2,573		20
	5,856		NOK	Merrill Lynch International		08/24/17		700		702		(2	)
	130,081		NOK	Royal Bank of Canada		09/21/17		15,415		15,605		(190	)
	11,842		NOK	Union Bank of Switzerland AG		09/21/17		1,400		1,421		(21	)
	9,698		NZD	Goldman Sachs International		09/21/17		6,999		7,097		(98	)
	3,870		NZD	Union Bank of Switzerland AG		09/21/17		2,798		2,831		(33	)
	207,813		PHP	Goldman Sachs International†		09/21/17		4,134		4,090		44
	131,557		PHP	Merrill Lynch International†		09/21/17		2,640		2,588		52
	496		PLN	Barclays Bank plc		09/21/17		132		134		(2	)
	16,783		PLN	Deutsche Bank AG		09/21/17		4,437		4,527		(90	)
	4,071		PLN	Merrill Lynch International		09/21/17		1,096		1,098		(2	)
	5,571		RON	Deutsche Bank AG		09/21/17		1,373		1,398		(25	)
	159,487		RUB	Citibank, NA†		09/21/17		2,743		2,660		83
	742,136		RUB	Goldman Sachs International†		09/21/17		12,465		12,377		88
	84,745		SEK	Goldman Sachs International		09/21/17		9,818		10,105		(287	)
	23,731		SEK	Union Bank of Switzerland AG		09/21/17		2,799		2,830		(31	)
	260		SGD	HSBC Bank, NA		08/24/17		189		189		—	(h)
	292,972		THB	Australia and New Zealand Banking Group Limited		09/21/17		8,609		8,624		(15	)
	35,057		THB	Deutsche Bank AG		09/21/17		1,032		1,032		—	(h)
	10,112		TRY	Citibank, NA		09/21/17		2,799		2,810		(11	)
	286,955		TWD	Goldman Sachs International†		09/21/17		9,567		9,440		127
	37,064		ZAR	Citibank, NA		09/21/17		2,800		2,796		4
	8,785		ZAR	Deutsche Bank AG		09/21/17		672		663		9
	22,189		ZAR	Goldman Sachs International		09/21/17		1,696		1,673		23
							$	233,990	$	235,527	$	(1,537	)

# For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at June 30, 2017 of the currency being sold, and the value at June 30, 2017 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 53

JPMorgan Diversified Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

ACES	—  Alternative Credit Enhancement Securities
ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2017.
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CLP	—  Chilean Peso
COP	—  Colombian Peso
CVA	—  Dutch Certification
CVR	—  Contingent Value Rights
CZK	—  Czech Republic Koruna
DKK	—  Danish Krone
EUR	—  Euro
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British Pound
GDR	—  Global Depositary Receipt
GNMA	—  Government National Mortgage Association
HKD	—  Hong Kong Dollar
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of June 30, 2017. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
ILS	—  Israeli Shekel
INR	—  Indian Rupee
JPY	—  Japanese Yen
KRW	—  Korean Republic Won
MSCI	—  Morgan Stanley Capital International
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
NOK	—  Norwegian Krone
NVDR	—  Non-Voting Depositary Receipt
NZD	—  New Zealand Dollar
PHP	—  Philippine Peso
PLN	—  Polish Zloty
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REIT	—  Real Estate Investment Trust
REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
RON	—  Romanian Leu
RUB	—  Russian Ruble

SEK	—  Swedish Krona
SGD	—  Singapore Dollar
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2017.
THB	—  Thai Baht
TOPIX	—  Tokyo Stock Price Index
TRY	—  Turkish Lira
TWD	—  Taiwan Dollar
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2017.
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2017.
(n)	—  The rate shown is the effective yield as of June 30, 2017.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2017.
(y)	—  Preferred Security.
†	—  Non-deliverable forward. See Note 2.D. in the Notes to Financial Statements.

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

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS JUNE 30, 2017

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JUNE 30, 2017 J.P. MORGAN FUNDS 55

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	1,110,307
Investments in affiliates, at value		281,951
Total investment securities, at value		1,392,258
Cash		6,502
Foreign currency, at value		251
Deposits at broker for futures contracts		214
Receivables:
Investment securities sold		10,921
Fund shares sold		1,223
Interest and dividends from non-affiliates		3,544
Dividends from affiliates		32
Tax reclaims		297
Variation margin on futures contracts		1,799
Unrealized appreciation on forward foreign currency exchange contracts		3,862
Total Assets		1,420,903
LIABILITIES:
Payables:
Distributions		978
Investment securities purchased		3,593
Fund shares redeemed		2,426
Unrealized depreciation on forward foreign currency exchange contracts		3,910
Accrued liabilities:
Investment advisory fees		492
Administration fees		41
Distribution fees		45
Service fees		49
Custodian and accounting fees		60
Deferred India capital gains tax		25
Other		173
Total Liabilities		11,792
Net Assets	$	1,409,111

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS JUNE 30, 2017

	Diversified Fund
NET ASSETS:
Paid-in-Capital	$	1,158,418
Accumulated undistributed (distributions in excess of) net investment income		1,298
Accumulated net realized gains (losses)		30,064
Net unrealized appreciation (depreciation)		219,331
Total Net Assets	$	1,409,111
Net Assets:
Class A	$	121,832
Class C		31,241
Class I (formerly Select Class)		78,033
Class L (formerly Institutional Class)		1,178,005
Total	$	1,409,111
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		7,038
Class C		1,817
Class I (formerly Select Class)		4,484
Class L (formerly Institutional Class)		67,820
Net Asset Value (a):
Class A — Redemption price per share	$	17.31
Class C — Offering price per share (b)		17.19
Class I (formerly Select Class) — Offering and redemption price per share		17.40
Class L (formerly Institutional Class) — Offering and redemption price per share		17.37
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.13
Cost of investments in non-affiliates	$	925,424
Cost of investments in affiliates		248,062
Cost of foreign currency		250

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 57

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	11,994
Interest income from affiliates		2
Dividend income from non-affiliates		14,637
Dividend income from affiliates		9,324
Foreign taxes withheld		(551	)
Total investment income		35,406
EXPENSES:
Investment advisory fees		7,416
Administration fees		1,103
Distribution fees:
Class A		322
Class C		256
Service fees:
Class A		322
Class C		85
Class I (formerly Select Class)		214
Class L (formerly Institutional Class)		1,100
Custodian and accounting fees		693
Interest expense to affiliates		2
Professional fees		173
Interest expense to non-affiliates		5
Trustees’ and Chief Compliance Officer’s fees		22
Printing and mailing costs		53
Registration and filing fees		77
Transfer agency fees (See Note 2.I.)		93
Sub-transfer agency fees (See Note 2.I.)		124
Other		39
Total expenses		12,099
Less fees waived		(3,978	)
Net expenses		8,121
Net investment income (loss)		27,285
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		67,124	(a)
Investments in affiliates		(3,876	)
Futures		(3,407	)
Foreign currency transactions		1,108
Net realized gain (loss)		60,949
Distributions of capital gains received from investment company affiliates		3,601
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		55,828	(b)
Investments in affiliates		20,415
Futures		(811	)
Foreign currency translations		(455	)
Change in net unrealized appreciation/depreciation		74,977
Net realized/unrealized gains (losses)		139,527
Change in net assets resulting from operations	$	166,812

(a) Net of India capital gains tax of approximately $31,000.

(b) Net of change in India capital gains tax of approximately $(25,000).

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Diversified Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,285		$	26,664
Net realized gain (loss)		60,949			(17,243	)
Distributions of capital gains received from investment company affiliates		3,601			4,256
Change in net unrealized appreciation/depreciation		74,977			(33,499	)
Change in net assets resulting from operations		166,812			(19,822	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,220	)		(2,046	)
From net realized gains		(430	)		(3,704	)
Class C
From net investment income		(417	)		(356	)
From net realized gains		(117	)		(1,012	)
Class I (formerly Select Class)
From net investment income		(1,652	)		(1,426	)
From net realized gains		(277	)		(2,243	)
Class L (formerly Institutional Class)
From net investment income		(24,932	)		(21,972	)
From net realized gains		(3,641	)		(29,897	)
Total distributions to shareholders		(33,686	)		(62,656	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(83,908	)		51,944
NET ASSETS:
Change in net assets		49,218			(30,534	)
Beginning of period		1,359,893			1,390,427
End of period	$	1,409,111		$	1,359,893
Accumulated undistributed (distributions in excess of) net investment income	$	1,298		$	1,611

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Diversified Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,134		$	14,739
Distributions reinvested		2,567			5,380
Cost of shares redeemed		(35,585	)		(25,219	)
Change in net assets resulting from Class A capital transactions	$	(27,884	)	$	(5,100	)
Class C
Proceeds from shares issued	$	4,442		$	7,967
Distributions reinvested		477			1,250
Cost of shares redeemed		(11,812	)		(10,190	)
Change in net assets resulting from Class C capital transactions	$	(6,893	)	$	(973	)
Class I (formerly Select Class)
Proceeds from shares issued	$	9,764		$	19,053
Distributions reinvested		976			1,808
Cost of shares redeemed		(24,936	)		(18,147	)
Change in net assets resulting from Class I capital transactions	$	(14,196	)	$	2,714
Class L (formerly Institutional Class)
Proceeds from shares issued	$	144,144		$	156,497
Distributions reinvested		25,413			46,986
Cost of shares redeemed		(204,492	)		(148,180	)
Change in net assets resulting from Class L capital transactions	$	(34,935	)	$	55,303
Total change in net assets resulting from capital transactions	$	(83,908	)	$	51,944
SHARE TRANSACTIONS:
Class A
Issued		313			941
Reinvested		156			347
Redeemed		(2,160	)		(1,612	)
Change in Class A Shares		(1,691	)		(324	)
Class C
Issued		273			503
Reinvested		30			81
Redeemed		(716	)		(667	)
Change in Class C Shares		(413	)		(83	)
Class I (formerly Select Class)
Issued		583			1,203
Reinvested		59			116
Redeemed		(1,468	)		(1,148	)
Change in Class I Shares		(826	)		171
Class L (formerly Institutional Class)
Issued		8,515			9,757
Reinvested		1,535			3,018
Redeemed		(12,446	)		(9,428	)
Change in Class L Shares		(2,396	)		3,347

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS JUNE 30, 2017

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JUNE 30, 2017 J.P. MORGAN FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Diversified Fund
Class A
Year Ended June 30, 2017	$	15.68	$	0.26	$	1.71		$	1.97		$	(0.29	)	$	(0.05	)	$	(0.34	)
Year Ended June 30, 2016		16.63		0.24		(0.54	)		(0.30	)		(0.23	)		(0.42	)		(0.65	)
Year Ended June 30, 2015		17.20		0.23		0.32			0.55			(0.26	)		(0.86	)		(1.12	)
Year Ended June 30, 2014		15.60		0.26		2.34			2.60			(0.30	)		(0.70	)		(1.00	)
Year Ended June 30, 2013		14.26		0.28		1.63			1.91			(0.28	)		(0.29	)		(0.57	)
Class C
Year Ended June 30, 2017		15.57		0.18		1.69			1.87			(0.20	)		(0.05	)		(0.25	)
Year Ended June 30, 2016		16.52		0.16		(0.54	)		(0.38	)		(0.15	)		(0.42	)		(0.57	)
Year Ended June 30, 2015		17.11		0.15		0.30			0.45			(0.18	)		(0.86	)		(1.04	)
Year Ended June 30, 2014		15.53		0.18		2.33			2.51			(0.23	)		(0.70	)		(0.93	)
Year Ended June 30, 2013		14.22		0.21		1.62			1.83			(0.23	)		(0.29	)		(0.52	)
Class I (formerly Select Class)
Year Ended June 30, 2017		15.76		0.31		1.71			2.02			(0.33	)		(0.05	)		(0.38	)
Year Ended June 30, 2016		16.71		0.28		(0.54	)		(0.26	)		(0.27	)		(0.42	)		(0.69	)
Year Ended June 30, 2015		17.28		0.27		0.31			0.58			(0.29	)		(0.86	)		(1.15	)
Year Ended June 30, 2014		15.66		0.32		2.35			2.67			(0.35	)		(0.70	)		(1.05	)
Year Ended June 30, 2013		14.31		0.32		1.64			1.96			(0.32	)		(0.29	)		(0.61	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		15.73		0.35		1.71			2.06			(0.37	)		(0.05	)		(0.42	)
Year Ended June 30, 2016		16.69		0.32		(0.55	)		(0.23	)		(0.31	)		(0.42	)		(0.73	)
Year Ended June 30, 2015		17.25		0.32		0.32			0.64			(0.34	)		(0.86	)		(1.20	)
Year Ended June 30, 2014		15.64		0.35		2.34			2.69			(0.38	)		(0.70	)		(1.08	)
Year Ended June 30, 2013		14.29		0.36		1.63			1.99			(0.35	)		(0.29	)		(0.64	)

(a) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(b) Calculated based upon average shares outstanding.

(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) Does not include expenses of Underlying Funds.

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

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (d)			Portfolio turnover rate
$	17.31		12.72	%	$	121,832		1.00	%		1.61	%		1.30	%		72	%
	15.68		(1.70	)		136,865		1.01			1.52			1.31			57
	16.63		3.40			150,561		1.00			1.37			1.25			49
	17.20		17.10			153,904		1.04			1.59			1.24			58
	15.60		13.67			139,734		1.02			1.87			1.25			53
	17.19		12.16			31,241		1.51			1.10			1.75			72
	15.57		(2.22	)		34,731		1.52			1.01			1.77			57
	16.52		2.87			38,224		1.51			0.87			1.74			49
	17.11		16.53			29,994		1.55			1.12			1.74			58
	15.53		13.10			18,843		1.53			1.37			1.75			53
	17.40		13.00			78,033		0.75			1.87			0.99			72
	15.76		(1.45	)		83,684		0.76			1.78			1.00			57
	16.71		3.63			85,893		0.75			1.60			0.99			49
	17.28		17.46			111,022		0.79			1.90			0.99			58
	15.66		13.96			68,741		0.77			2.12			1.00			53
	17.37		13.30			1,178,005		0.51			2.11			0.81			72
	15.73		(1.27	)		1,104,613		0.52			2.02			0.81			57
	16.69		3.96			1,115,749		0.51			1.86			0.82			49
	17.25		17.67			916,735		0.55			2.10			0.84			58
	15.64		14.24			650,287		0.53			2.36			0.85			53

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

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

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Diversified Fund	Class A, Class C, Class I* and Class L**	Diversified

* Effective April 3, 2017, Select Class was renamed Class I.

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

The investment objective of the Fund is to seek to provide a high total return from a diversified portfolio of equity and fixed income investments.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class L Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

64 J.P. MORGAN FUNDS JUNE 30, 2017

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

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

See the table on “Quantitative Information about level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at June 30, 2017.

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	68,556	$	31,210	$	—	$	99,766
Consumer Staples		29,908		22,234		—		52,142
Energy		27,835		14,456		—		42,291
Financials		89,583		62,150		—		151,733
Health Care		68,947		22,111		—		91,058
Industrials		60,839		35,917		—		96,756
Information Technology		125,240		28,211		—		153,451
Materials		12,569		22,794		—		35,363
Real Estate		12,482		7,125		—		19,607
Telecommunication Services		5,086		8,157		—		13,243
Utilities		15,965		4,955		—		20,920
Total Common Stocks		517,010		259,320		—		776,330
Preferred Stocks
Consumer Discretionary		—		998		—		998
Consumer Staples		—		1,993		—		1,993
Health Care		—		99		—		99
Materials		618		—		—		618
Utilities		68		—		—		68
Total Preferred Stocks		686		3,090		—		3,776

JUNE 30, 2017 J.P. MORGAN FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Debt Securities
Asset-Backed Securities	$	—		$	15,259		$	25,757		$	41,016
Collateralized Mortgage Obligations		—			63,128			1,201			64,329
Commercial Mortgage-Backed Securities		—			8,103			722			8,825
Corporate Bonds
Consumer Discretionary		—			18,273			—			18,273
Consumer Staples		—			7,143			—			7,143
Energy		—			14,158			113			14,271
Financials		—			39,427			—			39,427
Health Care		—			12,881			—			12,881
Industrials		—			11,864			—			11,864
Information Technology		—			9,919			—			9,919
Materials		—			5,965			—			5,965
Real Estate		—			5,542			—			5,542
Telecommunication Services		—			12,220			—			12,220
Utilities		—			12,457			—			12,457
Total Corporate Bonds		—			149,849			113			149,962
Foreign Government Securities		—			623			—			623
Mortgage-Backed Securities		—			11,412			—			11,412
Municipal Bonds		—			534			—			534
U.S. Government Agency Securities		—			365			—			365
U.S. Treasury Obligations		—			52,933			—			52,933
Rights
Consumer Discretionary		—			—			—	(a)		—	(a)
Industrials		6			—			—			6
Materials		—			12			—			12
Total Rights		6			12			—	(a)		18
Warrant
Financials		—			—			—	(b)		—	(b)
Short-Term Investments
Investment Companies		45,476			—			—			45,476
U.S. Treasury Obligations		—			184			—			184
Total Short-Term Investments		45,476			184			—			45,660
Investment Companies		236,475			—			—			236,475
Total Investments in Securities	$	799,653		$	564,812		$	27,793		$	1,392,258
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	3,862		$	—		$	3,862
Futures Contracts		1,873			442			—			2,315
Total Appreciation in Other Financial Instruments	$	1,873		$	4,304		$	—		$	6,177
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,910	)	$	—		$	(3,910	)
Futures Contracts		(1,046	)		(633	)		—			(1,679	)
Total Depreciation in Other Financial Instruments	$	(1,046	)	$	(4,543	)	$	—		$	(5,589	)

(a) Amount rounds to less than 500.

(b) Value is zero.

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

There were no significant transfers among any levels for the year ended June 30, 2017.

66 J.P. MORGAN FUNDS JUNE 30, 2017

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

	Balance as of June 30, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2017
Investments in Securities:
Asset-Backed Securities	$	37,573		$	852		$	551		$	130		$	5,112		$	(18,874	)	$	3,414	$	(3,001	)	$	25,757
Collateralized Mortgage Obligations		207			17			24			3			1,055			(105	)		—		—			1,201
Commercial Mortgage-Backed Securities		877			(1	)		25			(7	)		—			(172	)		—		—			722
Common Stocks — Consumer Discretionary		2			—	(a)		2			—			—			(4	)		—		—			—
Corporate Bond — Energy		—			—			(12	)		—	(a)		125			—			—		—			113
Rights — Consumer Discretionary		—			—			—			—			—	(a)		—			—		—			—	(a)
Rights — Health Care		—	(a)		—			—	(a)		—			—			—			—		—			—
Warrant — Financials		—	(b)		—			—			—			—			—			—		—			—	(b)
	$	38,659		$	868		$	590		$	126		$	6,292		$	(19,155	)	$	3,414	$	(3,001	)	$	27,793

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

The change in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $679,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at June 30, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	25,757		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (5.93%)
					Constant Default Rate		0.00% - 30.00% (4.09%)
					Yield (Discount Rate of Cash Flows)		2.02% - 10.23% (4.28%)
Asset-Backed Securities		25,757
		721		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.00%)
					Yield (Discount Rate of Cash Flows)		3.76% - 8.20% (6.34%)
Commercial Mortgage-Backed Securities		721
		1,201		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 11.43% (7.38%)
					Constant Default Rate		0.00% - 3.00% (1.94%)
					Yield (Discount Rate of Cash Flows)		3.50% - 8.55% (6.77%)
Collateralized Mortgage Obligations		1,201
		113		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		8.56% (8.56%)
Corporate Bonds		113
		—	(a)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—	(a)
Total	$	27,792

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2017, the value of these investments was approximately $1,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

JUNE 30, 2017 J.P. MORGAN FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

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

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of June 30, 2017, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — The Fund used treasury, index or other financial futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity or minimize transactions costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

The table below discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

Futures Contracts:
Equity
Average Notional Balance Long	$	64,501
Average Notional Balance Short		24,605
Ending Notional Balance Long		86,872
Ending Notional Balance Short		10,383
Interest Rate
Average Notional Balance Long		86,771
Average Notional Balance Short		72,837
Ending Notional Balance Long		131,206
Ending Notional Balance Short		108,322

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

D. Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the

68 J.P. MORGAN FUNDS JUNE 30, 2017

contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for Non-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the year ended June 30, 2017 (amounts in thousands):

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	101,818
Average Settlement Value Sold		77,076
Ending Settlement Value Purchased		307,572
Ending Settlement Value Sold		233,990

E. Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2017, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,708		$	—		$	1,708
Foreign exchange contracts	Receivables		—			3,862			3,862
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		607			—			607
Total		$	2,315		$	3,862		$	6,177
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(985	)	$	—		$	(985	)
Foreign exchange contracts	Payables		—			(3,910	)		(3,910	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(694	)		—			(694	)
Total		$	(1,679	)	$	(3,910	)	$	(5,589	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

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

The following tables present the effect of derivatives on the Statement of Operations for the year ended June 30, 2017, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(3,812	)	$	—	$	(3,812	)
Foreign exchange contracts		—			1,130		1,130
Equity contracts		405			—		405
Total	$	(3,407	)	$	1,130	$	(2,277	)

JUNE 30, 2017 J.P. MORGAN FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	(10	)	$	—		$	(10	)
Foreign exchange contracts		—			(483	)		(483	)
Equity contracts		(801	)		—			(801	)
Total	$	(811	)	$	(483	)	$	(1,294	)

The Fund’s derivatives contracts held at June 30, 2017 are not accounted for as hedging instruments under GAAP.

F. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds (amounts in thousands).

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017			Value at June 30, 2017
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	26,064	$	46,496	$	41,273	$	(2,094	)	$	1,599		3,606		$	29,680
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		22,102		19,664		5,802		(229	)		276		1,655			42,682
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		4,109		6,850		—		—			202		1,322			11,029
JPMorgan High Yield Fund, Class R6 Shares		68,563		55,652		59,696		(1,544	)		4,323		9,035			67,217
JPMorgan Intrepid International Fund, Class R6 Shares		71,577		11,199		90,544		(641	)		1,782		—			—
JPMorgan Mid Cap Equity Fund, Class R6 Shares		43,031		3,687		6,885		1,493			190		916			45,061
JPMorgan Prime Money Market Fund, Institutional Class Shares		45,367		117,098		162,464		—			28		—	(a)		—	(a)
JPMorgan Realty Income Fund, Class R6 Shares		43,644		9,787		8,292		2,740			802		3,117			40,806
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		445,958		400,480		—			122		45,476			45,476
	$	324,457					$	(275	)	$	9,324				$	281,951

(a) Amount rounds to less than 500.

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

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend.

70 J.P. MORGAN FUNDS JUNE 30, 2017

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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 Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Fund ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Total
Transfer agency fees	$	73	$	3	$	7	$	10	$	93
Sub-transfer agency fees		47		11		21		45		124

The Fund invested in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratio to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

J. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statement of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has enacted rules imposing a tax on the indirect transfers of Indian shares. Based upon current guidance from Indian tax authorities, management does not believe that such tax will be applicable to the Fund. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

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

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

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	—	(a)	$	1,623	$	(1,623	)

(a) Amount rounds to less than 500.

The reclassifications for the Fund relate primarily to foreign currency gains or losses.

JUNE 30, 2017 J.P. MORGAN FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Class I and Class L Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$9	$	1

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A	Class C	Class I			Class L
0.25%	0.25%		0.25	%		0.10	%

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

JPMDS waived service fees as outlined in Note 3.F.

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

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

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

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

Class A	Class C	Class I			Class L
1.14%	1.65%		0.89	%		0.65	%

The expense limitation agreement was in effect for the year ended June 30, 2017 and is in place until at least October 31, 2017.

For the year ended June 30, 2017, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

72 J.P. MORGAN FUNDS JUNE 30, 2017

Contractual Waivers
Investment Advisory Fees		Service Fees		Total
$	1,328	$	819	$	2,147

In addition, the Fund’s service providers have voluntarily waived fees during the year ended June 30, 2017. However, the Fund’s service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total
$	1,226	$	549	$	1,775

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2017, was approximately $56,000.

The Underlying Funds may impose separate advisory and service fees. The Fund’s Adviser and/or JPMDS have agreed to waive the Fund’s fees in the weighted average pro-rata amount of the advisory and service fees charged by the Underlying Funds. These waivers may be in addition to any waivers required to meet the Fund’s contractual expense limitations, but will not exceed the Fund’s advisory fee and/or services fees.

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

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

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

During the year ended June 30, 2017, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the year ended June 30, 2017, the Fund incurred approximately $173 in commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
	$855,029	$	972,902	$	88,976	$	75,408

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	1,184,614	$	223,844	$	16,200	$	207,644

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

JUNE 30, 2017 J.P. MORGAN FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The tax character of distributions paid during the year ended June 30, 2017 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	29,221	$	4,465	$	33,686

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

The tax character of distributions paid during the year ended June 30, 2016 was as follows (amounts in thousands):

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
	$31,181	$	31,475	$	62,656

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

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	2,854	$	43,804	$	205,054

The cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of futures contracts, distribution payable and straddle deferrals.

As of June 30, 2017, the Fund did not have any net capital loss carryforwards.

6. Borrowings

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

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

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Fund did not utilize the Credit Facility during the year ended June 30, 2017.

74 J.P. MORGAN FUNDS JUNE 30, 2017

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2017, the Fund had two affiliated omnibus accounts and two non-affiliated omnibus accounts which owned 10.6% and 24.8% of the Fund’s outstanding shares, respectively.

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

Because of the Fund’s investments in the Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the affiliated Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

The Fund invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Fund’s fiscal year end on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures. The adoption will have no effect on the Fund’s net assets or results of operations.

JUNE 30, 2017 J.P. MORGAN FUNDS 75

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Diversified Fund

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Diversified Fund (a separate series of JPMorgan Trust I) (the “Fund”) as of June 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

76 J.P. MORGAN FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 J.P. MORGAN FUNDS 77

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

78 J.P. MORGAN FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

JUNE 30, 2017 J.P. MORGAN FUNDS 79

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund (not including expenses of the Underlying 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, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. 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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Diversified Fund
Class A
Actual	$	1,000.00	$	1,083.60	$	5.27		1.02	%
Hypothetical		1,000.00		1,019.74		5.11		1.02
Class C
Actual		1,000.00		1,080.70		7.89		1.53
Hypothetical		1,000.00		1,017.21		7.65		1.53
Class I (formerly Select Class)
Actual		1,000.00		1,085.10		3.98		0.77
Hypothetical		1,000.00		1,020.98		3.86		0.77
Class L (formerly Institutional Class)
Actual		1,000.00		1,086.60		2.74		0.53
Hypothetical		1,000.00		1,022.17		2.66		0.53

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

80 J.P. MORGAN FUNDS JUNE 30, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 58.02% or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend

received deduction for corporate rate shareholders for the fiscal year ended June 30, 2017.

Qualified Dividend Income (QDI)

The Fund had approximately $23,839,000, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017.

Long-Term Capital Gain

The Fund distributed approximately $4,465,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017.

JUNE 30, 2017 J.P. MORGAN FUNDS 81

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017.  All rights reserved. June 2017. AN-DIV-617

Annual Report

J.P. Morgan Large Cap Funds

June 30, 2017

JPMorgan Disciplined Equity Fund

JPMorgan Dynamic Growth Fund

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Disciplined Equity Fund	3
JPMorgan Dynamic Growth Fund	5
JPMorgan Equity Focus Fund	7
JPMorgan Equity Income Fund	9
JPMorgan Growth and Income Fund	11
JPMorgan Hedged Equity Fund	13
JPMorgan Large Cap Growth Fund	15
JPMorgan Large Cap Value Fund	17
JPMorgan U.S. Equity Fund.	19
Schedules of Portfolio Investments	21
Financial Statements	50
Financial Highlights	74
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	105
Trustees	106
Officers	108
Schedule of Shareholder Expenses	109
Tax Letter	113
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures S&P 500 options to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

Overall, small cap stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the S&P 500 returned 17.90%.

2 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*(1)	18.86%
S&P 500 Index	17.90%
Net Assets as of 6/30/2017 (In Thousands)	$7,406,533

INVESTMENT OBJECTIVE**

The JPMorgan Disciplined Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard & Poor’s 500 Index (the “Benchmark”).

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

The Fund’s Class L Shares outperformed the Benchmark for the twelve months ended June 30, 2017. The Fund’s security selection in the technology and telecommunications sectors was leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and retail sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Charter Communications Inc. and Best Buy Inc. and its underweight position in Intel Corp. Shares of Charter Communications, a provider of broadband communications services, rose late in 2016 on better-than-expected earnings and news reports that the company could be a takeover target. Shares of Best Buy, a consumer electronics retail chain, rose after the company reported better-than-expected sales growth. Shares of Intel, a semiconductor manufacturer, fell after the company reported lackluster earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positons in Bristol-Myers Squibb Co., 21st Century Fox Inc. and Accenture PLC. Shares of Bristol-Myers Squibb, a drug maker, fell after the company reduced its earnings forecast and amid investor concerns about proposed changes to federal health insurance policies. Shares of 21st Century Fox, a media and entertainment company, fell after the company reported lower-than-expected revenue and management turmoil at its U.S. news operations, as well as regulatory uncertainty about the company’s plan to acquire Sky PLC. Shares of Accenture, a provider of management consulting and outsourcing, fell in late 2016 after the company reported weak sales and profit margins.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of

potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.8	%
	2.	Microsoft Corp.	3.3
	3.	Amazon.com, Inc.	2.0
	4.	Facebook, Inc., Class A	2.0
	5.	Bank of America Corp.	1.8
	6.	Alphabet, Inc., Class A	1.7
	7.	Alphabet, Inc., Class C	1.7
	8.	Wells Fargo & Co.	1.6
	9.	UnitedHealth Group, Inc.	1.6
	10.	Citigroup, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.0	%
Financials	14.3
Health Care	14.2
Consumer Discretionary	12.8
Industrials	9.9
Consumer Staples	8.6
Energy	5.9
Utilities	3.2
Materials	2.8
Real Estate	2.3
Telecommunication Services	1.4
Short-Term Investments	1.6

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾ On December 1, 2016, the Fund’s Institutional Class Shares were redesignated as and renamed Class L Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Disciplined Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			12.32	%		12.50	%		6.27	%
Without Sales Charge			18.52			13.72			6.84
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		18.85			14.00			7.12
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	January 3, 1997		18.86			14.15			7.27
CLASS R6 SHARES	March 24, 2003		19.00			14.27			7.37

* Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Disciplined Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the

expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		30.71%
Russell 1000 Growth Index		20.42%
Net Assets as of 6/30/2017 (In Thousands)	$	321,477

INVESTMENT OBJECTIVE**

The JPMorgan Dynamic Growth Fund (the “Fund”) seeks long-term capital growth.

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the financials sector and its security selection and overweight position in the technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the producer durables and materials & processing sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Charles Schwab & Co., ARM Holdings PLC and Broadcom Ltd. Shares of Charles Schwab, a discount securities brokerage, rose after the company reported better-than-expected earnings and growth in new brokerage accounts. Shares of ARM Holdings, a semiconductor manufacturer that was not held in the Benchmark, rose ahead of the company’s $32 billion acquisition by Softbank Group Corp. Shares of Broadcom, a semiconductor maker, rose after the company reported better-than-expected earnings.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and Microsoft Corp. and its overweight position in Gilead Sciences Inc. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones. Shares of Microsoft, a provider of software and services that was not held in the Fund, rose after reporting better-than-expected earnings. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers

sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Amazon.com, Inc.	6.8	%
	2.	Alphabet, Inc., Class A	6.6
	3.	Mastercard, Inc., Class A	6.0
	4.	Facebook, Inc., Class A	5.2
	5.	Charles Schwab Corp. (The)	4.8
	6.	UnitedHealth Group, Inc.	4.0
	7.	Priceline Group, Inc. (The)	4.0
	8.	Intercontinental Exchange, Inc.	4.0
	9.	Intuitive Surgical, Inc.	3.9
	10.	Home Depot, Inc. (The)	3.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	41.8	%
Consumer Discretionary	21.7
Health Care	13.1
Financials	8.8
Industrials	4.1
Real Estate	3.5
Consumer Staples	2.1
Energy	1.6
Short-Term Investment	3.3

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾ On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Dynamic Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR		5 YEAR		SINCE INCEPTION
CLASS A SHARES	November 30, 2007
With Sales Charge*		23.53	%	14.00	%	7.73	%
Without Sales Charge		30.39		15.24		8.33
CLASS C SHARES	November 30, 2007
With CDSC**		28.75		14.66		7.79
Without CDSC		29.75		14.66		7.79
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	November 30, 2007	30.71		15.53		8.60
CLASS R5 SHARES	November 30, 2007	30.99		15.75		8.82

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (11/30/07 TO 6/30/17)

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

The Fund commenced operations on November 30, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Dynamic Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from November 30, 2007 to June 30, 2017. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of

those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through August 5, 2010, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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

6 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		24.43%
S&P 500 Index		17.90%
Net Assets as of 6/30/2017 (In Thousands)	$	186,844

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

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

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the energy sector and its underweight position and security selection in the utilities sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the financials sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Priceline Group Inc., Delta Air Lines Inc. and Capital One Financial Corp. Shares of Priceline Group, an online travel booking company, rose in early 2017 after the company reported better-than-expected earnings. Shares of Delta Air Lines, an airline operator, rose after the company increased its dividend, unveiled a $5 billion stock repurchase plan and forecast growth in profit margin. Shares of Capital One Financial, a credit card and banking company, rose on investor expectations that the company will benefit from rising U.S. interest rates.

Leading individual detractors from relative performance included the Fund’s overweight positions in Gilead Sciences Inc. and Kimco Realty Corp. and its underweight position in Apple Inc. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings. Shares of Kimco Realty, a shopping center real estate investment trust, fell amid a broad sell-off in the retail real estate sector. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest overweight positions versus the Benchmark were in the consumer discretionary and financials sectors. The Fund’s largest underweight positions

versus the Benchmark were in the consumer staples and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	6.0	%
	2.	Amazon.com, Inc.	4.3
	3.	Apple, Inc.	4.1
	4.	Facebook, Inc., Class A	4.1
	5.	UnitedHealth Group, Inc.	4.0
	6.	American International Group, Inc.	3.8
	7.	T Rowe Price Group, Inc.	3.3
	8.	DISH Network Corp., Class A	3.2
	9.	Wells Fargo & Co.	3.2
	10.	Loews Corp.	3.1

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.6	%
Financials	22.6
Consumer Discretionary	17.1
Health Care	9.4
Energy	6.8
Industrials	6.4
Real Estate	4.1
Materials	3.8
Utilities	2.2
Consumer Staples	1.9
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge*			17.59	%		13.32	%		12.11	%
Without Sales Charge			24.09			14.54			13.14
CLASS C SHARES	July 29, 2011
With CDSC**			22.45			13.96			12.57
Without CDSC			23.45			13.96			12.57
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 29, 2011		24.43			14.83			13.42

* 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 (7/29/11 TO 6/30/17)

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 July 29, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from July 29, 2011 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses

incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain groups of mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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 LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)		14.57%
Russell 1000 Value Index		15.53%
Net Assets as of 6/30/2017 (In Thousands)	$	14,952,912

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

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

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the financials and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co., Travelers Cos. and Simon Property Group Inc. Shares of Bristol-Myers Squibb, a drug maker, fell after the company reduced its earnings forecast and amid investor concerns about proposed changes to federal health insurance policies. Shares of Travelers, a property and casualty insurer, fell after the company reported lower-than-expected earnings, largely due to storm damages incurred in the first three months of 2017. Shares of Simon Property Group, a retail property real estate investment trust, fell amid a broad sell-off in the retail real estate sector.

Leading individual contributors to relative performance included the Fund’s underweight positions in General Electric Co. and Berkshire Hathaway Inc. and its overweight position in Apple Inc. Shares of General Electric, an industrial conglomerate, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of Berkshire Hathaway, an investment management company that was not held by the Fund, fell after the company reported lower earnings. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations have the greatest potential to outperform

in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.1	%
	2.	Wells Fargo & Co.	2.9
	3.	Johnson & Johnson	2.7
	4.	Chevron Corp.	2.6
	5.	PNC Financial Services Group, Inc. (The)	2.5
	6.	Apple, Inc.	2.4
	7.	BlackRock, Inc.	2.2
	8.	Microsoft Corp.	2.0
	9.	Occidental Petroleum Corp.	2.0
	10.	CME Group, Inc.	2.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.7	%
Industrials	11.4
Information Technology	10.7
Health Care	10.7
Energy	9.9
Consumer Discretionary	7.5
Consumer Staples	7.5
Utilities	4.2
Materials	3.5
Real Estate	2.8
Telecommunication Services	1.3
Short-Term Investment	0.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 18, 1992
With Sales Charge*				8.31	%		11.85	%		6.46	%
Without Sales Charge				14.34			13.07			7.03
CLASS C SHARES		November 4, 1997
With CDSC**				12.74			12.51			6.49
Without CDSC				13.74			12.51			6.49
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		July 2, 1987		14.57			13.35			7.33
CLASS R2 SHARES		February 28, 2011		14.01			12.77			6.82
CLASS R3 SHARES		September 9, 2016		14.33			13.07			7.03
CLASS R4 SHARES		September 9, 2016		14.60			13.36			7.33
CLASS R5 SHARES		February 28, 2011		14.84			13.58			7.46
CLASS R6 SHARES		January 31, 2012		14.95			13.64			7.49

* 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 (6/30/07 TO 6/30/17)

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 Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar than those shown because Class R3 currently have the same expenses as Class A Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund, the Russell 1000 Value Index and the Lipper Equity Income Funds Index from June 30, 2007 to June 30, 2017.

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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

10 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Growth and Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		16.31%
Russell 1000 Value Index		15.53%
Net Assets as of 6/30/2017 (In Thousands)	$	539,705

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and earn income from dividends.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and overweight position in the information technology sector and its overweight position in the financials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the health care and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Bank of America Corp., Best Buy Inc. and Harman International Industries Inc. Shares of Bank of America, a banking and financial services company, rose amid investor expectations of an improved operating environment for large banks and the company’s successful completion of the U.S. Federal Reserve’s bank “stress test.” Shares of Best Buy, a consumer electronics retail chain, rose after the company reported better-than-expected sales growth. Shares of Harman International Industries, a maker of audio systems for the consumer and commercial markets, rose on news of Samsung Electronics Co.’s acquisition of the company.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co., AutoZone Inc. and L Brands Inc. Shares of Bristol-Myers Squibb, a drug maker, fell after the company reduced its earnings forecast and amid investor concerns about proposed changes to federal health insurance policies. Shares of AutoZone, auto parts retailer and distributor, fell after the company reported lower-than-expected earnings and sales. Shares of L Brands, a retailer of women’s apparel and beauty products, fell after the company reported a decline in sales.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic

value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research. During the reporting period, the Fund’s largest overweight position relative to the Benchmark was in the consumer discretionary sector, while its largest underweight position was in the consumer staples sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	4.5	%
	2.	Microsoft Corp.	3.2
	3.	Apple, Inc.	3.0
	4.	Wells Fargo & Co.	2.9
	5.	Chevron Corp.	2.4
	6.	Honeywell International, Inc.	2.3
	7.	BlackRock, Inc.	1.9
	8.	Hartford Financial Services Group, Inc. (The)	1.9
	9.	Berkshire Hathaway, Inc., Class B	1.9
	10.	Home Depot, Inc. (The)	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	32.0	%
Information Technology	13.9
Energy	11.8
Health Care	11.2
Industrials	8.9
Consumer Discretionary	8.0
Consumer Staples	3.9
Real Estate	2.5
Utilities	2.4
Telecommunication Services	2.0
Materials	1.6
Short-Term Investment	1.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Growth and Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge*			10.20	%		12.75	%		5.19	%
Without Sales Charge			16.31			13.97			5.76
CLASS C SHARES	January 2, 1998
With CDSC**			14.74			13.40			5.23
Without CDSC			15.74			13.40			5.23
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	January 25, 1996		16.62			14.25			6.05
CLASS R2 SHARES	November 2, 2015		16.04			13.88			5.72
CLASS R5 SHARES	November 2, 2015		16.85			14.33			6.09
CLASS R6 SHARES	November 2, 2015		16.91			14.35			6.10

* 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 (6/30/07 TO 6/30/17)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds Index are indexes based on the total returns of certain groups of mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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.

12 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)	13.78%
S&P 500 Index	17.90%
Net Assets as of 6/30/2017 (In Thousands)	$763,296

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

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

The Fund’s Class I Shares underperformed the Standard & Poor’s 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 77% of the Benchmark’s total return with about 49% of the Benchmark’s volatility during the twelve month reporting period.

The Fund’s security selection in the pharmaceutical/medical technology and retail sectors was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the telecommunications and technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positons in Bristol-Myers Squibb Co. and Accenture PLC and its underweight position in Nvidia Corp. Shares of Bristol-Myers Squibb, a drug maker, fell after the company reduced its earnings forecast and investor concerns about proposed changes to federal health insurance policies. Shares of Accenture, a provider of management consulting and outsourcing, fell in late 2016 after the company reported weakness in sales and profit margins. Shares of Nvidia, a maker of computer graphics semiconductors and software, rose amid growth in its gaming and artificial intelligence segments.

Leading individual contributors to relative performance included the Fund’s overweight position in Charter Communications Inc. and its underweight positions in Intel Corp. and IBM Corp. Shares of Charter Communications, a provider of broadband communications services, rose late in 2016 on better-than-expected earnings and news reports that the company could be a takeover target. Shares of Intel, a semiconductor manufacturer, fell after the company reported lackluster earnings growth. Shares of IBM, a technology and business services company, fell after the company reported lower-than-expected earnings and investment management firm Berkshire Hathaway Inc. announced it had sold part of its stake in the company.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while

systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments, while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	3.7	%
	2.	Microsoft Corp.	3.2
	3.	Amazon.com, Inc.	1.9
	4.	Facebook, Inc., Class A	1.9
	5.	Bank of America Corp.	1.8
	6.	Alphabet, Inc., Class A	1.7
	7.	Alphabet, Inc., Class C	1.7
	8.	Wells Fargo & Co.	1.6
	9.	UnitedHealth Group, Inc.	1.6
	10.	Citigroup, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.3	%
Financials	13.9
Health Care	13.7
Consumer Discretionary	12.5
Industrials	9.6
Consumer Staples	8.3
Energy	5.7
Utilities	3.0
Materials	2.7
Real Estate	2.3
Telecommunication Services	1.4
Put Options	0.9
Short-Term Investments	3.7

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge*			7.51	%		4.15	%		5.26	%
Without Sales Charge			13.46			6.03			6.87
CLASS C SHARES	December 13, 2013
With CDSC**			11.93			5.50			6.33
Without CDSC			12.93			5.50			6.33
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	December 13, 2013		13.78			6.32			7.14
CLASS R5 SHARES	December 13, 2013		14.02			6.52			7.36
CLASS R6 SHARES	December 13, 2013		14.01			6.55			7.39

* Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 6/30/2017)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Long/Short Equity Funds Average from December 13, 2013 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The BofA Merrill

Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Long/Short Equity Funds Average is an average based on the total returns of all mutual funds within the funds designated category as determined by Lipper, Inc.

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

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

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

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 LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)	27.65%
Russell 1000 Growth Index	20.42%
Net Assets as of 6/30/2017 (In Thousands)	$12,276,704

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.

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

The Fund’s Class I Shares outperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and overweight position in the technology sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the materials & processing sector and its overweight position in the energy sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Nvidia Corp., Intuitive Surgical Inc. and Delta Air Lines Inc. Shares of NVidia, a maker of computer graphics semiconductors and software, rose amid growth in its gaming and artificial intelligence segments. Shares of Intuitive Surgical, a maker of robotic and assisted surgery technologies, rose on better-than-expected earnings. Shares of Delta Air Lines, an airline operator, rose after the company increased its dividend, unveiled a $5 billion stock repurchase plan and forecast growth in profit margins.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and its overweight positions in Acuity Brands Inc. and Monster Beverage Corp. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones. Shares of Acuity Brands, a maker of lighting and building management systems, fell in the first half of the reporting period after the company reported lower-than-expected earnings. Shares of Monster Beverage, a maker of energy drinks, fell late in 2016 after the company reported lower-than-expected earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive

fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	5.9	%
	2.	Amazon.com, Inc.	5.5
	3.	Apple, Inc.	4.2
	4.	Facebook, Inc., Class A	3.6
	5.	Mastercard, Inc., Class A	3.6
	6.	Home Depot, Inc. (The)	3.6
	7.	NVIDIA Corp.	3.3
	8.	Intuitive Surgical, Inc.	3.3
	9.	Comcast Corp., Class A	2.8
	10.	Microsoft Corp.	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	42.3	%
Consumer Discretionary	20.8
Health Care	12.6
Industrials	8.7
Financials	6.4
Materials	2.8
Consumer Staples	2.2
Others (each less than 1.0%)	1.5
Short-Term Investment	2.7

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge*			20.79	%		12.45	%		8.59	%
Without Sales Charge			27.46			13.67			9.18
CLASS C SHARES	November 4, 1997
With CDSC**			25.79			13.09			8.62
Without CDSC			26.79			13.09			8.62
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 28, 1992		27.65			13.86			9.39
CLASS R2 SHARES	November 3, 2008		27.14			13.38			8.91
CLASS R3 SHARES	September 9, 2016		27.34			13.63			9.21
CLASS R4 SHARES	September 9, 2016		27.65			13.86			9.39
CLASS R5 SHARES	April 14, 2009		27.88			14.07			9.56
CLASS R6 SHARES	November 30, 2010		28.00			14.16			9.62

* 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 (6/30/07 TO 6/30/2017)

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, Class R3, Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 and Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to April 14, 2009, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

16 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*(1)	28.61%
Russell 1000 Value Index	15.53%
Net Assets as of 6/30/2017 (In Thousands)	$1,052,264

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

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

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017.

The Fund’s security selection and overweight positions in the consumer cyclicals and auto & transportation sectors were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the pharmaceutical/medical technology sector and its underweight position in the software & services sector were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Harman International Industries Inc., Southwest Airlines Co. and Royal Caribbean Cruises Ltd. Shares of Harman International Industries, a maker of audio systems for the consumer and commercial markets, rose on news of Samsung Electronics Co.’s acquisition of the company. Shares of Southwest Airlines, an airline operator, rose after the company increased its dividend and unveiled a $2 billion share repurchase program. Shares of Royal Caribbean Cruises, rose after the company reported better-than-expected earnings and sales.

Leading individual detractors from relative performance included the Fund’s overweight positions in Macy’s Inc., Wells Fargo & Co. and Gilead Sciences Inc. Shares of Macy’s, a department store chain, fell after the company warned of lower-than-forecast gross margins. Shares of Wells Fargo, a banking and financial services company, fell amid falling mortgage revenue and higher expenses in the wake of the bank’s multi-million dollar settlement for opening fictitious or unauthorized bank accounts. Shares of Gilead Sciences, a drug maker, fell after the company reported lower-than-expected earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund’s portfolio managers looked to

take advantage of mispriced stocks that they believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	4.6	%
	2.	Citigroup, Inc.	4.4
	3.	General Motors Co.	3.6
	4.	Bank of America Corp.	3.5
	5.	Pfizer, Inc.	2.6
	6.	Delta Air Lines, Inc.	2.4
	7.	Broadcom Ltd.	2.0
	8.	Royal Caribbean Cruises Ltd.	1.9
	9.	EOG Resources, Inc.	1.9
	10.	Magna International, Inc., (Canada)	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.6	%
Consumer Discretionary	18.8
Industrials	13.0
Health Care	10.0
Energy	9.6
Information Technology	5.8
Materials	5.5
Consumer Staples	4.0
Real Estate	1.5
Telecommunication Services	1.4
Short-Term Investment	0.8

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			21.76	%		15.29	%		5.45	%
Without Sales Charge			28.47			16.54			6.03
CLASS C SHARES	March 22, 1999
With CDSC**			26.72			15.94			5.47
Without CDSC			27.72			15.94			5.47
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 1, 1991		28.61			16.72			6.20
CLASS R2 SHARES	November 3, 2008		28.03			16.22			5.73
CLASS R5 SHARES	May 15, 2006		28.82			16.95			6.43
CLASS R6 SHARES	November 30, 2010		28.90			17.00			6.46

* 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 (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class I Shares. Prior class performance has been adjusted to reflect the differences in expenses between classes.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Value Index and the Lipper Large-Cap Value Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been

adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

18 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*(1)	20.20%
S&P 500 Index	17.90%
Net Assets as of 6/30/2017 (In Thousands)	$14,296,993

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.

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

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the telecommunications and health services & systems sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in UnitedHealth Group Inc. and United Continental Holdings Inc. and its underweight position in Intel Corp. Shares of UnitedHealth Group Inc., a health insurance provider, rose after the company reported better-than-expected earnings and raised its revenue forecast. Shares of United Continental Holdings, an airline operator, rose on revenue growth and news that investor Warren Buffett had purchased a large stake in the company. Shares of Intel, a semiconductor manufacturer, fell after the company reported lackluster earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co., General Electric Co. and Wells Fargo & Co. Bristol-Myers Squibb, a drug maker, fell after the company reduced its earnings forecast and amid investor concerns about proposed changes to federal health insurance policies. Shares of General Electric, an industrial conglomerate, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of Wells Fargo, a banking and financial services company, fell amid falling mortgage revenue and higher expenses in the wake of the bank’s $185 million settlement for opening unauthorized bank accounts.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and potential for future earnings growth. As a result of this

approach to stock selection, the Fund’s largest average overweight positions relative to the Benchmark for the year ended June 30, 3017 were in the insurance and media sectors, while the Fund’s largest underweight positions were in the consumer staples and real estate investment trust sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.3	%
	2.	Microsoft Corp.	3.3
	3.	UnitedHealth Group, Inc.	3.1
	4.	Citigroup, Inc.	2.7
	5.	Pfizer, Inc.	2.3
	6.	Alphabet, Inc., Class A	2.3
	7.	Walt Disney Co. (The)	2.3
	8.	PepsiCo, Inc.	2.2
	9.	Bank of America Corp.	2.1
	10.	Amazon.com, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	23.7	%
Financials	15.9
Health Care	14.1
Consumer Discretionary	13.7
Industrials	12.5
Consumer Staples	6.5
Energy	6.3
Utilities	2.4
Materials	2.2
Telecommunication Services	1.1
Real Estate	0.6
Short-Term Investment	1.0

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On December 1, 2016, the Fund’s Institutional Class Shares were redesignated as and renamed Class L Shares.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			13.59	%		13.61	%		7.20	%
Without Sales Charge			19.86			14.83			7.77
CLASS C SHARES	September 10, 2001
With CDSC**			18.23			14.24			7.23
Without CDSC			19.23			14.24			7.23
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		20.05			15.04			8.00
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	September 17, 1993		20.20			15.19			8.15
CLASS R2 SHARES	November 3, 2008		19.58			14.54			7.54
CLASS R3 SHARES	September 9, 2016		19.80			14.82			7.77
CLASS R4 SHARES	September 9, 2016		20.05			15.04			8.00
CLASS R5 SHARES	May 15, 2006		20.33			15.26			8.20
CLASS R6 SHARES	November 30, 2010		20.37			15.32			8.25

* 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 (6/30/07 TO 6/30/17)

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 and Class R3 prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.

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

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar than those shown because Class R4 Shares have similar expenses than Class I Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan U.S. Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and

capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

20 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Consumer Discretionary — 12.9%
		Auto Components — 0.4%
	273	Delphi Automotive plc		23,894
	52	Lear Corp.		7,408
				31,302
		Automobiles — 0.4%
	1,363	Ford Motor Co.		15,250
	460	General Motors Co.		16,060
				31,310
		Hotels, Restaurants & Leisure — 1.0%
	206	Royal Caribbean Cruises Ltd.		22,550
	878	Starbucks Corp.		51,210
				73,760
		Household Durables — 0.4%
	243	DR Horton, Inc.		8,386
	78	Newell Brands, Inc.		4,172
	522	PulteGroup, Inc.		12,797
	112	Toll Brothers, Inc.		4,406
				29,761
		Internet & Direct Marketing Retail — 2.0%
	150	Amazon.com, Inc. (a)		145,512
		Media — 4.4%
	188	Charter Communications, Inc., Class A (a)		63,360
	2,223	Comcast Corp., Class A		86,504
	344	DISH Network Corp., Class A (a)		21,616
	2,006	Sirius XM Holdings, Inc.		10,976
	194	Time Warner, Inc.		19,459
	2,474	Twenty-First Century Fox, Inc., Class A		70,127
	496	Walt Disney Co. (The)		52,750
				324,792
		Multiline Retail — 0.3%
	188	Dollar General Corp.		13,583
	53	Dollar Tree, Inc. (a)		3,720
	238	Macy’s, Inc.		5,522
				22,825
		Specialty Retail — 3.8%
	11	AutoZone, Inc. (a)		6,275
	203	Best Buy Co., Inc.		11,618
	615	Home Depot, Inc. (The)		94,328
	787	Lowe’s Cos., Inc.		61,050
	110	O’Reilly Automotive, Inc. (a)		24,003
	380	Ross Stores, Inc.		21,910
	834	TJX Cos., Inc. (The)		60,192
				279,376

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.2%
	247	NIKE, Inc., Class B		14,544
		Total Consumer Discretionary		953,182
		Consumer Staples — 8.6%
		Beverages — 3.2%
	157	Brown-Forman Corp., Class B		7,606
	445	Coca-Cola Co. (The)		19,953
	245	Constellation Brands, Inc., Class A		47,391
	63	Dr Pepper Snapple Group, Inc.		5,785
	507	Molson Coors Brewing Co., Class B		43,795
	949	PepsiCo, Inc.		109,586
				234,116
		Food & Staples Retailing — 1.6%
	279	Costco Wholesale Corp.		44,558
	323	Kroger Co. (The)		7,536
	779	Walgreens Boots Alliance, Inc.		61,001
	87	Wal-Mart Stores, Inc.		6,572
				119,667
		Food Products — 1.0%
	95	Archer-Daniels-Midland Co.		3,920
	21	JM Smucker Co. (The)		2,442
	191	Kraft Heinz Co. (The)		16,337
	1,232	Mondelez International, Inc., Class A		53,189
				75,888
		Household Products — 1.3%
	310	Kimberly-Clark Corp.		40,033
	627	Procter & Gamble Co. (The)		54,665
				94,698
		Tobacco — 1.5%
	305	Altria Group, Inc.		22,728
	786	Philip Morris International, Inc.		92,292
				115,020
		Total Consumer Staples		639,389
		Energy — 5.9%
		Energy Equipment & Services — 0.5%
	311	Halliburton Co.		13,288
	350	Schlumberger Ltd.		23,030
				36,318
		Oil, Gas & Consumable Fuels — 5.4%
	437	Anadarko Petroleum Corp.		19,827
	138	Apache Corp.		6,611
	443	Cabot Oil & Gas Corp.		11,109
	519	Chevron Corp.		54,168

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	102	Concho Resources, Inc. (a)		12,348
	280	Diamondback Energy, Inc. (a)		24,907
	579	EOG Resources, Inc.		52,414
	223	EQT Corp.		13,087
	1,189	Exxon Mobil Corp.		95,996
	529	Kinder Morgan, Inc.		10,142
	545	Occidental Petroleum Corp.		32,623
	168	Phillips 66		13,917
	264	Pioneer Natural Resources Co.		42,070
	159	Valero Energy Corp.		10,704
				399,923
		Total Energy		436,241
		Financials — 14.3%
		Banks — 6.0%
	5,539	Bank of America Corp.		134,374
	216	BB&T Corp.		9,831
	1,745	Citigroup, Inc.		116,673
	1,514	KeyCorp		28,367
	103	PNC Financial Services Group, Inc. (The)		12,824
	395	Regions Financial Corp.		5,778
	37	SVB Financial Group (a)		6,418
	2,200	Wells Fargo & Co.		121,919
	128	Zions Bancorp		5,617
				441,801
		Capital Markets — 3.4%
	54	Ameriprise Financial, Inc.		6,861
	901	Bank of New York Mellon Corp. (The)		45,956
	13	BlackRock, Inc.		5,281
	1,380	Charles Schwab Corp. (The)		59,276
	32	Goldman Sachs Group, Inc. (The)		7,059
	514	Intercontinental Exchange, Inc.		33,898
	1,485	Morgan Stanley		66,185
	311	State Street Corp.		27,906
				252,422
		Consumer Finance — 0.9%
	160	American Express Co.		13,445
	350	Capital One Financial Corp.		28,957
	384	Discover Financial Services		23,904
				66,306
		Diversified Financial Services — 1.4%
	610	Berkshire Hathaway, Inc., Class B (a)		103,252
	97	Voya Financial, Inc.		3,593
				106,845

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — 2.6%
	505	American International Group, Inc.		31,585
	475	Arthur J Gallagher & Co.		27,208
	344	Chubb Ltd.		50,015
	364	Hartford Financial Services Group, Inc. (The)		19,117
	1,227	MetLife, Inc.		67,419
				195,344
		Total Financials		1,062,718
		Health Care — 14.2%
		Biotechnology — 2.8%
	165	AbbVie, Inc.		11,928
	156	Alexion Pharmaceuticals, Inc. (a)		18,955
	22	Amgen, Inc.		3,789
	166	Biogen, Inc. (a)		45,155
	34	BioMarin Pharmaceutical, Inc. (a)		3,079
	436	Celgene Corp. (a)		56,597
	660	Gilead Sciences, Inc.		46,699
	190	Vertex Pharmaceuticals, Inc. (a)		24,460
				210,662
		Health Care Equipment & Supplies — 2.2%
	968	Abbott Laboratories		47,075
	156	Becton Dickinson and Co.		30,390
	1,787	Boston Scientific Corp. (a)		49,527
	18	Cooper Cos., Inc. (The)		4,306
	211	Danaher Corp.		17,781
	118	Zimmer Biomet Holdings, Inc.		15,087
				164,166
		Health Care Providers & Services — 2.8%
	251	Aetna, Inc.		38,040
	89	Cigna Corp.		14,816
	44	HCA Healthcare, Inc. (a)		3,811
	113	Humana, Inc.		27,284
	650	UnitedHealth Group, Inc.		120,557
				204,508
		Life Sciences Tools & Services — 0.8%
	256	Agilent Technologies, Inc.		15,168
	108	Illumina, Inc. (a)		18,705
	132	Thermo Fisher Scientific, Inc.		23,030
				56,903
		Pharmaceuticals — 5.6%
	255	Allergan plc		61,982
	965	Bristol-Myers Squibb Co.		53,792
	680	Eli Lilly & Co.		55,925
	605	Johnson & Johnson		79,969

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	776	Merck & Co., Inc.		49,703
	3,360	Pfizer, Inc.		112,848
				414,219
		Total Health Care		1,050,458
		Industrials — 10.0%
		Aerospace & Defense — 1.6%
	216	General Dynamics Corp.		42,839
	38	L3 Technologies, Inc.		6,289
	118	Northrop Grumman Corp.		30,395
	85	Textron, Inc.		4,026
	270	United Technologies Corp.		33,030
				116,579
		Air Freight & Logistics — 0.1%
	36	FedEx Corp.		7,889
		Airlines — 0.8%
	512	Delta Air Lines, Inc.		27,541
	451	United Continental Holdings, Inc. (a)		33,928
				61,469
		Building Products — 0.6%
	237	Allegion plc		19,223
	568	Masco Corp.		21,692
				40,915
		Electrical Equipment — 0.5%
	465	Eaton Corp. plc		36,183
		Industrial Conglomerates — 2.6%
	3,504	General Electric Co.		94,630
	729	Honeywell International, Inc.		97,128
				191,758
		Machinery — 2.2%
	30	Deere & Co.		3,695
	50	Fortive Corp.		3,155
	591	Ingersoll-Rand plc		53,989
	442	PACCAR, Inc.		29,214
	48	Parker-Hannifin Corp.		7,712
	125	Snap-on, Inc.		19,812
	328	Stanley Black & Decker, Inc.		46,129
				163,706
		Road & Rail — 1.6%
	93	Canadian Pacific Railway Ltd., (Canada)		14,974
	173	Norfolk Southern Corp.		21,079
	735	Union Pacific Corp.		80,026
				116,079

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 0.0% (g)
	114	HD Supply Holdings, Inc. (a)		3,504
		Total Industrials		738,082
		Information Technology — 23.0%
		Communications Equipment — 0.4%
	824	Cisco Systems, Inc.		25,778
		Electronic Equipment, Instruments & Components — 0.6%
	601	TE Connectivity Ltd.		47,308
		Internet Software & Services — 5.4%
	139	Alphabet, Inc., Class A (a)		128,855
	140	Alphabet, Inc., Class C (a)		127,667
	962	Facebook, Inc., Class A (a)		145,269
				401,791
		IT Services — 4.0%
	786	Accenture plc, Class A		97,237
	69	Automatic Data Processing, Inc.		7,070
	428	Fidelity National Information Services, Inc.		36,534
	120	International Business Machines Corp.		18,475
	2	Mastercard, Inc., Class A		218
	122	Paychex, Inc.		6,924
	147	Vantiv, Inc., Class A (a)		9,319
	1,155	Visa, Inc., Class A		108,325
	123	WEX, Inc. (a)		12,811
				296,913
		Semiconductors & Semiconductor Equipment — 3.5%
	784	Analog Devices, Inc.		60,981
	350	Broadcom Ltd.		81,596
	55	Lam Research Corp.		7,806
	233	Microchip Technology, Inc.		17,952
	113	NVIDIA Corp.		16,378
	983	Texas Instruments, Inc.		75,589
				260,302
		Software — 4.8%
	642	Adobe Systems, Inc. (a)		90,751
	3,571	Microsoft Corp.		246,147
	189	Oracle Corp.		9,487
	84	Workday, Inc., Class A (a)		8,126
				354,511
		Technology Hardware, Storage & Peripherals — 4.3%
	1,980	Apple, Inc.		285,181
	1,923	HP, Inc.		33,616
				318,797
		Total Information Technology		1,705,400

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 2.8%
		Chemicals — 2.1%
	56	Albemarle Corp.		5,868
	83	Celanese Corp., Series A		7,889
	394	Dow Chemical Co. (The)		24,845
	484	Eastman Chemical Co.		40,626
	753	EI du Pont de Nemours & Co.		60,778
	726	Mosaic Co. (The)		16,582
				156,588
		Construction Materials — 0.1%
	40	Vulcan Materials Co.		5,080
		Containers & Packaging — 0.5%
	256	Crown Holdings, Inc. (a)		15,246
	332	WestRock Co.		18,822
				34,068
		Metals & Mining — 0.1%
	151	Alcoa Corp.		4,917
	171	Newmont Mining Corp.		5,528
				10,445
		Total Materials		206,181
		Real Estate — 2.3%
		Equity Real Estate Investment Trusts (REITs) — 2.3%
	159	AvalonBay Communities, Inc.		30,531
	83	Boston Properties, Inc.		10,186
	199	Brixmor Property Group, Inc.		3,562
	44	Camden Property Trust		3,737
	56	Digital Realty Trust, Inc.		6,280
	32	Equinix, Inc.		13,585
	142	Extra Space Storage, Inc.		11,068
	68	Federal Realty Investment Trust		8,582
	348	HCP, Inc.		11,128
	274	Kimco Realty Corp.		5,020
	64	Omega Healthcare Investors, Inc.		2,126
	386	Prologis, Inc.		22,644
	124	Public Storage		25,807
	74	Regency Centers Corp.		4,642
	154	Vornado Realty Trust		14,460
		Total Real Estate		173,358
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.3%
	1,460	AT&T, Inc.		55,100
	882	Verizon Communications, Inc.		39,377
				94,477

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.1%
	172	T-Mobile US, Inc. (a)		10,427
		Total Telecommunication Services		104,904
		Utilities — 3.2%
		Electric Utilities — 2.6%
	104	American Electric Power Co., Inc.		7,239
	198	Duke Energy Corp.		16,584
	458	Edison International		35,805
	431	NextEra Energy, Inc.		60,461
	588	PG&E Corp.		39,057
	767	Xcel Energy, Inc.		35,186
				194,332
		Multi-Utilities — 0.6%
	547	CMS Energy Corp.		25,288
	596	NiSource, Inc.		15,117
				40,405
		Total Utilities		234,737
		Total Common Stocks (Cost $5,661,246)		7,304,650
PRINCIPAL AMOUNT($)
	Short-Term Investments — 1.7%
		U.S. Treasury Obligation — 0.1%
	5,322	U.S. Treasury Bill, 0.980%, 03/01/18 (k) (n)		5,284
SHARES
		Investment Company — 1.6%
	115,340	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l)		115,340
		Total Short-Term Investments (Cost $120,627)		120,624
		Total Investments — 100.3% (Cost $5,781,873)		7,425,274
		Liabilities in Excess of Other Assets — (0.3)%		(18,741	)
		NET ASSETS — 100.0%	$	7,406,533

Percentages indicated are based on net assets.    

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	788	E-mini S&P 500 Index	09/15/17		USD	$	95,383	$	(236	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 21.7%
		Hotels, Restaurants & Leisure — 2.1%
	108	Las Vegas Sands Corp.		6,919
		Internet & Direct Marketing Retail — 10.8%
	23	Amazon.com, Inc. (a)		21,795
	7	Priceline Group, Inc. (The) (a)		12,888
				34,683
		Specialty Retail — 8.8%
	77	Home Depot, Inc. (The)		11,804
	82	Ross Stores, Inc.		4,734
	41	Ulta Beauty, Inc. (a)		11,666
				28,204
		Total Consumer Discretionary		69,806
		Consumer Staples — 2.1%
		Beverages — 2.1%
	137	Monster Beverage Corp. (a)		6,804
		Energy — 1.6%
		Oil, Gas & Consumable Fuels — 1.6%
	32	Pioneer Natural Resources Co.		5,166
		Financials — 8.8%
		Capital Markets — 8.8%
	359	Charles Schwab Corp. (The)		15,419
	194	Intercontinental Exchange, Inc.		12,787
		Total Financials		28,206
		Health Care — 13.1%
		Biotechnology — 3.6%
	91	Vertex Pharmaceuticals, Inc. (a)		11,693
		Health Care Equipment & Supplies — 4.0%
	14	Intuitive Surgical, Inc. (a)		12,674
		Health Care Providers & Services — 4.0%
	70	UnitedHealth Group, Inc.		12,961
		Life Sciences Tools & Services — 1.5%
	28	Illumina, Inc. (a)		4,906
		Total Health Care		42,234
		Industrials — 4.1%
		Airlines — 1.5%
	80	Southwest Airlines Co.		4,946
		Electrical Equipment — 1.5%
	29	Rockwell Automation, Inc.		4,701
		Trading Companies & Distributors — 1.1%
	30	United Rentals, Inc. (a)		3,376
		Total Industrials		13,023

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 41.9%
		Internet Software & Services — 11.8%
	23	Alphabet, Inc., Class A (a)		21,206
	111	Facebook, Inc., Class A (a)		16,729
				37,935
		IT Services — 9.4%
	159	Mastercard, Inc., Class A		19,253
	206	PayPal Holdings, Inc. (a)		11,032
				30,285
		Semiconductors & Semiconductor Equipment — 8.2%
	208	Applied Materials, Inc.		8,609
	47	Broadcom Ltd.		10,988
	46	NVIDIA Corp.		6,664
				26,261
		Software — 9.6%
	82	Adobe Systems, Inc. (a)		11,584
	92	Electronic Arts, Inc. (a)		9,713
	91	ServiceNow, Inc. (a)		9,603
				30,900
		Technology Hardware, Storage & Peripherals — 2.9%
	64	Apple, Inc.		9,210
		Total Information Technology		134,591
		Real Estate — 3.5%
		Equity Real Estate Investment Trusts (REITs) — 3.5%
	26	Equinix, Inc.		11,319
		Total Common Stocks (Cost $194,171)		311,149
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	10,657	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $10,657)		10,657
		Total Investments — 100.1% (Cost $204,828)		321,806
		Liabilities in Excess of Other Assets — (0.1)%		(329	)
		NET ASSETS — 100.0%	$	321,477

Percentages indicated are based on net assets.

26 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.5%
		Consumer Discretionary — 17.0%
		Household Durables — 1.6%
	13	Mohawk Industries, Inc. (a)		3,026
		Internet & Direct Marketing Retail — 6.9%
	8	Amazon.com, Inc. (a)		7,976
	3	Priceline Group, Inc. (The) (a)		4,966
				12,942
		Media — 3.2%
	94	DISH Network Corp., Class A (a)		5,908
		Multiline Retail — 2.1%
	102	Kohl’s Corp.		3,936
		Specialty Retail — 3.2%
	7	AutoZone, Inc. (a)		4,042
	65	Bed Bath & Beyond, Inc.		1,965
				6,007
		Total Consumer Discretionary		31,819
		Consumer Staples — 1.9%
		Food & Staples Retailing — 1.9%
	46	Walgreens Boots Alliance, Inc.		3,625
		Energy — 6.7%
		Oil, Gas & Consumable Fuels — 6.7%
	29	Concho Resources, Inc. (a)		3,489
	244	Kinder Morgan, Inc.		4,678
	85	Marathon Petroleum Corp.		4,425
		Total Energy		12,592
		Financials — 22.5%
		Banks — 3.2%
	106	Wells Fargo & Co.		5,900
		Capital Markets — 7.2%
	107	Charles Schwab Corp. (The)		4,610
	19	S&P Global, Inc.		2,756
	82	T Rowe Price Group, Inc.		6,116
				13,482
		Consumer Finance — 5.3%
	212	Ally Financial, Inc.		4,431
	66	Capital One Financial Corp.		5,425
				9,856
		Insurance — 6.8%
	113	American International Group, Inc.		7,034
	122	Loews Corp.		5,712
				12,746
		Total Financials		41,984

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 9.4%
		Biotechnology — 1.9%
	27	Vertex Pharmaceuticals, Inc. (a)		3,505
		Health Care Equipment & Supplies — 2.0%
	4	Intuitive Surgical, Inc. (a)		3,749
		Health Care Providers & Services — 5.5%
	59	Acadia Healthcare Co., Inc. (a)		2,927
	40	UnitedHealth Group, Inc.		7,396
				10,323
		Total Health Care		17,577
		Industrials — 6.4%
		Airlines — 2.9%
	99	Delta Air Lines, Inc.		5,313
		Commercial Services & Supplies — 1.5%
	43	Waste Connections, Inc., (Canada)		2,802
		Machinery — 2.0%
	27	Stanley Black & Decker, Inc.		3,756
		Total Industrials		11,871
		Information Technology — 22.5%
		Internet Software & Services — 10.1%
	12	Alphabet, Inc., Class C (a)		11,250
	51	Facebook, Inc., Class A (a)		7,676
				18,926
		IT Services — 3.0%
	46	Mastercard, Inc., Class A		5,626
		Semiconductors & Semiconductor Equipment — 1.6%
	20	NVIDIA Corp.		2,933
		Software — 3.7%
	45	Electronic Arts, Inc. (a)		4,718
	20	ServiceNow, Inc. (a)		2,166
				6,884
		Technology Hardware, Storage & Peripherals — 4.1%
	54	Apple, Inc.		7,731
		Total Information Technology		42,100
		Materials — 3.8%
		Containers & Packaging — 3.8%
	86	Ball Corp.		3,636
	60	WestRock Co.		3,377
		Total Materials		7,013

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 4.1%
		Equity Real Estate Investment Trusts (REITs) — 4.1%
	29	Federal Realty Investment Trust		3,705
	139	Rayonier, Inc.		4,004
		Total Real Estate		7,709
		Utilities — 2.2%
		Electric Utilities — 2.2%
	89	Xcel Energy, Inc.		4,078
		Total Common Stocks (Cost $150,109)		180,368

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.1%
		Investment Company — 3.1%
	5,788	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $5,788)		5,788
		Total Investments — 99.6% (Cost $155,897)		186,156
		Other Assets in Excess of Liabilities — 0.4%		688
		NET ASSETS — 100.0%	$	186,844

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 7.5%
		Distributors — 1.2%
	1,882	Genuine Parts Co.		174,533
		Hotels, Restaurants & Leisure — 0.8%
	428	McDonald’s Corp.		65,496
	491	Wyndham Worldwide Corp.		49,258
				114,754
		Media — 1.8%
	1,324	Cinemark Holdings, Inc.		51,448
	3,120	Comcast Corp., Class A		121,413
	1,005	Time Warner, Inc.		100,898
				273,759
		Specialty Retail — 3.4%
	1,560	Best Buy Co., Inc.		89,439
	1,778	Home Depot, Inc. (The)		272,816
	1,582	L Brands, Inc.		85,227
	689	Tiffany & Co.		64,663
				512,145
		Textiles, Apparel & Luxury Goods — 0.3%
	878	VF Corp.		50,559
		Total Consumer Discretionary		1,125,750
		Consumer Staples — 7.5%
		Beverages — 2.9%
	1,778	Coca-Cola Co. (The)		79,741
	1,486	Dr Pepper Snapple Group, Inc.		135,422
	1,184	Molson Coors Brewing Co., Class B		102,196
	960	PepsiCo, Inc.		110,914
				428,273
		Food Products — 1.6%
	1,262	Kraft Heinz Co. (The)		108,057
	3,051	Mondelez International, Inc., Class A		131,781
				239,838
		Household Products — 1.0%
	895	Kimberly-Clark Corp.		115,567
	428	Procter & Gamble Co. (The)		37,332
				152,899
		Tobacco — 2.0%
	2,771	Altria Group, Inc.		206,373
	804	Philip Morris International, Inc.		94,413
				300,786
		Total Consumer Staples		1,121,796

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 9.9%
		Energy Equipment & Services — 0.9%
	2,099	Schlumberger Ltd.		138,219
		Oil, Gas & Consumable Fuels — 9.0%
	3,720	Chevron Corp.		388,091
	6,426	ConocoPhillips		282,487
	3,203	Exxon Mobil Corp.		258,558
	5,057	Occidental Petroleum Corp.		302,790
	1,569	Valero Energy Corp.		105,829
				1,337,755
		Total Energy		1,475,974
		Financials — 29.7%
		Banks — 12.1%
	18,893	Bank of America Corp.		458,347
	4,363	BB&T Corp.		198,107
	918	Cullen/Frost Bankers, Inc.		86,207
	431	M&T Bank Corp.		69,848
	3,025	PNC Financial Services Group, Inc. (The)		377,775
	3,417	US Bancorp		177,399
	7,879	Wells Fargo & Co.		436,598
				1,804,281
		Capital Markets — 6.9%
	503	Ameriprise Financial, Inc.		63,991
	784	BlackRock, Inc.		331,214
	2,411	CME Group, Inc.		301,980
	1,613	Northern Trust Corp.		156,824
	310	S&P Global, Inc.		45,286
	1,775	T Rowe Price Group, Inc.		131,754
				1,031,049
		Consumer Finance — 1.6%
	1,749	Capital One Financial Corp.		144,505
	1,643	Discover Financial Services		102,196
				246,701
		Insurance — 9.1%
	1,493	Arthur J Gallagher & Co.		85,447
	915	Chubb Ltd.		133,095
	893	Cincinnati Financial Corp.		64,667
	4,556	Hartford Financial Services Group, Inc. (The)		239,493
	5,056	MetLife, Inc.		277,783
	1,574	Progressive Corp. (The)		69,394
	1,505	Prudential Financial, Inc.		162,769

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	2,295	Travelers Cos., Inc. (The)		290,434
	651	Validus Holdings Ltd.		33,814
				1,356,896
		Total Financials		4,438,927
		Health Care — 10.7%
		Biotechnology — 0.6%
	404	AbbVie, Inc.		29,313
	860	Gilead Sciences, Inc.		60,857
				90,170
		Health Care Equipment & Supplies — 1.9%
	2,610	Abbott Laboratories		126,891
	775	Becton Dickinson and Co.		151,266
				278,157
		Pharmaceuticals — 8.2%
	2,410	Bristol-Myers Squibb Co.		134,270
	1,463	Eli Lilly & Co.		120,398
	3,049	Johnson & Johnson		403,417
	4,536	Merck & Co., Inc.		290,739
	8,258	Pfizer, Inc.		277,393
				1,226,217
		Total Health Care		1,594,544
		Industrials — 11.3%
		Aerospace & Defense — 1.5%
	1,115	General Dynamics Corp.		220,804
		Commercial Services & Supplies — 1.4%
	3,296	Republic Services, Inc.		210,079
		Industrial Conglomerates — 3.1%
	694	3M Co.		144,432
	3,792	General Electric Co.		102,417
	1,685	Honeywell International, Inc.		224,544
				471,393
		Machinery — 3.4%
	1,680	Dover Corp.		134,792
	1,590	Illinois Tool Works, Inc.		227,818
	195	Snap-on, Inc.		30,737
	814	Stanley Black & Decker, Inc.		114,606
				507,953
		Road & Rail — 1.9%
	952	Norfolk Southern Corp.		115,884
	1,586	Union Pacific Corp.		172,744
				288,628
		Total Industrials		1,698,857

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 10.7%
		IT Services — 2.0%
	635	Accenture plc, Class A		78,540
	824	Automatic Data Processing, Inc.		84,438
	1,674	Fidelity National Information Services, Inc.		142,936
				305,914
		Semiconductors & Semiconductor Equipment — 4.3%
	2,285	Analog Devices, Inc.		177,810
	1,471	KLA-Tencor Corp.		134,576
	1,804	QUALCOMM, Inc.		99,591
	2,949	Texas Instruments, Inc.		226,849
				638,826
		Software — 2.0%
	4,424	Microsoft Corp.		304,957
		Technology Hardware, Storage & Peripherals — 2.4%
	2,455	Apple, Inc.		353,498
		Total Information Technology		1,603,195
		Materials — 3.5%
		Chemicals — 3.3%
	209	Air Products & Chemicals, Inc.		29,828
	1,457	EI du Pont de Nemours & Co.		117,593
	265	International Flavors & Fragrances, Inc.		35,827
	1,369	PPG Industries, Inc.		150,520
	645	Praxair, Inc.		85,558
	1,472	RPM International, Inc.		80,275
				499,601
		Containers & Packaging — 0.2%
	414	WestRock Co.		23,440
		Total Materials		523,041
		Real Estate — 2.8%
		Equity Real Estate Investment Trusts (REITs) — 2.8%
	376	Alexandria Real Estate Equities, Inc.		45,305
	665	AvalonBay Communities, Inc.		127,846
	455	Boston Properties, Inc.		55,968
	1,691	HCP, Inc.		54,050
	821	Simon Property Group, Inc.		132,779
		Total Real Estate		415,948
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.3%
	4,513	Verizon Communications, Inc.		201,529

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 4.2%
		Electric Utilities — 2.7%
	1,699	Edison International		132,866
	862	NextEra Energy, Inc.		120,731
	3,127	Xcel Energy, Inc.		143,457
				397,054
		Multi-Utilities — 1.5%
	2,588	CMS Energy Corp.		119,699
	231	DTE Energy Co.		24,488
	3,274	NiSource, Inc.		83,031
				227,218
		Total Utilities		624,272
		Total Common Stocks (Cost $11,350,184)		14,823,833

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	112,949	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $112,949)		112,949
		Total Investments — 99.9% (Cost $11,463,133)		14,936,782
		Other Assets in Excess of Liabilities — 0.1%		16,130
		NET ASSETS — 100.0%	$	14,952,912

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Consumer Discretionary — 8.0%
		Distributors — 0.7%
	39	Genuine Parts Co.		3,590
		Hotels, Restaurants & Leisure — 1.6%
	54	Carnival Corp.		3,554
	47	Royal Caribbean Cruises Ltd.		5,079
				8,633
		Media — 2.5%
	92	DISH Network Corp., Class A (a)		5,786
	49	Time Warner, Inc.		4,900
	29	Walt Disney Co. (The)		3,039
				13,725
		Specialty Retail — 3.2%
	7	AutoZone, Inc. (a)		3,771
	65	Best Buy Co., Inc.		3,732
	60	Home Depot, Inc. (The)		9,158
	15	L Brands, Inc.		814
				17,475
		Total Consumer Discretionary		43,423
		Consumer Staples — 3.9%
		Beverages — 2.0%
	31	Dr Pepper Snapple Group, Inc.		2,824
	58	Molson Coors Brewing Co., Class B		4,990
	25	PepsiCo, Inc.		2,876
				10,690
		Food & Staples Retailing — 0.8%
	58	Walgreens Boots Alliance, Inc.		4,503
		Food Products — 0.4%
	23	Kraft Heinz Co. (The)		2,004
		Household Products — 0.7%
	32	Kimberly-Clark Corp.		4,119
		Total Consumer Staples		21,316
		Energy — 11.8%
		Energy Equipment & Services — 1.1%
	87	Schlumberger Ltd.		5,695
		Oil, Gas & Consumable Fuels — 10.7%
	122	Chevron Corp.		12,771
	192	ConocoPhillips		8,443
	59	EOG Resources, Inc.		5,350
	41	EQT Corp.		2,426
	100	Exxon Mobil Corp.		8,040
	147	Occidental Petroleum Corp.		8,813
	43	Phillips 66		3,572

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	23	Pioneer Natural Resources Co.		3,702
	71	Valero Energy Corp.		4,796
				57,913
		Total Energy		63,608
		Financials — 32.0%
		Banks — 15.2%
	996	Bank of America Corp.		24,153
	145	BB&T Corp.		6,562
	73	Citigroup, Inc.		4,873
	59	Cullen/Frost Bankers, Inc.		5,559
	37	M&T Bank Corp.		5,944
	62	PNC Financial Services Group, Inc. (The)		7,742
	85	SunTrust Banks, Inc.		4,838
	125	US Bancorp		6,469
	286	Wells Fargo & Co.		15,842
				81,982
		Capital Markets — 8.4%
	25	BlackRock, Inc.		10,433
	69	Charles Schwab Corp. (The)		2,943
	31	Goldman Sachs Group, Inc. (The)		6,901
	38	Intercontinental Exchange, Inc.		2,518
	195	Invesco Ltd.		6,844
	200	Morgan Stanley		8,890
	91	T Rowe Price Group, Inc.		6,761
				45,290
		Consumer Finance — 1.7%
	61	Capital One Financial Corp.		4,999
	66	Discover Financial Services		4,123
				9,122
		Diversified Financial Services — 1.8%
	60	Berkshire Hathaway, Inc., Class B (a)		10,111
		Insurance — 4.9%
	23	Chubb Ltd.		3,324
	195	Hartford Financial Services Group, Inc. (The)		10,225
	56	Loews Corp.		2,621
	82	MetLife, Inc.		4,505
	53	Prudential Financial, Inc.		5,732
				26,407
		Total Financials		172,912
		Health Care — 11.2%
		Biotechnology — 1.1%
	83	Gilead Sciences, Inc.		5,882

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — 1.0%
	28	Becton Dickinson and Co.		5,443
		Health Care Providers & Services — 2.9%
	48	Aetna, Inc.		7,227
	15	Humana, Inc.		3,585
	27	UnitedHealth Group, Inc.		4,914
				15,726
		Pharmaceuticals — 6.2%
	145	Bristol-Myers Squibb Co.		8,057
	44	Eli Lilly & Co.		3,580
	43	Johnson & Johnson		5,688
	109	Merck & Co., Inc.		6,997
	264	Pfizer, Inc.		8,858
				33,180
		Total Health Care		60,231
		Industrials — 8.9%
		Aerospace & Defense — 1.5%
	19	General Dynamics Corp.		3,764
	36	United Technologies Corp.		4,408
				8,172
		Industrial Conglomerates — 5.4%
	41	3M Co.		8,432
	311	General Electric Co.		8,400
	92	Honeywell International, Inc.		12,236
				29,068
		Machinery — 0.3%
	19	Dover Corp.		1,500
		Road & Rail — 0.7%
	34	CSX Corp.		1,861
	19	Kansas City Southern		2,030
				3,891
		Trading Companies & Distributors — 1.0%
	35	Watsco, Inc.		5,458
		Total Industrials		48,089
		Information Technology — 13.9%
		Communications Equipment — 0.6%
	105	Cisco Systems, Inc.		3,299
		Electronic Equipment, Instruments & Components — 0.5%
	32	TE Connectivity Ltd.		2,502
		Internet Software & Services — 0.9%
	5	Alphabet, Inc., Class C (a)		4,924
		IT Services — 0.8%
	51	Fidelity National Information Services, Inc.		4,338

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 4.1%
	178	Applied Materials, Inc.		7,333
	57	KLA-Tencor Corp.		5,189
	74	QUALCOMM, Inc.		4,103
	75	Texas Instruments, Inc.		5,800
				22,425
		Software — 3.2%
	250	Microsoft Corp.		17,219
		Technology Hardware, Storage & Peripherals — 3.8%
	112	Apple, Inc.		16,087
	239	HP, Inc.		4,185
				20,272
		Total Information Technology		74,979
		Materials — 1.6%
		Chemicals — 1.0%
	64	EI du Pont de Nemours & Co.		5,149
		Containers & Packaging — 0.6%
	72	Sealed Air Corp.		3,214
		Total Materials		8,363
		Real Estate — 2.5%
		Equity Real Estate Investment Trusts (REITs) — 2.5%
	16	AvalonBay Communities, Inc.		3,132
	38	Crown Castle International Corp.		3,757
	56	Macerich Co. (The)		3,269
	22	Simon Property Group, Inc.		3,494
		Total Real Estate		13,652
		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 1.4%
	172	Verizon Communications, Inc.		7,674
		Wireless Telecommunication Services — 0.6%
	55	T-Mobile US, Inc. (a)		3,334
		Total Telecommunication Services		11,008
		Utilities — 2.4%
		Electric Utilities — 1.8%
	38	Edison International		2,971
	24	NextEra Energy, Inc.		3,307
	77	Xcel Energy, Inc.		3,524
				9,802
		Multi-Utilities — 0.6%
	66	CMS Energy Corp.		3,071
		Total Utilities		12,873
		Total Common Stocks (Cost $350,535)		530,454

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	9,521	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $9,521)		9,521
		Total Investments — 100.0% (Cost $360,056)		539,975
		Liabilities in Excess of Other Assets — 0.0% (g)		(270	)
		NET ASSETS — 100.0%	$	539,705

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.5%
		Consumer Discretionary — 13.0%
		Auto Components — 0.4%
	27	Delphi Automotive plc (o)		2,399
	5	Lear Corp.		781
				3,180
		Automobiles — 0.4%
	142	Ford Motor Co.		1,585
	48	General Motors Co. (o)		1,671
				3,256
		Hotels, Restaurants & Leisure — 1.0%
	21	Royal Caribbean Cruises Ltd.		2,334
	91	Starbucks Corp.		5,330
				7,664
		Household Durables — 0.4%
	25	DR Horton, Inc.		878
	8	Newell Brands, Inc.		436
	54	PulteGroup, Inc.		1,325
	11	Toll Brothers, Inc.		448
				3,087
		Internet & Direct Marketing Retail — 2.0%
	16	Amazon.com, Inc. (a) (o)		15,194
		Media — 4.5%
	20	Charter Communications, Inc., Class A (a) (o)		6,705
	232	Comcast Corp., Class A (o)		9,018
	36	DISH Network Corp., Class A (a)		2,262
	210	Sirius XM Holdings, Inc.		1,146
	20	Time Warner, Inc.		2,046
	258	Twenty-First Century Fox, Inc., Class A (o)		7,300
	52	Walt Disney Co. (The)		5,505
				33,982
		Multiline Retail — 0.3%
	20	Dollar General Corp.		1,433
	6	Dollar Tree, Inc. (a)		391
	25	Macy’s, Inc.		577
				2,401
		Specialty Retail — 3.8%
	1	AutoZone, Inc. (a)		493
	21	Best Buy Co., Inc.		1,209
	64	Home Depot, Inc. (The) (o)		9,820
	82	Lowe’s Cos., Inc.		6,345
	11	O’Reilly Automotive, Inc. (a)		2,482
	40	Ross Stores, Inc.		2,295
	87	TJX Cos., Inc. (The) (o)		6,275
				28,919

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.2%
	26	NIKE, Inc., Class B		1,522
		Total Consumer Discretionary		99,205
		Consumer Staples — 8.7%
		Beverages — 3.2%
	16	Brown-Forman Corp., Class B		792
	46	Coca-Cola Co. (The)		2,079
	26	Constellation Brands, Inc., Class A		4,956
	7	Dr Pepper Snapple Group, Inc.		613
	53	Molson Coors Brewing Co., Class B (o)		4,568
	99	PepsiCo, Inc. (o)		11,417
				24,425
		Food & Staples Retailing — 1.6%
	28	Costco Wholesale Corp. (o)		4,502
	32	Kroger Co. (The)		749
	79	Walgreens Boots Alliance, Inc.		6,177
	9	Wal-Mart Stores, Inc.		681
				12,109
		Food Products — 1.0%
	10	Archer-Daniels-Midland Co. (o)		399
	1	JM Smucker Co. (The)		167
	20	Kraft Heinz Co. (The) (o)		1,724
	128	Mondelez International, Inc., Class A		5,543
				7,833
		Household Products — 1.3%
	32	Kimberly-Clark Corp. (o)		4,088
	65	Procter & Gamble Co. (The)		5,661
				9,749
		Tobacco — 1.6%
	32	Altria Group, Inc.		2,350
	82	Philip Morris International, Inc. (o)		9,609
				11,959
		Total Consumer Staples		66,075
		Energy — 6.0%
		Energy Equipment & Services — 0.5%
	32	Halliburton Co.		1,379
	38	Schlumberger Ltd. (o)		2,487
				3,866
		Oil, Gas & Consumable Fuels — 5.5%
	46	Anadarko Petroleum Corp.		2,075
	14	Apache Corp.		687
	46	Cabot Oil & Gas Corp.		1,161
	54	Chevron Corp.		5,604
	11	Concho Resources, Inc. (a)		1,280

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	29	Diamondback Energy, Inc. (a)		2,612
	60	EOG Resources, Inc.		5,461
	24	EQT Corp.		1,395
	124	Exxon Mobil Corp. (o)		9,997
	55	Kinder Morgan, Inc.		1,058
	56	Occidental Petroleum Corp. (o)		3,382
	18	Phillips 66		1,480
	27	Pioneer Natural Resources Co.		4,354
	16	Valero Energy Corp.		1,109
				41,655
		Total Energy		45,521
		Financials — 14.5%
		Banks — 6.0%
	577	Bank of America Corp. (o)		14,001
	23	BB&T Corp.		1,062
	182	Citigroup, Inc.		12,147
	158	KeyCorp		2,957
	11	PNC Financial Services Group, Inc. (The)		1,349
	41	Regions Financial Corp. (o)		602
	4	SVB Financial Group (a)		722
	229	Wells Fargo & Co. (o)		12,707
	13	Zions Bancorp		593
				46,140
		Capital Markets — 3.4%
	6	Ameriprise Financial, Inc.		709
	94	Bank of New York Mellon Corp. (The)		4,790
	1	BlackRock, Inc.		429
	144	Charles Schwab Corp. (The) (o)		6,179
	3	Goldman Sachs Group, Inc. (The) (o)		757
	53	Intercontinental Exchange, Inc. (o)		3,523
	155	Morgan Stanley (o)		6,886
	32	State Street Corp. (o)		2,834
				26,107
		Consumer Finance — 0.9%
	17	American Express Co.		1,405
	37	Capital One Financial Corp.		3,031
	40	Discover Financial Services		2,490
				6,926
		Diversified Financial Services — 1.5%
	63	Berkshire Hathaway, Inc., Class B (a) (o)		10,752
	11	Voya Financial, Inc.		395
				11,147

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — 2.7%
	52	American International Group, Inc. (o)		3,251
	50	Arthur J Gallagher & Co.		2,840
	36	Chubb Ltd.		5,224
	38	Hartford Financial Services Group, Inc. (The)		1,985
	128	MetLife, Inc. (o)		7,025
				20,325
		Total Financials		110,645
		Health Care — 14.3%
		Biotechnology — 2.9%
	17	AbbVie, Inc.		1,247
	16	Alexion Pharmaceuticals, Inc. (a)		1,989
	2	Amgen, Inc.		413
	17	Biogen, Inc. (a)		4,739
	4	BioMarin Pharmaceutical, Inc. (a)		333
	46	Celgene Corp. (a)		5,937
	68	Gilead Sciences, Inc.		4,846
	19	Vertex Pharmaceuticals, Inc. (a)		2,456
				21,960
		Health Care Equipment & Supplies — 2.2%
	100	Abbott Laboratories		4,846
	16	Becton Dickinson and Co.		3,127
	186	Boston Scientific Corp. (a) (o)		5,161
	1	Cooper Cos., Inc. (The)		274
	22	Danaher Corp.		1,853
	12	Zimmer Biomet Holdings, Inc.		1,592
				16,853
		Health Care Providers & Services — 2.8%
	26	Aetna, Inc. (o)		3,960
	9	Cigna Corp.		1,523
	5	HCA Healthcare, Inc. (a)		406
	11	Humana, Inc.		2,761
	68	UnitedHealth Group, Inc. (o)		12,563
				21,213
		Life Sciences Tools & Services — 0.8%
	27	Agilent Technologies, Inc.		1,589
	11	Illumina, Inc. (a)		1,887
	14	Thermo Fisher Scientific, Inc.		2,425
				5,901
		Pharmaceuticals — 5.6%
	27	Allergan plc (o)		6,485
	100	Bristol-Myers Squibb Co. (o)		5,596
	71	Eli Lilly & Co.		5,818
	63	Johnson & Johnson (o)		8,360
	81	Merck & Co., Inc. (o)		5,163
	350	Pfizer, Inc. (o)		11,760
				43,182
		Total Health Care		109,109

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Industrials — 10.0%
			Aerospace & Defense — 1.6%
	22		General Dynamics Corp. (o)		4,454
	4		L3 Technologies, Inc.		633
	12		Northrop Grumman Corp.		3,181
	9		Textron, Inc.		420
	28		United Technologies Corp.		3,433
					12,121
			Air Freight & Logistics — 0.1%
	4		FedEx Corp.		868
			Airlines — 0.8%
	53		Delta Air Lines, Inc.		2,866
	47		United Continental Holdings, Inc. (a) (o)		3,538
					6,404
			Building Products — 0.6%
	25		Allegion plc		1,996
	59		Masco Corp.		2,268
					4,264
			Electrical Equipment — 0.5%
	48		Eaton Corp. plc		3,754
			Industrial Conglomerates — 2.6%
	365		General Electric Co.		9,860
	76		Honeywell International, Inc. (o)		10,068
					19,928
			Machinery — 2.2%
	—	(h)	Cummins, Inc. (o)		16
	3		Deere & Co.		371
	6		Fortive Corp. (o)		350
	59		Ingersoll-Rand plc		5,420
	46		PACCAR, Inc. (o)		3,010
	5		Parker-Hannifin Corp. (o)		823
	13		Snap-on, Inc.		2,091
	34		Stanley Black & Decker, Inc.		4,804
					16,885
			Road & Rail — 1.6%
	9		Canadian Pacific Railway Ltd., (Canada)		1,464
	18		Norfolk Southern Corp.		2,185
	77		Union Pacific Corp. (o)		8,343
					11,992
			Trading Companies & Distributors — 0.0% (g)
	12		HD Supply Holdings, Inc. (a)		355
			Total Industrials		76,571

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 23.2%
		Communications Equipment — 0.4%
	86	Cisco Systems, Inc.		2,686
		Electronic Equipment, Instruments & Components — 0.6%
	63	TE Connectivity Ltd.		4,930
		Internet Software & Services — 5.5%
	14	Alphabet, Inc., Class A (a) (o)		13,319
	15	Alphabet, Inc., Class C (a) (o)		13,307
	100	Facebook, Inc., Class A (a) (o)		15,084
				41,710
		IT Services — 4.1%
	82	Accenture plc, Class A (o)		10,161
	7	Automatic Data Processing, Inc.		744
	45	Fidelity National Information Services, Inc.		3,816
	13	International Business Machines Corp. (o)		1,927
	13	Paychex, Inc.		723
	15	Vantiv, Inc., Class A (a)		975
	120	Visa, Inc., Class A (o)		11,254
	13	WEX, Inc. (a)		1,343
				30,943
		Semiconductors & Semiconductor Equipment — 3.5%
	82	Analog Devices, Inc. (o)		6,350
	36	Broadcom Ltd.		8,498
	6	Lam Research Corp.		780
	24	Microchip Technology, Inc.		1,874
	12	NVIDIA Corp. (o)		1,719
	102	Texas Instruments, Inc. (o)		7,840
				27,061
		Software — 4.8%
	67	Adobe Systems, Inc. (a) (o)		9,449
	372	Microsoft Corp. (o)		25,642
	20	Oracle Corp. (o)		981
	9	Workday, Inc., Class A (a)		854
				36,926
		Technology Hardware, Storage & Peripherals — 4.3%
	206	Apple, Inc. (o)		29,699
	200	HP, Inc. (o)		3,502
				33,201
		Total Information Technology		177,457
		Materials — 2.8%
		Chemicals — 2.1%
	6	Albemarle Corp.		602
	9	Celanese Corp., Series A		816
	41	Dow Chemical Co. (The)		2,582

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures and Options contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	51	Eastman Chemical Co.		4,243
	78	EI du Pont de Nemours & Co.		6,324
	76	Mosaic Co. (The) (o)		1,730
				16,297
		Construction Materials — 0.1%
	4	Vulcan Materials Co.		532
		Containers & Packaging — 0.5%
	26	Crown Holdings, Inc. (a)		1,557
	35	WestRock Co.		1,962
				3,519
		Metals & Mining — 0.1%
	16	Alcoa Corp.		510
	18	Newmont Mining Corp.		577
				1,087
		Total Materials		21,435
		Real Estate — 2.4%
		Equity Real Estate Investment Trusts (REITs) — 2.4%
	16	AvalonBay Communities, Inc.		3,163
	8	Boston Properties, Inc.		1,009
	21	Brixmor Property Group, Inc.		370
	5	Camden Property Trust		385
	6	Digital Realty Trust, Inc.		644
	3	Equinix, Inc.		1,467
	15	Extra Space Storage, Inc.		1,146
	7	Federal Realty Investment Trust		910
	36	HCP, Inc. (o)		1,165
	28	Kimco Realty Corp.		514
	7	Omega Healthcare Investors, Inc.		228
	39	Prologis, Inc.		2,285
	13	Public Storage		2,695
	8	Regency Centers Corp.		501
	16	Vornado Realty Trust		1,512
		Total Real Estate		17,994
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.3%
	152	AT&T, Inc. (o)		5,734
	92	Verizon Communications, Inc. (o)		4,088
				9,822
		Wireless Telecommunication Services — 0.1%
	18	T-Mobile US, Inc. (a) (o)		1,062
		Total Telecommunication Services		10,884

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 3.2%
		Electric Utilities — 2.6%
	10	American Electric Power Co., Inc.		716
	20	Duke Energy Corp.		1,638
	46	Edison International		3,632
	45	NextEra Energy, Inc.		6,292
	61	PG&E Corp.		4,060
	80	Xcel Energy, Inc.		3,660
				19,998
		Multi-Utilities — 0.6%
	56	CMS Energy Corp.		2,609
	62	NiSource, Inc.		1,574
				4,183
		Total Utilities		24,181
		Total Common Stocks (Cost $683,191)		759,077
NUMBER OF CONTRACTS
	Options Purchased — 0.9%
		Put Options Purchased — 0.9%
	3,173	S&P 500 Index, expiring 09/29/17 at $2,300.00, European Style (a) (Cost $7,212)		6,981
PRINCIPAL AMOUNT($)
	Short-Term Investments — 3.8%
		U.S. Treasury Obligation — 0.0% (g)
	165	U.S. Treasury Bill, 0.984%, 03/01/18 (k) (n)		164
SHARES
		Investment Company — 3.8%
	28,836	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l)		28,836
		Total Short-Term Investments (Cost $29,000)		29,000
		Total Investments — 104.2% (Cost $719,403)		795,058
		Liabilities in Excess of Other Assets — (4.2)%		(31,762	)
		NET ASSETS — 100.0%	$	763,296

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	94	E-mini S&P 500 Index		09/15/17		USD	$	11,378	$	(11	)

OPTIONS WRITTEN

Call Option Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $4,845)	$	2,495.000		09/29/17		3,173	$	(4,886	)
Put Option Written
DESCRIPTION	EXERCISE PRICE		EXPIRATION DATE		NUMBER OF CONTRACTS		VALUE
S&P 500 Index, European Style (Premiums received of $1,165)	$	1,950.000		09/29/17		3,173	$	(1,174	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Consumer Discretionary — 20.9%
		Automobiles — 0.7%
	243	Tesla, Inc. (a)		87,980
		Hotels, Restaurants & Leisure — 0.9%
	1,281	Las Vegas Sands Corp.		81,849
	556	Starbucks Corp.		32,437
				114,286
		Household Durables — 0.9%
	2,014	Newell Brands, Inc.		108,007
		Internet & Direct Marketing Retail — 8.6%
	702	Amazon.com, Inc. (a)		679,672
	923	Netflix, Inc. (a)		137,950
	128	Priceline Group, Inc. (The) (a)		238,865
				1,056,487
		Media — 2.8%
	8,852	Comcast Corp., Class A		344,531
		Specialty Retail — 7.0%
	2,876	Home Depot, Inc. (The)		441,240
	1,848	Ross Stores, Inc.		106,662
	1,080	Ulta Beauty, Inc. (a)		310,183
				858,085
		Total Consumer Discretionary		2,569,376
		Consumer Staples — 2.3%
		Beverages — 2.3%
	625	Constellation Brands, Inc., Class A		121,004
	3,091	Monster Beverage Corp. (a)		153,566
		Total Consumer Staples		274,570
		Energy — 0.8%
		Oil, Gas & Consumable Fuels — 0.8%
	613	Pioneer Natural Resources Co.		97,759
		Financials — 6.5%
		Banks — 0.5%
	306	SVB Financial Group (a)		53,756
		Capital Markets — 6.0%
	7,139	Charles Schwab Corp. (The)		306,704
	2,572	Intercontinental Exchange, Inc.		169,527
	2,179	Morgan Stanley		97,083
	1,145	S&P Global, Inc.		167,217
				740,531
		Total Financials		794,287
		Health Care — 12.6%
		Biotechnology — 2.3%
	549	Incyte Corp. (a)		69,137

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	115	Regeneron Pharmaceuticals, Inc. (a)		56,334
	1,208	Vertex Pharmaceuticals, Inc. (a)		155,714
				281,185
		Health Care Equipment & Supplies — 6.5%
	988	Becton Dickinson and Co.		192,710
	4,898	Boston Scientific Corp. (a)		135,759
	821	DexCom, Inc. (a)		60,078
	436	Intuitive Surgical, Inc. (a)		407,821
				796,368
		Health Care Providers & Services — 2.3%
	254	Humana, Inc.		61,142
	1,183	UnitedHealth Group, Inc.		219,389
				280,531
		Life Sciences Tools & Services — 1.5%
	457	Illumina, Inc. (a)		79,264
	627	Thermo Fisher Scientific, Inc.		109,333
				188,597
		Total Health Care		1,546,681
		Industrials — 8.7%
		Aerospace & Defense — 0.8%
	377	Northrop Grumman Corp.		96,882
		Airlines — 3.7%
	5,431	Delta Air Lines, Inc.		291,841
	2,576	Southwest Airlines Co.		160,060
				451,901
		Electrical Equipment — 1.1%
	388	Acuity Brands, Inc.		78,933
	378	Rockwell Automation, Inc.		61,205
				140,138
		Industrial Conglomerates — 2.6%
	1,286	Honeywell International, Inc.		171,358
	656	Roper Technologies, Inc.		151,791
				323,149
		Trading Companies & Distributors — 0.5%
	519	United Rentals, Inc. (a)		58,463
		Total Industrials		1,070,533
		Information Technology — 42.4%
		Electronic Equipment, Instruments & Components — 0.4%
	620	Amphenol Corp., Class A		45,768
		Internet Software & Services — 11.1%
	796	Alphabet, Inc., Class C (a)		723,769
	2,970	Facebook, Inc., Class A (a)		448,395

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	549	MercadoLibre, Inc., (Argentina)		137,733
	621	VeriSign, Inc. (a)		57,710
				1,367,607
		IT Services — 8.1%
	3,675	Mastercard, Inc., Class A		446,268
	2,964	PayPal Holdings, Inc. (a)		159,073
	2,364	Vantiv, Inc., Class A (a)		149,748
	2,548	Visa, Inc., Class A		238,989
				994,078
		Semiconductors & Semiconductor Equipment — 7.3%
	4,423	Applied Materials, Inc.		182,710
	1,322	Broadcom Ltd.		308,162
	2,849	NVIDIA Corp.		411,794
				902,666
		Software — 11.3%
	4,845	Activision Blizzard, Inc.		278,938
	1,972	Adobe Systems, Inc. (a)		278,920
	1,974	Electronic Arts, Inc. (a)		208,649
	4,502	Microsoft Corp.		310,316
	910	salesforce.com, Inc. (a)		78,780
	1,801	ServiceNow, Inc. (a)		190,896
	2,030	Snap, Inc., Class A (a)		36,071
				1,382,570
		Technology Hardware, Storage & Peripherals — 4.2%
	3,584	Apple, Inc.		516,137
		Total Information Technology		5,208,826
		Materials — 2.8%
		Chemicals — 2.2%
	1,117	Ecolab, Inc.		148,335
	353	Sherwin-Williams Co. (The)		124,029
				272,364
		Construction Materials — 0.6%
	582	Vulcan Materials Co.		73,715
		Total Materials		346,079
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
	208	Equinix, Inc.		89,394
		Total Common Stocks (Cost $6,882,856)		11,997,505

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	328,600	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $328,600)		328,600
		Total Investments — 100.4% (Cost $7,211,456)		12,326,105
		Liabilities in Excess of Other Assets — (0.4)%		(49,401	)
		NET ASSETS — 100.0%	$	12,276,704

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Consumer Discretionary — 18.6%
		Auto Components — 2.8%
	117	Delphi Automotive plc		10,229
	417	Magna International, Inc., (Canada)		19,324
				29,553
		Automobiles — 4.5%
	927	Ford Motor Co.		10,374
	1,065	General Motors Co.		37,215
				47,589
		Hotels, Restaurants & Leisure — 3.6%
	391	Arcos Dorados Holdings, Inc., (Uruguay), Class A (a)		2,911
	126	Bloomin’ Brands, Inc.		2,669
	142	Carnival Corp.		9,311
	182	Royal Caribbean Cruises Ltd.		19,836
	93	Yum China Holdings, Inc. (a)		3,663
				38,390
		Household Durables — 3.3%
	127	CalAtlantic Group, Inc.		4,489
	505	DR Horton, Inc.		17,448
	336	Toll Brothers, Inc.		13,283
				35,220
		Leisure Products — 1.3%
	214	Brunswick Corp.		13,399
		Media — 1.5%
	253	DISH Network Corp., Class A (a)		15,899
		Multiline Retail — 0.5%
	69	Dollar Tree, Inc. (a)		4,811
		Specialty Retail — 1.1%
	7	AutoZone, Inc. (a)		3,936
	56	Murphy USA, Inc. (a)		4,143
	44	TJX Cos., Inc. (The)		3,175
				11,254
		Total Consumer Discretionary		196,115
		Consumer Staples — 4.0%
		Beverages — 1.2%
	142	Molson Coors Brewing Co., Class B		12,234
		Food & Staples Retailing — 1.4%
	126	Kroger Co. (The)		2,943
	155	Walgreens Boots Alliance, Inc.		12,130
				15,073
		Tobacco — 1.4%
	126	Philip Morris International, Inc.		14,764
		Total Consumer Staples		42,071

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 9.5%
		Energy Equipment & Services — 0.7%
	123	Ensco plc, Class A		636
	173	Halliburton Co.		7,402
				8,038
		Oil, Gas & Consumable Fuels — 8.8%
	107	Anadarko Petroleum Corp.		4,869
	153	Diamondback Energy, Inc. (a)		13,588
	219	EOG Resources, Inc.		19,806
	257	Kinder Morgan, Inc.		4,924
	107	Marathon Petroleum Corp.		5,573
	193	Occidental Petroleum Corp.		11,537
	32	Phillips 66		2,621
	117	Pioneer Natural Resources Co.		18,607
	165	Suncor Energy, Inc., (Canada)		4,815
	90	Valero Energy Corp.		6,038
				92,378
		Total Energy		100,416
		Financials — 29.5%
		Banks — 16.8%
	1,495	Bank of America Corp.		36,262
	269	BB&T Corp.		12,215
	683	Citigroup, Inc.		45,701
	524	Huntington Bancshares, Inc.		7,087
	44	IBERIABANK Corp.		3,553
	864	KeyCorp		16,190
	139	SunTrust Banks, Inc.		7,901
	866	Wells Fargo & Co.		48,010
				176,919
		Capital Markets — 6.1%
	107	Bank of New York Mellon Corp. (The)		5,464
	424	Charles Schwab Corp. (The)		18,232
	58	Goldman Sachs Group, Inc. (The)		12,870
	231	Morgan Stanley		10,294
	199	State Street Corp.		17,829
				64,689
		Consumer Finance — 2.2%
	151	Ally Financial, Inc.		3,160
	120	Capital One Financial Corp.		9,873
	111	LendingClub Corp. (a)		610
	307	Synchrony Financial		9,143
				22,786

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Diversified Financial Services — 1.4%
	60	Berkshire Hathaway, Inc., Class B (a)		10,112
	113	Voya Financial, Inc.		4,183
				14,295
		Insurance — 3.0%
	36	Chubb Ltd.		5,190
	150	Lincoln National Corp.		10,137
	289	MetLife, Inc.		15,852
				31,179
		Total Financials		309,868
		Health Care — 9.9%
		Biotechnology — 1.7%
	20	Biogen, Inc. (a)		5,291
	187	Gilead Sciences, Inc.		13,215
				18,506
		Health Care Equipment & Supplies — 1.0%
	114	Boston Scientific Corp. (a)		3,157
	60	Zimmer Biomet Holdings, Inc.		7,704
				10,861
		Health Care Providers & Services — 1.7%
	15	Cigna Corp.		2,461
	81	UnitedHealth Group, Inc.		15,056
				17,517
		Pharmaceuticals — 5.5%
	76	Allergan plc		18,475
	74	Bristol-Myers Squibb Co.		4,129
	121	Merck & Co., Inc.		7,729
	815	Pfizer, Inc.		27,366
				57,699
		Total Health Care		104,583
		Industrials — 12.9%
		Aerospace & Defense — 1.2%
	249	Embraer SA, (Brazil), ADR		4,538
	181	Textron, Inc.		8,506
				13,044
		Airlines — 5.8%
	69	Alaska Air Group, Inc.		6,194
	126	American Airlines Group, Inc.		6,345
	460	Delta Air Lines, Inc.		24,720
	265	JetBlue Airways Corp. (a)		6,059
	92	Spirit Airlines, Inc. (a)		4,752
	175	United Continental Holdings, Inc. (a)		13,173
				61,243

SHARES		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.7%
	160	Johnson Controls International plc		6,933
		Industrial Conglomerates — 1.6%
	624	General Electric Co.		16,854
		Machinery — 0.9%
	61	Ingersoll-Rand plc		5,566
	26	Snap-on, Inc.		4,155
				9,721
		Road & Rail — 2.5%
	52	Canadian Pacific Railway Ltd., (Canada)		8,378
	161	Union Pacific Corp.		17,491
				25,869
		Trading Companies & Distributors — 0.2%
	133	NOW, Inc. (a)		2,134
		Total Industrials		135,798
		Information Technology — 5.8%
		Communications Equipment — 0.4%
	115	CommScope Holding Co., Inc. (a)		4,362
		Electronic Equipment, Instruments & Components — 0.4%
	54	TE Connectivity Ltd.		4,217
		Internet Software & Services — 0.5%
	149	eBay, Inc. (a)		5,217
		IT Services — 2.0%
	63	Accenture plc, Class A		7,742
	25	FleetCor Technologies, Inc. (a)		3,620
	61	International Business Machines Corp.		9,415
				20,777
		Semiconductors & Semiconductor Equipment — 2.1%
	88	Broadcom Ltd.		20,427
	25	Texas Instruments, Inc.		1,947
				22,374
		Software — 0.4%
	58	Microsoft Corp.		3,977
		Total Information Technology		60,924
		Materials — 5.5%
		Chemicals — 3.6%
	47	Celanese Corp., Series A		4,472
	89	Dow Chemical Co. (The)		5,613
	153	Eastman Chemical Co.		12,842
	90	EI du Pont de Nemours & Co.		7,264
	151	Mosaic Co. (The)		3,452
	146	Olin Corp.		4,421
				38,064

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 43

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Metals & Mining — 1.9%
	577	AK Steel Holding Corp. (a)		3,794
	178	Alcoa Corp.		5,795
	106	Newmont Mining Corp.		3,433
	87	Reliance Steel & Aluminum Co.		6,298
				19,320
		Total Materials		57,384
		Real Estate — 1.5%
		Equity Real Estate Investment Trusts (REITs) — 1.5%
	130	Acadia Realty Trust		3,606
	28	Federal Realty Investment Trust		3,589
	168	Kimco Realty Corp.		3,079
	25	Public Storage		5,151
		Total Real Estate		15,425
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 0.8%
	212	AT&T, Inc.		7,984
		Wireless Telecommunication Services — 0.6%
	107	T-Mobile US, Inc. (a)		6,510
		Total Telecommunication Services		14,494
		Total Common Stocks (Cost $904,678)		1,037,078

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	36	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $–)		—	(h)
SHARES
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	8,631	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $8,631)		8,631
		Total Investments — 99.4% (Cost $913,309)		1,045,709
		Other Assets in Excess of Liabilities — 0.6%		6,555
		NET ASSETS — 100.0%	$	1,052,264

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Consumer Discretionary — 13.7%
		Auto Components — 0.2%
	274	Delphi Automotive plc		24,051
		Automobiles — 0.4%
	2,696	Ford Motor Co.		30,165
	846	General Motors Co.		29,554
				59,719
		Hotels, Restaurants & Leisure — 1.2%
	353	Royal Caribbean Cruises Ltd.		38,584
	2,352	Starbucks Corp.		137,130
				175,714
		Household Durables — 0.6%
	267	Mohawk Industries, Inc. (a)		64,411
	621	PulteGroup, Inc.		15,228
	233	Toll Brothers, Inc.		9,205
				88,844
		Internet & Direct Marketing Retail — 1.9%
	281	Amazon.com, Inc. (a)		271,693
		Media — 5.0%
	409	Charter Communications, Inc., Class A (a)		137,726
	2,207	Comcast Corp., Class A		85,911
	1,489	DISH Network Corp., Class A (a)		93,457
	2,100	Twenty-First Century Fox, Inc., Class A		59,512
	312	Twenty-First Century Fox, Inc., Class B		8,695
	3,068	Walt Disney Co. (The)		325,926
				711,227
		Specialty Retail — 3.9%
	60	AutoZone, Inc. (a)		34,154
	1,544	Home Depot, Inc. (The)		236,798
	981	Lowe’s Cos., Inc.		76,063
	288	O’Reilly Automotive, Inc. (a)		62,906
	1,987	TJX Cos., Inc. (The)		143,403
				553,324
		Textiles, Apparel & Luxury Goods — 0.5%
	1,252	NIKE, Inc., Class B		73,861
		Total Consumer Discretionary		1,958,433
		Consumer Staples — 6.5%
		Beverages — 3.4%
	277	Constellation Brands, Inc., Class A		53,620
	1,524	Molson Coors Brewing Co., Class B		131,620
	2,670	PepsiCo, Inc.		308,358
				493,598

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.8%
	1,596	Kroger Co. (The)		37,221
	937	Walgreens Boots Alliance, Inc.		73,342
				110,563
		Food Products — 1.4%
	223	Kraft Heinz Co. (The)		19,131
	4,056	Mondelez International, Inc., Class A		175,176
				194,307
		Personal Products — 0.2%
	269	Estee Lauder Cos., Inc. (The), Class A		25,860
		Tobacco — 0.7%
	895	Philip Morris International, Inc.		105,155
		Total Consumer Staples		929,483
		Energy — 6.3%
		Oil, Gas & Consumable Fuels — 6.3%
	497	Anadarko Petroleum Corp.		22,521
	884	Apache Corp.		42,386
	441	Chevron Corp.		46,012
	881	Concho Resources, Inc. (a)		107,114
	962	Diamondback Energy, Inc. (a)		85,465
	2,758	EOG Resources, Inc.		249,638
	691	EQT Corp.		40,487
	1,684	Occidental Petroleum Corp.		100,806
	562	Parsley Energy, Inc., Class A (a)		15,606
	213	Phillips 66		17,587
	1,103	Pioneer Natural Resources Co.		176,026
		Total Energy		903,648
		Financials — 15.8%
		Banks — 7.8%
	12,453	Bank of America Corp.		302,116
	5,801	Citigroup, Inc.		387,991
	69	First Republic Bank		6,944
	2,694	Huntington Bancshares, Inc.		36,425
	6,500	KeyCorp		121,804
	299	Regions Financial Corp.		4,383
	1,237	SunTrust Banks, Inc.		70,184
	158	SVB Financial Group (a)		27,727
	2,868	Wells Fargo & Co.		158,935
				1,116,509
		Capital Markets — 3.1%
	433	Ameriprise Financial, Inc.		55,163
	862	Bank of New York Mellon Corp. (The)		43,988
	26	BlackRock, Inc.		10,861

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	1,383	Charles Schwab Corp. (The)		59,411
	83	Goldman Sachs Group, Inc. (The)		18,423
	1,010	Intercontinental Exchange, Inc.		66,598
	4,371	Morgan Stanley		194,762
				449,206
		Consumer Finance — 0.5%
	765	Capital One Financial Corp.		63,228
	401	Synchrony Financial		11,965
				75,193
		Diversified Financial Services — 0.1%
	491	Voya Financial, Inc.		18,106
		Insurance — 4.3%
	2,310	American International Group, Inc.		144,392
	994	Arthur J Gallagher & Co.		56,923
	1,341	Chubb Ltd.		194,974
	1,429	Hartford Financial Services Group, Inc. (The)		75,147
	338	Lincoln National Corp.		22,861
	1,329	MetLife, Inc.		72,994
	368	Prudential Financial, Inc.		39,841
				607,132
		Total Financials		2,266,146
		Health Care — 14.1%
		Biotechnology — 1.6%
	165	Biogen, Inc. (a)		44,774
	108	BioMarin Pharmaceutical, Inc. (a)		9,814
	531	Celgene Corp. (a)		69,003
	160	Gilead Sciences, Inc.		11,304
	165	Incyte Corp. (a)		20,731
	579	Vertex Pharmaceuticals, Inc. (a)		74,580
				230,206
		Health Care Equipment & Supplies — 1.8%
	516	Abbott Laboratories		25,079
	7,097	Boston Scientific Corp. (a)		196,728
	217	Zimmer Biomet Holdings, Inc.		27,850
				249,657
		Health Care Providers & Services — 3.7%
	155	Aetna, Inc.		23,483
	125	Cigna Corp.		20,908
	199	Humana, Inc.		47,832
	2,376	UnitedHealth Group, Inc.		440,634
				532,857

SHARES		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.9%
	2,028	Agilent Technologies, Inc.		120,298
		Pharmaceuticals — 6.1%
	626	Allergan plc		152,053
	1,495	Bristol-Myers Squibb Co.		83,274
	2,137	Eli Lilly & Co.		175,864
	2,060	Merck & Co., Inc.		132,000
	9,937	Pfizer, Inc.		333,797
				876,988
		Total Health Care		2,010,006
		Industrials — 12.5%
		Aerospace & Defense — 2.4%
	864	General Dynamics Corp.		171,191
	253	L3 Technologies, Inc.		42,282
	519	Northrop Grumman Corp.		133,263
				346,736
		Airlines — 1.2%
	1,264	Delta Air Lines, Inc.		67,907
	1,364	United Continental Holdings, Inc. (a)		102,674
				170,581
		Building Products — 0.6%
	535	Allegion plc		43,412
	1,043	Masco Corp.		39,867
				83,279
		Commercial Services & Supplies — 0.0% (g)
	92	Waste Connections, Inc., (Canada)		5,905
		Electrical Equipment — 0.5%
	876	Eaton Corp. plc		68,207
		Industrial Conglomerates — 2.6%
	9,655	General Electric Co.		260,787
	860	Honeywell International, Inc.		114,579
				375,366
		Machinery — 3.1%
	516	Deere & Co.		63,778
	1,914	Ingersoll-Rand plc		174,951
	344	PACCAR, Inc.		22,704
	1,240	Stanley Black & Decker, Inc.		174,478
				435,911
		Road & Rail — 2.0%
	176	Canadian Pacific Railway Ltd., (Canada)		28,312
	910	Norfolk Southern Corp.		110,722
	1,384	Union Pacific Corp.		150,699
				289,733

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Trading Companies & Distributors — 0.1%
	264	HD Supply Holdings, Inc. (a)		8,097
		Total Industrials		1,783,815
		Information Technology — 23.7%
		Electronic Equipment, Instruments & Components — 0.0% (g)
	37	TE Connectivity Ltd.		2,873
		Internet Software & Services — 5.8%
	356	Alphabet, Inc., Class A (a)		330,640
	259	Alphabet, Inc., Class C (a)		235,361
	1,705	Facebook, Inc., Class A (a)		257,460
				823,461
		IT Services — 4.2%
	1,908	Accenture plc, Class A		235,949
	258	Fidelity National Information Services, Inc.		21,991
	199	International Business Machines Corp.		30,609
	224	Mastercard, Inc., Class A		27,178
	2,795	Visa, Inc., Class A		262,105
	263	WEX, Inc. (a)		27,441
				605,273
		Semiconductors & Semiconductor Equipment — 5.1%
	1,813	Analog Devices, Inc.		141,040
	993	Broadcom Ltd.		231,349
	1,109	Microchip Technology, Inc.		85,583
	173	NVIDIA Corp.		25,065
	3,246	Texas Instruments, Inc.		249,722
				732,759
		Software — 4.3%
	885	Adobe Systems, Inc. (a)		125,136
	6,857	Microsoft Corp.		472,641
	187	Workday, Inc., Class A (a)		18,160
				615,937
		Technology Hardware, Storage & Peripherals — 4.3%
	4,217	Apple, Inc.		607,338
	113	Hewlett Packard Enterprise Co.		1,882
				609,220
		Total Information Technology		3,389,523
		Materials — 2.2%
		Chemicals — 1.3%
	229	Celanese Corp., Series A		21,766
	287	Dow Chemical Co. (The)		18,098
	511	Eastman Chemical Co.		42,894
	1,051	EI du Pont de Nemours & Co.		84,802
	368	Mosaic Co. (The)		8,405
				175,965

SHARES		SECURITY DESCRIPTION	VALUE($)
		Construction Materials — 0.4%
	19	Martin Marietta Materials, Inc.		4,168
	450	Vulcan Materials Co.		56,985
				61,153
		Containers & Packaging — 0.4%
	201	Crown Holdings, Inc. (a)		11,998
	792	WestRock Co.		44,851
				56,849
		Metals & Mining — 0.1%
	492	Alcoa Corp.		16,055
		Total Materials		310,022
		Real Estate — 0.6%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
	88	AvalonBay Communities, Inc.		16,969
	753	Prologis, Inc.		44,159
	45	Public Storage		9,400
	184	Vornado Realty Trust		17,313
		Total Real Estate		87,841
		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.9%
	2,024	AT&T, Inc.		76,359
	1,235	Verizon Communications, Inc.		55,165
				131,524
		Wireless Telecommunication Services — 0.1%
	324	T-Mobile US, Inc. (a)		19,659
		Total Telecommunication Services		151,183
		Utilities — 2.4%
		Electric Utilities — 2.2%
	762	Edison International		59,586
	871	NextEra Energy, Inc.		122,114
	802	PG&E Corp.		53,243
	1,614	Xcel Energy, Inc.		74,037
				308,980
		Multi-Utilities — 0.2%
	420	CMS Energy Corp.		19,423
	537	NiSource, Inc.		13,624
				33,047
		Total Utilities		342,027
		Total Common Stocks (Cost $10,258,817)		14,132,127

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 47

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousand, except number of Futures contracts) )

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	24	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—	(h)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	137,056	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $137,056)		137,056
		Total Investments — 99.8% (Cost $10,395,873)		14,269,183
		Other Assets in Excess of Liabilities — 0.2%		27,810
		NET ASSETS — 100.0%	$	14,296,993

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	678	E-mini S&P 500 Index		09/15/17		USD	$	82,069	$	(253	)

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

J.P. Morgan Large Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

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

(h)	—  Amount rounds to less than 500.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2017.
(n)	—  The rate shown is the effective yield as of June 30, 2017.
(o)	—  All or a portion of the security is segregated for options written.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	Disciplined Equity Fund			Dynamic Growth Fund		Equity Focus Fund
ASSETS:
Investments in non-affiliates, at value	$	7,309,934		$	311,149	$	180,368
Investments in affiliates, at value		115,340			10,657		5,788
Total investment securities, at value		7,425,274			321,806		186,156
Cash		—			3		—
Receivables:
Investment securities sold		26,834			—		1,324
Fund shares sold		5,692			108		263
Dividends from non-affiliates		6,849			—		51
Dividends from affiliates		71			3		6
Variation margin on futures contracts		36			—		—
Total Assets		7,464,756			321,920		187,800
LIABILITIES:
Payables:
Due to custodian		—	(a)		—		—
Investment securities purchased		25,993			—		745
Fund shares redeemed		30,096			183		77
Accrued liabilities:
Investment advisory fees		1,167			145		75
Administration fees		268			11		1
Distribution fees		88			20		3
Service fees		125			34		33
Custodian and accounting fees		21			2		3
Trustees’ and Chief Compliance Officer’s fees		35			—		—
Other		430			48		19
Total Liabilities		58,223			443		956
Net Assets	$	7,406,533		$	321,477	$	186,844

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
NET ASSETS:
Paid-in-Capital	$	6,073,539		$	180,250		$	147,877
Accumulated undistributed (distributions in excess of) net investment income		(62	)		143			135
Accumulated net realized gains (losses)		(310,109	)		24,106			8,573
Net unrealized appreciation (depreciation)		1,643,165			116,978			30,259
Total Net Assets	$	7,406,533		$	321,477		$	186,844
Net Assets:
Class A	$	422,719		$	57,378		$	3,362
Class C		—			13,532			3,331
Class I (formerly Select Class)		285,141			60,616			180,151
Class L (formerly Institutional Class)		835,535			—			—
Class R5		—			189,951			—
Class R6		5,863,138			—			—
Total	$	7,406,533		$	321,477		$	186,844
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		16,641			1,846			116
Class C		—			457			118
Class I (formerly Select Class)		11,130			1,903			6,140
Class L (formerly Institutional Class)		32,663			—			—
Class R5		—			5,848			—
Class R6		229,149			—			—
Net Asset Value (a):
Class A — Redemption price per share	$	25.40		$	31.08		$	29.09
Class C — Offering price per share (b)		—			29.59			28.28
Class I (formerly Select Class) — Offering and redemption price per share		25.62			31.86			29.34
Class L (formerly Institutional Class) — Offering and redemption price per share		25.58			—			—
Class R5 — Offering and redemption price per share		—			32.48			—
Class R6 — Offering and redemption price per share		25.59			—			—
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)]	$	26.81		$	32.80		$	30.70
Cost of investments in non-affiliates	$	5,666,533		$	194,171		$	150,109
Cost of investments in affiliates		115,340			10,657			5,788

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 51

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	14,823,833		$	530,454		$	766,222
Investments in affiliates, at value		112,949			9,521			28,836
Total investment securities, at value		14,936,782			539,975			795,058
Cash		—			—	(a)		78
Deposits at broker for futures contracts		—			—			670
Receivables:
Investment securities sold		—			—			7,587
Fund shares sold		79,814			230			4,211
Dividends from non-affiliates		26,564			612			662
Dividends from affiliates		173			3			11
Variation margin on futures contracts		—			—			29
Total Assets		15,043,333			540,820			808,306
LIABILITIES:
Payables:
Due to custodian		2			—			—
Investment securities purchased		661			—			37,521
Fund shares redeemed		78,314			524			1,018
Outstanding options written, at fair value		—			—			6,060
Accrued liabilities:
Investment advisory fees		4,857			178			145
Administration fees		998			36			48
Distribution fees		1,566			110			43
Service fees		2,930			109			126
Custodian and accounting fees		31			3			5
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		1
Other		1,062			155			43
Total Liabilities		90,421			1,115			45,010
Net Assets	$	14,952,912		$	539,705		$	763,296

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	11,438,540		$	351,700		$	716,692
Accumulated undistributed (distributions in excess of) net investment income		(82	)		107			32
Accumulated net realized gains (losses)		40,805			7,979			(29,022	)
Net unrealized appreciation (depreciation)		3,473,649			179,919			75,594
Total Net Assets	$	14,952,912		$	539,705		$	763,296
Net Assets:
Class A	$	3,176,361		$	445,078		$	133,789
Class C		1,385,115			28,290			29,168
Class I (formerly Select Class)		6,542,906			64,148			597,013
Class R2		87,437			23			—
Class R3		25,209			—			—
Class R4		1,340			—			—
Class R5		912,746			37			37
Class R6		2,821,798			2,129			3,289
Total	$	14,952,912		$	539,705		$	763,296
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		202,679			9,499			7,336
Class C		89,885			665			1,606
Class I (formerly Select Class)		410,871			1,304			32,671
Class R2		5,599			1			—
Class R3		1,610			—			—
Class R4		84			—			—
Class R5		57,283			1			2
Class R6		177,199			43			180
Net Asset Value (a):
Class A — Redemption price per share	$	15.67		$	46.85		$	18.24
Class C — Offering price per share (b)		15.41			42.54			18.16
Class I (formerly Select Class) — Offering and redemption price per share		15.92			49.21			18.27
Class R2 — Offering and redemption price per share		15.62			47.06			—
Class R3 — Offering and redemption price per share		15.66			—			—
Class R4 — Offering and redemption price per share		15.92			—			—
Class R5 — Offering and redemption price per share		15.93			49.50			18.30
Class R6 — Offering and redemption price per share		15.92			49.50			18.29
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)]	$	16.54		$	49.45		$	19.25
Cost of investments in non-affiliates	$	11,350,184		$	350,535		$	690,567
Cost of investments in affiliates		112,949			9,521			28,836
Premiums received from options written		—			—			6,010

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 53

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Large Cap Growth Fund		Large Cap Value Fund		U.S. Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	11,997,505	$	1,037,078	$	14,132,127
Investments in affiliates, at value		328,600		8,631		137,056
Total investment securities, at value		12,326,105		1,045,709		14,269,183
Cash		—		13		—	(a)
Deposits at broker for futures contracts		—		—		3,200
Receivables:
Investment securities sold		—		23,622		267,722
Fund shares sold		10,162		2,257		19,535
Dividends from non-affiliates		2,185		932		11,127
Dividends from affiliates		75		5		89
Variation margin on futures contracts		—		—		8
Total Assets		12,338,527		1,072,538		14,570,864
LIABILITIES:
Payables:
Due to custodian		55		—		—
Investment securities purchased		—		17,624		238,656
Fund shares redeemed		50,989		2,054		26,886
Accrued liabilities:
Investment advisory fees		5,154		323		4,670
Administration fees		837		58		953
Distribution fees		899		76		598
Service fees		1,922		52		911
Custodian and accounting fees		29		4		33
Trustees’ and Chief Compliance Officer’s fees		—		—		64
Other		1,938		83		1,100
Total Liabilities		61,823		20,274		273,871
Net Assets	$	12,276,704	$	1,052,264	$	14,296,993

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
NET ASSETS:
Paid-in-Capital	$	5,931,041		$	840,344		$	9,899,640
Accumulated undistributed (distributions in excess of) net investment income		(164	)		374			6,113
Accumulated net realized gains (losses)		1,231,178			79,146			518,183
Net unrealized appreciation (depreciation)		5,114,649			132,400			3,873,057
Total Net Assets	$	12,276,704		$	1,052,264		$	14,296,993
Net Assets:
Class A	$	2,462,957		$	215,017		$	1,371,821
Class C		487,702			48,028			318,369
Class I (formerly Select Class)		4,771,428			161,494			1,287,300
Class L (formerly Institutional Class)		—			—			3,391,256
Class R2		147,902			6,775			260,589
Class R3		992			—			25,050
Class R4		440			—			1,030
Class R5		799,190			10,218			890,105
Class R6		3,606,093			610,732			6,751,473
Total	$	12,276,704		$	1,052,264		$	14,296,993
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		64,432			13,889			86,836
Class C		15,263			3,216			20,709
Class I (formerly Select Class)		124,030			10,595			81,318
Class L (formerly Institutional Class)		—			—			214,025
Class R2		3,962			440			16,621
Class R3		26			—			1,590
Class R4		11			—			65
Class R5		20,474			665			56,151
Class R6		91,931			39,957			425,307
Net Asset Value (a):
Class A — Redemption price per share	$	38.23		$	15.48		$	15.80
Class C — Offering price per share (b)		31.95			14.93			15.37
Class I (formerly Select Class) — Offering and redemption price per share		38.47			15.24			15.83
Class L (formerly Institutional Class) — Offering and redemption price per share		—			—			15.85
Class R2 — Offering and redemption price per share		37.33			15.39			15.68
Class R3 — Offering and redemption price per share		38.39			—			15.76
Class R4 — Offering and redemption price per share		38.47			—			15.82
Class R5 — Offering and redemption price per share		39.04			15.37			15.85
Class R6 — Offering and redemption price per share		39.23			15.28			15.87
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)]	$	40.35		$	16.34		$	16.68
Cost of investments in non-affiliates	$	6,882,856		$	904,678		$	10,258,817
Cost of investments in affiliates		328,600			8,631			137,056

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	Disciplined Equity Fund			Dynamic Growth Fund			Equity Focus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	44		$	—		$	—
Interest income from affiliates		1			1			1
Dividend income from non-affiliates		141,734			3,278			1,703
Dividend income from affiliates		445			27			27
Total investment income		142,224			3,306			1,731
EXPENSES:
Investment advisory fees		18,932			2,051			923
Administration fees		6,194			280			123
Distribution fees:
Class A		1,150			132			6
Class C		—			95			16
Service fees:
Class A		1,150			132			6
Class C		—			32			6
Class I (formerly Select Class)		652			133			363
Class L (formerly Institutional Class)		821			—			—
Class R5		—			137			—
Custodian and accounting fees		224			31			24
Interest expense to affiliates		—			—	(a)		—	(a)
Professional fees		132			54			45
Trustees’ and Chief Compliance Officer’s fees		60			26			26
Printing and mailing costs		251			35			14
Registration and filing fees		69			64			62
Transfer agency fees (See Note 2.E.)		107			9			4
Sub-transfer agency fees (See Note 2.E.)		1,095			103			48
Other		135			11			9
Total expenses		30,972			3,325			1,675
Less fees waived		(6,302	)		(429	)		(265	)
Less expense reimbursements		(184	)		—			—
Net expenses		24,486			2,896			1,410
Net investment income (loss)		117,738			410			321
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		316,135			45,001			11,379
Futures		19,812			—			—
Net realized gain (loss)		335,947			45,001			11,379
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		876,474			47,260			20,067
Futures		(1,688	)		—			—
Change in net unrealized appreciation/depreciation		874,786			47,260			20,067
Net realized/unrealized gains (losses)		1,210,733			92,261			31,446
Change in net assets resulting from operations	$	1,328,471		$	92,671		$	31,767

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Equity Income Fund			Growth and Income Fund			Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—		$	2
Interest income from affiliates		31			—			5
Dividend income from non-affiliates		358,010			11,882			7,488
Dividend income from affiliates		1,489			41			55
Foreign taxes withheld		82			2			—
Total investment income		359,612			11,925			7,550
EXPENSES:
Investment advisory fees		54,673			2,080			993
Administration fees		11,178			425			325
Distribution fees:
Class A		8,543			1,104			219
Class C		10,345			207			111
Class R2		420			—	(a)		—
Class R3 (b)		10			—			—
Service fees:
Class A		8,543			1,104			219
Class C		3,448			69			37
Class I (formerly Select Class)		13,798			124			736
Class R2		210			—	(a)		—
Class R3 (b)		10			—			—
Class R4 (b)		—	(a)		—			—
Class R5		568			—	(a)		—	(a)
Custodian and accounting fees		387			37			66
Interest expense to affiliates		—			—			—	(a)
Professional fees		190			48			75
Trustees’ and Chief Compliance Officer’s fees		48			26			27
Printing and mailing costs		1,259			53			31
Registration and filing fees		379			83			122
Transfer agency fees (See Note 2.E.)		534			198			13
Sub-transfer agency fees (See Note 2.E.)		5,834			141			193
Other		237			15			12
Total expenses		120,614			5,714			3,179
Less fees waived		(2,457	)		(320	)		(489	)
Less expense reimbursements		(99	)		—	(a)		—	(a)
Net expenses		118,058			5,394			2,690
Net investment income (loss)		241,554			6,531			4,860
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		138,214			21,022			(15,652	)
Futures		—			—			983
Options written		—			—			4,680
Net realized gain (loss)		138,214			21,022			(9,989	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,463,818			49,974			53,258
Futures		—			—			(33	)
Options Written		—			—			(14	)
Change in net unrealized appreciation/depreciation		1,463,818			49,974			53,211
Net realized/unrealized gains (losses)		1,602,032			70,996			43,222
Change in net assets resulting from operations	$	1,843,586		$	77,527		$	48,082

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017 (continued)

(Amounts in thousands)

	Large Cap Growth Fund			Large Cap Value Fund			U.S. Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	11		$	4		$	10
Dividend income from non-affiliates		108,210			16,738			218,803
Dividend income from affiliates		484			71			699
Total investment income		108,705			16,813			219,512
EXPENSES:
Investment advisory fees		63,701			3,471			52,042
Administration fees		10,421			710			10,641
Distribution fees:
Class A		8,652			378			3,593
Class C		3,877			216			2,373
Class R2		887			23			1,117
Class R3 (a)		—	(b)		—			7
Service fees:
Class A		8,652			378			3,593
Class C		1,292			72			791
Class I (formerly Select Class)		10,298			176			2,858
Class L (formerly Institutional Class)		—			—			3,365
Class R2		443			12			559
Class R3 (a)		1			—			7
Class R4 (a)		—	(b)		—			—	(b)
Class R5		615			4			550
Custodian and accounting fees		315			49			415
Interest expense to affiliates		1			—	(b)		—
Professional fees		322			55			329
Trustees’ and Chief Compliance Officer’s fees		43			27			97
Printing and mailing costs		1,134			53			1,025
Registration and filing fees		365			119			155
Transfer agency fees (See Note 2.E.)		597			59			359
Sub-transfer agency fees (See Note 2.E.)		8,039			87			5,080
Other		259			12			237
Total expenses		119,914			5,901			89,193
Less fees waived		(8,539	)		(329	)		(6,236	)
Less expense reimbursements		(38	)		(1	)		(88	)
Net expenses		111,337			5,571			82,869
Net investment income (loss)		(2,632	)		11,242			136,643
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,090,043			104,157			1,261,249
Futures		—			—			12,803
Net realized gain (loss)		2,090,043			104,157			1,274,052
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		995,654			88,765			951,199
Futures		—			—			(1,361	)
Change in net unrealized appreciation/depreciation		995,654			88,765			949,838
Net realized/unrealized gains (losses)		3,085,697			192,922			2,223,890
Change in net assets resulting from operations	$	3,083,065		$	204,164		$	2,360,533

(a) Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund and U.S. Equity Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	117,738		$	131,676		$	410		$	(821	)
Net realized gain (loss)		335,947			(592,021	)		45,001			(9,188	)
Change in net unrealized appreciation/depreciation		874,786			151,690			47,260			(1,272	)
Change in net assets resulting from operations		1,328,471			(308,655	)		92,671			(11,281	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,106	)		(5,440	)		—			—
From net realized gains		—			(25,328	)		(609	)		(551	)
Return of Capital		(379	)		—			—			—
Class C
From net realized gains		—			—			(157	)		(123	)
Class I (formerly Select Class)
From net investment income		(4,149	)		(3,481	)		—			—
From net realized gains		—			(12,537	)		(644	)		(615	)
Return of Capital		(215	)		—			—			—
Class L (formerly Institutional Class)
From net investment income		(13,394	)		(11,148	)		—			—
From net realized gains		—			(34,112	)		—			—
Return of Capital		(677	)		—			—			—
Class R5
From net realized gains		—			—			(2,695	)		(2,408	)
Class R6
From net investment income		(105,888	)		(97,120	)		—			—
From net realized gains		—			(271,746	)		—			—
Return of Capital		(4,975	)		—			—			—
Total distributions to shareholders		(135,783	)		(460,912	)		(4,105	)		(3,697	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,007,733	)		1,244,730			(96,496	)		7,189
NET ASSETS:
Change in net assets		(815,045	)		475,163			(7,930	)		(7,789	)
Beginning of period		8,221,578			7,746,415			329,407			337,196
End of period	$	7,406,533		$	8,221,578		$	321,477		$	329,407
Accumulated undistributed (distributions in excess of) net investment income	$	(62	)	$	14,017		$	143		$	(147	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	321		$	242		$	241,554		$	209,897
Net realized gain (loss)		11,379			(650	)		138,214			15,204
Change in net unrealized appreciation/depreciation		20,067			2,777			1,463,818			316,575
Change in net assets resulting from operations		31,767			2,369			1,843,586			541,676
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		—	(a)		(55,085	)		(56,754	)
From net realized gains		(25	)		(47	)		(21,407	)		(23,970	)
Class C
From net investment income		—			—			(17,029	)		(17,909	)
From net realized gains		(19	)		(26	)		(8,532	)		(9,204	)
Class I (formerly Select Class)
From net investment income		(370	)		(122	)		(100,491	)		(89,550	)
From net realized gains		(1,646	)		(2,128	)		(31,653	)		(33,863	)
Class R2
From net investment income		—			—			(1,197	)		(1,091	)
From net realized gains		—			—			(512	)		(494	)
Class R3 (b)
From net investment income		—			—			(81	)		—
From net realized gains		—			—			—	(a)		—
Class R4 (b)
From net investment income		—			—			(5	)		—
From net realized gains		—			—			—	(a)		—
Class R5
From net investment income		—			—			(18,214	)		(12,835	)
From net realized gains		—			—			(5,543	)		(4,311	)
Class R6
From net investment income		—			—			(49,266	)		(31,307	)
From net realized gains		—			—			(13,934	)		(9,593	)
Total distributions to shareholders		(2,061	)		(2,323	)		(322,949	)		(290,881	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		17,649			55,939			1,365,954			1,562,346
NET ASSETS:
Change in net assets		47,355			55,985			2,886,591			1,813,141
Beginning of period		139,489			83,504			12,066,321			10,253,180
End of period	$	186,844		$	139,489		$	14,952,912		$	12,066,321
Accumulated undistributed (distributions in excess of) net investment income	$	135		$	185		$	(82	)	$	1,930

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Growth and Income Fund						Hedged Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,531		$	6,656		$	4,860		$	3,505
Net realized gain (loss)		21,022			20,039			(9,989	)		(16,722	)
Change in net unrealized appreciation/depreciation		49,974			(21,834	)		53,211			14,782
Change in net assets resulting from operations		77,527			4,861			48,082			1,565
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(5,553	)		(5,532	)		(966	)		(801	)
From net realized gains		(21,085	)		(23,586	)		—			—
Class C
From net investment income		(261	)		(248	)		(102	)		(53	)
From net realized gains		(1,409	)		(1,528	)		—			—
Class I (formerly Select Class)
From net investment income		(757	)		(547	)		(4,137	)		(2,096	)
From net realized gains		(2,037	)		(1,738	)		—			—
Class R2
From net investment income		—	(a)		—	(a)		—			—
From net realized gains		(1	)		(1	)		—			—
Class R5
From net investment income		—	(a)		—	(a)		—	(a)		—	(a)
From net realized gains		(1	)		(1	)		—			—
Class R6
From net investment income		(24	)		—	(a)		(12	)		(1	)
From net realized gains		(1	)		(1	)		—			—
Total distributions to shareholders		(31,129	)		(33,182	)		(5,217	)		(2,951	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,487			20,822			480,228			38,895
NET ASSETS:
Change in net assets		51,885			(7,499	)		523,093			37,509
Beginning of period		487,820			495,319			240,203			202,694
End of period	$	539,705		$	487,820		$	763,296		$	240,203
Accumulated undistributed (distributions in excess of) net investment income	$	107		$	251		$	32		$	476

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(2,632	)	$	(2,568	)	$	11,242		$	11,011
Net realized gain (loss)		2,090,043			607,808			104,157			38,905
Change in net unrealized appreciation/depreciation		995,654			(1,558,068	)		88,765			(67,018	)
Change in net assets resulting from operations		3,083,065			(952,828	)		204,164			(17,102	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(1,507	)		(1,101	)
From net realized gains		(325,496	)		(204,092	)		(5,231	)		(10,979	)
Class C
From net investment income		—			—			(170	)		(116	)
From net realized gains		(53,436	)		(31,708	)		(1,032	)		(1,856	)
Class I (formerly Select Class)
From net investment income		—			—			(950	)		(1,784	)
From net realized gains		(328,427	)		(220,849	)		(1,643	)		(2,301	)
Class R2
From net investment income		—			—			(33	)		(29	)
From net realized gains		(15,873	)		(9,889	)		(201	)		(358	)
Class R3 (a)
From net realized gains		(2	)		—			—			—
Class R4 (a)
From net realized gains		(2	)		—			—			—
Class R5
From net investment income		—			—			(98	)		(36	)
From net realized gains		(98,724	)		(55,775	)		(290	)		(267	)
Class R6
From net investment income		—			—			(8,323	)		(7,550	)
From net realized gains		(289,943	)		(163,685	)		(26,620	)		(71,699	)
Total distributions to shareholders		(1,111,903	)		(685,998	)		(46,098	)		(98,076	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,398,594	)		(300,688	)		184,252			73,776
NET ASSETS:
Change in net assets		(1,427,432	)		(1,939,514	)		342,318			(41,402	)
Beginning of period		13,704,136			15,643,650			709,946			751,348
End of period	$	12,276,704		$	13,704,136		$	1,052,264		$	709,946
Accumulated undistributed (distributions in excess of) net investment income	$	(164	)	$	(159	)	$	374		$	258

(a) Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	136,643		$	143,232
Net realized gain (loss)		1,274,052			83,639
Change in net unrealized appreciation/depreciation		949,838			(349,454	)
Change in net assets resulting from operations		2,360,533			(122,583	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(10,446	)		(10,975	)
From net realized gains		(51,421	)		(69,017	)
Class C
From net investment income		(888	)		(885	)
From net realized gains		(11,601	)		(13,589	)
Class I (formerly Select Class)
From net investment income		(10,661	)		(12,647	)
From net realized gains		(39,119	)		(52,720	)
Class L (formerly Institutional Class)
From net investment income		(35,018	)		(46,200	)
From net realized gains		(116,356	)		(229,612	)
Class R2
From net investment income		(1,117	)		(1,056	)
From net realized gains		(7,793	)		(9,319	)
Class R3 (a)
From net investment income		(52	)		—
From net realized gains		(1	)		—
Class R4 (a)
From net investment income		(2	)		—
From net realized gains		(1	)		—
Class R5
From net investment income		(9,792	)		(9,323	)
From net realized gains		(30,659	)		(44,668	)
Class R6
From net investment income		(66,331	)		(50,265	)
From net realized gains		(182,725	)		(215,169	)
Total distributions to shareholders		(573,983	)		(765,445	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		127,956			658,512
NET ASSETS:
Change in net assets		1,914,506			(229,516	)
Beginning of period		12,382,487			12,612,003
End of period	$	14,296,993		$	12,382,487
Accumulated undistributed (distributions in excess of) net investment income	$	6,113		$	7,505

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Disciplined Equity Fund						Dynamic Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	94,963		$	313,069		$	14,963		$	28,692
Distributions reinvested		6,471			30,719			604			538
Cost of shares redeemed		(249,037	)		(274,502	)		(25,052	)		(12,209	)
Change in net assets resulting from Class A capital transactions	$	(147,603	)	$	69,286		$	(9,485	)	$	17,021
Class C
Proceeds from shares issued	$	—		$	—		$	3,462		$	7,392
Distributions reinvested		—			—			140			101
Cost of shares redeemed		—			—			(5,320	)		(3,617	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(1,718	)	$	3,876
Class I (formerly Select Class)
Proceeds from shares issued	$	74,063		$	117,175		$	50,137		$	41,622
Distributions reinvested		3,996			15,046			450			177
Cost of shares redeemed		(93,896	)		(105,038	)		(40,693	)		(303,448	)
Change in net assets resulting from Class I capital transactions	$	(15,837	)	$	27,183		$	9,894		$	(261,649	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	142,337		$	276,620		$	—		$	—
Distributions reinvested		11,155			34,689			—			—
Cost of shares redeemed		(270,260	)		(208,445	)		—			—
Change in net assets resulting from Class L capital transactions	$	(116,768	)	$	102,864		$	—		$	—
Class R5
Proceeds from shares issued	$	—		$	—		$	—	(a)	$	258,080
Distributions reinvested		—			—			2,695			2,408
Cost of shares redeemed		—			—			(97,882	)		(12,547	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(95,187	)	$	247,941
Class R6
Proceeds from shares issued	$	709,194		$	2,058,427		$	—		$	—
Distributions reinvested		110,853			368,866			—			—
Cost of shares redeemed		(2,547,572	)		(1,381,896	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(1,727,525	)	$	1,045,397		$	—		$	—
Total change in net assets resulting from capital transactions	$	(2,007,733	)	$	1,244,730		$	(96,496	)	$	7,189

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Disciplined Equity Fund						Dynamic Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		4,005			13,968			532			1,144
Reinvested		270			1,433			23			21
Redeemed		(10,536	)		(12,641	)		(919	)		(500	)
Change in Class A Shares		(6,261	)		2,760			(364	)		665
Class C
Issued		—			—			131			309
Reinvested		—			—			5			4
Redeemed		—			—			(202	)		(155	)
Change in Class C Shares		—			—			(66	)		158
Class I (formerly Select Class)
Issued		3,033			5,191			1,795			1,705
Reinvested		164			696			17			7
Redeemed		(3,949	)		(4,782	)		(1,425	)		(11,388	)
Change in Class I Shares		(752	)		1,105			387			(9,676	)
Class L (formerly Institutional Class)
Issued		5,950			12,447			—			—
Reinvested		460			1,607			—			—
Redeemed		(11,410	)		(9,387	)		—			—
Change in Class L Shares		(5,000	)		4,667			—			—
Class R5
Issued		—			—			—			9,397
Reinvested		—			—			99			91
Redeemed		—			—			(3,281	)		(460	)
Change in Class R5 Shares		—			—			(3,182	)		9,028
Class R6
Issued		30,002			92,272			—			—
Reinvested		4,586			17,086			—			—
Redeemed		(108,600	)		(63,085	)		—			—
Change in Class R6 Shares		(74,012	)		46,273			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Equity Focus Fund						Equity Income Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,075		$	1,283		$	894,583		$	1,145,689
Distributions reinvested		26			47			72,244			76,806
Cost of shares redeemed		(1,176	)		(756	)		(1,551,451	)		(929,480	)
Change in net assets resulting from Class A capital transactions	$	925		$	574		$	(584,624	)	$	293,015
Class C
Proceeds from shares issued	$	2,311		$	770		$	285,012		$	342,449
Distributions reinvested		19			26			21,767			22,526
Cost of shares redeemed		(668	)		(358	)		(377,726	)		(243,691	)
Change in net assets resulting from Class C capital transactions	$	1,662		$	438		$	(70,947	)	$	121,284
Class I (formerly Select Class)
Proceeds from shares issued	$	77,581		$	84,242		$	2,752,194		$	1,604,186
Distributions reinvested		500			118			91,463			80,801
Cost of shares redeemed		(63,019	)		(29,433	)		(1,583,974	)		(1,736,883	)
Change in net assets resulting from Class I capital transactions	$	15,062		$	54,927		$	1,259,683		$	(51,896	)
Class R2
Proceeds from shares issued	$	—		$	—		$	25,628		$	33,036
Distributions reinvested		—			—			1,465			1,417
Cost of shares redeemed		—			—			(26,181	)		(15,534	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	912		$	18,919
Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	25,864		$	—
Distributions reinvested		—			—			81			—
Cost of shares redeemed		—			—			(1,061	)		—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	24,884		$	—
Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	1,348		$	—
Distributions reinvested		—			—			5			—
Cost of shares redeemed		—			—			(22	)		—
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	1,331		$	—
Class R5
Proceeds from shares issued	$	—		$	—		$	335,193		$	412,223
Distributions reinvested		—			—			20,248			13,452
Cost of shares redeemed		—			—			(265,692	)		(240,758	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	89,749		$	184,917
Class R6
Proceeds from shares issued	$	—		$	—		$	944,610		$	1,204,396
Distributions reinvested		—			—			58,534			37,570
Cost of shares redeemed		—			—			(358,178	)		(245,859	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	644,966		$	996,107
Total change in net assets resulting from capital transactions	$	17,649		$	55,939		$	1,365,954		$	1,562,346

(a) Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Equity Focus Fund						Equity Income Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		77			53			60,548			85,185
Reinvested		1			2			4,819			5,747
Redeemed		(44	)		(32	)		(103,227	)		(69,349	)
Change in Class A Shares		34			23			(37,860	)		21,583
Class C
Issued		87			33			19,503			25,820
Reinvested		1			1			1,474			1,712
Redeemed		(25	)		(15	)		(25,612	)		(18,409	)
Change in Class C Shares		63			19			(4,635	)		9,123
Class I (formerly Select Class)
Issued		2,794			3,648			180,530			117,769
Reinvested		18			5			5,980			5,955
Redeemed		(2,369	)		(1,210	)		(104,537	)		(126,901	)
Change in Class I Shares		443			2,443			81,973			(3,177	)
Class R2
Issued		—			—			1,732			2,472
Reinvested		—			—			98			106
Redeemed		—			—			(1,759	)		(1,164	)
Change in Class R2 Shares		—			—			71			1,414
Class R3 (a)
Issued		—			—			1,673			—
Reinvested		—			—			5			—
Redeemed		—			—			(68)			—
Change in Class R3 Shares		—			—			1,610			—
Class R4 (a)
Issued		—			—			85			—
Reinvested		—			—			—	(b)		—
Redeemed		—			—			(1	)		—
Change in Class R4 Shares		—			—			84			—
Class R5
Issued		—			—			22,474			30,176
Reinvested		—			—			1,327			990
Redeemed		—			—			(17,279	)		(17,661	)
Change in Class R5 Shares		—			—			6,522			13,505
Class R6
Issued		—			—			62,362			88,149
Reinvested		—			—			3,831			2,760
Redeemed		—			—			(23,492	)		(18,113	)
Change in Class R6 Shares		—			—			42,701			72,796

(a) Commencement of offering of class of shares effective September 9, 2016 for Equity Income Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth and Income Fund						Hedged Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	26,975		$	60,769		$	108,278		$	53,101
Distributions reinvested		25,772			28,009			963			801
Cost of shares redeemed		(69,807	)		(76,067	)		(56,579	)		(74,383	)
Change in net assets resulting from Class A capital transactions	$	(17,060	)	$	12,711		$	52,662		$	(20,481	)
Class C
Proceeds from shares issued	$	7,478		$	6,659		$	21,214		$	7,643
Distributions reinvested		1,487			1,582			102			52
Cost of shares redeemed		(8,463	)		(5,693	)		(3,586	)		(1,302	)
Change in net assets resulting from Class C capital transactions	$	502		$	2,548		$	17,730		$	6,393
Class I (formerly Select Class)
Proceeds from shares issued	$	29,950		$	15,091		$	479,420		$	166,370
Distributions reinvested		2,468			1,957			4,026			2,047
Cost of shares redeemed		(12,449	)		(11,548	)		(76,819	)		(114,645	)
Change in net assets resulting from Class I capital transactions	$	19,969		$	5,500		$	406,627		$	53,772
Class R2
Proceeds from shares issued	$	—	(a)	$	20		$	—		$	—
Distributions reinvested		1			1			—			—
Change in net assets resulting from Class R2 capital transactions	$	1		$	21		$	—		$	—
Class R5
Proceeds from shares issued	$	13		$	20		$	11		$	7
Distributions reinvested		1			1			—	(a)		—	(a)
Cost of shares redeemed		(1	)		—			(2	)		(426	)
Change in net assets resulting from Class R5 capital transactions	$	13		$	21		$	9		$	(419	)
Class R6
Proceeds from shares issued	$	2,071		$	20		$	3,711		$	53
Distributions reinvested		25			1			12			1
Cost of shares redeemed		(34	)		—			(523	)		(424	)
Change in net assets resulting from Class R6 capital transactions	$	2,062		$	21		$	3,200		$	(370	)
Total change in net assets resulting from capital transactions	$	5,487		$	20,822		$	480,228		$	38,895

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Growth and Income Fund						Hedged Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		593			1,429			6,104			3,349
Reinvested		563			676			55			51
Redeemed		(1,532	)		(1,790	)		(3,224	)		(4,647	)
Change in Class A Shares		(376	)		315			2,935			(1,247	)
Class C
Issued		180			170			1,195			482
Reinvested		36			42			6			3
Redeemed		(205	)		(147	)		(205	)		(82	)
Change in Class C Shares		11			65			996			403
Class I (formerly Select Class)
Issued		619			345			27,070			10,436
Reinvested		51			45			227			130
Redeemed		(261	)		(256	)		(4,393	)		(7,186	)
Change in Class I Shares		409			134			22,904			3,380
Class R2
Issued		—			1			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			—			—			—
Change in Class R2 Shares		—	(a)		1			—			—
Class R5
Issued		1			—	(a)		1			—	(a)
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		—			—	(a)		(26	)
Change in Class R5 Shares		1			—	(a)		1			(26	)
Class R6
Issued		43			—	(a)		203			4
Reinvested		1			—	(a)		1			—	(a)
Redeemed		(1	)		—			(29	)		(26	)
Change in Class R6 Shares		43			—	(a)		175			(22	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Large Cap Growth Fund						Large Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	643,833		$	1,281,024		$	168,247		$	24,457
Distributions reinvested		303,623			190,608			6,462			11,625
Cost of shares redeemed		(3,220,124	)		(1,392,513	)		(78,987	)		(17,824	)
Change in net assets resulting from Class A capital transactions	$	(2,272,668	)	$	79,119		$	95,722		$	18,258
Class C
Proceeds from shares issued	$	42,768		$	142,471		$	33,013		$	7,145
Distributions reinvested		38,865			22,387			1,034			1,705
Cost of shares redeemed		(220,512	)		(130,104	)		(7,339	)		(3,753	)
Change in net assets resulting from Class C capital transactions	$	(138,879	)	$	34,754		$	26,708		$	5,097
Class I (formerly Select Class)
Proceeds from shares issued	$	1,980,767		$	1,153,454		$	161,424		$	24,717
Distributions reinvested		250,389			160,552			2,254			3,536
Cost of shares redeemed		(2,307,254	)		(2,160,320	)		(32,884	)		(636,434	)
Change in net assets resulting from Class I capital transactions	$	(76,098	)	$	(846,314	)	$	130,794		$	(608,181	)
Class R2
Proceeds from shares issued	$	52,791		$	67,268		$	3,523		$	3,183
Distributions reinvested		11,527			7,704			138			237
Cost of shares redeemed		(135,753	)		(100,569	)		(1,186	)		(608	)
Change in net assets resulting from Class R2 capital transactions	$	(71,435	)	$	(25,597	)	$	2,475		$	2,812
Class R3 (a)
Proceeds from shares issued	$	977		$	—		$	—		$	—
Distributions reinvested		2			—			—			—
Cost of shares redeemed		(43	)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	936		$	—		$	—		$	—
Class R4 (a)
Proceeds from shares issued	$	429		$	—		$	—		$	—
Distributions reinvested		2			—			—			—
Cost of shares redeemed		—	(b)		—			—			—
Change in net assets resulting from Class R4 capital transactions	$	431		$	—		$	—		$	—
Class R5
Proceeds from shares issued	$	143,031		$	514,798		$	6,133		$	3,673
Distributions reinvested		94,629			52,449			376			160
Cost of shares redeemed		(790,295	)		(607,179	)		(1,640	)		(3,493	)
Change in net assets resulting from Class R5 capital transactions	$	(552,635	)	$	(39,932	)	$	4,869		$	340
Class R6
Proceeds from shares issued	$	678,429		$	1,387,654		$	31,638		$	617,794
Distributions reinvested		283,753			156,166			34,941			79,246
Cost of shares redeemed		(1,250,428	)		(1,046,538	)		(142,895	)		(41,590	)
Change in net assets resulting from Class R6 capital transactions	$	(288,246	)	$	497,282		$	(76,316	)	$	655,450
Total change in net assets resulting from capital transactions	$	(3,398,594	)	$	(300,688	)	$	184,252		$	73,776

(a) Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Large Cap Growth Fund						Large Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		18,686			37,172			11,164			1,832
Reinvested		9,494			5,482			436			924
Redeemed		(92,834	)		(40,416	)		(5,292	)		(1,372	)
Change in Class A Shares		(64,654	)		2,238			6,308			1,384
Class C
Issued		1,492			4,722			2,276			563
Reinvested		1,450			751			72			140
Redeemed		(7,549	)		(4,450	)		(518	)		(297	)
Change in Class C Shares		(4,607	)		1,023			1,830			406
Class I (formerly Select Class)
Issued		56,465			33,270			10,803			1,852
Reinvested		7,786			4,602			153			277
Redeemed		(66,016	)		(61,477	)		(2,226	)		(43,139	)
Change in Class I Shares		(1,765	)		(23,605	)		8,730			(41,010	)
Class R2
Issued		1,560			1,959			240			228
Reinvested		368			226			9			19
Redeemed		(3,925	)		(2,918	)		(83	)		(45	)
Change in Class R2 Shares		(1,997	)		(733	)		166			202
Class R3 (a)
Issued		27			—			—			—
Reinvested		—	(b)		—			—			—
Redeemed		(1	)		—			—			—
Change in Class R3 Shares		26			—			—			—
Class R4 (a)
Issued		11			—			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—	(b)		—			—			—
Change in Class R4 Shares		11			—			—			—
Class R5
Issued		4,034			14,389			422			285
Reinvested		2,903			1,488			26			13
Redeemed		(22,615	)		(17,156	)		(112	)		(267	)
Change in Class R5 Shares		(15,678	)		(1,279	)		336			31
Class R6
Issued		19,262			38,341			2,234			41,745
Reinvested		8,668			4,416			2,394			6,381
Redeemed		(35,193	)		(29,799	)		(9,711	)		(3,365	)
Change in Class R6 Shares		(7,263	)		12,958			(5,083	)		44,761

(a) Commencement of offering of class of shares effective September 9, 2016 for Large Cap Growth Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	312,657		$	469,469
Distributions reinvested		55,357			70,720
Cost of shares redeemed		(642,220	)		(397,193	)
Change in net assets resulting from Class A capital transactions	$	(274,206	)	$	142,996
Class C
Proceeds from shares issued	$	72,492		$	102,150
Distributions reinvested		11,726			13,355
Cost of shares redeemed		(103,605	)		(56,529	)
Change in net assets resulting from Class C capital transactions	$	(19,387	)	$	58,976
Class I (formerly Select Class)
Proceeds from shares issued	$	400,093		$	368,200
Distributions reinvested		44,148			57,766
Cost of shares redeemed		(376,782	)		(1,677,242	)
Change in net assets resulting from Class I capital transactions	$	67,459		$	(1,251,276	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	711,757		$	985,884
Distributions reinvested		128,744			243,871
Cost of shares redeemed		(1,626,435	)		(2,103,943	)
Change in net assets resulting from Class L capital transactions	$	(785,934	)	$	(874,188	)
Class R2
Proceeds from shares issued	$	74,181		$	72,587
Distributions reinvested		8,162			9,669
Cost of shares redeemed		(57,260	)		(42,951	)
Change in net assets resulting from Class R2 capital transactions	$	25,083		$	39,305
Class R3 (a)
Proceeds from shares issued	$	25,371		$	—
Distributions reinvested		52			—
Cost of shares redeemed		(546	)		—
Change in net assets resulting from Class R3 capital transactions	$	24,877		$	—
Class R4 (a)
Proceeds from shares issued	$	1,027		$	—
Distributions reinvested		3			—
Cost of shares redeemed		—	(b)		—
Change in net assets resulting from Class R4 capital transactions	$	1,030		$	—
Class R5
Proceeds from shares issued	$	135,617		$	610,125
Distributions reinvested		36,284			48,938
Cost of shares redeemed		(313,018	)		(195,954	)
Change in net assets resulting from Class R5 capital transactions	$	(141,117	)	$	463,109
Class R6
Proceeds from shares issued	$	1,524,765		$	2,370,357
Distributions reinvested		247,230			263,145
Cost of shares redeemed		(541,844	)		(553,912	)
Change in net assets resulting from Class R6 capital transactions	$	1,230,151		$	2,079,590
Total change in net assets resulting from capital transactions	$	127,956		$	658,512

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	U.S. Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		20,933			33,923
Reinvested		3,752			5,214
Redeemed		(43,000	)		(28,824	)
Change in Class A Shares		(18,315	)		10,313
Class C
Issued		4,975			7,574
Reinvested		820			1,010
Redeemed		(7,063	)		(4,215	)
Change in Class C Shares		(1,268	)		4,369
Class I (formerly Select Class)
Issued		26,126			26,575
Reinvested		2,981			4,256
Redeemed		(25,112	)		(114,285	)
Change in Class I Shares		3,995			(83,454	)
Class L (formerly Institutional Class)
Issued		47,022			71,431
Reinvested		8,680			17,924
Redeemed		(110,101	)		(154,416	)
Change in Class L Shares		(54,399	)		(65,061	)
Class R2
Issued		4,921			5,242
Reinvested		558			718
Redeemed		(3,877	)		(3,104	)
Change in Class R2 Shares		1,602			2,856
Class R3 (a)
Issued		1,621			—
Reinvested		3			—
Redeemed		(34	)		—
Change in Class R3 Shares		1,590			—
Class R4 (a)
Issued		65			—
Reinvested		—	(b)		—
Redeemed		—	(b)		—
Change in Class R4 Shares		65			—
Class R5
Issued		9,015			42,836
Reinvested		2,445			3,593
Redeemed		(21,230	)		(14,029	)
Change in Class R5 Shares		(9,770	)		32,400
Class R6
Issued		100,747			164,015
Reinvested		16,605			19,299
Redeemed		(36,062	)		(40,193	)
Change in Class R6 Shares		81,290			143,121

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of Capital			Total distributions
Disciplined Equity Fund
Class A
Year Ended June 30, 2017	$	21.74	$	0.28	$	3.72		$	4.00		$	(0.32	)	$	—		$	(0.02	)	$	(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)
Year Ended June 30, 2015		23.73		0.20		1.85			2.05			(0.19	)		(1.60	)		—			(1.79	)
Year Ended June 30, 2014		20.27		0.23		4.79			5.02			(0.21	)		(1.35	)		—			(1.56	)
Year Ended June 30, 2013		17.42		0.20		3.56			3.76			(0.23	)		(0.68	)		—			(0.91	)
Class I (formerly Select Class)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)
Year Ended June 30, 2015		23.88		0.26		1.87			2.13			(0.23	)		(1.60	)		—			(1.83	)
Year Ended June 30, 2014		20.39		0.28		4.82			5.10			(0.26	)		(1.35	)		—			(1.61	)
Year Ended June 30, 2013		17.51		0.27		3.56			3.83			(0.27	)		(0.68	)		—			(0.95	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		21.89		0.35		3.75			4.10			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.15		0.35		(1.33	)		(0.98	)		(0.31	)		(0.97	)		—			(1.28	)
Year Ended June 30, 2015		23.85		0.29		1.89			2.18			(0.28	)		(1.60	)		—			(1.88	)
Year Ended June 30, 2014		20.36		0.32		4.81			5.13			(0.29	)		(1.35	)		—			(1.64	)
Year Ended June 30, 2013		17.48		0.30		3.55			3.85			(0.29	)		(0.68	)		—			(0.97	)
Class R6
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)
Year Ended June 30, 2015		23.85		0.32		1.89			2.21			(0.30	)		(1.60	)		—			(1.90	)
Year Ended June 30, 2014		20.36		0.34		4.81			5.15			(0.31	)		(1.35	)		—			(1.66	)
Year Ended June 30, 2013		17.48		0.32		3.55			3.87			(0.31	)		(0.68	)		—			(0.99	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	25.40		18.52	%	$	422,719		0.69	%		1.19	%		0.96	%		40	%
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	23.99		9.04			483,296		0.85			0.84			0.97			144
	23.73		25.73			206,635		0.85			1.02			0.86			113
	20.27		22.33			103,755		0.85			1.04			0.87			178
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	24.18		9.34			260,618		0.60			1.09			0.64			144
	23.88		26.00			82,899		0.59			1.28			0.61			113
	20.39		22.61			40,522		0.60			1.40			0.62			178
	25.58		18.86			835,535		0.40			1.47			0.49			40
	21.89		(3.94	)		824,559		0.45			1.59			0.50			122
	24.15		9.53			796,919		0.45			1.21			0.51			144
	23.85		26.20			389,507		0.45			1.42			0.46			113
	20.36		22.79			221,638		0.45			1.57			0.47			178
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122
	24.16		9.67			6,205,582		0.35			1.33			0.36			144
	23.85		26.31			3,598,945		0.35			1.52			0.36			113
	20.36		22.90			1,460,937		0.35			1.67			0.37			178

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Dynamic Growth Fund
Class A
Year Ended June 30, 2017	$	24.13	$	(0.05	)	$	7.32		$	7.27		$	(0.32	)
Year Ended June 30, 2016		25.34		(0.12	)		(0.82	)		(0.94	)		(0.27	)
Year Ended June 30, 2015		23.95		(0.14	)		1.90			1.76			(0.37	)
Year Ended June 30, 2014		18.94		(0.07	)(d)(e)		5.08			5.01			—
Year Ended June 30, 2013		15.89		(0.05	)(f)		3.10			3.05			—
Class C
Year Ended June 30, 2017		23.10		(0.19	)		7.00			6.81			(0.32	)
Year Ended June 30, 2016		24.39		(0.24	)		(0.78	)		(1.02	)		(0.27	)
Year Ended June 30, 2015		23.19		(0.26	)		1.83			1.57			(0.37	)
Year Ended June 30, 2014		18.43		(0.20	)(d)(e)		4.96			4.76			—
Year Ended June 30, 2013		15.54		(0.14	)(f)		3.03			2.89			—
Class I (formerly Select Class)
Year Ended June 30, 2017		24.66		0.02			7.50			7.52			(0.32	)
Year Ended June 30, 2016		25.83		(0.10	)		(0.80	)		(0.90	)		(0.27	)
Year Ended June 30, 2015		24.34		(0.08	)		1.94			1.86			(0.37	)
Year Ended June 30, 2014		19.20		(0.08	)(d)(e)		5.22			5.14			—
Year Ended June 30, 2013		16.07		(0.03	)(f)		3.16			3.13			—
Class R5
Year Ended June 30, 2017		25.09		0.07			7.64			7.71			(0.32	)
Year Ended June 30, 2016		26.22		0.01			(0.87	)		(0.86	)		(0.27	)
Year Ended June 30, 2015		24.65		(0.04	)		1.98			1.94			(0.37	)
Year Ended June 30, 2014		19.42		(0.04	)(d)(e)		5.27			5.23			—
Year Ended June 30, 2013		16.22		0.03	(f)		3.17			3.20			—

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.08), $(0.21), $(0.09) and $(0.05) for Class A, Class C, Class I and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.35)%, (0.92)%, (0.40)% and (0.23)% for Class A, Class C, Class I and Class R5 shares, respectively. These amounts have been revised to correct a calculation error in the previously issued June 30, 2014 financial highlights’ footnote disclosure. These revisions are not considered material to the previously issued financial statements.

(e) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.10), $(0.19), $(0.08) and $(0.03) for Class A, Class C, Class I and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.60)%, (1.10)%, (0.45)% and (0.15)% for Class A, Class C, Class I and Class R5 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	31.08		30.39	%	$	57,378		1.16	%		(0.20	)%		1.38	%		40	%
	24.13		(3.77	)		53,334		1.19			(0.50	)		1.43			61
	25.34		7.46			39,153		1.20			(0.57	)		1.43			74
	23.95		26.45			16,996		1.24			(0.30	)(d)(e)		1.25			55
	18.94		19.19			126		1.25			(0.30	)(f)		1.42			82
	29.59		29.75			13,532		1.66			(0.71	)		1.83			40
	23.10		(4.24	)		12,077		1.69			(0.99	)		1.86			61
	24.39		6.88			8,894		1.71			(1.08	)		1.88			74
	23.19		25.83			4,416		1.74			(0.86	)(d)(e)		1.75			55
	18.43		18.60			123		1.74			(0.80	)(f)		1.92			82
	31.86		30.75			60,616		0.91			0.07			1.05			40
	24.66		(3.54	)		37,396		0.94			(0.37	)		1.00			61
	25.83		7.76			289,100		0.96			(0.34	)		1.01			74
	24.34		26.77			261,308		1.00			(0.35	)(d)(e)		1.04			55
	19.20		19.48			101,999		1.00			(0.16	)(f)		1.14			82
	32.48		30.99			189,951		0.71			0.25			0.81			40
	25.09		(3.33	)		226,600		0.74			0.03			0.79			61
	26.22		7.99			49		0.76			(0.14	)		0.90			74
	24.65		26.93			45		0.80			(0.17	)(d)(e)		0.84			55
	19.42		19.73			32		0.80			0.15	(f)		0.97			82

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 77

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
Equity Focus Fund
Class A
Year Ended June 30, 2017	$	23.73	$	(0.01	)(c)	$	5.70		$	5.69		$	(0.01	)	$	(0.32	)	$	(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)(c)		(0.38	)(d)		(0.39	)		—	(e)		(0.66	)		(0.66	)
Year Ended June 30, 2015		23.56		(0.02	)(c)		1.42			1.40			(0.02	)		(0.16	)		(0.18	)
Year Ended June 30, 2014		19.18		(0.02	)(c)		4.86			4.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.79		(0.02	)		3.41			3.39			—			—			—
Class C
Year Ended June 30, 2017		23.18		(0.14	)(c)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)(c)		(0.37	)(d)		(0.50	)		—			(0.66	)		(0.66	)
Year Ended June 30, 2015		23.24		(0.13	)(c)		1.39			1.26			—			(0.16	)		(0.16	)
Year Ended June 30, 2014		19.01		(0.15	)(c)		4.84			4.69			—			(0.46	)		(0.46	)
Year Ended June 30, 2013		15.73		(0.11	)		3.39			3.28			—			—			—
Class I (formerly Select Class)
Year Ended June 30, 2017		23.92		0.06	(c)		5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06	(c)		(0.39	)(d)		(0.33	)		(0.04	)		(0.66	)		(0.70	)
Year Ended June 30, 2015		23.67		0.04	(c)		1.44			1.48			(0.04	)		(0.16	)		(0.20	)
Year Ended June 30, 2014		19.22		0.04	(c)		4.87			4.91			—	(e)		(0.46	)		(0.46	)
Year Ended June 30, 2013		15.81		0.02			3.42			3.44			(0.03	)		—			(0.03	)

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

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

(c) Calculated based upon average shares outstanding.

(d) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Changes in Net Assets due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(e) Amount rounds to less than $0.005.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2013.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment  income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	29.09		24.09	%	$	3,362		1.17	%		(0.02	)%		1.37	%		84	%
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	24.78		5.98			1,452		1.24			(0.07	)		1.42			52
	23.56		25.43			423		1.24			(0.10	)		2.11			76
	19.18		21.47			64		1.25	(f)		(0.13	)(f)		3.75	(f)		61
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	24.34		5.44			873		1.74			(0.54	)		1.93			52
	23.24		24.86			133		1.74			(0.67	)		2.82			76
	19.01		20.85			63		1.75	(f)		(0.63	)(f)		4.25	(f)		61
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	24.95		6.26			81,179		0.99			0.15			1.12			52
	23.67		25.75			72,064		0.99			0.19			1.51			76
	19.22		21.77			3,730		1.00	(f)		0.12	(f)		3.51	(f)		61

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 79

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
Equity Income Fund
Class A
Year Ended June 30, 2017	$	14.01	$	0.24	(e)	$	1.75	$	1.99	$	(0.24	)	$	(0.09	)	$	(0.33	)
Year Ended June 30, 2016		13.77		0.25	(e)		0.35		0.60		(0.25	)		(0.11	)		(0.36	)
Year Ended June 30, 2015		13.66		0.25			0.39		0.64		(0.25	)		(0.28	)		(0.53	)
Year Ended June 30, 2014		11.62		0.21	(e)		2.26		2.47		(0.21	)		(0.22	)		(0.43	)
Year Ended June 30, 2013		9.84		0.24	(e)(f)		1.84		2.08		(0.23	)		(0.07	)		(0.30	)
Class C
Year Ended June 30, 2017		13.80		0.16	(e)		1.72		1.88		(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18	(e)		0.35		0.53		(0.20	)		(0.11	)		(0.31	)
Year Ended June 30, 2015		13.49		0.18			0.38		0.56		(0.19	)		(0.28	)		(0.47	)
Year Ended June 30, 2014		11.49		0.15	(e)		2.23		2.38		(0.16	)		(0.22	)		(0.38	)
Year Ended June 30, 2013		9.74		0.18	(e)(f)		1.83		2.01		(0.19	)		(0.07	)		(0.26	)
Class I (formerly Select Class)
Year Ended June 30, 2017		14.23		0.28	(e)		1.77		2.05		(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28	(e)		0.37		0.65		(0.28	)		(0.11	)		(0.39	)
Year Ended June 30, 2015		13.85		0.29			0.40		0.69		(0.29	)		(0.28	)		(0.57	)
Year Ended June 30, 2014		11.77		0.25	(e)		2.29		2.54		(0.24	)		(0.22	)		(0.46	)
Year Ended June 30, 2013		9.96		0.27	(e)(f)		1.86		2.13		(0.25	)		(0.07	)		(0.32	)
Class R2
Year Ended June 30, 2017		13.97		0.20	(e)		1.75		1.95		(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21	(e)		0.35		0.56		(0.22	)		(0.11	)		(0.33	)
Year Ended June 30, 2015		13.64		0.22			0.39		0.61		(0.23	)		(0.28	)		(0.51	)
Year Ended June 30, 2014		11.61		0.18	(e)		2.25		2.43		(0.18	)		(0.22	)		(0.40	)
Year Ended June 30, 2013		9.84		0.21	(e)(f)		1.84		2.05		(0.21	)		(0.07	)		(0.28	)
Class R3
September 9, 2016 (g) through June 30, 2017		14.06		0.19	(e)		1.71		1.90		(0.21	)		(0.09	)		(0.30	)
Class R4
September 9, 2016 (g) through June 30, 2017		14.28		0.29	(e)		1.67		1.96		(0.23	)		(0.09	)		(0.32	)
Class R5
Year Ended June 30, 2017		14.23		0.31	(e)		1.78		2.09		(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31	(e)		0.35		0.66		(0.30	)		(0.11	)		(0.41	)
Year Ended June 30, 2015		13.85		0.31			0.41		0.72		(0.31	)		(0.28	)		(0.59	)
Year Ended June 30, 2014		11.78		0.27	(e)		2.29		2.56		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(e)(f)		1.87		2.16		(0.27	)		(0.07	)		(0.34	)
Class R6
Year Ended June 30, 2017		14.22		0.32	(e)		1.78		2.10		(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33	(e)		0.34		0.67		(0.31	)		(0.11	)		(0.42	)
Year Ended June 30, 2015		13.84		0.33			0.40		0.73		(0.32	)		(0.28	)		(0.60	)
Year Ended June 30, 2014		11.77		0.28	(e)		2.28		2.56		(0.27	)		(0.22	)		(0.49	)
Year Ended June 30, 2013		9.96		0.29	(e)(f)		1.87		2.16		(0.28	)		(0.07	)		(0.35	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.21, $0.16, $0.24, $0.18, $0.27 and $0.26 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.97%, 1.46%, 2.23%, 1.67%, 2.44% and 2.38% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	15.67		14.34	%	$	3,176,361		1.04	%		1.59	%		1.08	%		14	%
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	13.77		4.71			3,014,937		1.04			1.83			1.09			22
	13.66		21.60			2,360,750		1.04			1.68			1.06			20
	11.62		21.53			1,285,400		1.03			2.22	(f)		1.08			34
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	13.58		4.18			1,160,002		1.54			1.32			1.56			22
	13.49		20.95			805,494		1.54			1.19			1.56			20
	11.49		20.94			407,911		1.53			1.71	(f)		1.58			34
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	13.97		4.96			4,639,250		0.79			2.08			0.80			22
	13.85		21.94			3,467,542		0.79			1.92			0.81			20
	11.77		21.84			2,337,565		0.78			2.48	(f)		0.83			34
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20
	13.74		4.44			56,522		1.29			1.59			1.39			22
	13.64		21.27			28,733		1.29			1.44			1.31			20
	11.61		21.21			13,347		1.28			1.92	(f)		1.34			34
	15.66		13.62			25,209		1.03			1.55			1.05			14
	15.92		13.85			1,340		0.78			2.28			0.83			14
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20
	13.98		5.23			520,660		0.59			2.27			0.63			22
	13.85		22.06			307,700		0.59			2.11			0.61			20
	11.78		22.17			227,442		0.58			2.69	(f)		0.63			34
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20
	13.97		5.31			861,809		0.51			2.35			0.51			22
	13.84		22.14			551,378		0.54			2.20			0.56			20
	11.77		22.12			233,034		0.53			2.63	(f)		0.59			34

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Growth and Income Fund
Class A
Year Ended June 30, 2017	$	42.75	$	0.57	$	6.31		$	6.88		$	(0.57	)	$	(2.21	)	$	(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Year Ended June 30, 2015		44.70		0.59		1.72			2.31			(0.56	)		(0.99	)		(1.55	)
Year Ended June 30, 2014		36.53		0.47		8.17			8.64			(0.47	)		—			(0.47	)
Year Ended June 30, 2013		29.43		0.40		7.11			7.51			(0.41	)		—			(0.41	)
Class C
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Year Ended June 30, 2015		41.31		0.32		1.59			1.91			(0.40	)		(0.99	)		(1.39	)
Year Ended June 30, 2014		33.83		0.25		7.55			7.80			(0.32	)		—			(0.32	)
Year Ended June 30, 2013		27.32		0.22		6.59			6.81			(0.30	)		—			(0.30	)
Class I (formerly Select Class)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Year Ended June 30, 2015		46.58		0.73		1.79			2.52			(0.66	)		(0.99	)		(1.65	)
Year Ended June 30, 2014		38.03		0.58		8.52			9.10			(0.55	)		—			(0.55	)
Year Ended June 30, 2013		30.63		0.51		7.40			7.91			(0.51	)		—			(0.51	)
Class R2
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)
Class R5
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)
Class R6
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	46.85		16.34	%	$	445,078		1.03	%		1.26	%		1.10	%		28	%
	42.75		1.02			422,151		1.06			1.38			1.13			39
	45.46		5.24			434,573		1.10			1.30			1.10			39
	44.70		23.74			419,465		1.13			1.16			1.15			42
	36.53		25.65			356,127		1.15			1.23			1.16			35
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39
	41.83		4.68			24,647		1.62			0.77			1.63			39
	41.31		23.12			14,619		1.64			0.66			1.65			42
	33.83		25.02			7,769		1.65			0.72			1.65			35
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39
	47.45		5.48			36,099		0.88			1.53			0.88			39
	46.58		24.05			27,124		0.89			1.39			0.90			42
	38.03		25.97			28,339		0.88			1.45			0.90			35
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 83

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			Return of capital			Total distributions
Hedged Equity Fund
Class A
Year Ended June 30, 2017	$	16.23	$	0.19	(e)	$	2.01		$	2.20		$	(0.19	)	$	—		$	(0.19	)
Year Ended June 30, 2016		16.47		0.20	(e)		(0.28	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended June 30, 2015		15.74		0.19	(e)		0.67			0.86			(0.13	)		—			(0.13	)
December 13, 2013 (g) through June 30, 2014		15.00		0.07			0.84			0.91			(0.07	)		(0.10	)		(0.17	)
Class C
Year Ended June 30, 2017		16.17		0.10	(e)		2.01			2.11			(0.12	)		—			(0.12	)
Year Ended June 30, 2016		16.43		0.13	(e)		(0.29	)		(0.16	)		(0.10	)		—			(0.10	)
Year Ended June 30, 2015		15.76		0.10	(e)		0.67			0.77			(0.10	)		—			(0.10	)
December 13, 2013 (g) through June 30, 2014		15.00		0.05			0.83			0.88			(0.02	)		(0.10	)		(0.12	)
Class I (formerly Select Class)
Year Ended June 30, 2017		16.26		0.23	(e)		2.01			2.24			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		16.50		0.25	(e)		(0.28	)		(0.03	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2015		15.76		0.23	(e)		0.66			0.89			(0.15	)		—			(0.15	)
December 13, 2013 (g) through June 30, 2014		15.00		0.10			0.84			0.94			(0.08	)		(0.10	)		(0.18	)
Class R5
Year Ended June 30, 2017		16.28		0.26	(e)		2.02			2.28			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.51		0.24	(e)		(0.24	)		—	(h)		(0.23	)		—			(0.23	)
Year Ended June 30, 2015		15.76		0.26	(e)		0.66			0.92			(0.17	)		—			(0.17	)
December 13, 2013 (g) through June 30, 2014		15.00		0.13			0.82			0.95			(0.09	)		(0.10	)		(0.19	)
Class R6
Year Ended June 30, 2017		16.28		0.25	(e)		2.03			2.28			(0.27	)		—			(0.27	)
Year Ended June 30, 2016		16.52		0.27	(e)		(0.27	)		—	(h)		(0.24	)		—			(0.24	)
Year Ended June 30, 2015		15.76		0.27	(e)		0.67			0.94			(0.18	)		—			(0.18	)
December 13, 2013 (g) through June 30, 2014		15.00		0.13			0.83			0.96			(0.10	)		(0.10	)		(0.20	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2015 and for the period ended June 30, 2014.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	18.24		13.60	%	$	133,789		0.84	%		1.06	%		1.05	%		31	%
	16.23		(0.43	)		71,417		0.85			1.27			1.11			57
	16.47		5.45			93,007		0.85	(f)		1.14	(f)		1.21	(f)		42
	15.74		6.11			569		0.85	(f)		0.96	(f)		16.65	(f)		36
	18.16		13.07			29,168		1.34			0.55			1.45			31
	16.17		(0.95	)		9,867		1.35			0.80			1.52			57
	16.43		4.85			3,405		1.35	(f)		0.59	(f)		1.65	(f)		42
	15.76		5.87			53		1.35	(f)		0.56	(f)		10.04	(f)		36
	18.27		13.86			597,013		0.59			1.30			0.69			31
	16.26		(0.17	)		158,820		0.60			1.54			0.74			57
	16.50		5.66			105,397		0.60	(f)		1.39	(f)		0.91	(f)		42
	15.76		6.28			4,307		0.60	(f)		1.30	(f)		9.91	(f)		36
	18.30		14.10			37		0.40			1.51			1.08			31
	16.28		0.07			25		0.40			1.49			2.16			57
	16.51		5.86			442		0.40	(f)		1.58	(f)		0.82	(f)		42
	15.76		6.37			53		0.40	(f)		1.51	(f)		9.10	(f)		36
	18.29		14.09			3,289		0.34			1.41			0.42			31
	16.28		0.07			74		0.35			1.66			1.40			57
	16.52		5.96			443		0.35	(f)		1.63	(f)		0.77	(f)		42
	15.76		6.39			53		0.35	(f)		1.56	(f)		9.05	(f)		36

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Large Cap Growth Fund
Class A
Year Ended June 30, 2017	$	32.93	$	(0.07	)	$	8.51		$	8.44		$	—		$	(3.14	)	$	(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.49		(0.10	)		5.05			4.95			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.01		(0.10	)		6.58			6.48			—			—			—
Year Ended June 30, 2013		23.64		0.08	(f)		2.37			2.45			(0.08	)		—			(0.08	)
Class C
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		28.33		(0.24	)		4.39			4.15			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		22.79		(0.22	)		5.76			5.54			—			—			—
Year Ended June 30, 2013		20.79		(0.04	)(f)		2.07			2.03			(0.03	)		—			(0.03	)
Class I (formerly Select Class)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.52		(0.04	)		5.06			5.02			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.99		(0.05	)		6.58			6.53			—			—			—
Year Ended June 30, 2013		23.61		0.12	(f)		2.37			2.49			(0.11	)		—			(0.11	)
Class R2
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.07		(0.18	)		4.97			4.79			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.74		(0.18	)		6.51			6.33			—			—			—
Year Ended June 30, 2013		23.44		0.01	(f)		2.36			2.37			(0.07	)		—			(0.07	)
Class R3
September 9, 2016 (g) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)
Class R4
September 9, 2016 (g) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)
Class R5
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.75		0.03			5.09			5.12			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.12		0.01			6.62			6.63			—			—			—
Year Ended June 30, 2013		23.74		0.17	(f)		2.38			2.55			(0.17	)		—			(0.17	)
Class R6
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.80		0.06			5.10			5.16			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.15		0.02			6.63			6.65			—			—			—
Year Ended June 30, 2013		23.76		0.18	(f)		2.39			2.57			(0.18	)		—			(0.18	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.02, $(0.09), $0.07, $(0.04), $0.12 and $0.13 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.08%, (0.42)%, 0.28%, (0.17)%, 0.47% and 0.50% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	38.23		27.50	%	$	2,462,957		1.05	%		(0.19	)%		1.25	%		22	%
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	36.82		15.40			4,670,460		1.06			(0.28	)		1.21			19
	32.49		24.91			5,044,428		1.10			(0.34	)		1.19			39
	26.01		10.40			2,824,115		1.09			0.30	(f)		1.19			47
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	31.86		14.83			600,404		1.56			(0.78	)		1.68			19
	28.33		24.31			523,972		1.59			(0.85	)		1.69			39
	22.79		9.80			396,862		1.59			(0.20	)(f)		1.69			47
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	36.92		15.60			5,515,626		0.90			(0.12	)		0.92			19
	32.52		25.13			5,037,737		0.93			(0.18	)		0.94			39
	25.99		10.58			4,811,907		0.91			0.50	(f)		0.94			47
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	36.24		15.10			242,550		1.31			(0.53	)		1.49			19
	32.07		24.59			222,421		1.35			(0.60	)		1.44			39
	25.74		10.12			191,876		1.34			0.05	(f)		1.45			47
	38.39		24.05			992		1.12			(0.20	)		1.20			22
	38.47		24.31			440		0.89			0.12			1.07			22
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	37.25		15.80			1,394,419		0.70			0.08			0.74			19
	32.75		25.38			1,400,112		0.73			0.02			0.74			39
	26.12		10.78			1,158,856		0.71			0.69	(f)		0.75			47
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43
	37.34		15.90			3,220,191		0.62			0.17			0.62			19
	32.80		25.43			2,709,590		0.68			0.07			0.69			39
	26.15		10.87			2,170,011		0.67			0.72	(f)		0.70			47

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Large Cap Value Fund
Class A
Year Ended June 30, 2017	$	12.71	$	0.15	$	3.42		$	3.57		$	(0.14	)	$	(0.66	)	$	(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Year Ended June 30, 2015		16.63		0.17		0.94			1.11			(0.17	)		(2.55	)		(2.72	)
Year Ended June 30, 2014		13.99		0.17		3.16			3.33			(0.18	)		(0.51	)		(0.69	)
Year Ended June 30, 2013		11.02		0.14		2.97			3.11			(0.14	)		—			(0.14	)
Class C
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Year Ended June 30, 2015		16.25		0.08		0.92			1.00			(0.10	)		(2.55	)		(2.65	)
Year Ended June 30, 2014		13.70		0.09		3.08			3.17			(0.11	)		(0.51	)		(0.62	)
Year Ended June 30, 2013		10.80		0.08		2.91			2.99			(0.09	)		—			(0.09	)
Class I (formerly Select Class)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Year Ended June 30, 2015		16.42		0.19		0.92			1.11			(0.19	)		(2.55	)		(2.74	)
Year Ended June 30, 2014		13.82		0.19		3.11			3.30			(0.19	)		(0.51	)		(0.70	)
Year Ended June 30, 2013		10.88		0.16		2.94			3.10			(0.16	)		—			(0.16	)
Class R2
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Year Ended June 30, 2015		16.58		0.13		0.94			1.07			(0.14	)		(2.55	)		(2.69	)
Year Ended June 30, 2014		13.95		0.13		3.14			3.27			(0.13	)		(0.51	)		(0.64	)
Year Ended June 30, 2013		10.99		0.11		2.96			3.07			(0.11	)		—			(0.11	)
Class R5
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Year Ended June 30, 2015		16.54		0.22		0.94			1.16			(0.22	)		(2.55	)		(2.77	)
Year Ended June 30, 2014		13.92		0.19		3.16			3.35			(0.22	)		(0.51	)		(0.73	)
Year Ended June 30, 2013		10.92		0.17		2.98			3.15			(0.15	)		—			(0.15	)
Class R6
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)
Year Ended June 30, 2015		16.48		0.25		0.91			1.16			(0.23	)		(2.55	)		(2.78	)
Year Ended June 30, 2014		13.87		0.22		3.13			3.35			(0.23	)		(0.51	)		(0.74	)
Year Ended June 30, 2013		10.92		0.20		2.94			3.14			(0.19	)		—			(0.19	)

(a) Calculated based upon average shares outstanding.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	15.48		28.47	%	$	215,017		0.92	%		1.01	%		1.08	%		145	%
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	15.02		7.44			93,078		0.93			1.07			1.05			143
	16.63		24.46			92,161		0.93			1.11			1.06			168
	13.99		28.38			35,030		0.94			1.11			1.04			119
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	14.60		6.88			14,307		1.45			0.55			1.55			143
	16.25		23.78			11,646		1.44			0.59			1.56			168
	13.70		27.77			4,890		1.44			0.62			1.54			119
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	14.79		7.56			634,301		0.77			1.22			0.77			143
	16.42		24.62			662,936		0.79			1.24			0.80			168
	13.82		28.65			591,749		0.78			1.27			0.79			119
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	14.96		7.21			1,074		1.20			0.82			1.40			143
	16.58		24.07			455		1.20			0.83			1.30			168
	13.95		28.10			378		1.20			0.87			1.29			119
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	14.93		7.83			4,443		0.58			1.41			0.59			143
	16.54		24.81			4,433		0.57			1.30			0.59			168
	13.92		28.96			19,410		0.59			1.48			0.60			119
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219
	14.86		7.85			4,145		0.53			1.54			0.53			143
	16.48		24.89			50,923		0.54			1.48			0.55			168
	13.87		28.94			43,781		0.53			1.52			0.54			119

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 89

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
U.S. Equity Fund
Class A
Year Ended June 30, 2017	$	13.76	$	0.11	(e)	$	2.57		$	2.68		$	(0.11	)	$	(0.53	)	$	(0.64	)
Year Ended June 30, 2016		14.75		0.12	(e)		(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Year Ended June 30, 2015		14.92		0.13			1.10			1.23			(0.13	)		(1.27	)		(1.40	)
Year Ended June 30, 2014		12.80		0.11	(e)		3.09			3.20			(0.11	)		(0.97	)		(1.08	)
Year Ended June 30, 2013		10.73		0.13	(e)		2.31			2.44			(0.13	)		(0.24	)		(0.37	)
Class C
Year Ended June 30, 2017		13.41		0.04	(e)		2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05	(e)		(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Year Ended June 30, 2015		14.61		0.07			1.06			1.13			(0.07	)		(1.27	)		(1.34	)
Year Ended June 30, 2014		12.56		0.04	(e)		3.03			3.07			(0.05	)		(0.97	)		(1.02	)
Year Ended June 30, 2013		10.55		0.06	(e)		2.26			2.32			(0.07	)		(0.24	)		(0.31	)
Class I (formerly Select Class)
Year Ended June 30, 2017		13.79		0.14	(e)		2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13	(e)		(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Year Ended June 30, 2015		14.94		0.16			1.11			1.27			(0.16	)		(1.27	)		(1.43	)
Year Ended June 30, 2014		12.80		0.13	(e)		3.10			3.23			(0.12	)		(0.97	)		(1.09	)
Year Ended June 30, 2013		10.74		0.15	(e)		2.30			2.45			(0.15	)		(0.24	)		(0.39	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		13.80		0.16	(e)		2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16	(e)		(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Year Ended June 30, 2015		14.96		0.19			1.09			1.28			(0.18	)		(1.27	)		(1.45	)
Year Ended June 30, 2014		12.82		0.16	(e)		3.10			3.26			(0.15	)		(0.97	)		(1.12	)
Year Ended June 30, 2013		10.75		0.16	(e)		2.31			2.47			(0.16	)		(0.24	)		(0.40	)
Class R2
Year Ended June 30, 2017		13.66		0.07	(e)		2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08	(e)		(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Year Ended June 30, 2015		14.84		0.10			1.09			1.19			(0.10	)		(1.27	)		(1.37	)
Year Ended June 30, 2014		12.74		0.07	(e)		3.08			3.15			(0.08	)		(0.97	)		(1.05	)
Year Ended June 30, 2013		10.69		0.10	(e)		2.29			2.39			(0.10	)		(0.24	)		(0.34	)
Class R3
September 9, 2016(f) through June 30, 2017		14.11		0.08	(e)		2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
September 9, 2016(f) through June 30, 2017		14.15		0.13	(e)		2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Year Ended June 30, 2017		13.81		0.17	(e)		2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18	(e)		(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2015		14.96		0.19			1.11			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.82		0.16	(e)		3.11			3.27			(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.75		0.17	(e)		2.31			2.48			(0.17	)		(0.24	)		(0.41	)
Class R6
Year Ended June 30, 2017		13.82		0.18	(e)		2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18	(e)		(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)
Year Ended June 30, 2015		14.98		0.20			1.10			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.83		0.17	(e)		3.11			3.28			(0.16	)		(0.97	)		(1.13	)
Year Ended June 30, 2013		10.76		0.17	(e)		2.31			2.48			(0.17	)		(0.24	)		(0.41	)

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	15.80		19.86	%	$	1,371,821		0.94	%		0.75	%		1.10	%		86	%
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	14.75		8.70			1,399,208		0.95			0.92			1.10			79
	14.92		25.90			1,172,752		0.97			0.77			1.05			73
	12.80		23.14			874,571		0.97			1.06			1.06			88
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	14.40		8.15			253,608		1.45			0.41			1.57			79
	14.61		25.30			175,265		1.47			0.28			1.55			73
	12.56		22.43			110,837		1.46			0.56			1.56			88
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	14.78		8.92			2,375,538		0.77			1.08			0.79			79
	14.94		26.21			2,288,734		0.79			0.94			0.80			73
	12.80		23.22			3,874,926		0.79			1.24			0.81			88
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	14.79		9.01			4,932,896		0.62			1.25			0.66			79
	14.96		26.41			4,178,050		0.64			1.12			0.65			73
	12.82		23.48			1,214,707		0.64			1.36			0.67			88
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	14.66		8.45			178,272		1.20			0.67			1.41			79
	14.84		25.61			126,549		1.22			0.53			1.30			73
	12.74		22.81			72,664		1.22			0.81			1.31			88
	15.76		16.83			25,050		1.00			0.67			1.03			86
	15.82		16.99			1,030		0.75			1.03			0.81			86
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	14.80		9.13			496,102		0.57			1.30			0.62			79
	14.96		26.45			441,628		0.59			1.16			0.60			73
	12.82		23.52			455,939		0.59			1.45			0.61			88
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83
	14.82		9.17			2,976,379		0.51			1.35			0.52			79
	14.98		26.57			2,392,416		0.54			1.21			0.55			73
	12.83		23.56			1,379,173		0.54			1.47			0.56			88

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

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

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

	Classes Offered	Trust	Diversified/Non-Diversified
Disciplined Equity Fund	Class A, Class I^, Class L^^ and Class R6	JPM I	Diversified
Dynamic Growth Fund	Class A, Class C, Class I^ and Class R5	JPM I	Non-Diversified
Equity Focus Fund	Class A, Class C and Class I^	JPM I	Non-Diversified
Equity Income Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5 and Class R6	JPM II	Diversified
Growth and Income Fund	Class A, Class C, Class I^, Class R2, Class R3**, Class R4**, Class R5 and Class R6	JPM I	Diversified
Hedged Equity Fund	Class A, Class C, Class I^, Class R5 and Class R6	JPM I	Diversified
Large Cap Growth Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5 and Class R6	JPM II	Diversified
Large Cap Value Fund	Class A, Class C, Class I^, Class R2, Class R5 and Class R6	JPM II	Diversified
U.S. Equity Fund	Class A, Class C, Class I^, Class L^^, Class R2, Class R3*, Class R4*, Class R5 and Class  R6	JPM I	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

^^ Effective December 1, 2016, Institutional Class was renamed Class L and is publicly offered on a limited basis for Disciplined Equity Fund and U.S. Equity Fund.

* Class R3 and Class R4 commenced operations on September 9, 2016 for Equity Income Fund, Large Cap Growth Fund and U.S. Equity Fund.

** Class R3 and Class R4 commenced operations on July 31, 2017 for Growth and Income Fund.

The investment objective of Disciplined Equity Fund is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

The investment objective of Dynamic Growth Fund is to seek long-term capital growth.

The investment objective of Equity Focus Fund and Large Cap Growth Fund is to seek long-term capital appreciation.

The investment objective of Equity Income Fund is to seek capital appreciation and current income.

The investment objective of Growth and Income Fund is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of Hedged Equity Fund is to seek to provide capital appreciation.

The investment objective of Large Cap Value Fund is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of U.S. Equity Fund is to seek to provide high total return from a portfolio of selected equity securities.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

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

92 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

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

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

Disciplined Equity Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,419,990		$	5,284	$	—	$	7,425,274
Depreciation in Other Financial Instruments
Futures Contracts	$	(236	)	$	—	$	—	$	(236	)
Dynamic Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	321,806		$	—	$	—	$	321,806

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Equity Focus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	186,156		$	—	$	—		$	186,156
Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	14,936,782		$	—	$	—		$	14,936,782
Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	539,975		$	—	$	—		$	539,975
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	794,894		$	164	$	—		$	795,058
Depreciation in Other Financial Instruments
Futures Contracts	$	(11	)	$	—	$	—		$	(11	)
Options Written
Call Option Written		(4,886	)		—		—			(4,886	)
Put Option Written		(1,174	)		—		—			(1,174	)
Total Depreciation in Other Financial Instruments	$	(6,071	)	$	—	$	—		$	(6,071	)
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	12,326,105		$	—	$	—		$	12,326,105
Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	1,045,709		$	—	$	—	(d)	$	1,045,709
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	14,269,183		$	—	$	—	(d)	$	14,269,183
Depreciation in Other Financial Instruments
Futures Contracts	$	(253	)	$	—	$	—		$	(253	)

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

94 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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

(c) All portfolio holdings designated as Level 1 and Level 3 are disclosed individually on the SOIs. Level 3 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings.

(d) Amount rounds to less than 500.

There were no transfers among any levels during the year ended June 30, 2017.

B. Futures Contracts — Disciplined Equity Fund, Hedged Equity Fund and U.S. Equity Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

	Disciplined Equity Fund		Hedged Equity Fund		U.S. Equity Fund
Futures Contracts:
Average Notional Balance Long	$	108,304	$	7,173	$	84,561
Ending Notional Balance Long		95,383		11,378		82,069

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

C. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

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

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as change in net unrealized appreciation/depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Transactions in options written during the year ended June 30, 2017 were as follows (amounts in thousands except for number of contracts):

	Options
	Number of Contracts			Premiums Received
Hedged Equity Fund
Options outstanding at June 30, 2016		2,282		$	3,838
Options written		21,455			22,669
Options expired		(10,950	)		(7,016	)
Options closed		(6,441	)		(13,481	)
Options outstanding at June 30, 2017		6,346		$	6,010

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

The Fund may be required to post or receive collateral for over the counter options.

The table below discloses the volume of the Fund’s’ options contracts activity during the year ended June 30, 2017:

Exchange-Traded Options:
Average Number of Contracts Purchased	1,765
Average Number of Contracts Written	3,531
Ending Number of Contracts Purchased	3,173
Ending Number of Contracts Written	6,346

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R2		Class R3		Class R4		Class R5		Class R6		Total
Disciplined Equity Fund
Transfer agency fees	$	31		n/a		$	9	$	14		n/a		n/a		n/a		n/a	$	53	$	107
Sub-transfer agency fees		499		n/a			259		337		n/a		n/a		n/a		n/a		—		1,095
Dynamic Growth Fund
Transfer agency fees		4	$	1			4		n/a		n/a		n/a		n/a	$	—		n/a		9
Sub-transfer agency fees		69		9			25		n/a		n/a		n/a		n/a		—		n/a		103
Equity Focus Fund
Transfer agency fees		1		—	(a)		3		n/a		n/a		n/a		n/a		n/a		n/a		4
Sub-transfer agency fees		1		1			46		n/a		n/a		n/a		n/a		n/a		n/a		48

96 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Equity Income Fund
Transfer agency fees	$	332	$	70	$	66		n/a	$	13		$	2		$	—	(a)	$	14		$	37		$	534
Sub-transfer agency fees		2,475		677		2,004		n/a		106			—	(a)		—			572			—			5,834
Growth and Income Fund
Transfer agency fees		188		4		6		n/a		—	(a)		n/a			n/a			—	(a)		—	(a)		198
Sub-transfer agency fees		110		12		19		n/a		—			n/a			n/a			—	(a)		—			141
Hedged Equity Fund
Transfer agency fees		2		2		9		n/a		n/a			n/a			n/a			—	(a)		—	(a)		13
Sub-transfer agency fees		110		4		79		n/a		n/a			n/a			n/a			—	(a)		—			193
Large Cap Growth Fund
Transfer agency fees		431		28		59		n/a		13			—	(a)		—	(a)		20			46			597
Sub-transfer agency fees		4,683		333		2,175		n/a		202			—			—			646			—			8,039
Large Cap Value Fund
Transfer agency fees		49		5		2		n/a		2			n/a			n/a			1			—			59
Sub-transfer agency fees		48		11		20		n/a		6			n/a			n/a			2			—			87
U.S. Equity Fund
Transfer agency fees		111		17		33	$	134		6			—	(a)		—	(a)		12			46			359
Sub-transfer agency fees		1,351		157		639		2,130		326			1			—			476			—			5,080

(a) Amount rounds to less than 500.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

G. 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.

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

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Disciplined Equity Fund	$	—		$	(2,280	)	$	2,280
Dynamic Growth Fund		3,146			(120	)		(3,026	)
Equity Income Fund		—	(a)		(2,198	)		2,198
Growth and Income Fund		—	(a)		(80	)		80
Hedged Equity Fund		—	(a)		(87	)		87
Large Cap Growth Fund		276,198			2,627			(278,825	)
Large Cap Value Fund		—	(a)		(45	)		45
U.S. Equity Fund		—	(a)		(3,728	)		3,728

(a) Amount rounds to less than 500.

The reclassifications for the Funds relate primarily to tax equalization and non-taxable dividends.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

3. Fees and Other Transactions with Affiliates

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

Disciplined Equity Fund	0.25	%
Dynamic Growth Fund	0.60
Equity Focus Fund	0.60	*
Equity Income Fund	0.40
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.50
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40

* Prior to November 1, 2016, the investment advisory fee was 0.65% for the Equity Focus Fund.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreements (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 June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L, Class R4, Class R5 and Class R6 do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Disciplined Equity Fund		0.25	%		n/a			n/a			n/a
Dynamic Growth Fund		0.25			0.75	%		n/a			n/a
Equity Focus Fund		0.25			0.75			n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Growth and Income Fund		0.25			0.75			0.50			n/a
Hedged Equity Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			n/a
U.S. Equity Fund		0.25			0.75			0.50			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Disciplined Equity Fund	$	10	$	—
Dynamic Growth Fund		25		—	(a)
Equity Focus Fund		4		—
Equity Income Fund		780		5
Growth and Income Fund		30		—	(a)
Hedged Equity Fund		32		—	(a)
Large Cap Growth Fund		166		5
Large Cap Value Fund		37		—	(a)
U.S. Equity Fund		146		3

(a) Amount rounds to less than 500.

98 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5*
Disciplined Equity Fund		0.25	%		n/a			0.25	%		0.10	%		n/a			n/a			n/a			n/a
Dynamic Growth Fund		0.25			0.25	%		0.25			n/a			n/a			n/a			n/a			0.10	%
Equity Focus Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10
Growth and Income Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Disciplined Equity Fund*		0.60	%		n/a			0.35	%		0.45	%		n/a			n/a			n/a			n/a			0.25	%
Dynamic Growth Fund**		1.15			1.65	%		0.90			n/a			n/a			n/a			n/a			0.70	%		n/a
Equity Focus Fund***		1.15			1.65			0.90			n/a			n/a			n/a			n/a			n/a			n/a
Equity Income Fund		1.04			1.54			0.79			n/a			1.29	%		1.04	%		0.79	%		0.59			0.54
Growth and Income Fund		1.04			1.54			0.79			n/a			1.29			n/a			n/a			0.59			0.54
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.40			0.35
Large Cap Growth Fund		1.05			1.55			0.90			n/a			1.40	****		1.15			0.90			0.70			0.65
Large Cap Value Fund		0.93			1.45			0.80			n/a			1.30	****		n/a			n/a			0.60			0.55
U.S. Equity Fund		0.94			1.44			0.76			0.61			1.26	****		1.01			0.76			0.56			0.51

* Prior to November 1, 2016, the contractual expense limitation for Disciplined Equity Fund was 0.85%, 0.60%, 0.45% and 0.35% for Class A, Class I, Class L and Class R6 Shares respectively. The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

** Prior to November 1, 2016, the contractual expense limitation for Dynamic Growth Fund was 1.19%, 1.69%, 0.94% and 0.74% for Class A, Class C, Class I and Class R5 Shares respectively. The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

*** Prior to November 1, 2016, the contractual expense limitation for Equity Focus Fund was 1.25%, 1.75% and 1.00% for Class A, Class C and Class I Shares respectively. The contractual expense limitation percentages in the table above are in place until at least October 31, 2018.

**** The contractual expense percentages in the table above are in place until at least October 31, 2018. For Class R2 Shares of Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund, the Adviser, Administrator and/or JPMDS contractually waived fees and/or reimbursed the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.30%, 1.20% and 1.19% of the Fund’s average daily net assets, respectively during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016 through December 31, 2016, the Adviser, Administrator and/or JPMDS voluntarily waived fees and/or reimbursed the Funds to the extent that total annual operating expenses for Class R2 Shares of these Funds exceeded 1.30%, 1.20% and 1.19%, respectively. The Funds’ service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2017 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2017.

For the year ended June 30, 2017, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Disciplined Equity Fund	$	2,802	$	1,867	$	1,459	$	6,128	$	184
Dynamic Growth Fund		172		114		135		421		—
Equity Focus Fund		151		83		22		256		—
Equity Income Fund		14		—		1,844		1,858		99
Growth and Income Fund		55		37		210		302		—	(a)
Hedged Equity Fund		191		127		154		472		—	(a)
Large Cap Growth Fund		17		—		8,307		8,324		38
Large Cap Value Fund		17		11		270		298		1
U.S. Equity Fund		15		—		5,944		5,959		88

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2017 were as follows (amounts in thousands):

Disciplined Equity Fund	$	174
Dynamic Growth Fund		8
Equity Focus Fund		9
Equity Income Fund		599
Growth and Income Fund		18
Hedged Equity Fund		17
Large Cap Growth Fund		215
Large Cap Value Fund		31
U.S. Equity Fund		277

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

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

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

During the year ended June 30, 2017, Disciplined Equity Fund, Dynamic Growth Fund, Hedged Equity Fund, Large Cap Growth Fund and U.S. Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds incurred brokerage commissions with broker dealers affiliated with the Adviser as follows (amounts in thousands):

Disciplined Equity Fund	$	—	(a)
Dynamic Growth Fund		—	(a)
Equity Focus Fund		—	(a)
Equity Income Fund		1
Hedged Equity Fund		—	(a)
Large Cap Growth Fund		1
Large Cap Value Fund		—	(a)
U.S. Equity Fund		1

(a) Amount rounds to less than 500.

100 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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 June 30, 2017, 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)
Disciplined Equity Fund	$	3,000,839	$	4,991,048
Dynamic Growth Fund		131,509		230,486
Equity Focus Fund		135,930		121,576
Equity Income Fund		3,539,089		1,817,890
Growth and Income Fund		143,552		162,462
Hedged Equity Fund		589,104		123,554
Large Cap Growth Fund		2,733,803		7,324,313
Large Cap Value Fund		1,393,044		1,239,301
U.S. Equity Fund		11,008,183		11,299,738

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	5,873,906	$	1,675,055	$	123,687	$	1,551,368
Dynamic Growth Fund		206,713		115,410		317		115,093
Equity Focus Fund		156,488		32,981		3,313		29,668
Equity Income Fund		11,486,323		3,749,265		298,806		3,450,459
Growth and Income Fund		362,024		188,320		10,369		177,951
Hedged Equity Fund		726,062		81,939		12,943		68,996
Large Cap Growth Fund		7,217,319		5,140,791		32,005		5,108,786
Large Cap Value Fund		924,512		139,289		18,092		121,197
U.S. Equity Fund		10,663,720		3,737,217		131,754		3,605,463

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

The tax character of distributions paid during the year ended June 30, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Return of Capital		Total Distribution Paid
Disciplined Equity Fund	$	129,537	$	—	$	6,246	$	135,783
Dynamic Growth Fund		—		4,105		—		4,105
Equity Focus Fund		848		1,213		—		2,061
Equity Income Fund		256,770		66,179		—		322,949
Growth and Income Fund		7,975		23,154		—		31,129
Hedged Equity Fund		5,217		—		—		5,217
Large Cap Growth Fund		—		1,111,903		—		1,111,903
Large Cap Value Fund		19,124		26,974		—		46,098
U.S. Equity Fund		134,307		439,676		—		573,983

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

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The tax character of distributions paid during the year ended June 30, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Disciplined Equity Fund	$	306,286	$	154,626	$	460,912
Dynamic Growth Fund		—		3,697		3,697
Equity Focus Fund		772		1,551		2,323
Equity Income Fund		209,446		81,435		290,881
Growth and Income Fund		8,227		24,955		33,182
Hedged Equity Fund		2,951		—		2,951
Large Cap Growth Fund		—		685,998		685,998
Large Cap Value Fund		32,026		66,050		98,076
U.S. Equity Fund		216,055		549,390		765,445

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

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
Disciplined Equity Fund	$	—	$	—	$	(218,314	)	$	1,551,368
Dynamic Growth Fund		309		25,990		—			115,093
Equity Focus Fund		2,756		6,552		—			29,668
Equity Income Fund		24,865		39,130		—			3,450,459
Growth and Income Fund		857		9,239		—			177,951
Hedged Equity Fund		37		—		(12,203	)		68,996
Large Cap Growth Fund		82,304		1,154,741		—			5,108,786
Large Cap Value Fund		70,286		20,469		—			121,197
U.S. Equity Fund		75,575		716,473		—			3,605,463

For the Funds, the cumulative timing differences primarily consist of post-October capital loss deferrals, wash sale loss deferrals and non-taxable dividends.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after June 30, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of June 30, 2017, the following Funds had post-enactment net capital loss carryforwards (amounts in thousands):

	Post-enactment Net Capital Loss
	Short-Term		Long-Term
Disciplined Equity Fund	$	218,314	$	—
Hedged Equity Fund		4,412		7,791

During the year ended June 30, 2017, the following Fund utilized post-enactment capital loss carryforwards as follows (amount in thousands):

Hedged Equity Fund $ 992

During the year ended June 30, 2017, the following Fund utilized pre-enactment capital loss carryforwards as follows (amount in thousands):

Large Cap Value Fund $ 1,637

Late year ordinary losses incurred after December 31 as well as net capital losses after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2017, the following Funds deferred to July 1, 2017 net capital losses and late year ordinary losses of (amounts in thousands):

	Net Capital Loss
	Short-Term		Long-Term		Late Year Ordinary Loss
Dynamic Growth Fund	$	—	$	—	$	157
Hedged Equity Fund		3,511		6,707		—

102 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017. Average borrowings from the Facility for the year ended June 30, 2017, were as follows (amounts in thousands).

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Dynamic Growth Fund	$	2,947		1.21	%		1	$	—	(a)
Large Cap Growth Fund		11,849		1.15			5		1

(a) Amount rounds to less than 500.

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

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at June 30, 2017. Average borrowings from the Credit Facility for, or at any time during the year ended June 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Equity Focus Fund	$	500		1.53	%		1	$	—	(a)

(a) Amount rounds to less than 500.

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.

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

As of June 30, 2017, J.P. Morgan Access Funds, Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate shares representing more than 10% of the net assets of the following Funds:

	J.P. Morgan Access Funds			J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Disciplined Equity Fund		n/a			n/a			62.8	%
Dynamic Growth Fund		n/a			59.1	%		n/a
Equity Focus Fund		14.9	%		n/a			n/a
Large Cap Value Fund		n/a			55.9			n/a
U.S. Equity Fund		n/a			n/a			23.8

As of June 30, 2017, the Funds had omnibus accounts which owned more than 10% of the Funds’ outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund		Number of Non-Affiliated Omnibus Accounts		% of the Fund
Dynamic Growth Fund		—		—		3		18.7	%
Equity Focus Fund		4		80.6		—		—
Growth and Income Fund		2		22.2		—		—
Hedged Equity Fund		—		—		7		56.2
Large Cap Growth Fund		—		—		3		10.2
U.S. Equity Fund		3		12.6		—		—

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

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating

the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

9. Business Combinations

On June 21, 2017, the Boards of the JPM I and JPM II approved the reorganization of the Dynamic Growth Fund, a fund of JPM I, into the Large Cap Growth Fund, a fund of JPM II. Completion of the reorganization is subject to a number of conditions, including approval by the shareholders of the Dynamic Growth Fund. This approval will be sought at a shareholder meeting expected to be held on October 10, 2017. If approved by shareholders, the reorganization is expected to occur on or about October 27, 2017.

104 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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 Disciplined Equity Fund, JPMorgan Dynamic Growth Fund, JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund and JPMorgan U.S. Equity 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 Disciplined Equity Fund, JPMorgan Dynamic Growth Fund, JPMorgan Equity Focus Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund and JPMorgan U.S. Equity Fund (each a separate series of JPMorgan Trust I) and JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (each a separate series of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, 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 indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 105

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, 2016-17, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

106 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
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).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-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).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 107

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

108 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017 and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Disciplined Equity Fund
Class A
Actual	$	1,000.00	$	1,090.00	$	3.11		0.60	%
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class I (formerly Select Class)
Actual		1,000.00		1,091.40		1.81		0.35
Hypothetical		1,000.00		1,023.06		1.76		0.35
Class L (formerly Institutional Class)
Actual		1,000.00		1,091.40		1.97		0.38
Hypothetical		1,000.00		1,022.91		1.91		0.38
Class R6
Actual		1,000.00		1,092.00		1.30		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25
Dynamic Growth Fund
Class A
Actual		1,000.00		1,211.70		6.31		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15
Class C
Actual		1,000.00		1,208.70		9.04		1.65
Hypothetical		1,000.00		1,016.61		8.25		1.65
Class I (formerly Select Class)
Actual		1,000.00		1,213.30		4.94		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R5
Actual		1,000.00		1,214.20		3.84		0.70
Hypothetical		1,000.00		1,021.32		3.51		0.70

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 109

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Focus Fund
Class A
Actual	$	1,000.00	$	1,109.00	$	5.96		1.14	%
Hypothetical		1,000.00		1,019.14		5.71		1.14
Class C
Actual		1,000.00		1,106.40		8.57		1.64
Hypothetical		1,000.00		1,016.66		8.20		1.64
Class I (formerly Select Class)
Actual		1,000.00		1,110.50		4.66		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Equity Income Fund
Class A
Actual		1,000.00		1,054.80		5.30		1.04
Hypothetical		1,000.00		1,019.64		5.21		1.04
Class C
Actual		1,000.00		1,052.20		7.84		1.54
Hypothetical		1,000.00		1,017.16		7.70		1.54
Class I (formerly Select Class)
Actual		1,000.00		1,056.40		3.98		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R2
Actual		1,000.00		1,053.90		6.57		1.29
Hypothetical		1,000.00		1,018.40		6.46		1.29
Class R3
Actual		1,000.00		1,055.20		5.25		1.03
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class R4
Actual		1,000.00		1,056.50		3.98		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R5
Actual		1,000.00		1,057.20		3.01		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R6
Actual		1,000.00		1,057.60		2.55		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Growth and Income Fund
Class A
Actual		1,000.00		1,041.50		5.21		1.03
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class C
Actual		1,000.00		1,039.00		7.74		1.53
Hypothetical		1,000.00		1,017.21		7.65		1.53
Class I (formerly Select Class)
Actual		1,000.00		1,043.00		3.95		0.78
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class R2
Actual		1,000.00		1,040.10		6.47		1.28
Hypothetical		1,000.00		1,018.45		6.41		1.28
Class R5
Actual		1,000.00		1,043.90		2.94		0.58
Hypothetical		1,000.00		1,021.92		2.91		0.58
Class R6
Actual		1,000.00		1,044.10		2.69		0.53
Hypothetical		1,000.00		1,022.17		2.66		0.53

110 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Hedged Equity Fund
Class A
Actual	$	1,000.00	$	1,059.10	$	4.29		0.84	%
Hypothetical		1,000.00		1,020.63		4.21		0.84
Class C
Actual		1,000.00		1,056.40		6.83		1.34
Hypothetical		1,000.00		1,018.15		6.71		1.34
Class I (formerly Select Class)
Actual		1,000.00		1,059.70		3.01		0.59
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class R5
Actual		1,000.00		1,061.00		2.04		0.40
Hypothetical		1,000.00		1,022.81		2.01		0.40
Class R6
Actual		1,000.00		1,060.70		1.74		0.34
Hypothetical		1,000.00		1,023.11		1.71		0.34
Large Cap Growth Fund
Class A
Actual		1,000.00		1,209.80		5.75		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05
Class C
Actual		1,000.00		1,206.60		8.48		1.55
Hypothetical		1,000.00		1,017.11		7.75		1.55
Class I (formerly Select Class)
Actual		1,000.00		1,211.20		4.88		0.89
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class R2
Actual		1,000.00		1,208.10		7.28		1.33
Hypothetical		1,000.00		1,018.20		6.66		1.33
Class R3
Actual		1,000.00		1,209.10		6.19		1.13
Hypothetical		1,000.00		1,019.19		5.66		1.13
Class R4
Actual		1,000.00		1,210.90		4.93		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class R5
Actual		1,000.00		1,212.00		3.78		0.69
Hypothetical		1,000.00		1,021.37		3.46		0.69
Class R6
Actual		1,000.00		1,212.70		3.29		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Large Cap Value Fund
Class A
Actual		1,000.00		1,060.80		4.75		0.93
Hypothetical		1,000.00		1,020.18		4.66		0.93
Class C
Actual		1,000.00		1,058.00		7.40		1.45
Hypothetical		1,000.00		1,017.60		7.25		1.45
Class I (formerly Select Class)
Actual		1,000.00		1,061.40		4.04		0.79
Hypothetical		1,000.00		1,020.88		3.96		0.79
Class R2
Actual		1,000.00		1,058.90		6.38		1.25
Hypothetical		1,000.00		1,018.60		6.26		1.25
Class R5
Actual		1,000.00		1,062.30		3.07		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R6
Actual		1,000.00		1,062.30		2.61		0.51
Hypothetical		1,000.00		1,022.27		2.56		0.51

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 111

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Fund
Class A
Actual	$	1,000.00	$	1,088.70	$	4.87		0.94	%
Hypothetical		1,000.00		1,020.13		4.71		0.94
Class C
Actual		1,000.00		1,085.00		7.44		1.44
Hypothetical		1,000.00		1,017.65		7.20		1.44
Class I (formerly Select Class)
Actual		1,000.00		1,088.90		3.88		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class L (formerly Institutional Class)
Actual		1,000.00		1,090.20		3.11		0.60
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class R2
Actual		1,000.00		1,086.60		6.31		1.22
Hypothetical		1,000.00		1,018.74		6.11		1.22
Class R3
Actual		1,000.00		1,088.10		5.18		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00
Class R4
Actual		1,000.00		1,089.10		3.88		0.75
Hypothetical		1,000.00		1,021.08		3.76		0.75
Class R5
Actual		1,000.00		1,090.50		2.90		0.56
Hypothetical		1,000.00		1,022.02		2.81		0.56
Class R6
Actual		1,000.00		1,090.70		2.59		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

112 J.P. MORGAN LARGE CAP FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
Disciplined Equity Fund		100.00	%
Equity Focus Fund		53.43
Equity Income Fund		100.00
Growth and Income Fund		100.00
Hedged Equity Fund		100.00
Large Cap Value Fund		15.90
U.S. Equity Fund		97.65

Long-Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

Long-Term Capital Gain Distribution
Dynamic Growth Fund	$	7,251
Equity Focus Fund		1,213
Equity Income Fund		66,179
Growth and Income Fund		23,154
Large Cap Growth Fund		1,379,032
Large Cap Value Fund		26,974
U.S. Equity Fund		439,676

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

Qualified Dividend Income
Disciplined Equity Fund	$	129,537
Equity Focus Fund		848
Equity Income Fund		256,770
Growth and Income Fund		7,975
Hedged Equity Fund		5,217
Large Cap Value Fund		16,890
U.S. Equity Fund		134,307

JUNE 30, 2017 J.P. MORGAN LARGE CAP FUNDS 113

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017. All rights reserved. June 2017. AN-LCE-617

Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

June 30, 2017

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Value Advantage Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Growth Advantage Fund	3
JPMorgan Mid Cap Equity Fund	5
JPMorgan Mid Cap Growth Fund	7
JPMorgan Mid Cap Value Fund	9
JPMorgan Multi-Cap Market Neutral Fund	11
JPMorgan Value Advantage Fund	14
Schedules of Portfolio Investments	16
Financial Statements	40
Financial Highlights	56
Notes to Financial Statements	68
Report of Independent Registered Public Accounting Firm	79
Trustees	80
Officers	82
Schedule of Shareholder Expenses	83
Tax Letter	86
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures S&P 500 options to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

Overall, small capitalization stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the Russell Midcap Index returned 16.48%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		24.48%
Russell 3000 Growth Index		20.72%
Net Assets as of 6/30/2017 (In Thousands)	$	7,097,910

INVESTMENT OBJECTIVE**

The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the financials sector and its overweight position and security selection in the technology sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the materials & processing sector and its underweight position and security selection in the producer durables sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Arista Networks Inc., Kite Pharma Inc. and Wayfair Inc. Shares of Arista Networks, a maker of computer networking technology, rose as the company reported four consecutive quarters of earnings growth. Shares of Kite Pharma, a maker of anti-cancer treatments, rose on positive results from drug trials. Shares of Wayfair, an online retailer of home furniture, rose after the company reported better-than-expected earnings and raised its earnings forecast.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Acuity Brands Inc. and Dollar General Corp. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones. Shares of Acuity Brands, a maker of lighting and building management systems, fell after the company reported lower-than-expected earnings. Shares of Dollar General, a discount retail chain, fell after the company reported lower-than-expected sales and a slump in earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of

stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Alphabet, Inc., Class C	6.2	%
	2.	Apple, Inc.	4.8
	3.	Amazon.com, Inc.	4.2
	4.	Facebook, Inc., Class A	3.8
	5.	UnitedHealth Group, Inc.	3.3
	6.	Waste Connections, Inc., (Canada)	2.7
	7.	Mohawk Industries, Inc.	2.3
	8.	Microsoft Corp.	2.2
	9.	Electronic Arts, Inc.	2.0
	10.	Charles Schwab Corp. (The)	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	41.0	%
Consumer Discretionary	15.5
Health Care	14.3
Industrials	13.7
Financials	7.5
Materials	1.7
Energy	1.3
Real Estate	1.0
Consumer Staples	0.6
Short-Term Investment	3.4

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge*			17.94	%		15.26	%		8.96	%
Without Sales Charge			24.48			16.52			9.55
CLASS C SHARES	May 1, 2006
With CDSC**			22.86			15.94			8.99
Without CDSC			23.86			15.94			8.99
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 1, 2006		24.75			16.74			9.77
CLASS R3 SHARES	May 31, 2017		24.47			16.52			9.58
CLASS R4 SHARES	May 31, 2017		24.76			16.80			9.84
CLASS R5 SHARES	January 8, 2009		24.93			16.98			9.95
CLASS R6 SHARES	December 23, 2013		25.07			17.07			9.99

* 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 (6/30/07/ TO 6/30/17)

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 R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.

Returns for Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares and Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index from June 30, 2007 to June 30,

2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth 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.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)(1)*		16.99%
Russell Midcap Index		16.48%
Net Assets as of 6/30/2017 (In Thousands)	$	2,808,478

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.

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

The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the financials sector and its overweight position in the technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the producer durables and materials & processing sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Kite Pharma, Arista Networks Inc. and Waste Connections Inc. Shares of Kite Pharma, a maker of anti-cancer treatments that was not held in the Benchmark, rose on positive results from drug trials. Shares of Arista Networks, a maker of computer networking technology, rose as the company reported four consecutive quarters of earnings growth. Shares of Waste Connections, a municipal waste processor not held in the Benchmark, rose after the company reported better-than-expected results.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Kroger Co. and Dollar General Corp. Shares of EQT, a natural gas producer, fell amid weakness in natural prices and after the company announced its $6.7 billion takeover offer for Rice Energy Inc. Shares of Kroger, a supermarket chain not held in the Benchmark, fell amid investor expectations that Amazon.com Inc.’s acquisition of Whole Foods Market Inc. would hurt Kroger’s sales and profit margins. Shares of Dollar General, a discount retail chain, fell in the early part of 2017 after the company reported lower-than-expected sales and a slump in earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models

deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc	2.3	%
	2.	Waste Connections, Inc., (Canada)	1.6
	3.	Amphenol Corp., Class A	1.5
	4.	Hilton Worldwide Holdings, Inc	1.3
	5.	Fortune Brands Home & Security, Inc	1.3
	6.	Humana, Inc	1.0
	7.	CBRE Group, Inc., Class A	1.0
	8.	First Republic Bank	1.0
	9.	EQT Corp	0.9
	10.	Loews Corp	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	18.6	%
Consumer Discretionary	17.6
Financials	15.5
Industrials	13.6
Health Care	9.4
Real Estate	5.7
Utilities	4.2
Energy	4.0
Consumer Staples	3.6
Materials	3.6
Short-Term Investment	4.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge*			10.46	%		13.10	%		7.25	%
Without Sales Charge			16.59			14.33			7.83
CLASS C SHARES	November 2, 2009
With CDSC**			15.01			13.76			7.42
Without CDSC			16.01			13.76			7.42
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	January 1, 1997		16.99			14.73			8.12
CLASS R2 SHARES	March 14, 2014		16.30			14.14			7.74
CLASS R5 SHARES	March 14, 2014		17.11			14.81			8.15
CLASS R6 SHARES	March 14, 2014		17.18			14.85			8.17

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

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

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from November 2, 2009 to March 13, 2014 and Class I Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Class I Shares.

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, the Lipper Multi-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from June 30, 2007 to June 30, 2017 . 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 Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds within the mid cap fund categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)(1)*		19.89%
Russell Midcap Growth Index		17.05%
Net Assets as of 6/30/2017 (In Thousands)	$	3,088,278

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.

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

The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s overweight position and security selection in the technology sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the health care and materials & process sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Kite Pharma Inc., Arista Networks Inc. and East West Bancorp Inc. Shares of Kite Pharma, a maker of anti-cancer treatments that was not held in the Benchmark, rose on positive results from drug trials. Shares of Arista Networks, a maker of computer networking technology, rose as the company reported four consecutive quarters of earnings growth. Shares of East West Bancorp, a California regional bank, rose on investor expectations for rising interest rates in the U.S.

Leading individual detractors from relative performance included the Fund’s overweight positions in Range Resources Corp., Acuity Brands Inc. and Dollar General Corp. Shares of Range Resources, a natural gas producer that was not held in the Benchmark, fell amid a decline in global gas prices in the second half of the reporting period. Shares of Acuity Brands, a maker of lighting and building management systems, fell after the company reported lower-than-expected earnings. Shares of Dollar General, a discount retail chain, fell after the company reported lower-than-expected sales and a slump in earnings.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Waste Connections, Inc., (Canada)	3.1	%
	2.	Mohawk Industries, Inc.	2.7
	3.	Amphenol Corp., Class A	1.9
	4.	Global Payments, Inc.	1.7
	5.	Gartner, Inc.	1.7
	6.	Concho Resources, Inc.	1.6
	7.	Hilton Worldwide Holdings, Inc.	1.6
	8.	Electronic Arts, Inc.	1.6
	9.	Lennox International, Inc.	1.6
	10.	Southwest Airlines Co.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.6	%
Industrials	19.7
Consumer Discretionary	18.1
Health Care	13.6
Financials	9.5
Materials	2.5
Energy	2.1
Real Estate	1.3
Consumer Staples	1.1
Short-Term Investment	4.5

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

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

*** Percentages indicated are based on total investments as of June 30 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			13.24	%		13.51	%		7.19	%
Without Sales Charge			19.52			14.74			7.77
CLASS C SHARES	November 4, 1997
With CDSC**			17.87			14.16			7.20
Without CDSC			18.87			14.16			7.20
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 2, 1989		19.89			15.10			8.10
CLASS R2 SHARES	June 19, 2009		19.30			14.55			7.60
CLASS R3 SHARES	September 9, 2016		19.51			14.74			7.77
CLASS R4 SHARES	September 9, 2016		19.83			15.03			8.05
CLASS R5 SHARES	November 1, 2011		20.06			15.26			8.19
CLASS R6 SHARES	November 1, 2011		20.11			15.31			8.22

* 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 (6/30/07 TO 6/30/17)

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 the Class R2, Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R2, Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index, the Lipper Mid-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index from June 30, 2007 to June 30, 2017. 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 Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The performance of the Lipper Mid-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Mid-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)(1)*		14.39%
Russell Midcap Value Index		15.93%
Net Assets as of 6/30/2017 (In Thousands)	$	18,403,012

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

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

The Fund’s Class L Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and underweight position in the industrials sector and its security selection and overweight position in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s underweight position in the energy sector and its overweight position in the financials sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc., Kroger Co. and EQT Corp. Shares of AutoZone, an auto parts retailer and distributor, fell after the company reported lower-than-expected earnings and sales. Shares of Kroger, a supermarket chain not held in the Benchmark, fell amid investor expectations that Amazon.com Inc.’s acquisition of Whole Foods Market Inc. would hurt Kroger’s sales and profit margins. Shares of EQT, a natural gas producer, fell amid weakness in natural gas prices and after the company announced its $6.7 billion takeover offer for Rice Energy Inc.

Leading individual contributors to relative performance included the Fund’s overweight positions in WestRock Co., Humana Inc. and Best Buy Inc. Shares of WestRock, a paper and packaging manufacturer, rose after the company reported better-than-expected earnings and sales growth. Shares of Humana, a health insurance company not held in the Benchmark, rose after it agreed to terminate its proposed merger with Aetna Inc. Shares of Best Buy, a consumer electronics retail chain, rose after the company reported better-than-expected sales growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises

possessing the ability to generate, in their view, sustainable levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	2.0	%
	2.	Loews Corp.	1.8
	3.	Energen Corp.	1.8
	4.	EQT Corp.	1.7
	5.	M&T Bank Corp.	1.7
	6.	Expedia, Inc.	1.6
	7.	Ball Corp.	1.5
	8.	Xcel Energy, Inc.	1.5
	9.	CMS Energy Corp.	1.5
	10.	Newell Brands, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.1	%
Consumer Discretionary	17.0
Real Estate	9.7
Information Technology	9.4
Utilities	8.6
Industrials	7.5
Consumer Staples	5.9
Energy	5.6
Health Care	5.2
Materials	4.7
Short-Term Investment	4.3

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On December 1, 2016, the Fund’s Institutional Class Shares were renamed Class L Shares.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			7.86	%		12.76	%		7.25	%
Without Sales Charge			13.83			13.99			7.83
CLASS C SHARES	April 30, 2001
With CDSC**			12.24			13.41			7.28
Without CDSC			13.24			13.41			7.28
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	October 31, 2001		14.12			14.27			8.10
CLASS L SHARES (FORMERLY INSTITUTIONAL SHARES)	November 13, 1997		14.39			14.55			8.37
CLASS R2 SHARES	November 3, 2008		13.53			13.69			7.59
CLASS R3 SHARES	September 9, 2016		13.85			13.99			7.83
CLASS R4 SHARES	September 9, 2016		14.09			14.26			8.10
CLASS R5 SHARES	September 9, 2016		14.34			14.54			8.36
CLASS R6 SHARES	September 9, 2016		14.41			14.55			8.37

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R2 and Class R3 Shares would have been lower than those shown because Class R2 and Class R3 Shares have higher expenses than Class A Shares.

Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.

Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index from June 30, 2007 to June 30, 2017. 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 Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Value Funds Index and the Lipper 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 Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Mid-Cap Value Funds Index and the Lipper Multi-Cap Core Funds Index are indices based on total returns of certain mutual funds within the mid cap and multi cap fund categories, respectively, as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)(1)*		0.99%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.49%
Net Assets as of 6/30/17 (In Thousands)	$	124,385

INVESTMENT OBJECTIVE**

The JPMorgan Multi-Cap Market Neutral Fund (the “Fund”) seeks long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

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

The Fund’s Class I Shares outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Benchmark”) for the twelve months ended June 30, 2017. U.S. equity securities, which were not included in the Benchmark, generally outperformed U.S. Treasury bonds during the reporting period. The Fund’s overall security selection in the industrials and materials sectors helped the Fund’s performance relative to the Benchmark, while the Fund’s overall security selection in the energy and consumer discretionary sectors detracted from relative performance.

Leading individual contributors to Fund returns included its short positions in Under Armour Inc. and Frontier Communications Corp. and its long position in Best Buy Co. Shares of Under Armour, an athletics apparel maker, fell after the company posted a quarterly loss. Shares of Frontier Communications, a provider of voice, data and video services, fell after the company reduced its quarterly dividend and reported lower-than-expected earnings. Shares of Best Buy, a consumer electronics retail chain, rose after the company reported better-than-expected sales growth.

Leading individual detractors from Fund returns included its short positions in Tesla Inc., Sprint Corp. and Wayfair Inc. Shares of Tesla, a maker of electric cars, rose on continued strong demand for its automobiles. Shares of Sprint, a telecommunications provider, rose on news reports that the company was engaged in merger negotiations. Shares of Wayfair, an online retailer of home furniture, rose after the company reported better-than-expected earnings and raised its earnings forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share. Companies that ranked lowest based on these factors were selected by the Fund’s portfolio managers for possible short sales.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	Restaurant Brands International, Inc., (Canada)	1.2	%
	2.	Amgen, Inc.	1.1
	3.	Gilead Sciences, Inc.	1.1
	4.	Landstar System, Inc.	1.1
	5.	Allergan plc	1.1
	6.	Huntsman Corp.	1.1
	7.	ManpowerGroup, Inc.	1.1
	8.	Regal Beloit Corp.	1.1
	9.	Sirius XM Holdings, Inc.	1.1
	10.	International Business Machines Corp.	1.0

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	AMERCO	1.4	%
	2.	NIKE, Inc., Class B	1.3
	3.	Sempra Energy .	1.3
	4.	Acuity Brands, Inc.	1.3
	5.	Ball Corp.	1.3
	6.	Bristol-Myers Squibb Co.	1.2
	7.	Zoetis, Inc.	1.2
	8.	People’s United Financial, Inc.	1.2
	9.	DexCom, Inc.	1.2
	10.	Envision Healthcare Corp.	1.2

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Multi-Cap Market Neutral Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	22.2	%
Industrials .	17.1
Consumer Discretionary	14.3
Health Care	12.8
Consumer Staples	5.5
Financials	5.5
Materials	4.4
Utilities	4.0
Real Estate	1.6
Energy	1.5
Telecommunication Services	0.3
Short-Term Investment	10.8

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	24.8	%
Industrials	19.6
Consumer Discretionary	16.1
Health Care	14.5
Financials	7.0
Consumer Staples	5.6
Materials	5.1
Utilities	3.8
Real Estate	1.7
Energy	1.2
Telecommunication Services	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 adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total long investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 23, 2003
With Sales Charge*			(4.59	)%		(0.51	)%		(1.20	)%
Without Sales Charge			0.71			0.57			(0.66	)
CLASS C SHARES	May 23, 2003
With CDSC**			(0.78	)		0.02			(1.31	)
Without CDSC			0.22			0.02			(1.31	)
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 23, 2003		0.99			0.82			(0.42	)

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Multi-Cap Market Neutral Fund, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Equity Market Neutral Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Alternative Equity Market Neutral Funds 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 BofA

Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. The Lipper Alternative Equity Market Neutral 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.

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

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

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

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)(1)*		18.17%
Russell 3000 Value Index		16.21%
Net Assets as of 6/30/2017 (In Thousands)	$	11,058,026

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

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

The Fund’s Class L Shares outperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s underweight position and security selection in the energy sector and its overweight position in the financials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples sector and its underweight position in the information technology sector were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s underweight positions in General Electric Co. and Berkshire Hathaway Inc. and its overweight position in Delta Air Lines Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, fell amid investor concerns about the company’s strategic direction under a new chief executive. Shares of Berkshire Hathaway, an investment management company that was not held by the Fund, fell after the company reported lower earnings. Shares of Delta Air Lines, an airline operator, rose after the company raised its annual dividend, unveiled a $5 billion stock repurchase program and forecast profit margin expansion.

Leading individual detractors from relative performance included the Fund’s overweight positions in AutoZone Inc., Loews Corp. and Kroger Co. Shares of AutoZone, an auto parts retailer and distributor, fell after the company reported lower-than-expected earnings and sales. Shares of Loews, an investment management company, fell as the company underperformed its peers and announced a $1.2 billion purchase of Consolidated Container Co. Shares of Kroger, a supermarket chain, fell amid investor expectations that Amazon.com Inc.’s acquisition of Whole Foods Market Inc. would hurt Kroger’s sales and profit margins.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’

view, significant levels of free cash flow. During the reporting period, the Fund’s largest average overweight position remained the consumer discretionary sector, where the Fund’s portfolio managers found what they believed to be compelling investment opportunities. The Fund’s largest average underweight position was in the energy sector.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Wells Fargo & Co.	3.5	%
	2.	Bank of America Corp.	2.6
	3.	Pfizer, Inc.	2.3
	4.	Capital One Financial Corp.	2.1
	5.	Exxon Mobil Corp.	1.9
	6.	Delta Air Lines, Inc.	1.9
	7.	Loews Corp.	1.8
	8.	Johnson & Johnson	1.7
	9.	American International Group, Inc.	1.5
	10.	PNC Financial Services Group, Inc. (The)	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.6	%
Consumer Discretionary	14.4
Health Care	9.8
Energy	7.4
Information Technology	6.6
Industrials	6.4
Consumer Staples	6.2
Real Estate	5.5
Utilities	5.3
Materials	3.9
Telecommunication Services	0.7
Short-Term Investment	3.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

⁽¹⁾  On December 1, 2016, the Fund’s Institutional Class Shares were renamed Class L Shares.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		February 28, 2005
With Sales Charge*				11.42	%		11.96	%		6.88	%
Without Sales Charge				17.60			13.18			7.45
CLASS C SHARES		February 28, 2005
With CDSC**				15.98			12.61			6.92
Without CDSC				16.98			12.61			6.92
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		February 28, 2005		17.89			13.45			7.72
CLASS L SHARES (FORMERLY INSTITUTIONAL SHARES)		February 28, 2005		18.17			13.74			8.00
CLASS R3 SHARES		September 9, 2016		17.55			13.17			7.45
CLASS R4 SHARES		September 9, 2016		17.90			13.46			7.72
CLASS R5 SHARES		September 9, 2016		18.10			13.73			7.99
CLASS R6 SHARES		September 9, 2016		18.15			13.74			8.00

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.

Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.

Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all divi-

dends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 15.6%
		Automobiles — 0.7%
	142	Tesla, Inc. (a)		51,276
		Distributors — 0.8%
	1,721	LKQ Corp. (a)		56,707
		Hotels, Restaurants & Leisure — 3.4%
	1,121	Hilton Grand Vacations, Inc. (a)		40,436
	1,261	Hilton Worldwide Holdings, Inc.		78,001
	1,018	Norwegian Cruise Line Holdings Ltd. (a)		55,251
	1,142	Starbucks Corp.		66,613
				240,301
		Household Durables — 2.3%
	675	Mohawk Industries, Inc. (a)		163,117
		Internet & Direct Marketing Retail — 7.6%
	312	Amazon.com, Inc. (a)		302,210
	427	Netflix, Inc. (a)		63,813
	66	Priceline Group, Inc. (The) (a)		123,454
	617	Wayfair, Inc., Class A (a)		47,466
				536,943
		Multiline Retail — 0.2%
	327	Nordstrom, Inc.		15,616
		Specialty Retail — 0.6%
	143	Ulta Beauty, Inc. (a)		41,090
		Total Consumer Discretionary		1,105,050
		Consumer Staples — 0.6%
		Beverages — 0.6%
	828	Monster Beverage Corp. (a)		41,120
		Energy — 1.3%
		Oil, Gas & Consumable Fuels — 1.3%
	415	Concho Resources, Inc. (a)		50,459
	479	EOG Resources, Inc.		43,359
		Total Energy		93,818
		Financials — 7.5%
		Banks — 2.3%
	684	Comerica, Inc.		50,089
	1,182	East West Bancorp, Inc.		69,241
	480	First Republic Bank		48,068
				167,398
		Capital Markets — 5.2%
	149	BlackRock, Inc.		62,812
	3,093	Charles Schwab Corp. (The)		132,880
	682	Lazard Ltd., Class A		31,601
	628	Nasdaq, Inc.		44,889

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	654	S&P Global, Inc.		95,521
				367,703
		Total Financials		535,101
		Health Care — 14.5%
		Biotechnology — 4.3%
	1,354	Exact Sciences Corp. (a)		47,898
	859	Gilead Sciences, Inc.		60,793
	691	Kite Pharma, Inc. (a)		71,678
	193	Sage Therapeutics, Inc. (a)		15,394
	531	Spark Therapeutics, Inc. (a)		31,734
	580	Vertex Pharmaceuticals, Inc. (a)		74,770
				302,267
		Health Care Equipment & Supplies — 0.5%
	40	Intuitive Surgical, Inc. (a)		37,041
		Health Care Providers & Services — 6.0%
	1,924	Acadia Healthcare Co., Inc. (a)		95,022
	315	Humana, Inc.		75,795
	659	Teladoc, Inc. (a)		22,857
	1,263	UnitedHealth Group, Inc.		234,186
				427,860
		Health Care Technology — 1.2%
	1,699	Evolent Health, Inc., Class A (a)		43,064
	704	Veeva Systems, Inc., Class A (a)		43,150
				86,214
		Life Sciences Tools & Services — 0.9%
	341	Illumina, Inc. (a)		59,188
		Pharmaceuticals — 1.6%
	425	Jazz Pharmaceuticals plc (a)		66,134
	990	Revance Therapeutics, Inc. (a)		26,144
	4,052	TherapeuticsMD, Inc. (a)		21,352
				113,630
		Total Health Care		1,026,200
		Industrials — 13.8%
		Airlines — 2.1%
	974	Delta Air Lines, Inc.		52,332
	1,610	Southwest Airlines Co.		100,070
				152,402
		Building Products — 2.3%
	1,113	Fortune Brands Home & Security, Inc.		72,631
	497	Lennox International, Inc.		91,251
				163,882

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — 3.2%
	1,044	Copart, Inc. (a)		33,196
	3,040	Waste Connections, Inc., (Canada)		195,840
				229,036
		Electrical Equipment — 0.9%
	305	Acuity Brands, Inc.		62,000
		Machinery — 3.7%
	373	John Bean Technologies Corp.		36,515
	292	Middleby Corp. (The) (a)		35,444
	545	Oshkosh Corp.		37,512
	627	Stanley Black & Decker, Inc.		88,238
	533	WABCO Holdings, Inc. (a)		67,912
				265,621
		Professional Services — 0.8%
	391	Equifax, Inc.		53,676
		Road & Rail — 0.8%
	565	Old Dominion Freight Line, Inc.		53,854
		Total Industrials		980,471
		Information Technology — 41.3%
		Communications Equipment — 1.3%
	384	Arista Networks, Inc. (a)		57,572
	289	Palo Alto Networks, Inc. (a)		38,671
				96,243
		Electronic Equipment, Instruments & Components — 2.4%
	1,125	Amphenol Corp., Class A		83,062
	2,811	Corning, Inc.		84,459
				167,521
		Internet Software & Services — 11.3%
	491	Alphabet, Inc., Class C (a)		446,101
	1,821	Facebook, Inc., Class A (a)		274,965
	1,948	GoDaddy, Inc., Class A (a)		82,613
				803,679
		IT Services — 7.1%
	953	Global Payments, Inc.		86,084
	993	Mastercard, Inc., Class A		120,612
	1,586	PayPal Holdings, Inc. (a)		85,110
	1,351	Vantiv, Inc., Class A (a)		85,572
	1,363	Visa, Inc., Class A		127,794
				505,172
		Semiconductors & Semiconductor Equipment — 4.7%
	1,405	Applied Materials, Inc.		58,036
	377	Broadcom Ltd.		87,907
	852	Cavium, Inc. (a)		52,941

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	302	Lam Research Corp.		42,669
	626	NVIDIA Corp.		90,451
				332,004
		Software — 9.6%
	584	Adobe Systems, Inc. (a)		82,658
	1,320	Electronic Arts, Inc. (a)		139,519
	573	Guidewire Software, Inc. (a)		39,337
	2,265	Microsoft Corp.		156,126
	951	salesforce.com, Inc. (a)		82,383
	536	ServiceNow, Inc. (a)		56,784
	1,678	Snap, Inc., Class A (a)		29,811
	993	Splunk, Inc. (a)		56,463
	549	Take-Two Interactive Software, Inc. (a)		40,252
				683,333
		Technology Hardware, Storage & Peripherals — 4.9%
	2,404	Apple, Inc.		346,188
		Total Information Technology		2,934,140
		Materials — 1.7%
		Construction Materials — 1.7%
	699	Eagle Materials, Inc.		64,555
	432	Vulcan Materials Co.		54,713
		Total Materials		119,268
		Real Estate — 1.0%
		Real Estate Management & Development — 1.0%
	1,963	CBRE Group, Inc., Class A (a)		71,461
		Total Common Stocks (Cost $4,469,007)		6,906,629
	Short-Term Investment — 3.5%
		Investment Company — 3.5%
	246,532	JPMorgan U.S. Government Money Market Fund, Institutional Class shares, 0.840% (b) (l) (Cost $246,532)		246,532
		Total Investments — 100.8% (Cost $4,715,539)		7,153,161
		Liabilities in Excess of Other Assets — (0.8)%		(55,251	)
		NET ASSETS — 100.0%	$	7,097,910

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.2%
		Consumer Discretionary — 17.8%
		Auto Components — 0.4%
	284	BorgWarner, Inc.		12,034
		Automobiles — 0.6%
	15	Tesla, Inc. (a)		5,315
	115	Thor Industries, Inc.		11,999
				17,314
		Distributors — 1.0%
	134	Genuine Parts Co.		12,393
	468	LKQ Corp. (a)		15,427
				27,820
		Diversified Consumer Services — 0.3%
	96	Bright Horizons Family Solutions, Inc. (a)		7,412
		Hotels, Restaurants & Leisure — 3.7%
	354	Aramark		14,523
	363	Hilton Grand Vacations, Inc. (a)		13,073
	581	Hilton Worldwide Holdings, Inc.		35,961
	50	Marriott International, Inc., Class A		5,015
	237	Norwegian Cruise Line Holdings Ltd. (a)		12,893
	447	Red Rock Resorts, Inc., Class A		10,515
	56	Vail Resorts, Inc.		11,358
				103,338
		Household Durables — 3.1%
	275	Mohawk Industries, Inc. (a)		66,524
	386	Newell Brands, Inc.		20,724
				87,248
		Internet & Direct Marketing Retail — 1.1%
	147	Expedia, Inc.		21,929
	131	Wayfair, Inc., Class A (a)		10,102
				32,031
		Media — 1.2%
	160	CBS Corp. (Non-Voting), Class B		10,193
	226	DISH Network Corp., Class A (a)		14,177
	134	Scripps Networks Interactive, Inc., Class A		9,174
				33,544
		Multiline Retail — 1.2%
	348	Kohl’s Corp.		13,453
	426	Nordstrom, Inc.		20,374
				33,827
		Specialty Retail — 3.5%
	20	AutoZone, Inc. (a)		11,569
	237	Bed Bath & Beyond, Inc.		7,198
	203	Best Buy Co., Inc.		11,644

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	447	Gap, Inc. (The)		9,833
	53	O’Reilly Automotive, Inc. (a)		11,659
	266	Ross Stores, Inc.		15,362
	142	Tiffany & Co.		13,359
	56	Ulta Beauty, Inc. (a)		16,062
				96,686
		Textiles, Apparel & Luxury Goods — 1.7%
	162	Coach, Inc.		7,688
	561	Gildan Activewear, Inc., (Canada)		17,229
	133	PVH Corp.		15,229
	98	Ralph Lauren Corp.		7,210
				47,356
		Total Consumer Discretionary		498,610
		Consumer Staples — 3.6%
		Beverages — 1.5%
	71	Constellation Brands, Inc., Class A		13,749
	178	Dr Pepper Snapple Group, Inc.		16,194
	54	Molson Coors Brewing Co., Class B		4,673
	152	Monster Beverage Corp. (a)		7,541
				42,157
		Food & Staples Retailing — 0.7%
	81	Casey’s General Stores, Inc.		8,719
	463	Kroger Co. (The)		10,793
				19,512
		Food Products — 0.3%
	124	TreeHouse Foods, Inc. (a)		10,132
		Household Products — 0.2%
	102	Energizer Holdings, Inc.		4,905
		Personal Products — 0.9%
	613	Coty, Inc., Class A		11,507
	176	Edgewell Personal Care Co. (a)		13,416
				24,923
		Total Consumer Staples		101,629
		Energy — 4.0%
		Oil, Gas & Consumable Fuels — 4.0%
	192	Concho Resources, Inc. (a)		23,297
	515	Energen Corp. (a)		25,404
	449	EQT Corp.		26,290
	488	PBF Energy, Inc., Class A		10,860
	294	Range Resources Corp.		6,805
	632	Williams Cos., Inc. (The)		19,135
		Total Energy		111,791

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 15.2%
		Banks — 5.6%
	420	Citizens Financial Group, Inc.		14,996
	133	Comerica, Inc.		9,756
	282	East West Bancorp, Inc.		16,531
	703	Fifth Third Bancorp		18,249
	270	First Republic Bank		27,073
	773	Huntington Bancshares, Inc.		10,446
	146	M&T Bank Corp.		23,639
	81	Signature Bank (a)		11,583
	330	SunTrust Banks, Inc.		18,700
	128	Zions Bancorp		5,624
				156,597
		Capital Markets — 5.0%
	62	Affiliated Managers Group, Inc.		10,234
	82	Ameriprise Financial, Inc.		10,425
	438	Invesco Ltd.		15,418
	233	Lazard Ltd., Class A		10,776
	199	Nasdaq, Inc.		14,198
	160	Northern Trust Corp.		15,534
	159	Raymond James Financial, Inc.		12,738
	149	S&P Global, Inc.		21,723
	207	T Rowe Price Group, Inc.		15,387
	343	TD Ameritrade Holding Corp.		14,754
				141,187
		Consumer Finance — 0.4%
	501	Ally Financial, Inc.		10,470
		Insurance — 4.2%
	13	Alleghany Corp. (a)		7,712
	51	Chubb Ltd.		7,471
	352	Hartford Financial Services Group, Inc. (The)		18,522
	543	Loews Corp.		25,421
	216	Marsh & McLennan Cos., Inc.		16,854
	191	Progressive Corp. (The)		8,400
	228	Unum Group		10,653
	90	WR Berkley Corp.		6,250
	410	XL Group Ltd., (Bermuda)		17,950
				119,233
		Total Financials		427,487
		Health Care — 9.5%
		Biotechnology — 2.1%
	191	ACADIA Pharmaceuticals, Inc. (a)		5,324
	97	BioMarin Pharmaceutical, Inc. (a)		8,809
	77	Incyte Corp. (a)		9,708
	66	Intercept Pharmaceuticals, Inc. (a)		8,003

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	134	Kite Pharma, Inc. (a)		13,943
	91	Vertex Pharmaceuticals, Inc. (a)		11,676
				57,463
		Health Care Equipment & Supplies — 1.1%
	207	DENTSPLY SIRONA, Inc.		13,424
	75	Edwards Lifesciences Corp. (a)		8,910
	9	Intuitive Surgical, Inc. (a)		8,418
				30,752
		Health Care Providers & Services — 4.6%
	388	Acadia Healthcare Co., Inc. (a)		19,140
	127	AmerisourceBergen Corp.		11,977
	139	Centene Corp. (a)		11,135
	86	Cigna Corp.		14,389
	66	Henry Schein, Inc. (a)		12,006
	122	Humana, Inc.		29,400
	40	Laboratory Corp. of America Holdings (a)		6,104
	398	Premier, Inc., Class A (a)		14,314
	98	Universal Health Services, Inc., Class B		11,936
				130,401
		Health Care Technology — 0.4%
	200	Veeva Systems, Inc., Class A (a)		12,237
		Life Sciences Tools & Services — 0.8%
	125	Illumina, Inc. (a)		21,652
		Pharmaceuticals — 0.5%
	92	Jazz Pharmaceuticals plc (a)		14,290
		Total Health Care		266,795
		Industrials — 13.8%
		Aerospace & Defense — 0.3%
	151	HEICO Corp., Class A		9,346
		Airlines — 0.8%
	350	Southwest Airlines Co.		21,768
		Building Products — 2.1%
	544	Fortune Brands Home & Security, Inc.		35,483
	123	Lennox International, Inc.		22,614
				58,097
		Commercial Services & Supplies — 2.0%
	327	Copart, Inc. (a)		10,396
	694	Waste Connections, Inc., (Canada)		44,714
				55,110
		Electrical Equipment — 1.7%
	77	Acuity Brands, Inc.		15,673
	216	AMETEK, Inc.		13,098

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — continued
	109	Hubbell, Inc.		12,293
	79	Regal Beloit Corp.		6,439
				47,503
		Industrial Conglomerates — 0.8%
	241	Carlisle Cos., Inc.		22,951
		Machinery — 4.2%
	284	Fortive Corp.		18,004
	120	IDEX Corp.		13,581
	107	Middleby Corp. (The) (a)		12,977
	164	Oshkosh Corp.		11,324
	107	Snap-on, Inc.		16,906
	138	Stanley Black & Decker, Inc.		19,421
	141	WABCO Holdings, Inc. (a)		17,992
	99	Wabtec Corp.		9,086
				119,291
		Professional Services — 0.7%
	145	Equifax, Inc.		19,940
		Road & Rail — 0.5%
	145	Old Dominion Freight Line, Inc.		13,819
		Trading Companies & Distributors — 0.7%
	161	MSC Industrial Direct Co., Inc., Class A		13,817
	42	United Rentals, Inc. (a)		4,756
				18,573
		Total Industrials		386,398
		Information Technology — 18.7%
		Communications Equipment — 1.8%
	98	Arista Networks, Inc. (a)		14,618
	371	CommScope Holding Co., Inc. (a)		14,113
	76	Harris Corp.		8,301
	103	Palo Alto Networks, Inc. (a)		13,750
				50,782
		Electronic Equipment, Instruments & Components — 4.3%
	582	Amphenol Corp., Class A		42,977
	222	Arrow Electronics, Inc. (a)		17,446
	266	CDW Corp.		16,633
	629	Corning, Inc.		18,889
	62	IPG Photonics Corp. (a)		9,067
	419	Keysight Technologies, Inc. (a)		16,321
				121,333
		Internet Software & Services — 0.8%
	434	GoDaddy, Inc., Class A (a)		18,398
	312	Match Group, Inc. (a)		5,424
				23,822

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 3.1%
	196	Gartner, Inc. (a)		24,257
	273	Global Payments, Inc.		24,657
	171	Jack Henry & Associates, Inc.		17,712
	319	Vantiv, Inc., Class A (a)		20,225
				86,851
		Semiconductors & Semiconductor Equipment — 3.5%
	821	Advanced Micro Devices, Inc. (a)		10,241
	122	Analog Devices, Inc.		9,460
	349	Applied Materials, Inc.		14,421
	39	Broadcom Ltd.		9,042
	212	Cavium, Inc. (a)		13,153
	20	KLA-Tencor Corp.		1,835
	132	Lam Research Corp.		18,711
	63	NVIDIA Corp.		9,064
	384	Teradyne, Inc.		11,526
				97,453
		Software — 5.2%
	243	Atlassian Corp. plc, (Australia), Class A (a)		8,538
	214	Electronic Arts, Inc. (a)		22,666
	170	Guidewire Software, Inc. (a)		11,708
	164	Red Hat, Inc. (a)		15,741
	176	ServiceNow, Inc. (a)		18,614
	271	Splunk, Inc. (a)		15,406
	239	Synopsys, Inc. (a)		17,445
	206	Take-Two Interactive Software, Inc. (a)		15,080
	53	Tyler Technologies, Inc. (a)		9,293
	121	Workday, Inc., Class A (a)		11,698
				146,189
		Total Information Technology		526,430
		Materials — 3.6%
		Chemicals — 0.4%
	31	Sherwin-Williams Co. (The)		10,811
		Construction Materials — 1.3%
	198	Eagle Materials, Inc.		18,281
	138	Vulcan Materials Co.		17,469
				35,750
		Containers & Packaging — 1.9%
	512	Ball Corp.		21,611
	429	Silgan Holdings, Inc.		13,636
	342	WestRock Co.		19,363
				54,610
		Total Materials		101,171

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 5.7%
		Equity Real Estate Investment Trusts (REITs) — 4.7%
	134	American Campus Communities, Inc.		6,340
	229	American Homes 4 Rent, Class A		5,168
	66	AvalonBay Communities, Inc.		12,718
	92	Boston Properties, Inc.		11,282
	481	Brixmor Property Group, Inc.		8,607
	27	Essex Property Trust, Inc.		7,039
	58	Federal Realty Investment Trust		7,317
	265	GGP, Inc.		6,243
	82	HCP, Inc.		2,607
	538	Kimco Realty Corp.		9,869
	348	Outfront Media, Inc.		8,036
	218	Park Hotels & Resorts, Inc.		5,881
	307	Rayonier, Inc.		8,847
	99	Regency Centers Corp.		6,220
	136	Vornado Realty Trust		12,805
	275	Weyerhaeuser Co.		9,228
	76	WP Carey, Inc.		5,044
				133,251
		Real Estate Management & Development — 1.0%
	754	CBRE Group, Inc., Class A (a)		27,435
		Total Real Estate		160,686
		Utilities — 4.3%
		Electric Utilities — 1.6%
	255	Edison International		19,944
	62	Westar Energy, Inc.		3,298
	462	Xcel Energy, Inc.		21,205
				44,447
		Gas Utilities — 0.5%
	243	National Fuel Gas Co.		13,569
		Multi-Utilities — 2.2%
	145	CenterPoint Energy, Inc.		3,976
	451	CMS Energy Corp.		20,878
	155	Sempra Energy		17,521
	321	WEC Energy Group, Inc.		19,728
				62,103
		Total Utilities		120,119
		Total Common Stocks (Cost $1,887,189)		2,701,116
	Master Limited Partnership — 0.4%
		Financials — 0.4%
		Capital Markets — 0.4%
	274	Oaktree Capital Group LLC (Cost $12,788)		12,768

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	119,456	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $119,456)		119,456
		Total Investments — 100.9% (Cost $2,019,433)		2,833,340
		Liabilities in Excess of Other Assets — (0.9)%		(24,862	)
		NET ASSETS — 100.0%	$	2,808,478

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.5%
		Consumer Discretionary — 18.3%
		Automobiles — 1.2%
	32	Tesla, Inc. (a)		11,625
	251	Thor Industries, Inc.		26,203
				37,828
		Distributors — 1.1%
	1,022	LKQ Corp. (a)		33,681
		Diversified Consumer Services — 0.5%
	210	Bright Horizons Family Solutions, Inc. (a)		16,191
		Hotels, Restaurants & Leisure — 5.9%
	774	Aramark		31,706
	631	Hilton Grand Vacations, Inc. (a)		22,753
	813	Hilton Worldwide Holdings, Inc.		50,300
	518	Norwegian Cruise Line Holdings Ltd. (a)		28,147
	975	Red Rock Resorts, Inc., Class A		22,961
	122	Vail Resorts, Inc.		24,786
				180,653
		Household Durables — 2.7%
	346	Mohawk Industries, Inc. (a)		83,739
		Internet & Direct Marketing Retail — 0.7%
	287	Wayfair, Inc., Class A (a)		22,052
		Media — 0.7%
	293	Scripps Networks Interactive, Inc., Class A		20,035
		Multiline Retail — 0.7%
	439	Nordstrom, Inc.		20,973
		Specialty Retail — 3.0%
	116	O’Reilly Automotive, Inc. (a)		25,476
	581	Ross Stores, Inc.		33,546
	122	Ulta Beauty, Inc. (a)		35,045
				94,067
		Textiles, Apparel & Luxury Goods — 1.8%
	355	Coach, Inc.		16,787
	1,224	Gildan Activewear, Inc., (Canada)		37,618
				54,405
		Total Consumer Discretionary		563,624
		Consumer Staples — 1.1%
		Beverages — 0.5%
	331	Monster Beverage Corp. (a)		16,468
		Food & Staples Retailing — 0.6%
	178	Casey’s General Stores, Inc.		19,033
		Total Consumer Staples		35,501

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 2.1%
		Oil, Gas & Consumable Fuels — 2.1%
	419	Concho Resources, Inc. (a)		50,863
	641	Range Resources Corp.		14,860
		Total Energy		65,723
		Financials — 8.7%
		Banks — 3.6%
	291	Comerica, Inc.		21,298
	616	East West Bancorp, Inc.		36,094
	282	First Republic Bank		28,188
	176	Signature Bank (a)		25,298
				110,878
		Capital Markets — 5.1%
	135	Affiliated Managers Group, Inc.		22,360
	508	Lazard Ltd., Class A		23,535
	434	Nasdaq, Inc.		31,005
	325	S&P Global, Inc.		47,422
	749	TD Ameritrade Holding Corp.		32,214
				156,536
		Total Financials		267,414
		Health Care — 13.7%
		Biotechnology — 4.1%
	417	ACADIA Pharmaceuticals, Inc. (a)		11,627
	212	BioMarin Pharmaceutical, Inc. (a)		19,245
	168	Incyte Corp. (a)		21,191
	144	Intercept Pharmaceuticals, Inc. (a)		17,479
	294	Kite Pharma, Inc. (a)		30,448
	198	Vertex Pharmaceuticals, Inc. (a)		25,502
				125,492
		Health Care Equipment & Supplies — 2.2%
	452	DENTSPLY SIRONA, Inc.		29,308
	165	Edwards Lifesciences Corp. (a)		19,462
	20	Intuitive Surgical, Inc. (a)		18,333
				67,103
		Health Care Providers & Services — 4.0%
	846	Acadia Healthcare Co., Inc. (a)		41,772
	304	Centene Corp. (a)		24,316
	117	Humana, Inc.		28,077
	868	Premier, Inc., Class A (a)		31,255
				125,420
		Health Care Technology — 0.9%
	436	Veeva Systems, Inc., Class A (a)		26,722

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 1.5%
	272	Illumina, Inc. (a)		47,280
		Pharmaceuticals — 1.0%
	201	Jazz Pharmaceuticals plc (a)		31,204
		Total Health Care		423,221
		Industrials — 19.9%
		Aerospace & Defense — 0.7%
	329	HEICO Corp., Class A		20,411
		Airlines — 1.6%
	765	Southwest Airlines Co.		47,537
		Building Products — 3.1%
	721	Fortune Brands Home & Security, Inc.		47,038
	269	Lennox International, Inc.		49,387
				96,425
		Commercial Services & Supplies — 3.9%
	714	Copart, Inc. (a)		22,702
	1,516	Waste Connections, Inc., (Canada)		97,640
				120,342
		Electrical Equipment — 1.1%
	168	Acuity Brands, Inc.		34,197
		Industrial Conglomerates — 0.5%
	174	Carlisle Cos., Inc.		16,593
		Machinery — 6.3%
	621	Fortive Corp.		39,308
	233	Middleby Corp. (The) (a)		28,330
	359	Oshkosh Corp.		24,735
	301	Stanley Black & Decker, Inc.		42,416
	308	WABCO Holdings, Inc. (a)		39,286
	217	Wabtec Corp.		19,846
				193,921
		Professional Services — 1.4%
	317	Equifax, Inc.		43,535
		Road & Rail — 1.0%
	317	Old Dominion Freight Line, Inc.		30,182
		Trading Companies & Distributors — 0.3%
	92	United Rentals, Inc. (a)		10,381
		Total Industrials		613,524
		Information Technology — 27.9%
		Communications Equipment — 2.6%
	213	Arista Networks, Inc. (a)		31,938
	166	Harris Corp.		18,126
	224	Palo Alto Networks, Inc. (a)		30,016
				80,080

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 3.9%
	801	Amphenol Corp., Class A		59,095
	1,373	Corning, Inc.		41,247
	136	IPG Photonics Corp. (a)		19,779
				120,121
		Internet Software & Services — 1.3%
	947	GoDaddy, Inc., Class A (a)		40,176
		IT Services — 4.9%
	429	Gartner, Inc. (a)		52,983
	596	Global Payments, Inc.		53,839
	697	Vantiv, Inc., Class A (a)		44,170
				150,992
		Semiconductors & Semiconductor Equipment — 6.1%
	1,792	Advanced Micro Devices, Inc. (a)		22,360
	762	Applied Materials, Inc.		31,486
	85	Broadcom Ltd.		19,724
	462	Cavium, Inc. (a)		28,716
	289	Lam Research Corp.		40,858
	137	NVIDIA Corp.		19,776
	838	Teradyne, Inc.		25,168
				188,088
		Software — 9.1%
	530	Atlassian Corp. plc, (Australia), Class A (a)		18,642
	468	Electronic Arts, Inc. (a)		49,499
	372	Guidewire Software, Inc. (a)		25,562
	359	Red Hat, Inc. (a)		34,374
	383	ServiceNow, Inc. (a)		40,648
	591	Splunk, Inc. (a)		33,641
	449	Take-Two Interactive Software, Inc. (a)		32,933
	115	Tyler Technologies, Inc. (a)		20,273
	263	Workday, Inc., Class A (a)		25,541
				281,113
		Total Information Technology		860,570
		Materials — 2.5%
		Construction Materials — 2.5%
	432	Eagle Materials, Inc.		39,909
	301	Vulcan Materials Co.		38,139
		Total Materials		78,048
		Real Estate — 1.3%
		Real Estate Management & Development — 1.3%
	1,107	CBRE Group, Inc., Class A (a)		40,292
		Total Common Stocks (Cost $2,233,608)		2,947,917

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Master Limited Partnership — 0.9%
		Financials — 0.9%
		Capital Markets — 0.9%
	598	Oaktree Capital Group LLC (Cost $28,393)		27,876
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	139,641	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $139,641)		139,641
		Total Investments — 100.9% (Cost $2,401,642)		3,115,434
		Liabilities in Excess of Other Assets — (0.9)%		(27,156	)
		NET ASSETS — 100.0%	$	3,088,278

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.6%
		Consumer Discretionary — 17.0%
		Auto Components — 0.9%
	3,717	BorgWarner, Inc.		157,455
		Distributors — 0.9%
	1,746	Genuine Parts Co.		161,957
		Hotels, Restaurants & Leisure — 1.5%
	962	Hilton Grand Vacations, Inc. (a)		34,683
	2,743	Hilton Worldwide Holdings, Inc.		169,668
	659	Marriott International, Inc., Class A		66,137
				270,488
		Household Durables — 3.5%
	1,528	Mohawk Industries, Inc. (a)		369,296
	5,070	Newell Brands, Inc.		271,834
				641,130
		Internet & Direct Marketing Retail — 1.5%
	1,915	Expedia, Inc.		285,283
		Media — 1.7%
	2,101	CBS Corp. (Non-Voting), Class B		133,989
	2,965	DISH Network Corp., Class A (a)		186,101
				320,090
		Multiline Retail — 1.7%
	4,568	Kohl’s Corp.		176,648
	2,944	Nordstrom, Inc.		140,800
				317,448
		Specialty Retail — 3.8%
	265	AutoZone, Inc. (a)		150,990
	3,115	Bed Bath & Beyond, Inc.		94,687
	2,668	Best Buy Co., Inc.		152,942
	5,793	Gap, Inc. (The)		127,379
	1,861	Tiffany & Co.		174,703
				700,701
		Textiles, Apparel & Luxury Goods — 1.5%
	1,746	PVH Corp.		199,934
	1,012	Ralph Lauren Corp.		74,672
				274,606
		Total Consumer Discretionary		3,129,158
		Consumer Staples — 5.9%
		Beverages — 2.5%
	932	Constellation Brands, Inc., Class A		180,549
	2,333	Dr Pepper Snapple Group, Inc.		212,520
	713	Molson Coors Brewing Co., Class B		61,599
				454,668

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.8%
	6,076	Kroger Co. (The)		141,700
		Food Products — 0.7%
	1,630	TreeHouse Foods, Inc. (a)		133,194
		Household Products — 0.4%
	1,347	Energizer Holdings, Inc.		64,673
		Personal Products — 1.5%
	5,869	Coty, Inc., Class A		110,106
	2,289	Edgewell Personal Care Co. (a)		173,981
				284,087
		Total Consumer Staples		1,078,322
		Energy — 5.6%
		Oil, Gas & Consumable Fuels — 5.6%
	6,746	Energen Corp. (a)		333,028
	5,307	EQT Corp.		310,962
	6,384	PBF Energy, Inc., Class A		142,100
	8,268	Williams Cos., Inc. (The)		250,367
		Total Energy		1,036,457
		Financials — 22.0%
		Banks — 7.5%
	5,305	Citizens Financial Group, Inc.		189,299
	9,225	Fifth Third Bancorp		239,480
	1,869	First Republic Bank		187,060
	10,157	Huntington Bancshares, Inc.		137,318
	1,905	M&T Bank Corp.		308,482
	4,326	SunTrust Banks, Inc.		245,367
	1,681	Zions Bancorp		73,815
				1,380,821
		Capital Markets — 5.0%
	1,076	Ameriprise Financial, Inc.		137,017
	5,752	Invesco Ltd.		202,401
	2,088	Northern Trust Corp.		202,961
	2,086	Raymond James Financial, Inc.		167,339
	2,722	T Rowe Price Group, Inc.		201,989
				911,707
		Consumer Finance — 0.7%
	6,515	Ally Financial, Inc.		136,161
		Insurance — 8.5%
	171	Alleghany Corp. (a)		101,490
	676	Chubb Ltd.		98,333
	4,736	Hartford Financial Services Group, Inc. (The)		248,964
	7,121	Loews Corp.		333,321
	2,837	Marsh & McLennan Cos., Inc.		221,172

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	2,506	Progressive Corp. (The)		110,509
	3,002	Unum Group		140,003
	1,190	WR Berkley Corp.		82,345
	5,377	XL Group Ltd., (Bermuda)		235,523
				1,571,660
		Mortgage Real Estate Investment Trusts (REITs) — 0.3%
	2,341	Starwood Property Trust, Inc.		52,420
		Total Financials		4,052,769
		Health Care — 5.2%
		Health Care Providers & Services — 5.2%
	1,664	AmerisourceBergen Corp.		157,322
	1,129	Cigna Corp.		188,923
	851	Henry Schein, Inc. (a)		155,791
	898	Humana, Inc.		216,036
	522	Laboratory Corp. of America Holdings (a)		80,489
	1,276	Universal Health Services, Inc., Class B		155,767
		Total Health Care		954,328
		Industrials — 7.5%
		Building Products — 1.0%
	2,806	Fortune Brands Home & Security, Inc.		183,076
		Electrical Equipment — 2.2%
	2,830	AMETEK, Inc.		171,387
	1,427	Hubbell, Inc.		161,441
	1,040	Regal Beloit Corp.		84,816
				417,644
		Industrial Conglomerates — 1.1%
	2,112	Carlisle Cos., Inc.		201,512
		Machinery — 2.2%
	1,578	IDEX Corp.		178,333
	1,404	Snap-on, Inc.		221,845
				400,178
		Trading Companies & Distributors — 1.0%
	2,110	MSC Industrial Direct Co., Inc., Class A		181,403
		Total Industrials		1,383,813
		Information Technology — 9.4%
		Communications Equipment — 1.0%
	4,872	CommScope Holding Co., Inc. (a)		185,285
		Electronic Equipment, Instruments & Components — 4.7%
	2,829	Amphenol Corp., Class A		208,809
	2,919	Arrow Electronics, Inc. (a)		228,932
	3,491	CDW Corp.		218,289
	5,502	Keysight Technologies, Inc. (a)		214,188
				870,218

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 0.4%
	4,113	Match Group, Inc. (a)		71,482
		IT Services — 1.3%
	2,231	Jack Henry & Associates, Inc.		231,745
		Semiconductors & Semiconductor Equipment — 0.8%
	1,598	Analog Devices, Inc.		124,359
	262	KLA-Tencor Corp.		24,010
				148,369
		Software — 1.2%
	3,130	Synopsys, Inc. (a)		228,251
		Total Information Technology		1,735,350
		Materials — 4.7%
		Chemicals — 0.8%
	405	Sherwin-Williams Co. (The)		142,054
		Containers & Packaging — 3.9%
	6,715	Ball Corp.		283,447
	5,634	Silgan Holdings, Inc.		179,035
	4,484	WestRock Co.		254,036
				716,518
		Total Materials		858,572
		Real Estate — 9.7%
		Equity Real Estate Investment Trusts (REITs) — 9.1%
	1,766	American Campus Communities, Inc.		83,520
	3,020	American Homes 4 Rent, Class A		68,167
	869	AvalonBay Communities, Inc.		167,018
	1,205	Boston Properties, Inc.		148,225
	6,331	Brixmor Property Group, Inc.		113,203
	360	Essex Property Trust, Inc.		92,649
	755	Federal Realty Investment Trust		95,422
	3,492	GGP, Inc.		82,278
	1,084	HCP, Inc.		34,655
	6,056	Kimco Realty Corp.		111,127
	4,573	Outfront Media, Inc.		105,731
	2,875	Park Hotels & Resorts, Inc.		77,521
	4,044	Rayonier, Inc.		116,346
	1,308	Regency Centers Corp.		81,964
	1,791	Vornado Realty Trust		168,168
	3,622	Weyerhaeuser Co.		121,334
				1,667,328
		Real Estate Management & Development — 0.6%
	3,245	CBRE Group, Inc., Class A (a)		118,108
		Total Real Estate		1,785,436

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 8.6%
		Electric Utilities — 3.2%
	3,346	Edison International		261,591
	824	Westar Energy, Inc.		43,693
	6,062	Xcel Energy, Inc.		278,106
				583,390
		Gas Utilities — 1.0%
	3,179	National Fuel Gas Co.		177,543
		Multi-Utilities — 4.4%
	1,900	CenterPoint Energy, Inc.		52,016
	5,921	CMS Energy Corp.		273,841
	2,033	Sempra Energy		229,250
	4,205	WEC Energy Group, Inc.		258,126
				813,233
		Total Utilities		1,574,166
		Total Common Stocks (Cost $11,362,606)		17,588,371
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	795,573	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $795,573)		795,573
		Total Investments — 99.9% (Cost $12,158,179)		18,383,944
		Other Assets in Excess of Liabilities — 0.1%		19,068
		NET ASSETS — 100.0%	$	18,403,012

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.5%
	Common Stocks — 89.7%
			Consumer Discretionary — 14.3%
			Automobiles — 0.5%
	19		General Motors Co.		680
			Hotels, Restaurants & Leisure — 4.4%
	11		Darden Restaurants, Inc.		1,002
	14		Dunkin’ Brands Group, Inc.		747
	44		International Game Technology plc		796
	24		Restaurant Brands International, Inc., (Canada)		1,470
	60		Wendy’s Co. (The)		926
	5		Wyndham Worldwide Corp.		530
					5,471
			Household Durables — 2.3%
	18		DR Horton, Inc. (j)		605
	9		Lennar Corp., Class A		460
	—	(h)	NVR, Inc. (a) (j)		542
	17		Tupperware Brands Corp.		1,212
					2,819
			Media — 2.5%
	16		CBS Corp. (Non-Voting), Class B		998
	14		Sinclair Broadcast Group, Inc., Class A		474
	241		Sirius XM Holdings, Inc.		1,318
	23		TEGNA, Inc.		331
					3,121
			Multiline Retail — 0.9%
	28		Kohl’s Corp.		1,094
			Specialty Retail — 2.5%
	11		Bed Bath & Beyond, Inc.		347
	20		Best Buy Co., Inc. (j)		1,168
	119		Staples, Inc. (j)		1,196
	4		Tiffany & Co.		387
					3,098
			Textiles, Apparel & Luxury Goods — 1.2%
	12		Michael Kors Holdings Ltd. (a)		428
	10		PVH Corp.		1,122
					1,550
			Total Consumer Discretionary		17,833
			Consumer Staples — 5.6%
			Food & Staples Retailing — 1.4%
	7		Sysco Corp. (j)		374
	17		Wal-Mart Stores, Inc.		1,303
					1,677

SHARES			SECURITY DESCRIPTION	VALUE($)
			Food Products — 3.1%
	11		Conagra Brands, Inc.		386
	4		JM Smucker Co. (The)		462
	55		Pilgrim’s Pride Corp. (a) (j)		1,196
	—	(h)	Seaboard Corp.		599
	19		Tyson Foods, Inc., Class A		1,218
					3,861
			Household Products — 0.2%
	6		Energizer Holdings, Inc.		296
			Personal Products — 0.9%
	18		Nu Skin Enterprises, Inc., Class A (j)		1,111
			Total Consumer Staples		6,945
			Energy — 1.5%
			Energy Equipment & Services — 0.8%
	10		National Oilwell Varco, Inc.		342
	18		Oceaneering International, Inc.		419
	10		TechnipFMC plc, (United Kingdom) (a)		281
					1,042
			Oil, Gas & Consumable Fuels — 0.7%
	26		Devon Energy Corp.		837
			Total Energy		1,879
			Financials — 5.5%
			Banks — 2.7%
	9		BOK Financial Corp.		730
	18		Citizens Financial Group, Inc.		658
	22		Popular, Inc., (Puerto Rico)		911
	25		Synovus Financial Corp.		1,119
					3,418
			Capital Markets — 1.1%
	4		Morgan Stanley		157
	11		MSCI, Inc.		1,162
					1,319
			Consumer Finance — 0.4%
	33		Navient Corp.		548
			Diversified Financial Services — 0.3%
	11		Voya Financial, Inc.		388
			Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	59		Two Harbors Investment Corp.		580
			Thrifts & Mortgage Finance — 0.5%
	54		MGIC Investment Corp. (a)		610
			Total Financials		6,863

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Health Care — 12.8%
		Biotechnology — 3.6%
	8	Amgen, Inc. (j)		1,426
	2	Biogen, Inc. (a)		556
	20	Gilead Sciences, Inc. (j)		1,396
	9	United Therapeutics Corp. (a)		1,127
				4,505
		Health Care Equipment & Supplies — 1.3%
	4	Hill-Rom Holdings, Inc.		348
	28	Hologic, Inc. (a) (j)		1,255
				1,603
		Health Care Providers & Services — 4.9%
	8	Aetna, Inc.		1,169
	4	Centene Corp. (a)		313
	12	Express Scripts Holding Co. (a) (j)		769
	5	Humana, Inc.		1,155
	3	McKesson Corp.		424
	4	Molina Healthcare, Inc. (a)		277
	6	Quest Diagnostics, Inc.		706
	7	WellCare Health Plans, Inc. (a)		1,239
				6,052
		Pharmaceuticals — 3.0%
	6	Allergan plc		1,349
	32	Endo International plc (a)		355
	24	Horizon Pharma plc (a)		288
	21	Mallinckrodt plc (a)		924
	26	Pfizer, Inc.		871
				3,787
		Total Health Care		15,947
		Industrials — 17.2%
		Aerospace & Defense — 1.9%
	6	Boeing Co. (The) (j)		1,122
	13	Curtiss-Wright Corp.		1,230
				2,352
		Airlines — 2.6%
	6	American Airlines Group, Inc.		301
	7	Copa Holdings SA, (Panama), Class A		848
	19	Delta Air Lines, Inc.		1,005
	15	United Continental Holdings, Inc. (a)		1,099
				3,253
		Commercial Services & Supplies — 0.7%
	60	Pitney Bowes, Inc. (j)		899

SHARES		SECURITY DESCRIPTION	VALUE($)
		Construction & Engineering — 1.0%
	23	Jacobs Engineering Group, Inc.		1,255
		Electrical Equipment — 2.4%
	16	EnerSys		1,136
	16	Regal Beloit Corp.		1,327
	3	Rockwell Automation, Inc.		506
				2,969
		Machinery — 4.1%
	7	AGCO Corp.		443
	31	Allison Transmission Holdings, Inc. (j)		1,165
	5	Cummins, Inc.		864
	1	Deere & Co.		65
	18	Donaldson Co., Inc.		832
	8	Parker-Hannifin Corp.		1,243
	10	Timken Co. (The)		469
				5,081
		Professional Services — 1.1%
	12	ManpowerGroup, Inc.		1,328
		Road & Rail — 1.4%
	16	Landstar System, Inc.		1,359
	16	Swift Transportation Co. (a)		419
				1,778
		Trading Companies & Distributors — 2.0%
	11	United Rentals, Inc. (a) (j)		1,217
	21	WESCO International, Inc. (a)		1,188
				2,405
		Total Industrials		21,320
		Information Technology — 22.3%
		Communications Equipment — 0.9%
	6	CommScope Holding Co., Inc. (a)		241
	7	F5 Networks, Inc. (a)		861
				1,102
		Electronic Equipment, Instruments & Components — 0.7%
	14	Corning, Inc. (j)		409
	5	Zebra Technologies Corp., Class A (a)		510
				919
		Internet Software & Services — 1.1%
	9	eBay, Inc. (a) (j)		326
	4	j2 Global, Inc.		351
	8	VeriSign, Inc. (a) (j)		718
				1,395

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		IT Services — 5.5%
	11	CSRA, Inc.		347
	16	DXC Technology Co.		1,222
	65	First Data Corp., Class A (a)		1,177
	8	International Business Machines Corp. (j)		1,304
	4	Science Applications International Corp.		311
	42	Teradata Corp. (a)		1,229
	65	Western Union Co. (The)		1,232
				6,822
		Semiconductors & Semiconductor Equipment — 2.9%
	17	Applied Materials, Inc.		698
	9	Lam Research Corp. (j)		1,249
	35	Marvell Technology Group Ltd., (Bermuda)		580
	26	ON Semiconductor Corp. (a)		360
	23	Teradyne, Inc.		699
				3,586
		Software — 7.4%
	6	Aspen Technology, Inc. (a)		337
	11	Autodesk, Inc. (a)		1,059
	35	Cadence Design Systems, Inc. (a)		1,175
	14	Citrix Systems, Inc. (a)		1,144
	60	Nuance Communications, Inc. (a) (j)		1,038
	22	Oracle Corp.		1,123
	9	Red Hat, Inc. (a)		852
	14	Take-Two Interactive Software, Inc. (a)		1,058
	12	TiVo Corp.		232
	13	VMware, Inc., Class A (a)		1,161
				9,179
		Technology Hardware, Storage & Peripherals — 3.8%
	3	Apple, Inc.		461
	67	HP, Inc. (j)		1,171
	22	NCR Corp. (a)		903
	22	NetApp, Inc. (j)		874
	16	Seagate Technology plc		629
	7	Western Digital Corp.		598
	4	Xerox Corp.		121
				4,757
		Total Information Technology		27,760
		Materials — 4.5%
		Chemicals — 1.7%
	8	Cabot Corp. (j)		438
	52	Huntsman Corp. (j)		1,337
	4	LyondellBasell Industries NV, Class A		336
				2,111

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 1.3%
	6	Berry Global Group, Inc. (a)		342
	4	Packaging Corp. of America		465
	15	WestRock Co.		860
				1,667
		Metals & Mining — 1.5%
	15	Alcoa Corp.		493
	34	Steel Dynamics, Inc.		1,212
	4	United States Steel Corp.		90
				1,795
		Total Materials		5,573
		Real Estate — 1.6%
		Equity Real Estate Investment Trusts (REITs) — 1.6%
	29	American Homes 4 Rent, Class A		651
	17	Equity Commonwealth (a)		525
	8	GEO Group, Inc. (The)		237
	66	VEREIT, Inc.		540
		Total Real Estate		1,953
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.1%
	5	CenturyLink, Inc.		123
		Wireless Telecommunication Services — 0.2%
	32	Sprint Corp. (a) (j)		259
		Total Telecommunication Services		382
		Utilities — 4.1%
		Electric Utilities — 0.5%
	19	FirstEnergy Corp.		565
		Independent Power and Renewable Electricity Producers — 1.9%
	112	AES Corp.		1,244
	62	NRG Energy, Inc.		1,063
				2,307
		Multi-Utilities — 1.7%
	34	CenterPoint Energy, Inc.		941
	47	MDU Resources Group, Inc.		1,237
				2,178
		Total Utilities		5,050
		Total Common Stocks (Cost $93,859)		111,505

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Short-Term Investment — 10.8%
		Investment Company — 10.8%
	13,435	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $13,435)		13,435
		Total Investments — 100.5% (Cost $107,294)		124,940
		Liabilities in Excess of Other Assets — (0.5)%		(555	)
		NET ASSETS — 100.0%	$	124,385
	Short Positions — 87.9%
	Common Stocks — 87.9%
		Consumer Discretionary — 14.2%
		Automobiles — 0.9%
	3	Tesla, Inc. (a)		1,166
		Diversified Consumer Services — 1.9%
	15	Bright Horizons Family Solutions, Inc. (a)		1,148
	31	ServiceMaster Global Holdings, Inc. (a)		1,227
				2,375
		Hotels, Restaurants & Leisure — 2.4%
	3	Chipotle Mexican Grill, Inc. (a)		1,176
	19	Starbucks Corp.		1,089
	13	Texas Roadhouse, Inc.		652
				2,917
		Internet & Direct Marketing Retail — 1.0%
	5	Netflix, Inc. (a)		803
	7	TripAdvisor, Inc. (a)		271
	2	Wayfair, Inc., Class A (a)		150
				1,224
		Leisure Products — 0.6%
	8	Polaris Industries, Inc.		719
		Media — 2.3%
	42	AMC Entertainment Holdings, Inc., Class A		960
	4	Charter Communications, Inc., Class A (a)		1,191
	4	Madison Square Garden Co. (The), Class A (a)		753
				2,904
		Specialty Retail — 2.5%
	3	Advance Auto Parts, Inc.		367
	10	L Brands, Inc.		519
	18	Murphy USA, Inc. (a)		1,299
	3	TJX Cos., Inc. (The)		229
	14	Tractor Supply Co.		737
				3,151

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 2.6%
	24	NIKE, Inc., Class B		1,431
	52	Under Armour, Inc., Class A (a)		1,137
	11	VF Corp.		616
				3,184
		Total Consumer Discretionary		17,640
		Consumer Staples — 4.9%
		Beverages — 1.8%
	22	Brown-Forman Corp., Class B		1,069
	6	Constellation Brands, Inc., Class A		1,177
				2,246
		Food & Staples Retailing — 0.8%
	10	Casey’s General Stores, Inc.		1,069
		Food Products — 1.0%
	6	Kraft Heinz Co. (The)		516
	22	Snyder’s-Lance, Inc.		745
				1,261
		Personal Products — 1.3%
	60	Coty, Inc., Class A		1,127
	5	Estee Lauder Cos., Inc. (The), Class A		442
				1,569
		Total Consumer Staples		6,145
		Energy — 1.1%
		Oil, Gas & Consumable Fuels — 1.1%
	18	EQT Corp.		1,025
	51	Kosmos Energy Ltd., (Ghana) (a)		328
		Total Energy		1,353
		Financials — 6.2%
		Banks — 1.1%
	76	People’s United Financial, Inc.		1,345
		Capital Markets — 1.9%
	15	Artisan Partners Asset Management, Inc., Class A		457
	5	CME Group, Inc.		579
	21	Federated Investors, Inc., Class B		601
	20	Interactive Brokers Group, Inc., Class A		752
				2,389
		Consumer Finance — 0.3%
	14	OneMain Holdings, Inc. (a)		347
		Insurance — 1.0%
	2	Cincinnati Financial Corp.		170
	1	Markel Corp. (a)		1,049
				1,219

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Thrifts & Mortgage Finance — 1.9%
	92	New York Community Bancorp, Inc.		1,207
	75	TFS Financial Corp.		1,162
				2,369
		Total Financials		7,669
		Health Care — 12.7%
		Biotechnology — 2.9%
	12	ACADIA Pharmaceuticals, Inc. (a)		341
	3	Alnylam Pharmaceuticals, Inc. (a)		267
	4	BioMarin Pharmaceutical, Inc. (a)		329
	4	Bluebird Bio, Inc. (a)		402
	3	Intercept Pharmaceuticals, Inc. (a)		312
	12	Juno Therapeutics, Inc. (a)		355
	73	OPKO Health, Inc. (a)		482
	3	Puma Biotechnology, Inc. (a)		260
	1	Regeneron Pharmaceuticals, Inc. (a)		700
	4	Seattle Genetics, Inc. (a)		216
				3,664
		Health Care Equipment & Supplies — 1.2%
	3	DENTSPLY SIRONA, Inc.		204
	18	DexCom, Inc. (a)		1,332
				1,536
		Health Care Providers & Services — 5.4%
	26	Acadia Healthcare Co., Inc. (a)		1,273
	21	Envision Healthcare Corp. (a)		1,329
	7	Henry Schein, Inc. (a)		1,199
	15	LifePoint Health, Inc. (a)		1,006
	21	Patterson Cos., Inc.		1,002
	44	Tenet Healthcare Corp. (a)		841
				6,650
		Health Care Technology — 0.1%
	1	athenahealth, Inc. (a)		151
		Pharmaceuticals — 3.1%
	10	Akorn, Inc. (a)		325
	24	Bristol-Myers Squibb Co.		1,356
	16	Catalent, Inc. (a)		552
	6	Medicines Co. (The) (a)		226
	22	Zoetis, Inc.		1,346
				3,805
		Total Health Care		15,806

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 17.2%
		Aerospace & Defense — 1.8%
	23	Hexcel Corp.		1,193
	4	TransDigm Group, Inc.		1,022
				2,215
		Airlines — 0.4%
	11	Spirit Airlines, Inc. (a)		544
		Building Products — 1.0%
	27	Armstrong World Industries, Inc. (a)		1,234
		Commercial Services & Supplies — 1.0%
	80	Covanta Holding Corp.		1,054
	3	Rollins, Inc.		130
				1,184
		Construction & Engineering — 1.0%
	81	KBR, Inc.		1,238
		Electrical Equipment — 1.1%
	7	Acuity Brands, Inc.		1,418
		Industrial Conglomerates — 1.5%
	12	Carlisle Cos., Inc.		1,164
	25	General Electric Co.		678
				1,842
		Machinery — 4.0%
	14	Flowserve Corp.		672
	11	ITT, Inc.		436
	1	Middleby Corp. (The) (a)		88
	8	Snap-on, Inc.		1,228
	32	Trinity Industries, Inc.		901
	6	Wabtec Corp.		540
	19	Xylem, Inc.		1,059
				4,924
		Marine — 0.6%
	12	Kirby Corp. (a)		792
		Professional Services — 0.3%
	7	IHS Markit Ltd. (a)		320
		Road & Rail — 2.6%
	4	AMERCO		1,483
	12	Genesee & Wyoming, Inc., Class A (a)		790
	6	Old Dominion Freight Line, Inc.		581
	5	Ryder System, Inc.		390
				3,244

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Trading Companies & Distributors — 1.9%
	26	Fastenal Co.		1,147
	8	Watsco, Inc.		1,268
				2,415
		Total Industrials		21,370
		Information Technology — 21.8%
		Communications Equipment — 0.9%
	17	ViaSat, Inc. (a)		1,148
		Electronic Equipment, Instruments & Components — 4.4%
	17	Amphenol Corp., Class A		1,253
	2	Coherent, Inc. (a)		394
	6	Littelfuse, Inc.		974
	33	National Instruments Corp.		1,317
	8	Universal Display Corp.		819
	39	VeriFone Systems, Inc. (a)		697
				5,454
		Internet Software & Services — 2.6%
	2	CoStar Group, Inc. (a)		422
	5	Facebook, Inc., Class A (a)		728
	133	Pandora Media, Inc. (a)		1,186
	20	Twilio, Inc., Class A (a)		586
	12	Yelp, Inc. (a)		346
				3,268
		IT Services — 4.5%
	16	Broadridge Financial Solutions, Inc.		1,196
	1	Cognizant Technology Solutions Corp., Class A		83
	21	Genpact Ltd.		591
	9	Jack Henry & Associates, Inc.		919
	12	Paychex, Inc.		697
	41	Sabre Corp.		882
	12	WEX, Inc. (a)		1,246
				5,614
		Semiconductors & Semiconductor Equipment — 3.1%
	65	Advanced Micro Devices, Inc. (a)		807
	19	Cavium, Inc. (a)		1,159
	4	First Solar, Inc. (a)		168
	8	MACOM Technology Solutions Holdings, Inc. (a)		422
	13	Monolithic Power Systems, Inc.		1,241
				3,797
		Software — 6.3%
	10	Blackbaud, Inc.		890
	11	Ellie Mae, Inc. (a)		1,209

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	57	FireEye, Inc. (a)		872
	17	Guidewire Software, Inc. (a)		1,142
	14	salesforce.com, Inc. (a)		1,173
	2	ServiceNow, Inc. (a)		231
	5	Splunk, Inc. (a)		256
	4	Tableau Software, Inc., Class A (a)		236
	4	Tyler Technologies, Inc. (a)		698
	5	Ultimate Software Group, Inc. (The) (a)		1,129
				7,836
		Total Information Technology		27,117
		Materials — 4.5%
		Chemicals — 1.1%
	5	Air Products & Chemicals, Inc.		728
	24	CF Industries Holdings, Inc.		671
				1,399
		Construction Materials — 0.2%
	2	Vulcan Materials Co.		288
		Containers & Packaging — 1.2%
	33	Ball Corp.		1,407
		Metals & Mining — 2.0%
	19	Compass Minerals International, Inc.		1,219
	5	Royal Gold, Inc.		405
	11	Southern Copper Corp., (Peru)		375
	51	Tahoe Resources, Inc.		440
				2,439
		Total Materials		5,533
		Real Estate — 1.5%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
	16	Life Storage, Inc.		1,213
		Real Estate Management & Development — 0.5%
	5	Jones Lang LaSalle, Inc.		672
		Total Real Estate		1,885
		Telecommunication Services — 0.5%
		Wireless Telecommunication Services — 0.5%
	24	Telephone & Data Systems, Inc.		674
		Utilities — 3.3%
		Electric Utilities — 0.6%
	28	Great Plains Energy, Inc.		812
		Gas Utilities — 0.5%
	8	Atmos Energy Corp.		626

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

JPMorgan Multi-Cap Market Neutral Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
	Common Stocks — continued
		Multi-Utilities — 2.2%
	16	Dominion Energy, Inc.		1,262
	13	Sempra Energy		1,424
				2,686
		Total Utilities		4,124
		Total Securities Sold Short (Proceeds $106,878)	$	109,316

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(7	)	E-mini S&P 500 Index		09/15/17		USD	$	(847	)	$	5
	(9	)	E-mini S&P MidCap 400 Index		09/15/17		USD		(1,572	)		8
											$	13

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.8%
		Consumer Discretionary — 14.4%
		Distributors — 0.7%
	862	Genuine Parts Co.		79,963
		Hotels, Restaurants & Leisure — 1.8%
	1,425	Brinker International, Inc.		54,299
	1,145	Hilton Worldwide Holdings, Inc.		70,800
	3,964	La Quinta Holdings, Inc. (a)		58,549
	719	Red Rock Resorts, Inc., Class A		16,940
				200,588
		Household Durables — 0.5%
	956	Newell Brands, Inc.		51,251
		Internet & Direct Marketing Retail — 0.9%
	668	Expedia, Inc.		99,571
		Media — 5.0%
	1,551	CBS Corp. (Non-Voting), Class B		98,893
	266	Charter Communications, Inc., Class A (a)		89,463
	3,612	Clear Channel Outdoor Holdings, Inc., Class A		17,519
	2,416	DISH Network Corp., Class A (a)		151,616
	2,996	Entercom Communications Corp., Class A		31,009
	1,078	Nexstar Media Group, Inc., Class A		64,494
	1,228	Sinclair Broadcast Group, Inc., Class A		40,411
	598	Time Warner, Inc.		60,055
				553,460
		Multiline Retail — 0.8%
	2,219	Kohl’s Corp.		85,825
		Specialty Retail — 3.8%
	153	AutoZone, Inc. (a)		87,201
	1,459	Bed Bath & Beyond, Inc.		44,362
	981	Best Buy Co., Inc.		56,268
	1,744	Gap, Inc. (The)		38,341
	503	Home Depot, Inc. (The)		77,117
	692	Murphy USA, Inc. (a)		51,256
	724	Tiffany & Co.		67,980
				422,525
		Textiles, Apparel & Luxury Goods — 0.9%
	1,129	Columbia Sportswear Co.		65,574
	1,404	Hanesbrands, Inc.		32,523
				98,097
		Total Consumer Discretionary		1,591,280
		Consumer Staples — 6.2%
		Beverages — 1.4%
	787	Dr Pepper Snapple Group, Inc.		71,692
	893	Molson Coors Brewing Co., Class B		77,142
				148,834

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.8%
	1,044	CVS Health Corp.		84,022
	2,507	Kroger Co. (The)		58,460
	730	Walgreens Boots Alliance, Inc.		57,182
				199,664
		Food Products — 1.3%
	946	Post Holdings, Inc. (a)		73,433
	913	TreeHouse Foods, Inc. (a)		74,559
				147,992
		Household Products — 1.2%
	455	Energizer Holdings, Inc.		21,867
	1,262	Procter & Gamble Co. (The)		109,960
				131,827
		Personal Products — 0.5%
	2,976	Coty, Inc., Class A		55,824
		Total Consumer Staples		684,141
		Energy — 7.4%
		Oil, Gas & Consumable Fuels — 7.4%
	1,716	Apache Corp.		82,224
	1,833	ConocoPhillips		80,586
	1,451	EQT Corp.		84,990
	2,559	Exxon Mobil Corp.		206,549
	4,452	Kinder Morgan, Inc.		85,296
	1,689	Marathon Petroleum Corp.		88,386
	710	Occidental Petroleum Corp.		42,484
	2,433	PBF Energy, Inc., Class A		54,169
	1,122	Phillips 66		92,760
		Total Energy		817,444
		Financials — 30.6%
		Banks — 14.8%
	11,852	Bank of America Corp.		287,534
	2,144	Citigroup, Inc.		143,413
	3,331	Citizens Financial Group, Inc.		118,865
	2,658	Fifth Third Bancorp		68,990
	709	First Republic Bank		70,957
	923	M&T Bank Corp.		149,418
	1,332	PNC Financial Services Group, Inc. (The)		166,287
	2,255	SunTrust Banks, Inc.		127,879
	2,235	US Bancorp		116,036
	6,994	Wells Fargo & Co.		387,544
				1,636,923
		Capital Markets — 3.8%
	1,891	Charles Schwab Corp. (The)		81,250
	1,661	Invesco Ltd.		58,449

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — continued
	1,690	Morgan Stanley		75,286
	784	Northern Trust Corp.		76,218
	1,821	T Rowe Price Group, Inc.		135,102
				426,305
		Consumer Finance — 2.8%
	3,654	Ally Financial, Inc.		76,375
	2,831	Capital One Financial Corp.		233,897
				310,272
		Insurance — 9.2%
	44	Alleghany Corp. (a)		26,288
	1,450	Allied World Assurance Co. Holdings AG		76,687
	2,665	American International Group, Inc.		166,589
	862	Athene Holding Ltd., Class A (a)		42,752
	690	Chubb Ltd.		100,319
	2,002	CNO Financial Group, Inc.		41,810
	2,134	Hartford Financial Services Group, Inc. (The)		112,173
	4,215	Loews Corp.		197,300
	407	Marsh & McLennan Cos., Inc.		31,733
	476	Prudential Financial, Inc.		51,512
	855	Travelers Cos., Inc. (The)		108,167
	1,328	Unum Group		61,910
				1,017,240
		Total Financials		3,390,740
		Health Care — 9.8%
		Health Care Providers & Services — 3.4%
	900	Aetna, Inc.		136,597
	273	Cigna Corp.		45,633
	1,001	HCA Healthcare, Inc. (a)		87,247
	564	UnitedHealth Group, Inc.		104,584
				374,061
		Life Sciences Tools & Services — 0.3%
	864	VWR Corp. (a)		28,524
		Pharmaceuticals — 6.1%
	307	Allergan plc		74,527
	1,407	Johnson & Johnson		186,188
	2,523	Merck & Co., Inc.		161,721
	7,614	Pfizer, Inc.		255,761
				678,197
		Total Health Care		1,080,782
		Industrials — 6.4%
		Aerospace & Defense — 1.2%
	1,079	United Technologies Corp.		131,765

SHARES		SECURITY DESCRIPTION	VALUE($)
		Airlines — 1.8%
	3,832	Delta Air Lines, Inc.		205,915
		Industrial Conglomerates — 2.0%
	1,011	Carlisle Cos., Inc.		96,403
	918	Honeywell International, Inc.		122,403
				218,806
		Machinery — 1.4%
	1,015	Dover Corp.		81,416
	492	Illinois Tool Works, Inc.		70,461
				151,877
		Total Industrials		708,363
		Information Technology — 6.6%
		Communications Equipment — 1.4%
	3,730	Cisco Systems, Inc.		116,749
	1,070	CommScope Holding Co., Inc. (a)		40,688
				157,437
		Electronic Equipment, Instruments & Components — 0.7%
	958	Arrow Electronics, Inc. (a)		75,143
		IT Services — 0.6%
	1,342	PayPal Holdings, Inc. (a)		72,041
		Semiconductors & Semiconductor Equipment — 2.0%
	412	KLA-Tencor Corp.		37,664
	1,158	QUALCOMM, Inc.		63,930
	1,527	Texas Instruments, Inc.		117,454
				219,048
		Software — 1.3%
	2,013	Microsoft Corp.		138,772
		Technology Hardware, Storage & Peripherals — 0.6%
	3,944	Hewlett Packard Enterprise Co.		65,434
		Total Information Technology		727,875
		Materials — 3.9%
		Chemicals — 0.2%
	685	AdvanSix, Inc. (a)		21,399
		Construction Materials — 0.8%
	389	Martin Marietta Materials, Inc.		86,601
		Containers & Packaging — 2.6%
	3,131	Ball Corp.		132,171
	4,151	Graphic Packaging Holding Co.		57,195
	1,749	WestRock Co.		99,125
				288,491
		Paper & Forest Products — 0.3%
	1,681	KapStone Paper and Packaging Corp.		34,669
		Total Materials		431,160

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate — 5.5%
		Equity Real Estate Investment Trusts (REITs) — 4.9%
	3,160	American Homes 4 Rent, Class A		71,332
	3,703	Brixmor Property Group, Inc.		66,205
	671	EastGroup Properties, Inc.		56,196
	3,687	Kimco Realty Corp.		67,663
	621	Mid-America Apartment Communities, Inc.		65,488
	2,674	Outfront Media, Inc.		61,831
	801	Park Hotels & Resorts, Inc.		21,602
	2,989	Rayonier, Inc.		85,995
	1,291	Weyerhaeuser Co.		43,245
				539,557
		Real Estate Management & Development — 0.6%
	1,879	CBRE Group, Inc., Class A (a)		68,402
		Total Real Estate		607,959
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.7%
	1,752	Verizon Communications, Inc.		78,266
		Utilities — 5.3%
		Electric Utilities — 4.7%
	1,546	American Electric Power Co., Inc.		107,423
	646	Duke Energy Corp.		53,981
	994	Edison International		77,706
	987	Eversource Energy		59,909
	817	NextEra Energy, Inc.		114,443
	2,322	Xcel Energy, Inc.		106,526
				519,988
		Multi-Utilities — 0.6%
	559	Sempra Energy		63,043
		Total Utilities		583,031
		Total Common Stocks (Cost $8,220,084)		10,701,041
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	2,982	Media General, Inc., CVR (a) (Cost $—)		—	(h)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	353,110	JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.840% (b) (l) (Cost $353,110)		353,110
		Total Investments — 100.0% (Cost $8,573,194)		11,054,151
		Other Assets in Excess of Liabilities — 0.0% (g)		3,875
		NET ASSETS — 100.0%	$	11,058,026

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

J.P. Morgan Mid Cap/Multi-Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

CVR	—  Contingent Value Rights
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(j)	—  All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is approximately $20,404,000 and $109,968,000, respectively.
(l)	—  The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	Growth Advantage Fund		Mid Cap Equity Fund			Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	6,906,629	$	2,713,884		$	2,975,793
Investments in affiliates, at value		246,532		119,456			139,641
Total investment securities, at value		7,153,161		2,833,340			3,115,434
Cash		—		—	(a)		—
Receivables:
Due from custodian		—		1,950			—
Investment securities sold		12,605		3,122			5,147
Fund shares sold		10,263		2,772			5,946
Dividends from non-affiliates		807		2,295			809
Dividends from affiliates		169		78			72
Total Assets		7,177,005		2,843,557			3,127,408
LIABILITIES:
Payables:
Investment securities purchased		8,523		15,465			26,018
Fund shares redeemed		64,462		17,337			10,301
Accrued liabilities:
Investment advisory fees		3,799		1,484			1,606
Administration fees		478		186			189
Distribution fees		700		97			261
Service fees		720		177			385
Custodian and accounting fees		14		7			8
Trustees’ and Chief Compliance Officer’s fees		16		—			—	(a)
Other		383		326			362
Total Liabilities		79,095		35,079			39,130
Net Assets	$	7,097,910	$	2,808,478		$	3,088,278

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	4,631,805		$	1,927,673		$	2,293,950
Accumulated undistributed (distributions in excess of) net investment income		(9,977	)		2,627			(5,294	)
Accumulated net realized gains (losses)		38,460			64,271			85,830
Net unrealized appreciation (depreciation)		2,437,622			813,907			713,792
Total Net Assets	$	7,097,910		$	2,808,478		$	3,088,278
Net Assets:
Class A	$	1,550,092		$	378,055		$	915,226
Class C		605,999			30,596			90,640
Class I (formerly Select Class)		1,691,899			778,378			1,050,151
Class R2		—			600			35,242
Class R3		20			—			152
Class R4		20			—			129
Class R5		95,952			1,804			247,068
Class R6		3,153,928			1,619,045			749,670
Total	$	7,097,910		$	2,808,478		$	3,088,278
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		86,344			7,791			32,697
Class C		37,898			650			4,004
Class I (formerly Select Class)		91,931			15,844			33,038
Class R2		—			12			1,163
Class R3		1			—			5
Class R4		1			—			4
Class R5		5,134			37			7,700
Class R6		168,084			32,922			23,283
Net Asset Value (a):
Class A — Redemption price per share	$	17.95		$	48.53		$	27.99
Class C — Offering price per share (b)		15.99			47.05			22.64
Class I (formerly Select Class) — Offering and redemption price per share		18.40			49.13			31.79
Class R2 — Offering and redemption price per share		—			48.21			30.31
Class R3 — Offering and redemption price per share		17.96			—			31.71
Class R4 — Offering and redemption price per share		18.40			—			31.77
Class R5 — Offering and redemption price per share		18.69			49.17			32.09
Class R6 — Offering and redemption price per share		18.76			49.18			32.20
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)]	$	18.94		$	51.22		$	29.54
Cost of investments in non-affiliates	$	4,469,007		$	1,899,977		$	2,262,001
Cost of investments in affiliates		246,532			119,456			139,641

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Mid Cap Value Fund		Multi-Cap Market Neutral Fund			Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	17,588,371	$	111,505		$	10,701,041
Investments in affiliates, at value		795,573		13,435			353,110
Total investment securities, at value		18,383,944		124,940			11,054,151
Restricted cash		—		17			—
Cash		—		69			—
Deposits at broker for futures contracts		—		185			—
Deposits at broker for securities sold short		—		109,951			—
Receivables:
Investment securities sold		20,062		515			—
Fund shares sold		75,610		4			18,539
Dividends from non-affiliates		25,267		194			8,599
Dividends from affiliates		413		8			258
Total Assets		18,505,296		235,883			11,081,547
LIABILITIES:
Payables:
Securities sold short, at value		—		109,316			—
Dividend expense to non-affiliates on securities sold short		—		67			—
Investment securities purchased		19,144		943			4,860
Fund shares redeemed		68,819		1,047			9,855
Variation margin on futures contracts		—		1			—
Accrued liabilities:
Investment advisory fees		9,597		54			5,555
Administration fees		1,200		—			668
Distribution fees		762		3			761
Service fees		1,108		24			696
Custodian and accounting fees		42		3			29
Trustees’ and Chief Compliance Officer’s fees		93		—	(a)		48
Other		1,519		40			1,049
Total Liabilities		102,284		111,498			23,521
Net Assets	$	18,403,012	$	124,385		$	11,058,026

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	11,863,507		$	116,891		$	8,484,737
Accumulated undistributed (distributions in excess of) net investment income		72,501			(202	)		57,021
Accumulated net realized gains (losses)		241,239			(7,525	)		35,311
Net unrealized appreciation (depreciation)		6,225,765			15,221			2,480,957
Total Net Assets	$	18,403,012		$	124,385		$	11,058,026
Net Assets:
Class A	$	2,149,689		$	5,295		$	1,432,370
Class C		452,351			3,286			746,521
Class I (formerly Select Class)		2,902,646			115,804			2,165,577
Class L (formerly Institutional Class)		12,478,637			—			3,643,327
Class R2		85,287			—			—
Class R3		19,262			—			385
Class R4		3,537			—			34
Class R5		30,334			—			422
Class R6		281,269			—			3,069,390
Total	$	18,403,012		$	124,385		$	11,058,026
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		56,864			531			42,888
Class C		12,446			353			22,487
Class I (formerly Select Class)		75,916			11,321			64,416
Class L (formerly Institutional Class)		322,404			—			108,326
Class R2		2,347			—			—
Class R3		511			—			12
Class R4		93			—			1
Class R5		784			—			12
Class R6		7,270			—			91,334
Net Asset Value (a):
Class A — Redemption price per share	$	37.80		$	9.97		$	33.40
Class C — Offering price per share (b)		36.35			9.31			33.20
Class I (formerly Select Class) — Offering and redemption price per share		38.24			10.23			33.62
Class L (formerly Institutional Class) — Offering and redemption price per share		38.70			—			33.63
Class R2 — Offering and redemption price per share		36.33			—			—
Class R3 — Offering and redemption price per share		37.67			—			33.24
Class R4 — Offering and redemption price per share		38.16			—			33.55
Class R5 — Offering and redemption price per share		38.67			—			33.59
Class R6 — Offering and redemption price per share		38.69			—			33.61
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)]	$	39.89		$	10.52		$	35.25
Cost of investments in non-affiliates	$	11,362,606		$	93,859		$	8,220,084
Cost of investments in affiliates		795,573			13,435			353,110
Proceeds from securities sold short		—			106,878			—

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	Growth Advantage Fund			Mid Cap Equity Fund			Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	11		$	4		$	3
Dividend income from non-affiliates		42,896			30,604			19,191
Dividend income from affiliates		774			435			351
Total investment income		43,681			31,043			19,545
EXPENSES:
Investment advisory fees		41,539			16,901			18,725
Administration fees		5,226			2,127			2,356
Distribution fees:
Class A		3,978			886			2,296
Class C		4,427			236			697
Class R2		—			3			152
Class R3 (a)(b)		—	(c)		—			—	(c)
Service fees:
Class A		3,978			886			2,296
Class C		1,476			79			233
Class I (formerly Select Class)		3,014			1,743			2,363
Class R2		—			1			76
Class R3 (a)(b)		—	(c)		—			—	(c)
Class R4 (a)(b)		—	(c)		—			—	(c)
Class R5		55			2			144
Custodian and accounting fees		173			74			93
Interest expense to affiliates		—	(c)		—			—
Professional fees		100			71			77
Trustees’ and Chief Compliance Officer’s fees		48			33			31
Printing and mailing costs		368			235			228
Registration and filing fees		213			109			137
Transfer agency fees (See Note 2.E.)		213			43			430
Sub-transfer agency fees (See Note 2.E.)		2,009			949			1,712
Other		164			51			60
Total expenses		66,981			24,429			32,106
Less fees waived		(2,436	)		(1,939	)		(3,158	)
Less expense reimbursements		(7	)		(23	)		(114	)
Net expenses		64,538			22,467			28,834
Net investment income (loss)		(20,857	)		8,576			(9,289	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		258,483			120,548			128,903
Change in net unrealized appreciation/depreciation on investments in non-affiliates		1,188,472			282,160			403,806
Net realized/unrealized gains (losses)		1,446,955			402,708			532,709
Change in net assets resulting from operations	$	1,426,098		$	411,284		$	523,420

(a) Commencement of offering of class of shares effective May 31, 2017 for Growth Advantage Fund.

(b) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth Fund.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Mid Cap Value Fund			Multi-Cap Market Neutral Fund			Value Advantage Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	—
Interest income from affiliates		—	(a)		—	(a)		23
Dividend income from non-affiliates		287,975			2,230			216,570
Dividend income from affiliates		3,332			65			1,251
Interest income from non-affiliates on securities sold short		—			245			—
Foreign taxes withheld		63			—			71
Total investment income		291,370			2,540			217,915
EXPENSES:
Investment advisory fees		111,486			1,285			67,827
Administration fees		14,027			131			8,535
Distribution fees:
Class A		5,588			14			4,408
Class C		3,957			38			5,668
Class R2		338			—			—
Class R3 (b)		4			—			—	(a)
Service fees:
Class A		5,588			14			4,408
Class C		1,319			13			1,890
Class I (formerly Select Class)		6,710			375			3,688
Class L (formerly Institutional Class)		11,555			—			4,438
Class R2		169			—			—
Class R3 (b)		4			—			—	(a)
Class R4 (b)		1			—			—	(a)
Class R5 (b)		2			—			—	(a)
Custodian and accounting fees		470			34			285
Interest expense to affiliates		—	(a)		5			—
Professional fees		420			53			274
Interest expense to non-affiliates		—			—	(a)		—
Trustees’ and Chief Compliance Officer’s fees		129			26			81
Printing and mailing costs		1,203			13			987
Registration and filing fees		589			41			368
Transfer agency fees (See Note 2.E.)		994			4			245
Sub-transfer agency fees (See Note 2.E.)		11,135			16			3,780
Other		398			7			172
Dividend expense to non-affiliates on securities sold short		—			1,846			—
Total expenses		176,086			3,915			107,054
Less fees waived		(19,838	)		(448	)		(8,721	)
Less expense reimbursements		(5,540	)		—			(588	)
Net expenses		150,708			3,467			97,745
Net investment income (loss)		140,662			(927	)		120,170
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		458,502			24,173			526,307
Futures		—			(234	)		—
Securities sold short		—			(20,442	)		—
Net realized gain (loss)		458,502			3,497			526,307
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,674,398			3,712			1,078,370
Futures		—			43			—
Securities sold short		—			(3,896	)		—
Change in net unrealized appreciation/depreciation		1,674,398			(141	)		1,078,370
Net realized/unrealized gains (losses)		2,132,900			3,356			1,604,677
Change in net assets resulting from operations	$	2,273,562		$	2,429		$	1,724,847

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund and Value Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(20,857	)	$	(20,440	)	$	8,576		$	8,836
Net realized gain (loss)		258,483			(145,387	)		120,548			58,144
Change in net unrealized appreciation/depreciation		1,188,472			(181,585	)		282,160			(300,510	)
Change in net assets resulting from operations		1,426,098			(347,412	)		411,284			(233,530	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(356	)		(182	)
From net realized gains		—			(57,173	)		(10,459	)		(12,309	)
Class C
From net realized gains		—			(20,218	)		(964	)		(1,246	)
Class I (formerly Select Class)
From net investment income		—			—			(2,165	)		(2,603	)
From net realized gains		—			(48,267	)		(20,374	)		(75,744	)
Class R2
From net investment income		—			—			—	(a)		—	(a)
From net realized gains		—			—			(19	)		(39	)
Class R5
From net investment income		—			—			(11	)		(7	)
From net realized gains		—			(2,457	)		(84	)		(147	)
Class R6
From net investment income		—			—			(6,472	)		(3,761	)
From net realized gains		—			(86,200	)		(46,392	)		(61,528	)
Total distributions to shareholders		—			(214,315	)		(87,296	)		(157,566	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(291,788	)		1,337,047			120,141			(547,848	)
NET ASSETS:
Change in net assets		1,134,310			775,320			444,129			(938,944	)
Beginning of period		5,963,600			5,188,280			2,364,349			3,303,293
End of period	$	7,097,910		$	5,963,600		$	2,808,478		$	2,364,349
Accumulated undistributed (distributions in excess of) net investment income	$	(9,977	)	$	(8,414	)	$	2,627		$	3,375

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(9,289	)	$	(11,080	)	$	140,662		$	133,064
Net realized gain (loss)		128,903			181,344			458,502			921,071
Change in net unrealized appreciation/depreciation		403,806			(478,421	)		1,674,398			(753,064	)
Change in net assets resulting from operations		523,420			(308,157	)		2,273,562			301,071
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(9,018	)		(9,590	)
From net realized gains		(449	)		(56,339	)		(135,546	)		(130,210	)
Class C
From net realized gains		(55	)		(6,714	)		(33,147	)		(31,402	)
Class I (formerly Select Class)
From net investment income		—			—			(17,549	)		(14,584	)
From net realized gains		(390	)		(50,435	)		(155,821	)		(117,229	)
Class L (formerly Institutional Class)
From net investment income		—			—			(100,129	)		(89,774	)
From net realized gains		—			—			(669,173	)		(526,794	)
Class R2
From net investment income		—			—			(133	)		(113	)
From net realized gains		(11	)		(1,533	)		(4,114	)		(3,769	)
Class R3 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—	(b)		—			(1	)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—	(b)		—			(1	)		—
Class R5 (c)
From net investment income		—			—			—	(b)		—
From net realized gains		(96	)		(8,974	)		(1	)		—
Class R6 (c)
From net investment income		—			—			(437	)		—
From net realized gains		(275	)		(23,518	)		(2,480	)		—
Total distributions to shareholders		(1,276	)		(147,513	)		(1,127,550	)		(923,465	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(285,349	)		244,627			1,692,858			227,463
NET ASSETS:
Change in net assets		236,795			(211,043	)		2,838,870			(394,931	)
Beginning of period		2,851,483			3,062,526			15,564,142			15,959,073
End of period	$	3,088,278		$	2,851,483		$	18,403,012		$	15,564,142
Accumulated undistributed (distributions in excess of) net investment income	$	(5,294	)	$	(4,220	)	$	72,501		$	59,105

(a) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(927	)	$	(1,875	)	$	120,170		$	137,198
Net realized gain (loss)		3,497			30,953			526,307			(206,123	)
Change in net unrealized appreciation/depreciation		(141	)		(24,115	)		1,078,370			(248,822	)
Change in net assets resulting from operations		2,429			4,963			1,724,847			(317,747	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—			—			(17,004	)		(13,377	)
From net realized gains		—			—			—			(22,474	)
Class C
From net investment income		—			—			(4,071	)		(1,450	)
From net realized gains		—			—			—			(7,412	)
Class I (formerly Select Class)
From net investment income		—			—			(17,338	)		(9,572	)
From net realized gains		—			—			—			(14,779	)
Class L (formerly Institutional Class)
From net investment income		—			—			(51,645	)		(77,515	)
From net realized gains		—			—			—			(69,917	)
Class R3 (a)
From net investment income		—			—			—	(b)		—
Class R4 (a)
From net investment income		—			—			—	(b)		—
Class R5 (a)
From net investment income		—			—			—	(b)		—
Class R6 (a)
From net investment income		—			—			(44,017	)		—
Total distributions to shareholders		—			—			(134,075	)		(216,496	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(66,147	)		(107,540	)		(623,697	)		(669,313	)
NET ASSETS:
Change in net assets		(63,718	)		(102,577	)		967,075			(1,203,556	)
Beginning of period		188,103			290,680			10,090,951			11,294,507
End of period	$	124,385		$	188,103		$	11,058,026		$	10,090,951
Accumulated undistributed (distributions in excess of) net investment income	$	(202	)	$	(583	)	$	57,021		$	73,682

(a) Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Growth Advantage Fund						Mid Cap Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	381,174		$	1,090,924		$	121,592		$	174,026
Distributions reinvested		—			56,255			10,791			12,454
Cost of shares redeemed		(822,569	)		(535,940	)		(133,304	)		(64,301	)
Change in net assets resulting from Class A capital transactions	$	(441,395	)	$	611,239		$	(921	)	$	122,179
Class C
Proceeds from shares issued	$	114,033		$	406,222		$	7,205		$	12,272
Distributions reinvested		—			18,351			964			1,246
Cost of shares redeemed		(227,966	)		(105,053	)		(13,282	)		(4,843	)
Change in net assets resulting from Class C capital transactions	$	(113,933	)	$	319,520		$	(5,113	)	$	8,675
Class I (formerly Select Class)
Proceeds from shares issued	$	917,922		$	709,570		$	289,476		$	250,507
Distributions reinvested		—			31,907			19,559			64,677
Cost of shares redeemed		(424,343	)		(865,494	)		(241,418	)		(1,207,577	)
Change in net assets resulting from Class I capital transactions	$	493,579		$	(124,017	)	$	67,617		$	(892,393	)
Class R2
Proceeds from shares issued	$	—		$	—		$	107		$	235
Distributions reinvested		—			—			13			27
Cost of shares redeemed		—			—			(284	)		(320	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(164	)	$	(58	)
Class R3 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Change in net assets resulting from Class R3 capital transactions	$	20		$	—		$	—		$	—
Class R4 (a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Change in net assets resulting from Class R4 capital transactions	$	20		$	—		$	—		$	—
Class R5
Proceeds from shares issued	$	17,853		$	41,933		$	831		$	2,174
Distributions reinvested		—			2,457			95			154
Cost of shares redeemed		(23,614	)		(15,257	)		(2,320	)		(861	)
Change in net assets resulting from Class R5 capital transactions	$	(5,761	)	$	29,133		$	(1,394	)	$	1,467
Class R6
Proceeds from shares issued	$	161,959		$	708,587		$	173,778		$	260,148
Distributions reinvested		—			83,297			52,511			65,041
Cost of shares redeemed		(386,277	)		(290,712	)		(166,173	)		(112,907	)
Change in net assets resulting from Class R6 capital transactions	$	(224,318	)	$	501,172		$	60,116		$	212,282
Total change in net assets resulting from capital transactions	$	(291,788	)	$	1,337,047		$	120,141		$	(547,848	)

(a) Commencement of offering of class of shares effective May 31, 2017 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Growth Advantage Fund						Mid Cap Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		23,931			73,064			2,680			4,101
Reinvested		—			3,824			244			299
Redeemed		(51,511	)		(37,546	)		(2,942	)		(1,522	)
Change in Class A Shares		(27,580	)		39,342			(18	)		2,878
Class C
Issued		7,911			30,118			164			297
Reinvested		—			1,389			22			30
Redeemed		(16,036	)		(8,092	)		(302	)		(116	)
Change in Class C Shares		(8,125	)		23,415			(116	)		211
Class I (formerly Select Class)
Issued		55,638			46,757			6,309			5,728
Reinvested		—			2,122			436			1,536
Redeemed		(26,275	)		(62,228	)		(5,239	)		(30,292	)
Change in Class I Shares		29,363			(13,349	)		1,506			(23,028	)
Class R2
Issued		—			—			2			6
Reinvested		—			—			—	(a)		1
Redeemed		—			—			(6	)		(8	)
Change in Class R2 Shares		—			—			(4	)		(1	)
Class R3 (b)
Issued		1			—			—			—
Change in Class R3 Shares		1			—			—			—
Class R4 (b)
Issued		1			—			—			—
Change in Class R4 Shares		1			—			—			—
Class R5
Issued		1,062			2,743			19			47
Reinvested		—			161			2			4
Redeemed		(1,434	)		(1,010	)		(49	)		(20	)
Change in Class R5 Shares		(372	)		1,894			(28	)		31
Class R6
Issued		9,786			47,326			3,807			6,062
Reinvested		—			5,459			1,169			1,544
Redeemed		(23,089	)		(19,751	)		(3,615	)		(2,766	)
Change in Class R6 Shares		(13,303	)		33,034			1,361			4,840

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective May 31, 2017 for Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	98,041		$	297,295		$	419,157		$	358,763
Distributions reinvested		434			54,215			131,659			127,887
Cost of shares redeemed		(295,300	)		(221,243	)		(852,023	)		(694,701	)
Change in net assets resulting from Class A capital transactions	$	(196,825	)	$	130,267		$	(301,207	)	$	(208,051	)
Class C
Proceeds from shares issued	$	16,838		$	56,492		$	23,292		$	28,896
Distributions reinvested		49			5,744			26,948			25,199
Cost of shares redeemed		(38,935	)		(23,954	)		(180,218	)		(73,557	)
Change in net assets resulting from Class C capital transactions	$	(22,048	)	$	38,282		$	(129,978	)	$	(19,462	)
Class I (formerly Select Class)
Proceeds from shares issued	$	310,137		$	596,426		$	963,041		$	575,208
Distributions reinvested		339			41,535			157,140			119,621
Cost of shares redeemed		(362,253	)		(484,304	)		(727,688	)		(626,053	)
Redemptions in-kind (See Note 7)		—			(602,118	)		—			—
Change in net assets resulting from Class I capital transactions	$	(51,777	)	$	(448,461	)	$	392,493		$	68,776
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	3,537,449		$	2,148,891
Distributions reinvested		—			—			668,445			515,077
Cost of shares redeemed		—			—			(2,817,548	)		(2,275,447	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	1,388,346		$	388,521
Class R2
Proceeds from shares issued	$	17,018		$	31,035		$	37,304		$	14,006
Distributions reinvested		10			1,494			3,910			3,715
Cost of shares redeemed		(19,788	)		(6,825	)		(26,653	)		(20,042	)
Change in net assets resulting from Class R2 capital transactions	$	(2,760	)	$	25,704		$	14,561		$	(2,321	)
Class R3 (a)
Proceeds from shares issued	$	154		$	—		$	19,636		$	—
Distributions reinvested		—	(b)		—			1			—
Cost of shares redeemed		(12	)		—			(706	)		—
Change in net assets resulting from Class R3 capital transactions	$	142		$	—		$	18,931		$	—
Class R4 (a)
Proceeds from shares issued	$	122		$	—		$	3,529		$	—
Distributions reinvested		—	(b)		—			1			—
Cost of shares redeemed		(2	)		—			(38	)		—
Change in net assets resulting from Class R4 capital transactions	$	120		$	—		$	3,492		$	—
Class R5 (c)
Proceeds from shares issued	$	40,930		$	120,489		$	30,405		$	—
Distributions reinvested		91			8,974			1			—
Cost of shares redeemed		(60,912	)		(42,206	)		(421	)		—
Change in net assets resulting from Class R5 capital transactions	$	(19,891	)	$	87,257		$	29,985		$	—
Class R6 (c)
Proceeds from shares issued	$	197,543		$	509,276		$	292,949		$	—
Distributions reinvested		274			23,176			2,917			—
Cost of shares redeemed		(190,127	)		(120,874	)		(19,631	)		—
Change in net assets resulting from Class R6 capital transactions	$	7,690		$	411,578		$	276,235		$	—
Total change in net assets resulting from capital transactions	$	(285,349	)	$	244,627		$	1,692,858		$	227,463

(a) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mid Cap Growth Fund						Mid Cap Value Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		3,890			11,900			11,445			10,465
Reinvested		18			2,266			3,648			3,881
Redeemed		(11,718	)		(9,178	)		(23,250	)		(20,274	)
Change in Class A Shares		(7,810	)		4,988			(8,157	)		(5,928	)
Class C
Issued		818			2,722			663			877
Reinvested		3			295			778			794
Redeemed		(1,896	)		(1,230	)		(5,080	)		(2,221	)
Change in Class C Shares		(1,075	)		1,787			(3,639	)		(550	)
Class I (formerly Select Class)
Issued		10,786			21,225			26,028			16,809
Reinvested		12			1,536			4,300			3,589
Redeemed		(12,803	)		(17,722	)		(19,566	)		(18,078	)
Redemptions in-kind (See Note 7)		—			(20,287	)		—			—
Change in Class I Shares		(2,005	)		(15,248	)		10,762			2,320
Class L (formerly Institutional Class)
Issued		—			—			94,419			61,500
Reinvested		—			—			18,060			15,274
Redeemed		—			—			(75,042	)		(65,137	)
Change in Class L Shares		—			—			37,437			11,637
Class R2
Issued		629			1,143			1,050			421
Reinvested		—	(a)		57			113			117
Redeemed		(729	)		(266	)		(754	)		(606	)
Change in Class R2 Shares		(100	)		934			409			(68	)
Class R3 (b)
Issued		5			—			530			—
Reinvested		—	(a)		—			—	(a)		—
Redeemed		—	(a)		—			(19	)		—
Change in Class R3 Shares		5			—			511			—
Class R4 (b)
Issued		4			—			94			—
Reinvested		—	(a)		—			—	(a)		—
Redeemed		—	(a)		—			(1	)		—
Change in Class R4 Shares		4			—			93			—
Class R5 (c)
Issued		1,404			4,352			795			—
Reinvested		3			329			—	(a)		—
Redeemed		(2,103	)		(1,554	)		(11	)		—
Change in Class R5 Shares		(696	)		3,127			784			—
Class R6 (c)
Issued		6,766			18,275			7,706			—
Reinvested		10			849			79			—
Redeemed		(6,595	)		(4,509	)		(515	)		—
Change in Class R6 Shares		181			14,615			7,270			—

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Growth and Mid Cap Value Fund.

(c) Commencement of offering of class of shares effective September 9, 2016 for Mid Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,341		$	3,218		$	526,758		$	696,311
Distributions reinvested		—			—			16,190			34,339
Cost of shares redeemed		(2,701	)		(2,889	)		(1,438,824	)		(1,032,013	)
Change in net assets resulting from Class A capital transactions	$	(1,360	)	$	329		$	(895,876	)	$	(301,363	)
Class C
Proceeds from shares issued	$	57		$	1,852		$	124,351		$	188,939
Distributions reinvested		—			—			3,544			7,489
Cost of shares redeemed		(2,962	)		(2,446	)		(223,429	)		(140,118	)
Change in net assets resulting from Class C capital transactions	$	(2,905	)	$	(594	)	$	(95,534	)	$	56,310
Class I (formerly Select Class)
Proceeds from shares issued	$	1,846		$	4,346		$	1,247,895		$	675,086
Distributions reinvested		—			—			12,528			17,378
Cost of shares redeemed		(63,728	)		(111,621	)		(728,849	)		(2,253,026	)
Change in net assets resulting from Class I capital transactions	$	(61,882	)	$	(107,275	)	$	531,574		$	(1,560,562	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	1,631,959		$	3,435,571
Distributions reinvested		—			—			45,687			138,955
Cost of shares redeemed		—			—			(3,876,760	)		(2,438,224	)
Redemptions in-kind (See Note 7)		—			—			(644,712	)		—
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(2,843,826	)	$	1,136,302
Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	393		$	—
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			(15	)		—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	378		$	—
Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	31		$	—
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—	(b)		—
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	31		$	—
Class R5 (a)
Proceeds from shares issued	$	—		$	—		$	415		$	—
Distributions reinvested		—			—			—	(b)		—
Cost of shares redeemed		—			—			—	(b)		—
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	415		$	—
Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	2,989,115		$	—
Distributions reinvested		—			—			44,017			—
Cost of shares redeemed		—			—			(353,991	)		—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	2,679,141		$	—
Total change in net assets resulting from capital transactions	$	(66,147	)	$	(107,540	)	$	(623,697	)	$	(669,313	)

(a) Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Multi-Cap Market Neutral Fund						Value Advantage Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		133			316			16,726			24,694
Reinvested		—			—			497			1,244
Redeemed		(270	)		(284	)		(45,710	)		(36,328	)
Change in Class A Shares		(137	)		32			(28,487	)		(10,390	)
Class C
Issued		6			194			3,919			6,724
Reinvested		—			—			109			273
Redeemed		(315	)		(258	)		(7,093	)		(5,029	)
Change in Class C Shares		(309	)		(64	)		(3,065	)		1,968
Class I (formerly Select Class)
Issued		180			416			38,266			24,052
Reinvested		—			—			383			626
Redeemed		(6,171	)		(10,669	)		(23,245	)		(78,871	)
Change in Class I Shares		(5,991	)		(10,253	)		15,404			(54,193	)
Class L (formerly Institutional Class)
Issued		—			—			51,361			120,136
Reinvested		—			—			1,397			5,004
Redeemed		—			—			(129,686	)		(88,948	)
Redemptions in-kind (See Note 7)		—			—			(19,228	)		—
Change in Class L Shares		—			—			(96,156	)		36,192
Class R3 (a)
Issued		—			—			12			—
Reinvested		—			—			—	(b)		—
Redeemed		—			—			—	(b)		—
Change in Class R3 Shares		—			—			12			—
Class R4 (a)
Issued		—			—			1			—
Reinvested		—			—			—	(b)		—
Change in Class R4 Shares		—			—			1			—
Class R5 (a)
Issued		—			—			12			—
Reinvested		—			—			—	(b)		—
Redeemed		—			—			—	(b)		—
Change in Class R5 Shares		—			—			12			—
Class R6 (a)
Issued		—			—			100,995			—
Reinvested		—			—			1,347			—
Redeemed		—			—			(11,008	)		—
Change in Class R6 Shares		—			—			91,334			—

(a) Commencement of offering of class of shares effective September 9, 2016 for Value Advantage Fund.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Growth Advantage Fund
Class A
Year Ended June 30, 2017	$	14.42	$	(0.09	)	$	3.62		$	3.53		$	—		$	—		$	—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)		2.17			2.07			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)		3.52			3.45			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.49		0.01	(f)		1.97			1.98			(0.01	)		(0.03	)		(0.04	)
Class C
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—			—			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)		1.96			1.81			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)		3.23			3.11			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		8.77		(0.04	)(f)		1.81			1.77			—			(0.03	)		(0.03	)
Class I (formerly Select Class)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—			—			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)		2.20			2.13			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)		3.58			3.54			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.63		0.04	(f)		1.98			2.02			(0.02	)		(0.03	)		(0.05	)
Class R3
May 31, 2017 (g) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—			—			—
Class R4
May 31, 2017 (g) through June 30, 2017		18.29		—	(h)		0.11			0.11			—			—			—
Class R5
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—			—			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)		2.23			2.19			—			(0.57	)		(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)		3.61			3.59			—			(0.64	)		(0.64	)
Year Ended June 30, 2013		9.69		0.06	(f)		2.01			2.07			(0.05	)		(0.03	)		(0.08	)
Class R6
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—			—			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		—			(0.53	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)		2.23			2.20			—			(0.57	)		(0.57	)
December 23, 2013 (g) through June 30, 2014		13.86		(0.01	)		0.79			0.78			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.02), $(0.06), $0.01 and $0.03 for Class A, Class C, Class I and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.17)%, (0.66)%, 0.09% and 0.27% for Class A, Class C, Class I and Class R5 Shares, respectively.

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	17.95		24.48	%	$	1,550,092		1.24	%		(0.56	)%		1.32	%		34	%
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	15.74		14.99			1,174,260		1.24			(0.65	)		1.35			46
	14.24		30.69			717,564		1.24			(0.51	)		1.31			62
	11.43		20.95			276,670		1.24			0.11	(f)		1.28			76
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	14.22		14.43			321,500		1.74			(1.14	)		1.84			46
	12.98		30.12			144,229		1.74			(1.01	)		1.81			62
	10.51		20.27			42,655		1.74			(0.38	)(f)		1.78			76
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	16.06		15.14			1,219,501		1.09			(0.48	)		1.09			46
	14.50		31.03			975,175		1.05			(0.30	)		1.06			62
	11.60		21.14			842,783		1.03			0.37	(f)		1.03			76
	17.96		0.62			20		1.25			(0.55	)		1.25			34
	18.40		0.60			20		0.99			(0.29	)		1.00			34
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	16.25		15.42			58,686		0.86			(0.25	)		0.87			46
	14.63		31.25			1,453,864		0.85			(0.11	)		0.86			62
	11.68		21.49			835,233		0.83			0.55	(f)		0.84			76
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46
	16.27		15.48			2,414,333		0.76			(0.17	)		0.77			46
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Equity Fund
Class A
Year Ended June 30, 2017	$	42.95	$	(0.02	)	$	7.02		$	7.00		$	(0.05	)	$	(1.37	)	$	(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)
Year Ended June 30, 2015		44.91		(0.03	)		4.32			4.29			(0.02	)		(2.06	)		(2.08	)
Year Ended June 30, 2014		38.10		(0.04	)		10.25			10.21			(0.02	)		(3.38	)		(3.40	)
Year Ended June 30, 2013		30.97		0.10	(f)		7.36			7.46			(0.07	)		(0.26	)		(0.33	)
Class C
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.21		(0.25	)		4.23			3.98			—			(2.03	)		(2.03	)
Year Ended June 30, 2014		37.71		(0.24	)		10.12			9.88			—			(3.38	)		(3.38	)
Year Ended June 30, 2013		30.75		(0.07	)(f)		7.29			7.22			—	(g)		(0.26	)		(0.26	)
Class I (formerly Select Class)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)
Year Ended June 30, 2015		45.15		0.13			4.34			4.47			(0.09	)		(2.06	)		(2.15	)
Year Ended June 30, 2014		38.22		0.11			10.30			10.41			(0.10	)		(3.38	)		(3.48	)
Year Ended June 30, 2013		31.05		0.20	(f)		7.40			7.60			(0.17	)		(0.26	)		(0.43	)
Class R2
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)
Year Ended June 30, 2015		44.87		(0.14	)		4.30			4.16			—			(2.05	)		(2.05	)
March 14, 2014 (h) through June 30, 2014		42.92		(0.05	)		2.01			1.96			(0.01	)		—			(0.01	)
Class R5
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)
Year Ended June 30, 2015		45.15		0.20			4.33			4.53			(0.13	)		(2.06	)		(2.19	)
March 14, 2014 (h) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)		—			(0.05	)
Class R6
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)
Year Ended June 30, 2015		45.15		0.20			4.34			4.54			(0.14	)		(2.06	)		(2.20	)
March 14, 2014 (h) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)		—			(0.05	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.03, $(0.14) and $0.14 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.09%, (0.39)% and 0.39% for Class A, Class C and Class I Shares , respectively.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	48.53		16.61	%	$	378,055		1.24	%		(0.05	)%		1.37	%		38	%
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	47.12		9.99			232,320		1.24			(0.06	)		1.44			41
	44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	38.10		24.23			21,171		1.24			0.27	(f)		1.49			67
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	37.71		23.60			6,136		1.74			(0.21	)(f)		2.00			67
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	47.47		10.35			1,773,929		0.89			0.29			1.16			41
	45.15		28.45			1,773,321		0.89			0.27			1.18			47
	38.22		24.64			932,920		0.89			0.57	(f)		1.23			67
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	46.98		9.71			823		1.49			(0.31	)		1.69			41
	44.87		4.56			688		1.47			(0.41	)		1.60			47
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	47.49		10.49			1,636		0.79			0.43			0.88			41
	45.15		4.77			91		0.78			0.27			0.91			47
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39
	47.49		10.53			1,268,988		0.74			0.45			0.80			41
	45.15		4.78			823,036		0.73			0.34			0.86			47

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Mid Cap Growth Fund
Class A
Year Ended June 30, 2017	$	23.43	$	(0.14	)	$	4.71		$	4.57		$	(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)		7.42			7.29			(2.79	)
Year Ended June 30, 2013		19.52		(0.04	)(g)		4.50			4.46			(0.99	)
Class C
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)		6.39			6.17			(2.79	)
Year Ended June 30, 2013		17.17		(0.12	)(g)		3.91			3.79			(0.99	)
Class I (formerly Select Class)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)		8.16			8.10			(2.79	)
Year Ended June 30, 2013		21.15		0.03	(g)		4.89			4.92			(0.99	)
Class R2
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)		7.97			7.77			(2.79	)
Year Ended June 30, 2013		20.83		(0.07	)(g)		4.79			4.72			(0.99	)
Class R3
September 9, 2016 (h) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)
Class R4
September 9, 2016 (h) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)
Class R5
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)		8.18			8.16			(2.79	)
Year Ended June 30, 2013		21.18		0.06	(g)		4.90			4.96			(0.99	)
Class R6
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(i)		8.19			8.19			(2.79	)
Year Ended June 30, 2013		21.19		0.08	(g)		4.89			4.97			(0.99	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $(0.14), $(0.23), $(0.06), $(0.20), $(0.02) and $(0.01) and for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.22)%, (0.73)%, (0.08)%, (0.03)% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.17), $(0.02), $(0.13), $0.01 and $0.02 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.42)%, (0.92)%, (0.10)%, (0.57)%, 0.04% and 0.09% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(h) Commencement of offering of class of shares.

(i) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	27.99		19.52	%	$	915,226		1.23	%		(0.56	)%		1.36	%		41	%
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57
	27.49		33.44			765,310		1.24			(0.51	)(f)		1.37			69
	22.99		23.70			586,787		1.23			(0.17	)(g)		1.45			70
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(f)		1.86			69
	19.97		23.03			23,745		1.73			(0.67	)(g)		1.95			70
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57
	30.39		33.91			1,254,748		0.93			(0.20	)(f)		1.12			69
	25.08		24.06			894,740		0.93			0.14	(g)		1.20			70
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(f)		1.59			69
	24.56		23.46			320		1.39			(0.32	)(g)		1.71			70
	31.71		17.24			152		1.23			(0.54	)		1.42			41
	31.77		17.46			129		0.98			(0.23	)		1.10			41
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(f)		0.92			69
	25.15		24.22			17,848		0.79			0.28	(g)		1.00			70
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57
	30.57		34.16			86,150		0.74			(0.01	)(f)		0.86			69
	25.17		24.26			47,434		0.74			0.34	(g)		0.98			70

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Mid Cap Value Fund
Class A
Year Ended June 30, 2017	$	35.41	$	0.17		$	4.60	$	4.77	$	(0.14	)	$	(2.24	)	$	(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33		0.52		(0.14	)		(1.95	)		(2.09	)
Year Ended June 30, 2015		37.25		0.20			2.52		2.72		(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)		7.02		7.17		(0.15	)		(1.45	)		(1.60	)
Year Ended June 30, 2013		25.80		0.19	(g)		6.20		6.39		(0.29	)		(0.22	)		(0.51	)
Class C
Year Ended June 30, 2017		34.17		(0.02	)		4.44		4.42		—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32		0.33		—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01			2.44		2.45		(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)		6.83		6.80		—	(h)		(1.45	)		(1.45	)
Year Ended June 30, 2013		25.14		0.05	(g)		6.03		6.08		(0.16	)		(0.22	)		(0.38	)
Class I (formerly Select Class)
Year Ended June 30, 2017		35.79		0.27			4.66		4.93		(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33		0.61		(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28			2.55		2.83		(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)		7.10		7.33		(0.22	)		(1.45	)		(1.67	)
Year Ended June 30, 2013		26.01		0.27	(g)		6.24		6.51		(0.35	)		(0.22	)		(0.57	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		36.19		0.36			4.71		5.07		(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33		0.70		(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40			2.56		2.96		(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)		7.17		7.49		(0.31	)		(1.45	)		(1.76	)
Year Ended June 30, 2013		26.24		0.34	(g)		6.31		6.65		(0.41	)		(0.22	)		(0.63	)
Class R2
Year Ended June 30, 2017		34.14		0.07			4.43		4.50		(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32		0.42		(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10			2.43		2.53		(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)		6.82		6.88		(0.10	)		(1.45	)		(1.55	)
Year Ended June 30, 2013		25.18		0.12	(g)		6.03		6.15		(0.30	)		(0.22	)		(0.52	)
Class R3
September 9, 2016 (i) through June 30, 2017		35.78		0.26			4.15		4.41		(0.28	)		(2.24	)		(2.52	)
Class R4
September 9, 2016 (i) through June 30, 2017		36.18		0.38			4.15		4.53		(0.31	)		(2.24	)		(2.55	)
Class R5
September 9, 2016 (i) through June 30, 2017		36.60		0.36			4.28		4.64		(0.33	)		(2.24	)		(2.57	)
Class R6
September 9, 2016 (i) through June 30, 2017		36.60		0.32			4.34		4.66		(0.33	)		(2.24	)		(2.57	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.14, $(0.03), $0.05, $0.23 and $0.32 for Class A, Class C, Class R2, Class I and Class L Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.16%, 0.90% and 0.66% for Class A, Class C, Class R2, Class L and Class I Shares, respectively.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.16, $0.01, $0.09, $0.23 and $0.31 for Class A, Class C, Class R2, Class I and Class L Shares, respectively and the net investment income (loss) ratio would have been 0.55%, 0.04%, 0.31%, 0.80% and 1.04% for Class A, Class C, Class R2, Class I and Class L Shares, respectively.

(h) Amount rounds to less than $0.005.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	37.80		13.83	%	$	2,149,689		1.23	%		0.45	%		1.36	%		23	%
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	36.98		7.68			2,623,772		1.23			0.53			1.38			18
	37.25		23.25			3,404,974		1.23			0.42	(f)		1.37			25
	31.68		25.06			3,157,503		1.23			0.67	(g)		1.38			23
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(f)		1.87			25
	30.84		24.43			534,813		1.74			0.16	(g)		1.88			23
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	37.36		7.92			2,347,703		0.98			0.75			1.10			18
	37.61		23.59			2,967,759		0.98			0.67	(f)		1.12			25
	31.95		25.35			2,870,752		0.98			0.92	(g)		1.13			23
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	37.76		8.19			10,320,516		0.74			1.05			0.94			18
	37.99		23.88			8,581,992		0.74			0.92	(f)		0.97			25
	32.26		25.68			6,627,529		0.74			1.16	(g)		0.98			23
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(f)		1.62			25
	30.81		24.71			57,003		1.49			0.43	(g)		1.63			23
	37.67		12.70			19,262		1.24			0.87			1.35			23
	38.16		12.89			3,537		0.99			1.26			1.10			23
	38.67		13.06			30,334		0.84			1.18			1.02			23
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments		Total from investment operations
Multi-Cap Market Neutral Fund
Class A
Year Ended June 30, 2017	$	9.90	$	(0.08	)	$	0.15	$	0.07
Year Ended June 30, 2016		9.87		(0.10	)		0.13		0.03
Year Ended June 30, 2015		9.91		(0.11	)		0.07		(0.04	)
Year Ended June 30, 2014		9.79		(0.13	)		0.25		0.12
Year Ended June 30, 2013		9.69		(0.11	)(e)		0.21		0.10
Class C
Year Ended June 30, 2017		9.29		(0.12	)		0.14		0.02
Year Ended June 30, 2016		9.31		(0.14	)		0.12		(0.02	)
Year Ended June 30, 2015		9.40		(0.15	)		0.06		(0.09	)
Year Ended June 30, 2014		9.33		(0.17	)		0.24		0.07
Year Ended June 30, 2013		9.30		(0.17	)(e)		0.20		0.03
Class I (formerly Select Class)
Year Ended June 30, 2017		10.13		(0.06	)		0.16		0.10
Year Ended June 30, 2016		10.07		(0.08	)		0.14		0.06
Year Ended June 30, 2015		10.09		(0.09	)		0.07		(0.02	)
Year Ended June 30, 2014		9.94		(0.11	)		0.26		0.15
Year Ended June 30, 2013		9.82		(0.09	)(e)		0.21		0.12

(a) Calculated based upon average shares outstanding.

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

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

(d) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend expense and interest expense for securities sold short) for Class A are 1.23% and 1.60% for the year ended June 30, 2017, 1.27% and 1.69% for the year ended June 30, 2016, 1.48% and 1.95% for the year ended June 30, 2015, 1.49% and 1.91% for the year ended June 30, 2014 and 1.48% and 1.88% for the year ended June 30, 2013; for Class C are 1.73% and 2.10% for the year ended June 30, 2017, 1.77% and 2.20% for the year ended June 30, 2016, 1.98% and 2.45% for the year ended June 30, 2015, 1.99% and 2.40% for the year ended June 30, 2014 and 2.15% and 2.38% for the year ended June 30, 2013; for Class I are 0.97% and 1.24% for the year ended June 30, 2017, 1.03% and 1.30% for the year ended June 30, 2016, 1.23% and 1.64% for the year ended June 30, 2015, 1.23% and 1.65% for the year ended June 30, 2014, 1.23% and 1.63% for the year ended June 30, 2013, respectively.

(e) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.13), $(0.19) and $(0.11) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been (1.38)%, (2.06)% and (1.16)% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (c)(d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (d)			Portfolio turnover rate			Portfolio turnover rate (including short sales)
	$9.97		0.71	%	$	5,295		2.38	%		(0.78	)%		2.75	%		78	%		229	%
	9.90		0.30			6,608		2.52			(0.97	)		2.94			111			258
	9.87		(0.40	)		6,273		2.68			(1.14	)		3.15			74			204
	9.91		1.23			10,301		2.78			(1.36	)		3.20			106			227
	9.79		1.03			14,101		3.04			(1.13	)(e)		3.44			94			251
	9.31		0.22			3,286		2.88			(1.31	)		3.25			78			229
	9.29		(0.21	)		6,147		3.02			(1.47	)		3.45			111			258
	9.31		(0.96	)		6,760		3.18			(1.62	)		3.65			74			204
	9.40		0.75			8,602		3.28			(1.85	)		3.70			106			227
	9.33		0.32			11,181		3.69			(1.81	)(e)		3.92			94			251
	10.23		0.99			115,804		2.12			(0.54	)		2.39			78			229
	10.13		0.60			175,348		2.28			(0.74	)		2.55			111			258
	10.07		(0.20	)		277,647		2.43			(0.89	)		2.84			74			204
	10.09		1.51			431,890		2.52			(1.07	)		2.94			106			227
	9.94		1.22			317,974		2.78			(0.90	)(e)		3.18			94			251

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Value Advantage Fund
Class A
Year Ended June 30, 2017	$	28.66	$	0.27	$	4.77		$	5.04		$	(0.30	)	$	—		$	(0.30	)
Year Ended June 30, 2016		29.84		0.27		(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Year Ended June 30, 2015		29.15		0.19		1.47			1.66			(0.26	)		(0.71	)		(0.97	)
Year Ended June 30, 2014		24.64		0.34		5.03			5.37			(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2013		19.96		0.22		4.75			4.97			(0.20	)		(0.09	)		(0.29	)
Class C
Year Ended June 30, 2017		28.52		0.11		4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14		(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04		1.47			1.51			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20		5.02			5.22			(0.05	)		(0.70	)		(0.75	)
Year Ended June 30, 2013		19.91		0.11		4.74			4.85			(0.06	)		(0.09	)		(0.15	)
Class I (formerly Select Class)
Year Ended June 30, 2017		28.86		0.35		4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33		(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27		1.48			1.75			(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42		5.03			5.45			(0.20	)		(0.70	)		(0.90	)
Year Ended June 30, 2013		20.00		0.28		4.75			5.03			(0.22	)		(0.09	)		(0.31	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		28.86		0.41		4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43		(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34		1.50			1.84			(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48		5.04			5.52			(0.25	)		(0.70	)		(0.95	)
Year Ended June 30, 2013		19.99		0.34		4.75			5.09			(0.25	)		(0.09	)		(0.34	)
Class R3
September 9, 2016 (f) through June 30, 2017		29.33		0.29		4.06			4.35			(0.44	)		—			(0.44	)
Class R4
September 9, 2016 (f) through June 30, 2017		29.56		0.27		4.18			4.45			(0.46	)		—			(0.46	)
Class R5
September 9, 2016 (f) through June 30, 2017		29.57		0.30		4.20			4.50			(0.48	)		—			(0.48	)
Class R6
September 9, 2016 (f) through June 30, 2017		29.57		0.36		4.17			4.53			(0.49	)		—			(0.49	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	33.40		17.60	%	$	1,432,370		1.24	%		0.85	%		1.36	%		24	%
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	29.84		5.78			2,440,061		1.24			0.64			1.41			17
	29.15		22.19			1,701,250		1.24			1.26			1.33			36
	24.64		25.09			784,359		1.24			0.98			1.33			22
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	29.72		5.26			701,023		1.73			0.14			1.83			17
	29.08		21.58			402,880		1.74			0.74			1.83			36
	24.61		24.45			212,198		1.74			0.49			1.83			22
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	29.99		6.05			3,095,251		0.99			0.89			1.05			17
	29.27		22.49			2,546,808		0.99			1.53			1.08			36
	24.72		25.38			1,245,241		0.99			1.23			1.08			22
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	30.06		6.36			5,058,172		0.74			1.15			0.90			17
	29.31		22.77			3,042,506		0.74			1.77			0.93			36
	24.74		25.73			1,455,125		0.74			1.50			0.93			22
	33.24		14.87			385		1.24			1.09			1.36			24
	33.55		15.10			34		1.00			1.05			1.08			24
	33.59		15.27			422		0.83			1.14			0.89			24
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) 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.

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”, with JPM I, JPM II and JPMMFIT (collectively, the “Trusts”)), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

The following are 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Growth Advantage Fund	Class A, Class C, Class I^, Class R2^^, Class R3^^^, Class R4^^^, Class R5 and Class R6	JPMMFIT	Diversified
Mid Cap Equity Fund	Class A, Class C, Class I^, Class R2, Class R5 and Class R6	JPM I	Diversified
Mid Cap Growth Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5 and Class R6	JPM II	Diversified
Mid Cap Value Fund	Class A, Class C, Class I^, Class L**, Class R2, Class R3*, Class R4*, Class R5*** and Class R6***	JPMFMFG	Diversified
Multi-Cap Market Neutral Fund	Class A, Class C, and Class I^	JPM II	Diversified
Value Advantage Fund	Class A, Class C, Class I^, Class L**, Class R2^^, Class R3*, Class R4*, Class R5*** and Class R6***	JPM I	Diversified

    ^ Effective April 3, 2017, Select Class was renamed Class I.

  ^^ Class R2 Shares commenced operations on July 31, 2017 for Growth Advantage Fund and Value Advantage Fund.

^^^ Class R3 and Class R4 Shares commenced operations on May 31, 2017 for Growth Advantage Fund.

    * Class R3 and Class R4 Shares commenced operations on September 9, 2016 for Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund.

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

 *** Class R5 and Class R6 Shares commenced operations on September 9, 2016 for Mid Cap Value Fund and Value Advantage Fund.

The investment objective of Growth Advantage Fund and Mid Cap Equity Fund is to seek to provide long-term capital growth.

The investment objective of Mid Cap Growth Fund is to seek growth of capital.

The investment objective of Mid Cap Value Fund is to seek growth from capital appreciation.

The investment objective of Multi-Cap Market Neutral Fund is to seek long-term capital preservation and growth by using strategies designed to produce returns which have no correlation with general domestic market performance.

The investment objective of Value Advantage Fund is to seek to provide long-term total return from a combination of income and capital gains.

Effective as of the close of business on January 3, 2014, all share classes of the Mid Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Effective as of the close of business on February 22, 2013, all share classes of the Mid Cap Value Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017, sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,153,161	$	—	$	—	$	7,153,161
Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,833,340	$	—	$	—	$	2,833,340
Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,115,434	$	—	$	—	$	3,115,434
Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,383,944	$	—	$	—	$	18,383,944

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Multi-Cap Market Neutral Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	124,940		$	—	$	—		$	124,940
Total Liabilities for Securities Sold Short (a)	$	(109,316	)	$	—	$	—		$	(109,316	)
Appreciation in Other Financial Instruments
Futures Contracts	$	13		$	—	$	—		$	13
Value Advantage Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	11,054,151		$	—	$	—	(c)	$	11,054,151

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

(b) All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings.

(c) Amount rounds to less than 500.

There were no transfers among any levels during the year ended June 30, 2017.

B. Short Sales — Multi-Cap Market Neutral Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

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

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

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

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

As of June 30, 2017, the Fund had outstanding short sales as listed on the SOI.

C. Futures Contracts — Multi-Cap Market Neutral Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade.

The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

	Multi-Cap Market Neutral Fund
Futures Contracts:
Average Notional Balance Long	$	1,807	(a)
Average Notional Balance Short		1,102
Ending Notional Balance Long		—
Ending Notional Balance Short		2,419

(a) For the period May 1, 2017 through May 31, 2017.

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

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	105	$	45	$	37		n/a		n/a		$	—		$	—		$	5		$	21	$	213
Sub-transfer agency fees		1,057		396		498		n/a		n/a			—			—			58			—		2,009
Mid Cap Equity Fund
Transfer agency fees		16		3		13		n/a	$	—	(a)		n/a			n/a			—	(a)		11		43
Sub-transfer agency fees		390		50		507		n/a		1			n/a			n/a			1			—		949
Mid Cap Growth Fund
Transfer agency fees		337		12		32		n/a		11			—	(a)		—	(a)		5			33		430
Sub-transfer agency fees		700		79		715		n/a		48			—			—			170			—		1,712
Mid Cap Value Fund
Transfer agency fees		146		24		41	$	766		10			2			—	(a)		4			1		994
Sub-transfer agency fees		2,363		267		1,846		6,565		94			—	(a)		—	(a)		—			—		11,135
Multi-Cap Market Neutral Fund
Transfer agency fees		1		1		2		n/a		n/a			n/a			n/a			n/a			n/a		4
Sub-transfer agency fees		5		5		6		n/a		n/a			n/a			n/a			n/a			n/a		16
Value Advantage Fund
Transfer agency fees		93		51		30		60		n/a			—	(a)		—	(a)		—	(a)		11		245
Sub-transfer agency fees		1,796		441		524		1,019		n/a			—			—			—			—		3,780

(a) Amount rounds to less than 500.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

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

	Paid-in Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Growth Advantage Fund	$	(20,689	)	$	19,294		$	1,395
Mid Cap Equity Fund		1			(320	)		319
Mid Cap Growth Fund		(9,863	)		8,215			1,648
Mid Cap Value Fund		—	(a)		—			—	(a)
Multi-Cap Market Neutral Fund		(1,381	)		1,308			73
Value Advantage Fund		265,353			(2,756	)		(262,597	)

(a) Amount rounds to less than 500.

The reclassification for the Funds relate primarily to net operating losses, investments in partnerships, non-taxable dividends and adjustments to gain/loss due to redemptions in-kind.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, J.P. Morgan Investment Management Inc. the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Growth Advantage Fund	0.65	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Multi-Cap Market Neutral Fund	0.80
Value Advantage Fund	0.65

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Dis-

72 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

tribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Growth Advantage Fund		0.25	%		0.75	%		n/a			0.25	%
Mid Cap Equity Fund		0.25			0.75			0.50	%		n/a
Mid Cap Growth Fund		0.25			0.75			0.50			0.25
Mid Cap Value Fund		0.25			0.75			0.50			0.25
Multi-Cap Market Neutral Fund		0.25			0.75			n/a			n/a
Value Advantage Fund		0.25			0.75			n/a			0.25

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge			CDSC
Growth Advantage Fund	$	475		$	5
Mid Cap Equity Fund		248			2
Mid Cap Growth Fund		87			1
Mid Cap Value Fund		45			1
Multi-Cap Market Neutral Fund		—	(a)		—
Value Advantage Fund		330			6

(a) Amount rounds to less than 500.

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Growth Advantage Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			0.25	%		0.25	%		0.10	%*
Mid Cap Equity Fund		0.25			0.25			0.25			n/a			0.25	%		n/a			n/a			0.10	*
Mid Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10	*
Mid Cap Value Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10	*
Multi-Cap Market Neutral Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			n/a
Value Advantage Fund		0.25			0.25			0.25			0.10			n/a			0.25			0.25			0.10	*

* Prior to April 3, 2017, the service fee for Class R5 Shares were 0.05%.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund*		1.24	%		1.74	%		0.99	%		n/a			n/a			1.25	%		1.00	%		0.85	%		0.75	%
Mid Cap Equity Fund		1.25			1.75			0.90			n/a			1.50	%		n/a			n/a			0.80			0.75
Mid Cap Growth Fund		1.24			1.74			0.93			n/a			1.49	**		1.24	%		0.99			0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.75
Multi-Cap Market Neutral Fund		1.25			1.75			0.99			n/a			n/a			n/a			n/a			n/a			n/a
Value Advantage Fund		1.24	***		1.74	***		0.99	***		0.75			n/a			1.25			1.00			0.85			0.75

    * The contractual expense percentages in the table above are in place until at least October 31, 2018 except for Class R3 and Class R4 Shares that are in place until May 31, 2018. Prior to November 1, 2016, the contractual expense limitation for Growth Advantage Fund was 1.25%, 1.75%, 1.10%, 0.90% and 0.85%, for Class A, Class C, Class I, Class R5 and Class R6 Shares, respectively.

  ** The contractual expense percentage in the table above is in place until at least October 31, 2018. For Mid Cap Growth Fund Class R2 Shares, the Adviser, Administrator and/or JPMDS contractually waived fees and/or reimbursed the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.40% of the Fund’s average daily net assets during the period July 1, 2016 through October 31, 2016. During the period November 1, 2016 through December 31, 2016 the Adviser, Administrator and/or JPMDS voluntarily waived fees and/or reimbursed the Fund to the extent that total annual operating expenses for Class R2 Shares exceeded 1.40%. The Fund’s service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

*** The contractual expense percentages in the table above are in place until at least October 31, 2018. Prior to November 1, 2016, the contractual expense limitation for Value Advantage Fund was 1.25%, 1.75%, and 1.00%, for Class A, Class C and Class I Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2017 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2017.

For the year ended June 30, 2017, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	17	$	12	$	2,160	$	2,189	$	7
Mid Cap Equity Fund		88		59		1,640		1,787		23
Mid Cap Growth Fund		295		195		2,543		3,033		114
Mid Cap Value Fund		1,575		1,035		15,940		18,550		5,540
Multi-Cap Market Neutral Fund		276		131		14		421		—
Value Advantage Fund		882		587		6,850		8,319		588

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

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2017 was as follows (amounts in thousands):

Growth Advantage Fund	$	247
Mid Cap Equity Fund		152
Mid Cap Growth Fund		125
Mid Cap Value Fund		1,288
Multi-Cap Market Neutral Fund		27
Value Advantage Fund		402

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

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

74 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

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 June 30, 2017, Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Multi-Cap Market Neutral Fund and Value Advantage Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Growth Advantage Fund	$	—	(a)
Mid Cap Equity Fund		—	(a)
Mid Cap Growth Fund		—	(a)
Mid Cap Value Fund		2
Multi-Cap Market Neutral Fund		—	(a)
Value Advantage Fund		2

(a) Amount rounds to less than 500.

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

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Growth Advantage Fund	$	2,140,445	$	2,493,607	$	—	$	—
Mid Cap Equity Fund		959,015		949,951		—		—
Mid Cap Growth Fund		1,150,873		1,481,479		—		—
Mid Cap Value Fund		4,239,718		3,735,324		—		—
Multi-Cap Market Neutral Fund		111,822		202,705		127,833		216,504
Value Advantage Fund		2,440,060		2,772,718		—		—

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	4,761,420	$	2,441,059	$	49,318	$	2,391,741
Mid Cap Equity Fund		2,048,226		837,632		52,518		785,114
Mid Cap Growth Fund		2,424,869		748,948		58,383		690,565
Mid Cap Value Fund		12,223,368		6,541,794		381,218		6,160,576
Multi-Cap Market Neutral Fund		109,292		19,362		3,714		15,648
Value Advantage Fund		8,611,044		2,674,714		231,607		2,443,107

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

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The tax character of distributions paid during the year ended June 30, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distribution Paid
Mid Cap Equity Fund	$	9,004	$	78,292	$	87,296
Mid Cap Growth Fund		—		1,276		1,276
Mid Cap Value Fund		143,520		984,030		1,127,550
Value Advantage Fund		134,075		—		134,075

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

The tax character of distributions paid during the year ended June 30, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	—	$	214,315	$	214,315
Mid Cap Equity Fund		27,480		130,086		157,566
Mid Cap Growth Fund		6,084		141,429		147,513
Mid Cap Value Fund		128,760		794,705		923,465
Value Advantage Fund		146,612		69,884		216,496

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

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	—	$	90,502	$	—		$	2,391,741
Mid Cap Equity Fund		26,762		68,968		—			785,114
Mid Cap Growth Fund		—		109,059		—			690,565
Mid Cap Value Fund		92,730		293,891		(7,367	)		6,160,576
Multi-Cap Market Neutral Fund		—		—		(1,694	)		9,393
Value Advantage Fund		57,092		73,163		—			2,443,107

For the Funds, the cumulative timing differences primarily consist of post-October capital loss deferrals, late year ordinary loss deferrals, loss deferrals on unsettled short sales, investments in partnerships and wash sale loss deferrals.

Under the Regulated Investment Company Modernization Act of 2010 (“the “Act”), net capital losses recognized by the Funds after June 30, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At June 30, 2017, the following Fund had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2018
Mid Cap Value Fund	$	7,367	*

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

As of June 30, 2017, the following Fund had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Multi-Cap Market Neutral Fund	$	1,694	$	—

76 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

During the year ended June 30, 2017, the following Funds utilized net capital loss carryforwards as follows (amounts in thousands):

Mid Cap Value Fund	$	7,367
Multi-Cap Market Neutral Fund		427
Value Advantage Fund	$	49,224

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2017, the following Funds deferred to July 1, 2017 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Late Year Ordinary Loss Deferral		Net Capital Loss
			Short-Term		Long-Term
Growth Advantage Fund	$	9,926	$	6,162	$	—
Mid Cap Growth Fund		5,192		—		—
Multi-Cap Market Neutral Fund		163		—		—

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended June 30, 2017.

7. Redemptions in-Kind

During the year ended June 30, 2017, certain Class L shareholders sold their shares of Value Advantage Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

March 17, 2017	Value			Realized Gains (Losses)		Type
Class L	$	644,712	*	$	273,526		Redemption in-kind

* This amount includes cash of approximately $21,734,000 associated with the redemption in-kind.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

During the year ended June 30, 2016, certain Class I shareholders sold their shares of Mid Cap Growth Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

November 6, 2015	Value			Realized Gains (Losses)		Type
Class I	$	602,118	*	$	203,177		Redemption in-kind

* This amount includes cash of approximately $25,788,000 associated with the redemption in-kind.

8. Risks, Concentrations and Indemnifications

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

As of June 30, 2017, the J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Growth Advantage Fund		n/a			37.7	%
Mid Cap Equity Fund		n/a			49.9
Multi-Cap Market Neutral Fund		88.4	%		n/a
Value Advantage Fund		n/a			23.3

As of June 30, 2017, the following Funds had omnibus accounts each owning more than 10% of the Fund’s outstanding shares as follows:

	Number of Non-affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		3		10.7	%
Mid Cap Equity Fund		4		19.8
Mid Cap Value Fund		3		20.5
Value Advantage Fund		4		11.5

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

As of June 30, 2017, the Multi-Cap Market Neutral Fund pledged a significant portion of its assets for securities sold short to Citigroup Global Markets, Inc., who also held 100% of the Multi-Cap Market Neutral Fund’s cash proceeds for securities sold short.

9. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year end on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

78 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JP Morgan Mutual Fund Investment Trust, JPMorgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund, JPMorgan Multi-Cap Market Neutral Fund and JPMorgan Value Advantage 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 Mid Cap Equity Fund and JPMorgan Value Advantage Fund (each a separate series of JPMorgan Trust I), JPMorgan Mid Cap Growth Fund and JPMorgan Multi-Cap Market Neutral Fund (each a separate series of JPMorgan Trust II), JPMorgan Growth Advantage Fund (a separate series of JPMorgan Mutual Fund Investment Trust) and JPMorgan Mid Cap Value Fund (a separate series of JPMorgan Fleming Mutual Fund Group, Inc.) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, 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 indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 79

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, 2016-17, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

80 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

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)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
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).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-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).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 81

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

82 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
Growth Advantage Fund
Class A
Actual*	$	1,000.00	$	1,183.30	$	6.66		1.23	%
Hypothetical*		1,000.00		1,018.70		6.16		1.23
Class C
Actual*		1,000.00		1,180.10		9.35		1.73
Hypothetical*		1,000.00		1,016.22		8.65		1.73
Class I (formerly Select Class)
Actual*		1,000.00		1,185.80		4.01		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Class R3
Actual**		1,000.00		1,184.00		5.31		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class R4
Actual**		1,000.00		1,006.20		1.03		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class R5
Actual*		1,000.00		1,006.00		0.82		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R6
Actual*		1,000.00		1,185.20		4.55		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Mid Cap Equity Fund
Class A
Actual*		1,000.00		1,106.50		6.48		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		1,103.70		9.08		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 83

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
Mid Cap Equity Fund (continued)
Class I (formerly Select Class)
Actual*	$	1,000.00	$	1,108.50	$	4.65		0.89	%
Hypothetical*		1,000.00		1,020.38		4.46		0.89
Class R2
Actual*		1,000.00		1,105.20		7.78		1.49
Hypothetical*		1,000.00		1,017.41		7.45		1.49
Class R5
Actual*		1,000.00		1,108.90		4.13		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
Class R6
Actual*		1,000.00		1,109.30		3.87		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Mid Cap Growth Fund
Class A
Actual*		1,000.00		1,154.20		6.57		1.23
Hypothetical*		1,000.00		1,018.70		6.16		1.23
Class C
Actual*		1,000.00		1,151.10		9.23		1.73
Hypothetical*		1,000.00		1,016.22		8.65		1.73
Class I (formerly Select Class)
Actual*		1,000.00		1,156.10		4.92		0.92
Hypothetical*		1,000.00		1,020.23		4.61		0.92
Class R2
Actual*		1,000.00		1,153.00		7.69		1.44
Hypothetical*		1,000.00		1,017.65		7.20		1.44
Class R3
Actual*		1,000.00		1,154.00		6.57		1.23
Hypothetical*		1,000.00		1,018.70		6.16		1.23
Class R4
Actual*		1,000.00		1,155.70		5.24		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class R5
Actual*		1,000.00		1,156.80		4.17		0.78
Hypothetical*		1,000.00		1,020.93		3.91		0.78
Class R6
Actual*		1,000.00		1,157.40		3.90		0.73
Hypothetical*		1,000.00		1,021.17		3.66		0.73
Mid Cap Value Fund
Class A
Actual*		1,000.00		1,060.60		6.28		1.23
Hypothetical*		1,000.00		1,018.70		6.16		1.23
Class C
Actual*		1,000.00		1,058.20		8.88		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,062.20		5.01		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class L (formerly Institutional Class)
Actual*		1,000.00		1,063.20		3.79		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Class R2
Actual*		1,000.00		1,059.20		7.61		1.49
Hypothetical*		1,000.00		1,017.41		7.45		1.49

84 J.P. MORGAN MID CAP/MULTI-CAP FUNDS JUNE 30, 2017

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
Mid Cap Value Fund (continued)
Class R3
Actual*	$	1,000.00	$	1,061.10	$	6.34		1.24	%
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class R4
Actual*		1,000.00		1,062.10		5.06		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R5
Actual*		1,000.00		1,062.90		4.30		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R6
Actual*		1,000.00		1,063.50		3.79		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Multi-Cap Market Neutral Fund
Class A
Actual*		1,000.00		992.00		11.90		2.41
Hypothetical*		1,000.00		1,012.84		12.03		2.41
Class C
Actual*		1,000.00		989.40		14.30		2.90
Hypothetical*		1,000.00		1,010.41		14.46		2.90
Class I (formerly Select Class)
Actual*		1,000.00		993.20		10.53		2.13
Hypothetical*		1,000.00		1,014.23		10.64		2.13
Value Advantage Fund
Class A
Actual*		1,000.00		1,040.80		6.27		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		1,038.20		8.79		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,042.20		4.96		0.98
Hypothetical*		1,000.00		1,019.93		4.91		0.98
Class L (formerly Institutional Class)
Actual*		1,000.00		1,043.40		3.80		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Class R3
Actual*		1,000.00		1,040.70		6.27		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class R4
Actual*		1,000.00		1,042.20		5.06		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class R5
Actual*		1,000.00		1,042.80		4.25		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R6
Actual*		1,000.00		1,043.20		3.75		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period.) Commencement of operations was May 31, 2017.

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 85

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
Mid Cap Equity Fund		93.74	%
Mid Cap Value Fund		100.00
Value Advantage Fund		100.00

Long-Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Long-Term Capital Gain Distribution
Mid Cap Equity Fund	$	78,292
Mid Cap Growth Fund		1,276
Mid Cap Value Fund		984,030

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Qualified Dividend Income
Mid Cap Equity Fund	$	9,004
Mid Cap Value Fund		143,519
Value Advantage Fund		134,075

JUNE 30, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 86

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

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

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

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

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

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

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

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017. All rights reserved. June 2017. AN-MC-617

Annual Report

J.P. Morgan Small Cap Funds

June 30, 2017

JPMorgan Dynamic Small Cap Growth Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Dynamic Small Cap Growth Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan U.S. Small Company Fund	13
Schedules of Portfolio Investments	15
Financial Statements	44
Financial Highlights	64
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	86
Trustees	87
Officers	89
Schedule of Shareholder Expenses	90
Tax Letter	93
Privacy Policy — Located at the back of this Annual Report

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

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

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index which measures S&P 500 options to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

Overall, small capitalization stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the Russell 2000 Index returned 24.60%.

2 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		34.99%
Russell 2000 Growth Index		24.40%
Net Assets as of 6/30/17 (In Thousands)	$	170,392

INVESTMENT OBJECTIVE**

The JPMorgan Dynamic Small Cap Growth Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and overweight position in the information technology sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the materials sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Shopify Inc., Exact Sciences Corp. and Teladoc Inc. Shares of Shopify, a provider of sales software for small and mid-sized businesses, rose amid consistent positive earnings and expanded services. Shares of Exact Sciences, a medical diagnostics company, rose in 2017 amid increased physician and insurer adoption of its colon cancer screening test. Shares of Teladoc, a provider of on-demand, remote health care, rose after the company reported improved cash flow.

Leading individual detractors from relative performance included the Fund’s overweight positions in TherapeuticsMD Inc. and Advanced Drainage Systems Inc. and its underweight position in Chemours Co. Shares of TherapeuticsMD, a drug maker, fell in mid-2017 after the U.S. Food and Drug Administration cited problems with the company’s product labeling. Shares of Advanced Drainage Systems, a manufacturer of thermoplastic water pipes, fell in late 2016 after the company delayed required financial reporting. Shares of Chemours, a chemicals manufacturer, rose after the company settled personal injury lawsuits related to toxic chemicals.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals.

The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	John Bean Technologies Corp.	1.8	%
	2.	Boyd Gaming Corp.	1.8
	3.	Masonite International Corp.	1.5
	4.	Summit Materials, Inc., Class A	1.5
	5.	RingCentral, Inc., Class A	1.5
	6.	Littelfuse, Inc.	1.5
	7.	Kite Pharma, Inc.	1.4
	8.	Texas Capital Bancshares, Inc.	1.3
	9.	Graco, Inc.	1.3
	10.	Trex Co., Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.3	%
Health Care	22.1
Industrials	19.2
Consumer Discretionary	11.9
Financials	5.6
Consumer Staples	4.5
Materials	3.9
Real Estate	2.0
Energy	1.4
Short-Term Investment	2.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Dynamic Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 19, 1997
With Sales Charge*				27.90	%		13.36	%		6.42	%
Without Sales Charge				34.99			14.58			6.99
CLASS C SHARES		January 7, 1998
With CDSC**				33.34			14.01			6.42
Without CDSC				34.34			14.01			6.42
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		April 5, 1999		35.36			14.89			7.34

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Dynamic Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index

is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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

4 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*1		26.85%
Russell 2000 Index		24.60%
Net Assets as of 6/30/2017 (In Thousands)	$	210,745

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class R5 Shares outperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the information technology sector was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the materials and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Extreme Networks Inc., Take-Two Interactive Software Inc. and Ultra Clean Holdings Inc. Shares of Extreme Networks, a provider of information network equipment and services, rose after the company offered to acquire Avaya Inc. Shares of Take-Two Interactive Software, a maker of computer and video games, rose on better-than-expected earnings. Shares of Ultra Clean Holdings, a maker of semiconductor manufacturing equipment, rose on better-than-expected earnings.

Leading individual detractors from relative performance included the Fund’s overweight positions in First Solar Inc., Essendant Inc. and Geo Group Inc. Shares of First Solar, a provider of solar energy systems that was not held in the Benchmark, fell after the company was removed from the Standard & Poor’s 500 Index. Shares of Essendant, an office products distributor, fell after the company reported a drop in revenue and earnings. Shares of Geo Group, a prison real estate investment trust, fell after the company announced its $360 million acquisition of Community Education Centers

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to

construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Trinseo SA	1.1	%
	2.	Office Depot, Inc.	1.1
	3.	GEO Group, Inc. (The)	1.1
	4.	Masimo Corp.	1.1
	5.	Taylor Morrison Home Corp., Class A	1.1
	6.	Sanmina Corp.	1.0
	7.	Integer Holdings Corp.	1.0
	8.	East West Bancorp, Inc.	1.0
	9.	Bloomin’ Brands, Inc.	1.0
	10.	Extreme Networks, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	18.4	%
Financials	17.5
Information Technology	15.7
Health Care	14.4
Consumer Discretionary	9.5
Real Estate	7.0
Materials	4.3
Utilities	3.2
Energy	3.0
Consumer Staples	2.0
Telecommunication Services	0.1
Short-Term Investment	4.9

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

¹ On September 15, 2016, the Fund’s Select Class Shares were re-designated and renamed as Class R5 Shares.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2016
With Sales Charge*			19.66	%		14.24	%		6.57	%
Without Sales Charge			26.29			15.48			7.14
CLASS C SHARES	May 31, 2016
With CDSC**			24.68			15.36			7.08
Without CDSC			25.68			15.36			7.08
CLASS I SHARES	January 3, 2017		26.71			15.57			7.18
CLASS R5 SHARES (FORMERLY SELECT CLASS SHARES)	January 1, 1997		26.85			15.59			7.19
CLASS R6 SHARES	May 31, 2016		26.94			15.61			7.20

* Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

Returns for Class A, Class C, Class I and Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares, formerly named the Select Class Shares. The actual returns of Class A, Class C and Class I Shares would have been lower than those shown because Class A, Class C and Class I Shares have higher expenses than Class R5 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the

securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class R5 Shares have a $1,000,000 minimum initial investment.

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

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

6 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	20.14%
Russell 2000 Index	24.60%
Net Assets as of 6/30/2017 (In Thousands)	$6,288,443

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.

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

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection and underweight position in the information technology sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the health care sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Zoe’s Kitchen Inc., Crocs Inc. and National Retail Properties Inc. Shares of Zoe’s Kitchen, a restaurant chain operator, fell after the company reported lower-than-expected sales amid a general decline in customer traffic in the restaurant sector. Shares of Crocs, a footwear maker, fell in late 2016 after the company reported lower-than-expected sales and reduced its revenue forecast. Shares of National Retail Properties, a real estate investment trust that was not held in the Benchmark, fell after the company’s cash flow forecast was lower than analysts expected.

Leading individual contributors to relative performance included the Fund’s overweight positions in Toro Co., Idexx Laboratories Inc. and AdvancePierre Foods Holdings Inc. Shares of Toro, a maker of landscaping and irrigation products, rose after the company reported better-than-expected earnings and raised its revenue forecast. Shares of Idexx Laboratories, a maker of veterinary care products, rose after the company reported better-than-expected earnings. Shares of AdvancePierre Foods Holdings, a provider of pre-made sandwiches, rose on news of a $4.2 billion takeover offer from Tyson Foods Inc.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s

portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Toro Co. (The)	2.9	%
	2.	AptarGroup, Inc.	2.4
	3.	Pool Corp.	1.9
	4.	Spectrum Brands Holdings, Inc.	1.9
	5.	West Pharmaceutical Services, Inc.	1.8
	6.	Catalent, Inc.	1.8
	7.	HealthSouth Corp.	1.7
	8.	Performance Food Group Co.	1.5
	9.	Brunswick Corp.	1.5
	10.	RBC Bearings, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	17.8	%
Financials	16.8
Consumer Discretionary	14.2
Information Technology	12.3
Health Care	12.1
Materials	6.1
Real Estate	5.9
Consumer Staples	3.4
Energy	3.4
Utilities	2.6
Mutual Funds	1.2
Short-Term Investment	4.2

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge*			13.83	%		13.42	%		9.06	%
Without Sales Charge			20.14			14.65			9.65
CLASS C SHARES	February 19, 2005
With CDSC**			18.53			14.09			9.11
Without CDSC			19.53			14.09			9.11
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 7, 1996		20.48			15.00			9.98
CLASS R2 SHARES	November 3, 2008		19.83			14.37			9.41
CLASS R3 SHARES	September 9, 2016		20.18			14.66			9.66
CLASS R4 SHARES	September 9, 2016		20.49			15.00			9.98
CLASS R5 SHARES	May 15, 2006		20.74			15.23			10.20
CLASS R6 SHARES	May 31, 2016		20.80			15.24			10.21

* 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 (6/30/07 TO 6/30/17)

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 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares (formerly Select Class Shares). The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from June 30, 2007 to June 30, 2017.

The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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 SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	34.36%
Russell 2000 Growth Index	24.40%
Net Assets as of 6/30/2017 (In Thousands)	$1,315,928

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

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

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the consumer discretionary sector and its security selection and overweight position in the information technology sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the materials sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Shopify Inc., Exact Sciences Corp. and Teladoc Inc. Shares of Shopify, a provider of sales software for small and mid-sized businesses, rose amid consistent positive earnings and expanded services. Shares of Exact Sciences, a medical diagnostics company, rose in 2017 amid increased physician and insurer adoption of its colon cancer screening test. Shares of Teladoc, a provider of on-demand, remote health care, rose after the company reported improved cash flow.

Leading individual detractors from relative performance included the Fund’s overweight positions in TherapeuticsMD Inc. and Advanced Drainage Systems Inc. and its underweight position in Chemours Co. Shares of TherapeuticsMD, a drug maker, fell in mid-2017 after the U.S. Food and Drug Administration cited problems with the company’s product labeling. Shares of Advanced Drainage Systems, a manufacturer of thermoplastic water pipes, fell in late 2016 after the company delayed required financial reporting. Shares of Chemours, a chemicals manufacturer, rose after the company settled personal injury lawsuits related to toxic chemicals.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals.

The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	John Bean Technologies Corp.	1.8	%
	2.	Boyd Gaming Corp.	1.8
	3.	Masonite International Corp.	1.5
	4.	Summit Materials, Inc., Class A	1.5
	5.	RingCentral, Inc., Class A	1.4
	6.	Littelfuse, Inc.	1.4
	7.	Kite Pharma, Inc.	1.3
	8.	Texas Capital Bancshares, Inc.	1.3
	9.	Graco, Inc.	1.3
	10.	Trex Co., Inc.	1.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.1	%
Health Care	21.7
Industrials	19.0
Consumer Discretionary	11.9
Financials	5.6
Consumer Staples	4.5
Materials	3.8
Real Estate	2.0
Energy	1.3
Short-Term Investment	3.1

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge*			27.34	%		13.44	%		7.59	%
Without Sales Charge			34.36			14.68			8.17
CLASS C SHARES	November 4, 1997
With CDSC**			32.67			14.09			7.59
Without CDSC			33.67			14.09			7.59
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	March 26, 1996		34.61			14.96			8.43
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	February 19, 2005		34.93			15.14			8.60
CLASS R2 SHARES	November 3, 2008		33.96			14.39			7.90
CLASS R5 SHARES	September 9, 2016		34.93			15.14			8.60
CLASS R6 SHARES	November 30, 2010		34.99			15.26			8.67

* 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 (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class A Shares. All prior class performance for Class R2 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class L Shares (formerly Institutional Class Shares). The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

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

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.

10 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*1	19.30%
Russell 2000 Value Index	24.86%
Net Assets as of 6/30/2017 (In Thousands)	$2,115,203

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

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

The Fund’s Class I Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the health care and energy sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in SeaDrill Ltd., Windstream Holdings Inc. and FTI Consulting Inc. Shares of SeaDrill, an offshore oil drilling contractor, fell after the company announced it might file for bankruptcy. Shares of Windstream Holdings Co., a communications technology provider, fell after the company reported a wider-than-expected loss. Shares of FTI Consulting, a business advisory company, fell on lower-than-expected earnings.

Leading individual contributors to relative performance included the Fund’s overweight positions in Take-Two Interactive Software Inc., Children’s Place Inc. and Rex American Resources Corp. Shares of Take-Two Interactive Software, a maker of computer and video games that was not held in the Benchmark, rose on better-than-expected earnings. Shares of Children’s Place, a retailer of children’s apparel that was not held in the Benchmark, rose after the company reported better-than-expected earnings and sales. Shares of Rex American Resources, an ethanol producer, rose after the company reported strong growth in sales and earnings.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek

companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Benchmark Electronics, Inc.	1.2	%
	2.	EMCOR Group, Inc.	1.1
	3.	Westamerica Bancorp	1.1
	4.	Dillard’s, Inc., Class A	1.1
	5.	Take-Two Interactive Software, Inc.	1.0
	6.	Tech Data Corp.	1.0
	7.	CNO Financial Group, Inc.	1.0
	8.	ACCO Brands Corp.	1.0
	9.	CYS Investments, Inc.	1.0
	10.	Wabash National Corp.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.2	%
Industrials	13.5
Consumer Discretionary	10.6
Real Estate	10.3
Information Technology	9.9
Utilities	6.5
Health Care	5.8
Energy	4.8
Materials	4.5
Consumer Staples	1.9
Telecommunication Services	0.0
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 adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
With Sales Charge*			12.75	%		11.51	%		5.56	%
Without Sales Charge			19.01			12.72			6.13
CLASS C SHARES	March 22, 1999
With CDSC**			17.27			12.04			5.49
Without CDSC			18.27			12.04			5.49
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	January 27, 1995		19.30			13.01			6.40
CLASS R2 SHARES	November 3, 2008		18.68			12.44			5.86
CLASS R3 SHARES	September 9, 2016		18.99			12.70			6.11
CLASS R4 SHARES	September 9, 2016		19.24			12.98			6.38
CLASS R5 SHARES	May 15, 2006		19.43			13.12			6.50
CLASS R6 SHARES	February 22, 2005		19.59			13.22			6.57

* 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 (6/30/07 TO 6/30/17)

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 and Class R4 Shares prior to their inception date are based on the performance of the Class I Shares (formerly Select Class Shares). Returns for the Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. Prior performance for Class R2, Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund, the Russell 2000 Value Index and the Lipper Small-Cap Value Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital

gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Small-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

12 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*1	20.50%
Russell 2000 Index	24.60%
Net Assets as of 6/30/2017 (In Thousands)	$1,751,673

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.

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

The Fund’s Class L Shares underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2017. The Fund’s security selection in the health care and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Huron Consulting Group Inc., Windstream Holdings Inc. and GNC Holdings Inc. Shares of Huron Consulting Group, a provider of management consulting, fell after the company reported lower-than-expected earnings and revenue. Shares of Windstream Holdings, a communications technology provider, fell after the company reported a wider-than-expected loss. Shares of GNC Holdings, a retailer of health supplements, fell after the company reported a drop in sales.

Leading individual contributors to relative performance included the Fund’s overweight positions in Take-Two Interactive Software Inc., Children’s Place Inc. and InvenSense Inc. Shares of Take-Two Interactive Software, a maker of computer and video games, rose on better-than-expected earnings. Shares of Children’s Place, a retailer of children’s apparel, rose after the company reported better-than-expected earnings and sales. Shares of InvenSense, a maker of motion tracking systems and gyroscopes for consumer electronics, rose after the company agreed to a $1.3 billion takeover by TDK Corp.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek

companies that exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Taylor Morrison Home Corp., Class A	1.3	%
	2.	Tivity Health, Inc.	1.1
	3.	Take-Two Interactive Software, Inc.	1.1
	4.	Aspen Technology, Inc.	1.1
	5.	CoreSite Realty Corp.	1.1
	6.	Wright Medical Group NV	1.1
	7.	Children’s Place, Inc. (The)	1.0
	8.	REX American Resources Corp.	1.0
	9.	ACCO Brands Corp.	1.0
	10.	EMCOR Group, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.5	%
Information Technology	16.6
Industrials	15.0
Health Care	14.4
Consumer Discretionary	11.7
Real Estate	6.3
Materials	3.7
Energy	3.5
Utilities	3.5
Consumer Staples	2.7
Telecommunication Services	0.6
Short-Term Investment	4.5

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

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

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

¹  On December 1, 2016, the Fund’s Institutional Class Shares were re-designated and renamed Class L Shares.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge*			13.65	%		13.09	%		6.50	%
Without Sales Charge			19.97			14.31			7.08
CLASS C SHARES	November 1, 2007
With CDSC**			18.43			13.77			6.57
Without CDSC			19.43			13.77			6.57
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	September 10, 2001		20.29			14.62			7.35
CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	November 4, 1993		20.50			14.81			7.54
CLASS R2 SHARES	November 1, 2011		19.70			14.04			6.93
CLASS R3 SHARES	September 9, 2016		19.98			14.31			7.08
CLASS R4 SHARES	September 9, 2016		20.30			14.63			7.36
CLASS R5 SHARES	September 9, 2016		20.45			14.80			7.54
CLASS R6 SHARES	November 1, 2011		20.64			14.93			7.60

* 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 (6/30/07 TO 6/30/17)

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

Returns for Class A, Class C and Class R4 Shares prior to their inception dates are based on the performance of the Class I Shares (formerly Select Class Shares). The actual returns for Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R2 prior to their inception date are based on the performance of the Class A Shares from November 1, 2007 to October 31, 2011 and the performance of Class I Shares prior to November 1, 2007. Returns for Class R3 prior to their inception date are based on the performance of Class A Shares from November 1, 2007 to September 8, 2016 and the performance of Class I Shares prior to November 1, 2007. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares and Class I Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares and higher expenses than Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of the Class L Shares (formerly Institutional Class Shares). The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from June 30, 2007 to June 30, 2017. 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 Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

14 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Consumer Discretionary — 11.9%
		Distributors — 1.1%
	16	Pool Corp.		1,853
		Diversified Consumer Services — 0.7%
	15	Bright Horizons Family Solutions, Inc. (a)		1,176
		Hotels, Restaurants & Leisure — 3.9%
	124	Boyd Gaming Corp.		3,085
	37	Texas Roadhouse, Inc.		1,875
	8	Vail Resorts, Inc.		1,613
				6,573
		Household Durables — 0.6%
	83	TRI Pointe Group, Inc. (a)		1,096
		Internet & Direct Marketing Retail — 1.0%
	21	Wayfair, Inc., Class A (a)		1,610
		Multiline Retail — 0.9%
	37	Ollie’s Bargain Outlet Holdings, Inc. (a)		1,579
		Specialty Retail — 2.6%
	13	Burlington Stores, Inc. (a)		1,185
	17	Lithia Motors, Inc., Class A		1,592
	12	Penske Automotive Group, Inc.		516
	57	Tile Shop Holdings, Inc.		1,178
				4,471
		Textiles, Apparel & Luxury Goods — 1.1%
	69	Wolverine World Wide, Inc.		1,932
		Total Consumer Discretionary		20,290
		Consumer Staples — 4.5%
		Food & Staples Retailing — 2.1%
	9	Casey’s General Stores, Inc.		961
	58	Performance Food Group Co. (a)		1,593
	44	Sprouts Farmers Market, Inc. (a)		994
				3,548
		Food Products — 1.3%
	74	Freshpet, Inc. (a)		1,224
	28	Snyder’s-Lance, Inc.		977
				2,201
		Personal Products — 1.1%
	72	elf Beauty, Inc. (a)		1,968
		Total Consumer Staples		7,717
		Energy — 1.4%
		Oil, Gas & Consumable Fuels — 1.4%
	7	Diamondback Energy, Inc. (a)		652
	62	Jagged Peak Energy, Inc. (a)		830

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	26	RSP Permian, Inc. (a)		830
		Total Energy		2,312
		Financials — 5.6%
		Banks — 2.4%
	21	Bank of the Ozarks, Inc.		983
	6	Signature Bank (a)		893
	28	Texas Capital Bancshares, Inc. (a)		2,199
				4,075
		Capital Markets — 2.7%
	29	Evercore Partners, Inc., Class A		2,071
	34	Financial Engines, Inc.		1,230
	128	PennantPark Investment Corp.		948
	41	WisdomTree Investments, Inc.		422
				4,671
		Thrifts & Mortgage Finance — 0.5%
	35	BofI Holding, Inc. (a)		824
		Total Financials		9,570
		Health Care — 22.1%
		Biotechnology — 9.4%
	20	ACADIA Pharmaceuticals, Inc. (a)		545
	24	Axovant Sciences Ltd. (a)		546
	56	Bellicum Pharmaceuticals, Inc. (a)		656
	30	Biohaven Pharmaceutical Holding Co. Ltd., (Canada) (a)		757
	41	Coherus Biosciences, Inc. (a)		595
	59	Exact Sciences Corp. (a)		2,073
	30	FibroGen, Inc. (a)		962
	83	Halozyme Therapeutics, Inc. (a)		1,067
	66	Ignyta, Inc. (a)		680
	27	Insmed, Inc. (a)		455
	22	Kite Pharma, Inc. (a)		2,303
	12	Neurocrine Biosciences, Inc. (a)		558
	18	Portola Pharmaceuticals, Inc. (a)		1,017
	34	REGENXBIO, Inc. (a)		663
	14	Sage Therapeutics, Inc. (a)		1,130
	18	Spark Therapeutics, Inc. (a)		1,067
	2	TESARO, Inc. (a)		286
	32	Versartis, Inc. (a)		553
				15,913
		Health Care Equipment & Supplies — 4.7%
	142	GenMark Diagnostics, Inc. (a)		1,685
	22	Insulet Corp. (a)		1,145
	73	K2M Group Holdings, Inc. (a)		1,788

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	19	Nevro Corp. (a)		1,426
	170	Novadaq Technologies, Inc., (Canada) (a)		1,991
				8,035
		Health Care Providers & Services — 3.5%
	43	Acadia Healthcare Co., Inc. (a)		2,132
	55	Teladoc, Inc. (a)		1,922
	11	WellCare Health Plans, Inc. (a)		1,895
				5,949
		Health Care Technology — 1.7%
	75	Evolent Health, Inc., Class A (a)		1,905
	17	Veeva Systems, Inc., Class A (a)		1,041
				2,946
		Pharmaceuticals — 2.8%
	100	Horizon Pharma plc (a)		1,191
	61	Nektar Therapeutics (a)		1,200
	44	Revance Therapeutics, Inc. (a)		1,159
	226	TherapeuticsMD, Inc. (a)		1,194
				4,744
		Total Health Care		37,587
		Industrials — 19.1%
		Aerospace & Defense — 1.8%
	28	HEICO Corp.		1,992
	21	Hexcel Corp.		1,105
				3,097
		Air Freight & Logistics — 0.8%
	21	XPO Logistics, Inc. (a)		1,363
		Building Products — 6.4%
	82	Advanced Drainage Systems, Inc.		1,639
	21	Fortune Brands Home & Security, Inc.		1,386
	34	JELD-WEN Holding, Inc. (a)		1,106
	11	Lennox International, Inc.		2,107
	34	Masonite International Corp. (a)		2,595
	32	Trex Co., Inc. (a)		2,139
				10,972
		Commercial Services & Supplies — 0.9%
	66	Advanced Disposal Services, Inc. (a)		1,500
		Industrial Conglomerates — 0.6%
	10	Carlisle Cos., Inc.		945
		Machinery — 5.3%
	20	Graco, Inc.		2,193
	13	ITT, Inc.		526
	32	John Bean Technologies Corp.		3,129

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	12	Middleby Corp. (The) (a)		1,457
	26	Oshkosh Corp.		1,789
				9,094
		Marine — 0.5%
	14	Kirby Corp. (a)		931
		Road & Rail — 1.1%
	19	Old Dominion Freight Line, Inc.		1,809
		Trading Companies & Distributors — 1.7%
	50	H&E Equipment Services, Inc.		1,021
	49	Rush Enterprises, Inc., Class A (a)		1,809
				2,830
		Total Industrials		32,541
		Information Technology — 27.2%
		Communications Equipment — 1.3%
	38	Ciena Corp. (a)		946
	71	Quantenna Communications, Inc. (a)		1,357
				2,303
		Electronic Equipment, Instruments & Components — 1.4%
	15	Littelfuse, Inc.		2,466
		Internet Software & Services — 9.5%
	28	2U, Inc. (a)		1,329
	56	Cloudera, Inc. (a)		893
	5	CoStar Group, Inc. (a)		1,216
	52	Envestnet, Inc. (a)		2,050
	49	GoDaddy, Inc., Class A (a)		2,084
	39	GrubHub, Inc. (a)		1,721
	39	Instructure, Inc. (a)		1,162
	29	MuleSoft, Inc., Class A (a)		729
	51	Nutanix, Inc., Class A (a)		1,025
	38	Okta, Inc. (a)		874
	14	Shopify, Inc., (Canada), Class A (a)		1,240
	36	Trade Desk, Inc. (The), Class A (a)		1,788
				16,111
		Semiconductors & Semiconductor Equipment — 4.7%
	28	Cavium, Inc. (a)		1,735
	39	Inphi Corp. (a)		1,334
	30	MACOM Technology Solutions Holdings, Inc. (a)		1,670
	21	MKS Instruments, Inc.		1,417
	19	Monolithic Power Systems, Inc.		1,787
				7,943
		Software — 10.3%
	34	Appian Corp. (a)		619
	36	Atlassian Corp. plc, (Australia), Class A (a)		1,277

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	30	Guidewire Software, Inc. (a)		2,054
	19	HubSpot, Inc. (a)		1,246
	19	Imperva, Inc. (a)		916
	29	Paycom Software, Inc. (a)		1,994
	18	Proofpoint, Inc. (a)		1,528
	68	RingCentral, Inc., Class A (a)		2,478
	28	Take-Two Interactive Software, Inc. (a)		2,065
	9	Tyler Technologies, Inc. (a)		1,615
	61	Zendesk, Inc. (a)		1,693
				17,485
		Total Information Technology		46,308
		Materials — 3.8%
		Chemicals — 1.2%
	111	Ferro Corp. (a)		2,034
		Construction Materials — 2.6%
	21	Eagle Materials, Inc.		1,943
	89	Summit Materials, Inc., Class A (a)		2,556
				4,499
		Total Materials		6,533

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 2.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
	32	CubeSmart		762
	20	Highwoods Properties, Inc.		1,019
				1,781
		Real Estate Management & Development — 1.0%
	30	RE/MAX Holdings, Inc., Class A		1,680
		Total Real Estate		3,461
		Total Common Stocks (Cost $101,887)		166,319
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	3,593	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $3,593)		3,593
		Total Investments — 99.7% (Cost $105,480)		169,912
		Other Assets in Excess of Liabilities — 0.3%		480
		NET ASSETS — 100.0%	$	170,392

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.9%
		Consumer Discretionary — 9.6%
		Auto Components — 1.4%
	59	American Axle & Manufacturing Holdings, Inc. (a)		918
	17	Cooper-Standard Holdings, Inc. (a)		1,750
	9	Dana, Inc.		203
	2	Stoneridge, Inc. (a)		28
	5	Tower International, Inc.		116
				3,015
		Diversified Consumer Services — 0.3%
	2	Capella Education Co.		147
	2	Grand Canyon Education, Inc. (a)		188
	21	K12, Inc. (a)		385
				720
		Hotels, Restaurants & Leisure — 1.7%
	97	Bloomin’ Brands, Inc.		2,067
	7	DineEquity, Inc.		326
	1	Jack in the Box, Inc.		49
	35	Pinnacle Entertainment, Inc. (a)		682
	21	Ruth’s Hospitality Group, Inc.		448
				3,572
		Household Durables — 2.3%
	14	Helen of Troy Ltd. (a)		1,335
	9	Hooker Furniture Corp.		370
	6	KB Home		134
	21	Libbey, Inc.		166
	18	Lifetime Brands, Inc.		321
	2	NACCO Industries, Inc., Class A		122
	95	Taylor Morrison Home Corp., Class A (a)		2,291
				4,739
		Internet & Direct Marketing Retail — 0.1%
	13	Liberty TripAdvisor Holdings, Inc., Class A (a)		148
		Media — 1.0%
	61	Gannett Co., Inc.		533
	38	Gray Television, Inc. (a)		526
	3	Nexstar Media Group, Inc., Class A		187
	23	Sinclair Broadcast Group, Inc., Class A		760
	12	Townsquare Media, Inc., Class A (a)		124
				2,130
		Specialty Retail — 2.7%
	28	Caleres, Inc.		772
	16	Children’s Place, Inc. (The)		1,644
	19	Express, Inc. (a)		126
	4	Floor & Decor Holdings, Inc., Class A (a)		169
	4	Group 1 Automotive, Inc.		266

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	421	Office Depot, Inc.		2,372
	79	Pier 1 Imports, Inc.		412
	2	Tailored Brands, Inc.		20
				5,781
		Textiles, Apparel & Luxury Goods — 0.1%
	9	Perry Ellis International, Inc. (a)		181
		Total Consumer Discretionary		20,286
		Consumer Staples — 2.1%
		Food & Staples Retailing — 0.7%
	42	SpartanNash Co.		1,095
	39	SUPERVALU, Inc. (a)		129
	11	US Foods Holding Corp. (a)		299
				1,523
		Food Products — 1.0%
	35	Dean Foods Co.		597
	28	Pilgrim’s Pride Corp. (a)		617
	4	Pinnacle Foods, Inc.		233
	3	Sanderson Farms, Inc.		382
	2	TreeHouse Foods, Inc. (a)		196
				2,025
		Household Products — 0.4%
	25	Central Garden & Pet Co., Class A (a)		739
		Personal Products — 0.0% (g)
	2	USANA Health Sciences, Inc. (a)		101
		Total Consumer Staples		4,388
		Energy — 3.1%
		Energy Equipment & Services — 1.1%
	32	Archrock, Inc.		360
	26	Exterran Corp. (a)		691
	76	McDermott International, Inc. (a)		546
	7	PHI, Inc. (Non-Voting) (a)		66
	36	RigNet, Inc. (a)		581
				2,244
		Oil, Gas & Consumable Fuels — 2.0%
	210	Abraxas Petroleum Corp. (a)		340
	1	Arch Coal, Inc., Class A		96
	57	Delek US Holdings, Inc.		1,511
	114	Denbury Resources, Inc. (a)		174
	72	EP Energy Corp., Class A (a)		263
	8	Green Plains, Inc.		168
	20	Jagged Peak Energy, Inc. (a)		260
	29	Pacific Ethanol, Inc. (a)		179

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	33	Renewable Energy Group, Inc. (a)		426
	1	REX American Resources Corp. (a)		59
	39	SRC Energy, Inc. (a)		263
	196	W&T Offshore, Inc. (a)		384
	3	Westmoreland Coal Co. (a)		14
	3	World Fuel Services Corp.		113
				4,250
		Total Energy		6,494
		Financials — 17.9%
		Banks — 10.5%
	4	Cadence BanCorp (a)		94
	8	Cathay General Bancorp		308
	3	Central Valley Community Bancorp		67
	2	Community Trust Bancorp, Inc.		75
	3	CU Bancorp (a)		119
	4	Customers Bancorp, Inc. (a)		111
	36	East West Bancorp, Inc.		2,089
	2	Enterprise Financial Services Corp.		69
	14	Fidelity Southern Corp.		330
	19	Financial Institutions, Inc.		557
	164	First BanCorp, (Puerto Rico) (a)		951
	5	First Business Financial Services, Inc.		116
	6	First Community Bancshares, Inc.		155
	5	First Financial Bancorp		138
	13	First Foundation, Inc. (a)		220
	8	First Hawaiian, Inc.		236
	41	First Merchants Corp.		1,653
	52	Fulton Financial Corp.		980
	39	Hancock Holding Co.		1,887
	34	Hanmi Financial Corp.		967
	16	Heritage Financial Corp.		419
	14	Hilltop Holdings, Inc.		360
	61	Hope Bancorp, Inc.		1,135
	2	Howard Bancorp, Inc. (a)		44
	6	IBERIABANK Corp.		483
	4	MainSource Financial Group, Inc.		142
	3	NBT Bancorp, Inc.		113
	4	Northeast Bancorp		81
	3	Pacific Mercantile Bancorp (a)		24
	25	PacWest Bancorp		1,169
	48	Popular, Inc., (Puerto Rico)		2,022
	11	Preferred Bank		564
	2	Premier Financial Bancorp, Inc.		41
	6	Shore Bancshares, Inc.		102
	3	Sierra Bancorp		70

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	4	Southern National Bancorp of Virginia, Inc.		72
	2	Stonegate Bank		83
	2	SVB Financial Group (a)		282
	106	TCF Financial Corp.		1,682
	2	Towne Bank		62
	15	TriCo Bancshares		533
	15	TriState Capital Holdings, Inc. (a)		383
	6	Triumph Bancorp, Inc. (a)		149
	21	Zions Bancorp		931
				22,068
		Capital Markets — 1.5%
	84	BGC Partners, Inc., Class A		1,064
	3	Evercore Partners, Inc., Class A		221
	17	Houlihan Lokey, Inc.		587
	14	INTL. FCStone, Inc. (a)		547
	27	OM Asset Management plc		398
	3	Piper Jaffray Cos.		181
	1	Stifel Financial Corp. (a)		66
				3,064
		Consumer Finance — 1.4%
	35	FirstCash, Inc.		2,041
	24	Green Dot Corp., Class A (a)		932
				2,973
		Diversified Financial Services — 0.1%
	12	FNFV Group (a)		191
	3	Marlin Business Services Corp.		71
				262
		Insurance — 2.8%
	50	American Equity Investment Life Holding Co.		1,304
	8	Aspen Insurance Holdings Ltd., (Bermuda)		377
	63	CNO Financial Group, Inc.		1,309
	12	First American Financial Corp.		514
	6	HCI Group, Inc.		290
	15	Kinsale Capital Group, Inc.		556
	5	Maiden Holdings Ltd.		56
	4	National General Holdings Corp.		75
	4	Selective Insurance Group, Inc.		187
	16	Stewart Information Services Corp.		730
	4	United Fire Group, Inc.		185
	15	Universal Insurance Holdings, Inc.		372
				5,955

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Mortgage Real Estate Investment Trusts (REITs) — 0.6%
	9	Capstead Mortgage Corp.		96
	5	Invesco Mortgage Capital, Inc.		85
	61	Redwood Trust, Inc.		1,040
				1,221
		Thrifts & Mortgage Finance — 1.0%
	4	BankFinancial Corp.		64
	7	Dime Community Bancshares, Inc.		139
	9	HomeStreet, Inc. (a)		261
	7	Meta Financial Group, Inc.		667
	12	OceanFirst Financial Corp.		320
	9	PennyMac Financial Services, Inc., Class A (a)		147
	9	Walker & Dunlop, Inc. (a)		433
	2	Washington Federal, Inc.		56
				2,087
		Total Financials		37,630
		Health Care — 14.6%
		Biotechnology — 5.3%
	10	Acorda Therapeutics, Inc. (a)		187
	45	Aduro Biotech, Inc. (a)		508
	4	AMAG Pharmaceuticals, Inc. (a)		70
	69	Amicus Therapeutics, Inc. (a)		698
	7	AnaptysBio, Inc. (a)		170
	9	Audentes Therapeutics, Inc. (a)		180
	23	Axovant Sciences Ltd. (a)		543
	7	Bellicum Pharmaceuticals, Inc. (a)		77
	7	Bluebird Bio, Inc. (a)		683
	17	Cara Therapeutics, Inc. (a)		262
	183	Catalyst Pharmaceuticals, Inc. (a)		505
	8	Corvus Pharmaceuticals, Inc. (a)		98
	61	Dynavax Technologies Corp. (a)		584
	19	Epizyme, Inc. (a)		291
	8	Esperion Therapeutics, Inc. (a)		347
	7	FibroGen, Inc. (a)		216
	7	Global Blood Therapeutics, Inc. (a)		191
	5	Immune Design Corp. (a)		45
	30	Insmed, Inc. (a)		508
	5	Jounce Therapeutics, Inc. (a)		76
	1	Karyopharm Therapeutics, Inc. (a)		7
	1	Loxo Oncology, Inc. (a)		80
	20	Mersana Therapeutics, Inc. (a)		277
	7	Momenta Pharmaceuticals, Inc. (a)		123
	24	Ra Pharmaceuticals, Inc. (a)		448
	3	Radius Health, Inc. (a)		127
	3	Sage Therapeutics, Inc. (a)		263
	12	Sarepta Therapeutics, Inc. (a)		411

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	30	Selecta Biosciences, Inc. (a)		598
	3	Seres Therapeutics, Inc. (a)		32
	9	Spark Therapeutics, Inc. (a)		544
	52	Synergy Pharmaceuticals, Inc. (a)		232
	13	Syros Pharmaceuticals, Inc. (a)		211
	3	TESARO, Inc. (a)		476
	10	Ultragenyx Pharmaceutical, Inc. (a)		640
	9	Vanda Pharmaceuticals, Inc. (a)		153
	11	Xencor, Inc. (a)		236
				11,097
		Health Care Equipment & Supplies — 3.8%
	18	Cutera, Inc. (a)		469
	1	Inogen, Inc. (a)		139
	51	Integer Holdings Corp. (a)		2,210
	59	Invacare Corp.		780
	45	Lantheus Holdings, Inc. (a)		796
	26	Masimo Corp. (a)		2,343
	75	OraSure Technologies, Inc. (a)		1,292
				8,029
		Health Care Providers & Services — 3.4%
	23	Addus HomeCare Corp. (a)		841
	19	AMN Healthcare Services, Inc. (a)		730
	71	Cross Country Healthcare, Inc. (a)		923
	2	Envision Healthcare Corp. (a)		141
	43	Kindred Healthcare, Inc.		506
	21	Molina Healthcare, Inc. (a)		1,475
	25	Owens & Minor, Inc.		799
	14	PharMerica Corp. (a)		372
	31	RadNet, Inc. (a)		238
	25	Surgery Partners, Inc. (a)		560
	4	WellCare Health Plans, Inc. (a)		657
				7,242
		Health Care Technology — 0.3%
	34	HMS Holdings Corp. (a)		629
		Life Sciences Tools & Services — 0.4%
	10	INC Research Holdings, Inc., Class A (a)		585
	3	PRA Health Sciences, Inc. (a)		195
				780
		Pharmaceuticals — 1.4%
	8	Amphastar Pharmaceuticals, Inc. (a)		143
	20	Assembly Biosciences, Inc. (a)		413
	10	Horizon Pharma plc (a)		113
	3	Medicines Co. (The) (a)		110

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	14	Nektar Therapeutics (a)		282
	41	Ocular Therapeutix, Inc. (a)		376
	7	Pacira Pharmaceuticals, Inc. (a)		334
	7	Reata Pharmaceuticals, Inc., Class A (a)		212
	8	Revance Therapeutics, Inc. (a)		222
	120	TherapeuticsMD, Inc. (a)		634
	5	Theravance Biopharma, Inc., (Cayman Islands) (a)		187
				3,026
		Total Health Care		30,803
		Industrials — 18.8%
		Aerospace & Defense — 1.5%
	16	AAR Corp.		572
	13	Engility Holdings, Inc. (a)		370
	7	HEICO Corp., Class A		462
	3	Moog, Inc., Class A (a)		230
	49	Vectrus, Inc. (a)		1,593
				3,227
		Air Freight & Logistics — 0.2%
	5	Atlas Air Worldwide Holdings, Inc. (a)		240
	4	Park-Ohio Holdings Corp.		147
				387
		Airlines — 0.7%
	10	Hawaiian Holdings, Inc. (a)		474
	31	SkyWest, Inc.		1,088
				1,562
		Building Products — 0.8%
	3	American Woodmark Corp. (a)		246
	8	JELD-WEN Holding, Inc. (a)		263
	12	Universal Forest Products, Inc.		1,083
				1,592
		Commercial Services & Supplies — 3.1%
	14	ABM Industries, Inc.		590
	147	ACCO Brands Corp. (a)		1,708
	3	CECO Environmental Corp.		29
	27	Essendant, Inc.		394
	3	Herman Miller, Inc.		79
	17	Interface, Inc.		324
	12	Kimball International, Inc., Class B		203
	5	Knoll, Inc.		102
	57	Quad/Graphics, Inc.		1,308
	30	Steelcase, Inc., Class A		425
	4	Viad Corp.		185

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — continued
	2	VSE Corp.		73
	45	West Corp.		1,043
				6,463
		Construction & Engineering — 1.5%
	15	EMCOR Group, Inc.		967
	34	HC2 Holdings, Inc. (a)		198
	33	MasTec, Inc. (a)		1,467
	17	Sterling Construction Co., Inc. (a)		227
	13	Tutor Perini Corp. (a)		378
				3,237
		Electrical Equipment — 1.2%
	6	EnerSys		427
	103	General Cable Corp.		1,677
	8	Powell Industries, Inc.		249
	3	Regal Beloit Corp.		280
				2,633
		Machinery — 3.9%
	6	Barnes Group, Inc.		331
	20	Columbus McKinnon Corp.		496
	16	Federal Signal Corp.		277
	58	Global Brass & Copper Holdings, Inc.		1,760
	5	Greenbrier Cos., Inc. (The)		243
	2	Hurco Cos., Inc.		59
	4	Hyster-Yale Materials Handling, Inc.		281
	8	Kadant, Inc.		570
	3	Kennametal, Inc.		120
	106	Meritor, Inc. (a)		1,769
	2	NN, Inc.		60
	1	Standex International Corp.		121
	10	TriMas Corp. (a)		202
	84	Wabash National Corp.		1,852
				8,141
		Marine — 0.2%
	64	Costamare, Inc., (Monaco)		466
		Professional Services — 3.9%
	62	Acacia Research Corp. (a)		255
	28	Barrett Business Services, Inc.		1,622
	5	CRA International, Inc.		177
	14	ICF International, Inc. (a)		664
	18	Insperity, Inc.		1,292
	2	Kelly Services, Inc., Class A		39
	75	RPX Corp. (a)		1,039
	29	TriNet Group, Inc. (a)		940

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
			Professional Services — continued
	60		TrueBlue, Inc. (a)		1,577
	8		WageWorks, Inc. (a)		511
					8,116
			Road & Rail — 0.8%
	68		ArcBest Corp.		1,394
	10		Schneider National, Inc., Class B		224
	3		Universal Logistics Holdings, Inc.		38
	3		YRC Worldwide, Inc. (a)		37
					1,693
			Trading Companies & Distributors — 1.0%
	9		Applied Industrial Technologies, Inc.		508
	12		GMS, Inc. (a)		331
	65		MRC Global, Inc. (a)		1,069
	–	(h)	Neff Corp., Class A (a)		4
	3		Veritiv Corp. (a)		135
					2,047
			Total Industrials		39,564
			Information Technology — 16.0%
			Communications Equipment — 1.2%
	16		Ciena Corp. (a)		388
	223		Extreme Networks, Inc. (a)		2,058
					2,446
			Electronic Equipment, Instruments & Components — 3.7%
	1		Anixter International, Inc. (a)		110
	46		Benchmark Electronics, Inc. (a)		1,478
	21		Fitbit, Inc., Class A (a)		109
	31		Insight Enterprises, Inc. (a)		1,225
	1		KEMET Corp. (a)		7
	29		Kimball Electronics, Inc. (a)		525
	2		Littelfuse, Inc.		409
	9		Methode Electronics, Inc.		353
	9		Plexus Corp. (a)		452
	59		Sanmina Corp. (a)		2,240
	10		Tech Data Corp. (a)		961
					7,869
			Internet Software & Services — 1.9%
	7		Alteryx, Inc., Class A (a)		133
	23		Bankrate, Inc. (a)		298
	55		Blucora, Inc. (a)		1,172
	25		Cloudera, Inc. (a)		393
	9		Cornerstone OnDemand, Inc. (a)		324
	6		Coupa Software, Inc. (a)		174
	18		Five9, Inc. (a)		392

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
	101	Limelight Networks, Inc. (a)		290
	3	MuleSoft, Inc., Class A (a)		67
	14	Okta, Inc. (a)		310
	37	Tintri, Inc. (a)		265
	18	Yext, Inc. (a)		244
				4,062
		IT Services — 2.5%
	2	Blackhawk Network Holdings, Inc. (a)		76
	11	Euronet Worldwide, Inc. (a)		983
	32	Everi Holdings, Inc. (a)		229
	2	EVERTEC, Inc., (Puerto Rico)		41
	21	Planet Payment, Inc. (a)		70
	14	Sykes Enterprises, Inc. (a)		477
	144	Travelport Worldwide Ltd.		1,983
	101	Unisys Corp. (a)		1,296
				5,155
		Semiconductors & Semiconductor Equipment — 3.5%
	3	Advanced Energy Industries, Inc. (a)		183
	30	Alpha & Omega Semiconductor Ltd. (a)		494
	18	Cirrus Logic, Inc. (a)		1,098
	30	Cohu, Inc.		477
	100	Cypress Semiconductor Corp.		1,359
	106	IXYS Corp. (a)		1,743
	5	Nanometrics, Inc. (a)		120
	7	Rudolph Technologies, Inc. (a)		160
	18	Sigma Designs, Inc. (a)		103
	81	Ultra Clean Holdings, Inc. (a)		1,524
	17	Xcerra Corp. (a)		162
				7,423
		Software — 3.2%
	2	Blackline, Inc. (a)		61
	15	CommVault Systems, Inc. (a)		864
	3	MicroStrategy, Inc., Class A (a)		489
	3	QAD, Inc., Class A		83
	3	Qualys, Inc. (a)		126
	6	RealPage, Inc. (a)		216
	31	RingCentral, Inc., Class A (a)		1,118
	25	Take-Two Interactive Software, Inc. (a)		1,851
	105	TiVo Corp.		1,965
				6,773
		Total Information Technology		33,728

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 4.4%
		Chemicals — 2.4%
	14	Chemours Co. (The)		523
	18	FutureFuel Corp.		276
	18	Innophos Holdings, Inc.		794
	1	Innospec, Inc.		89
	13	Minerals Technologies, Inc.		938
	14	OMNOVA Solutions, Inc. (a)		141
	35	Trinseo SA		2,404
				5,165
		Containers & Packaging — 0.5%
	12	Berry Global Group, Inc. (a)		697
	22	Graphic Packaging Holding Co.		309
				1,006
		Metals & Mining — 0.7%
	67	AK Steel Holding Corp. (a)		439
	54	Cliffs Natural Resources, Inc. (a)		371
	6	Commercial Metals Co.		112
	4	Ryerson Holding Corp. (a)		43
	11	Warrior Met Coal, Inc.		192
	4	Worthington Industries, Inc.		219
				1,376
		Paper & Forest Products — 0.8%
	13	Boise Cascade Co. (a)		410
	24	Louisiana-Pacific Corp. (a)		579
	20	Schweitzer-Mauduit International, Inc.		735
				1,724
		Total Materials		9,271
		Real Estate — 7.1%
		Equity Real Estate Investment Trusts (REITs) — 6.9%
	5	American Campus Communities, Inc.		217
	10	Armada Hoffler Properties, Inc.		126
	150	Ashford Hospitality Trust, Inc.		912
	16	Bluerock Residential Growth REIT, Inc.		211
	9	Chatham Lodging Trust		184
	8	Chesapeake Lodging Trust		200
	1	CorEnergy Infrastructure Trust, Inc.		37
	9	CoreSite Realty Corp.		929
	29	Cousins Properties, Inc.		252
	3	CyrusOne, Inc.		139
	9	DCT Industrial Trust, Inc.		459
	17	DiamondRock Hospitality Co.		181
	9	DuPont Fabros Technology, Inc.		563
	5	Easterly Government Properties, Inc.		111

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	8	Education Realty Trust, Inc.		315
	1	EPR Properties		104
	44	First Industrial Realty Trust, Inc.		1,252
	3	Franklin Street Properties Corp.		35
	80	GEO Group, Inc. (The)		2,363
	5	Government Properties Income Trust		97
	7	Highwoods Properties, Inc.		375
	6	Hudson Pacific Properties, Inc.		188
	9	InfraREIT, Inc.		163
	7	New Senior Investment Group, Inc.		72
	21	NexPoint Residential Trust, Inc.		532
	4	Parkway, Inc.		84
	9	Preferred Apartment Communities, Inc., Class A		143
	2	PS Business Parks, Inc.		225
	3	Ramco-Gershenson Properties Trust		37
	40	Retail Opportunity Investments Corp.		762
	23	Rexford Industrial Realty, Inc.		620
	22	RLJ Lodging Trust		427
	49	Summit Hotel Properties, Inc.		918
	3	Sun Communities, Inc.		229
	38	Sunstone Hotel Investors, Inc.		619
	23	Xenia Hotels & Resorts, Inc.		446
				14,527
		Real Estate Management & Development — 0.2%
	26	Forestar Group, Inc. (a)		444
		Total Real Estate		14,971
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	7	IDT Corp., Class B		107
		Utilities — 3.2%
		Electric Utilities — 1.9%
	2	El Paso Electric Co.		82
	6	IDACORP, Inc.		488
	3	MGE Energy, Inc.		223
	38	Portland General Electric Co.		1,721
	82	Spark Energy, Inc., Class A		1,541
				4,055
		Gas Utilities — 0.9%
	14	New Jersey Resources Corp.		542
	13	Southwest Gas Holdings, Inc.		927
	5	WGL Holdings, Inc.		400
				1,869

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except for number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.4%
	48	Atlantic Power Corp. (a)		116
	15	Dynegy, Inc. (a)		122
	11	Ormat Technologies, Inc.		646
				884
		Water Utilities — 0.0% (g)
	2	Consolidated Water Co. Ltd., (Cayman Islands)		30
		Total Utilities		6,838
		Total Common Stocks (Cost $149,604)		204,080
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	2	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 5.0%
		Investment Company — 5.0%
	10,565	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $10,565)		10,565
		Total Investments — 101.9% (Cost $160,169)		214,645
		Liabilities in Excess of Other Assets — (1.9)%		(3,900	)
		NET ASSETS — 100.0%	$	210,745

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	87	Mini Russell 2000 Index		09/15/17		USD	$	6,152	$	12

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 94.8%
		Consumer Discretionary — 14.2%
		Auto Components — 0.9%
	532	LCI Industries		54,515
		Distributors — 2.0%
	1,038	Pool Corp.		122,030
		Diversified Consumer Services — 1.0%
	1,628	ServiceMaster Global Holdings, Inc. (a)		63,804
		Hotels, Restaurants & Leisure — 2.4%
	1,407	Brinker International, Inc.		53,589
	611	Monarch Casino & Resort, Inc. (a)		18,471
	894	Papa John’s International, Inc.		64,174
	1,423	Zoe’s Kitchen, Inc. (a)		16,953
				153,187
		Internet & Direct Marketing Retail — 0.3%
	2,191	Blue Apron Holdings, Inc., Class A (a)		20,462
		Leisure Products — 2.7%
	2,467	Acushnet Holdings Corp.		48,940
	1,505	Brunswick Corp.		94,399
	1,013	Malibu Boats, Inc., Class A (a)		26,198
				169,537
		Media — 2.8%
	2,162	Cinemark Holdings, Inc.		83,992
	1,048	Emerald Expositions Events, Inc.		22,955
	3,743	EW Scripps Co. (The), Class A (a)		66,668
				173,615
		Specialty Retail — 1.3%
	3,114	American Eagle Outfitters, Inc.		37,524
	4,728	Chico’s FAS, Inc.		44,540
				82,064
		Textiles, Apparel & Luxury Goods — 0.8%
	591	Carter’s, Inc.		52,535
		Total Consumer Discretionary		891,749
		Consumer Staples — 3.4%
		Food & Staples Retailing — 1.5%
	3,474	Performance Food Group Co. (a)		95,180
		Household Products — 1.9%
	965	Spectrum Brands Holdings, Inc.		120,628
		Total Consumer Staples		215,808
		Energy — 3.4%
		Energy Equipment & Services — 2.6%
	585	Core Laboratories NV		59,275
	622	Dril-Quip, Inc. (a)		30,361

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	3,839	Patterson-UTI Energy, Inc.		77,501
				167,137
		Oil, Gas & Consumable Fuels — 0.8%
	7,169	SRC Energy, Inc. (a)		48,245
		Total Energy		215,382
		Financials — 16.9%
		Banks — 11.3%
	2,914	Associated Banc-Corp.		73,426
	2,314	BankUnited, Inc.		78,008
	804	Commerce Bancshares, Inc.		45,665
	1,483	First Financial Bancorp		41,090
	1,987	First Hawaiian, Inc.		60,853
	4,295	First Horizon National Corp.		74,821
	638	First Interstate BancSystem, Inc., Class A		23,748
	1,268	Glacier Bancorp, Inc.		46,437
	1,502	Great Western Bancorp, Inc.		61,279
	913	IBERIABANK Corp.		74,390
	1,523	Western Alliance Bancorp (a)		74,948
	752	Wintrust Financial Corp.		57,500
				712,165
		Capital Markets — 4.2%
	1,053	Eaton Vance Corp.		49,813
	334	FactSet Research Systems, Inc.		55,541
	1,074	Lazard Ltd., Class A		49,754
	976	Moelis & Co., Class A		37,902
	852	Morningstar, Inc.		66,755
				259,765
		Insurance — 1.4%
	625	Kinsale Capital Group, Inc.		23,306
	1,083	ProAssurance Corp.		65,822
				89,128
		Total Financials		1,061,058
		Health Care — 12.2%
		Health Care Equipment & Supplies — 2.6%
	296	ICU Medical, Inc. (a)		50,977
	1,201	West Pharmaceutical Services, Inc.		113,513
				164,490
		Health Care Providers & Services — 4.1%
	830	HealthEquity, Inc. (a)		41,342
	2,179	HealthSouth Corp.		105,446
	461	Magellan Health, Inc. (a)		33,630
	410	WellCare Health Plans, Inc. (a)		73,702
				254,120

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Technology — 2.1%
	1,371	Cotiviti Holdings, Inc. (a)		50,909
	998	Medidata Solutions, Inc. (a)		78,044
				128,953
		Life Sciences Tools & Services — 1.5%
	1,499	Patheon NV (a)		52,275
	1,313	VWR Corp. (a)		43,339
				95,614
		Pharmaceuticals — 1.9%
	3,202	Catalent, Inc. (a)		112,406
	180	Prestige Brands Holdings, Inc. (a)		9,493
				121,899
		Total Health Care		765,076
		Industrials — 17.8%
		Building Products — 0.9%
	1,193	JELD-WEN Holding, Inc. (a)		38,739
	573	USG Corp. (a)		16,632
				55,371
		Commercial Services & Supplies — 3.7%
	861	Advanced Disposal Services, Inc. (a)		19,562
	2,183	Brady Corp., Class A		73,996
	1,444	Herman Miller, Inc.		43,898
	1,447	KAR Auction Services, Inc.		60,733
	660	US Ecology, Inc.		33,320
				231,509
		Electrical Equipment — 0.7%
	1,298	Generac Holdings, Inc. (a)		46,881
		Machinery — 8.4%
	2,005	Allison Transmission Holdings, Inc.		75,201
	1,215	Altra Industrial Motion Corp.		48,344
	996	Douglas Dynamics, Inc.		32,764
	641	Lincoln Electric Holdings, Inc.		59,051
	481	Proto Labs, Inc. (a)		32,320
	926	RBC Bearings, Inc. (a)		94,251
	2,645	Toro Co. (The)		183,244
				525,175
		Road & Rail — 2.1%
	1,566	Knight Transportation, Inc.		58,033
	873	Landstar System, Inc.		74,747
				132,780

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 2.0%
	1,093	Applied Industrial Technologies, Inc.		64,512
	403	Watsco, Inc.		62,143
				126,655
		Total Industrials		1,118,371
		Information Technology — 12.3%
		Internet Software & Services — 2.6%
	1,495	GrubHub, Inc. (a)		65,163
	961	Instructure, Inc. (a)		28,336
	1,805	Q2 Holdings, Inc. (a)		66,695
				160,194
		IT Services — 0.9%
	1,293	CoreLogic, Inc. (a)		56,098
		Semiconductors & Semiconductor Equipment — 1.3%
	1,135	Cabot Microelectronics Corp.		83,762
		Software — 7.5%
	1,011	Aspen Technology, Inc. (a)		55,850
	639	Blackbaud, Inc.		54,796
	714	Cision Ltd. (a)		7,351
	1,051	Guidewire Software, Inc. (a)		72,205
	638	Imperva, Inc. (a)		30,549
	1,099	Manhattan Associates, Inc. (a)		52,818
	252	MicroStrategy, Inc., Class A (a)		48,214
	785	Splunk, Inc. (a)		44,658
	662	Tableau Software, Inc., Class A (a)		40,538
	374	Tyler Technologies, Inc. (a)		65,668
				472,647
		Total Information Technology		772,701
		Materials — 6.1%
		Chemicals — 2.6%
	2,011	GCP Applied Technologies, Inc. (a)		61,343
	352	Quaker Chemical Corp.		51,153
	2,216	Valvoline, Inc.		52,570
				165,066
		Containers & Packaging — 3.5%
	1,711	AptarGroup, Inc.		148,590
	1,210	Crown Holdings, Inc. (a)		72,218
				220,808
		Total Materials		385,874
		Real Estate — 5.9%
		Equity Real Estate Investment Trusts (REITs) — 3.9%
	882	EastGroup Properties, Inc.		73,928
	1,810	National Retail Properties, Inc.		70,790

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	2,143	Outfront Media, Inc.		49,552
	2,723	RLJ Lodging Trust		54,105
				248,375
		Real Estate Management & Development — 2.0%
	1,670	HFF, Inc., Class A		58,072
	2,032	Realogy Holdings Corp.		65,929
				124,001
		Total Real Estate		372,376
		Utilities — 2.6%
		Electric Utilities — 1.3%
	1,852	Portland General Electric Co.		84,604
		Multi-Utilities — 1.3%
	1,316	NorthWestern Corp.		80,300
		Total Utilities		164,904
		Total Common Stocks (Cost $4,472,230)		5,963,299

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 1.2%
		U.S. Equity — 1.2%
	535	iShares Russell 2000 Fund (Cost $68,633)		75,407
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	267,273	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $267,273)		267,273
		Total Investments — 100.3% (Cost $4,808,136)		6,305,979
		Liabilities in Excess of Other Assets — (0.3)%		(17,536	)
		NET ASSETS — 100.0%	$	6,288,443

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 12.1%
		Distributors — 1.1%
	124	Pool Corp.		14,553
		Diversified Consumer Services — 0.7%
	120	Bright Horizons Family Solutions, Inc. (a)		9,243
		Hotels, Restaurants & Leisure — 3.9%
	976	Boyd Gaming Corp.		24,204
	289	Texas Roadhouse, Inc.		14,723
	63	Vail Resorts, Inc.		12,769
				51,696
		Household Durables — 0.7%
	653	TRI Pointe Group, Inc. (a)		8,618
		Internet & Direct Marketing Retail — 1.0%
	165	Wayfair, Inc., Class A (a)		12,680
		Multiline Retail — 0.9%
	292	Ollie’s Bargain Outlet Holdings, Inc. (a)		12,423
		Specialty Retail — 2.7%
	102	Burlington Stores, Inc. (a)		9,355
	133	Lithia Motors, Inc., Class A		12,507
	93	Penske Automotive Group, Inc.		4,071
	449	Tile Shop Holdings, Inc.		9,263
				35,196
		Textiles, Apparel & Luxury Goods — 1.1%
	542	Wolverine World Wide, Inc.		15,169
		Total Consumer Discretionary		159,578
		Consumer Staples — 4.6%
		Food & Staples Retailing — 2.1%
	71	Casey’s General Stores, Inc.		7,555
	457	Performance Food Group Co. (a)		12,509
	345	Sprouts Farmers Market, Inc. (a)		7,820
				27,884
		Food Products — 1.3%
	583	Freshpet, Inc. (a)		9,676
	222	Snyder’s-Lance, Inc.		7,686
				17,362
		Personal Products — 1.2%
	568	elf Beauty, Inc. (a)		15,453
		Total Consumer Staples		60,699
		Energy — 1.4%
		Oil, Gas & Consumable Fuels — 1.4%
	56	Diamondback Energy, Inc. (a)		4,984
	489	Jagged Peak Energy, Inc. (a)		6,531

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	202	RSP Permian, Inc. (a)		6,534
		Total Energy		18,049
		Financials — 5.7%
		Banks — 2.4%
	165	Bank of the Ozarks, Inc.		7,727
	48	Signature Bank (a)		6,824
	223	Texas Capital Bancshares, Inc. (a)		17,263
				31,814
		Capital Markets — 2.8%
	231	Evercore Partners, Inc., Class A		16,262
	264	Financial Engines, Inc.		9,668
	1,009	PennantPark Investment Corp.		7,458
	328	WisdomTree Investments, Inc.		3,336
				36,724
		Thrifts & Mortgage Finance — 0.5%
	274	BofI Holding, Inc. (a)		6,491
		Total Financials		75,029
		Health Care — 22.1%
		Biotechnology — 9.5%
	154	ACADIA Pharmaceuticals, Inc. (a)		4,303
	186	Axovant Sciences Ltd. (a)		4,320
	443	Bellicum Pharmaceuticals, Inc. (a)		5,173
	239	Biohaven Pharmaceutical Holding Co. Ltd., (Canada) (a)		5,968
	327	Coherus Biosciences, Inc. (a)		4,686
	461	Exact Sciences Corp. (a)		16,308
	234	FibroGen, Inc. (a)		7,572
	656	Halozyme Therapeutics, Inc. (a)		8,407
	519	Ignyta, Inc. (a)		5,372
	210	Insmed, Inc. (a)		3,597
	174	Kite Pharma, Inc. (a)		18,086
	96	Neurocrine Biosciences, Inc. (a)		4,398
	141	Portola Pharmaceuticals, Inc. (a)		7,923
	264	REGENXBIO, Inc. (a)		5,222
	111	Sage Therapeutics, Inc. (a)		8,875
	141	Spark Therapeutics, Inc. (a)		8,395
	16	TESARO, Inc. (a)		2,273
	250	Versartis, Inc. (a)		4,364
				125,242
		Health Care Equipment & Supplies — 4.5%
	1,118	GenMark Diagnostics, Inc. (a)		13,229
	176	Insulet Corp. (a)		9,008
	576	K2M Group Holdings, Inc. (a)		14,041

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Equipment & Supplies — continued
	151	Nevro Corp. (a)		11,205
	987	Novadaq Technologies, Inc., (Canada) (a)		11,568
				59,051
		Health Care Providers & Services — 3.6%
	340	Acadia Healthcare Co., Inc. (a)		16,789
	435	Teladoc, Inc. (a)		15,096
	83	WellCare Health Plans, Inc. (a)		14,914
				46,799
		Health Care Technology — 1.7%
	582	Evolent Health, Inc., Class A (a)		14,764
	134	Veeva Systems, Inc., Class A (a)		8,195
				22,959
		Pharmaceuticals — 2.8%
	789	Horizon Pharma plc (a)		9,367
	483	Nektar Therapeutics (a)		9,437
	345	Revance Therapeutics, Inc. (a)		9,115
	1,782	TherapeuticsMD, Inc. (a)		9,390
				37,309
		Total Health Care		291,360
		Industrials — 19.5%
		Aerospace & Defense — 1.9%
	221	HEICO Corp.		15,912
	165	Hexcel Corp.		8,690
				24,602
		Air Freight & Logistics — 0.8%
	166	XPO Logistics, Inc. (a)		10,712
		Building Products — 6.5%
	640	Advanced Drainage Systems, Inc.		12,874
	167	Fortune Brands Home & Security, Inc.		10,888
	268	JELD-WEN Holding, Inc. (a)		8,694
	90	Lennox International, Inc.		16,539
	270	Masonite International Corp. (a)		20,365
	248	Trex Co., Inc. (a)		16,793
				86,153
		Commercial Services & Supplies — 0.9%
	518	Advanced Disposal Services, Inc. (a)		11,780
		Industrial Conglomerates — 0.6%
	78	Carlisle Cos., Inc.		7,437
		Machinery — 5.4%
	158	Graco, Inc.		17,215
	104	ITT, Inc.		4,171
	251	John Bean Technologies Corp.		24,549

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	94	Middleby Corp. (The) (a)		11,444
	208	Oshkosh Corp.		14,294
				71,673
		Marine — 0.6%
	110	Kirby Corp. (a)		7,327
		Road & Rail — 1.1%
	149	Old Dominion Freight Line, Inc.		14,207
		Trading Companies & Distributors — 1.7%
	394	H&E Equipment Services, Inc.		8,034
	382	Rush Enterprises, Inc., Class A (a)		14,200
				22,234
		Total Industrials		256,125
		Information Technology — 27.7%
		Communications Equipment — 1.4%
	297	Ciena Corp. (a)		7,443
	561	Quantenna Communications, Inc. (a)		10,661
				18,104
		Electronic Equipment, Instruments & Components — 1.5%
	117	Littelfuse, Inc.		19,356
		Internet Software & Services — 9.6%
	223	2U, Inc. (a)		10,470
	439	Cloudera, Inc. (a)		7,027
	36	CoStar Group, Inc. (a)		9,554
	406	Envestnet, Inc. (a)		16,094
	386	GoDaddy, Inc., Class A (a)		16,358
	310	GrubHub, Inc. (a)		13,521
	310	Instructure, Inc. (a)		9,138
	230	MuleSoft, Inc., Class A (a)		5,743
	400	Nutanix, Inc., Class A (a)		8,065
	307	Okta, Inc. (a)		7,004
	112	Shopify, Inc., (Canada), Class A (a)		9,762
	280	Trade Desk, Inc. (The), Class A (a)		14,036
				126,772
		Semiconductors & Semiconductor Equipment — 4.8%
	220	Cavium, Inc. (a)		13,655
	306	Inphi Corp. (a)		10,480
	236	MACOM Technology Solutions Holdings, Inc. (a)		13,188
	165	MKS Instruments, Inc.		11,130
	146	Monolithic Power Systems, Inc.		14,028
				62,481
		Software — 10.4%
	269	Appian Corp. (a)		4,891
	286	Atlassian Corp. plc, (Australia), Class A (a)		10,049

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — continued
	235	Guidewire Software, Inc. (a)		16,128
	149	HubSpot, Inc. (a)		9,803
	151	Imperva, Inc. (a)		7,207
	229	Paycom Software, Inc. (a)		15,657
	138	Proofpoint, Inc. (a)		12,003
	532	RingCentral, Inc., Class A (a)		19,445
	222	Take-Two Interactive Software, Inc. (a)		16,265
	72	Tyler Technologies, Inc. (a)		12,685
	479	Zendesk, Inc. (a)		13,295
				137,428
		Total Information Technology		364,141
		Materials — 3.9%
		Chemicals — 1.2%
	888	Ferro Corp. (a)		16,248
		Construction Materials — 2.7%
	165	Eagle Materials, Inc.		15,254
	695	Summit Materials, Inc., Class A (a)		20,057
				35,311
		Total Materials		51,559

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 2.1%
		Equity Real Estate Investment Trusts (REITs) — 1.1%
	250	CubeSmart		5,999
	158	Highwoods Properties, Inc.		8,012
				14,011
		Real Estate Management & Development — 1.0%
	235	RE/MAX Holdings, Inc., Class A		13,198
		Total Real Estate		27,209
		Total Common Stocks (Cost $866,043)		1,303,749
	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	41,963	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $41,963)		41,963
		Total Investments — 102.3% (Cost $908,006)		1,345,712
		Liabilities in Excess of Other Assets — (2.3)%		(29,784	)
		NET ASSETS — 100.0%	$	1,315,928

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Consumer Discretionary — 10.6%
		Auto Components — 0.9%
	458	Cooper Tire & Rubber Co.		16,530
	185	Stoneridge, Inc. (a)		2,845
				19,375
		Diversified Consumer Services — 1.0%
	82	American Public Education, Inc. (a)		1,932
	310	Ascent Capital Group, Inc., Class A (a)		4,757
	232	Houghton Mifflin Harcourt Co. (a)		2,847
	318	K12, Inc. (a)		5,697
	624	Regis Corp. (a)		6,409
				21,642
		Hotels, Restaurants & Leisure — 2.4%
	88	Bob Evans Farms, Inc.		6,292
	133	Intrawest Resorts Holdings, Inc. (a)		3,167
	964	La Quinta Holdings, Inc. (a)		14,243
	473	Penn National Gaming, Inc. (a)		10,129
	450	Pinnacle Entertainment, Inc. (a)		8,884
	326	Ruth’s Hospitality Group, Inc.		7,087
	49	Speedway Motorsports, Inc.		888
				50,690
		Household Durables — 1.1%
	35	AV Homes, Inc. (a)		704
	421	Beazer Homes USA, Inc. (a)		5,778
	1	CSS Industries, Inc.		38
	291	Hovnanian Enterprises, Inc., Class A (a)		815
	430	KB Home		10,302
	57	NACCO Industries, Inc., Class A		4,060
	38	UCP, Inc., Class A (a)		414
				22,111
		Internet & Direct Marketing Retail — 0.3%
	577	Liberty TripAdvisor Holdings, Inc., Class A (a)		6,698
		Media — 0.2%
	226	Eros International plc, (India) (a)		2,589
	101	EW Scripps Co. (The), Class A (a)		1,793
				4,382
		Multiline Retail — 1.1%
	391	Dillard’s, Inc., Class A		22,539
		Specialty Retail — 2.2%
	302	Aaron’s, Inc.		11,759
	224	Chico’s FAS, Inc.		2,110
	168	Children’s Place, Inc. (The)		17,112
	19	Floor & Decor Holdings, Inc., Class A (a)		754
	1,365	Office Depot, Inc.		7,696

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	1,268	Pier 1 Imports, Inc.		6,580
				46,011
		Textiles, Apparel & Luxury Goods — 1.4%
	1,293	Fossil Group, Inc. (a)		13,381
	585	Iconix Brand Group, Inc. (a)		4,040
	451	Movado Group, Inc.		11,397
	57	Perry Ellis International, Inc. (a)		1,102
				29,920
		Total Consumer Discretionary		223,368
		Consumer Staples — 1.9%
		Food & Staples Retailing — 0.1%
	73	SpartanNash Co.		1,903
	18	Village Super Market, Inc., Class A		477
				2,380
		Food Products — 0.6%
	629	Darling Ingredients, Inc. (a)		9,894
	70	Dean Foods Co.		1,192
	51	Fresh Del Monte Produce, Inc.		2,607
				13,693
		Household Products — 0.3%
	198	Central Garden & Pet Co., Class A (a)		5,929
		Tobacco — 0.9%
	294	Universal Corp.		18,989
		Total Consumer Staples		40,991
		Energy — 4.8%
		Energy Equipment & Services — 2.0%
	943	Archrock, Inc.		10,747
	5	Natural Gas Services Group, Inc. (a)		117
	2,724	Noble Corp. plc		9,859
	369	Parker Drilling Co. (a)		498
	1,284	Rowan Cos. plc, Class A (a)		13,148
	446	Unit Corp. (a)		8,346
				42,715
		Oil, Gas & Consumable Fuels — 2.8%
	2,294	Bill Barrett Corp. (a)		7,043
	636	Delek US Holdings, Inc.		16,821
	3,710	Denbury Resources, Inc. (a)		5,677
	2,225	EP Energy Corp., Class A (a)		8,144
	18	Renewable Energy Group, Inc. (a)		232
	177	REX American Resources Corp. (a)		17,053
	466	Sanchez Energy Corp. (a)		3,345
				58,315
		Total Energy		101,030

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 30.1%
		Banks — 18.7%
	129	1st Source Corp.		6,194
	8	American National Bankshares, Inc.		277
	77	BancFirst Corp.		7,419
	447	BancorpSouth, Inc.		13,634
	196	Bank of Hawaii Corp.		16,237
	90	Brookline Bancorp, Inc.		1,311
	37	Bryn Mawr Bank Corp.		1,568
	20	Cadence BanCorp (a)		431
	68	Capital Bank Financial Corp., Class A		2,576
	247	Cathay General Bancorp		9,362
	547	Central Pacific Financial Corp.		17,208
	29	Central Valley Community Bancorp		640
	10	Century Bancorp, Inc., Class A		630
	23	Citizens & Northern Corp.		535
	173	City Holding Co.		11,402
	65	Columbia Banking System, Inc.		2,599
	162	Community Bank System, Inc.		9,051
	146	Community Trust Bancorp, Inc.		6,403
	15	East West Bancorp, Inc.		863
	294	FCB Financial Holdings, Inc., Class A (a)		14,053
	83	Financial Institutions, Inc.		2,479
	36	First Bancorp		1,129
	1,449	First BanCorp, (Puerto Rico) (a)		8,389
	91	First Busey Corp.		2,653
	10	First Citizens BancShares, Inc., Class A		3,727
	1,453	First Commonwealth Financial Corp.		18,424
	72	First Community Bancshares, Inc.		1,972
	130	First Financial Bancorp		3,587
	91	First Financial Bankshares, Inc.		4,005
	25	First Financial Corp.		1,173
	115	First Hawaiian, Inc.		3,534
	121	First Interstate BancSystem, Inc., Class A		4,485
	175	Flushing Financial Corp.		4,928
	423	Fulton Financial Corp.		8,033
	254	Glacier Bancorp, Inc.		9,292
	44	Great Southern Bancorp, Inc.		2,354
	125	Great Western Bancorp, Inc.		5,101
	398	Hancock Holding Co.		19,498
	29	Heritage Financial Corp.		770
	546	Hope Bancorp, Inc.		10,187
	66	Independent Bank Corp.		1,431
	1,164	Investors Bancorp, Inc.		15,556
	50	Lakeland Financial Corp.		2,294
	170	MainSource Financial Group, Inc.		5,696
	23	Mercantile Bank Corp.		715

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	674	OFG Bancorp, (Puerto Rico)		6,736
	94	Pacific Continental Corp.		2,394
	186	PacWest Bancorp		8,696
	63	Park Sterling Corp.		749
	21	Preferred Bank		1,128
	23	Republic Bancorp, Inc., Class A		835
	26	S&T Bancorp, Inc.		940
	32	Sandy Spring Bancorp, Inc.		1,297
	93	Southside Bancshares, Inc.		3,243
	170	Southwest Bancorp, Inc.		4,336
	69	State Bank Financial Corp.		1,866
	23	Stock Yards Bancorp, Inc.		883
	27	Tompkins Financial Corp.		2,086
	31	TriState Capital Holdings, Inc. (a)		771
	424	Trustmark Corp.		13,636
	266	UMB Financial Corp.		19,935
	706	Umpqua Holdings Corp.		12,958
	442	Union Bankshares Corp.		14,969
	91	Valley National Bancorp		1,069
	46	Washington Trust Bancorp, Inc.		2,351
	134	Webster Financial Corp.		6,977
	16	West Bancorp, Inc.		370
	411	Westamerica Bancorp		23,049
				395,079
		Capital Markets — 1.0%
	52	Arlington Asset Investment Corp., Class A		711
	60	Investment Technology Group, Inc.		1,279
	560	KCG Holdings, Inc., Class A (a)		11,166
	55	Oppenheimer Holdings, Inc., Class A		897
	93	Stifel Financial Corp. (a)		4,267
	33	Virtus Investment Partners, Inc.		3,628
				21,948
		Consumer Finance — 0.5%
	404	EZCORP, Inc., Class A (a)		3,108
	108	Nelnet, Inc., Class A		5,091
	68	Regional Management Corp. (a)		1,600
				9,799
		Diversified Financial Services — 0.3%
	291	FNFV Group (a)		4,596
	39	Marlin Business Services Corp.		976
				5,572
		Insurance — 4.6%
	78	Argo Group International Holdings Ltd.		4,721
	976	CNO Financial Group, Inc.		20,377

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	14	Global Indemnity Ltd., (Cayman Islands) (a)		535
	87	Hallmark Financial Services, Inc. (a)		985
	128	Heritage Insurance Holdings, Inc.		1,661
	280	Horace Mann Educators Corp.		10,592
	1,550	MBIA, Inc. (a)		14,614
	70	Navigators Group, Inc. (The)		3,826
	255	Primerica, Inc.		19,293
	210	ProAssurance Corp.		12,756
	470	Third Point Reinsurance Ltd., (Bermuda) (a)		6,529
	18	Universal Insurance Holdings, Inc.		446
				96,335
		Mortgage Real Estate Investment Trusts (REITs) — 2.0%
	112	AG Mortgage Investment Trust, Inc.		2,051
	1,222	Capstead Mortgage Corp.		12,747
	2,398	CYS Investments, Inc.		20,166
	148	Ellington Residential Mortgage REIT		2,162
	362	Invesco Mortgage Capital, Inc.		6,052
				43,178
		Thrifts & Mortgage Finance — 3.0%
	29	BankFinancial Corp.		428
	1,171	Beneficial Bancorp, Inc.		17,572
	295	Charter Financial Corp.		5,308
	41	First Defiance Financial Corp.		2,160
	95	Kearny Financial Corp.		1,412
	371	Meridian Bancorp, Inc.		6,267
	666	Northfield Bancorp, Inc.		11,420
	33	Oritani Financial Corp.		563
	19	Territorial Bancorp, Inc.		586
	51	United Community Financial Corp.		422
	116	United Financial Bancorp, Inc.		1,931
	257	Walker & Dunlop, Inc. (a)		12,525
	106	Waterstone Financial, Inc.		1,992
	23	WSFS Financial Corp.		1,057
				63,643
		Total Financials		635,554
		Health Care — 5.8%
		Biotechnology — 2.2%
	56	Acorda Therapeutics, Inc. (a)		1,103
	231	AMAG Pharmaceuticals, Inc. (a)		4,258
	167	BioCryst Pharmaceuticals, Inc. (a)		930
	79	Enanta Pharmaceuticals, Inc. (a)		2,825
	203	Five Prime Therapeutics, Inc. (a)		6,115
	1,570	Idera Pharmaceuticals, Inc. (a)		2,700
	13	Immune Design Corp. (a)		129

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	742	Iovance Biotherapeutics, Inc. (a)		5,453
	14	MacroGenics, Inc. (a)		243
	349	Otonomy, Inc. (a)		6,575
	61	Radius Health, Inc. (a)		2,736
	572	Rigel Pharmaceuticals, Inc. (a)		1,561
	299	Syndax Pharmaceuticals, Inc. (a)		4,183
	281	Tocagen, Inc. (a)		3,379
	264	Versartis, Inc. (a)		4,614
				46,804
		Health Care Equipment & Supplies — 1.2%
	272	Halyard Health, Inc. (a)		10,669
	513	Wright Medical Group NV (a)		14,113
				24,782
		Health Care Providers & Services — 1.7%
	47	American Renal Associates Holdings, Inc. (a)		865
	223	Community Health Systems, Inc. (a)		2,221
	255	Cross Country Healthcare, Inc. (a)		3,288
	245	Genesis Healthcare, Inc. (a)		426
	455	Kindred Healthcare, Inc.		5,304
	107	Molina Healthcare, Inc. (a)		7,409
	233	Owens & Minor, Inc.		7,500
	100	Tivity Health, Inc. (a)		3,993
	115	Triple-S Management Corp., (Puerto Rico), Class B (a)		1,945
	18	WellCare Health Plans, Inc. (a)		3,304
				36,255
		Pharmaceuticals — 0.7%
	78	Amphastar Pharmaceuticals, Inc. (a)		1,388
	160	Dermira, Inc. (a)		4,659
	160	Endocyte, Inc. (a)		240
	92	Medicines Co. (The) (a)		3,497
	97	MyoKardia, Inc. (a)		1,276
	222	Zynerba Pharmaceuticals, Inc. (a)		3,767
				14,827
		Total Health Care		122,668
		Industrials — 13.4%
		Aerospace & Defense — 1.7%
	193	AAR Corp.		6,711
	96	Curtiss-Wright Corp.		8,838
	371	DigitalGlobe, Inc. (a)		12,368
	103	Moog, Inc., Class A (a)		7,373
				35,290
		Building Products — 0.0% (g)
	29	Gibraltar Industries, Inc. (a)		1,023

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Commercial Services & Supplies — 2.7%
	1,737	ACCO Brands Corp. (a)		20,241
	1,009	ARC Document Solutions, Inc. (a)		4,197
	367	CECO Environmental Corp.		3,369
	100	Ennis, Inc.		1,904
	144	Essendant, Inc.		2,135
	411	Quad/Graphics, Inc.		9,411
	143	VSE Corp.		6,419
	385	West Corp.		8,983
				56,659
		Construction & Engineering — 1.5%
	43	Argan, Inc.		2,568
	365	EMCOR Group, Inc.		23,870
	207	MYR Group, Inc. (a)		6,425
				32,863
		Electrical Equipment — 0.3%
	224	General Cable Corp.		3,654
	86	Powell Industries, Inc.		2,748
				6,402
		Machinery — 2.6%
	114	AGCO Corp.		7,656
	183	Briggs & Stratton Corp.		4,405
	322	Douglas Dynamics, Inc.		10,604
	31	Graham Corp.		604
	262	Harsco Corp. (a)		4,215
	54	Hurco Cos., Inc.		1,876
	73	Kadant, Inc.		5,452
	914	Wabash National Corp.		20,096
				54,908
		Marine — 0.3%
	708	Costamare, Inc., (Monaco)		5,179
	18	Matson, Inc.		542
				5,721
		Professional Services — 2.3%
	822	Acacia Research Corp. (a)		3,370
	134	Barrett Business Services, Inc.		7,655
	32	CRA International, Inc.		1,173
	38	Franklin Covey Co. (a)		740
	469	FTI Consulting, Inc. (a)		16,410
	262	Huron Consulting Group, Inc. (a)		11,327
	598	RPX Corp. (a)		8,339
				49,014

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.7%
	381	ArcBest Corp.		7,849
	75	Schneider National, Inc., Class B		1,680
	472	YRC Worldwide, Inc. (a)		5,243
				14,772
		Trading Companies & Distributors — 1.3%
	163	DXP Enterprises, Inc. (a)		5,613
	743	MRC Global, Inc. (a)		12,275
	51	Neff Corp., Class A (a)		977
	447	Titan Machinery, Inc. (a)		8,037
				26,902
		Total Industrials		283,554
		Information Technology — 9.8%
		Communications Equipment — 0.8%
	232	Finisar Corp. (a)		6,030
	80	InterDigital, Inc.		6,215
	723	Sonus Networks, Inc. (a)		5,376
				17,621
		Electronic Equipment, Instruments & Components — 4.1%
	242	Bel Fuse, Inc., Class B		5,965
	749	Benchmark Electronics, Inc. (a)		24,206
	109	Insight Enterprises, Inc. (a)		4,339
	204	Tech Data Corp. (a)		20,553
	1,028	TTM Technologies, Inc. (a)		17,848
	774	Vishay Intertechnology, Inc.		12,840
				85,751
		Internet Software & Services — 0.0% (g)
	66	Liquidity Services, Inc. (a)		417
	41	TechTarget, Inc. (a)		426
				843
		IT Services — 0.9%
	23	Convergys Corp.		540
	41	EVERTEC, Inc., (Puerto Rico)		713
	153	Travelport Worldwide Ltd.		2,102
	1,197	Unisys Corp. (a)		15,324
				18,679
		Semiconductors & Semiconductor Equipment — 1.3%
	893	Amkor Technology, Inc. (a)		8,725
	996	Cypress Semiconductor Corp.		13,595
	180	Xperi Corp.		5,361
				27,681

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — 2.7%
	5	Aspen Technology, Inc. (a)		293
	76	Fair Isaac Corp.		10,637
	538	Progress Software Corp.		16,604
	323	Rubicon Project, Inc. (The) (a)		1,662
	295	Take-Two Interactive Software, Inc. (a)		21,610
	358	TiVo Corp.		6,671
				57,477
		Total Information Technology		208,052
		Materials — 4.5%
		Chemicals — 1.5%
	197	American Vanguard Corp.		3,400
	33	Chemours Co. (The)		1,233
	202	FutureFuel Corp.		3,041
	26	Innophos Holdings, Inc.		1,118
	125	Minerals Technologies, Inc.		9,157
	98	Olin Corp.		2,961
	710	Rayonier Advanced Materials, Inc.		11,158
				32,068
		Containers & Packaging — 0.4%
	438	Graphic Packaging Holding Co.		6,036
	66	Myers Industries, Inc.		1,175
				7,211
		Metals & Mining — 2.1%
	850	AK Steel Holding Corp. (a)		5,583
	298	Carpenter Technology Corp.		11,139
	363	Cliffs Natural Resources, Inc. (a)		2,509
	26	Ryerson Holding Corp. (a)		258
	161	Schnitzer Steel Industries, Inc., Class A		4,055
	567	SunCoke Energy, Inc. (a)		6,176
	61	Warrior Met Coal, Inc.		1,048
	279	Worthington Industries, Inc.		14,006
				44,774
		Paper & Forest Products — 0.5%
	118	Domtar Corp.		4,545
	157	Schweitzer-Mauduit International, Inc.		5,856
				10,401
		Total Materials		94,454
		Real Estate — 10.2%
		Equity Real Estate Investment Trusts (REITs) — 9.3%
	28	American Assets Trust, Inc.		1,087
	235	Apartment Investment & Management Co., Class A		10,090
	352	Ashford Hospitality Prime, Inc.		3,619

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	1,067	Ashford Hospitality Trust, Inc.		6,486
	432	CBL & Associates Properties, Inc.		3,638
	328	Cedar Realty Trust, Inc.		1,588
	99	CoreSite Realty Corp.		10,260
	289	DCT Industrial Trust, Inc.		15,440
	380	DiamondRock Hospitality Co.		4,162
	83	DuPont Fabros Technology, Inc.		5,064
	79	EPR Properties		5,649
	847	FelCor Lodging Trust, Inc.		6,109
	150	First Industrial Realty Trust, Inc.		4,299
	582	First Potomac Realty Trust		6,468
	58	Franklin Street Properties Corp.		644
	174	Getty Realty Corp.		4,373
	87	Gladstone Commercial Corp.		1,898
	544	Government Properties Income Trust		9,959
	35	Highwoods Properties, Inc.		1,795
	190	Hospitality Properties Trust		5,533
	352	InfraREIT, Inc.		6,745
	145	Kite Realty Group Trust		2,743
	95	LaSalle Hotel Properties		2,819
	118	LTC Properties, Inc.		6,054
	152	Mack-Cali Realty Corp.		4,117
	278	Monogram Residential Trust, Inc.		2,702
	240	Pebblebrook Hotel Trust		7,731
	431	Pennsylvania REIT		4,881
	219	Potlatch Corp.		9,995
	100	PS Business Parks, Inc.		13,292
	550	RAIT Financial Trust		1,204
	378	RLJ Lodging Trust		7,517
	14	Saul Centers, Inc.		823
	600	Sunstone Hotel Investors, Inc.		9,669
	16	Taubman Centers, Inc.		977
	93	Urstadt Biddle Properties, Inc., Class A		1,837
	516	Washington Prime Group, Inc.		4,322
	11	Washington REIT		351
				195,940
		Real Estate Management & Development — 0.9%
	165	Alexander & Baldwin, Inc.		6,815
	541	Forestar Group, Inc. (a)		9,282
	223	St Joe Co. (The) (a)		4,183
				20,280
		Total Real Estate		216,220
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	34	IDT Corp., Class B		488

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 6.5%
		Electric Utilities — 1.6%
	308	El Paso Electric Co.		15,898
	394	Portland General Electric Co.		18,006
	48	Spark Energy, Inc., Class A		895
				34,799
		Gas Utilities — 1.9%
	267	Northwest Natural Gas Co.		15,962
	180	Southwest Gas Holdings, Inc.		13,114
	150	Spire, Inc.		10,463
				39,539
		Independent Power and Renewable Electricity Producers — 1.2%
	2,399	Atlantic Power Corp. (a)		5,758
	1,350	Dynegy, Inc. (a)		11,168
	330	Pattern Energy Group, Inc.		7,876
				24,802
		Multi-Utilities — 1.2%
	296	Avista Corp.		12,572
	157	NorthWestern Corp.		9,562
	62	Unitil Corp.		2,981
				25,115

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — 0.6%
	169	American States Water Co.		8,031
	133	California Water Service Group		4,891
				12,922
		Total Utilities		137,177
		Total Common Stocks (Cost $1,642,753)		2,063,556
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	3	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
SHARES
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	42,684	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $42,684)		42,684
		Total Investments — 99.6% (Cost $1,685,437)		2,106,240
		Other Assets in Excess of Liabilities — 0.4%		8,963
		NET ASSETS — 100.0%	$	2,115,203

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	668	Mini Russell 2000		09/15/17		USD	$	47,238	$	(159	)

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.3%
		Consumer Discretionary — 11.7%
		Auto Components — 1.1%
	59	Cooper Tire & Rubber Co.		2,137
	381	Stoneridge, Inc. (a)		5,870
	192	Tenneco, Inc.		11,103
				19,110
		Diversified Consumer Services — 0.6%
	179	Ascent Capital Group, Inc., Class A (a)		2,752
	189	Houghton Mifflin Harcourt Co. (a)		2,325
	419	Regis Corp. (a)		4,306
	9	Strayer Education, Inc.		802
				10,185
		Hotels, Restaurants & Leisure — 3.1%
	593	Bloomin’ Brands, Inc.		12,592
	11	DineEquity, Inc.		471
	125	Intrawest Resorts Holdings, Inc. (a)		2,968
	334	La Quinta Holdings, Inc. (a)		4,930
	475	Penn National Gaming, Inc. (a)		10,169
	398	Pinnacle Entertainment, Inc. (a)		7,855
	321	Ruby Tuesday, Inc. (a)		644
	71	Scientific Games Corp., Class A (a)		1,848
	439	Sonic Corp.		11,632
	97	Speedway Motorsports, Inc.		1,769
				54,878
		Household Durables — 1.6%
	56	AV Homes, Inc. (a)		1,117
	65	NACCO Industries, Inc., Class A		4,598
	944	Taylor Morrison Home Corp., Class A (a)		22,661
	44	UCP, Inc., Class A (a)		476
				28,852
		Internet & Direct Marketing Retail — 0.2%
	294	Liberty TripAdvisor Holdings, Inc., Class A (a)		3,408
		Media — 0.8%
	278	Eros International plc, (India) (a)		3,186
	323	Sinclair Broadcast Group, Inc., Class A		10,614
				13,800
		Multiline Retail — 0.5%
	156	Big Lots, Inc.		7,549
	19	Dillard’s, Inc., Class A		1,079
				8,628
		Specialty Retail — 2.6%
	58	Aaron’s, Inc.		2,268
	211	Barnes & Noble Education, Inc. (a)		2,238
	178	Children’s Place, Inc. (The)		18,164

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	16	Floor & Decor Holdings, Inc., Class A (a)		608
	534	GNC Holdings, Inc., Class A		4,505
	402	Office Depot, Inc.		2,268
	1,126	Pier 1 Imports, Inc.		5,843
	248	Select Comfort Corp. (a)		8,798
				44,692
		Textiles, Apparel & Luxury Goods — 1.2%
	543	Fossil Group, Inc. (a)		5,622
	250	Iconix Brand Group, Inc. (a)		1,726
	216	Movado Group, Inc.		5,449
	68	Perry Ellis International, Inc. (a)		1,321
	232	Wolverine World Wide, Inc.		6,493
				20,611
		Total Consumer Discretionary		204,164
		Consumer Staples — 2.7%
		Food & Staples Retailing — 0.2%
	105	Ingles Markets, Inc., Class A		3,487
		Food Products — 1.9%
	1,045	Darling Ingredients, Inc. (a)		16,444
	299	Dean Foods Co.		5,083
	191	Pilgrim’s Pride Corp. (a)		4,195
	57	Post Holdings, Inc. (a)		4,442
	24	Sanderson Farms, Inc.		2,822
	23	Seneca Foods Corp., Class A (a)		720
				33,706
		Personal Products — 0.1%
	21	Herbalife Ltd. (a)		1,462
	16	Medifast, Inc.		643
				2,105
		Tobacco — 0.5%
	120	Universal Corp.		7,770
		Total Consumer Staples		47,068
		Energy — 3.5%
		Energy Equipment & Services — 0.7%
	377	Archrock, Inc.		4,297
	6	Natural Gas Services Group, Inc. (a)		142
	362	Parker Drilling Co. (a)		489
	361	Rowan Cos. plc, Class A (a)		3,700
	34	SEACOR Holdings, Inc. (a)		1,176
	34	SEACOR Marine Holdings, Inc. (a)		702
	140	Unit Corp. (a)		2,616
				13,122

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — 2.8%
	17	Adams Resources & Energy, Inc.		682
	1,224	Bill Barrett Corp. (a)		3,756
	400	Delek US Holdings, Inc.		10,587
	1,529	Denbury Resources, Inc. (a)		2,339
	933	EP Energy Corp., Class A (a)		3,413
	86	International Seaways, Inc. (a)		1,862
	393	Renewable Energy Group, Inc. (a)		5,092
	184	REX American Resources Corp. (a)		17,757
	375	Sanchez Energy Corp. (a)		2,695
	123	Westmoreland Coal Co. (a)		598
				48,781
		Total Energy		61,903
		Financials — 17.5%
		Banks — 9.3%
	61	1st Source Corp.		2,943
	95	BancFirst Corp.		9,138
	251	BancorpSouth, Inc.		7,665
	16	Cadence BanCorp (a)		344
	197	Capital Bank Financial Corp., Class A		7,487
	98	Cathay General Bancorp		3,731
	323	Central Pacific Financial Corp.		10,152
	23	Central Valley Community Bancorp		510
	39	Chemical Financial Corp.		1,864
	26	Citizens & Northern Corp.		596
	62	City Holding Co.		4,110
	405	CVB Financial Corp.		9,093
	4	East West Bancorp, Inc.		230
	302	FCB Financial Holdings, Inc., Class A (a)		14,397
	410	First Commonwealth Financial Corp.		5,203
	27	First Community Bancshares, Inc.		749
	65	First Financial Bancorp		1,795
	91	First Hawaiian, Inc.		2,774
	66	First Interstate BancSystem, Inc., Class A		2,455
	83	Flushing Financial Corp.		2,348
	105	Fulton Financial Corp.		2,003
	32	Great Western Bancorp, Inc.		1,322
	42	Guaranty Bancorp		1,129
	201	Hope Bancorp, Inc.		3,742
	59	IBERIABANK Corp.		4,821
	130	Independent Bank Corp.		3,391
	276	Investors Bancorp, Inc.		3,683
	30	MainSource Financial Group, Inc.		1,002
	23	National Bank Holdings Corp., Class A		760
	228	OFG Bancorp, (Puerto Rico)		2,276
	67	PacWest Bancorp		3,138

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	186	People’s United Financial, Inc.		3,281
	28	Sierra Bancorp		697
	40	Simmons First National Corp., Class A		2,121
	20	Southside Bancshares, Inc.		689
	47	Southwest Bancorp, Inc.		1,193
	253	TCF Financial Corp.		4,026
	87	Trustmark Corp.		2,785
	61	UMB Financial Corp.		4,552
	305	Union Bankshares Corp.		10,326
	59	Webster Financial Corp.		3,065
	40	West Bancorp, Inc.		953
	250	Westamerica Bancorp		13,993
				162,532
		Capital Markets — 1.1%
	36	Federated Investors, Inc., Class B		1,020
	13	Houlihan Lokey, Inc.		450
	145	KCG Holdings, Inc., Class A (a)		2,895
	53	MarketAxess Holdings, Inc.		10,678
	21	Stifel Financial Corp. (a)		970
	21	Virtus Investment Partners, Inc.		2,297
				18,310
		Consumer Finance — 0.6%
	11	Credit Acceptance Corp. (a)		2,828
	516	EZCORP, Inc., Class A (a)		3,972
	82	Nelnet, Inc., Class A		3,874
	20	Regional Management Corp. (a)		470
				11,144
		Insurance — 2.5%
	18	Ambac Financial Group, Inc. (a)		316
	40	American Equity Investment Life Holding Co.		1,041
	28	Aspen Insurance Holdings Ltd., (Bermuda)		1,416
	18	Blue Capital Reinsurance Holdings Ltd., (Bermuda)		326
	347	CNO Financial Group, Inc.		7,245
	64	First American Financial Corp.		2,847
	23	Global Indemnity Ltd., (Cayman Islands) (a)		900
	81	Kemper Corp.		3,131
	594	MBIA, Inc. (a)		5,604
	96	Navigators Group, Inc. (The)		5,292
	100	Primerica, Inc.		7,605
	77	ProAssurance Corp.		4,669
	16	Stewart Information Services Corp.		703
	125	Third Point Reinsurance Ltd., (Bermuda) (a)		1,733
	28	Universal Insurance Holdings, Inc.		716
				43,544

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Mortgage Real Estate Investment Trusts (REITs) — 1.2%
	690	Capstead Mortgage Corp.		7,197
	1,704	CYS Investments, Inc.		14,328
				21,525
		Thrifts & Mortgage Finance — 2.8%
	21	BankFinancial Corp.		316
	638	Beneficial Bancorp, Inc.		9,570
	23	Capitol Federal Financial, Inc.		324
	69	Charter Financial Corp.		1,238
	22	First Defiance Financial Corp.		1,180
	313	Kearny Financial Corp.		4,647
	601	Meridian Bancorp, Inc.		10,159
	258	MGIC Investment Corp. (a)		2,885
	120	NMI Holdings, Inc., Class A (a)		1,372
	560	Northfield Bancorp, Inc.		9,604
	151	Walker & Dunlop, Inc. (a)		7,368
				48,663
		Total Financials		305,718
		Health Care — 14.3%
		Biotechnology — 5.3%
	95	ACADIA Pharmaceuticals, Inc. (a)		2,647
	742	Achillion Pharmaceuticals, Inc. (a)		3,404
	225	Aimmune Therapeutics, Inc. (a)		4,620
	206	Alder Biopharmaceuticals, Inc. (a)		2,358
	588	Amicus Therapeutics, Inc. (a)		5,924
	280	Arena Pharmaceuticals, Inc. (a)		4,720
	48	Avexis, Inc. (a)		3,960
	122	Bellicum Pharmaceuticals, Inc. (a)		1,424
	166	Biohaven Pharmaceutical Holding Co. Ltd., (Canada) (a)		4,140
	197	Cara Therapeutics, Inc. (a)		3,035
	214	CytomX Therapeutics, Inc. (a)		3,317
	103	Edge Therapeutics, Inc. (a)		1,060
	148	Flexion Therapeutics, Inc. (a)		2,982
	156	Global Blood Therapeutics, Inc. (a)		4,275
	17	Karyopharm Therapeutics, Inc. (a)		153
	161	Mersana Therapeutics, Inc. (a)		2,246
	178	Myriad Genetics, Inc. (a)		4,602
	89	Prothena Corp. plc, (Ireland) (a)		4,817
	28	Sage Therapeutics, Inc. (a)		2,222
	153	Sarepta Therapeutics, Inc. (a)		5,171
	96	Selecta Biosciences, Inc. (a)		1,910
	168	Seres Therapeutics, Inc. (a)		1,895
	1,361	Synergy Pharmaceuticals, Inc. (a)		6,054
	321	TG Therapeutics, Inc. (a)		3,225

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	83	Ultragenyx Pharmaceutical, Inc. (a)		5,168
	235	Versartis, Inc. (a)		4,102
	173	Xencor, Inc. (a)		3,650
				93,081
		Health Care Equipment & Supplies — 2.7%
	179	Halyard Health, Inc. (a)		7,031
	119	Masimo Corp. (a)		10,860
	200	Orthofix International NV (a)		9,310
	22	Utah Medical Products, Inc.		1,607
	671	Wright Medical Group NV (a)		18,446
				47,254
		Health Care Providers & Services — 4.1%
	272	Civitas Solutions, Inc. (a)		4,753
	621	Cross Country Healthcare, Inc. (a)		8,013
	730	Genesis Healthcare, Inc. (a)		1,270
	238	Kindred Healthcare, Inc.		2,776
	75	Landauer, Inc.		3,917
	202	Molina Healthcare, Inc. (a)		13,954
	375	Owens & Minor, Inc.		12,084
	502	Tivity Health, Inc. (a)		20,017
	30	WellCare Health Plans, Inc. (a)		5,423
				72,207
		Health Care Technology — 0.3%
	255	HMS Holdings Corp. (a)		4,714
		Life Sciences Tools & Services — 0.2%
	72	INC Research Holdings, Inc., Class A (a)		4,200
		Pharmaceuticals — 1.7%
	294	MyoKardia, Inc. (a)		3,854
	270	Nektar Therapeutics (a)		5,271
	103	Pacira Pharmaceuticals, Inc. (a)		4,927
	176	Paratek Pharmaceuticals, Inc. (a)		4,244
	34	Prestige Brands Holdings, Inc. (a)		1,817
	156	Reata Pharmaceuticals, Inc., Class A (a)		4,929
	181	Revance Therapeutics, Inc. (a)		4,776
				29,818
		Total Health Care		251,274
		Industrials — 15.0%
		Aerospace & Defense — 1.5%
	94	AAR Corp.		3,278
	78	Curtiss-Wright Corp.		7,122
	317	DigitalGlobe, Inc. (a)		10,545
	71	Moog, Inc., Class A (a)		5,099
				26,044

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 0.2%
	47	Alaska Air Group, Inc.		4,174
		Building Products — 1.1%
	486	Continental Building Products, Inc. (a)		11,317
	145	Gibraltar Industries, Inc. (a)		5,151
	180	Ply Gem Holdings, Inc. (a)		3,231
				19,699
		Commercial Services & Supplies — 2.9%
	1,466	ACCO Brands Corp. (a)		17,079
	95	ARC Document Solutions, Inc. (a)		395
	503	CECO Environmental Corp.		4,614
	121	Deluxe Corp.		8,403
	343	Ennis, Inc.		6,559
	69	Essendant, Inc.		1,028
	75	Interface, Inc.		1,466
	110	VSE Corp.		4,957
	234	West Corp.		5,466
				49,967
		Construction & Engineering — 1.4%
	253	EMCOR Group, Inc.		16,522
	62	MasTec, Inc. (a)		2,813
	142	MYR Group, Inc. (a)		4,417
				23,752
		Electrical Equipment — 0.5%
	168	Generac Holdings, Inc. (a)		6,084
	104	Powell Industries, Inc.		3,318
				9,402
		Machinery — 2.3%
	244	Actuant Corp., Class A		5,995
	372	Briggs & Stratton Corp.		8,958
	301	Douglas Dynamics, Inc.		9,913
	42	Graham Corp.		820
	72	Harsco Corp. (a)		1,154
	82	Kadant, Inc.		6,144
	358	Wabash National Corp.		7,871
				40,855
		Marine — 0.6%
	512	Costamare, Inc., (Monaco)		3,741
	198	Matson, Inc.		5,951
				9,692
		Professional Services — 2.3%
	706	Acacia Research Corp. (a)		2,896
	208	Barrett Business Services, Inc.		11,941

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — continued
	81	Franklin Covey Co. (a)		1,572
	346	Huron Consulting Group, Inc. (a)		14,943
	33	TriNet Group, Inc. (a)		1,087
	120	WageWorks, Inc. (a)		8,084
				40,523
		Road & Rail — 0.7%
	132	ArcBest Corp.		2,709
	60	Schneider National, Inc., Class B		1,331
	253	Swift Transportation Co. (a)		6,710
	145	YRC Worldwide, Inc. (a)		1,612
				12,362
		Trading Companies & Distributors — 1.5%
	86	Applied Industrial Technologies, Inc.		5,061
	153	DXP Enterprises, Inc. (a)		5,278
	511	MRC Global, Inc. (a)		8,433
	2	Neff Corp., Class A (a)		40
	368	Titan Machinery, Inc. (a)		6,608
				25,420
		Total Industrials		261,890
		Information Technology — 16.5%
		Communications Equipment — 1.3%
	141	Ciena Corp. (a)		3,535
	549	Extreme Networks, Inc. (a)		5,063
	196	InterDigital, Inc.		15,159
				23,757
		Electronic Equipment, Instruments & Components — 2.9%
	104	Bel Fuse, Inc., Class B		2,559
	479	Benchmark Electronics, Inc. (a)		15,485
	53	ePlus, Inc. (a)		3,927
	2	KEMET Corp. (a)		28
	435	Knowles Corp. (a)		7,355
	17	ScanSource, Inc. (a)		685
	142	Tech Data Corp. (a)		14,342
	21	TTM Technologies, Inc. (a)		370
	378	Vishay Intertechnology, Inc.		6,271
				51,022
		Internet Software & Services — 1.9%
	225	Bankrate, Inc. (a)		2,885
	206	Cloudera, Inc. (a)		3,305
	199	DHI Group, Inc. (a)		568
	101	Liquidity Services, Inc. (a)		643
	148	Nutanix, Inc., Class A (a)		2,980
	109	Okta, Inc. (a)		2,494

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	12	Stamps.com, Inc. (a)		1,797
	303	Tintri, Inc. (a)		2,201
	332	Web.com Group, Inc. (a)		8,387
	183	Yelp, Inc. (a)		5,491
	151	Yext, Inc. (a)		2,018
				32,769
		IT Services — 1.9%
	195	Convergys Corp.		4,632
	118	CSG Systems International, Inc.		4,776
	30	Euronet Worldwide, Inc. (a)		2,595
	39	EVERTEC, Inc., (Puerto Rico)		666
	94	Science Applications International Corp.		6,498
	284	Travelport Worldwide Ltd.		3,902
	791	Unisys Corp. (a)		10,128
				33,197
		Semiconductors & Semiconductor Equipment — 3.0%
	29	Advanced Energy Industries, Inc. (a)		1,902
	262	Alpha & Omega Semiconductor Ltd. (a)		4,371
	540	Amkor Technology, Inc. (a)		5,271
	359	Cohu, Inc.		5,652
	247	Integrated Device Technology, Inc. (a)		6,370
	21	Silicon Laboratories, Inc. (a)		1,449
	204	Synaptics, Inc. (a)		10,539
	117	Xcerra Corp. (a)		1,141
	534	Xperi Corp.		15,922
				52,617
		Software — 5.5%
	267	ACI Worldwide, Inc. (a)		5,964
	345	Aspen Technology, Inc. (a)		19,087
	152	Barracuda Networks, Inc. (a)		3,514
	18	Blackline, Inc. (a)		636
	90	Fair Isaac Corp.		12,603
	50	Manhattan Associates, Inc. (a)		2,403
	507	Progress Software Corp.		15,667
	27	Proofpoint, Inc. (a)		2,362
	51	Qualys, Inc. (a)		2,089
	334	Synchronoss Technologies, Inc. (a)		5,497
	270	Take-Two Interactive Software, Inc. (a)		19,835
	104	VASCO Data Security International, Inc. (a)		1,492
	124	Workiva, Inc. (a)		2,370
	458	Zix Corp. (a)		2,608
				96,127
		Total Information Technology		289,489

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 3.7%
		Chemicals — 2.1%
	84	American Vanguard Corp.		1,442
	162	FutureFuel Corp.		2,437
	19	Koppers Holdings, Inc. (a)		669
	127	Minerals Technologies, Inc.		9,304
	44	Olin Corp.		1,323
	293	OMNOVA Solutions, Inc. (a)		2,859
	341	Rayonier Advanced Materials, Inc.		5,362
	184	Trinseo SA		12,627
				36,023
		Containers & Packaging — 0.6%
	771	Graphic Packaging Holding Co.		10,620
	36	Myers Industries, Inc.		643
				11,263
		Metals & Mining — 0.9%
	280	AK Steel Holding Corp. (a)		1,842
	60	Carpenter Technology Corp.		2,231
	53	SunCoke Energy, Inc. (a)		582
	49	Warrior Met Coal, Inc.		836
	198	Worthington Industries, Inc.		9,928
				15,419
		Paper & Forest Products — 0.1%
	46	Domtar Corp.		1,779
		Total Materials		64,484
		Real Estate — 6.3%
		Equity Real Estate Investment Trusts (REITs) — 5.7%
	109	American Assets Trust, Inc.		4,274
	727	Ashford Hospitality Trust, Inc.		4,422
	119	CBL & Associates Properties, Inc.		1,000
	181	CoreSite Realty Corp.		18,739
	78	CubeSmart		1,877
	94	DCT Industrial Trust, Inc.		5,010
	116	DiamondRock Hospitality Co.		1,266
	51	EastGroup Properties, Inc.		4,274
	5	EPR Properties		388
	30	Equity LifeStyle Properties, Inc.		2,564
	58	First Industrial Realty Trust, Inc.		1,663
	100	Franklin Street Properties Corp.		1,111
	23	Gladstone Commercial Corp.		499
	110	Government Properties Income Trust		2,005
	203	Hersha Hospitality Trust		3,761
	44	Highwoods Properties, Inc.		2,206
	119	Hospitality Properties Trust		3,457

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except number of Futures contracts)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	35	InfraREIT, Inc.		663
	122	LTC Properties, Inc.		6,280
	105	Mack-Cali Realty Corp.		2,842
	103	Monogram Residential Trust, Inc.		999
	15	National Retail Properties, Inc.		575
	61	Pennsylvania REIT		695
	163	Potlatch Corp.		7,444
	21	PS Business Parks, Inc.		2,740
	214	Ramco-Gershenson Properties Trust		2,764
	557	RLJ Lodging Trust		11,074
	57	Saul Centers, Inc.		3,305
	37	Summit Hotel Properties, Inc.		694
	39	Taubman Centers, Inc.		2,293
				100,884
		Real Estate Management & Development — 0.6%
	35	Alexander & Baldwin, Inc.		1,457
	468	Forestar Group, Inc. (a)		8,028
	23	St Joe Co. (The) (a)		429
				9,914
		Total Real Estate		110,798
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.6%
	231	IDT Corp., Class B		3,321
	2,002	Windstream Holdings, Inc.		7,769
		Total Telecommunication Services		11,090
		Utilities — 3.5%
		Electric Utilities — 1.3%
	119	El Paso Electric Co.		6,137
	88	PNM Resources, Inc.		3,355
	209	Portland General Electric Co.		9,540
	170	Spark Energy, Inc., Class A		3,203
				22,235
		Gas Utilities — 0.6%
	30	Northwest Natural Gas Co.		1,777
	59	Southwest Gas Holdings, Inc.		4,325
	70	Spire, Inc.		4,855
				10,957

SHARES			SECURITY DESCRIPTION	VALUE($)
			Independent Power and Renewable Electricity Producers — 0.9%
	1,532		Atlantic Power Corp. (a)		3,676
	922		Dynegy, Inc. (a)		7,625
	163		Pattern Energy Group, Inc.		3,886
					15,187
			Multi-Utilities — 0.2%
	30		Avista Corp.		1,257
	32		NorthWestern Corp.		1,971
					3,228
			Water Utilities — 0.5%
	196		American States Water Co.		9,268
			Total Utilities		60,875
			Total Common Stocks (Cost $1,421,675)		1,668,753
NUMBER OF WARRANTS
	Warrant — 0.0%
			Financials — 0.0%
			Consumer Finance — 0.0%
	—	(h)	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—
	Short-Term Investment — 4.5%
			Investment Company — 4.5%
	78,822		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $78,822)		78,822
			Total Investments — 99.8% (Cost $1,500,497)		1,747,575
			Other Assets in Excess of Liabilities — 0.2%		4,098
			NET ASSETS — 100.0%	$	1,751,673

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,098	Mini Russell 2000		09/15/17		USD	$	77,645	$	(106	)

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

J.P. Morgan Small Cap Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

REIT	—  Real Estate Investment Trust
USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)	— Amount rounds to less than 0.05%.
(h)	— Amount rounds to less than 500.
(l)	— The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 43

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

(Amounts in thousands, except per share amounts)

	Dynamic Small Cap Growth Fund		Small Cap Core Fund		Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	166,319	$	204,080	$	6,038,706
Investments in affiliates, at value		3,593		10,565		267,273
Total investment securities, at value		169,912		214,645		6,305,979
Cash		—		3		—
Deposits at broker for futures contracts		—		540		—
Receivables:
Investment securities sold		1,060		1,163		13,678
Fund shares sold		462		97		8,386
Dividends from non-affiliates		67		192		6,143
Dividends from affiliates		1		3		178
Total Assets		171,502		216,643		6,334,364
LIABILITIES:
Payables:
Investment securities purchased		526		5,547		31,729
Fund shares redeemed		288		162		8,901
Variation margin on futures contracts		—		16		—
Accrued liabilities:
Investment advisory fees		82		89		3,245
Administration fees		6		—		376
Distribution fees		36		1		348
Service fees		35		8		806
Custodian and accounting fees		2		8		21
Trustees’ and Chief Compliance Officer’s fees		—		—		2
Printing and mailing cost		76		41		243
Other		59		26		250
Total Liabilities		1,110		5,898		45,921
Net Assets	$	170,392	$	210,745	$	6,288,443

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	99,475		$	142,492		$	4,528,931
Accumulated undistributed (distributions in excess of) net investment income		(669	)		184			13,011
Accumulated net realized gains (losses)		7,154			13,581			248,658
Net unrealized appreciation (depreciation)		64,432			54,488			1,497,843
Total Net Assets	$	170,392		$	210,745		$	6,288,443
Net Assets:
Class A	$	66,189		$	2,203		$	1,135,394
Class C		36,707			1,017			171,352
Class I (formerly Select Class)		67,496			3,545			2,722,213
Class R2		—			—			13,078
Class R3		—			—			104
Class R4		—			—			60
Class R5		—			187,198			1,267,593
Class R6		—			16,782			978,649
Total	$	170,392		$	210,745		$	6,288,443
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,005			42			23,347
Class C		2,144			20			4,622
Class I (formerly Select Class)		2,718			67			48,885
Class R2		—			—			274
Class R3		—			—			2
Class R4		—			—			1
Class R5		—			3,557			22,701
Class R6		—			319			17,529
Net Asset Value (a):
Class A — Redemption price per share	$	22.03		$	52.32		$	48.63
Class C — Offering price per share (b)		17.12			52.14			37.07
Class I (formerly Select Class) — Offering and redemption price per share		24.83			52.58			55.69
Class R2 —Offering and redemption price per share		—			—			47.81
Class R3 — Offering and redemption price per share		—			—			48.54
Class R4 — Offering and redemption price per share		—			—			55.64
Class R5 — Offering and redemption price per share		—			52.64			55.84
Class R6 — Offering and redemption price per share		—			52.57			55.83
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)]	$	23.25		$	55.22		$	51.32
Cost of investments in non-affiliates	$	101,887		$	149,604		$	4,540,863
Cost of investments in affiliates		3,593			10,565			267,273

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

(Amounts in thousands, except per share amounts)

	Small Cap Growth Fund			Small Cap Value Fund		U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	1,303,749		$	2,063,556	$	1,668,753
Investments in affiliates, at value		41,963			42,684		78,822
Total investment securities, at value		1,345,712			2,106,240		1,747,575
Deposits at broker for futures contracts		—			2,272		3,712
Receivables:
Due from custodian		—			4,044		—
Investment securities sold		8,326			16,316		9,100
Fund shares sold		2,594			1,729		2,392
Dividends from non-affiliates		522			3,603		2,262
Dividends from affiliates		23			24		28
Total Assets		1,357,177			2,134,228		1,765,069
LIABILITIES:
Payables:
Due to custodian		—	(a)		6		43
Investment securities purchased		4,164			9,848		9,154
Fund shares redeemed		36,023			7,172		2,450
Variation margin on futures contracts		—			124		203
Accrued liabilities:
Investment advisory fees		687			1,115		857
Administration fees		78			140		116
Distribution fees		62			160		104
Service fees		102			174		255
Custodian and accounting fees		4			7		10
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—		—
Printing and mailing cost		56			82		77
Other		73			197		127
Total Liabilities		41,249			19,025		13,396
Net Assets	$	1,315,928		$	2,115,203	$	1,751,673

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	851,131		$	1,621,207		$	1,452,702
Accumulated undistributed (distributions in excess of) net investment income		(2,738	)		2,857			823
Accumulated net realized gains (losses)		29,829			70,495			51,176
Net unrealized appreciation (depreciation)		437,706			420,644			246,972
Total Net Assets	$	1,315,928		$	2,115,203		$	1,751,673
Net Assets:
Class A	$	196,403		$	518,464		$	244,958
Class C		20,352			40,349			49,946
Class I (formerly Select Class)		110,644			344,875			387,043
Class L (formerly Institutional Class)		360,044			—			711,139
Class R2		23,569			60,282			51,511
Class R3		—			13,390			9,560
Class R4		—			39			794
Class R5		1,186			130,338			145
Class R6		603,730			1,007,466			296,577
Total	$	1,315,928		$	2,115,203		$	1,751,673
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		13,263			17,769			13,536
Class C		1,812			1,644			2,870
Class I (formerly Select Class)		6,840			11,197			20,952
Class L (formerly Institutional Class)		21,695			—			38,516
Class R2		1,638			2,083			2,892
Class R3		—			459			530
Class R4		—			1			43
Class R5		71			4,231			8
Class R6		36,090			32,675			16,047
Net Asset Value (a):
Class A — Redemption price per share	$	14.81		$	29.18		$	18.10
Class C — Offering price per share (b)		11.23			24.55			17.40
Class I (formerly Select Class) — Offering and redemption price per share		16.18			30.80			18.47
Class L (formerly Institutional Class) — Offering and redemption price per share		16.60			—			18.46
Class R2 — Offering and redemption price per share		14.39			28.94			17.81
Class R3 — Offering and redemption price per share		—			29.14			18.03
Class R4 — Offering and redemption price per share		—			30.77			18.44
Class R5 — Offering and redemption price per share		16.60			30.80			18.45
Class R6 — Offering and redemption price per share		16.73			30.83			18.48
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)]	$	15.63		$	30.80		$	19.10
Cost of investments in non-affiliates	$	866,043		$	1,642,753		$	1,421,675
Cost of investments in affiliates		41,963			42,684			78,822

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

(Amounts in thousands)

	Dynamic Small Cap Growth Fund			Small Cap Core Fund			Small Cap Equity Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)	$	—	(a)	$	36
Dividend income from non-affiliates		739			2,261			79,188
Dividend income from affiliates		10			24			1,142
Total investment income		749			2,285			80,366
EXPENSES:
Investment advisory fees		1,037			1,242			34,197
Administration fees		131			156			4,302
Distribution fees:
Class A		151			2			2,706
Class C		263			3			1,051
Class R2		—			—			50
Class R3 (b)		—			—			—	(a)
Service fees:
Class A		151			2			2,706
Class C		88			1			350
Class I (formerly Select Class) (c)		160			3			5,498
Class R2		—			—			25
Class R3 (b)		—			—			—	(a)
Class R4 (b)		—			—			—	(a)
Class R5 (d)		—			185			780
Custodian and accounting fees		31			55			172
Professional fees		45			73			106
Trustees’ and Chief Compliance Officer’s fees		25			25			37
Printing and mailing costs		50			110			292
Registration and filing fees		52			128			650
Transfer agency fees (See Note 2.D.)		24			12			160
Sub-transfer agency fees (See Note 2.D.)		152			123			3,039
Other		7			9			91
Total expenses		2,367			2,129			56,212
Less fees waived		(360	)		(569	)		(3,508	)
Less earnings credits		—			—			—	(a)
Less expense reimbursements		—			(34	)		(60	)
Net expenses		2,007			1,526			52,644
Net investment income (loss)		(1,258	)		759			27,722
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		23,961			20,081			265,294
Futures		—			835			—
Net realized gain (loss)		23,961			20,916			265,294
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		25,078			21,614			631,255
Futures		—			(73	)		—
Change in net unrealized appreciation/depreciation		25,078			21,541			631,255
Net realized/unrealized gains (losses)		49,039			42,457			896,549
Change in net assets resulting from operations	$	47,781		$	43,216		$	924,271

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(c) Commencement of offering of Select Class effective January 3, 2017. Select Class was renamed Class I effective April 3, 2017 for Small Cap Core Fund.

(d) Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Growth Fund			Small Cap Value Fund			U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—		$	2		$	5
Dividend income from non-affiliates		5,355			32,653			20,261
Dividend income from affiliates		103			242			238
Total investment income		5,458			32,897			20,504
EXPENSES:
Investment advisory fees		7,496			12,914			9,800
Administration fees		943			1,625			1,336
Distribution fees:
Class A		460			1,398			625
Class C		146			328			374
Class R2		109			273			210
Class R3 (a)		—			7			3
Service fees:
Class A		460			1,398			625
Class C		48			109			125
Class I (formerly Select Class)		271			820			852
Class L (formerly Institutional Class)		300			—			735
Class R2		55			136			105
Class R3 (a)		—			7			3
Class R4 (a)		—			—	(b)		—	(b)
Class R5 (c)		1			73			—	(b)
Custodian and accounting fees		53			106			94
Professional fees		58			71			61
Trustees’ and Chief Compliance Officer’s fees		27			30			29
Printing and mailing costs		88			186			211
Registration and filing fees		113			135			177
Transfer agency fees (See Note 2.D.)		67			410			69
Sub-transfer agency fees (See Note 2.D.)		578			1,196			1,140
Other		27			53			38
Total expenses		11,300			21,275			16,612
Less fees waived		(815	)		(1,636	)		(908	)
Less expense reimbursements		(19	)		(22	)		(9	)
Net expenses		10,466			19,617			15,695
Net investment income (loss)		(5,008	)		13,280			4,809
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		83,723			93,699			86,690
Futures		—			10,604			11,292
Net realized gain (loss)		83,723			104,303			97,982
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		264,591			217,176			176,441
Futures		—			(715	)		(627	)
Change in net unrealized appreciation/depreciation		264,591			216,461			175,814
Net realized/unrealized gains (losses)		348,314			320,764			273,796
Change in net assets resulting from operations	$	343,306		$	334,044		$	278,605

(a) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Value Fund and U.S. Small Company Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund and U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(1,258	)	$	(2,182	)	$	759		$	1,397
Net realized gain (loss)		23,961			28,187			20,916			67,374
Change in net unrealized appreciation/depreciation		25,078			(117,590	)		21,541			(151,923	)
Change in net assets resulting from operations		47,781			(91,585	)		43,216			(83,152	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)
From net investment income		—			—			—	(b)		—
From net realized gains		(8,616	)		(8,870	)		(7	)		—
Class C (a)
From net investment income		—			—			—	(b)		—
From net realized gains		(6,161	)		(6,681	)		(5	)		—
Class I (formerly Select Class) (c)
From net realized gains		(8,471	)		(40,293	)		—			—
Class R5 (d)
From net investment income		—			—			(599	)		(4,787	)
From net realized gains		—			—			(17,764	)		(69,898	)
Class R6 (a)
From net investment income		—			—			—	(b)		—
From net realized gains		—			—			(2	)		—
Total distributions to shareholders		(23,248	)		(55,844	)		(18,377	)		(74,685	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(7,047	)		(209,461	)		21,270			(493,179	)
NET ASSETS:
Change in net assets		17,486			(356,890	)		46,109			(651,016	)
Beginning of period		152,906			509,796			164,636			815,652
End of period	$	170,392		$	152,906		$	210,745		$	164,636
Accumulated undistributed (distributions in excess of) net investment income	$	(669	)	$	(658	)	$	184		$	(31	)

(a) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of Select Class effective January 3, 2017. Select Class was renamed Class I effective April 3, 2017 for Small Cap Core Fund.

(d) Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Equity Fund						Small Cap Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,722		$	17,832		$	(5,008	)	$	(4,817	)
Net realized gain (loss)		265,294			399,193			83,723			3,683
Change in net unrealized appreciation/depreciation		631,255			(343,741	)		264,591			(172,393	)
Change in net assets resulting from operations		924,271			73,284			343,306			(173,527	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,188	)		(2,634	)		—			—
From net realized gains		(32,659	)		(51,657	)		(6,279	)		(17,982	)
Class C
From net investment income		(479	)		—			—			—
From net realized gains		(5,074	)		(2,993	)		(877	)		(2,222	)
Class I (formerly Select Class)
From net investment income		(9,633	)		(3,556	)		—			—
From net realized gains		(53,162	)		(59,055	)		(3,529	)		(8,776	)
Class L (formerly Institutional Class)
From net realized gains		—			—			(9,811	)		(19,628	)
Class R2
From net investment income		(23	)		—			—			—
From net realized gains		(276	)		(211	)		(772	)		(1,956	)
Class R3 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		(1	)		—			—			—
Class R4 (a)
From net investment income		—	(b)		—			—			—
From net realized gains		—	(b)		—			—			—
Class R5 (c)
From net investment income		(5,428	)		(7,998	)		—			—
From net realized gains		(25,600	)		(77,242	)		(28	)		—
Class R6 (d)
From net investment income		(3,830	)		—			—			—
From net realized gains		(15,853	)		—			(15,304	)		(34,132	)
Total distributions to shareholders		(155,206	)		(205,346	)		(36,600	)		(84,696	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,070,448			187,154			(27,916	)		50,292
NET ASSETS:
Change in net assets		2,839,513			55,092			278,790			(207,931	)
Beginning of period		3,448,930			3,393,838			1,037,138			1,245,069
End of period	$	6,288,443		$	3,448,930		$	1,315,928		$	1,037,138
Accumulated undistributed (distributions in excess of) net investment income	$	13,011		$	8,726		$	(2,738	)	$	(1,912	)

(a) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,280		$	16,276		$	4,809		$	4,777
Net realized gain (loss)		104,303			(11,621	)		97,982			(25,653	)
Change in net unrealized appreciation/depreciation		216,461			(52,243	)		175,814			(37,299	)
Change in net assets resulting from operations		334,044			(47,588	)		278,605			(58,175	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,556	)		(3,316	)		(192	)		(375	)
From net realized gains		(390	)		(24,024	)		(15	)		(9,859	)
Class C
From net investment income		(124	)		(138	)		—			—
From net realized gains		(36	)		(2,266	)		(3	)		(1,985	)
Class I (formerly Select Class)
From net investment income		(1,795	)		(2,589	)		(967	)		(1,045	)
From net realized gains		(217	)		(11,883	)		(19	)		(11,139	)
Class L (formerly Institutional Class)
From net investment income		—			—			(3,751	)		(2,157	)
From net realized gains		—			—			(45	)		(16,302	)
Class R2
From net investment income		(181	)		(176	)		—			(36	)
From net realized gains		(37	)		(2,034	)		(2	)		(1,197	)
Class R3 (a)
From net investment income		(2	)		—			—	(b)		—
From net realized gains		—	(b)		—			—	(b)		—
Class R4 (a)
From net investment income		—	(b)		—			—	(b)		—
From net realized gains		—	(b)		—			—	(b)		—
Class R5 (c)
From net investment income		(730	)		(877	)		—	(b)		—
From net realized gains		(73	)		(4,226	)		—	(b)		—
Class R6
From net investment income		(6,792	)		(7,344	)		(1,045	)		(620	)
From net realized gains		(552	)		(33,390	)		(11	)		(4,031	)
Total distributions to shareholders		(13,485	)		(92,263	)		(6,050	)		(48,746	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		41,312			22,440			155,806			458,685
NET ASSETS:
Change in net assets		361,871			(117,411	)		428,361			351,764
Beginning of period		1,753,332			1,870,743			1,323,312			971,548
End of period	$	2,115,203		$	1,753,332		$	1,751,673		$	1,323,312
Accumulated undistributed (distributions in excess of) net investment income	$	2,857		$	2,643		$	823		$	2,547

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A (a)
Proceeds from shares issued	$	11,085		$	10,070		$	2,255		$	23
Distributions reinvested		6,122			6,411			7			—
Cost of shares redeemed		(16,068	)		(14,402	)		(154	)		—
Change in net assets resulting from Class A capital transactions	$	1,139		$	2,079		$	2,108		$	23
Class C (a)
Proceeds from shares issued	$	11,882		$	13,161		$	1,055		$	20
Distributions reinvested		888			856			5			—
Cost of shares redeemed		(12,954	)		(17,151	)		(93	)		—
Change in net assets resulting from Class C capital transactions	$	(184	)	$	(3,134	)	$	967		$	20
Class I (formerly Select Class) (b)
Proceeds from shares issued	$	15,936		$	68,912		$	3,813		$	—
Distributions reinvested		8,203			39,841			—			—
Cost of shares redeemed		(32,141	)		(317,159	)		(391	)		—
Change in net assets resulting from Class I capital transactions	$	(8,002	)	$	(208,406	)	$	3,422		$	—
Class R5 (c)
Proceeds from shares issued	$	—		$	—		$	38,644		$	82,011
Distributions reinvested		—			—			15,729			71,593
Cost of shares redeemed		—			—			(55,810	)		(116,062	)
Redemptions in-kind (See Note 7)		—			—			—			(530,784	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(1,437)		$	(493,242)
Class R6 (a)
Proceeds from shares issued	$	—		$	—		$	16,336		$	20
Distributions reinvested		—			—			2			—
Cost of shares redeemed		—			—			(128	)		—
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	16,210		$	20
Total change in net assets resulting from capital transactions	$	(7,047	)	$	(209,461	)	$	21,270		$	(493,179	)

(a) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b) Commencement of offering of Select Class effective January 3, 2017. Select Class was renamed Class I effective April 3, 2017 for Small Cap Core Fund.

(c) Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Dynamic Small Cap Growth Fund						Small Cap Core Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A (a)
Issued		554			478			44			1
Reinvested		331			327			—	(b)		—
Redeemed		(784	)		(712	)		(3	)		—
Change in Class A Shares		101			93			41			1
Class C (a)
Issued		773			780			21			1
Reinvested		62			54			—	(b)		—
Redeemed		(793	)		(1,015	)		(2	)		—
Change in Class C Shares		42			(181	)		19			1
Class I (formerly Select Class)
Issued		694			3,027			75			—
Reinvested		395			1,842			—			—
Redeemed		(1,422	)		(15,456	)		(8	)		—
Change in Class I Shares		(333	)		(10,587	)		67			—
Class R5 (c)
Issued		—			—			766			1,600
Reinvested		—			—			316			1,578
Redeemed		—			—			(1,110	)		(2,421	)
Redemptions in-kind (See Note 7)		—			—			—			(11,691	)
Change in Class R5 Shares		—			—			(28	)		(10,934	)
Class R6 (a)
Issued		—			—			320			1
Reinvested		—			—			—	(b)		—
Redeemed		—			—			(2	)		—
Change in Class R6 Shares		—			—			318			1

(a) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Core Fund.

(b) Amount rounds to less than 500.

(c) Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Equity Fund						Small Cap Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	712,876		$	797,670		$	44,992		$	34,331
Distributions reinvested		33,701			49,673			5,928			17,120
Cost of shares redeemed		(501,564	)		(225,187	)		(82,003	)		(82,368	)
Redemptions in-kind (See Note 7)		—			(545,339	)		—			—
Change in net assets resulting from Class A capital transactions	$	245,013		$	76,817		$	(31,083	)	$	(30,917	)
Class C
Proceeds from shares issued	$	102,287		$	39,875		$	4,659		$	1,342
Distributions reinvested		5,234			2,583			747			1,891
Cost of shares redeemed		(23,821	)		(7,079	)		(7,991	)		(5,168	)
Change in net assets resulting from Class C capital transactions	$	83,700		$	35,379		$	(2,585	)	$	(1,935	)
Class I (formerly Select Class)
Proceeds from shares issued	$	1,796,080		$	643,933		$	43,698		$	29,505
Distributions reinvested		56,261			55,589			3,134			7,984
Cost of shares redeemed		(712,211	)		(816,497	)		(66,724	)		(63,523	)
Change in net assets resulting from Class I capital transactions	$	1,140,130		$	(116,975	)	$	(19,892	)	$	(26,034	)
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	143,110		$	114,481
Distributions reinvested		—			—			8,911			18,231
Cost of shares redeemed		—			—			(142,376	)		(81,578	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	9,645		$	51,134
Class R2
Proceeds from shares issued	$	11,048		$	3,684		$	3,047		$	3,627
Distributions reinvested		156			147			749			1,908
Cost of shares redeemed		(4,834	)		(1,850	)		(7,190	)		(6,699	)
Change in net assets resulting from Class R2 capital transactions	$	6,370		$	1,981		$	(3,394	)	$	(1,164	)
Class R3 (a)
Proceeds from shares issued	$	100		$	—		$	—		$	—
Distributions reinvested		1			—			—			—
Cost of shares redeemed		—	(b)		—			—			—
Change in net assets resulting from Class R3 capital transactions	$	101		$	—		$	—		$	—
Class R4 (a)
Proceeds from shares issued	$	68		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Cost of shares redeemed		(12	)		—			—			—
Change in net assets resulting from Class R4 capital transactions	$	56		$	—		$	—		$	—
Class R5 (c)
Proceeds from shares issued	$	537,839		$	327,668		$	2,006		$	—
Distributions reinvested		28,546			80,413			28			—
Cost of shares redeemed		(825,391	)		(243,746	)		(1,033	)		—
Change in net assets resulting from Class R5 capital transactions	$	(259,006	)	$	164,335		$	1,001		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Equity Fund						Small Cap Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS: (continued)
Class R6 (d)
Proceeds from shares issued	$	956,921		$	25,790		$	97,840		$	130,485
Distributions reinvested		19,663			—			15,303			34,132
Cost of shares redeemed		(122,500	)		(173	)		(94,751	)		(105,409	)
Change in net assets resulting from Class R6 capital transactions	$	854,084		$	25,617		$	18,392		$	59,208
Total change in net assets resulting from capital transactions	$	2,070,448		$	187,154		$	(27,916	)	$	50,292

(a) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Equity Fund						Small Cap Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		15,821			20,677			3,363			2,821
Reinvested		733			1,292			476			1,466
Redeemed		(10,880	)		(5,663	)		(6,238	)		(7,028	)
Redemptions in-kind (See Note 7)		—			(13,733	)		—			—
Change in Class A Shares		5,674			2,573			(2,399	)		(2,741	)
Class C
Issued		2,965			1,307			448			143
Reinvested		149			87			79			210
Redeemed		(671	)		(228	)		(782	)		(572	)
Change in Class C Shares		2,443			1,166			(255	)		(219	)
Class I (formerly Select Class)
Issued		34,733			14,082			2,997			2,235
Reinvested		1,069			1,270			231			630
Redeemed		(13,483	)		(17,314	)		(4,614	)		(4,737	)
Change in Class I Shares		22,319			(1,962	)		(1,386	)		(1,872	)
Class L (formerly Institutional Class)
Issued		—			—			9,579			8,718
Reinvested		—			—			640			1,407
Redeemed		—			—			(9,866	)		(6,315	)
Change in Class L Shares		—			—			353			3,810
Class R2
Issued		248			93			236			309
Reinvested		3			4			62			167
Redeemed		(106	)		(46	)		(568	)		(566	)
Change in Class R2 Shares		145			51			(270	)		(90	)
Class R3 (a)
Issued		2			—			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—	(b)		—			—			—
Change in Class R3 Shares		2			—			—			—
Class R4 (a)
Issued		1			—			—			—
Reinvested		—	(b)		—			—			—
Redeemed		—	(b)		—			—			—
Change in Class R4 Shares		1			—			—			—
Class R5 (c)
Issued		10,246			7,138			137			—
Reinvested		541			1,832			2			—
Redeemed		(16,447	)		(5,295	)		(68	)		—
Change in Class R5 Shares		(5,660	)		3,675			71			—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Equity Fund						Small Cap Growth Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS: (continued)
Class R6 (d)
Issued		18,906			549			6,529			10,137
Reinvested		372			—			1,091			2,617
Redeemed		(2,294	)		(4	)		(6,293	)		(8,387	)
Change in Class R6 Shares		16,984			545			1,327			4,367

(a) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Equity Fund.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for Small Cap Growth Fund.

(d) Commencement of offering of class of shares effective May 31, 2016 for Small Cap Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Value Fund						U.S. Small Company Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	164,312		$	138,661		$	110,173		$	112,560
Distributions reinvested		2,757			25,666			184			9,251
Cost of shares redeemed		(295,769	)		(186,013	)		(135,423	)		(108,488	)
Change in net assets resulting from Class A capital transactions	$	(128,700	)	$	(21,686	)	$	(25,066	)	$	13,323
Class C
Proceeds from shares issued	$	6,479		$	3,797		$	13,089		$	17,408
Distributions reinvested		145			2,160			3			1,817
Cost of shares redeemed		(14,435	)		(10,313	)		(17,634	)		(12,981	)
Change in net assets resulting from Class C capital transactions	$	(7,811	)	$	(4,356	)	$	(4,542	)	$	6,244
Class I (formerly Select Class)
Proceeds from shares issued	$	154,661		$	106,814		$	151,877		$	166,060
Distributions reinvested		1,883			12,987			921			11,293
Cost of shares redeemed		(126,507	)		(325,752	)		(113,193	)		(105,988	)
Change in net assets resulting from Class I capital transactions	$	30,037		$	(205,951	)	$	39,605		$	71,365
Class L (formerly Institutional Class)
Proceeds from shares issued	$	—		$	—		$	318,606		$	366,693
Distributions reinvested		—			—			3,378			17,359
Cost of shares redeemed		—			—			(322,926	)		(113,529	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(942	)	$	270,523
Class R2
Proceeds from shares issued	$	27,657		$	16,117		$	24,052		$	25,767
Distributions reinvested		203			2,028			2			944
Cost of shares redeemed		(23,402	)		(15,854	)		(13,867	)		(7,774	)
Change in net assets resulting from Class R2 capital transactions	$	4,458		$	2,291		$	10,187		$	18,937
Class R3 (a)
Proceeds from shares issued	$	15,085		$	—		$	9,868		$	—
Distributions reinvested		2			—			—	(b)		—
Cost of shares redeemed		(1,818	)		—			(478	)		—
Change in net assets resulting from Class R3 capital transactions	$	13,269		$	—		$	9,390		$	—
Class R4 (a)
Proceeds from shares issued	$	37		$	—		$	862		$	—
Distributions reinvested		—	(b)		—			—	(b)		—
Cost of shares redeemed		—			—			(81	)		—
Change in net assets resulting from Class R4 capital transactions	$	37		$	—		$	781		$	—
Class R5 (c)
Proceeds from shares issued	$	74,810		$	31,169		$	142		$	—
Distributions reinvested		736			4,681			—	(b)		—
Cost of shares redeemed		(59,662	)		(34,423	)		—	(b)		—
Change in net assets resulting from Class R5 capital transactions	$	15,884		$	1,427		$	142		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS: (continued)
Class R6
Proceeds from shares issued	$	310,196		$	383,830		$	178,533		$	100,275
Distributions reinvested		7,344			40,732			1,023			4,436
Cost of shares redeemed		(203,402	)		(173,847	)		(53,305	)		(26,418	)
Change in net assets resulting from Class R6 capital transactions	$	114,138		$	250,715		$	126,251		$	78,293
Total change in net assets resulting from capital transactions	$	41,312		$	22,440		$	155,806		$	458,685

(a) Commencement of offering of class of shares effective September 9, 2016.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Small Cap Value Fund						U.S. Small Company Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		5,807			5,761			6,362			7,413
Reinvested		95			1,114			10			626
Redeemed		(10,507	)		(7,728	)		(7,832	)		(7,196	)
Change in Class A Shares		(4,605	)		(853	)		(1,460	)		843
Class C
Issued		269			184			773			1,176
Reinvested		6			111			—	(a)		127
Redeemed		(608	)		(506	)		(1,055	)		(897	)
Change in Class C Shares		(333	)		(211	)		(282	)		406
Class I (formerly Select Class)
Issued		5,207			4,250			8,467			10,694
Reinvested		62			535			50			748
Redeemed		(4,216	)		(12,338	)		(6,374	)		(6,898	)
Change in Class I Shares		1,053			(7,553	)		2,143			4,544
Class L (formerly Institutional Class)
Issued		—			—			18,258			24,199
Reinvested		—			—			181			1,150
Redeemed		—			—			(18,084	)		(7,566	)
Change in Class L Shares		—			—			355			17,783
Class R2
Issued		979			675			1,399			1,706
Reinvested		7			89			—	(a)		65
Redeemed		(835	)		(669	)		(814	)		(528	)
Change in Class R2 Shares		151			95			585			1,243
Class R3 (b)
Issued		520			—			557			—
Reinvested		—	(a)		—			—	(a)		—
Redeemed		(61	)		—			(27	)		—
Change in Class R3 Shares		459			—			530			—
Class R4 (b)
Issued		1			—			47			—
Reinvested		—	(a)		—			—	(a)		—
Reinvested		—			—			(4	)		—
Change in Class R4 Shares		1			—			43			—
Class R5 (c)
Issued		2,462			1,223			8			—
Reinvested		24			193			—	(a)		—
Redeemed		(1,978	)		(1,376	)		—	(a)		—
Change in Class R5 Shares		508			40			8			—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Small Cap Value Fund						U.S. Small Company Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS: (continued)
Class R6
Issued		10,248			14,544			9,897			6,414
Reinvested		240			1,675			55			294
Redeemed		(6,799	)		(7,015	)		(2,985	)		(1,663	)
Change in Class R6 Shares		3,689			9,204			6,967			5,045

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective September 9, 2016.

(c) Commencement of offering of class of shares effective September 9, 2016 for U.S. Small Company Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Dynamic Small Cap Growth Fund
Class A
Year Ended June 30, 2017	$	19.14	$	(0.16	)	$	6.24		$	6.08		$	(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		(3.22	)
Year Ended June 30, 2015		25.11		(0.20	)		3.17			2.97			(2.04	)
Year Ended June 30, 2014		23.10		(0.24	)		4.44			4.20			(2.19	)
Year Ended June 30, 2013		18.83		(0.14	)(d)		5.17			5.03			(0.76	)
Class C
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		(3.22	)
Year Ended June 30, 2015		21.61		(0.28	)		2.68			2.40			(2.04	)
Year Ended June 30, 2014		20.25		(0.32	)		3.87			3.55			(2.19	)
Year Ended June 30, 2013		16.68		(0.22	)(d)		4.55			4.33			(0.76	)
Class I (formerly Select Class)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		(3.22	)
Year Ended June 30, 2015		27.08		(0.15	)		3.45			3.30			(2.04	)
Year Ended June 30, 2014		24.70		(0.19	)		4.76			4.57			(2.19	)
Year Ended June 30, 2013		20.02		(0.07	)(d)		5.51			5.44			(0.76	)

(a) Calculated based upon average shares outstanding.

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

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

(d) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.20), $(0.27) and $(0.14) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been (1.00)%, (1.51)% and (0.64)% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	22.03		34.99	%	$	66,189		1.25	%		(0.78	)%		1.48	%		41	%
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56
	26.04		13.02			73,175		1.25			(0.82	)		1.44			48
	25.11		18.56			86,997		1.33			(0.95	)		1.38			65
	23.10		27.61			77,408		1.44			(0.70	)(d)		1.44			65
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56
	21.97		12.46			50,162		1.75			(1.32	)		2.02			48
	21.61		17.93			55,458		1.83			(1.45	)		1.88			65
	20.25		26.96			54,171		1.94			(1.20	)(d)		1.94			65
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56
	28.34		13.30			386,459		1.00			(0.57	)		1.11			48
	27.08		18.87			417,048		1.06			(0.69	)		1.13			65
	24.70		28.02			387,402		1.09			(0.33	)(d)		1.19			65

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 65

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
Small Cap Core Fund
Class A
Year Ended June 30, 2017	$	45.88	$	(0.04	)(e)	$	11.81		$	11.77		$	(0.20	)	$	(5.13	)	$	(5.33	)
May 31, 2016 (f) through June 30, 2016		45.81		0.02	(e)(g)		0.05			0.07			—			—			—
Class C
Year Ended June 30, 2017		45.86		(0.24	)(e)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (f) through June 30, 2016		45.81		—	(e)(g)(h)		0.05			0.05			—			—			—
Class I
January 3, 2017 (f) through June 30, 2017		50.44		0.07	(e)		2.07			2.14			—			—			—
Class R5 (formerly Select Class)
Year Ended June 30, 2017		45.90		0.20	(e)		11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(e)(g)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Year Ended June 30, 2015		58.70		0.37	(e)		3.20			3.57			(0.10	)		(5.99	)		(6.09	)
Year Ended June 30, 2014		48.11		0.15	(i)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Year Ended June 30, 2013		37.54		0.37	(j)		10.63			11.00			(0.43	)		—			(0.43	)
Class R6
Year Ended June 30, 2017		45.90		0.29	(e)		11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (f) through June 30, 2016		45.81		0.04	(e)(g)		0.05			0.09			—			—			—

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

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

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

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

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than $0.005.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09 and the net investment income (loss) ratio would have been 0.17% for Class R5 Shares.

(j) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.19 and the net investment income (loss) ratio would have been 0.44% for Class R5 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	52.32		26.29	%	$	2,203		1.24	%		(0.07	)%		1.45	%		61	%
	45.88		0.15			23		1.25			0.56	(g)		1.39			58
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(g)		1.89			58
	52.58		4.24			3,545		0.99			0.26			1.21			61
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(g)		1.16			58
	56.18		7.01			815,652		0.80			0.66			1.13			56
	58.70		28.95			703,307		0.79			0.28	(i)		1.12			51
	48.11		29.50			522,295		0.79			0.84	(j)		1.19			55
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(g)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments		Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Equity Fund
Class A
Year Ended June 30, 2017	$	41.68	$	0.11		$	8.21	$	8.32		$	(0.12	)	$	(1.25	)	$	(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08		0.21			(0.14	)		(3.07	)		(3.21	)
Year Ended June 30, 2015		46.56		0.08			2.98		3.06			(0.08	)		(4.86	)		(4.94	)
Year Ended June 30, 2014		39.94		0.10	(g)		8.97		9.07			(0.07	)		(2.38	)		(2.45	)
Year Ended June 30, 2013		36.02		0.29	(h)		7.39		7.68			(0.36	)		(3.40	)		(3.76	)
Class C
Year Ended June 30, 2017		32.21		(0.09	)		6.31		6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02		(0.04	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		37.96		(0.12	)		2.34		2.22			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(g)		7.38		7.28			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		30.46		0.09	(h)		6.15		6.24			(0.24	)		(3.40	)		(3.64	)
Class I (formerly Select Class)
Year Ended June 30, 2017		47.50		0.28			9.37		9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17		0.42			(0.16	)		(3.07	)		(3.23	)
Year Ended June 30, 2015		51.78		0.24			3.36		3.60			(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(g)		9.94		10.20			(0.18	)		(2.38	)		(2.56	)
Year Ended June 30, 2013		39.41		0.44	(h)		8.15		8.59			(0.46	)		(3.40	)		(3.86	)
Class R2
Year Ended June 30, 2017		41.08		—	(i)		8.08		8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10		0.11			—			(3.07	)		(3.07	)
Year Ended June 30, 2015		45.99		(0.04	)		2.95		2.91			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(g)		8.86		8.85			—			(2.38	)		(2.38	)
Year Ended June 30, 2013		35.67		0.20	(h)		7.31		7.51			(0.26	)		(3.40	)		(3.66	)
Class R3
September 9, 2016 (k) through June 30, 2017		43.22		0.12			6.68		6.80			(0.23	)		(1.25	)		(1.48	)
Class R4
September 9, 2016 (k) through June 30, 2017		49.28		0.23			7.63		7.86			(0.25	)		(1.25	)		(1.50	)
Class R5
Year Ended June 30, 2017		47.57		0.36			9.42		9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15		0.51			(0.30	)		(3.07	)		(3.37	)
Year Ended June 30, 2015		51.88		0.34			3.37		3.71			(0.30	)		(4.86	)		(5.16	)
Year Ended June 30, 2014		44.21		0.36	(g)		9.96		10.32			(0.27	)		(2.38	)		(2.65	)
Year Ended June 30, 2013		39.47		0.52	(h)		8.16		8.68			(0.54	)		(3.40	)		(3.94	)
Class R6
Year Ended June 30, 2017		47.57		0.46			9.34		9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (k) through June 30, 2016		47.04		0.06	(f)		0.47		0.53			—			—			—

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $0.10, $(0.15) and $0.20 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.59)%, 0.21%, (0.34)% and 0.41% for Class A, Class C, Class I, Class R2 and Class R5 Class Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	48.63		20.14	%	$	1,135,394		1.29	%		0.24	%		1.35	%		21	%
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32
	44.68		7.49			674,619		1.29			0.17			1.39			20
	46.56		23.27			738,967		1.29			0.23	(g)		1.37			30
	39.94		23.11			696,784		1.29			0.78	(h)		1.39			25
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32
	35.32		6.92			35,783		1.79			(0.33	)		1.87			20
	37.96		22.67			39,824		1.79			(0.26	)(g)		1.87			30
	33.06		22.50			37,039		1.79			0.28	(h)		1.88			25
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32
	50.31		7.81			1,435,112		0.99			0.48			1.14			20
	51.78		23.65			1,443,768		0.99			0.53	(g)		1.12			30
	44.14		23.48			1,134,887		0.99			1.07	(h)		1.14			25
	47.81		19.85			13,078		1.53			0.00	(j)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32
	44.04		7.23			3,446		1.54			(0.08	)		1.73			20
	45.99		22.95			3,883		1.54			(0.02	)(g)		1.62			30
	39.52		22.80			4,909		1.54			0.53	(h)		1.64			25
	48.54		15.92			104		1.24			0.32			1.36			21
	55.64		16.14			60		0.99			0.55			1.14			21
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32
	50.43		8.03			1,244,878		0.79			0.68			0.89			20
	51.88		23.90			1,177,534		0.79			0.73	(g)		0.92			30
	44.21		23.71			814,942		0.79			1.25	(h)		0.94			25
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

(h) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.05, $(0.11), $0.18, $(0.04) and $0.26 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.14%, (0.36)%, 0.44%, (0.10)% and 0.62% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(i) Amount rounds to less than $0.005.

(j) Amount rounds to less than 0.005%.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Small Cap Growth Fund
Class A
Year Ended June 30, 2017	$	11.43	$	(0.10	)	$	3.94		$	3.84		$	(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		(1.04	)
Year Ended June 30, 2015		13.96		(0.11	)(f)		1.77			1.66			(1.12	)
Year Ended June 30, 2014		13.00		(0.12	)		2.52			2.40			(1.44	)
Year Ended June 30, 2013		11.13		(0.06	)(g)		2.94			2.88			(1.01	)
Class C
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		(1.04	)
Year Ended June 30, 2015		11.36		(0.14	)(f)		1.40			1.26			(1.12	)
Year Ended June 30, 2014		10.87		(0.16	)		2.09			1.93			(1.44	)
Year Ended June 30, 2013		9.51		(0.10	)(g)		2.47			2.37			(1.01	)
Class I (formerly Select Class)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		(1.04	)
Year Ended June 30, 2015		14.91		(0.08	)(f)		1.90			1.82			(1.12	)
Year Ended June 30, 2014		13.77		(0.09	)		2.67			2.58			(1.44	)
Year Ended June 30, 2013		11.70		(0.03	)(g)		3.11			3.08			(1.01	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.17		(0.06	)(f)		1.94			1.88			(1.12	)
Year Ended June 30, 2014		13.96		(0.07	)		2.72			2.65			(1.44	)
Year Ended June 30, 2013		11.84		(0.01	)(g)		3.14			3.13			(1.01	)
Class R2
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		(1.04	)
Year Ended June 30, 2015		13.73		(0.14	)(f)		1.73			1.59			(1.12	)
Year Ended June 30, 2014		12.84		(0.16	)		2.49			2.33			(1.44	)
Year Ended June 30, 2013		11.03		(0.09	)(g)		2.91			2.82			(1.01	)
Class R5
September 9, 2016 (h) through June 30, 2017		13.75		(0.04	)		3.35			3.31			(0.46	)
Class R6
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.23		(0.05	)(f)		1.95			1.90			(1.12	)
Year Ended June 30, 2014		14.00		(0.06	)		2.73			2.67			(1.44	)
Year Ended June 30, 2013		11.85		—	(g)(i)		3.16			3.16			(1.01	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.09), $(0.13),$(0.07), $(0.05), $(0.12) and $(0.04) for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.80)%, (1.30)%, (0.54)%, (0.40)%, (1.04)% and (0.29)% for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively.

(h) Commencement of offering of class of shares.

(i) Amount rounds to less than $0.005.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	14.81		34.36	%	$	196,403		1.24	%		(0.75	)%		1.40	%		42	%
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47
	14.50		13.04			266,805		1.25			(0.82	)(f)		1.42			50
	13.96		18.94			282,408		1.25			(0.86	)		1.37			58
	13.00		27.94			249,986		1.24			(0.50	)(g)		1.42			60
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47
	11.50		12.47			26,297		1.75			(1.32	)(f)		1.87			50
	11.36		18.29			28,035		1.75			(1.36	)		1.87			58
	10.87		27.30			25,415		1.74			(1.00	)(g)		1.92			60
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47
	15.61		13.29			157,631		1.00			(0.57	)(f)		1.16			50
	14.91		19.20			156,585		1.00			(0.62	)		1.12			58
	13.77		28.30			148,078		1.00			(0.25	)(g)		1.17			60
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47
	15.93		13.47			279,248		0.85			(0.42	)(f)		0.95			50
	15.17		19.46			302,087		0.85			(0.46	)		0.97			58
	13.96		28.39			230,458		0.85			(0.11	)(g)		1.02			60
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47
	14.20		12.74			28,364		1.50			(1.07	)(f)		1.72			50
	13.73		18.62			31,119		1.50			(1.11	)		1.62			58
	12.84		27.64			26,561		1.49			(0.75	)(g)		1.67			60
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47
	16.01		13.55			486,724		0.75			(0.31	)(f)		0.79			50
	15.23		19.55			355,032		0.75			(0.36	)		0.87			58
	14.00		28.63			248,415		0.75			0.00	(g)(j)		0.92			60

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Value Fund
Class A
Year Ended June 30, 2017	$	24.64	$	0.11	(f)	$	4.58		$	4.69		$	(0.13	)	$	(0.02	)	$	(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)
Year Ended June 30, 2015		27.98		0.22			(0.01	)		0.21			(0.20	)		(1.34	)		(1.54	)
Year Ended June 30, 2014		23.77		0.12	(g)		4.87			4.99			(0.11	)		(0.67	)		(0.78	)
Year Ended June 30, 2013		18.75		0.21	(h)		5.04			5.25			(0.23	)		—			(0.23	)
Class C
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)
Year Ended June 30, 2015		24.19		0.05			(0.02	)		0.03			(0.11	)		(1.34	)		(1.45	)
Year Ended June 30, 2014		20.73		(0.03	)(g)		4.22			4.19			(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2013		16.40		0.06	(h)		4.41			4.47			(0.14	)		—			(0.14	)
Class I (formerly Select Class)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)
Year Ended June 30, 2015		29.31		0.31			(0.02	)		0.29			(0.26	)		(1.34	)		(1.60	)
Year Ended June 30, 2014		24.86		0.20	(g)		5.09			5.29			(0.17	)		(0.67	)		(0.84	)
Year Ended June 30, 2013		19.58		0.26	(h)		5.29			5.55			(0.27	)		—			(0.27	)
Class R2
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)
Year Ended June 30, 2015		27.83		0.16			(0.02	)		0.14			(0.14	)		(1.34	)		(1.48	)
Year Ended June 30, 2014		23.67		0.07	(g)		4.83			4.90			(0.07	)		(0.67	)		(0.74	)
Year Ended June 30, 2013		18.68		0.15	(h)		5.03			5.18			(0.19	)		—			(0.19	)
Class R3
September 9, 2016 (i) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)
Class R4
September 9, 2016 (i) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)
Class R5
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)
Year Ended June 30, 2015		29.31		0.34			(0.02	)		0.32			(0.28	)		(1.34	)		(1.62	)
Year Ended June 30, 2014		24.85		0.23	(g)		5.09			5.32			(0.19	)		(0.67	)		(0.86	)
Year Ended June 30, 2013		19.58		0.29	(h)		5.27			5.56			(0.29	)		—			(0.29	)
Class R6
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)
Year Ended June 30, 2015		29.33		0.37			(0.02	)		0.35			(0.31	)		(1.34	)		(1.65	)
Year Ended June 30, 2014		24.87		0.24	(g)		5.09			5.33			(0.20	)		(0.67	)		(0.87	)
Year Ended June 30, 2013		19.59		0.29	(h)		5.29			5.58			(0.30	)		—			(0.30	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $0.18, $0.05, $0.22 and $0.23 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.20)%, 0.66%, 0.20%, 0.79% and 0.82% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	29.18		19.01	%	$	518,464		1.24	%		0.39	%(f)		1.44	%		41	%
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46
	26.65		1.04			618,977		1.24			0.84			1.44			38
	27.98		21.24			516,950		1.24			0.46	(g)		1.40			40
	23.77		28.08			332,177		1.24			0.98	(h)		1.39			38
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46
	22.77		0.42			49,815		1.85			0.23			1.89			38
	24.19		20.45			52,909		1.84			(0.15	)(g)		1.89			40
	20.73		27.35			41,108		1.85			0.34	(h)		1.89			38
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46
	28.00		1.27			495,605		0.99			1.10			1.14			38
	29.31		21.52			404,848		0.99			0.71	(g)		1.15			40
	24.86		28.47			266,018		0.99			1.19	(h)		1.14			38
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46
	26.49		0.77			48,675		1.49			0.59			1.76			38
	27.83		20.95			47,939		1.49			0.25	(g)		1.66			40
	23.67		27.79			15,500		1.49			0.69	(h)		1.64			38
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41
	30.77		13.44			39		1.06			0.75	(f)		1.10			41
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46
	28.01		1.39			103,149		0.91			1.19			0.93			38
	29.31		21.67			79,792		0.90			0.85	(g)		0.95			40
	24.85		28.53			32,304		0.90			1.28	(h)		0.94			38
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46
	28.03		1.49			554,522		0.79			1.32			0.81			38
	29.33		21.71			453,645		0.85			0.87	(g)		0.90			40
	24.87		28.62			207,613		0.85			1.32	(h)		0.89			38

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.12, $(0.01), $0.17, $0.06, $0.19 and $0.20 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.57%, (0.08)%, 0.77%, 0.27%, 0.86% and 0.89% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Small Company Fund
Class A
Year Ended June 30, 2017	$	15.09	$	—	(f)(g)	$	3.02		$	3.02		$	(0.01	)	$	—	(g)	$	(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.25		0.03			1.22			1.25			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(h)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.31		0.04	(i)		2.89			2.93			(0.07	)		—			(0.07	)
Class C
Year Ended June 30, 2017		14.57		(0.08	)(f)		2.91			2.83			—			—	(g)		—	(g)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)
Year Ended June 30, 2015		15.86		(0.05	)		1.19			1.14			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(h)		3.32			3.24			—			(0.29	)		(0.29	)
Year Ended June 30, 2013		10.14		(0.02	)(i)		2.83			2.81			(0.04	)		—			(0.04	)
Class I (formerly Select Class)
Year Ended June 30, 2017		15.40		0.04	(f)		3.08			3.12			(0.05	)		—	(g)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2015		16.53		0.08			1.24			1.32			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(g)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Year Ended June 30, 2013		10.45		0.08	(h)		2.92			3.00			(0.08	)		—			(0.08	)
Class L (formerly Institutional Class)
Year Ended June 30, 2017		15.39		0.08	(f)		3.08			3.16			(0.09	)		—	(g)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)
Year Ended June 30, 2015		16.51		0.11			1.24			1.35			(0.04	)		(0.54	)		(0.58	)
Year Ended June 30, 2014		13.35		0.06	(h)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Year Ended June 30, 2013		10.43		0.10	(i)		2.92			3.02			(0.10	)		—			(0.10	)
Class R2
Year Ended June 30, 2017		14.88		(0.04	)(f)		2.97			2.93			—			—	(g)		—	(g)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.12		(0.01	)		1.20			1.19			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(h)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Year Ended June 30, 2013		10.25		(0.02	)(i)		2.90			2.88			(0.04	)		—			(0.04	)
Class R3
September 9, 2016(j) through June 30, 2017		16.02		0.04	(f)		2.04			2.08			(0.07	)		—	(g)		(0.07	)
Class R4
September 9, 2016(j) through June 30, 2017		16.36		0.13	(f)		2.04			2.17			(0.09	)		—	(g)		(0.09	)
Class R5
September 9, 2016(j) through June 30, 2017		16.35		0.07	(f)		2.13			2.20			(0.10	)		—	(g)		(0.10	)
Class R6
Year Ended June 30, 2017		15.40		0.10	(f)		3.08			3.18			(0.10	)		—	(g)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)
Year Ended June 30, 2015		16.52		0.12			1.24			1.36			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(h)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2013		10.43		0.11	(i)		2.91			3.02			(0.10	)		—			(0.10	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	18.10		20.04	%	$	244,958		1.25	%		(0.01	)%(f)		1.35	%		53	%
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49
	16.96		7.98			240,064		1.25			0.21			1.40			56
	16.25		25.86			126,858		1.25			(0.08	)(h)		1.34			51
	13.17		28.54			49,607		1.25			0.31	(i)		1.43			54
	17.40		19.43			49,946		1.75			(0.51	)(f)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49
	16.46		7.47			45,202		1.75			(0.28	)		1.88			56
	15.86		25.27			22,539		1.75			(0.57	)(h)		1.84			51
	12.91		27.83			6,972		1.75			(0.18	)(i)		1.93			54
	18.47		20.29			387,043		1.01			0.25	(f)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49
	17.29		8.25			246,645		1.00			0.45			1.11			56
	16.53		26.21			160,279		1.00			0.17	(h)		1.09			51
	13.37		28.81			66,928		1.00			0.64	(i)		1.21			54
	18.46		20.50			711,139		0.82			0.43	(f)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49
	17.28		8.49			352,036		0.82			0.64			0.94			56
	16.51		26.42			216,698		0.82			0.39	(h)		0.94			51
	13.35		29.08			30,226		0.82			0.79	(i)		1.05			54
	17.81		19.70			51,511		1.50			(0.24	)(f)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49
	16.77		7.66			17,846		1.50			(0.04	)		1.66			56
	16.12		25.66			9,785		1.50			(0.32	)(h)		1.59			51
	13.09		28.19			1,744		1.50			(0.20	)(i)		1.65			54
	18.03		13.01			9,560		1.23			0.25	(f)		1.24			53
	18.44		13.24			794		1.00			0.89	(f)		1.07			53
	18.45		13.44			145		0.83			0.51	(f)		0.90			53
	18.48		20.64			296,577		0.72			0.55	(f)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49
	17.29		8.54			69,755		0.73			0.73			0.76			56
	16.52		26.54			45,604		0.75			0.42	(h)		0.84			51
	13.35		29.17			17,232		0.75			0.95	(i)		0.97			54

(h) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income(loss) per share would have been $(0.02), $(0.09), $0.02, $0.05, $(0.05), and $0.06 for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, 0.13%, 0.34%, (0.36)% and 0.38% for Class A, Class C, Class I, Class L, Class R2 and Class R6 Class Shares, respectively.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.01), $(0.07), $0.03, $0.05, $(0.07) and $0.07 for Class A, Class C, Class I, Class L, Class R2 and Class R6 Class Shares, respectively, and the net investment income (loss) ratio would have been (0.08)%, (0.57)%, 0.25%, 0.41%, (0.58)% and 0.56% for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

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

The following are 6 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Dynamic Small Cap Growth Fund	Class A, Class C and Class I*	JPM I	Diversified
Small Cap Core Fund	Class A, Class C, Class I**, Class R5*** and Class R6	JPM I	Diversified
Small Cap Equity Fund	Class A, Class C, Class I*, Class R2, Class R3****, Class R4****, Class R5 and Class R6	JPM I	Diversified
Small Cap Growth Fund	Class A, Class C, Class I*, Class L^, Class R2, Class R5^^ and Class R6	JPM II	Diversified
Small Cap Value Fund	Class A, Class C, Class I*, Class R2, Class R3****, Class R4****, Class R5 and Class R6	JPM II	Diversified
U.S. Small Company Fund	Class A, Class C, Class I*, Class L^, Class R2, Class R3****, Class R4****, Class R5^^ and Class R6	JPM I	Diversified

     * Effective April 3, 2017, Select Class was renamed Class I.

   ** Select Class commenced operations on January 3, 2017 and was renamed Class I effective April 3, 2017 for Small Cap Core Fund.

  *** Effective September 15, 2016, Select Class was renamed Class R5 for Small Cap Core Fund.

**** Class R3 and Class R4 commenced operations on September 9, 2016 for Small Cap Equity Fund, Small Cap Value Fund and U.S. Small Company Fund.

     ^ Effective December 1, 2016, Institutional Class was renamed Class L.

   ^^ Class R5 Shares commenced operations on September 9, 2016 for Small Cap Growth Fund and U.S. Small Company Fund.

The investment objectives of Dynamic Small Cap Growth Fund, Small Cap Core Fund and Small Cap Equity Fund are to seek capital growth over the long term.

The investment objective of Small Cap Growth Fund is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of Small Cap Value Fund is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of U.S. Small Company Fund is to seek to provide high total return from a portfolio of small company stocks.

All share classes of the Dynamic Small Cap Growth Fund are publicly offered only on a limited basis. Effective December 1, 2016 Class L Shares for the Small Cap Growth Fund and U.S. Small Company Fund were publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses. Effective as of the close of business on August 12, 2016 through September 14, 2016, Class R5 Shares of the Small Cap Core Fund were publicly offered only on a limited basis. Effective August 25, 2016, all share classes of the Small Cap Growth Fund were publicly offered.

Prior to November 16, 2015, and subsequent to December 30, 2016, all share classes of the Small Cap Equity Fund were publicly offered only on a limited basis. During the period November 16, 2015 through December 29, 2016, Small Cap Equity Fund was publicly offered.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017, sub-transfer agency and service fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

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

76 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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

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

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

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

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

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

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

Dynamic Small Cap Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	169,912	$	—	$	—		$	169,912
Small Cap Core Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	214,645	$	—	$	—	(c)	$	214,645
Appreciation in Other Financial Instruments
Futures Contracts	$	12	$	—	$	—		$	12

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	6,305,979		$	—	$	—		$	6,305,979
Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	1,345,712		$	—	$	—		$	1,345,712
Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	2,106,240		$	—	$	—	(c)	$	2,106,240
Depreciation in Other Financial Instruments
Futures Contracts	$	(159	)	$	—	$	—		$	(159	)
U.S. Small Company Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	1,747,575		$	—	$	—	(c)	$	1,747,575
Depreciation in Other Financial Instruments
Futures Contracts	$	(106	)	$	—	$	—		$	(106	)

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

(b) Portfolio holdings designated in level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings.

(c) Value is zero.

There were no transfers among any levels during the year ended June 30, 2017.

B. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds buy futures contracts to 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 deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/ depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

78 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2017 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	4,881	$	54,432	$	51,678
Ending Notional Balance Long		6,152		47,238		77,645

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

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

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

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

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows (amounts in thousands):

	Class A			Class C			Class I			Class L		Class R2		Class R3			Class R4			Class R5			Class R6		Total
Dynamic Small Cap Growth Fund
Transfer agency fees	$	19		$	2		$	3			n/a		n/a		n/a			n/a			n/a			n/a	$	24
Sub-transfer agency fees		51			60			41			n/a		n/a		n/a			n/a			n/a			n/a		152
Small Cap Core Fund
Transfer agency fees		—	(a)		—	(a)		—	(a)		n/a		n/a		n/a			n/a		$	9		$	3		12
Sub-transfer agency fees		—	(a)		—	(a)		—	(a)		n/a		n/a		n/a			n/a			123			—		123
Small Cap Equity Fund
Transfer agency fees		61			8			57			n/a	$	2	$	—	(a)	$	—	(a)		23			9		160
Sub-transfer agency fees		1,024			106			1,388			n/a		20		—			—			501			—		3,039
Small Cap Growth Fund
Transfer agency fees		47			3			6		$	5		1		n/a			n/a			—	(a)		5		67
Sub-transfer agency fees		218			14			115			191		40		n/a			n/a			—	(a)		—		578
Small Cap Value Fund
Transfer agency fees		326			6			11			n/a		43		1			—	(a)		5			18		410
Sub-transfer agency fees		689			38			312			n/a		89		—	(a)		—			68			—		1,196
U.S. Small Company Fund
Transfer agency fees		21			8			12			12		8		—	(a)		—	(a)		—	(a)		8		69
Sub-transfer agency fees		325			57			264			410		84		—	(a)		—			—			—		1,140

(a) Amount rounds to less than 500.

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

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

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

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Dynamic Small Cap Growth Fund	$	—		$	1,247		$	(1,247	)
Small Cap Core Fund		(98	)		55			43
Small Cap Equity Fund		122			(856	)		734
Small Cap Growth Fund		(4,360	)		4,182			178
Small Cap Value Fund		—			(886	)		886
U.S. Small Company Fund		—	(a)		(578	)		578

(a) Amount rounds to less than 500.

The reclassifications for the Funds relate primarily to net operating losses, tax equalization and investments in partnerships.

3. Fees and Other Transactions with Affiliates

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

Dynamic Small Cap Growth Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
U.S. Small Company Fund	0.60

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class L, Class R4, Class R5, Class R6 and Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Dynamic Small Cap Growth Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			n/a			n/a
Small Cap Equity Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Growth Fund		0.25			0.75			0.50			n/a
Small Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25

80 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

In addition, the JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, the JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Dynamic Small Cap Growth Fund	$	1	$	—
Small Cap Core Fund		2		—
Small Cap Equity Fund		193		2
Small Cap Growth Fund		49		—	(a)
Small Cap Value Fund		32		—	(a)
U.S. Small Company Fund		28		1

(a) Amount rounds to less than 500.

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Dynamic Small Cap Growth Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10	%*
Small Cap Equity Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	**
Small Cap Growth Fund		0.25			0.25			0.25			0.10	%		0.25			n/a			n/a			0.10	**
Small Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10	**
U.S. Small Company Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10	**

  * Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05% and prior to September 16, 2016, the service fee for Class R5 Shares was 0.25%.

** Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

The JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The JPMDS waived service fees as outlined in Note 3.F.

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

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

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

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Dynamic Small Cap Growth Fund		1.25	%		1.75	%		1.00	%		n/a			n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		1.25			1.75			1.00			n/a			n/a			n/a			n/a			0.80	%		0.75	%
Small Cap Equity Fund		1.30			1.80			1.00			n/a			1.55	%		1.25	%		1.00	%		0.80			0.75
Small Cap Growth Fund		1.25			1.75			1.00			0.85	%		1.50			n/a			n/a			0.85			0.75
Small Cap Value Fund		1.25			1.86			1.00			n/a			1.61	*		1.36			1.11			0.91			0.86
U.S. Small Company Fund		1.26			1.76			1.01			0.83			1.51			1.26			1.01			0.86			0.76

* For Class R2 Shares of Small Cap Value Fund, the Adviser, Administrator and/or JPMDS contractually waived fees and/or reimbursed the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceeded 1.50% of the Fund’s average daily net assets during the period July 1, 2016 through October 31, 2016. The contractual expense percentage in the table above is in place from November 1, 2016 until at least October 31, 2018. During the period November 1, 2016 through June 30, 2017, the Adviser, Administrator and/or JPMDS voluntarily waived fees and/or reimbursed the Fund to the extent that total annual operating expenses for Class R2 Shares exceeded 1.50%. The Fund’s service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2017. The contractual expense limitation percentages in the table above are in place until at least October 31, 2018 for Class R5 Shares of Small Cap Core Fund. For all other classes, the contractual expense limitation percentages in the table above are in place until at least October 31, 2017.

For the year ended June 30, 2017, 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 reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Dynamic Small Cap Growth Fund	$	187	$	98	$	71	$	356	$	—
Small Cap Core Fund		282		146		132		560		34
Small Cap Equity Fund		279		186		2,623		3,088		60
Small Cap Growth Fund		96		63		622		781		19
Small Cap Value Fund		2		—		1,539		1,541		22
U.S. Small Company Fund		—		—		813		813		9

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2017 was as follows (amounts in thousands):

Dynamic Small Cap Growth Fund	$	4
Small Cap Core Fund		9
Small Cap Equity Fund		420
Small Cap Growth Fund		34
Small Cap Value Fund		95
U.S. Small Company Fund		95

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

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

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

During the year ended June 30, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):

Small Cap Core Fund	$	—	(a)
Small Cap Equity Fund		—	(a)
Small Cap Value Fund		4
Small Cap Growth Fund		4

(a) Amount rounds to less than 500.

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

82 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Dynamic Small Cap Growth Fund	$	65,023	$	97,943
Small Cap Core Fund		117,956		112,369
Small Cap Equity Fund		2,913,675		1,065,686
Small Cap Growth Fund		477,756		539,792
Small Cap Value Fund		808,555		781,766
U.S. Small Company Fund		956,143		834,696

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	109,320	$	63,215	$	2,623	$	60,592
Small Cap Core Fund		161,745		59,346		6,446		52,900
Small Cap Equity Fund		4,812,452		1,613,934		120,407		1,493,527
Small Cap Growth Fund		918,935		452,658		25,881		426,777
Small Cap Value Fund		1,691,077		526,787		111,624		415,163
U.S. Small Company Fund		1,510,716		330,935		94,076		236,859

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

The tax character of distributions paid during the year ended June 30, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distribution Paid
Dynamic Small Cap Growth Fund	$	127	$	23,121	$	23,248
Small Cap Core Fund		599		17,778		18,377
Small Cap Equity Fund		22,582		132,624		155,206
Small Cap Growth Fund		—		36,600		36,600
Small Cap Value Fund		12,657		828		13,485
U.S. Small Company Fund		6,050		—		6,050

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

The tax character of distributions paid during the year ended June 30, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Dynamic Small Cap Growth Fund	$	—	$	55,844	$	55,844
Small Cap Core Fund		16,109		58,576		74,685
Small Cap Equity Fund		37,477		167,869		205,346
Small Cap Growth Fund		—		84,696		84,696
Small Cap Value Fund		15,467		76,796		92,263
U.S. Small Company Fund		16,789		31,957		48,746

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

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Dynamic Small Cap Growth Fund	$	1,335	$	9,658	$	60,592
Small Cap Core Fund		1,313		14,076		52,900
Small Cap Equity Fund		72,306		193,737		1,493,527
Small Cap Growth Fund		—		40,759		426,777
Small Cap Value Fund		2,894		75,976		415,163
U.S. Small Company Fund		837		61,292		236,859

For the Funds, the cumulative timing differences primarily consist of late year ordinary loss deferrals, wash sale loss deferrals and non-taxable dividends.

At June 30, 2017, the Funds did not have any capital loss carryforwards.

Late year ordinary losses incurred after December 31 and net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2017, the following Funds deferred to July 1, 2017 late year ordinary losses of (amounts in thousands):

	Late Year Ordinary Loss
Dynamic Small Cap Growth Fund	$	647
Small Cap Growth Fund		2,706

6. Borrowings

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

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective annualized rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

84 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

The Funds had no borrowings outstanding from Credit Facility at June 30, 2017. Average borrowings from the Credit Facility for, or at any time during the year ended June 30, 2017, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Small Cap Equity Fund	$	500		1.53	%		1	$	—	(a)

(a) Amount rounds to less than 500.

7. Redemptions In-Kind

During the year ended June 30, 2016, certain shareholders sold their shares of Small Cap Core Fund and Small Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):

December 18, 2015	Value			Realized Gains (Losses)		Type
Small Cap Core Fund — Class R5*	$	530,784	**	$	35,980		Redemption in-kind

March 18, 2016	Value			Realized Gains (Losses)		Type
Small Cap Equity Fund — Class A	$	545,339	***		235,174		Redemption in-kind

* Effective September 15, 2016, Class I was renamed Class R5 for Small Cap Core Fund.

** This amount includes cash of approximately $16,676,000 associated with the redemptions in-kind.

*** This amount includes cash of approximately $26,463,000 associated with the redemptions in-kind.

8. Risks, Concentrations and Indemnifications

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

As of June 30, 2017, the Funds had omnibus accounts which owned more than 10% of the Funds outstanding shares as follows:

	Number of Non-Affiliated Omnibus Accounts		% of the Fund
Dynamic Small Cap Growth Fund		3		57.5	%
Small Cap Core Fund		2		29.1
Small Cap Equity Fund		3		12.2
U.S. Small Company Fund		6		29.2

As of June 30, 2017, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	JPMorgan SmartRetirement Funds
Small Cap Growth Fund		29.8	%
Small Cap Value Fund		17.6

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

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

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

9. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The

amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 85

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 Dynamic Small Cap Growth Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan U.S. Small Company 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 Dynamic Small Cap Growth Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund and JPMorgan U.S. Small Company Fund (each a separate series of JPMorgan Trust I) and JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (each a separate series of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, 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 indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

86 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 87

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
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).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-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).	150	None

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

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

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

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

88 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

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

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

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

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 89

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Dynamic Small Cap Growth Fund
Class A
Actual*	$	1,000.00	$	1,201.90	$	6.82		1.25	%
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class C
Actual*		1,000.00		1,198.90		9.54		1.75
Hypothetical*		1,000.00		1,016.12		8.75		1.75
Class I (formerly Select Class)
Actual*		1,000.00		1,203.60		5.46		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Small Cap Core Fund
Class A
Actual**		1,000.00		1,046.20		6.29		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		1,043.60		8.82		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,042.40		4.93		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R5
Actual*		1,000.00		1,048.80		4.01		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
Class R6
Actual*		1,000.00		1,048.90		3.76		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74

90 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Equity Fund
Class A
Actual*	$	1,000.00	$	1,064.80	$	6.60		1.29	%
Hypothetical*		1,000.00		1,018.40		6.46		1.29
Class C
Actual*		1,000.00		1,062.20		9.15		1.79
Hypothetical*		1,000.00		1,015.92		8.95		1.79
Class I (formerly Select Class)
Actual*		1,000.00		1,066.70		5.07		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R2
Actual*		1,000.00		1,063.90		7.83		1.53
Hypothetical*		1,000.00		1,017.21		7.65		1.53
Class R3
Actual*		1,000.00		1,065.40		6.35		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class R4
Actual*		1,000.00		1,066.50		5.07		0.99
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R5
Actual*		1,000.00		1,067.70		4.05		0.79
Hypothetical*		1,000.00		1,020.88		3.96		0.79
Class R6
Actual*		1,000.00		1,067.90		3.79		0.74
Hypothetical*		1,000.00		1,021.12		3.71		0.74
Small Cap Growth Fund
Class A
Actual*		1,000.00		1,198.20		6.81		1.25
Hypothetical*		1,000.00		1,018.60		6.26		1.25
Class C
Actual*		1,000.00		1,194.70		9.47		1.74
Hypothetical*		1,000.00		1,016.17		8.70		1.74
Class I (formerly Select Class)
Actual*		1,000.00		1,200.30		5.46		1.00
Hypothetical*		1,000.00		1,019.84		5.01		1.00
Class L (formerly Institutional Class)
Actual*		1,000.00		1,201.20		4.64		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class R2
Actual*		1,000.00		1,197.20		8.12		1.49
Hypothetical*		1,000.00		1,017.41		7.45		1.49
Class R5
Actual*		1,000.00		1,201.20		4.53		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class R6
Actual*		1,000.00		1,201.00		4.09		0.75
Hypothetical*		1,000.00		1,021.08		3.76		0.75
Small Cap Value Fund
Class A
Actual*		1,000.00		974.00		6.07		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class C
Actual*		1,000.00		971.10		9.09		1.86
Hypothetical*		1,000.00		1,015.57		9.30		1.86

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 91

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Value Fund (continued)
Class I (formerly Select Class)
Actual*	$	1,000.00	$	975.30	$	4.85		0.99	%
Hypothetical*		1,000.00		1,019.89		4.96		0.99
Class R2
Actual*		1,000.00		972.40		7.53		1.54
Hypothetical*		1,000.00		1,017.16		7.70		1.54
Class R3
Actual*		1,000.00		973.80		6.22		1.27
Hypothetical*		1,000.00		1,018.50		6.36		1.27
Class R4
Actual*		1,000.00		974.80		5.34		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class R5
Actual*		1,000.00		975.60		4.26		0.87
Hypothetical*		1,000.00		1,020.48		4.36		0.87
Class R6
Actual*		1,000.00		976.20		3.72		0.76
Hypothetical*		1,000.00		1,021.03		3.81		0.76
U.S. Small Company Fund
Class A
Actual*		1,000.00		1,006.70		6.27		1.26
Hypothetical*		1,000.00		1,018.55		6.31		1.26
Class C
Actual*		1,000.00		1,004.00		8.75		1.76
Hypothetical*		1,000.00		1,016.07		8.80		1.76
Class I (formerly Select Class)
Actual*		1,000.00		1,007.60		5.03		1.01
Hypothetical*		1,000.00		1,019.79		5.06		1.01
Class L (formerly Institutional Class)
Actual*		1,000.00		1,008.70		4.08		0.82
Hypothetical*		1,000.00		1,020.73		4.11		0.82
Class R2
Actual*		1,000.00		1,005.10		7.51		1.51
Hypothetical*		1,000.00		1,017.31		7.55		1.51
Class R3
Actual*		1,000.00		1,006.10		6.17		1.24
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Class R4
Actual*		1,000.00		1,007.70		5.03		1.01
Hypothetical*		1,000.00		1,019.79		5.06		1.01
Class R5
Actual*		1,000.00		1,008.70		4.23		0.85
Hypothetical*		1,000.00		1,020.58		4.26		0.85
Class R6
Actual*		1,000.00		1,009.30		3.59		0.72
Hypothetical*		1,000.00		1,021.22		3.61		0.72

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expense is equal to the Class’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 178/365 (to reflect the actual period). Commencement of operations was January 3, 2017.

92 J.P. MORGAN SMALL CAP FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
Dynamic Small Cap Growth Fund		49.40	%
Small Cap Core Fund		100.00
Small Cap Equity Fund		88.31
Small Cap Value Fund		100.00
U.S. Small Company Fund		100.00

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Long-Term Capital Gain Distribution
Dynamic Small Cap Growth Fund	$	23,121
Small Cap Core Fund		17,778
Small Cap Equity Fund		132,624
Small Cap Growth Fund		36,600
Small Cap Value Fund		828

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017 (amounts in thousands):

	Qualified Dividend Income
Dynamic Small Cap Growth Fund	$	128
Small Cap Core Fund		599
Small Cap Equity Fund		22,582
Small Cap Value Fund		12,657
U.S. Small Company Fund		6,050

JUNE 30, 2017 J.P. MORGAN SMALL CAP FUNDS 93

Rev. January 2011

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

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

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

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

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

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

Page 2

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

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

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

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017. All rights reserved. June 2017. AN-SC-617

Annual Report

JPMorgan SmartRetirement^® Funds

June 30, 2017

JPMorgan SmartRetirement^® Income Fund

JPMorgan SmartRetirement^® 2020 Fund

JPMorgan SmartRetirement^® 2025 Fund

JPMorgan SmartRetirement^® 2030 Fund

JPMorgan SmartRetirement^® 2035 Fund

JPMorgan SmartRetirement^® 2040 Fund

JPMorgan SmartRetirement^® 2045 Fund

JPMorgan SmartRetirement^® 2050 Fund

JPMorgan SmartRetirement^® 2055 Fund

JPMorgan SmartRetirement^® 2060 Fund

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	25
Financial Statements	46
Financial Highlights	70
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	122
Trustees	123
Officers	125
Schedule of Shareholder Expenses	126
Tax Letter	132
Privacy Policy — Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 1

JPMorgan SmartRetirement^® Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market  Index (New) Return1		Broad Based Securities Market Index (Old) Return1,2		Broad Based Securities Market Index Name	Fund Net Assets as of June 30, 2017
JPMorgan SmartRetirement® Income Fund		7.32%		4.95%		5.02%	S&P Target Date Retirement Income Index	$	4,464,483,503
JPMorgan SmartRetirement® 2020 Fund		9.80%		9.84%		9.69%	S&P Target Date 2020 Index	$	7,075,596,663
JPMorgan SmartRetirement® 2025 Fund		11.56%		11.26%		11.02%	S&P Target Date 2025 Index	$	7,350,550,206
JPMorgan SmartRetirement® 2030 Fund		13.51%		12.55%		12.21%	S&P Target Date 2030 Index	$	8,043,297,764
JPMorgan SmartRetirement® 2035 Fund		14.68%		13.85%		13.41%	S&P Target Date 2035 Index	$	5,933,577,328
JPMorgan SmartRetirement® 2040 Fund		16.22%		14.77%		14.26%	S&P Target Date 2040 Index	$	6,023,691,472
JPMorgan SmartRetirement® 2045 Fund		16.36%		15.52%		14.99%	S&P Target Date 2045 Index	$	3,904,413,457
JPMorgan SmartRetirement® 2050 Fund		16.18%		16.24%		15.68%	S&P Target Date 2050 Index	$	3,238,201,164
JPMorgan SmartRetirement® 2055 Fund		16.05%		16.72%		16.16%	S&P Target Date 2055 Index	$	1,049,270,373
JPMorgan SmartRetirement® 2060 Fund**		12.22%		12.60%		12.01%	S&P Target Date 2060+ Index	$	11,198,475

¹  On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by each Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The respective S&P Target Date Retirement Index previously used by each Fund was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return) (the “Old Index”). Effective June 1, 2017, the respective S&P Target Date Retirement Index used by each Fund was comprised of underlying indices of securities (the “New Index”). In addition, each Old Index has been discontinued. As a result, performance for the New Indices prior to June 1, 2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of each Fund’s S&P Target Date Retirement Index did not change and there was no change in the Fund’s investment strategies as a result of the change.

²  Performance for the old indices was calculated for the period July 1, 2016 to May 31, 2017. The Old Index for the JPMorgan SmartRetirement 2060 Fund was calculated for the period from inception on August 31, 2016 to May 31, 2017.

* On April 3, 2017, Select Class Shares for the JPMorgan SmartRetirement Income Fund, JPMorgan SmartRetirement 2020 Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund were renamed Class I Shares.

** Except with respect to the Old Index, performance is based on the period from Fund inception on August 31, 2016 to June 30, 2017.

2 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Income Fund
Fixed Income	52.6	%
U.S. Equity	21.9
International Equity	12.7
Short-Term Investment	8.6
Alternative Assets	3.9
U.S. Treasury Obligation	0.3
JPMorgan SmartRetirement® 2020 Fund
Fixed Income	48.9	%
U.S. Equity	29.5
International Equity	17.0
Alternative Assets	3.7
U.S. Treasury Obligation	0.5
Short-Term Investment	0.4
JPMorgan SmartRetirement® 2025 Fund
Fixed Income	39.7	%
U.S. Equity	34.8
International Equity	20.7
Alternative Assets	3.7
Short-Term Investment	0.6
U.S. Treasury Obligation	0.5
JPMorgan SmartRetirement® 2030 Fund
U.S. Equity	40.3	%
Fixed Income	29.5
International Equity	24.2
Alternative Assets	4.3
Short-Term Investment	0.9
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2035 Fund
U.S. Equity	44.5	%
International Equity	26.8
Fixed Income	22.1
Alternative Assets	4.7
Short-Term Investment	1.1
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2040 Fund
U.S. Equity	48.8	%
International Equity	29.5
Fixed Income	14.7
Alternative Assets	5.2
Short-Term Investment	1.0
U.S. Treasury Obligation	0.8

JPMorgan SmartRetirement® 2045 Fund
U.S. Equity	49.1	%
International Equity	30.0
Fixed Income	13.2
Alternative Assets	5.3
Short-Term Investment	1.6
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2050 Fund
U.S. Equity	49.1	%
International Equity	29.9
Fixed Income	13.6
Alternative Assets	5.3
Short-Term Investment	1.3
U.S. Treasury Obligation	0.8
SmartRetirement® 2055 Fund
U.S. Equity	48.8	%
International Equity	29.5
Fixed Income	13.2
Alternative Assets	5.4
Short-Term Investment	2.3
U.S. Treasury Obligation	0.8
JPMorgan SmartRetirement® 2060 Fund
U.S. Equity	53.1	%
International Equity	33.0
Fixed Income	7.5
Alternative Assets	5.3
Short-Term Investment	1.1

* The percentages indicated are based on total investments as of June 30, 2017. Each Fund’s portfolio composition is subject to change.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Emerging market equities generally outperformed developed market equities during the reporting period.

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

Notably, U.S. financial market volatility remained low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which reflects market expectations of near-term volatility based on S&P 500 Index option prices, averaged 10.5 points, which was about half of its historical average.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Six of the nine JPMorgan SmartRetirement Funds (Class I Shares) (the “Funds”) outperformed their respective S&P Target Date indexes (the “benchmarks”) for the twelve months ended June 30, 2017. The SmartRetirement Income Fund outperformed its benchmark for the twelve month reporting period and the SmartRetirement 2060 Fund underperformed its benchmark for the 11 months from Fund inception to June 30, 2017.

In terms of manager selection, the Funds’ investments in the JPMorgan Growth Advantage Fund and the JPMorgan Emerging

Markets Equity Fund contributed to performance as both funds outperformed relative to the Funds’ respective benchmarks during the reporting period. The Funds’ investments in JPMorgan Intrepid America detracted from relative performance.

The Funds’ strategic allocation to underlying funds that focused on emerging markets equity and emerging markets debt made a positive contribution to absolute performance, while the Funds’ lower strategic allocation to international developed equity detracted from absolute performance. From a tactical perspective, the Funds’ positioning in emerging market equity and Japanese equity helped absolute performance, while the Funds’ positioning in European equity (excluding the U.K.) detracted from absolute performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities.

HOW WERE THE FUNDS POSITIONED?

The Funds invested in underlying J.P. Morgan Funds to implement the Funds’ portfolio managers’ asset allocation decisions. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement portfolios. Relative to their respective S&P Target Date benchmarks, the Funds invested across a broader range of asset classes.

The Funds’ portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that have had historically lower correlations to the broader fixed income and equity markets, investing in underlying funds that hold real estate investment securities, commodity-related investments and U.S. Treasury Inflation Protected Securities. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

* The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved.

4 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			2.29	%		4.36	%		3.95	%
Without Sales Charge			7.14			5.32			4.43
CLASS C SHARES	May 15, 2006
With CDSC**			5.44			4.64			3.79
Without CDSC			6.44			4.64			3.79
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 15, 2006		7.22			5.42			4.56
CLASS R2 SHARES	November 3, 2008		6.82			5.05			4.20
CLASS R3 SHARES	September 9, 2016		6.93			5.28			4.41
CLASS R4 SHARES	September 9, 2016		7.19			5.42			4.56
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	May 15, 2006		7.32			5.57			4.72
CLASS R6 SHARES	November 3, 2014		7.42			5.60			4.73

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement Income Fund, the S&P Target Date

Retirement Income Index (New), S&P Target Date Retirement Income Index (Old) and the Lipper Mixed-Asset Target Today Funds Average from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index (New) and S&P Target Date Retirement Income Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date Retirement Income Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target Today 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date Retirement Income Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date Retirement Income Index (Old) was discontinued. As a result, performance for the S&P Target Date Retirement Income Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			4.59	%		6.66	%		4.31	%
Without Sales Charge			9.55			7.65			4.79
CLASS C SHARES	May 15, 2006
With CDSC**			7.86			6.95			4.14
Without CDSC			8.86			6.95			4.14
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	May 15, 2006		9.68			7.75			4.92
CLASS R2 SHARES	November 3, 2008		9.24			7.38			4.56
CLASS R3 SHARES	September 9, 2016		9.35			7.61			4.77
CLASS R4 SHARES	September 9, 2016		9.63			7.74			4.92
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	May 15, 2006		9.80			7.90			5.08
CLASS R6 SHARES	November 3, 2014		9.90			7.95			5.10

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2020 Fund, the S&P Target Date 2020 Index (New), S&P Target Date 2020 Index (Old) and the Lipper Mixed-Asset Target 2020 Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index (New) and S&P Target Date 2020 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2020 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2020 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2020 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2020 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2020 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 7

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		July 31, 2007
With Sales Charge*				6.38	%		7.77	%		4.95	%
Without Sales Charge				11.42			8.76			5.44
CLASS C SHARES		July 31, 2007
With CDSC**				9.79			8.06			4.79
Without CDSC				10.79			8.06			4.79
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		July 31, 2007		11.56			8.87			5.57
CLASS R2 SHARES		November 3, 2008		11.13			8.48			5.20
CLASS R3 SHARES		September 9, 2016		11.31			8.74			5.43
CLASS R4 SHARES		September 9, 2016		11.54			8.87			5.57
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		July 31, 2007		11.69			9.02			5.73
CLASS R6 SHARES		November 3, 2014		11.85			9.08			5.75

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 6/30/17)

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 July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2025 Fund, the S&P Target Date 2025 Index (New), S&P Target Date 2025 Index (Old) and the Lipper Mixed-Asset Target 2025 Funds Average from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index (New) and S&P Target Date 2025 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2025 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2025 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2025 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2025 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2025 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 9

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2025 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 15, 2006
With Sales Charge*				8.11	%		8.61	%		4.63	%
Without Sales Charge				13.21			9.62			5.12
CLASS C SHARES		May 15, 2006
With CDSC**				11.48			8.89			4.47
Without CDSC				12.48			8.89			4.47
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 15, 2006		13.34			9.72			5.26
CLASS R2 SHARES		November 3, 2008		12.87			9.32			4.89
CLASS R3 SHARES		September 9, 2016		13.07			9.59			5.10
CLASS R4 SHARES		September 9, 2016		13.26			9.70			5.25
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		May 15, 2006		13.51			9.87			5.41
CLASS R6 SHARES		November 3, 2014		13.56			9.91			5.43

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2030 Fund, the S&P Target Date 2030 Index (New), S&P Target Date 2030 Index (Old) and the Lipper Mixed-Asset Target 2030 Funds Index from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index (New) and S&P Target Date 2030 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2030 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2030 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2030 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2030 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2030 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 11

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
With Sales Charge*			9.42	%		9.28	%		5.27	%
Without Sales Charge			14.58			10.30			5.76
CLASS C SHARES	July 31, 2007
With CDSC**			12.89			9.58			5.12
Without CDSC			13.89			9.58			5.12
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 31, 2007		14.68			10.39			5.91
CLASS R2 SHARES	November 3, 2008		14.23			10.01			5.53
CLASS R3 SHARES	September 9, 2016		14.35			10.25			5.74
CLASS R4 SHARES	September 9, 2016		14.65			10.39			5.91
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	July 31, 2007		14.87			10.56			6.07
CLASS R6 SHARES	November 3, 2014		14.97			10.61			6.09

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 6/30/17)

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 July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2035 Fund, the S&P Target Date 2035 Index (New), S&P Target Date 2035 Index (Old) and the Lipper Mixed-Asset Target 2035 Funds Average from July 31, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index (New) and S&P Target Date 2035 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2035 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2035 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2035 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2035 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2035 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 13

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2035 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 15, 2006
With Sales Charge*				10.74	%		9.65	%		5.03	%
Without Sales Charge				15.94			10.65			5.52
CLASS C SHARES		May 15, 2006
With CDSC**				14.18			9.94			4.87
Without CDSC				15.18			9.94			4.87
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 15, 2006		16.05			10.77			5.65
CLASS R2 SHARES		November 3, 2008		15.57			10.36			5.28
CLASS R3 SHARES		September 9, 2016		15.76			10.62			5.50
CLASS R4 SHARES		September 9, 2016		15.98			10.75			5.64
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		May 15, 2006		16.22			10.92			5.81
CLASS R6 SHARES		November 3, 2014		16.33			10.96			5.83

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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 their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2040 Fund, the S&P Target Date

2040 Index (New), S&P Target Date 2040 Index (Old) and the Lipper Mixed-Asset Target 2040 Funds Average from June 30, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index (New) and S&P Target Date 2040 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2040 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2040 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2040 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2040 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2040 Index (New) prior to June 1, 2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 15

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2040 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

16 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 31, 2007
With Sales Charge*			10.82	%		9.67	%		5.58	%
Without Sales Charge			16.06			10.68			6.07
CLASS C SHARES	July 31, 2007
With CDSC**			14.27			9.96			5.42
Without CDSC			15.27			9.96			5.42
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 31, 2007		16.17			10.79			6.22
CLASS R2 SHARES	November 3, 2008		15.73			10.39			5.83
CLASS R3 SHARES	September 9, 2016		15.87			10.65			6.06
CLASS R4 SHARES	September 9, 2016		16.08			10.77			6.21
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)	July 31, 2007		16.36			10.96			6.37
CLASS R6 SHARES	November 3, 2014		16.41			10.99			6.38

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 6/30/17)

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 July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2045 Fund, the S&P Target Date 2045 Index (New), S&P Target Date 2045 Index (Old) and the Lipper Mixed-Asset Target 2045 Funds Average from July 31, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index (New) and S&P Target Date 2045 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2045 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2045 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2045 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2045 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2045 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 17

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2045 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

18 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		July 31, 2007
With Sales Charge*				10.77	%		9.64	%		5.59	%
Without Sales Charge				16.01			10.65			6.08
CLASS C SHARES		July 31, 2007
With CDSC**				14.23			9.94			5.43
Without CDSC				15.23			9.94			5.43
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		July 31, 2007		16.06			10.76			6.22
CLASS R2 SHARES		November 3, 2008		15.62			10.35			5.84
CLASS R3 SHARES		September 9, 2016		15.76			10.61			6.06
CLASS R4 SHARES		September 9, 2016		16.09			10.77			6.23
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		July 31, 2007		16.18			10.91			6.38
CLASS R6 SHARES		November 3, 2014		16.34			10.96			6.40

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/31/07 TO 6/30/17)

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 July 31, 2007.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2050 Fund, the S&P Target Date 2050 Index (New), S&P Target Date 2050 Index (Old) and the Lipper Mixed-Asset Target 2050 Funds Average from July 31, 2007 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index (New) and S&P Target Date 2050 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2050 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2050 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2050 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2050 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2050 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2050 Index (New) prior to June 1,

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 19

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2050 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

20 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		January 31, 2012
With Sales Charge*				10.74	%		9.69	%		9.32	%
Without Sales Charge				15.96			10.71			10.26
CLASS C SHARES		January 31, 2012
With CDSC**				14.20			9.99			9.54
Without CDSC				15.20			9.99			9.54
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		January 31, 2012		16.05			10.81			10.37
CLASS R2 SHARES		January 31, 2012		15.62			10.43			9.98
CLASS R3 SHARES		September 9, 2016		15.79			10.68			10.23
CLASS R4 SHARES		September 9, 2016		16.04			10.81			10.37
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		January 31, 2012		16.23			10.98			10.53
CLASS R6 SHARES		November 3, 2014		16.32			11.03			10.57

  * Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (1/31/12 TO 6/30/17)

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 January 31, 2012.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual return for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2055 Fund, the S&P Target Date 2055 Index (New), S&P Target Date 2055 Index (Old) and the Lipper

Mixed-Asset Target 2055+ Funds Average from January 31, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index (New) and S&P Target Date 2055 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2055 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2055 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2055 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2055 Index (New) prior to June 1, 2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 21

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2055+ Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

22 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

PERIOD ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		SINCE INCEPTION*
CLASS A SHARES		August 31, 2016
With Sales Charge**				7.02	%
Without Sales Charge				12.09
CLASS C SHARES		August 31, 2016
With CDSC***				10.54
Without CDSC				11.54
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		August 31, 2016		12.22
CLASS R2 SHARES		August 31, 2016		11.84
CLASS R3 SHARES		September 9, 2016		11.96
CLASS R4 SHARES		September 9, 2016		12.22
CLASS R5 SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		August 31, 2016		12.27
CLASS R6 SHARES		August 31, 2016		12.46

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (8/31/16 to 6/30/17)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on August 31, 2016.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual return for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2060 Fund, the S&P Target Date 2060+ Index (New), S&P Target Date 2060+ Index (Old) and the Lipper Mixed-Asset Target 2055+ Funds index from August 31, 2016 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index (New) and S&P Target Date 2060+ Index (Old) does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except the S&P Target Date 2060+ Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2060+ Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2060+ Index (Old) was discontinued. As a result, performance for the S&P Target Date 2060+ Index (New) prior to June 1, 2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index will not change and there will be no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class I Shares have a $1,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 23

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

PERIOD ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

24 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 2.4%
		Fixed Income — 2.4%
	956,740	iShares TIPS Bond Fund (Cost $106,695,604)		108,523,018
	Investment Companies — 89.1% (b)
		Alternative Assets — 3.9%
	8,003,839	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		69,473,325
	7,969,006	JPMorgan Realty Income Fund, Class R6 Shares		104,314,288
		Total Alternative Assets		173,787,613
		Fixed Income — 50.4%
	80,686,889	JPMorgan Core Bond Fund, Class R6 Shares		938,388,514
	37,475,337	JPMorgan Core Plus Bond Fund, Class R6 Shares		309,921,040
	22,878,956	JPMorgan Corporate Bond Fund, Class R6 Shares		231,992,611
	12,141,945	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		99,928,205
	3,200,918	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		26,695,655
	12,189,449	JPMorgan Floating Rate Income Fund, Class R6 Shares		114,702,718
	40,490,673	JPMorgan High Yield Fund, Class R6 Shares		301,250,606
	22,058,167	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		225,875,628
		Total Fixed Income		2,248,754,977
		International Equity — 12.7%
	5,655,830	JPMorgan Emerging Economies Fund, Class R6 Shares		74,770,070
	3,425,084	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		88,332,925
	8,237,462	JPMorgan International Equity Fund, Class R6 Shares		136,659,494
	8,355,335	JPMorgan International Opportunities Fund, Class R6 Shares		131,345,865
	6,506,044	JPMorgan Intrepid International Fund, Class R6 Shares		137,342,598
		Total International Equity		568,450,952
		U.S. Equity — 22.1%
	13,248,558	JPMorgan Disciplined Equity Fund, Class R6 Shares		339,030,609

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	6,892,906	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		129,310,911
	2,748,365	JPMorgan Intrepid America Fund, Class R6 Shares		108,120,664
	1,367,287	JPMorgan Mid Cap Equity Fund, Class R6 Shares		67,243,160
	349,368	JPMorgan Small Cap Equity Fund, Class R6 Shares		19,505,213
	1,118,519	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		18,712,822
	658,592	JPMorgan Small Cap Value Fund, Class R6 Shares		20,304,405
	9,788,809	JPMorgan U.S. Equity Fund, Class R6 Shares		155,348,400
	3,790,989	JPMorgan Value Advantage Fund, Class R6 Shares		127,415,143
		Total U.S. Equity		984,991,327
		Total Investment Companies (Cost $3,469,797,380)		3,975,984,869
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.3%
	14,745,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $14,727,797)		14,708,610
SHARES
	Short-Term Investment — 8.6%
		Investment Company — 8.6%
	383,925,203	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $383,925,203)		383,925,203
		Total Investments — 100.4% (Cost $3,975,145,984)		4,483,141,700
		Liabilities in Excess of Other Assets — (0.4)%		(18,658,197	)
		NET ASSETS — 100.0%	$	4,464,483,503

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 25

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	313		TOPIX Index		09/07/17		JPY	$	45,021,446		$	238,401
	905		10 Year Australian Government Bond		09/15/17		AUD		89,910,879			(1,471,061	)
	146		E-mini S&P 500 Index		09/15/17		USD		17,672,570			(55,171	)
	851		Euro STOXX 50 Index		09/15/17		EUR		33,401,739			(962,464	)
	804		Mini MSCI Emerging Markets Index		09/15/17		USD		40,533,660			111,961
	72		Mini Russell 2000 Index		09/15/17		USD		5,091,480			(19,800	)
	242		10 Year U.S. Treasury Note		09/20/17		USD		30,378,563			(156,829	)
	210		SPI 200 Index		09/21/17		AUD		22,782,056			(162,492	)
			Short Futures Outstanding
	(611	)	Euro Bund		09/07/17		EUR		(112,961,569	)		1,746,134
	(240	)	FTSE 100 Index		09/15/17		GBP		(22,652,957	)		461,702
	(207	)	10 Year Canadian Government Bond		09/20/17		CAD		(22,435,110	)		563,778
	(346	)	Long Gilt		09/27/17		GBP		(56,587,830	)		927,573
	(700	)	5 Year U.S. Treasury Note		09/29/17		USD		(82,485,156	)		225,692
											$	1,447,424

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 1.3%
		Fixed Income — 1.3%
	815,408	iShares TIPS Bond Fund (Cost $91,340,440)		92,491,729
	Investment Companies — 97.6% (b)
		Alternative Assets — 3.8%
	5,413,725	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		46,991,137
	16,661,988	JPMorgan Realty Income Fund, Class R6 Shares		218,105,416
		Total Alternative Assets		265,096,553
		Fixed Income — 47.5%
	132,073,191	JPMorgan Core Bond Fund, Class R6 Shares		1,536,011,210
	62,424,651	JPMorgan Core Plus Bond Fund, Class R6 Shares		516,251,864
	39,702,911	JPMorgan Corporate Bond Fund, Class R6 Shares		402,587,518
	18,804,620	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		154,762,024
	4,055,708	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		33,824,609
	9,947,914	JPMorgan Floating Rate Income Fund, Class R6 Shares		93,609,874
	59,116,684	JPMorgan High Yield Fund, Class R6 Shares		439,828,130
	18,129,909	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		185,650,264
		Total Fixed Income		3,362,525,493
		International Equity — 16.9%
	11,544,485	JPMorgan Emerging Economies Fund, Class R6 Shares		152,618,093
	7,017,042	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		180,969,520
	17,289,520	JPMorgan International Equity Fund, Class R6 Shares		286,833,140
	18,375,821	JPMorgan International Opportunities Fund, Class R6 Shares		288,867,906
	13,658,378	JPMorgan Intrepid International Fund, Class R6 Shares		288,328,354
		Total International Equity		1,197,617,013
		U.S. Equity — 29.4%
	23,008,833	JPMorgan Disciplined Equity Fund, Class R6 Shares		588,796,043

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	15,103,743	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		283,346,212
	7,185,611	JPMorgan Intrepid America Fund, Class R6 Shares		282,681,936
	2,858,436	JPMorgan Mid Cap Equity Fund, Class R6 Shares		140,577,860
	797,598	JPMorgan Small Cap Equity Fund, Class R6 Shares		44,529,911
	2,954,243	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		49,424,489
	1,407,557	JPMorgan Small Cap Value Fund, Class R6 Shares		43,394,994
	23,420,524	JPMorgan U.S. Equity Fund, Class R6 Shares		371,683,718
	8,269,276	JPMorgan Value Advantage Fund, Class R6 Shares		277,930,374
		Total U.S. Equity		2,082,365,537
		Total Investment Companies (Cost $6,039,686,480)		6,907,604,596
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	34,235,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $34,210,402)		34,150,508
SHARES
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	25,786,970	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $25,786,970)		25,786,970
		Total Investments — 99.8% (Cost $6,191,024,292)		7,060,033,803
		Other Assets in Excess of Liabilities — 0.2%		15,562,860
		NET ASSETS — 100.0%	$	7,075,596,663

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 27

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	491		TOPIX Index		09/07/17		JPY	$	70,624,696		$	633,467
	1,430		10 Year Australian Government Bond		09/15/17		AUD		142,069,123			(2,326,362	)
	422		E-mini S&P 500 Index		09/15/17		USD		51,080,990			(158,787	)
	1,347		Euro STOXX 50 Index		09/15/17		EUR		52,869,733			(1,660,175	)
	1,267		Mini MSCI Emerging Markets Index		09/15/17		USD		63,875,805			601,672
	602		10 Year U.S. Treasury Note		09/20/17		USD		75,569,813			(179,801	)
	331		SPI 200 Index		09/21/17		AUD		35,908,859			(473,147	)
			Short Futures Outstanding
	(974	)	Euro Bund		09/07/17		EUR		(180,072,943	)		3,099,656
	(388	)	FTSE 100 Index		09/15/17		GBP		(36,622,280	)		902,220
	(355	)	10 Year Canadian Government Bond		09/20/17		CAD		(38,475,671	)		1,034,275
	(545	)	Long Gilt		09/27/17		GBP		(89,134,009	)		1,471,386
	(430	)	2 Year U.S. Treasury Note		09/29/17		USD		(92,927,031	)		140,212
	(918	)	5 Year U.S. Treasury Note		09/29/17		USD		(108,173,391	)		234,744
											$	3,319,360

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange Traded Fund — 0.2%
		Fixed Income — 0.2%
	122,149	iShares TIPS Bond Fund (Cost $13,895,011)		13,855,361
	Investment Companies — 98.6% (b)
		Alternative Assets — 3.7%
	745,303	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		6,469,228
	20,282,347	JPMorgan Realty Income Fund, Class R6 Shares		265,495,926
		Total Alternative Assets		271,965,154
		Fixed Income — 39.5%
	124,550,301	JPMorgan Core Bond Fund, Class R6 Shares		1,448,519,999
	57,317,169	JPMorgan Core Plus Bond Fund, Class R6 Shares		474,012,990
	35,076,362	JPMorgan Corporate Bond Fund, Class R6 Shares		355,674,307
	16,301,055	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		134,157,681
	4,402,524	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		36,717,047
	1,492,058	JPMorgan Floating Rate Income Fund, Class R6 Shares		14,040,271
	55,195,991	JPMorgan High Yield Fund, Class R6 Shares		410,658,175
	2,713,818	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		27,789,495
		Total Fixed Income		2,901,569,965
		International Equity — 20.6%
	13,946,473	JPMorgan Emerging Economies Fund, Class R6 Shares		184,372,371
	8,836,909	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		227,903,886
	22,466,510	JPMorgan International Equity Fund, Class R6 Shares		372,719,394
	23,034,474	JPMorgan International Opportunities Fund, Class R6 Shares		362,101,925
	17,594,102	JPMorgan Intrepid International Fund, Class R6 Shares		371,411,499
		Total International Equity		1,518,509,075
		U.S. Equity — 34.8%
	24,464,610	JPMorgan Disciplined Equity Fund, Class R6 Shares		626,049,366

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	19,999,459	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		375,189,860
	9,165,358	JPMorgan Intrepid America Fund, Class R6 Shares		360,565,170
	4,070,066	JPMorgan Mid Cap Equity Fund, Class R6 Shares		200,165,864
	914,763	JPMorgan Small Cap Equity Fund, Class R6 Shares		51,071,211
	3,782,895	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		63,287,832
	1,636,976	JPMorgan Small Cap Value Fund, Class R6 Shares		50,467,975
	29,866,745	JPMorgan U.S. Equity Fund, Class R6 Shares		473,985,248
	10,591,951	JPMorgan Value Advantage Fund, Class R6 Shares		355,995,465
		Total U.S. Equity		2,556,777,991
		Total Investment Companies (Cost $6,422,778,387)		7,248,822,185
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.4%
	32,198,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $32,174,914)		32,118,535
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	44,615,737	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $44,615,737)		44,615,737
		Total Investments — 99.8% (Cost $6,513,464,049)		7,339,411,818
		Other Assets in Excess of Liabilities — 0.2%		11,138,388
		NET ASSETS — 100.0%	$	7,350,550,206

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 29

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	505		TOPIX Index		09/07/17		JPY	$	72,638,435		$	647,894
	1,475		10 Year Australian Government Bond		09/15/17		AUD		146,539,830			(2,400,250	)
	1,388		E-mini S&P 500 Index		09/15/17		USD		168,010,460			(522,265	)
	1,377		Euro STOXX 50 Index		09/15/17		EUR		54,047,232			(1,697,146	)
	1,370		Mini MSCI Emerging Markets Index		09/15/17		USD		69,068,550			650,584
	13		Mini Russell 2000 Index		09/15/17		USD		919,295			(3,575	)
	869		10 Year U.S. Treasury Note		09/20/17		USD		109,086,656			(748,818	)
	338		SPI 200 Index		09/21/17		AUD		36,668,261			(483,562	)
			Short Futures Outstanding
	(1,005	)	Euro Bund		09/07/17		EUR		(185,804,218	)		3,197,450
	(393	)	FTSE 100 Index		09/15/17		GBP		(37,094,216	)		913,842
	(355	)	10 Year Canadian Government Bond		09/20/17		CAD		(38,475,671	)		1,034,274
	(564	)	Long Gilt		09/27/17		GBP		(92,241,433	)		1,526,004
	(559	)	2 Year U.S. Treasury Note		09/29/17		USD		(120,805,140	)		153,589
	(890	)	5 Year U.S. Treasury Note		09/29/17		USD		(104,873,984	)		227,584
											$	2,495,605

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 98.0% (b)
		Alternative Assets — 4.3%
	26,196,391	JPMorgan Realty Income Fund, Class R6 Shares		342,910,763
		Fixed Income — 29.4%
	85,655,994	JPMorgan Core Bond Fund, Class R6 Shares		996,179,210
	46,555,263	JPMorgan Core Plus Bond Fund, Class R6 Shares		385,012,023
	28,476,279	JPMorgan Corporate Bond Fund, Class R6 Shares		288,749,471
	15,292,185	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		125,854,684
	4,826,175	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		40,250,301
	71,365,764	JPMorgan High Yield Fund, Class R6 Shares		530,961,286
		Total Fixed Income		2,367,006,975
		International Equity — 24.1%
	17,963,129	JPMorgan Emerging Economies Fund, Class R6 Shares		237,472,561
	11,480,763	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		296,088,878
	27,996,186	JPMorgan International Equity Fund, Class R6 Shares		464,456,729
	29,547,894	JPMorgan International Opportunities Fund, Class R6 Shares		464,492,886
	22,638,761	JPMorgan Intrepid International Fund, Class R6 Shares		477,904,239
		Total International Equity		1,940,415,293
		U.S. Equity — 40.2%
	30,904,317	JPMorgan Disciplined Equity Fund, Class R6 Shares		790,841,476
	25,198,710	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		472,727,798
	11,653,798	JPMorgan Intrepid America Fund, Class R6 Shares		458,460,407

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	5,456,084	JPMorgan Mid Cap Equity Fund, Class R6 Shares		268,330,214
	1,136,451	JPMorgan Small Cap Equity Fund, Class R6 Shares		63,448,068
	3,677,177	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		61,519,178
	2,183,500	JPMorgan Small Cap Value Fund, Class R6 Shares		67,317,314
	37,234,796	JPMorgan U.S. Equity Fund, Class R6 Shares		590,916,219
	13,648,625	JPMorgan Value Advantage Fund, Class R6 Shares		458,730,276
		Total U.S. Equity		3,232,290,950
		Total Investment Companies (Cost $6,700,581,068)		7,882,623,981
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	68,486,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $68,436,594)		68,316,977
SHARES
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	69,185,879	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $69,185,879)		69,185,879
		Total Investments — 99.7% (Cost $6,838,203,541)		8,020,126,837
		Other Assets in Excess of Liabilities — 0.3%		23,170,927
		NET ASSETS — 100.0%	$	8,043,297,764

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 31

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	1,112		TOPIX Index		09/07/17		JPY	$	159,948,396		$	1,425,010
	3,237		10 Year Australian Government Bond		09/15/17		AUD		321,592,834			(5,092,086	)
	2,346		E-mini S&P 500 Index		09/15/17		USD		283,971,570			(882,732	)
	3,020		Euro STOXX 50 Index		09/15/17		EUR		118,534,961			(3,722,134	)
	3,155		Mini MSCI Emerging Markets Index		09/15/17		USD		159,059,325			1,498,249
	344		Mini Russell 2000 Index		09/15/17		USD		24,325,960			(94,595	)
	1,636		10 Year U.S. Treasury Note		09/20/17		USD		205,369,125			(488,631	)
	742		SPI 200 Index		09/21/17		AUD		80,496,597			(1,060,600	)
			Short Futures Outstanding
	(2,205	)	Euro Bund		09/07/17		EUR		(407,660,000	)		7,015,507
	(859	)	FTSE 100 Index		09/15/17		GBP		(81,078,707	)		1,997,412
	(777	)	10 Year Canadian Government Bond		09/20/17		CAD		(84,212,948	)		2,263,750
	(1,238	)	Long Gilt		09/27/17		GBP		(202,473,217	)		3,349,881
	(1,131	)	2 Year U.S. Treasury Note		09/29/17		USD		(244,419,703	)		368,791
	(386	)	5 Year U.S. Treasury Note		09/29/17		USD		(45,484,672	)		98,705
											$	6,676,527

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 98.3% (b)
		Alternative Assets — 4.8%
	21,502,660	JPMorgan Realty Income Fund, Class R6 Shares		281,469,819
		Fixed Income — 22.1%
	41,740,989	JPMorgan Core Bond Fund, Class R6 Shares		485,447,697
	25,025,458	JPMorgan Core Plus Bond Fund, Class R6 Shares		206,960,542
	14,562,114	JPMorgan Corporate Bond Fund, Class R6 Shares		147,659,840
	9,304,308	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		76,574,456
	3,505,404	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		29,235,070
	49,447,506	JPMorgan High Yield Fund, Class R6 Shares		367,889,442
		Total Fixed Income		1,313,767,047
		International Equity — 26.8%
	14,953,320	JPMorgan Emerging Economies Fund, Class R6 Shares		197,682,891
	9,332,248	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		240,678,675
	22,797,181	JPMorgan International Equity Fund, Class R6 Shares		378,205,228
	24,425,755	JPMorgan International Opportunities Fund, Class R6 Shares		383,972,871
	18,463,751	JPMorgan Intrepid International Fund, Class R6 Shares		389,769,782
		Total International Equity		1,590,309,447
		U.S. Equity — 44.6%
	24,660,986	JPMorgan Disciplined Equity Fund, Class R6 Shares		631,074,632
	21,235,036	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		398,369,277
	9,615,730	JPMorgan Intrepid America Fund, Class R6 Shares		378,282,817

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	4,254,739	JPMorgan Mid Cap Equity Fund, Class R6 Shares		209,248,051
	966,553	JPMorgan Small Cap Equity Fund, Class R6 Shares		53,962,635
	3,400,040	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		56,882,668
	1,650,151	JPMorgan Small Cap Value Fund, Class R6 Shares		50,874,141
	31,459,348	JPMorgan U.S. Equity Fund, Class R6 Shares		499,259,860
	10,913,340	JPMorgan Value Advantage Fund, Class R6 Shares		366,797,364
		Total U.S. Equity		2,644,751,445
		Total Investment Companies (Cost $5,055,603,358)		5,830,297,758
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	50,222,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $50,185,856)		50,098,052
SHARES
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	66,278,823	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $66,278,823)		66,278,823
		Total Investments — 100.2% (Cost $5,172,068,037)		5,946,674,633
		Liabilities in Excess of Other Assets — (0.2)%		(13,097,305	)
		NET ASSETS — 100.0%	$	5,933,577,328

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 33

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	816		TOPIX Index		09/07/17		JPY	$	117,372,204		$	1,043,216
	2,380		10 Year Australian Government Bond		09/15/17		AUD		236,450,709			(3,747,924	)
	1,752		E-mini S&P 500 Index		09/15/17		USD		212,070,840			(659,229	)
	2,222		Euro STOXX 50 Index		09/15/17		EUR		87,213,471			(2,738,598	)
	2,371		Mini MSCI Emerging Markets Index		09/15/17		USD		119,533,965			1,125,942
	380		Mini Russell 2000 Index		09/15/17		USD		26,871,700			(104,493	)
	1,354		10 Year U.S. Treasury Note		09/20/17		USD		169,969,313			(316,588	)
	546		SPI 200 Index		09/21/17		AUD		59,233,345			(780,010	)
			Short Futures Outstanding
	(1,621	)	Euro Bund		09/07/17		EUR		(299,690,186	)		5,156,845
	(628	)	FTSE 100 Index		09/15/17		GBP		(59,275,236	)		1,460,281
	(563	)	10 Year Canadian Government Bond		09/20/17		CAD		(61,019,163	)		1,640,272
	(911	)	Long Gilt		09/27/17		GBP		(148,992,811	)		2,465,109
	(948	)	2 Year U.S. Treasury Note		09/29/17		USD		(204,871,688	)		309,119
	(288	)	5 Year U.S. Treasury Note		09/29/17		USD		(33,936,750	)		73,645
											$	4,927,587

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 97.5% (b)
		Alternative Assets — 5.2%
	23,837,263	JPMorgan Realty Income Fund, Class R6 Shares		312,029,779
		Fixed Income — 14.6%
	18,395,575	JPMorgan Core Bond Fund, Class R6 Shares		213,940,543
	14,542,314	JPMorgan Core Plus Bond Fund, Class R6 Shares		120,264,933
	9,237,648	JPMorgan Corporate Bond Fund, Class R6 Shares		93,669,754
	7,641,826	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		62,892,229
	3,567,239	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		29,750,775
	48,264,294	JPMorgan High Yield Fund, Class R6 Shares		359,086,351
		Total Fixed Income		879,604,585
		International Equity — 29.3%
	16,694,030	JPMorgan Emerging Economies Fund, Class R6 Shares		220,695,071
	10,401,311	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		268,249,809
	26,055,543	JPMorgan International Equity Fund, Class R6 Shares		432,261,453
	26,757,621	JPMorgan International Opportunities Fund, Class R6 Shares		420,629,802
	20,016,420	JPMorgan Intrepid International Fund, Class R6 Shares		422,546,623
		Total International Equity		1,764,382,758
		U.S. Equity — 48.4%
	27,662,138	JPMorgan Disciplined Equity Fund, Class R6 Shares		707,874,118
	22,664,819	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		425,192,013
	10,867,037	JPMorgan Intrepid America Fund, Class R6 Shares		427,509,221

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	4,383,384	JPMorgan Mid Cap Equity Fund, Class R6 Shares		215,574,802
	1,080,432	JPMorgan Small Cap Equity Fund, Class R6 Shares		60,320,506
	3,537,114	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		59,175,925
	1,955,281	JPMorgan Small Cap Value Fund, Class R6 Shares		60,281,309
	34,678,923	JPMorgan U.S. Equity Fund, Class R6 Shares		550,354,505
	12,295,087	JPMorgan Value Advantage Fund, Class R6 Shares		413,237,873
		Total U.S. Equity		2,919,520,272
		Total Investment Companies (Cost $4,895,181,100)		5,875,537,394
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	49,734,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $49,698,192)		49,611,256
SHARES
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	57,591,890	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $57,591,890)		57,591,890
		Total Investments — 99.3% (Cost $5,002,471,182)		5,982,740,540
		Other Assets in Excess of Liabilities — 0.7%		40,950,932
		NET ASSETS — 100.0%	$	6,023,691,472

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 35

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	831		TOPIX Index		09/07/17		JPY	$	119,529,781		$	1,062,340
	2,418		10 Year Australian Government Bond		09/15/17		AUD		240,225,972			(3,808,078	)
	1,705		E-mini S&P 500 Index		09/15/17		USD		206,381,725			(641,544	)
	2,256		Euro STOXX 50 Index		09/15/17		EUR		88,547,971			(2,780,508	)
	2,438		Mini MSCI Emerging Markets Index		09/15/17		USD		122,911,770			1,157,758
	402		Mini Russell 2000 Index		09/15/17		USD		28,427,430			18,910
	1,431		10 Year U.S. Treasury Note		09/20/17		USD		179,635,219			(427,406	)
	554		SPI 200 Index		09/21/17		AUD		60,101,233			(791,912	)
			Short Futures Outstanding
	(1,647	)	Euro Bund		09/07/17		EUR		(304,497,061	)		5,239,645
	(637	)	FTSE 100 Index		09/15/17		GBP		(60,124,722	)		1,481,210
	(573	)	10 Year Canadian Government Bond		09/20/17		CAD		(62,102,984	)		1,669,406
	(925	)	Long Gilt		09/27/17		GBP		(151,282,493	)		2,503,201
	(947	)	2 Year U.S. Treasury Note		09/29/17		USD		(204,655,578	)		293,043
	(191	)	5 Year U.S. Treasury Note		09/29/17		USD		(22,506,664	)		48,841
											$	5,024,906

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 97.6% (b)
		Alternative Assets — 5.3%
	15,899,331	JPMorgan Realty Income Fund, Class R6 Shares		208,122,238
		Fixed Income — 13.2%
	9,863,661	JPMorgan Core Bond Fund, Class R6 Shares		114,714,379
	7,995,779	JPMorgan Core Plus Bond Fund, Class R6 Shares		66,125,091
	5,114,303	JPMorgan Corporate Bond Fund, Class R6 Shares		51,859,036
	4,593,542	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		37,804,847
	2,259,744	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		18,846,264
	30,337,096	JPMorgan High Yield Fund, Class R6 Shares		225,707,991
		Total Fixed Income		515,057,608
		International Equity — 30.0%
	11,380,967	JPMorgan Emerging Economies Fund, Class R6 Shares		150,456,389
	7,154,405	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		184,512,110
	17,043,028	JPMorgan International Equity Fund, Class R6 Shares		282,743,832
	17,600,740	JPMorgan International Opportunities Fund, Class R6 Shares		276,683,634
	13,119,125	JPMorgan Intrepid International Fund, Class R6 Shares		276,944,722
		Total International Equity		1,171,340,687
		U.S. Equity — 49.1%
	17,961,473	JPMorgan Disciplined Equity Fund, Class R6 Shares		459,634,097
	15,147,755	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		284,171,887
	7,012,572	JPMorgan Intrepid America Fund, Class R6 Shares		275,874,572

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	2,876,296	JPMorgan Mid Cap Equity Fund, Class R6 Shares		141,456,231
	748,048	JPMorgan Small Cap Equity Fund, Class R6 Shares		41,763,525
	2,495,624	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		41,751,792
	1,290,428	JPMorgan Small Cap Value Fund, Class R6 Shares		39,783,911
	22,802,732	JPMorgan U.S. Equity Fund, Class R6 Shares		361,879,349
	8,068,931	JPMorgan Value Advantage Fund, Class R6 Shares		271,196,765
		Total U.S. Equity		1,917,512,129
		Total Investment Companies (Cost $3,316,861,477)		3,812,032,662
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	32,038,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $32,014,989)		31,958,930
SHARES
	Short-Term Investment — 1.6%
		Investment Company — 1.6%
	61,423,869	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $61,423,869)		61,423,869
		Total Investments — 100.0% (Cost $3,410,300,335)		3,905,415,461
		Liabilities in Excess of Other Assets — 0.0% (g)		(1,002,004	)
		NET ASSETS — 100.0%	$	3,904,413,457

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 37

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	534		TOPIX Index		09/07/17		JPY	$	76,809,751		$	680,285
	1,558		10 Year Australian Government Bond		09/15/17		AUD		154,785,800			(2,454,755	)
	1,173		E-mini S&P 500 Index		09/15/17		USD		141,985,785			(441,366	)
	1,449		Euro STOXX 50 Index		09/15/17		EUR		56,873,231			(1,785,885	)
	1,432		Mini MSCI Emerging Markets Index		09/15/17		USD		72,194,280			680,031
	279		Mini Russell 2000 Index		09/15/17		USD		19,729,485			(76,719	)
	1,054		10 Year U.S. Treasury Note		09/20/17		USD		132,309,938			(387,256	)
	356		SPI 200 Index		09/21/17		AUD		38,621,009			(508,460	)
			Short Futures Outstanding
	(1,061	)	Euro Bund		09/07/17		EUR		(196,157,488	)		3,374,817
	(407	)	FTSE 100 Index		09/15/17		GBP		(38,415,639	)		946,399
	(362	)	10 Year Canadian Government Bond		09/20/17		CAD		(39,234,346	)		1,054,669
	(596	)	Long Gilt		09/27/17		GBP		(97,474,990	)		1,614,073
	(658	)	2 Year U.S. Treasury Note		09/29/17		USD		(142,199,969	)		205,807
	(118	)	5 Year U.S. Treasury Note		09/29/17		USD		(13,904,640	)		30,174
											$	2,931,814

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 97.6% (b)
		Alternative Assets — 5.3%
	13,118,207	JPMorgan Realty Income Fund, Class R6 Shares		171,717,327
		Fixed Income — 13.5%
	8,297,476	JPMorgan Core Bond Fund, Class R6 Shares		96,499,651
	7,338,036	JPMorgan Core Plus Bond Fund, Class R6 Shares		60,685,554
	4,193,055	JPMorgan Corporate Bond Fund, Class R6 Shares		42,517,573
	3,811,215	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		31,366,297
	1,869,981	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		15,595,641
	25,802,144	JPMorgan High Yield Fund, Class R6 Shares		191,967,951
		Total Fixed Income		438,632,667
		International Equity — 29.8%
	8,934,334	JPMorgan Emerging Economies Fund, Class R6 Shares		118,111,892
	5,978,810	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		154,193,521
	13,877,739	JPMorgan International Equity Fund, Class R6 Shares		230,231,685
	14,593,965	JPMorgan International Opportunities Fund, Class R6 Shares		229,417,126
	11,118,489	JPMorgan Intrepid International Fund, Class R6 Shares		234,711,302
		Total International Equity		966,665,526
		U.S. Equity — 49.0%
	14,977,924	JPMorgan Disciplined Equity Fund, Class R6 Shares		383,285,067
	12,106,301	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		227,114,212
	5,899,715	JPMorgan Intrepid America Fund, Class R6 Shares		232,094,782

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	2,452,625	JPMorgan Mid Cap Equity Fund, Class R6 Shares		120,620,087
	529,260	JPMorgan Small Cap Equity Fund, Class R6 Shares		29,548,578
	1,933,610	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		32,349,302
	947,452	JPMorgan Small Cap Value Fund, Class R6 Shares		29,209,948
	18,899,529	JPMorgan U.S. Equity Fund, Class R6 Shares		299,935,519
	6,878,752	JPMorgan Value Advantage Fund, Class R6 Shares		231,194,860
		Total U.S. Equity		1,585,352,355
		Total Investment Companies (Cost $2,742,901,305)		3,162,367,875
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	26,067,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $26,048,306)		26,002,667
SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	40,758,214	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $40,758,214)		40,758,214
		Total Investments — 99.7% (Cost $2,809,707,825)		3,229,128,756
		Other Assets in Excess of Liabilities — 0.3%		9,072,408
		NET ASSETS — 100.0%	$	3,238,201,164

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 39

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	444		TOPIX Index		09/07/17		JPY	$	63,864,287		$	564,782
	1,295		10 Year Australian Government Bond		09/15/17		AUD		128,657,003			(2,040,850	)
	918		E-mini S&P 500 Index		09/15/17		USD		111,119,310			(345,419	)
	1,200		Euro STOXX 50 Index		09/15/17		EUR		47,099,984			(1,478,998	)
	1,261		Mini MSCI Emerging Markets Index		09/15/17		USD		63,573,315			598,825
	284		Mini Russell 2000 Index		09/15/17		USD		20,083,060			(76,068	)
	676		10 Year U.S. Treasury Note		09/20/17		USD		84,859,125			(178,190	)
	295		SPI 200 Index		09/21/17		AUD		32,003,364			(421,870	)
	5		5 Year U.S. Treasury Note		09/29/17		USD		589,180			(1,300	)
			Short Futures Outstanding
	(882	)	Euro Bund		09/07/17		EUR		(163,064,000	)		2,805,226
	(337	)	FTSE 100 Index		09/15/17		GBP		(31,808,526	)		783,626
	(299	)	10 Year Canadian Government Bond		09/20/17		CAD		(32,406,269	)		871,121
	(496	)	Long Gilt		09/27/17		GBP		(81,120,126	)		1,344,749
	(446	)	2 Year U.S. Treasury Note		09/29/17		USD		(96,384,781	)		142,805
											$	2,568,439

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 97.2% (b)
		Alternative Assets — 5.4%
	4,311,619	JPMorgan Realty Income Fund, Class R6 Shares		56,439,098
		Fixed Income — 13.3%
	2,515,988	JPMorgan Core Bond Fund, Class R6 Shares		29,260,937
	2,119,625	JPMorgan Core Plus Bond Fund, Class R6 Shares		17,529,303
	1,350,492	JPMorgan Corporate Bond Fund, Class R6 Shares		13,693,990
	1,353,918	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		11,142,743
	568,347	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		4,740,016
	8,472,030	JPMorgan High Yield Fund, Class R6 Shares		63,031,905
		Total Fixed Income		139,398,894
		International Equity — 29.6%
	2,895,703	JPMorgan Emerging Economies Fund, Class R6 Shares		38,281,193
	1,847,384	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		47,644,045
	4,527,270	JPMorgan International Equity Fund, Class R6 Shares		75,107,412
	4,716,431	JPMorgan International Opportunities Fund, Class R6 Shares		74,142,288
	3,551,041	JPMorgan Intrepid International Fund, Class R6 Shares		74,962,482
		Total International Equity		310,137,420
		U.S. Equity — 48.9%
	4,786,261	JPMorgan Disciplined Equity Fund, Class R6 Shares		122,480,406
	4,037,207	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		75,738,002
	1,940,713	JPMorgan Intrepid America Fund, Class R6 Shares		76,347,657

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	779,144	JPMorgan Mid Cap Equity Fund, Class R6 Shares		38,318,302
	173,444	JPMorgan Small Cap Equity Fund, Class R6 Shares		9,683,365
	579,860	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		9,701,058
	354,319	JPMorgan Small Cap Value Fund, Class R6 Shares		10,923,653
	6,076,156	JPMorgan U.S. Equity Fund, Class R6 Shares		96,428,597
	2,196,485	JPMorgan Value Advantage Fund, Class R6 Shares		73,823,872
		Total U.S. Equity		513,444,912
		Total Investment Companies (Cost $920,886,892)		1,019,420,324
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.8%
	8,315,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $8,308,437)		8,294,479
SHARES
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	24,528,574	JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.840% (b) (l) (Cost $24,528,574)		24,528,574
		Total Investments — 100.3% (Cost $953,723,903)		1,052,243,377
		Liabilities in Excess of Other Assets — (0.3)%		(2,973,004	)
		NET ASSETS — 100.0%	$	1,049,270,373

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 41

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	142		TOPIX Index		09/07/17		JPY	$	20,425,065		$	180,661
	416		10 Year Australian Government Bond		09/15/17		AUD		41,329,200			(656,686	)
	379		Euro STOXX 50 Index		09/15/17		EUR		14,875,745			(467,119	)
	436		Mini MSCI Emerging Markets Index		09/15/17		USD		21,980,940			192,283
	101		Mini Russell 2000 Index		09/15/17		USD		7,142,215			(27,774	)
	304		E-mini S&P 500 Index		09/15/17		USD		36,797,680			(114,387	)
	246		10 Year U.S. Treasury Note		09/20/17		USD		30,880,687			(65,768	)
	93		SPI 200 Index		09/21/17		AUD		10,089,196			(133,873	)
			Short Futures Outstanding
	(283	)	Euro Bund		09/07/17		EUR		(52,320,989	)		900,113
	(104	)	FTSE 100 Index		09/15/17		GBP		(9,816,281	)		241,835
	(90	)	10 Year Canadian Government Bond		09/20/17		CAD		(9,754,395	)		262,211
	(159	)	Long Gilt		09/27/17		GBP		(26,004,234	)		431,659
	(144	)	2 Year U.S. Treasury Note		09/29/17		USD		(31,119,750	)		46,955
	(22	)	5 Year U.S. Treasury Note		09/29/17		USD		(2,592,391	)		5,626
											$	795,736

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 98.6% (b)
		Alternative Assets — 5.3%
	44,893	JPMorgan Realty Income Fund, Class R6 Shares		587,647
		Fixed Income — 7.5%
	278	JPMorgan Core Bond Fund, Class R6 Shares		3,229
	2,507	JPMorgan Core Plus Bond Fund, Class R6 Shares		20,737
	336	JPMorgan Corporate Bond Fund, Class R6 Shares		3,412
	12,549	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		103,280
	6,234	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		51,994
	88,600	JPMorgan High Yield Fund, Class R6 Shares		659,187
		Total Fixed Income		841,839
		International Equity — 32.9%
	39,337	JPMorgan Emerging Economies Fund, Class R6 Shares		520,030
	24,133	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		622,382
	52,025	JPMorgan International Equity Fund, Class R6 Shares		863,096
	53,542	JPMorgan International Opportunities Fund, Class R6 Shares		841,679
	39,885	JPMorgan Intrepid International Fund, Class R6 Shares		841,963
		Total International Equity		3,689,150
		U.S. Equity — 52.9%
	66,917	JPMorgan Disciplined Equity Fund, Class R6 Shares		1,712,406
	42,692	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		800,895

SHARES		SECURITY DESCRIPTION	VALUE($)
		U.S. Equity — continued
	19,884	JPMorgan Intrepid America Fund, Class R6 Shares		782,233
	8,320	JPMorgan Mid Cap Equity Fund, Class R6 Shares		409,191
	2,589	JPMorgan Small Cap Equity Fund, Class R6 Shares		144,524
	8,663	JPMorgan Small Cap Growth Fund, Class R6 Shares (a)		144,938
	4,942	JPMorgan Small Cap Value Fund, Class R6 Shares		152,366
	64,119	JPMorgan U.S. Equity Fund, Class R6 Shares		1,017,562
	22,600	JPMorgan Value Advantage Fund, Class R6 Shares		759,586
		Total U.S. Equity		5,923,701
		Total Investment Companies (Cost $10,620,823)		11,042,337
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	125,126	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $125,126)		125,126
		Total Investments — 99.7% (Cost $10,745,949)		11,167,463
		Other Assets in Excess of Liabilities — 0.3%		31,012
		NET ASSETS — 100.0%	$	11,198,475

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 43

J.P. Morgan SmartRetirement Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British pound
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
SPI	—  Australian Securities Exchange
TIPS	—  Treasury Inflation Protected Security
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2017.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

	JPMorgan SmartRetirement Income Fund		JPMorgan SmartRetirement 2020 Fund		JPMorgan SmartRetirement 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	123,231,628	$	126,642,237	$	45,973,896
Investments in affiliates, at value		4,359,910,072		6,933,391,566		7,293,437,922
Total investment securities, at value		4,483,141,700		7,060,033,803		7,339,411,818
Cash		112,990		—		—
Receivables:
Investment securities sold		7,658,122		37,638,335		33,192,957
Fund shares sold		13,206,871		20,075,880		19,156,856
Interest from non-affiliates		109,597		107,103		100,730
Dividends from affiliates		157,433		45,415		39,567
Variation margin on futures contracts		2,674,772		3,765,810		4,175,101
Due from Adviser		16,887		16,727		18,598
Total Assets		4,507,078,372		7,121,683,073		7,396,095,627
LIABILITIES:
Payables:
Due to custodian		7,658,122		—		—
Distributions		315,450		961,000		1,019,002
Fund shares redeemed		33,669,870		43,742,116		43,114,564
Accrued liabilities:
Distribution fees		389,592		544,515		573,561
Service fees		347,388		611,972		640,616
Trustees’ and Chief Compliance Officer’s fees		37		9,529		8,702
Other		214,410		217,278		188,976
Total Liabilities		42,594,869		46,086,410		45,545,421
Net Assets	$	4,464,483,503	$	7,075,596,663	$	7,350,550,206

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
NET ASSETS:
Paid-in-Capital	$	3,994,008,417		$	6,261,268,453		$	6,559,814,063
Accumulated undistributed (distributions in excess of) net investment income		(573,390	)		(1,799,591	)		(1,841,821	)
Accumulated net realized gains (losses)		(38,396,769	)		(56,253,614	)		(35,938,258	)
Net unrealized appreciation (depreciation)		509,445,245			872,381,415			828,516,222
Total Net Assets	$	4,464,483,503		$	7,075,596,663		$	7,350,550,206
Net Assets:
Class A	$	1,272,206,671		$	1,698,638,664		$	1,839,098,058
Class C		43,741,512			47,919,707			50,947,959
Class I (formerly Select Class)		556,179,393			894,064,434			928,710,192
Class R2		229,706,224			379,082,287			384,485,846
Class R3		2,507,962			4,816,368			3,644,789
Class R4		21,118			26,608			185,054
Class R5 (formerly Institutional Class)		1,883,558,005			3,406,306,984			3,347,238,800
Class R6		476,562,618			644,741,611			796,239,508
Total	$	4,464,483,503		$	7,075,596,663		$	7,350,550,206
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		70,133,249			88,741,572			98,064,679
Class C		2,420,656			2,513,727			2,726,374
Class I (formerly Select Class)		30,607,553			46,558,194			49,414,715
Class R2		12,690,768			19,860,165			20,570,835
Class R3		138,571			252,183			194,743
Class R4		1,163			1,386			9,854
Class R5 (formerly Institutional Class)		103,485,682			177,197,087			177,916,395
Class R6		26,184,670			33,527,846			42,318,690
Net Asset Value (a):
Class A — Redemption price per share	$	18.14		$	19.14		$	18.75
Class C — Offering price per share (b)		18.07			19.06			18.69
Class I (formerly Select Class) — Offering and redemption price per share		18.17			19.20			18.79
Class R2 — Offering and redemption price per share		18.10			19.09			18.69
Class R3 — Offering and redemption price per share		18.10			19.10			18.72
Class R4 — Offering and redemption price per share		18.17			19.19			18.78
Class R5 (formerly Institutional Class) — Offering and redemption price per share		18.20			19.22			18.81
Class R6 — Offering and redemption price per share		18.20			19.23			18.82
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.99		$	20.04		$	19.63
Cost of investments in non-affiliates	$	121,423,401		$	125,550,842		$	46,069,925
Cost of investments in affiliates		3,853,722,583			6,065,473,450			6,467,394,124

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement 2030 Fund		JPMorgan SmartRetirement 2035 Fund		JPMorgan SmartRetirement 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	68,316,977	$	50,098,052	$	49,611,256
Investments in affiliates, at value		7,951,809,860		5,896,576,581		5,933,129,284
Total investment securities, at value		8,020,126,837		5,946,674,633		5,982,740,540
Cash		—		—		—
Receivables:
Investment securities sold		45,202,079		—		47,665,342
Fund shares sold		21,543,526		17,265,519		22,912,004
Interest from non-affiliates		214,255		157,117		155,590
Dividends from affiliates		72,748		45,848		58,252
Variation margin on futures contracts		7,441,840		5,993,547		6,169,248
Due from Adviser		20,323		15,013		14,624
Total Assets		8,094,621,608		5,970,151,677		6,059,715,600
LIABILITIES:
Payables:
Distributions		832,646		541,716		398,750
Fund shares redeemed		48,835,766		34,860,549		34,346,330
Accrued liabilities:
Distribution fees		649,146		463,844		463,025
Service fees		725,229		521,625		540,975
Trustees’ and Chief Compliance Officer’s fees		11,236		1,208		924
Other		269,821		185,407		274,124
Total Liabilities		51,323,844		36,574,349		36,024,128
Net Assets	$	8,043,297,764	$	5,933,577,328	$	6,023,691,472

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
NET ASSETS:
Paid-in-Capital	$	6,928,156,746		$	5,180,672,236		$	5,075,560,684
Accumulated undistributed (distributions in excess of) net investment income		1,278,734			919,061			842,453
Accumulated net realized gains (losses)		(74,795,230	)		(27,648,383	)		(38,080,606	)
Net unrealized appreciation (depreciation)		1,188,657,514			779,634,414			985,368,941
Total Net Assets	$	8,043,297,764		$	5,933,577,328		$	6,023,691,472
Net Assets:
Class A	$	1,989,716,070		$	1,438,787,340		$	1,405,514,153
Class C		46,297,575			29,550,511			28,920,492
Class I (formerly Select Class)		999,965,327			743,740,243			738,939,812
Class R2		492,665,627			350,592,518			358,746,400
Class R3		5,048,280			5,007,361			9,292,450
Class R4		34,690			43,037			44,844
Class R5 (formerly Institutional Class)		3,803,505,336			2,727,056,929			2,933,132,572
Class R6		706,064,859			638,799,389			549,100,749
Total	$	8,043,297,764		$	5,933,577,328		$	6,023,691,472
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		97,872,607			73,327,147			66,364,937
Class C		2,297,517			1,517,993			1,383,111
Class I (formerly Select Class)		49,067,051			37,726,273			34,793,197
Class R2		24,316,897			17,919,369			17,021,466
Class R3		248,718			255,811			439,586
Class R4		1,704			2,184			2,113
Class R5 (formerly Institutional Class)		186,211,492			138,236,759			137,788,396
Class R6		34,571,776			32,377,760			25,794,379
Net Asset Value (a):
Class A — Redemption price per share	$	20.33		$	19.62		$	21.18
Class C — Offering price per share (b)		20.15			19.47			20.91
Class I (formerly Select Class) — Offering and redemption price per share		20.38			19.71			21.24
Class R2 — Offering and redemption price per share		20.26			19.57			21.08
Class R3 — Offering and redemption price per share		20.30			19.57			21.14
Class R4 — Offering and redemption price per share		20.36			19.70			21.22
Class R5 (formerly Institutional Class) — Offering and redemption price per share		20.43			19.73			21.29
Class R6 — Offering and redemption price per share		20.42			19.73			21.29
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	21.29		$	20.54		$	22.18
Cost of investments in non-affiliates	$	68,436,594		$	50,185,856		$	49,698,192
Cost of investments in affiliates		6,769,766,947			5,121,882,181			4,952,772,990

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement 2045 Fund		JPMorgan SmartRetirement 2050 Fund		JPMorgan SmartRetirement 2055 Fund		JPMorgan SmartRetirement 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	31,958,930	$	26,002,667	$	8,294,479	$	—
Investments in affiliates, at value		3,873,456,531		3,203,126,089		1,043,948,898		11,167,463
Total investment securities, at value		3,905,415,461		3,229,128,756		1,052,243,377		11,167,463
Receivables:
Investment securities sold		—		12,949,780		—		—
Fund shares sold		16,871,760		15,694,877		8,098,876		117,495
Interest from non-affiliates		100,229		81,549		26,013		—
Dividends from affiliates		43,069		37,712		14,815		79
Variation margin on futures contracts		4,047,260		3,528,552		2,152,662		765
Due from Adviser		8,352		2,572		3,197		2,821
Other assets		—		—		—		1,160
Total Assets		3,926,486,131		3,261,423,798		1,062,538,940		11,289,783
LIABILITIES:
Payables:
Distributions		268,608		262,704		60,227		63
Investment securities purchased		—		6,474,885		3,675,635		80,852
Fund shares redeemed		20,991,385		15,747,583		9,325,342		9,005
Accrued liabilities:
Distribution fees		293,430		246,258		84,357		541
Service fees		342,629		296,825		89,288		624
Trustees’ and Chief Compliance Officer’s fees		—		6,047		—		—
Other		176,622		188,332		33,718		223
Total Liabilities		22,072,674		23,222,634		13,268,567		91,308
Net Assets	$	3,904,413,457	$	3,238,201,164	$	1,049,270,373	$	11,198,475

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
NET ASSETS:
Paid-in-Capital	$	3,413,073,002		$	2,827,660,633		$	949,451,461		$	10,768,339
Accumulated undistributed (distributions in excess of) net investment income		464,828			473,476			169,474			407
Accumulated net realized gains (losses)		(7,236,171	)		(11,979,064	)		337,134			8,215
Net unrealized appreciation (depreciation)		498,111,798			422,046,119			99,312,304			421,514
Total Net Assets	$	3,904,413,457		$	3,238,201,164		$	1,049,270,373		$	11,198,475
Net Assets:
Class A	$	886,620,562		$	721,383,503		$	230,868,508		$	2,106,258
Class C		17,074,697			16,781,638			3,626,496			32,243
Class I (formerly Select Class)		497,880,998			437,689,624			140,666,489			2,932,411
Class R2		234,513,086			204,683,819			83,587,368			255,812
Class R3		3,039,878			6,021,491			1,303,663			176,460
Class R4		35,508			48,213			22,567			22,712
Class R5 (formerly Institutional Class)		1,826,905,349			1,572,471,338			464,633,419			4,073,183
Class R6		438,343,379			279,121,538			124,561,863			1,599,396
Total	$	3,904,413,457		$	3,238,201,164		$	1,049,270,373		$	11,198,475
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		44,151,332			36,002,455			10,354,125			127,075
Class C		856,559			844,660			163,327			1,946
Class I (formerly Select Class)		24,712,830			21,771,102			6,298,265			176,764
Class R2		11,719,453			10,253,728			3,755,481			15,429
Class R3		151,679			301,200			58,564			10,642
Class R4		1,764			2,399			1,011			1,369
Class R5 (formerly Institutional Class)		90,594,821			78,100,367			20,789,427			245,586
Class R6		21,739,426			13,858,314			5,571,589			96,345
Net Asset Value (a):
Class A — Redemption price per share	$	20.08		$	20.04		$	22.30		$	16.57
Class C — Offering price per share (b)		19.93			19.87			22.20			16.57
Class I (formerly Select Class) — Offering and redemption price per share		20.15			20.10			22.33			16.59
Class R2 — Offering and redemption price per share		20.01			19.96			22.26			16.58
Class R3 — Offering and redemption price per share		20.04			19.99			22.26			16.58
Class R4 — Offering and redemption price per share		20.13			20.10			22.33			16.60
Class R5 (formerly Institutional Class) — Offering and redemption price per share		20.17			20.13			22.35			16.59
Class R6 — Offering and redemption price per share		20.16			20.14			22.36			16.60
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	21.03		$	20.98		$	23.35		$	17.35
Cost of investments in non-affiliates	$	32,014,989		$	26,048,306		$	8,308,437		$	—
Cost of investments in affiliates		3,378,285,346			2,783,659,519			945,415,466			10,745,949

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,096,893		$	1,499,428		$	85,221
Dividend income from affiliates		54,535,768			164,417,267			152,877,937
Interest income from non-affiliates		5,778			251,648			217,357
Interest income from affiliates		419			934			944
Total investment income		55,638,858			166,169,277			153,181,459
EXPENSES:
Distribution fees:
Class A		1,604,952			4,133,999			4,294,515
Class C		177,426			400,236			393,294
Class R2		583,768			1,966,287			1,863,002
Class R3 (a)		782			2,252			1,159
Service fees:
Class A		1,604,952			4,133,999			4,294,515
Class C		59,142			133,412			131,098
Class I (formerly Select Class)		801,271			2,355,369			2,221,361
Class R2		291,884			983,144			931,501
Class R3 (a)		783			2,252			1,159
Class R4 (a)		41			42			91
Class R5 (formerly Institutional Class)		972,885			3,551,078			3,366,992
Interest expense to non-affiliates		5,479			16,040			14,962
Trustees’ and Chief Compliance Officer’s fees		31,809			51,376			49,421
Transfer agency fees (See Note 2.G)		139,542			197,018			204,909
Sub-transfer agency fees (See Note 2.G)		1,018,775			2,119,575			2,138,657
Other		21,462			41,769			41,123
Total expenses		7,314,953			20,087,848			19,947,759
Less fees waived		(2,750,374	)		(6,611,859	)		(6,410,814	)
Less expense reimbursements		(340,521	)		(147,981	)		(123,430	)
Net expenses		4,224,058			13,328,008			13,413,515
Net investment income (loss)		51,414,800			152,841,269			139,767,944
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		41,127			99,485			105,412
Investments in affiliates		5,732,195			(2,978,481	)		(17,667,392	)
Futures		(5,123,674	)		(3,412,427	)		10,247,751
Foreign currency transactions		(878	)		(39,262	)		(18,282	)
Net realized gain (loss)		648,770			(6,330,685	)		(7,332,511	)
Distributions of capital gains received from investment company affiliates		8,795,742			44,947,404			48,852,256
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(534,506	)		(2,026,063	)		(132,823	)
Investments in affiliates		86,958,690			471,385,229			591,079,351
Futures		(1,217,227	)		(8,525,175	)		(10,825,025	)
Foreign currency translations		7,895			37,723			37,040
Change in net unrealized appreciation/depreciation		85,214,852			460,871,714			580,158,543
Net realized/unrealized gains (losses)		94,659,364			499,488,433			621,678,288
Change in net assets resulting from operations	$	146,074,164		$	652,329,702		$	761,446,232

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	158,868,566		$	108,377,528		$	104,834,865
Interest income from non-affiliates		448,614			327,556			333,027
Interest income from affiliates		1,159			743			747
Total investment income		159,318,339			108,705,827			105,168,639
EXPENSES:
Distribution fees:
Class A		4,624,436			3,354,270			3,303,062
Class C		359,097			227,981			224,746
Class R2		2,381,886			1,646,089			1,690,267
Class R3 (a)		1,988			1,923			3,838
Service fees:
Class A		4,624,436			3,354,270			3,303,062
Class C		119,699			75,994			74,915
Class I (formerly Select Class)		2,545,660			1,739,184			1,833,960
Class R2		1,190,943			823,044			845,134
Class R3 (a)		1,988			1,923			3,838
Class R4 (a)		44			46			46
Class R5 (formerly Institutional Class)		3,706,332			2,637,664			2,766,615
Custodian and accounting fees		140			104			104
Interest expense to non-affiliates		40,009			28,173			28,692
Trustees’ and Chief Compliance Officer’s fees		54,352			38,889			38,739
Transfer agency fees (See Note 2.G)		228,686			193,527			202,097
Sub-transfer agency fees (See Note 2.G)		2,812,267			2,349,353			3,027,597
Other		44,798			33,797			34,878
Total expenses		22,736,761			16,506,231			17,381,590
Less fees waived		(7,496,978	)		(5,605,089	)		(5,981,393	)
Less earnings credits		(140	)		(104	)		(104	)
Less expense reimbursements		(178,869	)		(253,747	)		(560,602	)
Net expenses		15,060,774			10,647,291			10,839,491
Net investment income (loss)		144,257,565			98,058,536			94,329,148
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		223,451			165,757			166,705
Investments in affiliates		(19,307,997	)		(25,954,244	)		(32,100,600	)
Futures		13,890,659			12,794,285			22,301,919
Foreign currency transactions		52,860			47,231			11,794
Net realized gain (loss)		(5,141,027	)		(12,946,971	)		(9,620,182	)
Distributions of capital gains received from investment company affiliates		58,043,582			44,783,507			49,864,949
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(186,451	)		(142,345	)		(141,757	)
Investments in affiliates		775,272,295			634,785,380			711,235,699
Futures		(18,150,191	)		(12,882,111	)		(14,476,898	)
Foreign currency translations		20,246			100,821			41,706
Change in net unrealized appreciation/depreciation		756,955,899			621,861,745			696,658,750
Net realized/unrealized gains (losses)		809,858,454			653,698,281			736,903,517
Change in net assets resulting from operations	$	954,116,019		$	751,756,817		$	831,232,665

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 53

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund (a)
INVESTMENT INCOME:
Dividend income from affiliates	$	65,135,247		$	53,615,785		$	15,422,044		$	45,620
Interest income from non-affiliates		210,595			171,525			51,353			3
Interest income from affiliates		594			570			290			1
Total investment income		65,346,436			53,787,880			15,473,687			45,624
EXPENSES:
Distribution fees:
Class A		2,047,424			1,632,130			474,708			1,260
Class C		131,547			125,650			24,744			144
Class R2		1,062,256			908,110			330,670			306
Class R3 (b)		1,099			2,483			554			101
Service fees:
Class A		2,047,424			1,632,130			474,708			1,260
Class C		43,849			41,884			8,248			48
Class I (formerly Select Class)		1,121,019			1,066,162			277,595			3,391
Class R2		531,128			454,055			165,335			153
Class R3 (b)		1,099			2,483			554			101
Class R4 (b)		44			47			42			42
Class R5 (formerly Institutional Class)		1,705,127			1,410,839			393,248			875
Custodian and accounting fees		—			41			—			—
Interest expense to non-affiliates		18,009			15,339			4,778			—
Trustees’ and Chief Compliance Officer’s fees		31,891			38,794			26,688			19,237
Transfer agency fees (See Note 2.G)		157,534			137,394			72,863			978
Sub-transfer agency fees (See Note 2.G)		2,488,067			2,984,196			1,016,061			296
Other		17,380			19,283			9,128			5,150
Total expenses		11,404,897			10,471,020			3,279,924			33,342
Less fees waived		(4,054,931	)		(3,675,467	)		(1,043,912	)		(1,988	)
Less earnings credits		—			(41	)		—			—
Less expense reimbursements		(643,944	)		(1,140,517	)		(564,130	)		(25,014	)
Net expenses		6,706,022			5,654,995			1,671,882			6,340
Net investment income (loss)		58,640,414			48,132,885			13,801,805			39,284
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		104,873			86,368			24,987			5,084
Investments in affiliates		(20,272,728	)		(17,433,838	)		(5,123,403	)		(8,363	)
Futures		15,359,572			13,321,249			3,660,385			(985	)
Foreign currency transactions		(99,652	)		(11,574	)		2,454			—
Net realized gain (loss)		(4,907,935	)		(4,037,795	)		(1,435,577	)		(4,264	)
Distributions of capital gains received from investment company affiliates		30,958,208			25,493,791			7,287,521			13,554
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(89,035	)		(72,656	)		(20,379	)		—
Investments in affiliates		449,495,040			367,660,770			106,721,164			421,514
Futures		(8,981,391	)		(7,188,837	)		(1,660,657	)		—
Foreign currency translations		44,509			40,018			(1,265	)		—
Change in net unrealized appreciation/depreciation		440,469,123			360,439,295			105,038,863			421,514
Net realized/unrealized gains (losses)		466,519,396			381,895,291			110,890,807			430,804
Change in net assets resulting from operations	$	525,159,810		$	430,028,176		$	124,692,612		$	470,088

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	51,414,800		$	41,322,155		$	152,841,269		$	122,443,333
Net realized gain (loss)		648,770			(37,394,665	)		(6,330,685	)		(97,369,931	)
Distributions of capital gains received from investment company affiliates		8,795,742			23,930,161			44,947,404			102,211,581
Change in net unrealized appreciation/depreciation		85,214,852			(3,218,553	)		460,871,714			(84,208,152	)
Change in net assets resulting from operations		146,074,164			24,639,098			652,329,702			43,076,831
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(14,893,938	)		(12,871,025	)		(35,513,210	)		(31,960,547	)
From net realized gains		—			(2,159,873	)		(8,935,342	)		(15,831,932	)
Class C
From net investment income		(376,803	)		(384,200	)		(774,624	)		(871,013	)
From net realized gains		—			(93,814	)		(296,053	)		(635,890	)
Class I (formerly Select Class)
From net investment income		(7,448,100	)		(6,747,881	)		(20,594,951	)		(21,043,529	)
From net realized gains		—			(1,094,269	)		(5,339,102	)		(10,157,147	)
Class R2
From net investment income		(2,304,074	)		(1,952,108	)		(7,197,681	)		(6,562,901	)
From net realized gains		—			(351,655	)		(2,228,276	)		(3,396,781	)
Class R3 (a)
From net investment income		(12,024	)		—			(25,003	)		—
From net realized gains		—			—			(112	)		—
Class R4 (a)
From net investment income		(450	)		—			(478	)		—
From net realized gains		—			—			(112	)		—
Class R5 (formerly Institutional Class)
From net investment income		(23,981,995	)		(20,056,417	)		(83,424,308	)		(77,803,679	)
From net realized gains		—			(2,897,606	)		(19,923,931	)		(34,601,481	)
Class R6
From net investment income		(4,203,894	)		(5,030,412	)		(11,697,354	)		(5,686,540	)
From net realized gains		—			(846,383	)		(2,483,837	)		(2,158,596	)
Total distributions to shareholders		(53,221,278	)		(54,485,643	)		(198,434,374	)		(210,710,036	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,210,567,680			119,775,200			(158,817,902	)		876,994,016
NET ASSETS:
Change in net assets		2,303,420,566			89,928,655			295,077,426			709,360,811
Beginning of period		2,161,062,937			2,071,134,282			6,780,519,237			6,071,158,426
End of period	$	4,464,483,503		$	2,161,062,937		$	7,075,596,663		$	6,780,519,237
Accumulated undistributed (distributions in excess of) net investment income	$	(573,390	)	$	946,571		$	(1,799,591	)	$	2,612,473

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	139,767,944		$	100,888,806		$	144,257,565		$	105,264,000
Net realized gain (loss)		(7,332,511	)		(84,051,504	)		(5,141,027	)		(137,844,959	)
Distributions of capital gains received from investment company affiliates		48,852,256			106,456,780			58,043,582			138,976,834
Change in net unrealized appreciation/depreciation		580,158,543			(117,048,355	)		756,955,899			(174,441,281	)
Change in net assets resulting from operations		761,446,232			6,245,727			954,116,019			(68,045,406	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(33,998,763	)		(29,279,925	)		(35,531,158	)		(30,772,385	)
From net realized gains		(14,156,624	)		(15,800,574	)		(14,001,692	)		(18,655,549	)
Class C
From net investment income		(680,537	)		(735,509	)		(609,085	)		(691,371	)
From net realized gains		(442,232	)		(599,998	)		(378,277	)		(622,886	)
Class I (formerly Select Class)
From net investment income		(18,174,079	)		(16,935,634	)		(20,256,899	)		(19,146,584	)
From net realized gains		(7,270,080	)		(8,730,971	)		(7,872,354	)		(11,144,240	)
Class R2
From net investment income		(6,244,234	)		(5,391,595	)		(7,718,537	)		(6,860,798	)
From net realized gains		(3,163,624	)		(3,236,669	)		(3,697,268	)		(4,416,798	)
Class R3 (a)
From net investment income		(12,779	)		—			(14,501	)		—
From net realized gains		(171	)		—			(158	)		—
Class R4 (a)
From net investment income		(1,020	)		—			(456	)		—
From net realized gains		(171	)		—			(158	)		—
Class R5 (formerly Institutional Class)
From net investment income		(74,056,194	)		(66,075,972	)		(79,535,442	)		(69,949,732	)
From net realized gains		(28,252,682	)		(31,639,512	)		(28,553,251	)		(37,779,480	)
Class R6
From net investment income		(12,837,586	)		(4,893,020	)		(10,983,287	)		(4,877,990	)
From net realized gains		(4,323,652	)		(1,973,056	)		(3,614,787	)		(2,210,782	)
Total distributions to shareholders		(203,614,428	)		(185,292,435	)		(212,767,310	)		(207,128,595	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		417,805,610			1,315,661,392			275,808,427			1,280,330,626
NET ASSETS:
Change in net assets		975,637,414			1,136,614,684			1,017,157,136			1,005,156,625
Beginning of period		6,374,912,792			5,238,298,108			7,026,140,628			6,020,984,003
End of period	$	7,350,550,206		$	6,374,912,792		$	8,043,297,764		$	7,026,140,628
Accumulated undistributed (distributions in excess of) net investment income	$	(1,841,821	)	$	2,257,212		$	1,278,734		$	4,715,951

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	98,058,536		$	67,407,030		$	94,329,148		$	65,913,714
Net realized gain (loss)		(12,946,971	)		(76,501,211	)		(9,620,182	)		(85,896,516	)
Distributions of capital gains received from investment company affiliates		44,783,507			102,675,059			49,864,949			114,880,080
Change in net unrealized appreciation/depreciation		621,861,745			(163,466,064	)		696,658,750			(197,949,977	)
Change in net assets resulting from operations		751,756,817			(69,885,186	)		831,232,665			(103,052,699	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(24,452,640	)		(20,672,576	)		(22,878,350	)		(19,940,101	)
From net realized gains		(11,410,479	)		(13,178,431	)		(12,543,836	)		(14,459,956	)
Class C
From net investment income		(356,346	)		(423,778	)		(338,072	)		(426,494	)
From net realized gains		(263,315	)		(403,242	)		(301,175	)		(444,222	)
Class I (formerly Select Class)
From net investment income		(13,020,745	)		(11,910,423	)		(13,188,623	)		(12,462,617	)
From net realized gains		(5,790,616	)		(7,242,330	)		(7,034,688	)		(8,679,387	)
Class R2
From net investment income		(5,024,461	)		(4,189,426	)		(4,848,908	)		(4,248,046	)
From net realized gains		(2,850,162	)		(3,009,463	)		(3,264,243	)		(3,212,576	)
Class R3 (a)
From net investment income		(13,654	)		—			(15,517	)		—
From net realized gains		(176	)		—			(199	)		—
Class R4 (a)
From net investment income		(450	)		—			(426	)		—
From net realized gains		(175	)		—			(198	)		—
Class R5 (formerly Institutional Class)
From net investment income		(53,573,056	)		(46,859,438	)		(53,730,437	)		(48,080,930	)
From net realized gains		(22,427,875	)		(26,541,562	)		(26,425,284	)		(31,065,229	)
Class R6
From net investment income		(9,248,736	)		(3,782,491	)		(7,489,760	)		(3,484,182	)
From net realized gains		(3,477,528	)		(1,861,685	)		(3,359,440	)		(1,937,126	)
Total distributions to shareholders		(151,910,414	)		(140,074,845	)		(155,419,156	)		(148,440,866	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		412,485,817			1,097,414,563			291,976,823			978,561,839
NET ASSETS:
Change in net assets		1,012,332,220			887,454,532			967,790,332			727,068,274
Beginning of period		4,921,245,108			4,033,790,576			5,055,901,140			4,328,832,866
End of period	$	5,933,577,328		$	4,921,245,108		$	6,023,691,472		$	5,055,901,140
Accumulated undistributed (distributions in excess of) net investment income	$	919,061		$	3,269,882		$	842,453		$	3,330,346

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	58,640,414		$	38,368,222		$	48,132,885		$	31,309,021
Net realized gain (loss)		(4,907,935	)		(40,664,929	)		(4,037,795	)		(37,967,586	)
Distributions of capital gains received from investment company affiliates		30,958,208			65,395,403			25,493,791			53,817,418
Change in net unrealized appreciation/depreciation		440,469,123			(112,671,913	)		360,439,295			(84,485,021	)
Change in net assets resulting from operations		525,159,810			(49,573,217	)		430,028,176			(37,326,168	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(13,937,861	)		(11,459,590	)		(11,174,392	)		(9,109,448	)
From net realized gains		(8,212,289	)		(7,851,760	)		(6,713,560	)		(5,855,458	)
Class C
From net investment income		(190,421	)		(241,502	)		(178,362	)		(225,835	)
From net realized gains		(180,039	)		(237,331	)		(178,324	)		(209,820	)
Class I (formerly Select Class)
From net investment income		(7,834,554	)		(6,771,672	)		(7,577,266	)		(6,416,658	)
From net realized gains		(4,354,017	)		(4,386,792	)		(4,481,899	)		(3,922,949	)
Class R2
From net investment income		(2,982,214	)		(2,424,487	)		(2,550,187	)		(2,066,248	)
From net realized gains		(2,153,074	)		(1,847,386	)		(1,890,870	)		(1,480,365	)
Class R3 (a)
From net investment income		(5,279	)		—			(8,762	)		—
From net realized gains		(210	)		—			(217	)		—
Class R4 (a)
From net investment income		(398	)		—			(425	)		—
From net realized gains		(209	)		—			(216	)		—
Class R5 (formerly Institutional Class)
From net investment income		(32,658,808	)		(28,255,420	)		(27,061,979	)		(22,543,224	)
From net realized gains		(17,181,080	)		(17,141,051	)		(14,692,542	)		(12,893,437	)
Class R6
From net investment income		(5,912,453	)		(2,409,540	)		(3,571,486	)		(1,933,590	)
From net realized gains		(2,850,488	)		(1,288,652	)		(1,768,491	)		(982,261	)
Total distributions to shareholders		(98,453,394	)		(84,315,183	)		(81,848,978	)		(67,639,293	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		392,716,443			828,622,198			361,251,472			752,257,384
NET ASSETS:
Change in net assets		819,422,859			694,733,798			709,430,670			647,291,923
Beginning of period		3,084,990,598			2,390,256,800			2,528,770,494			1,881,478,571
End of period	$	3,904,413,457		$	3,084,990,598		$	3,238,201,164		$	2,528,770,494
Accumulated undistributed (distributions in excess of) net investment income	$	464,828		$	1,923,239		$	473,476		$	1,539,566

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund (a)
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,801,805		$	6,826,619		$	39,284
Net realized gain (loss)		(1,435,577	)		(5,235,649	)		(4,264	)
Distributions of capital gains received from investment company affiliates		7,287,521			11,061,502			13,554
Change in net unrealized appreciation/depreciation		105,038,863			(14,324,115	)		421,514
Change in net assets resulting from operations		124,692,612			(1,671,643	)		470,088
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(3,175,487	)		(2,046,335	)		(4,278	)
From net realized gains		(1,598,633	)		(803,961	)		—
Class C
From net investment income		(33,175	)		(35,855	)		(196	)
From net realized gains		(28,817	)		(21,916	)		—
Class I (formerly Select Class)
From net investment income		(1,928,454	)		(1,187,667	)		(20,787	)
From net realized gains		(904,716	)		(440,356	)		—
Class R2
From net investment income		(903,534	)		(579,927	)		(393	)
From net realized gains		(563,099	)		(261,418	)		—
Class R3 (b)
From net investment income		(2,354	)		—			(378	)
From net realized gains		(182	)		—			—
Class R4 (b)
From net investment income		(364	)		—			(289	)
From net realized gains		(182	)		—			—
Class R5 (formerly Institutional Class)
From net investment income		(7,427,784	)		(5,147,384	)		(10,077	)
From net realized gains		(3,414,341	)		(1,820,383	)		—
Class R6
From net investment income		(1,386,220	)		(356,959	)		(3,603	)
From net realized gains		(563,689	)		(98,810	)		—
Total distributions to shareholders		(21,931,031	)		(12,800,971	)		(40,001	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		299,677,421			324,926,848			10,768,388
NET ASSETS:
Change in net assets		402,439,002			310,454,234			11,198,475
Beginning of period		646,831,371			336,377,137			—
End of period	$	1,049,270,373		$	646,831,371		$	11,198,475
Accumulated undistributed (distributions in excess of) net investment income	$	169,474		$	366,028		$	407

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	229,179,617		$	205,164,062		$	510,530,715		$	582,176,729
Net assets acquired in Fund reorganization (See Note 8)		598,586,398			—			—			—
Distributions reinvested		14,187,875			14,323,476			41,833,363			45,190,949
Cost of shares redeemed		(217,168,121	)		(190,614,016	)		(536,501,243	)		(426,287,239	)
Change in net assets resulting from Class A capital transactions	$	624,785,769		$	28,873,522		$	15,862,835		$	201,080,439
Class C
Proceeds from shares issued	$	2,362,032		$	7,011,530		$	8,208,604		$	20,852,480
Net assets acquired in Fund reorganization (See Note 8)		23,397,107			—			—			—
Distributions reinvested		301,705			372,933			861,834			1,129,111
Cost of shares redeemed		(8,274,676	)		(6,185,806	)		(19,872,039	)		(20,996,361	)
Change in net assets resulting from Class C capital transactions	$	17,786,168		$	1,198,657		$	(10,801,601	)	$	985,230
Class I (formerly Select Class)
Proceeds from shares issued	$	146,204,287		$	85,674,740		$	207,854,080		$	246,227,112
Net assets acquired in Fund reorganization (See Note 8)		238,699,040			—			—			—
Distributions reinvested		7,199,431			7,563,185			25,725,979			30,878,000
Cost of shares redeemed		(147,427,720	)		(94,722,742	)		(343,164,288	)		(269,984,598	)
Change in net assets resulting from Class I capital transactions	$	244,675,038		$	(1,484,817	)	$	(109,584,229	)	$	7,120,514
Class R2
Proceeds from shares issued	$	37,527,857		$	46,696,649		$	98,132,802		$	158,944,255
Net assets acquired in Fund reorganization (See Note 8)		116,244,140			—			—			—
Distributions reinvested		2,104,411			2,125,404			8,499,232			9,132,652
Cost of shares redeemed		(41,952,761	)		(36,325,516	)		(135,834,119	)		(80,448,992	)
Change in net assets resulting from Class R2 capital transactions	$	113,923,647		$	12,496,537		$	(29,202,085	)	$	87,627,915
Class R3 (a)
Proceeds from shares issued	$	3,067,732		$	—		$	5,352,977		$	—
Distributions reinvested		8,131			—			23,538			—
Cost of shares redeemed		(575,883	)		—			(622,171	)		—
Change in net assets resulting from Class R3 capital transactions	$	2,499,980		$	—		$	4,754,344		$	—
Class R4 (a)
Proceeds from shares issued	$	20,000		$	—		$	25,113		$	—
Distributions reinvested		450			—			590			—
Change in net assets resulting from Class R4 capital transactions	$	20,450		$	—		$	25,703		$	—
Class R5 (formerly Institutional Class)
Proceeds from shares issued	$	210,129,036		$	432,967,660		$	675,355,339		$	888,449,907
Net assets acquired in Fund reorganization (See Note 8)		962,616,760			—			—			—
Distributions reinvested		23,655,180			22,529,954			102,481,980			110,458,781
Cost of shares redeemed		(359,333,999	)		(273,071,199	)		(1,113,566,125	)		(631,647,276	)
Change in net assets resulting from Class R5 capital transactions	$	837,066,977		$	182,426,415		$	(335,728,806	)	$	367,261,412
Class R6
Proceeds from shares issued	$	263,510,901		$	71,032,473		$	472,485,833		$	246,808,620
Net assets acquired in Fund reorganization (See Note 8)		197,448,962			—			—			—
Distributions reinvested		4,017,556			5,784,713			13,408,473			7,461,781
Cost of shares redeemed		(95,167,768	)		(180,552,300	)		(180,038,369	)		(41,351,895	)
Change in net assets resulting from Class R6 capital transactions	$	369,809,651		$	(103,735,114	)	$	305,855,937		$	212,918,506
Total change in net assets resulting from capital transactions	$	2,210,567,680		$	119,775,200		$	(158,817,902	)	$	876,994,016

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		12,896,445			12,028,096			27,622,572			32,822,783
Shares issued in connection with Fund reorganization (See Note 8)		32,863,361			—			—			—
Reinvested		798,265			842,286			2,275,415			2,561,660
Redeemed		(12,245,464	)		(11,155,043	)		(28,878,979	)		(24,052,933	)
Change in Class A Shares		34,312,607			1,715,339			1,019,008			11,331,510
Class C
Issued		134,052			409,658			447,113			1,174,432
Shares issued in connection with Fund reorganization (See Note 8)		1,289,559			—			—			—
Reinvested		16,942			22,048			47,290			64,377
Redeemed		(469,035	)		(365,652	)		(1,077,020	)		(1,193,166	)
Change in Class C Shares		971,518			66,054			(582,617	)		45,643
Class I (formerly Select Class)
Issued		8,221,510			5,001,309			11,200,793			13,790,880
Shares issued in connection with Fund reorganization (See Note 8)		13,082,267			—			—			—
Reinvested		404,716			444,106			1,394,726			1,745,183
Redeemed		(8,314,884	)		(5,522,693	)		(18,457,378	)		(15,083,166	)
Change in Class I Shares		13,393,609			(77,278	)		(5,861,859	)		452,897
Class R2
Issued		2,124,065			2,755,261			5,322,627			8,981,208
Shares issued in connection with Fund reorganization (See Note 8)		6,395,615			—			—			—
Reinvested		119,465			125,278			464,712			519,286
Redeemed		(2,366,475	)		(2,135,750	)		(7,332,179	)		(4,517,930	)
Change in Class R2 Shares		6,272,670			744,789			(1,544,840	)		4,982,564
Class R3 (a)
Issued		170,119			—			283,957			—
Reinvested		452			—			1,241			—
Redeemed		(32,000	)		—			(33,015	)		—
Change in Class R3 Shares		138,571			—			252,183			—
Class R4 (a)
Issued		1,138			—			1,354			—
Reinvested		25			—			32			—
Change in Class R4 Shares		1,163			—			1,386			—
Class R5 (formerly Institutional Class)
Issued		11,757,547			25,326,501			36,412,856			49,863,403
Shares issued in connection with Fund reorganization (See Note 8)		52,669,068			—			—			—
Reinvested		1,331,873			1,319,365			5,550,076			6,233,495
Redeemed		(20,199,831	)		(15,913,974	)		(59,773,839	)		(35,465,914	)
Change in Class R5 Shares		45,558,657			10,731,892			(17,810,907	)		20,630,984
Class R6
Issued		14,661,004			4,158,300			25,300,486			13,895,182
Shares issued in connection with Fund reorganization (See Note 8)		10,804,143			—			—			—
Reinvested		224,547			339,747			723,304			420,538
Redeemed		(5,360,509	)		(10,450,972	)		(9,682,768	)		(2,323,202	)
Change in Class R6 Shares		20,329,185			(5,952,925	)		16,341,022			11,992,518

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	516,789,679		$	595,938,668		$	577,505,863		$	644,845,143
Distributions reinvested		45,081,438			42,529,194			46,615,616			46,580,421
Cost of shares redeemed		(444,036,041	)		(333,870,387	)		(536,658,632	)		(383,319,146	)
Change in net assets resulting from Class A capital transactions	$	117,835,076		$	304,597,475		$	87,462,847		$	308,106,418
Class C
Proceeds from shares issued	$	10,234,229		$	17,217,007		$	8,427,890		$	17,572,166
Distributions reinvested		915,124			1,030,727			708,408			861,393
Cost of shares redeemed		(17,643,723	)		(16,253,802	)		(15,435,102	)		(20,864,051	)
Change in net assets resulting from Class C capital transactions	$	(6,494,370	)	$	1,993,932		$	(6,298,804	)	$	(2,430,492	)
Class I (formerly Select Class)
Proceeds from shares issued	$	199,020,014		$	244,207,822		$	228,056,110		$	278,605,512
Distributions reinvested		24,821,656			25,172,319			27,700,016			29,797,390
Cost of shares redeemed		(222,456,956	)		(149,706,812	)		(351,858,774	)		(218,282,563	)
Change in net assets resulting from Class I capital transactions	$	1,384,714		$	119,673,329		$	(96,102,648	)	$	90,120,339
Class R2
Proceeds from shares issued	$	119,070,488		$	147,462,172		$	128,429,068		$	185,258,952
Distributions reinvested		8,404,984			7,875,988			10,352,720			10,290,425
Cost of shares redeemed		(118,426,756	)		(66,157,369	)		(137,307,628	)		(85,762,715	)
Change in net assets resulting from Class R2 capital transactions	$	9,048,716		$	89,180,791		$	1,474,160		$	109,786,662
Class R3 (a)
Proceeds from shares issued	$	3,978,826		$	—		$	5,041,826		$	—
Distributions reinvested		10,409			—			13,064			—
Cost of shares redeemed		(372,797	)		—			(94,238	)		—
Change in net assets resulting from Class R3 capital transactions	$	3,616,438		$	—		$	4,960,652		$	—
Class R4 (a)
Proceeds from shares issued	$	182,040		$	—		$	32,615		$	—
Distributions reinvested		1,191			—			614			—
Cost of shares redeemed		—			—			(13	)		—
Change in net assets resulting from Class R4 capital transactions	$	183,231		$	—		$	33,216		$	—
Class R5 (formerly Institutional Class)
Proceeds from shares issued	$	715,906,306		$	901,015,823		$	757,827,903		$	979,085,887
Distributions reinvested		100,881,583			95,877,440			106,594,756			104,751,422
Cost of shares redeemed		(987,329,187	)		(407,367,017	)		(934,142,178	)		(519,033,130	)
Change in net assets resulting from Class R5 capital transactions	$	(170,541,298	)	$	589,526,246		$	(69,719,519	)	$	564,804,179
Class R6
Proceeds from shares issued	$	590,949,855		$	236,003,873		$	526,544,666		$	232,272,044
Distributions reinvested		16,285,331			6,582,474			13,564,352			6,717,263
Cost of shares redeemed		(144,462,083	)		(31,896,728	)		(186,110,495	)		(29,045,787	)
Change in net assets resulting from Class R6 capital transactions	$	462,773,103		$	210,689,619		$	353,998,523		$	209,943,520
Total change in net assets resulting from capital transactions	$	417,805,610		$	1,315,661,392		$	275,808,427		$	1,280,330,626

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		28,709,307			34,867,616			29,854,391			35,216,163
Reinvested		2,530,344			2,495,620			2,439,921			2,555,535
Redeemed		(24,578,896	)		(19,540,441	)		(27,628,425	)		(20,937,184	)
Change in Class A Shares		6,660,755			17,822,795			4,665,887			16,834,514
Class C
Issued		569,899			1,002,575			441,429			959,755
Reinvested		51,853			60,766			37,668			47,716
Redeemed		(983,833	)		(950,979	)		(804,108	)		(1,153,212	)
Change in Class C Shares		(362,081	)		112,362			(325,011	)		(145,741	)
Class I (formerly Select Class)
Issued		11,023,866			14,214,800			11,748,686			15,166,574
Reinvested		1,389,650			1,473,751			1,446,171			1,630,994
Redeemed		(12,337,861	)		(8,683,913	)		(18,085,869	)		(11,778,886	)
Change in Class I Shares		75,655			7,004,638			(4,891,012	)		5,018,682
Class R2
Issued		6,652,280			8,638,765			6,674,987			10,136,080
Reinvested		474,801			463,682			545,570			566,385
Redeemed		(6,587,874	)		(3,877,366	)		(7,105,943	)		(4,678,642	)
Change in Class R2 Shares		539,207			5,225,081			114,614			6,023,823
Class R3 (a)
Issued		214,607			—			252,700			—
Reinvested		561			—			647			—
Redeemed		(20,425	)		—			(4,629	)		—
Change in Class R3 Shares		194,743			—			248,718			—
Class R4 (a)
Issued		9,789			—			1,673			—
Reinvested		65			—			32			—
Redeemed		—			—			(1	)		—
Change in Class R4 Shares		9,854			—			1,704			—
Class R5 (formerly Institutional Class)
Issued		39,746,538			52,361,092			39,037,155			53,091,875
Reinvested		5,643,267			5,607,200			5,547,947			5,720,661
Redeemed		(54,471,832	)		(23,662,513	)		(47,897,336	)		(28,203,030	)
Change in Class R5 Shares		(9,082,027	)		34,305,779			(3,312,234	)		30,609,506
Class R6
Issued		32,580,247			13,784,101			27,040,296			12,689,633
Reinvested		906,905			384,636			702,877			366,669
Redeemed		(8,036,194	)		(1,856,698	)		(9,584,131	)		(1,583,370	)
Change in Class R6 Shares		25,450,958			12,312,039			18,159,042			11,472,932

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	406,784,060		$	484,791,685		$	412,611,664		$	479,657,272
Distributions reinvested		33,692,198			31,942,055			33,358,008			32,491,259
Cost of shares redeemed		(369,012,334	)		(256,350,537	)		(420,788,386	)		(266,522,959	)
Change in net assets resulting from Class A capital transactions	$	71,463,924		$	260,383,203		$	25,181,286		$	245,625,572
Class C
Proceeds from shares issued	$	7,216,604		$	12,657,824		$	6,353,733		$	11,777,210
Distributions reinvested		449,059			559,351			431,354			503,213
Cost of shares redeemed		(11,753,863	)		(16,163,993	)		(10,756,590	)		(15,530,922	)
Change in net assets resulting from Class C capital transactions	$	(4,088,200	)	$	(2,946,818	)	$	(3,971,503	)	$	(3,250,499	)
Class I (formerly Select Class)
Proceeds from shares issued	$	156,339,136		$	200,166,569		$	185,479,672		$	202,013,256
Distributions reinvested		18,482,697			18,835,075			19,939,190			20,797,401
Cost of shares redeemed		(163,294,654	)		(114,708,017	)		(253,529,382	)		(172,022,558	)
Change in net assets resulting from Class I capital transactions	$	11,527,179		$	104,293,627		$	(48,110,520	)	$	50,788,099
Class R2
Proceeds from shares issued	$	114,578,244		$	130,175,266		$	110,477,142		$	139,242,967
Distributions reinvested		7,065,308			6,613,313			7,287,196			6,861,487
Cost of shares redeemed		(99,412,089	)		(58,196,407	)		(103,126,122	)		(62,577,026	)
Change in net assets resulting from Class R2 capital transactions	$	22,231,463		$	78,592,172		$	14,638,216		$	83,527,428
Class R3 (a)
Proceeds from shares issued	$	5,374,268		$	—		$	9,793,197		$	—
Distributions reinvested		11,828			—			15,066			—
Cost of shares redeemed		(463,323	)		—			(739,971	)		—
Change in net assets resulting from Class R3 capital transactions	$	4,922,773		$	—		$	9,068,292		$	—
Class R4 (a)
Proceeds from shares issued	$	40,755		$	—		$	42,361		$	—
Distributions reinvested		625			—			624			—
Cost of shares redeemed		—			—			—			—
Change in net assets resulting from Class R4 capital transactions	$	41,380		$	—		$	42,985		$	—
Class R5 (formerly Institutional Class)
Proceeds from shares issued	$	572,129,384		$	721,158,885		$	590,882,454		$	790,603,662
Distributions reinvested		74,582,569			71,658,984			78,866,567			76,066,568
Cost of shares redeemed		(698,396,349	)		(296,251,028	)		(645,055,325	)		(426,365,516	)
Change in net assets resulting from Class R5 capital transactions	$	(51,684,396	)	$	496,566,841		$	24,693,696		$	440,304,714
Class R6
Proceeds from shares issued	$	464,997,512		$	180,655,273		$	401,602,885		$	181,548,408
Distributions reinvested		11,889,696			5,394,161			10,057,985			5,077,126
Cost of shares redeemed		(118,815,514	)		(25,523,896	)		(141,226,499	)		(25,059,009	)
Change in net assets resulting from Class R6 capital transactions	$	358,071,694		$	160,525,538		$	270,434,371		$	161,566,525
Total change in net assets resulting from capital transactions	$	412,485,817		$	1,097,414,563		$	291,976,823		$	978,561,839

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		21,926,803			27,832,983			20,710,844			25,735,975
Reinvested		1,842,386			1,834,215			1,703,588			1,746,102
Redeemed		(19,785,343	)		(14,724,276	)		(20,977,953	)		(14,263,197	)
Change in Class A Shares		3,983,846			14,942,922			1,436,479			13,218,880
Class C
Issued		391,851			722,692			324,008			634,917
Reinvested		24,946			32,404			22,501			27,394
Redeemed		(636,632	)		(927,342	)		(542,813	)		(848,265	)
Change in Class C Shares		(219,835	)		(172,246	)		(196,304	)		(185,954	)
Class I (formerly Select Class)
Issued		8,375,671			11,405,154			9,276,847			10,787,996
Reinvested		1,004,661			1,076,967			1,014,782			1,114,804
Redeemed		(8,745,938	)		(6,501,207	)		(12,621,629	)		(9,025,808	)
Change in Class I Shares		634,394			5,980,914			(2,330,000	)		2,876,992
Class R2
Issued		6,200,908			7,452,829			5,576,695			7,486,272
Reinvested		389,006			380,881			375,513			370,407
Redeemed		(5,324,574	)		(3,333,212	)		(5,164,833	)		(3,340,621	)
Change in Class R2 Shares		1,265,340			4,500,498			787,375			4,516,058
Class R3 (a)
Issued		279,367			—			474,551			—
Reinvested		611			—			717			—
Redeemed		(24,167	)		—			(35,682	)		—
Change in Class R3 Shares		255,811			—			439,586			—
Class R4 (a)
Issued		2,150			—			2,081			—
Reinvested		34			—			32			—
Redeemed		—			—			—			—
Change in Class R4 Shares		2,184			—			2,113			—
Class R5 (formerly Institutional Class)
Issued		30,679,595			40,912,649			29,408,459			41,951,982
Reinvested		4,050,186			4,095,102			3,999,281			4,067,984
Redeemed		(37,240,871	)		(16,835,620	)		(32,070,024	)		(22,683,739	)
Change in Class R5 Shares		(2,511,090	)		28,172,131			1,337,716			23,336,227
Class R6
Issued		24,828,333			10,319,031			19,992,022			9,723,629
Reinvested		642,664			308,090			507,856			271,445
Redeemed		(6,426,972	)		(1,460,679	)		(7,070,065	)		(1,343,580	)
Change in Class R6 Shares		19,044,025			9,166,442			13,429,813			8,651,494

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	288,291,287		$	322,560,048		$	284,976,672		$	274,670,290
Distributions reinvested		20,842,316			18,260,979			16,740,589			14,061,157
Cost of shares redeemed		(250,701,090	)		(148,161,491	)		(240,981,768	)		(127,014,863	)
Change in net assets resulting from Class A capital transactions	$	58,432,513		$	192,659,536		$	60,735,493		$	161,716,584
Class C
Proceeds from shares issued	$	3,961,676		$	8,075,724		$	4,473,339		$	7,116,639
Distributions reinvested		263,905			274,185			249,101			256,144
Cost of shares redeemed		(6,601,324	)		(8,186,132	)		(5,735,040	)		(7,912,960	)
Change in net assets resulting from Class C capital transactions	$	(2,375,743	)	$	163,777		$	(1,012,600	)	$	(540,177	)
Class I (formerly Select Class)
Proceeds from shares issued	$	128,077,925		$	147,961,230		$	165,178,125		$	164,059,246
Distributions reinvested		11,989,835			10,973,042			11,919,602			10,153,373
Cost of shares redeemed		(105,855,081	)		(68,540,759	)		(175,933,995	)		(94,448,272	)
Change in net assets resulting from Class I capital transactions	$	34,212,679		$	90,393,513		$	1,163,732		$	79,764,347
Class R2
Proceeds from shares issued	$	85,607,346		$	85,294,409		$	78,158,676		$	76,122,674
Distributions reinvested		4,612,562			3,963,382			4,003,262			3,249,858
Cost of shares redeemed		(64,341,014	)		(34,986,604	)		(52,248,179	)		(34,706,929	)
Change in net assets resulting from Class R2 capital transactions	$	25,878,894		$	54,271,187		$	29,913,759		$	44,665,603
Class R3 (a)
Proceeds from shares issued	$	3,247,069		$	—		$	5,982,980		$	—
Distributions reinvested		4,696			—			8,493			—
Cost of shares redeemed		(262,156	)		—			(129,969	)		—
Change in net assets resulting from Class R3 capital transactions	$	2,989,609		$	—		$	5,861,504		$	—
Class R4 (a)
Proceeds from shares issued	$	32,970		$	—		$	45,735		$	—
Distributions reinvested		607			—			641			—
Change in net assets resulting from Class R4 capital transactions	$	33,577		$	—		$	46,376		$	—
Class R5 (formerly Institutional Class)
Proceeds from shares issued	$	429,423,797		$	534,532,166		$	438,115,930		$	552,931,944
Distributions reinvested		48,790,680			44,052,156			40,428,255			33,725,188
Cost of shares redeemed		(447,160,910	)		(191,405,056	)		(343,629,945	)		(199,536,730	)
Change in net assets resulting from Class R5 capital transactions	$	31,053,567		$	387,179,266		$	134,914,240		$	387,120,402
Class R6
Proceeds from shares issued	$	322,907,191		$	117,213,027		$	222,658,789		$	90,795,651
Distributions reinvested		8,205,546			3,538,458			4,938,273			2,757,691
Cost of shares redeemed		(88,621,390	)		(16,796,566	)		(97,968,094	)		(14,022,717	)
Change in net assets resulting from Class R6 capital transactions	$	242,491,347		$	103,954,919		$	129,628,968		$	79,530,625
Total change in net assets resulting from capital transactions	$	392,716,443		$	828,622,198		$	361,251,472		$	752,257,384

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		15,252,580			18,278,930			15,108,922			15,565,213
Reinvested		1,123,708			1,035,654			904,038			798,171
Redeemed		(13,145,070	)		(8,369,246	)		(12,700,799	)		(7,202,620	)
Change in Class A Shares		3,231,218			10,945,338			3,312,161			9,160,764
Class C
Issued		212,426			457,718			240,483			404,236
Reinvested		14,446			15,668			13,677			14,666
Redeemed		(351,293	)		(470,198	)		(305,770	)		(454,273	)
Change in Class C Shares		(124,421	)		3,188			(51,610	)		(35,371	)
Class I (formerly Select Class)
Issued		6,754,362			8,379,479			8,735,889			9,287,569
Reinvested		643,250			620,420			641,231			574,466
Redeemed		(5,586,872	)		(3,832,271	)		(9,222,564	)		(5,251,801	)
Change in Class I Shares		1,810,740			5,167,628			154,556			4,610,234
Class R2
Issued		4,556,765			4,847,875			4,162,550			4,330,266
Reinvested		250,692			225,530			217,894			185,133
Redeemed		(3,397,672	)		(1,971,471	)		(2,762,844	)		(1,949,269	)
Change in Class R2 Shares		1,409,785			3,101,934			1,617,600			2,566,130
Class R3 (a)
Issued		164,727			—			307,342			—
Reinvested		238			—			428			—
Redeemed		(13,286	)		—			(6,570	)		—
Change in Class R3 Shares		151,679			—			301,200			—
Class R4 (a)
Issued		1,732			—			2,365			—
Reinvested		32			—			34			—
Change in Class R4 Shares		1,764			—			2,399			—
Class R5 (formerly Institutional Class)
Issued		22,587,928			30,098,129			23,022,711			30,986,376
Reinvested		2,614,724			2,488,351			2,168,324			1,905,570
Redeemed		(23,529,943	)		(10,761,861	)		(18,123,443	)		(11,212,164	)
Change in Class R5 Shares		1,672,709			21,824,619			7,067,592			21,679,782
Class R6
Issued		16,978,137			6,623,170			11,704,389			5,138,267
Reinvested		438,074			199,876			263,624			155,707
Redeemed		(4,728,090	)		(946,630	)		(5,202,804	)		(792,208	)
Change in Class R6 Shares		12,688,121			5,876,416			6,765,209			4,501,766

(a) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	137,429,106		$	108,494,764		$	2,112,981
Distributions reinvested		4,410,591			2,655,511			4,278
Cost of shares redeemed		(83,771,387	)		(32,082,062	)		(85,379	)
Change in net assets resulting from Class A capital transactions	$	58,068,310		$	79,068,213		$	2,031,880
Class C
Proceeds from shares issued	$	1,512,735		$	2,440,012		$	29,658
Distributions reinvested		48,981			35,812			196
Cost of shares redeemed		(1,457,482	)		(1,815,964	)		—
Change in net assets resulting from Class C capital transactions	$	104,234		$	659,860		$	29,854
Class I (formerly Select Class)
Proceeds from shares issued	$	68,456,123		$	55,296,801		$	2,790,729
Distributions reinvested		2,783,351			1,586,742			20,787
Cost of shares redeemed		(30,403,859	)		(15,772,833	)		(54,783	)
Change in net assets resulting from Class I capital transactions	$	40,835,615		$	41,110,710		$	2,756,733
Class R2
Proceeds from shares issued	$	45,667,136		$	32,909,799		$	258,175
Distributions reinvested		1,312,688			774,066			393
Cost of shares redeemed		(20,219,006	)		(9,652,390	)		(10,388	)
Change in net assets resulting from Class R2 capital transactions	$	26,760,818		$	24,031,475		$	248,180
Class R3 (b)
Proceeds from shares issued	$	1,320,177		$	—		$	169,890
Distributions reinvested		2,348			—			378
Cost of shares redeemed		(49,369	)		—			(181	)
Change in net assets resulting from Class R3 capital transactions	$	1,273,156		$	—		$	170,087
Class R4 (b)
Proceeds from shares issued	$	20,000		$	—		$	20,000
Distributions reinvested		546			—			289
Change in net assets resulting from Class R4 capital transactions	$	20,546		$	—		$	20,289
Class R5 (formerly Institutional Class)
Proceeds from shares issued	$	208,989,276		$	183,321,964		$	4,401,949
Distributions reinvested		10,769,454			6,933,353			10,077
Cost of shares redeemed		(130,282,591	)		(39,667,289	)		(459,581	)
Change in net assets resulting from Class R5 capital transactions	$	89,476,139		$	150,588,028		$	3,952,445
Class R6
Proceeds from shares issued	$	104,046,410		$	32,323,518		$	1,912,761
Distributions reinvested		1,781,860			399,307			3,539
Cost of shares redeemed		(22,689,667	)		(3,254,263	)		(357,380	)
Change in net assets resulting from Class R6 capital transactions	$	83,138,603		$	29,468,562		$	1,558,920
Total change in net assets resulting from capital transactions	$	299,677,421		$	324,926,848		$	10,768,388

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017 (a)
SHARE TRANSACTIONS:
Class A
Issued		6,534,974			5,538,757			132,156
Reinvested		213,935			135,787			267
Redeemed		(3,956,632	)		(1,642,468	)		(5,348	)
Change in Class A Shares		2,792,277			4,032,076			127,075
Class C
Issued		72,229			124,790			1,933
Reinvested		2,407			1,839			13
Redeemed		(70,577	)		(93,160	)		—
Change in Class C Shares		4,059			33,469			1,946
Class I (formerly Select Class)
Issued		3,252,941			2,845,960			178,865
Reinvested		134,540			81,019			1,349
Redeemed		(1,440,788	)		(800,732	)		(3,450	)
Change in Class I Shares		1,946,693			2,126,247			176,764
Class R2
Issued		2,179,299			1,689,492			16,056
Reinvested		64,099			39,640			25
Redeemed		(957,804	)		(495,013	)		(652	)
Change in Class R2 Shares		1,285,594			1,234,119			15,429
Class R3 (b)
Issued		60,687			—			10,629
Reinvested		108			—			24
Redeemed		(2,231	)		—			(11	)
Change in Class R3 Shares		58,564			—			10,642
Class R4 (b)
Issued		984			—			1,350
Reinvested		27			—			19
Change in Class R4 Shares		1,011			—			1,369
Class R5 (formerly Institutional Class)
Issued		9,915,372			9,346,821			273,066
Reinvested		520,235			353,984			623
Redeemed		(6,171,870	)		(2,015,368	)		(28,103	)
Change in Class R5 Shares		4,263,737			7,685,437			245,586
Class R6
Issued		4,899,231			1,660,873			118,446
Reinvested		85,582			20,355			217
Redeemed		(1,085,594	)		(166,871	)		(22,318	)
Change in Class R6 Shares		3,899,219			1,514,357			96,345

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective September 9, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
SmartRetirement Income Fund
Class A
Year Ended June 30, 2017	$	17.30	$	0.39	(h)	$	0.83		$	1.22	$	(0.38	)	$	—		$	(0.38	)
Year Ended June 30, 2016		17.60		0.32			(0.19	)		0.13		(0.37	)		(0.06	)		(0.43	)
Year Ended June 30, 2015		17.72		0.32	(h)		0.00	(i)		0.32		(0.44	)		—			(0.44	)
Year Ended June 30, 2014		16.41		0.36			1.38			1.74		(0.43	)		—			(0.43	)
Year Ended June 30, 2013		15.79		0.36			0.66			1.02		(0.40	)		—			(0.40	)
Class C
Year Ended June 30, 2017		17.23		0.27	(h)		0.83			1.10		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		17.53		0.21			(0.19	)		0.02		(0.26	)		(0.06	)		(0.32	)
Year Ended June 30, 2015		17.66		0.20	(h)		0.00	(i)		0.20		(0.33	)		—			(0.33	)
Year Ended June 30, 2014		16.36		0.26			1.36			1.62		(0.32	)		—			(0.32	)
Year Ended June 30, 2013		15.75		0.25			0.66			0.91		(0.30	)		—			(0.30	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.33		0.40	(h)		0.84			1.24		(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.63		0.34			(0.20	)		0.14		(0.38	)		(0.06	)		(0.44	)
Year Ended June 30, 2015		17.75		0.34	(h)		0.00	(i)		0.34		(0.46	)		—			(0.46	)
Year Ended June 30, 2014		16.43		0.37			1.39			1.76		(0.44	)		—			(0.44	)
Year Ended June 30, 2013		15.81		0.38			0.66			1.04		(0.42	)		—			(0.42	)
Class R2
Year Ended June 30, 2017		17.26		0.34	(h)		0.83			1.17		(0.33	)		—			(0.33	)
Year Ended June 30, 2016		17.57		0.28			(0.20	)		0.08		(0.33	)		(0.06	)		(0.39	)
Year Ended June 30, 2015		17.69		0.28	(h)		0.00	(i)		0.28		(0.40	)		—			(0.40	)
Year Ended June 30, 2014		16.39		0.31			1.38			1.69		(0.39	)		—			(0.39	)
Year Ended June 30, 2013		15.77		0.32			0.67			0.99		(0.37	)		—			(0.37	)
Class R3
September 9, 2016 (j) through June 30, 2017		17.56		0.35	(h)		0.58			0.93		(0.39	)		—			(0.39	)
Class R4
September 9, 2016 (j) through June 30, 2017		17.59		0.33	(h)		0.64			0.97		(0.39	)		—			(0.39	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		17.36		0.43	(h)		0.83			1.26		(0.42	)		—			(0.42	)
Year Ended June 30, 2016		17.66		0.36			(0.19	)		0.17		(0.41	)		(0.06	)		(0.47	)
Year Ended June 30, 2015		17.78		0.36	(h)		0.00	(i)		0.36		(0.48	)		—			(0.48	)
Year Ended June 30, 2014		16.46		0.39			1.40			1.79		(0.47	)		—			(0.47	)
Year Ended June 30, 2013		15.83		0.40			0.67			1.07		(0.44	)		—			(0.44	)
Class R6
Year Ended June 30, 2017		17.36		0.47	(h)		0.80			1.27		(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.66		0.37			(0.19	)		0.18		(0.42	)		(0.06	)		(0.48	)
November 3, 2014 (j) through June 30, 2015		17.75		0.49	(h)		(0.18	)		0.31		(0.40	)		—			(0.40	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	18.14		7.14	%	$	1,272,206,671		0.29	%		2.20	%(h)		0.56	%		21	%
	17.30		0.81			619,792,804		0.28			1.86			0.58			29
	17.60		1.81			600,404,300		0.27			1.80	(h)		0.58			10
	17.72		10.68			535,792,964		0.27			2.09			0.57			11
	16.41		6.48			207,251,354		0.27			2.16			0.57			20
	18.07		6.44			43,741,512		0.94			1.54	(h)		1.05			21
	17.23		0.16			24,969,601		0.94			1.22			1.08			29
	17.53		1.12			24,249,797		0.92			1.15	(h)		1.09			10
	17.66		9.98			20,874,415		0.92			1.54			1.07			11
	16.36		5.80			6,649,282		0.92			1.53			1.07			20
	18.17		7.22			556,179,393		0.19			2.28	(h)		0.30			21
	17.33		0.90			298,322,644		0.18			1.97			0.32			29
	17.63		1.91			304,856,274		0.17			1.91	(h)		0.34			10
	17.75		10.82			299,870,855		0.17			2.17			0.32			11
	16.43		6.57			115,267,735		0.17			2.27			0.32			20
	18.10		6.82			229,706,224		0.59			1.90	(h)		0.84			21
	17.26		0.50			110,807,390		0.53			1.61			0.87			29
	17.57		1.58			99,663,111		0.52			1.56	(h)		0.87			10
	17.69		10.39			87,275,247		0.52			1.80			0.82			11
	16.39		6.26			31,858,647		0.52			1.96			0.82			20
	18.10		5.35			2,507,962		0.50			2.41	(h)		0.58			21
	18.17		5.61			21,118		0.25			2.28	(h)		0.35			21
	18.20		7.32			1,883,558,005		0.09			2.40	(h)		0.15			21
	17.36		1.03			1,005,529,297		0.05			2.09			0.16			29
	17.66		2.04			833,438,828		0.03			2.00	(h)		0.16			10
	17.78		10.96			809,213,832		0.02			2.24			0.17			11
	16.46		6.79			393,543,989		0.02			2.40			0.17			20
	18.20		7.42			476,562,618		0.00			2.63	(h)		0.01			21
	17.36		1.09			101,641,201		0.00			2.15			0.00	(k)		29
	17.66		1.76			208,521,972		0.00			4.22	(h)		0.00	(k)		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2020 Fund
Class A
Year Ended June 30, 2017	$	17.95	$	0.38	(h)	$	1.31		$	1.69		$	(0.40	)	$	(0.10	)	$	(0.50	)
Year Ended June 30, 2016		18.50		0.32			(0.30	)		0.02			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2015		18.62		0.34	(h)		0.25			0.59			(0.49	)		(0.22	)		(0.71	)
Year Ended June 30, 2014		16.70		0.33			2.13			2.46			(0.47	)		(0.07	)		(0.54	)
Year Ended June 30, 2013		15.41		0.35			1.34			1.69			(0.40	)		—			(0.40	)
Class C
Year Ended June 30, 2017		17.87		0.25	(h)		1.31			1.56			(0.27	)		(0.10	)		(0.37	)
Year Ended June 30, 2016		18.42		0.21			(0.31	)		(0.10	)		(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2015		18.56		0.21	(h)		0.24			0.45			(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2014		16.65		0.21			2.13			2.34			(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2013		15.37		0.25			1.33			1.58			(0.30	)		—			(0.30	)
Class I (formerly Select Class)
Year Ended June 30, 2017		18.00		0.40	(h)		1.31			1.71			(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2016		18.55		0.34			(0.30	)		0.04			(0.40	)		(0.19	)		(0.59	)
Year Ended June 30, 2015		18.68		0.36	(h)		0.23			0.59			(0.50	)		(0.22	)		(0.72	)
Year Ended June 30, 2014		16.75		0.35			2.14			2.49			(0.49	)		(0.07	)		(0.56	)
Year Ended June 30, 2013		15.45		0.36			1.35			1.71			(0.41	)		—			(0.41	)
Class R2
Year Ended June 30, 2017		17.90		0.32	(h)		1.31			1.63			(0.34	)		(0.10	)		(0.44	)
Year Ended June 30, 2016		18.45		0.28			(0.30	)		(0.02	)		(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2015		18.58		0.29	(h)		0.24			0.53			(0.44	)		(0.22	)		(0.66	)
Year Ended June 30, 2014		16.67		0.29			2.12			2.41			(0.43	)		(0.07	)		(0.50	)
Year Ended June 30, 2013		15.39		0.32			1.32			1.64			(0.36	)		—			(0.36	)
Class R3
September 9, 2016 (i) through June 30, 2017		18.29		0.28	(h)		1.03			1.31			(0.40	)		(0.10	)		(0.50	)
Class R4
September 9, 2016 (i) through June 30, 2017		18.35		0.35	(h)		1.00			1.35			(0.41	)		(0.10	)		(0.51	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		18.02		0.42	(h)		1.32			1.74			(0.44	)		(0.10	)		(0.54	)
Year Ended June 30, 2016		18.57		0.37			(0.31	)		0.06			(0.42	)		(0.19	)		(0.61	)
Year Ended June 30, 2015		18.69		0.38	(h)		0.25			0.63			(0.53	)		(0.22	)		(0.75	)
Year Ended June 30, 2014		16.76		0.38			2.13			2.51			(0.51	)		(0.07	)		(0.58	)
Year Ended June 30, 2013		15.46		0.40			1.34			1.74			(0.44	)		—			(0.44	)
Class R6
Year Ended June 30, 2017		18.03		0.45	(h)		1.30			1.75			(0.45	)		(0.10	)		(0.55	)
Year Ended June 30, 2016		18.58		0.40			(0.33	)		0.07			(0.43	)		(0.19	)		(0.62	)
November 3, 2014 (i) through June 30, 2015		18.75		0.27	(h)		0.23			0.50			(0.45	)		(0.22	)		(0.67	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	19.14		9.55	%	$	1,698,638,664		0.31	%		2.03	%(h)		0.54	%		20	%
	17.95		0.22			1,574,360,821		0.30			1.82			0.57			19
	18.50		3.23			1,413,064,773		0.28			1.80	(h)		0.56			8
	18.62		14.87			1,106,943,955		0.28			1.86			0.55			9
	16.70		11.04			652,936,166		0.28			2.16			0.57			23
	19.06		8.86			47,919,707		0.96			1.37	(h)		1.06			20
	17.87		(0.43	)		55,337,034		0.95			1.17			1.08			19
	18.42		2.50			56,200,731		0.93			1.15	(h)		1.08			8
	18.56		14.17			41,225,755		0.93			1.20			1.05			9
	16.65		10.33			26,331,781		0.93			1.50			1.07			23
	19.20		9.68			894,064,434		0.21			2.15	(h)		0.29			20
	18.00		0.31			943,672,820		0.20			1.92			0.31			19
	18.55		3.26			964,095,152		0.18			1.91	(h)		0.30			8
	18.68		14.99			837,787,313		0.18			1.95			0.30			9
	16.75		11.17			579,236,917		0.18			2.18			0.32			23
	19.09		9.24			379,082,287		0.60			1.75	(h)		0.81			20
	17.90		(0.02	)		383,079,281		0.55			1.57			0.83			19
	18.45		2.94			303,004,617		0.53			1.55	(h)		0.83			8
	18.58		14.58			229,054,335		0.53			1.63			0.80			9
	16.67		10.75			123,433,251		0.53			1.96			0.82			23
	19.10		7.31			4,816,368		0.50			1.82	(h)		0.54			20
	19.19		7.54			26,608		0.25			2.35	(h)		0.35			20
	19.22		9.80			3,406,306,984		0.09			2.26	(h)		0.13			20
	18.02		0.44			3,514,258,427		0.07			2.04			0.14			19
	18.57		3.45			3,238,307,085		0.04			2.02	(h)		0.15			8
	18.69		15.14			2,288,844,154		0.03			2.12			0.15			9
	16.76		11.33			1,199,064,978		0.03			2.39			0.17			23
	19.23		9.90			644,741,611		0.00	(j)		2.39	(h)		0.00	(j)		20
	18.03		0.51			309,810,854		0.00	(j)		2.22			0.00	(j)		19
	18.58		2.73			96,486,068		0.00	(j)		2.14	(h)		0.00	(j)		8

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2025 Fund
Class A
Year Ended June 30, 2017	$	17.31	$	0.34	(h)	$	1.60		$	1.94		$	(0.35	)	$	(0.15	)	$	(0.50	)
Year Ended June 30, 2016		17.97		0.28			(0.40	)		(0.12	)		(0.35	)		(0.19	)		(0.54	)
Year Ended June 30, 2015		18.00		0.30	(h)		0.35			0.65			(0.47	)		(0.21	)		(0.68	)
Year Ended June 30, 2014		16.03		0.29			2.39			2.68			(0.45	)		(0.26	)		(0.71	)
Year Ended June 30, 2013		14.50		0.32			1.58			1.90			(0.36	)		(0.01	)		(0.37	)
Class C
Year Ended June 30, 2017		17.24		0.22	(h)		1.61			1.83			(0.23	)		(0.15	)		(0.38	)
Year Ended June 30, 2016		17.91		0.17			(0.42	)		(0.25	)		(0.23	)		(0.19	)		(0.42	)
Year Ended June 30, 2015		17.95		0.18	(h)		0.36			0.54			(0.37	)		(0.21	)		(0.58	)
Year Ended June 30, 2014		16.00		0.18			2.37			2.55			(0.34	)		(0.26	)		(0.60	)
Year Ended June 30, 2013		14.48		0.22			1.58			1.80			(0.27	)		(0.01	)		(0.28	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.34		0.36	(h)		1.61			1.97			(0.37	)		(0.15	)		(0.52	)
Year Ended June 30, 2016		18.01		0.30			(0.42	)		(0.12	)		(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2015		18.04		0.32	(h)		0.35			0.67			(0.49	)		(0.21	)		(0.70	)
Year Ended June 30, 2014		16.06		0.31			2.39			2.70			(0.46	)		(0.26	)		(0.72	)
Year Ended June 30, 2013		14.52		0.34			1.59			1.93			(0.38	)		(0.01	)		(0.39	)
Class R2
Year Ended June 30, 2017		17.25		0.29	(h)		1.60			1.89			(0.30	)		(0.15	)		(0.45	)
Year Ended June 30, 2016		17.92		0.24			(0.41	)		(0.17	)		(0.31	)		(0.19	)		(0.50	)
Year Ended June 30, 2015		17.95		0.25	(h)		0.36			0.61			(0.43	)		(0.21	)		(0.64	)
Year Ended June 30, 2014		16.00		0.25			2.37			2.62			(0.41	)		(0.26	)		(0.67	)
Year Ended June 30, 2013		14.47		0.29			1.58			1.87			(0.33	)		(0.01	)		(0.34	)
Class R3
September 9, 2016 (i) through June 30, 2017		17.69		0.23	(h)		1.31			1.54			(0.36	)		(0.15	)		(0.51	)
Class R4
September 9, 2016 (i) through June 30, 2017		17.73		0.29	(h)		1.29			1.58			(0.38	)		(0.15	)		(0.53	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		17.36		0.38	(h)		1.61			1.99			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		18.03		0.32			(0.41	)		(0.09	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2015		18.05		0.34	(h)		0.37			0.71			(0.52	)		(0.21	)		(0.73	)
Year Ended June 30, 2014		16.07		0.34			2.39			2.73			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2013		14.53		0.35			1.60			1.95			(0.40	)		(0.01	)		(0.41	)
Class R6
Year Ended June 30, 2017		17.36		0.41	(h)		1.61			2.02			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		18.03		0.35			(0.43	)		(0.08	)		(0.40	)		(0.19	)		(0.59	)
November 3, 2014 (i) through June 30, 2015		18.13		0.24	(h)		0.32			0.56			(0.45	)		(0.21	)		(0.66	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	18.75		11.42	%	$	1,839,098,058		0.32	%		1.88	%(h)		0.54	%		16	%
	17.31		(0.59	)		1,581,781,922		0.31			1.65			0.56			17
	17.97		3.74			1,322,590,934		0.29			1.66	(h)		0.56			8
	18.00		16.96			949,827,525		0.29			1.69			0.56			7
	16.03		13.23			524,850,362		0.29			2.03			0.58			14
	18.69		10.79			50,947,959		0.97			1.22	(h)		1.05			16
	17.24		(1.30	)		53,254,672		0.96			0.99			1.09			17
	17.91		3.07			53,305,463		0.94			1.01	(h)		1.08			8
	17.95		16.18			36,336,181		0.94			1.05			1.06			7
	16.00		12.54			20,270,701		0.94			1.41			1.08			14
	18.79		11.56			928,710,192		0.22			1.97	(h)		0.29			16
	17.34		(0.55	)		855,591,284		0.21			1.75			0.31			17
	18.01		3.82			762,445,476		0.19			1.77	(h)		0.31			8
	18.04		17.10			592,406,545		0.19			1.78			0.31			7
	16.06		13.39			348,288,801		0.19			2.15			0.33			14
	18.69		11.13			384,485,846		0.61			1.60	(h)		0.81			16
	17.25		(0.88	)		345,519,188		0.56			1.41			0.84			17
	17.92		3.50			265,307,239		0.54			1.39	(h)		0.83			8
	17.95		16.61			194,791,393		0.54			1.45			0.81			7
	16.00		13.01			90,656,793		0.54			1.86			0.83			14
	18.72		8.92			3,644,789		0.50			1.56	(h)		0.56			16
	18.78		9.09			185,054		0.25			1.95	(h)		0.34			16
	18.81		11.69			3,347,238,800		0.09			2.12	(h)		0.13			16
	17.36		(0.41	)		3,245,942,674		0.07			1.88			0.15			17
	18.03		4.02			2,752,521,619		0.05			1.89	(h)		0.15			8
	18.05		17.25			1,768,679,204		0.04			1.97			0.16			7
	16.07		13.54			684,782,838		0.04			2.25			0.18			14
	18.82		11.85			796,239,508		0.00			2.26	(h)		0.00	(j)		16
	17.36		(0.34	)		292,823,052		0.00			2.05			0.00	(j)		17
	18.03		3.16			82,127,377.00		0.00			1.97	(h)		0.00	(j)		8

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2030 Fund
Class A
Year Ended June 30, 2017	$	18.45	$	0.34	(h)	$	2.06		$	2.40		$	(0.37	)	$	(0.15	)	$	(0.52	)
Year Ended June 30, 2016		19.37		0.28			(0.63	)		(0.35	)		(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2015		19.38		0.30	(h)		0.46			0.76			(0.50	)		(0.27	)		(0.77	)
Year Ended June 30, 2014		16.94		0.28			2.86			3.14			(0.48	)		(0.22	)		(0.70	)
Year Ended June 30, 2013		15.05		0.32			1.94			2.26			(0.37	)		—			(0.37	)
Class C
Year Ended June 30, 2017		18.29		0.22	(h)		2.03			2.25			(0.24	)		(0.15	)		(0.39	)
Year Ended June 30, 2016		19.22		0.16			(0.62	)		(0.46	)		(0.25	)		(0.22	)		(0.47	)
Year Ended June 30, 2015		19.25		0.17	(h)		0.46			0.63			(0.39	)		(0.27	)		(0.66	)
Year Ended June 30, 2014		16.84		0.16			2.84			3.00			(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2013		14.98		0.21			1.92			2.13			(0.27	)		—			(0.27	)
Class I (formerly Select Class)
Year Ended June 30, 2017		18.49		0.36	(h)		2.07			2.43			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		19.41		0.30			(0.63	)		(0.33	)		(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2015		19.42		0.32	(h)		0.46			0.78			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2014		16.98		0.30			2.85			3.15			(0.49	)		(0.22	)		(0.71	)
Year Ended June 30, 2013		15.08		0.31			1.97			2.28			(0.38	)		—			(0.38	)
Class R2
Year Ended June 30, 2017		18.39		0.29	(h)		2.04			2.33			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2016		19.31		0.23			(0.62	)		(0.39	)		(0.31	)		(0.22	)		(0.53	)
Year Ended June 30, 2015		19.33		0.25	(h)		0.45			0.70			(0.45	)		(0.27	)		(0.72	)
Year Ended June 30, 2014		16.90		0.24			2.85			3.09			(0.44	)		(0.22	)		(0.66	)
Year Ended June 30, 2013		15.03		0.28			1.92			2.20			(0.33	)		—			(0.33	)
Class R3
September 9, 2016 (i) through June 30, 2017		18.89		0.21	(h)		1.72			1.93			(0.37	)		(0.15	)		(0.52	)
Class R4
September 9, 2016 (i) through June 30, 2017		18.93		0.33	(h)		1.64			1.97			(0.39	)		(0.15	)		(0.54	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		18.53		0.39	(h)		2.07			2.46			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		19.45		0.33			(0.63	)		(0.30	)		(0.40	)		(0.22	)		(0.62	)
Year Ended June 30, 2015		19.46		0.35	(h)		0.46			0.81			(0.55	)		(0.27	)		(0.82	)
Year Ended June 30, 2014		17.01		0.33			2.86			3.19			(0.52	)		(0.22	)		(0.74	)
Year Ended June 30, 2013		15.11		0.35			1.96			2.31			(0.41	)		—			(0.41	)
Class R6
Year Ended June 30, 2017		18.53		0.41	(h)		2.06			2.47			(0.43	)		(0.15	)		(0.58	)
Year Ended June 30, 2016		19.45		0.35			(0.64	)		(0.29	)		(0.41	)		(0.22	)		(0.63	)
November 3, 2014 (i) through June 30, 2015		19.55		0.24	(h)		0.41			0.65			(0.48	)		(0.27	)		(0.75	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	20.33		13.21	%	$	1,989,716,070		0.32	%		1.77	%(h)		0.55	%		26	%
	18.45		(1.71	)		1,719,385,697		0.31			1.53			0.58			22
	19.37		4.05			1,479,265,341		0.29			1.54	(h)		0.57			10
	19.38		18.75			1,111,610,185		0.29			1.54			0.56			10
	16.94		15.12			626,316,366		0.29			1.93			0.59			21
	20.15		12.48			46,297,575		0.97			1.12	(h)		1.07			26
	18.29		(2.36	)		47,960,623		0.96			0.87			1.11			22
	19.22		3.39			53,202,326		0.94			0.88	(h)		1.10			10
	19.25		17.96			39,005,729		0.94			0.87			1.06			10
	16.84		14.30			25,631,541		0.94			1.27			1.09			21
	20.38		13.34			999,965,327		0.22			1.88	(h)		0.30			26
	18.49		(1.62	)		997,683,619		0.21			1.63			0.32			22
	19.41		4.14			950,009,815		0.19			1.66	(h)		0.32			10
	19.42		18.81			781,446,585		0.19			1.64			0.31			10
	16.98		15.25			470,179,084		0.19			1.92			0.34			21
	20.26		12.87			492,665,627		0.61			1.48	(h)		0.82			26
	18.39		(1.95	)		444,975,463		0.56			1.28			0.84			22
	19.31		3.77			351,034,923		0.54			1.29	(h)		0.84			10
	19.33		18.48			259,005,839		0.54			1.32			0.81			10
	16.90		14.76			116,048,480		0.54			1.72			0.84			21
	20.30		10.44			5,048,280		0.50			1.28	(h)		0.53			26
	20.36		10.62			34,690		0.25			2.13	(h)		0.35			26
	20.43		13.51			3,803,505,336		0.09			2.01	(h)		0.14			26
	18.53		(1.48	)		3,512,043,299		0.07			1.77			0.15			22
	19.45		4.28			3,091,391,989		0.05			1.77	(h)		0.16			10
	19.46		19.00			2,102,751,164		0.04			1.80			0.16			10
	17.01		15.39			1,036,751,950		0.04			2.15			0.19			21
	20.42		13.56			706,064,859		0.00			2.12	(h)		0.00	(j)		26
	18.53		(1.41	)		304,091,927		0.00			1.93			0.00	(j)		22
	19.45		3.42			96,079,609		0.00			1.84	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2035 Fund
Class A
Year Ended June 30, 2017	$	17.59	$	0.31	(h)	$	2.21		$	2.52		$	(0.33	)	$	(0.16	)	$	(0.49	)
Year Ended June 30, 2016		18.59		0.25			(0.70	)		(0.45	)		(0.33	)		(0.22	)		(0.55	)
Year Ended June 30, 2015		18.56		0.27	(h)		0.50			0.77			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.15		0.25			2.95			3.20			(0.45	)		(0.34	)		(0.79	)
Year Ended June 30, 2013		14.17		0.28			2.06			2.34			(0.33	)		(0.03	)		(0.36	)
Class C
Year Ended June 30, 2017		17.45		0.19	(h)		2.20			2.39			(0.21	)		(0.16	)		(0.37	)
Year Ended June 30, 2016		18.47		0.13			(0.70	)		(0.57	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		18.46		0.15	(h)		0.50			0.65			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.08		0.13			2.93			3.06			(0.34	)		(0.34	)		(0.68	)
Year Ended June 30, 2013		14.12		0.18			2.05			2.23			(0.24	)		(0.03	)		(0.27	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.67		0.33	(h)		2.22			2.55			(0.35	)		(0.16	)		(0.51	)
Year Ended June 30, 2016		18.67		0.27			(0.71	)		(0.44	)		(0.34	)		(0.22	)		(0.56	)
Year Ended June 30, 2015		18.63		0.30	(h)		0.49			0.79			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.21		0.26			2.96			3.22			(0.46	)		(0.34	)		(0.80	)
Year Ended June 30, 2013		14.23		0.30			2.05			2.35			(0.34	)		(0.03	)		(0.37	)
Class R2
Year Ended June 30, 2017		17.54		0.26	(h)		2.21			2.47			(0.28	)		(0.16	)		(0.44	)
Year Ended June 30, 2016		18.54		0.21			(0.71	)		(0.50	)		(0.28	)		(0.22	)		(0.50	)
Year Ended June 30, 2015		18.52		0.22	(h)		0.49			0.71			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.12		0.21			2.94			3.15			(0.41	)		(0.34	)		(0.75	)
Year Ended June 30, 2013		14.15		0.25			2.05			2.30			(0.30	)		(0.03	)		(0.33	)
Class R3
September 9, 2016 (i) through June 30, 2017		18.04		0.18	(h)		1.85			2.03			(0.34	)		(0.16	)		(0.50	)
Class R4
September 9, 2016 (i) through June 30, 2017		18.13		0.31	(h)		1.78			2.09			(0.36	)		(0.16	)		(0.52	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		17.68		0.35	(h)		2.24			2.59			(0.38	)		(0.16	)		(0.54	)
Year Ended June 30, 2016		18.68		0.29			(0.70	)		(0.41	)		(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2015		18.64		0.32	(h)		0.50			0.82			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.21		0.30			2.96			3.26			(0.49	)		(0.34	)		(0.83	)
Year Ended June 30, 2013		14.23		0.32			2.06			2.38			(0.37	)		(0.03	)		(0.40	)
Class R6
Year Ended June 30, 2017		17.68		0.38	(h)		2.22			2.60			(0.39	)		(0.16	)		(0.55	)
Year Ended June 30, 2016		18.68		0.32			(0.72	)		(0.40	)		(0.38	)		(0.22	)		(0.60	)
November 3, 2014 (i) through June 30, 2015		18.74		0.20	(h)		0.46			0.66			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	19.62		14.58	%	$	1,438,787,340		0.32	%		1.67	%(h)		0.56	%		22	%
	17.59		(2.40	)		1,219,559,258		0.31			1.42			0.59			17
	18.59		4.22			1,011,295,528		0.29			1.45	(h)		0.58			10
	18.56		20.12			725,647,849		0.29			1.39			0.57			8
	16.15		16.62			380,599,455		0.29			1.81			0.61			13
	19.47		13.89			29,550,511		0.97			1.02	(h)		1.08			22
	17.45		(3.08	)		30,327,423		0.96			0.73			1.08			17
	18.47		3.59			35,271,638		0.94			0.80	(h)		1.07			10
	18.46		19.30			22,282,103		0.94			0.74			1.07			8
	16.08		15.85			13,673,242		0.94			1.14			1.11			13
	19.71		14.68			743,740,243		0.22			1.75	(h)		0.30			22
	17.67		(2.30	)		655,304,993		0.21			1.52			0.33			17
	18.67		4.36			580,866,905		0.19			1.57	(h)		0.33			10
	18.63		20.21			436,679,753		0.19			1.50			0.32			8
	16.21		16.66			235,978,216		0.19			1.94			0.36			13
	19.57		14.29			350,592,518		0.62			1.38	(h)		0.83			22
	17.54		(2.64	)		292,087,846		0.56			1.18			0.86			17
	18.54		3.93			225,354,729		0.54			1.19	(h)		0.85			10
	18.52		19.84			159,581,426		0.54			1.17			0.82			8
	16.12		16.32			64,440,577		0.54			1.64			0.86			13
	19.57		11.49			5,007,361		0.50			1.16	(h)		0.54			22
	19.70		11.74			43,037		0.25			2.03	(h)		0.35			22
	19.73		14.87			2,727,056,929		0.09			1.90	(h)		0.14			22
	17.68		(2.17	)		2,488,223,763		0.07			1.65			0.16			17
	18.68		4.50			2,103,140,075		0.05			1.68	(h)		0.17			10
	18.64		20.43			1,342,987,195		0.04			1.69			0.17			8
	16.21		16.82			441,806,897		0.04			2.01			0.21			13
	19.73		14.97			638,799,389		0.00			2.02	(h)		0.00	(j)		22
	17.68		(2.10	)		235,741,825		0.00			1.83			0.00	(j)		17
	18.68		3.60			77,861,701		0.00			1.63	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2040 Fund
Class A
Year Ended June 30, 2017	$	18.77	$	0.31	(h)	$	2.63		$	2.94		$	(0.34	)	$	(0.19	)	$	(0.53	)
Year Ended June 30, 2016		19.96		0.25			(0.86	)		(0.61	)		(0.33	)		(0.25	)		(0.58	)
Year Ended June 30, 2015		19.93		0.27	(h)		0.57			0.84			(0.50	)		(0.31	)		(0.81	)
Year Ended June 30, 2014		17.14		0.25			3.26			3.51			(0.49	)		(0.23	)		(0.72	)
Year Ended June 30, 2013		14.96		0.29			2.24			2.53			(0.35	)		—			(0.35	)
Class C
Year Ended June 30, 2017		18.54		0.18	(h)		2.59			2.77			(0.21	)		(0.19	)		(0.40	)
Year Ended June 30, 2016		19.76		0.12			(0.85	)		(0.73	)		(0.24	)		(0.25	)		(0.49	)
Year Ended June 30, 2015		19.76		0.14	(h)		0.57			0.71			(0.40	)		(0.31	)		(0.71	)
Year Ended June 30, 2014		17.00		0.13			3.23			3.36			(0.37	)		(0.23	)		(0.60	)
Year Ended June 30, 2013		14.86		0.18			2.22			2.40			(0.26	)		—			(0.26	)
Class I (formerly Select Class)
Year Ended June 30, 2017		18.82		0.33	(h)		2.64			2.97			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		20.01		0.26			(0.85	)		(0.59	)		(0.35	)		(0.25	)		(0.60	)
Year Ended June 30, 2015		19.98		0.30	(h)		0.56			0.86			(0.52	)		(0.31	)		(0.83	)
Year Ended June 30, 2014		17.18		0.27			3.26			3.53			(0.50	)		(0.23	)		(0.73	)
Year Ended June 30, 2013		14.99		0.28			2.28			2.56			(0.37	)		—			(0.37	)
Class R2
Year Ended June 30, 2017		18.68		0.25	(h)		2.62			2.87			(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2016		19.88		0.20			(0.85	)		(0.65	)		(0.30	)		(0.25	)		(0.55	)
Year Ended June 30, 2015		19.86		0.22	(h)		0.57			0.79			(0.46	)		(0.31	)		(0.77	)
Year Ended June 30, 2014		17.09		0.21			3.23			3.44			(0.44	)		(0.23	)		(0.67	)
Year Ended June 30, 2013		14.92		0.26			2.23			2.49			(0.32	)		—			(0.32	)
Class R3
September 9, 2016 (i) through June 30, 2017		19.30		0.13	(h)		2.25			2.38			(0.35	)		(0.19	)		(0.54	)
Class R4
September 9, 2016 (i) through June 30, 2017		19.35		0.31	(h)		2.12			2.43			(0.37	)		(0.19	)		(0.56	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		18.86		0.36	(h)		2.65			3.01			(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2016		20.06		0.29			(0.86	)		(0.57	)		(0.38	)		(0.25	)		(0.63	)
Year Ended June 30, 2015		20.02		0.32	(h)		0.58			0.90			(0.55	)		(0.31	)		(0.86	)
Year Ended June 30, 2014		17.21		0.30			3.27			3.57			(0.53	)		(0.23	)		(0.76	)
Year Ended June 30, 2013		15.02		0.33			2.25			2.58			(0.39	)		—			(0.39	)
Class R6
Year Ended June 30, 2017		18.86		0.38	(h)		2.64			3.02			(0.40	)		(0.19	)		(0.59	)
Year Ended June 30, 2016		20.06		0.32			(0.88	)		(0.56	)		(0.39	)		(0.25	)		(0.64	)
November 3, 2014 (i) through June 30, 2015		20.11		0.21	(h)		0.54			0.75			(0.49	)		(0.31	)		(0.80	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	21.18		15.94	%	$	1,405,514,153		0.32	%		1.56	%(h)		0.58	%		24	%
	18.77		(2.97	)		1,218,455,476		0.31			1.32			0.62			16
	19.96		4.36			1,032,320,891		0.29			1.36	(h)		0.61			10
	19.93		20.71			793,106,767		0.29			1.34			0.59			9
	17.14		17.07			448,919,625		0.29			1.77			0.63			22
	20.91		15.18			28,920,492		0.97			0.94	(h)		1.11			24
	18.54		(3.64	)		29,275,269		0.96			0.65			1.16			16
	19.76		3.71			34,874,908		0.94			0.71	(h)		1.15			10
	19.76		19.97			27,191,674		0.94			0.67			1.09			9
	17.00		16.22			17,539,682		0.94			1.14			1.13			22
	21.24		16.05			738,939,812		0.22			1.67	(h)		0.32			24
	18.82		(2.87	)		698,514,780		0.21			1.41			0.36			16
	20.01		4.44			685,404,675		0.19			1.49	(h)		0.35			10
	19.98		20.83			552,836,747		0.19			1.45			0.34			9
	17.18		17.20			312,754,826		0.19			1.74			0.38			22
	21.08		15.62			358,746,400		0.62			1.28	(h)		0.85			24
	18.68		(3.22	)		303,226,134		0.56			1.05			0.90			16
	19.88		4.09			233,012,841		0.54			1.11	(h)		0.88			10
	19.86		20.40			172,440,254		0.54			1.12			0.84			9
	17.09		16.80			78,247,889		0.54			1.56			0.88			22
	21.14		12.58			9,292,450		0.50			0.79	(h)		0.54			24
	21.22		12.80			44,844		0.25			1.93	(h)		0.35			24
	21.29		16.22			2,933,132,572		0.09			1.80	(h)		0.15			24
	18.86		(2.78	)		2,573,248,522		0.07			1.56			0.17			16
	20.06		4.63			2,268,744,460		0.05			1.59	(h)		0.18			10
	20.02		21.02			1,514,714,606		0.04			1.61			0.19			9
	17.21		17.34			721,292,751		0.04			1.99			0.23			22
	21.29		16.33			549,100,749		0.00			1.87	(h)		0.00	(j)		24
	18.86		(2.71	)		233,180,959		0.00			1.73			0.00	(j)		16
	20.06		3.85			74,475,091		0.00			1.54	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2045 Fund
Class A
Year Ended June 30, 2017	$	17.78	$	0.29	(h)	$	2.52		$	2.81		$	(0.32	)	$	(0.19	)	$	(0.51	)
Year Ended June 30, 2016		18.90		0.23			(0.80	)		(0.57	)		(0.32	)		(0.23	)		(0.55	)
Year Ended June 30, 2015		18.83		0.26	(h)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.29		0.24			3.07			3.31			(0.45	)		(0.32	)		(0.77	)
Year Ended June 30, 2013		14.23		0.27			2.14			2.41			(0.33	)		(0.02	)		(0.35	)
Class C
Year Ended June 30, 2017		17.66		0.17	(h)		2.49			2.66			(0.20	)		(0.19	)		(0.39	)
Year Ended June 30, 2016		18.80		0.12			(0.80	)		(0.68	)		(0.23	)		(0.23	)		(0.46	)
Year Ended June 30, 2015		18.76		0.13	(h)		0.55			0.68			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.24		0.12			3.07			3.19			(0.35	)		(0.32	)		(0.67	)
Year Ended June 30, 2013		14.20		0.17			2.13			2.30			(0.24	)		(0.02	)		(0.26	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.84		0.31	(h)		2.53			2.84			(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2016		18.96		0.25			(0.81	)		(0.56	)		(0.33	)		(0.23	)		(0.56	)
Year Ended June 30, 2015		18.89		0.29	(h)		0.53			0.82			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.34		0.26			3.08			3.34			(0.47	)		(0.32	)		(0.79	)
Year Ended June 30, 2013		14.27		0.30			2.13			2.43			(0.34	)		(0.02	)		(0.36	)
Class R2
Year Ended June 30, 2017		17.72		0.24	(h)		2.50			2.74			(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2016		18.85		0.19			(0.81	)		(0.62	)		(0.28	)		(0.23	)		(0.51	)
Year Ended June 30, 2015		18.79		0.21	(h)		0.54			0.75			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.26		0.20			3.07			3.27			(0.42	)		(0.32	)		(0.74	)
Year Ended June 30, 2013		14.21		0.25			2.11			2.36			(0.29	)		(0.02	)		(0.31	)
Class R3
September 9, 2016 (i) through June 30, 2017		18.28		0.13	(h)		2.14			2.27			(0.32	)		(0.19	)		(0.51	)
Class R4
September 9, 2016 (i) through June 30, 2017		18.34		0.29	(h)		2.03			2.32			(0.34	)		(0.19	)		(0.53	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		17.85		0.34	(h)		2.53			2.87			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		18.97		0.28			(0.81	)		(0.53	)		(0.36	)		(0.23	)		(0.59	)
Year Ended June 30, 2015		18.90		0.30	(h)		0.55			0.85			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.34		0.30			3.08			3.38			(0.50	)		(0.32	)		(0.82	)
Year Ended June 30, 2013		14.27		0.31			2.14			2.45			(0.36	)		(0.02	)		(0.38	)
Class R6
Year Ended June 30, 2017		17.85		0.36	(h)		2.52			2.88			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2016		18.97		0.30			(0.82	)		(0.52	)		(0.37	)		(0.23	)		(0.60	)
November 3, 2014 (i) through June 30, 2015		18.99		0.19	(h)		0.51			0.70			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	20.08		16.06	%	$	886,620,562		0.32	%		1.55	%(h)		0.60	%		20	%
	17.78		(2.99	)		727,577,511		0.31			1.32			0.66			13
	18.90		4.40			566,570,260		0.29			1.38	(h)		0.64			9
	18.83		20.68			393,004,238		0.29			1.34			0.62			8
	16.29		17.10			195,534,833		0.29			1.77			0.66			11
	19.93		15.27			17,074,697		0.97			0.90	(h)		1.12			20
	17.66		(3.60	)		17,320,818		0.96			0.66			1.21			13
	18.80		3.71			18,384,099		0.94			0.69	(h)		1.18			9
	18.76		19.91			12,377,129		0.94			0.70			1.12			8
	16.24		16.31			6,672,821		0.94			1.11			1.16			11
	20.15		16.17			497,880,998		0.22			1.62	(h)		0.34			20
	17.84		(2.89	)		408,473,526		0.21			1.40			0.39			13
	18.96		4.48			336,202,683		0.19			1.51	(h)		0.40			9
	18.89		20.79			233,540,430		0.19			1.45			0.37			8
	16.34		17.23			106,990,895		0.19			1.89			0.41			11
	20.01		15.73			234,513,086		0.62			1.26	(h)		0.88			20
	17.72		(3.25	)		182,691,218		0.56			1.06			0.94			13
	18.85		4.12			135,857,065		0.54			1.11	(h)		0.93			9
	18.79		20.41			93,369,236		0.54			1.12			0.87			8
	16.26		16.80			36,478,073		0.54			1.59			0.91			11
	20.04		12.70			3,039,878		0.50			0.84	(h)		0.53			20
	20.13		12.92			35,508		0.25			1.91	(h)		0.35			20
	20.17		16.36			1,826,905,349		0.09			1.78	(h)		0.16			20
	17.85		(2.76	)		1,587,368,215		0.07			1.56			0.19			13
	18.97		4.62			1,273,012,966		0.05			1.60	(h)		0.20			9
	18.90		21.02			800,474,522		0.04			1.64			0.22			8
	16.34		17.39			232,443,865		0.04			1.95			0.27			11
	20.16		16.41			438,343,379		0.00			1.89	(h)		0.00	(j)		20
	17.85		(2.69	)		161,559,310		0.00			1.71			0.01			13
	18.97		3.82			60,229,727		0.00			1.48	(h)		0.01			9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2050 Fund
Class A
Year Ended June 30, 2017	$	17.76	$	0.29	(h)	$	2.51		$	2.80		$	(0.32	)	$	(0.20	)	$	(0.52	)
Year Ended June 30, 2016		18.86		0.23			(0.79	)		(0.56	)		(0.32	)		(0.22	)		(0.54	)
Year Ended June 30, 2015		18.79		0.26	(h)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.28		0.24			3.08			3.32			(0.46	)		(0.35	)		(0.81	)
Year Ended June 30, 2013		14.23		0.28			2.11			2.39			(0.32	)		(0.02	)		(0.34	)
Class C
Year Ended June 30, 2017		17.62		0.17	(h)		2.48			2.65			(0.20	)		(0.20	)		(0.40	)
Year Ended June 30, 2016		18.74		0.12			(0.79	)		(0.67	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		18.70		0.13	(h)		0.54			0.67			(0.37	)		(0.26	)		(0.63	)
Year Ended June 30, 2014		16.22		0.12			3.06			3.18			(0.35	)		(0.35	)		(0.70	)
Year Ended June 30, 2013		14.18		0.18			2.11			2.29			(0.23	)		(0.02	)		(0.25	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.82		0.32	(h)		2.50			2.82			(0.34	)		(0.20	)		(0.54	)
Year Ended June 30, 2016		18.92		0.25			(0.79	)		(0.54	)		(0.34	)		(0.22	)		(0.56	)
Year Ended June 30, 2015		18.85		0.28	(h)		0.53			0.81			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.33		0.26			3.08			3.34			(0.47	)		(0.35	)		(0.82	)
Year Ended June 30, 2013		14.26		0.28			2.15			2.43			(0.34	)		(0.02	)		(0.36	)
Class R2
Year Ended June 30, 2017		17.70		0.24	(h)		2.48			2.72			(0.26	)		(0.20	)		(0.46	)
Year Ended June 30, 2016		18.81		0.19			(0.80	)		(0.61	)		(0.28	)		(0.22	)		(0.50	)
Year Ended June 30, 2015		18.74		0.21	(h)		0.54			0.75			(0.42	)		(0.26	)		(0.68	)
Year Ended June 30, 2014		16.25		0.20			3.06			3.26			(0.42	)		(0.35	)		(0.77	)
Year Ended June 30, 2013		14.21		0.25			2.10			2.35			(0.29	)		(0.02	)		(0.31	)
Class R3
September 9, 2016 (i) through June 30, 2017		18.26		0.11	(h)		2.14			2.25			(0.32	)		(0.20	)		(0.52	)
Class R4
September 9, 2016 (i) through June 30, 2017		18.33		0.29	(h)		2.02			2.31			(0.34	)		(0.20	)		(0.54	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		17.85		0.34	(h)		2.50			2.84			(0.36	)		(0.20	)		(0.56	)
Year Ended June 30, 2016		18.95		0.28			(0.80	)		(0.52	)		(0.36	)		(0.22	)		(0.58	)
Year Ended June 30, 2015		18.87		0.30	(h)		0.55			0.85			(0.51	)		(0.26	)		(0.77	)
Year Ended June 30, 2014		16.34		0.29			3.09			3.38			(0.50	)		(0.35	)		(0.85	)
Year Ended June 30, 2013		14.28		0.31			2.13			2.44			(0.36	)		(0.02	)		(0.38	)
Class R6
Year Ended June 30, 2017		17.85		0.35	(h)		2.52			2.87			(0.38	)		(0.20	)		(0.58	)
Year Ended June 30, 2016		18.95		0.30			(0.81	)		(0.51	)		(0.37	)		(0.22	)		(0.59	)
November 3, 2014 (i) through June 30, 2015		18.96		0.19	(h)		0.52			0.71			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of classes.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	20.04		16.01	%	$	721,383,503		0.32	%		1.55	%(h)		0.66	%		20	%
	17.76		(2.94	)		580,688,735		0.31			1.32			0.73			16
	18.86		4.37			443,861,392		0.29			1.36	(h)		0.72			9
	18.79		20.67			308,249,235		0.29			1.36			0.66			8
	16.28		16.98			153,506,488		0.29			1.80			0.70			15
	19.87		15.23			16,781,638		0.97			0.90	(h)		1.16			20
	17.62		(3.56	)		15,792,238		0.96			0.65			1.28			16
	18.74		3.69			17,461,976		0.94			0.70	(h)		1.25			9
	18.70		19.85			12,185,639		0.94			0.70			1.15			8
	16.22		16.27			7,056,864		0.94			1.19			1.19			15
	20.10		16.06			437,689,624		0.22			1.67	(h)		0.41			20
	17.82		(2.84	)		385,203,213		0.21			1.42			0.46			16
	18.92		4.46			321,794,530		0.19			1.49	(h)		0.47			9
	18.85		20.78			234,064,007		0.19			1.44			0.41			8
	16.33		17.18			115,467,767		0.19			1.81			0.44			15
	19.96		15.62			204,683,819		0.62			1.26	(h)		0.93			20
	17.70		(3.20	)		152,861,551		0.56			1.07			1.01			16
	18.81		4.15			114,171,223		0.54			1.10	(h)		1.02			9
	18.74		20.33			77,289,835		0.54			1.12			0.91			8
	16.25		16.67			31,554,095		0.54			1.59			0.94			15
	19.99		12.59			6,021,491		0.50			0.72	(h)		0.58			20
	20.10		12.86			48,213		0.25			1.90	(h)		0.35			20
	20.13		16.18			1,572,471,338		0.09			1.78	(h)		0.18			20
	17.85		(2.70	)		1,267,607,026		0.07			1.58			0.21			16
	18.95		4.65			935,076,677		0.05			1.59	(h)		0.23			9
	18.87		20.99			563,630,591		0.04			1.62			0.26			8
	16.34		17.25			225,551,927		0.04			1.96			0.30			15
	20.14		16.34			279,121,538		0.00			1.84	(h)		0.01			20
	17.85		(2.64	)		126,617,731		0.00			1.72			0.01			16
	18.95		3.85			49,112,773		0.00			1.47	(h)		0.01			9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement 2055 Fund
Class A
Year Ended June 30, 2017	$	19.73	$	0.32	(h)	$	2.78		$	3.10		$	(0.35	)	$	(0.18	)	$	(0.53	)
Year Ended June 30, 2016		20.85		0.26			(0.86	)		(0.60	)		(0.36	)		(0.16	)		(0.52	)
Year Ended June 30, 2015		20.61		0.28	(h)		0.59			0.87			(0.47	)		(0.16	)		(0.63	)
Year Ended June 30, 2014		17.48		0.25			3.39			3.64			(0.50	)		(0.01	)		(0.51	)
Year Ended June 30, 2013		15.24		0.29			2.27			2.56			(0.31	)		(0.01	)		(0.32	)
Class C
Year Ended June 30, 2017		19.65		0.19	(h)		2.75			2.94			(0.21	)		(0.18	)		(0.39	)
Year Ended June 30, 2016		20.79		0.13			(0.86	)		(0.73	)		(0.25	)		(0.16	)		(0.41	)
Year Ended June 30, 2015		20.59		0.14	(h)		0.59			0.73			(0.37	)		(0.16	)		(0.53	)
Year Ended June 30, 2014		17.48		0.12			3.40			3.52			(0.40	)		(0.01	)		(0.41	)
Year Ended June 30, 2013		15.25		0.19			2.27			2.46			(0.22	)		(0.01	)		(0.23	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.76		0.34	(h)		2.78			3.12			(0.37	)		(0.18	)		(0.55	)
Year Ended June 30, 2016		20.88		0.28			(0.86	)		(0.58	)		(0.38	)		(0.16	)		(0.54	)
Year Ended June 30, 2015		20.64		0.31	(h)		0.58			0.89			(0.49	)		(0.16	)		(0.65	)
Year Ended June 30, 2014		17.50		0.26			3.41			3.67			(0.52	)		(0.01	)		(0.53	)
Year Ended June 30, 2013		15.25		0.29			2.29			2.58			(0.32	)		(0.01	)		(0.33	)
Class R2
Year Ended June 30, 2017		19.70		0.26	(h)		2.77			3.03			(0.29	)		(0.18	)		(0.47	)
Year Ended June 30, 2016		20.82		0.21			(0.85	)		(0.64	)		(0.32	)		(0.16	)		(0.48	)
Year Ended June 30, 2015		20.59		0.23	(h)		0.58			0.81			(0.42	)		(0.16	)		(0.58	)
Year Ended June 30, 2014		17.48		0.21			3.38			3.59			(0.47	)		(0.01	)		(0.48	)
Year Ended June 30, 2013		15.24		0.24			2.29			2.53			(0.28	)		(0.01	)		(0.29	)
Class R3
September 9, 2016 (i) through June 30, 2017		20.29		0.14	(h)		2.36			2.50			(0.35	)		(0.18	)		(0.53	)
Class R4
September 9, 2016 (i) through June 30, 2017		20.32		0.33	(h)		2.23			2.56			(0.37	)		(0.18	)		(0.55	)
Class R5 (formerly Institutional Class)
Year Ended June 30, 2017		19.77		0.37	(h)		2.78			3.15			(0.39	)		(0.18	)		(0.57	)
Year Ended June 30, 2016		20.89		0.31			(0.87	)		(0.56	)		(0.40	)		(0.16	)		(0.56	)
Year Ended June 30, 2015		20.64		0.33	(h)		0.59			0.92			(0.51	)		(0.16	)		(0.67	)
Year Ended June 30, 2014		17.50		0.30			3.40			3.70			(0.55	)		(0.01	)		(0.56	)
Year Ended June 30, 2013		15.24		0.32			2.29			2.61			(0.34	)		(0.01	)		(0.35	)
Class R6
Year Ended June 30, 2017		19.78		0.39	(h)		2.78			3.17			(0.41	)		(0.18	)		(0.59	)
Year Ended June 30, 2016		20.89		0.34			(0.87	)		(0.53	)		(0.42	)		(0.16	)		(0.58	)
November 3, 2014 (i) through June 30, 2015		20.75		0.25	(h)		0.52			0.77			(0.47	)		(0.16	)		(0.63	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	22.30		15.96	%	$	230,868,508		0.32	%		1.53	%(h)		0.70	%		17	%
	19.73		(2.85	)		149,208,888		0.31			1.34			0.77			10
	20.85		4.31			73,599,931		0.29			1.36	(h)		0.75			11
	20.61		21.02			32,181,731		0.29			1.29			0.65			49
	17.48		16.94			5,900,363		0.29			1.66			0.72			17
	22.20		15.20			3,626,496		0.97			0.89	(h)		1.31			17
	19.65		(3.51	)		3,130,364		0.96			0.65			1.53			10
	20.79		3.61			2,615,263		0.94			0.68	(h)		1.51			11
	20.59		20.24			904,749		0.94			0.60			1.15			49
	17.48		16.19			210,550		0.94			1.15			1.30			17
	22.33		16.05			140,666,489		0.22			1.60	(h)		0.42			17
	19.76		(2.76	)		85,997,129		0.21			1.41			0.48			10
	20.88		4.41			46,465,217		0.19			1.49	(h)		0.49			11
	20.64		21.14			16,530,124		0.19			1.35			0.40			49
	17.50		17.06			3,596,206		0.19			1.69			0.49			17
	22.26		15.62			83,587,368		0.62			1.24	(h)		0.99			17
	19.70		(3.08	)		48,658,005		0.56			1.10			1.09			10
	20.82		4.04			25,732,578		0.54			1.09	(h)		1.01			11
	20.59		20.67			9,989,630		0.54			1.05			0.90			49
	17.48		16.72			1,713,490		0.54			1.38			0.97			17
	22.26		12.59			1,303,663		0.50			0.80	(h)		0.74			17
	22.33		12.84			22,567		0.25			1.93	(h)		0.35			17
	22.35		16.23			464,633,419		0.09			1.77	(h)		0.20			17
	19.77		(2.63	)		326,762,457		0.07			1.57			0.23			10
	20.89		4.58			184,663,068		0.05			1.58	(h)		0.25			11
	20.64		21.30			72,803,481		0.04			1.55			0.26			49
	17.50		17.29			6,795,403		0.04			1.85			0.32			17
	22.36		16.32			124,561,863		0.00			1.85	(h)		0.01			17
	19.78		(2.52	)		33,074,528		0.00			1.76			0.02			10
	20.89		3.79			3,301,080		0.00			1.82	(h)		0.04			11

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
SmartRetirement 2060 Fund
Class A
August 31, 2016 (h) through June 30, 2017	$	15.00	$	0.09	(i)	$	1.70	$	1.79	$	(0.22	)
Class C
August 31, 2016 (h) through June 30, 2017		15.00		0.12	(i)		1.60		1.72		(0.15	)
Class I (formerly Select Class)
August 31, 2016 (h) through June 30, 2017		15.00		0.21	(i)		1.60		1.81		(0.22	)
Class R2
August 31, 2016 (h) through June 30, 2017		15.00		0.09	(i)		1.67		1.76		(0.18	)
Class R3
September 9, 2016 (j) through June 30, 2017		14.82		0.13	(i)		1.83		1.96		(0.20	)
Class R4
September 9, 2016 (j) through June 30, 2017		14.82		0.23	(i)		1.76		1.99		(0.21	)
Class R5 (formerly Institutional Class)
August 31, 2016 (h) through June 30, 2017		15.00		0.14	(i)		1.69		1.83		(0.24	)
Class R6
August 31, 2016 (h) through June 30, 2017		15.00		0.15	(i)		1.70		1.85		(0.25	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Does not include expenses of Underlying Funds.

(g) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of operations.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earning credits (f)			Portfolio turnover rate (d)
$	16.57		12.09	%	$	2,106,258		0.32	%		0.70	%(i)		1.09	%		116	%
	16.57		11.54			32,243		0.97			0.93	(i)		2.66			116
	16.59		12.22			2,932,411		0.22			1.58	(i)		1.26			116
	16.58		11.84			255,812		0.70			0.64	(i)		1.61			116
	16.58		13.32			176,460		0.50			1.00	(i)		1.30			116
	16.60		13.59			22,712		0.25			1.82	(i)		1.57			116
	16.59		12.34			4,073,183		0.10			1.06	(i)		0.73			116
	16.60		12.46			1,599,396		0.00			1.08	(i)		0.59			116

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan SmartRetirement® Income Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2020 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2025 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2030 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2035 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2040 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2045 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2050 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2055 Fund	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified
JPMorgan SmartRetirement® 2060 Fund**	Class A, Class C, Class I^, Class R2, Class R3*, Class R4*, Class R5^ and Class R6	Diversified

^ On April 3, 2017, the Funds’ Select Class Shares were renamed Class I Shares and Institutional Class Shares were renamed Class R5 Shares.

* Class R3 and Class R4 commenced operations on September 9, 2016.

** The JPMorgan SmartRetirement^® 2060 Fund commenced operations on August 31, 2016.

The JPMorgan SmartRetirement Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

JPMorgan SmartRetirement Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement 2015 Fund in a reorganization on June 23, 2017. Please refer to Note 9 discussing the merger.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

90 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

The Administrator has established the J.P. Morgan Investment Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,468,433,090		$	14,708,610		$	—	$	4,483,141,700
Appreciation in Other Financial Instruments
Futures Contracts	$	3,575,138		$	700,103		$	—	$	4,275,241
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,702,861	)	$	(1,124,956	)	$	—	$	(2,827,817	)
JPMorgan SmartRetirement 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,025,883,295		$	34,150,508		$	—	$	7,060,033,803
Appreciation in Other Financial Instruments
Futures Contracts	$	6,581,945		$	1,535,687		$	—	$	8,117,632
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,664,950	)	$	(2,133,322	)	$	—	$	(4,798,272	)

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,307,293,283		$	32,118,535		$	—	$	7,339,411,818
Appreciation in Other Financial Instruments
Futures Contracts	$	6,789,485		$	1,561,736		$	—	$	8,351,221
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,674,908	)	$	(2,180,708	)	$	—	$	(5,855,616	)
JPMorgan SmartRetirement 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,951,809,860		$	68,316,977		$	—	$	8,020,126,837
Appreciation in Other Financial Instruments
Futures Contracts	$	14,594,883		$	3,422,422		$	—	$	18,017,305
Depreciation in Other Financial Instruments
Futures Contracts	$	(6,558,044	)	$	(4,782,734	)	$	—	$	(11,340,778	)
JPMorgan SmartRetirement 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,896,576,581		$	50,098,052		$	—	$	5,946,674,633
Appreciation in Other Financial Instruments
Futures Contracts	$	10,770,932		$	2,503,497		$	—	$	13,274,429
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,828,234	)	$	(3,518,608	)	$	—	$	(8,346,842	)
JPMorgan SmartRetirement 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,933,129,284		$	49,611,256		$	—	$	5,982,740,540
Appreciation in Other Financial Instruments
Futures Contracts	$	10,930,804		$	2,543,550		$	—	$	13,474,354
Depreciation in Other Financial Instruments
Futures Contracts	$	(4,877,028	)	$	(3,572,420	)	$	—	$	(8,449,448	)
JPMorgan SmartRetirement 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,873,456,531		$	31,958,930		$	—	$	3,905,415,461
Appreciation in Other Financial Instruments
Futures Contracts	$	6,959,571		$	1,626,684		$	—	$	8,586,255
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,360,096	)	$	(2,294,345	)	$	—	$	(5,654,441	)

92 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,203,126,089		$	26,002,667		$	—	$	3,229,128,756
Appreciation in Other Financial Instruments
Futures Contracts	$	5,762,726		$	1,348,408		$	—	$	7,111,134
Depreciation in Other Financial Instruments
Futures Contracts	$	(2,641,827	)	$	(1,900,868	)	$	—	$	(4,542,695	)
JPMorgan SmartRetirement 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,043,948,898		$	8,294,479		$	—	$	1,052,243,377
Appreciation in Other Financial Instruments
Futures Contracts	$	1,838,847		$	422,496		$	—	$	2,261,343
Depreciation in Other Financial Instruments
Futures Contracts	$	(864,615	)	$	(600,992	)	$	—	$	(1,465,607	)
JPMorgan SmartRetirement 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	11,167,463		$	—		$	—	$	11,167,463

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of foreign futures with equity reference obligations and a U.S. Treasury Note held as initial margin for futures contracts. Please refer to the SOIs for asset class specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended June 30, 2017.

B. Futures Contracts — The Funds used treasury, foreign exchange and index futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/ depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated 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 use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The tables below disclose the volume of the Funds’ futures contracts activity during the year ended June 30, 2017:

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Income Fund
Long Futures Contracts:
Equity	$	62,679,642		$	164,502,951
Interest Rate		41,065,765			120,289,442
Short Futures Contracts:
Equity		33,429,571			22,652,957
Interest Rate		105,856,512			274,469,665
Foreign Exchange		9,770,400	(a)		—
JPMorgan SmartRetirement 2020 Fund
Long Futures Contracts:
Equity		243,342,457			274,360,083
Interest Rate		123,746,214			217,638,936
Short Futures Contracts:
Equity		92,422,990			36,622,280
Interest Rate		331,679,195			508,783,045
Foreign Exchange		45,788,400	(a)		—
JPMorgan SmartRetirement 2025 Fund
Long Futures Contracts:
Equity		288,790,121			401,352,233
Interest Rate		129,505,585			255,626,486
Short Futures Contracts:
Equity		78,722,295			37,094,216
Interest Rate		320,137,278			542,200,446
Foreign Exchange		57,380,400	(a)		—
JPMorgan SmartRetirement 2030 Fund
Long Futures Contracts:
Equity		565,357,283			826,336,809
Interest Rate		356,701,869			526,961,959
Short Futures Contracts:
Equity		174,398,924			81,078,707
Interest Rate		618,938,392			984,250,540
Foreign Exchange		110,206,800	(a)		—
JPMorgan SmartRetirement 2035 Fund
Long Futures Contracts:
Equity		417,573,889			622,295,525
Interest Rate		259,314,867			406,420,022
Short Futures Contracts:
Equity		125,435,376			59,275,236
Interest Rate		450,875,751			748,510,598
Foreign Exchange		77,086,800	(a)		—
JPMorgan SmartRetirement 2040 Fund
Long Futures Contracts:
Equity		439,798,978			625,899,910
Interest Rate		259,783,202			419,861,191
Short Futures Contracts:
Equity		127,069,167			60,124,722
Interest Rate		464,842,101			745,044,780
Foregin Exchange		90,583,200	(a)		—

94 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement 2045 Fund
Long Futures Contracts:
Equity	$	280,905,017		$	406,213,541
Interest Rate		161,313,560			287,095,738
Short Futures Contracts:
Equity		78,526,241			38,415,639
Interest Rate		292,336,942			488,971,433
Foreign Exchange		55,144,800	(a)		—
JPMorgan SmartRetirement 2050 Fund
Long Futures Contracts:
Equity		235,704,411			337,743,320
Interest Rate		123,531,893			214,105,308
Short Futures Contracts:
Equity		64,478,035			31,808,526
Interest Rate		229,948,408			372,975,176
Foreign Exchange		45,208,800	(a)		—
JPMorgan SmartRetirement 2055 Fund
Long Futures Contracts:
Equity		69,746,616			111,310,841
Interest Rate		38,730,406			72,209,887
Short Futures Contracts:
Equity		17,978,566			9,816,281
Interest Rate		69,378,659			121,791,759
Foreign Exchange		11,509,200	(a)		—
JPMorgan SmartRetirement 2060 Fund
Long Futures Contracts:
Equity		90,574			—
Interest Rate		167,334			—

(a) For the period July 1, 2016 through July 31, 2016.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	3,463,177
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		812,064
Total		$	4,275,241
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,627,890	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,199,927	)
Total		$	(2,827,817	)

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	5,980,273
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,137,359
Total		$	8,117,632
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(2,506,163	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,292,109	)
Total		$	(4,798,272	)

JPMorgan SmartRetirement 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	6,138,901
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,212,320
Total		$	8,351,221
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(3,149,068	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,706,548	)
Total		$	(5,855,616	)

JPMorgan SmartRetirement 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	13,096,634
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		4,920,671
Total		$	18,017,305
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(5,580,717	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(5,760,061	)
Total		$	(11,340,778	)

JPMorgan SmartRetirement 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,644,990
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,629,439
Total		$	13,274,429
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(4,064,512	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(4,282,330	)
Total		$	(8,346,842	)

96 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,754,136
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,720,218
Total		$	13,474,354
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(4,235,484	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(4,213,964	)
Total		$	(8,449,448	)

JPMorgan SmartRetirement 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	6,279,540
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		2,306,715
Total		$	8,586,255
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(2,842,011	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,812,430	)
Total		$	(5,654,441	)

JPMorgan SmartRetirement 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	5,163,901
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,947,233
Total		$	7,111,134
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(2,220,340	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,322,355	)
Total		$	(4,542,695	)

JPMorgan SmartRetirement 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,646,564
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		614,779
Total		$	2,261,343
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(722,454	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(743,153	)
Total		$	(1,465,607	)

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2017, by primary underlying risk exposure:

JPMorgan SmartRetirement Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,614,232	)
Equity contracts		(2,611,712	)
Foreign exchange contracts		1,102,270
Total	$	(5,123,674	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,245,836
Equity contracts		(1,436,687	)
Foreign exchange contracts		(1,026,376	)
Total	$	(1,217,227	)

JPMorgan SmartRetirement 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(13,152,860	)
Equity contracts		4,574,728
Foreign exchange contracts		5,165,705
Total	$	(3,412,427	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	618,332
Equity contracts		(4,333,458	)
Foreign exchange contracts		(4,810,049	)
Total	$	(8,525,175	)

JPMorgan SmartRetirement 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(11,479,967	)
Equity contracts		15,254,214
Foreign exchange contracts		6,473,504
Total	$	10,247,751

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(464,770	)
Equity contracts		(4,332,472	)
Foreign exchange contracts		(6,027,783	)
Total	$	(10,825,025	)

98 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

JPMorgan SmartRetirement 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(18,235,716	)
Equity contracts		19,693,027
Foreign exchange contracts		12,433,348
Total	$	13,890,659

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,439,985
Equity contracts		(9,013,005	)
Foreign exchange contracts		(11,577,171	)
Total	$	(18,150,191	)

JPMorgan SmartRetirement 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(12,310,654	)
Equity contracts		16,408,189
Foreign exchange contracts		8,696,750
Total	$	12,794,285

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,576,177
Equity contracts		(6,360,357	)
Foreign exchange contracts		(8,097,931	)
Total	$	(12,882,111	)

JPMorgan SmartRetirement 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(7,081,018	)
Equity contracts		19,163,525
Foreign exchange contracts		10,219,412
Total	$	22,301,919

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,397,699
Equity contracts		(6,358,875	)
Foreign exchange contracts		(9,515,722	)
Total	$	(14,476,898	)

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(4,292,417	)
Equity contracts		13,430,645
Foreign exchange contracts		6,221,344
Total	$	15,359,572

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	824,174
Equity contracts		(4,012,630	)
Foreign exchange contracts		(5,792,935	)
Total	$	(8,981,391	)

JPMorgan SmartRetirement 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,531,318	)
Equity contracts		11,752,267
Foreign exchange contracts		5,100,300
Total	$	13,321,249

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	828,885
Equity contracts		(3,268,559	)
Foreign exchange contracts		(4,749,163	)
Total	$	(7,188,837	)

JPMorgan SmartRetirement 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,269,659	)
Equity contracts		3,631,572
Foreign exchange contracts		1,298,472
Total	$	3,660,385

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	371,072
Equity contracts		(822,693	)
Foreign exchange contracts		(1,209,036	)
Total	$	(1,660,657	)

JPMorgan SmartRetirement 2060 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	195
Equity contracts		(1,180	)
Total	$	(985	)

100 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

The Funds’ derivatives contracts held at June 30, 2017 are not accounted for as hedging instruments under GAAP.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or their affiliates. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds:

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	16,960,752	$	59,180,697	$	—	$	—		$	—		8,003,839	$	69,473,325
JPMorgan Core Bond Fund, Class R6 Shares		542,623,697		531,068,520		127,163,703		2,225,215			13,870,684		80,686,889		938,388,514
JPMorgan Core Plus Bond Fund, Class R6 Shares		59,239,625		250,747,406		—		—			3,818,185		37,475,337		309,921,040
JPMorgan Corporate Bond Fund, Class R6 Shares		145,552,012		116,669,335		32,200,581		295,647			4,116,072		22,878,956		231,992,611
JPMorgan Disciplined Equity Fund, Class R6 Shares		228,563,724		101,134,575		83,804,242		6,193,530			4,253,373		13,248,558		339,030,609
JPMorgan Emerging Economies Fund, Class R6 Shares		26,224,820		38,400,896		3,643,976		(218,832	)		589,871		5,655,830		74,770,070
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		35,574,407		111,587,823		47,645,923		(2,605,531	)		2,871,669		12,141,945		99,928,205
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		30,478,431		41,086,617		4,324,663		166,333			368,057		3,425,084		88,332,925
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		3,770,309		23,321,818		—		—			271,107		3,200,918		26,695,655
JPMorgan Floating Rate Income Fund, Class R6 Shares		53,942,576		64,613,285		3,241,190		(222,468	)		2,492,716		12,189,449		114,702,718
JPMorgan Growth Advantage Fund, Class R6 Shares		60,706,537		33,482,982		15,405,973		1,505,185			—		6,892,906		129,310,911
JPMorgan High Yield Fund, Class R6 Shares		151,978,848		192,422,984		56,026,871		(2,005,152	)		10,226,373		40,490,673		301,250,606
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		108,692,564		125,561,489		6,499,272		(168,510	)		2,521,587		22,058,167		225,875,628
JPMorgan International Equity Fund, Class R6 Shares		65,413,318		53,795,400		12,077,531		296,333			476,641		8,237,462		136,659,494

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Income Fund (continued)
JPMorgan International Opportunities Fund, Class R6 Shares	$	65,442,918	$	65,534,483	$	21,157,842	$	656,220		$	2,403,178		8,355,335	$	131,345,865
JPMorgan Intrepid America Fund, Class R6 Shares		49,694,102		36,185,919		6,910,321		1,281,252			698,007		2,748,365		108,120,664
JPMorgan Intrepid International Fund, Class R6 Shares		65,275,411		57,127,997		8,258,449		(772,563	)		1,670,408		6,506,044		137,342,598
JPMorgan Mid Cap Equity Fund, Class R6 Shares		32,208,222		25,643,041		3,260,331		1,245,180			143,913		1,367,287		67,243,160
JPMorgan Prime Money Market Fund, Institutional Class Shares		198,248,226		78,004,767		276,252,993		—			149,750		—		—
JPMorgan Realty Income Fund, Class R6 Shares		48,654,101		55,066,963		—		2,669,338			965,278		7,969,006		104,314,288
JPMorgan Small Cap Equity Fund, Class R5 Shares		7,941,057		—		6,571,627		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		13,025,400		—		207,798			49,986		349,368		19,505,213
JPMorgan Small Cap Growth Fund, Class R6 Shares		11,265,859		7,339,545		6,494,660		1,745,483			—		1,118,519		18,712,822
JPMorgan Small Cap Value Fund, Class R6 Shares		8,188,487		6,478,969		—		6,075			84,888		658,592		20,304,405
JPMorgan U.S. Equity Fund, Class R6 Shares		26,627,609		107,241,297		—		1,033,196			731,651		9,788,809		155,348,400
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		705,557,682		321,632,479		—			802,467		383,925,203		383,925,203
JPMorgan Value Advantage Fund, Class R6 Shares		—		82,168,957		9,753,285		994,208			959,907		3,790,989		127,415,143
JPMorgan Value Advantage Fund, Class L Shares*		60,169,659		—		43,849,264		—			—		—		—
Total	$	2,103,437,271					$	14,527,937		$	54,535,768			$	4,359,910,072

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2020 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	18,291,735	$	31,538,880	$	—	$	—		$	—		5,413,725	$	46,991,137
JPMorgan Core Bond Fund, Class R6 Shares		1,798,360,251		66,677,071		277,565,521		6,432,499			43,312,805		132,073,191		1,536,011,210
JPMorgan Core Plus Bond Fund, Class R6 Shares		186,634,046		359,864,476		26,938,322		(538,197	)		11,791,798		62,424,651		516,251,864
JPMorgan Corporate Bond Fund, Class R6 Shares		478,710,606		33,347,058		105,466,465		1,566,641			12,781,940		39,702,911		402,587,518
JPMorgan Disciplined Equity Fund, Class R6 Shares		684,390,480		32,549,695		227,980,957		5,600,906			11,324,950		23,008,833		588,796,043
JPMorgan Emerging Economies Fund, Class R6 Shares		114,911,742		34,020,516		25,987,667		(2,363,336	)		2,473,593		11,544,485		152,618,093

102 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2020 Fund (continued)
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	95,362,678	$	214,529,965	$	148,647,368	$	(7,790,831	)	$	7,954,996		18,804,620	$	154,762,024
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		148,427,787		38,417,487		43,578,567		1,159,828			1,570,043		7,017,042		180,969,520
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		5,124,085		28,543,258		—		—			530,526		4,055,708		33,824,609
JPMorgan Floating Rate Income Fund, Class R6 Shares		68,744,619		23,655,097		—		—			3,417,080		9,947,914		93,609,874
JPMorgan Growth Advantage Fund, Class R6 Shares		285,523,346		—		67,045,697		9,241,091			—		15,103,743		283,346,212
JPMorgan High Yield Fund, Class R6 Shares		391,105,472		142,771,578		111,850,296		(7,153,663	)		26,232,678		59,116,684		439,828,130
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		129,269,490		58,194,164		—		—			3,449,153		18,129,909		185,650,264
JPMorgan International Equity Fund, Class R6 Shares		296,942,145		14,282,167		84,157,809		(2,157,168	)		2,252,039		17,289,520		286,833,140
JPMorgan International Opportunities Fund, Class R6 Shares		296,138,260		21,660,860		67,246,008		(1,643,106	)		10,874,712		18,375,821		288,867,906
JPMorgan Intrepid America Fund, Class R6 Shares		290,483,647		12,152,453		53,936,665		8,930,580			4,195,551		7,185,611		282,681,936
JPMorgan Intrepid International Fund, Class R6 Shares		295,344,918		34,749,427		89,539,005		(5,437,867	)		8,001,820		13,658,378		288,328,354
JPMorgan Mid Cap Equity Fund, Class R6 Shares		142,464,135		20,361,298		41,379,572		7,538,968			666,815		2,858,436		140,577,860
JPMorgan Prime Money Market Fund, Institutional Class Shares		123,355,199		208,856,257		332,211,456		—			47,299		—		—
JPMorgan Realty Income Fund, Class R6 Shares		221,721,420		46,992,935		24,040,352		10,990,951			4,663,952		16,661,988		218,105,416
JPMorgan Small Cap Equity Fund, Class R5 Shares		36,870,994		—		30,564,178		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		31,761,090		—		964,822			232,089		797,598		44,529,911
JPMorgan Small Cap Growth Fund, Class R6 Shares		36,612,120		1,316,778		—		1,316,778			—		2,954,243		49,424,489
JPMorgan Small Cap Value Fund, Class R6 Shares		45,023,785		418,502		10,537,374		1,144,936			385,097		1,407,557		43,394,994
JPMorgan U.S. Equity Fund, Class R6 Shares		260,552,463		83,441,124		15,439,163		9,425,055			3,634,649		23,420,524		371,683,718
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		716,727,615		690,940,645		—			222,955		25,786,970		25,786,970
JPMorgan Value Advantage Fund, Class R6 Shares		—		230,445,729		55,830,791		5,002,480			4,400,727		8,269,276		277,930,374
JPMorgan Value Advantage Fund, Class L Shares*		287,609,918		10,471,563		239,853,688		(262,444	)		—		—		—
Total	$	6,737,975,341					$	41,968,923		$	164,417,267			$	6,933,391,566

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2025 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	6,819,520	$	—	$	—		$	—		745,303	$	6,469,228
JPMorgan Core Bond Fund, Class R6 Shares		1,436,724,226		208,666,754		155,761,958		4,893,278			37,677,789		124,550,301		1,448,519,999
JPMorgan Core Plus Bond Fund, Class R6 Shares		151,239,793		324,781,606		—		—			10,419,758		57,317,169		474,012,990
JPMorgan Corporate Bond Fund, Class R6 Shares		394,912,327		22,437,960		58,553,836		1,369,382			10,955,900		35,076,362		355,674,307
JPMorgan Disciplined Equity Fund, Class R6 Shares		755,047,673		23,890,036		262,938,993		7,302,625			12,869,319		24,464,610		626,049,366
JPMorgan Emerging Economies Fund, Class R6 Shares		140,238,820		40,474,284		31,468,438		(3,747,410	)		2,843,191		13,946,473		184,372,371
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		61,743,899		221,097,993		142,415,223		(7,234,089	)		6,465,014		16,301,055		134,157,681
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		170,040,142		43,088,652		32,086,859		1,431,856			1,901,138		8,836,909		227,903,886
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		14,372,246		22,108,570		—		—			680,139		4,402,524		36,717,047
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		14,129,058		—		—			264,349		1,492,058		14,040,271
JPMorgan Growth Advantage Fund, Class R6 Shares		337,774,957		—		41,253,957		1,965,298			—		19,999,459		375,189,860
JPMorgan High Yield Fund, Class R6 Shares		320,001,647		142,223,996		66,265,929		(5,204,133	)		22,868,568		55,195,991		410,658,175
JPMorgan Inflation Managed Bond Fund, Class R6 Shares		—		27,979,707		—		—			304,081		2,713,818		27,789,495
JPMorgan International Equity Fund, Class R6 Shares		331,211,961		29,624,963		58,210,425		(3,386,716	)		2,608,819		22,466,510		372,719,394
JPMorgan International Opportunities Fund, Class R6 Shares		331,508,317		49,205,988		66,494,959		(1,743,743	)		12,670,836		23,034,474		362,101,925
JPMorgan Intrepid America Fund, Class R6 Shares		320,266,016		13,996,477		13,033,736		8,453,116			4,832,188		9,165,358		360,565,170
JPMorgan Intrepid International Fund, Class R6 Shares		330,505,214		43,770,267		60,461,258		(5,632,265	)		9,050,076		17,594,102		371,411,499
JPMorgan Mid Cap Equity Fund, Class R6 Shares		172,120,120		16,705,866		11,885,650		5,289,648			796,831		4,070,066		200,165,864
JPMorgan Prime Money Market Fund, Institutional Class Shares		159,911,345		265,219,065		425,130,410		—			65,751		—		—
JPMorgan Realty Income Fund, Class R6 Shares		240,002,768		74,423,917		19,904,460		12,092,205			5,077,246		20,282,347		265,495,926
JPMorgan Small Cap Equity Fund, Class R5 Shares		42,287,224		—		39,146,091		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		40,518,826		—		1,106,551			266,183		914,763		51,071,211

104 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2025 Fund (continued)
JPMorgan Small Cap Growth Fund, Class R6 Shares	$	46,881,652	$	1,686,128	$	—	$	1,686,128	$	—		3,782,895	$	63,287,832
JPMorgan Small Cap Value Fund, Class R6 Shares		42,201,366		403,984		—		31,311		372,673		1,636,976		50,467,975
JPMorgan U.S. Equity Fund, Class R6 Shares		299,226,061		152,971,698		27,711,884		11,002,404		4,262,085		29,866,745		473,985,248
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		745,765,106		701,149,369		—		248,429		44,615,737		44,615,737
JPMorgan Value Advantage Fund, Class R6 Shares		—		313,994,470		50,450,054		1,509,418		5,377,574		10,591,951		355,995,465
JPMorgan Value Advantage Fund, Class L Shares*		312,887,704		24,855,263		297,596,179		—		—		—		—
Total	$	6,411,105,478					$	31,184,864	$	152,877,937			$	7,293,437,922

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2030 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	1,086,903,760	$	357,894,650	$	427,486,984	$	9,145,632		$	24,756,583		85,655,994	$	996,179,210
JPMorgan Core Plus Bond Fund, Class R6 Shares		118,562,379		267,424,005		—		—			8,308,328		46,555,263		385,012,023
JPMorgan Corporate Bond Fund, Class R6 Shares		353,063,271		30,831,598		91,715,198		450,756			9,383,211		28,476,279		288,749,471
JPMorgan Disciplined Equity Fund, Class R6 Shares		1,043,793,196		27,950,367		421,273,884		3,781,835			15,916,644		30,904,317		790,841,476
JPMorgan Emerging Economies Fund, Class R6 Shares		145,204,162		73,023,482		23,500,305		(748,063	)		3,591,235		17,963,129		237,472,561
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		3,290,826		433,271,627		297,246,038		(15,045,351	)		5,830,440		15,292,185		125,854,684
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		197,870,826		80,444,376		39,313,154		1,958,946			2,359,006		11,480,763		296,088,878
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		16,031,858		36,382,260		12,064,032		(2,451,674	)		602,927		4,826,175		40,250,301
JPMorgan Growth Advantage Fund, Class R6 Shares		427,112,631		11,007,372		66,523,385		5,008,365			—		25,198,710		472,727,798
JPMorgan High Yield Fund, Class R6 Shares		387,994,403		273,708,940		148,922,875		(4,359,552	)		30,451,444		71,365,764		530,961,286
JPMorgan International Equity Fund, Class R6 Shares		423,781,491		52,104,074		101,468,436		(4,972,712	)		3,325,879		27,996,186		464,456,729
JPMorgan International Opportunities Fund, Class R6 Shares		424,002,032		42,483,320		61,144,528		(2,034,574	)		16,078,298		29,547,894		464,492,886
JPMorgan Intrepid America Fund, Class R6 Shares		394,590,543		37,757,418		24,113,814		10,488,587			5,916,923		11,653,798		458,460,407
JPMorgan Intrepid International Fund, Class R6 Shares		422,955,786		63,880,212		83,952,468		(5,918,974	)		11,478,944		22,638,761		477,904,239

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2030 Fund (continued)
JPMorgan Mid Cap Equity Fund, Class R6 Shares	$	233,691,181	$	23,653,630	$	20,298,169	$	7,316,080	$	1,080,563		5,456,084	$	268,330,214
JPMorgan Prime Money Market Fund, Institutional Class Shares		118,545,163		192,949,046		311,494,209		—		42,890		—		—
JPMorgan Realty Income Fund, Class R6 Shares		299,916,427		90,393,630		11,449,374		15,787,580		6,253,095		26,196,391		342,910,763
JPMorgan Small Cap Equity Fund, Class R5 Shares		52,535,324		—		46,617,832		—		—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		48,323,242		—		1,374,719		330,691		1,136,451		63,448,068
JPMorgan Small Cap Growth Fund, Class R6 Shares		54,540,497		1,961,583		12,107,704		3,094,035		—		3,677,177		61,519,178
JPMorgan Small Cap Value Fund, Class R6 Shares		56,290,799		538,860		—		41,765		497,094		2,183,500		67,317,314
JPMorgan U.S. Equity Fund, Class R6 Shares		382,812,700		162,525,274		16,592,496		14,827,210		5,460,056		37,234,796		590,916,219
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		852,064,629		782,878,750		—		337,113		69,185,879		69,185,879
JPMorgan Value Advantage Fund, Class R6 Shares		—		373,672,750		49,067,504		990,975		6,867,202		13,648,625		458,730,276
JPMorgan Value Advantage Fund, Class L Shares*		409,590,569		11,018,142		353,267,610		—		—		—		—
Total	$	7,053,079,824					$	38,735,585	$	158,868,566			$	7,951,809,860

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2035 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	496,311,604	$	229,621,882	$	232,409,933	$	5,389,024		$	11,230,255		41,740,989	$	485,447,697
JPMorgan Core Plus Bond Fund, Class R6 Shares		58,803,775		148,137,929		—		—			4,204,733		25,025,458		206,960,542
JPMorgan Corporate Bond Fund, Class R6 Shares		188,934,484		19,133,387		58,230,297		(195,535	)		4,976,672		14,562,114		147,659,840
JPMorgan Disciplined Equity Fund, Class R6 Shares		781,798,475		12,301,227		271,960,937		(3,327,841	)		12,301,227		24,660,986		631,074,632
JPMorgan Emerging Economies Fund, Class R6 Shares		118,180,485		62,251,346		17,592,526		(591,333	)		2,834,433		14,953,320		197,682,891
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,204,180		285,461,421		201,843,878		(10,248,994	)		3,761,021		9,304,308		76,574,456
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		160,316,737		56,339,644		22,399,208		1,321,156			1,844,495		9,332,248		240,678,675
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		8,776,262		26,429,343		5,960,529		(1,211,309	)		437,881		3,505,404		29,235,070
JPMorgan Growth Advantage Fund, Class R6 Shares		320,934,603		15,221,338		18,183,237		201,345			—		21,235,036		398,369,277
JPMorgan High Yield Fund, Class R6 Shares		259,156,087		202,688,832		106,347,507		(2,913,393	)		21,001,767		49,447,506		367,889,442

106 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2035 Fund (continued)
JPMorgan International Equity Fund, Class R6 Shares	$	325,374,083	$	59,585,146	$	79,115,951	$	(3,639,153	)	$	2,624,906		22,797,181	$	378,205,228
JPMorgan International Opportunities Fund, Class R6 Shares		325,500,865		49,649,286		38,752,968		(2,782,163	)		12,655,452		24,425,755		383,972,871
JPMorgan Intrepid America Fund, Class R6 Shares		308,724,750		41,149,153		11,352,393		8,517,611			4,759,480		9,615,730		378,282,817
JPMorgan Intrepid International Fund, Class R6 Shares		324,597,075		38,414,568		31,705,279		(3,907,592	)		9,025,970		18,463,751		389,769,782
JPMorgan Mid Cap Equity Fund, Class R6 Shares		174,022,699		23,345,066		11,328,251		5,027,688			816,364		4,254,739		209,248,051
JPMorgan Prime Money Market Fund, Institutional Class Shares		95,715,771		189,029,003		284,744,774		—			34,063		—		—
JPMorgan Realty Income Fund, Class R6 Shares		234,143,366		89,771,695		13,657,536		12,025,195			5,095,558		21,502,660		281,469,819
JPMorgan Small Cap Equity Fund, Class R5 Shares		44,681,338		—		42,692,764		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		44,143,217		—		1,169,199			281,253		966,553		53,962,635
JPMorgan Small Cap Growth Fund, Class R6 Shares		42,136,905		1,515,480		—		1,515,480			—		3,400,040		56,882,668
JPMorgan Small Cap Value Fund, Class R6 Shares		42,541,003		407,236		—		31,563			375,672		1,650,151		50,874,141
JPMorgan U.S. Equity Fund, Class R6 Shares		303,592,427		159,054,755		14,910,353		11,460,610			4,521,655		31,459,348		499,259,860
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		667,451,944		601,173,121		—			254,963		66,278,823		66,278,823
JPMorgan Value Advantage Fund, Class R6 Shares		—		319,896,294		38,421,879		987,705			5,339,708		10,913,340		366,797,364
JPMorgan Value Advantage Fund, Class L Shares*		314,228,633		16,155,078		297,301,111		—			—		—		—
Total	$	4,930,675,607					$	18,829,263		$	108,377,528			$	5,896,576,581

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2040 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	264,156,876	$	93,380,085	$	139,187,125	$	2,893,228		$	5,233,328		18,395,575	$	213,940,543
JPMorgan Core Plus Bond Fund, Class R6 Shares		36,315,884		84,041,617		—		—			2,433,510		14,542,314		120,264,933
JPMorgan Corporate Bond Fund, Class R6 Shares		135,479,473		12,161,532		52,027,481		(475,007	)		3,413,530		9,237,648		93,669,754
JPMorgan Disciplined Equity Fund, Class R6 Shares		841,879,118		168,134,279		415,236,488		(9,017,950	)		13,258,904		27,662,138		707,874,118
JPMorgan Emerging Economies Fund, Class R6 Shares		139,366,954		67,521,009		25,984,682		(1,622,266	)		3,085,114		16,694,030		220,695,071
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,313,166		261,572,739		192,044,362		(9,777,067	)		3,357,662		7,641,826		62,892,229

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2040 Fund (continued)
JPMorgan Emerging Markets Equity Fund, Class R6 Shares	$	186,306,754	$	65,574,514	$	36,532,861	$	922,450		$	2,141,505		10,401,311	$	268,249,809
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		9,415,930		26,995,560		6,637,047		(1,421,129	)		444,430		3,567,239		29,750,775
JPMorgan Growth Advantage Fund, Class R6 Shares		366,650,798		17,573,214		48,666,985		2,620,040			—		22,664,819		425,192,013
JPMorgan High Yield Fund, Class R6 Shares		253,771,765		202,517,487		109,348,970		(1,924,622	)		20,635,788		48,264,294		359,086,351
JPMorgan International Equity Fund, Class R6 Shares		363,429,390		44,388,020		54,896,094		(4,802,527	)		2,866,564		26,055,543		432,261,453
JPMorgan International Opportunities Fund, Class R6 Shares		363,793,225		41,375,463		37,680,159		(1,363,443	)		14,021,987		26,757,621		420,629,802
JPMorgan Intrepid America Fund, Class R6 Shares		365,298,403		31,020,150		13,815,439		9,760,770			5,511,638		10,867,037		427,509,221
JPMorgan Intrepid International Fund, Class R6 Shares		362,931,296		64,278,648		70,212,228		(5,100,382	)		10,014,728		20,016,420		422,546,623
JPMorgan Mid Cap Equity Fund, Class R6 Shares		180,022,610		25,682,318		15,308,805		5,953,862			866,513		4,383,384		215,574,802
JPMorgan Prime Money Market Fund, Institutional Class Shares		86,742,815		183,102,135		269,844,950		—			29,972		—		—
JPMorgan Realty Income Fund, Class R6 Shares		265,895,616		95,036,048		17,084,496		13,482,440			5,612,010		23,837,263		312,029,779
JPMorgan Small Cap Equity Fund, Class R5 Shares		49,945,687		—		44,956,938		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		46,578,283		—		1,306,955			314,390		1,080,432		60,320,506
JPMorgan Small Cap Growth Fund, Class R6 Shares		54,264,773		11,656,048		23,516,088		2,105,835			—		3,537,114		59,175,925
JPMorgan Small Cap Value Fund, Class R6 Shares		50,407,285		482,538		—		37,400			445,138		1,955,281		60,281,309
JPMorgan U.S. Equity Fund, Class R6 Shares		342,134,566		150,433,260		—		13,275,396			5,091,980		34,678,923		550,354,505
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		683,099,646		625,507,756		—			246,589		57,591,890		57,591,890
JPMorgan Value Advantage Fund, Class R6 Shares		—		331,288,559		28,318,699		1,124,534			5,809,585		12,295,087		413,237,873
JPMorgan Value Advantage Fund, Class L Shares*		344,596,468		23,438,039		315,648,205		(214,168	)		—		—		—
Total	$	5,065,118,852					$	17,764,349		$	104,834,865			$	5,933,129,284

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2045 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	157,826,187	$	46,721,376	$	86,749,781	$	1,290,670	$	2,914,666		9,863,661	$	114,714,379

108 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2045 Fund (continued)
JPMorgan Core Plus Bond Fund, Class R6 Shares	$	22,042,109	$	44,190,163	$	—	$	—		$	1,380,410		7,995,779	$	66,125,091
JPMorgan Corporate Bond Fund, Class R6 Shares		82,394,239		5,718,054		35,014,068		(353,781	)		1,993,328		5,114,303		51,859,036
JPMorgan Disciplined Equity Fund, Class R6 Shares		514,806,990		103,630,743		230,478,764		(7,743,940	)		8,445,811		17,961,473		459,634,097
JPMorgan Emerging Economies Fund, Class R6 Shares		86,212,588		38,446,748		—		—			1,974,906		11,380,967		150,456,389
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,351,532		162,540,513		120,451,009		(6,128,854	)		2,080,004		4,593,542		37,804,847
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		111,158,468		51,418,648		12,491,403		(314,990	)		1,351,027		7,154,405		184,512,110
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		4,563,017		14,182,921		—		—			315,807		2,259,744		18,846,264
JPMorgan Growth Advantage Fund, Class R6 Shares		220,592,975		15,722,279		8,560,087		48,218			—		15,147,755		284,171,887
JPMorgan High Yield Fund, Class R6 Shares		154,411,694		136,321,276		72,518,743		(1,531,123	)		12,841,964		30,337,096		225,707,991
JPMorgan International Equity Fund, Class R6 Shares		221,686,654		36,689,902		25,776,400		(1,962,451	)		1,815,731		17,043,028		282,743,832
JPMorgan International Opportunities Fund, Class R6 Shares		221,849,890		41,204,116		20,447,822		(1,459,151	)		8,757,255		17,600,740		276,683,634
JPMorgan Intrepid America Fund, Class R6 Shares		220,532,473		27,111,115		—		6,450,296			3,401,141		7,012,572		275,874,572
JPMorgan Intrepid International Fund, Class R6 Shares		220,234,080		40,953,983		26,147,029		(1,906,089	)		6,253,964		13,119,125		276,944,722
JPMorgan Mid Cap Equity Fund, Class R6 Shares		111,153,650		14,576,649		—		3,667,362			531,742		2,876,296		141,456,231
JPMorgan Prime Money Market Fund, Institutional Class Shares		54,809,787		115,397,239		170,207,026		—			19,487		—		—
JPMorgan Realty Income Fund, Class R6 Shares		161,952,361		65,895,974		—		9,775,708			3,517,806		15,899,331		208,122,238
JPMorgan Small Cap Equity Fund, Class R5 Shares		29,732,928		—		28,193,130		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		41,202,774		6,163,262		851,747			221,356		748,048		41,763,525
JPMorgan Small Cap Growth Fund, Class R6 Shares		30,928,425		1,112,360		—		1,112,360			—		2,495,624		41,751,792
JPMorgan Small Cap Value Fund, Class R6 Shares		28,640,434		5,941,895		—		21,250			259,539		1,290,428		39,783,911
JPMorgan U.S. Equity Fund, Class R6 Shares		211,701,904		113,892,411		—		8,401,421			3,241,904		22,802,732		361,879,349
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		505,173,565		443,749,696		—			196,749		61,423,869		61,423,869
JPMorgan Value Advantage Fund, Class R6 Shares		—		231,013,960		13,491,340		606,818			3,620,650		8,068,931		271,196,765
JPMorgan Value Advantage Fund, Class L Shares*		214,968,864		19,426,235		217,362,369		(139,991	)		—		—		—
Total	$	3,083,551,249					$	10,685,480		$	65,135,247			$	3,873,456,531

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2050 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	129,992,230	$	16,506,575	$	47,327,182	$	1,172,664		$	2,587,441		8,297,476	$	96,499,651
JPMorgan Core Plus Bond Fund, Class R6 Shares		18,031,809		42,788,052		—		—			1,111,472		7,338,036		60,685,554
JPMorgan Corporate Bond Fund, Class R6 Shares		67,841,456		1,845,187		26,114,668		(240,093	)		1,632,593		4,193,055		42,517,573
JPMorgan Disciplined Equity Fund, Class R6 Shares		420,660,661		93,391,295		188,655,659		(6,152,790	)		6,874,261		14,977,924		383,285,067
JPMorgan Emerging Economies Fund, Class R6 Shares		66,345,335		37,264,169		5,477,055		(104,262	)		1,606,714		8,934,334		118,111,892
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,083,984		132,775,556		97,918,104		(4,987,230	)		1,708,904		3,811,215		31,366,297
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		92,243,361		40,730,470		7,302,743		95,168			1,075,551		5,978,810		154,193,521
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		3,619,287		11,894,497		—		—			259,482		1,869,981		15,595,641
JPMorgan Growth Advantage Fund, Class R6 Shares		186,344,813		9,893,565		15,230,394		455,341			—		12,106,301		227,114,212
JPMorgan High Yield Fund, Class R6 Shares		126,549,368		118,594,013		59,289,078		(1,072,421	)		10,593,729		25,802,144		191,967,951
JPMorgan International Equity Fund, Class R6 Shares		181,689,864		24,994,840		18,235,137		(1,192,003	)		1,486,520		13,877,739		230,231,685
JPMorgan International Opportunities Fund, Class R6 Shares		181,884,964		34,280,750		14,342,693		(1,083,428	)		7,163,994		14,593,965		229,417,126
JPMorgan Intrepid America Fund, Class R6 Shares		180,217,907		36,843,934		8,093,625		5,257,002			2,799,056		5,899,715		232,094,782
JPMorgan Intrepid International Fund, Class R6 Shares		181,436,052		42,428,800		23,303,144		(3,007,071	)		5,112,264		11,118,489		234,711,302
JPMorgan Mid Cap Equity Fund, Class R6 Shares		90,072,794		27,338,029		9,673,363		2,612,946			437,673		2,452,625		120,620,087
JPMorgan Prime Money Market Fund, Institutional Class Shares		53,378,055		106,564,827		159,942,882		—			16,351		—		—
JPMorgan Realty Income Fund, Class R6 Shares		132,915,426		59,269,927		4,207,911		7,520,627			2,907,417		13,118,207		171,717,327
JPMorgan Small Cap Equity Fund, Class R5 Shares		23,767,520		—		22,961,613		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		29,655,737		5,069,280		701,370			182,260		529,260		29,548,578
JPMorgan Small Cap Growth Fund, Class R6 Shares		23,963,354		861,857		—		861,857			—		1,933,610		32,349,302
JPMorgan Small Cap Value Fund, Class R6 Shares		24,425,385		233,819		—		18,122			215,696		947,452		29,209,948
JPMorgan U.S. Equity Fund, Class R6 Shares		174,552,816		94,914,712		—		6,772,942			2,684,249		18,899,529		299,935,519
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		449,689,537		408,931,323		—			161,618		40,758,214		40,758,214
JPMorgan Value Advantage Fund, Class R6 Shares		—		197,352,170		11,028,395		513,662			2,998,540		6,878,752		231,194,860
JPMorgan Value Advantage Fund, Class L Shares*		172,216,294		16,678,958		174,020,605		(82,450	)		—		—		—
Total	$	2,533,232,735					$	8,059,953		$	53,615,785			$	3,203,126,089

110 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2055 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	32,305,587	$	10,376,956	$	12,823,931	$	242,270		$	704,972		2,515,988	$	29,260,937
JPMorgan Core Plus Bond Fund, Class R6 Shares		4,494,475		13,007,927		—		—			331,996		2,119,625		17,529,303
JPMorgan Corporate Bond Fund, Class R6 Shares		17,096,019		6,941,102		10,113,071		(118,498	)		460,534		1,350,492		13,693,990
JPMorgan Disciplined Equity Fund, Class R6 Shares		107,941,451		43,119,841		44,883,378		(2,135,066	)		2,033,378		4,786,261		122,480,406
JPMorgan Emerging Economies Fund, Class R6 Shares		17,277,250		15,164,861		—		—			443,346		2,895,703		38,281,193
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		213,097		39,285,933		27,107,566		(1,378,758	)		485,789		1,353,918		11,142,743
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		23,183,226		17,473,037		1,109,829		(36,056	)		297,737		1,847,384		47,644,045
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		725,852		3,992,068		—		—			74,437		568,347		4,740,016
JPMorgan Growth Advantage Fund, Class R6 Shares		47,194,201		17,308,398		2,284,674		(83,583	)		—		4,037,207		75,738,002
JPMorgan High Yield Fund, Class R6 Shares		32,123,016		44,109,278		14,831,596		(302,026	)		3,078,217		8,472,030		63,031,905
JPMorgan International Equity Fund, Class R6 Shares		46,413,762		20,848,593		4,187,990		(148,915	)		423,517		4,527,270		75,107,412
JPMorgan International Opportunities Fund, Class R6 Shares		46,458,416		23,000,007		3,580,761		(391,043	)		2,078,695		4,716,431		74,142,288
JPMorgan Intrepid America Fund, Class R6 Shares		45,886,410		23,823,272		—		1,473,676			777,047		1,940,713		76,347,657
JPMorgan Intrepid International Fund, Class R6 Shares		46,326,888		21,804,575		3,182,400		(310,550	)		1,437,988		3,551,041		74,962,482
JPMorgan Mid Cap Equity Fund, Class R6 Shares		22,915,890		13,331,716		1,787,148		813,302			127,727		779,144		38,318,302
JPMorgan Prime Money Market Fund, Institutional Class Shares		14,011,499		44,596,860		58,608,359		—			7,029		—		—
JPMorgan Realty Income Fund, Class R6 Shares		33,938,790		28,210,114		1,224,143		2,150,672			829,463		4,311,619		56,439,098
JPMorgan Small Cap Equity Fund, Class R5 Shares		5,993,893		1,010,723		7,013,594		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		8,420,291		—		209,808			50,470		173,444		9,683,365
JPMorgan Small Cap Growth Fund, Class R6 Shares		6,156,206		1,376,206		—		258,458			—		579,860		9,701,058
JPMorgan Small Cap Value Fund, Class R6 Shares		6,714,497		2,946,680		—		4,982			62,757		354,319		10,923,653
JPMorgan U.S. Equity Fund, Class R6 Shares		44,072,162		43,564,764		—		1,929,022			800,850		6,076,156		96,428,597
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		212,965,263		188,436,689		—			64,360		24,528,574		24,528,574
JPMorgan Value Advantage Fund, Class R6 Shares		—		68,382,712		3,672,309		41,457			851,735		2,196,485		73,823,872
JPMorgan Value Advantage Fund, Class L Shares*		44,395,808		8,504,155		52,205,152		(55,034	)		—		—		—
Total	$	645,838,395					$	2,164,118		$	15,422,044			$	1,043,948,898

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the period ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/ (Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement 2060 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	—	$	21,630	$	18,336	$	(74	)	$	54		278	$	3,229
JPMorgan Core Plus Bond Fund, Class R6 Shares		—		72,457		51,884		51			367		2,507		20,737
JPMorgan Corporate Bond Fund, Class R6 Shares		—		55,429		52,024		(72	)		250		336		3,412
JPMorgan Disciplined Equity Fund, Class R6 Shares		—		1,737,950		72,675		(236	)		11,761		66,917		1,712,406
JPMorgan Emerging Economies Fund, Class R6 Shares		—		488,623		1,557		20			1,009		39,337		520,030
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		137,064		32,369		(1,772	)		1,588		12,549		103,280
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		603,242		32,117		(146	)		701		24,133		622,382
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		—		52,016		—		—			587		6,234		51,994
JPMorgan Growth Advantage Fund, Class R6 Shares		—		753,065		7,954		18			—		42,692		800,895
JPMorgan High Yield Fund, Class R6 Shares		—		739,318		80,143		(1,007	)		12,740		88,600		659,187
JPMorgan International Equity Fund, Class R6 Shares		—		850,859		37,577		52			1,132		52,025		863,096
JPMorgan International Opportunities Fund, Class R6 Shares		—		815,291		15,036		(106	)		3,382		53,542		841,679
JPMorgan Intrepid America Fund, Class R6 Shares		—		775,184		12,773		2,689			1,438		19,884		782,233
JPMorgan Intrepid International Fund, Class R6 Shares		—		817,971		18,402		7			2,422		39,885		841,963
JPMorgan Mid Cap Equity Fund, Class R6 Shares		—		392,383		—		1,569			296		8,320		409,191
JPMorgan Prime Money Market Fund, Institutional Class Shares		—		43,093		43,093		—			1		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		611,083		19,567		1,105			1,471		44,893		587,647
JPMorgan Small Cap Equity Fund, Class R5 Shares		—		13,750		13,750		—			—		—		—
JPMorgan Small Cap Equity Fund, Class R6 Shares		—		169,642		30,285		201			171		2,589		144,524
JPMorgan Small Cap Growth Fund, Class R6 Shares		—		172,608		40,610		1,056			—		8,663		144,938
JPMorgan Small Cap Value Fund, Class R6 Shares		—		191,687		39,132		(1,719	)		301		4,942		152,366
JPMorgan U.S. Equity Fund, Class R6 Shares		—		1,000,004		6,690		3,490			4,105		64,119		1,017,562
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		6,962,520		6,837,394		—			278		125,126		125,126
JPMorgan Value Advantage Fund, Class R6 Shares		—		763,704		22,915		87			1,566		22,600		759,586
JPMorgan Value Advantage Fund, Class L Shares*		—		75,050		75,028		(22	)		—		—		—
Total	$	—					$	5,191		$	45,620			$	11,167,463

* Institutional Class Shares of the Underlying Funds were renamed Class L Shares.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholding Servicing Fee which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows:

	Class A		Class C		Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement Income Fund
Transfer agency fees	$	97,607	$	2,141	$	8,012	$	8,533	$	247	$	16	$	18,573	$	4,413	$	139,542
Sub-transfer agency fees		314,015		11,079		158,508		100,980		—		—		434,193		—		1,018,775
JPMorgan SmartRetirement 2020 Fund
Transfer agency fees		117,075		6,300		13,667		15,038		306		17		38,422		6,193		197,018
Sub-transfer agency fees		594,777		23,349		338,562		213,464		—		—		949,423		—		2,119,575

112 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Class A		Class C		Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement 2025 Fund
Transfer agency fees	$	126,523	$	7,726	$	12,293	$	14,756	$	291	$	31	$	36,456	$	6,833	$	204,909
Sub-transfer agency fees		609,132		21,104		335,096		205,652		—		—		967,673		—		2,138,657
JPMorgan SmartRetirement 2030 Fund
Transfer agency fees		141,464		9,075		14,276		16,999		260		17		40,156		6,439		228,686
Sub-transfer agency fees		830,197		24,362		450,716		298,666		—		—		1,208,326		—		2,812,267
JPMorgan SmartRetirement 2035 Fund
Transfer agency fees		124,075		5,988		10,753		14,553		253		18		31,709		6,178		193,527
Sub-transfer agency fees		676,445		17,675		352,951		244,564		—		—		1,057,718		—		2,349,353
JPMorgan SmartRetirement 2040 Fund
Transfer agency fees		126,285		7,802		12,766		16,366		535		18		32,771		5,554		202,097
Sub-transfer agency fees		898,133		24,394		513,151		321,098		—		—		1,270,821		—		3,027,597
JPMorgan SmartRetirement 2045 Fund
Transfer agency fees		98,668		6,229		9,179		13,219		143		17		24,887		5,192		157,534
Sub-transfer agency fees		753,090		15,671		400,941		272,421		—		—		1,045,944		—		2,488,067
JPMorgan SmartRetirement 2050 Fund
Transfer agency fees		76,257		7,098		10,626		15,058		816		18		23,163		4,358		137,394
Sub-transfer agency fees		931,627		20,309		645,043		312,725		—		—		1,074,492		—		2,984,196
JPMorgan SmartRetirement 2055 Fund
Transfer agency fees		38,723		4,262		5,496		8,109		532		16		12,442		3,283		72,863
Sub-transfer agency fees		339,696		6,009		174,904		150,930		—		—		344,522		—		1,016,061
JPMorgan SmartRetirement 2060 Fund
Transfer agency fees		193		90		206		90		31		16		143		209		978
Sub-transfer agency fees		5		—		64		—		—		—		227		—		296

The Funds invest in Underlying Funds and certain Funds invest in ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated Undistributed (distributions in excess of) Net Investment Income		Accumulated Net Realized Gains (Losses)
JPMorgan SmartRetirement Income Fund	$	19,074,692		$	286,517	$	(19,361,209	)
JPMorgan SmartRetirement 2020 Fund		—			1,974,276		(1,974,276	)
JPMorgan SmartRetirement 2025 Fund		—			2,138,215		(2,138,215	)
JPMorgan SmartRetirement 2030 Fund		—			6,954,583		(6,954,583	)
JPMorgan SmartRetirement 2035 Fund		—			5,280,731		(5,280,731	)
JPMorgan SmartRetirement 2040 Fund		—			5,673,052		(5,673,052	)
JPMorgan SmartRetirement 2045 Fund		—			3,423,163		(3,423,163	)
JPMorgan SmartRetirement 2050 Fund		—			2,923,884		(2,923,884	)
JPMorgan SmartRetirement 2055 Fund		—			859,013		(859,013	)
JPMorgan SmartRetirement 2060 Fund		(49	)		1,124		(1,075	)

The reclassifications for the Funds relate primarily to investments in regulated investment companies and tax attributes acquired as the result of a business combination.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser 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. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

JPMorgan Chase Bank, N.A (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator pays many of the ordinary expenses incurred by the Funds in their operations including taxes, ordinary fees and expenses for legal and auditing services, fees and expenses of pricing services, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares (other than transfer agency and sub-transfer agency expenses), the cost of custodial and fund accounting services, and the cost of initial and ongoing registration of the shares under Federal and state securities laws.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R3
	0.25	%		0.75	%		0.50	%		0.25	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following amounts:

	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement Income Fund	$	6,315	$	280
JPMorgan SmartRetirement 2020 Fund		22,921		148
JPMorgan SmartRetirement 2025 Fund		25,175		393
JPMorgan SmartRetirement 2030 Fund		29,291		1,250
JPMorgan SmartRetirement 2035 Fund		20,353		2,823
JPMorgan SmartRetirement 2040 Fund		25,252		490
JPMorgan SmartRetirement 2045 Fund		17,287		478
JPMorgan SmartRetirement 2050 Fund		15,209		393
JPMorgan SmartRetirement 2055 Fund		10,600		75
JPMorgan SmartRetirement 2060 Fund		535		—

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A	Class C			Class I			Class R2			Class R3			Class R4			Class R5
0.25%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

114 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2**			Class R3			Class R4			Class R5*			Class R6
JPMorgan SmartRetirement Income Fund		0.29	%		0.94	%		0.19	%		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement 2020 Fund		0.31			0.96			0.21			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2025 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2030 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2035 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2040 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2045 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2050 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2055 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2060 Fund		0.32			0.97			0.22			0.75			0.50			0.25			0.10			0.00

* Prior to November 1, 2016, the contractual expense limitations for Class R5 Shares of SmartRetirement Income Fund, SmartRetirement 2020 Fund, SmartRetirement 2025 Fund, SmartRetirement 2030 Fund, SmartRetirement 2035 Fund, SmartRetirement 2040 Fund, SmartRetirement 2045 Fund, SmartRetirement 2050 Fund and SmartRetirement 2055 Fund, was 0.06%, 0.08%, 0.08%, 0.08%, 0.08%, 0.08%, 0.08%, 0.08%, 0.08%, respectively.

** The contractual expense percentage in the table above is in place until at least October 31, 2018. For the Funds’ Class R2 Shares the Adviser, Administrator and/or JPMDS contractually waived fees and/or reimbursed the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets during the period July 1, 2016 through October 31, 2016 as shown in the table below. During the period November 1, 2016 through June 30, 2017 the Adviser, Administrator and/or JPMDS voluntarily waived fees and/or reimbursed the Fund to the extent that total annual operating expenses exceeded the percentages shown in the table below. The Funds’ service providers are under no obligation to continue the voluntary waivers and may discontinue them at any time.

JPMorgan SmartRetirement Income Fund	0.54	%
JPMorgan SmartRetirement 2020 Fund	0.56
JPMorgan SmartRetirement 2025 Fund	0.57
JPMorgan SmartRetirement 2030 Fund	0.57
JPMorgan SmartRetirement 2035 Fund	0.57
JPMorgan SmartRetirement 2040 Fund	0.57
JPMorgan SmartRetirement 2045 Fund	0.57
JPMorgan SmartRetirement 2050 Fund	0.57
JPMorgan SmartRetirement 2055 Fund	0.57
JPMorgan SmartRetirement 2060 Fund	0.57

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2017 and are in place until at least October 31, 2017, except for Class R2 Shares which is in place until at least October 31, 2018. .

The Underlying Funds may impose separate service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and 0.10% for Class R5 Class Shares, the shareholder servicing agent will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds’ shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Funds’ investment in such money market funds.

For the year ended June 30, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers		Contractual Reimbursements
	Service Fees
JPMorgan SmartRetirement Income Fund	$	2,647,717	$	340,521
JPMorgan SmartRetirement 2020 Fund		6,295,888		147,981
JPMorgan SmartRetirement 2025 Fund		6,126,253		123,430
JPMorgan SmartRetirement 2030 Fund		7,136,153		178,869
JPMorgan SmartRetirement 2035 Fund		5,351,559		253,747
JPMorgan SmartRetirement 2040 Fund		5,723,693		560,602

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

	Contractual Waivers		Contractual Reimbursements
	Service Fees
JPMorgan SmartRetirement 2045 Fund	$	3,892,453	$	643,944
JPMorgan SmartRetirement 2050 Fund		3,536,991		1,140,517
JPMorgan SmartRetirement 2055 Fund		993,139		564,130
JPMorgan SmartRetirement 2060 Fund		1,988		25,014

	Voluntary Waivers
	Service Fees
JPMorgan SmartRetirement Income Fund	$	102,657
JPMorgan SmartRetirement 2020 Fund		315,971
JPMorgan SmartRetirement 2025 Fund		284,561
JPMorgan SmartRetirement 2030 Fund		360,825
JPMorgan SmartRetirement 2035 Fund		253,530
JPMorgan SmartRetirement 2040 Fund		257,700
JPMorgan SmartRetirement 2045 Fund		162,478
JPMorgan SmartRetirement 2050 Fund		138,476
JPMorgan SmartRetirement 2055 Fund		50,773

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement Income Fund	$	453,845,667	$	455,526,937	$	10,702,405	$	6,591,455
JPMorgan SmartRetirement 2020 Fund		1,343,554,799		1,490,976,285		34,191,207		21,202,220
JPMorgan SmartRetirement 2025 Fund		1,537,008,721		1,098,897,618		32,156,908		18,705,285
JPMorgan SmartRetirement 2030 Fund		2,100,365,368		1,908,240,348		68,203,286		39,815,227
JPMorgan SmartRetirement 2035 Fund		1,560,679,448		1,174,172,663		50,072,731		27,760,716
JPMorgan SmartRetirement 2040 Fund		1,512,329,290		1,294,303,035		49,220,777		28,547,165
JPMorgan SmartRetirement 2045 Fund		1,018,995,955		664,927,067		31,997,037		17,315,844
JPMorgan SmartRetirement 2050 Fund		877,614,959		545,328,695		25,734,082		13,943,872
JPMorgan SmartRetirement 2055 Fund		419,060,911		133,065,245		7,904,930		3,429,996
JPMorgan SmartRetirement 2060 Fund		15,267,614		4,643,319		—		—

116 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	4,010,775,359	$	493,388,395	$	21,022,054	$	472,366,341
JPMorgan SmartRetirement 2020 Fund		6,283,768,882		801,843,127		25,578,206		776,264,921
JPMorgan SmartRetirement 2025 Fund		6,592,366,840		765,756,458		18,711,480		747,044,978
JPMorgan SmartRetirement 2030 Fund		6,942,826,235		1,083,221,617		5,921,015		1,077,300,602
JPMorgan SmartRetirement 2035 Fund		5,218,761,523		731,514,513		3,601,403		727,913,110
JPMorgan SmartRetirement 2040 Fund		5,071,762,678		913,613,945		2,636,083		910,977,862
JPMorgan SmartRetirement 2045 Fund		3,436,640,661		473,522,262		4,747,462		468,774,800
JPMorgan SmartRetirement 2050 Fund		2,838,705,438		393,670,337		3,247,019		390,423,318
JPMorgan SmartRetirement 2055 Fund		958,585,860		95,578,195		1,920,678		93,657,517
JPMorgan SmartRetirement 2060 Fund		10,753,357		432,780		18,674		414,106

For all of the Funds, the difference between book and tax basis appreciation (depreciation) is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2017 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distribution Paid
JPMorgan SmartRetirement Income Fund	$	53,221,278	$	—	$	53,221,278
JPMorgan SmartRetirement 2020 Fund		159,227,609		39,206,765		198,434,374
JPMorgan SmartRetirement 2025 Fund		146,005,192		57,609,236		203,614,428
JPMorgan SmartRetirement 2030 Fund		154,649,365		58,117,945		212,767,310
JPMorgan SmartRetirement 2035 Fund		105,690,088		46,220,326		151,910,414
JPMorgan SmartRetirement 2040 Fund		102,490,093		52,929,063		155,419,156
JPMorgan SmartRetirement 2045 Fund		63,521,988		34,931,406		98,453,394
JPMorgan SmartRetirement 2050 Fund		52,122,859		29,726,119		81,848,978
JPMorgan SmartRetirement 2055 Fund		14,857,372		7,073,659		21,931,031
JPMorgan SmartRetirement 2060 Fund		40,001		—		40,001

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2016 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distribution Paid
JPMorgan SmartRetirement Income Fund	$	47,042,087	$	7,443,556	$	54,485,643
JPMorgan SmartRetirement 2020 Fund		148,462,199		62,247,837		210,710,036
JPMorgan SmartRetirement 2025 Fund		125,449,034		59,843,401		185,292,435
JPMorgan SmartRetirement 2030 Fund		135,322,762		71,805,833		207,128,595
JPMorgan SmartRetirement 2035 Fund		88,141,177		51,933,668		140,074,845
JPMorgan SmartRetirement 2040 Fund		90,542,882		57,897,984		148,440,866
JPMorgan SmartRetirement 2045 Fund		51,930,642		32,384,541		84,315,183
JPMorgan SmartRetirement 2050 Fund		42,572,855		25,066,438		67,639,293
JPMorgan SmartRetirement 2055 Fund		9,419,283		3,381,688		12,800,971

* Short-term gains are treated as ordinary income for income tax purposes.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	513,917	$	2,017,325	$	471,537,072
JPMorgan SmartRetirement 2020 Fund		1,666,253		44,819,848		775,185,697
JPMorgan SmartRetirement 2025 Fund		1,662,352		46,772,536		745,916,182
JPMorgan SmartRetirement 2030 Fund		2,157,802		47,740,514		1,074,894,365
JPMorgan SmartRetirement 2035 Fund		1,490,507		29,747,892		726,168,896
JPMorgan SmartRetirement 2040 Fund		1,276,358		38,104,043		909,184,294
JPMorgan SmartRetirement 2045 Fund		753,463		23,264,233		467,611,397
JPMorgan SmartRetirement 2050 Fund		753,972		20,613,806		389,453,251
JPMorgan SmartRetirement 2055 Fund		238,664		6,342,513		93,306,924
JPMorgan SmartRetirement 2060 Fund		8,777		11,618		414,106

For the Funds, the cumulative timing differences primarily consist of post-October capital loss deferrals, wash sale loss deferrals and mark to market of futures contracts.

During the year ended June 30, 2017, the following Funds utilized net capital loss carryforwards as follows:

	Short-Term		Long-Term
JPMorgan SmartRetirement Income Fund	$	5,334,847	$	2,286,722

As of June 30, 2017, the Funds did not have any net capital loss carryforwards.

Specified ordinary losses and net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2017, the Funds deferred to July 1, 2017 specified ordinary losses and net capital losses of:

	Specified Ordinary Losses		Net Capital Loss
			Short-Term
JPMorgan SmartRetirement Income Fund	$	724,240	$	2,505,921
JPMorgan SmartRetirement 2020 Fund		2,456,272		3,877,745
JPMorgan SmartRetirement 2025 Fund		2,447,699		110,755
JPMorgan SmartRetirement 2030 Fund		—		8,772,590
JPMorgan SmartRetirement 2035 Fund		—		3,930,750

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which

118 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. Prior to August 15, 2017, JPMorgan SmartRetirement 2060 Fund was not a party to the Credit Facility. This Fund was added to the Credit Facility on August 15, 2017.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2017, the Funds each had omnibus accounts which owned more than 10% of the Funds outstanding shares as follows:

	Number of Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement Income Fund		4		30.8	%
JPMorgan SmartRetirement 2020 Fund		4		34.8
JPMorgan SmartRetirement 2025 Fund		3		33.7
JPMorgan SmartRetirement 2030 Fund		3		32.2
JPMorgan SmartRetirement 2035 Fund		3		34.4
JPMorgan SmartRetirement 2040 Fund		3		33.7
JPMorgan SmartRetirement 2045 Fund		3		37.5
JPMorgan SmartRetirement 2050 Fund		3		34.9
JPMorgan SmartRetirement 2055 Fund		3		37.9
JPMorgan SmartRetirement 2060 Fund		3		19.1

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

As of June 30, 2017, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Commodities Strategy Fund		79.9	%
JPMorgan Core Bond Fund		22.5
JPMorgan Core Plus Bond Fund		23.2
JPMorgan Corporate Bond Fund		82.3
JPMorgan Disciplined Equity Fund		62.8
JPMorgan Emerging Economies Fund		70.2
JPMorgan Emerging Markets Strategic Debt Fund		71.6
JPMorgan Emerging Markets Debt Fund		47.8
JPMorgan Emerging Markets Equity Fund		43.9
JPMorgan Growth Advantage Fund		37.7
JPMorgan High Yield Fund		25.8
JPMorgan Inflation Managed Bond Fund		30.2
JPMorgan International Equity Fund		70.8
JPMorgan International Opportunities Fund		87.6
JPMorgan Intrepid America Fund		63.7
JPMorgan Intrepid International Fund		90.5
JPMorgan Mid Cap Equity Fund		49.9
JPMorgan Realty Income Fund		77.1
JPMorgan Small Cap Growth Fund		29.8
JPMorgan Small Cap Value Fund		17.6
JPMorgan U.S. Equity Fund		23.8
JPMorgan Value Advantage Fund		23.3

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

9. Business Combinations

On February 15, 2017, the Board of Trustees of the Trust approved the Plan of Reorganization of JPMorgan SmartRetirement 2015 Fund (the “Target Fund”) into JPMorgan SmartRetirement Income Fund (the “Acquiring Fund”). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on June 23, 2017. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I, Class R2, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $2,033,935,184 and identified cost of approximately $1,756,426,542 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of June 23, 2017, the Target Fund did not have capital loss carryforwards.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
JPMorgan SmartRetirement 2015 Fund							$	277,508,245
Class A		32,830,376	$	598,586,398	$	18.23
Class C		1,292,451		23,397,107		18.10
Class I		13,069,016		238,699,040		18.26
Class R2		6,394,102		116,244,140		18.18
Class R5		52,654,087		962,616,760		18.28
Class R6		10,800,952		197,448,962		18.28

120 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquiring Fund
JPMorgan SmartRetirement Income Fund							$	251,636,474
Class A		37,769,816	$	687,955,746	$	18.21
Class C		1,133,854		20,572,111		18.14
Class I		18,405,223		335,822,553		18.25
Class R2		6,329,836		115,048,596		18.18
Class R3		135,188		2,456,871		18.17
Class R4		1,160		21,166		18.24
Class R5		52,232,908		954,646,988		18.28
Class R6		14,944,926		273,123,565		18.28
Post Reorganization
JPMorgan SmartRetirement Income Fund							$	529,144,719
Class A		70,633,176	$	1,286,542,144	$	18.21
Class C		2,423,412		43,969,218		18.14
Class I		31,487,490		574,521,593		18.25
Class R2		12,725,451		231,292,736		18.18
Class R3		135,188		2,456,871		18.17
Class R4		1,160		21,166		18.24
Class R5		104,901,977		1,917,263,748		18.28
Class R6		25,749,069		470,572,527		18.28

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2016, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2017, are as follows:

Net investment income (loss)	$	100,746,825
Net realized/unrealized gains (losses)	$	220,516,162
Change in net assets resulting from operations	$	321,262,987

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since June 23, 2017.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 121

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan SmartRetirement Income Fund, JPMorgan SmartRetirement 2020 Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 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 SmartRetirement Income Fund, JPMorgan SmartRetirement 2020 Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund and JPMorgan SmartRetirement 2055 Fund (each a separate series of JPMorgan Trust I) as of June 30, 2017, 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 indicated therein, and the financial position of JPMorgan SmartRetirement 2060 Fund (a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, and the results of its operations, the changes in its net assets, and the financial highlights for the period August 31, 2016 (commencement of operations) through June 30, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

122 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 123

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

124 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 125

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including 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 (not including expenses of the Underlying 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, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, and expenses of the Underlying Funds. 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  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement Income Fund
Class A
Actual	$	1,000.00	$	1,054.00	$	1.48		0.29	%
Hypothetical		1,000.00		1,023.36		1.45		0.29
Class C
Actual		1,000.00		1,050.70		4.73		0.93
Hypothetical		1,000.00		1,020.18		4.66		0.93
Class I (formerly Select Class)
Actual		1,000.00		1,054.40		0.97		0.19
Hypothetical		1,000.00		1,023.85		0.95		0.19
Class R2
Actual		1,000.00		1,051.60		3.26		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
Class R3
Actual		1,000.00		1,052.20		2.54		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,054.00		1.17		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,054.70		0.51		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,055.30		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00

126 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Beginning Account Value  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement 2020 Fund
Class A
Actual	$	1,000.00	$	1,068.30	$	1.59		0.31	%
Hypothetical		1,000.00		1,023.26		1.56		0.31
Class C
Actual		1,000.00		1,064.40		4.91		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class I (formerly Select Class)
Actual		1,000.00		1,068.60		1.08		0.21
Hypothetical		1,000.00		1,023.75		1.05		0.21
Class R2
Actual		1,000.00		1,066.60		3.33		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
Class R3
Actual		1,000.00		1,066.40		2.56		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,067.90		1.18		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,069.10		0.51		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,069.60		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2025 Fund
Class A
Actual		1,000.00		1,078.60		1.65		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,075.40		4.99		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,079.00		1.13		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,077.10		3.40		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,077.60		2.58		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,078.50		1.24		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,079.50		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,080.60		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2030 Fund
Class A
Actual		1,000.00		1,089.20		1.66		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 127

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement 2030 Fund (continued)
Class C
Actual	$	1,000.00	$	1,085.90	$	5.02		0.97	%
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,090.10		1.14		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,087.70		3.42		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,088.50		2.59		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,089.50		1.19		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,090.50		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,091.10		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2035 Fund
Class A
Actual		1,000.00		1,095.70		1.66		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,092.30		5.03		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,095.70		1.14		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,094.10		3.43		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,094.10		2.60		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,095.80		1.25		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,096.90		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,097.40		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2040 Fund
Class A
Actual		1,000.00		1,102.00		1.67		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,098.20		5.05		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97

128 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Beginning Account Value  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement 2040 Fund (continued)
Class I (formerly Select Class)
Actual	$	1,000.00	$	1,102.80	$	1.15		0.22	%
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,100.20		3.44		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,100.90		2.60		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,102.40		1.25		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,103.20		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,103.70		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2045 Fund
Class A
Actual		1,000.00		1,102.30		1.67		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,098.70		5.05		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,103.70		1.15		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,100.90		3.44		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,101.70		2.61		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,103.10		1.25		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,104.20		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,104.20		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2050 Fund
Class A
Actual		1,000.00		1,102.60		1.67		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,099.00		5.05		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,102.80		1.15		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement 2050 Fund (continued)
Class R2
Actual	$	1,000.00	$	1,100.70	$	3.44		0.66	%
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,100.80		2.60		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,102.80		1.25		0.24
Hypothetical		1,000.00		1,023.60		1.20		0.24
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,103.30		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,103.70		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2055 Fund
Class A
Actual		1,000.00		1,102.80		1.67		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,098.50		5.05		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,102.70		1.15		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,100.70		3.44		0.66
Hypothetical		1,000.00		1,021.52		3.31		0.66
Class R3
Actual		1,000.00		1,101.30		2.61		0.50
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,102.90		1.20		0.23
Hypothetical		1,000.00		1,023.65		1.15		0.23
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,103.70		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,104.20		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00
SmartRetirement 2060 Fund
Class A
Actual		1,000.00		1,101.10		1.67		0.32
Hypothetical		1,000.00		1,023.21		1.61		0.32
Class C
Actual		1,000.00		1,098.10		5.05		0.97
Hypothetical		1,000.00		1,019.98		4.86		0.97
Class I (formerly Select Class)
Actual		1,000.00		1,102.60		1.15		0.22
Hypothetical		1,000.00		1,023.70		1.10		0.22
Class R2
Actual		1,000.00		1,100.20		3.70		0.71
Hypothetical		1,000.00		1,021.27		3.56		0.71

130 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

	Beginning Account Value  January 1, 2017		Ending Account Value  June 30, 2017		Expenses Paid During the Period*		Annualized  Expense Ratio
SmartRetirement 2060 Fund (continued)
Class R3
Actual	$	1,000.00	$	1,100.50	$	2.60		0.50	%
Hypothetical		1,000.00		1,022.32		2.51		0.50
Class R4
Actual		1,000.00		1,102.20		1.30		0.25
Hypothetical		1,000.00		1,023.55		1.25		0.25
Class R5 (formerly Institutional Class)
Actual		1,000.00		1,103.30		0.52		0.10
Hypothetical		1,000.00		1,024.30		0.50		0.10
Class R6
Actual		1,000.00		1,103.60		0.00		0.00
Hypothetical		1,000.00		1,024.79		0.00		0.00

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one half year period).

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT FUNDS 131

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividends Received Deduction
JPMorgan SmartRetirement Income Fund		12.13	%
*JPMorgan SmartRetirement 2015 Fund		11.97
JPMorgan SmartRetirement 2020 Fund		15.46
JPMorgan SmartRetirement 2025 Fund		19.94
JPMorgan SmartRetirement 2030 Fund		23.33
JPMorgan SmartRetirement 2035 Fund		26.25
JPMorgan SmartRetirement 2040 Fund		28.98
JPMorgan SmartRetirement 2045 Fund		29.08
JPMorgan SmartRetirement 2050 Fund		29.05
JPMorgan SmartRetirement 2055 Fund		29.30
JPMorgan SmartRetirement 2060 Fund		31.91

* Target Fund acquired in Business Combination.

Long-Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2017:

	Long-Term Capital Gain Distribution
*JPMorgan SmartRetirement 2015 Fund	$	291,079
JPMorgan SmartRetirement 2020 Fund		39,206,765
JPMorgan SmartRetirement 2025 Fund		57,609,236
JPMorgan SmartRetirement 2030 Fund		58,117,945
JPMorgan SmartRetirement 2035 Fund		46,220,326
JPMorgan SmartRetirement 2040 Fund		52,929,063
JPMorgan SmartRetirement 2045 Fund		34,931,406
JPMorgan SmartRetirement 2050 Fund		29,726,119
JPMorgan SmartRetirement 2055 Fund		7,073,659

* Target Fund acquired in Business Combination.

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017:

	Qualified Dividend Income
JPMorgan SmartRetirement Income Fund	$	19,044,504
*JPMorgan SmartRetirement 2015 Fund		12,226,157
JPMorgan SmartRetirement 2020 Fund		73,111,698
JPMorgan SmartRetirement 2025 Fund		82,112,874
JPMorgan SmartRetirement 2030 Fund		97,099,084
JPMorgan SmartRetirement 2035 Fund		73,737,010
JPMorgan SmartRetirement 2040 Fund		78,313,360
JPMorgan SmartRetirement 2045 Fund		48,847,197
JPMorgan SmartRetirement 2050 Fund		40,162,029
JPMorgan SmartRetirement 2055 Fund		11,659,096
JPMorgan SmartRetirement 2060 Fund		36,362

* Target Fund acquired in Business Combination.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2017, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2017 will be disclosed in the semi-annual report for the period ended December 31, 2017.

132 JPMORGAN SMARTRETIREMENT FUNDS JUNE 30, 2017

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017.  All rights reserved. June 2017. AN-SR-617

Annual Report

JPMorgan SmartRetirement^® Blend Funds

June 30, 2017

JPMorgan SmartRetirement^® Blend Income Fund

JPMorgan SmartRetirement^® Blend 2020 Fund

JPMorgan SmartRetirement^® Blend 2025 Fund

JPMorgan SmartRetirement^® Blend 2030 Fund

JPMorgan SmartRetirement^® Blend 2035 Fund

JPMorgan SmartRetirement^® Blend 2040 Fund

JPMorgan SmartRetirement^® Blend 2045 Fund

JPMorgan SmartRetirement^® Blend 2050 Fund

JPMorgan SmartRetirement^® Blend 2055 Fund

JPMorgan SmartRetirement^® Blend 2060 Fund

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	25
Financial Statements	46
Financial Highlights	70
Notes to Financial Statements	90
Report of Independent Registered Public Accounting Firm	115
Trustees	116
Officers	118
Schedule of Shareholder Expenses	119
Tax Letter	125
Privacy Policy — Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses 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

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

Fund	Fund Return*		Broad Based Securities Market Index (New) Return1		Broad Based Securities Market Index (Old) Return1, 2		Broad Based Securities Market Index Name	Fund Net Assets as of June 30, 2017
JPMorgan SmartRetirement® Blend Income Fund		6.97%		4.95%		5.02%	S&P Target Date Retirement Income Index	$	198,902,635
JPMorgan SmartRetirement® Blend 2020 Fund		9.31%		9.84%		9.69%	S&P Target Date 2020 Index	$	371,404,833
JPMorgan SmartRetirement® Blend 2025 Fund		11.16%		11.26%		11.02%	S&P Target Date 2025 Index	$	355,105,435
JPMorgan SmartRetirement® Blend 2030 Fund		13.03%		12.55%		12.21%	S&P Target Date 2030 Index	$	386,192,058
JPMorgan SmartRetirement® Blend 2035 Fund		14.31%		13.85%		13.41%	S&P Target Date 2035 Index	$	278,018,874
JPMorgan SmartRetirement® Blend 2040 Fund		15.62%		14.77%		14.26%	S&P Target Date 2040 Index	$	299,257,001
JPMorgan SmartRetirement® Blend 2045 Fund		15.65%		15.52%		14.99%	S&P Target Date 2045 Index	$	193,524,325
JPMorgan SmartRetirement® Blend 2050 Fund		15.69%		16.24%		15.68%	S&P Target Date 2050 Index	$	152,969,071
JPMorgan SmartRetirement® Blend 2055 Fund		15.54%		16.72%		16.16%	S&P Target Date 2055 Index	$	57,637,730
JPMorgan SmartRetirement® Blend 2060 Fund**		11.54%		12.60%		12.01%	S&P Target Date 2060+ Index	$	2,242,389

¹ On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Funds, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Indices previously used by the Funds were comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return) (the “Old Index”). Effective June 1, 2017, the S&P Target Date Retirement Indices used by the Funds was comprised of underlying indices of securities (the “New Index”). In addition, the Old Indices have been discontinued. As a result, performance for the New Indices prior to June 1, 2017 will be linked to an S&P Target Date Retirement Index that was comprised of ETFs that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of each Funds’ S&P Target Date Retirement Index did not change and there was no change in each Fund’s investment strategies as a result of the change.

²  Performance for the old indices was calculated for the period July 1, 2016 to May 31, 2017. The Old Index for the JPMorgan SmartRetirement Blend 2060 Fund was calculated for the period from inception on August 31, 2016 to May 31, 2017.

* Returns for all Funds are based on Class R6 Shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** Performance is based on the period from Fund inception on August 31, 2016 to June 30, 2017.

2 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Blend Income Fund
Fixed Income	52.7	%
U.S. Equity	21.5
International Equity	12.4
Short-Term Investment	9.2
Alternative Assets	3.8
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2020 Fund
Fixed Income	48.2	%
U.S. Equity	28.9
International Equity	16.6
Alternative Assets	3.8
Short-Term Investment	2.2
U.S. Treasury Obligation	0.3
JPMorgan SmartRetirement® Blend 2025 Fund
Fixed Income	39.6	%
U.S. Equity	34.1
International Equity	20.4
Alternative Assets	3.7
Short-Term Investment	1.8
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2030 Fund
U.S. Equity	40.1	%
Fixed Income	29.6
International Equity	24.0
Alternative Assets	4.2
Short-Term Investment	1.7
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2035 Fund
U.S. Equity	44.6	%
International Equity	26.7
Fixed Income	21.9
Alternative Assets	4.6
Short-Term Investment	1.8
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2040 Fund
U.S. Equity	48.4	%
International Equity	29.0
Fixed Income	14.4
Alternative Assets	5.1
Short-Term Investment	2.7
U.S. Treasury Obligation	0.4

JPMorgan SmartRetirement® Blend 2045 Fund
U.S. Equity	49.7	%
International Equity	29.5
Fixed Income	12.8
Alternative Assets	5.2
Short-Term Investment	2.4
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2050 Fund
U.S. Equity	49.7	%
International Equity	29.5
Fixed Income	13.5
Alternative Assets	5.2
Short-Term Investment	1.7
U.S. Treasury Obligation	0.4
JPMorgan SmartRetirement® Blend 2055 Fund
U.S. Equity	49.6	%
International Equity	29.5
Fixed Income	13.1
Alternative Assets	5.2
Short-Term Investment	2.1
U.S. Treasury Obligation	0.5
JPMorgan SmartRetirement® Blend 2060 Fund
U.S. Equity	52.0	%
International Equity	31.4
Fixed Income	10.6
Alternative Assets	5.2
Short-Term Investment	0.8

* The percentages indicated are based on total investments as of June 30, 2017. Each Fund’s portfolio composition is subject to change.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 3

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement dates.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Emerging market equities generally outperformed developed market equities during the reporting period.

While emerging market bonds and high yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

Notably, U.S. financial market volatility remained low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures options on the Standard & Poor’s 500 Index to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

The JPMorgan SmartRetirement Blend 2060 Fund underperformed its S&P Target Date Index for the period from Fund inception on August 31, 2016 to June 30, 2017. Class R6 shares of the SmartRetirement Blend Income Fund, the SmartRetirement Blend 2030 Fund, the SmartRetirement 2035 Fund, the SmartRetirement Blend 2040 Fund and the SmartRetirement Blend 2045 Fund outperformed their respective new S&P Target Date indexes for the twelve month reporting period. Class R6 shares of the SmartRetirement Blend 2020 Fund, the SmartRetirement Blend 2025 Fund, the SmartRetirement Blend 2050 Fund and the SmartRetirement

Blend 2055 underperformed their respective new S&P Target Date Indexes for the twelve month period.

The Funds’ investments in the JPMorgan High Yield Fund and JPMorgan Realty Income detracted from performance relative to their respective new indexes. However, the Funds’ investments in the JPMorgan Emerging Economies Fund and JPMorgan Emerging Markets Equity Fund made positive contributions to relative performance.

The Funds’ strategic allocations to underlying funds that invested in emerging markets equities and high yield debt made a positive contribution to the Funds’ absolute performance, while their lower strategic allocations to U.S. equity and international developed equity detracted from absolute performance. From a tactical perspective, the Funds’ positioning in emerging markets debt detracted from absolute performance, while the Funds’ overweight positions in high yield debt contributed to performance.

Strategic asset allocation involves setting target allocations to various asset classes and periodically rebalancing the portfolio to those targets. Tactical asset allocation generally involves a more active trading approach and seeks to exploit shorter-term inefficiencies in markets.

HOW WERE THE FUNDS POSITIONED?

The Funds primarily invested in underlying J.P. Morgan funds and third-party exchange-traded funds to implement the asset allocation views of the Funds’ portfolio managers. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement Blend portfolios. Relative to their respective S&P Target Date indexes, the Funds invested across a broader range of asset classes. The Funds’ portfolio managers believed that this diversification would help manage market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that they believed have had historically lower correlations to the broader fixed income and equity markets.

* The adviser seeks to achieve the Funds’ objectives. There can be no guarantee they will be achieved.

4 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			1.70	%		1.49	%		3.93	%
Without Sales Charge			6.51			3.06			4.90
CLASS C SHARES	July 2, 2012
With CDSC**			4.99			2.48			4.29
Without CDSC			5.99			2.48			4.29
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		6.70			3.26			5.07
CLASS R2 SHARES	July 2, 2012		6.18			2.80			4.63
CLASS R3 SHARES	May 31, 2017		6.42			3.10			4.93
CLASS R4 SHARES	May 31, 2017		6.68			3.36			5.19
CLASS R5 SHARES	July 2, 2012		6.94			3.46			5.28
CLASS R6 SHARES	July 2, 2012		6.97			3.50			5.33

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend Income Fund, the S&P Target Date Retirement Income Index (New). S&P Target Date Retirement Income Index (Old) and the Lipper Mixed-Asset Target Today Funds Average from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index (New) and S&P Target Date Retirement Income Index (Old) does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except the S&P Target Date Retirement Income Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target Today 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date Retirement Income Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date Retirement Income Index (Old) was discontinued. As a result, performance for the S&P Target Date Retirement Income Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 5

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			3.90	%		2.48	%		6.12	%
Without Sales Charge			8.77			4.07			7.10
CLASS C SHARES	July 2, 2012
With CDSC**			7.24			3.47			6.48
Without CDSC			8.24			3.47			6.48
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		9.05			4.25			7.29
CLASS R2 SHARES	July 2, 2012		8.57			3.81			6.84
CLASS R3 SHARES	May 31, 2017		8.76			4.10			7.14
CLASS R4 SHARES	May 31, 2017		9.04			4.36			7.41
CLASS R5 SHARES	July 2, 2012		9.22			4.46			7.49
CLASS R6 SHARES	July 2, 2012		9.31			4.52			7.55

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2020 Fund, the S&P Target Date 2020 Index (New). S&P Target Date 2020 Index (Old) and the Lipper Mixed-Asset Target 2020 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index (New) and S&P Target Date 2020 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except the S&P Target Date 2020 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2020 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2020 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2020 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2020 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 7

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			5.63	%		2.97	%		7.07	%
Without Sales Charge			10.62			4.57			8.07
CLASS C SHARES	July 2, 2012
With CDSC**			9.08			3.98			7.44
Without CDSC			10.08			3.98			7.44
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		10.90			4.75			8.25
CLASS R2 SHARES	July 2, 2012		10.35			4.29			7.79
CLASS R3 SHARES	May 31, 2017		10.66			4.61			8.12
CLASS R4 SHARES	May 31, 2017		10.94			4.88			8.39
CLASS R5 SHARES	July 2, 2012		11.07			4.93			8.46
CLASS R6 SHARES	July 2, 2012		11.16			5.02			8.52

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2025 Fund, the S&P Target Date 2025 Index (New). S&P Target Date 2025 Index (Old) and the Lipper Mixed-Asset Target 2025 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index (New) and S&P Target Date 2025 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except the S&P Target Date 2025 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2025 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2025 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2025 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2025 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2025 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 9

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			7.42	%		3.38	%		7.90	%
Without Sales Charge			12.48			4.98			8.91
CLASS C SHARES	July 2, 2012
With CDSC**			10.93			4.37			8.27
Without CDSC			11.93			4.37			8.27
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		12.77			5.16			9.09
CLASS R2 SHARES	July 2, 2012		12.20			4.70			8.63
CLASS R3 SHARES	May 31, 2017		12.48			5.01			8.94
CLASS R4 SHARES	May 31, 2017		12.76			5.27			9.21
CLASS R5 SHARES	July 2, 2012		12.94			5.35			9.29
CLASS R6 SHARES	July 2, 2012		13.03			5.43			9.36

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2030 Fund, the S&P Target Date 2030 Index (New). S&P Target Date 2030 Index (Old) and the Lipper Mixed-Asset Target 2030 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index (New) and S&P Target Date 2030 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except the S&P Target Date 2030 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2030 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2030 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2030 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2030 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 11

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			8.63	%		3.65	%		8.54	%
Without Sales Charge			13.75			5.25			9.55
CLASS C SHARES	July 2, 2012
With CDSC**			12.15			4.64			8.91
Without CDSC			13.15			4.64			8.91
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		13.99			5.42			9.73
CLASS R2 SHARES	July 2, 2012		13.42			4.97			9.27
CLASS R3 SHARES	May 31, 2017		13.75			5.28			9.59
CLASS R4 SHARES	May 31, 2017		14.04			5.55			9.86
CLASS R5 SHARES	July 2, 2012		14.21			5.62			9.95
CLASS R6 SHARES	July 2, 2012		14.31			5.70			10.01

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2035 Fund, the S&P Target Date 2035 Index (New). S&P Target Date 2035 Index (Old) and the Lipper Mixed-Asset Target 2035 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index (New) and S&P Target Date 2035 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2035 Index (Old) was previously

adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2035 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2035 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2035 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2035 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2035 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 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

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 13

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			9.86	%		3.91	%		8.95	%
Without Sales Charge			15.06			5.51			9.96
CLASS C SHARES	July 2, 2012
With CDSC**			13.49			4.92			9.33
Without CDSC			14.49			4.92			9.33
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		15.35			5.72			10.15
CLASS R2 SHARES	July 2, 2012		14.78			5.24			9.68
CLASS R3 SHARES	May 31, 2017		15.06			5.56			10.00
CLASS R4 SHARES	May 31, 2017		15.35			5.83			10.28
CLASS R5 SHARES	July 2, 2012		15.52			5.90			10.36
CLASS R6 SHARES	July 2, 2012		15.62			5.97			10.42

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2040 Fund, the S&P Target Date 2040 Index (New). S&P Target Date 2040 Index (Old) and the Lipper Mixed-Asset Target 2040 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index (New) and S&P Target Date 2040 Index (Old) does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except the S&P Target Date 2040 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2040 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2040 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2040 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2040 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2040 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 15

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

16 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			9.93	%		3.94	%		8.94	%
Without Sales Charge			15.09			5.55			9.96
CLASS C SHARES	July 2, 2012
With CDSC**			13.48			4.95			9.31
Without CDSC			14.48			4.95			9.31
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		15.33			5.73			10.13
CLASS R2 SHARES	July 2, 2012		14.76			5.26			9.67
CLASS R3 SHARES	May 31, 2017		15.04			5.57			9.98
CLASS R4 SHARES	May 31, 2017		15.33			5.84			10.26
CLASS R5 SHARES	July 2, 2012		15.49			5.92			10.34
CLASS R6 SHARES	July 2, 2012		15.65			6.01			10.42

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2045 Fund, the S&P Target Date 2045 Index (New). S&P Target Date 2045 Index (Old) and the Lipper Mixed-Asset Target 2045 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index (New) and S&P Target Date 2045 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2045 Index (Old) was previously

adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2045 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2045 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2045 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2045 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2045 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 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

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 17

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

18 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			9.97	%		3.92	%		8.95	%
Without Sales Charge			15.13			5.53			9.97
CLASS C SHARES	July 2, 2012
With CDSC**			13.52			4.93			9.32
Without CDSC			14.52			4.93			9.32
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		15.43			5.74			10.16
CLASS R2 SHARES	July 2, 2012		14.80			5.27			9.69
CLASS R3 SHARES	May 31, 2017		15.14			5.58			10.01
CLASS R4 SHARES	May 31, 2017		15.42			5.85			10.28
CLASS R5 SHARES	July 2, 2012		15.58			5.94			10.36
CLASS R6 SHARES	July 2, 2012		15.69			6.00			10.43

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2050 Fund, the S&P Target Date 2050 Index (New). S&P Target Date 2050 Index (Old) and the Lipper Mixed-Asset Target 2050 Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index (New) and S&P Target Date 2050 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except the S&P Target Date 2050 Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2050 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2050 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2050 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2050 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2050 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2050 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 19

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

20 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	July 2, 2012
With Sales Charge*			9.80	%		3.98	%		8.88	%
Without Sales Charge			14.98			5.59			9.89
CLASS C SHARES	July 2, 2012
With CDSC**			13.43			4.98			9.25
Without CDSC			14.43			4.98			9.25
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 2012		15.28			5.80			10.08
CLASS R2 SHARES	July 2, 2012		14.70			5.33			9.62
CLASS R3 SHARES	May 31, 2017		14.93			5.63			9.92
CLASS R4 SHARES	May 31, 2017		15.21			5.89			10.20
CLASS R5 SHARES	July 2, 2012		15.49			5.97			10.29
CLASS R6 SHARES	July 2, 2012		15.54			6.04			10.35

* Sales Charge for Class A Shares is 4.50%.

** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/17)

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 July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2055 Fund, the S&P Target Date 2055 Index (New). S&P Target Date 2055 Index (Old) and the Lipper Mixed-Asset Target 2055+ Funds Index from July 2, 2012 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index (New) and S&P Target Date 2055 Index (Old) does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except the S&P Target Date 2055 Index (Old) was previously

adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2055 Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2055 Index (Old) was discontinued. As a result, performance for the S&P Target Date 2055 Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 21

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

22 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

PERIOD ENDED JUNE 30, 2017 (Unaudited) (continued)

TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS A SHARES	August 31, 2016
With Sales Charge**			6.06	%
Without Sales Charge			11.08
CLASS C SHARES	August 31, 2016
With CDSC***			9.65
Without CDSC			10.65
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	August 31, 2016		11.31
CLASS R2 SHARES	August 31, 2016		10.86
CLASS R3 SHARES	May 31, 2017		11.12
CLASS R4 SHARES	May 31, 2017		11.35
CLASS R5 SHARES	August 31, 2016		11.47
CLASS R6 SHARES	August 31, 2016		11.54

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the period.

LIFE OF FUND PERFORMANCE (8/31/16 TO 6/30/17)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on August 31, 2016.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2060 Fund, the S&P Target Date 2060+ Index (New). S&P Target Date 2060+ Index (Old) and the Lipper Mixed-Asset Target 2055+ Funds Index from August 31, 2016 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index (New) and S&P Target Date 2060+ Index (Old) does not reflect the deduction of expenses or a sales charge

associated with a mutual fund (except the S&P Target Date 2060+ Index (Old) was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ 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. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index (Old) was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2060+ Index (New) used by the Fund is comprised of underlying indices of securities. Effective May 31, 2017, the S&P Target Date 2060+ Index (Old) was discontinued. As a result, performance for the S&P Target Date 2060+ Index (New) prior to June 1, 2017 is linked to an S&P Target Date Retirement Index that is comprised of ETFs that are not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 23

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

PERIOD ENDED JUNE 30, 2017 (Unaudited) (continued)

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

24 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 55.1%
		Fixed Income — 23.2%
	285,027	iShares Core U.S. Aggregate Bond Fund		31,213,307
	130,734	iShares TIPS Bond Fund		14,829,157
		Total Fixed Income		46,042,464
		International Equity — 10.5%
	288,369	iShares Core MSCI EAFE Fund		17,558,789
	67,135	iShares Core MSCI Emerging Markets Fund		3,359,435
		Total International Equity		20,918,224
		U.S. Equity — 21.4%
	21,113	iShares Russell 2000 Fund		2,975,244
	23,745	iShares Russell Mid-Cap Fund		4,561,652
	157,869	Vanguard S&P 500 Fund		35,056,390
		Total U.S. Equity		42,593,286
		Total Exchange-Traded Funds (Cost $98,976,529)		109,553,974
	Investment Companies — 34.8% (b)
		Alternative Assets — 3.8%
	336,279	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		2,918,898
	351,500	JPMorgan Realty Income Fund, Class R6 Shares		4,601,140
		Total Alternative Assets		7,520,038
		Fixed Income — 29.2%
	2,502,370	JPMorgan Core Bond Fund, Class R6 Shares		29,102,567
	529,894	JPMorgan Corporate Bond Fund, Class R6 Shares		5,373,122
	456,759	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		3,759,128
	210,418	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		1,754,888
	537,802	JPMorgan Floating Rate Income Fund, Class R6 Shares		5,060,719
	1,766,633	JPMorgan High Yield Fund, Class R6 Shares		13,143,747
		Total Fixed Income		58,194,171
		International Equity — 1.8%
	125,485	JPMorgan Emerging Economies Fund, Class R6 Shares		1,658,917
	72,355	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,866,028
		Total International Equity		3,524,945
		Total Investment Companies (Cost $68,378,669)		69,239,154

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.3%
	695,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $694,055)		693,285
SHARES
	Short-Term Investment — 9.2%
		Investment Company — 9.2%
	18,311,866	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $18,311,866)		18,311,866
		Total Investments — 99.4% (Cost $186,361,119)		197,798,279
		Other Assets in Excess of Liabilities — 0.6%		1,104,356
		NET ASSETS — 100.0%	$	198,902,635

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 25

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	14		TOPIX Index		09/07/17		JPY	$	2,013,739		$	11,511
	40		10 Year Australian Government Bond		09/15/17		AUD		3,973,962			(65,108	)
	7		E-mini S&P 500 Index		09/15/17		USD		847,315			(2,239	)
	37		Euro STOXX 50 Index		09/15/17		EUR		1,452,249			(42,248	)
	40		Mini MSCI Emerging Markets Index		09/15/17		USD		2,016,600			8,557
	8		Mini Russell 2000 Index		09/15/17		USD		565,720			(541	)
	10		10 Year U.S. Treasury Note		09/20/17		USD		1,255,312			(2,983	)
	9		SPI 200 Index		09/21/17		AUD		976,374			(8,061	)
			Short Futures Outstanding
	(27	)	Euro Bund		09/07/17		EUR		(4,991,755	)		79,247
	(10	)	FTSE 100 Index		09/15/17		GBP		(943,873	)		19,184
	(9	)	10 Year Canadian Government Bond		09/20/17		CAD		(975,440	)		26,069
	(15	)	Long Gilt		09/27/17		GBP		(2,453,230	)		40,455
	(10	)	5 Year U.S. Treasury Note		09/29/17		USD		(1,178,359	)		2,557
											$	66,400

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 63.3%
		Fixed Income — 20.3%
	558,834	iShares Core U.S. Aggregate Bond Fund		61,197,911
	123,813	iShares TIPS Bond Fund		14,044,109
		Total Fixed Income		75,242,020
		International Equity — 14.3%
	737,125	iShares Core MSCI EAFE Fund		44,883,541
	167,367	iShares Core MSCI Emerging Markets Fund		8,375,045
		Total International Equity		53,258,586
		U.S. Equity — 28.7%
	53,008	iShares Russell 2000 Fund		7,469,887
	60,183	iShares Russell Mid-Cap Fund		11,561,756
	394,559	Vanguard S&P 500 Fund		87,615,772
		Total U.S. Equity		106,647,415
		Total Exchange-Traded Funds (Cost $212,613,434)		235,148,021
	Investment Companies — 33.6% (b)
		Alternative Assets — 3.8%
	305,459	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		2,651,383
	870,500	JPMorgan Realty Income Fund, Class R6 Shares		11,394,844
		Total Alternative Assets		14,046,227
		Fixed Income — 27.7%
	4,789,128	JPMorgan Core Bond Fund, Class R6 Shares		55,697,555
	1,001,976	JPMorgan Corporate Bond Fund, Class R6 Shares		10,160,036
	696,025	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		5,728,282
	422,703	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		3,525,344
	489,770	JPMorgan Floating Rate Income Fund, Class R6 Shares		4,608,731
	3,095,292	JPMorgan High Yield Fund, Class R6 Shares		23,028,971
		Total Fixed Income		102,748,919
		International Equity — 2.1%
	296,783	JPMorgan Emerging Economies Fund, Class R6 Shares		3,923,470
	157,728	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		4,067,802
		Total International Equity		7,991,272
		Total Investment Companies (Cost $122,978,705)		124,786,418

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.3%
	1,385,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $1,383,637)		1,381,582
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	7,999,290	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $7,999,290)		7,999,290
		Total Investments — 99.4% (Cost $344,975,066)		369,315,311
		Other Assets in Excess of Liabilities — 0.6%		2,089,522
		NET ASSETS — 100.0%	$	371,404,833

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 27

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	25		TOPIX Index		09/07/17		JPY	$	3,595,962		$	31,355
	73		10 Year Australian Government Bond		09/15/17		AUD		7,252,480			(118,763	)
	24		E-mini S&P 500 Index		09/15/17		USD		2,905,080			(9,031	)
	61		Euro STOXX 50 Index		09/15/17		EUR		2,394,249			(75,182	)
	72		Mini MSCI Emerging Markets Index		09/15/17		USD		3,629,880			34,191
	16		Mini Russell 2000 Index		09/15/17		USD		1,131,440			(4,401	)
	26		10 Year U.S. Treasury Note		09/20/17		USD		3,263,812			(7,768	)
	16		SPI 200 Index		09/21/17		AUD		1,735,776			(23,765	)
			Short Futures Outstanding
	(50	)	Euro Bund		09/07/17		EUR		(9,243,991	)		158,999
	(17	)	FTSE 100 Index		09/15/17		GBP		(1,604,584	)		39,531
	(13	)	10 Year Canadian Government Bond		09/20/17		CAD		(1,408,968	)		37,875
	(28	)	Long Gilt		09/27/17		GBP		(4,579,362	)		76,936
	(20	)	5 Year U.S. Treasury Note		09/29/17		USD		(2,356,719	)		5,114
											$	145,091

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 66.9%
		Fixed Income — 15.4%
	479,755	iShares Core U.S. Aggregate Bond Fund		52,537,970
	18,591	iShares TIPS Bond Fund		2,108,777
		Total Fixed Income		54,646,747
		International Equity — 17.7%
	864,689	iShares Core MSCI EAFE Fund		52,650,913
	201,423	iShares Core MSCI Emerging Markets Fund		10,079,207
		Total International Equity		62,730,120
		U.S. Equity — 33.8%
	67,117	iShares Russell 2000 Fund		9,458,128
	70,909	iShares Russell Mid-Cap Fund		13,622,328
	436,243	Vanguard S&P 500 Fund		96,872,121
		Total U.S. Equity		119,952,577
		Total Exchange-Traded Funds (Cost $212,806,918)		237,329,444
	Investment Companies — 30.0% (b)
		Alternative Assets — 3.7%
	22,646	JPMorgan Commodities Strategy Fund, Class R6 Shares (a)		196,570
	974,914	JPMorgan Realty Income Fund, Class R6 Shares		12,761,630
		Total Alternative Assets		12,958,200
		Fixed Income — 23.8%
	4,033,717	JPMorgan Core Bond Fund, Class R6 Shares		46,912,132
	895,215	JPMorgan Corporate Bond Fund, Class R6 Shares		9,077,483
	604,620	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		4,976,022
	374,629	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		3,124,406
	45,940	JPMorgan Floating Rate Income Fund, Class R6 Shares		432,293
	2,681,951	JPMorgan High Yield Fund, Class R6 Shares		19,953,713
		Total Fixed Income		84,476,049
		International Equity — 2.5%
	302,486	JPMorgan Emerging Economies Fund, Class R6 Shares		3,998,864
	195,337	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		5,037,741
		Total International Equity		9,036,605
		Total Investment Companies (Cost $104,791,905)		106,470,854

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.4%
	1,495,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $1,493,462)		1,491,310
SHARES
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	6,497,453	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $6,497,453)		6,497,453
		Total Investments — 99.1% (Cost $325,589,738)		351,789,061
		Other Assets in Excess of Liabilities — 0.9%		3,316,374
		NET ASSETS — 100.0%	$	355,105,435

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 29

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	24		TOPIX Index		09/07/17		JPY	$	3,452,124		$	30,589
	69		10 Year Australian Government Bond		09/15/17		AUD		6,855,083			(112,303	)
	70		E-mini S&P 500 Index		09/15/17		USD		8,473,150			(26,340	)
	70		Euro STOXX 50 Index		09/15/17		EUR		2,747,499			(83,638	)
	75		Mini MSCI Emerging Markets Index		09/15/17		USD		3,781,125			35,615
	14		Mini Russell 2000 Index		09/15/17		USD		990,010			(3,849	)
	33		10 Year U.S. Treasury Note		09/20/17		USD		4,142,531			(9,854	)
	14		SPI 200 Index		09/21/17		AUD		1,518,804			(20,789	)
			Short Futures Outstanding
	(47	)	Euro Bund		09/07/17		EUR		(8,689,352	)		149,445
	(15	)	FTSE 100 Index		09/15/17		GBP		(1,415,810	)		34,903
	(13	)	10 Year Canadian Government Bond		09/20/17		CAD		(1,408,968	)		37,875
	(27	)	Long Gilt		09/27/17		GBP		(4,415,813	)		74,579
	(19	)	2 Year U.S. Treasury Note		09/29/17		USD		(4,106,078	)		6,195
	(13	)	5 Year U.S. Treasury Note		09/29/17		USD		(1,531,867	)		3,324
											$	115,752

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 70.8%
		Fixed Income — 10.5%
	370,239	iShares Core U.S. Aggregate Bond Fund		40,544,873
		International Equity — 20.6%
	1,096,466	iShares Core MSCI EAFE Fund		66,763,815
	255,099	iShares Core MSCI Emerging Markets Fund		12,765,154
		Total International Equity		79,528,969
		U.S. Equity — 39.7%
	88,176	iShares Russell 2000 Fund		12,425,762
	93,159	iShares Russell Mid-Cap Fund		17,896,775
	554,787	Vanguard S&P 500 Fund		123,196,001
		Total U.S. Equity		153,518,538
		Total Exchange-Traded Funds (Cost $243,110,840)		273,592,380
	Investment Companies — 26.1% (b)
		Alternative Assets — 4.1%
	1,218,595	JPMorgan Realty Income Fund, Class R6 Shares		15,951,410
		Fixed Income — 18.8%
	3,304,887	JPMorgan Core Bond Fund, Class R6 Shares		38,435,842
	728,139	JPMorgan Corporate Bond Fund, Class R6 Shares		7,383,326
	537,758	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		4,425,751
	384,628	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		3,207,797
	2,560,095	JPMorgan High Yield Fund, Class R6 Shares		19,047,105
		Total Fixed Income		72,499,821
		International Equity — 3.2%
	416,621	JPMorgan Emerging Economies Fund, Class R6 Shares		5,507,735
	262,115	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		6,759,936
		Total International Equity		12,267,671
		Total Investment Companies (Cost $98,479,164)		100,718,902

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.4%
	1,605,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $1,603,275)		1,601,039
SHARES
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	6,383,315	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $6,383,315)		6,383,315
		Total Investments — 99.0% (Cost $349,576,594)		382,295,636
		Other Assets in Excess of Liabilities — 1.0%		3,896,422
		NET ASSETS — 100.0%	$	386,192,058

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 31

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	26		TOPIX Index		09/07/17		JPY	$	3,739,801		$	32,955
	76		10 Year Australian Government Bond		09/15/17		AUD		7,550,527			(120,462	)
	75		E-mini S&P 500 Index		09/15/17		USD		9,078,375			(28,220	)
	66		Euro STOXX 50 Index		09/15/17		EUR		2,590,499			(81,340	)
	80		Mini MSCI Emerging Markets Index		09/15/17		USD		4,033,200			37,990
	12		Mini Russell 2000 Index		09/15/17		USD		848,580			(3,299	)
	38		10 Year U.S. Treasury Note		09/20/17		USD		4,770,188			(11,349	)
	16		SPI 200 Index		09/21/17		AUD		1,735,776			(23,765	)
			Short Futures Outstanding
	(52	)	Euro Bund		09/07/17		EUR		(9,613,751	)		165,372
	(17	)	FTSE 100 Index		09/15/17		GBP		(1,604,585	)		39,531
	(14	)	10 Year Canadian Government Bond		09/20/17		CAD		(1,517,350	)		40,788
	(29	)	Long Gilt		09/27/17		GBP		(4,742,911	)		79,332
	(21	)	2 Year U.S. Treasury Note		09/29/17		USD		(4,538,297	)		6,848
	(3	)	5 Year U.S. Treasury Note		09/29/17		USD		(353,508	)		767
											$	135,148

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 74.1%
		Fixed Income — 6.8%
	171,619	iShares Core U.S. Aggregate Bond Fund		18,793,996
		International Equity — 23.0%
	879,461	iShares Core MSCI EAFE Fund		53,550,380
	207,086	iShares Core MSCI Emerging Markets Fund		10,362,584
		Total International Equity		63,912,964
		U.S. Equity — 44.3%
	68,341	iShares Russell 2000 Fund		9,630,614
	73,218	iShares Russell Mid-Cap Fund		14,065,910
	448,621	Vanguard S&P 500 Fund		99,620,779
		Total U.S. Equity		123,317,303
		Total Exchange-Traded Funds (Cost $183,355,304)		206,024,263
	Investment Companies — 23.1% (b)
		Alternative Assets — 4.6%
	969,939	JPMorgan Realty Income Fund, Class R6 Shares		12,696,500
		Fixed Income — 15.0%
	1,740,693	JPMorgan Core Bond Fund, Class R6 Shares		20,244,264
	314,163	JPMorgan Corporate Bond Fund, Class R6 Shares		3,185,616
	332,168	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,733,742
	271,077	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		2,260,781
	1,786,821	JPMorgan High Yield Fund, Class R6 Shares		13,293,945
		Total Fixed Income		41,718,348
		International Equity — 3.5%
	331,915	JPMorgan Emerging Economies Fund, Class R6 Shares		4,387,914
	208,564	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		5,378,862
		Total International Equity		9,766,776
		Total Investment Companies (Cost $62,452,577)		64,181,624

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.5%
	1,190,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $1,188,707)		1,187,063
SHARES
	Short-Term Investment — 1.8%
		Investment Company — 1.8%
	5,097,220	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $5,097,220)		5,097,220
		Total Investments — 99.5% (Cost $252,093,808)		276,490,170
		Other Assets in Excess of Liabilities — 0.5%		1,528,704
		NET ASSETS — 100.0%	$	278,018,874

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 33

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	18		TOPIX Index		09/07/17		JPY	$	2,589,093		$	22,985
	54		10 Year Australian Government Bond		09/15/17		AUD		5,364,848			(85,812	)
	53		E-mini S&P 500 Index		09/15/17		USD		6,415,385			(19,943	)
	55		Euro STOXX 50 Index		09/15/17		EUR		2,158,749			(65,763	)
	59		Mini MSCI Emerging Markets Index		09/15/17		USD		2,974,485			28,018
	13		Mini Russell 2000 Index		09/15/17		USD		919,295			(3,575	)
	30		10 Year U.S. Treasury Note		09/20/17		USD		3,765,937			(11,777	)
	11		SPI 200 Index		09/21/17		AUD		1,193,346			(16,326	)
			Short Futures Outstanding
	(37	)	Euro Bund		09/07/17		EUR		(6,840,553	)		117,742
	(12	)	FTSE 100 Index		09/15/17		GBP		(1,132,648	)		27,999
	(10	)	10 Year Canadian Government Bond		09/20/17		CAD		(1,083,822	)		29,135
	(21	)	Long Gilt		09/27/17		GBP		(3,434,521	)		57,840
	(14	)	2 Year U.S. Treasury Note		09/29/17		USD		(3,025,531	)		4,565
	(3	)	5 Year U.S. Treasury Note		09/29/17		USD		(353,508	)		767
											$	85,855

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 77.0%
		Fixed Income — 3.6%
	99,581	iShares Core U.S. Aggregate Bond Fund		10,905,115
		International Equity — 25.0%
	1,035,277	iShares Core MSCI EAFE Fund		63,038,016
	237,425	iShares Core MSCI Emerging Markets Fund		11,880,747
		Total International Equity		74,918,763
		U.S. Equity — 48.4%
	79,425	iShares Russell 2000 Fund		11,192,571
	88,625	iShares Russell Mid-Cap Fund		17,025,749
	524,747	Vanguard S&P 500 Fund		116,525,319
		Total U.S. Equity		144,743,639
		Total Exchange-Traded Funds (Cost $205,701,764)		230,567,517
	Investment Companies — 19.8% (b)
		Alternative Assets — 5.1%
	1,165,987	JPMorgan Realty Income Fund, Class R6 Shares		15,262,776
		Fixed Income — 10.8%
	1,073,387	JPMorgan Core Bond Fund, Class R6 Shares		12,483,488
	199,352	JPMorgan Corporate Bond Fund, Class R6 Shares		2,021,429
	267,227	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,199,276
	267,630	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		2,232,035
	1,781,822	JPMorgan High Yield Fund, Class R6 Shares		13,256,754
		Total Fixed Income		32,192,982
		International Equity — 3.9%
	407,860	JPMorgan Emerging Economies Fund, Class R6 Shares		5,391,913
	246,259	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		6,351,009
		Total International Equity		11,742,922
		Total Investment Companies (Cost $57,408,960)		59,198,680

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.4%
	1,305,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $1,303,414)		1,301,780
SHARES
	Short-Term Investment — 2.7%
		Investment Company — 2.7%
	7,943,009	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $7,943,009)		7,943,009
		Total Investments — 99.9% (Cost $272,357,147)		299,010,986
		Other Assets in Excess of Liabilities — 0.1%		246,015
		NET ASSETS — 100.0%	$	299,257,001

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 35

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	20		TOPIX Index		09/07/17		JPY	$	2,876,770		$	25,433
	59		10 Year Australian Government Bond		09/15/17		AUD		5,861,593			(93,817	)
	60		E-mini S&P 500 Index		09/15/17		USD		7,262,700			(22,577	)
	60		Euro STOXX 50 Index		09/15/17		EUR		2,354,999			(71,721	)
	69		Mini MSCI Emerging Markets Index		09/15/17		USD		3,478,635			32,767
	13		Mini Russell 2000 Index		09/15/17		USD		919,295			(3,575	)
	34		10 Year U.S. Treasury Note		09/20/17		USD		4,268,063			(14,286	)
	12		SPI 200 Index		09/21/17		AUD		1,301,832			(17,814	)
			Short Futures Outstanding
	(40	)	Euro Bund		09/07/17		EUR		(7,395,193	)		127,127
	(13	)	FTSE 100 Index		09/15/17		GBP		(1,227,035	)		30,300
	(10	)	10 Year Canadian Government Bond		09/20/17		CAD		(1,083,822	)		29,135
	(23	)	Long Gilt		09/27/17		GBP		(3,761,619	)		63,546
	(16	)	2 Year U.S. Treasury Note		09/29/17		USD		(3,457,750	)		5,217
											$	89,735

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 77.4%
		Fixed Income — 2.8%
	50,157	iShares Core U.S. Aggregate Bond Fund		5,492,693
		International Equity — 25.3%
	676,180	iShares Core MSCI EAFE Fund		41,172,600
	155,625	iShares Core MSCI Emerging Markets Fund		7,787,475
		Total International Equity		48,960,075
		U.S. Equity — 49.3%
	52,868	iShares Russell 2000 Fund		7,450,159
	56,818	iShares Russell Mid-Cap Fund		10,915,306
	346,862	Vanguard S&P 500 Fund		77,024,176
		Total U.S. Equity		95,389,641
		Total Exchange-Traded Funds (Cost $135,560,296)		149,842,409
	Investment Companies — 18.9% (b)
		Alternative Assets — 5.2%
	763,635	JPMorgan Realty Income Fund, Class R6 Shares		9,995,987
		Fixed Income — 9.8%
	586,575	JPMorgan Core Bond Fund, Class R6 Shares		6,821,872
	96,562	JPMorgan Corporate Bond Fund, Class R6 Shares		979,138
	175,244	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,442,257
	157,533	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		1,313,829
	1,135,567	JPMorgan High Yield Fund, Class R6 Shares		8,448,620
		Total Fixed Income		19,005,716
		International Equity — 3.9%
	266,620	JPMorgan Emerging Economies Fund, Class R6 Shares		3,524,716
	156,094	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		4,025,657
		Total International Equity		7,550,373
		Total Investment Companies (Cost $35,481,274)		36,552,076

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.4%
	835,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $834,088)		832,939
SHARES
	Short-Term Investment — 2.4%
		Investment Company — 2.4%
	4,600,317	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $4,600,317)		4,600,317
		Total Investments — 99.1% (Cost $176,475,975)		191,827,741
		Other Assets in Excess of Liabilities — 0.9%		1,696,584
		NET ASSETS — 100.0%	$	193,524,325

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 37

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	13		TOPIX Index		09/07/17		JPY	$	1,869,900		$	16,223
	38		10 Year Australian Government Bond		09/15/17		AUD		3,775,263			(60,832	)
	36		E-mini S&P 500 Index		09/15/17		USD		4,357,620			(13,545	)
	35		Euro STOXX 50 Index		09/15/17		EUR		1,373,750			(43,140	)
	48		Mini MSCI Emerging Markets Index		09/15/17		USD		2,419,920			22,796
	5		Mini Russell 2000 Index		09/15/17		USD		353,575			(1,377	)
	22		10 Year U.S. Treasury Note		09/20/17		USD		2,761,687			(11,260	)
	7		SPI 200 Index		09/21/17		AUD		759,402			(10,375	)
	2		5 Year U.S. Treasury Note		09/29/17		USD		235,672			(520	)
			Short Futures Outstanding
	(26	)	Euro Bund		09/07/17		EUR		(4,806,875	)		82,586
	(10	)	FTSE 100 Index		09/15/17		GBP		(943,873	)		23,396
	(6	)	10 Year Canadian Government Bond		09/20/17		CAD		(650,293	)		17,481
	(14	)	Long Gilt		09/27/17		GBP		(2,289,681	)		38,869
	(9	)	2 Year U.S. Treasury Note		09/29/17		USD		(1,944,984	)		2,935
											$	63,237

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 78.4%
		Fixed Income — 3.3%
	45,555	iShares Core U.S. Aggregate Bond Fund		4,988,728
		International Equity — 25.5%
	539,040	iShares Core MSCI EAFE Fund		32,822,146
	124,800	iShares Core MSCI Emerging Markets Fund		6,244,992
		Total International Equity		39,067,138
		U.S. Equity — 49.6%
	42,257	iShares Russell 2000 Fund		5,954,856
	45,004	iShares Russell Mid-Cap Fund		8,645,719
	276,187	Vanguard S&P 500 Fund		61,330,085
		Total U.S. Equity		75,930,660
		Total Exchange-Traded Funds (Cost $108,527,030)		119,986,526
	Investment Companies — 19.4% (b)
		Alternative Assets — 5.2%
	603,781	JPMorgan Realty Income Fund, Class R6 Shares		7,903,498
		Fixed Income — 10.3%
	497,146	JPMorgan Core Bond Fund, Class R6 Shares		5,781,803
	115,329	JPMorgan Corporate Bond Fund, Class R6 Shares		1,169,440
	112,921	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		929,337
	139,789	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		1,165,842
	900,463	JPMorgan High Yield Fund, Class R6 Shares		6,699,449
		Total Fixed Income		15,745,871
		International Equity — 3.9%
	201,047	JPMorgan Emerging Economies Fund, Class R6 Shares		2,657,841
	129,691	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		3,344,739
		Total International Equity		6,002,580
		Total Investment Companies (Cost $28,832,941)		29,651,949

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.4%
	645,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $644,251)		643,408
SHARES
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	2,574,614	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $2,574,614)		2,574,614
		Total Investments — 99.9% (Cost $140,578,836)		152,856,497
		Other Assets in Excess of Liabilities — 0.1%		112,574
		NET ASSETS — 100.0%	$	152,969,071

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 39

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	10		TOPIX Index		09/07/17		JPY	$	1,438,385		$	12,614
	30		10 Year Australian Government Bond		09/15/17		AUD		2,980,471			(47,856	)
	28		E-mini S&P 500 Index		09/15/17		USD		3,389,260			(10,537	)
	30		Euro STOXX 50 Index		09/15/17		EUR		1,177,499			(36,971	)
	35		Mini MSCI Emerging Markets Index		09/15/17		USD		1,764,525			16,623
	6		Mini Russell 2000 Index		09/15/17		USD		424,290			(1,648	)
	18		10 Year U.S. Treasury Note		09/20/17		USD		2,259,563			(9,126	)
	6		SPI 200 Index		09/21/17		AUD		650,916			(8,927	)
			Short Futures Outstanding
	(21	)	Euro Bund		09/07/17		EUR		(3,882,476	)		66,730
	(6	)	FTSE 100 Index		09/15/17		GBP		(566,324	)		13,847
	(5	)	10 Year Canadian Government Bond		09/20/17		CAD		(541,911	)		14,567
	(12	)	Long Gilt		09/27/17		GBP		(1,962,584	)		33,138
	(8	)	2 Year U.S. Treasury Note		09/29/17		USD		(1,728,875	)		2,609
											$	45,063

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 77.9%
		Fixed Income — 3.1%
	16,592	iShares Core U.S. Aggregate Bond Fund		1,816,990
		International Equity — 25.5%
	201,877	iShares Core MSCI EAFE Fund		12,292,290
	47,993	iShares Core MSCI Emerging Markets Fund		2,401,570
		Total International Equity		14,693,860
		U.S. Equity — 49.3%
	15,915	iShares Russell 2000 Fund		2,242,742
	17,106	iShares Russell Mid-Cap Fund		3,286,234
	102,972	Vanguard S&P 500 Fund		22,865,962
		Total U.S. Equity		28,394,938
		Total Exchange-Traded Funds (Cost $40,678,414)		44,905,788
	Investment Companies — 18.9% (b)
		Alternative Assets — 5.2%
	227,715	JPMorgan Realty Income Fund, Class R6 Shares		2,980,790
		Fixed Income — 9.9%
	178,860	JPMorgan Core Bond Fund, Class R6 Shares		2,080,143
	28,438	JPMorgan Corporate Bond Fund, Class R6 Shares		288,362
	42,863	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		352,762
	52,483	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		437,705
	341,549	JPMorgan High Yield Fund, Class R6 Shares		2,541,121
		Total Fixed Income		5,700,093
		International Equity — 3.8%
	68,571	JPMorgan Emerging Economies Fund, Class R6 Shares		906,502
	49,357	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,272,928
		Total International Equity		2,179,430
		Total Investment Companies (Cost $10,570,712)		10,860,313

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.5%
	285,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $284,762)		284,297
SHARES
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	1,221,207	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $1,221,207)		1,221,207
		Total Investments — 99.4% (Cost $52,755,095)		57,271,605
		Other Assets in Excess of Liabilities — 0.6%		366,125
		NET ASSETS — 100.0%	$	57,637,730

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 41

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	4		TOPIX Index		09/07/17		JPY	$	575,354		$	5,925
	11		10 Year Australian Government Bond		09/15/17		AUD		1,092,839			(17,499	)
	11		E-mini S&P 500 Index		09/15/17		USD		1,331,495			(3,875	)
	10		Euro STOXX 50 Index		09/15/17		EUR		392,500			(12,327	)
	13		Mini MSCI Emerging Markets Index		09/15/17		USD		655,395			6,173
	2		Mini Russell 2000 Index		09/15/17		USD		141,430			(550	)
	7		10 Year U.S. Treasury Note		09/20/17		USD		878,719			(3,031	)
	2		SPI 200 Index		09/21/17		AUD		216,972			(2,976	)
			Short Futures Outstanding
	(8	)	Euro Bund		09/07/17		EUR		(1,479,039	)		25,463
	(2	)	FTSE 100 Index		09/15/17		GBP		(188,775	)		4,616
	(2	)	10 Year Canadian Government Bond		09/20/17		CAD		(216,764	)		5,827
	(4	)	Long Gilt		09/27/17		GBP		(654,194	)		11,072
	(3	)	2 Year U.S. Treasury Note		09/29/17		USD		(648,328	)		978
											$	19,796

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 77.0%
		Fixed Income — 0.1%
	21	iShares Core U.S. Aggregate Bond Fund		2,301
		International Equity — 26.4%
	7,918	iShares Core MSCI EAFE Fund		482,127
	2,209	iShares Core MSCI Emerging Markets Fund		110,538
		Total International Equity		592,665
		U.S. Equity — 50.5%
	644	iShares Russell 2000 Fund		90,752
	650	iShares Russell Mid-Cap Fund		124,872
	4,124	Vanguard S&P 500 Fund		915,775
		Total U.S. Equity		1,131,399
		Total Exchange-Traded Funds (Cost $1,593,804)		1,726,365
	Investment Companies — 19.2% (b)
		Alternative Assets — 5.0%
	8,692	JPMorgan Realty Income Fund, Class R6 Shares		113,781
		Fixed Income — 10.2%
	7,214	JPMorgan Core Bond Fund, Class R6 Shares		83,895
	1,463	JPMorgan Corporate Bond Fund, Class R6 Shares		14,837
	1,898	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		15,622
	2,023	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		16,868
	13,114	JPMorgan High Yield Fund, Class R6 Shares		97,566
		Total Fixed Income		228,788
		International Equity — 4.0%
	3,143	JPMorgan Emerging Economies Fund, Class R6 Shares		41,556
	1,846	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		47,611
		Total International Equity		89,167
		Total Investment Companies (Cost $425,948)		431,736

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	17,822	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $17,822)		17,822
		Total Investments — 97.0% (Cost $2,037,574)		2,175,923
		Other Assets in Excess of Liabilities — 3.0%		66,466
		NET ASSETS — 100.0%	$	2,242,389

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 43

J.P.Morgan SmartRetirement Blend Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

AUD	—  Australian Dollar
CAD	—  Canadian Dollar
EAFE	—  Europe, Australasia and Far East
EUR	—  Euro
FTSE	—  Financial Times and the London Stock Exchange
GBP	—  British pound
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
SPI	—  Australian Securities Exchange
TIPS	—  Treasury Inflation Protected Security
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2017.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

	JPMorgan SmartRetirement Blend Income  Fund		JPMorgan SmartRetirement Blend 2020 Fund		JPMorgan SmartRetirement Blend 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	110,247,259	$	236,529,603	$	238,820,754
Investments in affiliates, at value		87,551,020		132,785,708		112,968,307
Total investment securities, at value		197,798,279		369,315,311		351,789,061
Cash		101,376		—		—
Receivables:
Fund shares sold		895,981		2,099,931		3,081,904
Interest from non-affiliates		4,923		4,333		4,677
Dividends from affiliates		8,300		6,355		5,132
Variation margin on futures contracts		184,338		407,547		399,930
Due from Adviser		28,003		16,643		17,663
Other assets		87,206		69,226		53,858
Total Assets		199,108,406		371,919,346		355,352,225
LIABILITIES:
Payables:
Distributions		—		815		5,498
Fund shares redeemed		160,941		470,345		201,728
Accrued liabilities:
Administration fees		1,904		12,147		7,188
Distribution fees		58		32		32
Service fees		5,362		9,242		9,225
Custodian and accounting fees		6,263		4,583		5,262
Trustees’ and Chief Compliance Officer’s fees		—		232		—
Audit fees		22,963		7,670		7,865
Printing & Postage fees		2,875		7,676		8,162
Other		5,405		1,771		1,830
Total Liabilities		205,771		514,513		246,790
Net Assets	$	198,902,635	$	371,404,833	$	355,105,435

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend Income  Fund			JPMorgan SmartRetirement Blend 2020 Fund			JPMorgan SmartRetirement Blend 2025 Fund
NET ASSETS:
Paid-in-Capital	$	189,244,195		$	350,177,903		$	331,991,684
Accumulated undistributed (distributions in excess of) net investment income		76,129			(25,600	)		(27,428	)
Accumulated net realized gains (losses)		(1,921,247	)		(3,225,963	)		(3,172,165	)
Net unrealized appreciation (depreciation)		11,503,558			24,478,493			26,313,344
Total Net Assets	$	198,902,635		$	371,404,833		$	355,105,435
Net Assets:
Class A	$	44,326		$	22,754		$	23,058
Class C		43,637			22,350			22,682
Class I (formerly Select Class)		14,964,684			24,528,197			25,137,860
Class R2		43,979			22,558			22,895
Class R3		20,052			20,081			20,106
Class R4		20,057			20,085			20,111
Class R5		28,747,350			51,332,121			55,475,443
Class R6		155,018,550			295,436,687			274,383,280
Total	$	198,902,635		$	371,404,833		$	355,105,435
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		2,568			1,191			1,152
Class C		2,530			1,171			1,134
Class I (formerly Select Class)		867,363			1,284,861			1,256,660
Class R2		2,549			1,181			1,145
Class R3		1,163			1,052			1,005
Class R4		1,163			1,053			1,006
Class R5		1,665,974			2,687,198			2,771,820
Class R6		8,979,523			15,465,258			13,709,592
Net Asset Value (a):
Class A — Redemption price per share	$	17.26		$	19.10		$	20.01
Class C — Offering price per share (b)		17.25			19.09			20.00
Class I (formerly Select Class) — Offering and redemption price per share		17.25			19.09			20.00
Class R2 — Offering and redemption price per share		17.25			19.10			20.00
Class R3 — Offering and redemption price per share		17.24			19.08			20.00
Class R4 — Offering and redemption price per share		17.24			19.08			20.00
Class R5 — Offering and redemption price per share		17.26			19.10			20.01
Class R6 — Offering and redemption price per share		17.26			19.10			20.01
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.07		$	20.00		$	20.95
Cost of investments in non-affiliates	$	99,670,584		$	213,997,071		$	214,300,380
Cost of investments in affiliates		86,690,535			130,977,995			111,289,358

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement Blend 2030 Fund		JPMorgan SmartRetirement Blend 2035 Fund		JPMorgan SmartRetirement Blend 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	275,193,419	$	207,211,326	$	231,869,297
Investments in affiliates, at value		107,102,217		69,278,844		67,141,689
Total investment securities, at value		382,295,636		276,490,170		299,010,986
Receivables:
Fund shares sold		4,143,336		1,822,167		608,205
Interest from non-affiliates		5,021		3,723		4,083
Dividends from affiliates		5,500		4,312		4,798
Variation margin on futures contracts		494,944		328,424		358,063
Due from Adviser		8,116		10,941		3,734
Other assets		56,745		51,946		56,315
Total Assets		387,009,298		278,711,683		300,046,184
LIABILITIES:
Payables:
Due to custodian		22,896		1,851		—
Distributions		4,258		691		3,328
Fund shares redeemed		743,071		654,577		744,352
Accrued liabilities:
Administration fees		13,668		5,098		10,226
Distribution fees		33		33		33
Service fees		10,689		8,419		9,173
Custodian and accounting fees		4,375		5,188		4,096
Trustees’ and Chief Compliance Officer’s fees		598		—		753
Audit fees		7,708		7,926		7,872
Printing & Postage fees		8,167		6,673		6,463
Other		1,777		2,353		2,887
Total Liabilities		817,240		692,809		789,183
Net Assets	$	386,192,058	$	278,018,874	$	299,257,001

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
NET ASSETS:
Paid-in-Capital	$	357,271,829		$	256,450,659		$	274,996,131
Accumulated undistributed (distributions in excess of) net investment income		86,331			51,423			58,816
Accumulated net realized gains (losses)		(4,014,449	)		(2,967,250	)		(2,542,995	)
Net unrealized appreciation (depreciation)		32,848,347			24,484,042			26,745,049
Total Net Assets	$	386,192,058		$	278,018,874		$	299,257,001
Net Assets:
Class A	$	23,355		$	23,591		$	23,763
Class C		22,970			23,198			23,366
Class I (formerly Select Class)		28,167,353			14,352,807			18,130,080
Class R2		23,190			23,383			23,616
Class R3		20,123			20,135			20,145
Class R4		20,128			20,139			20,150
Class R5		67,784,124			45,299,205			43,882,327
Class R6		290,130,815			218,256,416			237,133,554
Total	$	386,192,058		$	278,018,874		$	299,257,001
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,118			1,094			1,080
Class C		1,101			1,077			1,063
Class I (formerly Select Class)		1,350,013			666,208			824,589
Class R2		1,111			1,085			1,074
Class R3		965			935			916
Class R4		965			935			917
Class R5		3,247,264			2,101,173			1,994,604
Class R6		13,894,433			10,122,173			10,778,266
Net Asset Value (a):
Class A — Redemption price per share	$	20.88		$	21.56		$	22.00
Class C — Offering price per share (b)		20.87			21.54			21.99
Class I (formerly Select Class) — Offering and redemption price per share		20.86			21.54			21.99
Class R2 — Offering and redemption price per share		20.87			21.55			21.99
Class R3 — Offering and redemption price per share		20.85			21.54			21.98
Class R4 — Offering and redemption price per share		20.85			21.54			21.98
Class R5 — Offering and redemption price per share		20.87			21.56			22.00
Class R6 — Offering and redemption price per share		20.88			21.56			22.00
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	21.86		$	22.58		$	23.04
Cost of investments in non-affiliates	$	244,714,115		$	184,544,011		$	207,005,178
Cost of investments in affiliates		104,862,479			67,549,797			65,351,969

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement Blend 2045 Fund		JPMorgan SmartRetirement Blend 2050 Fund		JPMorgan SmartRetirement Blend 2055 Fund		JPMorgan SmartRetirement Blend 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	150,675,348	$	120,629,934	$	45,190,085	$	1,726,365
Investments in affiliates, at value		41,152,393		32,226,563		12,081,520		449,558
Total investment securities, at value		191,827,741		152,856,497		57,271,605		2,175,923
Cash		—		—		—		84
Receivables:
Fund shares sold		2,444,386		949,538		456,851		17,029
Interest from non-affiliates		2,612		2,018		892		—
Dividends from affiliates		3,644		2,571		1,167		13
Variation margin on futures contracts		205,261		158,070		64,330		—
Due from Adviser		7,013		3,512		5,541		6,265
Deferred offering cost		—		—		—		13,463
Other assets		54,739		55,103		51,060		63,749
Total Assets		194,545,396		154,027,309		57,851,446		2,276,526
LIABILITIES:
Payables:
Due to custodian		1,281		—		4,126		—
Distributions		5,343		446		22		—
Investment securities purchased		—		—		—		12,672
Fund shares redeemed		985,805		1,030,356		191,156		766
Accrued liabilities:
Administration fees		3,034		3,913		—		—
Distribution fees		33		33		33		32
Service fees		4,745		4,375		1,780		232
Custodian and accounting fees		5,499		3,295		4,149		2,332
Trustees’ and Chief Compliance Officer’s fees		194		800		3		—
Audit fees		7,935		7,894		7,744		15,864
Printing & Postage fees		6,407		5,673		4,244		1,999
Other		795		1,453		459		240
Total Liabilities		1,021,071		1,058,238		213,716		34,137
Net Assets	$	193,524,325	$	152,969,071	$	57,637,730	$	2,242,389

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund
NET ASSETS:
Paid-in-Capital	$	179,660,112		$	141,395,938		$	53,471,554		$	2,106,386
Accumulated undistributed (distributions in excess of) net investment income		31,529			26,284			8,046			227
Accumulated net realized gains (losses)		(1,582,653	)		(773,556	)		(377,270	)		(2,573	)
Net unrealized appreciation (depreciation)		15,415,337			12,320,405			4,535,400			138,349
Total Net Assets	$	193,524,325		$	152,969,071		$	57,637,730		$	2,242,389
Net Assets:
Class A	$	23,782		$	23,822		$	23,802		$	22,224
Class C		23,382			23,427			23,442			22,129
Class I (formerly Select Class)		12,837,389			13,337,416			4,419,527			1,010,299
Class R2		23,634			23,613			23,657			22,175
Class R3		20,148			20,147			20,142			20,143
Class R4		20,152			20,151			20,147			20,148
Class R5		30,788,480			20,970,084			11,354,942			49,248
Class R6		149,787,358			118,550,411			41,752,071			1,076,023
Total	$	193,524,325		$	152,969,071		$	57,637,730		$	2,242,389
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		1,084			1,086			1,103			1,356
Class C		1,067			1,069			1,087			1,351
Class I (formerly Select Class)		585,575			608,230			204,823			61,661
Class R2		1,078			1,077			1,096			1,354
Class R3		919			919			934			1,230
Class R4		920			919			934			1,230
Class R5		1,403,628			955,911			526,033			3,006
Class R6		6,823,742			5,402,056			1,933,435			65,682
Net Asset Value (a):
Class A — Redemption price per share	$	21.94		$	21.94		$	21.59		$	16.39
Class C — Offering price per share (b)		21.92			21.92			21.57			16.38
Class I (formerly Select Class) — Offering and redemption price per share		21.92			21.93			21.58			16.38
Class R2 — Offering and redemption price per share		21.93			21.93			21.58			16.38
Class R3 — Offering and redemption price per share		21.91			21.92			21.57			16.38
Class R4 — Offering and redemption price per share		21.91			21.92			21.57			16.38
Class R5 — Offering and redemption price per share		21.93			21.94			21.59			16.38
Class R6 — Offering and redemption price per share		21.95			21.95			21.59			16.38
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	22.97		$	22.97		$	22.61		$	17.16
Cost of investments in non-affiliates	$	136,394,384		$	109,171,281		$	40,963,177		$	1,593,805
Cost of investments in affiliates		40,081,591			31,407,555			11,791,918			443,769

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

	JPMorgan SmartRetirement Blend Income  Fund			JPMorgan SmartRetirement Blend 2020 Fund			JPMorgan SmartRetirement Blend 2025 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	980,941		$	3,464,513		$	3,564,764
Dividend income from affiliates		1,011,927			2,526,482			2,104,822
Interest income from non-affiliates		218			5,783			6,074
Interest income from affiliates		14			75			54
Total investment income		1,993,100			5,996,853			5,675,714
EXPENSES:
Investment advisory fees		192,554			569,730			548,480
Administration fees		62,951			186,286			179,338
Distribution fees:
Class A		54			55			55
Class C		161			160			161
Class R2		108			108			108
Class R3 (a)		4			4			4
Service fees:
Class A		54			55			55
Class C		53			53			54
Class I (formerly Select Class)		18,135			51,949			52,576
Class R2		53			54			54
Class R3 (a)		4			4			4
Class R4 (a)		4			4			4
Class R5		11,271			34,677			34,336
Custodian and accounting fees		30,942			35,350			36,340
Interest expense to non-affiliates		27			284			432
Interest expense to affiliates		—			71			80
Professional fees		29,749			32,060			32,263
Trustees’ and Chief Compliance Officer’s fees		25,788			26,090			25,682
Printing and mailing costs		12,981			26,140			27,223
Registration and filing fees		90,873			89,313			106,430
Transfer agency fees (See Note 2.H.)		2,725			3,810			3,853
Sub-transfer agency fees (See Note 2.H.)		8,300			16,180			22,895
Other		14,569			12,031			12,124
Total expenses		501,360			1,084,468			1,082,551
Less fees waived		(257,533	)		(702,966	)		(690,871	)
Less expense reimbursements		(178,704	)		(151,522	)		(128,370	)
Net expenses		65,123			229,980			263,310
Net investment income (loss)		1,927,977			5,766,873			5,412,404
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		94,750			285,851			160,146
Investments in affiliates		(126,984	)		(402,308	)		(328,108	)
Futures		3,252			210,389			535,832
Foreign currency transactions		858			10,031			9,959
Net realized gain (loss)		(28,124	)		103,963			377,829
Distributions of capital gains received from investment company affiliates		106,661			432,328			460,936
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		8,493,759			14,281,624			17,018,769
Investments in affiliates		(5,279,887	)		963,273			1,098,210
Futures		40,306			7,983			(46,427	)
Foreign currency translations		(2	)		(6,843	)		(1,731	)
Change in net unrealized appreciation/depreciation		3,254,176			15,246,037			18,068,821
Net realized/unrealized gains (losses)		3,332,713			15,782,328			18,907,586
Change in net assets resulting from operations	$	5,260,690		$	21,549,201		$	24,319,990

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,046,979		$	3,017,900		$	3,256,099
Dividend income from affiliates		1,871,041			1,152,401			979,891
Interest income from non-affiliates		6,352			5,497			5,455
Interest income from affiliates		65			106			48
Total investment income		5,924,437			4,175,904			4,241,493
EXPENSES:
Investment advisory fees		581,959			415,131			423,122
Administration fees		190,274			135,729			138,328
Distribution fees:
Class A		55			55			56
Class C		162			163			164
Class R2		109			110			110
Class R3 (a)		4			4			4
Service fees:
Class A		55			55			56
Class C		54			54			54
Class I (formerly Select Class)		56,080			28,066			41,171
Class R2		55			55			55
Class R3 (a)		4			4			4
Class R4 (a)		4			4			4
Class R5		39,344			26,225			24,699
Custodian and accounting fees		35,664			34,965			34,002
Interest expense to non-affiliates		364			258			311
Interest expense to affiliates		42			119			78
Professional fees		31,847			31,695			31,376
Trustees’ and Chief Compliance Officer’s fees		26,518			25,627			26,399
Printing and mailing costs		27,425			22,449			22,237
Registration and filing fees		108,151			103,066			101,262
Transfer agency fees (See Note 2.H.)		4,105			3,704			4,182
Sub-transfer agency fees (See Note 2.H.)		21,787			20,674			22,140
Other		11,962			11,355			11,039
Total expenses		1,136,024			859,567			880,853
Less fees waived		(727,705	)		(542,457	)		(551,085	)
Less expense reimbursements		(106,786	)		(102,616	)		(92,535	)
Net expenses		301,533			214,494			237,233
Net investment income (loss)		5,622,904			3,961,410			4,004,260
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		71,695			191,668			177,772
Investments in affiliates		(366,283	)		(217,422	)		(162,457	)
Futures		806,618			611,100			641,961
Foreign currency transactions		13,297			6,815			7,201
Net realized gain (loss)		525,327			592,161			664,477
Distributions of capital gains received from investment company affiliates		499,460			379,928			403,224
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		21,608,421			16,800,777			18,790,332
Investments in affiliates		1,575,907			1,129,196			1,358,844
Futures		(98,662	)		(115,726	)		(129,242	)
Foreign currency translations		(5,843	)		1,825			1,475
Change in net unrealized appreciation/depreciation		23,079,823			17,816,072			20,021,409
Net realized/unrealized gains (losses)		24,104,610			18,788,161			21,089,110
Change in net assets resulting from operations	$	29,727,514		$	22,749,571		$	25,093,370

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 53

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017 (continued)

	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund (a)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,043,201		$	1,615,338		$	628,219		$	25,662
Dividend income from affiliates		576,832			458,968			179,944			7,072
Interest income from non-affiliates		3,936			2,874			1,341			—
Interest income from affiliates		30			22			10			—
Total investment income		2,623,999			2,077,202			809,514			32,734
EXPENSES:
Investment advisory fees		257,784			204,787			78,949			2,965
Administration fees		84,271			66,942			25,809			969
Distribution fees:
Class A		56			56			56			44
Class C		163			164			164			129
Class R2		110			110			110			86
Class R3 (b)		4			4			4			4
Service fees:
Class A		56			56			56			44
Class C		54			54			54			43
Class I (formerly Select Class)		23,005			26,894			9,418			1,949
Class R2		55			55			55			43
Class R3 (b)		4			4			4			4
Class R4 (b)		4			4			4			4
Class R5		17,100			12,076			6,118			13
Custodian and accounting fees		33,628			31,275			30,309			20,498
Interest expense to non-affiliates		111			91			—			—
Interest expense to affiliates		43			—			—			—
Professional fees		30,080			29,828			29,136			32,876
Trustees’ and Chief Compliance Officer’s fees		25,679			26,198			25,239			19,197
Printing and mailing costs		18,255			16,388			13,060			5,245
Registration and filing fees		97,516			95,174			92,496			3,845
Transfer agency fees (See Note 2.H.)		3,261			3,335			3,085			582
Sub-transfer agency fees (See Note 2.H.)		22,758			22,558			10,348			—
Offering costs		—			—			—			65,796
Other		9,421			9,948			8,624			8,073
Total expenses		623,418			546,001			333,098			162,409
Less fees waived		(352,608	)		(284,525	)		(112,539	)		(4,082	)
Less expense reimbursements		(123,333	)		(137,789	)		(171,317	)		(154,747	)
Net expenses		147,477			123,687			49,242			3,580
Net investment income (loss)		2,476,522			1,953,515			760,272			29,154
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		79,272			14,373			3,905			(2,846	)
Investments in affiliates		(85,847	)		(68,338	)		(33,857	)		(2,022	)
Futures		361,650			314,038			109,401			—
Foreign currency transactions		1,892			2,678			429			—
Net realized gain (loss)		356,967			262,751			79,878			(4,868	)
Distributions of capital gains received from investment company affiliates		239,719			188,770			79,206			3,071
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		11,252,952			9,100,083			3,433,911			132,560
Investments in affiliates		769,317			625,278			208,432			5,789
Futures		(65,692	)		(48,051	)		(17,040	)		—
Foreign currency translations		334			(2,319	)		(906	)		—
Change in net unrealized appreciation/depreciation		11,956,911			9,674,991			3,624,397			138,349
Net realized/unrealized gains (losses)		12,553,597			10,126,512			3,783,481			136,552
Change in net assets resulting from operations	$	15,030,119		$	12,080,027		$	4,543,753		$	165,706

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,927,977		$	1,157,360		$	5,766,873		$	3,627,374
Net realized gain (loss)		(28,124	)		(1,050,296	)		103,963			(3,610,242	)
Distributions of capital gains received from investment company non-affiliates		—			12,138			—			36,834
Distributions of capital gains received from investment company affiliates		106,661			87,332			432,328			388,576
Change in net unrealized appreciation/depreciation		3,254,176			1,285,537			15,246,037			3,552,985
Change in net assets resulting from operations		5,260,690			1,492,071			21,549,201			3,995,527
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(435	)		(388	)		(419	)		(415	)
From net realized gains		—			(20	)		—			(8	)
Class C
From net investment income		(323	)		(264	)		(307	)		(290	)
From net realized gains		—			(20	)		—			(8	)
Class I (formerly Select Class)
From net investment income		(157,929	)		(129,633	)		(458,331	)		(369,647	)
From net realized gains		—			(5,391	)		—			(6,314	)
Class R2
From net investment income		(378	)		(336	)		(363	)		(363	)
From net realized gains		—			(20	)		—			(8	)
Class R3 (a)
From net investment income		(97	)		—			(121	)		—
Class R4 (a)
From net investment income		(102	)		—			(125	)		—
Class R5
From net investment income		(417,935	)		(456,917	)		(1,265,085	)		(1,331,004	)
From net realized gains		—			(21,365	)		—			(24,296	)
Class R6
From net investment income		(1,366,800	)		(611,641	)		(4,112,618	)		(2,111,919	)
From net realized gains		—			(25,574	)		—			(34,274	)
Total distributions to shareholders		(1,943,999	)		(1,251,569	)		(5,837,369	)		(3,878,546	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		137,060,048			9,389,997			184,574,882			22,462,795
NET ASSETS:
Change in net assets		140,376,739			9,630,499			200,286,714			22,579,776
Beginning of period		58,525,896			48,895,397			171,118,119			148,538,343
End of period	$	198,902,635		$	58,525,896		$	371,404,833		$	171,118,119
Accumulated undistributed (distributions in excess of) net investment income	$	76,129		$	4,147		$	(25,600	)	$	11,364

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,412,404		$	3,184,708		$	5,622,904		$	3,231,875
Net realized gain (loss)		377,829			(3,888,136	)		525,327			(4,720,701	)
Distributions of capital gains received from investment company non-affiliates		—			28,212			—			20,125
Distributions of capital gains received from investment company affiliates		460,936			381,063			499,460			435,158
Change in net unrealized appreciation/depreciation		18,068,821			3,301,110			23,079,823			3,146,218
Change in net assets resulting from operations		24,319,990			3,006,957			29,727,514			2,112,675
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(410	)		(398	)		(397	)		(391	)
From net realized gains		—			(14	)		—			(8	)
Class C
From net investment income		(297	)		(274	)		(284	)		(267	)
From net realized gains		—			(13	)		—			(8	)
Class I (formerly Select Class)
From net investment income		(446,554	)		(338,327	)		(461,938	)		(370,318	)
From net realized gains		—			(9,522	)		—			(6,645	)
Class R2
From net investment income		(354	)		(346	)		(340	)		(339	)
From net realized gains		—			(14	)		—			(8	)
Class R3 (a)
From net investment income		(120	)		—			(122	)		—
Class R4 (a)
From net investment income		(124	)		—			(126	)		—
Class R5
From net investment income		(1,258,178	)		(1,288,211	)		(1,399,349	)		(1,524,974	)
From net realized gains		—			(40,895	)		—			(29,174	)
Class R6
From net investment income		(3,786,973	)		(1,735,636	)		(3,854,309	)		(1,540,086	)
From net realized gains		—			(47,648	)		—			(23,571	)
Total distributions to shareholders		(5,493,010	)		(3,461,298	)		(5,716,865	)		(3,495,789	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		177,865,505			29,899,269			204,813,418			15,365,299
NET ASSETS:
Change in net assets		196,692,485			29,444,928			228,824,067			13,982,185
Beginning of period		158,412,950			128,968,022			157,367,991			143,385,806
End of period	$	355,105,435		$	158,412,950		$	386,192,058		$	157,367,991
Accumulated undistributed (distributions in excess of) net investment income	$	(27,428	)	$	9,019		$	86,331		$	8,346

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,961,410		$	2,266,976		$	4,004,260		$	2,102,668
Net realized gain (loss)		592,161			(3,710,014	)		664,477			(3,458,543	)
Distributions of capital gains received from investment company non-affiliates		—			8,910			—			4,525
Distributions of capital gains received from investment company affiliates		379,928			323,725			403,224			317,703
Change in net unrealized appreciation/depreciation		17,816,072			2,600,193			20,021,409			2,284,832
Change in net assets resulting from operations		22,749,571			1,489,790			25,093,370			1,251,185
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(392	)		(383	)		(381	)		(378	)
From net realized gains		—			(9	)		—			(14	)
Class C
From net investment income		(278	)		(260	)		(266	)		(255	)
From net realized gains		—			(9	)		—			(14	)
Class I (formerly Select Class)
From net investment income		(230,240	)		(233,394	)		(327,505	)		(298,172	)
From net realized gains		—			(5,836	)		—			(11,196	)
Class R2
From net investment income		(335	)		(331	)		(325	)		(327	)
From net realized gains		—			(9	)		—			(14	)
Class R3 (a)
From net investment income		(118	)		—			(119	)		—
Class R4 (a)
From net investment income		(123	)		—			(123	)		—
Class R5
From net investment income		(922,239	)		(891,940	)		(844,799	)		(834,204	)
From net realized gains		—			(19,749	)		—			(28,174	)
Class R6
From net investment income		(2,884,914	)		(1,290,553	)		(2,915,262	)		(1,114,688	)
From net realized gains		—			(23,215	)		—			(30,425	)
Total distributions to shareholders		(4,038,639	)		(2,465,688	)		(4,088,780	)		(2,317,861	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		143,306,229			21,323,321			168,062,139			21,051,617
NET ASSETS:
Change in net assets		162,017,161			20,347,423			189,066,729			19,984,941
Beginning of period		116,001,713			95,654,290			110,190,272			90,205,331
End of period	$	278,018,874		$	116,001,713		$	299,257,001		$	110,190,272
Accumulated undistributed (distributions in excess of) net investment income	$	51,423		$	5,332		$	58,816		$	4,485

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,476,522		$	1,274,830		$	1,953,515		$	829,230
Net realized gain (loss)		356,967			(2,075,514	)		262,751			(1,139,611	)
Distributions of capital gains received from investment company non-affiliates		—			2,709			—			1,766
Distributions of capital gains received from investment company affiliates		239,719			194,862			188,770			118,134
Change in net unrealized appreciation/depreciation		11,956,911			1,568,904			9,674,991			1,118,200
Change in net assets resulting from operations		15,030,119			965,791			12,080,027			927,719
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(379	)		(377	)		(376	)		(374	)
From net realized gains		—			(13	)		—			(18	)
Class C
From net investment income		(265	)		(255	)		(263	)		(251	)
From net realized gains		—			(13	)		—			(17	)
Class I (formerly Select Class)
From net investment income		(186,051	)		(152,822	)		(215,943	)		(145,109	)
From net realized gains		—			(5,101	)		—			(5,553	)
Class R2
From net investment income		(323	)		(327	)		(319	)		(322	)
From net realized gains		—			(13	)		—			(18	)
Class R3 (a)
From net investment income		(117	)		—			(118	)		—
Class R4 (a)
From net investment income		(122	)		—			(123	)		—
Class R5
From net investment income		(578,007	)		(551,971	)		(402,859	)		(383,597	)
From net realized gains		—			(17,684	)		—			(16,174	)
Class R6
From net investment income		(1,760,475	)		(658,582	)		(1,372,021	)		(352,676	)
From net realized gains		—			(17,145	)		—			(10,688	)
Total distributions to shareholders		(2,525,739	)		(1,404,303	)		(1,992,022	)		(914,797	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		113,145,265			18,097,049			93,937,925			16,616,265
NET ASSETS:
Change in net assets		125,649,645			17,658,537			104,025,930			16,629,187
Beginning of period		67,874,680			50,216,143			48,943,141			32,313,954
End of period	$	193,524,325		$	67,874,680		$	152,969,071		$	48,943,141
Accumulated undistributed (distributions in excess of) net investment income	$	31,529		$	2,705		$	26,284		$	1,692

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund (a)
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	760,272		$	344,117		$	29,154
Net realized gain (loss)		79,878			(510,006	)		(4,868	)
Distributions of capital gains received from investment company non-affiliates		—			683			—
Distributions of capital gains received from investment company affiliates		79,206			49,980			3,071
Change in net unrealized appreciation/depreciation		3,624,397			399,571			138,349
Change in net assets resulting from operations		4,543,753			284,345			165,706
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(381	)		(364	)		(356	)
From net realized gains		—			(10	)		—
Class C
From net investment income		(268	)		(242	)		(273	)
From net realized gains		—			(10	)		—
Class I (formerly Select Class)
From net investment income		(78,463	)		(65,771	)		(18,035	)
From net realized gains		—			(1,284	)		—
Class R2
From net investment income		(324	)		(313	)		(313	)
From net realized gains		—			(10	)		—
Class R3 (b)
From net investment income		(118	)		—			(122	)
Class R4 (b)
From net investment income		(122	)		—			(126	)
Class R5
From net investment income		(206,632	)		(166,643	)		(602	)
From net realized gains		—			(4,002	)		—
Class R6
From net investment income		(491,515	)		(133,660	)		(9,925	)
From net realized gains		—			(2,642	)		—
Total distributions to shareholders		(777,823	)		(374,951	)		(29,752	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		34,029,267			8,858,315			2,106,435
NET ASSETS:
Change in net assets		37,795,197			8,767,709			2,242,389
Beginning of period		19,842,533			11,074,824			—
End of period	$	57,637,730		$	19,842,533		$	2,242,389
Accumulated undistributed (distributions in excess of) net investment income	$	8,046		$	721		$	227

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Net assets acquired in Fund reorganization (See Note 9)	$	22,231		$	—		$	—		$	—
Distributions reinvested		435			408			419			423
Cost of shares redeemed		—			(38,019	)		—			(43,097	)
Change in net assets resulting from Class A capital transactions	$	22,666		$	(37,611	)	$	419		$	(42,674	)
Class C
Net assets acquired in Fund reorganization (See Note 9)		21,884			—			—			—
Distributions reinvested		323			284			307			298
Cost of shares redeemed		—			(37,071	)		—			(42,101	)
Change in net assets resulting from Class C capital transactions	$	22,207		$	(36,787	)	$	307		$	(41,803	)
Class I (formerly Select Class)
Proceeds from shares issued	$	2,623,275		$	2,768,023		$	8,234,581		$	9,296,120
Net assets acquired in Fund reorganization (See Note 9)		7,299,264			—			—			—
Distributions reinvested		157,929			135,024			455,420			373,032
Cost of shares redeemed		(3,195,462	)		(1,029,254	)		(5,757,848	)		(4,278,569	)
Change in net assets resulting from Class I capital transactions	$	6,885,006		$	1,873,793		$	2,932,153		$	5,390,583
Class R2
Net assets acquired in Fund reorganization (See Note 9)		22,065			—			—			—
Distributions reinvested		378			356			363			371
Cost of shares redeemed		—			(37,648	)		—			(42,693	)
Change in net assets resulting from Class R2 capital transactions	$	22,443		$	(37,292	)	$	363		$	(42,322	)
Class R3 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		97			—			121			—
Change in net assets resulting from Class R3 capital transactions	$	20,097		$	—		$	20,121		$	—
Class R4 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		102			—			125			—
Change in net assets resulting from Class R4 capital transactions	$	20,102		$	—		$	20,125		$	—
Class R5
Proceeds from shares issued	$	912,486		$	4,542,784		$	8,856,270		$	14,792,141
Net assets acquired in Fund reorganization (See Note 9)		11,997,058			—			—			—
Distributions reinvested		417,935			478,282			1,265,085			1,355,300
Cost of shares redeemed		(4,637,242	)		(8,410,806	)		(16,092,827	)		(20,878,240	)
Change in net assets resulting from Class R5 capital transactions	$	8,690,237		$	(3,389,740	)	$	(5,971,472	)	$	(4,730,799	)
Class R6											––
Proceeds from shares issued	$	85,574,058		$	16,253,882		$	230,450,422		$	39,654,769
Net assets acquired in Fund reorganization (See Note 9)		57,364,098			—			—			—
Distributions reinvested		1,366,800			629,023			4,112,618			2,075,766
Cost of shares redeemed		(22,927,666	)		(5,865,271	)		(46,990,174	)		(19,800,725	)
Change in net assets resulting from Class R6 capital transactions	$	121,377,290		$	11,017,634		$	187,572,866		$	21,929,810
Total change in net assets resulting from capital transactions	$	137,060,048		$	9,389,997		$	184,574,882		$	22,462,795

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Shares issued in connection with Fund reorganization (See Note 9)		1,282			—			—			—
Reinvested		25			26			22			25
Redeemed		—			(2,305	)		—			(2,399	)
Change in Class A Shares		1,307			(2,279	)		22			(2,374	)
Class C
Shares issued in connection with Fund reorganization (See Note 9)		1,263			—			—			—
Reinvested		19			17			17			17
Redeemed		—			(2,248	)		—			(2,345	)
Change in Class C Shares		1,282			(2,231	)		17			(2,328	)
Class I (formerly Select Class)
Issued		155,267			172,756			443,821			527,492
Shares issued in connection with Fund reorganization (See Note 9)		420,949			—			—			—
Reinvested		9,357			8,339			24,610			21,295
Redeemed		(190,871	)		(63,546	)		(312,611	)		(246,684	)
Change in Class I Shares		394,702			117,549			155,820			302,103
Class R2
Shares issued in connection with Fund reorganization (See Note 9)		1,273			—			—			—
Reinvested		22			21			19			22
Redeemed		—			(2,282	)		—			(2,377	)
Change in Class R2 Shares		1,295			(2,261	)		19			(2,355	)
Class R3 (a)
Issued		1,158			—			1,046			—
Reinvested		5			—			6			—
Change in Class R3 Shares		1,163			—			1,052			—
Class R4 (a)
Issued		1,157			—			1,047			—
Reinvested		6			—			6			—
Change in Class R4 Shares		1,163			—			1,053			—
Class R5
Issued		54,070			285,261			477,305			852,179
Shares issued in connection with Fund reorganization (See Note 9)		691,776			—			—			—
Reinvested		24,781			29,603			68,433			77,492
Redeemed		(275,253	)		(521,473	)		(856,759	)		(1,197,737	)
Change in Class R5 Shares		495,374			(206,609	)		(311,021	)		(268,066	)
Class R6
Issued		5,040,366			997,205			12,354,027			2,256,511
Shares issued in connection with Fund reorganization (See Note 9)		3,306,193			—			—			—
Reinvested		80,392			38,828			219,966			118,375
Redeemed		(1,346,639	)		(362,289	)		(2,538,975	)		(1,132,741	)
Change in Class R6 Shares		7,080,312			673,744			10,035,018			1,242,145

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested		410			412			397			399
Cost of shares redeemed		—			(45,217	)		—			(47,115	)
Change in net assets resulting from Class A capital transactions	$	410		$	(44,805	)	$	397		$	(46,716	)
Class C
Distributions reinvested		297			287			284			275
Cost of shares redeemed		—			(44,152	)		—			(46,019	)
Change in net assets resulting from Class C capital transactions	$	297		$	(43,865	)	$	284		$	(45,744	)
Class I (formerly Select Class)
Proceeds from shares issued	$	5,687,374		$	12,624,330		$	7,858,642		$	8,874,056
Distributions reinvested		430,266			333,425			447,806			367,756
Cost of shares redeemed		(4,721,757	)		(5,057,893	)		(3,060,973	)		(4,676,341	)
Change in net assets resulting from Class I capital transactions	$	1,395,883		$	7,899,862		$	5,245,475		$	4,565,471
Class R2
Distributions reinvested		354			360			340			347
Cost of shares redeemed		—			(44,764	)		—			(46,647	)
Change in net assets resulting from Class R2 capital transactions	$	354		$	(44,404	)	$	340		$	(46,300	)
Class R3 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		120			—			122			—
Change in net assets resulting from Class R3 capital transactions	$	20,120		$	—		$	20,122		$	—
Class R4 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		124			—			126			—
Change in net assets resulting from Class R4 capital transactions	$	20,124		$	—		$	20,126		$	—
Class R5
Proceeds from shares issued	$	9,193,356		$	9,864,450		$	7,990,056		$	12,068,835
Distributions reinvested		1,258,178			1,329,106			1,399,349			1,554,148
Cost of shares redeemed		(11,071,333	)		(16,664,544	)		(7,034,500	)		(25,397,312	)
Change in net assets resulting from Class R5 capital transactions	$	(619,799	)	$	(5,470,988	)	$	2,354,905		$	(11,774,329	)
Class R6
Proceeds from shares issued	$	204,928,688		$	39,845,469		$	219,289,803		$	35,174,706
Distributions reinvested		3,786,973			1,730,401			3,854,309			1,539,062
Cost of shares redeemed		(31,667,545	)		(13,972,401	)		(25,972,343	)		(14,000,851	)
Change in net assets resulting from Class R6 capital transactions	$	177,048,116		$	27,603,469		$	197,171,769		$	22,712,917
Total change in net assets resulting from capital transactions	$	177,865,505		$	29,899,269		$	204,813,418		$	15,365,299

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Reinvested		21			23			19			22
Redeemed		—			(2,433	)		—			(2,455	)
Change in Class A Shares		21			(2,410	)		19			(2,433	)
Class C
Reinvested		15			17			14			15
Redeemed		—			(2,377	)		—			(2,398	)
Change in Class C Shares		15			(2,360	)		14			(2,383	)
Class I (formerly Select Class)
Issued		290,691			695,697			386,381			478,455
Reinvested		22,342			18,442			22,424			19,862
Redeemed		(248,752	)		(283,853	)		(153,634	)		(255,985	)
Change in Class I Shares		64,281			430,286			255,171			242,332
Class R2
Reinvested		19			20			17			19
Redeemed		—			(2,409	)		—			(2,431	)
Change in Class R2 Shares		19			(2,389	)		17			(2,412	)
Class R3 (a)
Issued		999			—			959			—
Reinvested		6			—			6			—
Change in Class R3 Shares		1,005			—			965			—
Class R4 (a)
Issued		1,000			—			959			—
Reinvested		6			—			6			—
Change in Class R4 Shares		1,006			—			965			—
Class R5
Issued		478,830			544,702			401,807			651,593
Reinvested		65,365			73,781			70,067			84,140
Redeemed		(570,745	)		(928,564	)		(356,527	)		(1,376,502	)
Change in Class R5 Shares		(26,550	)		(310,081	)		115,347			(640,769	)
Class R6
Issued		10,552,516			2,197,876			10,900,128			1,898,856
Reinvested		194,308			95,724			190,038			83,004
Redeemed		(1,638,584	)		(775,085	)		(1,295,949	)		(752,490	)
Change in Class R6 Shares		9,108,240			1,518,515			9,794,217			1,229,370

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	392		$	392		$	381		$	392
Cost of shares redeemed		—			(48,607	)		—			(49,457	)
Change in net assets resulting from Class A capital transactions	$	392		$	(48,215	)	$	381		$	(49,065	)
Class C
Distributions reinvested	$	278		$	269		$	266		$	269
Cost of shares redeemed		—			(47,486	)		—			(48,323	)
Change in net assets resulting from Class C capital transactions	$	278		$	(47,217	)	$	266		$	(48,054	)
Class I (formerly Select Class)
Proceeds from shares issued	$	5,300,462		$	5,367,242		$	4,445,009		$	5,923,678
Distributions reinvested		227,944			237,885			316,573			298,847
Cost of shares redeemed		(2,651,889	)		(7,346,169	)		(2,763,956	)		(6,481,251	)
Change in net assets resulting from Class I capital transactions	$	2,876,517		$	(1,741,042	)	$	1,997,626		$	(258,726	)
Class R2
Distributions reinvested		335			340			325			341
Cost of shares redeemed		—			(48,165	)		—			(48,952	)
Change in net assets resulting from Class R2 capital transactions	$	335		$	(47,825	)	$	325		$	(48,611	)
Class R3 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		118			—			119			—
Change in net assets resulting from Class R3 capital transactions	$	20,118		$	—		$	20,119		$	—
Class R4 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		123			—			123			—
Change in net assets resulting from Class R4 capital transactions	$	20,123		$	—		$	20,123		$	—
Class R5
Proceeds from shares issued	$	7,247,436		$	9,874,177		$	6,527,403		$	10,073,506
Distributions reinvested		922,239			911,689			844,799			862,378
Cost of shares redeemed		(5,506,296	)		(11,231,371	)		(4,494,401	)		(11,716,344	)
Change in net assets resulting from Class R5 capital transactions	$	2,663,379		$	(445,505	)	$	2,877,801		$	(780,460	)
Class R6
Proceeds from shares issued	$	161,527,449		$	32,235,864		$	182,495,277		$	31,938,288
Distributions reinvested		2,884,914			1,309,044			2,915,262			1,142,943
Cost of shares redeemed		(26,687,276	)		(9,891,783	)		(22,265,041	)		(10,844,698	)
Change in net assets resulting from Class R6 capital transactions	$	137,725,087		$	23,653,125		$	163,145,498		$	22,236,533
Total change in net assets resulting from capital transactions	$	143,306,229		$	21,323,321		$	168,062,139		$	21,051,617

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Reinvested		19			21			18			21
Redeemed		—			(2,471	)		—			(2,480	)
Change in Class A Shares		19			(2,450	)		18			(2,459	)
Class C
Reinvested		14			14			13			14
Redeemed		—			(2,415	)		—			(2,424	)
Change in Class C Shares		14			(2,401	)		13			(2,410	)
Class I (formerly Select Class)
Issued		256,010			285,233			215,644			310,728
Reinvested		11,085			12,607			15,176			15,688
Redeemed		(131,445	)		(393,230	)		(132,701	)		(345,181	)
Change in Class I Shares		135,650			(95,390	)		98,119			(18,765	)
Class R2
Reinvested		16			18			16			18
Redeemed		—			(2,448	)		—			(2,455	)
Change in Class R2 Shares		16			(2,430	)		16			(2,437	)
Class R3 (a)
Issued		930			—			911			—
Reinvested		5			—			5			—
Change in Class R3 Shares		935			—			916			—
Class R4 (a)
Issued		929			—			911			—
Reinvested		6			—			6			—
Change in Class R4 Shares		935			—			917			—
Class R5
Issued		354,401			519,804			312,102			532,639
Reinvested		44,879			48,249			40,445			45,238
Redeemed		(268,161	)		(595,020	)		(219,463	)		(617,786	)
Change in Class R5 Shares		131,119			(26,967	)		133,084			(39,909	)
Class R6
Issued		7,783,172			1,709,107			8,638,396			1,682,596
Reinvested		138,314			69,110			136,980			59,815
Redeemed		(1,308,083	)		(522,050	)		(1,071,739	)		(560,773	)
Change in Class R6 Shares		6,613,403			1,256,167			7,703,637			1,181,638

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	379		$	390		$	376		$	392
Cost of shares redeemed		—			(49,361	)		—			(49,352	)
Change in net assets resulting from Class A capital transactions	$	379		$	(48,971	)	$	376		$	(48,960	)
Class C
Distributions reinvested		265			268			263			268
Cost of shares redeemed		—			(48,228	)		—			(48,216	)
Change in net assets resulting from Class C capital transactions	$	265		$	(47,960	)	$	263		$	(47,948	)
Class I (formerly Select Class)
Proceeds from shares issued	$	5,279,790		$	4,805,116		$	4,934,031		$	5,459,682
Distributions reinvested		168,952			143,468			213,225			146,612
Cost of shares redeemed		(1,663,735	)		(3,816,240	)		(1,907,500	)		(3,774,766	)
Change in net assets resulting from Class I capital transactions	$	3,785,007		$	1,132,344		$	3,239,756		$	1,831,528
Class R2
Distributions reinvested		323			340			319			341
Cost of shares redeemed		—			(48,857	)		—			(48,903	)
Change in net assets resulting from Class R2 capital transactions	$	323		$	(48,517	)	$	319		$	(48,562	)
Class R3 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		117			—			118			—
Change in net assets resulting from Class R3 capital transactions	$	20,117		$	—		$	20,118		$	—
Class R4 (a)
Proceeds from shares issued	$	20,000		$	—		$	20,000		$	—
Distributions reinvested		122			—			123			—
Change in net assets resulting from Class R4 capital transactions	$	20,122		$	—		$	20,123		$	—
Class R5
Proceeds from shares issued	$	5,859,103		$	6,734,996		$	3,950,597		$	6,020,577
Distributions reinvested		578,007			569,655			402,859			399,771
Cost of shares redeemed		(2,863,408	)		(6,554,561	)		(3,317,443	)		(4,254,475	)
Change in net assets resulting from Class R5 capital transactions	$	3,573,702		$	750,090		$	1,036,013		$	2,165,873
Class R6
Proceeds from shares issued	$	118,373,618		$	20,773,190		$	100,035,684		$	16,766,240
Distributions reinvested		1,760,475			675,330			1,372,021			362,994
Cost of shares redeemed		(14,388,743	)		(5,088,457	)		(11,786,748	)		(4,364,900	)
Change in net assets resulting from Class R6 capital transactions	$	105,745,350		$	16,360,063		$	89,620,957		$	12,764,334
Total change in net assets resulting from capital transactions	$	113,145,265		$	18,097,049		$	93,937,925		$	16,616,265

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Reinvested		18			21			18			21
Redeemed		—			(2,485	)		—			(2,485	)
Change in Class A Shares		18			(2,464	)		18			(2,464	)
Class C
Reinvested		13			14			13			14
Redeemed		—			(2,429	)		—			(2,429	)
Change in Class C Shares		13			(2,415	)		13			(2,415	)
Class I (formerly Select Class)
Issued		250,079			256,349			237,502			293,624
Reinvested		8,109			7,548			10,231			7,700
Redeemed		(81,796	)		(204,108	)		(92,146	)		(198,204	)
Change in Class I Shares		176,392			59,789			155,587			103,120
Class R2
Reinvested		16			18			16			18
Redeemed		—			(2,461	)		—			(2,464	)
Change in Class R2 Shares		16			(2,443	)		16			(2,446	)
Class R3 (a)
Issued		914			—			914			—
Reinvested		5			—			5			—
Change in Class R3 Shares		919			—			919			—
Class R4 (a)
Issued		914			—			914			—
Reinvested		6			—			5			—
Change in Class R4 Shares		920			—			919			—
Class R5
Issued		281,562			354,383			190,700			318,294
Reinvested		27,746			29,985			19,362			21,044
Redeemed		(138,540	)		(345,537	)		(160,663	)		(224,027	)
Change in Class R5 Shares		170,768			38,831			49,399			115,311
Class R6
Issued		5,576,472			1,094,870			4,735,190			884,990
Reinvested		82,851			35,425			64,502			19,022
Redeemed		(689,966	)		(264,517	)		(560,444	)		(226,904	)
Change in Class R6 Shares		4,969,357			865,778			4,239,248			677,108

(a) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—		$	—		$	20,000
Distributions reinvested		381			375			356
Cost of shares redeemed		—			(49,117	)		—
Change in net assets resulting from Class A capital transactions	$	381		$	(48,742	)	$	20,356
Class C
Proceeds from shares issued	$	—		$	—		$	20,000
Distributions reinvested		268			253			273
Cost of shares redeemed		—			(47,956	)		—
Change in net assets resulting from Class C capital transactions	$	268		$	(47,703	)	$	20,273
Class I (formerly Select Class)
Proceeds from shares issued	$	2,602,038		$	2,888,471		$	1,098,615
Distributions reinvested		78,428			59,443			18,035
Cost of shares redeemed		(2,254,608	)		(1,473,230	)		(190,635	)
Change in net assets resulting from Class I capital transactions	$	425,858		$	1,474,684		$	926,015
Class R2
Proceeds from shares issued	$	—		$	—		$	20,000
Distributions reinvested		324			323			313
Cost of shares redeemed		—			(48,614	)		—
Change in net assets resulting from Class R2 capital transactions	$	324		$	(48,291	)	$	20,313
Class R3 (b)
Proceeds from shares issued	$	20,000		$	—		$	20,000
Distributions reinvested		118			—			122
Change in net assets resulting from Class R3 capital transactions	$	20,118		$	—		$	20,122
Class R4 (b)
Proceeds from shares issued	$	20,001		$	—		$	20,000
Distributions reinvested		122			—			126
Change in net assets resulting from Class R4 capital transactions	$	20,123		$	—		$	20,126
Class R5
Proceeds from shares issued	$	2,876,488		$	2,684,877		$	46,968
Distributions reinvested		206,632			170,645			602
Cost of shares redeemed		(1,030,023	)		(1,351,311	)		—
Change in net assets resulting from Class R5 capital transactions	$	2,053,097		$	1,504,211		$	47,570
Class R6
Proceeds from shares issued	$	34,250,972		$	7,061,404		$	1,234,295
Distributions reinvested		491,515			136,164			9,925
Cost of shares redeemed		(3,233,389	)		(1,173,412	)		(212,560	)
Change in net assets resulting from Class R6 capital transactions	$	31,509,098		$	6,024,156		$	1,031,660
Total change in net assets resulting from capital transactions	$	34,029,267		$	8,858,315		$	2,106,435

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016			Period Ended June 30, 2017 (a)
SHARE TRANSACTIONS:
Class A
Issued		—			—			1,333
Reinvested		19			20			23
Redeemed		—			(2,516	)		—
Change in Class A Shares		19			(2,496	)		1,356
Class C
Issued		—			—			1,333
Reinvested		13			14			18
Redeemed		—			(2,459	)		—
Change in Class C Shares		13			(2,445	)		1,351
Class I (formerly Select Class)
Issued		126,557			155,264			72,911
Reinvested		3,838			3,170			1,161
Redeemed		(111,753	)		(82,162	)		(12,411	)
Change in Class I Shares		18,642			76,272			61,661
Class R2
Issued		—			—			1,334
Reinvested		16			17			20
Redeemed		—			(2,491	)		—
Change in Class R2 Shares		16			(2,474	)		1,354
Class R3 (b)
Issued		929			—			1,222
Reinvested		5			—			8
Change in Class R3 Shares		934			—			1,230
Class R4 (b)
Issued		928			—			1,222
Reinvested		6			—			8
Change in Class R4 Shares		934			—			1,230
Class R5
Issued		140,904			143,252			2,968
Reinvested		10,062			9,115			38
Redeemed		(50,536	)		(72,566	)		—
Change in Class R5 Shares		100,430			79,801			3,006
Class R6
Issued		1,642,688			374,815			78,412
Reinvested		23,513			7,240			617
Redeemed		(156,866	)		(62,284	)		(13,347	)
Change in Class R6 Shares		1,509,335			319,771			65,682

(a) Commencement of operations was August 31, 2016.

(b) Commencement of offering of class of shares effective May 31, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend Income Fund
Class A
Year Ended June 30, 2017	$	16.50	$	0.33	(g)(h)	$	0.73		$	1.06		$	(0.30	)	$	—		$	(0.30	)
Year Ended June 30, 2016		16.47		0.31	(g)		0.05			0.36			(0.31	)		(0.02	)		(0.33	)
Year Ended June 30, 2015		16.78		0.28			(0.19	)		0.09			(0.28	)		(0.12	)		(0.40	)
Year Ended June 30, 2014		15.44		0.30	(g)		1.33			1.63			(0.28	)		(0.01	)		(0.29	)
July 2, 2012 (j) through June 30, 2013		15.00		0.32	(h)		0.41			0.73			(0.29	)		—	(k)		(0.29	)
Class C
Year Ended June 30, 2017		16.49		0.25	(g)(h)		0.73			0.98			(0.22	)		—			(0.22	)
Year Ended June 30, 2016		16.46		0.21	(g)		0.05			0.26			(0.21	)		(0.02	)		(0.23	)
Year Ended June 30, 2015		16.77		0.18			(0.19	)		(0.01	)		(0.18	)		(0.12	)		(0.30	)
Year Ended June 30, 2014		15.44		0.20	(g)		1.33			1.53			(0.19	)		(0.01	)		(0.20	)
July 2, 2012 (j) through June 30, 2013		15.00		0.23	(h)		0.41			0.64			(0.20	)		—	(k)		(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		16.50		0.37	(g)(h)		0.72			1.09			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		16.47		0.33	(g)		0.06			0.39			(0.34	)		(0.02	)		(0.36	)
Year Ended June 30, 2015		16.77		0.29			(0.16	)		0.13			(0.31	)		(0.12	)		(0.43	)
Year Ended June 30, 2014		15.44		0.34	(g)		1.31			1.65			(0.31	)		(0.01	)		(0.32	)
July 2, 2012 (j) through June 30, 2013		15.00		0.34	(h)		0.41			0.75			(0.31	)		—	(k)		(0.31	)
Class R2
Year Ended June 30, 2017		16.50		0.29	(g)(h)		0.72			1.01			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.47		0.27	(g)		0.05			0.32			(0.27	)		(0.02	)		(0.29	)
Year Ended June 30, 2015		16.77		0.23			(0.17	)		0.06			(0.24	)		(0.12	)		(0.36	)
Year Ended June 30, 2014		15.44		0.26	(g)		1.32			1.58			(0.24	)		(0.01	)		(0.25	)
July 2, 2012 (j) through June 30, 2013		15.00		0.28	(h)		0.41			0.69			(0.25	)		—	(k)		(0.25	)
Class R3
May 31, 2017 (l) through June 30, 2017		17.28		0.06	(g)(h)		(0.02	)		0.04			(0.08	)		—			(0.08	)
Class R4
May 31, 2017 (l) through June 30, 2017		17.28		0.06	(g)(h)		(0.01	)		0.05			(0.09	)		—			(0.09	)
Class R5
Year Ended June 30, 2017		16.50		0.40	(g)(h)		0.73			1.13			(0.37	)		—			(0.37	)
Year Ended June 30, 2016		16.47		0.35	(g)		0.07			0.42			(0.37	)		(0.02	)		(0.39	)
Year Ended June 30, 2015		16.77		0.33			(0.17	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.44		0.38	(g)		1.30			1.68			(0.34	)		(0.01	)		(0.35	)
July 2, 2012 (j) through June 30, 2013		15.00		0.33	(h)		0.45			0.78			(0.34	)		—	(k)		(0.34	)
Class R6
Year Ended June 30, 2017		16.51		0.44	(g)(h)		0.70			1.14			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		16.48		0.37	(g)		0.06			0.43			(0.38	)		(0.02	)		(0.40	)
Year Ended June 30, 2015		16.78		0.34			(0.18	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.45		0.39	(g)		1.30			1.69			(0.35	)		(0.01	)		(0.36	)
July 2, 2012 (j) through June 30, 2013		15.00		0.37	(h)		0.43			0.80			(0.35	)		—	(k)		(0.35	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Amount rounds to less than $0.005.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	17.26		6.51	%	$	44,326		0.54	%		1.98	%(h)		1.78	%		35	%
	16.50		2.23			20,811		0.57			1.90			3.12			52
	16.47		0.53			58,318		0.56			1.66			1.37			24
	16.78		10.61			57,991		0.51	(i)		1.85	(i)		1.87	(i)		86
	15.44		4.87			52,447		0.54	(i)		2.07	(i)(h)		12.14	(i)		84
	17.25		5.99			43,637		1.04			1.48	(h)		2.31			35
	16.49		1.61			20,591		1.17			1.29			3.65			52
	16.46		(0.05	)		57,280		1.15			1.06			1.87			24
	16.77		9.92			57,298		1.11	(i)		1.24	(i)		2.37	(i)		86
	15.44		4.26			52,134		1.14	(i)		1.47	(i)(h)		12.64	(i)		84
	17.25		6.70			14,964,684		0.29			2.19	(h)		0.90			35
	16.50		2.39			7,797,395		0.42			2.03			0.98			52
	16.47		0.77			5,847,907		0.41			1.90			1.02			24
	16.77		10.74			2,495,073		0.36	(i)		2.10	(i)		1.55	(i)		86
	15.44		5.03			788,241		0.40	(i)		2.22	(i)(h)		11.88	(i)		84
	17.25		6.18			43,979		0.79			1.73	(h)		2.06			35
	16.50		1.97			20,690		0.82			1.65			3.39			52
	16.47		0.35			57,882		0.81			1.41			1.62			24
	16.77		10.28			57,700		0.76	(i)		1.59	(i)		2.12	(i)		86
	15.44		4.61			52,315		0.79	(i)		1.81	(i)(h)		12.38	(i)		84
	17.24		0.25			20,052		0.55			4.09	(h)		0.99			35
	17.24		0.28			20,057		0.30			4.35	(h)		0.74			35
	17.26		6.94			28,747,350		0.13			2.35	(h)		0.69			35
	16.50		2.58			19,314,726		0.22			2.19			0.80			52
	16.47		0.95			22,682,759		0.20			2.02			0.87			24
	16.77		10.94			21,940,682		0.19	(i)		2.33	(i)		0.95	(i)		86
	15.44		5.24			398,244		0.20	(i)		3.20	(i)(h)		9.64	(i)		84
	17.26		6.97			155,018,550		0.04			2.59	(h)		0.60			35
	16.51		2.64			31,351,683		0.17			2.29			0.69			52
	16.48		0.99			20,191,251		0.16			2.08			0.77			24
	16.78		10.97			13,960,559		0.12	(i)		2.37	(i)		1.27	(i)		86
	15.45		5.34			3,874,952		0.17	(i)		2.47	(i)(h)		4.40	(i)		84

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2020 Fund
Class A
Year Ended June 30, 2017	$	17.90	$	0.37	(g)(h)	$	1.19		$	1.56	$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2016		17.91		0.35	(g)		0.01			0.36		(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		18.03		0.33	(g)		(0.05	)		0.28		(0.32	)		(0.08	)		(0.40	)
Year Ended June 30, 2014		16.03		0.33	(g)(h)		2.02			2.35		(0.34	)		(0.01	)		(0.35	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		0.96			1.33		(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		17.89		0.27	(g)(h)		1.19			1.46		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		17.91		0.25	(g)		(0.01	)		0.24		(0.25	)		(0.01	)		(0.26	)
Year Ended June 30, 2015		18.03		0.22	(g)		(0.05	)		0.17		(0.21	)		(0.08	)		(0.29	)
Year Ended June 30, 2014		16.02		0.23	(g)(h)		2.03			2.26		(0.24	)		(0.01	)		(0.25	)
July 2, 2012(j) through June 30, 2013		15.00		0.27	(h)		0.96			1.23		(0.21	)		—			(0.21	)
Class I (formerly Select Class)
Year Ended June 30, 2017		17.89		0.41	(g)(h)		1.19			1.60		(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.91		0.38	(g)		—	(k)		0.38		(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		18.03		0.37	(g)		(0.06	)		0.31		(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.03		0.39	(g)(h)		1.99			2.38		(0.37	)		(0.01	)		(0.38	)
July 2, 2012(j) through June 30, 2013		15.00		0.38	(h)		0.98			1.36		(0.33	)		—			(0.33	)
Class R2
Year Ended June 30, 2017		17.89		0.32	(g)(h)		1.20			1.52		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		17.91		0.31	(g)		—	(k)		0.31		(0.32	)		(0.01	)		(0.33	)
Year Ended June 30, 2015		18.03		0.28	(g)		(0.05	)		0.23		(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.03		0.29	(g)(h)		2.02			2.31		(0.30	)		(0.01	)		(0.31	)
July 2, 2012(j) through June 30, 2013		15.00		0.33	(h)		0.96			1.29		(0.26	)		—			(0.26	)
Class R3
May 31, 2017(l) through June 30, 2017		19.12		0.08	(g)(h)		—	(k)		0.08		(0.12	)		—			(0.12	)
Class R4
May 31, 2017(l) through June 30, 2017		19.12		0.08	(g)(h)		—	(k)		0.08		(0.12	)		—			(0.12	)
Class R5
Year Ended June 30, 2017		17.90		0.44	(g)(h)		1.19			1.63		(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.91		0.41	(g)		0.01			0.42		(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		18.03		0.40	(g)		(0.06	)		0.34		(0.38	)		(0.08	)		(0.46	)
Year Ended June 30, 2014		16.03		0.46	(g)(h)		1.95			2.41		(0.40	)		(0.01	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		1.02			1.39		(0.36	)		—			(0.36	)
Class R6
Year Ended June 30, 2017		17.90		0.49	(g)(h)		1.16			1.65		(0.45	)		—			(0.45	)
Year Ended June 30, 2016		17.92		0.42	(g)		—	(k)		0.42		(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		18.03		0.40	(g)		(0.04	)		0.36		(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.03		0.44	(g)(h)		1.98			2.42		(0.41	)		(0.01	)		(0.42	)
July 2, 2012(j) through June 30, 2013		15.00		0.41	(h)		0.98			1.39		(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Amount rounds to less than $0.005.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	19.10		8.77	%	$	22,754		0.56	%		1.99	%(h)		1.64	%		33	%
	17.90		2.06			20,914		0.58			2.02			2.94			48
	17.91		1.54			63,467		0.57			1.80			1.10			17
	18.03		14.75			62,504		0.53	(i)		1.94	(h)(i)		1.28	(i)		49
	16.03		8.93			54,454		0.56	(i)		2.33	(h)(i)		10.57	(i)		31
	19.09		8.24			22,350		1.06			1.48	(h)		2.13			33
	17.89		1.39			20,647		1.19			1.40			3.47			48
	17.91		0.94			62,339		1.17			1.20			1.61			17
	18.03		14.16			61,763		1.13	(i)		1.34	(h)(i)		1.78	(i)		49
	16.02		8.23			54,131		1.16	(i)		1.73	(h)(i)		11.07	(i)		31
	19.09		9.05			24,528,197		0.31			2.24	(h)		0.71			33
	17.89		2.16			20,196,469		0.44			2.18			0.79			48
	17.91		1.71			14,807,138		0.42			2.06			0.78			17
	18.03		14.95			6,808,020		0.38	(i)		2.28	(h)(i)		1.01	(i)		49
	16.03		9.10			988,689		0.41	(i)		2.52	(h)(i)		9.98	(i)		31
	19.10		8.57			22,558		0.81			1.73	(h)		1.88			33
	17.89		1.74			20,787		0.84			1.76			3.20			48
	17.91		1.29			62,995		0.82			1.55			1.36			17
	18.03		14.47			62,195		0.78	(i)		1.69	(h)(i)		1.53	(i)		49
	16.03		8.66			54,320		0.81	(i)		2.08	(h)(i)		10.82	(i)		31
	19.08		0.39			20,081		0.57			4.85	(h)		0.89			33
	19.08		0.41			20,085		0.31			5.11	(h)		0.63			33
	19.10		9.22			51,332,121		0.14			2.39	(h)		0.51			33
	17.90		2.41			53,660,447		0.24			2.33			0.60			48
	17.91		1.89			58,510,251		0.22			2.19			0.60			17
	18.03		15.15			45,752,633		0.21	(i)		2.60	(h)(i)		0.68	(i)		49
	16.03		9.31			667,513		0.22	(i)		4.48	(h)(i)		6.18	(i)		31
	19.10		9.31			295,436,687		0.06			2.62	(h)		0.43			33
	17.90		2.41			97,198,855		0.19			2.40			0.51			48
	17.92		2.00			75,032,153		0.17			2.21			0.53			17
	18.03		15.19			48,730,493		0.14	(i)		2.53	(h)(i)		0.76	(i)		49
	16.03		9.35			17,419,901		0.18	(i)		2.84	(h)(i)		1.56	(i)		31

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2025 Fund
Class A
Year Ended June 30, 2017	$	18.43	$	0.37	(g)(h)	$	1.57		$	1.94	$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2016		18.52		0.35	(g)		(0.07	)		0.28		(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		18.58		0.32			0.01			0.33		(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2014		16.27		0.33	(g)(h)		2.35			2.68		(0.35	)		(0.02	)		(0.37	)
July 2, 2012 (j) through June 30, 2013		15.00		0.37	(h)		1.20			1.57		(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		18.42		0.27	(g)(h)		1.57			1.84		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		18.51		0.24	(g)		(0.07	)		0.17		(0.25	)		(0.01	)		(0.26	)
Year Ended June 30, 2015		18.57		0.21			0.01			0.22		(0.21	)		(0.07	)		(0.28	)
Year Ended June 30, 2014		16.27		0.22	(g)(h)		2.35			2.57		(0.25	)		(0.02	)		(0.27	)
July 2, 2012 (j) through June 30, 2013		15.00		0.27	(h)		1.21			1.48		(0.21	)		—			(0.21	)
Class I (formerly Select Class)
Year Ended June 30, 2017		18.42		0.41	(g)(h)		1.58			1.99		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		18.51		0.40	(g)		(0.09	)		0.31		(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		18.58		0.34			0.01			0.35		(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.28		0.41	(g)(h)		2.29			2.70		(0.38	)		(0.02	)		(0.40	)
July 2, 2012 (j) through June 30, 2013		15.00		0.39	(h)		1.22			1.61		(0.33	)		—			(0.33	)
Class R2
Year Ended June 30, 2017		18.42		0.32	(g)(h)		1.57			1.89		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		18.51		0.30	(g)		(0.07	)		0.23		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		18.58		0.28			(0.01	)		0.27		(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.27		0.29	(g)(h)		2.35			2.64		(0.31	)		(0.02	)		(0.33	)
July 2, 2012 (j) through June 30, 2013		15.00		0.33	(h)		1.20			1.53		(0.26	)		—			(0.26	)
Class R3
May 31, 2017 (k) through June 30, 2017		20.01		0.09	(g)(h)		0.02			0.11		(0.12	)		—			(0.12	)
Class R4
May 31, 2017 (k) through June 30, 2017		20.01		0.09	(g)(h)		0.02			0.11		(0.12	)		—			(0.12	)
Class R5
Year Ended June 30, 2017		18.43		0.44	(g)(h)		1.58			2.02		(0.44	)		—			(0.44	)
Year Ended June 30, 2016		18.52		0.41	(g)		(0.07	)		0.34		(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		18.59		0.38			0.00	(l)		0.38		(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.28		0.47	(g)(h)		2.27			2.74		(0.41	)		(0.02	)		(0.43	)
July 2, 2012 (j) through June 30, 2013		15.00		0.39	(h)		1.25			1.64		(0.36	)		—			(0.36	)
Class R6
Year Ended June 30, 2017		18.43		0.50	(g)(h)		1.54			2.04		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		18.52		0.43	(g)		(0.08	)		0.35		(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		18.58		0.38			0.02			0.40		(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.27		0.44	(g)(h)		2.31			2.75		(0.42	)		(0.02	)		(0.44	)
July 2, 2012 (j) through June 30, 2013		15.00		0.42	(h)		1.21			1.63		(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Commencement of offering of class of shares.

(l) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	20.01		10.62	%	$	23,058		0.57	%		1.92	%(h)		1.63	%		21	%
	18.43		1.56			20,841		0.59			1.95			2.95			45
	18.52		1.77			65,562		0.58			1.74			1.13			14
	18.58		16.57			64,440		0.53	(i)		1.88	(h)(i)		1.42	(i)		40
	16.27		10.55			55,293		0.57	(i)		2.33	(h)(i)		10.86	(i)		25
	20.00		10.08			22,682		1.07			1.41	(h)		2.14			21
	18.42		0.95			20,606		1.20			1.33			3.48			45
	18.51		1.17			64,394		1.18			1.14			1.64			14
	18.57		15.83			63,675		1.12	(i)		1.28	(h)(i)		1.92	(i)		40
	16.27		9.91			54,964		1.17	(i)		1.73	(h)(i)		11.36	(i)		25
	20.00		10.90			25,137,860		0.32			2.16	(h)		0.74			21
	18.42		1.73			21,966,302		0.45			2.19			0.82			45
	18.51		1.89			14,107,981		0.43			2.02			0.82			14
	18.58		16.69			6,485,172		0.40	(i)		2.33	(h)(i)		1.13	(i)		40
	16.28		10.78			840,259		0.42	(i)		2.48	(h)(i)		10.56	(i)		25
	20.00		10.35			22,895		0.82			1.65	(h)		1.89			21
	18.42		1.31			20,748		0.85			1.68			3.22			45
	18.51		1.46			65,072		0.83			1.49			1.39			14
	18.58		16.29			64,120		0.78	(i)		1.63	(h)(i)		1.67	(i)		40
	16.27		10.28			55,156		0.82	(i)		2.08	(h)(i)		11.11	(i)		25
	20.00		0.55			20,106		0.58			5.34	(h)		0.94			21
	20.00		0.57			20,111		0.33			5.60	(h)		0.69			21
	20.01		11.07			55,475,443		0.16			2.31	(h)		0.53			21
	18.43		1.92			51,575,522		0.25			2.25			0.62			45
	18.52		2.07			57,570,135		0.22			2.17			0.63			14
	18.59		16.96			41,884,578		0.21	(i)		2.62	(h)(i)		0.76	(i)		40
	16.28		11.01			1,386,248		0.24	(i)		5.51	(h)(i)		4.79	(i)		25
	20.01		11.16			274,383,280		0.07			2.57	(h)		0.44			21
	18.43		1.97			84,808,931		0.20			2.37			0.52			45
	18.52		2.17			57,094,878		0.18			2.19			0.55			14
	18.58		17.02			31,592,373		0.14	(i)		2.47	(h)(i)		0.90	(i)		40
	16.27		10.98			13,347,658		0.20	(i)		2.79	(h)(i)		1.76	(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2030 Fund
Class A
Year Ended June 30, 2017	$	18.90	$	0.36	(g)(h)	$	1.98		$	2.34	$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2016		19.11		0.35	(g)		(0.19	)		0.16		(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		19.14		0.33	(g)		0.04			0.37		(0.32	)		(0.08	)		(0.40	)
Year Ended June 30, 2014		16.48		0.33	(g)(h)		2.67			3.00		(0.33	)		(0.01	)		(0.34	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		1.40			1.77		(0.29	)		—			(0.29	)
Class C
Year Ended June 30, 2017		18.88		0.26	(g)(h)		1.99			2.25		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		19.10		0.23	(g)		(0.19	)		0.04		(0.25	)		(0.01	)		(0.26	)
Year Ended June 30, 2015		19.13		0.21	(g)		0.05			0.26		(0.21	)		(0.08	)		(0.29	)
Year Ended June 30, 2014		16.48		0.22	(g)(h)		2.67			2.89		(0.23	)		(0.01	)		(0.24	)
July 2, 2012(j) through June 30, 2013		15.00		0.27	(h)		1.41			1.68		(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		18.88		0.41	(g)(h)		1.98			2.39		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.09		0.39	(g)		(0.20	)		0.19		(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.13		0.37	(g)		0.02			0.39		(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.48		0.40	(g)(h)		2.63			3.03		(0.37	)		(0.01	)		(0.38	)
July 2, 2012(j) through June 30, 2013		15.00		0.38	(h)		1.42			1.80		(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		18.89		0.31	(g)(h)		1.98			2.29		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.10		0.30	(g)		(0.19	)		0.11		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.14		0.28	(g)		0.03			0.31		(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.48		0.28	(g)(h)		2.68			2.96		(0.29	)		(0.01	)		(0.30	)
July 2, 2012(j) through June 30, 2013		15.00		0.33	(h)		1.40			1.73		(0.25	)		—			(0.25	)
Class R3
May 31, 2017(k) through June 30, 2017		20.85		0.10	(g)(h)		0.03			0.13		(0.13	)		—			(0.13	)
Class R4
May 31, 2017(k) through June 30, 2017		20.85		0.10	(g)(h)		0.03			0.13		(0.13	)		—			(0.13	)
Class R5
Year Ended June 30, 2017		18.89		0.45	(g)(h)		1.97			2.42		(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.10		0.41	(g)		(0.18	)		0.23		(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.14		0.40	(g)		0.03			0.43		(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.48		0.52	(g)(h)		2.55			3.07		(0.40	)		(0.01	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.40	(h)		1.43			1.83		(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		18.90		0.51	(g)(h)		1.93			2.44		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.11		0.43	(g)		(0.20	)		0.23		(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.14		0.41	(g)		0.04			0.45		(0.40	)		(0.08	)		(0.48	)
Year Ended June 30, 2014		16.48		0.46	(g)(h)		2.61			3.07		(0.40	)		(0.01	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.42	(h)		1.41			1.83		(0.35	)		—			(0.35	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	20.88		12.48	%	$	23,355		0.58	%		1.83	%(h)		1.63	%		22	%
	18.90		0.88			20,758		0.60			1.87			2.98			52
	19.11		1.95			67,472		0.58			1.69			1.11			14
	19.14		18.32			66,203		0.54	(i)		1.81	(h)(i)		1.45	(i)		36
	16.48		11.89			55,947		0.58	(i)		2.31	(h)(i)		11.17	(i)		30
	20.87		11.99			22,970		1.08			1.31	(h)		2.14			22
	18.88		0.22			20,520		1.20			1.26			3.48			52
	19.10		1.35			66,269		1.18			1.09			1.61			14
	19.13		17.58			65,414		1.14	(i)		1.21	(h)(i)		1.95	(i)		36
	16.48		11.25			55,613		1.18	(i)		1.71	(h)(i)		11.67	(i)		30
	20.86		12.77			28,167,353		0.33			2.07	(h)		0.73			22
	18.88		1.04			20,672,603		0.45			2.09			0.81			52
	19.09		2.07			16,278,094		0.43			1.93			0.80			14
	19.13		18.47			11,169,043		0.39	(i)		2.21	(h)(i)		1.13	(i)		36
	16.48		12.06			929,479		0.43	(i)		2.45	(h)(i)		10.68	(i)		30
	20.87		12.20			23,190		0.83			1.56	(h)		1.88			22
	18.89		0.62			20,665		0.85			1.61			3.21			52
	19.10		1.65			66,965		0.83			1.44			1.36			14
	19.14		18.03			65,871		0.79	(i)		1.56	(h)(i)		1.70	(i)		36
	16.48		11.62			55,807		0.83	(i)		2.06	(h)(i)		11.42	(i)		30
	20.85		0.61			20,123		0.59			5.80	(h)		0.89			22
	20.85		0.63			20,128		0.33			6.06	(h)		0.64			22
	20.87		12.94			67,784,124		0.17			2.24	(h)		0.52			22
	18.89		1.23			59,159,371		0.25			2.19			0.62			52
	19.10		2.26			72,055,507		0.23			2.09			0.62			14
	19.14		18.73			58,548,233		0.22	(i)		2.78	(h)(i)		0.73	(i)		36
	16.48		12.29			974,686		0.26	(i)		4.51	(h)(i)		5.45	(i)		30
	20.88		13.03			290,130,815		0.08			2.54	(h)		0.44			22
	18.90		1.28			77,474,074		0.20			2.30			0.52			52
	19.11		2.36			54,851,499		0.18			2.13			0.53			14
	19.14		18.77			29,155,385		0.16	(i)		2.50	(h)(i)		0.89	(i)		36
	16.48		12.33			6,769,334		0.22	(i)		2.80	(h)(i)		2.85	(i)		30

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2035 Fund
Class A
Year Ended June 30, 2017	$	19.29	$	0.36	(g)(h)	$	2.27		$	2.63		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2016		19.57		0.34	(g)		(0.25	)		0.09			(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		19.57		0.32			0.07			0.39			(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2014		16.67		0.31	(g)(h)		2.93			3.24			(0.32	)		(0.02	)		(0.34	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		1.60			1.97			(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		19.28		0.26	(g)(h)		2.26			2.52			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		19.56		0.23	(g)		(0.25	)		(0.02	)		(0.25	)		(0.01	)		(0.26	)
Year Ended June 30, 2015		19.56		0.20			0.07			0.27			(0.20	)		(0.07	)		(0.27	)
Year Ended June 30, 2014		16.66		0.20	(g)(h)		2.93			3.13			(0.21	)		(0.02	)		(0.23	)
July 2, 2012(j) through June 30, 2013		15.00		0.27	(h)		1.59			1.86			(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.28		0.42	(g)(h)		2.25			2.67			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.57		0.38	(g)		(0.27	)		0.11			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.57		0.34			0.08			0.42			(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.67		0.40	(g)(h)		2.87			3.27			(0.35	)		(0.02	)		(0.37	)
July 2, 2012(j) through June 30, 2013		15.00		0.39	(h)		1.60			1.99			(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		19.28		0.31	(g)(h)		2.27			2.58			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.57		0.29	(g)		(0.26	)		0.03			(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.57		0.27			0.07			0.34			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.67		0.27	(g)(h)		2.92			3.19			(0.27	)		(0.02	)		(0.29	)
July 2, 2012(j) through June 30, 2013		15.00		0.33	(h)		1.60			1.93			(0.26	)		—			(0.26	)
Class R3
May 31, 2017(k) through June 30, 2017		21.52		0.11	(g)(h)		0.04			0.15			(0.13	)		—			(0.13	)
Class R4
May 31, 2017(k) through June 30, 2017		21.52		0.12	(g)(h)		0.03			0.15			(0.13	)		—			(0.13	)
Class R5
Year Ended June 30, 2017		19.29		0.45	(g)(h)		2.27			2.72			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.58		0.41	(g)		(0.26	)		0.15			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.58		0.38			0.07			0.45			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.67		0.51	(g)(h)		2.80			3.31			(0.38	)		(0.02	)		(0.40	)
July 2, 2012(j) through June 30, 2013		15.00		0.41	(h)		1.61			2.02			(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		19.29		0.51	(g)(h)		2.22			2.73			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.58		0.43	(g)		(0.27	)		0.16			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.57		0.38			0.09			0.47			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.67		0.48	(g)(h)		2.83			3.31			(0.39	)		(0.02	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.43	(h)		1.60			2.03			(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses(e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credit (f)			Portfolio turnover rate (c)
$	21.56		13.75	%	$	23,591		0.59	%		1.78	%(h)		1.66	%		24	%
	19.29		0.51			20,744		0.60			1.82			3.02			53
	19.57		1.98			68,989		0.58			1.65			1.19			14
	19.57		19.50			67,644		0.54	(i)		1.72	(h)(i)		1.94	(i)		37
	16.67		13.21			56,597		0.59	(i)		2.29	(h)(i)		12.80	(i)		41
	21.54		13.15			23,198		1.09			1.27	(h)		2.17			24
	19.28		(0.10	)		20,501		1.20			1.20			3.52			53
	19.56		1.37			67,759		1.18			1.04			1.69			14
	19.56		18.83			66,839		1.14	(i)		1.11	(h)(i)		2.43	(i)		37
	16.66		12.49			56,260		1.19	(i)		1.69	(h)(i)		13.30	(i)		41
	21.54		13.99			14,352,807		0.34			2.05	(h)		0.80			24
	19.28		0.62			10,229,764		0.45			2.00			0.89			53
	19.57		2.14			12,247,862		0.43			1.94			0.88			14
	19.57		19.69			7,039,219		0.41	(i)		2.13	(h)(i)		1.41	(i)		37
	16.67		13.38			1,176,228		0.45	(i)		2.41	(h)(i)		11.89	(i)		41
	21.55		13.48			23,383		0.84			1.52	(h)		1.91			24
	19.28		0.21			20,613		0.85			1.56			3.26			53
	19.57		1.72			68,472		0.83			1.39			1.44			14
	19.57		19.21			67,306		0.79	(i)		1.46	(h)(i)		2.18	(i)		37
	16.67		12.93			56,455		0.84	(i)		2.04	(h)(i)		13.04	(i)		41
	21.54		0.69			20,135		0.60			6.15	(h)		0.94			24
	21.54		0.71			20,139		0.35			6.40	(h)		0.69			24
	21.56		14.21			45,299,205		0.18			2.19	(h)		0.57			24
	19.29		0.81			38,009,777		0.25			2.18			0.67			53
	19.58		2.33			39,097,276		0.23			2.09			0.71			14
	19.58		19.98			26,317,740		0.22	(i)		2.67	(h)(i)		0.91	(i)		37
	16.67		13.60			606,414		0.26	(i)		5.21	(h)(i)		10.33	(i)		41
	21.56		14.31			218,256,416		0.09			2.49	(h)		0.47			24
	19.29		0.86			67,700,314		0.20			2.29			0.56			53
	19.58		2.43			44,103,932		0.18			2.10			0.60			14
	19.57		19.96			23,185,570		0.16	(i)		2.59	(h)(i)		1.08	(i)		37
	16.67		13.65			1,295,293		0.23	(i)		2.78	(h)(i)		7.67	(i)		41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment Operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2040 Fund
Class A
Year Ended June 30, 2017	$	19.45	$	0.35	(g)(h)	$	2.56		$	2.91		$	(0.36	)	$	—		$	(0.36	)
Year Ended June 30, 2016		19.83		0.34	(g)		(0.35	)		(0.01	)		(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		19.80		0.32	(g)		0.09			0.41			(0.32	)		(0.06	)		(0.38	)
Year Ended June 30, 2014		16.72		0.32	(g)(h)		3.10			3.42			(0.32	)		(0.02	)		(0.34	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		1.64			2.01			(0.29	)		—			(0.29	)
Class C
Year Ended June 30, 2017		19.44		0.25	(g)(h)		2.55			2.80			(0.25	)		—			(0.25	)
Year Ended June 30, 2016		19.82		0.22	(g)		(0.35	)		(0.13	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.79		0.20	(g)		0.09			0.29			(0.20	)		(0.06	)		(0.26	)
Year Ended June 30, 2014		16.72		0.20	(g)(h)		3.10			3.30			(0.21	)		(0.02	)		(0.23	)
July 2, 2012(j) through June 30, 2013		15.00		0.27	(h)		1.65			1.92			(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.44		0.41	(g)(h)		2.55			2.96			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.82		0.38	(g)		(0.36	)		0.02			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.79		0.37	(g)		0.07			0.44			(0.35	)		(0.06	)		(0.41	)
Year Ended June 30, 2014		16.72		0.40	(g)(h)		3.04			3.44			(0.35	)		(0.02	)		(0.37	)
July 2, 2012(j) through June 30, 2013		15.00		0.39	(h)		1.65			2.04			(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		19.44		0.30	(g)(h)		2.56			2.86			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.82		0.29	(g)		(0.35	)		(0.06	)		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.80		0.27	(g)		0.08			0.35			(0.27	)		(0.06	)		(0.33	)
Year Ended June 30, 2014		16.72		0.27	(g)(h)		3.10			3.37			(0.27	)		(0.02	)		(0.29	)
July 2, 2012(j) through June 30, 2013		15.00		0.32	(h)		1.65			1.97			(0.25	)		—			(0.25	)
Class R3
May 31, 2017(k) through June 30, 2017		21.95		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
May 31, 2017(k) through June 30, 2017		21.95		0.12	(g)(h)		0.05			0.17			(0.14	)		—			(0.14	)
Class R5
Year Ended June 30, 2017		19.45		0.44	(g)(h)		2.55			2.99			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.83		0.41	(g)		(0.35	)		0.06			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.80		0.41	(g)		0.07			0.48			(0.39	)		(0.06	)		(0.45	)
Year Ended June 30, 2014		16.72		0.52	(g)(h)		2.96			3.48			(0.38	)		(0.02	)		(0.40	)
July 2, 2012(j) through June 30, 2013		15.00		0.42	(h)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		19.45		0.53	(g)(h)		2.48			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.83		0.43	(g)		(0.36	)		0.07			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.80		0.42	(g)		0.07			0.49			(0.40	)		(0.06	)		(0.46	)
Year Ended June 30, 2014		16.72		0.48	(g)(h)		3.01			3.49			(0.39	)		(0.02	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.42	(h)		1.66			2.08			(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	22.00		15.06	%	$	23,763		0.59	%		1.71	%(h)		1.66	%		19	%
	19.45		0.02			20,653		0.60			1.78			3.03			56
	19.83		2.08			69,811		0.58			1.63			1.20	(g)		12
	19.80		20.50			68,397		0.56	(i)		1.71	(h)(i)		1.93	(i)		22
	16.72		13.52			56,777		0.60	(i)		2.88	(h)(i)		14.44	(i)		52
	21.99		14.49			23,366		1.09			1.19	(h)		2.16			19
	19.44		(0.59	)		20,409		1.20			1.16			3.55			56
	19.82		1.47			68,566		1.18			1.02			1.70			12
	19.79		19.75			67,582		1.16	(i)		1.10	(h)(i)		2.44	(i)		22
	16.72		12.87			56,439		1.20	(i)		1.68	(h)(i)		14.93	(i)		52
	21.99		15.35			18,130,080		0.34			1.97	(h)		0.78			19
	19.44		0.18			14,121,513		0.45			1.99			0.88			56
	19.82		2.24			14,767,955		0.43			1.86			0.89			12
	19.79		20.66			10,763,142		0.40	(i)		2.15	(h)(i)		1.35	(i)		22
	16.72		13.70			928,644		0.45	(i)		2.44	(h)(i)		14.11	(i)		52
	21.99		14.78			23,616		0.84			1.45	(h)		1.91			19
	19.44		(0.23	)		20,577		0.85			1.51			3.28			56
	19.82		1.77			69,287		0.83			1.37			1.45			12
	19.80		20.21			68,055		0.81	(i)		1.45	(h)(i)		2.18	(i)		22
	16.72		13.25			56,635		0.85	(i)		2.03	(h)(i)		14.68	(i)		52
	21.98		0.73			20,145		0.60			6.48	(h)		0.89			19
	21.98		0.75			20,150		0.35			6.73	(h)		0.64			19
	22.00		15.52			43,882,327		0.19			2.12	(h)		0.57			19
	19.45		0.37			36,208,196		0.25			2.14			0.69			56
	19.83		2.43			37,700,436		0.23			2.06			0.72			12
	19.80		20.92			27,542,352		0.22	(i)		2.74	(h)(i)		0.88	(i)		22
	16.72		13.92			669,908		0.27	(i)		5.57	(h)(i)		12.70	(i)		52
	22.00		15.62			237,133,554		0.09			2.50	(h)		0.46			19
	19.45		0.42			59,798,924		0.20			2.27			0.57			56
	19.83		2.48			37,529,276		0.18			2.09			0.61			12
	19.80		20.97			19,605,778		0.16	(i)		2.56	(h)(i)		1.04	(i)		22
	16.72		13.96			504,437		0.23	(i)		2.67	(h)(i)		11.68	(i)		52

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2045 Fund
Class A
Year Ended June 30, 2017	$	19.39		0.36	(g)(h)	$	2.54		$	2.90		$	(0.35	)	$	—		$	(0.35	)
Year Ended June 30, 2016		19.75		0.34	(g)		(0.33	)		0.01			(0.36	)		(0.01	)		(0.37	)
Year Ended June 30, 2015		19.71		0.32			0.08			0.40			(0.32	)		(0.04	)		(0.36	)
Year Ended June 30, 2014		16.72		0.32	(g)(h)		3.05			3.37			(0.33	)		(0.05	)		(0.38	)
July 2, 2012(j) through June 30, 2013		15.00		0.37	(h)		1.65			2.02			(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		19.38		0.25	(g)(h)		2.54			2.79			(0.25	)		—			(0.25	)
Year Ended June 30, 2016		19.74		0.22	(g)		(0.33	)		(0.11	)		(0.24	)		(0.01	)		(0.25	)
Year Ended June 30, 2015		19.70		0.20			0.08			0.28			(0.20	)		(0.04	)		(0.24	)
Year Ended June 30, 2014		16.71		0.21	(g)(h)		3.05			3.26			(0.22	)		(0.05	)		(0.27	)
July 2, 2012(j) through June 30, 2013		15.00		0.27	(h)		1.64			1.91			(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.38		0.41	(g)(h)		2.54			2.95			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.74		0.39	(g)		(0.35	)		0.04			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.71		0.34			0.08			0.42			(0.35	)		(0.04	)		(0.39	)
Year Ended June 30, 2014		16.72		0.39	(g)(h)		3.01			3.40			(0.36	)		(0.05	)		(0.41	)
July 2, 2012(j) through June 30, 2013		15.00		0.39	(h)		1.65			2.04			(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		19.38		0.30	(g)(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29	(g)		(0.33	)		(0.04	)		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.71		0.27			0.07			0.34			(0.27	)		(0.04	)		(0.31	)
Year Ended June 30, 2014		16.72		0.27	(g)(h)		3.05			3.32			(0.28	)		(0.05	)		(0.33	)
July 2, 2012(j) through June 30, 2013		15.00		0.33	(h)		1.65			1.98			(0.26	)		—			(0.26	)
Class R3
May 31, 2017(k) through June 30, 2017		21.88		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
May 31, 2017(k) through June 30, 2017		21.88		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Year Ended June 30, 2017		19.39		0.44	(g)(h)		2.54			2.98			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.75		0.41	(g)		(0.33	)		0.08			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.71		0.38			0.09			0.47			(0.39	)		(0.04	)		(0.43	)
Year Ended June 30, 2014		16.72		0.55	(g)(h)		2.88			3.43			(0.39	)		(0.05	)		(0.44	)
July 2, 2012(j) through June 30, 2013		15.00		0.42	(h)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		19.40		0.54	(g)(h)		2.47			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.76		0.44	(g)		(0.35	)		0.09			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.72		0.39			0.09			0.48			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.50	(g)(h)		2.95			3.45			(0.40	)		(0.05	)		(0.45	)
July 2, 2012(j) through June 30, 2013		15.00		0.43	(h)		1.65			2.08			(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	21.94		15.09	%	$	23,782		0.59	%		1.72	%(h)		1.73	%		17	%
	19.39		0.11			20,668		0.60			1.78			3.14			54
	19.75		2.08			69,714		0.58			1.62			1.42			15
	19.71		20.29			68,311		0.53	(i)		1.73	(h)(i)		3.34	(i)		31
	16.72		13.56			56,774		0.60	(i)		2.28	(h)(i)		15.87	(i)		64
	21.92		14.48			23,382		1.09			1.21	(h)		2.24			17
	19.38		(0.50	)		20,425		1.20			1.16			3.65			54
	19.74		1.47			68,470		1.18			1.02			1.92			15
	19.70		19.62			67,498		1.13	(i)		1.13	(h)(i)		3.84	(i)		31
	16.71		12.84			56,435		1.20	(i)		1.68	(i)(j)		16.36	(i)		64
	21.92		15.33			12,837,389		0.34			1.99	(h)		0.90			17
	19.38		0.27			7,930,339		0.45			2.06			1.05			54
	19.74		2.19			6,897,792		0.43			1.95			1.10			15
	19.71		20.47			4,006,265		0.40	(i)		2.10	(h)(i)		2.56	(i)		31
	16.72		13.73			855,650		0.45	(i)		2.43	(h)(i)		15.61	(i)		64
	21.93		14.81			23,634		0.84			1.46	(h)		1.99			17
	19.38		(0.15	)		20,592		0.85			1.51			3.39			54
	19.74		1.77			69,190		0.83			1.37			1.67			15
	19.71		20.00			67,969		0.78	(i)		1.48	(h)(i)		3.59	(i)		31
	16.72		13.29			56,632		0.85	(i)		2.03	(h)(i)		16.10	(i)		64
	21.91		0.72			20,148		0.60			6.56	(h)		0.94			17
	21.91		0.75			20,152		0.35			6.82	(h)		0.69			17
	21.93		15.49			30,788,480		0.19			2.14	(h)		0.66			17
	19.39		0.46			23,904,086		0.25			2.16			0.83			54
	19.75		2.44			23,577,304		0.23			2.07			0.94			15
	19.71		20.71			15,862,556		0.21	(i)		2.87	(h)(i)		1.32	(i)		31
	16.72		13.96			197,653		0.26	(i)		3.43	(h)(i)		15.73	(i)		64
	21.95		15.65			149,787,358		0.09			2.56	(h)		0.54			17
	19.40		0.51			35,978,570		0.20			2.31			0.68			54
	19.76		2.48			19,533,673		0.18			2.15			0.79			15
	19.72		20.81			7,446,757		0.16	(i)		2.67	(h)(i)		1.97	(i)		31
	16.72		14.00			162,602		0.23	(i)		2.41	(h)(i)		14.36	(i)		64

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2050 Fund
Class A
Year Ended June 30, 2017	$	19.38	$	0.35	(g)(h)	$	2.56		$	2.91		$	(0.35	)	$	—		$	(0.35	)
Year Ended June 30, 2016		19.74		0.34	(g)		(0.33	)(i)		0.01			(0.35	)		(0.02	)		(0.37	)
Year Ended June 30, 2015		19.72		0.32			0.07			0.39			(0.33	)		(0.04	)		(0.37	)
Year Ended June 30, 2014		16.73		0.33	(g)(h)		3.05			3.38			(0.34	)		(0.05	)		(0.39	)
July 2, 2012(k) through June 30, 2013		15.00		0.36	(h)		1.67			2.03			(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		19.37		0.25	(g)(h)		2.55			2.80			(0.25	)		—			(0.25	)
Year Ended June 30, 2016		19.73		0.22	(g)		(0.32	)(i)		(0.10	)		(0.24	)		(0.02	)		(0.26	)
Year Ended June 30, 2015		19.71		0.20			0.07			0.27			(0.21	)		(0.04	)		(0.25	)
Year Ended June 30, 2014		16.72		0.21	(g)(h)		3.06			3.27			(0.23	)		(0.05	)		(0.28	)
July 2, 2012 (k) through June 30, 2013		15.00		0.27	(h)		1.65			1.92			(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.37		0.41	(g)(h)		2.55			2.96			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.73		0.38	(g)		(0.33	)(i)		0.05			(0.39	)		(0.02	)		(0.41	)
Year Ended June 30, 2015		19.71		0.35			0.07			0.42			(0.36	)		(0.04	)		(0.40	)
Year Ended June 30, 2014		16.73		0.40	(g)(h)		3.01			3.41			(0.38	)		(0.05	)		(0.43	)
July 2, 2012 (k) through June 30, 2013		15.00		0.39	(h)		1.66			2.05			(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		19.38		0.30	(g)(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29	(g)		(0.32	)(i)		(0.03	)		(0.31	)		(0.02	)		(0.33	)
Year Ended June 30, 2015		19.71		0.27			0.08			0.35			(0.28	)		(0.04	)		(0.32	)
Year Ended June 30, 2014		16.72		0.28	(g)(h)		3.06			3.34			(0.30	)		(0.05	)		(0.35	)
July 2, 2012 (k) through June 30, 2013		15.00		0.32	(h)		1.66			1.98			(0.26	)		—			(0.26	)
Class R3
May 31, 2017 (l) through June 30, 2017		21.89		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
May 31, 2017 (l) through June 30, 2017		21.89		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Year Ended June 30, 2017		19.38		0.43	(g)(h)		2.56			2.99			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.74		0.41	(g)		(0.33	)(i)		0.08			(0.42	)		(0.02	)		(0.44	)
Year Ended June 30, 2015		19.71		0.39			0.08			0.47			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.53	(g)(h)		2.92			3.45			(0.41	)		(0.05	)		(0.46	)
July 2, 2012 (k) through June 30, 2013		15.00		0.42	(h)		1.65			2.07			(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		19.39		0.54	(g)(h)		2.47			3.01			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.75		0.46	(g)		(0.37	)(i)		0.09			(0.43	)		(0.02	)		(0.45	)
Year Ended June 30, 2015		19.72		0.41			0.07			0.48			(0.41	)		(0.04	)		(0.45	)
Year Ended June 30, 2014		16.73		0.49	(g)(h)		2.97			3.46			(0.42	)		(0.05	)		(0.47	)
July 2, 2012 (k) through June 30, 2013		15.00		0.43	(h)		1.66			2.09			(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to timing of recognition of income and changes in the relative size of the classes.

(i) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(k) Commencement of operations.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	21.94		15.13	%	$	23,822		0.59	%		1.71	%(h)		1.77	%		17	%
	19.38		0.11			20,694		0.60			1.78			3.27			60
	19.74		1.97			69,732		0.58			1.63			1.57			11
	19.72		20.36			68,363		0.55	(j)		1.77	(h)(j)		3.42	(j)		23
	16.73		13.62			56,796		0.60	(j)		2.28	(h)(j)		15.61	(j)		49
	21.92		14.52			23,427		1.09			1.19	(h)		2.30			17
	19.37		(0.50	)		20,454		1.20			1.16			3.80			60
	19.73		1.37			68,487		1.18			1.03			2.07			11
	19.71		19.68			67,548		1.15	(j)		1.17	(h)(j)		3.92	(j)		23
	16.72		12.90			56,458		1.20	(j)		1.67	(h)(j)		16.10	(j)		49
	21.93		15.43			13,337,416		0.34			1.99	(h)		0.96			17
	19.37		0.27			8,769,180		0.45			2.01			1.18			60
	19.73		2.14			6,897,259		0.43			1.88			1.25			11
	19.71		20.51			4,214,542		0.40	(j)		2.16	(h)(j)		2.90	(j)		23
	16.73		13.79			860,746		0.45	(j)		2.43	(h)(j)		15.35	(j)		49
	21.93		14.80			23,613		0.84			1.44	(h)		2.05			17
	19.38		(0.15	)		20,565		0.85			1.51			3.54			60
	19.74		1.78			69,207		0.83			1.38			1.82			11
	19.71		20.08			68,021		0.80	(j)		1.52	(h)(j)		3.67	(j)		23
	16.72		13.28			56,654		0.85	(j)		2.02	(h)(j)		15.85	(j)		49
	21.92		0.73			20,147		0.60			6.57	(h)		0.92			17
	21.92		0.75			20,151		0.35			6.82	(h)		0.67			17
	21.94		15.58			20,970,084		0.19			2.10	(h)		0.72			17
	19.38		0.46			17,568,136		0.25			2.17			0.99			60
	19.74		2.38			15,617,460		0.23			2.06			1.09			11
	19.71		20.79			11,027,186		0.21	(j)		2.78	(h)(j)		1.74	(j)		23
	16.72		13.95			503,559		0.27	(j)		4.14	(h)(j)		14.51	(j)		49
	21.95		15.69			118,550,411		0.09			2.57	(h)		0.58			17
	19.39		0.51			22,544,112		0.21			2.41			0.83			60
	19.75		2.43			9,591,809		0.18			2.20			0.92			11
	19.72		20.82			3,503,945		0.16	(j)		2.60	(h)(j)		2.52	(j)		23
	16.73		14.06			238,087		0.22	(j)		3.09	(h)(j)		14.50	(j)		49

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartRetirement Blend 2055 Fund
Class A
Year Ended June 30, 2017	$	19.10		0.35	(g)(h)	$	2.49		$	2.84		$	(0.35	)	$	—		$	(0.35	)
Year Ended June 30, 2016		19.41		0.33	(g)		(0.29	)		0.04			(0.34	)		(0.01	)		(0.35	)
Year Ended June 30, 2015		19.36		0.32			0.08			0.40			(0.32	)		(0.03	)		(0.35	)
Year Ended June 30, 2014		16.71		0.33	(g)(h)		2.95			3.28			(0.40	)		(0.23	)		(0.63	)
July 2, 2012 (j) through June 30, 2013		15.00		0.36	(h)		1.65			2.01			(0.30	)		—			(0.30	)
Class C
Year Ended June 30, 2017		19.08		0.25	(g)(h)		2.49			2.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2016		19.39		0.22	(g)		(0.29	)		(0.07	)		(0.23	)		(0.01	)		(0.24	)
Year Ended June 30, 2015		19.35		0.20			0.08			0.28			(0.21	)		(0.03	)		(0.24	)
Year Ended June 30, 2014		16.70		0.22	(g)(h)		2.95			3.17			(0.29	)		(0.23	)		(0.52	)
July 2, 2012 (j) through June 30, 2013		15.00		0.27	(h)		1.63			1.90			(0.20	)		—			(0.20	)
Class I (formerly Select Class)
Year Ended June 30, 2017		19.09		0.41	(g)(h)		2.48			2.89			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.40		0.37	(g)		(0.30	)		0.07			(0.37	)		(0.01	)		(0.38	)
Year Ended June 30, 2015		19.35		0.35			0.09			0.44			(0.36	)		(0.03	)		(0.39	)
Year Ended June 30, 2014		16.71		0.37	(g)(h)		2.93			3.30			(0.43	)		(0.23	)		(0.66	)
July 2, 2012 (j) through June 30, 2013		15.00		0.39	(h)		1.64			2.03			(0.32	)		—			(0.32	)
Class R2
Year Ended June 30, 2017		19.09		0.30	(g)(h)		2.49			2.79			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.40		0.28	(g)		(0.29	)		(0.01	)		(0.29	)		(0.01	)		(0.30	)
Year Ended June 30, 2015		19.35		0.27			0.09			0.36			(0.28	)		(0.03	)		(0.31	)
Year Ended June 30, 2014		16.71		0.29	(g)(h)		2.94			3.23			(0.36	)		(0.23	)		(0.59	)
July 2, 2012 (j) through June 30, 2013		15.00		0.32	(h)		1.65			1.97			(0.26	)		—			(0.26	)
Class R3
May 31, 2017 (l) through June 30, 2017		21.54		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
May 31, 2017 (l) through June 30, 2017		21.54		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Year Ended June 30, 2017		19.09		0.44	(g)(h)		2.49			2.93			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.41		0.41	(g)		(0.31	)		0.10			(0.41	)		(0.01	)		(0.42	)
Year Ended June 30, 2015		19.36		0.39			0.08			0.47			(0.39	)		(0.03	)		(0.42	)
Year Ended June 30, 2014		16.71		0.58	(g)(h)		2.77			3.35			(0.47	)		(0.23	)		(0.70	)
July 2, 2012 (j) through June 30, 2013		15.00		0.42	(h)		1.64			2.06			(0.35	)		—			(0.35	)
Class R6
Year Ended June 30, 2017		19.10		0.54	(g)(h)		2.40			2.94			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.41		0.47	(g)		(0.35	)		0.12			(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		19.36		0.40			0.08			0.48			(0.40	)		(0.03	)		(0.43	)
Year Ended June 30, 2014		16.71		0.46	(g)(h)		2.89			3.35			(0.47	)		(0.23	)		(0.70	)
July 2, 2012 (j) through June 30, 2013		15.00		0.43	(h)		1.64			2.07			(0.36	)		—			(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014 and for the period ended June 30, 2013.

(j) Commencement of operations.

(k) Amount rounds to less than 0.005%.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	21.59		14.98	%	$	23,802		0.59	%		1.72	%(h)		2.18	%		16	%
	19.10		0.25			20,699		0.60			1.77			3.76			53
	19.41		2.12			69,475		0.58			1.64			3.04			16
	19.36		19.92			68,033		0.51	(i)		1.84	(h)(i)		9.61	(i)		23
	16.71		13.49			56,738		0.60	(i)		2.27	(h)(i)		16.56	(i)		52
	21.57		14.43			23,442		1.09			1.21	(h)		2.69			16
	19.08		(0.35	)		20,489		1.20			1.16			4.28			53
	19.39		1.46			68,236		1.18			1.03			3.53			16
	19.35		19.25			67,223		1.10	(i)		1.23	(h)(i)		10.11	(i)		23
	16.70		12.77			56,400		1.20	(i)		1.67	(h)(i)		17.04	(i)		52
	21.58		15.28			4,419,527		0.34			2.03	(h)		1.38			16
	19.09		0.43			3,553,395		0.45			1.96			1.66			53
	19.40		2.29			2,132,476		0.43			1.89			2.58			16
	19.35		20.04			1,259,943		0.36	(i)		2.04	(h)(i)		9.30	(i)		23
	16.71		13.66			901,904		0.45	(i)		2.44	(h)(i)		16.31	(i)		52
	21.58		14.70			23,657		0.84			1.46	(h)		2.43			16
	19.09		0.00	(k)		20,625		0.85			1.51			4.02			53
	19.40		1.87			68,954		0.83			1.38			3.28			16
	19.35		19.57			67,693		0.75	(i)		1.59	(h)(i)		9.86	(i)		23
	16.71		13.21			56,597		0.85	(i)		2.02	(h)(i)		16.79	(i)		52
	21.57		0.73			20,142		0.60			6.54	(h)		1.03			16
	21.57		0.75			20,147		0.35			6.80	(h)		0.78			16
	21.59		15.49			11,354,942		0.19			2.15	(h)		1.12			16
	19.09		0.56			8,126,493		0.25			2.17			1.46			53
	19.41		2.48			6,710,477		0.23			2.13			2.43			16
	19.36		20.34			3,988,320		0.21	(i)		3.10	(h)(i)		4.01	(i)		23
	16.71		13.88			71,611		0.25	(i)		2.68	(h)(i)		16.17	(i)		52
	21.59		15.54			41,752,071		0.09			2.62	(h)		0.94			16
	19.10		0.66			8,100,832		0.21			2.52			1.33			53
	19.41		2.52			2,025,206		0.18			2.24			2.01			16
	19.36		20.38			363,385		0.14	(i)		2.51	(h)(i)		8.79	(i)		23
	16.71		13.93			108,546		0.21	(i)		2.85	(h)(i)		16.21	(i)		52

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
SmartRetirement Blend 2060 Fund
Class A
August 31, 2016(h) through June 30, 2017	$	15.00	$	0.27	(i)	$	1.39	$	1.66	$	(0.27	)
Class C
August 31, 2016(h) through June 30, 2017		15.00		0.20	(i)		1.38		1.58		(0.20	)
Class I (formerly Select Class)
August 31, 2016(h) through June 30, 2017		15.00		0.30	(i)		1.38		1.68		(0.30	)
Class R2
August 31, 2016(h) through June 30, 2017		15.00		0.24	(i)		1.37		1.61		(0.23	)
Class R3
May 31, 2017(k) through June 30, 2017		16.36		0.09	(i)		0.03		0.12		(0.10	)
Class R4
May 31, 2017(k) through June 30, 2017		16.36		0.10	(i)		0.02		0.12		(0.10	)
Class R5
August 31, 2016(h) through June 30, 2017		15.00		0.34	(i)		1.36		1.70		(0.32	)
Class R6
August 31, 2016(h) through June 30, 2017		15.00		0.37	(i)		1.34		1.71		(0.33	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) 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.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Commencement of operations.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2017.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	16.39		11.15	%	$	22,224		0.60	%(j)		2.10	%(i)(j)		15.28	%(j)		73	%
	16.38		10.65			22,129		1.11	(j)		1.59	(i)(j)		15.80	(j)		73
	16.38		11.31			1,010,299		0.36	(j)		2.35	(i)(j)		14.52	(j)		73
	16.38		10.86			22,175		0.86	(j)		1.84	(i)(j)		15.55	(j)		73
	16.38		0.73			20,143		0.59	(j)		6.91	(i)(j)		7.00	(j)		73
	16.38		0.75			20,148		0.34	(j)		7.16	(i)(j)		6.75	(j)		73
	16.38		11.47			49,248		0.20	(j)		2.60	(i)(j)		14.60	(j)		73
	16.38		11.54			1,076,023		0.08	(j)		2.76	(i)(j)		10.55	(j)		73

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan SmartRetirement® Blend Income Fund	Class A, Class C, Class I* Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2020 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2025 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2030 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2035 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2040 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2045 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2050 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2055 Fund	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2060 Fund***	Class A, Class C, Class I*, Class R2, Class R3**, Class R4**, Class R5 and Class R6	Diversified

* Effective April 3, 2017, Select Class was renamed Class I.

** Class R3 and Class R4 commenced operations on May 31, 2017.

*** The JPMorgan SmartRetirement^® Blend 2060 Fund commenced operations on August 31, 2016.

Currently, Class A and Class C Shares of the Funds are not publicly offered for investment.

JPMorgan SmartRetirement Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

JPMorgan SmartRetirement Blend Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement Blend 2015 Fund in a reorganization on June 23, 2017. Please refer to Note 9 discussing the merger.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. 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. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more

90 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Investment Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Blend Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	197,104,994		$	693,285		$	—	$	197,798,279
Appreciation in Other Financial Instruments
Futures Contracts	$	156,885		$	30,695		$	—	$	187,580
Depreciation in Other Financial Instruments
Futures Contracts	$	(70,871	)	$	(50,309	)	$	—	$	(121,180	)
JPMorgan SmartRetirement Blend 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	367,933,729		$	1,381,582		$	—	$	369,315,311
Appreciation in Other Financial Instruments
Futures Contracts	$	313,115		$	70,886		$	—	$	384,001
Depreciation in Other Financial Instruments
Futures Contracts	$	(139,963	)	$	(98,947	)	$	—	$	(238,910	)

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement Blend 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	350,297,751		$	1,491,310		$	—	$	351,789,061
Appreciation in Other Financial Instruments
Futures Contracts	$	307,033		$	65,492		$	—	$	372,525
Depreciation in Other Financial Instruments
Futures Contracts	$	(152,346	)	$	(104,427	)	$	—	$	(256,773	)
JPMorgan SmartRetirement Blend 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	380,694,597		$	1,601,039		$	—	$	382,295,636
Appreciation in Other Financial Instruments
Futures Contracts	$	331,097		$	72,486		$	—	$	403,583
Depreciation in Other Financial Instruments
Futures Contracts	$	(163,330	)	$	(105,105	)	$	—	$	(268,435	)
JPMorgan SmartRetirement Blend 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	275,303,107		$	1,187,063		$	—	$	276,490,170
Appreciation in Other Financial Instruments
Futures Contracts	$	238,067		$	50,984		$	—	$	289,051
Depreciation in Other Financial Instruments
Futures Contracts	$	(121,107	)	$	(82,089	)	$	—	$	(203,196	)
JPMorgan SmartRetirement Blend 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	297,709,206		$	1,301,780		$	—	$	299,010,986
Appreciation in Other Financial Instruments
Futures Contracts	$	257,792		$	55,733		$	—	$	313,525
Depreciation in Other Financial Instruments
Futures Contracts	$	(134,255	)	$	(89,535	)	$	—	$	(223,790	)
JPMorgan SmartRetirement Blend 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	190,994,802		$	832,939		$	—	$	191,827,741
Appreciation in Other Financial Instruments
Futures Contracts	$	164,667		$	39,619		$	—	$	204,286
Depreciation in Other Financial Instruments
Futures Contracts	$	(87,534	)	$	(53,515	)	$	—	$	(141,049	)

92 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	152,213,089		$	643,408		$	—	$	152,856,497
Appreciation in Other Financial Instruments
Futures Contracts	$	133,667		$	26,461		$	—	$	160,128
Depreciation in Other Financial Instruments
Futures Contracts	$	(69,167	)	$	(45,898	)	$	—	$	(115,065	)
JPMorgan SmartRetirement Blend 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	56,987,308		$	284,297		$	—	$	57,271,605
Appreciation in Other Financial Instruments
Futures Contracts	$	49,513		$	10,541		$	—	$	60,054
Depreciation in Other Financial Instruments
Futures Contracts	$	(24,955	)	$	(15,303	)	$	—	$	(40,258	)
JPMorgan SmartRetirement Blend 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	2,175,923		$	—		$	—	$	2,175,923

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of foreign futures with equity reference obligations and a U.S. Treasury Note held as initial margin for futures contracts. Please refer to the SOIs for asset class specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 are disclosed on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the year ended June 30, 2017.

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the tables below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds:

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend Income Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	458,810	$	2,655,317	$	—	$	—		$	—		336,279	$	2,918,898
JPMorgan Core Bond Fund, Class R6 Shares		8,480,916		24,956,146		4,286,866		79,945			303,640		2,502,370		29,102,567
JPMorgan Corporate Bond Fund, Class R6 Shares		2,121,290		3,747,868		543,544		(1,418	)		77,475		529,894		5,373,122
JPMorgan Emerging Economies Fund, Class R6 Shares		510,027		1,033,069		87,493		(15,106	)		7,388		125,485		1,658,917
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		911,671		3,854,755		992,389		(51,871	)		92,544		456,759		3,759,128

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend Income Fund (continued)
JPMorgan Emerging Markets Equity Fund, Class R6 Shares	$	624,892	$	1,007,875	$	98,730	$	(14,014	)	$	4,784		72,355	$	1,866,028
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		57,149		1,707,399		—		—			15,748		210,418		1,754,888
JPMorgan Floating Rate Income Fund, Class R6 Shares		1,503,017		3,671,457		87,493		(6,902	)		86,346		537,802		5,060,719
JPMorgan High Yield Fund, Class R6 Shares		4,077,798		10,782,833		2,039,335		(86,185	)		356,649		1,766,633		13,143,747
JPMorgan Prime Money Market Fund, Institutional Class Shares		5,702,779		5,444,818		11,147,597		—			4,701		—		—
JPMorgan Realty Income Fund, Class R6 Shares		1,323,754		3,633,099		248,232		75,228			26,917		351,500		4,601,140
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		75,447,961		57,136,095		—			35,735		18,311,866		18,311,866
Total	$	25,772,103					$	(20,323	)	$	1,011,927			$	87,551,020
			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2020 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	449,371	$	2,314,352	$	—	$	(12	)	$	—		305,459	$	2,651,383
JPMorgan Core Bond Fund, Class R6 Shares		25,710,695		40,916,442		10,616,912		213,177			877,098		4,789,128		55,697,555
JPMorgan Corporate Bond Fund, Class R6 Shares		6,465,728		4,910,703		1,211,308		9,499			221,785		1,001,976		10,160,036
JPMorgan Emerging Economies Fund, Class R6 Shares		1,919,357		2,061,421		533,274		(95,426	)		28,174		296,783		3,923,470
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,089,455		7,138,721		3,398,744		(159,257	)		222,515		696,025		5,728,282
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,246,520		1,345,960		246,526		(23,158	)		18,397		157,728		4,067,802
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		285,481		3,239,608		—		—			42,012		422,703		3,525,344
JPMorgan Floating Rate Income Fund, Class R6 Shares		1,637,664		2,953,640		—		—			112,015		489,770		4,608,731
JPMorgan High Yield Fund, Class R6 Shares		9,935,704		16,594,537		3,964,275		(248,547	)		864,225		3,095,292		23,028,971
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,385,930		13,445,533		15,831,463		—			1,836		—		—
JPMorgan Realty Income Fund, Class R6 Shares		5,560,716		7,253,001		832,584		333,744			117,760		870,500		11,394,844
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		167,718,269		159,718,979		—			20,665		7,999,290		7,999,290
Total	$	58,686,621					$	30,020		$	2,526,482			$	132,785,708

94 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2025 Fund
JPMorgan Commodities Strategy Fund, Class R6 Shares	$	—	$	207,213	$	—	$	—		$	—		22,646	$	196,570
JPMorgan Core Bond Fund, Class R6 Shares		20,723,163		34,007,077		7,531,270		147,750			738,531		4,033,717		46,912,132
JPMorgan Corporate Bond Fund, Class R6 Shares		5,267,562		4,211,526		378,086		7,139			191,301		895,215		9,077,483
JPMorgan Emerging Economies Fund, Class R6 Shares		1,985,195		1,401,673		—		—			34,163		302,486		3,998,864
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,536,411		6,463,234		2,919,814		(152,494	)		189,361		604,620		4,976,022
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,603,547		1,925,250		373,871		(26,036	)		25,047		195,337		5,037,741
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		345,532		2,778,216		—		—			30,803		374,629		3,124,406
JPMorgan Floating Rate Income Fund, Class R6 Shares		—		435,040		—		—			8,099		45,940		432,293
JPMorgan High Yield Fund, Class R6 Shares		7,900,644		14,202,377		2,509,829		(203,188	)		734,771		2,681,951		19,953,713
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,227,943		11,921,816		14,149,759		—			1,839		—		—
JPMorgan Realty Income Fund, Class R6 Shares		5,892,822		8,180,667		653,527		359,657			131,428		974,914		12,761,630
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		127,674,175		121,176,722		—			19,479		6,497,453		6,497,453
Total	$	48,482,819					$	132,828		$	2,104,822			$	112,968,307
			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2030 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	13,964,912	$	32,237,320	$	7,679,793	$	146,366		$	550,807		3,304,887	$	38,435,842
JPMorgan Corporate Bond Fund, Class R6 Shares		3,944,052		4,079,866		638,341		(4,231	)		150,962		728,139		7,383,326
JPMorgan Emerging Economies Fund, Class R6 Shares		2,547,102		2,462,609		237,813		(57,680	)		39,786		416,621		5,507,735
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,094,341		6,689,479		3,237,900		(164,307	)		165,776		537,758		4,425,751
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,959,319		3,048,227		339,056		(11,136	)		29,746		262,115		6,759,936
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		389,593		2,813,964		—		—			40,512		384,628		3,207,797
JPMorgan High Yield Fund, Class R6 Shares		7,085,797		14,268,764		2,646,965		(185,395	)		715,230		2,560,095		19,047,105
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,799,009		9,732,409		12,531,418		—			2,072		—		—
JPMorgan Realty Income Fund, Class R6 Shares		6,638,664		10,372,205		307,068		409,560			155,225		1,218,595		15,951,410
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		153,847,109		147,463,794		—			20,925		6,383,315		6,383,315
Total	$	41,422,789					$	133,177		$	1,871,041			$	107,102,217

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2035 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	7,261,630	$	16,887,905	$	3,859,075	$	72,197		$	271,554		1,740,693	$	20,244,264
JPMorgan Corporate Bond Fund, Class R6 Shares		2,202,012		1,620,312		621,626		608			72,841		314,163		3,185,616
JPMorgan Emerging Economies Fund, Class R6 Shares		1,873,758		2,100,538		172,770		(17,760	)		37,502		331,915		4,387,914
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		612,327		4,516,458		2,305,402		(118,745	)		103,449		332,168		2,733,742
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,538,955		2,308,021		343,315		(13,335	)		22,007		208,564		5,378,862
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		200,018		2,064,768		—		—			23,884		271,077		2,260,781
JPMorgan High Yield Fund, Class R6 Shares		4,899,576		10,400,097		2,223,405		(107,983	)		477,791		1,786,821		13,293,945
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,385,085		8,938,361		11,323,446		—			1,365		—		—
JPMorgan Realty Income Fund, Class R6 Shares		5,453,842		8,567,245		712,019		347,524			126,422		969,939		12,696,500
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		103,910,820		98,813,600		—			15,586		5,097,220		5,097,220
Total	$	27,427,203					$	162,506		$	1,152,401			$	69,278,844
			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2040 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	4,299,963	$	12,389,969	$	4,251,668	$	85,653		$	139,773		1,073,387	$	12,483,488
JPMorgan Corporate Bond Fund, Class R6 Shares		1,474,832		1,035,125		495,768		(6,039	)		49,833		199,352		2,021,429
JPMorgan Emerging Economies Fund, Class R6 Shares		2,098,443		2,618,989		—		—			36,112		407,860		5,391,913
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		326,286		4,303,109		2,340,379		(117,820	)		81,413		267,227		2,199,276
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,583,771		3,268,493		466,535		(36,568	)		27,386		246,259		6,351,009
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		192,368		2,037,556		—		—			27,107		267,630		2,232,035
JPMorgan High Yield Fund, Class R6 Shares		4,409,931		10,655,338		2,016,231		(89,087	)		464,990		1,781,822		13,256,754
JPMorgan Prime Money Market Fund, Institutional Class Shares		2,052,030		6,359,085		8,411,115		—			1,285		—		—
JPMorgan Realty Income Fund, Class R6 Shares		5,734,942		10,328,384		184,625		404,628			135,960		1,165,987		15,262,776
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		125,115,976		117,172,967		—			16,032		7,943,009		7,943,009
Total	$	23,172,566					$	240,767		$	979,891			$	67,141,689

96 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2045 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	2,548,547	$	6,618,363	$	2,360,267	$	50,731		$	74,363		586,575	$	6,821,872
JPMorgan Corporate Bond Fund, Class R6 Shares		890,766		443,283		349,171		(3,859	)		27,296		96,562		979,138
JPMorgan Emerging Economies Fund, Class R6 Shares		1,286,967		1,919,424		103,997		(15,492	)		22,189		266,620		3,524,716
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		236,959		2,649,348		1,383,347		(70,299	)		48,315		175,244		1,442,257
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,474,371		1,949,969		—		—			16,238		156,094		4,025,657
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		86,399		1,226,969		—		—			15,382		157,533		1,313,829
JPMorgan High Yield Fund, Class R6 Shares		2,688,948		6,883,125		1,236,833		(42,590	)		280,154		1,135,567		8,448,620
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,282,241		3,725,989		5,008,230		—			818		—		—
JPMorgan Realty Income Fund, Class R6 Shares		3,513,232		7,051,947		166,396		235,381			81,500		763,635		9,995,987
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		73,247,862		68,647,545		—			10,577		4,600,317		4,600,317
Total	$	14,008,430					$	153,872		$	576,832			$	41,152,393
			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2050 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	1,858,510	$	5,759,003	$	1,854,165	$	35,567		$	60,533		497,146	$	5,781,803
JPMorgan Corporate Bond Fund, Class R6 Shares		645,055		835,091		304,316		(4,829	)		20,712		115,329		1,169,440
JPMorgan Emerging Economies Fund, Class R6 Shares		860,296		1,475,064		—		—			17,482		201,047		2,657,841
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		133,558		1,894,638		1,054,178		(53,898	)		36,686		112,921		929,337
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,138,311		1,813,315		79,562		(7,725	)		12,790		129,691		3,344,739
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		60,307		1,104,324		—		—			13,850		139,789		1,165,842
JPMorgan High Yield Fund, Class R6 Shares		1,943,757		5,479,278		817,471		(30,660	)		224,025		900,463		6,699,449
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,136,356		3,050,712		4,187,068		—			648		—		—
JPMorgan Realty Income Fund, Class R6 Shares		2,546,023		5,658,171		—		181,977			63,812		603,781		7,903,498
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		66,135,726		63,561,112		—			8,430		2,574,614		2,574,614
Total	$	10,322,173					$	120,432		$	458,968			$	32,226,563

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2055 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	755,871	$	1,927,663	$	605,027	$	13,045		$	23,236		178,860	$	2,080,143
JPMorgan Corporate Bond Fund, Class R6 Shares		262,310		163,527		134,689		(2,238	)		8,545		28,438		288,362
JPMorgan Emerging Economies Fund, Class R6 Shares		380,184		439,684		37,923		(8,794	)		7,655		68,571		906,502
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		65,388		748,389		442,146		(22,544	)		14,409		42,863		352,762
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		454,955		646,523		—		—			4,922		49,357		1,272,928
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		31,395		406,480		—		—			4,897		52,483		437,705
JPMorgan High Yield Fund, Class R6 Shares		792,010		1,971,848		259,159		(10,557	)		86,246		341,549		2,541,121
JPMorgan Prime Money Market Fund, Institutional Class Shares		422,543		1,330,710		1,753,253		—			261		—		—
JPMorgan Realty Income Fund, Class R6 Shares		1,036,508		2,081,947		—		76,437			26,665		227,715		2,980,790
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		25,234,277		24,013,070		—			3,108		1,221,207		1,221,207
Total	$	4,201,164					$	45,349		$	179,944			$	12,081,520
			For the period ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan SmartRetirement Blend 2060 Fund
JPMorgan Core Bond Fund, Class R6 Shares	$	—	$	109,953	$	26,358	$	(254	)	$	943		7,214	$	83,895
JPMorgan Corporate Bond Fund, Class R6 Shares		—		19,067		3,837		(115	)		296		1,463		14,837
JPMorgan Emerging Economies Fund, Class R6 Shares		—		37,593		—		—			321		3,143		41,556
JPMorgan Emerging Markets Debt Fund, Class R6 Shares		—		35,076		18,536		(1,052	)		573		1,898		15,622
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		44,374		2,971		189			205		1,846		47,611
JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares		—		16,837		—		—			216		2,023		16,868
JPMorgan High Yield Fund, Class R6 Shares		—		113,629		16,717		(182	)		3,384		13,114		97,566
JPMorgan Prime Money Market Fund, Institutional Class Shares		—		9,507		9,507		—			1		—		—
JPMorgan Realty Income Fund, Class R6 Shares		—		124,011		4,152		2,463			1,080		8,692		113,781
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		1,277,528		1,259,706		—			53		17,822		17,822
Total	$	—					$	1,049		$	7,072			$	449,558

98 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

C. Futures Contracts — The Funds, with the exception of JPMorgan SmartRetirement Blend 2060 Fund, used treasury and index futures contracts to manage and hedge interest rate and equity price risk associated with portfolio investments. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate and equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2017:

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend Income Fund
Long Futures Contracts:
Equity	$	3,928,452	(a)	$	7,871,997
Interest Rate		557,057			5,229,274
Short Futures Contracts:
Equity		1,149,955	(a)		943,873
Interest Rate		3,840,749	(a)		9,598,784
Foreign Exchange		248,400	(b)		—
JPMorgan SmartRetirement Blend 2020 Fund
Long Futures Contracts:
Equity		6,759,916			15,392,387
Interest Rate		3,132,421	(c)		10,516,292
Short Futures Contracts:
Equity		3,094,659	(a)		1,604,584
Interest Rate		10,503,063	(a)		17,589,040
Foreign Exchange		1,159,200	(b)		—
JPMorgan SmartRetirement Blend 2025 Fund
Long Futures Contracts:
Equity		8,341,490			20,962,712
Interest Rate		3,880,563	(c)		10,997,614
Short Futures Contracts:
Equity		2,451,359	(a)		1,415,810
Interest Rate		12,091,993	(a)		20,152,078
Foreign Exchange		1,407,600	(b)		—
JPMorgan SmartRetirement Blend 2030 Fund
Long Futures Contracts:
Equity		8,792,827			22,026,231
Interest Rate		6,148,137	(a)		12,320,715

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend 2030 Fund (continued)
Short Futures Contracts:
Equity	$	2,545,202	(a)	$	1,604,585
Interest Rate		11,906,245	(a)		20,765,817
Foreign Exchange		2,070,000	(b)		—
JPMorgan SmartRetirement Blend 2035 Fund
Long Futures Contracts:
Equity		6,532,868			16,250,353
Interest Rate		4,724,113	(a)		9,130,785
Short Futures Contracts:
Equity		1,813,798	(a)		1,132,648
Interest Rate		8,721,722	(a)		14,737,935
Foreign Exchange		1,821,600	(b)		—
JPMorgan SmartRetirement Blend 2040 Fund
Long Futures Contracts:
Equity		6,703,125			18,194,231
Interest Rate		4,913,830	(a)		10,129,656
Short Futures Contracts:
Equity		1,845,716	(a)		1,227,035
Interest Rate		8,869,765	(a)		15,698,384
Foregin Exchange		1,987,200	(b)		—
JPMorgan SmartRetirement Blend 2045 Fund
Long Futures Contracts:
Equity		4,075,757			11,134,167
Interest Rate		3,056,042	(a)		6,772,622
Short Futures Contracts:
Equity		1,141,133	(a)		943,873
Interest Rate		5,205,147	(a)		9,691,833
Foreign Exchange		1,159,200	(b)		—
JPMorgan SmartRetirement Blend 2050 Fund
Long Futures Contracts:
Equity		3,285,060			8,844,875
Interest Rate		2,412,003	(a)		5,240,034
Short Futures Contracts:
Equity		895,132	(a)		566,324
Interest Rate		4,358,535	(a)		8,115,846
Foreign Exchange		828,000	(b)		—
JPMorgan SmartRetirement Blend 2055 Fund
Long Futures Contracts:
Equity		1,232,154			3,313,146
Interest Rate		942,364	(a)		1,971,558
Short Futures Contracts:
Equity		340,975	(a)		188,775
Interest Rate		1,703,385	(a)		2,998,325
Foreign Exchange		331,200	(b)		—

(a) For the period December 1, 2016 through June 30, 2017.

(b) For the period July 1, 2016 through July 31, 2016.

(c) For the period January 1, 2017 through June 30, 2017.

100 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Blend Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	148,328
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		39,252
Total		$	187,580
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(68,091	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(53,089	)
Total		$	(121,180	)

JPMorgan SmartRetirement Blend 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	278,924
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		105,077
Total		$	384,001
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(126,531	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(112,379	)
Total		$	(238,910	)

JPMorgan SmartRetirement Blend 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	271,418
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		101,107
Total		$	372,525
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(122,157	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(134,616	)
Total		$	(256,773	)

JPMorgan SmartRetirement Blend 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	293,107
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		110,476
Total		$	403,583
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(131,811	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(136,624	)
Total		$	(268,435	)

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement Blend 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	210,049
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		79,002
Total		$	289,051
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(97,589	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(105,607	)
Total		$	(203,196	)

JPMorgan SmartRetirement Blend 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	225,025
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		88,500
Total		$	313,525
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(108,103	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(115,687	)
Total		$	(223,790	)

JPMorgan SmartRetirement Blend 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	141,871
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		62,415
Total		$	204,286
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(72,612	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(68,437	)
Total		$	(141,049	)

JPMorgan SmartRetirement Blend 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	117,044
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		43,084
Total		$	160,128
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(56,982	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(58,083	)
Total		$	(115,065	)

102 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

JPMorgan SmartRetirement Blend 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	43,340
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		16,714
Total		$	60,054
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(20,530	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(19,728	)
Total		$	(40,258	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2017, by primary underlying risk exposure:

JPMorgan SmartRetirement Blend Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(94,358	)
Equity contracts		69,578
Foreign exchange contracts		28,032
Total	$	3,252

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	80,237
Equity contracts		(13,837	)
Foreign exchange contracts		(26,094	)
Total	$	40,306

JPMorgan SmartRetirement Blend 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(307,871	)
Equity contracts		387,451
Foreign exchange contracts		130,809
Total	$	210,389

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	152,393
Equity contracts		(22,637	)
Foreign exchange contracts		(121,773	)
Total	$	7,983

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan SmartRetirement Blend 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(254,445	)
Equity contracts		631,467
Foreign exchange contracts		158,810
Total	$	535,832

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	149,261
Equity contracts		(47,821	)
Foreign exchange contracts		(147,867	)
Total	$	(46,427	)

JPMorgan SmartRetirement Blend 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(127,364	)
Equity contracts		700,452
Foreign exchange contracts		233,530
Total	$	806,618

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	161,296
Equity contracts		(42,506	)
Foreign exchange contracts		(217,452	)
Total	$	(98,662	)

JPMorgan SmartRetirement Blend 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(108,169	)
Equity contracts		513,746
Foreign exchange contracts		205,523
Total	$	611,100

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	112,460
Equity contracts		(36,828	)
Foreign exchange contracts		(191,358	)
Total	$	(115,726	)

JPMorgan SmartRetirement Blend 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(114,362	)
Equity contracts		532,152
Foreign exchange contracts		224,171
Total	$	641,961

104 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

Amount of Change in Unrealized Appreciation (Depreciaiton) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	116,922
Equity contracts		(37,409	)
Foreign exchange contracts		(208,755	)
Total	$	(129,242	)

JPMorgan SmartRetirement Blend 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(57,088	)
Equity contracts		287,954
Foreign exchange contracts		130,784
Total	$	361,650

Amount of Change in Unrealized Appreciation (Depreciaiton) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	69,259
Equity contracts		(13,178	)
Foreign exchange contracts		(121,773	)
Total	$	(65,692	)

JPMorgan SmartRetirement Blend 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(47,727	)
Equity contracts		268,340
Foreign exchange contracts		93,425
Total	$	314,038

Amount of Change in Unrealized Appreciation (Depreciaiton) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	60,062
Equity contracts		(21,132	)
Foreign exchange contracts		(86,981	)
Total	$	(48,051	)

JPMorgan SmartRetirement Blend 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(23,531	)
Equity contracts		95,541
Foreign exchange contracts		37,391
Total	$	109,401

Amount of Change in Unrealized Appreciation (Depreciaiton) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	22,810
Equity contracts		(5,058	)
Foreign exchange contracts		(34,792	)
Total	$	(17,040	)

The Funds’ derivatives contracts held at June 30, 2017 are not accounted for as hedging instruments under GAAP.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

E. Offering and Organization Costs — Total offering costs of $79,260 paid in connection with the offering of shares of JPMorgan SmartRetirement Blend 2060 Fund are amortized on a straight line basis over 12 months from the date the fund commenced operations. Costs paid in connection with the organization of JPMorgan SmartRetirement Blend 2060 Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the period ended June 30, 2017, total offering costs amortized were $65,796.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

H. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the year ended June 30, 2017 are as follows:

	Class A		Class C		Class I		Class R2		Class R5		Class R6		Total
JPMorgan SmartRetirement Blend Income Fund
Transfer agency fees	$	152	$	152	$	388	$	152	$	432	$	1,449	$	2,725
Sub-transfer agency fees		—		—		3,334		—		4,966		—		8,300
JPMorgan SmartRetirement Blend 2020 Fund
Transfer agency fees		152		152		673		151		707		1,975		3,810
Sub-transfer agency fees		—		—		5,951		—		10,229		—		16,180
JPMorgan SmartRetirement Blend 2025 Fund
Transfer agency fees		152		152		756		152		668		1,973		3,853
Sub-transfer agency fees		—		—		8,826		—		14,069		—		22,895
JPMorgan SmartRetirement Blend 2030 Fund
Transfer agency fees		153		152		816		152		690		2,142		4,105
Sub-transfer agency fees		—		—		9,307		—		12,480		—		21,787
JPMorgan SmartRetirement Blend 2035 Fund
Transfer agency fees		152		152		728		152		532		1,988		3,704
Sub-transfer agency fees		—		—		7,678		—		12,996		—		20,674
JPMorgan SmartRetirement Blend 2040 Fund
Transfer agency fees		152		153		1,189		152		570		1,966		4,182
Sub-transfer agency fees		—		—		8,400		—		13,740		—		22,140
JPMorgan SmartRetirement Blend 2045 Fund
Transfer agency fees		152		152		579		152		501		1,725		3,261
Sub-transfer agency fees		—		—		9,160		—		13,598		—		22,758

106 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	Class A		Class C		Class I		Class R2		Class R5		Class R6		Total
JPMorgan SmartRetirement Blend 2050 Fund
Transfer agency fees	$	152	$	152	$	767	$	152	$	440	$	1,672	$	3,335
Sub-transfer agency fees		—		—		11,357		—		11,201		—		22,558
JPMorgan SmartRetirement Blend 2055 Fund
Transfer agency fees		152		152		1,062		152		389		1,178		3,085
Sub-transfer agency fees		—		—		4,171		—		6,177		—		10,348
JPMorgan SmartRetirement Blend 2060 Fund
Transfer agency fees		91		90		95		90		91		125		582
Sub-transfer agency fees		—		—		—		—		—		—		—

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

J. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
JPMorgan SmartRetirement Blend Income Fund	$	697,123		$	88,004	$	(785,127	)
JPMorgan SmartRetirement Blend 2020 Fund		1			33,532		(33,533	)
JPMorgan SmartRetirement Blend 2025 Fund		—			44,159		(44,159	)
JPMorgan SmartRetirement Blend 2030 Fund		—			171,946		(171,946	)
JPMorgan SmartRetirement Blend 2035 Fund		—			123,320		(123,320	)
JPMorgan SmartRetirement Blend 2040 Fund		—			138,851		(138,851	)
JPMorgan SmartRetirement Blend 2045 Fund		—			78,041		(78,041	)
JPMorgan SmartRetirement Blend 2050 Fund		—			63,099		(63,099	)
JPMorgan SmartRetirement Blend 2055 Fund		—			24,876		(24,876	)
JPMorgan SmartRetirement Blend 2060 Fund		(49	)		825		(776	)

The reclassifications for the Funds relate primarily to investments in regulated investment companies and tax attributes acquired as the result of a business combination.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.25% of each Fund’s respective average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R3
	0.25	%		0.75	%		0.50	%		0.25	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS did not retain any front-end sales charges or CDSC.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A	Class C			Class I			Class R2			Class R3			Class R4			Class R5
0.25%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%*

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds and Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
	0.79	%		1.29	%		0.54	%		1.04	%		0.79	%		0.54	%		0.39	%		0.29	%

The expense limitation agreements were in effect for the year ended June 30, 2017 and are in place until at least October 31, 2017, except for Class R3 and Class R4 Shares which are in place until at least May 31, 2018.

Prior to July 1, 2016, the contractual expense limitations for the Funds were as shown in the table below:

Class A	Class C			Class I			Class R2			Class R5			Class R6
0.85%		1.45	%		0.70	%		1.10	%		0.50	%		0.45	%

The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS may waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

108 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

For the year ended June 30, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
JPMorgan SmartRetirement Blend Income Fund	$	192,553	$	61,047	$	3,933	$	257,533	$	178,704
JPMorgan SmartRetirement Blend 2020 Fund		569,730		126,463		6,773		702,966		151,522
JPMorgan SmartRetirement Blend 2025 Fund		548,480		132,666		9,725		690,871		128,370
JPMorgan SmartRetirement Blend 2030 Fund		581,959		135,470		10,276		727,705		106,786
JPMorgan SmartRetirement Blend 2035 Fund		415,131		118,901		8,425		542,457		102,616
JPMorgan SmartRetirement Blend 2040 Fund		423,122		118,479		9,484		551,085		92,535
JPMorgan SmartRetirement Blend 2045 Fund		257,784		81,237		13,587		352,608		123,333
JPMorgan SmartRetirement Blend 2050 Fund		204,787		63,029		16,709		284,525		137,789
JPMorgan SmartRetirement Blend 2055 Fund		78,949		25,809		7,781		112,539		171,317
JPMorgan SmartRetirement Blend 2060 Fund		2,964		969		149		4,082		154,747

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Funds may use related party broker-dealers. For the year ended June 30, 2017, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement Blend Income Fund	$	79,892,108	$	25,938,574	$	419,501	$	—
JPMorgan SmartRetirement Blend 2020 Fund		251,527,136		74,944,182		1,143,613		175,000
JPMorgan SmartRetirement Blend 2025 Fund		216,379,974		45,300,014		1,118,637		145,000
JPMorgan SmartRetirement Blend 2030 Fund		247,096,510		49,626,194		1,133,601		140,000
JPMorgan SmartRetirement Blend 2035 Fund		177,237,503		38,255,963		883,891		310,000
JPMorgan SmartRetirement Blend 2040 Fund		193,987,073		32,241,204		833,961		290,000
JPMorgan SmartRetirement Blend 2045 Fund		125,494,825		17,081,019		649,199		269,999
JPMorgan SmartRetirement Blend 2050 Fund		105,711,759		13,465,825		439,454		165,000
JPMorgan SmartRetirement Blend 2055 Fund		37,530,971		4,856,722		254,676		20,000
JPMorgan SmartRetirement Blend 2060 Fund		3,076,090		1,051,471		—		—

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	187,235,806	$	11,286,698	$	724,225	$	10,562,473
JPMorgan SmartRetirement Blend 2020 Fund		346,426,244		23,693,096		804,029		22,889,067
JPMorgan SmartRetirement Blend 2025 Fund		326,899,169		25,431,992		542,100		24,889,892
JPMorgan SmartRetirement Blend 2030 Fund		350,676,703		31,987,609		368,676		31,618,933
JPMorgan SmartRetirement Blend 2035 Fund		252,881,385		23,990,971		382,186		23,608,785
JPMorgan SmartRetirement Blend 2040 Fund		272,935,316		26,481,274		405,604		26,075,670
JPMorgan SmartRetirement Blend 2045 Fund		176,804,858		15,426,137		403,254		15,022,883
JPMorgan SmartRetirement Blend 2050 Fund		140,812,157		12,327,255		282,915		12,044,340
JPMorgan SmartRetirement Blend 2055 Fund		52,945,879		4,480,436		154,710		4,325,726
JPMorgan SmartRetirement Blend 2060 Fund		2,040,194		143,127		7,398		135,729

For the Funds, the difference between book and tax basis appreciation (depreciation) is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2017 was as follows:

	Ordinary Income*		Total Distributions Paid
JPMorgan SmartRetirement Blend Income Fund	$	1,943,999	$	1,943,999
JPMorgan SmartRetirement Blend 2020 Fund		5,837,369		5,837,369
JPMorgan SmartRetirement Blend 2025 Fund		5,493,010		5,493,010
JPMorgan SmartRetirement Blend 2030 Fund		5,716,865		5,716,865
JPMorgan SmartRetirement Blend 2035 Fund		4,038,639		4,038,639
JPMorgan SmartRetirement Blend 2040 Fund		4,088,780		4,088,780
JPMorgan SmartRetirement Blend 2045 Fund		2,525,739		2,525,739
JPMorgan SmartRetirement Blend 2050 Fund		1,992,022		1,992,022
JPMorgan SmartRetirement Blend 2055 Fund		777,823		777,823
JPMorgan SmartRetirement Blend 2060 Fund		29,752		29,752

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2016 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
JPMorgan SmartRetirement Blend Income Fund	$	1,199,203	$	52,366	$	1,251,569
JPMorgan SmartRetirement Blend 2020 Fund		3,813,672		64,874		3,878,546
JPMorgan SmartRetirement Blend 2025 Fund		3,363,256		98,042		3,461,298
JPMorgan SmartRetirement Blend 2030 Fund		3,436,426		59,363		3,495,789
JPMorgan SmartRetirement Blend 2035 Fund		2,416,909		48,779		2,465,688
JPMorgan SmartRetirement Blend 2040 Fund		2,248,062		69,799		2,317,861
JPMorgan SmartRetirement Blend 2045 Fund		1,364,351		39,952		1,404,303
JPMorgan SmartRetirement Blend 2050 Fund		882,345		32,452		914,797
JPMorgan SmartRetirement Blend 2055 Fund		366,996		7,955		374,951

* Short-term gains are treated as ordinary income for income tax purposes.

110 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	112,656	$	(873,030	)	$	10,455,342
JPMorgan SmartRetirement Blend 2020 Fund		41,071		(1,469,235	)		22,721,766
JPMorgan SmartRetirement Blend 2025 Fund		43,494		(1,682,353	)		24,823,531
JPMorgan SmartRetirement Blend 2030 Fund		98,775		(2,708,706	)		31,542,606
JPMorgan SmartRetirement Blend 2035 Fund		60,082		(2,043,798	)		23,560,592
JPMorgan SmartRetirement Blend 2040 Fund		70,099		(1,818,027	)		26,020,081
JPMorgan SmartRetirement Blend 2045 Fund		44,644		(1,153,028	)		14,985,714
JPMorgan SmartRetirement Blend 2050 Fund		34,430		(465,574	)		12,012,420
JPMorgan SmartRetirement Blend 2055 Fund		15,675		(157,963	)		4,316,098
JPMorgan SmartRetirement Blend 2060 Fund		4,532		48			135,729

For the Funds, the cumulative timing differences primarily consist of mark to market of futures contracts, wash sale loss deferrals and trustee deferred compensation.

As of June 30, 2017, the Funds had the net capital loss carryforwards as follows:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
JPMorgan SmartRetirement Blend Income Fund	$	—	$	873,030	*
JPMorgan SmartRetirement Blend 2020 Fund		—		1,469,235
JPMorgan SmartRetirement Blend 2025 Fund		87,268		1,595,085
JPMorgan SmartRetirement Blend 2030 Fund		308,760		2,399,946
JPMorgan SmartRetirement Blend 2035 Fund		273,125		1,770,673
JPMorgan SmartRetirement Blend 2040 Fund		268,087		1,549,940
JPMorgan SmartRetirement Blend 2045 Fund		259,989		893,039
JPMorgan SmartRetirement Blend 2050 Fund		6,685		458,889
JPMorgan SmartRetirement Blend 2055 Fund		69,863		88,100

* Amount includes capital loss carryforwards from business combinations, which may be limited in future years under Internal Revenue code sections 381-384.

During the year ended June 30, 2017, the following Funds utilized net capital loss carryforwards as follows:

JPMorgan SmartRetirement Blend Income Fund	$	71,542
JPMorgan SmartRetirement Blend 2020 Fund		103,506
JPMorgan SmartRetirement Blend 2050 Fund		14,124

Specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2017, the Funds deferred to July 1, 2017 the following specified ordinary losses of:

	Specified Ordinary Losses
JPMorgan SmartRetirement Blend Income Fund	$	20,878
JPMorgan SmartRetirement Blend 2020 Fund		57,608
JPMorgan SmartRetirement Blend 2025 Fund		57,290

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at June 30, 2017. Average borrowings from the Facility for, during, the year ended June 30, 2017, were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
JPMorgan SmartRetirement Blend 2020 Fund	$	7,862,838		0.33	%		1	$	71

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. Prior to August 15, 2017, JPMorgan SmartRetirement Blend 2060 Fund was not a party to the Credit Facility. This Fund was added to the Credit Facility on August 15, 2017.

The Funds had no borrowings outstanding from the Credit Facility at June 30, 2017. Average borrowings from the Credit Facility for, during, the year ended June 30, 2017, were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
JPMorgan SmartRetirement Blend 2020 Fund	$	500,000		1.53	%		1	$	21

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2017, the Funds had omnibus accounts which owned more than 10% of the Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus  Accounts		% of the Fund
JPMorgan SmartRetirement Blend Income Fund		—		—			2		32.8	%
JPMorgan SmartRetirement Blend 2020 Fund		—		—			2		35.3
JPMorgan SmartRetirement Blend 2025 Fund		—		—			2		38.4
JPMorgan SmartRetirement Blend 2030 Fund		—		—			2		40.3
JPMorgan SmartRetirement Blend 2035 Fund		—		—			2		39.2
JPMorgan SmartRetirement Blend 2040 Fund		—		—			2		38.7
JPMorgan SmartRetirement Blend 2045 Fund		—		—			2		41.2
JPMorgan SmartRetirement Blend 2050 Fund		—		—			2		36.9
JPMorgan SmartRetirement Blend 2055 Fund		—		—			2		43.6
JPMorgan SmartRetirement Blend 2060 Fund		7		41.1	%		4		28.5

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

112 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

9. Business Combinations

On February 15, 2017, the Board of Trustees of the Trust approved the Plan of Reorganization of JPMorgan SmartRetirement Blend 2015 Fund (the “Target Fund”) into JPMorgan SmartRetirement Blend Income Fund (the “Acquiring Fund”). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on June 23, 2017. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I, Class R2, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $68,997,813 and identified cost of approximately $63,086,849 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of June 23, 2017, the Target Fund had net capital loss carryforwards of $335,557.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
JPMorgan SmartRetirement Blend 2015 Fund							$	5,910,964
Class A		1,242	$	22,231	$	17.90
Class C		1,223		21,884		17.89
Class I		407,944		7,299,264		17.89
Class R2		1,233		22,065		17.89
Class R5		670,317		11,997,058		17.90
Class R6		3,203,767		57,364,098		17.91

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquiring Fund
JPMorgan SmartRetirement Blend Income Fund							$	6,319,991
Class A		1,281	$	22,219	$	17.34
Class C		1,262		21,878		17.33
Class I		401,062		6,954,410		17.34
Class R2		1,271		22,038		17.34
Class R3		1,160		20,108		17.33
Class R4		1,161		20,112		17.33
Class R5		985,778		17,095,790		17.34
Class R6		5,584,241		96,889,412		17.35
Post Reorganization
JPMorgan SmartRetirement Blend Income Fund							$	12,230,955
Class A		2,563	$	44,450	$	17.34
Class C		2,525		43,762		17.33
Class I		822,012		14,253,674		17.34
Class R2		2,543		44,103		17.34
Class R3		1,160		20,108		17.33
Class R4		1,161		20,112		17.33
Class R5		1,677,554		29,092,848		17.34
Class R6		8,890,434		154,253,510		17.35

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and/or JPMDS waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2016, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2017, are as follows:

Net investment income (loss)	$	3,354,190
Net realized/unrealized gains (losses)		6,644,133
Change in net assets resulting from operations	$	9,998,323

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since June 23, 2017.

114 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 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 SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund and JPMorgan SmartRetirement Blend 2055 Fund (each a separate series of JPMorgan Trust I) as of June 30, 2017, 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 indicated therein, and the financial position of JPMorgan SmartRetirement Blend 2060 Fund (a separate series of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, and the results of its operations, the changes in its net assets, and the financial highlights for the period August 31, 2016 (commencement of operations) through June 30, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 115

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

116 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

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)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 117

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

118 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) 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, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, and expenses of the Underlying Funds. 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 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend Income Fund
Class A
Actual*	$	1,000.00	$	1,050.40	$	2.75		0.54	%
Hypothetical*		1,000.00		1,022.12		2.71		0.54
Class C
Actual*		1,000.00		1,047.20		5.23		1.03
Hypothetical*		1,000.00		1,019.69		5.16		1.03
Class I (formerly Select Class)
Actual*		1,000.00		1,051.10		1.47		0.29
Hypothetical*		1,000.00		1,023.36		1.45		0.29
Class R2
Actual*		1,000.00		1,048.50		3.96		0.78
Hypothetical*		1,000.00		1,020.93		3.91		0.78
Class R3
Actual**		1,000.00		1,002.50		2.74		3.33
Hypothetical*		1,000.00		1,008.28		16.58		3.33
Class R4
Actual**		1,000.00		1,002.80		1.48		1.80
Hypothetical*		1,000.00		1,015.87		9.00		1.80
Class R5
Actual*		1,000.00		1,052.50		0.61		0.12
Hypothetical*		1,000.00		1,024.20		0.60		0.12
Class R6
Actual*		1,000.00		1,052.30		0.20		0.04
Hypothetical*		1,000.00		1,024.60		0.20		0.04

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 119

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend 2020 Fund
Class A
Actual*	$	1,000.00	$	1,063.40	$	2.92		0.57	%
Hypothetical*		1,000.00		1,021.97		2.86		0.57
Class C
Actual*		1,000.00		1,060.80		5.42		1.06
Hypothetical*		1,000.00		1,019.54		5.31		1.06
Class I (formerly Select Class)
Actual*		1,000.00		1,065.30		1.59		0.31
Hypothetical*		1,000.00		1,023.26		1.56		0.31
Class R2
Actual*		1,000.00		1,062.70		4.09		0.80
Hypothetical*		1,000.00		1,020.83		4.01		0.80
Class R3
Actual**		1,000.00		1,003.90		2.81		3.41
Hypothetical*		1,000.00		1,007.88		16.98		3.41
Class R4
Actual**		1,000.00		1,004.10		1.54		1.87
Hypothetical*		1,000.00		1,015.52		9.35		1.87
Class R5
Actual*		1,000.00		1,066.10		0.72		0.14
Hypothetical*		1,000.00		1,024.10		0.70		0.14
Class R6
Actual*		1,000.00		1,066.00		0.31		0.06
Hypothetical*		1,000.00		1,024.50		0.30		0.06
SmartRetirement Blend 2025 Fund
Class A
Actual*		1,000.00		1,073.70		2.98		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58
Class C
Actual*		1,000.00		1,071.10		5.49		1.07
Hypothetical*		1,000.00		1,019.49		5.36		1.07
Class I (formerly Select Class)
Actual*		1,000.00		1,075.10		1.65		0.32
Hypothetical*		1,000.00		1,023.21		1.61		0.32
Class R2
Actual*		1,000.00		1,072.50		4.21		0.82
Hypothetical*		1,000.00		1,020.73		4.11		0.82
Class R3
Actual**		1,000.00		1,005.50		2.89		3.51
Hypothetical*		1,000.00		1,007.39		17.47		3.51
Class R4
Actual**		1,000.00		1,005.70		1.63		1.98
Hypothetical*		1,000.00		1,014.98		9.89		1.98
Class R5
Actual*		1,000.00		1,075.90		0.82		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Class R6
Actual*		1,000.00		1,076.40		0.36		0.07
Hypothetical*		1,000.00		1,024.45		0.35		0.07
SmartRetirement Blend 2030 Fund
Class A
Actual*		1,000.00		1,082.40		2.99		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58

120 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	Beginning Account Value May 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend 2030 Fund (continued)
Class C
Actual*	$	1,000.00	$	1,080.40	$	5.57		1.08	%
Hypothetical*		1,000.00		1,019.44		5.41		1.08
Class I (formerly Select Class)
Actual*		1,000.00		1,083.80		1.71		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33
Class R2
Actual*		1,000.00		1,081.10		4.28		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Class R3
Actual**		1,000.00		1,006.10		0.49		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R4
Actual**		1,000.00		1,006.30		0.27		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33
Class R5
Actual*		1,000.00		1,084.70		0.88		0.17
Hypothetical*		1,000.00		1,023.95		0.85		0.17
Class R6
Actual*		1,000.00		1,085.60		0.41		0.08
Hypothetical*		1,000.00		1,024.40		0.40		0.08
SmartRetirement Blend 2035 Fund
Class A
Actual*		1,000.00		1,088.90		3.06		0.59
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class C
Actual*		1,000.00		1,085.80		5.64		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual*		1,000.00		1,089.90		1.76		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Class R2
Actual*		1,000.00		1,087.70		4.35		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R3
Actual**		1,000.00		1,006.90		0.49		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R4
Actual**		1,000.00		1,007.10		0.29		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R5
Actual*		1,000.00		1,090.60		0.98		0.19
Hypothetical*		1,000.00		1,023.85		0.95		0.19
Class R6
Actual*		1,000.00		1,091.00		0.47		0.09
Hypothetical*		1,000.00		1,024.35		0.45		0.09
SmartRetirement Blend 2040 Fund
Class A
Actual*		1,000.00		1,094.80		3.12		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class C
Actual*		1,000.00		1,092.20		5.65		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend 2040 Fund (continued)
Class I (formerly Select Class)
Actual*	$	1,000.00	$	1,096.70	$	1.77		0.34	%
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Class R2
Actual*		1,000.00		1,093.50		4.36		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R3
Actual**		1,000.00		1,007.30		2.99		3.62
Hypothetical*		1,000.00		1,006.84		18.01		3.62
Class R4
Actual**		1,000.00		1,007.50		1.72		2.09
Hypothetical*		1,000.00		1,014.43		10.44		2.09
Class R5
Actual*		1,000.00		1,097.00		0.99		0.19
Hypothetical*		1,000.00		1,023.85		0.95		0.19
Class R6
Actual*		1,000.00		1,097.40		0.47		0.09
Hypothetical*		1,000.00		1,024.35		0.45		0.09
SmartRetirement Blend 2045 Fund
Class A
Actual*		1,000.00		1,095.00		3.12		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class C
Actual*		1,000.00		1,092.50		5.66		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual*		1,000.00		1,096.50		1.82		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R2
Actual*		1,000.00		1,093.80		4.36		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R3
Actual**		1,000.00		1,007.20		0.49		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R4
Actual**		1,000.00		1,007.50		0.29		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R5
Actual*		1,000.00		1,097.20		1.04		0.20
Hypothetical*		1,000.00		1,023.80		1.00		0.20
Class R6
Actual*		1,000.00		1,097.70		0.52		0.10
Hypothetical*		1,000.00		1,024.30		0.50		0.10
SmartRetirement Blend 2050 Fund
Class A
Actual*		1,000.00		1,095.40		3.12		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class C
Actual*		1,000.00		1,092.90		5.66		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual*		1,000.00		1,096.90		1.82		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35

122 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

	Beginning Account Value May 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend 2050 Fund (continued)
Class R2
Actual*	$	1,000.00	$	1,094.20	$	4.36		0.84	%
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R3
Actual**		1,000.00		1,007.30		2.99		3.62
Hypothetical*		1,000.00		1,006.84		18.01		3.62
Class R4
Actual**		1,000.00		1,007.50		1.73		2.10
Hypothetical*		1,000.00		1,014.38		10.49		2.10
Class R5
Actual*		1,000.00		1,098.10		1.04		0.20
Hypothetical*		1,000.00		1,023.80		1.00		0.20
Class R6
Actual*		1,000.00		1,098.60		0.52		0.10
Hypothetical*		1,000.00		1,024.30		0.50		0.10
SmartRetirement Blend 2055 Fund
Class A
Actual*		1,000.00		1,094.90		3.12		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class C
Actual*		1,000.00		1,091.80		5.65		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual*		1,000.00		1,096.40		1.82		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R2
Actual*		1,000.00		1,093.70		4.36		0.84
Hypothetical*		1,000.00		1,020.63		4.21		0.84
Class R3
Actual**		1,000.00		1,007.30		0.49		0.60
Hypothetical*		1,000.00		1,021.82		3.01		0.60
Class R4
Actual**		1,000.00		1,007.50		0.29		0.35
Hypothetical*		1,000.00		1,023.06		1.76		0.35
Class R5
Actual*		1,000.00		1,097.10		1.04		0.20
Hypothetical*		1,000.00		1,023.80		1.00		0.20
Class R6
Actual*		1,000.00		1,097.10		0.52		0.10
Hypothetical*		1,000.00		1,024.30		0.50		0.10
SmartRetirement Blend 2060 Fund
Class A
Actual*		1,000.00		1,096.00		3.02		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58
Class C
Actual*		1,000.00		1,094.20		5.66		1.09
Hypothetical*		1,000.00		1,019.39		5.46		1.09
Class I (formerly Select Class)
Actual*		1,000.00		1,097.40		1.72		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33
Class R2
Actual*		1,000.00		1,095.40		4.31		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 123

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value May 31, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period		Annualized Expense Ratio
SmartRetirement Blend 2060 Fund (continued)
Class R3
Actual**	$	1,000.00	$	1,007.30	$	0.49		0.59	%
Hypothetical*		1,000.00		1,021.87		2.96		0.59
Class R4
Actual**		1,000.00		1,007.50		0.28		0.34
Hypothetical*		1,000.00		1,023.11		1.71		0.34
Class R5
Actual*		1,000.00		1,098.40		0.83		0.16
Hypothetical*		1,000.00		1,024.00		0.80		0.16
Class R6
Actual*		1,000.00		1,099.40		0.42		0.08
Hypothetical*		1,000.00		1,024.40		0.40		0.08

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period). Commencement of offering of class of shares was May 31, 2017.

124 JPMORGAN SMARTRETIREMENT BLEND FUNDS JUNE 30, 2017

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017:

	Qualified Dividend Income
JPMorgan SmartRetirement Blend Income Fund	$	197,481
*JPMorgan SmartRetirement Blend 2015 Fund		75,802
JPMorgan SmartRetirement Blend 2020 Fund		605,964
JPMorgan SmartRetirement Blend 2025 Fund		574,972
JPMorgan SmartRetirement Blend 2030 Fund		601,201
JPMorgan SmartRetirement Blend 2035 Fund		424,490
JPMorgan SmartRetirement Blend 2040 Fund		431,916
JPMorgan SmartRetirement Blend 2045 Fund		266,838
JPMorgan SmartRetirement Blend 2050 Fund		211,222
JPMorgan SmartRetirement Blend 2055 Fund		82,453
JPMorgan SmartRetirement Blend 2060 Fund		3,346

* Target Fund acquired in business combination.

JUNE 30, 2017 JPMORGAN SMARTRETIREMENT BLEND FUNDS 125

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017  All rights reserved. June 2017. AN-SRB-617

Annual Report

JPMorgan SmartAllocation Funds

June 30, 2017

JPMorgan SmartAllocation Equity Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	6
Financial Highlights	12
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	22
Trustees	23
Officers	25
Schedule of Shareholder Expenses	26
Tax Letter	27
Privacy Policy — Located at the back of this Annual Report

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months.”

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional,

J.P. Morgan Asset Management

JPMorgan SmartAllocation Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R6 Shares)*		17.91%
MSCI World Index (net of foreign withholding taxes)		18.20%
Standard & Poor’s 500 Index		17.90%
Net Assets as of 6/30/17	$	67,806,141

INVESTMENT OBJECTIVE**

The JPMorgan SmartAllocation Equity Fund (the “Fund”) seeks to provide long-term capital appreciation. The Fund seeks to provide exposure to a broadly diversified portfolio of equity securities of U.S. and non-U.S. companies (including companies in emerging markets) across all market capitalization ranges.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the twelve month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Notably, emerging market equities generally outperformed developed market equities during the reporting period.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index averaged 10.5 points, which was about half of its historical average.

Overall, small cap stocks generally outperformed mid cap and large cap stocks, while growth stocks generally outperformed value stocks. For the twelve months ended June 30, 2017, the S&P 500 returned 17.90%.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund underperformed the MSCI World Index (net of foreign withholding taxes) and outperformed the S&P 500 for the twelve months ended June 30, 2017.

Based on their view of market conditions and valuations, the Fund’s portfolio managers implemented overweight and underweight positions versus the targeted weights of the Fund’s long-term strategic asset allocation.

During the reporting period, the Fund’s allocation to large- and multi-capitalization U.S. equities made a positive contribution to performance relative to both the S&P 500 and the MSCI World Index (net of foreign withholdings), while the Fund’s exposure to real estate investment trusts detracted from relative performance.

The performance of individual securities within the Fund was mixed but overall the Fund’s security selection detracted from relative performance over the past twelve months. Allocations to the JPMorgan Realty Income Fund hurt performance relative to both the S&P 500 and the MSCI World Index (net of foreign withholdings). The Fund’s allocation to the JPMorgan Emerging Markets Equity Fund made a positive contribution to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund targets a long-term strategic asset allocation consisting of JPMorgan Funds, as well as exchange-traded funds that are managed by unaffiliated investment advisers. During the reporting period, the Fund had a slight overweight position in U.S. large-cap equities, offset by a modest underweight in international developed market equities.

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	57.2	%
International Equity	35.0
Alternative Assets	6.0
Short-Term Investment	1.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

2 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017

	INCEPTION DATE OF CLASS		1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		July 2, 2012
With Sales Charge*				11.15	%		3.63	%		9.43	%
Without Sales Charge				17.29			5.50			10.62
CLASS C SHARES		July 2, 2012
With CDSC**				15.70			4.97			10.06
Without CDSC				16.70			4.97			10.06
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		July 2, 2012		17.62			5.77			10.89
CLASS R2 SHARES		July 2, 2012		17.00			5.23			10.33
CLASS R5 SHARES		July 2, 2012		17.85			5.97			11.11
CLASS R6 SHARES		July 2, 2012		17.91			6.02			11.16

* 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 (7/2/12 to 6/30/17)

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 July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartAllocation Equity Fund, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Lipper Global Multi-Cap Core Funds Index from July 2, 2012 to June 30, 2017. 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 (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Global

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 charged by the Fund. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Global Multi-Cap Core Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class R6 Shares have a $5,000,000 minimum initial investment for discretionary accounts.

Subsequent to the inception of the Fund on July 2, 2012 until May 14, 2013, the Fund did not experience any shareholder purchase and sale activity. If such activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 3

JPMorgan SmartAllocation Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Exchange-Traded Funds — 44.9%
		International Equity — 18.0%
	144,685	iShares Core MSCI EAFE Fund		8,809,869
	68,300	iShares Core MSCI Emerging Markets Fund		3,417,732
		Total International Equity		12,227,601
		U.S. Equity — 26.9%
	12,253	iShares Russell 2000 Fund		1,726,693
	11,407	iShares Russell Mid-Cap Fund		2,191,399
	64,524	Vanguard S&P 500 Fund		14,328,199
		Total U.S. Equity		18,246,291
		Total Exchange-Traded Funds (Cost $23,578,329)		30,473,892
	Investment Companies — 53.4% (b)
		Alternative Assets — 6.0%
	308,833	JPMorgan Realty Income Fund, Class R6 Shares		4,042,620
		International Equity — 17.0%
	130,103	JPMorgan Emerging Economies Fund, Class R6 Shares		1,719,959
	68,126	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,756,978
	161,047	JPMorgan International Equity Fund, Class R6 Shares		2,671,769
	168,557	JPMorgan International Opportunities Fund, Class R6 Shares		2,649,710
	130,443	JPMorgan Intrepid International Fund, Class R6 Shares		2,753,658
		Total International Equity		11,552,074
		U.S. Equity — 30.4%
	258,641	JPMorgan Growth Advantage Fund, Class R6 Shares (a)		4,852,111
	93,633	JPMorgan Intrepid America Fund, Class R6 Shares		3,683,508
	20,885	JPMorgan Mid Cap Equity Fund, Class R6 Shares		1,027,122
	337,348	JPMorgan U.S. Equity Fund, Class R6 Shares		5,353,708
	54,273	JPMorgan U.S. Small Company Fund, Class R6 Shares		1,002,971
	138,931	JPMorgan Value Advantage Fund, Class R6 Shares		4,669,459
		Total U.S. Equity		20,588,879
		Total Investment Companies (Cost $30,030,739)		36,183,573

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligation — 0.7%
	465,000	U.S. Treasury Note, 0.625%, 09/30/17 (k) (Cost $464,513)		464,484
SHARES
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	750,303	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $750,303)		750,303
		Total Investments — 100.1% (Cost $54,823,884)		67,872,252
		Liabilities in Excess of Other Assets — (0.1)%		(66,111	)
		NET ASSETS — 100.0%	$	67,806,141

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	4		TOPIX Index		09/07/17		JPY	$	575,354		$	5,051
	12		E-mini S&P 500 Index		09/15/17		USD		1,452,540			(4,514	)
	13		Euro STOXX 50 Index		09/15/17		EUR		510,250			(16,027	)
	5		Mini Russell 2000 Index		09/15/17		USD		353,575			(1,374	)
			Short Futures Outstanding
	(2	)	Hang Seng Index		07/28/17		HKD		(327,708	)		2,177
	(3	)	S&P/TSX 60 Index		09/14/17		CAD		(411,413	)		7,034
	(11	)	FTSE 100 Index		09/15/17		GBP		(1,038,260	)		25,698
											$	18,045

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CAD	—  Canadian Dollar
EAFE	—  Europe, Australasia, and Far East
EUR	—  Euro
FTSE	—  Financial Times and The London Stock Exchange
GBP	—  British Pound
HKD	—  Hong Kong Dollar
JPY	—  Japanese Yen
TOPIX	—  Tokyo Stock Price Index
TSX	—  Toronto Stock Exchange
USD	—  United States Dollar

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2017.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 5

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

	SmartAllocation Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	30,938,376
Investments in affiliates, at value		36,933,876
Total investment securities, at value		67,872,252
Receivables:
Fund shares sold		175
Interest from non-affiliates		731
Dividends from affiliates		305
Variation margin on futures contracts		189,879
Due from Adviser		15,414
Total Assets		68,078,756
LIABILITIES:
Payables:
Investment securities purchased		196,343
Accrued liabilities:
Distribution fees		515
Service fees		2,345
Custodian and accounting fees		3,149
Audit fees		13,757
Registration fees		48,038
Other		8,468
Total Liabilities		272,615
Net Assets	$	67,806,141

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

	SmartAllocation Equity Fund
NET ASSETS:
Paid-in-Capital	$	54,164,924
Accumulated undistributed (distributions in excess of) net investment income		302,327
Accumulated net realized gains (losses)		249,497
Net unrealized appreciation (depreciation)		13,089,393
Total Net Assets	$	67,806,141
Net Assets:
Class A	$	535,203
Class C		631,518
Class I (formerly Select Class)		10,178,433
Class R2		23,056
Class R5		23,389
Class R6		56,414,542
Total	$	67,806,141
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		23,236
Class C		27,547
Class I (formerly Select Class)		439,791
Class R2		991
Class R5		1,006
Class R6		2,426,421
Net Asset Value (a):
Class A — Redemption price per share	$	23.03
Class C — Offering price per share (b)		22.92
Class I (formerly Select Class) — Offering and redemption price per share		23.14
Class R2 — Offering and redemption price per share		23.28
Class R5 — Offering and redemption price per share		23.25
Class R6 — Offering and redemption price per share		23.25
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	24.31
Cost of investments in non-affiliates	$	24,042,842
Cost of investments in affiliates		30,781,042

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 7

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2017

	SmartAllocation Equity Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	943,615
Dividend income from affiliates		826,204
Interest income from non-affiliates		2,196
Interest income from affiliates		3
Total investment income		1,772,018
EXPENSES:
Investment advisory fees		525,086
Administration fees		85,939
Distribution fees:
Class A		1,455
Class C		4,016
Class R2		107
Service fees:
Class A		1,455
Class C		1,339
Class I (formerly Select Class)		13,810
Class R2		53
Class R5		14
Custodian and accounting fees		31,030
Interest expense to non-affiliates		748
Professional fees		28,806
Trustees’ and Chief Compliance Officer’s fees		24,982
Printing and mailing costs		19,887
Registration and filing fees		109,664
Transfer agency fees (See Note 2.E)		3,205
Sub-transfer agency fees (See Note 2.E)		463
Other		6,841
Total expenses		858,900
Less fees waived		(583,257	)
Less expense reimbursements		(24,549	)
Net expenses		251,094
Net investment income (loss)		1,520,924
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,106,272
Investments in affiliates		513,313
Futures		(101,920	)
Foreign currency transactions		9,903
Net realized gain (loss)		3,527,568
Distributions of capital gains received from investment company affiliates		888,787
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		4,019,752
Investments in affiliates		6,833,917
Futures		(75,817	)
Foreign currency translations		18,673
Change in net unrealized appreciation/depreciation		10,796,525
Net realized/unrealized gains (losses)		15,212,880
Change in net assets resulting from operations	$	16,733,804

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	SmartAllocation Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,520,924		$	1,959,900
Net realized gain (loss)		3,527,568			(5,521,723	)
Distributions of capital gains received from investment company affiliates		888,787			1,976,387
Change in net unrealized appreciation/depreciation		10,796,525			(1,485,188	)
Change in net assets resulting from operations		16,733,804			(3,070,624	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(10,198	)		(5,396	)
From net realized gains		—			(2,007	)
Class C
From net investment income		(6,149	)		(3,715	)
From net realized gains		—			(1,779	)
Class I (formerly Select Class)
From net investment income		(171,570	)		(12,899	)
From net realized gains		—			(3,810	)
Class R2
From net investment income		(240	)		—
From net realized gains		—			(92	)
Class R5
From net investment income		(380	)		(319	)
From net realized gains		—			(91	)
Class R6
From net investment income		(1,841,348	)		(2,329,043	)
From net realized gains		—			(625,992	)
Total distributions to shareholders		(2,029,885	)		(2,985,143	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(67,508,250	)		(26,264,777	)
NET ASSETS:
Change in net assets		(52,804,331	)		(32,320,544	)
Beginning of period		120,610,472			152,931,016
End of period	$	67,806,141		$	120,610,472
Accumulated undistributed (distributions in excess of) net investment income	$	302,327		$	708,757

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	SmartAllocation Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	241,857		$	364,832
Distributions reinvested		10,198			7,403
Cost of shares redeemed		(392,279	)		(268,714	)
Change in net assets resulting from Class A capital transactions	$	(140,224	)	$	103,521
Class C
Proceeds from shares issued	$	305,022		$	158,235
Distributions reinvested		6,149			5,494
Cost of shares redeemed		(177,694	)		(97,531	)
Change in net assets resulting from Class C capital transactions	$	133,477		$	66,198
Class I (formerly Select Class)
Proceeds from shares issued	$	8,701,058		$	603,533
Distributions reinvested		171,570			16,656
Cost of shares redeemed		(339,262	)		(151,432	)
Change in net assets resulting from Class I capital transactions	$	8,533,366		$	468,757
Class R2
Distributions reinvested	$	240		$	92
Cost of shares redeemed		—			(52,135	)
Change in net assets resulting from Class R2 capital transactions	$	240		$	(52,043	)
Class R5
Distributions reinvested	$	380		$	410
Cost of shares redeemed		—			(53,668	)
Change in net assets resulting from Class R5 capital transactions	$	380		$	(53,258	)
Class R6
Proceeds from shares issued	$	29,456,010		$	19,254,232
Distributions reinvested		1,841,348			2,756,081
Cost of shares redeemed		(107,332,847	)		(48,808,265	)
Change in net assets resulting from Class R6 capital transactions	$	(76,035,489	)	$	(26,797,952	)
Total change in net assets resulting from capital transactions	$	(67,508,250	)	$	(26,264,777	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

	SmartAllocation Equity Fund
	Year Ended June 30, 2017			Year Ended June 30, 2016
SHARE TRANSACTIONS:
Class A
Issued		11,350			18,807
Reinvested		490			377
Redeemed		(18,236	)		(13,437	)
Change in Class A Shares		(6,396	)		5,747
Class C
Issued		14,218			8,069
Reinvested		296			280
Redeemed		(8,053	)		(4,762	)
Change in Class C Shares		6,461			3,587
Class I (formerly Select Class)
Issued		406,492			29,218
Reinvested		8,205			844
Redeemed		(15,770	)		(7,909	)
Change in Class I Shares		398,927			22,153
Class R2
Reinvested		12			4
Redeemed		—			(2,480	)
Change in Class R2 Shares		12			(2,476	)
Class R5
Reinvested		18			21
Redeemed		—			(2,532	)
Change in Class R5 Shares		18			(2,511	)
Class R6
Issued		1,391,799			1,001,053
Reinvested		87,767			139,378
Redeemed		(4,963,144	)		(2,425,926	)
Change in Class R6 Shares		(3,483,578	)		(1,285,495	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
SmartAllocation Equity Fund
Class A
Year Ended June 30, 2017	$	19.93	$	0.25	(g)(h)	$	3.16		$	3.41		$	(0.31	)	$	—		$	(0.31	)
Year Ended June 30, 2016		20.89		0.22	(g)(h)		(0.84	)		(0.62	)		(0.25	)		(0.09	)		(0.34	)
Year Ended June 30, 2015		20.82		0.23	(g)(h)		0.41			0.64			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2014		17.29		0.25	(g)(h)		3.50			3.75			(0.20	)		(0.02	)		(0.22	)
July 2, 2012 (j) through June 30, 2013		15.00		0.23			2.13			2.36			(0.07	)		—			(0.07	)
Class C
Year Ended June 30, 2017		19.86		0.12	(g)(h)		3.17			3.29			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		20.86		0.11	(g)(h)		(0.83	)		(0.72	)		(0.19	)		(0.09	)		(0.28	)
Year Ended June 30, 2015		20.81		0.10	(g)(h)		0.43			0.53			(0.29	)		(0.19	)		(0.48	)
Year Ended June 30, 2014		17.24		0.16	(g)(h)		3.49			3.65			(0.06	)		(0.02	)		(0.08	)
July 2, 2012 (j) through June 30, 2013		15.00		0.16			2.11			2.27			(0.03	)		—			(0.03	)
Class I (formerly Select Class)
Year Ended June 30, 2017		20.04		0.20	(g)(h)		3.29			3.49			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		21.03		0.27	(g)(h)		(0.85	)		(0.58	)		(0.32	)		(0.09	)		(0.41	)
Year Ended June 30, 2015		20.90		0.18	(g)(h)		0.51			0.69			(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2014		17.31		0.28	(g)(h)		3.53			3.81			(0.20	)		(0.02	)		(0.22	)
July 2, 2012 (j) through June 30, 2013		15.00		0.28			2.12			2.40			(0.09	)		—			(0.09	)
Class R2
Year Ended June 30, 2017		20.12		0.16	(g)(h)		3.25			3.41			(0.25	)		—			(0.25	)
Year Ended June 30, 2016		20.88		0.15	(g)(h)		(0.82	)		(0.67	)		—			(0.09	)		(0.09	)
Year Ended June 30, 2015		20.84		0.16	(g)(h)		0.42			0.58			(0.35	)		(0.19	)		(0.54	)
Year Ended June 30, 2014		17.26		0.18	(g)(h)		3.53			3.71			(0.11	)		(0.02	)		(0.13	)
July 2, 2012 (j) through June 30, 2013		15.00		0.20			2.11			2.31			(0.05	)		—			(0.05	)
Class R5
Year Ended June 30, 2017		20.09		0.31	(g)(h)		3.24			3.55			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		21.05		0.29	(g)(h)		(0.83	)		(0.54	)		(0.33	)		(0.09	)		(0.42	)
Year Ended June 30, 2015		20.93		0.31	(g)(h)		0.42			0.73			(0.42	)		(0.19	)		(0.61	)
Year Ended June 30, 2014		17.33		0.31	(g)(h)		3.54			3.85			(0.23	)		(0.02	)		(0.25	)
July 2, 2012 (j) through June 30, 2013		15.00		0.32			2.12			2.44			(0.11	)		—			(0.11	)
Class R6
Year Ended June 30, 2017		20.09		0.32	(g)(h)		3.24			3.56			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		21.06		0.29	(g)(h)		(0.82	)		(0.53	)		(0.35	)		(0.09	)		(0.44	)
Year Ended June 30, 2015		20.94		0.35	(g)(h)		0.39			0.74			(0.43	)		(0.19	)		(0.62	)
Year Ended June 30, 2014		17.33		0.41	(g)(h)		3.46			3.87			(0.24	)		(0.02	)		(0.26	)
July 2, 2012 (j) through June 30, 2013		15.00		0.32			2.12			2.44			(0.11	)		—			(0.11	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2013 and for the year ended June 30, 2014.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	23.03		17.29	%	$	535,203		0.71	%		1.15	%(h)		1.39	%		31	%
	19.93		(2.91	)		590,420		0.67			1.09	(h)		1.69			40
	20.89		3.14			498,867		0.64			1.10	(h)		1.39			16
	20.82		21.76			314,143		0.55	(i)		1.31	(h)(i)		2.15	(i)		18
	17.29		15.77			68,166		0.64	(i)		1.56	(i)		19.01	(i)		47
	22.92		16.70			631,518		1.21			0.57	(h)		1.90			31
	19.86		(3.39	)		418,664		1.17			0.57	(h)		1.91			40
	20.86		2.59			365,005		1.14			0.48	(h)		1.86			16
	20.81		21.18			177,347		1.04	(i)		0.83	(h)(i)		2.78	(i)		18
	17.24		15.16			57,583		1.14	(i)		0.99	(i)		19.29	(i)		47
	23.14		17.62			10,178,433		0.46			0.89	(h)		1.17			31
	20.04		(2.72	)		819,073		0.42			1.36	(h)		1.15			40
	21.03		3.41			393,436		0.38			0.84	(h)		1.15			16
	20.90		22.04			1,266,572		0.26	(i)		1.42	(h)(i)		2.36	(i)		18
	17.31		16.04			870,195		0.39	(i)		1.74	(i)		18.55	(i)		47
	23.28		17.05			23,056		0.96			0.74	(h)		2.29			31
	20.12		(3.18	)		19,701		0.92			0.75	(h)		3.65			40
	20.88		2.86			72,127		0.89			0.79	(h)		1.64			16
	20.84		21.50			70,122		0.75	(i)		0.92	(h)(i)		2.95	(i)		18
	17.26		15.43			57,726		0.89	(i)		1.24	(i)		19.04	(i)		47
	23.25		17.85			23,389		0.27			1.44	(h)		1.59			31
	20.09		(2.51	)		19,847		0.22			1.45	(h)		2.89			40
	21.05		3.59			73,655		0.19			1.49	(h)		0.94			16
	20.93		22.30			71,108		0.05	(i)		1.62	(h)(i)		2.25	(i)		18
	17.33		16.29			58,128		0.19	(i)		1.94	(i)		18.35	(i)		47
	23.25		17.91			56,414,542		0.22			1.48	(h)		0.79			31
	20.09		(2.45	)		118,742,767		0.17			1.45	(h)		0.73			40
	21.06		3.61			151,527,926		0.15			1.68	(h)		0.81			16
	20.94		22.40			47,440,627		0.13	(i)		2.10	(h)(i)		1.14	(i)		18
	17.33		16.31			58,152		0.15	(i)		1.99	(i)		18.30	(i)		47

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
SmartAllocation Equity Fund	Class A, Class C, Class I^, Class R2, Class R5 and Class R6	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

The investment objective of the Fund is to seek to provide long-term capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R5 and Class R6 Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Investment Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from approved Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

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.

14 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	67,407,768		$	464,484		$	—	$	67,872,252
Appreciation in Other Financial Instruments
Futures Contracts	$	7,034		$	32,926		$	—	$	39,960
Depreciation in Other Financial Instruments
Futures Contracts	$	(5,888	)	$	(16,027	)	$	—	$	(21,915	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of foreign futures with equity reference obligations and a U.S. Treasury Bill that is held as initial margin for futures contracts. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the year ended June 30, 2017.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser, or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the affiliated Underlying Funds.

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan Emerging Economies Fund, Class R6 Shares	$	3,103,274	$	315,899	$	2,261,849	$	(86,752	)	$	44,959		130,103	$	1,719,959
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		3,111,831		211,911		2,122,660		50,410			26,783		68,126		1,756,978
JPMorgan Growth Advantage Fund, Class R6 Shares		8,673,986		2,128,728		7,539,425		512,480			—		258,641		4,852,111
JPMorgan International Equity Fund, Class R6 Shares		4,753,645		421,320		3,304,349		(73,315	)		33,740		161,047		2,671,769
JPMorgan International Opportunities Fund, Class R6 Shares		4,687,800		938,410		3,481,005		(71,361	)		153,525		168,557		2,649,710
JPMorgan Intrepid America Fund, Class R6 Shares		6,585,155		1,585,741		5,160,262		85,134			85,289		93,633		3,683,508
JPMorgan Intrepid International Fund, Class R6 Shares		4,623,265		1,698,651		4,223,700		(137,070	)		109,355		130,443		2,753,658
JPMorgan Mid Cap Equity Fund, Class R6 Shares		1,798,553		369,020		1,316,270		38,963			7,639		20,885		1,027,122
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,272,438		6,593,914		7,866,352		—			1,042		—		—
JPMorgan Realty Income Fund, Class R6 Shares		7,216,046		2,626,676		4,901,688		140,057			134,127		308,833		4,042,620

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

			For the year ended June 30, 2017
Affiliate	Value at June 30, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan U.S. Equity Fund, Class R6 Shares		9,628,463		2,440,399		7,921,787		499,084			99,288		337,348		5,353,708
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		—		14,126,563		13,376,260		—			2,344		750,303		750,303
JPMorgan U.S. Small Company Fund, Class R6 Shares		1,939,776		187,821		1,477,073		75,780			10,683		54,273		1,002,971
JPMorgan Value Advantage Fund, Class R6 Shares		—		7,690,381		4,451,052		405,866			117,430		138,931		4,669,459
JPMorgan Value Advantage Fund, Institutional Class Shares		8,147,795		1,456,806		9,343,889		(37,176	)		—		—		—
	$	65,542,027					$	1,402,100		$	826,204			$	36,933,876

C. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity or minimize transactions costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2017:

Futures Contracts:
Average Notional Balance Long	$	3,270,997
Average Notional Balance Short		1,900,201
Ending Notional Balance Long		2,891,719
Ending Notional Balance Short		1,777,381

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

16 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Fund ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the year ended June 30, 2017 are as follows:

	Class A		Class C		Class I		Class R2		Class R5		Class R6		Total
Transfer agency fees	$	264	$	369	$	1,399	$	153	$	152	$	868	$	3,205
Sub-transfer agency fees		202		—		261		—		—		—		463

The Fund invests in Underlying Funds and ETFs and, as a result, bears a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

G. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2017, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income are generally declared and paid annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
$	(1	)	$	102,531	$	(102,530	)

The reclassifications for the Fund relates primarily to investments in regulated investment companies.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2017, the effective rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25%, 0.75%, and 0.50% of the average daily net assets of Class A, Class C and Class R2 Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2017, JPMDS retained the following amounts:

Front-End Sales Charge		CDSC
$	306	$	—

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%*

* Prior to April 3, 2017, the service fee for Class R5 Shares was 0.05%.

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse expenses to the extent that total annual operating expenses of the Fund, Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses incurred by the Fund and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Fund’s average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.13	%		1.63	%		0.88	%		1.38	%		0.68	%		0.63	%

The expense limitation agreement was in effect for the year ended June 30, 2017 and is in place until at least October 31, 2017.

For the year ended June 30, 2017, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
$	525,086	$	55,660	$	2,511	$	583,257	$	24,549

The Underlying Funds may impose separate advisory and service fees. JPMDS has agreed to waive the Fund’s fees in the weighted average pro-rata amount of the shareholder service fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Fund’s contractual expense limitations, but will not exceed the Fund’s service fee up to 0.25% of Class A, Class C, Class I and Class R2 Shares and up to 0.10% of Class R5 Shares (up to 0.05% of Class R5 Shares prior to April 3, 2017).

18 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Fund may use related party broker-dealers. For the year ended June 30, 2017, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Fund to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	31,201,812	$	96,818,543	$	104,844	$	104,897

During the year ended June 30, 2017, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	55,686,177	$	12,186,190	$	115	$	12,186,075

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2017 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,029,885	$	—	$	2,029,885

* Short-term gains are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2016 was as follows:

Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	2,473,527	$	511,616	$	2,985,143

* Short-term gains are treated as ordinary income for income tax purposes.

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	1,225,297	$	439,878	$	11,984,050

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (continued)

The cumulative timing differences primarily consists of wash sale loss deferrals and straddle loss deferrals.

At June 30, 2017, the Fund did not have any net capital loss carryforwards.

During the year ended June 30, 2017, the Fund utilized capital loss carryforwards in the amount of $394,403.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Fund did not utilize the Credit Facility during the year ended June 30, 2017.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

As of June 30, 2017, the Fund had three affiliated omnibus accounts and one non-affiliated omnibus account which owned 14.3% and 83.2% of the Fund’s outstanding shares, respectively.

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

Because of the Fund’s investments in the Underlying Funds and ETFs, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in Individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as equity securities, foreign and emerging markets securities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Fund invests in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

20 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Fund’s fiscal year end on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Fund’s financial statements and related disclosures. The adoption will have no effect on the Fund’s net assets or results of operations.

9. Subsequent Event

At their meeting on August 16, 2017, the Board of the Fund approved the liquidation of the Fund, which is expected to occur on or about December 8, 2017. Effective August 24, 2017, the Fund no longer accepted purchase orders from new investors.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and the Shareholders of JPMorgan Smart Allocation Equity Fund

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Smart Allocation Equity Fund (a separate series of JPMorgan Trust I) (the “Fund”) as of June 30, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

22 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 23

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Fund (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

24 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 25

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund (not including expenses of the Underlying Funds and ETFs) 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, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. 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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
SmartAllocation Equity Fund
Class A
Actual	$	1,000.00	$	1,105.60	$	3.71		0.71	%
Hypothetical		1,000.00		1,021.27		3.56		0.71
Class C
Actual		1,000.00		1,102.50		6.31		1.21
Hypothetical		1,000.00		1,018.79		6.06		1.21
Class I (formerly Select Class)
Actual		1,000.00		1,106.60		2.40		0.46
Hypothetical		1,000.00		1,022.51		2.31		0.46
Class R2
Actual		1,000.00		1,104.40		5.01		0.96
Hypothetical		1,000.00		1,020.03		4.81		0.96
Class R5
Actual		1,000.00		1,107.70		1.36		0.26
Hypothetical		1,000.00		1,023.51		1.30		0.26
Class R6
Actual		1,000.00		1,108.20		1.10		0.21
Hypothetical		1,000.00		1,023.75		1.05		0.21

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

26 JPMORGAN SMARTALLOCATION FUNDS JUNE 30, 2017

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

The Fund had 16.01%, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividend received deduction for corporate rate shareholders for the fiscal year ended June 30, 2017.

Qualified Dividend Income (QDI)

The Fund had $899,413, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2017, the Fund intends to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2017 will be disclosed in the semi-annual report for the period ended December 31, 2017.

JUNE 30, 2017 JPMORGAN SMARTALLOCATION FUNDS 27

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2017.  All rights reserved. June 2017. AN-SAE-617

J.P. Morgan Funds

Annual Report

June 30, 2017

JPMorgan Equity Low Volatility Income Fund

JPMorgan Value Plus Fund

Contents
CEO’s Letter	1
Fund Commentaries:
JPMorgan Equity Low Volatility Income Fund	2
JPMorgan Value Plus Fund	7
Schedule of Portfolio Investments	12
Financial Statements	19
Financial Highlights	25
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	34
Trustees	35
Officers	37
Schedule of Shareholder Expenses	38
Tax letter	40
Privacy Policy - Located at the back of this Annual Report

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

August 4, 2017 (Unaudited)

Dear Shareholder,

The current U.S. economic expansion entered its eighth year in 2017 and growth in developed and emerging market economies grew more synchronized even as U.S. growth showed some signs of easing. Global financial markets generally benefitted from steady economic growth amid an environment of low inflation, low volatility and rising corporate profits.

While economic growth in the U.S. and China largely drove the global recovery throughout 2016, by June 2017 the world’s other leading economies had picked up sufficiently enough for the Organization for Economic Co-operation and Development to forecast global growth at 3.5% in 2017 and 3.6% in 2018.

U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017 from 2.5% and 3.5% growth in the fourth quarter and third quarters of 2016, respectively. Meanwhile, the U.S. unemployment rate continued its downward trend throughout the past twelve months, dropping to 4.4% in June 2017 from 4.9% one year earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2016 and again in June 2017 and signaled it would raise rates once more before the end of the year. Further, Fed Chairwoman Janet Yellen indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet in assets purchased through its quantitative easing program. An increase in consumer spending helped second-quarter 2017 GDP climb by 2.6% from a year earlier.

Notably, by mid-2017 domestic price inflation had dropped below the Fed’s target of 2% growth and wage growth was below many economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends – and the Fed’s acknowledgment of them – provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the twelve months ended June 30, 2017, global oil prices remained a key focal point for policy makers, economists and investors. Global crude prices reached 15-month highs in October 2016 and received further support from the Organization of Petroleum Exporting Countries’ December 2016 decision to curb production. However, continued oversupply of crude and natural gas, partly due to continued U.S. production, pushed the price of a barrel of benchmark West Texas Intermediate crude oil down to $46 by the end of June 2017.

Meanwhile, the leading economies of Europe continued to strengthen from what had been an anemic expansion. Annualized GDP for the 19 core euro area nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, its lowest level since March 2009. Also, in separate elections in 2017, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the past twelve months. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year – one of the longest on record.

Over the twelve month period, U.S. and foreign markets largely rewarded those who remained fully invested in financial markets and we believe the fundamental virtues of patience and diversification remain essential to prudent investment strategy.

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 & Institutional, J.P. Morgan Asset Management

1

JPMorgan Equity Low Volatility Income Fund

Fund Commentary

For the Period July 31, 2016 to June 30, 2017 (Unaudited)

Reporting Period Return:
Portfolio (Class I Shares) 1*		12.32%
S&P 500 Index		13.70%
BofA Merrill Lynch U.S. 3-Month Treasury Bill Index		0.46%
Net Assets as of 6/30/2017	$	56,117,499

INVESTMENT OBJECTIVE**

The JPMorgan Equity Low Volatility Income Funds (the “Fund”) seeks total return, which includes current income and capital appreciation.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs throughout the eleven month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Small cap stocks generally outperformed large cap and mid cap stocks during the reporting period, while growth stocks generally outperformed value stocks.

Within the fixed-income sector, emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, while investment grade corporate bonds and U.S. Treasury bonds underperformed amid investor expectations for rising interest rates in the U.S.

Notably, U.S. financial market volatility remained low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index, which measures options on the Standard & Poor’s 500 Index to gauge market expectations of near-term volatility, stood at roughly half of its historical average.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 (the “Benchmark”) and outperformed the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index (the “Secondary Benchmark”) for the period July 31, 2016 to June 30, 2017.

Relative to the Benchmark, the Fund’s underweight position in the information technology sector and its overweight position in the consumer staples sector were leading detractors from performance, while the Fund’s overweight positions in the health care and energy sectors was a leading contributor to relative performance.

Relative to the Secondary Benchmark, the Fund’s security selection in the financials and health care sectors was a leading contributor to performance, while the Fund’s security selection in the telecommunications sector was a leading detractor from relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Apple Inc. and its overweight positions in J.M. Smucker Co. and Verizon Communications Inc. Shares of Apple, a maker of smartphones, computers and related devices, rose after the company posted earnings growth on better-than-expected sales and pricing for its iPhones. Shares of J.M. Smucker, a food products manufacturer, fell after the company reported lower-than-expected sales and earnings. Shares of Verizon Communications, a provider of telecommunication services, fell after the company outbid AT&T Corp. to acquire Straight Path Communications and moved to acquire the operating business of Yahoo Inc.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in C.R. Bard Inc., Atrion Corp. and AG Mortgage Investment Trust Inc. Shares of C.R. Bard, a medical technology provider, rose on news reports that the company would be acquired by Becton Dickinson & Co. for $24 billion. Shares of Atrion, a medical products manufacturer that was not held in the Benchmark, rose on improved operating results. Shares of AG Mortgage Investment Trust, a residential property real estate investment trust that was not held in the Benchmark, rose on earnings growth and overall strength in the residential mortgage sector.

2

HOW WAS THE PORTFOLIO POSITIONED?

The Fund employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined investment process. Based on these principles, the Fund’s managers invested in equity securities that they believed to be attractive based on certain characteristics, including quality, valuation, momentum and/or volatility.

To implement this strategy, the Fund invested primarily in a diversified portfolio of equity investments across all market capitalizations, sectors and industries during the reporting period. Under normal circumstances, the Fund invests at least 80% of its assets in equity investments, including common stocks, real estate investment trusts and equity-linked notes.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
1. McDonald’s Corp.	2.8	%
2. Johnson & Johnson	2.6
3. UnitedHealth Group, Inc.	2.6
4. Royal Bank of Canada, ELN, 20.400%, 07/25/17 (linked to Teleflex, Inc.)	2.6
5. Amdocs Ltd.	2.6
6. Deutsche Bank AG, ELN, 13.230%, 07/25/17 (linked to Altria Group, Inc.)	2.5
7. Merrill Lynch International & Co., C.V., ELN, 15.040%, 07/25/17 (linked to Wal-Mart Stores, Inc.)	2.5
8. Ecolab, Inc.	2.5
9. UBS AG, ELN, 15.550%, 07/25/17 (linked to PepsiCo, Inc.)	2.4
10. Philip Morris International, Inc.	2.4
PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.6	%
Health Care	14.9
Equity Linked Notes	13.4
Utilities	12.0
Consumer Staples	9.5
Consumer Discretionary	6.1
Industrials	5.8
Energy	5.6
Information Technology	5.1
Materials	4.5
Telecommunication Services	1.8
Exchanged Traded Funds	1.2
Real Estate	1.2
Short-Term Investment	1.3

3

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

4

JPMorgan Equity Low Volatility Income Fund

Fund Summary

For the period July 20, 2016 (Fund Inception Date) through June 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017

	INCEPTION DATE   OF CLASS	SINCE   INCEPTION*
CLASS A SHARES	July 20, 2016
With Sales Charge**		6.18%
Without Sales Charge		12.06
CLASS C SHARES	July 20, 2016
With CDSC***		10.54
Without CDSC		11.54
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 20, 2016	12.32
CLASS R5 SHARES	July 20, 2016	12.53
CLASS R6 SHARES	July 20, 2016	12.59

* Not annualized

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the period and 0% CDSC thereafter.

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 invest-or’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.

5

The Fund commenced operations on July 20, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Low Volatility Income Fund, the S&P 500 Index and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index from July 20, 2016 to June 30, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding U.S. Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Since the Fund’s inception, it has not experienced any shareholder activity. If shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6

JPMorgan Value Plus Fund

Fund Commentary

For the Period August 31, 2016 (Inception Date) to June 30, 2017 (Unaudited)

Reporting Period Return:
Portfolio (Class I Shares) 1*		23.22%
Russell 1000 Value Index		11.41%
Net Assets as of 6/30/2017	$	12,324,684

INVESTMENT OBJECTIVE**

The JPMorgan Value Plus Fund (the “Fund”) seeks to provide long-term capital appreciation.

HOW DID THE MARKET PERFORM?

Overall, U.S. equity markets provided positive returns and key stock market indexes reached multiple record highs and mostly retained their elevated levels through the end of the ten month reporting period. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Notably, emerging market equities generally outperformed developed market equities during the reporting period.

While U.S. equity prices rose throughout most of 2016, they experienced a sustained rally following the November 8, 2016 election amid investor expectations for increased infrastructure spending and tax cuts under the incoming Trump administration and Republican Party majorities in the U.S. Congress. Even as those expectations faded, the U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index averaged 10.5 points, which was about half of its historical average. Small capitalization stocks generally outperformed large cap and mid cap stocks during the reporting period, while growth stocks generally outperformed value stocks.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the period from August 31, 2016 to June 30, 2017. The Fund’s security selection in the consumer discretionary sector and its security selection and overweight position in the financials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the consumer staples sector was the leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Southwest Airlines Co. and KeyCorp. Shares of Royal Caribbean Cruises, a cruise ship operator, rose on better-than-expected earnings and revenue. Shares of Southwest Airlines, an airline operator that was not held in the Benchmark, rose after the company increased its quarterly dividend and announced a $2 billion share repurchase plan. Shares of KeyCorp., a banking and financial services company, rose along with other banking stocks after it successfully passed the U.S. Federal Reserve “stress test.”

Leading individual detractors from relative performance included the Fund’s overweight positions in Mosaic Co. and Macy’s and its short position in Tesla Inc. Shares of Mosaic, a maker of fertilizers and animal feed, fell after the company reported a loss. Shares of Macy’s, a department store operator, fell after the company warned investors about pressure on its profit margins. Shares of Tesla, a maker of electric cars, rose on continued strong demand for its vehicles.

7

HOW WAS THE PORTFOLIO POSITIONED?

The Fund employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 113% to 13%.

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
1. Citigroup, Inc.	4.4	%
2. Bank of America Corp.	4.1
3. Wells Fargo & Co.	3.5
4. General Motors Co.	3.0
5. KeyCorp.	2.7
6. Gilead Sciences, Inc.	2.2
7. Pfizer, Inc.	2.2
8. DR Horton, Inc.	2.2
9. Broadcom Ltd.	2.0
10. Charles Schwab Corp. (The)	1.9
TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
1. Clorox Co. (The)	6.9	%
2. Sprint Corp.	6.4
3. Tesla, Inc.	6.0
4. Legg Mason, Inc.	5.7
5. AbbVie, Inc.	5.7
6. Praxair, Inc.	5.5
7. Express Scripts Holding Co.	4.1
8. Lockheed Martin Corp.	4.1
9. Estee Lauder Cos., Inc. (The), Class A	4.0
10. Duke Energy Corp.	3.9
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.1	%
Consumer Discretionary	21.2
Industrials	9.1
Health Care	8.4
Energy	8.2
Information Technology	7.3
Materials	6.0
Real Estate	3.7
Consumer Staples	2.4
Telecommunication Services	1.5
Others (each less than 1.0%)	0.3
Short-Term Investment	1.8
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR****
Health Care	16.9	%
Utilities	15.0
Consumer Staples	12.8
Materials	11.5
Real Estate	10.9
Consumer Discretionary	9.5
Financials	8.9
Telecommunication Services	6.4
Industrials	4.1
Information Technology	4.0

8

¹  On April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total long investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2017. The Fund’s portfolio composition is subject to change.

9

JPMorgan Value Plus Fund

Fund Summary

For the period August 31, 2016 (Fund Inception Date) through June 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017

	INCEPTION DATE   OF CLASS	SINCE   INCEPTION*
CLASS A SHARES	August 31, 2016
With Sales Charge**		16.54%
Without Sales Charge		22.99
CLASS C SHARES	August 31, 2016
With CDSC***		21.47
Without CDSC		22.47
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	August 31, 2016	23.22

* Not annualized

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the period and 0% CDSC thereafter.

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 invest-or’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.

10

The Fund commenced operations on August 31, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Value Plus Fund and the Russell 2000 Value Index from August 31, 2016 to June 30, 2017. 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 Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Since the Fund’s inception, it has not experienced any shareholder activity. If shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

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.

11

JPMorgan Equity Low Volatility Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 83.6%
		Consumer Discretionary — 6.0%
		Hotels, Restaurants & Leisure — 4.0%
	520	Biglari Holdings, Inc. (a)		207,865
	10,210	McDonald’s Corp.		1,563,764
	7,430	Nathan’s Famous, Inc. (a)		468,090
				2,239,719
		Specialty Retail — 2.0%
	7,500	Home Depot, Inc. (The)		1,150,500
		Total Consumer Discretionary		3,390,219
		Consumer Staples — 9.5%
		Beverages — 0.7%
	4,130	Dr Pepper Snapple Group, Inc.		376,284
		Food & Staples Retailing — 2.3%
	25,300	Sysco Corp.		1,273,349
		Food Products — 4.1%
	18,700	Fresh Del Monte Produce, Inc.		952,017
	1,700	General Mills, Inc.		94,180
	8,000	JM Smucker Co. (The)		946,640
	2,170	McCormick & Co., Inc. (Non-Voting)		211,597
	1,700	Tyson Foods, Inc., Class A		106,471
				2,310,905
		Tobacco — 2.4%
	11,400	Philip Morris International, Inc.		1,338,930
		Total Consumer Staples		5,299,468
		Energy — 5.6%
		Oil, Gas & Consumable Fuels — 5.6%
	4,440	Chevron Corp.		463,225
	14,130	Exxon Mobil Corp.		1,140,715
	5,800	REX American Resources Corp. (a)		560,048
	71,670	Ship Finance International Ltd., (Norway)		974,712
		Total Energy		3,138,700
		Financials — 17.5%
		Banks — 2.3%
	5,060	American National Bankshares, Inc.		186,967
	13,110	Citizens & Northern Corp.		304,938
	4,550	First Financial Corp.		215,215
	20,320	Flushing Financial Corp.		572,821
				1,279,941
		Insurance — 1.1%
	6,800	Blue Capital Reinsurance Holdings Ltd., (Bermuda)		124,440
	930	Everest Re Group Ltd.		236,769
	3,920	Safety Insurance Group, Inc.		267,736
				628,945
		Mortgage Real Estate Investment Trusts (REITs) — 3.4%
	73,000	AG Mortgage Investment Trust, Inc.		1,335,900

SHARES		SECURITY DESCRIPTION	VALUE($)
		Mortgage Real Estate Investment Trusts (REITs) — continued
	20,450	Capstead Mortgage Corp.		213,293
	8,900	Invesco Mortgage Capital, Inc.		148,719
	21,080	Two Harbors Investment Corp.		208,903
				1,906,815
		Thrifts & Mortgage Finance — 10.7%
	23,940	Charter Financial Corp.		430,920
	45,170	Clifton Bancorp, Inc.		746,660
	14,340	First Defiance Financial Corp.		755,431
	1,650	Hingham Institution for Savings		300,185
	67,330	Northwest Bancshares, Inc.		1,051,021
	13,730	Provident Financial Holdings, Inc.		264,303
	22,380	Territorial Bancorp, Inc.		698,032
	123,540	TrustCo Bank Corp.		957,435
	29,530	United Community Financial Corp.		245,394
	29,810	Waterstone Financial, Inc.		561,919
				6,011,300
		Total Financials		9,827,001
		Health Care — 14.8%
		Biotechnology — 0.4%
	1,300	Amgen, Inc.		223,899
		Health Care Equipment & Supplies — 6.1%
	1,300	Analogic Corp.		94,445
	1,655	Atrion Corp.		1,064,662
	3,510	Becton Dickinson and Co.		684,836
	15,670	Danaher Corp.		1,322,391
	3,820	Utah Medical Products, Inc.		276,568
				3,442,902
		Health Care Providers & Services — 3.7%
	2,600	Humana, Inc.		625,612
	7,900	UnitedHealth Group, Inc.		1,464,818
				2,090,430
		Pharmaceuticals — 4.6%
	600	Allergan plc		145,854
	11,100	Johnson & Johnson		1,468,419
	13,200	Merck & Co., Inc.		845,988
	3,200	Pfizer, Inc.		107,488
				2,567,749
		Total Health Care		8,324,980
		Industrials — 5.8%
		Commercial Services & Supplies — 5.5%
	17,010	Republic Services, Inc.		1,084,047
	19,590	Tetra Tech, Inc.		896,242
	14,950	Waste Management, Inc.		1,096,583
				3,076,872

SEE NOTES TO FINANCIAL STATEMENTS.

12

JPMorgan Equity Low Volatility Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Trading Companies & Distributors — 0.3%
	2,690	Applied Industrial Technologies, Inc.		158,845
		Total Industrials		3,235,717
		Information Technology — 5.1%
		Internet Software & Services — 0.7%
	19,000	Blucora, Inc. (a)		402,800
		IT Services — 3.6%
	22,100	Amdocs Ltd.		1,424,566
	11,160	EVERTEC, Inc., (Puerto Rico)		193,068
	3,510	Jack Henry & Associates, Inc.		364,584
				1,982,218
		Software — 0.8%
	3,510	Intuit, Inc.		466,163
		Total Information Technology		2,851,181
		Materials — 4.4%
		Chemicals — 4.4%
	10,310	Ecolab, Inc.		1,368,652
	12,790	Sensient Technologies Corp.		1,029,979
	1,200	Trinseo SA		82,440
		Total Materials		2,481,071
		Real Estate — 1.1%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	14,150	CorEnergy Infrastructure Trust, Inc.		475,299
		Real Estate Management & Development — 0.3%
	3,310	RMR Group, Inc. (The), Class A		161,031
		Total Real Estate		636,330
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.8%
	22,690	Verizon Communications, Inc.		1,013,335
		Utilities — 12.0%
		Electric Utilities — 3.0%
	17,330	Southern Co. (The)		829,761
	44,200	Spark Energy, Inc., Class A		830,960
				1,660,721
		Gas Utilities — 5.8%
	16,290	Northwest Natural Gas Co.		974,956
	19,080	ONE Gas, Inc.		1,331,975
	13,720	Spire, Inc.		956,970
				3,263,901
		Multi-Utilities — 3.2%
	9,280	Consolidated Edison, Inc.		750,010
	21,350	Unitil Corp.		1,031,418
				1,781,428
		Total Utilities		6,706,050
		Total Common Stocks (Cost $43,658,823)		46,904,052

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Equity-Linked Notes — 13.2%
	18,800	Deutsche Bank AG, ELN, 13.230%, 07/25/17 (linked to Altria Group, Inc.) (e)		1,400,359
	17,900	Merrill Lynch International & Co., C.V., ELN, 15.040%, 07/25/17 (linked to Wal- Mart Stores, Inc.) (e)		1,366,619
	7,100	Royal Bank of Canada, ELN, 20.400%, 07/25/17 (linked to Teleflex, Inc.) (e)		1,441,926
	6,700	Royal Bank of Canada, ELN, 20.660%, 07/25/17 (linked to International Business Machines Corp.) (e)		1,031,387
	11,700	UBS AG, ELN, 15.550%, 07/25/17 (linked to PepsiCo, Inc.) (e)		1,354,412
	2,400	UBS AG, ELN, 23.000%, 07/25/17 (linked to Sherwin-Williams Co. (The)) (e)		844,632
		Total Equity-Linked Notes (Cost $7,508,248)		7,439,335
SHARES
	Exchange Traded Funds — 1.2%
		U.S. Equity — 1.2%
	1,840	iShares Russell 2000 Fund		259,293
	1,759	SPDR S&P500 Fund Trust		425,326
		Total Exchange Traded Funds (Cost $686,019)		684,619
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	724,591	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $724,591)		724,591
		Total Investments — 99.3% (Cost $52,577,681)		55,752,597
		Other Assets in Excess of Liabilities — 0.7%		364,902
		NET ASSETS — 100.0%	$	56,117,499

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

13

JPMorgan Value Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 112.2%
	Common Stocks — 109.8%
		Consumer Discretionary — 23.7%
		Auto Components — 3.9%
	1,915	Delphi Automotive plc		167,850
	1,564	Goodyear Tire & Rubber Co. (The)		54,677
	5,500	Magna International, Inc., (Canada)		254,815
				477,342
		Automobiles — 4.8%
	15,702	Ford Motor Co. (j)		175,705
	11,922	General Motors Co. (j)		416,436
				592,141
		Hotels, Restaurants & Leisure — 5.0%
	8,189	Arcos Dorados Holdings, Inc., (Uruguay), Class A (a)		61,008
	1,777	Bloomin’ Brands, Inc.		37,726
	843	Brinker International, Inc.		32,118
	2,831	Carnival Corp.		185,629
	2,333	Royal Caribbean Cruises Ltd. (j)		254,834
	1,157	Yum China Holdings, Inc. (a)		45,620
				616,935
		Household Durables — 4.7%
	1,487	CalAtlantic Group, Inc.		52,566
	8,623	DR Horton, Inc. (j)		298,097
	5,822	Toll Brothers, Inc.		230,027
				580,690
		Leisure Products — 1.5%
	3,030	Brunswick Corp.		190,072
		Media — 2.0%
	3,943	DISH Network Corp., Class A (a)		247,462
		Specialty Retail — 1.5%
	200	AutoZone, Inc. (a)		114,092
	937	Murphy USA, Inc. (a)		69,441
				183,533
		Textiles, Apparel & Luxury Goods — 0.3%
	800	Coach, Inc.		37,872
		Total Consumer Discretionary		2,926,047
		Consumer Staples — 2.7%
		Beverages — 1.2%
	1,639	Molson Coors Brewing Co., Class B		141,511
		Food & Staples Retailing — 1.5%
	4,012	Rite Aid Corp. (a)		11,836
	2,287	US Foods Holding Corp. (a)		62,252
	1,478	Walgreens Boots Alliance, Inc.		115,742

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
				189,830
		Total Consumer Staples		331,341
		Energy — 9.3%
		Energy Equipment & Services — 0.2%
	4,534	Ensco plc, Class A		23,396
		Oil, Gas & Consumable Fuels — 9.1%
	2,350	Diamondback Energy, Inc. (a)		208,703
	1,794	EOG Resources, Inc.		162,393
	858	EQT Corp.		50,270
	3,200	Kinder Morgan, Inc.		61,312
	1,248	Marathon Petroleum Corp.		65,308
	2,931	Occidental Petroleum Corp.		175,479
	2,605	PBF Energy, Inc., Class A		57,987
	1,410	Pioneer Natural Resources Co. (j)		225,008
	3,818	Suncor Energy, Inc., (Canada)		111,486
				1,117,946
		Total Energy		1,141,342
		Financials — 33.8%
		Banks — 20.8%
	23,262	Bank of America Corp. (j)		564,336
	5,346	Barclays plc, (United Kingdom), ADR		56,614
	3,600	BB&T Corp.		163,476
	9,019	Citigroup, Inc. (j)		603,191
	5,167	Huntington Bancshares, Inc.		69,858
	1,500	IBERIABANK Corp.		122,250
	20,155	KeyCorp (j)		377,704
	17,600	Lloyds Banking Group plc, (United Kingdom), ADR		62,128
	1,000	SunTrust Banks, Inc.		56,720
	8,717	Wells Fargo & Co. (j)		483,009
				2,559,286
		Capital Markets — 6.6%
	1,100	Bank of New York Mellon Corp. (The)		56,122
	5,994	Charles Schwab Corp. (The)		257,502
	4,425	Deutsche Bank AG (Registered), (Germany)		78,721
	573	Goldman Sachs Group, Inc. (The)		127,149
	3,900	Morgan Stanley		173,784
	800	State Street Corp.		71,784
	4,829	WisdomTree Investments, Inc.		49,111
				814,173
		Consumer Finance — 1.0%
	2,401	Ally Financial, Inc.		50,181
	2,500	Synchrony Financial		74,550
				124,731

SEE NOTES TO FINANCIAL STATEMENTS.

14

JPMorgan Value Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Diversified Financial Services — 0.7%
	2,200	Voya Financial, Inc.		81,158
		Insurance — 4.7%
	2,674	Lincoln National Corp.		180,709
	3,200	MetLife, Inc. (j)		175,808
	1,533	Prudential Financial, Inc.		165,779
	1,300	Prudential plc, (United Kingdom), ADR		59,813
				582,109
		Total Financials		4,161,457
		Health Care — 9.4%
		Biotechnology — 2.4%
	4,249	Gilead Sciences, Inc. (j)		300,744
		Health Care Equipment & Supplies — 1.0%
	1,472	Boston Scientific Corp. (a)		40,804
	623	Zimmer Biomet Holdings, Inc.		79,993
				120,797
		Health Care Providers & Services — 1.6%
	424	Aetna, Inc.		64,376
	722	UnitedHealth Group, Inc.		133,873
				198,249
		Pharmaceuticals — 4.4%
	989	Allergan plc		240,416
	8,900	Pfizer, Inc.		298,951
				539,367
		Total Health Care		1,159,157
		Industrials — 10.2%
		Aerospace & Defense — 0.6%
	1,685	Textron, Inc.		79,364
		Airlines — 6.3%
	1,300	Alaska Air Group, Inc.		116,688
	1,200	American Airlines Group, Inc.		60,384
	5,195	Controladora Vuela Cia de Aviacion SAB de CV, (Mexico), ADR (a)		75,587
	3,506	Delta Air Lines, Inc.		188,412
	3,629	JetBlue Airways Corp. (a)		82,850
	2,212	Southwest Airlines Co.		137,454
	1,574	United Continental Holdings, Inc. (a)		118,444
				779,819
		Building Products — 0.7%
	1,969	Johnson Controls International plc		85,376
		Industrial Conglomerates — 0.9%
	4,127	General Electric Co.		111,470

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 1.7%
	5,200	Hertz Global Holdings, Inc. (a)		59,800
	1,339	Union Pacific Corp.		145,830
				205,630
		Total Industrials		1,261,659
		Information Technology — 8.2%
		Communications Equipment — 0.9%
	3,000	CommScope Holding Co., Inc. (a)		114,090
		Electronic Equipment, Instruments & Components — 0.5%
	820	TE Connectivity Ltd.		64,518
		IT Services — 2.7%
	700	Accenture plc, Class A		86,576
	300	FleetCor Technologies, Inc. (a)		43,263
	948	International Business Machines Corp.		145,831
	500	WEX, Inc. (a)		52,135
				327,805
		Semiconductors & Semiconductor Equipment — 2.4%
	1,160	Broadcom Ltd. (j)		270,338
	400	Texas Instruments, Inc.		30,772
				301,110
		Software — 0.5%
	800	Microsoft Corp.		55,144
		Technology Hardware, Storage & Peripherals — 1.2%
	1,647	Western Digital Corp.		145,924
		Total Information Technology		1,008,591
		Materials — 6.7%
		Chemicals — 3.9%
	626	Celanese Corp., Series A (j)		59,433
	1,347	Dow Chemical Co. (The)		84,955
	1,287	Eastman Chemical Co. (j)		108,095
	700	EI du Pont de Nemours & Co.		56,497
	6,163	Mosaic Co. (The)		140,701
	1,000	Olin Corp.		30,280
				479,961
		Metals & Mining — 2.8%
	9,200	AK Steel Holding Corp. (a)		60,444
	1,978	Alcoa Corp.		64,582
	5,330	Alumina Ltd., (Australia), ADR		31,553
	3,773	Freeport-McMoRan, Inc. (a)		45,314
	1,132	Reliance Steel & Aluminum Co.		82,421
	3,016	United States Steel Corp.		66,774
				351,088
		Total Materials		831,049

SEE NOTES TO FINANCIAL STATEMENTS.

15

JPMorgan Value Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
		Real Estate — 4.1%
		Equity Real Estate Investment Trusts (REITs) — 4.1%
	4,100	DDR Corp.		37,187
	500	Federal Realty Investment Trust		63,195
	4,662	Host Hotels & Resorts, Inc.		85,175
	2,300	Kimco Realty Corp.		42,205
	2,160	LaSalle Hotel Properties		64,368
	400	Public Storage		83,412
	3,918	Weyerhaeuser Co.		131,253
		Total Real Estate		506,795
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.1%
	3,696	AT&T, Inc.		139,450
		Wireless Telecommunication Services — 0.6%
	1,132	T-Mobile US, Inc. (a) (j)		68,622
		Total Telecommunication Services		208,072
		Total Common Stocks
		(Cost $12,271,090)		13,535,510
	Master Limited Partnership — 0.4%
		Utilities — 0.4%
		Independent Power and Renewable Electricity Producers — 0.4%
	1,200	NextEra Energy Partners LP
		(Cost $40,317)		44,387
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	244,727	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $244,727)		244,727
		Total Investments — 112.2% (Cost $12,556,134)		13,824,624
		Liabilities in Excess of Other Assets — (12.2)%		(1,499,940)
		NET ASSETS — 100.0%	$	12,324,684
	Short Positions — 12.7%
	Common Stocks — 12.7%
		Consumer Discretionary — 1.2%
		Automobiles — 0.8%
	258	Tesla, Inc. (a)		93,295

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.4%
	1,790	Bed Bath & Beyond, Inc.		54,416
		Total Consumer Discretionary		147,711
		Consumer Staples — 1.6%
		Household Products — 1.1%
	810	Clorox Co. (The)		107,925
	336	Procter & Gamble Co. (The)		29,282
				137,207
		Personal Products — 0.5%
	650	Estee Lauder Cos., Inc. (The), Class A		62,387
		Total Consumer Staples		199,594
		Financials — 1.1%
		Capital Markets — 1.1%
	2,330	Legg Mason, Inc.		88,913
	1,077	Thomson Reuters Corp., (Canada)		49,854
		Total Financials		138,767
		Health Care — 2.2%
		Biotechnology — 1.1%
	1,220	AbbVie, Inc.		88,462
	281	Amgen, Inc.		48,397
				136,859
		Health Care Equipment & Supplies — 0.5%
	608	Baxter International, Inc.		36,808
	215	Edwards Lifesciences Corp. (a)		25,422
				62,230
		Health Care Providers & Services — 0.6%
	1,001	Express Scripts Holding Co. (a)		63,904
		Total Health Care		262,993
		Industrials — 0.5%
		Aerospace & Defense — 0.5%
	230	Lockheed Martin Corp.		63,850
		Information Technology — 0.5%
		Internet Software & Services — 0.1%
	110	LogMeIn, Inc.		11,495
		Software — 0.4%
	645	Citrix Systems, Inc. (a)		51,329
		Total Information Technology		62,824
		Materials — 1.5%
		Chemicals — 1.2%
	694	LyondellBasell Industries NV, Class A		58,567
	650	Praxair, Inc.		86,157
				144,724
		Containers & Packaging — 0.3%
	634	Greif, Inc., Class A		35,365

SEE NOTES TO FINANCIAL STATEMENTS.

16

JPMorgan Value Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short Positions — continued
		Containers & Packaging — continued
		Total Materials		180,089
		Real Estate — 1.4%
		Equity Real Estate Investment Trusts (REITs) — 1.4%
	563	Crown Castle International Corp.		56,401
	650	Realty Income Corp.		35,867
	737	Ventas, Inc.		51,207
	358	Welltower, Inc.		26,796
		Total Real Estate		170,271
		Telecommunication Services — 0.8%
		Wireless Telecommunication Services — 0.8%
	12,142	Sprint Corp. (a)		99,686
		Utilities — 1.9%
		Electric Utilities — 1.0%
	720	Duke Energy Corp.		60,185
	1,190	Southern Co. (The)		56,977
				117,162
		Multi-Utilities — 0.9%
	710	Consolidated Edison, Inc.		57,382
	775	Dominion Energy, Inc.		59,389
				116,771
		Total Utilities		233,933
		Total Securities Sold Short (Proceeds $1,489,500)	$	1,559,718

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

17

J.P. Morgan Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017

ADR	—	American Depositary Receipt
ELN	—	Equity-Linked Note
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under
		the Investment Company Act of 1940, as amended, and
		advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the
		Securities Act of 1933, as amended. Unless otherwise
		indicated, this security has been determined to be liquid under
		procedures established by the Board of Trustees and may be
		resold in transactions exempt from registration, normally to
		qualified institutional buyers.
(j)	—	All or a portion of this security is segregated as collateral for short
		sales. The total value of securities and cash segregated as collateral
		is $2,752,904 and $3,529 respectively.
(l)	—	The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

18

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017

	Equity Low Volatility Income Fund		Value Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	55,028,006	$	13,579,897
Investments in affiliates, at value		724,591		244,727
Total investment securities, at value		55,752,597		13,824,624
Restricted cash		—		3,529
Receivables:
Investment securities sold		518,394		79,167
Interest from non-affiliates		172,410		11,088
Dividends from affiliates		908		184
Tax reclaims		—		107
Due from Adviser		2,351		2,155
Deferred offering cost		4,288		2,402
Total Assets		56,450,948		13,923,256
LIABILITIES:
Payables:
Due to custodian		32,252		1,001
Securities sold short, at value		—		1,559,718
Dividend expense to non-affiliates on securities sold short		—		1,422
Investment securities purchased		237,246		—
Interest expense to non-affiliates on securities sold short		—		904
Accrued liabilities:
Distribution fees		18		20
Service fees		11,557		1,372
Custodian and accounting fees		3,187		—
Audit fees		43,893		28,500
Other		5,296		5,635
Total Liabilities		333,449		1,598,572
Net Assets	$	56,117,499	$	12,324,684

SEE NOTES TO FINANCIAL STATEMENTS.

19

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (continued)

	Equity Low Volatility Income Fund		Value Plus Fund
NET ASSETS:
Paid-in-Capital	$	52,031,702	$	10,027,263
Accumulated undistributed (distributions in excess of) net investment income		26,651		41,371
Accumulated net realized gains (losses)		884,230		1,057,778
Net unrealized appreciation (depreciation)		3,174,916		1,198,272
Total Net Assets	$	56,117,499	$	12,324,684
Net Assets:
Class A	$	22,394	$	24,599
Class C		22,289		24,497
Class I (formerly Select Class)		56,027,827		12,275,588
Class R5		22,489		—
Class R6		22,500		—
Total	$	56,117,499	$	12,324,684
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,383		1,335
Class C		1,376		1,334
Class I (formerly Select Class)		3,459,027		665,547
Class R5		1,388		—
Class R6		1,389		—
Net Asset Value (a):
Class A - Redemption price per share	$	16.20	$	18.42
Class C - Offering price per share (b)		16.20		18.36
Class I (formerly Select Class) - Offering and redemption price per share		16.20		18.44
Class R5 - Offering and redemption price per share		16.20		—
Class R6 - Offering and redemption price per share		16.20		—
Class A maximum sales charge		5.25%		5.25%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	17.10	$	19.44
Cost of investments in non-affiliates	$	51,853,090	$	12,311,407
Cost of investments in affiliates		724,591		244,727
Proceeds from securities sold short		—		1,489,500

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

20

STATEMENTS OF OPERATIONS FOR

THE PERIODS ENDED JUNE 30, 2017

	Equity Low Volatility Income Fund (a)		Value Plus Fund (b)
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,312,459	$	191,795
Dividend income from affiliates		9,591		1,265
Interest income from non-affiliates		1,149,892		—
Total investment income		2,471,942		193,060
EXPENSES:
Investment advisory fees		221,901		71,373
Administration fees		40,305		7,781
Distribution fees:
Class A		49		48
Class C		148		142
Service fees:
Class A		49		48
Class C		49		47
Class I (formerly Select Class)		123,081		23,696
Class R5		13		—
Custodian and accounting fees		31,283		13,247
Professional fees		88,511		58,316
Trustees’ and Chief Compliance Officer’s fees		23,514		18,846
Printing and mailing costs		11,012		4,999
Registration and filing fees		501		1,662
Transfer agency fees (See Note 2.H.)		625		124
Offering costs		73,978		11,716
Other		7,167		5,473
Dividend expense to non-affiliates on securities sold short		—		29,982
Interest expense to non-affiliates on securities sold short		—		7,003
Total expenses		622,186		254,503
Less fees waived		(137,453)		(96,218)
Less expense reimbursements		(74,213)		(30,940)
Net expenses		410,520		127,345
Net investment income (loss)		2,061,422		65,715
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		784,052		1,097,768
Futures		97,109		—
Securities sold short		—		(37,071)
Net realized gain (loss)		881,161		1,060,697
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,174,916		1,268,490
Securities sold short		—		(70,218)
Change in net unrealized appreciation/depreciation		3,174,916		1,198,272
Net realized/unrealized gains (losses)		4,056,077		2,258,969
Change in net assets resulting from operations	$	6,117,499	$	2,324,684

(a) Commencement of operations was July 20, 2016.

(b) Commencement of operations was August 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS ENDED JUNE 30, 2017

	Equity Low Volatility Income Fund (a)		Value Plus Fund (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Operations:
Net investment income (loss)	$	2,061,422	$	65,715
Net realized gain (loss)		881,161		1,060,697
Change in net unrealized appreciation/depreciation		3,174,916		1,198,272
Change in net assets resulting from operations		6,117,499		2,324,684
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(762)		(37)
Class C
From net investment income		(663)		(14)
Class I (formerly Select Class)
From net investment income		(2,028,610)		(27,262)
Class R5
From net investment income		(853)		—
Class R6
From net investment income		(863)		—
Total distributions to shareholders		(2,031,751)		(27,313)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		52,031,751		10,027,313
NET ASSETS:
Change in net assets		56,117,499		12,324,684
Beginning of period		—		—
End of period	$	56,117,499	$	12,324,684
Accumulated undistributed (distributions in excess of) net investment income	$	26,651	$	41,371

(a) Commencement of operations was July 20, 2016.

(b) Commencement of operations was August 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

22

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED ENDED JUNE 30, 2017 (continued)

	Equity Low Volatility Income Fund (a)			Value Plus Fund (b)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	20,000		$	20,000
Distributions reinvested		762			37
Change in net assets resulting from Class A capital transactions	$	20,762		$	20,037
Class C
Proceeds from shares issued	$	20,000		$	20,000
Distributions reinvested		663			14
Change in net assets resulting from Class C capital transactions	$	20,663		$	20,014
Class I (formerly Select Class)
Proceeds from shares issued	$	50,210,475		$	10,437,694
Distributions reinvested		2,028,610			27,262
Cost of shares redeemed		(290,475	)		(477,694)
Change in net assets resulting from Class I capital transactions	$	51,948,610		$	9,987,262
Class R5
Proceeds from shares issued	$	20,000		$	—
Distributions reinvested		853			—
Change in net assets resulting from Class R5 capital transactions	$	20,853		$	—
Class R6
Proceeds from shares issued	$	20,000		$	—
Distributions reinvested		863			—
Change in net assets resulting from Class R6 capital transactions	$	20,863		$	—
Total change in net assets resulting from capital transactions	$	52,031,751		$	10,027,313
SHARE TRANSACTIONS:
Class A
Issued		1,334			1,333
Reinvested		49			2
Change in Class A Shares		1,383			1,335
Class C
Issued		1,333			1,333
Reinvested		43			1
Change in Class C Shares		1,376			1,334
Class I (formerly Select Class)
Issued		3,346,948			690,928
Reinvested		131,027			1,546
Redeemed		(18,948	)		(26,927)
Change in Class I Shares		3,459,027			665,547
Class R5
Issued		1,333			—
Reinvested		55			—
Change in Class R5 Shares		1,388			—
Class R6
Issued		1,333			—
Reinvested		56			—
Change in Class R6 Shares		1,389			—

(a) Commencement of operations was July 20, 2016.

(b) Commencement of operations was August 31, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

23

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED JUNE 30, 2017

	Value Plus Fund (a)
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Increase in net assets resulting from operations	$	2,324,684
Adjustments to reconcile net increase / decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(22,482,928)
Proceeds from disposition of investment securities		11,190,122
Covers of investment securities sold short		(938,404)
Proceeds from investment securities sold short		2,390,833
Purchases of short-term investments - affiliates, net		(244,727)
Change in unrealized (appreciation) / depreciation on investments		(1,268,490)
Change in unrealized (appreciation) / depreciation on investment securities sold short		70,218
Net realized (gain) / loss on investments		(1,097,768)
Net realized (gain) / loss on investments securities sold short		37,071
Increase in restricted cash		(3,529)
Increase in dividends receivable		(11,088)
Increase in dividends from affiliates		(184)
Increase in tax reclaims		(107)
Increase in due from Adviser		(2,155)
Increase in deferred offering cost		(2,402)
Increase in dividend expenses to non-affiliates on securities sold short		1,422
Increase in interest expense to non-affiliates on securities sold short		904
Increase in distribution fees payable		20
Increase in service fees payable		1,372
Increase in other accrued expenses payable		34,135
Net cash provided (used) by operating activities		(10,001,001)
Cash flows provided (used) by financing activities:
Increase in due to custodian		1,001
Proceeds from shares issued		10,477,694
Payment for shares redeemed		(477,694)
Net cash provided (used) by financing activities		10,001,001
Net decrease in cash		-
Cash:
Beginning of period		-
End of period	$	-

Supplemental disclosure of cash flow information:

For the period ended June 30, 2017, the Fund paid $6,099 in interest expenses for securities sold short.

(a) Commencement of operations was August 31, 2016.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

24

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance												Ratios/Supplemental data
			Investment operations						Distributions									Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income		Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
Equity Low Volatility Income Fund
Class A
July 20, 2016 (g) through June 30, 2017		$15.00		$0.57		$1.19		$1.76		$(0.56)		$16.20		11.99	%		$22,394		1.08	%		3.92	%		1.82	%		73	%
Class C
July 20, 2016 (g) through June 30, 2017		15.00		0.50		1.19		1.69		(0.49)		16.20		11.47			22,289		1.58			3.43			2.34			73
Class I (formerly Select Class)
July 20, 2016 (g) through June 30, 2017		15.00		0.61		1.19		1.80		(0.60)		16.20		12.25			56,027,827		0.83			4.17			1.25			73
Class R5
July 20, 2016 (g) through June 30, 2017		15.00		0.64		1.19		1.83		(0.63)		16.20		12.46			22,489		0.63			4.37			1.41			73
Class R6
July 20, 2016 (g) through June 30, 2017		15.00		0.64		1.20		1.84		(0.64)		16.20		12.52			22,500		0.58			4.42			1.34			73

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Include earnings credits and interest expenses, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2017.

(g) Commencement of operations.

25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance												Ratios/Supplemental data
			Investment operations						Distributions									Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income		Net asset value, end of period		Total return (excludes sales charge)(c) (d)			Net assets, end of period		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for  securities sold short) (f)(g)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)
Value Plus Fund
Class A
August 31, 2016(h) through June 30, 2017		$15.00		$0.06		$3.39		$3.45		$(0.03)		$18.42		22.99	%		$24,599		1.58	%		0.44	%		3.04	%		91	%		110	%
Class C
August 31, 2016(h) through June 30, 2017		15.00		(0.01)		3.38		3.37		(0.01)		18.36		22.47			24,497		2.08			(0.06)			3.50			91			110
Class I (formerly Select Class)
August 31, 2016(h) through June 30, 2017		15.00		0.10		3.38		3.48		(0.04)		18.44		23.22			12,275,588		1.33			0.69			2.65			91			110

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended June 30, 2017.

(g) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.17% and 2.65% for the period ended 2017,Class C are 1.67% and 3.11% for the period ended 2017 and Class I are 0.93% and 2.26% for period ended 2017, respectively.

(h) Commencement of operations.

26

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017

1. Organization

JPMorgan Trust I ( “JPM I”) and JPMorgan Trust IV (“JPM IV”) were formed on November 12, 2004 and November 11, 2015, respectively, as a Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment companies.

The following are 2 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non- Diversified
Equity Low Volatility Income Fund	Class A, Class C, Class I^, Class R5 and Class R6	JPM I	Diversified
Value Plus Fund	Class A, Class C and Class I^	JPM IV	Diversified

^ Effective April 3, 2017, Select Class was renamed Class I.

The investment objective of the Equity Low Volatility Income Fund is to seek total return which includes current income and capital appreciation.

The investment objective of the Value Plus Fund is to seek to provide long-term capital appreciation from a portfolio of U.S. large cap value stocks.

The Equity Low Volatility Income Fund and Value Plus Fund commenced operations on July 20, 2016 and August 31, 2016, respectively. Currently, the Funds are not publicly offered for investment.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R5, Class R6 and Class I Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 - Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Investment Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from affiliated and unaffiliated approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

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• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan Equity Low Volatility Income Fund

		Level 1     Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$		48,313,262	$		7,439,335	$		–	$		55,752,597
JPMorgan Value Plus Fund
		Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$		13,824,624	$		–	$		–	$		13,824,624
Total Liabilities for Securities Sold Short (b)	$		(1,559,718)	$		–	$		–	$		(1,559,718)

(a) Portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of Equity-Linked Notes. Please refer to the SOI for industry specifics of portfolio holdings.

(b) Portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the periods ended June 30, 2017.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of June 30, 2017, the Funds had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Futures Contracts — The Equity Low Volatility Income Fund used treasury, index or other financial futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also buys futures contracts to invest incoming cash in the market or sells 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 Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement 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 use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Equity Low Volatility Income Fund’s futures contracts activity during the period ended June 30, 2017.

	Equity Low Volatility Income Fund
Futures Contracts:
Average Notional Balance	$ 647,261 (a)

    (a)   For the period July 20, 2016 through June 30, 2017.

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The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. Equity-Linked Notes — The Equity Low Volatility Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs values are linked to the performance of an underlying equity. ELNs are unsecured debt obligations of an issuer and may not be publically listed or traded on an exchanged. ELNS are valued daily, under procedures adopted by the Board, based upon values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statement of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statement of Operations. The Fund records a realized gain or loss when ELN is sold or matures.

As of June 30, 2017, the Fund had outstanding ELNs as listed on the SOI.

E. Short Sales — The Value Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as Interest income or Interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replace the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2017, the Fund had outstanding short sales as listed on the SOI.

F. Offering and Organizational Costs — Total offering costs of $78,266 and $14,118 incurred in connection with the offering of shares of the Equity Low Volatility Income Fund and Value Plus Fund, respectively, are amortized on a straight line basis over 12 months from the date the Funds commenced operations. Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the Statements of Operations. For the respective periods ended June 30, 2017, total offering costs amortized were $73,978 and $11,716, respectively.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, 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 tax withheld, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when the Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

H. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee.

The amount of the transfer agency fees charged to each class of the Funds for the periods ended June 30, 2017 are as follows:

	Class A		Class C		Class I		Class R5		Class R6		Total
Equity Low Volatility Income Fund
Transfer agency fees	$	66	$	66	$	359	$	67	$	67	$	625
Value Plus Fund
Transfer agency fees		25		22		77		n/a		n/a		124

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I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax periods and has determined that as of June 30, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal periods, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

J. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually, except for distributions from the Equity Low Volatility Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts:

	Paid-in-Capital		Accumulated undistributed distributions in excess of) net investment income		Accumulated   net realized   gains (losses)
Equity Low Volatility Income Fund	$	(49)	$	(3,020)	$	3,069
Value Plus Fund		(50)		2,969		(2,919)

The reclassifications for the Funds relate primarily to non-taxable dividends and dividend expense on securities sold short.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Equity Low Volatility Income Fund	0.45	%
Value Plus Fund	0.75

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the periods ended June 30, 2017, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees —Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ( “JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A, and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived.    

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R5*
Equity Low Volatility Income Fund		0.25	%		0.25	%		0.25	%		0.10%
Value Plus Fund		0.25			0.25			0.25			n/a

* Prior to April 3, 2017, the service fee was 0.05% for Equity Low Volatility Income Fund.

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JPMDS 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 JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R5		Class R6
Equity Low Volatility Income Fund		1.09	%		1.59	%		0.84	%		0.64%		0.59%
Value Plus Fund		1.20	%		1.70	%		0.95			n/a		n/a

The expense limitation agreement was in effect for the respective periods ended June 30, 2017 and is in place until at least October 31, 2017 for Equity Low Volatility Income Fund and August 31, 2017 for Value Plus Fund.

For the respective periods ended June 30, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future periods.

	Contractual Waivers
	Investment Advisory fees	Administration Fees	Service Fees	Total	Reimbursements
Equity Low Volatility Income Fund	$93,189	$40,305	$   115	$133,609	$74,213
Value Plus Fund	71,373	7,781	16,827	95,981	30,940

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Funds’ investment in such affiliated money market funds.

The amounts of waivers resulting from investments in these money market funds for the periods ended June 30, 2017 were as follows:

Equity Low Volatility Income Fund	$	3,844
Value Plus Fund		237

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Funds may use related party broker-dealers. For the periods ended June 30, 2017, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

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4. Investment Transactions

During the periods ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on       Securities       Sold Shorts
Equity Low Volatility Income Fund		$75,355,042		$32,344,388		$              -		$             -
Value Plus Fund		22,482,928		11,264,263		2,390,833		938,404

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2017 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized     Appreciation     (Depreciation)
Equity Low Volatility Income Fund		$  52,577,681		$4,258,411		$1,083,495		$  3,174,916
Value Plus Fund		12,565,642		1,585,390		326,408		1,258,982

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the periods ended June 30, 2017 was as follows:

	Ordinary     Income*
Equity Low Volatility Income Fund	$	2,031,751
Value Plus Fund		27,313

    * Short-term gains are treated as ordinary income for income tax purposes.

As of June 30, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized         Appreciation         (Depreciation)
Equity Low Volatility Income Fund	$	858,014	$	58,265	$	3,174,916
Value Plus Fund		1,108,594		4,366		1,188,764

For the Funds, the cumulative timing differences primarily consist of deferred compensation and wash sale loss deferrals.

As of June 30, 2017, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the periods ended June 30, 2017.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds entered into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2017, all of the Funds’ shares were currently held by the Adviser.

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Equity Low Volatility Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the funds from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Funds’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and the Shareholders of JPMorgan Equity Low Volatility Income Fund and JPMorgan Value Plus Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Equity Low Volatility Income Fund (a separate series of JPMorgan Trust I) and JPMorgan Value Plus Fund (a separate series of JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2017, and the results of each of their operations, the changes in each of their net assets, their cash flows (for JPMorgan Value Plus Fund), and the financial highlights for the period July 20, 2016 (commencement of operations for JPMorgan Equity Low Volatility Income Fund) through June 30, 2017 and the period August 31, 2016 (commencement of operations for JPMorgan Value Plus Fund) through June 30, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the transfer agent, custodian and brokers, provides a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

New York, New York

August 25, 2017

34

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	150	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	150	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	150	None
Raymond Kanner (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	150	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	150	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	150	None

35

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	150	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	150	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	150	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	150	Trustee, Wabash College (2000-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	150	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (150 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

36

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

37

SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2017 and continued to hold your shares at the end of the reporting period, June 30, 2017.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized     Expense Ratio
Equity Low Volatility Income Fund
Class A
Actual		$1,000.00		$1,065.60		$5.53		1.08%
Hypothetical		1,000.00		1,019.44		5.41		1.08
Class C
Actual		1,000.00		1,062.90		8.08		1.58
Hypothetical		1,000.00		1,016.96		7.90		1.58
Class I (formerly Select Class)
Actual		1,000.00		1,066.90		4.25		0.83
Hypothetical		1,000.00		1,020.68		4.16		0.83
Class R5
Actual		1,000.00		1,067.90		3.23		0.63
Hypothetical		1,000.00		1,021.67		3.16		0.63

38

SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited) (continued)

Hypothetical $1,000 Investment

Equity Low Volatility Income Fund (continue)
Class R6
Actual	1,000.00	1,068.20	2.97	0.58
Hypothetical	1,000.00	1,021.92	2.91	0.58
Value Plus Fund
Class A
Actual	1,000.00	$1,058.60	8.32	1.63
Hypothetical	1,000.00	1,016.71	8.15	1.63
Class C
Actual	1,000.00	1,055.80	10.86	2.13
Hypothetical	1,000.00	1,014.23	10.64	2.13
Class I (formerly Select Class)
Actual	1,000.00	1,059.80	7.05	1.38
Hypothetical	1,000.00	1,017.95	6.90	1.38

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the actual period). Commencement of operations was July 20, 2016.

39

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 June 30, 2017. 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, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Dividends Received Deductions (DRD)

Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended June 30, 2017:

	Dividend
	Received
	Deduction
Equity Low Volatility Income Fund	41.61%
Value Plus Fund	11.90

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2017:

	Qualified
	Dividend
	Income
	Distribution
Equity Low Volatility Income Fund		$1,321,867
Value Plus Fund		27,313

40

      

Rev. January 2011      

FACTS   WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?  

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾   Social Security number and account balances   ◾   transaction history and account transactions   ◾   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan  Funds share?	Can you limit this  sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?    Call 1-800-480-4111 or go to www.jpmorganfunds.com  

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾   open an account or provide contact information ◾   give us your account information or pay us by check ◾   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾   sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾   affiliates from using your information to market to you ◾   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾   J.P. Morgan Funds doesn’t jointly market.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2013. All rights reserved. December 2013.

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 James Schonbachler. 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

2017 – $1,402,712

2016 – $1,278,799

(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

2017 – $244,510

2016 – $206,100

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

2017 – $506,133

2016 – $469.500

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 June 30, 2017 and 2016, 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

2017 – Not applicable

2016 – 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.

2017 – 0.0%

2016 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable – Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2017 – $29.1 million

2016 – $29.9 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	September 1, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	September 1, 2017

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	September 1, 2017